According to the National Bureau of Statistics of China, real GDP in China grew 5.3% in the first half of 2025, compared to 5.0% in the same period of 2024. Retail sales of consumer goods rose 5.0% in the first half of 2025, matching the pace of 2024. These figures reflect the resilience of the Chinese economy despite ongoing domestic and external challenges.

For FY2025, the Group delivered a strong set of results. Profit after tax and earnings per share rose 79.6% to RMB 42.8 million and 22.3 cents, respectively. In recognition of this performance, the Board has proposed a dividend of SGD 1 cent per share. The growth was driven primarily by robust earnings from our outlet malls and the return to profitability of our Zhongmin Baihui stores in Fujian, supported by disciplined cost management.

Our outlet business segment continued to perform well. Changsha Sasseur (ZMBH) Outlets (“CSO”) contributed profit after tax of RMB 31.4 million to the Group, representing a 9.0% increase from FY2024, making it our largest earnings contributor. With a gross floor area of 282,272 sqm and a fully occupied leasable area of 71,631 sqm, CSO recorded tenant sales of RMB 1.77 billion in FY2025. The Group holds a 24% stake in the mall’s managing and operating entity, which had signed a contract with the property owner until December 2038. With ongoing asset enhancement initiatives, CSO remains one of our cornerstones of earnings.

Wuxi Yueshang Outlets (“YSO”), which commenced operations in September 2022, achieved profitability in FY2025 after its initial ramp-up phase. The mall contributed profit after tax of RMB 4.0 million to the Group, compared with no contribution in FY2024. With 435,116 sqm of gross floor area and 130,397 sqm of leasable area at a 96% occupancy rate, YSO recorded tenant sales of RMB 1.42 billion in FY2025. The Group derives its share of profits from a 50% stake in the managing and operating entity under a 20-year contract till September 2042.

Looking ahead, the Group will further strengthen its large-mall portfolio. A 52,000 sqm mall in Lvliang, Shanxi, is scheduled to open in 2026, which will bring our total managed GFA in large malls to over 700,000 sqm. The Shanxi mall’s contract is over 20 years.

Meanwhile, our Zhongmin Baihui stores in Fujian recorded revenue of RMB 951.3 million in FY2025, a 3.3% decline from the previous year, with gross profit down 4.8% to RMB 220.8 million. Nevertheless, profit before tax contribution turned positive, at RMB 16.9 million, compared to a loss of RMB 0.5 million in FY2024. This improvement included RMB 19.7 million in gains from the de-recognition of right-of-use assets and lease liabilities following store closures. The Zhangzhou Port Store was closed during the year, and management continues to review the portfolio for underperforming stores. At the same time, the Group has established a new wholly-owned subsidiary, Fujian Baihui Utalk Co., Ltd., to operate a 1,000 sqm premium supermarket in Fujian as a trial for a further expansion plan.

As we move forward, the Group will continue to pursue selective mall projects across China while driving operational efficiency and profitability in our Fujian stores. The retail landscape remains competitive and dynamic, but we are confident in our ability to adapt, enhance our assets, and deliver sustainable growth.

On behalf of the Board, I would like to express our sincere appreciation to our stakeholders, especially our shareholders, for your continued trust and support.

9 October 2025

主席和总裁致词

我们很高兴代表董事会提交中闽百汇零售集团有限公司2024年7月1日至2025年6月30日财政年度（"2025财年”）的年度报告。

根据中国国家统计局的数据，2025 年上半年中国实际国内生产总值增长5.3%，而2024 年同期为5.0%。2025 年上半年，消费品零售额增长5.0%，与2024 年持平。这些数字反映了中国经济的韧性，尽管面临持续的国内外挑战。

2025 财年，该集团取得了一系列强劲的业绩。税后利润和每股收益分别增长79.6%，达到人民币4280 万元 和22.3 分。为表彰这一业绩，董事会提议每股派发新加坡元一分的股息。这一增长主要得益于我们奥特莱斯购物中心的强劲盈利，以及我们在福建的中闽百汇门店在严格的成本管理支持下恢复盈利。

我们的业务继续表现良好。长沙砂之船（中闽百汇）奥特莱斯（"CSO”）为集团贡献了人民币 3140 万元的税后利润，比2024 财年增长9.0%，成为我们最大的盈利贡献者。CSO 的总建筑面积为282272 平方米，可出租面积为71631 平方米，租用率为100%，2025 财年的租户销售额为人民币17.7 亿元。集团持有商场管理和运营实体的联营24% 的股份，与业主签订了直至2038 年12 月的合同。随着持续的资产增值计划，CSO 仍然是我们盈利的大户之一。

无锡悦尚奥特莱斯（“YSO”）于 2022 年 9 月开始营业，在经历了最初的扩张阶段后，于 2025 财年实现了盈利。该购物中心为集团贡献了人民币400 万元的税后利润，而2024 财年没有贡献。YSO 的总建筑面积为435116 平方米，可出租面积为130397 平方米，租用率为96%，2025 财年的租户销售额为人民币14.2 亿元。集团从管理和运营中享有50% 利润分成，这个合作项目是20 年，合约到2042 年9 月终止。

展望未来，集团将进一步加强其大型购物中心组合。位于山西吕梁的一座52000 平方米的购物中心计划于2026 年开业，这将使我们大型购物中心的总管理建筑面积超过70 万平方米。山西商城项目也是有20 年的合同。

与此同时，我们在福建的中闽百汇店在2025 财年的收入为人民币9.513 亿元，比上年下降3.3%，毛利润下降4.8% 至人民币2.208 亿元。然而，利润贡献转为正值，为人民币1690 万元的税前利润，而2024 财年为亏损人民币50 万元。这一改善包括因店铺关闭后取消使用权资产和负债而获得的1970 万元收益。漳州港店于年内关闭，管理层继续关注业绩不佳的门店组合。与此同时，集团成立了一家新的全资子公司福建省百汇优淘零售有限公司，在福建经营1000 平方米的优选超市作为试验，为下一步扩张进提供支持。

随着我们的发展，集团将继续在中国各地开展有选择性的购物中心项目，同时提高福建门店的运营效率和盈利能力。零售业仍然具有竞争力和活力，但我们相信我们有能力适应、增强资产并实现可持续增长。

我谨代表董事会衷心感谢我们的利益相关者，特别是我们的股东，感谢你们一直以来的信任和支持。

2025 年10 月9 日