Core Viewpoint - Minhua Holdings (01999) announced that its indirect non-wholly-owned subsidiary, Ruimai Technology Co., Ltd. (Ruimai Technology), is planning a potential spin-off [1] Group 1 - Ruimai Technology submitted an application to the National Equities Exchange and Quotations (NEEQ) on October 30, 2025, for independent listing on the New Third Board [1] - The application was accepted by the NEEQ on October 31, 2025 [1]

Core Viewpoint - Minhua Holdings (01999) announced that its indirect non-wholly-owned subsidiary, Ruimai Technology Co., Ltd. (Ruimai Technology), may proceed with a spin-off plan to independently list on the National Equities Exchange and Quotations (NEEQ) [1] Group 1 - Ruimai Technology submitted an application to the NEEQ's operating entity, National Equities Exchange and Quotations Co., Ltd., on October 30, 2025, for independent listing [1] - The application was accepted by the National Equities Exchange and Quotations Co., Ltd. on October 31, 2025 [1]

Group 1 - The core point of the article is that Minhua Holdings (01999.HK) announced that Ruimai Technology has submitted an application to the National Equities Exchange and Quotations (NEEQ) for independent listing on the New Third Board, with the application being accepted on October 31, 2025 [1]

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佈的內容概不 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 本 公 佈 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。 MAN WAH HOLDINGS LIMITED 敏華控股有限公司 （於百慕達註冊成立的有限公司） （股份代號：01999） 公 佈 建議銳邁科技於新三板掛牌 本 公 佈 乃 由 敏 華 控 股 有 限 公 司（「本公司」，連 同 其 附 屬 公 司 統 稱「本集團」）董 事 會（「董事會」）根 據 香 港 聯 合 交 易 所 有 限 公 司 證 券 上 市 規 則（「上市規則」）第15項 應 用 指 引 而 作 出。 建議於新三板掛牌 茲 提 述 本 公 司 於 二 零 二 二 年 六 月 十 三 日 刊 發 之 公 佈，內 容 有 關 本 公 司 間 接 非 全 資 附 屬 公 司 銳 邁 科 技 股 份 有 限 公 司（「銳邁科技」）可 能 進 行 分 拆 事 宜。 董 事 會 欣 然 宣 佈，於 二 零 二 五 年 十 月 三 十 日，銳 ...

Core Viewpoint - JD.com and ZhiHuaShi are collaborating to enhance consumer price protection during the 11.11 shopping festival, emphasizing their commitment to providing competitive pricing and safeguarding user rights through a newly established price guarantee fund of 5 million yuan [1][2][4]. Group 1: Price Protection Initiatives - JD.com launched a live broadcast event to reinforce its commitment to low prices and consumer rights during the 11.11 shopping period [1]. - ZhiHuaShi's General Manager announced a joint investment of 5 million yuan to create a "Price Guarantee Fund," ensuring competitive pricing and compensation for price discrepancies found on other platforms [2]. - The initiative aims to build a "price protection wall" for consumers, ensuring they can purchase products at competitive prices on JD.com [3]. Group 2: Industry Impact - The collaboration between JD.com and ZhiHuaShi is seen as a step towards addressing the chaotic promotional policies and pricing confusion prevalent in the e-commerce industry [4]. - This partnership is expected to foster a healthier competitive environment in the e-commerce sector, promoting rational competition and value-based practices [4].

Core Viewpoint - UBS has raised its earnings per share estimates for Minmetals Holdings (01999) for the fiscal years 2026 to 2028 by 12%, 9%, and 11% respectively, indicating that negative factors have already been reflected in the stock price [1] Group 1: Earnings Estimates - UBS expects that the negative factors affecting Minmetals Holdings have been fully reflected in the stock price, leading to an upward revision of earnings estimates [1] - The revised earnings per share estimates for fiscal years 2026, 2027, and 2028 are increased by 12%, 9%, and 11% respectively [1] Group 2: Valuation and Target Price - The target price for Minmetals Holdings has been raised from HKD 4.3 to HKD 5.5, reflecting a more favorable outlook [1] - The rating has been upgraded from "Neutral" to "Buy," indicating increased confidence in the stock's performance [1] Group 3: Market Conditions - The report suggests that while a turning point in the Chinese market may take longer to materialize, the domestic real estate situation is not expected to lead to a downward revaluation [1] - The potential for increased demand from the U.S. due to interest rate cuts may provide upward momentum for both fundamentals and valuations [1] - Despite uncertainties from tariffs, there may be opportunities for market share growth, contributing to a more positive outlook for Minmetals Holdings [1]

Core Viewpoint - UBS has upgraded its outlook on Minhua Holdings, citing that the negative factors affecting the company's stock price have already been reflected, and potential growth opportunities may arise from market share gains despite uncertainties from tariffs [1] Group 1: Stock Performance - Minhua Holdings' stock rose over 3%, currently trading at 4.71 HKD with a transaction volume of 30.6354 million HKD [1] Group 2: Market Conditions - The ongoing weakness in the domestic real estate market has been fully reflected in Minhua Holdings' stock price [1] - A potential increase in demand from the U.S. is anticipated due to interest rate cuts [1] Group 3: Financial Projections - UBS has raised its earnings per share estimates for Minhua Holdings for the fiscal years 2026 to 2028 by 12%, 9%, and 11% respectively [1] - The current low valuation is expected to provide upward potential for both fundamentals and valuations, even if a market turnaround in China takes longer than expected [1]

Core Viewpoint - UBS has upgraded its outlook on Minhua Holdings, citing that the negative factors affecting the company's stock price have already been reflected, and there is potential for growth due to expected demand increase in the U.S. as interest rates decline [1] Group 1: Stock Performance - Minhua Holdings' stock rose over 3%, currently trading at 4.71 HKD with a transaction volume of 30.6354 million HKD [1] Group 2: Analyst Insights - UBS's report indicates that the ongoing weakness in the domestic real estate market has been fully reflected in Minhua Holdings' stock price [1] - The firm has raised its earnings per share forecasts for Minhua Holdings for the fiscal years 2026 to 2028 by 12%, 9%, and 11% respectively [1] - Despite uncertainties from tariffs, there may be opportunities for market share growth, leading UBS to adopt a more positive outlook on the company [1] Group 3: Market Conditions - The report suggests that even if a turning point in the Chinese market takes longer to materialize, the ongoing weakness in the domestic housing market is not expected to lead to a downward revaluation of the company's stock [1] - The anticipated interest rate cuts in the U.S. are expected to provide upward momentum for both the fundamentals and valuation of Minhua Holdings [1]

Core Viewpoint - UBS has upgraded its outlook on Minhua Holdings, citing that the ongoing weakness in the domestic real estate market is already reflected in the stock price, and potential growth in U.S. demand due to interest rate cuts may provide opportunities for market share expansion despite tariff uncertainties [1] Financial Projections - UBS has raised its earnings per share estimates for Minhua Holdings for the fiscal years 2026 to 2028 by 12%, 9%, and 11% respectively, indicating that negative factors have been accounted for [1] Target Price and Rating Change - The target price for Minhua Holdings has been increased from HKD 4.3 to HKD 5.5, and the rating has been upgraded from "Neutral" to "Buy" due to the anticipated upward movement in fundamentals and valuations following U.S. interest rate cuts [1]

Investment Rating - The report maintains an "Overweight" rating for the industry [4] Core Views - The report emphasizes the importance of valuation switching logic in the new consumption sector, highlighting stable operational performance in the sports brand sector for Q3 [6][4] - It suggests a focus on high-growth tracks in new consumption and the valuation switching logic within the sector, particularly in the collectible toy segment [6][4] - The report identifies several companies with strong growth potential and suggests monitoring their performance closely [6][4] Summary by Sections Industry Overview - The industry consists of 175 listed companies with a total market value of 10,672.79 billion and a circulating market value of 8,623.31 billion [2] Market Performance - The Shanghai Composite Index decreased by 1.47%, while the Shenzhen Component Index fell by 4.99% during the week of October 13-17, 2025 [6][11] - The light industry manufacturing index dropped by 2.22%, ranking 13th among 28 Shenwan industries, while the textile and apparel index decreased by 0.31%, ranking 5th [6][11] Key Company Insights - Companies such as Bubble Mart are expected to release Q3 operational data, with new product launches anticipated to drive performance in Q4 [6] - 361 Degrees reported a stable performance with a 10% increase in offline and children's clothing sales, and a 20% increase in e-commerce sales [6] - Anta Sports, Li Ning, and other functional apparel brands are highlighted for their growth potential [6] Investment Opportunities - The report suggests focusing on the acceleration of the Chinese consumption supply chain going overseas, particularly in non-woven fabric manufacturing [6][7] - Companies like Yanjiang Co. are recommended for their advanced production techniques and global supply chain capabilities [7] - The pet supplies sector is also highlighted, with companies like Yuanfei Pet expected to benefit from growth in both OEM and OBM businesses [6][7] Sector Recommendations - The report recommends monitoring companies in the home furnishing sector, such as Xilinmen and Gujia Home, for potential recovery in performance and valuation [6] - In the paper industry, Sun Paper is recommended due to its integrated advantages and expected improvement in profitability [6][7] - The textile manufacturing sector suggests a focus on companies like Jingyuan International for their market share growth potential [6][7]