佳华百货控股中期报告 2025

Interim Report2025中期報告 Contents目錄 Corporate Information公司資料2–3Chairman’s Statement董事長報告4–16Management Discussion and Analysis管理層討論及分析17–32Interim Condensed Consolidated Statement ofComprehensive Income中期簡明綜合全面收益表33Interim Condensed Consolidated Statement ofFinancial Position中期簡明綜合財務狀況表34–35Interim Condensed Consolidated Statement ofCash Flows中期簡明綜合現金流量表36Interim Condensed Consolidated Statement ofChanges in Equity中期簡明綜合權益變動表37Notes to the Interim Condensed ConsolidatedFinancial Statements中期簡明綜合財務報表附註38–61Corporate Governance and Other Information企業管治及其他資料62–68 Corporate Information公司資料 00602 STOCK CODE00602 Cricket SquareHutchins DriveP.O. Box 2681Grand Cayman KY1-1111Cayman Islands REGISTERED OFFICECricket Square Hutchins DriveP.O. Box 2681Grand Cayman KY1-1111Cayman Islands HEAD OFFICE AND PRINCIPALPLACE OF BUSINESSIN HONG KONGSuite 715, 7th Floor 香港九龍尖沙咀廣東道5號海港城海洋中心7樓715室 Ocean Centre, Harbour City5 Canton RoadTsimshatsuiKowloonHong Kong HEAD OFFICE AND PRINCIPALPLACE OF BUSINESSIN THE PRC4/F 中國深圳市寶安中心區新湖路246號佳華名苑4樓 Jiahua Ming YuanNo. 246 Xinhu RoadBaoan Central DistrictShenzhenThe PRC www.szbjh.com COMPANY’S WEBSITEwww.szbjh.com 香港立信德豪會計師事務所有限公司執業會計師及香港註冊公眾利益實體核數師香港中環干諾道中111號永安中心25樓 AUDITORBDO LimitedCertified Public Accountants andRegistered Public Interest Entity Auditor25th FloorWing On Centre111 Connaught Road CentralHong Kong 莊陸坤先生何悅利先生 AUTHORISED REPRESENTATIVESMr. Zhuang Lu Kun Mr. Ho Yuet Lee, Leo Corporate Information公司資料 胡關李羅律師行香港中環康樂廣場1號怡和大廈26樓 LEGAL ADVISERS TO THE COMPANYAs to Hong Kong law Woo Kwan Lee & Lo26th Floor, Jardine House1 Connaught PlaceCentralHong Kong Conyers Dill & PearmanCricket SquareHutchins DriveP.O. Box 2681Grand Cayman KY1-1111Cayman Islands As to Cayman Islands lawConyers Dill & PearmanCricket SquareHutchins DriveP.O. Box 2681Grand Cayman KY1-1111Cayman Islands 廣東品方律師事務所中國深圳市寶安二區龍井路華業大廈412–415室 As to PRC lawGuangdong Pinfang Law Firm Room 412–415Huaye Building Longjin RoadBaoan Second DistrictShenzhenThe PRC PRINCIPAL SHARE REGISTRARAND TRANSFER OFFICESuntera (Cayman) Limited Suntera (Cayman) LimitedSuite 3204, Unit 2ABlock 3, Building DP.O. Box 1586Gardenia CourtCamana BayGrand Cayman, KY1-1100Cayman Islands Suite 3204, Unit 2ABlock 3, Building DP.O. Box 1586Gardenia CourtCamana BayGrand Cayman, KY1-1100Cayman Islands BRANCH SHARE REGISTRARAND TRANSFER OFFICE INHONG KONGTricor Investor Services Limited 卓佳證券登記有限公司香港夏愨道16號遠東金融中心17樓 17/F, Far East Finance Centre16 Harcourt RoadHong Kong Chairman’s Statement董事長報告 尊敬的各位股東： Dear Shareholders, 上半年，在美國挑起貿易磨擦的衝擊下，全球貿易、投資和市場預期受到嚴重擾動，產業鏈供應鏈割裂加深，金融市場特別是發達經濟體國債市場劇烈震盪，能源等大宗商品價格下行。同時，關稅政策不確定性和世界經濟走弱擔憂將加劇主要經濟體宏觀政策兩難，推高全球金融市場特別是國債市場風險，地緣衝擊將擾動全球糧食、能源資源和航運通道安全，外部發展環境不確定性加大。 In the first half of the year, the impact of trade frictionsprovoked by the United States (US) severely disruptedglobal trade, investment, and market expectations.Industrial and supply chains became increasinglyfragmented, financial markets, particularly thosein developed economies, experienced significantvolatility, and prices of commodities like energydeclined. Furthermore, tariff policies and weakeningglobal economy will exacerbate the macroeconomicpolicy dilemma faced by major economies, raisingrisks in global financial markets, particularly those inthe government bond market. Geopolitical shocks willdisrupt the security of global food, energy resources,and shipping routes, further increasing uncertainty in theexternal development environment. 國際貨幣基金組織(IMF)、經合組織近期分別預計全年世界經濟增速低於2024年，分別預計美國增速約為1.8%、1.6%， 歐 元 區 約 為0.8%、1.0%，日本約為0.6%、0.7%。 The International Monetary Fund (IMF) and theO r g a n i z a t i o nf o r E c o n o m i c C o o p e r a t i o n a n dDevelopment (OECD) recently projected full-year globaleconomic growth to be lower than that for 2024, withprojections for US growth of approximately 1.8% and1.6%, respectively; for the Eurozone of approximately0.8% and 1.0%, and for Japan of approximately 0.6%and 0.7%. Chairman’s Statement董事長報告 貿易磨擦衝擊美國需求。一季度美國 國 民 生 產 總 值 同 比 增 長2.0%，環比折年負增長，主要受搶進口影響，個人消費及私人投資。在關稅戰預期下，美國居民消費增速明顯回 落 。 進 口 商 搶 進 口 動 力 較 強 ，人 工 智 能 硬 體 投 資 熱 潮 帶 動 私 人設備投資顯著增長。通脹水準有所回落。關稅對美國物價的衝擊尚未顯現，弱需求導致通脹保持下降態勢。隨著關稅影響顯現，下半年通脹可能出現反彈。就業衝擊逐步顯現，勞動力市場明顯降溫，新增非農就業人口較年初上升，平均每週初次申請失業金人數增加，是今年最高水準，就業情況不容樂觀。 The trade tension is impacting US demand. In the firstquarter, US Gross Domestic Product (GDP) grew by2.0% year-on-year (YOY), with negative growth on aquarter-on-quarter basis. This was primarily due tobuying of import goods, personal consumption, andprivate investment. Anticipation of the tariff war has ledto a significant slowdown in US consumer spending.Importers are motivated to rush to import goods, and thesurge in artificial intelligence hardware investment has ledto a significant increase in private equipment investment.Inflation has declined. The impact of tariffs on US priceshas yet to materialize, and weak demand pushesinflation on a downward trend. As the impact of tariffsappears, inflation may reb