2025 Interim 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 4 Results Highlights 23.4 20.2 18 16 2024H1 2025H1 Earnings per share (basic RMB cents) Dividend per share (HKD cents) Earnings per share (basic) and Dividend per share 71.7 75.1 2024H1 2025H1 Accumulated dividends (HKD 100mn) and Dividend payout ratio 18 16 12 2024 2025H1 Interim Final Dividends per share 30 71.9% 72.4% Rev ...

主系列收入为11.906亿元，同比减少0.2%，主要原因是渠道转型导致分销业务销售收入下跌以及库存回 购费用扣减。轻商务及其他系列收入为5.366亿元，同比增长31.8%，主要受门店销售和新零售的带动。 公司继续推进向DTC（直面消费者）模式转型，并在山东和重庆收回了一级分销商的经营权。通过开设 购物中心店和奥特莱斯店，并关闭低效门店，优化销售渠道。截至6月底，共有2774家门店，净增1家。 新零售业务保持良好发展势头，线上销售额同比增长24.6%，表现优于整体业绩。 （文章来源：证券时报网） 中国利郎公布，上半年收益为17.272亿元，同比增长7.9%；纯利为2.425亿元，同比下降13.4%。 ...

Core Viewpoint - China Lilang (01234) experienced a nearly 5% decline in stock price, reporting a drop of 4.9% to HKD 3.69, with a trading volume of HKD 4.499 million [1] Financial Performance - For the six months ending June 30, 2025, the company reported revenue of RMB 1.727 billion, an increase of 7.9% year-on-year [1] - Profit attributable to equity shareholders was RMB 243 million, a decrease of 13.4% year-on-year [1] - Basic earnings per share were 20.2 cents [1] - The company proposed an interim dividend of HKD 0.11 per share and a special interim dividend of HKD 0.05 per share, compared to HKD 0.18 per share in the same period last year [1] Revenue Breakdown - The main series generated revenue of RMB 1.191 billion, a slight decrease of 0.2% year-on-year, primarily due to channel transformation efforts, including the recovery of distributor rights in Shandong and Chongqing, leading to a decline in sales revenue from distribution business [1] - The light business and other series continued to show growth, achieving revenue of RMB 537 million, a significant increase of 31.8% year-on-year, driven by sales in stores and new retail initiatives [1]

公告称，主系列取得收入为11.91亿元，同比减少0.2%，此乃由于集团因应渠道转型，在山东省及重庆 市收回分销商经营权令分销业务销售收入下跌、向原分销商回购库存费用从销售收入扣减，以为终止合 作支付的补偿金所致。轻商务及其他系列增长势头持续，取得收入5.37亿元，同比增长31.8%，增长由 轻商务在门店销售和新零售的带动。 中国利郎(01234)发布截至2025年6月30日止六个月中期业绩，收入17.27亿元(人民币，下同)，同比增加 7.9%;权益股东应占利润2.43亿元，同比减少13.4%;每股基本盈利20.2分;拟派发中期股息每股11港仙及特 别中期股息每股5港仙。 ...

EF001 發行人所發行上市權證/可轉換債券的相關信息 發行人所發行上市權證/可轉換債券 不適用 其他信息 其他信息 不適用 發行人董事 董事會包括執行董事王良星先生、王聰星先生、潘榮彬先生、王俊宏先生及王智勇先生；非執行董事王冬星先生、蔡榮華先生及胡 誠初先生；以及獨立非執行董事賴世賢先生、章晟曼先生、廖建文教授及蔣展教授 EF001 免責聲明 | 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 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。 | | | --- | --- | | 股票發行人現金股息公告 | | | 發行人名稱 | 中國利郎有限公司 | | 股份代號 | 01234 | | 多櫃檯股份代號及貨幣 | 不適用 | | 相關股份代號及名稱 | 不適用 | | 公告標題 | 截至二零二五年六月三十日止六個月之特別股息 | | 公告日期 | 2025年8月12日 | | 公告狀態 | 新公告 | | 股息信息 | | | 股息類型 | 中期（半年期） | | 股息性質 | 特別股息 | | ...

EF001 發行人所發行上市權證/可轉換債券的相關信息 發行人所發行上市權證/可轉換債券 不適用 其他信息 其他信息 不適用 發行人董事 EF001 免責聲明 | 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 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。 | | | --- | --- | | 股票發行人現金股息公告 | | | 發行人名稱 | 中國利郎有限公司 | | 股份代號 | 01234 | | 多櫃檯股份代號及貨幣 | 不適用 | | 相關股份代號及名稱 | 不適用 | | 公告標題 | 截至二零二五年六月三十日止六個月之中期股息 | | 公告日期 | 2025年8月12日 | | 公告狀態 | 新公告 | | 股息信息 | | | 股息類型 | 中期（半年期） | | 股息性質 | 普通股息 | | 財政年末 | 2025年12月31日 | | 宣派股息的報告期末 | 2025年6月30日 | | 宣派股息 | 每 股 0.11 HKD | | 股東批准日期 | 不適用 | | 香港過 ...

[Financial Highlights](index=4&type=section&id=Financial%20Highlights) The Group's first-half 2025 revenue grew 7.9% to RMB 1.727 billion, while operating profit and profit attributable to equity holders declined, and inventory turnover days increased [Financial Highlights](index=4&type=section&id=Financial%20Highlights) For the six months ended June 30, 2025, the Group's revenue increased by 7.9% to RMB 1.727 billion year-on-year, but operating profit and profit attributable to equity holders decreased by 17.1% and 13.4% respectively, with average inventory turnover days significantly increasing to 231 days 2025 First Half Key Financial Metrics | Metric | H1 2025 | H1 2024 | Change | | :--- | :--- | :--- | :--- | | **Revenue** | RMB 1.727 billion | RMB 1.600 billion | +7.9% | | **Gross Profit** | RMB 868 million | RMB 801 million | +8.4% | | **Operating Profit** | RMB 260 million | RMB 314 million | -17.1% | | **Profit Attributable to Equity Holders** | RMB 243 million | RMB 280 million | -13.4% | | **Basic Earnings Per Share** | RMB 20.2 cents | RMB 23.4 cents | -13.6% | | **Interim Dividend Per Share** | 11 HK cents | 13 HK cents | -15.4% | | **Special Interim Dividend Per Share** | 5 HK cents | 5 HK cents | Unchanged | | **Gross Profit Margin** | 50.2% | 50.0% | +0.2 percentage points | | **Operating Profit Margin** | 15.1% | 19.6% | -4.5 percentage points | | **Average Inventory Turnover Days** | 231 days | 189 days | Increased 42 days | [Management Discussion and Analysis](index=6&type=section&id=Management%20Discussion%20and%20Analysis) The Group achieved 7.9% revenue growth amidst a complex international trade environment and cautious domestic consumption, actively pursuing strategic transformation and internationalization [Overall Performance Overview](index=6&type=section&id=Overall%20Performance%20Overview) Despite a complex international trade environment and cautious domestic consumption, the Group's revenue grew by 7.9% in the first half of 2025, driven by strategic transformation, DTC model success, and international expansion - Facing a cautious consumer environment, the Group actively pursued strategic transformation, including transitioning to a DTC model, optimizing sales channels, and expanding new retail businesses[10](index=10&type=chunk)[12](index=12&type=chunk)[17](index=17&type=chunk) - New retail business showed strong momentum, with online sales growing **24.6% year-on-year**, outperforming the Group's overall performance[14](index=14&type=chunk)[19](index=19&type=chunk) - The Group launched a "multi-brand, internationalization" strategy, opening its first overseas store in Malaysia and commencing online sales of the golf apparel brand MUNSINGWEAR[15](index=15&type=chunk)[19](index=19&type=chunk) [Financial Review](index=8&type=section&id=FINANCIAL%20REVIEW) Total revenue grew 7.9% to RMB 1.727 billion, driven by strong growth in the casual business and other series, while operating profit and profit attributable to equity holders declined due to reduced government subsidies and increased direct store expenses [Revenue Analysis](index=8&type=section&id=Revenue) Total Group revenue increased by 7.9%, with the "Casual Business and Other Series" showing strong growth, while regional performance varied due to channel transformation and distributor changes Revenue by Series (RMB Million) | Series | H1 2025 | % of Total | H1 2024 | % of Total | Growth Rate | | :--- | :--- | :--- | :--- | :--- | :--- | | **Main Series** | 1,190.6 | 68.9% | 1,193.0 | 74.6% | -0.2% | | **Casual Business and Other Series** | 536.6 | 31.1% | 407.0 | 25.4% | +31.8% | | **Total** | **1,727.2** | **100.0%** | **1,600.0** | **100.0%** | **+7.9%** | Revenue by Region (RMB Million) | Region | H1 2025 | Change | | :--- | :--- | :--- | | North China | 127.1 | +1.4% | | Northeast China | 80.2 | +361.3% | | East China | 766.0 | +6.9% | | Central South China | 389.5 | +6.6% | | Southwest China | 181.9 | -11.4% | | Northwest China | 182.0 | +7.2% | | Overseas | 0.5 | N/A | [Cost, Expense, and Profit Analysis](index=10&type=section&id=Profitability%20Analysis) Gross profit margin slightly increased by 0.2 percentage points to 50.2% due to higher direct sales, but operating profit decreased by 17.1% to RMB 260 million due to increased selling and administrative expenses and reduced government subsidies - Gross profit margin slightly increased by **0.2 percentage points to 50.2%** due to a higher proportion of direct sales[35](index=35&type=chunk)[37](index=37&type=chunk) - Selling and distribution expenses increased to **RMB 546 million**, accounting for **31.6% of total revenue**, primarily due to increased direct store and e-commerce expenses[41](index=41&type=chunk)[42](index=42&type=chunk)[47](index=47&type=chunk) - Operating profit decreased by **17.1% year-on-year to RMB 260 million**, mainly due to reduced government subsidies and increased direct store expenses[45](index=45&type=chunk)[50](index=50&type=chunk) [Dividend](index=12&type=section&id=Dividend) The Board recommended an interim dividend of 11 HK cents and a special interim dividend of 5 HK cents per ordinary share for FY2025, totaling approximately HKD 191.6 million 2025 Interim Dividend Proposal | Dividend Type | Amount per share (HK cents) | Same period 2024 (HK cents) | | :--- | :--- | :--- | | Interim Dividend | 11 | 13 | | Special Interim Dividend | 5 | 5 | [Business Review](index=12&type=section&id=BUSINESS%20REVIEW) The Group deepened its presence in the men's wear market with a differentiated brand matrix, successfully transforming its core "LILANZ" series to a DTC model in some regions and achieving significant growth in new retail channels [Brand Performance](index=13&type=section&id=Brand%20Performance) The core "LILANZ" series continued its DTC model transformation, expanding DTC stores, while the "LESS IS MORE" casual business series achieved 31.8% revenue growth - The "LILANZ" main series advanced its DTC model transformation in Northeast, Jiangsu, Shandong, and Chongqing, increasing DTC store count to **273**[63](index=63&type=chunk)[64](index=64&type=chunk)[66](index=66&type=chunk) - The "LESS IS MORE" casual business series revenue grew **31.8% year-on-year**, with a net increase of **9 stores to 331**[65](index=65&type=chunk)[67](index=67&type=chunk)[68](index=68&type=chunk) [Store Network and Channel Strategy](index=14&type=section&id=Store%20Network) As of June 30, 2025, the Group's total retail stores numbered 2,774, with a net increase of 1, focusing on premium shopping mall and outlet stores, while new retail business revenue significantly grew by 24.6% Store Count Changes | Metric | June 30, 2025 | December 31, 2024 | Net Change during Period | | :--- | :--- | :--- | :--- | | **Total Stores** | 2,774 | 2,773 | +1 | | **Shopping Mall Stores** | 957 | 933 | +24 | | **Outlets Stores** | 121 | 103 | +18 | - New retail business revenue grew **24.6% year-on-year**, with channels upgrading from inventory clearance to new product sales platforms[77](index=77&type=chunk)[80](index=80&type=chunk) [Strategic Initiatives and Innovation](index=16&type=section&id=Strategic%20Initiatives) The Group made substantial progress in its "multi-brand, internationalization" strategy, completing brand acquisition and opening its first overseas store, while also achieving significant R&D and ESG milestones - "Multi-brand, internationalization" strategy advanced: completed "MUNSINGWEAR" acquisition and opened the first overseas store in Malaysia[78](index=78&type=chunk)[79](index=79&type=chunk)[81](index=81&type=chunk) - Significant R&D innovation achievements, with products like water-repellent down 3.0 and durable white non-iron shirts receiving multiple certifications and international awards[84](index=84&type=chunk)[85](index=85&type=chunk)[88](index=88&type=chunk) - Released the first independent ESG report, with MSCI ESG rating upgraded to BB, and continued investment in aesthetic education public welfare and environmental protection activities[101](index=101&type=chunk)[102](index=102&type=chunk)[104](index=104&type=chunk) [Prospects](index=21&type=section&id=PROSPECTS) The Group aims for 50-100 net new stores and over 20% growth in new retail business for FY2025, with overall sales growth of at least 10%, while accelerating its "multi-brand, internationalization" strategy FY2025 Full-Year Performance Guidance | Metric | Target | | :--- | :--- | | **Net Store Openings** | 50 - 100 stores | | **New Retail Business Revenue Growth** | ≥ 20% | | **Overall Sales Growth** | ≥ 10% | - Will continue to leverage the operational advantages of the DTC model and moderately expand its scale based on market conditions[108](index=108&type=chunk)[110](index=110&type=chunk) - Accelerate the "multi-brand, internationalization" strategy, with physical stores for "MUNSINGWEAR" opening in the second half and further expansion into Malaysia and Southeast Asian markets[115](index=115&type=chunk)[117](index=117&type=chunk) [Liquidity and Financial Resources](index=23&type=section&id=LIQUIDITY%20AND%20FINANCIAL%20RESOURCES) As of June 30, 2025, the Group maintained a robust financial position with total cash and bank balances of RMB 2.924 billion, while average inventory turnover days increased to 231 days Cash and Bank Balances (RMB Million) | Item | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Pledged bank deposits | 795.3 | 995.7 | | Cash and cash equivalents | 517.0 | 827.0 | | Bank fixed deposits | 1,611.7 | 1,334.7 | | **Total** | **2,924.0** | **3,157.4** | Working Capital Turnover Days | Metric | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Average inventory turnover days | 231 | 189 | | Average trade receivables turnover days | 37 | 39 | | Average trade payables turnover days | 179 | 162 | - As of June 30, 2025, the Group had **5,191 employees**, with total employee costs of approximately **RMB 291 million** during the period[142](index=142&type=chunk)[146](index=146&type=chunk) [Review Report of the Auditor](index=27&type=section&id=Review%20Report%20of%20the%20Auditor) KPMG reviewed the interim financial report for the six months ended June 30, 2025, finding no material issues indicating non-compliance with IAS 34 [Review Report of the Auditor](index=27&type=section&id=Review%20Report%20of%20the%20Auditor) KPMG conducted a review of the company's interim financial report for the six months ended June 30, 2025, concluding no material issues indicating non-compliance with International Accounting Standard 34 - Review scope: The auditor conducted a review of the interim financial report in accordance with Hong Kong Standard on Review Engagements 2410[150](index=150&type=chunk)[152](index=152&type=chunk) - Review conclusion: No material issues were found indicating the financial report was not prepared in accordance with International Accounting Standard 34[154](index=154&type=chunk)[155](index=155&type=chunk) [Condensed Consolidated Financial Statements](index=29&type=section&id=Condensed%20Consolidated%20Financial%20Statements) This section presents the Group's condensed consolidated financial statements, including statements of profit or loss, financial position, changes in equity, and cash flows [Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=29&type=section&id=Condensed%20Consolidated%20Statement%20of%20Profit%20or%20Loss%20and%20Other%20Comprehensive%20Income) This statement details revenue, cost of sales, expenses, operating profit, profit before tax, and profit for the period for the six months ended June 30, 2025, showing revenue of RMB 1.727 billion and profit for the period of RMB 240 million Profit or Loss Statement Summary (RMB Thousand) | Item | H1 2025 | H1 2024 | | :--- | :--- | :--- | | **Revenue** | 1,727,215 | 1,600,043 | | **Gross Profit** | 867,760 | 800,528 | | **Operating Profit** | 260,107 | 313,826 | | **Profit for the Period** | 240,095 | 280,142 | | **Attributable to Equity Holders of the Company** | 242,525 | 280,142 | [Condensed Consolidated Statement of Financial Position](index=30&type=section&id=Condensed%20Consolidated%20Statement%20of%20Financial%20Position) This statement presents the Group's assets, liabilities, and equity as of June 30, 2025, with total assets of RMB 6.675 billion, total liabilities of RMB 2.427 billion, and net assets of RMB 4.248 billion Financial Position Statement Summary (RMB Thousand) | Item | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | **Non-current assets** | 2,102,207 | 3,015,500 | | **Current assets** | 4,572,454 | 3,838,123 | | **Current liabilities** | 2,361,345 | 2,050,709 | | **Non-current liabilities** | 65,351 | 747,708 | | **Net Assets** | 4,247,965 | 4,055,206 | [Condensed Consolidated Statement of Changes in Equity](index=32&type=section&id=Condensed%20Consolidated%20Statement%20of%20Changes%20in%20Equity) This statement reflects changes in equity items such as share capital, reserves, and retained earnings during the period, including the impact of profit for the period, dividends paid, and other comprehensive income - As of June 30, 2025, total equity attributable to equity holders of the Company increased from **RMB 4.026 billion** at the beginning of the period to **RMB 4.123 billion**[165](index=165&type=chunk) [Condensed Consolidated Statement of Cash Flows](index=33&type=section&id=Condensed%20Consolidated%20Statement%20of%20Cash%20Flows) This statement summarizes cash inflows and outflows from operating, investing, and financing activities, showing net cash generated from operating activities of RMB 118 million, net cash used in investing activities of RMB 80 million, and net cash used in financing activities of RMB 347 million, resulting in a net decrease of RMB 310 million in cash and cash equivalents Cash Flow Statement Summary (RMB Thousand) | Item | H1 2025 | | :--- | :--- | | **Net cash generated from operating activities** | 117,695 | | **Net cash used in investing activities** | (80,050) | | **Net cash used in financing activities** | (347,336) | | **Net decrease in cash and cash equivalents** | (309,691) | [Notes to the Unaudited Interim Financial Report](index=34&type=section&id=Notes%20to%20the%20Unaudited%20Interim%20Financial%20Report) This section provides detailed explanations and supplementary information for the condensed consolidated financial statements, covering preparation basis, accounting policy changes, revenue recognition, taxation, EPS, asset/liability details, dividends, equity-settled transactions, and related party transactions [Notes to the Unaudited Interim Financial Report](index=34&type=section&id=Notes%20to%20the%20Unaudited%20Interim%20Financial%20Report) This section provides detailed explanations and supplementary information for the condensed consolidated financial statements, including the basis of preparation, accounting policy changes, and specific details on various financial items and transactions - The notes provide detailed explanations of the basis of preparation for the financial statements, adhering to International Accounting Standard 34 "Interim Financial Reporting"[168](index=168&type=chunk) - Note 18 details the interim, special interim, and final dividend amounts declared and proposed during the period[236](index=236&type=chunk)[237](index=237&type=chunk)[238](index=238&type=chunk) - Notes 12 and 16 provide aging analyses for trade receivables and trade payables, respectively[207](index=207&type=chunk)[228](index=228&type=chunk)[232](index=232&type=chunk) [Other Information](index=49&type=section&id=Other%20Information) This section includes disclosures of interests for directors and major shareholders, details of the share option scheme, and corporate governance matters [Disclosure of Interests](index=49&type=section&id=Disclosure%20of%20Interests) This chapter discloses the interests of the company's directors, chief executives, and major shareholders in the company's shares and related shares as of June 30, 2025, with major shareholders holding significant stakes - Major shareholder Xiao Sheng International Limited holds **692,345,000 shares**, representing approximately **58.77%** of the company's equity[261](index=261&type=chunk) - Executive Directors Wang Liangxing, Wang Congxing, and Non-executive Director Wang Dongxing directly hold company shares and indirectly hold interests through Xiao Sheng International[252](index=252&type=chunk)[253](index=253&type=chunk) [Share Option Scheme](index=54&type=section&id=Share%20Option%20Scheme) The company adopted a share option scheme on April 23, 2019, with 10,739,000 unexercised share options at an exercise price of HKD 4.31 as of June 30, 2025 - As of June 30, 2025, a total of **10,739,000 share options** remained unexercised under the share option scheme[269](index=269&type=chunk) - During the period, **67,000 share options** granted to employees lapsed, with no options exercised or cancelled[269](index=269&type=chunk) [Corporate Governance and Other Matters](index=56&type=section&id=Corporate%20Governance%20and%20Other%20Matters) The company complied with all corporate governance code provisions during the reporting period, with interim results reviewed by the audit committee and KPMG, and no purchases, sales, or redemptions of listed securities - The company complied with all code provisions of the Corporate Governance Code for the six months ended June 30, 2025[275](index=275&type=chunk)[280](index=280&type=chunk) - To determine entitlement to interim and special interim dividends, the register of members will be closed from **September 5 to 8, 2025**[284](index=284&type=chunk)

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8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 ...

香港交易及結算所有限公司以及香港聯合交易所有限公司對本公告之內容概不負責，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分 內容而產生或因倚賴該等內容而引致之任何損失承擔任何責任。 中國利郎有限公司（「本公司」）董事會（「董事會」）謹此公告，本公司將於二零二五年八月 十二日星期二舉行董事會會議，其中議程包括批准本公司及其附屬公司截至二零二五年 六月三十日止六個月的未經審核綜合中期業績，以及考慮派付中期股息（如有）。 承董事會命 中國利郎有限公司 公司秘書 岑嗣宗 香港，二零二五年七月三十一日 於本公告日期，執行董事為王良星先生、王聰星先生、潘榮彬先生、王俊宏先生及王智 勇先生；非執行董事為王冬星先生、蔡榮華先生及胡誠初先生；而獨立非執行董事為賴 世賢先生、章晟曼先生、廖建文教授及蔣展教授。 1234 董事會會議日期 ...

Core Insights - The Chinese men's clothing industry is projected to reach a market size of approximately 650 billion yuan in 2024, with a compound annual growth rate (CAGR) of 4.83% over the past five years [1][3]. Market Segmentation - Men's clothing can be categorized into formal wear, casual wear, sportswear, and underwear. Formal wear includes suits, shirts, and ties; casual wear encompasses casual pants, jackets, and T-shirts; sportswear consists of sports jackets, pants, and undergarments; while underwear includes base layers and thermal wear [3]. - According to Statista, the men's pants market and men's sportswear and swimwear market are the two largest segments within the Chinese men's clothing industry, accounting for 24% and 16% of the market share, respectively [3]. Industry Competition - Leading companies in the Chinese men's clothing sector include Hailan Home (海澜之家), China Lilang (中国利郎), and Baoxini (报喜鸟). The specific competitive landscape and strategies of these companies are detailed in the report by Qianzhan Industry Research Institute [5].