FORTUNE SUN (CHINA) HOLDINGS LIMITED 富陽 ( 中國) 控股有限公司 ( 於開曼群島註冊成立之有限公司 ) (股份代號：00352) 董事名單與其角色和職能 富陽 (中國) 控股有限公司董事會 (「董事會」) 成員載列如下： 執行董事： 江陳鋒先生 (主席) 張秀華女士 王佳女士 非執行董事： 林倩如女士 獨立非執行董事： 崔士威先生 林俊才先生 鄒耀明先生 董事會設立四個委員會。下表提供各董事會成員在這些委員會中所擔任的職位： | | 委員會 | 執行委員會 | 審核委員會 | 薪酬委員會 | 提名委員會 | | --- | --- | --- | --- | --- | --- | | 董事 | | | | | | | 江陳鋒先生 | | C | | | C | | 張秀華女士 | | M | | | | | 王佳女士 | | M | | | | | 林倩如女士 | | | | | | | 崔士威先生 | | | M | C | | | 林俊才先生 | | | M | M | M | | 鄒耀明先生 | | | C | M | M | 附註： C： 有關委員會主席 M： ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確 性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或 因倚賴該等內容而引致的任何損失承擔任何責任。 Fortune Sun (China) Holdings Limited 富陽（中國）控股有限公司 （於開曼群島註冊成立之有限公司） （股份代號：00352） 執行董事變動； 及 董事委員會成員變動 董事會宣佈，自二零二五年十一月二十八日起： (a) 韓林先生已辭任執行董事，並已不再擔任執行委員會成員；及 (b) 王佳女士已獲委任為執行董事以及執行委員會成員。 執行董事辭任 作為本集團僱員，王女士已與上海富陽訂立僱傭合約，其薪酬及福利均受與上海富陽訂立的 有關僱傭合約所規管。根據該僱傭合約，王女士有權收取人民幣 8,000 元的月薪，有關金額 乃經參考本集團的業務需求及王女士的工作表現及能力而釐定。王女士將不會因獲委任為執 行董事而自本公司收取任何額外的薪酬。 除上文披露者外，王女士已確認，概無其他資料須根據上市規則第 13.51(2)(h)至(v)條的規定 予以披露，亦無任何其他與彼獲委任為執行董事之 ...

Core Viewpoint - The acquisition of Nylstar by Zhejiang Aixinel Hosiery Co., Ltd. marks a significant step for Chinese enterprises in the global textile raw materials sector, establishing a more stable and innovative high-end yarn supply chain [3][4]. Group 1: Acquisition Details - Zhejiang Aixinel Hosiery Co., Ltd. has successfully completed the strategic acquisition of Nylstar, a Spanish company, and has restarted its production line [3]. - Nylstar, founded in 1923, was once a benchmark in high-end textile technology but faced bankruptcy in 2023 due to market demand changes and rising energy costs [3][4]. Group 2: Strategic Vision - The acquisition reflects a clear strategic vision, creating a "dual-core" global structure with a technology R&D center in Spain and an operational headquarters in Hangzhou, China [5]. - The integration of Nylstar's advanced technology and customer base will enhance Aixinel's product competitiveness while facilitating Nylstar's entry into the Chinese market [5]. Group 3: Future Plans - Aixinel aims to achieve the next century for Nylstar through green and intelligent upgrades of production lines and the development of eco-friendly yarn products [5]. - The restart of Nylstar's production line will revitalize its century-old technological heritage, showcasing the fusion of "Chinese manufacturing" with long-term vision [5].

Core Viewpoint - The match between Yongkang and Fuyang in the "Zhejiang BA" city championship showcased a competitive clash, with Yongkang winning 78-75, ending Fuyang's 11-game winning streak while achieving their own fourth consecutive victory [1]. Group 1: Match Overview - Yongkang team maintained a record of 9 wins and 3 losses after 12 matches, securing a strong position for advancement in Group B [1]. - Fuyang team had a perfect record of 11 wins before this match, demonstrating their strong capabilities against all opponents in the group [1]. Group 2: Match Progression - The first quarter ended with Yongkang leading 20-18, despite both teams struggling with shooting efficiency initially [2]. - By halftime, Yongkang managed to maintain a lead of 34-31, showcasing aggressive offensive plays and strong defense [2]. - The third quarter saw both teams exchanging leads, with Yongkang briefly establishing a 6-point advantage before Fuyang equalized at 54-54 [3]. Group 3: Final Moments - In the final quarter, the game intensified with both teams trading points, and Fuyang briefly took the lead with a three-pointer [4]. - Key plays from Yongkang, including crucial three-pointers and free throws, allowed them to regain and maintain a narrow lead, ultimately sealing the victory [4].

Group 1: Report Industry Investment Rating - Not provided in the content Group 2: Core Viewpoints of the Report - This week, iron ore prices fluctuated at the bottom and dropped to the previous low. The market game intensified, but the rapid decline in terminal demand is expected to dominate the medium - term iron ore prices. The overall iron ore fundamental situation has changed significantly, and it is expected that iron ore prices will mainly operate at a high level with a downward trend [4]. - The demand side shows a situation where domestic demand continues to weaken while overseas steel demand maintains high growth. The valuation of iron ore in the black series remains high, but as domestic terminal demand declines rapidly, the high - valuation of iron ore prices is expected to fall [32]. - For trading strategies, take a bearish view on single - side trading, and adopt a wait - and - see approach for arbitrage and options trading [4]. Group 3: Summary According to Relevant Catalogs Comprehensive Analysis and Trading Strategies - **Trading Strategies**: Adopt a bearish view on single - side trading, and wait and see for arbitrage and options trading [4]. Iron Ore Core Logic Analysis Supply Side - **Global Iron Ore Shipment**: The global iron ore shipment has been continuously declining from a high level, approaching the level of the same period last year. In 2025 to date, the weekly average of global iron ore shipments is 31.04 million tons, a year - on - year increase of 1.7%/23 million tons. The weekly shipment from Australia is 17.81 million tons, a year - on - year decrease of 0.6%/4.6 million tons, and that from Brazil is 7.58 million tons, a year - on - year increase of 3.5%/11.4 million tons. The overall supply of the four major mines in the first three quarters increased by 10 million tons year - on - year, and the overseas shipment in the fourth quarter is expected to remain at a relatively high level [7][15]. - **Non - mainstream Ore Shipment**: The global shipment of non - mainstream iron ore has increased slightly month - on - month. In 2025 to date, the weekly average of non - Australian and non - Brazilian ore shipments is 5.66 million tons, a year - on - year increase of 6.9%/16.4 million tons. The shipment of non - mainstream ore is expected to maintain a high level year - on - year in the fourth quarter, but the year - on - year increase is expected to slow down [16][17]. - **Port Inventory**: This week, the port inventory of imported iron ore continued to increase rapidly, and the total domestic inventory of imported iron ore increased by nearly 3.3 million tons month - on - month. Since August, the total domestic iron element inventory has continued to increase, with an accumulation of over 10 million tons, and is currently at a high level in the past five years [23][26]. Demand Side - **Domestic Demand**: In the third quarter of 2025 to date, domestic molten iron production increased by 3.5%/11.3 million tons year - on - year, and crude steel production increased by 3.2%/12.3 million tons year - on - year. However, the apparent demand for building materials decreased by 5.4%/9.3 million tons year - on - year, and the apparent demand for non - building materials decreased by 1.7%/3.2 million tons year - on - year. The domestic consumption of crude steel (excluding exports) decreased by 3.4%/12.3 million tons year - on - year. The demand for steel in the manufacturing industry has turned from positive growth in the first half of the year to negative growth [32]. - **Overseas Demand**: From January to September, the consumption of overseas iron ore decreased by 2%/15 million tons year - on - year, but the consumption of overseas iron elements increased by nearly 4%/27.6 million tons year - on - year. The consumption of overseas iron elements has been at a high level year - on - year since the second quarter, continuously contributing to the increase. The demand for crude steel in overseas India remains at a relatively high level [32].

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) | 00352 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 2,000,000,000 | HKD | | 0.1 | HKD | | 200,000,000 | | 增加 / 減少 (-) | | | | | | | HKD | | | | 本月底結存 | | | 2,000,000,000 | HKD | | 0.1 | HKD | | 200,000,000 | 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10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: 富陽(中國)控股有限公司 呈交日期: 2025年11月6日 本月底法定/ ...

Core Points - The event "Rest Assured, Enjoy with Confidence" aimed to enhance consumer rights awareness among food delivery riders and promote a healthy consumption ecosystem involving merchants, riders, and consumers [1][2] - Over 150 food delivery riders participated in the event, where key ordering tips were shared to help consumers make informed choices [1] - The initiative reflects a shift towards collaborative urban governance, with food delivery riders becoming new advocates for consumer rights [2] Group 1 - The event was co-hosted by Hangzhou Consumer Protection Committee and Fuyang District Consumer Protection Committee, focusing on experience sharing, safety training, and volunteer recruitment [1] - Key ordering tips included choosing licensed and reputable restaurants, checking recent user reviews, confirming food packaging integrity, and saving order receipts [1] - The atmosphere at the event was enthusiastic, with significant participation from the delivery rider community [1] Group 2 - The "Hangzhou Volunteer Team" recruitment was launched during the event, with riders eager to join and serve as mobile advocates for consumer rights [2] - Newly recruited volunteers will leverage their extensive coverage and flexibility to disseminate consumer rights knowledge while delivering food [2] - Fuyang District has already established a network of food safety riders and has effectively addressed reported food safety issues, enhancing market integrity [2]

Report Summary 1. Investment Rating There is no information about the industry investment rating in the provided content. 2. Core Viewpoints - In Q3 2025, the production and sales of the four major iron ore mines were generally stable. Vale's production and sales increased year - on - year and quarter - on - quarter, Rio Tinto remained basically flat, FMG declined quarter - on - quarter due to the first quarter of the new fiscal year, and BHP decreased both year - on - year and quarter - on - quarter [1]. - The total iron ore production/processing volume of the four major mines in Q3 was 299.5 million tons, basically flat quarter - on - quarter and up 1.63% year - on - year. In terms of sales, the total sales volume was 291 million tons, up 0.52% quarter - on - quarter and 1.86% year - on - year [1]. - For the first three quarters of 2025, the total production of the four major mines increased by about 10 million tons year - on - year, with FMG showing a significant increase. The total sales volume decreased by about 500,000 tons year - on - year, mainly due to Rio Tinto's reduced shipments [1]. - Overall, the four major mines were stable in the first three quarters. Rio Tinto may face some pressure to boost shipments in Q4. It is expected that the annual shipment volume of the four major mines will increase by 3.5 - 6 million tons year - on - year, with relatively limited overall growth [1]. 3. Summary by Company Rio Tinto - In Q3 2025, production in the Pilbara region remained high at about 84.1 million tons (100% equity), with year - on - year and quarter - on - quarter stability. Shipments were 84.3 million tons, basically flat year - on - year and up about 5.51% quarter - on - quarter, reaching the second - highest Q3 record since 2019 [6]. - The Gudai - Darri mine achieved its highest quarterly production, with an annualized production capacity of 51 million tons. The IOC mine in Canada produced about 2.348 million tons in Q3, up 11% year - on - year but down 6% quarter - on - quarter [9]. - Since July, Rio Tinto has been shipping adjusted PB fines. It maintains its 2025 shipment guidance of 323 - 338 million tons, but considering the early - year losses, the annual shipment is expected to be at the lower end of the guidance range [9]. BHP - In Q3 2025 (Q1 of FY2026), BHP's WAIO production was 62.01 million tons (equity basis), down about 2% year - on - year and 9% quarter - on - quarter; 70.25 million tons on a 100% equity basis, down about 2% year - on - year. Planned maintenance affected short - term production, but the Samarco project's output increased significantly [12]. - Sales were basically flat, with a slight year - on - year decline of about 1%. The sales of lump ore increased by 5% year - on - year. BHP maintains its FY2025 production guidance of 258 - 269 million tons (284 - 296 million tons on a 100% equity basis) [12]. FMG - In Q3 2025 (Q1 of FY2026), FMG's iron ore shipments were 49.7 million tons (including 2.1 million tons from the Iron Bridge project), up about 4% year - on - year, setting a record for the same period. Due to seasonal maintenance, shipments decreased by about 10% quarter - on - quarter. Ore processing volume was 50.8 million tons, up about 6% year - on - year [16]. - The proportion of Super Special Fines and Blend Fines is about 78%. FMG maintains its FY2026 shipment guidance of 195 - 205 million tons, with the Iron Bridge project contributing about 10 - 12 million tons [16]. Vale - In Q3 2025, Vale's iron ore production reached 94.4 million tons, up 3.8% year - on - year and 12.9% quarter - on - quarter, the highest for the same period since 2018. Sales were 86 million tons, up 5.1% year - on - year and 11.2% quarter - on - quarter [18][23]. - Inventory increased by about 4.5 million tons in Q3, mainly due to more in - transit concentrate products in China. The pellet production in Q3 was 7.997 million tons, down 22.8% year - on - year [23]. - Assuming Q4 production is the same as the previous year, Vale's annual production is expected to be slightly higher than the mid - point of the guidance range of 325 - 335 million tons [24].

Group 1 - Bernstein raised the target price for Rio Tinto from 5000 pence to 5200 pence [1]

Core Viewpoint - Rio Tinto's Tomago Aluminium smelter is facing significant pressure from high electricity prices, leading to discussions about the potential cessation of operations after the current power supply contract expires in December 2028 [2][3] Group 1: Operational Challenges - Tomago Aluminium has been exploring viable energy solutions since 2022 but has not found a sustainable path for operations beyond 2028 [2] - Electricity costs currently account for over 40% of Tomago's operational expenses, and proposals received indicate that energy prices will significantly increase starting January 2029, affecting the economic viability of the smelter [2][3] - The consultation process with employees and union representatives will continue until November 21, allowing for feedback before any final decisions are made [3] Group 2: Company Background - Tomago Aluminium, established in 1983, is Australia's largest aluminium smelter, producing up to 590,000 tonnes of aluminium annually, which constitutes nearly 40% of Australia's total aluminium production [3] - The smelter is a joint venture, with Rio Tinto holding a 51.55% stake, Gove Aluminium Finance Ltd at 36.05%, and Norwegian company Hydro at 12.40% [4] - The facility is located in Tomago, approximately 13 kilometers west of Newcastle, New South Wales [5] Group 3: Current Power Supply Contract - Tomago Aluminium's existing power supply contract with AGL is set to expire in December 2028 [6]