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 | | | 致：香港交易及結算所有限公司 公司名稱: 中國利郎有限公司 呈交日期: 2025年9月1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) | 01234 | 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 | | | 100,000,000,000 | HKD | | 0.1 | HKD | | 10,000,000,000 | | 增加 / 減少 (-) | | | | | | | HKD | | | | 本月底結存 | | | 100,000,000,000 | HKD | | 0.1 | HKD | | 10,000,000,000 | 本月底法定/註冊股本總額： HKD ...

近日，谢添地通过官方宣布联名挪瓦咖啡，上线A2亲和拿铁，全国上线发售。谢添地作为越秀乳业推出的高端牛奶品牌，强调遵循黑土 地的生态规律与气候条件，甄选娟姗牛和A2型奶牛奶源。目前，谢添地上市了三款产品，黑土娟姗、黑土A2以及黑土有机。金字塔的顶 端是黑土娟姗，中间的部分是黑土A2，针对乳糖不耐受人群，最基础的部分是黑土有机。 不同于星巴克、瑞幸、manner等咖啡品牌，与谢添地合作的挪瓦咖啡主打"低热量咖啡"的差异化定位和店中店模式。此次谢添地与挪瓦 咖啡联名，拿出的是三大主打产品之一的黑土A2纯牛乳，宣称4g/100ml原生乳蛋白、2.5g/包原生A2β-酪蛋白、130mg/100ml原生高钙， 针对乳糖不耐人群，亲和好吸收。 自去年4月上任后，越秀辉山副董事长、总经理白瑛就全面负责越秀辉山、风行及长城三家乳业公司的运营，推动高端品牌"谢添地"的研 发与市场推广。面对伊利、蒙牛等全国性龙头的市场挤压，越秀辉山急需提升品牌认知度和全国渠道渗透率，在液态奶市场收缩的情况 下，谢添地仍然顶着高价格的争议上市，确实赢得了一定的声量。 继去年独家冠名湖南卫视综艺节目《声生不息·港乐季2》《声生不息·大湾区季》后，今年 ...

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Group 1 - In July, the total retail sales of consumer goods reached 38,780 billion yuan, with a year-on-year growth of 3.7% [1][6] - Excluding automobiles, the retail sales of consumer goods amounted to 34,931 billion yuan, growing by 4.3% [1][6] - From January to July, the total retail sales of consumer goods were 284,238 billion yuan, with a growth rate of 4.8% [1][6] Group 2 - Urban retail sales in July were 33,620 billion yuan, reflecting a year-on-year increase of 3.6%, while rural retail sales reached 5,160 billion yuan, growing by 3.9% [3] - For the first seven months, urban retail sales totaled 246,669 billion yuan, with a growth of 4.8%, and rural retail sales were 37,569 billion yuan, increasing by 4.7% [3] Group 3 - In July, the retail sales of goods were 34,276 billion yuan, with a year-on-year growth of 4.0%, while catering revenue was 4,504 billion yuan, growing by 1.1% [3][6] - From January to July, the retail sales of goods reached 252,254 billion yuan, with a growth of 4.9%, and catering revenue was 31,984 billion yuan, increasing by 3.8% [3] Group 4 - For the first seven months, retail sales in convenience stores, supermarkets, department stores, specialty stores, and brand exclusive stores grew by 7.0%, 5.2%, 1.1%, 5.8%, and 1.9% respectively [4] - The national online retail sales reached 86,835 billion yuan, with a year-on-year growth of 9.2%, and the physical goods online retail sales were 70,790 billion yuan, growing by 6.3% [4] Group 5 - The newly opened Apple Store in Shenzhen is the third in the city and the 58th in Greater China, completing the layout along the east-west axis of Shenzhen [11] - The first city duty-free store in Shenzhen is set to open on August 26, featuring a diverse range of products including beauty, watches, and high-end liquor [13] Group 6 - The local fashion brand Lemanism is opening its first store in Nanchang, focusing on a comfortable and sunny shopping experience for the youth [25] - The brand BornTooth is expanding with its fourth store in Shanghai, emphasizing natural pet care products [27] Group 7 - The high-end dining brand PIZZERIA from Pizza Hut has opened its first store in South China, targeting young consumers with a focus on aesthetic dining experiences [30] - JD's first outlet in Nanjing has opened, featuring over 70 brands and a unique shopping experience [31] Group 8 - The sports brand 361 Degrees reported a revenue of 5.705 billion yuan for the first half of 2025, with a year-on-year growth of 11% [38] - Lilang Group's revenue for the first half of the year was 1.727 billion yuan, reflecting a growth of 7.9% [41] Group 9 - The company Bubu Gao reported a net profit of 201 million yuan for the first half of 2025, marking a significant turnaround [42] - The company has improved its operational quality by closing underperforming stores and focusing on high-potential locations [43]

Investment Rating - The industry rating is "Recommended" [5] Core Insights - On reported record net sales of 749 million Swiss Francs for FY25Q2, a 32% increase (currency neutral +38%), exceeding market expectations, driven by strong DTC performance and growth in the Asia-Pacific region [2][18] - Gross margin improved by 1.6 percentage points to 61.5%, benefiting from a higher DTC share, reduced shipping costs, and a weaker dollar [2][18] - The company incurred a net loss of 41 million Swiss Francs, with a net profit margin declining from 5.4% to -5.5%, primarily due to a 140 million Swiss Franc foreign exchange loss [2][18] - Revenue growth by region: EMEA +42.92%, Americas +16.84%, Asia-Pacific +101.35% [2][18] - DTC revenue increased by 54.3% to 310 million Swiss Francs, with DTC share rising to a historical high of 41.1% [2][18] - The company raised its FY25 revenue growth guidance to 31% (previously 28%) and adjusted gross margin guidance to 60.5%-61% [2][18] Summary by Sections Company Performance - Yu Yuan Group reported H1 2025 revenue of 406 million USD, a 1.1% increase, but net profit decreased by 7.2% [3][19] - 361 Degrees reported H1 2025 revenue of 580 million CNY, an 11% increase, with net profit rising by 8.6% [3][19] - Li Ning reported H1 2025 revenue of 173 million CNY, a 7.9% increase, but net profit fell by 13.4% [4][20] - Bailing Dongfang reported H1 2025 revenue of 359.1 million CNY, a 9.99% decrease, but net profit increased by 67.53% [4][21] Market Trends - The textile and apparel sector underperformed, with the SW textile and apparel index down 1%, lagging behind the Shanghai Composite Index by 2.7% [24] - Cotton prices in China increased by 1.43% this week, with the 3128B index at 15,214 CNY/ton [8][38] - The textile and apparel export for January to July 2025 grew by 0.53%, totaling 170.74 billion USD [55] Consumer Insights - Online sales data from Taobao and Tmall showed improvements in July 2025 for sports and leisure apparel, with notable growth from brands like Baoxini [22][22] - The overall retail sales in China for January to July 2025 increased by 4.8%, with online retail sales growing by 9.2% [22][25]

Group 1 - The core revenue of Lilang Group reached 1.73 billion yuan in the first half of 2025, representing a year-on-year growth of 7.9%, driven by the implementation of a "multi-brand, internationalization" strategy to meet diverse customer needs [1] - Lilang's main brand, LILANZ, has made significant strides in global expansion, with the opening of its first overseas store in Malaysia's Genting World, marking its entry into the Southeast Asian market [3] - The light business series "LESS IS MORE" achieved a remarkable revenue growth of 31.8% to 536 million yuan in the first half of 2025, contributing significantly to the group's overall growth [3] Group 2 - The high-end golf brand MUNSINGWEAR has shown strong online performance in the first half of 2025, receiving positive market feedback and significant growth, with plans to focus on product development in the second half to meet the needs of the new middle class [5] - Lilang aims to deepen its brand philosophy of "simple yet not simplistic," optimize multi-brand operational efficiency, and explore international opportunities to drive sustainable growth [5]

Core Viewpoint - The company reported a mixed financial performance for the first half of 2025, with revenue growth but declines in net profit and operating cash flow, primarily due to increased costs and inventory levels [1][2][3] Financial Performance - Revenue for 2025H1 was 1.73 billion CNY, a year-on-year increase of 7.9%, while net profit was 240 million CNY, down 13.4%, and operating cash flow was 118 million CNY, down 46.61% [1] - The decline in net profit was attributed to increased expense ratios and a decrease in other income, influenced by DTC transformation compensation costs [1] Dividend Distribution - The company declared an interim dividend of 0.11 HKD per share and a special interim dividend of 0.05 HKD per share, resulting in an annual dividend yield of 8.2% [1] Revenue Growth Drivers - Revenue growth was driven by light business and online new retail, with retail sales of LILANZ products showing high single-digit growth in Q1 and mid-single-digit growth in Q2 of 2025 [1][2] - The main brand and light business series revenues for 2025H1 were 1.19 billion CNY and 537 million CNY, respectively, with the light business series growing by 31.8% [1][2] Store Expansion and Channel Strategy - The company operated 2,774 stores as of 2025H1, a 2.4% increase year-on-year, with a net addition of 65 stores [2] - Online new retail sales grew by 24.6%, while the company transitioned from consignment to direct sales in its offline channels [2] Regional Performance - Revenue growth varied by region, with the Northeast showing the highest increase at 361.3%, while the Southwest experienced a decline of 11.4% due to the termination of a distributor partnership [2][3] Profitability Metrics - Gross margin improved to 50.2%, up 0.2 percentage points year-on-year, while operating profit margin (OPM) decreased to 15.1%, down 4.5 percentage points [2][3] - The decline in net profit margin was less severe than OPM due to a decrease in the proportion of income tax [2] Inventory and Receivables Management - Inventory increased to 1.084 billion CNY, up 30.5%, with inventory turnover days rising to 231 days, an increase of 42 days [3] - Accounts receivable rose to 822 million CNY, up 5.8%, with turnover days decreasing to 37 days [3] Investment Outlook - The company is expected to continue its store expansion, with a target of opening 50-100 new stores in the second half of the year [3] - The light business series, e-commerce channels, and international expansion are anticipated to drive growth in the medium term [3] - A joint venture in the golf apparel sector is expected to provide a second growth curve, despite the current small market size [3]

Group 1 - The core viewpoint is that China Lilang has demonstrated resilient growth in the first half of 2025, with total revenue reaching 1.73 billion yuan, a year-on-year increase of 7.9% [1] - The company's ESG strategy is becoming a significant driver of steady performance growth, evidenced by MSCI upgrading Lilang's ESG rating to BB in June 2025, marking the highest level in the company's history [1][2] - Lilang integrates ESG principles into its core operations and product innovation, achieving a balance between environmental protection and profitability [1] Group 2 - The company has implemented energy-saving technologies in its smart factories, significantly reducing energy consumption and emissions [1] - Over half of Lilang's garments are made from eco-friendly materials, and water consumption in denim production has notably decreased [1] - The introduction of innovative products such as water-repellent down jackets and wrinkle-free shirts has enhanced product competitiveness and market acceptance [1][2] Group 3 - Lilang emphasizes trust as a cornerstone of long-term development, executing strict supply chain responsibility management and establishing traceability systems [2] - The "Youth Aesthetic Education Program" has been innovatively implemented in Henan, blending public welfare with brand experience to deepen consumer emotional recognition [2] - The significant improvement in MSCI ESG rating reflects Lilang's success in transforming sustainable development into a core competitive advantage [2]

Core Viewpoint - China Lilang's transformation efforts have not yet resulted in significant performance improvements, as evidenced by its recent financial results showing a decline in net profit despite revenue growth [1][2]. Financial Performance - In the first half of 2025, China Lilang reported revenue of 1.727 billion yuan, a year-on-year increase of 7.9%, while net profit was 243 million yuan, a decrease of 13.4% [1]. - The operating profit for the same period fell by 17.1%, attributed to reduced government subsidies and increased costs related to self-operated stores and e-commerce [1]. - The main product line "LILANZ" saw revenue of 1.191 billion yuan, a slight decline of 0.2% year-on-year, primarily due to channel transformation impacting distribution sales and inventory buyback costs [1]. Transformation Efforts - China Lilang has been undergoing a transformation since 2020, focusing on appealing to younger consumers by changing brand ambassadors and sponsoring popular variety shows [2]. - The brand has introduced a virtual character "LI" to promote its products and has upgraded its visual identity to align with a "minimalist menswear" positioning [2]. - In 2024, the company continued its transformation by launching new product categories and acquiring the brand rights for high-end golf apparel "MUNSINGWEAR" in China [3]. Market Strategy - China Lilang is shifting towards a direct-to-consumer (DTC) model, particularly in Northeast China and Jiangsu Province, replacing the previous distribution model [3]. - The company aims to innovate its business model from selling products to providing services, leveraging localized service advantages for customer engagement [3]. Performance of New Initiatives - The "LESS IS MORE" light business series, targeting younger consumers, achieved a revenue increase of 31.8% in the first half of 2025, supported by a fully direct-operated model and effective new retail marketing strategies [4].