股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 公司名稱: VTech Holdings Limited 呈交日期: 2025年10月3日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 00303 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 400,000,000 | USD | | 0.05 | USD | | 20,000,000 | | 增加 / 減少 (-) | | | | | | | USD | | | | 本月底結存 | | | 400,000,000 | USD | | 0.05 | USD | | 20,000,000 | 本月底法定/註冊股本總額： USD 20,000,000 FF301 | | | ...

格隆汇9月29日丨*ST传智(003032.SZ)公布，根据《中华人民共和国民办教育促进法》《民办学校分类 登记实施细则》《营利性民办学校监督管理实施细则》等法律法规及相关规定，按照营利性民办学校的 法定设立流程，江苏传智播客教育科技股份有限公司将与大同数据科技职业学院（简称"大学"）相关的 资产等由举办主体大同好学教育科技有限公司（简称"大同好学"）划转至办学主体大同数据科技职业学 院有限责任公司（简称"数科院公司"）。本次划转的基准日为2025年8月31日，拟划转的资产账面净值 为439,906,858.49元，最终划转的资产金额以划转实施结果为准。 ...

Group 1 - The core viewpoint of the news is the performance and current status of the Hong Kong Dividend Low Volatility ETF (520890), which has seen a significant decrease in both share count and total assets in 2024 [1][2] - As of September 19, 2024, the fund's latest share count is 58.08 million, with a total size of 82.26 million yuan, reflecting a 52.84% decrease in shares and a 43.79% decrease in size compared to December 31, 2024 [1][2] - The fund's management fee is 0.50% annually, and the custody fee is 0.10% annually, with its performance benchmark being the Hang Seng Hong Kong Stock Connect High Dividend Low Volatility Index [1] Group 2 - The current fund manager is Li Qian, who has managed the fund since its inception on September 4, 2024, achieving a return of 41.80% during her tenure [2] - The top holdings of the fund include Shougang Resources, Far East Horizon, Chongqing Rural Commercial Bank, and others, with the largest holding being Shougang Resources at 3.83% [2] - The fund has seen a trading volume of 394 million yuan over the last 20 trading days, with an average daily trading amount of 19.72 million yuan [1]

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 | 截至月份: | 2025年8月31日 | | | | 狀態: 新提交 | | --- | --- | --- | --- | --- | --- | | 致：香港交易及結算所有限公司 | | | | | | | 公司名稱: | VTech Holdings Limited | | | | | | 呈交日期: | 2025年9月2日 | | | | | | I. 法定/註冊股本變動 | | | | | | | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | 於香港聯交所上市 (註1) | 是 | | 證券代號 (如上市) | 00303 | 說明 | | | | 法定/註冊股份數目 面值 法定/註冊股本 上月底結存 400,000,000 USD 0.05 USD 20,000,000 增加 / 減少 (-) USD 本月底結存 400,000,000 USD 0.05 USD 20,000,000 本月底法定/註冊股本總額： USD 20,000,000 FF301 FF301 II. 已發行股份及/或庫存股份變動 ...

Group 1 - The core viewpoint of the news is the performance and characteristics of the Hong Kong Dividend Low Volatility ETF (520890), which has seen a significant decrease in both shares and scale in 2024 [1][2] - As of August 4, 2024, the fund's latest shares were 56.508 million, with a scale of 80.0775 million yuan, reflecting a 54.06% decrease in shares and a 45.28% decrease in scale compared to December 31, 2024 [1] - The fund's management fee is 0.50% annually, and the custody fee is 0.10% annually, with a performance benchmark based on the Hang Seng Hong Kong Stock Connect High Dividend Low Volatility Index [1] Group 2 - The current fund manager, Li Qian, has managed the fund since its inception on September 4, 2024, achieving a return of 41.71% during her tenure [1] - The ETF's recent trading activity shows a cumulative transaction amount of 140 million yuan over the last 20 trading days, with an average daily transaction amount of 7.0048 million yuan [1] - The top holdings of the ETF include Shougang Resources (3.83%), Far East Horizon (3.69%), and Chongqing Rural Commercial Bank (3.27%), among others, with detailed holdings and market values provided [2]

FF301 第 1 頁 共 10 頁 v 1.1.1 FF301 II. 已發行股份及/或庫存股份變動 | 1. 股份分類 | 普通股 | | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 00303 | 說明 | | | | | | | | | | 已發行股份（不包括庫存股份）數目 | | | 庫存股份數目 | | 已發行股份總數 | | | 上月底結存 | | | | 253,109,133 | | 0 | | 253,109,133 | | 增加 / 減少 (-) | | | | | | | | | | 本月底結存 | | | | 253,109,133 | | 0 | | 253,109,133 | 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 | 截至月份: | 2025年7月31日 | | | | 狀態: 新提交 | | --- | --- | --- | --- | --- | --- | | ...

Key Points - The top three companies with net inflows from southbound funds are Xiaomi Group-W (01810) with 1.665 billion, Tencent Holdings (00700) with 830 million, and Alibaba-W (09988) with 747 million [1] - The companies with the highest net outflows are Pop Mart (09992) with -354 million, China Life (02628) with -351 million, and Kingsoft Cloud (03896) with -300 million [1] - In terms of net inflow ratio, Qin Port Co. (03369) leads with 78.68%, followed by Reshaping Energy (02570) with 76.94%, and Cang Port Railway (02169) with 65.01% [1] - The companies with the highest net outflow ratios include Chongqing Rural Commercial Bank (03618) at -61.37%, Bank of China Aviation Leasing (02588) at -53.31%, and Swire Properties (01972) at -45.99% [1] Net Inflow Rankings - Xiaomi Group-W (01810) had a net inflow of 1.665 billion, representing a 12.37% increase [2] - Tencent Holdings (00700) saw a net inflow of 830 million, with an 8.94% increase [2] - Alibaba-W (09988) recorded a net inflow of 747 million, reflecting a 10.60% increase [2] - The highest net inflow was observed in CSPC Pharmaceutical Group (01093) with 654 million and a 21.81% increase [2] Net Outflow Rankings - Pop Mart (09992) experienced a net outflow of -354 million, with a -10.47% decrease [2] - China Life (02628) had a net outflow of -351 million, reflecting a -11.90% decrease [2] - Kingsoft Cloud (03896) recorded a net outflow of -300 million, with a -24.18% decrease [2] - Meituan-W (03690) also saw a significant outflow of -291 million, representing a -5.32% decrease [2] Net Inflow Ratio Rankings - Qin Port Co. (03369) leads with a net inflow ratio of 78.68% and a net inflow of 340,000 [3] - Reshaping Energy (02570) follows with a net inflow ratio of 76.94% and a net inflow of 10.53 million [3] - Cang Port Railway (02169) has a net inflow ratio of 65.01% with a net inflow of 4.3967 million [3] - Other notable companies include Meizhong Jiahe (02453) with a 61.71% net inflow ratio [3] Net Outflow Ratio Rankings - Chongqing Rural Commercial Bank (03618) has the highest net outflow ratio at -61.37% with a net outflow of -1.04 billion [3] - Bank of China Aviation Leasing (02588) follows with a net outflow ratio of -53.31% and a net outflow of -15.3728 million [3] - Swire Properties (01972) has a net outflow ratio of -45.99% with a net outflow of -29.4662 million [3]

Core Viewpoint - The Hong Kong Dividend Low Volatility ETF (520890) has experienced a significant decline in both share count and total assets in 2024, indicating potential challenges in attracting investment [1][2]. Group 1: Fund Overview - The Hong Kong Dividend Low Volatility ETF (520890) was established on September 4, 2024, with an annual management fee of 0.50% and a custody fee of 0.10% [1]. - As of July 8, 2024, the fund had a total of 47.508 million shares and a total size of 66.131 million yuan, down from 123 million shares and 146 million yuan at the end of 2024, representing a 61.38% decrease in shares and a 54.81% decrease in size year-to-date [1]. Group 2: Liquidity and Performance - The cumulative trading amount for the ETF over the last 20 trading days was 150 million yuan, with an average daily trading amount of 7.4938 million yuan [1]. - The current fund manager, Li Qian, has managed the fund since its inception, achieving a return of 39.20% during her tenure [1]. Group 3: Top Holdings - The ETF's top holdings include Far East Horizon, Shougang Resources, Chongqing Rural Commercial Bank, VTECH Holdings, Kerry Properties, Minsheng Bank, Henderson Land, China Petroleum, Sinopec, and Fufeng Group, with respective holding percentages and market values detailed [2]. - The largest holding is Far East Horizon at 3.78%, followed closely by Shougang Resources at 3.72% [2].

Summary of Key Points from the Conference Call Company Overview - The company discussed is **VTech**, a leading player in the traditional infant toy industry, focusing on IP and AI-related business breakthroughs [1][10]. Financial Performance - For the fiscal year 2025, VTech reported a total revenue growth of **1% year-on-year**, with electronic learning products growing by **2%**. However, the EMS (Electronic Manufacturing Services) business declined due to weak demand [1][2]. - The company has maintained a **high dividend payout ratio** of nearly **100%** over the past five years, with a current dividend yield of approximately **9%**, indicating stable core business operations [1][4][11]. Market Position - VTech holds a **global market share of nearly 2%**, ranking **sixth** in the toy industry. This is significantly lower than leading competitors like LEGO and Mattel, which have market shares exceeding **10%** [1][5][10]. Regional Revenue Contributions - The majority of VTech's revenue comes from the **European and North American markets**, which together account for about **85%** of total revenue. In fiscal year 2025, Europe saw an **8% revenue increase**, while North America experienced a slight decline of **3%** [2][3]. Production and Supply Chain Strategy - In response to tariff impacts, VTech is diversifying its production bases and plans to complete the transfer of production capacity related to the U.S. market by **2026**. New production facilities have been established in **Malaysia, Mexico, and Germany** [1][6]. Business Outlook for Fiscal Year 2026 - VTech anticipates that the electronic learning products segment will be negatively impacted by U.S. tariffs, although sales outside the U.S. are expected to rise. The telecommunications products segment is projected to grow due to synergies from a recent acquisition, while the EMS business is expected to remain under pressure [1][8]. AI and IP Collaborations - VTech is actively expanding into the **AI toy sector**, with products like the **five-in-one exploration robot** launched by the end of **2024** and plans for an **AI baby monitor** by **September 2025**. The company is also collaborating with well-known IPs such as **Paw Patrol** and **Disney** to diversify its product offerings [1][9]. Conclusion - VTech, as a leading infant toy company, faces operational fluctuations due to tariff policies but is expected to stabilize its traditional business as production capacity transfers are completed [1][7].

Financial Performance - For the fiscal year ending March 31, 2025, the group's revenue increased by 1.5% to $2,177.2 million, up from $2,145.7 million in the previous year[26]. - The gross profit rose by 8.2% to $686.8 million, compared to $634.9 million in the prior year, resulting in a gross margin of 31.5%[10]. - The profit attributable to shareholders decreased by 5.9% to $156.8 million, down from $166.6 million, with basic earnings per share falling by 6.1% to 62.0 cents[10][26]. - Operating profit declined by 3.8% to $188.7 million, influenced by increased operating expenses due to the integration of Gigaset Technologies GmbH[10][25]. - The EBITDA margin decreased by 0.5 percentage points to 11.2%[10]. - The return on equity for shareholders was 24.3%, down from 25.8% in the previous year[10]. - Gross margin is expected to remain stable, but labor and production costs are projected to rise, alongside increased logistics costs[44]. - Cash generated from operating activities decreased by 31.5% to $25.55 million in the fiscal year ending March 31, 2025, down from $37.31 million[67]. - As of March 31, 2025, the total shareholder equity was $644.4 million, a decrease of 0.1% from $645.0 million in the previous fiscal year[62]. - The net cash held by the group increased by 4.2% to $335.6 million as of March 31, 2025, compared to $322.1 million a year earlier[62]. Capital Expenditures and Investments - Capital expenditures increased significantly by 61.1% to $52.2 million, while research and development expenses rose by 12.5% to $91.9 million[10]. - Capital expenditure for the fiscal year ending March 31, 2025, was $52.2 million, funded entirely from internal resources[75]. - The group anticipates capital commitments of $42 million for the fiscal year 2026, also funded from internal resources[77]. Market Performance and Sales - The integration of Gigaset contributed to increased sales in Europe, offsetting declines in North America and the Asia-Pacific region[25]. - Sales of electronic learning products increased, primarily driven by growth in the US market, reflecting successful restructuring efforts and new sales strategies[30]. - Independent product sales accounted for approximately 89% of total revenue from electronic learning products, with growth driven by LeapFrog and VTech products[33]. - The integration of Gigaset contributed to a rise in household phone revenue, with household phones now representing about 46% of total telecommunications product revenue, up from 40% in the previous fiscal year[34]. - The group faced challenges in Europe due to economic weakness and a strong US dollar, impacting retail sales and inventory control[30]. - In the fiscal year 2025, the group's revenue in North America decreased by 3.2% to $889.31 million, primarily due to a decline in telecommunications products and contract manufacturing services, offsetting the increase in e-learning product sales[83]. - E-learning product revenue in North America rose by 7.0% to $444.90 million, with the U.S. and Canada experiencing sales growth due to a stabilized toy market in 2024[83]. - In Europe, the group's revenue increased by 8.2% to $960.70 million, making it the largest market, accounting for 44.1% of total revenue[94]. - Revenue from electronic learning products in Europe decreased by 2.7% to $370 million, with declines in independent and platform products due to slow economic growth and a weak euro[96]. - Revenue in the Asia-Pacific region fell by 5.3% to $30.9 million, with declines across all three product categories, representing 13.8% of the group's total revenue[106]. Product Development and Innovation - The company will launch AI-enabled baby monitors by September 2025 to strengthen its market leadership[45]. - New product innovations will support global sales growth, including an expanded core learning product category and new interactive systems[44]. - The group introduced several new products at the 2025 Toy Fair, enhancing its commitment to developmental play through innovative learning tools[86]. - Gigaset added three new SIP desktop phone models to its professional series in Q4 of the fiscal year 2025, enhancing its product range for professional users in office, service, and industrial environments[196]. Awards and Recognition - The group received over 100 awards and recommendations for its electronic learning products globally in the fiscal year 2025[32]. - The company’s electronic learning products received over 100 awards from industry experts and associations in the fiscal year 2025[187]. - Vtech and LeapFrog's baby care products received a total of 22 awards from trusted parenting websites and industry recognitions in the fiscal year 2025[198]. - The group maintained its position as the number one baby monitor brand in the U.S. and Canada, receiving multiple awards for its products[90]. Strategic Initiatives - The company continues to diversify its production bases globally to mitigate the impact of recent tariffs imposed by the U.S.[25]. - The group aims to complete the relocation of production for products exported to the US away from China by 2026, in response to increased tariffs[29]. - The company plans to mitigate tariff impacts by accelerating production shifts to Malaysia, Mexico, and Germany, and is negotiating tailored pricing strategies with retailers in the US[42]. - The company is actively assisting affected clients in relocating production to its facilities in Malaysia and Mexico, with plans to expand its facility in Malaysia to meet demand[46]. - The company aims for sustainable growth supported by a strong financial position, global production bases, and a diversified product portfolio[46]. Challenges and Outlook - The company anticipates a decline in revenue for the fiscal year 2026 due to a generally weak global economy and increased geopolitical uncertainty[46]. - The company aims to expand its market share globally despite anticipated revenue declines in FY2026 due to US tariff policies[44]. - The group experienced a 10.7% decline in contract manufacturing services revenue in Europe, totaling $442.3 million, with drops in professional audio equipment and communication products offsetting growth in IoT and automotive products[102].