Group 1 - The core viewpoint of the article is that China Lilang (01234.HK) reported significant growth in retail sales for its "LILANZ" products, with a high single-digit increase in Q4 2025 compared to the same period in 2024 [1] - For the entire year of 2025, the retail sales of "LILANZ" products are expected to show a low double-digit growth compared to 2024 [1]

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。 （ 於 開 曼 群 島 註 冊 成 立 的 有 限 公 司 ） （股份代號： 1234） 二零二五年全年零售表現 二零二五年全年「LILANZ」產品之零售金額（按零售價值計算）與二零二四年同期比較錄得 低雙位數增長。 零售表現數據並不直接構成、代表或表示本集團之收入或財務表現之全面情況。 – 1 – 本公告乃根據董事會初步審閱本集團之未經審核營運數據初稿及董事會現時可獲得資料 後作出，並非以本公司核數師審核或審閱後的數據或資料為基礎，本公告內的資料亦可 能會被修改及調整。故此，本公司股東及潛在投資者於買賣本公司股份時務請審慎行 事。 承董事會命 中國利郎有限公司 主席 王冬星 香港，二零二六年一月十二日 二零二五年第四季度及全年最新營運表現 本公告乃中國利郎有限公司（「本公司」，連同其附屬公司統稱為「本集團」）董事會（「董事 會」）自願發出，以提供本集團近期之營運表現。 二零二五年第四季度零售表現 ...

Group 1: Market Overview and Related Assets - The US stock market showed mixed performance, with the Dow Jones down 0.94%, the Nasdaq up 0.16%, and the S&P 500 down 0.34% [1][6] - Major tech stocks had varied results; Intel rose over 6% due to a new gaming chip plan, while AMD fell over 2%, and other companies like Meta and Qualcomm also saw declines [1][6] Group 2: Sector Highlights and Rotation - The storage chip sector may benefit from international market dynamics, with Samsung Electronics reporting a 208% increase in Q4 profits driven by AI server demand, and DRAM prices rising over 30% quarter-on-quarter [3][8] - ARM announced a restructuring and the establishment of an AI business unit, increasing investment in robotics chip technology, which may impact related companies in the semiconductor supply chain [3][8] Group 3: Macroeconomic and Market Analysis - In international commodities, gold prices surpassed $4,470 per ounce, while silver fell below $77 per ounce, and Bitcoin dropped below $91,000 [4][9][10] - In domestic commodity futures, nickel contracts fell 2% to ¥142,460, while glass contracts rose 2% to ¥1,156 [10] Group 4: International Policies and Market Impact - Trump announced an increase in the 2027 military budget to $1.5 trillion and mandated defense companies to cut dividends and stock buybacks, leading to declines in defense stocks like Lockheed Martin and Northrop [5][11] - Upcoming personal income and PCE data for October and November will be released on January 22, which may influence market expectations regarding Federal Reserve policies [5][11]

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12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: 中國利郎有限公司 呈交日期: 2026年1月5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 ...

Core Viewpoint - A significant cold wave and rain-snow weather are affecting over 20 provinces in China, prompting the need for water-resistant down jackets to combat the harsh conditions [1][2]. Weather Impact - The cold wave is expected to have its broadest impact today and tomorrow, with the strongest rain and snow intensity occurring today. Areas like Xinjiang, Inner Mongolia, and Ningxia have already experienced moderate to heavy snowfall, with snow depths reaching 7 to 15 centimeters [5][6]. - The Central Meteorological Observatory has issued blue alerts for cold waves, strong winds, and heavy snow, indicating severe weather conditions across multiple regions [2]. Clothing Recommendations - The weather conditions necessitate specific types of down jackets. For regions experiencing heavy snow and strong winds, jackets must be both warm and water-resistant to keep the wearer dry and insulated [5][6]. - In the Qinghai-Tibet Plateau, longer and thicker down jackets are recommended for wind protection, while mid-length jackets are suitable for areas with moderate snow [6]. - In southern regions like Guangdong and Guangxi, where temperatures are expected to drop below 20°C, lighter down jackets are suggested to manage the milder cold [6]. Down Jacket Features - The "water-resistant down jacket" from Li-Ning features a "wet and cold grading system" that provides strong water resistance for up to 10,000 minutes, ensuring comfort and dryness [8]. - High down content is crucial for effective insulation, with Li-Ning's jackets containing 95% down, which is among the highest standards in the industry [9]. - Proper fit is essential for warmth; overly tight clothing can hinder blood circulation and reduce insulation effectiveness. Li-Ning's jackets have a loftiness rating of 800+, which enhances warmth [10]. Conclusion - As winter progresses, consumers are advised to prepare adequately for the cold and wet conditions by selecting appropriate winter clothing that offers both warmth and protection against the elements [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11月30日 狀態: 新提交 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12月1日 I. 法定/註冊股本變動 本月底法定/註冊股本總額： HKD 10,000,000,000 第 1 頁 共 10 頁 v 1.1.1 FF301 FF301 II. 已發行股份及/或庫存股份變動 | 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 | | | | | | | | 已發行股份（不包括庫存股份）數目 | | 庫存股份數目 | | 已發行股份總數 | | | 上月底結存 | | | 1,197,484,919 | | 0 | | 1,197,484,919 | | 增加 / 減少 (-) | | | 0 | | 0 | | | | 本月底結存 | | | 1, ...

Market Overview - In October, the A-share textile and apparel sector outperformed the broader market, with textile manufacturing performing better than branded apparel. Since November, the sector has continued to show strong performance, with branded apparel increasing by 3.4% and textile manufacturing by 2.9% [1][12] - The Hong Kong textile and apparel index fell by 4.9% in October but has since turned positive in November [1][19] Brand Apparel Insights - Retail sales of clothing in September grew by 4.7% year-on-year, with a month-on-month increase of 1.6 percentage points [1][21] - E-commerce showed strong performance in October, with all categories experiencing month-on-month growth. Outdoor apparel led year-on-year growth, with sportswear, outdoor wear, leisure wear, home textiles, and personal care products showing growth rates of 0%, +19%, 0%, +1%, and +2% respectively [1][21] - Leading brands in sportswear included Lululemon (+88%), Asics (+47%), and Descente (+35%). In outdoor brands, Kailas (+55%), Berghaus (+41%), and Camel (+39%) showed strong growth. In leisure wear, Dazzle (+93%), Li Ning (+85%), and Xuezhongfei (+49%) experienced rapid growth [1][21] Textile Manufacturing Insights - On a macro level, the textile export growth in October was impacted by high base effects from the previous year, with Vietnam's textile exports declining by 1.0% year-on-year and China's textile exports down by 9.1% [1][21] - Cotton prices showed slight increases in October (+0.7%) while wool prices decreased significantly (-20.9% month-on-month) [1][21] - On a micro level, Taiwanese companies reported mixed revenue performances in October, but outlooks remain optimistic. Companies like Ju Hong expect revenue recovery in Q4, while Wei Hong has strong demand driven by the upcoming World Cup [1][21] Investment Recommendations - Focus on textile manufacturing rebound and consumer innovation opportunities. The fourth-quarter orders in textile manufacturing are expected to recover, suggesting a potential turnaround for companies facing difficulties [3][6] - Key companies to watch include Shenzhou International, which benefits from tariff reductions and Nike's recovery, and Huayi Group, which is seeing continuous improvement in profitability [6][7] Key Company Performance Predictions - Shenzhou International: Maintain "Outperform" rating with an estimated EPS of 4.37 in 2025 and 4.96 in 2026 [7] - Huayi Group: Maintain "Outperform" rating with an estimated EPS of 2.85 in 2025 and 3.48 in 2026 [7] - Kai Run Co.: Maintain "Outperform" rating with an estimated EPS of 1.52 in 2025 and 1.78 in 2026 [7] - New Australia Co.: Maintain "Outperform" rating with an estimated EPS of 0.63 in 2025 and 0.71 in 2026 [7]

Core Insights - LILANZ has opened its first store featuring the cutting-edge "Future Business" retail concept in Pavilion Bukit Jalil, Kuala Lumpur, marking its second store in Malaysia and a significant step in its internationalization process [1][3] Store Concept and Design - The new store spans approximately 4,350 square feet and is designed as a "Future Commuting Hub," embodying the aesthetic of "Surreal Future Business" while integrating the brand's philosophy of "Simple Yet Not Simple" into the overall spatial narrative [3] - The store's design incorporates local cultural elements and modern architectural language, creating an immersive experience through movement and light [3] Product Offering - The 2025 Autumn/Winter collection has been launched at the new store, continuing the brand's three core concepts: SMART (Business Casual), URBANCASUAL (Urban Leisure), and PERFORMANCEWEAR (Functional Business Travel), catering to modern men's diverse dressing needs [5] Market Strategy - The opening of the Pavilion Bukit Jalil store complements the earlier launch of the LILANZ store at Genting World, creating a strategic network that targets different customer segments [7] - The Genting store has benefited from tourist traffic, enhancing brand visibility among international visitors, while the Pavilion store is located in a high-end shopping center with significant daily foot traffic, attracting local middle to high-income consumers and young elites [7] Localization and Customer Feedback - The new store's design incorporates local materials, such as Malaysian bamboo, adding a natural touch and cultural resonance, which has received positive feedback from initial customers [9] International Expansion Strategy - LILANZ's expansion in Malaysia aligns with its "multi-brand, internationalization" strategy, allowing the brand to reach diverse consumer groups [10] - The brand continues to strengthen its core positioning in business menswear while targeting younger consumers with its LESS IS MORE line, which offers more design-oriented and fashionable products [10] Future Plans - LILANZ aims to deepen its presence in the Malaysian market and use it as a base for systematic expansion in Southeast Asia through ongoing store network growth and operational optimization [13]

Core Insights - The article highlights the top short-selling ratios and amounts for various companies, indicating significant market sentiment against these stocks [1][2]. Short-Selling Ratios - Lenovo Group-R (80992) has the highest short-selling ratio at 89.80% with a short-selling amount of 194.85 thousand [2]. - JD Group-SWR (89618) follows with a short-selling ratio of 82.03% and an amount of 18.12 thousand [2]. - Xiaomi Group-WR (81810) ranks third with a short-selling ratio of 69.31% and a short-selling amount of 150.53 thousand [2]. Short-Selling Amounts - Tencent Holdings (00700) leads in short-selling amount with 1.774 billion, representing a short-selling ratio of 18.90% [2]. - Alibaba-SW (09988) is second with a short-selling amount of 1.675 billion and a ratio of 17.89% [2]. - Pop Mart (09992) ranks third with a short-selling amount of 869 million and a ratio of 15.69% [2]. Deviation Values - Xiaomi Group-WR (81810) has the highest deviation value at 37.71%, indicating a significant difference from its past average short-selling ratio [2]. - Wynn Macau (01128) follows with a deviation value of 30.40% [2]. - Midea Group (N23078) ranks third with a deviation value of 23.49% [2].

Core Insights - The article highlights the top short-selling stocks in the market, with Anta Sports, JD Group, and Tencent Holdings leading in short-selling ratios at 100.00%, 100.00%, and 95.83% respectively [1][2] - Alibaba, Xiaomi, and Pop Mart have the highest short-selling amounts, with figures of 1.746 billion, 1.525 billion, and 1.523 billion respectively [1][2] - The deviation values, which indicate the difference between current short-selling ratios and the average over the past 30 days, show Alibaba, Tencent, and JD Group at 50.20%, 42.97%, and 42.21% respectively [1][2] Short-Selling Ratio Rankings - Anta Sports-R (82020) and JD Group-SWR (89618) both have a short-selling ratio of 100.00%, while Tencent Holdings-R (80700) follows closely at 95.83% [2] - The short-selling amounts for the top three stocks are: Anta Sports-R at 59,000, JD Group-SWR at 636,800, and Tencent Holdings-R at 1,332,200 [2] Short-Selling Amount Rankings - Alibaba-SW (09988) leads with a short-selling amount of 1.746 billion, followed by Xiaomi Group-W (01810) at 1.525 billion and Pop Mart (09992) at 1.523 billion [2] - Other notable mentions include Tencent Holdings (00700) with 1.369 billion and Kuaishou-W (01024) with 710 million [2] Deviation Value Rankings - Alibaba-SWR (89988) has the highest deviation value at 50.20%, indicating a significant difference from its historical average short-selling ratio [2] - Tencent Holdings-R (80700) and JD Group-SWR (89618) also show high deviation values of 42.97% and 42.21% respectively [2]