百福控股中期报告2025

INTERIM REPORT Corporate Information02 Management Discussion and Analysis04 Interim Condensed Consolidated Statement ofComprehensive Income26 Interim Condensed Consolidated Balance Sheet28 Interim Condensed Consolidated Statement of Changes in Equity30 Interim Condensed Consolidated Statement of Cash Flow31 Notes to the Condensed Consolidated InterimFinancial Information33 Corporate information公司資料 BOARD OF DIRECTORS mr. Zhao John Huan(Chairman)mr. Wang Xiaolongmr. Jing Shen independent non-executive directors mr. Leung Kwai Keimr. Lo Wei-renms. Zhuo ping AUDIT COMMITTEE mr. Leung Kwai Kei(Chairman)mr. Lo Wei-renms. Zhuo ping REMUNERATION COMMITTEE mr. Leung Kwai Kei(Chairman)mr. Wang Xiaolongmr. Lo Wei-ren NOMINATION COMMITTEE mr. Zhao John Huan(Chairman)mr. Leung Kwai Keims. Zhuo ping AUTHORISED REPRESENTATIVES mr. Jing Shenmr. So Wai Yin COMPANY SECRETARYmr. So Wai Yin REGISTERED OFFICE Cricket SquareHutchins Drivep.o. Box 2681Grand Cayman, KY1-1111Cayman Islands Cricket SquareHutchins Drivep.o. Box 2681Grand Cayman, KY1-1111Cayman Islands Best Food Holding CompanylimitedInterImreport 202502 PRINCIPAL OFFICE 87011 Suite 11, 70/Ftwo International Finance Centreno. 8 Finance StreetCentral, Hong Kong PRINCIPAL BANKERS Hong Kong: Citibank, n.A.China merchants Bank Co., Ltd. mainland China: Industrial and Commercial Bank of ChinaChina merchants Bank Co., Ltd. AUDITORS pricewaterhouseCoopersCertified public Accountants and registered pIe Auditor PRINCIPAL SHARE REGISTRAR ANDTRANSFER OFFICE Suntera (Cayman) LimitedSuite 3204, Unit 2A, Block 3Building D, p.o. Box 1586Gardenia Court, Camana BayGrand Cayman KY1-1110Cayman Islands Suntera (Cayman) LimitedSuite 3204, Unit 2A, Block 3Building D, p.o. Box 1586Gardenia Court, Camana BayGrand Cayman KY1-1110Cayman Islands HONG KONG BRANCH SHARE REGISTRARAND TRANSFER OFFICE 1617 tricor Investor Services Limited17/F, Far east Finance Centre16 Harcourt roadHong Kong STOCK CODE 1488 1488 WEBSITE http://www.bestfoodholding.com http://www.bestfoodholding.com management discussion and analysis管理層討論及分析 REVIEW OF THE INTERIM RESULTS performance Review Best Food Holding Company Limited (the “Company” or “Best Food”) andits subsidiaries (collectively the “Group”) are engaged in the operation of, andinvestment in food and beverage business under, more than 10 brands. For the first half of 2025, the Group’s total system sales, including sales ofall restaurants, both owned and franchised under the brands of the Groupand its associates, amounted to rmB1,716 million, which remained stable ascompared with the corresponding period of 2024. As at 30 June 2025, thenumber of stores under all the brands of the Group and its associates was1,131, which remained the same as compared with that as at 30 June 2024.For the first half of 2025, the Group’s total system sales, including sales ofall restaurants, both owned and franchised under the brands of the Group,amounted to rmB274 million, representing a decrease of 13.6% over thecorresponding period of 2024; revenue of the Group amounted to rmB190million, representing a decrease of 22.0% over the corresponding period of2024, which was mainly attributable to fierce market competition. 20251,716202420256301,13120242025274202413.6%190202422.0% 2025 In the first half of 2025, the overall growth rate of China’s catering industrydecelerated, accompanied by intensified market consolidation. Consumerdemand increasingly focused on price sensitivity and differentiated productofferings.Coupled with weak consumption and fierce price competitionamong food delivery platforms, intensified supply-side rivalry and pressuredcorporateprofitability.Amid this environment,the brands of Best Foodcontinued to proactively adapt through strategic changes. the Chinese fast-food chain operated by “HHG” leveraged the surge infood delivery platform orders to capture traffic and opportunities. It furtherstrengthened the competitive edge in fresh cooking and introduced a diverserange of new menu items to enhance product appeal, countering the impactof new regional brands entering the Beijing market. “Xinladao” fish hot pot pursued innovation through piloting new operationalmodels, enhancing product offerings, and introduced fresh-cut options andwider variety of hot pot ingredients to cater the diverse customer needs.Simultaneously,it adopted a lighter-asset expansion strategy via jointpartnerships and store renovations, upgraded the brand from both image andenvironment perspectives to cope with competition from other brands. Management Discussion and Analysis管理層討論及分析 200 In addition, Best Food has also invested in the brands operated by itsassociates, such as Sichuan and Chongqing style fast food “Xiao noodles”,“paotsai King” claypot rice, “Yuepin” Vietnamese cuisine, “Foook” malatang,“Dafulan” Hunan rice noodles and snacks, and “panda Hot pot” small hot potand others. Among them, “Xiao noodles” strengthened its compet