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: 2026年4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 ...

Summary of the Conference Call for China Lilang Company Overview - **Company**: China Lilang - **Industry**: Apparel and Fashion Key Points 2025 Performance and Financial Health - **Revenue Growth**: Achieved 11.6% year-on-year revenue growth, surpassing 4 billion CNY in sales [3] - **Main Brand Growth**: The main brand, Lilang, grew by 6%, supported by channel and product transformation [3] - **DTC Transformation**: DTC (Direct-to-Consumer) transformation has been effective, with regions where agency rights were reclaimed showing revenue growth twice the overall company rate [2][3] - **Light Business Brand**: Revenue for the light business brand increased by 28%, nearing 1 billion CNY, driven by a clear "youth business" market positioning [2][3] - **Cash Flow**: Operating cash flow for 2025 was approximately 540 million CNY, with net cash on the balance sheet reaching 2 billion CNY [2][4] - **Inventory Health**: Inventory increased by over 30%, but the proportion of goods over one year old decreased from 13% to 11% [4] 2026 Growth Outlook - **Revenue Target**: Aiming for over 10% retail revenue growth in 2026, with the main brand focusing on further DTC transformation and reclaiming another province's agency rights [2][4] - **New Retail Contribution**: New retail channels are expected to contribute 15% to revenue growth [4] - **Southeast Asia and Wanxingwei**: Plans to open 6 stores in Southeast Asia and 4 for the Wanxingwei brand, with a focus on steady investment without strict performance targets [2][4] Marketing and Talent Management - **Talent Development**: Emphasis on internal talent cultivation and team vitality, with a stable core management framework [5] - **Marketing Strategy**: Focus on member operations and product discounts to provide direct value to consumers, with plans for more aggressive marketing when market conditions improve [5][6] DTC and Product Strategy - **DTC Growth**: DTC stores in previously underperforming regions have shown revenue growth exceeding company averages [6][7] - **Product Line Diversification**: Transitioning from a single product line to a differentiated multi-category approach, including taste business, urban leisure, and functional travel series [7] Channel Performance - **Outlet Channel**: The outlet channel accounts for nearly 20% of offline revenue, with single-store sales reaching up to 30 million CNY [2][8] - **Profitability**: The main brand maintains a profit margin above 10%, while the light business is currently in a growth phase with lower profit margins [8] Discount and Margin Management - **Discount Rates**: Overall discount rates have decreased to approximately 70-75%, reflecting a structural adjustment to ensure inventory health [9] - **Future Margin Outlook**: Expected to see upward potential in gross margins, driven by DTC transformation and the growth of the light business [9] Recent Sales Performance - **Q1 2026 Sales**: Retail revenue in the first two months of Q1 2026 showed nearly 10% growth, with the main brand experiencing a slight decline in March due to market conditions [10] - **Order Meeting Growth**: The recent autumn order meeting saw nearly 10% year-on-year growth in order amounts [10] Long-term Vision - **Future Goals**: Management aims to reach a revenue scale of 5 billion CNY in the next couple of years, with a focus on multi-brand and international team development [11]

若 閣下已選擇收取本公司的公司通訊（「公司通訊」） （附註） 之印刷本，則隨函附奉 閣下所選擇之本次公司通訊印刷本。 閣下若因任何理由以致在收取或接收載於本公司網站上的本次公司通訊出現困難，本公司將於接到 閣下通知後，盡快 向 閣下免費發送有關本次公司通訊的印刷本； 閣下可以書面方式通知本公司的香港股份過戶登記分處（「股份過戶處」） 香港中央證券登記有限公司，地址為香港灣仔皇后大道東 183 號 合 和中 心 17M 樓 ， 或 發 送電子郵件 至 lilanz.ecom@computershare.com.hk。 閣下有權要求更改所選擇收取日後公司通訊的語言版本及收取方式，請填妥隨附之回條（「回條」），然後以專人交付或使 用回條底部隨附的郵寄標籤將回條寄回股份過戶處（如在香港投寄，毋須貼上郵票；否則，請貼上適當的郵票）；閣下亦 可把已填妥及簽署回條的掃描副本以電子郵件方式發送至 lilanz.ecom@computershare.com.hk。 以電子方式發佈公司通訊之安排 (Incorporated in the Cayman Islands with limited liability) （於開曼群島註 ...

(Incorporated in the Cayman Islands with limited liability) （於開曼群島註冊成立的有限公司） (Stock Code 股份代號: 1234) 各位登記股東： 閣下有權要求更改所選擇收取日後公司通訊的語言版本及收取方式，請填妥隨附之回條（「回條」），然後以專人交付或使 用回條底部隨附的郵寄標籤將回條寄回股份過戶處（如在香港投寄，毋須貼上郵票；否則，請貼上適當的郵票）； 閣下亦 可把已填妥及簽署回條的掃描副本以電子郵件方式發送至 lilanz.ecom@computershare.com.hk。 以電子方式發佈公司通訊之安排 根據自 2023 年 12 月 31 日起生效的擴大無紙化制度及以電子方式發佈公司通訊規定下香港聯合交易所有限公司證券上市 規則（「上市規則」）第 2.07A 條，本公司謹此通知 閣下，本公司已採用以電子方式發佈公司通訊。請注意，所有日後 公司通訊的英文版和中文版將在公司網站 www.lilanz.com 和披露易網站 www.hkexnews.hk 上提供，以代替印刷本。 徵集電子聯絡資料 為確保及時收到最新的公司通訊，本公司建議 ...

（ 於 開 曼 群 島 註 冊 成 立 的 有 限 公 司 ） 為本人╱吾等的代表（附註c），代表本人╱吾等出席二零二六年四月三十日上午十時三十分假座香港夏愨道18號海富中心一期24樓舉行的大會（或 其任何續會），並代表本人╱吾等依照下列欄內所示投票。 請於合適的方格內填上（「✓」）記號，以列明 閣下的投票意向。 （股份代號： 1234） 代表委任表格 訂於二零二六年四月三十日上午十時三十分假座香港夏愨道18號海富中心一期24樓舉行的股東週年大會股東適用的代表委任表格 本人╱吾等 （附註a） ， | 地址為 | ， | | --- | --- | | 為中國利郎有限公司（「本公司」）股本中每股面值0.10港元股份（「股份」）共 | （附註b） 股 | | 的登記持有人，茲委任本公司股東週年大會（「大會」）主席或 | ， | 地址為 | | 普通決議案 | 贊成 | （附註d） | 反對 （附註d） | | --- | --- | --- | --- | --- | | 1. | 省覽並批准截至二零二五年十二月三十一日止年度本公司及其附屬公司的經審核綜合財務 | | | | | | 報表及本公司董事（「董事」） ...

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通告的內容概不負責，對其 準確性或完整性亦不發表任何聲明，並表明不會就本通告全部或任何部分內容而產生或 因依賴該等內容而引致的任何損失承擔任何責任。 另外，作為額外普通事項，考慮並酌情通過下列決議案為普通決議案（無論有否修訂）： （ 於 開 曼 群 島 註 冊 成 立 的 有 限 公 司 ） （股份代號： 1234） 股東週年大會通告 茲通告中國利郎有限公司（「本公司」）謹訂於二零二六年四月三十日（星期四）上午十時三 十分假座香港夏愨道18號海富中心一期24樓舉行股東週年大會，以考慮並酌情處理下列 普通事項： - 1 - 1. 省覽並批准截至二零二五年十二月三十一日止年度本公司及其附屬公司的經審核綜 合財務報表、本公司的董事（「董事」）會報告及核數師（「核數師」）報告。 2. 宣派截至二零二五年十二月三十一日止年度的末期股息每股普通股13港仙及特別末 期股息每股普通股3港仙。 3. 考慮重選以下退任董事（每名董事均按獨立決議案考慮）： (a) 王冬星先生 (b) 王俊宏先生 (c) 章晟曼先生 (d) 廖建文教授 4. 授權董事會（「董事會」）釐定董事的薪酬 ...

此乃要件 請即處理 閣下如對本通函或應採取的行動有任何疑問，務請諮詢 閣下的股票經紀或其他持牌證券交 易商、銀行經理、律師、專業會計師或其他專業顧問。 閣下如已售出或轉讓名下所有中國利郎有限公司的股份，務請立即將本通函連同隨附的代表 委任表格一併送交買家或承讓人，或經手買賣或轉讓的銀行、股票經紀或其他持牌證券交易 商或其他代理傳達買家或承讓人。 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通函的內容概不負責，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通函全部或任何部分內容而產生或因 依賴該等內容而引致的任何損失承擔任何責任。 | 釋義 | | 1 | | --- | --- | --- | | 董事會函件 | | | | 緒言 | | 3 | | 授出一般授權、購回授權及擴大授權 | | 4 | | 建議重選董事 | | 5 | | 應採取的行動 | | 5 | | 以投票方式表決 | | 6 | | 推薦建議 | | 6 | | 一般資料 | | 6 | | 其他事項 | | 6 | | 附錄一 | － 購回授權的說明文件 | 7 | | 附錄二 | － 建議於股東週年大會上重選的董 ...

Financial Performance - Revenue for the year ended December 31, 2025, increased by 11.5% to RMB 4,069.7 million compared to RMB 3,650.0 million in 2024[12] - Gross profit rose by 16.0% to RMB 2,017.8 million, with a gross profit margin of 49.6%, up from 47.7% in the previous year[12] - Profit attributable to equity shareholders increased by 9.0% to RMB 502.4 million, with earnings per share (basic and diluted) rising to RMB 41.96, a 9.0% increase from RMB 38.51[12] - The effective tax rate decreased significantly to 18.4% from 24.3%, reflecting improved tax efficiency[12] - The operating profit margin slightly decreased to 13.6% from 15.1%, indicating a minor decline in operational efficiency[12] - Shareholders' equity per share increased by 4.4% to RMB 351.1, reflecting a solid growth in equity value[12] - Profit attributable to equity shareholders rose by 9.0% to RMB 502.4 million, while the profit margin decreased by 0.3 percentage points to 12.3%[84] - Earnings per share increased by 9.0% to RMB 41.96 cents[90] Dividends - The interim dividend per share decreased by 15.4% to HK11 cents, while the final dividend per share increased by 44.4% to HK13 cents[12] - The company maintained a special interim dividend of HK5 cents per share, unchanged from the previous year[12] - The Board proposed a final dividend of HKD 0.13 per share and a special final dividend of HKD 0.03 per share, totaling HKD 191.6 million[54] - The Group plans to pay a final dividend of HK13 cents per share, totaling approximately HK$191.6 million (equivalent to RMB172.2 million)[87] Store Operations and Expansion - As of December 31, 2025, China Lilang operated 2,817 stores, marking a net increase of 44 stores[22] - The Group opened four stores in Malaysia as part of its international expansion strategy[51] - The total number of retail stores increased to 2,817 by the end of December 2025, with a net increase of 44 stores during the year[102] - The Group opened 1,135 shopping mall and outlet stores by the end of December 2025, accounting for approximately 40.3% of the total store count[101] - The DTC model stores increased to 284 by the end of December 2025, up from 203 at the end of December 2024, indicating a successful channel transformation strategy[100] Sales Performance - The Group's new retail business revenue increased by 25% during the year, with TikTok sales growing by 39% year-on-year[23] - The "LESS IS MORE" smart casual collection achieved revenue growth of 28.4% year-on-year, contributing to improved single-store performance[21] - Revenue from the core collection reached RMB2,922.3 million, an increase of 6.0% from the previous year, due to operational efficiencies after transitioning to a DTC model[55] - Revenue from the smart casual and other collections reached RMB1,147.4 million, maintaining strong momentum with a year-on-year increase of 28.4%[54] - Sales of tops increased by 10.4% year-on-year, accounting for 66.1% of total revenue, driven by strong sales of innovative lightweight down collections[56] - Eastern China remained the largest sales region, with sales growth of 12.8% during the year, significantly benefiting from e-commerce and smart casual sales[60] Cost and Expenses - Cost of sales increased by 7.4% year-on-year to RMB2,051.9 million, with a gross profit margin of 49.6%, up 1.9 percentage points[65] - Selling and distribution expenses increased by RMB199.6 million to RMB1,258.6 million, with an expense to total revenue ratio of 30.9%[69] - Administrative expenses increased to RMB229.2 million, representing 5.6% of total revenue, up from 5.2% the previous year, primarily due to losses from provisions for accounts receivable[76] - Total sales and distribution expenses increased to RMB1,258.6 million, accounting for 30.9% of total revenue, up 1.9 percentage points from the prior year[75] Inventory and Receivables - Average inventory turnover days increased to 226 days from 183 days in 2024, indicating a longer holding period for inventory[13] - The average trade receivables turnover days remained stable at 36 days, while average trade payables turnover days increased to 184 days from 157 days[13] - Total inventory balance rose to RMB1,452.2 million, an increase of RMB365.3 million compared to the previous year[154] - The Group's average trade receivables turnover days remained stable at 36 days, with a loss allowance provision of RMB13.8 million[155] Research and Development - The Group's research and development department comprised 401 staff members, representing 6.9% of the total workforce as of December 2025[123][126] - The Group is committed to strengthening R&D and innovation, focusing on upgrading functional items and optimizing supply chain efficiency[144][146] Environmental, Social, and Governance (ESG) - The Group's ESG rating was upgraded to BB by MSCI, reflecting its commitment to sustainable development and social responsibility[29] - The Group's environmental initiatives include integrating green principles throughout its value chain to reduce its operational environmental footprint[132][135] - The Group's total donations for the Youth Aesthetic Education Plan exceeded RMB7.73 million, benefiting over 88 schools across 25 provinces[132][135] Strategic Goals - The Group aims for total sales growth of no less than 10% in 2026, with a target of 15% growth in new retail sales[34] - The Group plans to increase its store network by approximately 50 to 100 stores in 2026, focusing on high-traffic shopping malls and outlets[139][140] - The Group aims for over 15% growth in new retail channel sales in 2026, leveraging platforms like TikTok and Tmall to enhance online presence[141][145] - The Group will continue to implement its "Multi-brands" strategy, expanding the golf apparel brand "MUNSINGWEAR" and enhancing both offline and online sales channels[142][145] Financial Management - The Group's financial management policies emphasize prudent control of financial risks, with the functional currency being Hong Kong Dollars and financial statements translated into Renminbi[173] - The Group does not employ any financial instruments for hedging purposes, as exchange rate risk at the operational level is not significant[173] - The Group's bank loans maturing within one year increased to RMB809.3 million in 2025 from RMB513.8 million in 2024, resulting in a gearing ratio of 19.2% compared to 12.8% in the previous year[149] Board of Directors - The Board of Directors comprises five Executive Directors, three Non-executive Directors, and four Independent Non-executive Directors[188] - The Board is responsible for major investments, budget plans, and the publication of financial statements, ensuring compliance with corporate governance policies[192] - Continuous professional development is encouraged for all Directors, with training records maintained to enhance their knowledge and skills[199]

Investment Rating - The report maintains a "Buy" rating for key companies in the textile and apparel industry, indicating a positive outlook for the sector in 2026 [4]. Core Insights - The textile manufacturing sector is expected to recover in Q1 2026, driven by improved export orders as U.S. tariff policies become clearer. This recovery is anticipated to benefit leading companies in sub-industries such as wool spinning, dyeing, cotton spinning, and nylon, which are expected to see performance exceed expectations due to inventory appreciation and management improvements [3]. - The apparel and home textile sector is projected to perform well, benefiting from a recovering consumer market and an extended sales season due to the later timing of the Spring Festival in 2026. Leading companies in the home textile sub-industry and sports brands are expected to outperform the sector [3]. - Significant growth in textile and apparel exports was noted in January and February 2026, with textile exports increasing by 20.5% and apparel exports by 14.8% year-on-year, marking the highest growth rates since 2022 [3]. - Retail sales of apparel, shoes, and textiles from major enterprises showed a year-on-year increase of 10.4% in early 2026, with online retail sales of clothing items growing by 18.0% [3]. Summary by Sections Q1 2026 Performance Forecast - The report forecasts a positive performance for various segments, including sports apparel, children's clothing, and home textiles, with expected revenue growth across multiple companies [11][12]. - Specific companies such as 比音勒芬 (Biyinlefen) and 海澜之家 (Hailan Home) are projected to see significant revenue increases, with 比音勒芬 expected to grow by 17% and 海澜之家 by 7% year-on-year [11]. Export Growth of Textiles and Apparel - The textile export value is projected to grow significantly, with a year-on-year increase of 20.5% in early 2026, while apparel exports are expected to rise by 14.8% [16][19]. Retail Sales Growth of Major Enterprises - Retail sales for apparel, shoes, and textiles from major enterprises are expected to increase by 10.4% year-on-year in early 2026, indicating a strong recovery in consumer demand [24]. Online Retail Growth - Online retail sales for clothing categories are anticipated to grow by 18.0%, reflecting a robust shift towards e-commerce in the apparel sector [27]. Key Company Valuations and Financial Analysis - The report includes detailed financial projections for key companies, with several firms expected to see improvements in earnings per share (EPS) and return on equity (ROE) in 2026, indicating a favorable investment environment [4].

2025 Annual Results Agenda 01 Results Highlights 02 Financial Review 03 Business and Operational Review 04 Outlook and Strategy 05 Open Forum 01 Results Highlights 3 Results Highlights YoY 11.5% RMB 4,070 mn RMB Profit Attributable to Equity Shareholders reached 502 49.6% Gross Profit Margin mn YoY 1.9p.p. The core collection generated initial operational benefits during the year after transitioning to the DTC model by reclaiming distribution rights from distributors since last year Revenue increased by 6.0 ...