茂业国际2025中期报告

本中期報告的中、英文本已登載於本公司網站www.maoye.cn。 This interim report, in both English and Chinese versions, is available onthe Company’s website at www.maoye.cn. 股東可隨時向本公司在香港的股份過戶登記處卓佳證券登記有限公司（地址為香港夏慤道16號遠東金融中心17樓）給予合理時間下以預先書面通知更改其收取本公司的公司通訊（其 中 包 括 但 不 限 於 年 報、中 期 報 告 及 通函）的語言版本之選擇（即只收取英文版或只收取中文版或同時收取中、英文版）。 Shareholders may at any time change their choice of language(s)(either English only or Chinese only or both languages) of the corporatecommunications of the Company (including but not limited to annualreports, interim reports and circulars) by sending reasonable prior noticein writing to the share registrar of the Company in Hong Kong, TricorInvestor Services Limited, at 17/F, Far East Finance Centre, 16 HarcourtRoad, Hong Kong. 鑒於本中期報告之英文及中文版乃印列於同一冊子內，無論股東選擇收取本公司之英文或中文版的公司通訊，均同時收取兩種語言版本之中期報告。 Shareholders who have chosen to receive the Company’s corporatecommunications in either English or Chinese version will receive bothEnglish and Chinese versions of this interim report since both languagesare bound together into one booklet. 2-3Corporate Information公司資料4Corporate Profile公司簡介5Financial Highlights財務摘要6-21Management Discussion and Analysis管理層討論與分析22-27Other Information其他資料28Interim Condensed Consolidated Statement of Profit or Loss中期簡明綜合損益表29Interim Condensed Consolidated Statement of Comprehensive Income中期簡明綜合全面收益表30-32Interim Condensed Consolidated Statement of Financial Position中期簡明綜合財務狀況表33-34Interim Condensed Consolidated Statement of Changes in Equity中期簡明綜合權益變動表35-38Interim Condensed Consolidated Statement of Cash Flows中期簡明綜合現金流量表39-80Notes to the Interim Condensed Consolidated Financial Statements中期簡明綜合財務報表附註 CORPORATE INFORMATION公司資料 董事會 BOARD OF DIRECTORS 執行董事黃茂如先生（董事長及首席執行官）盧小娟女士（首席財務官）唐海峰先生 Executive Directors Mr. Huang Mao Ru(Chairman and Chief Executive Officer)Ms. Lu Xiaojuan(Chief Financial Officer)Mr. Tang Haifeng 非執行董事黃維正先生 Non-executive DirectorMr. Tony Huang 獨立非執行董事饒永先生浦炳榮先生高亞軍先生 Independent Non-executive Directors Mr. Rao YongMr. Pao Ping WingMr. Gao Yajun 註冊辦事處 REGISTERED OFFICE P.O. Box 31119 Grand PavilionHibiscus Way, 802 West Bay RoadGrand Cayman, KY1-1205 Cayman Islands P.O. Box 31119 Grand PavilionHibiscus Way, 802 West Bay RoadGrand Cayman, KY1-1205 Cayman Islands HEAD OFFICE IN THE PRC 中國總部 中國深圳市深南東路4003號世界金融中心A座38樓 38/F, Tower A, World Finance Centre4003 Shennan East Road, Shenzhen, PRC 香港營業地點 PLACE OF BUSINESS IN HONG KONG 香港灣仔港灣道1號會展廣場辦公大樓33樓3301室 Room 3301, 33/F, Office Tower Convention PlazaNo. 1 Harbour Road, Wanchai, Hong Kong 公司秘書 COMPANY SECRETARY 朱路珍女士（ACG，HKACG) Ms. Zhu Luzhen (ACG，HKACG) 審核委員會 AUDIT COMMITTEE 饒永先生（主席）浦炳榮先生高亞軍先生 Mr. Rao Yong(Chairman)Mr. Pao Ping WingMr. Gao Yajun 薪酬委員會 REMUNERATION COMMITTEE 浦炳榮先生（主席）饒永先生高亞軍先生 Mr. Pao Ping Wing(Chairman)Mr. Rao YongMr. Gao Yajun 提名委員會 NOMINATION COMMITTEE 黃茂如先生（主席）饒永先生浦炳榮先生 Mr. Huang Mao Ru(Chairman)Mr. Rao YongMr. Pao Ping Wing 依上市規則之授權代表 AUTHORISED REPRESENTATIVES PURSUANT TO THELISTING RULES 黃維正先生朱路珍女士 Mr. Tony HuangMs. Zhu Luzhen 依香港公司條例之授權代表 AUTHORISED REPRESENTATIVES PURSUANT TO THEHONG KONG COMPANIES ORDINANCE 黃維正先生蘇嘉敏女士 Mr. Tony HuangMs. So Ka Man INDEPENDENT AUDITORPricewaterhouseCoopers (PwC) 獨立核數師 羅兵咸永道會計師事務所 香港股份登記及過戶處 HONG KONG SHARE REGISTRAR AND TRANSFEROFFICE 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 Tricor Investor Services Limited17F, Far East Finance Centre16 Harcourt Road, Hong Kong PRINCIPAL BANKERS 主要往來銀行 中國工商銀行中國平安銀行晉商銀行中國建設銀行中國農業銀行 Industrial and Commercial Bank of ChinaPing An Bank of ChinaJinshang BankChina Construction BankAgricultural Bank of China 公司網站www.maoye.cn COMPANY WEBSITE www.maoye.cn 股份代號848 STOCK CODE 848 CORPORATE PROFILE公司簡介 茂業國際控股有限公司（「本公司」）為於2007年8月8日在開曼群島註冊成立的有限責任公司。本公司及其附屬公司（「本集團」）主要在中華人民共和國（「中國」）經營及管理百貨店及物業發展業務。本公司之股份於2008年5月5日（「上市日」）在香港聯合交易所有限公司（「聯交所」）主板上市。 Maoye International Holdings Limited (the “Company”) was incorporatedin the Cayman Islands with limited liability on 8 August 2007. TheCompany and its subsidiaries (the “Group”) are principally engagedin the operation and management of department stores and propertydevelopment in the People’s Republic of China (the “PRC” or “China”).The shares of the Company were listed on the Main Board of The StockExchange of Hong Kong Limited (the “Stock Exchange”) on 5 May2008 (the “Listing Date”). Since Shenzhen Dongmen store, the first store of the Group, opened in1997, the Group has been concentrating on development and carefulplanning for over 20 years, and leveraging its strong competitiveness aswell as timely reform and innovation, the leading position of the Groupin Southern China has been strengthened step by step. The Group hasalso further expanded into the most developed markets with the fastestgrowth rate in Eastern China, Southwestern China and Northern China,becoming the industry leader in a number of regions. As at 30 June2025, the Group operated and managed a total of 48 stores in 21 citiesnationwide with total gross floor area of approximately 3.1 million sq.m.,of