中国动向中期报告2024/2025

2024/2025 2公司資料 4投資者資訊 5業績摘要 6主席報告 8管理層討論及分析 26其他資料 36中期簡明綜合財務報表審閱報告 38中期簡明綜合財務報表 44中期簡明綜合財務報表附註 Conyers Dill & Pearman (Cayman) Limited 183171712–1716 Cricket Square, Hutchins Drive,P.O. Box 2681,Grand Cayman KY1-1111,Cayman Islands 221100176 891137 3. 1. 038185,887,561,025 0.700.70 4. 221100176(8610) 6783 6585(8610) 6785 6606ir@dxsport.com.cn 2. 5.www.dxsport.com 7493.5%1372.3430%30%60% 20244.8%3.3%9 2024 KAPPA1,001KAPPA11 KAPPAKAPPAKAPPAKAPPA KAPPAPHENIXDNA KAPPA KAPPAKAPPA 1916 KAPPA PlayerKAPPA Gara KAPPA PHENIXSP27 LITEPHENIX FOOTWEARPHENIXPHENIX (ESG)ESG 8,3110.5%171 1.Kappa2.PHENIX x Carver3.Kappa4.PHENIX SP27 LITE5.Kappa x6.Kappa7.Kappa8.PHENIX9.PHENIX x 20242024(GDP)4.8%3.3%1198.6% 2024 (IMF)2024GDP5%20245% 2025520246 20242024 KAPPA — KAPPA KAPPA KAPPAKAPPAKAPPAKAPPA — PHENIX PHENIX1952 PHENIX70NORGEPHENIX30MISSPHENIXSP27X-niXPHENIX KAPPAKAPPA40—+KAPPAKAPPA alk phenix+phenixPHENIX PHENIX FOOTWEAR PHENIXPHENIX 2024–25PHENIX202479PHENIXPHENIXPHENIXPHENIXPHENIX KAPPA KAPPAKAPPA 1916KAPPA PlayerKAPPA Gara22KAPPA KAPPA 1916 KAPPA 1916KAPPAKAPPABlokecore PHENIXPHENIX—PHENIXPHENIX Kids KAPPA Player KAPPAPlayerKAPPAKAPPA KAPPA Gara KAPPA KAPPA GaraK-TECHKAPPAGaraK-UVCUTK-ICEKOOLK-FLEXK-SHELLK-FLASHDRYKAPPA KAPPATIFO2024TIFO2024TIFO KAPPA1,001(KAPPA)11(KAPPA) 8,3110.5%171 20142137410 7493.5% Kappa70573934 Kappa1,001 ++ Kappa25328835Kappa35.9%39.0% 2332407 5165362068.9%69.1%0.2 Kappa5574524511Kappa64.1%61.0% Kappa70.2%70.5%0.3 1714971091421 19246117121 3333249 52651970.2%3.3 15161 19172 60622 5,887,561,025 16247121.6%60.7%2075 0.700.701.401.5282,426,000 130133011102 1.00=0.92407 161243214.9%7.2% 183171712–1716 13741018.3%52.8% 2.346.99 1.2791.291.439.8% Gaea Sports LimitedGSL18(b) (i)(ii) GSL(1)(2)GSL(i)5(ii)(iii)1%(iv)(v) 1.35202,310,000202,310,0002,023,1001.3441.351.499.40%10 1.299,000,0009,000,00090,000 14A 3235139143266265 3,1703,035135 1)6 2)30 3)1,3401,5058 2628— 4)2 9,1359,0754,1863,9907.29.0 2831— 4,768 43238%12%1036 32358536.5%66.2% 153138159 8849015605751212312313 9 (i)(ii)(iii) 18 20013070 CPE Global OpportunitiesFund II301515109 IV2091174 EnvisionXPartners Fund,L.P.64214 TH Capital China GrowthFund I, L.P.105535 CPE Global Select Fund,L.P.102853 1%56,664,010 1 30,000,000 7,081,0000.125%131,07123,050,07123,050,0710.39% (i)(ii)(iii)(iv) 2517.07 18 1.00 2 (i) (ii) (iii) 1% 30%10%588,612,10210% 1.00 387,172,102507,172,102 10% 507,172,1028.614%25 7.1,500,0001,500,0000.010.025% 1.18,300,00018,300,0000.010.31% 8.600,000600,0000.010.01% 2.1,560,0001,560,0000.010.03% 9.76,860,0003,900,0003,900,00076,860,0000.011.31% 3.2,400,0002,400,0000.010.04% 4.1,200,0001,200,0000.010.02% 10.120,000,000 11. 5.189,400,000189,400,0000.013.22% 12. 6.3,500,0003,500,0000.010.06% 13. 14.17.07 352 3 (a) XVXV78 (3)312,090,02510,000,000GaeaSports LimitedGAEAGAEAPoseidonHarvestLuckPoseidon (1)HarvestLuck Development LimitedHarvestLuckPoseidon Sports LimitedPoseidonHarvest LuckHarvestLuckPoseidon (2)Bountiful Talent LtdBountiful Talent Ltd (5)10,000,0000.333,900,0006,000,000 (4)21,500,0000.854320,0000.333,900,00023,000,000 (6)5,887,561,025 XV352 (b) XV23XV336 (2)312,090,02510,000,000GaeaSports LimitedGAEAGAEAPoseidonHarvestLuckPoseidon 6 5% •2410• 4 C1 8 5 C3 9 10 • 3876343434 24102410 34 • 1. Cricket Square, Hutchins Drive, P.O. Box 2681, Grand Cayman KY1-1111, Cayman Islands 2. 34 3. 161177 4. 5. 8 KappaPhenix 5. 5. 5. 7. 8. 9. (a) (b) 9. (c) 25%15%25% (d) 10%10%5%Gaea Sports Limited5%5% 9. 9. 10. 11. 29,996,00028,971,000118,000113,000 1.401.5282,426,000 13. 14. 3090 (a)560,038,000575,431,0008%12%8%12%3,756,000226,305,0003,756,000220,517,0001036 (b)1%527(b) 19. (b) 21. 6060 23. 25 25. (a) 30,000,00087,138,000 25. (b) 1.00 (i)(ii)(iii) 588,612,10210% 76,860,000 0.330.3338.8%6.0%103.2% 614,0001,666,000 25. (b) 25. (b) 26. 2007070 CPE Global Opportunities Fund II301510915110 IV2011741178.4 EnvisionX Partners Fund, L.P.6214428.4 TH Capital China Growth Fund I, L.P.10535535.5 CPE Global Select Fund, L.P.107.552.67.553.2 27. 27. (b) 27. (b) 18(b) 28. 13 28. 28. (a)14,190,00031 (b)REITsREITs36,850,00013 28. 3 28. (c)(d)EV/EBITDLOM(e)12Citigroup Global Markets Funding(f)REITsDLOM(g)Morgan StanleyBank Julius Baer12 33