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10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: 蠟筆小新休閒食品集團有限公司 (於百慕達註冊成立的有限公司) 呈交日期: 2025年11月3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) | 01262 | 說明 | 蠟筆小新食品 | | | | | | | | | 法定/註冊股份數目 | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 500,000,000 USD | | 0.001 | USD | | 500,000 | | 增加 / 減少 (-) | | | | | | USD | | | | 本月底結存 | | | 500,000,000 USD | | 0.001 | USD | | 500,000 | 本月底法定/註 ...

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9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: 蠟筆小新休閒食品集團有限公司 (於百慕達註冊成立的有限公司) 呈交日期: 2025年10月2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) | 01262 | 說明 | 蠟筆小新食品 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 500,000,000 | USD | | 0.001 | USD | | 500,000 | | 增加 / 減少 (-) | | | | | | | USD | | | | 本月底結存 | | | 500,000,000 | USD | | 0.001 | USD | | ...

目錄 1 目錄 蠟筆小新休閒食品集團有限公司 中期報告 2025 公司資料 2 財務摘要 4 管理層討論及分析 5 簡明綜合損益及其他全面收益表 9 簡明綜合財務狀況表 10 簡明綜合權益變動表 12 簡明綜合現金流量表 13 簡明綜合財務報表附註 14 其他資料 30 蠟筆小新休閒食品集團有限公司 中期報告2025 公司資料 註冊辦事處 Clarendon House, 2 Church Street, Hamilton HM 11, Bermuda 總部及中國主要營業地點 中國 福建省晉江市 五里工業園區 香港營業地點 香港北角 英皇道510號 港運大廈 21樓2108室 上市地點及股份代號 香港聯合交易所有限公司 股份代號：1262 公司網址 http://www.lbxxgroup.com （此網站所載的資料並不構成本中期報告的一部分） 董事局 執行董事 鄭育煥 （主席） 鄭育雙 （行政總裁） 鄭育龍 吳瓊瑤 非執行董事 李鴻江 （副主席） 獨立非執行董事 李標 鍾有棠 蘇清棟， 太平紳士 公司秘書 陳貽烙 授權代表 鄭育雙 陳貽烙 審核委員會 鍾有棠 （主席） 李標 蘇清棟， 太平紳士 薪酬委員會 ...

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8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: 蠟筆小新休閒食品集團有限公司 (於百慕達註冊成立的有限公司) 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) | 01262 | 說明 | 蠟筆小新食品 | | | | | | | | | 法定/註冊股份數目 | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 500,000,000 USD | | 0.001 | USD | | 500,000 | | 增加 / 減少 (-) | | | | | | USD | | | | 本月底結存 | | | 500,000,000 USD | | 0.001 | USD | | 500,000 | 本月底法定/註冊股 ...

Core Viewpoint - The 28th Chengdu International Auto Show showcases nearly 120 automotive brands and over 1,600 vehicles, highlighting the latest innovations and future trends in the global automotive industry [1] Group 1: Company Overview - Chery's RELY brand launched its smart pickup truck platform, "Weilin Kaitian," at the Chengdu Auto Show, aiming to capture a significant share of the global smart pickup market [1][4] - The brand's general manager, Zhang Jiaming, emphasized the importance of balancing intelligent experience, practical value, and price in their offerings [4] Group 2: Product Highlights - The "Weilin Kaitian" platform features four key advantages: globalization, flexibility, open-source power, and a digital chassis, aiming to provide revolutionary user experiences [4] - The Weilin P3X is designed as a leader in smart hybrid pickups, focusing on new energy and intelligent scenarios, with capabilities for over 100 different use cases [7] - The Weilin P2X is positioned as an electric professional pickup aimed at enhancing production efficiency through seamless integration of smart ecosystems [9] - The Weilin R08, developed through extensive user research, includes features like intelligent connectivity and L2-level driving assistance, making it a user-centric smart pickup [10][12] Group 3: Market Context - The global pickup market is heavily dominated by diesel power, which accounts for 78% of the market share, but the rise of new energy vehicles (NEVs) is beginning to disrupt this landscape [5] - RELY aims to leverage its 28 years of technological expertise to fill the gap in the diesel hybrid market, positioning itself as a key player in the evolving pickup segment [5]

Core Viewpoint - Crayon Shin-chan Foods (01262) reported a mid-term performance for the six months ending June 30, 2025, showing a revenue of 516 million RMB, representing a year-on-year increase of 4.5% [1] - The company achieved a profit attributable to shareholders of 2.524 million RMB, a significant turnaround from a loss of 43.645 million RMB in the same period last year, indicating a successful recovery [1] - Basic earnings per share were reported at 0.01 RMB [1] Financial Performance - Revenue for the period reached 516 million RMB, marking a 4.5% increase compared to the previous year [1] - The company turned a profit with a net income of 2.524 million RMB, compared to a loss of 43.645 million RMB in the prior year [1] - Basic earnings per share stood at 0.01 RMB, reflecting the company's improved financial health [1]

Core Viewpoint - Crayon Shin-chan Food (01262.HK) reported a revenue of RMB 516 million for the six months ending June 30, 2025, representing a year-on-year increase of 4.5% [1] Financial Performance - The gross profit for the same period was RMB 131.5 million, showing a year-on-year decrease of 3.0% [1] - The net profit attributable to equity holders was RMB 2.524 million, a significant recovery from a net loss of RMB 43.645 million in the same period last year [1] - Basic earnings per share were RMB 0.01 [1]

Core Viewpoint - Crayon Shin-chan Foods (01262) reported a mid-term performance for the six months ending June 30, 2025, showing a revenue of 516 million RMB, representing a year-on-year increase of 4.5% [1] - The company achieved a profit attributable to shareholders of 2.524 million RMB, a significant turnaround from a loss of 43.645 million RMB in the same period last year, indicating a successful recovery [1] - Basic earnings per share were reported at 0.01 RMB [1] Financial Performance - Revenue for the period reached 516 million RMB, marking a 4.5% increase compared to the previous year [1] - The company turned a profit with an attributable profit of 2.524 million RMB, contrasting with a loss of 43.645 million RMB from the prior year [1] - Basic earnings per share stood at 0.01 RMB [1]

```markdown [Financial Highlights](index=1&type=section&id=Financial%20Highlights) The Group reported unaudited H1 2025 results, showing a **4.5%** revenue increase to **RMB 516 million**, a turnaround to profit, and significant improvements in EBITDA and net profit margins Financial Performance Summary | Metric | 2025 (RMB million) | 2024 (RMB million) | Change | | :--- | :--- | :--- | :--- | | Revenue | 516.0 | 493.8 | +4.5% | | Gross Profit | 131.5 | 135.6 | -3.0% | | EBITDA/(LBITDA) | 28.6 | (11.1) | N/A | | Profit/(Loss) for the Period | 2.5 | (43.6) | N/A | | Gross Margin | 25.5% | 27.5% | -2.0 percentage points | | EBITDA/(LBITDA) Ratio | 5.5% | (2.2%) | +7.7 percentage points | | Net Profit/(Loss) Margin | 0.5% | (8.8%) | +9.3 percentage points | | Return on Equity (LTM) | 1.2% | (21.7%) | +22.9 percentage points | | Basic Earnings/(Loss) Per Share | RMB 0.01 | (RMB 0.33) | N/A | [Condensed Consolidated Financial Information](index=2&type=section&id=Condensed%20Consolidated%20Financial%20Information) This section presents the unaudited condensed consolidated financial statements for H1 2025, outlining the Group's financial performance and period-end financial position [Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=2&type=section&id=Condensed%20Consolidated%20Statement%20of%20Profit%20or%20Loss%20and%20Other%20Comprehensive%20Income) For H1 2025, the Group's revenue grew to **RMB 516 million**, with operating activities turning from loss to a **RMB 2.5 million** profit, despite increased cost of sales and a slight decrease in gross profit Financial Data Table | Metric | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Revenue | 515,996 | 493,797 | | Cost of Sales | (384,462) | (358,217) | | Gross Profit | 131,534 | 135,580 | | Operating Profit/(Loss) | 12,115 | (33,273) | | Profit/(Loss) Before Tax | 3,497 | (43,645) | | Profit/(Loss) and Total Comprehensive Profit/(Loss) for the Period | 2,524 | (43,645) | | Basic Earnings/(Loss) Per Share | 0.01 | (0.33) | [Condensed Consolidated Statement of Financial Position](index=3&type=section&id=Condensed%20Consolidated%20Statement%20of%20Financial%20Position) As of June 30, 2025, total assets increased to **RMB 837 million** and total equity slightly grew, while net current liabilities improved but remained negative, indicating persistent liquidity pressure Financial Data Table | Metric | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Non-current Assets | 352,881 | 354,834 | | Current Assets | 484,249 | 439,007 | | Total Assets | 837,130 | 793,841 | | Total Equity | 217,043 | 214,519 | | Non-current Liabilities | 15,846 | 15,846 | | Current Liabilities | 604,241 | 563,476 | | Total Liabilities | 620,087 | 579,322 | | Net Current Liabilities | (119,992) | (124,469) | [Notes to the Condensed Consolidated Financial Statements](index=5&type=section&id=Notes%20to%20the%20Condensed%20Consolidated%20Financial%20Statements) This section provides essential supplementary information, detailing the Group's background, financial statement preparation basis, accounting policy changes, financial risk management, segment information, and specific financial items [General Information](index=5&type=section&id=1%20General%20Information) Crayon Shin-chan Casual Food Group Co. Ltd. was incorporated in Bermuda, primarily producing and selling jelly, confectionery, beverages, and other snack foods, with its shares listed on the Hong Kong Stock Exchange Main Board - The Company was incorporated in Bermuda on May 4, **2004**, primarily engaged in the production and sale of jelly products, confectionery products, beverage products, and other snack foods[7](index=7&type=chunk) - The Company's shares are listed on the Main Board of The Stock Exchange of Hong Kong Limited[7](index=7&type=chunk) [Basis of Preparation](index=5&type=section&id=2%20Basis%20of%20Preparation) The condensed consolidated interim financial information is prepared under IAS 34 on a going concern basis, despite current liabilities exceeding current assets, with the Board implementing measures to ensure continued operations - The condensed consolidated interim financial information is prepared in accordance with International Accounting Standard **34** 'Interim Financial Reporting'[8](index=8&type=chunk) - The Group recorded a net profit of approximately **RMB 2,524,000** as of June 30, **2025**, but its current liabilities exceeded its current assets by approximately **RMB 119,992,000**[8](index=8&type=chunk) - The Board believes that through bank borrowings, financial support from major shareholders, alternative external funding sources, cost control measures, and business restructuring plans, the Group will have sufficient working capital to continue as a going concern[9](index=9&type=chunk)[10](index=10&type=chunk)[11](index=11&type=chunk)[12](index=12&type=chunk)[13](index=13&type=chunk) [Changes in Accounting Policies](index=7&type=section&id=3%20Changes%20in%20Accounting%20Policies) This period's financial information first adopted new and revised IFRS accounting standards, primarily IAS 21 (Revised) on lack of exchangeability, with no significant impact on the Group's interim financial statements - The Group first applied International Accounting Standard **21** (Revised) 'Lack of Exchangeability'[16](index=16&type=chunk) - This amendment had no significant impact on the condensed consolidated interim financial information and annual consolidated financial statements[17](index=17&type=chunk) [Financial Risk Management](index=8&type=section&id=4%20Financial%20Risk%20Management) The Group faces market risks (including currency and interest risk), credit risk, and liquidity risk, with no significant changes in risk management since year-end - The Group is exposed to market risks (including currency risk and interest risk), credit risk, and liquidity risk[18](index=18&type=chunk) - There have been no significant changes in the risk management department or any risk management policies since the year-end[19](index=19&type=chunk) [Segment Information](index=8&type=section&id=5%20Segment%20Information) The Group manages and assesses performance across four operating segments: jelly, confectionery, beverage, and other snack foods, with all operations, assets, liabilities, and capital expenditures located in China [Operating Segments](index=8&type=section&id=5.1%20Operating%20Segments) The chief operating decision-maker evaluates operating segment performance based on product categories (jelly, confectionery, beverages, other snack foods), focusing on segment revenue and results - The Group is principally engaged in the production and sale of jelly products, confectionery products, beverage products, and other snack foods[20](index=20&type=chunk) - The chief operating decision-maker assesses operating segment performance by product category, including jelly products, confectionery products, beverage products, and other snack foods[21](index=21&type=chunk) [Geographical Information](index=9&type=section&id=5.2%20Geographical%20Information) All of the Group's operating activities are conducted in China, therefore no geographical information is presented - All of the Group's operating activities are conducted in China, thus no geographical information is presented[23](index=23&type=chunk) [Major Customer Information](index=9&type=section&id=5.3%20Major%20Customer%20Information) For the six months ended June 30, 2025, Customer A contributed over **10%** of the Group's revenue, reaching **RMB 80,679 thousand**, an increase from the prior year Financial Data Table | Customer | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Customer A | 80,679 | 70,653 | [Segment Results for the Six Months Ended June 30, 2025](index=10&type=section&id=5.4%20Segment%20Results%20for%20the%20Six%20Months%20Ended%20June%2030%2C%202025) In H1 2025, jelly products were the primary revenue source, contributing **RMB 471 million** with a gross profit of **RMB 122 million**, leading to total reportable segment results of **RMB 60.43 million** and a profit for the period of **RMB 2.524 million** Financial Data Table | Segment | Revenue (RMB thousand) | Cost of Sales (RMB thousand) | Gross Profit/(Loss) (RMB thousand) | Reportable Segment Results (RMB thousand) | | :--- | :--- | :--- | :--- | :--- | | Jelly Products | 470,686 | (348,643) | 122,043 | 56,057 | | Confectionery Products | 25,676 | (20,582) | 5,094 | 2,213 | | Beverage Products | 1,112 | (1,578) | (466) | (622) | | Other Snack Foods | 18,522 | (13,659) | 4,863 | 2,782 | | **Total Segments** | **515,996** | **(384,462)** | **131,534** | **60,430** | Financial Data Table | Reconciliation Item | Amount (RMB thousand) | | :--- | :--- | | Reportable Segment Results | 60,430 | | Corporate Income | 4,062 | | Corporate Expenses | (52,377) | | Operating Profit | 12,115 | | Profit Before Tax | 3,497 | | Profit for the Period | 2,524 | [Segment Results for the Six Months Ended June 30, 2024](index=12&type=section&id=5.5%20Segment%20Results%20for%20the%20Six%20Months%20Ended%20June%2030%2C%202024) In H1 2024, jelly products were also the main revenue source, but confectionery product revenue exceeded H1 2025, with total reportable segment results of **RMB 14.945 million** and a loss for the period of **RMB 43.645 million** Financial Data Table | Segment | Revenue (RMB thousand) | Cost of Sales (RMB thousand) | Gross Profit (RMB thousand) | Reportable Segment Results (RMB thousand) | | :--- | :--- | :--- | :--- | :--- | | Jelly Products | 429,157 | (309,758) | 119,399 | 13,604 | | Confectionery Products | 56,183 | (41,570) | 14,613 | 1,693 | | Beverage Products | 1,860 | (1,623) | 237 | (200) | | Other Snack Foods | 6,597 | (5,266) | 1,331 | (152) | | **Total Segments** | **493,797** | **(358,217)** | **135,580** | **14,945** | Financial Data Table | Reconciliation Item | Amount (RMB thousand) | | :--- | :--- | | Reportable Segment Results | 14,945 | | Corporate Income | 4,993 | | Corporate Expenses | (53,211) | | Operating Loss | (33,273) | | Loss Before Tax | (43,645) | | Loss for the Period | (43,645) | [Other Income](index=14&type=section&id=6%20Other%20Income) The Group's H1 2025 other income totaled **RMB 3.984 million**, a decrease from **RMB 4.831 million** in the prior year, mainly due to reduced rental and miscellaneous income, despite a significant increase in government grants Financial Data Table | Income Category | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Rental Income | 1,291 | 1,825 | | Government Grants | 835 | 105 | | Miscellaneous Income | 2,418 | 2,994 | | Loss on Sale of Scraps | (560) | (93) | | **Total** | **3,984** | **4,831** | [Net Other Gains](index=14&type=section&id=7%20Net%20Other%20Gains) The Group's H1 2025 net other gains amounted to **RMB 78 thousand**, primarily from exchange gains, a decrease from **RMB 162 thousand** in the prior year Financial Data Table | Gain Category | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Net Exchange Gain | 78 | 162 | | **Total** | **78** | **162** | [Net Finance Costs](index=15&type=section&id=8%20Net%20Finance%20Costs) The Group's H1 2025 net finance costs were **RMB 8.618 million**, a decrease from **RMB 10.372 million** in the prior year, mainly due to reduced interest expense on bank borrowings Financial Data Table | Category | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Interest Expense on Bank Borrowings | (8,638) | (10,140) | | Total Finance Costs | (8,659) | (10,501) | | Interest Income from Bank Deposits | 41 | 129 | | **Net Finance Costs** | **(8,618)** | **(10,372)** | [Profit/(Loss) Before Tax](index=15&type=section&id=9%20Profit%2F%28Loss%29%20Before%20Tax) This section lists major expense items affecting profit/loss before tax, including cost of inventories sold, advertising and promotion expenses, staff costs, and depreciation, with a notable decrease in advertising and promotion expenses Financial Data Table | Expense Category | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Cost of Inventories Sold | 306,411 | 295,322 | | Advertising and Promotion Expenses | 27,873 | 59,510 | | Staff Costs (Salaries and Bonuses) | 55,997 | 60,071 | | Depreciation of Property, Plant and Equipment | 14,106 | 13,986 | | Net Provision for Expected Credit Losses | 1,143 | 6,911 | [Taxation](index=16&type=section&id=10%20Taxation) The Group incurred income tax expense of **RMB 973 thousand** in H1 2025, primarily from PRC corporate income tax, with no tax provision for Hong Kong, Bermuda, and BVI due to absence of assessable profits Financial Data Table | Taxation Category | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Current Income Tax - PRC Enterprise Income Tax | 973 | – | | **Total** | **973** | **–** | - PRC Enterprise Income Tax is provided at a rate of **25%**, while no tax provision is made for Hong Kong, Bermuda, and the British Virgin Islands due to the absence of assessable profits[41](index=41&type=chunk)[42](index=42&type=chunk) [Earnings/(Loss) Per Share](index=17&type=section&id=11%20Earnings%2F%28Loss%29%20Per%20Share) The Group's H1 2025 basic earnings per share were **RMB 0.01**, a significant improvement from a loss of **RMB 0.33** per share in the prior year, with diluted EPS being the same as basic EPS due to no potential ordinary shares Financial Data Table | Metric | 2025 | 2024 | | :--- | :--- | :--- | | Net Profit/(Loss) Attributable to Equity Holders of the Company (RMB thousand) | 2,524 | (43,645) | | Weighted Average Number of Ordinary Shares in Issue (thousand shares) | 218,416 | 132,898 | | Basic Earnings/(Loss) Per Share (RMB per share) | 0.01 | (0.33) | - There were no potential ordinary shares in issue for the six months ended June 30, **2025** and **2024**, thus diluted earnings/(loss) per share are the same as basic earnings/(loss) per share[45](index=45&type=chunk) [Dividends](index=17&type=section&id=12%20Dividends) The Company's Directors do not recommend the payment of an interim dividend for the six months ended June 30, 2025 - The Directors do not recommend the payment of an interim dividend for the six months ended June 30, **2025** (**2024**: nil)[46](index=46&type=chunk) [Trade Receivables](index=18&type=section&id=13%20Trade%20Receivables) As of June 30, 2025, total trade receivables were **RMB 163 million**, a slight decrease from year-end 2024, with a general credit period of **180 days** and most amounts due within **30 days** Financial Data Table | Aging | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Less than 30 days | 156,605 | 155,418 | | 31 to 90 days | 3,752 | 6,410 | | 91 to 180 days | 2,371 | 3,661 | | **Total** | **162,728** | **165,489** | - The Group's revenue credit period is generally **180 days**[47](index=47&type=chunk) - The provision for expected credit losses on trade receivables is **RMB 56,026,000**[47](index=47&type=chunk) [Trade and Other Payables](index=19&type=section&id=14%20Trade%20and%20Other%20Payables) As of June 30, 2025, total trade and other payables increased to **RMB 145 million**, mainly due to higher trade payables and bills payable, with supplier credit periods generally ranging from **30 to 60 days** Financial Data Table | Category | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Trade Payables | 69,321 | 39,560 | | Bills Payable | 10,000 | – | | Accrued Expenses | 17,509 | 13,751 | | Loan from a Director | 3,853 | – | | Other Payables and Accruals | 40,975 | 51,564 | | **Total** | **145,178** | **107,076** | - The credit period granted by suppliers generally ranges from **30 to 60 days**[49](index=49&type=chunk) - The Company has drawn **RMB 3,853,000** from a loan facility with Executive Director Mr. Zheng Yulong, bearing a fixed annual interest rate of **2%**[48](index=48&type=chunk) [Bank Borrowings](index=20&type=section&id=15%20Bank%20Borrowings) As of June 30, 2025, the Group's total bank borrowings were **RMB 458 million**, all secured and repayable on demand or within one year Financial Data Table | Category | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Secured Bank Borrowings | 458,090 | 456,400 | | Unsecured Bank Borrowings | – | – | | **Total Bank Borrowings** | **458,090** | **456,400** | | Carrying amount of bank borrowings repayable: On demand or within one year | 458,090 | 456,400 | [Events After the Reporting Period](index=20&type=section&id=16%20Events

Group 1 - The article discusses the transformation of traditional snack brands in Fujian, China, as they adapt to the challenges posed by e-commerce and changing consumer preferences [3][5][6] - It highlights the shift from traditional distribution channels to online platforms, particularly the role of Pinduoduo in enabling these brands to reach new consumer segments [10][14][19] - The article emphasizes the importance of data-driven decision-making in product development, allowing brands to quickly respond to consumer preferences and market trends [10][11][18] Group 2 - The case studies of brands like La Pi Xiu and You Chen illustrate how these companies have successfully leveraged Pinduoduo's support policies, such as "hundred billion subsidies" and "thousand billion support," to enhance their market presence [11][14][18] - The article notes that the collaboration with Pinduoduo has allowed these brands to reduce operational costs and improve their product offerings, leading to significant sales growth [11][19] - It concludes that the combination of established brand heritage and new e-commerce strategies is crucial for the revival and growth of these traditional snack brands in a competitive market [19]