[HK]江南布衣(03306):截至二零二五年十二月三十一日止六个月之中期业绩公告
原标题:江南布衣:截至二零二五年十二月三十一日止六个月之中期业绩公告 Hong Kong Exchanges and Clearing Limited and 香交易及結算所有限公司及香聯合交易所有限公The Stock Exchange of Hong Kong Limited take no 司對本公告的內容概不負責，對其準確性或完整性亦不responsibility for the contents of this announcement, 發表任何聲明，並明確表示，概不對因本公告全部或任 make no representation as to its accuracy or 何部分內容而產生或因倚賴該等內容而引致的任何損completeness and expressly disclaim any liability 失承擔任何責任。 whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement. JNBY Design Limited 江南布衣有限公司 (Incorporated in the Cayman Islands with limited liability) （於開曼群島註冊成立的有限公司） (Stock Code 股份代號: 3306) INTERIM RESULTS ANNOUNCEMENT 截至 FOR THE SIX MONTHS ENDED 二零二五年十二月三十一日 DECEMBER 31, 2025 止六個月之中期業績公告 FINANCIAL HIGHLIGHTS 財務摘要 ? The total revenue of the Group for the six months ? 截至二零二五年十二月三十一日止六個月（「二 ended December 31, 2025 (the “first half of fiscal 零二六上半財年」），本集團的總收入為人民幣 year 2026”) amounted to RMB3,375.9 million, 3,375.9百萬元，較截至二零二四年十二月三十一 an increase of 7.0% or RMB219.5 million as 日止六個月（「二零二五上半財年」）的人民幣 compared with RMB3,156.4 million for the six 3,156.4百萬元上升7.0%或人民幣219.5百萬元。 months ended December 31, 2024 (the “first half of fiscal year 2025”). ? The gross profit for the first half of fiscal ? 二零二六上半財年的毛利為人民幣2,245.5百萬 year 2026 amounted to RMB2,245.5 million, 元，較二零二五上半財年的人民幣2,056.2百萬元 an increase of 9.2% or RMB189.3 million as 上升9.2%或人民幣189.3百萬元，毛利率較二零 compared with RMB2,056.2 million for the first 二五上半財年的65.1%上升1.4個百分點至66.5%。 half of fiscal year 2025, and the gross profit margin increased by 1.4 percentage points from 65.1% for the first half of fiscal year 2025 to 66.5%. ? The net profit for the first half of fiscal year ? 二零二六上半財年的純利為人民幣676.0百萬元， 2026 amounted to RMB676.0 million, an increase 較二零二五上半財年的人民幣604.0百萬元上升 of 11.9% or RMB72.0 million as compared with 11.9%或人民幣72.0百萬元。 RMB604.0 million for the first half of fiscal year 2025. ? The net cash inflow from operating activities ? 二零二六上半財年的經?活動產生的現金流入淨for the first half of fiscal year 2026 amounted 額為人民幣996.0百萬元，較二零二五上半財年的to RMB996.0 million, an increase of 21.1% or 人民幣822.6百萬元上升21.1%或人民幣173.4百萬RMB173.4 million as compared with RMB822.6 元。 million for the first half of fiscal year 2025. ? The Board declared the payment of an ? 董事會宣派截至二零二五年十二月三十一日止六interim dividend of HK$0.52 per ordinary 個月中期股息每股普通股0.52元（約相等於每股share (equivalent to approximately RMB0.47 普通股人民幣0.47元），合計277.3百萬元。 per ordinary share) for the six months ended December 31, 2025, totaling HK$277.3 million. CONSOLIDATED INTERIM RESULTS 綜合中期業績 The board (the “Board”) of directors (the “Directors”) 江南布衣有限公司（「本公司」）董事（「董事」）會（「董事 of JNBY Design Limited (the “Company”) is pleased 會」）欣然宣佈本公司及其附屬公司（「本集團」）截至二零 to announce the unaudited condensed consolidated 二五年十二月三十一日止六個月之未經審核簡明綜合interim results of the Company and its subsidiaries 中期業績，連同上財政年度同期的比較數字如下︰(the “Group”) for the six months ended December 31, 2025, together with the comparative figures for the corresponding period of the previous fiscal year, as follows: CONDENSED CONSOLIDATED 簡明綜合損益及其他全面收益表 STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME For the six months ended 31 December 2025 截至二零二五年十二月三十一日止六個月Six months ended 31 December 截至十二月三十一日止六個月 2025 2024 二零二五年 二零二四年 Notes RMB’000 RMB’000 附註 人民幣千元 人民幣千元 (Unaudited) (Unaudited) （未經審核） （未經審核） Revenue 收入 4 3,375,856 3,156,405 Cost of sales 銷售成本 7 (1,130,401) (1,100,190) Gross profit 毛利 2,245,455 2,056,215 Selling and marketing expenses 銷售及?銷開支 7 (1,094,086) (1,020,687)Administrative expenses 行政開支 7 (310,540) (271,717) Reversal of impairment on financial 金融資產減值撥回 assets 7 3,456 3,580 Other income and gains, net 其他收益及利得淨額 5 82,450 58,900Operating profit 經?利潤 926,735 826,291 Finance income 財務收益 20,066 26,707 Finance costs 財務費用 (14,185) (16,103) Finance income, net 財務收益淨額 5,881 10,604 Share of results of an associate 使用權益法入賬之 accounted for using the equity 應佔聯?公司業績 method (71) (228) Profit before income tax 除所得稅前利潤 932,545 836,667 Income tax expense 所得稅費用 6 (256,553) (232,685) CONDENSED CONSOLIDATED 簡明綜合損益及其他全面收益表（續） STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME CONTINUED For the six months ended 31 December 2025 截至二零二五年十二月三十一日止六個月Six months ended 31 December 截至十二月三十一日止六個月 2025 2024 二零二五年 二零二四年 Notes RMB’000 RMB’000 附註 人民幣千元 人民幣千元 (Unaudited) (Unaudited) （未經審核） （未經審核） Other comprehensive (expense)/ 其他全面（開支）╱收益： income: Item that may not be reclassified to 可能不會重新分類至 profit or loss: 損益的項目： Exchange differences arising on 由功能貨幣換算為呈列 translation from functional 貨幣所產生之匯兌差 currency to presentation 額 currency (8,499) 5,486 Item that may be reclassified 其後可能會重新分類至 subsequently to profit or loss: 損益的項目： Exchange differences arising on 換算海外業務產生之匯 translation of foreign operations 兌差額 (6,238) 3,258 Other comprehensive (expense)/ 期間其他全面（開支）╱ income for the period 收益 (14,737) 8,744 Total comprehensive income for 期間全面收益總額 the period 661,255 612,726 Profit for the period attributable 期間利潤歸屬於： to: — — shareholders of the Company 本公司股東 674,331 599,547 — — non-controlling interests 非控股權益 1,661 4,435 675,992 603,982 Total comprehensive income for 期間全面收益總額 the period attributable to: 歸屬於： — — shareholders of the Company 本公司股東 659,593 608,292 — — non-controlling interests 非控股權益 1,662 4,434 661,255 612,726 Earnings per share 每股收益 (expressed in RMB per share) （每股以人民幣元列值） — — Basic 基本 9 1.32 1.17 — — Diluted 稀釋 9 1.29 1.16 CONDENSED CONSOLIDATED 簡明綜合財務狀況表 STATEMENT OF FINANCIAL POSITION As at 31 December 2025 於二零二五年十二月三十一日 31 December 30 June 2025 2025 二零二五年 二零二五年 十二月三十一日 六月三十日 Notes RMB’000 RMB’000 附註 人民幣千元 人民幣千元 (Unaudited) (Audited) （未經審核） （經審核） Assets 資產 Non-current assets 非流動資產 Property, plant and equipment 不動產、廠房及設備 10 467,526 434,317Investment properties 投資物業 10 11,160 35,761 Right-of-use assets 使用權資產 10 884,537 634,436 Intangible assets 無形資產 127,523 127,359 Prepayments, deposits and other 預付款項、按金及 assets 其他資產 13 25,575 23,793 Financial assets at fair value 按公允價值計入損益 through profit or loss (“FVTPL”) （「按公允價值計入損 益」）的金融資產 14 223,651 192,218 Term deposits with initial term 初始期限超過三個月的 over 3 months 定期存款 51,424 50,840 Deferred tax assets 遞延所得稅資產 264,198 266,751 2,055,594 1,765,475 Current assets 流動資產 Inventories 存貨 11 1,020,265 932,551 Trade receivables 應收賬款 12 220,964 125,871 Prepayments, deposits and other 預付款項、按金及 assets 其他資產 13 374,405 645,711 Amounts due from related parties 應收關聯方款項 20(b) 8,293 6,444Financial assets at FVTPL 按公允價值計入損益的 金融資產 14 90,995 65,850 Term deposits with initial term 初始期限超過三個月的 over 3 months 定期存款 670,072 723,689 Restricted cash 受限制現金 360 100 Cash and cash equivalents 現金及現金等價物 806,994 262,733 3,192,348 2,762,949 Total assets 資產總額 5,247,942 4,528,424 CONDENSED CONSOLIDATED 簡明綜合財務狀況表（續） STATEMENT OF FINANCIAL POSITION CONTINUED As at 31 December 2025 於二零二五年十二月三十一日 31 December 30 June 2025 2025 二零二五年 二零二五年 十二月三十一日 六月三十日 Notes RMB’000 RMB’000 附註 人民幣千元 人民幣千元 (Unaudited) (Audited) （未經審核） （經審核） Liabilities 負債 Non-current liabilities 非流動負債 Lease liabilities 租賃負債 142,615 156,487 Amounts due to related parties 應付關聯方款項 20(b) 180,859 173,437Deferred tax liabilities 遞延所得稅負債 47,094 30,712 370,568 360,636 Current liabilities 流動負債 Financial liabilities at FVTPL 按公允價值計入損益的 金融負債 2,578 2,583 Trade and bills payables 應付賬款及應付票據 15 308,925 239,100Lease liabilities 租賃負債 198,942 198,305 Contract liabilities 合約負債 417,688 463,429 Accruals and other liabilities 應計費用及其他負債 910,068 781,897Amounts due to related parties 應付關聯方款項 20(b) 60,650 61,677— Borrowings 借款 16 149,719 Income tax payable 應付所得稅 152,980 12,554 2,201,550 1,759,545 Total liabilities 負債總額 2,572,118 2,120,181 Net assets 淨資產 2,675,824 2,408,243 Equity 權益 Equity attributable to 本公司股東應佔權益 shareholders of the Company Share capital 股本 17 4,622 4,622 Shares held for restricted share 就受限制股份（「受限制 unit (“RSU”) scheme 股份」）計劃所持股份 17 (56,168) (133,359)Share premium 股份溢價 17 473,514 500,346 Other reserves 其他儲備 234,343 252,583 Retained earnings 留存收益 1,970,651 1,736,851 Equity attributable to shareholders 本公司股東應佔權益 of the Company 2,626,962 2,361,043 CONDENSED CONSOLIDATED 簡明綜合權益變動表 STATEMENT OF CHANGES IN EQUITY For the six months ended 31 December 2025 截至二零二五年十二月三十一日止六個月Attributable to shareholders of the Company 本公司股東應佔 Shares Non- Share Share held for Other Retained controlling capital premium RSU scheme reserves earnings Total interests Total equity就受限制 股份計劃 Notes 股本 股份溢價 所持股份 其他儲備 留存收益 總計 非控股權益 權益總額附註 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000人民幣千元 人民幣千元 人民幣千元 人民幣千元 人民幣千元 人民幣千元 人民幣千元 人民幣千元As at 1 July 2024 (Audited) 於二零二四年七月一日 （經審核） 4,622 510,007 (87,216) 267,831 1,472,598 2,167,842 42,331 2,210,173— — — — Profit for the period 期間利潤 599,547 599,547 4,435 603,982Other comprehensive income/ 期間其他全面 — — — — (expense) for the period 收益╱（開支） 8,745 8,745 (1) 8,744Total comprehensive income for 期間全面收益總額 — — — the period 8,745 599,547 608,292 4,434 612,726 Profit appropriations to statutory 轉撥至法定儲備的利潤 — — — — — — reserves 278 (278) — — — — — — Liquidation of a subsidiary 一間附屬公司清盤 (750) 750 Recognition of equity-settled 確認以權益結算以股份 share-based payment 為基礎的支付開支 — — — — — expenses 18 24,710 24,710 24,710 — — — Transfer and exercise of RSUs 轉讓及行使受限制股份 (8,974) 65,276 (35,579) 20,723 20,723Dividend recognised as 確認為分派的股息 — — — — — distribution 8 (411,973) (411,973) (411,973) Consideration for business 共同控制下之業務合併 combination under common 代價 — — — — — control (1,672) (1,672) (1,672) As at 31 December 2024 於二零二四年十二月 (Unaudited) 三十一日 （未經審核） 4,622 501,033 (21,940) 263,563 1,660,644 2,407,922 46,765 2,454,687CONDENSED CONSOLIDATED 簡明綜合權益變動表（續） STATEMENT OF CHANGES IN EQUITY CONTINUED For the six months ended 31 December 2025 截至二零二五年十二月三十一日止六個月Attributable to shareholders of the Company 本公司股東應佔 Shares Non- Share Share held for Other Retained controlling Total capital premium RSU scheme reserves earnings Total interests equity就受限制 股份計劃 股本 股份溢價 所持股份 其他儲備 留存收益 總計 非控股權益 權益總額Notes RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000附註 人民幣千元 人民幣千元 人民幣千元 人民幣千元 人民幣千元 人民幣千元 人民幣千元 人民幣千元As at 1 July 2025 (Audited) 於二零二五年七月一日 （經審核） 4,622 500,346 (133,359) 252,583 1,736,851 2,361,043 47,200 2,408,243— — — — Profit for the period 期間利潤 674,331 674,331 1,661 675,992Other comprehensive (expense)/ 期間其他全面（開支）╱ — — — — income for the period 收益 (14,738) (14,738) 1 (14,737) Total comprehensive (expense)/ 期間全面（開支）╱ — — — income for the period 收益總額 (14,738) 674,331 659,593 1,662 661,225Profit appropriations to statutory 轉撥至法定儲備的利潤 — — — — — — reserves 590 (590) — — — — — — Liquidation of a subsidiary 一間附屬公司清盤 (1,000) 1,000 Recognition of equity-settled 確認以權益結算以股份 share-based payment 為基礎的支付開支 — — — — — expenses 18 30,102 30,102 30,102 — — — Transfer and exercise of RSUs 轉讓及行使受限制股份 (26,832) 77,191 (33,194) 17,165 17,165Dividend recognised as 確認為分派的股息 — — — — — distribution 8 (440,941) (440,941) (440,941) As at 31 December 2025 於二零二五年十二月 (Unaudited) 三十一日 （未經審核） 4,622 473,514 (56,168) 234,343 1,970,651 2,626,962 48,862 2,675,824CONDENSED CONSOLIDATED 簡明綜合現金流量表 STATEMENT OF CASH FLOWS For the six months ended 31 December 2025 截至二零二五年十二月三十一日止六個月Six months ended 31 December 截至十二月三十一日止六個月 2025 2024 二零二五年 二零二四年 Notes RMB’000 RMB’000 附註 人民幣千元 人民幣千元 (Unaudited) (Unaudited) （未經審核） （未經審核） Cash flows from operating 經?活動現金流量 activities Cash generated from operations 經?產生的現金 1,086,033 965,209Income tax paid 已付所得稅 (89,990) (142,606) Net cash generated from operating 經?活動產生淨現金 activities 996,043 822,603 Cash flows from investing 投資活動現金流量 activities Purchase of property, plant and 購買不動產、廠房及設備 equipment (49,637) (96,386) Purchase of land use rights and 購買土地使用權及無形 intangible assets 資產 (17,162) (6,252) Proceeds from disposals of 出售不動產、廠房及設備 property, plant and equipment 所得款項 652 598 Interest received 已收利息 26,693 21,822 Purchase of term deposits with 購買初始期限超過三個月 initial term over 3 months 的定期存款 (640,849) (735,828) Proceeds from withdrawal of term 提取初始期限超過三個月 deposits with initial term over 3 的定期存款所得款項 months 674,197 623,488 Purchase of financial assets at 購買按公允價值計入損益 FVTPL 的金融資產 (70,000) (197,000) Proceeds from redemption of 贖回按公允價值計入損益 financial assets at FVTPL 的金融資產所得款項 45,782 65,989 Subscription of venture capital 認購創業投資基金 — funds 14 (3,000) Dividends received from venture 收取創業投資基金的股息 capital funds 14 849 6,895 Net cash used in investing 投資活動所用淨現金 activities (32,475) (316,674) CONDENSED CONSOLIDATED 簡明綜合現金流量表（續） STATEMENT OF CASH FLOWS CONTINUED For the six months ended 31 December 2025 截至二零二五年十二月三十一日止六個月Six months ended 31 December 截至十二月三十一日止六個月 2025 2024 二零二五年 二零二四年 Notes RMB’000 RMB’000 附註 人民幣千元 人民幣千元 (Unaudited) (Unaudited) （未經審核） （未經審核） Cash flows from financing 融資活動現金流量 activities Proceeds from borrowings 借款所得款項 229,037 49,709 — Repayments of borrowings 償還借款 (80,000) Dividends paid 已付股息 8 (440,941) (411,973) Proceeds from exercise of RSUs 行使受限制股份所得款項 5,158 25,154Payments of lease liabilities 支付租賃負債 (131,909) (127,252)Consideration paid for business 共同控制下之業務合併 combination under common 已付代價 — control (1,672) Net cash used in financing 融資活動所用淨現金 activities (418,655) (466,034) Net increase in cash and cash 現金及現金等價物增加 equivalents 淨額 544,913 39,895 Cash and cash equivalents at 期初現金及現金等價物 beginning of the period 262,733 699,214 Effect of foreign exchange rate 匯率變動之影 changes (652) 592 Cash and cash equivalents at end 期末現金及現金等價物 of the period 806,994 739,701 NOTES TO THE CONDENSED 簡明綜合財務報表附註 CONSOLIDATED FINANCIAL STATEMENTS For the six months ended 31 December 2025 截至二零二五年十二月三十一日止六個月1. GENERAL INFORMATION 1. 一般資料 JNBY Design Limited (the “Company”) was incorporated in the 江南布衣有限公司（「本公司」）於二零一二年十一月二十六日根據開 Cayman Islands on 26 November 2012 as an exempted company 曼群島法例第22章公司法（一九六一年第3號法律，經綜合及修訂） with limited liability under the Companies Act, Cap. 22 (Law 3 of 在開曼群島註冊成立為獲豁免有限責任公司。本公司的註冊辦事處 1961, as consolidated and revised) of the Cayman Islands. The 位於 Cricket Square, Hutchins Drive, P.O. Box 2681, Grand Cayman address of the Company’s registered office is Cricket Square, KY1-1111, Cayman Islands。根據本公司董事會（「董事會」）於二零 Hutchins Drive, P.O. Box 2681, Grand Cayman KY1-1111, Cayman 一六年六月八日通過的決議案，本公司的名稱由 Croquis Investment Islands. Pursuant to the resolution passed by the board of directors Limited更改為現時名稱。 of the Company (the “Board”) on 8 June 2016, the Company changed its name from Croquis Investment Limited to the present one. The Company and its subsidiaries (collectively, the “Group”) are 本公司及其附屬公司（統稱「本集團」）主要於中華人民共和國（「中 primarily engaged in the design, marketing and sales of fashion 國」）及海外從事時尚服裝、配飾產品及家居用品的設計、?銷及銷 apparel, accessory products and household goods in the People’s 售。 Republic of China (the “PRC”) and overseas. The Company is listed on the Main Board of The Stock Exchange 本公司於二零一六年十月三十一日在香聯合交易所有限公司（「聯 of Hong Kong Limited (the “Stock Exchange”) on 31 October 2016 交所」）主板上市（「上市」）。 (the “Listing”). These condensed consolidated interim financial statements are 本簡明綜合中期財務報表以人民幣（「人民幣」）列報。 presented in Renminbi (“RMB”). 2. BASIS OF PREPARATION 2. 編製基準 These condensed consolidated interim financial statements have 本簡明綜合中期財務報表乃根據香會計師公會（「香會計師公 been prepared in accordance with Hong Kong Accounting Standard 會」）頒佈的香會計準則第34號（「香會計準則第34號」）「中期財 34 (“HKAS 34”) “Interim Financial Reporting” issued by the Hong 務報告」以及聯交所證券上市規則的適用披露規定編製。 Kong Institute of Certified Public Accountants (“HKICPA”) as well as the applicable disclosure requirements of the Rules Governing the Listing of Securities on the Stock Exchange. The directors of the Company have, at the time of approving the 本公司董事於批准簡明綜合中期財務報表時合理預期本集團擁有 condensed consolidated interim financial statements, a reasonable 充足資源於可預見未來持續經?。因此，董事於編製簡明綜合中期 expectation that the Group has adequate resources to continue in 財務報表時繼續採用持續經?會計基準。 operational existence for the foreseeable future. Thus they continue to adopt the going concern basis of accounting in preparing the condensed consolidated interim financial statements. 3. ACCOUNTING POLICIES 3. 會計政策 These condensed consolidated interim financial statements have 除若干金融工具於適當情況下按公允價值計量外，本簡明綜合中期 been prepared on the historical cost basis except for certain 財務報表乃按歷史成本基準編製。 financial instruments, which are measured at fair values, as appropriate. Other than change in accounting policies resulting from application 除因應用香財務報告準則會計準則之修訂本而導致的會計政策 of amendments to HKFRS Accounting Standards, the accounting 變動外，截至二零二五年十二月三十一日止六個月之簡明綜合中期 policies and methods of computation used in the condensed 財務報表所採用之會計政策及計算方法，與本集團截至二零二五年 consolidated interim financial statements for the six months ended 六月三十日止年度綜合財務報表所呈列相同。 31 December 2025 are the same as those presented in the Group’s consolidated financial statements for the year ended 30 June 2025.3. ACCOUNTING POLICIES CONTINUED 3. 會計政策（續） Application of amendments to HKFRS Accounting 應用香財務報告準則會計準則之修訂本 Standards In the current interim period, the Group has applied the following 於本中期期間，本集團已首次應用以下由香會計師公會頒佈於本 amendments to a HKFRS Accounting Standard issued by the 集團二零二五年七月一日開始的年度期間強制生效的香財務報 HKICPA, for the first time, which are mandatorily effective for 告準則會計準則修訂本以編製本集團簡明綜合中期財務報表： the Group’s annual period beginning on 1 July 2025 for the preparation of the Group’s condensed consolidated interim financial statements: Amendments to HKAS 21 Lack of Exchangeability 香會計準則第21號（修訂本） 缺乏可兌換性The application of the amendments to a HKFRS Accounting 於本中期期間應用香財務報告準則會計準則之修訂本對本集團 Standard in the current interim period has had no material impact 於本期間及╱或過往期間的財務狀況及表現及該等簡明綜合中期 on the Group’s financial positions and performance for the current 財務報表所載披露事項並無重大影。 and/or prior periods and on the disclosures set out in these condensed consolidated interim financial statements. 4. SEGMENT INFORMATION 4. 分部資料 The Group operates multiple operating segments based on 本集團基於不同品牌經?多個經?分部。經?分部的報告方式與提 different brands. The operating segments are reported in a 供予主要?運決策（「主要?運決策」）（即執行董事）的內部報告 manner consistent with the internal reporting provided to the chief 貫徹一致。 operating decision-maker (the “CODM”), the executive directors.Management has determined the operating segments based on the 管理層已根據主要?運決策審閱的資料釐定經?分部，以分配資 information reviewed by the CODM for the purposes of allocating 源及評估表現。主要?運決策以產品角度看待業務。 resources and assessing performance. The CODM considers the business from product perspective. The CODM considers there are three reportable segments as 主要?運決策認為本集團擁有以下三個可報告分部： follows: ? Mature brand representing JNBY; ? 成熟品牌（指JNBY）； ? Younger brands representing CROQUIS, jnby by JNBY and ? 成長品牌（指速寫、jnby by JNBY及LESS）；LESS; ? Emerging brands representing POMME DE TERRE (蓬馬), ? 新興品牌（指POMME DE TERRE（蓬馬）、JNBYHOME、 JNBYHOME, onmygame, B1OCK and etc. onmygame、B1OCK等）。 Other information, together with the segment information, provided 提供予主要?運決策之其他資料連同分部資料按與簡明綜合中 to CODM, is measured in a manner consistent with that applied 期財務報表所採用一致的方式計量。由於主要?運決策並不 in the condensed consolidated interim financial statements. There 使用分部資產及分部負債資料對經?分部進行資源分配或表現評 were no segment assets and segment liabilities information 估，故未向其提供該等資料。 provided to the CODM, as the CODM does not use this information to allocate resources to or evaluate the performance of the operating segments. 4. SEGMENT INFORMATION CONTINUED 4. 分部資料（續） The Group assesses the performance of the reportable segments 本集團基於各可報告分部的經?利潤評估可報告分部的表現。 based on the respective reportable segment’s operating profit.Six months ended 31 December 2025 截至二零二五年十二月三十一日止六個月 Mature Younger Emerging brand brand brand Total 成熟品牌 成長品牌 新興品牌 總計 RMB’000 RMB’000 RMB’000 RMB’000 人民幣千元 人民幣千元 人民幣千元 人民幣千元 (Unaudited) (Unaudited) (Unaudited) (Unaudited) （未經審核） （未經審核） （未經審核） （未經審核） Revenue 收入 Mainland China 中國內地 1,844,485 1,274,525 237,054 3,356,064Outside mainland China 非中國內地 15,465 4,119 208 19,792 Revenue from external customers 來自外部客戶的收入 1,859,950 1,278,644 237,262 3,375,856Segment gross profit 分部毛利 1,290,667 838,977 115,811 2,245,455Segment operating profit 分部經?利潤 842,668 390,410 16,556 1,249,634Unallocated selling and marketing 未分配銷售及?銷開 expenses, administrative expenses 支、行政開支和金 and reversal of impairment on 融資產減值撥回 financial assets (405,349) Other income and gains, net 其他收益及利得淨額 82,450 Total operating profit 經?利潤總額 926,735 4. SEGMENT INFORMATION CONTINUED 4. 分部資料（續） Six months ended 31 December 2024 截至二零二四年十二月三十一日止六個月 Mature Younger Emerging brand brand brand Total 成熟品牌 成長品牌 新興品牌 總計 RMB’000 RMB’000 RMB’000 RMB’000 人民幣千元 人民幣千元 人民幣千元 人民幣千元 (Unaudited) (Unaudited) (Unaudited) (Unaudited) （未經審核） （未經審核） （未經審核） （未經審核） Revenue 收入 Mainland China 中國內地 1,746,777 1,198,714 193,637 3,139,128Outside mainland China 非中國內地 13,411 3,696 170 17,277 Revenue from external customers 來自外部客戶的收入 1,760,188 1,202,410 193,807 3,156,405Segment gross profit 分部毛利 1,189,530 765,048 101,637 2,056,215Segment operating profit 分部經?利潤 762,886 367,506 22,526 1,152,918Unallocated selling and marketing 未分配銷售及?銷開 expenses, administrative expenses 支、行政開支和金 and reversal of impairment on 融資產減值撥回 financial assets (385,527) Other income and gains, net 其他收益及利得淨額 58,900 Total operating profit 經?利潤總額 826,291 5. OTHER INCOME AND GAINS, NET 5. 其他收益及利得淨額 Six months ended 31 December 截至十二月三十一日止六個月 2025 2024 二零二五年 二零二四年 RMB’000 RMB’000 人民幣千元 人民幣千元 (Unaudited) (Unaudited) （未經審核） （未經審核） Government grants (i) 政府補助(i) 50,211 61,565 Fair value change of venture capital funds 創業投資基金的公允價值變動 (Note 14) （附註14） 31,918 (3,976) Fair value change of financial products (Note 14) 理財產品的公允價值變動（附註14） 927 972Donations 捐款 (154) (134) Net losses on disposal of property, plant and 出售不動產、廠房及設備虧損淨額equipment (427) (363) Others 其他 (25) 836 82,450 58,900 (i) Government grants during the six months presented (i) 所呈列六個月的政府補助主要指已收中國地方政府的財政 are primarily financial subsidies received from local 補貼。有關收入並無附帶未履行的條件或或有事項。 governments in the PRC. There are no unfulfilled conditions or contingencies relating to such income. 6. INCOME TAX EXPENSE 6. 所得稅費用 Six months ended 31 December 截至十二月三十一日止六個月 2025 2024 二零二五年 二零二四年 RMB’000 RMB’000 人民幣千元 人民幣千元 (Unaudited) (Unaudited) （未經審核） （未經審核） Current tax 當期稅項 — — Enterprise income tax expense 企業所得稅費用 229,275 224,702Deferred tax 遞延所得稅費用 27,278 7,983 256,553 232,685 7. EXPENSE BY NATURE 7. 按性質劃分的費用 Six months ended 31 December 截至十二月三十一日止六個月 2025 2024 二零二五年 二零二四年 RMB’000 RMB’000 人民幣千元 人民幣千元 (Unaudited) (Unaudited) （未經審核） （未經審核） Cost of inventories sold 已售存貨成本 1,042,044 1,023,315 Employee benefit expenses (including share-based 僱員福利開支（括以股份為 compensation expenses) 基礎的薪酬開支） 335,927 276,920 Promotion and marketing expenses 推廣及?銷開支 277,105 262,399Workforce contracting expenses 勞動力外開支 240,394 228,168Depreciation and amortisation 折舊及攤銷 — — Right-of-use assets (Note 10) 使用權資產(附註10) 154,381 144,865— — Property, plant and equipment (Note 10) 不動產、廠房及設備(附註10) 58,634 62,418— — Intangible assets 無形資產 5,065 4,500 Expenses relating to short-term leases and variable 與短期租賃及可變租賃付款 lease payments 有關的費用 171,864 170,601 Commission expenses to online platforms 線上平台的佣金費用 53,831 44,782Transportation and warehouse expenses 運輸及倉儲開支 43,721 33,532Provision for inventories (Note 11) 存貨撥備(附註11) 26,552 28,689Materials for apparel samples 服裝樣品材料費 14,221 11,722 Reversal of provision for impairment losses on 金融資產減值虧損撥備撥回financial assets (3,456) (3,580) Others 其他 111,288 100,683 Total cost of sales, selling and marketing expenses, 銷售成本、銷售及?銷開支、 administrative expenses and net impairment 行政開支以及金融資產減值 losses on financial assets 虧損淨額總額 2,531,571 2,389,014 8. DIVIDENDS 8. 股息 During the current interim period, a final dividend of 於本中期期間，本公司向其股東宣派及派付截至二零二五年六月 RMB440,941,000 (HK$0.93 per share (equivalent to approximately 三十日止年度之末期股息人民幣440,941,000元（每股0.93元（約 RMB0.86 per share)) in respect of the year ended 30 June 2025 相等於每股人民幣0.86元））（截至二零二四年十二月三十一日止 (six months ended 31 December 2024: RMB411,973,000 (HK$0.86 六個月：截至二零二四年六月三十日止年度之末期股息人民幣 per share (equivalent to approximately RMB0.81 per share)) in 411,973,000元（每股0.86元（約相等於每股人民幣0.81元）））。 respect of the year ended 30 June 2024), was declared and paid to shareholders of the Company. Subsequent to the end of the current interim period, the Board 於本中期期間結束後，董事會決定向於二零二六年三月二十七日名 has decided that an interim dividend in respect of the six months 列本公司股東名冊之本公司股東派發截至二零二五年十二月三十一 ended 31 December 2025 of HK$0.52 per share (equivalent to 日止六個月之中期股息每股0.52元（約相等於每股人民幣0.47元）， approximately RMB0.47 per share) amounting to RMB250,644,000 合計人民幣250,644,000元（截至二零二四年十二月三十一日止六個 in aggregate (six months ended 31 December 2024: HK$0.45 per 月：每股0.45元（約相等於每股人民幣0.43元））。 share (equivalent to approximately RMB0.43 per share)) will be paid to the shareholders of the Company whose names appear in the register of members of the Company on 27 March 2026. 9. EARNINGS PER SHARE 9. 每股收益 (a) Basic (a) 基本 Basic earnings per share is calculated by dividing the profit 每股基本收益乃按本公司股東於各中期期間的應佔利潤除以已發 attributable to shareholders of the Company by the weighted 行普通股加權平均數（不括就受限制股份計劃所持已發行股份） average number of ordinary shares in issue excluding shares held 計算。 for RSU scheme in issue during each interim period. Six months ended 31 December 截至十二月三十一日止六個月 2025 2024 二零二五年 二零二四年 (Unaudited) (Unaudited) （未經審核） （未經審核） Profit attributable to shareholders of the Company 本公司股東應佔利潤 (RMB’000) （人民幣千元） 674,331 599,547 Weighted average number of ordinary shares in 已發行普通股的加權平均數（不issue excluding shares held for RSU scheme in 括就受限制股份計劃所持有的已issue (’000) 發行股份）（千股） 511,180 512,679 Basic earnings per share (expressed in RMB per 每股基本收益（每股以人民幣元列share) 值） 1.32 1.17 (b) Diluted (b) 稀釋 Diluted earnings per share is calculated by adjusting the weighted 稀釋每股收益乃按因假設轉換所有潛在稀釋普通股而調整的發行 average number of ordinary shares outstanding to assume 在外普通股加權平均數計算。 conversion of all dilutive potential ordinary shares. The Company has one category of dilutive potential ordinary shares, 本公司有一類潛在稀釋普通股（即授予僱員的受限制股份）。假設受 which is the RSUs granted to employees. The RSUs are assumed 限制股份已悉數歸屬且已解除限制，並對盈利並無重大影。 to have been fully vested and released from restrictions with no significant impact on earnings. Six months ended 31 December 截至十二月三十一日止六個月 2025 2024 二零二五年 二零二四年 (Unaudited) (Unaudited) （未經審核） （未經審核） Profit attributable to shareholders of the Company 本公司股東應佔利潤 (RMB’000) （人民幣千元） 674,331 599,547 Weighted average number of ordinary shares in 已發行普通股的加權平均數（不issue excluding shares held for RSU scheme in 括就受限制股份計劃所持有的已issue (’000) 發行股份）（千股） 511,180 512,679 Effect of dilutive potential ordinary shares 潛在稀釋普通股之影 — — RSUs (’000) 受限制股份（千股） 12,156 6,071 Weighted average number of ordinary shares for 就計算稀釋每股收益而言的普通股the calculation of diluted earnings per share 加權平均數（千股）(’000) 523,336 518,750 Diluted earnings per share (expressed in RMB 稀釋每股收益（每股以人民幣元列10. PROPERTY, PLANT AND EQUIPMENT, 10. 不動產、廠房及設備、使用權資產以及投RIGHT OF USE ASSETS AND 資物業 INVESTMENT PROPERTIES During the current interim period, the Group acquired property, 於本中期期間，本集團取得賬面總值人民幣45,176,000元（截至二零 plant and equipment with an aggregate carrying amount 二四年十二月三十一日止六個月：人民幣68,127,000元）之不動產、 of RMB45,176,000 (six months ended 31 December 2024: 廠房及設備，並就其集數字化研發、智能倉儲及企業文化中心於一 RMB68,127,000), and incurred RMB23,145,000 (six months ended 體的現代化新園區產生建築成本人民幣23,145,000元（截至二零二四 31 December 2024: nil) construction costs for a new modern 年十二月三十一日止六個月：零）。 park integrating digital research and development, intelligent warehousing and corporate culture center of its business. During the current interim period, the Group renewed several 於本中期期間，本集團重續若干租賃協議並訂立若干新租賃協議， lease agreements and entered into several new lease agreements 租期介乎1至4年（截至二零二四年十二月三十一日止六個月：1至5 with lease terms ranged from 1 to 4 years (six months ended 年）。於租賃開始日期，本集團確認使用權資產人民幣118,063,000元 31 December 2024: 1 to 5 years). On date of lease commencement, （截至二零二四年十二月三十一日止六個月：人民幣162,910,000元） the Group recognised right-of-use assets of RMB118,063,000 (six 及租賃負債人民幣118,063,000元（截至二零二四年十二月三十一日 months ended 31 December 2024: RMB162,910,000) and lease 止六個月：人民幣162,910,000元）。 liabilities of RMB118,063,000 (six months ended 31 December 2024: RMB162,910,000). During the current interim period, the Group obtained the land 於本中期期間，本集團獲得一個集數字化研發、智能倉儲、企業 use right for a new modern park integrating digital research and 文化中心於一體的現代化新園區之土地使用權，相應代價人民幣 development, intelligent warehousing and corporate culture center 281,180,000元（附註13(b)），連同相關契稅人民幣11,790,000元及印 of its business. The corresponding consideration of RMB281,180,000 花稅人民幣141,000元，已確認為使用權資產。 (Note 13(b)), together with the related deed tax of RMB11,790,000 and stamp duty of RMB141,000, was recognised as a right-of-use asset. During the current interim period, the carrying amount of 於本中期期間，由於本集團變更投資物業的用途為自身經?，故投 investment properties of RMB23,755,000 (six months ended 31 資物業賬面值人民幣23,755,000元（截至二零二四年十二月三十一日 December 2024: nil) has been transferred to property, plant and 止六個月：零）已轉撥至不動產、廠房及設備。 equipment because of the change of use by the Group for its own operation. 11. INVENTORIES 11. 存貨 As at As at 31 December 2025 30 June 2025 於二零二五年 於二零二五年 十二月三十一日 六月三十日 RMB’000 RMB’000 人民幣千元 人民幣千元 (Unaudited) (Audited) （未經審核） （經審核） Finished goods 製成品 1,366,645 1,324,323 Commissioned processing materials 委託加工材料 105,534 152,461Raw materials 原材料 24,937 22,774 Less: provision 減：撥備 (476,851) (567,007) 1,020,265 932,551 Movements of provision for inventories are as follows: 存貨撥備變動如下：Six months ended 31 December 截至十二月三十一日止六個月 2025 2024 二零二五年 二零二四年 RMB’000 RMB’000 人民幣千元 人民幣千元 Opening balance as at 1 July (Audited) 於七月一日的期初結餘（經審核） 567,007 517,327Provision made during the period included in “cost 就期間計提的計入「銷售成本」的 of sales” 撥備 26,552 28,689 Release of provision upon sales of inventories 於過往年度撇減出售存貨後撥回 written down in prior years 撥備 (116,708) (21,491) Closing balance as at 31 December 於十二月三十一日的期末結餘 (Unaudited) （未經審核） 476,851 524,525 12. TRADE RECEIVABLES 12. 應收賬款 As at As at 31 December 2025 30 June 2025 於二零二五年 於二零二五年 十二月三十一日 六月三十日 RMB’000 RMB’000 人民幣千元 人民幣千元 (Unaudited) (Audited) （未經審核） （經審核） Trade receivables 應收賬款 236,702 145,063 Less: provision for impairment 減：減值撥備 (15,738) (19,192)220,964 125,871 The trade receivables are mainly due from the department stores 應收賬款主要來源於本集團直?的零售百貨商店。提供予此類零售 where the Group operates its own retail outlets. General credit term 百貨商店的一般信用期限為自本集團發出的發票日期45至90日。 offered to such department stores is 45 to 90 days from the date of the invoice issued by the Group. The ageing analysis of gross trade receivables based on invoice 應收賬款總額基於發票日期的賬齡分析： date: As at As at 31 December 2025 30 June 2025 於二零二五年 於二零二五年 十二月三十一日 六月三十日 RMB’000 RMB’000 人民幣千元 人民幣千元 (Unaudited) (Audited) （未經審核） （經審核） Within 3 months 三個月內 219,135 120,911 3 months to 6 months 三個月至六個月 2,765 8,789 6 months to 1 year 六個月至一年 797 998 1 year to 2 years 一年至兩年 1,085 1,197 More than 2 years 兩年以上 12,920 13,168 236,702 145,063 13. PREPAYMENTS, DEPOSITS AND OTHER 13. 預付款項、按金及其他資產ASSETS As at As at 31 December 2025 30 June 2025 於二零二五年 於二零二五年 十二月三十一日 六月三十日 RMB’000 RMB’000 人民幣千元 人民幣千元 (Unaudited) (Audited) （未經審核） （經審核） Non-current assets 非流動資產 Long-term prepaid expenses 長期預付開支 21,467 19,549 Other non-current assets (a) 其他非流動資產(a) 4,108 4,244 25,575 23,793 Current assets 流動資產 — Bidding deposits for land use rights (b) 土地使用權競標保證金(b) 281,180Deposits and other receivables 按金及其他應收款項 155,183 129,519Prepayment to suppliers 向供應商支付的預付款項 73,381 110,014Right of goods return 退貨權利 100,910 60,744 Value added tax recoverable 可抵扣增值稅 14,557 30,968 Prepaid expenses 預付開支 29,957 25,537 Staff advances 員工墊款 417 549 — Prepaid income tax 預付所得稅 7,200 374,405 645,711 399,980 669,504 (a) In 2024, the Group invested in a company specialised in the (a) 於二零二四年，本集團投資一家專門從事設計、開發及銷售 design, development and sale of high-end furniture. The 高端家具的公司。本集團可對該公司行使重大影力，故該 Group is able to exercise significant influence on it and 投資被入賬列作對聯?公司的投資。於二零二五年十二月 the investment was accounted for as an investment in an 三十一日，該金額括聯?公司賬面值人民幣1,304,000元及 associate. As at 31 December 2025, the amount represents 向其提供之貸款人民幣2,804,000元。貸款於三年內免息，三 the carrying amount of the associate of RMB1,304,000 and 年後按英格蘭銀行基準利率加年利率2%計息。 a loan provided to it of RMB2,804,000. The loan is interest free within 3 years and is carried interest at 2% per annum over the Bank of England base rate after 3 years. (b) The amount represents the deposit paid to bid for the (b) 該金額指用於投標位於杭州市一塊土地（「雙浦」）的土地使 land use rights of a parcel of land (“Shuangpu”) located 用權所支付的按金，倘本集團未中標則退還予本集團。於本 in Hangzhou City, which will be returned to the Group if 中期期間，本集團成功投得該地塊並收購雙浦土地使用權， the Group did not win the bid. During the current interim 總代價為人民幣281,180,000元。該按金其後已於總收購成本 period, the Group has successfully won the bid and acquired 中扣除。 the Shuangpu land use rights at a total consideration of RMB281,180,000. The deposits were deducted against the total acquisition costs subsequently. 14. FINANCIAL ASSETS AT FVTPL 14. 按公允價值計入損益的金融資產As at As at 31 December 2025 30 June 2025 於二零二五年 於二零二五年 十二月三十一日 六月三十日 RMB’000 RMB’000 人民幣千元 人民幣千元 (Unaudited) (Audited) （未經審核） （經審核） Included in non-current assets 計入非流動資產 Venture capital funds (a) 創業投資基金(a) 217,795 186,362 Investment in a private company (b) 私?公司投資(b) 5,856 5,856223,651 192,218 Included in current assets 計入流動資產 Wealth management products (c) 理財產品(c) 90,995 65,850 (a) This represents the Group’s investments in venture capital (a) 該項指本集團以有限合夥人身份於創業投資基金的投資。 funds as a limited partner. The nature and purpose of the 創業投資基金的性質及目的是透過對具潛在回報的公司進 venture capital funds are to achieve investment appreciation 行股權及股權相關投資，實現投資增值，並最終實現投資收 and ultimately realise the investment income through equity 益。該等創業投資基金工具乃透過向其投資發行股份籌 and equity-related investments in companies with potential 集資金。本集團作為該等基金的被動投資不時認購若干 returns. These vehicles of venture capital funds are financed 權益。本集團的最大損失風險限於本集團持有的權益的賬 through issuing shares to their investors. From time to 面值。 time, the Group subscribed for certain interests as passive investors in these funds. The Group’s maximum exposure to loss is limited to the carrying amount of the interests held by the Group. The Group invested in two venture capital funds, both 本集團投資於兩項創業投資基金，該兩項基金均為本公司 of which are related parties of Mr. Wei Zhe, who is a 非執行董事衛哲先生的關聯方。於二零二五年六月三十日 non-executive director of the Company. As at 30 June 2025 及二零二五年十二月三十一日，該兩項創業投資基金的資 and 31 December 2025, the total capital contributions of the 本供款總額為人民幣60,000,000元。 two venture capital funds were RMB60,000,000. (b) The Group acquired 16.5% equity interests of Hangzhou (b) 於二零二二年，本集團收購杭州嘉笙餐飲管理有限公司 Jiasheng Catering Management Co., Ltd. in 2022. As the 16.5%的股權。由於本集團對杭州嘉笙餐飲管理有限公司享 Group has preferential rights over Hangzhou Jiasheng 有優先權，故其作為按公允價值計入損益的金融資產入賬。 Catering Management Co., Ltd., it is accounted for as financial assets at FVTPL. (c) This represents the financial products acquired from (c) 該項指自商業銀行購買的金融產品，預期回報利率每年介 commercial banks with expected return rates ranging from 乎1.9%至3%（二零二五年六月三十日：1.8%至3.2%），於一 1.9% to 3% (30 June 2025: 1.8% to 3.2%) per annum and 年內到期。該等金融產品由中國內地知名金融機構發行。 maturity period within 1 year. The financial products are issued by reputable financial institutions in the Mainland China. 15. TRADE AND BILLS PAYABLES 15. 應付賬款及應付票據 As at As at 31 December 2025 30 June 2025 於二零二五年 於二零二五年 十二月三十一日 六月三十日 RMB’000 RMB’000 人民幣千元 人民幣千元 (Unaudited) (Audited) （未經審核） （經審核） Trade payables 應付賬款 308,058 239,100 — Bills payables 應付票據 867 308,925 239,100 The ageing analysis of trade payables based on date of goods 應付賬款基於收貨日期的賬齡分析：received: As at As at 31 December 2025 30 June 2025 於二零二五年 於二零二五年 十二月三十一日 六月三十日 RMB’000 RMB’000 人民幣千元 人民幣千元 (Unaudited) (Audited) （未經審核） （經審核） Within 6 months 六個月內 297,076 226,959 6 months to 1 year 六個月至一年 5,545 11,336 Over 1 year 超過一年 5,437 805 308,058 239,100 16. BORROWINGS 16. 借款 As at As at 31 December 2025 30 June 2025 於二零二五年 於二零二五年 十二月三十一日 六月三十日 RMB’000 RMB’000 人民幣千元 人民幣千元 (Unaudited) (Audited) （未經審核） （經審核） — Short-term borrowings 短期借款 149,719 The Group discounted certain bills amounting to RMB149,719,000 本集團向銀行悉數貼現金額為人民幣149,719,000元的若干票據以獲 in full to bank to obtain financing. 取融資。 17. SHARE CAPITAL, SHARE PREMIUM AND 17. 股本、股份溢價及就受限制股份計劃所持SHARES HELD FOR RSU SCHEME 股份 Number Shares held of shares Number of Share for RSU authorised shares issued Share capital premium scheme Subtotal已發行股份 就受限制股份 法定股份數目 數目 股本 股份溢價 計劃所持股份 小計 RMB’000 RMB’000 RMB’000 RMB’000 人民幣千元 人民幣千元 人民幣千元 人民幣千元 As at 1 July 2025 於二零二五年 (Audited) 七月一日（經審核）1,000,000,000 518,750,000 4,622 500,346 (133,359) 371,609Transfer and exercise 轉讓及行使受限制 — — — of RSUs 股份 (26,832) 77,191 50,359 As at 31 December 於二零二五年 2025 (Unaudited) 十二月三十一日 （未經審核） 1,000,000,000 518,750,000 4,622 473,514 (56,168) 421,968Number Shares held of shares Number of Share for RSU authorised shares issued Share capital premium scheme Subtotal已發行股份 就受限制股份 法定股份數目 數目 股本 股份溢價 計劃所持股份 小計 RMB’000 RMB’000 RMB’000 RMB’000 人民幣千元 人民幣千元 人民幣千元 人民幣千元 As at 1 July 2024 於二零二四年 (Audited) 七月一日（經審核） 1,000,000,000 518,750,000 4,622 510,007 (87,216) 427,413Transfer and exercise 轉讓及行使受限制 — — — of RSUs 股份 (8,974) 65,276 56,302 As at 31 December 於二零二四年 2024 (Unaudited) 十二月三十一日 （未經審核） 1,000,000,000 518,750,000 4,622 501,033 (21,940) 483,715(a) As at 31 December 2025, there were 4,640,000 shares (a) 於二零二五年十二月三十一日，透過受限制股份計劃的受託 (30 June 2025: 10,519,000 shares) held through the trustee 人持有4,640,000股股份（二零二五年六月三十日：10,519,000 of the RSU scheme. 股股份）。 18. SHARE BASED PAYMENTS 18. 以股份為基礎的支付 The Company adopted the RSU scheme, under which the Board may 本公司已採納受限制股份計劃，根據該計劃，董事會可能向任何符 grant RSUs to any qualifying participants, subject to the terms and 合條件的參與授出受限制股份，惟須根據所載條款及條件。受限 conditions stipulated therein. RSUs vest gradually after the selected 制股份於獲選參與完成彼等自授予日期後通常為四年的服務期 participants complete their service period of typically four years 後逐步歸屬。當獲選參與決定行使受限制股份，倘相關授出函件 from the grant date. The selected participants are required to pay 載列的條款及條件獲履行，參與則須支付行使價（如有）。有關參 the exercise price, if any, upon satisfaction of terms and conditions 與僅可於支付行使價後，轉移股份至彼等的賬戶（如有）。 set out in the relevant grant letter when they decide to exercise the RSUs. The participants are only entitled for the shares to be transferred to their account upon the payment of the exercise price, if any. Movements in the number of outstanding RSUs are as follows: 尚未行使的受限制股份的數量變動如下：Six months ended 31 December 2025 Six months ended 31 December 2024截至二零二五年十二月三十一日止六個月 截至二零二四年十二月三十一日止六個月Weighted average Weighted average exercise price per Number of exercise price per Number of RSU outstanding RSUs RSU outstanding RSUs 每股受限制股份加權 尚未行使的受限制股 每股受限制股份加權 尚未行使的受限制 平均行使價 份數量 平均行使價 股份數量 Opening balance 期初結餘 HK$3.20 21,967,800 HK$3.20 22,402,300(Audited) （經審核） 3.20元 3.20元 Granted (a) 已授出(a) HK$3.20 7,120,000 HK$3.20 9,520,000 3.20元 3.20元 Forfeited 被沒收 HK$3.20 (100,000) HK$3.20 (140,000) 3.20元 3.20元 Exercised 已行使 HK$3.20 (5,878,500) HK$3.19 (7,132,000) 3.20元 3.19元 Ending balance 期末結餘 HK$3.20 23,109,300 HK$3.20 24,650,300(Unaudited) （未經審核） 3.20元 3.20元 18. SHARE BASED PAYMENTS CONTINUED 18. 以股份為基礎的支付（續）(a) On 6 September 2024, the Board resolved to grant 9,520,000 (a) 於二零二四年九月六日，董事會決議根據受限制股份計劃 RSUs to selected grantees under the RSU scheme with a 將9,520,000股受限制股份授予經甄選承授人，分批歸屬時間 graded vesting schedule of 25% per year over four years. 表為四年內每年歸屬25%。在滿足條款及條件之情況下，承 The grantees are required to pay HK$3.20 per share for the 授人須就行使受限制股份支付每股3.20元。 exercise of RSUs upon satisfaction of terms and conditions. On 29 September 2025, the Board resolved to grant 於二零二五年九月二十九日，董事會決議根據受限制股份計 7,120,000 RSUs to selected grantees under the RSU scheme 劃將7,120,000股受限制股份授予經甄選承授人，分批歸屬時 with a graded vesting schedule of 25% per year over four 間表為四年內每年歸屬25%。在滿足條款及條件之情況下， years. The grantees are required to pay HK$3.20 per share 承授人須就行使受限制股份支付每股3.20元。 for the exercise of RSUs upon satisfaction of terms and conditions. (b) The Group is required to estimate the forfeiture rate in order (b) 本集團須估計被沒收率，以釐定自簡明綜合損益及其他全 to determine the amount of equity-settled share-based 面收益表內扣除的以權益結算以股份為基礎的支付開支金 payment expenses charged to the condensed consolidated 額。於二零二五年十二月三十一日，預期被沒收率預估為3% statement of profit or loss and other comprehensive income. （二零二五年六月三十日：3%）。 As at 31 December 2025, the expected forfeiture rate was estimated at 3% (30 June 2025: 3%). For the six months ended 31 December 2025, the Group recognsied 截至二零二五年十二月三十一日止六個月，本集團就其授出的受 total expenses of RMB30,102,000 (six months ended 31 December 限制股份確認總開支人民幣30,102,000元（截至二零二四年十二月 2024: RMB24,710,000) in relation to the RSUs granted by the Group. 三十一日止六個月：人民幣24,710,000元）。 19. COMMITMENTS 19. 承擔 (a) Capital commitments (a) 資本承擔 As at 31 December 2025, the Group has non-cancellable 於二零二五年十二月三十一日，本集團就創業投資基金擁有不 commitments relating to the venture capital funds amounting to 可撤銷承擔人民幣16,500,000元（二零二五年六月三十日：人民幣 RMB16,500,000 (30 June 2025: RMB19,500,000) (Note 14). 19,500,000元）（附註14）。 The Group intends to construct a new modern park integrating 本集團擬於雙浦興建一個集數字化研發、智能倉儲及企業文化中心 digital research and development, intelligent warehousing 於一體的現代化新園區，並已訂立設計和服務合同，總代價為人民 and corporate culture center of its business in Shuangpu, and 幣139,839,000元（二零二五年六月三十日：人民幣85,800,000元）。於 entered into design and service contracts at a total consideration 二零二五年十二月三十一日，本集團已就概念設計階段付款約人民 of RMB139,839,000 (30 June 2025: RMB85,800,000). As at 31 幣13,355,000元（二零二五年六月三十日：人民幣5,462,000元）及應計 December 2025, the Group paid RMB13,355,000 (30 June 2025: 人民幣13,401,000元（二零二五年六月三十日：零），已確認作不動 RMB5,462,000) and accrued RMB13,401,000 (30 June 2025: nil) in 產、廠房及設備項下的在建工程。餘額人民幣81,711,000元預期將 respect of the concept design phase, which were recognised as 於一年內支付，及人民幣31,372,000元預期將於一至四年內支付（二 construction in progress within property, plant and equipment. The 零二五年六月三十日：人民幣60,475,000元於一年內支付及人民幣 remaining amount of RMB81,711,000 is expected to be paid within 19,863,000元於一至四年內支付）。 one year, and RMB31,372,000 is expected to be paid between one to four years (30 June 2025: RMB60,475,000 within one year and RMB19,863,000 between one to four years). 20. RELATED PARTY TRANSACTIONS 20. 關聯方交易 The following persons/companies are related parties of the Group 以下人士╱公司為於呈報期間與本集團有結餘及╱或交易的本集 that had balances and/or transactions with the Group for the 團關聯方。 periods presented. Name Relationship with the Group 姓名╱名稱 與本集團的關係 Li Lin One of the controlling shareholders 李琳 控股股東之一 Wu Jian One of the controlling shareholders 吳健 控股股東之一 Hangzhou Huikang Industrial Co., Ltd. Controlled by the controlling shareholders杭州慧康實業有限公司 受控股股東控制 Hangzhou Shangwei Apparel Co., Ltd. Controlled by the controlling shareholders杭州尚維服裝有限公司 受控股股東控制 Hangzhou JNBY Finery Co., Ltd. Controlled by the controlling shareholders杭州江南布衣服飾有限公司 受控股股東控制 Huizhan Technology (Hangzhou) Co., Ltd. Controlled by the controlling shareholders慧展科技（杭州）有限公司 受控股股東控制 Suzhou Xiangzhong Venture Capital Partnership (L.P.) Connected via the non-executive director Mr. Wei Zhe 蘇州祥仲創業投資合夥企業（有限合夥） 通過非執行董事衛哲先生關連Suzhou Weixin Titanium Krypton Venture Capital Partnership Connected via the non-executive director Mr. Wei Zhe Enterprise (L.P.) 蘇州維新鈦氪創業投資合夥企業（有限合夥） 通過非執行董事衛哲先生關連20. RELATED PARTY TRANSACTIONS 20. 關聯方交易（續） CONTINUED (a) Significant transactions with related parties (a) 與關聯方的重大交易Save as disclosed in Note 14, the Group had the following significant 除附註14所披露外，本集團與關聯方有下列重大交易，有關交易 transactions with related parties, which are all continuing 均為持續關連交易，惟收取的公用事業開支（附註20(a)(iv)）及根據 connected transactions except for utilities charged (Note 20(a)(iv)) 租賃安排購買使用權資產（附註20(a)(vi)）則除外（如下文所披露）。 and purchase of right-of-use assets under lease agreement (Note 20(a)(vi)) as disclosed below. Six months ended 31 December 截至十二月三十一日止六個月 2025 2024 二零二五年 二零二四年 RMB’000 RMB’000 人民幣千元 人民幣千元 (Unaudited) (Unaudited) （未經審核） （未經審核） (i) Processing fee charged by a related party (i) 關聯方收取的加工費Hangzhou Shangwei Apparel Co., Ltd. 杭州尚維服裝有限公司 10,062 17,014(ii) Framework sample apparel manufacturing (ii) 關聯方收取的樣衣製造費 charged by a related party（未完）  |