利民实业2025年中期报告

Management Statement2Independent Review Report17Condensed Consolidated Statement of Profit or Loss19Condensed Consolidated Statement of20Profit or Loss and Other Comprehensive IncomeCondensed Consolidated Statement of Financial Position21Condensed Consolidated Statement of Changes in Equity23Condensed Consolidated Statement of Cash Flows24Notes to the Condensed Financial Statements25 Management Statement管理層報告書 20256306202563062025630 The board (the “Board”) of directors (the “Directors”)of Raymond Industrial Limited (the “Company”) herebypresents the unaudited interim financial information forthe six months ended 30 June 2025 of the Company andits subsidiaries (collectively, the “Group”). The condensedconsolidated statement of profit or loss, condensedconsolidated statement of profit or loss and othercomprehensive income of the Group for the six monthsended 30 June 2025 and the condensed consolidatedstatement of financial position of the Group as at 30 June2025, along with selected explanatory notes, are unauditedbut have been reviewed by the Company’s audit committee(the “Audit Committee”) together with the Company’sindependent auditor, RSM Hong Kong. BUSINESS HIGHLIGHTS 2025530,704,0002024523,457,0001.38%32,505,000202426,821,00021.19% The Group’s revenue was HK$530,704,000 in thefirst six months of 2025, representing an increase ofapproximately 1.38% when compared with the revenuefor the corresponding period in 2024 (HK$523,457,000).The Group’s net profit was HK$32,505,000, representingan increase of approximately 21.19% when compared withthe net profit of HK$26,821,000 for the correspondingperiod in 2024. The increase in net profit was attributableto a series of favorable macroeconomic factors, strongUnited States Dollars (“USD”) and depreciating Renminbi(“RMB”). 20252025 During the first six months of 2025, although the Group’smanagement faced uncertainties arising from the risinginterest rates that caused inflationary pressures and lowersales demand worldwide, the Group had been able tocontinue to launch new innovative products with goodgross profit margins. To improve the cash flow further,the Group opted to exercise financial prudence to reducesafety stock for contingency planning, and to optimize fixedcosts by investing in new machinery prudently to supportlaunch of new products. Our management team expectsto find new customers and discuss new opportunities todevelop more new products during the second half of2025 amid all the uncertainties around the world. Management Statement (Continued)管理層報告書（續） BUSINESS HIGHLIGHTS(Continued) 2025499010%9020254290 On 9 April 2025, the U.S. President Donald Trumpinstituted a 90-day pause on a slew of country-specifictariff rates subject to his reciprocal tariff policy, insteadmaintaining a 10% baseline rate for most trading partners.Since then, the U.S. has agreed to a 90-day tariff reductionfor imports from China. Treasury Secretary Scott Bessentsaid that the U.S. would reinstate reciprocal tariffs firstannounced on 2 April 2025 for countries it is unable toreach deals with during the current 90-day pause. 2025512 The “China-U.S. Geneva Economic and Trade Talks JointStatement” issued by China and the U.S. on 12 May2025 seemed to mean that the trade war between thetwo countries has been significantly de-escalated, butin the absence of a lasting agreement, the uncertaintysurrounding the final tariff rates and the impact of thetariffs already implemented would remain importantconsiderations in forecasting the macroeconomy. Althougheffective tariff rates were significantly lower than before,the Trump administration appeared to be using tariffs topursue an import substitution agenda aimed at boostingU.S. manufacturing and reducing the trade deficit, whichcould further disrupt trade flows and supply chains. 20255 In May 2025, one year after the Group successfullyshipped the first container of “Made in Indonesia” productsfor one of our major customers from the Batam, Indonesiafactory, the Group planned to double our productioncapacity in Batam with our manufacturing partner. Toalleviate potential geopolitical risk, it is important that theGroup has an overseas manufacturing facility where wecan produce key products outside China for our customersin case Sino-U.S. relationship deteriorates. Management Statement (Continued)管理層報告書（續） 2025 PROSPECTS IN THE SECOND HALF OF 2025 20259 The Group’s management anticipates strong challengesduring the second half of 2025 due to continuousgeopolitical tensions and economic uncertainties.The Group’s management expects the toxic culture of“involution” in China will increase domestic factories costcutting competition resulting in diminishing returns if wedo not innovate and carve out a niche market to developnew differentiated novel products. Furthermore, theGroup’s management needs to react quickly to formulatea new and effective strategy to counter the disruptivemarket forces emerging from the business ecosystem