富景中国控股中期报告2025

CORPORATE INFORMATION BOARD OF DIRECTORS Executive Directors Mr. Zhang Yonggang (“Mr. Zhang”)(Chairman and Chief Executive Officer)Mr. Lyu ZhonghuaMr. Cui WeiMr. Pang JinhongMs. Geng Juan(appointed on 16 January 2025) Independent Non-executive Directors Mr. Lam Chik TongDr. Li JunliangMs. Chow Wai Mee May(resigned on 16 January 2025)Dr. Wang Wenyuan(appointed on 16 January 2025) BOARD COMMITTEES Mr. Lam Chik Tong(Chairman)Dr. Li JunliangMs. Chow Wai Mee May(resigned on 16 January 2025)Dr. Wang Wenyuan(appointed on 16 January 2025) Remuneration Committee Dr. Wang Wenyuan(Chairman)(appointed on 16 January 2025)Ms. Chow Wai Mee May(resigned on 16 January 2025)Mr. Lam Chik TongDr. Li Junliang Nomination Committee Mr. Zhang Yonggang(Chairman)Ms. Chow Wai Mee May(resigned on 16 January 2025)Mr. Lam Chik TongDr. Li JunliangDr. Wang Wenyuan(appointed on 16 January 2025)Ms. Geng Juan(appointed on 16 January 2025) Company Secretary Mr. Au Yeung Min Yin Gordon CORPORATE INFORMATION AUTHORISED REPRESENTATIVES Mr. Zhang YonggangMr. Au Yeung Min Yin Gordon AUDITOR 18824 McMillan Woods (Hong Kong) CPA Limited24/F., Siu On Centre188 Lockhart Road, Wan ChaiHong Kong(Certified Public Accountants, Registered Public Interest Entity Auditor) COMPLIANCE ADVISER 18272701 Grande Capital LimitedRoom 2701, 27/FTower One, Admiralty Centre18 Harcourt RoadAdmiraltyHong Kong LEGAL ADVISERS AS TO HONG KONG LAW Hastings & Co.11/F, Gloucester TowerThe Landmark15 Queen’s Road CentralHong Kong 1511 REGISTERED OFFICE 89 Nexus Way, Camana BayGrand Cayman, KY1-9009Cayman Islands 89 Nexus Way, Camana BayGrand Cayman, KY1-9009Cayman Islands PRINCIPAL PLACE OF BUSINESS IN HONG KONG 11One Midtown2816 Unit 16, 28/FOne Midtown11 Hoi Shing RoadTsuen Wan, Hong Kong CORPORATE INFORMATION HEADQUARTER AND PRINCIPAL PLACE OF BUSINESSIN THE PEOPLE’S REPUBLIC OF CHINA (THE “PRC”) Huanhu North Road SouthNanbu Village South, Rizhuang TownLaixi, Qingdao, Shandong ProvinceThe PRC PRINCIPAL SHARE REGISTRAR Ogier Global (Cayman) Limited89 Nexus Way, Camana BayGrand Cayman, KY1-9009Cayman Islands Ogier Global (Cayman) Limited89 Nexus Way, Camana BayGrand Cayman, KY1-9009Cayman Islands HONG KONG BRANCH SHARE REGISTRAR ANDTRANSFER OFFICE 1617 Tricor Investor Services Limited17/F, Far East Finance Centre16 Harcourt RoadHong Kong PRINCIPAL BANKBank of China (Hong Kong) Limited STOCK CODE2497 2497 COMPANY’S WEBSITEwww.fujingnongye.com www.fujingnongye.com MANAGEMENT DISCUSSION AND ANALYSIS The board (the “Board”) of directors (the “Directors”) of Fujing HoldingsCo., Limited (the “Company”, together with its subsidiaries, the “Group” or“We”), is pleased to present the unaudited consolidated interim results of theGroup for the six months ended 30 June 2025 (the “Reporting Period” or“1H2025”). BUSINESS REVIEW AND OUTLOOK 88.375.017.7% The Group is principally engaged in the cultivation and sales of pottedvegetable produce in the PRC, which are cultivated and sold in pots. Ourpotted vegetable produce was mainly leafy vegetable species, such as crowndaisy, rapeseed, Frise’e, Indian lettuce, pak choi, lettuce, Chinese celeryand tatsoi. Our products are offered in the market primarily under our brand“”. During the Reporting Period, the Company recorded a totalrevenue of approximately Renminbi (“RMB”) 88.3 million, which increased byapproximately 17.7% as compared with approximately RMB75.0 million forthe corresponding period of last year. We sell our products primarily in Shandong province, and also in Xi’an,Shaanxi province, Dalian, Liaoning province and Beijing, with revenuecontribution of 84.5%, 2.9%, 3.8% and 8.8% in 1H2025 respectively and92.0%, 3.8%, 4.2% and nil in the six months ended 30 June 2024 (“1H2024”)respectively. We sell our potted vegetable produce primarily through anetwork of distributors in the PRC, which then on-sell our products to end-user customers, the majority of which are hotels and restaurants in the PRC.Our sales to distributors amounted to approximately RMB88.3 million andapproximately RMB75.0 million, accounted for approximately 100.0% ofour revenue for 1H2025 and 1H2024 respectively. As at 30 June 2025, wehad four cultivation facilities in operation for cultivating our potted vegetableproduce, namely (i) the Laixi facility in Laixi, Qingdao, Shandong province;(ii) the Xi’an facility in Xi’an, Shaanxi province; (iii) the Dalian facility in Dalian,Liaoning province; and (iv) the Beijing facility in Beijing (“Beijing Facility”).We had 168 greenhouses in operation with a total gross floor area of 182,867sq.m. as at 30 June 2025. 84.5%2.9%3.8%8.8%92.0%3.8%4.2%88.375.0100.0%(i)(ii)(iii)(iv)168182,867 FINANCIAL REVIEW Revenue Our revenue increased from approximately RMB75.0 million in 1H2024 toapproximately RMB88.3 million in 1H2025. Such increase in revenue in thesaid period were primarily attributable to (i) the increase in the sales volume ofour potted vegetable produce from approximately 5.0 mi