九毛九二零二五年中报

2Definitions and Corporate Information釋義及公司資料9Chairman’s Statement主席報告19Management Discussion and Analysis管理層討論與分析36Other Information其他資料47Consolidated Statement of Profit or Loss綜合損益表48Consolidated Statement of Profit or Loss and Other Comprehensive Income綜合損益及其他全面收益表49Consolidated Statement of Financial Position綜合財務狀況表51Consolidated Statement of Changes in Equity綜合權益變動表54Condensed Consolidated Cash Flow Statement簡明綜合現金流量表56Notes to the Unaudited Interim Financial Report未經審核中期財務報告附註95Review Report審閱報告 DEFINITIONS AND CORPORATE INFORMATION DEFINITIONS AND CORPORATE INFORMATION 於本中期報告內，除非文義另有所指，否則「聯繫人」、「緊密聯繫人」、「關連人士」、「關連交易」、「持續關連交易」、「核心關連人士」、「控股股東」、「附屬公司」及「主要股東」等詞彙應具有上市規則賦予該等詞彙的涵義。 In this interim report, the terms “associate”, “close associate”, “connectedperson”, “connected transaction”, “continuing connected transaction”, “coreconnected person”, “controlling shareholder”, “subsidiary” and “substantialshareholder” shall have the meanings given to such terms in the Listing Rules,unless the context otherwise requires. DEFINITIONS AND CORPORATE INFORMATION REGISTERED OFFICE Walkers Corporate Limited190 Elgin Avenue, George TownGrand Cayman KY1-9008Cayman Islands Walkers Corporate Limited190 Elgin Avenue, George TownGrand Cayman KY1-9008Cayman Islands HEADQUARTERS 中國廣州市南沙區珠江街珠江東路4號九丞科創中心2棟202單元 Unit 202Building 2, Jiucheng Technology Innovation Center4 Zhujiang East Road, Zhujiang StreetNansha DistrictGuangzhou, PRC PRINCIPAL PLACE OF BUSINESS IN HONG KONG 香港九龍旺角太子道西193號新世紀廣場一期17樓 Level 17Tower I, Grand Century Place193 Prince Edward Road WestMongkok, KowloonHong Kong www.jiumaojiu.com COMPANY’S WEBSITE www.jiumaojiu.com BOARD OF DIRECTORS Executive Directors 管毅宏先生（主席）何成效先生（行政總裁）崔弄宇女士蘇淡滿先生 Mr. GUAN Yihong(Chairman)Mr. HE Chengxiao (Chief Executive Officer )Ms. CUI LongyuMr. SU Danman Independent non-executive Directors 唐智暉女士朱睿女士王曉梅女士 Ms. TANG ZhihuiMs. ZHU RuiMs. WANG Xiaomei DEFINITIONS AND CORPORATE INFORMATION JOINT COMPANY SECRETARIES 蘇淡滿先生梁君慧女士（香港公司治理公會會士） Mr. SU DanmanMs. LEUNG Kwan Wai(an associate of The Hong Kong Chartered Governance Institute ) AUTHORIZED REPRESENTATIVES 蘇淡滿先生梁君慧女士 Mr. SU DanmanMs. LEUNG Kwan Wai AUDIT COMMITTEE 王曉梅女士（主席）唐智暉女士朱睿女士 Ms. WANG Xiaomei (Chairman )Ms. TANG ZhihuiMs. ZHU Rui REMUNERATION COMMITTEE 唐智暉女士（主席）蘇淡滿先生王曉梅女士 Ms. TANG Zhihui(Chairman)Mr. SU DanmanMs. WANG Xiaomei NOMINATION COMMITTEE 管毅宏先生（主席）朱睿女士王曉梅女士 Mr. GUAN Yihong (Chairman )Ms. ZHU RuiMs. WANG Xiaomei DEFINITIONS AND CORPORATE INFORMATION HONG KONG LEGAL ADVISER 漢坤律師事務所有限法律責任合夥香港皇后大道中15號置地廣場告羅士打大廈43樓4301-10室 Han Kun Law Offices LLPRooms 4301-10, 43/FGloucester Tower, The Landmark15 Queen’s Road CentralHong Kong INDEPENDENT AUDITOR 畢馬威會計師事務所執業會計師於《財務匯報局條例》下的註冊公眾利益實體核數師香港中環遮打道10號太子大廈8樓 KPMGCertified Public AccountantsPublic Interest Entity Auditor registered in accordance with theFinancial Reporting Council Ordinance8th FloorPrince’s Building10 Chater RoadCentralHong Kong T H EC A Y M A N I S L A N D S P R I N C I P A L S H A R EREGISTRAR AND TRANSFER OFFICE Walkers Corporate Limited190 Elgin Avenue, George TownGrand Cayman KY1-9008Cayman Islands Walkers Corporate Limited190 Elgin Avenue, George TownGrand Cayman KY1-9008Cayman Islands HONG KONG SHARE REGISTRAR 卓佳證券登記有限公司香港夏慤道16號遠東金融中心17樓（自2025年8月1日起生效） Tricor Investor Services Limited17/F, Far East Finance Centre16 Harcourt RoadHong Kong(with effect from August 1, 2025) PRINCIPAL BANK 興業銀行股份有限公司廣州東風支行中國廣州市越秀區東風中路300號金安大廈首層 Industrial Bank Co., Ltd.Guangzhou Dongfeng Sub-branchFirst Floor, Jin’an Building300 Dongfeng Middle Road, Yuexiu DistrictGuangzhou, PRC 各位股東： Dear Shareholders, 本人謹代表董事會欣然提呈本集團截至2025年6月30日止六個月的中期報告。 On behalf of the Board, I am pleased to present the interim report of theGroup for the six months ended June 30, 2025. KEY FINANCIAL HIGHLIGHTS RevenueStore level operating profit(1)Profit before taxationProfit for the periodProfit for the period attributable to equityshareholders of the CompanyCore operating profit(2) 附註： Notes: (1)The Group defines store level operating profit as revenue for the period deductingthe following expenses at store level: (i) raw materials and consumables used, (ii)staff costs, (iii) depreciation of right-of-use assets, (iv) other rentals and relatedexpenses, (v) depreciation and amortization of other assets, (vi) utility expenses,(vii) advertising and promotion expenses and (viii) other expenses, excludingunallocated headquarter expenses. (1)本集團將店舖層面經營利潤界定為期間收入扣減以下店舖層面開支：(i)所用原材料及耗材；(ii)員工成本；(iii)使用權資產折舊；(iv)其他租金及相關開支；(v)其他資產的折舊及攤銷；(vi)水電開支；(vii)廣告及推廣開支；及(viii)其他開支（不包括未分配總部開支）。 (2)The Group defines core operating profit as profit for the period excluding thefollowing: government grants, share of losses of associates, impairment lossesof property, plant and equipment, other net income/(losses), and income taxexpense. (2)本集團將核心經營利潤界定為排除以下項目的期間溢利：政府補助、應佔聯營公司的虧損、物業、廠房及設備減值虧損、其他收入 ╱（虧損）淨額及所得稅開支。 CHAIRMAN’S STATEMENT 附註： Notes: (1)截至2025年6月30日，本集團有695間