Market Overview - On July 10, A-shares saw all three major indices rise, with the Shanghai Composite Index up by 0.48%, the Shenzhen Component Index up by 0.47%, and the ChiNext Index up by 0.22%, continuing a warming trend [1] - The China A50 Index led the mainstream indices with a rise of 0.64% [2] - In the Hong Kong market, the Hang Seng China Enterprises Index increased by 1.66%, while the Hang Seng Index rose by 0.57% [4][5] Sector Performance - The real estate sector led the gains with an increase of 3.19%, followed by oil and petrochemicals at 1.54%, and steel at 1.45%. Conversely, the automotive sector fell by 0.62%, media by 0.54%, and defense and military by 0.41% [7] Industry Highlights Photovoltaic Industry - The photovoltaic sector is witnessing a positive shift towards breaking the "involution" competition, with leading silicon material companies forming a platform company to acquire excess capacity in the industry. This aims to balance supply and demand by unifying production and sales [7] - Analysts suggest that this transformation will significantly alter the industry ecosystem, moving from "price wars" to "quality pricing," which could lead to an orderly exit of backward production capacity and improve supply-demand dynamics [7] Banking Sector - On July 10, A-share bank stocks strengthened, with the four major state-owned banks reaching historical highs. The banking sector is attracting funds due to its high dividend yield and stable operations [8] - Financial policies are accelerating, with a more flexible monetary policy expected to support credit growth. The focus on the cost of bank liabilities may alleviate net interest margin pressures, indicating positive fundamentals for the banking sector [8]

Group 1 - Southbound funds recorded a net purchase of approximately HKD 9.2 billion, with China Construction Bank leading at a net buy of about HKD 1.1 billion [1] - Alibaba-W and Meituan received net purchases of HKD 1.014 billion and HKD 833 million respectively [1] - Insurance capital's stake acquisition trend continues, with 20 instances of stake acquisitions in listed companies this year, matching last year's total [1] Group 2 - Hong Kong's banking sector is currently undergoing a value reassessment, benefiting from local economic recovery and increased cross-border financial activities [2] - The financial sector in Hong Kong is experiencing enhanced valuation recovery momentum, particularly for banks with cross-border business advantages [2] - Both institutions highlight the need to monitor the impact of overseas monetary policy changes on liquidity conditions [2]

[Financial Highlights](index=1&type=section&id=Financial%20Highlights) [Financial Highlights](index=1&type=section&id=Financial%20Highlights) The company reported a 17.9% revenue increase to HKD 64 million for FY2025, alongside a 16% decline in gross profit to HKD 6.3 million, while net loss slightly narrowed to HKD 23.8 million | Metric | Year Ended March 31, 2025 | Year Ended March 31, 2024 | | :--- | :--- | :--- | | Revenue | Approx. HKD 64,000,000 | Approx. HKD 54,300,000 | | Gross Profit | Approx. HKD 6,300,000 | Approx. HKD 7,500,000 | | Loss for the Year | Approx. HKD 23,800,000 | Approx. HKD 24,400,000 | | Basic and Diluted Loss Per Share | Approx. 45.7 HK cents | 51.1 HK cents | | Final Dividend | Not recommended | Nil | [Consolidated Financial Statements](index=2&type=section&id=Consolidated%20Financial%20Statements) [Consolidated Statement of Profit or Loss](index=2&type=section&id=Consolidated%20Statement%20of%20Profit%20or%20Loss) FY2025 revenue grew 17.9% to HKD 64 million, driven by sales volume, but higher cost of sales led to a 15.2% gross profit decline and a narrowed net loss of HKD 23.81 million | Item (HKD thousands) | FY2025 | FY2024 | YoY Change | | :--- | :--- | :--- | :--- | | Revenue | 63,995 | 54,312 | +17.9% | | Cost of Sales | (57,672) | (46,862) | +23.0% | | **Gross Profit** | **6,323** | **7,450** | **-15.1%** | | Administrative Expenses | (24,382) | (22,485) | +8.4% | | Finance Costs | (1,849) | (1,230) | +50.3% | | **Loss Before Tax** | **(23,806)** | **(24,443)** | **-2.6%** | | **Loss for the Year** | **(23,808)** | **(24,444)** | **-2.6%** | | **Basic Loss Per Share (HK cents)** | **(45.7)** | **(51.1)** | **Narrowed 10.6%** | [Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=3&type=section&id=Consolidated%20Statement%20of%20Profit%20or%20Loss%20and%20Other%20Comprehensive%20Income) Total comprehensive expense attributable to owners for FY2025 was HKD 24.09 million, reduced from HKD 26.04 million, after accounting for the HKD 23.81 million loss for the year and other comprehensive expenses | Item (HKD thousands) | FY2025 | FY2024 | | :--- | :--- | :--- | | Loss for the Year | (23,808) | (24,444) | | Other Comprehensive Expense for the Year (net of tax) | (278) | (1,598) | | **Total Comprehensive Expense Attributable to Owners of the Company for the Year** | **(24,086)** | **(26,042)** | [Consolidated Statement of Financial Position](index=4&type=section&id=Consolidated%20Statement%20of%20Financial%20Position) As of March 31, 2025, total assets were HKD 95.25 million, total liabilities HKD 67.97 million, and total equity declined 41.4% to HKD 27.28 million, with a shift to net current liabilities of HKD 6.26 million | Item (HKD thousands) | As at March 31, 2025 | As at March 31, 2024 | Change | | :--- | :--- | :--- | :--- | | **Non-current Assets** | **38,161** | **40,945** | **-6.8%** | | **Current Assets** | **57,089** | **69,189** | **-17.5%** | | Total Assets | 95,250 | 110,134 | -13.5% | | **Current Liabilities** | **63,353** | **58,658** | **+8.0%** | | **Non-current Liabilities** | **4,620** | **4,945** | **-6.6%** | | Total Liabilities | 67,973 | 63,603 | +6.9% | | **Net Current (Liabilities)/Assets** | **(6,264)** | **10,531** | **From positive to negative** | | **Net Assets (Total Equity)** | **27,277** | **46,531** | **-41.4%** | [Management Discussion and Analysis](index=15&type=section&id=Management%20Discussion%20and%20Analysis) [Business Review and Financial Performance Analysis](index=15&type=section&id=Business%20Review%20and%20Financial%20Performance%20Analysis) FY2025 revenue grew 17.9% to HKD 64 million, driven by bridesmaid dress sales, but rising costs led to a gross margin decline to 9.8%, with overall performance pressured by trade disputes and economic uncertainty - The Group's core business is a one-stop solution provider for bridesmaid dresses, wedding gowns, and special occasion wear, primarily selling products to US branded apparel companies and offering value-added services from design and sourcing to production and inventory management[48](index=48&type=chunk) - Revenue growth was primarily driven by a significant increase in bridesmaid dress sales from **97,900 units** in the prior year to **150,500 units** in the current year, despite a decrease in average selling price[54](index=54&type=chunk)[55](index=55&type=chunk) - The decline in gross profit and gross margin was primarily attributable to the increase in cost of sales in the current year[57](index=57&type=chunk) - The reduction in loss for the year was mainly due to an increase in other income and a decrease in share of loss of an associate[64](index=64&type=chunk) [Outlook and Future Strategies](index=16&type=section&id=Outlook%20and%20Future%20Strategies) The Group plans to diversify revenue streams by reviewing existing operations and entering China's petrochemical business, focusing on natural gas, through a non-binding MOU with Hao Hui Xing Ye Limited, to mitigate trade and economic uncertainties - The new year is expected to be challenging due to persistent US-China trade disputes and uncertainties in post-pandemic economic recovery[51](index=51&type=chunk) - The Group will actively seek potential business opportunities to broaden its revenue base. On May 2, 2025, the Group entered into a memorandum of understanding with Hao Hui Xing Ye Limited, intending to cooperate in developing petrochemical business in China[52](index=52&type=chunk) - The petrochemical business cooperation focuses on natural gas production, processing, collection services, and related industrial operations[52](index=52&type=chunk) [Liquidity, Financial Resources, and Risk Management](index=19&type=section&id=Liquidity%2C%20Financial%20Resources%2C%20and%20Risk%20Management) The Group faced liquidity pressure at fiscal year-end, with net current liabilities of HKD 6.3 million and a current ratio decline to 0.9 times, while the gearing ratio significantly rose to 78.0% due to reduced equity | Metric | As at March 31, 2025 | As at March 31, 2024 | | :--- | :--- | :--- | | Bank Balances and Cash | Approx. HKD 6,800,000 | Approx. HKD 4,400,000 | | Net Current (Liabilities)/Assets | Approx. (HKD 6,300,000) | Approx. HKD 10,500,000 | | Current Ratio | Approx. 0.9 times | Approx. 1.2 times | | Gearing Ratio | 78.0% | 48.3% | - The Group has pledged leasehold land, buildings, and investment properties with a total carrying value of approximately **HKD 35.9 million** to secure bank financing and other loans[69](index=69&type=chunk) - The Group faces foreign exchange risk as some transactions are denominated in functional currencies other than HKD, but currently has no foreign currency hedging policy[70](index=70&type=chunk) [Notes to the Consolidated Financial Statements](index=6&type=section&id=Notes%20to%20the%20Consolidated%20Financial%20Statements) [Company Information and Going Concern](index=6&type=section&id=Company%20Information%20and%20Going%20Concern) Registered in the Cayman Islands, the company, primarily engaged in garment manufacturing, maintains a going concern basis despite FY2025 losses and net current liabilities, supported by recent financing and business plans - The company's principal activity is investment holding, with its subsidiaries primarily engaged in the manufacturing and trading of garment products[15](index=15&type=chunk) - Despite recording a loss and net current liabilities, the Board believes the company has sufficient working capital to continue as a going concern, based on financing measures undertaken, including obtaining loans and completing a rights issue[22](index=22&type=chunk)[25](index=25&type=chunk) [Revenue and Segment Information](index=8&type=section&id=Revenue%20and%20Segment%20Information) FY2025 total revenue was HKD 64 million, with bridesmaid dresses as the largest product segment and the US as the primary market, while revenue concentration from the top three customers exceeded 60% Product Category (HKD thousands) | Product Category (HKD thousands) | FY2025 | FY2024 | | :--- | :--- | :--- | | Bridesmaid Dresses | 33,427 | 25,233 | | Special Occasion Wear | 11,696 | 9,749 | | Accessories | 11,606 | 11,002 | | Wedding Gowns | 2,527 | 4,285 | | Others | 4,739 | 4,043 | | **Total** | **63,995** | **54,312** | Geographical Market (HKD thousands) | Geographical Market (HKD thousands) | FY2025 | FY2024 | | :--- | :--- | :--- | | United States of America | 31,001 | 22,548 | | Hong Kong | 22,684 | 19,689 | | United Kingdom | 4,784 | 5,489 | | Europe | 4,467 | 5,078 | | Australia | 1,059 | 1,508 | | **Total** | **63,995** | **54,312** | Major Customers (HKD thousands) | Major Customers (HKD thousands) | FY2025 | FY2024 | | :--- | :--- | :--- | | Customer A | 18,533 | Not applicable* | | Customer B | 11,606 | 11,002 | | Customer C | 7,352 | 6,772 | [Dividends and Loss Per Share](index=11&type=section&id=Dividends%20and%20Loss%20Per%20Share) No dividends were recommended for FY2025, and basic and diluted loss per share narrowed to 45.7 HK cents, primarily due to a slight reduction in the loss for the year - For the years ended March 31, 2025 and 2024, the company neither paid nor proposed any dividends[34](index=34&type=chunk) Loss Per Share Calculation | Item | FY2025 | FY2024 | | :--- | :--- | :--- | | Loss for the Year used for calculation (HKD thousands) | (23,808) | (24,444) | | Weighted average number of ordinary shares (thousands) | 52,094 | 47,836 | | **Basic Loss Per Share (HK cents)** | **(45.7)** | **(51.1)** | [Capital Structure and Changes](index=14&type=section&id=Capital%20Structure%20and%20Changes) The company restructured its capital during the period, including a 20-to-1 share consolidation and a placement of 168 million new shares raising HKD 5.31 million, resulting in HKD 10.11 million issued share capital by year-end - On October 31, 2024, the company consolidated every twenty issued and unissued shares of HKD 0.01 par value into one consolidated share of **HKD 0.20** par value[47](index=47&type=chunk) - On October 15, 2024, the company placed and issued **168,486,000** new ordinary shares at **HKD 0.0315** per share, raising gross proceeds of approximately **HKD 5.31 million**[47](index=47&type=chunk) Share Capital Movement | Item | Number of Shares | Share Capital (HKD thousands) | | :--- | :--- | :--- | | As at April 1, 2024 (pre-consolidation) | 842,432,607 | 8,424 | | Shares placed | 168,486,000 | 1,685 | | Share consolidation (20-to-1) | (960,372,677) | – | | **As at March 31, 2025 (post-consolidation)** | **50,545,930** | **10,109** | [Other Company and Shareholder Information](index=20&type=section&id=Other%20Company%20and%20Shareholder%20Information) [Events After Reporting Period](index=20&type=section&id=Events%20After%20Reporting%20Period) Post-reporting period, the company completed a rights issue on April 11, 2025, raising HKD 41.6 million net by issuing 152 million new shares at HKD 0.29 each, and extended property leases to enhance liquidity and support operations - On April 1, 2025, the Group modified and extended the leases for its factory properties and staff quarters for one year[73](index=73&type=chunk) - On April 11, 2025, the company completed a rights issue on the basis of 'three rights shares for every one existing share held', issuing approximately **152 million** ordinary shares at a subscription price of **HKD 0.29** per share[74](index=74&type=chunk) [Employees and Remuneration Policy](index=20&type=section&id=Employees%20and%20Remuneration%20Policy) As of March 31, 2025, the Group had 206 employees, a reduction from 227, with total staff costs of approximately HKD 26.2 million, reflecting cost control efforts and market-based remuneration Employee Statistics | Item | As at March 31, 2025 | As at March 31, 2024 | | :--- | :--- | :--- | | Number of Employees | 206 | 227 | | Total Staff Costs (HKD thousands) | Approx. 26,200 | Approx. 26,300 | [Corporate Governance](index=21&type=section&id=Corporate%20Governance) The company largely complied with HKEX Corporate Governance Code, with the only deviation being the combined Chairman and CEO role, which the Board believes provides strong leadership; the Audit Committee reviewed the annual financial results - The company has complied with the Corporate Governance Code throughout the reporting period, with the exception of Code Provision C.2.1, which stipulates that the roles of chairman and chief executive officer should be separate[81](index=81&type=chunk) - The roles of Chairman and Chief Executive Officer are combined and held by Mr. Zhuang Shuo. The Board believes this arrangement provides strong and consistent leadership for the company, facilitating effective planning and implementation of business decisions and strategies[82](index=82&type=chunk) - The Audit Committee, comprising three independent non-executive directors, has reviewed the Group's audited consolidated financial results for the year ended March 31, 2025[85](index=85&type=chunk)

Group 1 - The core viewpoint of the news is that Hong Kong bank stocks are experiencing a strong upward trend, with the HK Bank Index aiming for a fifth consecutive day of gains, and the Hong Kong Bank LOF (501025) reaching a new high since its inception [1][2] - The Hong Kong Bank LOF has seen a cumulative increase of 27.70% over the past six months, leading among similar funds, with net inflows exceeding 1.4 billion over the last 13 trading days [1][2] - The People's Bank of China has conducted a 300 billion MLF operation, with a net injection of 1180 billion MLF this month, indicating a continued effort to maintain liquidity in the banking system [1] Group 2 - The Hong Kong Bank LOF closely tracks the HK Bank Index, which includes major banks such as HSBC, China Construction Bank, and Industrial and Commercial Bank of China, with the top ten weighted stocks accounting for 84.38% of the index [2] - As of 11:20, the HK Bank Index rose by 0.25%, with notable increases in stocks such as Qingdao Bank (up 4.20%) and Chongqing Bank (up 1.19%) [2] - The investment strategy for bank stocks emphasizes the importance of liquidity and the potential for revaluation of net assets, driven by macro policies and micro data [1]

Group 1 - The Hong Kong stock market is experiencing a comprehensive rebound, with the Hong Kong Bank LOF (501025) rising over 1.5% and aiming for a third consecutive day of gains [1] - Over the past six months, the Hong Kong Bank LOF has accumulated a 25.48% increase, leading among similar funds [1] - The fund has seen a net inflow of over 1.4 billion in the last 11 trading days, indicating strong investment interest [1] Group 2 - Year-to-date, the net inflow for the fund has exceeded 3 billion, with a scale growth of over 600% [1] - The recent rally in the Hong Kong financial sector is attributed to the recovery in overseas markets, expectations of interest rate cuts from the Federal Reserve, and events like the Davos Forum [1] - Ping An Life has increased its holdings in China Merchants Bank H-shares by 6.2955 million shares, raising its stake to over 15%, triggering a third regulatory notice [1] Group 3 - The Hong Kong Bank LOF closely tracks the HK Bank Index, which includes bank stocks within the Hong Kong Stock Connect range [1] - The top ten weighted stocks in the index account for 84.38% of the total, including HSBC Holdings, China Construction Bank, Industrial and Commercial Bank of China, Bank of China, and Bank of China (Hong Kong) [1]

Group 1 - The first "Fat Wumart" store in Daxing will open on June 20, with 25-30 stores planned for self-adjustment this year [1] - The Wumart Huangcun store will feature an expanded area and a new dining area called "Eat Bar," replacing the previous "Wumart Canteen" [1] - The store will introduce various dining brands and life services such as laundry and shoe cleaning to enhance its offerings [1] Group 2 - The Huangcun store is a well-established chain in Daxing, known for its low prices and wide variety, becoming a staple for local consumers [3] - The store plans to add 200 parking spaces and upgrade its smart parking management system [3] - Employee benefits at the Huangcun store will increase by 30%-50% [3] Group 3 - The opening of "Fat Wumart" stores is expected to significantly increase customer traffic, with the average daily footfall at the Xueqing Road store reaching around 20,000, a substantial increase post-adjustment [4] - The customer demographic has shifted, with nearly 60% of customers under 40 years old at the Tianjin Beichen store, doubling the previous percentage [4] - The competition in the Daxing area is intensifying, with similar stores like "Fat Yonghui" already operating [4] Group 4 - Supermarkets are seeking transformation and upgrades through the "Fat Donglai" model, showing significant improvements in performance [5] - The retail industry is undergoing a transformation, requiring companies to innovate and enhance service quality to meet diverse consumer needs [5] - Companies should focus on personalized services and strengthen brand value to build consumer trust and loyalty [5]

Market Overview - On June 11, A-shares saw all three major indices rise, with the Shanghai Composite Index returning to 3400 points, closing up 0.52% [1] - The Shenzhen Component Index rose by 0.83%, and the ChiNext Index increased by 1.21%, with over 3400 stocks in the market experiencing gains [1] - The total trading volume in the Shanghai and Shenzhen markets was 12,554.67 billion RMB, showing a slight decrease compared to the previous trading day [2] Sector Performance - The non-ferrous metals sector led the gains with an increase of 2.21%, followed by agriculture, forestry, animal husbandry, and fishery at 2.02%, and non-bank financials at 1.90% [7] - Conversely, the pharmaceutical and biological sector saw a decline of 0.41%, while telecommunications and beauty care sectors fell by 0.28% and 0.10%, respectively [7] Key Events and Trends - The "2025 Lujiazui Forum" is scheduled for June 18-19, focusing on "Financial Opening and Cooperation in the Context of Global Economic Changes," with major financial policies expected to be announced [8] - Galaxy Securities anticipates that policies aimed at stabilizing growth and boosting the capital market will continue to influence the sector's future direction, with expectations for increased long-term capital inflow [8] - The domestic export control on rare earths has tightened supply, leading to significant price increases in overseas markets, which may impact production for traditional and new energy vehicle manufacturers [9] Investment Opportunities - The rare earth sector is expected to see a valuation increase and profit growth due to anticipated relaxation of export controls, which could drive domestic prices higher [9] - Relevant investment products include the Non-ferrous Metals ETF (159880) and various related funds [9]

Group 1 - The Chinese government has introduced a package of financial policies aimed at stabilizing the market and expectations, including interest rate cuts and adjustments to policy rates [1] - Several major banks in Hong Kong, such as CITIC Bank, China Everbright Bank, and others, have seen their stock prices reach historical highs amid a bullish market trend [1] - Shenwan Hongyuan Securities highlights that bank stocks are favored for their low volatility dividends in a counter-cyclical environment and absolute returns in a pro-cyclical context, with many banks expected to increase dividend payouts in 2024 [1] Group 2 - The Hong Kong Bank LOF (501025) has shown strong performance, with a notable increase of over 0.7% during the trading session, indicating a robust buying atmosphere [1] - The fund closely tracks the CSI Hong Kong Bank Investment Index, reflecting the overall performance of bank stocks within the Hong Kong Stock Connect [2] - All constituent stocks of the index were in the green, with significant gains observed in banks such as Qingdao Bank and Zhejiang Commercial Bank [2]

Core Insights - The article discusses the trend of foreign trade products being introduced into domestic supermarkets, highlighting the collaboration between supermarkets and foreign trade companies to facilitate this transition [1][9]. Group 1: Market Dynamics - Supermarkets are establishing foreign trade product sections and online channels to introduce quality foreign goods, creating a "green channel" for foreign trade enterprises [1][6]. - The introduction of foreign products is seen as a way for foreign trade companies to clear inventory and for supermarkets to increase customer traffic and sales [1][9]. - The transition from export to domestic sales requires foreign trade companies to adapt their products to local market demands, including packaging and product types [1][7]. Group 2: Product Offerings - Various foreign products, including canned tuna and oral care items, have been launched in Beijing supermarkets, with some stores featuring dedicated foreign product sections [6][9]. - The "foreign trade premium section" at supermarkets includes over a thousand products across multiple categories, with 50% being cross-border sourced and 10% being exclusive custom products [6][9]. - Companies like Ningbo Today Food Co. have quickly adapted their products for the domestic market, changing packaging to include Chinese characters and developing new flavors to cater to local tastes [7][8]. Group 3: Operational Efficiency - Supermarkets have streamlined processes to facilitate the rapid onboarding of foreign products, with some companies reporting product availability within 10 days [7][9]. - The establishment of rapid response centers for foreign trade enterprises has enabled quick product listings, with some products going from entry to sale in as little as three working days [7][9]. - The collaboration between supermarkets and foreign trade companies is crucial for overcoming the challenges of adapting to domestic market conditions [9][10]. Group 4: Challenges and Considerations - Adapting foreign products for the domestic market involves understanding local consumer preferences and navigating the complexities of domestic distribution channels [9][10]. - The traditional trading model in the domestic market differs significantly from export practices, requiring foreign trade companies to adjust their pricing and sales strategies accordingly [10]. - The effectiveness of foreign products in attracting customers to supermarkets remains uncertain, as current consumer interest is more focused on fresh and hot food items rather than canned goods and daily necessities [10].

香港银行LOF(501025)是场内独家香港银行品种，跟踪指数近一年股息率超9%，T+0交易，无需港股通 权限，交易便捷。场内份额自开年来的15周，每周均保持非负流入，逐步受到关注，具备配置价值。 4月14日早盘，HK银行指数上涨1.7%，成分股方面汇丰控股上涨3.3%，恒生银行上涨2.7%，重庆银行 上涨2.64%，邮储银行上涨1.94%, 带动香港银行LOF(501025)上涨2.2%，拉长时间看，产品近三个交易 日上涨6.6%。 MACD金叉信号形成，这些股涨势不错！ 消息面上，截至2025年4月14日，据公开信息统计，2025年港股已有超过20家公司被举牌。其中，险资 举牌较为活跃，有10家上市公司被险资举牌，包括招商银行、中信银行、邮储银行、农业银行等5家银 行。关于险资持续举牌原因，浙商资管发布最新报告认为，同一家上市银行的更低估值，既能增厚保险 资金的安全边际，又隐含更高的预期回报水平，这令折价的银行H股更具吸引力。与此同时，随着境外 资本对中国资产的配置情绪回暖、对港股认同度的提升，叠加互联互通机制下，南下资金在港股的定价 权提升，银行股AH溢价有望收敛，给保险资金投资银行H股带来额外的溢价收 ...