高地股份2025中期报告

( Incorporated in the Cayman Islands with limited liability )() Stock Code: 1676 Interim Report中期報告2025 CONTENTS 2Corporate Information4Management Discussion and Analysis13Corporate Governance and Other Information19Consolidated Statement of Profit or Loss and Other Comprehensive Income – Unaudited21Consolidated Statement of Financial Position – Unaudited23Consolidated Statement of Changes in Equity – Unaudited25Consolidated Statement of Cash Flows – Unaudited26Notes to the Unaudited Interim Financial Report CORPORATE INFORMATION EXECUTIVE DIRECTORSMs. Wang Wana(Chairlady and Chief Executive Officer) Mr. Hong Jixiang(resigned on 6 March 2026)Mr. Huang JingshengMs. Chen Chun INDEPENDENT NON-EXECUTIVE DIRECTORSMr. Shum Ching Hei Mr. Yang MindaMs. Gui Chenghui AUDIT COMMITTEEMr. Shum Ching Hei(Chairman)Ms. Gui ChenghuiMr. Yang Minda NOMINATION COMMITTEEMs. Gui Chenghui(Chairlady)Mr. Shum Ching HeiMr. Yang Minda REMUNERATION COMMITTEEMr. Yang Minda(Chairman)Mr. Shum Ching HeiMs. Gui Chenghui COMPANY SECRETARYMr. Wong Sai HungSolicitor, CPA AUTHORISED REPRESENTATIVESMs. Wang Wana Mr. Hong Jixiang(resigned on 6 March 2026)Mr. Wong Sai Hung(appointed on 6 March 2026) AUDITORSMcMillan Woods (Hong Kong) CPA Limited 18824 24/F, Siu On Centre,188 Lockhart Road,Wan Chai, Hong Kong 186 LEGAL ADVISER AS TO HONG KONG LAWBird & Bird 6/F, The AnnexCentral Plaza18 Harbour RoadHong Kong |Gaodi Holdings Limited | Interim Report 20252 CORPORATE INFORMATION PRINCIPAL BANKERS Bank of China Shishi BranchBOC Building, 2059 Ba Qi RoadShishi, Quanzhou, FujianPRC 2059 PRINCIPAL REGISTRAR AND TRANSFEROFFICE Conyers Trust Company (Cayman) LimitedCricket SquareHutchins DrivePO Box 2681, Grand CaymanKY1-1111, Cayman Islands Conyers Trust Company (Cayman) LimitedCricket SquareHutchins DrivePO Box 2681, Grand CaymanKY1-1111, Cayman Islands HONG KONG BRANCH REGISTRAR ANDTRANSFER OFFICE 183171712 -1716 Computershare Hong Kong Investor Services LimitedShops 1712 -1716, 17th FloorHopewell Centre183 Queen’s Road EastWan ChaiHong Kong REGISTERED OFFICE IN THE CAYMANISLANDS Cricket SquareHutchins DrivePO Box 2681, Grand CaymanKY1-1111, Cayman Islands Cricket SquareHutchins DrivePO Box 2681, Grand CaymanKY1-1111, Cayman Islands HEADQUARTER AND PRINCIPAL PLACE OFBUSINESS IN THE PRC 2032 2032, Baqi Road, Fengli Street, ShishiQuanzhou, Fujian PRINCIPAL PLACE OF BUSINESSIN HONG KONG 19935 Level 35, Infinitus Plaza199 Des Voeux RoadCentral, Hong Kong www.gaodiholdings.com WEBSITEwww.gaodiholdings.com 01676 STOCK CODE01676 |Gaodi Holdings Limited | Interim Report 20253 MANAGEMENT DISCUSSIONAND ANALYSIS The board (the “Board”) of directors (the “Directors”)of Gaodi Holdings Limited (formerly known as ChinaShenghai Group Limited) (the “Company”) announcetheunaudited consolidated interim results of theCompany and its subsidiaries (collectively, the “Group”)for the six months ended 31 December 2025 (the“Reporting Period”), together with the comparativefigures for the corresponding period in 2024. BUSINESS REVIEW The Group sells food products in the PRC. The Groupalso engaged in the food and beverage business since2024. 249.727.710.311.11%5.7%50.340.3 TheGroup’s revenue increased to approximatelyRMB249.7million in the Reporting Period.Grossprofit for the Reporting Period recorded approximatelyRMB27.7million(six months ended 31 December2024: approximately RMB10.3 million) and gross profitmargin was 11.11% (six months ended 31 December2024: 5.7%). The Group recorded loss of approximatelyRMB50.3 million (six months ended 31 December 2024:loss of RMB40.3 million). FOOD PRODUCTS BUSINESSThe Group has a comprehensive product portfolio with different raw materials, flavouring and packaging andconsiders each product to be distinctive. The Groupseeks to differentiate itself from its competitors byproviding a broad and convenient choice of safe andquality products, which creates additional opportunitiesto drive the overall sales. 179.8211.33.1%0.8% During the Reporting Period, the Group’s revenue fromfood business increased from approximately RMB179.8million for the six months ended 31 December 2024to approximately RMB211.3 million, while gross margindecreased from 3.1% for the six months ended 31December 2024 to 0.8% during the Reporting Period. MANAGEMENT DISCUSSIONAND ANALYSIS FOOD AND BEVERAGE BUSINESSDuring the Reporting Period, revenue from our food and 38.410.3 beverage business amounted to RMB38.4 million (sixmonths ended 31 December 2024: RMB10.3 million). OPERATING RESULTS AND FINANCIALREVIEW REVENUE Duringthe Reporting Period,the Group’s revenueincreased from approximately RMB179.8 million for thesix months ended 31 December 2024 to approximatelyRMB249.7 million, primarily due to the increased insales volume of food products. 179.8249.7 The table below sets out a breakdown of the Group’srevenuecategorized by product types during theReporting Period: MANAGEMENT DISCUSSIONAND ANALYSIS GROSS PRO