Core Insights - The TBX Pickleball Court is the first outdoor night-lit pickleball court in Beijing, located near the East Fifth Gate of Chaoyang Park [1] - The court covers an area of over 1,120 square meters and features five standard pickleball courts [1] - It utilizes professional-grade flooring materials and lighting systems, incorporating artistic night lighting and immersive ambient illumination for a unique nighttime sports experience [1] - TBX Pickleball Court aims to serve as a demonstration point for trendy sports social spaces in Chaoyang Park, promoting a concept of "sports + social + lifestyle" [1] - The facility is designed to be an open, multi-functional space for playing, socializing, and relaxation [1]

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: 興紡控股有限公司 呈交日期: 2025年11月3日 | 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) | 01968 | 說明 | (N/A) | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 1,000,000,000 | HKD | | 0.01 HKD | | 10,000,000 | | 增加 / 減少 (-) | | | 0 | | | HKD | | 0 | | 本月底結存 | | | 1,000,000,000 | HKD | | 0.01 HKD | | 10,000,000 | 本月底法定/註冊股本總額： HKD 10,000,000 FF301 第 1 頁 共 10 頁 v 1 ...

Core Viewpoint - The recent salary reduction controversy at Peak has escalated, with reports indicating that employees who refuse to accept salary cuts are being threatened with salary suspension starting September 2025 [1][4][10]. Group 1: Salary Reduction Details - Peak announced a collective tiered salary reduction in mid-September, with some employees facing cuts of up to 50% without adequate consultation [4][10]. - The company has implemented a policy where employees must submit a self-criticism to avoid salary suspension, which has been met with strong resistance from staff [6][9]. - The chairman of Peak, Xu Jingnan, stated that the internal sales division has incurred a loss of over 130 million yuan from January to July, prompting the salary adjustments [10][12]. Group 2: Legal and Regulatory Response - The Quanzhou Human Resources and Social Security Bureau has acknowledged receiving complaints and stated that if salary deductions are made without employee consent, it would be illegal [2][3]. - The local labor protection center has opened a case regarding the complaints from Peak employees and is pursuing labor arbitration [3][10]. - Legal experts have indicated that the requirement for employees to write self-criticisms in exchange for salary payments violates labor contract laws [3][7]. Group 3: Company Performance and Future Plans - Peak's external sales have reportedly increased by over 200,000 pairs in the first eight months of the year, maintaining stability despite internal challenges [12]. - The company aims to achieve 10 billion yuan in external sales and 20 billion yuan in internal sales as part of its ten-year plan [12]. - Peak's revenue for the previous year was reported at 6.29 billion yuan, ranking 91st in the list of top 100 private enterprises in Fujian Province [13].

Core Points - The company, Peak, is facing a significant controversy regarding collective salary reductions, with reports indicating that employees who refuse to accept pay cuts are being threatened with salary suspension starting September 2025 [1][5][10] - The local labor protection authority has stated that any salary reduction without employee consent violates labor laws, and the practice of requiring employees to write self-criticisms in exchange for salary retention is also illegal [4][10] - The chairman of Peak, Xu Jingnan, revealed that the company has been experiencing substantial losses in its domestic sales sector, amounting to over 130 million yuan from January to July this year, prompting the need for salary adjustments [10][11] Salary Reduction Controversy - In mid-September, Peak announced a collective tiered salary reduction, with some employees facing cuts of up to 50% without prior consultation [5][10] - Employees have reported receiving notices that those who submit objections to the pay cuts will be deemed non-compliant with company management, affecting their salary calculations [8][10] - The company has set a minimum salary guarantee of 3,000 yuan, while the overall salary reduction is claimed to be less than 10% [11] Company Financial Performance - The domestic sales division of Peak has been struggling, leading to the decision to implement salary cuts, with the chairman indicating that adjustments will vary based on salary brackets [10][11] - Despite the domestic challenges, Peak's export business has reportedly seen growth, with plans to achieve significant revenue targets in the coming years [11][13] - Peak's revenue for the previous year was reported at 6.29 billion yuan, ranking 91st in the list of top 100 private enterprises in Fujian province [13]

Core Viewpoint - Recent salary cuts at Peak Group have sparked public concern, with reports of employees facing penalties for refusing to accept pay reductions [1][2] Group 1: Salary Cuts and Employee Response - Peak Group has issued ultimatums to employees who refuse salary cuts, demanding a "reflection report" by October 14, or face suspension of September wages [1] - The local labor authority has stated that while internal management practices are not directly regulated, withholding wages under these circumstances would be illegal [1] - The labor protection center has initiated a case regarding employee complaints and is facilitating labor arbitration for affected employees [1] Group 2: Management Decisions and Financial Performance - Chairman Xu Jingnan announced salary adjustments during a high-level meeting, with reductions ranging from 10% to 50% based on salary brackets and department performance [2] - The rationale for these salary cuts stems from significant losses in the direct sales sector, amounting to over 130 million yuan from January to July [2] - Despite the internal challenges, Peak's export business has seen growth, with plans to achieve over 10 billion yuan in exports and 20 billion yuan in domestic sales as part of a ten-year strategy [2] Group 3: Company Background and Historical Context - Peak was founded in 1989 and is headquartered in Quanzhou, Fujian, focusing on the design, development, manufacturing, and distribution of sports products [2] - The company has faced challenges in the past, including two failed IPO attempts before successfully listing in Hong Kong in 2009, and subsequently privatizing in 2016 [3] - In 2022, Peak reported revenues of 6.29 billion yuan, ranking 91st in the list of top 100 private enterprises in Fujian province [3]

致：香港交易及結算所有限公司 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 | | 2025年9月30日 | 狀態: 新提交 | | --- | --- | --- | | 截至月份: | | | 公司名稱: 興紡控股有限公司 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) | 01968 | 說明 | (N/A) | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 1,000,000,000 | HKD | | 0.01 HKD | | 10,000,000 | | 增加 / 減少 (-) | | | 0 | | | HKD | | 0 | | 本月底結存 | | | 1,000,000,000 | HKD | | 0.01 HKD ...

Financial Performance - Total revenue for the first half of 2025 was approximately HKD 108.3 million, a slight decrease from HKD 110.1 million in the same period of 2024[4] - Gross profit increased to approximately HKD 20.3 million, with a gross margin of 18.8%, compared to HKD 16.2 million and a gross margin of 14.7% in the previous year[4] - Loss attributable to shareholders narrowed to approximately HKD 10.4 million, improving from a loss of HKD 17.1 million in the first half of 2024, with a loss per share of HKD 1.63 compared to HKD 2.68[4] - Revenue for the six months ended June 30, 2025, was HKD 108,258,000, a decrease of 1.6% compared to HKD 110,135,000 for the same period in 2024[48] - Gross profit increased to HKD 20,328,000, representing a 25.8% increase from HKD 16,233,000 in the previous year[48] - The company reported a net loss attributable to shareholders of HKD 10,410,000, an improvement from a loss of HKD 17,144,000 in the same period last year[48] - Basic and diluted loss per share improved to HKD 1.63 from HKD 2.68 year-over-year[48] - The company reported a total loss before tax of HKD 10,594,000, compared to a loss of HKD 17,097,000 in the same period last year[63] - Pre-tax loss for the six months ended June 30, 2025, was HKD 18,082,000, an increase of 6.3% compared to HKD 17,013,000 in 2024[70] Financial Position - The debt-to-equity ratio increased from 16.0% in 2024 to 18.0% as of June 30, 2025, due to refinancing with lower interest loans from a bank in China[7] - As of June 30, 2025, the net current assets were approximately HKD 99.8 million, a decrease from HKD 110.2 million as of December 31, 2024[15] - Cash and cash equivalents stood at approximately HKD 43.0 million as of June 30, 2025, down from HKD 46.2 million as of December 31, 2024[15] - The bank borrowings amounted to approximately HKD 36.1 million as of June 30, 2025, compared to HKD 30.8 million as of December 31, 2024[15] - Total liabilities decreased to HKD 71,946,000 from HKD 77,935,000, indicating improved financial stability[50] - Current assets decreased to HKD 171,709,000 from HKD 188,168,000 at the end of 2024[49] - Non-current assets totaled HKD 145,361,000, an increase from HKD 143,537,000 as of December 31, 2024[49] Operational Developments - The company expanded its property renovation business in Shanghai, generating HKD 8.8 million in revenue, which accounted for 8.1% of total revenue[10] - The property renovation business continues to provide stable income, balancing the cyclical nature of the production business[12] - The company is actively restructuring its product portfolio to focus on high-margin textile solutions, investing in R&D for high-end woven fabrics[12] - The company plans to enhance collaboration with brand owners and participate in major denim exhibitions in the US and China to secure more sales orders[12] - The company is adjusting its production layout and expanding operations in Vietnam, with plans to relocate machinery from Guangdong, China, expected to be completed by the end of 2025[11] Cash Flow and Investments - The company generated a net cash outflow from operating activities of HKD 5,193,000, compared to a cash inflow of HKD 715,000 in the previous year[53] - Financing activities resulted in a net cash inflow of HKD 1,855,000, a significant improvement from a net cash outflow of HKD 4,008,000 in the same period last year[54] - Capital expenditures for the interim period were approximately HKD 0.6 million, compared to HKD 0.4 million in the first half of 2024[19] - The group had no major investments or acquisitions during the interim period[25] - There are no specific plans for significant investments or capital assets as of June 30, 2025[26] Employee and Management Information - The group had 353 employees as of June 30, 2025, an increase from 346 employees as of December 31, 2024[17] - Total employee benefits expenses amounted to HKD 25,869,000, up 4.2% from HKD 24,832,000 in the previous year[70] - The total compensation for directors and key management personnel was HKD 5,878,000 for the six months ended June 30, 2025, slightly up from HKD 5,836,000 in the previous year[86] Shareholder Information - Wan Fung Investment holds a 75% equity interest in the company, representing 480,000,000 shares[40] - Liu, Dong Wei Ting, and Dong Zhuo Ming each own 100% of their respective shares in Wan Fung Investment, which is a controlled corporation[38] - Liu holds a 40% stake in Wan Fung Investment, while Dong Wei Ting and Dong Zhuo Ming each hold 20%[43] Other Information - The independent review report concluded that there were no matters that would lead to a belief that the interim financial information was not prepared in accordance with Hong Kong Accounting Standard 34[47] - The company has not experienced any significant events from June 30, 2025, to the report date[42] - There were no significant contingent liabilities as of June 30, 2025[22] - The group did not declare or recommend any dividends for the six months ended June 30, 2025, consistent with the previous year[72] - The company assessed that the fair value of financial instruments closely approximates their carrying amounts due to their short maturity[89]

Core Insights - The sports market is experiencing a dichotomy, with Peak Group's chairman revealing stable growth in export business and a strategic focus on becoming an international brand [1] - The company aims for significant revenue targets by 2035, with external sales projected to exceed 10 billion RMB and internal sales reaching 20 billion RMB [1] - Recent adjustments in employee salaries are aimed at enhancing performance assessments, with a small percentage of employees affected [1] Group 1: Company Strategy and Performance - Peak Group's export business has seen an increase of over 200,000 pairs from January to August 2025, indicating stable overall performance [1] - The company is formulating a ten-year plan with ambitious revenue goals, emphasizing the creation of a Chinese international brand as a core strategy [1] - The company has a history of two failed IPO attempts and was privatized in 2016, with its last reported revenue in 2015 being 3.11 billion RMB, reflecting a 9.4% increase from 2014 [3] Group 2: Employee Adjustments and Market Conditions - Salary adjustments are being made, with reductions of 10% for salaries between 5,000 to 10,000 RMB, 20% for 10,000 to 20,000 RMB, and 30% for salaries above 20,000 RMB, affecting less than 10% of employees [1] - The sports consumer goods market is highly competitive, with many companies resorting to price competition to increase volume [1] - Peak's revenue for 2023 was reported at 5.86 billion RMB, placing it 96th in the 2024 list of top 100 private enterprises in Fujian Province [3]

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: | 興紡控股有限公司 | | | 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) | 01968 | 說明 | (N/A) | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 1,000,000,000 | HKD | | 0.01 HKD | | 10,000,000 | | 增加 / 減少 (-) | | | 0 | | | HKD | | 0 | | 本月底結存 | | | 1,000,000,000 | HK ...

Group 1 - The core viewpoint of the article is that Xingfang Holdings (01968.HK) reported a slight decline in revenue for the first half of 2025, alongside a reduced loss compared to the previous year [1] - The company's revenue for the first half of 2025 was HKD 108 million, representing a year-on-year decrease of 1.70% [1] - The loss attributable to shareholders for the period was HKD 10.41 million, an improvement from a loss of HKD 17.14 million in the same period last year [1] - The basic earnings per share for the company were HKD 0.0163 [1]