2025
Dear Shareholders,
On behalf of the Board of Directors (the “Board”), I hereby present the interim results of the Company
for the six months ended 30 June 2026 (“1H2026”).
During 1H2026, the Group’s continuing operations remained loss-making, as expected. In December
2025, the Company welcomed a new controlling shareholder and ultimate controlling party. In
February 2026, the reconstitution of the Board was completed and a new management team formally
assumed office. During the first half of the year, we focused our efforts on strategic restructuring and
organisational realignment, laying a solid foundation for the comprehensive implementation of our new
business strategy in the second half of the year.
At the same time, as the new businesses had not yet commenced full-scale operations, there were
no significant changes in the Company’s performance. However, as the new business entities begin
operations, the Company will gradually develop and integrate its capabilities across the consumer
(C), business (B), and production (F) ends of the value chain. As these three ends become deeply
integrated, they will form the “CBF Business Operating System.” The enhanced platform-based
operating model, diversified product portfolio and end-to-end digital capabilities are expected to
provide a solid foundation for the Group’s sustainable development.
This year marks the first year of the 15th Five-Year Plan. The Government’s policy focus on boosting
consumption and expanding domestic demand across the board continues to strengthen. We believe
that China’s alcoholic beverage retail market is entering a new stage of high-quality development,
driven by both favourable policy measures and the continued standardisation of the industry. The CBF
business model established by the Group, is well positioned to capture the opportunities arising from
this evolving market landscape and provides the Group with significant potential for business and
revenue growth in the second half of the year and beyond.
On behalf of the Board and the entire management team, I would like to express my sincere gratitude
to our shareholders, customers and business partners for their continued trust and support. The
Group remains firmly committed to creating sustainable, long-term value for its shareholders.
Sincerely,
Liu Yunqiang
Chairman