Group 1 - The price of physical gold from Xie Ruilin on November 25, 2025, is quoted at 1315 yuan per gram, an increase of 20 yuan per gram compared to the previous trading day [3] - The price of gold bars remains unchanged at 1207 yuan per gram on the same day [3] - The gold price on November 24, 2025, was 1295 yuan per gram [3] Group 2 - Reports indicate multiple strong explosions in Kyiv, Ukraine, with missile alerts issued by the Ukrainian Air Force nationwide on the morning of November 25 [2]

Core Viewpoint - The company, Xie Ruilin (00417.HK), reported a significant decline in revenue and increased losses for the six months ending September 30, 2025, primarily due to geopolitical tensions, a sluggish global economy, and weak consumer demand for natural diamond jewelry [1] Financial Performance - The company's revenue decreased by approximately 15.3% to HKD 732 million, compared to HKD 864 million for the same period ending September 30, 2024 [1] - The company recorded a loss attributable to shareholders of HKD 35.3 million, an improvement from a loss of HKD 43.8 million in the previous year [1] - After accounting for non-cash impairment of right-of-use assets and fair value losses on certain investment properties totaling HKD 16 million, the overall financial performance reflects ongoing challenges in the luxury retail market [1] Market Conditions - The global luxury retail market is recovering slowly, particularly in mainland China and Hong Kong, which has adversely affected consumer behavior and market sentiment [1] - The demand for natural diamond jewelry products remains weak, contributing to the company's revenue decline [1]

Core Viewpoint - The company reported a decline in revenue and a reduced loss for the six months ending September 30, 2025, indicating ongoing challenges in the market [1] Financial Performance - Revenue for the period was approximately HKD 732 million, representing a year-on-year decrease of 15.33% [1] - The loss attributable to shareholders was HKD 35.289 million, which is a year-on-year reduction of 19.41% [1] - The loss per share was reported at HKD 0.142 [1]

Financial Performance - Revenue for the six months ended September 30, 2025, was HKD 731,869,000, a decrease of 15.3% compared to HKD 864,392,000 for the same period in 2024[3] - Operating loss for the period was HKD 10,115,000, compared to a loss of HKD 1,257,000 in the previous year, indicating a significant decline in operational performance[6] - Loss attributable to owners of the company was HKD 35,289,000, an improvement from HKD 43,790,000 in the prior year, reflecting a reduction in net losses[6] - Basic loss per share improved to HKD 0.142 from HKD 0.176, indicating a smaller loss per share despite the overall losses[6] - The group recorded a loss of HKD 35,300,000 for the period ending September 30, 2025[12] - The adjusted loss before tax for the period was HKD 31,613,000, with total expenses including unallocated expenses and financial costs[23] - The company recorded a loss attributable to owners of approximately HKD 35,300,000 for the current period, an improvement from a loss of HKD 43,800,000 in the same period last year[41] Revenue Breakdown - Jewelry sales decreased to HKD 674,856,000 from HKD 817,905,000, representing a decline of approximately 17.4% year-over-year[15] - Service income increased to HKD 57,013,000 from HKD 46,487,000, reflecting a growth of about 22.0% year-over-year[15] - Retail business revenue was HKD 442,995,000, while wholesale and e-commerce revenues were HKD 99,337,000 and HKD 109,039,000, respectively[23] Cost Management - The company has achieved significant cost savings, although it still incurred one-time restructuring costs during the period[4] - The group implemented several cost control strategies, including significant staff reductions, to streamline operations[12] - Employee benefits expenses, including director remuneration, decreased significantly to HKD 136,949,000 from HKD 171,479,000 year-on-year, representing a reduction of approximately 20.1%[27] - The cost of sales decreased to HKD 503,865,000 from HKD 580,903,000 year-on-year, reflecting cost control measures implemented by the company[27] Inventory and Assets - Inventory as of September 30, 2025, was HKD 1,051,737,000, slightly up from HKD 1,044,023,000 as of March 31, 2025[9] - The company has increased its inventory of 24K gold products to optimize its inventory mix in response to current market demand[40] - The total value of mortgaged or pledged assets as of September 30, 2025, was approximately HKD 327,634,000, a decrease from HKD 385,148,000 as of March 31, 2025[38] - The company's accounts receivable as of September 30, 2025, amounted to HKD 33,640,000, down from HKD 48,930,000 as of March 31, 2025[35] Business Strategy and Transformation - The company continues to optimize its product mix, increasingly focusing on 24K gold products, which may enhance profitability[4] - The group is undergoing a business model transformation, particularly in the mainland market, to enhance sales[12] - The company has continued to close underperforming retail stores in Hong Kong, Macau, and mainland China as part of its business transformation strategy[41] - The group is focusing on a light-asset strategy to deepen its business layout in mainland China, prioritizing the expansion of the franchise network over capital-intensive self-operated stores[49] Market Conditions and Outlook - Retail sales value in Hong Kong for the first nine months of 2025 decreased slightly compared to the same period last year due to geopolitical tensions and economic uncertainties, with a notable decline in consumer purchasing power[42] - The retail sales in Hong Kong and Macau are expected to show improvement in the second half of 2025, with year-on-year growth recorded since May 2025[43] - The wholesale business in mainland China experienced a decline in revenue due to weakened demand and a continuous decrease in the market for natural diamond jewelry, although overall operating profit improved due to higher gross margins[47] Financial Position and Liabilities - Cash and bank balances amounted to HKD 96,400,000, while total interest-bearing bank loans were HKD 669,600,000, with HKD 617,600,000 classified as current liabilities[12] - The group's net debt as of September 30, 2025, was approximately HKD 573.2 million, compared to HKD 543.9 million as of March 31, 2025, resulting in a net debt ratio of 172.2%[50] - The group plans to continue monitoring compliance with bank financing covenants and negotiate waivers as necessary[12] Corporate Governance - The board does not recommend declaring an interim dividend for the six months ending September 30, 2025, consistent with the previous year[54] - The group has no significant contingent liabilities not provided for in the financial statements as of September 30, 2025[52] - The board believes that the current management structure is operating effectively, despite the chairman and CEO roles being held by the same individual[55] - The audit committee reviewed the unaudited consolidated financial statements and interim report, ensuring compliance with accounting principles and standards[56] Human Resources - As of September 30, 2025, the group employed approximately 946 staff, a decrease from 1,138 staff as of September 30, 2024[53] - The group maintains competitive employee compensation, including salaries, allowances, and discretionary bonuses[53] - There were no significant changes to human resources policies during the reporting period[53]

Group 1 - The core point of the article highlights the decline in physical gold prices, with the price of Sherilyn gold at 1305 CNY per gram, down by 28 CNY from the previous trading day [1] - Gold bar prices remain unchanged at 1207 CNY per gram as of November 17, 2025 [1] - The previous price for Sherilyn gold was 1333 CNY per gram on November 14, 2025, indicating a notable decrease [1] Group 2 - The article mentions that American Airlines will resume normal operations following the lifting of flight reduction measures by the U.S. Department of Transportation and the Federal Aviation Administration (FAA) [1] - The FAA had previously reduced flight operations by 6%, which was later eased to 3%, reflecting a gradual return to normalcy in air travel [1] - On the day prior to the announcement, only 0.25% of flights were canceled among the 40 major airports affected by the FAA's reduction order [1]

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之內容概不負責，對其準確性或完 整性亦不發表任何聲明，並明確表示概不就因本公告全部或任何部分內容而產生或因倚賴該等內容 而引致之任何損失承擔任何責任。 TSE SUI LUEN JEWELLERY (INTERNATIONAL) LIMITED 謝瑞麟珠寶（國際）有限公司 * （於百慕達註冊成立之有限公司） （股份代號：417） 本公司欣然宣佈，於二零二五年十一月十四日，本公司及其一間附屬公司（作為擔保人）與 借款人訂立修訂及重述契據，以修訂及重述信貸協議（經修訂及重述之信貸協議稱為「經修 訂及重述之信貸協議」），其中包括作為代理人和質押代理人的恒生銀行有限公司，成功將所 有未償還信貸本金總額 496,000,000 港元予以延展（「信貸延展」）。 在符合經修訂及重述之信貸協議所載條件的前提下，信貸延展的到期日將自修訂生效日起延 長三年。 經修訂及重述之信貸協議包含多項優化條款，為本集團提供更大的財務靈活性，以落實其策 略性業務轉型。此等修訂包括（惟不限於）：(i) 提供有條件為期三年的信貸延展到期日延長， 為業務轉型提供緩衝期；(ii) 首兩年降低利息 ...

Core Insights - The article provides a comparison of gold prices from various jewelry brands as of November 13, 2025, indicating a range of prices for gold per gram across different retailers [1][2] Price Comparison - Water Bay Gold: 1107 CNY/gram [1] - Chow Tai Fook: 1333 CNY/gram [1][2] - Lao Feng Xiang: 1325 CNY/gram [1] - Lao Miao Gold: 1325 CNY/gram [1] - Chow Sang Sang: 1326 CNY/gram [1] - Liufeng Jewelry: 1331 CNY/gram [2] - Chao Hong Ji: 1333 CNY/gram [2] - Xie Rui Lin: 1333 CNY/gram [2] - Cai Bai Jewelry: 1285 CNY/gram [2] - Zhou Liu Fu: 1295 CNY/gram [2] - Zhou Da Sheng: 1333 CNY/gram [2] - China Gold: Price not specified [2]

Core Viewpoint - The recent surge in gold prices has led to significant increases in domestic gold jewelry prices, but actual sales have not met expectations, indicating a potential shift in consumer behavior towards gold investment and purchasing strategies [1][3][10]. Price Trends - On November 11, international gold prices exceeded $4,130 per ounce, with domestic gold jewelry prices also rising sharply, with some brands pricing gold at over 1,300 RMB per gram [1][3]. - Major brands like Chow Tai Fook and Lao Feng Xiang have set their gold prices at 1,308 RMB and 1,310 RMB per gram, respectively, with promotional discounts available [1][3]. Consumer Behavior - Despite promotional activities during the "Double 11" shopping festival, actual sales volumes have been disappointing, with many consumers opting to hold off on purchases due to high prices [3][5]. - There is a noticeable preference for smaller weight gold items, as larger items have seen a decline in sales due to increased prices [5][7]. Market Dynamics - The China Gold Association reported a 32.5% year-on-year decline in gold jewelry consumption for the first three quarters, highlighting a shift in consumer preferences towards lighter and higher-value products [7]. - There has been a growing trend of consumers opting for "old for new" exchanges, with stores offering promotions to facilitate this process, indicating a shift in purchasing strategies [8][10]. Investment Sentiment - The current environment has led to a significant increase in gold bar buyback activities, with some stores reporting a 30%-40% increase in gold recovery compared to the same period last year [10]. - Experts advise caution in gold investments, suggesting that consumers should avoid speculative buying and consider a diversified investment approach [10].

Core Viewpoint - The company, Xie Ruilin (00417.HK), has announced that its board meeting will take place on November 18, 2025, to consider and approve the unaudited interim results for the six months ending September 30, 2025, and to discuss the potential distribution of an interim dividend if applicable [1] Group 1 - The board meeting is scheduled for November 18, 2025 [1] - The meeting will focus on the unaudited interim results for the six months ending September 30, 2025 [1] - The board will also consider the distribution of an interim dividend, if applicable [1]

( 於百慕達註冊成立之有限公司 ) (股份代號: 417) 董事會會議召開日期 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之內容概不負責，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。 承董事會命 Tse Sui Luen Jewellery (International) Limited 謝瑞麟珠寶(國際)有限公司* 公司秘書 王英傑 香港，二零二五年十一月六日 TSE SUI LUEN JEWELLERY (INTERNATIONAL) LIMITED 謝瑞麟珠寶(國際)有限公司 * 於本公告日期，董事會名單如下: Tse Sui Luen Jewellery (International) Limited 謝瑞麟珠寶(國際)有限公司*（「本公司」）董事會 （「董事會」） 謹此公佈，董事會會議將於二零二五年十一月十八日 （星期二）舉行，藉以 （其 中包括）考慮及批准本公司及其附屬公司截至二零二五年九月三十日止六個月之未經審核中 期業績及其發佈，以及考慮派發中期股息（如適用）。 執行董事: 謝邱安儀女士 ...