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 會 就 因 本 公 告全部或任何部份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。 KNT HOLDINGS LIMITED* （ 於 開 曼 群 島 註 冊 成 立 的 有 限 公 司 ） 所得款項用途變更 茲提述嘉藝控股有限公司（「本公司」）所刊發日期為二零二五年三月三日的供 股 章 程，內 容 有 關 建 議 按 於 記 錄 日 期 每 持 有 一(1)股股份獲發三(3)股供股股份 的基準進行供股（「供 股」）（「供股章程」）。除 非 另 有 界 定，否 則 本 公 告 所 採 用 的 詞 彙 與 供 股 章 程 所 界 定 者 具 有 相 同 涵 義。 董 事 會 謹 此 宣 佈，經 仔 細 考 慮 及 詳 細 評 估 本 集 團 的 營 運 及 業 務 策 略 後，董 事 會 已議決按下列方式變更供股所得款項淨額（「所得款項淨額」）中尚未動用部分 的 用 途。 所得款項用途變更 所得款項淨額約為41,600,000港 ...

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 全部或任何部份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。 KNT HOLDINGS LIMITED* （ 於 開 曼 群 島 註 冊 成 立 的 有 限 公 司 ） 於二零二五年八月二十二日（星 期 五）舉行的股東週年大會的 投票表決結果 於嘉藝控股有限公司（「本公司」）在二零二五年八月二十二日（星 期 五）舉行的股 東週年大會（「股東週年大會」）上，所 有 列 載 於 日 期 為 二 零 二 五 年 七 月 二 十 五 日 的 股 東 週 年 大 會 通 告 內 的 建 議 決 議 案 均 以 投 票 方 式 表 決。投 票 表 決 結 果 如 下： | | | | | | | | | 普通決議案 | | | | | | | | 票 | 數(%) | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- ...

Core Viewpoint - The article discusses how discount stores manipulate consumer behavior through pricing strategies and store layouts, effectively transforming shoppers into efficient purchasing machines, while also raising questions about consumer autonomy in decision-making [4][5][16]. Group 1: Consumer Behavior Manipulation - Discount stores attract consumers with extreme low prices, creating a sense of trust and dependency [5]. - The use of cardboard shelves not only reduces operational costs but also creates a "warehouse" pressure that aligns with consumers' desire to save money during economic downturns [5][19]. - Consumers' shopping behavior is subtly influenced by store layouts, guiding them through a predetermined path that encourages quicker purchasing decisions [9][10]. Group 2: Limited Choices and Decision Simplification - Discount stores often limit the number of SKUs (Stock Keeping Units) to between 1,000 and 2,000, focusing on high-purchase-rate items, which reduces consumer choice and simplifies decision-making [10]. - The reduction in product variety leads to a phenomenon where 73% of consumers will opt for the cheapest available option when familiar brands are unavailable [10][15]. - Consumers experience increased indecision when returning to standard supermarkets, with hesitation times increasing by 2.8 times and a 37% decrease in price tolerance for non-discount items [15]. Group 3: Psychological Implications of Discount Shopping - The article questions whether the perceived self-discipline in frugal shopping is genuinely self-imposed or a result of external manipulation by discount stores [16]. - The hard discount model effectively recovers decision-making power from consumers while making them feel they are benefiting from the low prices [16][17]. - The article emphasizes that true freedom in consumer choice involves not just the content of purchases but also the breadth and quality of options available [19].

Core Viewpoint - Wumart Huamao Tiandi store has officially opened as the first "Fat Reform Store" in Chaoyang District, significantly optimizing its product offerings and layout to attract more customers [1][2][4] Group 1: Store Transformation - The store reduced its SKU from 10,000 to 7,000, with 70%-80% of the products being replaced, focusing on high-quality items [2][3] - Fresh food categories now account for 50% of the store's offerings, with nearly 3,000 SKUs dedicated to fresh produce [3] - The entrance has been redesigned to feature fresh and ready-to-eat food, which has become a key attraction for customers [2][3] Group 2: Customer Engagement and Traffic - On the opening day, the store recorded a customer flow of 9,900, significantly higher than the previous average of 1,000 daily visitors [1][3] - The store implemented a "while adjusting, still operating" model to ensure continuous service during renovations, coordinating over 100 security personnel to manage customer flow [2][3] Group 3: Community Focus - The transformation is based on the trust of local residents and their demand for higher quality products, emphasizing stability over trendy changes [4][5] - The store aims to meet the basic needs of the community while providing a sense of security through consistent service [4][5] - Future upgrades will also involve other main stores in the area, enhancing the overall shopping experience for families [5]

Core Viewpoint - The emerging elderly toy industry, which gained popularity recently, is facing significant challenges in market acceptance and operational viability, leading to a halt in expansion plans by key players like Wumart Supermarket [1][2][3] Group 1: Market Challenges - Wumart Supermarket decided to pause the introduction of elderly toys in its community supermarkets due to unclear retail market conditions and the lengthy process of product selection and quality control [2][3] - Many elderly care institutions are hesitant to adopt elderly toys, citing concerns over safety and quality, leading to a general wait-and-see approach [3][7] - The elderly toy store is struggling to secure substantial bulk orders, with most inquiries resulting in one-time purchases rather than ongoing contracts [3][4] Group 2: Financial Viability - The elderly toy store is exploring financing options to expand its store size from under 200 square meters to over 2000 square meters, but potential investors are concerned about unclear return on investment [4][6] - The store's current monthly sales range from 10,000 to 20,000 yuan, which is insufficient to cover operational costs, highlighting the need for a sustainable business model [4][6] Group 3: Industry Potential - The elderly population in China, which constitutes 18.70% of the total population, presents a significant consumer base for elderly toys, suggesting potential market growth [6][7] - Despite the promising market, the industry faces challenges such as unclear profit models and difficulties in ensuring product safety and quality [7][8] - Experts suggest that elderly toys may be more suitable for community elderly activity spaces and care stations, where there is a consistent presence of active elderly individuals [8]

Core Viewpoint - A series of policy measures have effectively activated consumer market vitality in China, leading to a steady increase in consumption scale and continuous optimization of consumption structure [1] Group 1: Development of Consumption REITs - The launch of consumption REITs at the end of 2023 provides equity funding for traditional supermarkets, allowing them to focus on development and service without the burden of repaying principal or interest [1] - The first community commercial consumption REIT, "Jia Shi Wu Mei Consumption REIT," initiated by a private enterprise, is set to be listed in March 2024 [1] - The underlying assets of Jia Shi Wu Mei Consumption REIT include four projects in Beijing, with a total building area of approximately 77,900 square meters, primarily leased to supermarkets and other merchants [2] Group 2: Financial Performance and Distribution - Since its listing, Jia Shi Wu Mei Consumption REIT has distributed dividends twice, totaling 61.36 million yuan, with a per-unit dividend of 0.1534 yuan [2] - As of July 11, 2025, the cumulative growth rate after dividend adjustment is 92.66%, leading the consumption REITs sector [2] - The total fund raised during the initial offering was approximately 953 million yuan, with net proceeds of about 466 million yuan, of which 85% is allocated for new investment projects [2] Group 3: Asset Management and Upgrades - The funds recovered from Jia Shi Wu Mei Consumption REIT are primarily used for the digital transformation of Wu Mei's stores, including the implementation of electronic price tags and overall supply chain adjustments [3][8] - The REITs model supports original equity holders by providing equity-type funding, which is fundamentally different from traditional debt financing [8] - The focus on community commercial assets is driven by their close connection to daily life and resilience, with a typical service radius of one to two kilometers [5] Group 4: Challenges and Market Dynamics - Traditional supermarkets face challenges in optimizing leasing and operational structures, particularly due to the impact of online shopping on retail sectors [9] - The transformation of traditional supermarkets requires a shift towards a balanced development of retail, dining, and services [9] - Current operational indicators for Jia Shi Wu Mei Consumption REIT show a rental income of 25.58 million yuan and a rental collection rate of 99.5% [10] Group 5: Policy Alignment and Community Engagement - Jia Shi Wu Mei Consumption REIT actively aligns with local consumption policies, such as senior citizen subsidies and community engagement activities [11] - The REIT aims to enhance consumer engagement through initiatives like night economy and street vendor activities [11] Group 6: Future Expansion Plans - The REIT team is exploring asset expansion plans in major cities, including Beijing, Shanghai, and Shenzhen, with a focus on community commercial assets [12] - Future asset acquisitions will consider both new and existing projects, balancing location advantages and operational stability [7][12]

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 致：香港交易及結算所有限公司 公司名稱: KNT Holdings Limited 嘉藝控股有限公司（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) | 01025 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 500,000,000 | HKD | | 0.2 HKD | | 100,000,000 | | 增加 / 減少 (-) | | | 0 | | | HKD | | 0 | | 本月底結存 | | | 500,000,000 | HKD | | 0.2 HKD | | 100,000 ...

Group 1 - The company, Wumart Group, is set to open a new batch of seven "Learning Fat Donglai Modified Stores" starting from August in Beijing, Tianjin, and Hangzhou, with specific openings on August 8 and August 29 for certain locations [1][3] - The product structure in the new stores will closely resemble 80% of the product structure of Fat Donglai, with significant expansions in the baking and ready-to-eat food processing areas, offering a variety of freshly made products daily [3] - The company aims to enhance customer experience by introducing a one-stop convenience service area at store entrances, providing over ten basic services including self-service tea machines and pet storage [3] Group 2 - Following the modifications, the Daxing Huangcun store in Beijing and the Beichen store in Tianjin both achieved an average daily foot traffic exceeding 10,000 in their first month, with the Daxing store experiencing nearly a 20% year-on-year increase in sales [4] - The penetration rate of ready-to-eat food in the modified stores, such as Xueqing Road, Daxing Huangcun, and Beichen, has surpassed 60% [4]

中泰证券在研报中分析指出，上市银行资产质量总体平稳，行业拨备释放利润能力仍强，预计行业利润 维持正增仍可期。净息差受负债成本下降以及今年降息存款端幅度大于贷款端的支撑，预计全年净息差 下降幅度会明显小于2024年；另外，低基数下中报的规模扩张速度修复也会对利息收入形成支撑 该基金紧密跟踪HK银行指数，中证香港银行投资指数选取港股通证券范围内的银行股作为指数样本， 反映港股通范围内银行上市公司的整体表现。权重股包括汇丰控股、建设银行、工商银行、中国银行、 中银香港等，前十大权重股合计占比84.38%。 截至2025 09:56，HK银行指数强势上涨1.15%，成分股农业银行上涨2.94%，青岛银行上涨2.74%，重庆 农村商业银行上涨2.29%，工商银行，招商银行等个股跟涨。 香港银行LOF(A/C类：501025/010365)一键布局港股通银行股，共享银行业发展红利。 早盘，港股银行集体走强，香港银行LOF(501025)快速拉升，涨幅1.11%。拉长时间看，该基金近半年 累计上涨19.48%，涨幅居同类基金首位。 从规模看，截至2025年8月1日，香港银行LOF(501025)流通规模近5.2亿，相较于今 ...

Group 1 - The core viewpoint of the news highlights that several banks, including major ones like Industrial and Agricultural Bank, are focusing on "deepening reforms," "cost reduction and efficiency enhancement," and "risk prevention" in their mid-year meetings for 2025, reflecting the complex economic and financial landscape [1] - The mid-year performance reports from four small to medium-sized listed banks in the eastern coastal region show significant improvements, with Ningbo Bank reporting a revenue of 37.16 billion yuan for the first half of 2025, an increase of 7.91% year-on-year, and a net profit of 14.77 billion yuan, up 8.23% from the previous year [1] - Guosen Securities' latest research report indicates that the recent pullback in the banking sector is due to a growing bull market atmosphere, leading to a retreat of speculative funds seeking excess returns, but it expects the pullback to be nearing its end, with a focus on absolute return funds [1] Group 2 - The current banking situation is compared to the downturn in February, where concerns about capital increases affecting dividend logic and the diversion of funds to AI investments were prevalent; as long as the dividend logic remains intact, funds are expected to flow back into the banking sector [2] - The Hong Kong Bank LOF (501025) closely tracks the HK Bank Index, reflecting the overall performance of bank stocks within the Hong Kong Stock Connect range, with major stocks like HSBC and Industrial Bank accounting for 84.38% of the top ten weighted stocks [2]