中国派对文化2025 中期报告

Contents Corporate Information2Financial Highlights4Directors’ Business Review andManagement Discussion and Analysis5Condensed Consolidated Statement ofProfit or Loss and Other ComprehensiveIncome21Condensed Consolidated Statement ofFinancial Position23Condensed Consolidated Statement ofChanges in Equity25Condensed Consolidated Statement ofCash Flows27Notes to the Interim Financial Report29Other Information78 Corporate Information BOARD OF DIRECTORSExecutive Directors Mr. Teng Hao(Chairman)Mr. Xu Chengwu(Chief Executive Officer)Mr. Chen Jinbo Independent Non-executive Directors Mr. Chen Wen HuaMs. Peng XuMr. Zheng Jin Min AUDIT COMMITTEE Mr. Zheng Jin Min(Chairman)Mr. Chen Wen HuaMs. Peng Xu REMUNERATION COMMITTEE Mr. Chen Wen Hua(Chairman)Mr. Xu ChengwuMs. Peng Xu NOMINATION COMMITTEE Ms. Peng Xu(Chairlady)Mr. Teng HaoMr. Chen Wen Hua COMPANY SECRETARYMr. Chong Man Hung Jeffrey REGISTERED OFFICE Windward 3, Regatta Office ParkP.O. Box 1350Grand Cayman KY1-1108Cayman Islands Windward 3, Regatta Office ParkP.O. Box 1350Grand Cayman KY1-1108Cayman Islands HEADQUARTERS AND PRINCIPAL PLACE OFBUSINESS IN THE PRC 3 No. 3 Chunchao RoadYichun Economic & Technological Development ZoneJiangxi Province, China PLACE OF BUSINESS IN HONG KONG 82225–27 Room 225–27, 2/F.Mega Cube, 8 Wang Kwong RoadKowloon Bay, KowloonHong Kong SHARE REGISTRAR AND TRANSFER OFFICEPrincipal Ocorian Trust (Cayman) LimitedWindward 3, Regatta Office ParkP.O. Box 1350Grand Cayman KY1-1108Cayman Islands Ocorian Trust (Cayman) LimitedWindward 3, Regatta Office ParkP.O. Box 1350Grand Cayman KY1-1108Cayman Islands Hong Kong branch 1617 Tricor Investor Services Limited17/FFar East Finance Centre16 Harcourt RoadHong Kong LEGAL ADVISORTC & Co., Solicitors AUDITORGrant Thornton Hong Kong LimitedCertified Public Accountants STOCK CODE1532 1532 www.partytime.com.cn COMPANY WEBSITEwww.partytime.com.cn ir@partytime.com.cn INVESTORS RELATIONSir@partytime.com.cn Financial Highlights Directors’ Business Review and Management Discussion and Analysis Directors’ Business Review and Management Discussion and Analysis Revenue CMS CMS business 60.8%57.7%CMSCMS95.074.821.3% During the six months ended 30 June 2025, 60.8%(2024: 57.7%) of our total revenue was mainly derivedfrom our CMS business. The revenue derived fromthe CMS business decreased from approximatelyRMB95.0 million to approximately RMB74.8 million,representing a decrease of approximately 21.3%. OBM business OBM OBM69.648.130.9% The revenue derived from our OBM businessdecreased from approximately RMB69.6 millionto approximately RMB48.1 million, representing adecrease of approximately 30.9%. In the first half of 2025, the global economy isconfronted with several challenges and uncertainties.The U.S. Federal Reserve intends to reduce thepace of federal funds rate cuts, driven by a strongU.S. economy and unexpectedly high inflation data.Additionally, a strengthened U.S. dollar is likelyto adversely impact the global trade. Increasingeconomic uncertainties and escalating trade conflictsalso affected supply chains, consumer confidence,and investment decisions, potentially stifling economicactivity and heightening financial market volatility.Ongoing uncertainties surrounding U.S. policies andgeopolitical tensions further contribute to the complexeconomic landscape, all these affected the sales incosplay costumes, cosplay wigs and sexy lingerie. The Group’s fabric care, personal hygiene and homecare products business that focuses on the PRCmarket, faced severe challenges with fierce marketcompetition, consumption downgrade, a moreconscious consumer behavior and preference for highvalue-for-money products. These structural marketchanges posed pressure on this business and affectedthe gross profit margin. Leasing business After the completion of the disposal of the YiwuProduction Plant, the leasing business mainlyrepresents our Feifeng Road Premises in Yiwu, PRCand our Yichun Production Plant. These premiseshave been sub-leased to companies in the relevantindustries with the aim to integrate the design anddevelopment and the supply chain of the wholeindustrial chain. 3,385,0003,045,000 Rental income from leasing of these premises(including the rental income from leasing of plant andmachineries) of approximately RMB3,385,000 (30June 2024: RMB3,045,000) have been recognizedduring the year and included in “other income” inthe consolidated statement of profit or loss and othercomprehensive income. Gross profit margin 23.9%22.3%OBM Our gross profit margin decreased from approximately23.9% to approximately 22.3%. The decrease in thegross profit margin was mainly due to the decrease inthe gross profit contributed from fabric care, personalhygiene and home care products, cosplay costumesand sexy lingerie in our OBM business which wereaffected by the international trade environment andfierce market competition in the PRC. Cost of sales Our cost of sales mainly comp