格隆汇8月19日丨新吉奥房车(00805.HK)宣布，本公司谨订于2025年8月29日（星期五）举行董事会会 议，藉以（其中包括）考虑及批准本公司及其附属公司截至2025年6月30日止六个月的中期业绩及其发 布，以及考虑派发中期股息（如有）。 ...

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，並明確表示概不就因本公告全部或任何部 分內容所產生或因依賴該等內容而引致的任何損失承擔任何責任。 新吉奥房车有限公司（「本公司」）董事（「董事」）會（「董事會」）謹此宣佈，本公司謹訂 於2025年8月29日（星期五）舉行董事會會議，藉以（其中包括）考慮及批准本公司及 其附屬公司截至2025年6月30日止六個月之中期業績及其發佈，以及考慮派發中期 股息（如有）。 承董事會命 新吉奥房车有限公司 New Gonow Recreational Vehicles Inc. 新吉奧房車有限公司 （於開曼群島註冊成立的有限公司） （股份代號：0805） 董事會會議召開日期 繆雪中先生 首席執行官兼董事會主席 香港，2025年8月19日 截至本公告日期，董事會包括執行董事繆雪中先生、劉濤先生、劉芹女士及 Andrew Robert CRANK先生；及獨立非執行董事何潔女士、余明陽先生及吳永蒨 女士。 ...

FF301 致：香港交易及結算所有限公司 公司名稱: 新吉奧房車有限公司(於開曼群島註冊成立的有限公司) 呈交日期: 2025年8月4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) | 00805 | 說明 | 普通股 | | | | | | | | | 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 | USD | | 0.0001 USD | | 200,000 | | 增加 / 減少 (-) | | | | | | USD | | | | 本月底結存 | | | 2,000,000,000 | USD | | 0.0001 USD | | 200,000 | 本月底法定/註冊股本總額： USD 200,000 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 ...

Report Industry Investment Rating No information provided in the content. Core Views of the Report - The IMF has lowered the global economic growth rate forecast for 2025 to 2.8%, and trade policy uncertainty will disrupt the global supply chain. The Fed may be cautious about the timing of interest rate cuts, while the ECB may end the easing cycle. China will continue to implement an expansionary fiscal policy and a moderately loose monetary policy in the second half of the year [4]. - In terms of supply, the global copper concentrate supply growth rate is expected to be only 1.7% in 2025 and further decline to 1.4% in 2026. The global refined copper supply growth rate will drop to 2% in 2025. In the second half of the year, domestic small and medium - sized smelters may face production cut risks, and the release of new global refined copper production capacity will be significantly limited [4]. - In terms of demand, copper has become a key strategic reserve resource in the context of global AI and electrification transformation. The global refined copper consumption growth rate is expected to be 3.7% in 2025, and the domestic growth rate will be 3.4% [4]. - The copper price center is expected to continue to rise in the second half of this year, with the risk of periodic high - level corrections due to overseas macro disturbances. The medium - to - long - term upward trend of copper prices remains unchanged. The main operating range of SHFE copper is expected to be 77,000 - 85,000 yuan/ton, and that of LME copper is 9,500 - 10,500 US dollars/ton [4]. Summary According to the Table of Contents 1. Review of the First - Half Market in 2025 - In the first half of 2025, copper prices showed a trend of bottoming out and rebounding. In the first quarter, SHFE copper rose from a low of 73,000 to 83,000 due to supply concerns and macro - economic factors. In the second quarter, prices fluctuated due to trade policy uncertainties, and then rebounded after the Sino - US trade negotiation [11]. - Domestic copper inventory first increased and then decreased. The spot premium changed from discount to premium. In the second half of the year, domestic refined copper spot premium is expected to remain in the premium range, with the center of premium moving up [13]. 2. Macroeconomic Analysis 2.1 Global Trade Situation Eases, and the US Economy Faces Stagflation Risks - The IMF has lowered the economic growth forecasts of major economies in 2025. The Sino - US trade negotiation has reached a preliminary consensus, but the tariff measures after the 90 - day suspension period are uncertain. The US economy has the risk of stagflation, while the eurozone economy shows a weak recovery [15][16]. 2.2 The Fed's Interest Rate Cut Expectations Rise, and the ECB May Slow Down the Rate - Cutting Pace - The Fed may have 1 - 2 small interest rate cuts this year, possibly starting in September. The ECB cut interest rates in June. The future monetary policies of both central banks will be affected by trade policies and economic data [17][19]. 2.3 Strengthen the Domestic Circulation System, and the Central Bank's Monetary Policy Remains Moderately Loose - China's economy faced challenges in the first half of the year. The central bank implemented a series of measures to support the economy. China's economy showed resilience in the first half, and the economic structure is expected to continue to optimize in the second half [21][22]. 3. Copper Ore Supply Analysis 3.1 The Global Concentrate Shortage Exceeds Expectations, and Chinese Enterprises Actively Explore Copper Ore Resources - In the first half of 2025, both Chinese and foreign capital accelerated the development of copper resources. However, the output of major mines was affected by various factors, and the shortage of copper concentrates is expected to exceed market expectations in 2025 - 2026 [25][27]. 3.2 The Global Copper Concentrate Growth Rate in 2025 is Expected to Drop to 1.7% - The planned global copper ore supply increment in 2025 is 115.5 million tons, but the actual increment is expected to be 70 - 80 million tons, with a growth rate dropping to 3%. Considering major interference factors, the actual supply growth rate in 2025 is expected to be only 1.7% and further decline in 2026 [31][33]. 4. Refined Copper Supply Analysis 4.1 Domestic Refined Copper Production Will Slow Down in the Second Half of the Year, and the Annual Year - on - Year Growth Rate May Drop to 4.5% - In the first half of 2025, domestic refined copper output was high, but more than 30% of smelters cut production to some extent. The actual output increment may be significantly lower than expected, and the annual growth rate is expected to slow down to 4.5% [41][43]. 4.2 The Release of Overseas Refined Copper Production in 2025 is Very Slow - Overseas new refined copper smelting capacity in 2025 is only 62 million tons, and the actual output is quite limited. The actual increment is expected to be about 15 million tons [45][46]. 4.3 Refined Copper Imports Will Remain at a Low Level in the Second Half of the Year, and Copper Has Become a Strategic Resource in the Great - Power Game - From January to May 2025, China's refined copper imports decreased year - on - year. In the second half of the year, imports are expected to remain at 25 - 28 million tons per month, and the annual imports will drop significantly compared with last year [48][49]. 4.4 Domestic Scrap Copper Supply is Generally Stable, and Southeast Asia May Fill the Gap in US Scrap Copper Imports - From January to May 2025, China's scrap copper imports decreased slightly year - on - year. The supply of scrap copper is expected to remain stable in the second half of the year, with Southeast Asian imports filling the gap left by the US [66][69]. 4.5 LME Inventories Plummeted by More Than 70% in the First Half of the Year, and the Tight - Balance Reality Has Lowered the Global Inventory Center - As of June 27, global visible inventories decreased significantly. LME inventories are at a low level with a risk of squeezing, while COMEX inventories are rising. Domestic inventories are expected to remain low in the second half of the year [73][75]. 5. Refined Copper Demand Analysis 5.1 This Year's Grid Investment Scale is Expected to Exceed 800 Billion, and the New UHV Grid System is Upgrading at an Accelerated Pace - The planned grid investment in 2025 is expected to reach 825 billion, with an increase of 220 billion compared with 2024. The copper consumption growth rate in grid investment is expected to be 3 - 4% [77]. 5.2 The Real Estate Market is Bottoming Out, and the Real Estate Regulation Policies are Intensifying - The real estate market showed a decline in the first five months of 2025, but the price decline margin narrowed. The market is expected to gradually recover in the second half of the year, with a slight decline in copper consumption growth rate [78][80]. 5.3 The "Two New" Policies Drive the Accelerated Production and Sales of Air - Conditioners - From January to May 2025, air - conditioner production and sales increased year - on - year. However, due to various factors, the production scale may be adjusted in the third quarter, and the export may decline [81][82].

Group 1 - The core viewpoint of the articles highlights the collaboration between Snowy River RV and Ford Australia, showcasing a new low-carbon travel solution through the launch of the Ford Ranger PHEV in Australia [1][2] - The Ford Ranger PHEV features a towing capacity of 3500 kg, making it a focal point in the Australian automotive market, while Snowy River RV complements it with modular design and lightweight structure [1][2] - The partnership emphasizes a long-standing relationship between Snowy River and Ford, showcasing the brand's commitment to high-quality RV living through innovative design and manufacturing processes [2] Group 2 - Snowy River RV's competitive edge lies in its user-centric design, featuring ergonomic interiors and advanced technology, which enhances both comfort and functionality [2] - The collaboration with Ford not only boosts brand exposure but also establishes a foundation for entering mainstream markets in Europe and North America through innovative marketing strategies [2] - Future plans for Snowy River include deepening collaborations with international automotive giants, focusing on R&D in areas like renewable energy and smart driving technology [3]

Investment Rating - The report maintains a "Recommended" investment rating for the copper industry [9]. Core Insights - The report highlights that the production growth of overseas large copper mining companies is low, and there are frequent disruptions. The lack of new large copper mining projects in the coming years will continue to constrain copper supply [9]. Summary by Sections 1. Copper Production in Major Producing Countries - Chile's copper production from January to April 2025 reached 1.752 million metric tons, a year-on-year increase of 3.57% (+60,300 tons). The growth is primarily driven by the Escondida project due to higher mining intensity and improved ore grades. Peru's copper production during the same period was 892,000 metric tons, up 5.59% (+47,200 tons), with significant contributions from the Las Bambas and Toromocho mines [4][18]. 2. Overseas Copper Mining Companies' Production - The total copper production of 15 major copper mining companies in Q1 2025 was 3.012 million tons, a slight increase of 0.1% (+3,000 tons). However, excluding three Chinese companies, the production of 12 overseas companies fell by 3.79% (-96,100 tons) to 2.436 million tons. Notably, Freeport and Glencore experienced significant declines of 20% and 29.95%, respectively [5][9]. 3. Growth in Chinese Copper Mining Companies - Three Chinese companies reported substantial production increases in Q1 2025: Minmetals Resources (+76.1%), Zijin Mining (+9.5%), and Luoyang Molybdenum (+15.7%). The growth for Minmetals was largely attributed to the Las Bambas mine in Peru, which produced 95,700 tons, a year-on-year increase of 70.9% (+39,700 tons) [7]. 4. Future Project Developments - The report notes a scarcity of new or expanded copper mining projects. The Salvador project by Codelco is currently ramping up production, while First Quantum's Kansanshi expansion is expected to contribute additional capacity starting in H2 2025. Other long-term projects include Rio Tinto's Oyu Tolgoi and Antofagasta's Centinela Phase II, with expected production increases in the coming years [8]. 5. Production Summary of Major Companies - Codelco's Q1 2025 production was 324,000 tons, a slight increase of 1.6% year-on-year. BHP's total production was 513,200 tons, up 10.18%, primarily due to the Escondida mine. Freeport's production fell to 393,720 tons, down 20% year-on-year, while Glencore's production dropped to 167,900 tons, a decrease of 29.95% [47][54][60][69].

Investment Rating - Industry rating: Recommended [5] Core Insights - In Q1 2025, the company's own copper production decreased by 30% year-on-year to 167,900 tons, and gold production decreased by 28% to 4.51 tons, primarily due to lower ore extraction rates and overall recovery rates at key mines [1][2] - Cobalt production increased by 44% year-on-year to 9,500 tons, reflecting improved grades and output from the Mutanda mine [1] - Zinc production rose by 4% year-on-year to 213,600 tons, driven by higher grades at Antamina and increased output from Australia [1] Production Performance - Q1 2025 production figures include: - Copper: 167,900 tons, down 30% YoY, down 32% QoQ [7] - Cobalt: 9,500 tons, up 44% YoY, down 19% QoQ [7] - Zinc: 213,600 tons, up 4% YoY, down 18% QoQ [7] - Lead: 49,900 tons, up 14% YoY [2] - Nickel: 18,800 tons, down 21% YoY, down 6% QoQ [2] - Gold: 145,000 ounces (4.51 tons), down 28% YoY, down 26% QoQ [2] - Silver: 4,230,000 ounces (131.57 tons), down 6% YoY, down 21% QoQ [2] - Ferrochrome: 277,000 tons, down 7% YoY, up 2% QoQ [2] - Steelmaking coal: 8.3 million tons, up 493% YoY, down 6% QoQ [2] - Energy coal: 23.4 million tons, down 7% YoY, down 12% QoQ [2] - Oil entitlement interest: 883,000 barrels of oil equivalent, down 23% YoY, down 4% QoQ [2] 2025 Guidance - The company expects 2025 production guidance as follows: - Copper: 850,000 to 910,000 tons [3] - Cobalt: 40,000 to 45,000 tons [3] - Zinc: 930,000 to 990,000 tons [3] - Nickel: 74,000 to 86,000 tons [3] - Steelmaking coal: 30 million to 35 million tons [3] - Energy coal: 8.7 million to 9.5 million tons [3]

Company Overview - New Ji'ao RV Co., Ltd. is a leading export-oriented RV manufacturer located in Tongxiang Economic Development Zone, Zhejiang Province, China [2] - The company integrates advanced foreign design concepts with domestic manufacturing advantages, establishing a strong core competitiveness [2] - New Ji'ao RV owns three brands: mid-range popular brand SNOWY RIVER, high-end brand REGENT, and light off-road brand NEWGEN, which cater to global customers [2] Financial Performance - As of December 31, 2024, New Ji'ao RV achieved total operating revenue of 864 million yuan, a year-on-year increase of 19.97% [1] - The net profit attributable to shareholders was 43.33 million yuan, a year-on-year decrease of 45.82% [1] - The gross profit margin stood at 31.07%, with a debt-to-asset ratio of 92.99% [1] Market Position and Valuation - The company's price-to-earnings (P/E) ratio is 26.26, ranking 25th in the automotive industry, which has an average P/E ratio of 16.83 [1] - In the RV market, New Ji'ao RV holds the second-largest market share in the Australasian region, demonstrating its leading position and broad customer recognition [3] - RV deliveries increased from 1,330 units in 2021 to 2,694 units in 2023, reflecting a significant annual growth rate [3] Industry Insights - The automotive industry has an average P/E ratio of 16.83, with a median of 8.33 [1] - Other companies in the automotive interior sector have significantly lower P/E ratios, indicating varying levels of market valuation within the industry [1]

Financial Performance - Revenue for the year ended December 31, 2024, was RMB 864,165,000, representing a 20% increase from RMB 720,303,000 in 2023[12] - Gross profit for 2024 was RMB 268,516,000, up 48% from RMB 181,051,000 in 2023[12] - Profit attributable to equity shareholders for 2024 was RMB 43,331,000, a decrease of 46% compared to RMB 79,973,000 in 2023[12] - Total assets as of December 31, 2024, increased to RMB 559,871,000 from RMB 398,798,000 in 2023, marking a 40% growth[12] - Total liabilities as of December 31, 2024, were RMB 520,618,000, up from RMB 371,612,000 in 2023[12] - Total revenue for 2024 was RMB 864.2 million, representing a 20.0% increase from RMB 720.3 million in 2023[67] - Revenue from RV sales was RMB 799.2 million in 2024, a 12.5% increase from RMB 710.7 million in 2023, driven by higher sales volume and average selling price[68] - The company achieved a positive gross profit in 2024, attributed to increased revenue from direct sales and improved gross margin expected from enhanced cost control[42] - Selling and distribution expenses rose to RMB 84.0 million in 2024, a 102.4% increase from RMB 41.5 million in 2023, due to increased marketing campaigns and a higher number of sales personnel[79] - Administrative expenses increased by 120.7% to RMB 79.9 million in 2024 from RMB 36.2 million in 2023, driven by a rise in administrative personnel and listing expenses[80] - Research and development expenses grew by 71.3% to RMB 13.7 million in 2024 from RMB 8.0 million in 2023, reflecting an increase in R&D personnel[81] - Finance costs surged by 439.1% to RMB 12.4 million in 2024 from RMB 2.3 million in 2023, primarily due to increased interest expenses on borrowings[89] - Income tax decreased by 44.6% to RMB 16.0 million in 2024 from RMB 28.9 million in 2023, in line with decreased profit[90] - Profit for the year fell by RMB 33.3 million to RMB 45.5 million in 2024 from RMB 78.8 million in 2023[91] - Adjusted net profit is used as a non-HKFRS measure to facilitate comparisons of operating performance, defined as net profit adjusted by adding back listing expenses[119] - For the year ended December 31, 2024, the net profit was RMB 45,489,000, a decrease of 42.2% compared to RMB 78,768,000 in 2023[123] - The adjusted net profit for the same period was RMB 72,933,000, which is a decrease of 7.2% from RMB 78,768,000 in 2023[123] Revenue and Sales - The increase in revenue was primarily driven by a rise in RV sales volume and an increase in average selling price, particularly from direct sales through self-owned and JV stores[25] - Deliveries of RVs in 2024 totaled 2,804 units, representing a 4.1% increase from 2,694 units in 2023[28] - Revenue from sales of pre-owned RVs surged by 546.0% in 2024 compared to 2023, following the introduction of a buyback program for eligible pre-owned RVs[26] - Direct sales of RVs increased from 394 units in 2023 to 1,064 units in 2024, with revenue from these sales growing from RMB 129.1 million to RMB 343.9 million[69] - Revenue from sales to dealers decreased from RMB 581.6 million in 2023 to RMB 455.3 million in 2024, with sales volume dropping from 2,300 units to 1,740 units[69] - Revenue from pre-owned RV sales was RMB 56.1 million in 2024, up from RMB 8.7 million in 2023, reflecting a significant increase of RMB 47.4 million[70] Product Development and Innovation - The company upgraded 5 models under the Regent brand and launched 13 new models in 2024[15] - A total of 4 new models were developed and launched under the NEWGEN brand, along with 8 upgraded models[15] - The company aims to create a sustainable path for RV electrification and is developing a new model of towable electric recreational vehicle (ERV)[15] - The company is developing a pioneering model of electric RVs as part of its commitment to sustainability and environmental responsibility[17] - The SRH-Hybrid 2025 model was launched in February 2025, expanding the hybrid towable RV lineup with advanced technology and luxury features[34] Market and Brand Strategy - The company operates three distinct brands: Snowy River, Regent, and NEWGEN, catering to various RV owner needs[14] - The company emphasizes customization in its RV offerings, allowing owners to personalize various aspects of their vehicles[14] - The company emphasizes customization in RV design and manufacturing, enhancing the owner experience from concept to delivery[16] - Future plans include expanding into European and Canadian markets, maintaining brand image, and upgrading production facilities[47] - The company is expanding into European and Canadian markets while preparing for North American supply chain deployment[62] Operational and Structural Insights - The manufacturing facilities in Zhejiang, China, cover approximately 47,567 square meters and include five specialized workshops and two advanced assembly lines[19] - The sales and distribution network consists of 13 third-party dealer stores, two self-owned stores, and four JV stores across major cities in Australasia as of December 31, 2024[20] - The backlog for Snowy River increased from 1,240 units in 2023, while Regent's backlog decreased from 72 units, and NEWGEN's backlog decreased from 144 units[32] - As of December 31, 2024, net current liabilities were RMB 6.0 million, with trade and other payables increasing to RMB 314.8 million[92] - As of December 31, 2024, total loans and borrowings amounted to RMB 89.4 million, an increase from RMB 31.6 million as of December 31, 2023[98] - The secured loans and borrowings from the Financing Partner to subsidiaries were RMB 64.2 million, while short-term unsecured bank loans were RMB 19.3 million and secured short-term bank loans were RMB 5.5 million[104] - The Group's gearing ratio was positive as of December 31, 2024, indicating a healthy capital structure[99] - Restricted cash as of December 31, 2024, totaled RMB 103.1 million, primarily for leasing deposits and guarantees for loans[101] - Capital expenditures for 2024 were RMB 8.0 million, mainly for the purchase of plant and equipment[109] Governance and Compliance - The Group did not have any material acquisitions or disposals of subsidiaries, associates, and joint ventures for the year ended December 31, 2024[113] - The Group has no specific plans for material investments or capital asset acquisitions as of December 31, 2024[102] - The Company has established a Remuneration Committee to formulate remuneration policies in compliance with the Corporate Governance Code[186] - The total remuneration paid to the Directors for the year ended December 31, 2024, was approximately RMB 4.8 million[195] - The total remuneration paid to the five highest-paid individuals for the year ended December 31, 2024, was RMB 6.5 million[195] - No remuneration was paid to the Directors or the five highest-paid individuals as inducement to join or as compensation for loss of office during the Reporting Period[196] - Each executive Director has entered into a service contract with the Company for an initial term of three years commencing from the Listing Date[197] - Independent non-executive Directors have entered into letters of appointment for an initial term of three years commencing from the Listing Date[198] - The Company offers compensation to executive Directors and senior management in the form of salaries, bonuses, social security plans, and other benefits[200] - The Remuneration Committee considers factors such as salaries paid by comparable companies and performance-based remuneration when determining specific remuneration packages[199] - The Company reimburses Directors and senior management for necessary and reasonable expenses incurred while providing services[199] - No Directors waived or agreed to waive any remuneration during the Reporting Period[196] Risks and Challenges - The business is subject to risks associated with third-party authorized dealers, which could negatively impact operations if there are losses or consolidations[139] - Supply chain risks are present, where delays or quality issues could materially affect the business and financial condition[141] - The Company has not entered into any significant contracts with controlling shareholders during the year ended December 31, 2024[142] - The Company maintained sufficient public float percentage required under the Listing Rules as of the date of the annual report[156] - There were no material legal proceedings against the Company during the Reporting Period that could adversely affect its business[181] - The Company made a donation of HKD 3.0 million to the HKEX Foundation Limited during the Reporting Period[183]

Group 1: AI Technology Development - A series of AI agent technologies are rapidly developing, with expanding application scenarios [1] - The "Large Model 2.0 Industry Development Report" highlights that AI agents are crucial for the application and implementation of large models [1] - Companies are increasingly deploying large models and building AI agents to reconstruct business models, with 58.9% of enterprises planning to co-develop AI solutions with service providers [1] Group 2: AI Agent Applications - AI agents, capable of perceiving environments and taking actions to achieve specific goals, are expected to become more prevalent by 2025 [2] - Deloitte's report predicts that AI agents will soon support various roles, including supply chain managers and financial analysts [2] - OpenAI has released a lightweight programming AI agent, Codex CLI, compatible with its latest large models [2] Group 3: AI Hardware Innovations - Out of the question, the first global AI agent hardware, TicNote, has been launched by Out of the Question, featuring an AI agent named "Shadow" [3] - TicNote redefines the AI recording pen by providing accurate transcription and evolving intelligence over time [3] Group 4: Market Activity and Stock Performance - A total of 20 AI agent concept stocks have been investigated by institutions more than four times this year, with Zhongkong Technology receiving the most attention [4] - On April 17, AI agent concept stocks saw significant market activity, with Electric Sound Co. experiencing a surge to its daily limit [4] - Despite a 34.02% average pullback in AI agent concept stocks since their peak in 2024, some stocks have shown impressive earnings growth [5]