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，概不對因本公告全部或任何 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。 Vala Inc. （於開曼群島註冊成立之有限公司） （股份代號：2051） ( 51 Credit Card Inc. ( )) 前稱 51信用卡有限公司 更改公司名稱、股份簡稱、 公司標誌及公司網址 更改公司名稱 董事會欣然宣佈，本公司的英文名稱已由「51 Credit Card Inc.」更改為「Vala Inc.」，而本公司的中文雙重外文名稱「51信用卡有限公司」已不再採納。概無採納 任何新中文雙重外文名稱。 更改股份簡稱 鑒於新英文名稱及本公司已選擇不再採納任何中文雙重外文名稱，股份在聯交所 買賣的英文股份簡稱將由「51 CREDIT CARD」更改為「VALA」，且將不再使用 中文股份簡稱「51信用卡」，亦將不會採納任何替代中文股份簡稱，自2025年8月8 日上午九時正起生效。本公司的股份代號「2051」維持不變。 更改公司標誌 為反映更改公司名稱，本公司已採納本公告頂端所示的新公司標誌作為 ...

FF301 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7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: 51信用卡有限公司 (於開曼群島註冊成立之有限公司) 呈交日期: 2025年8月4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) | 02051 | 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 | | | 5,000,000,000 | USD | 0.00001 | USD | | 50,000 | | 增加 / 減少 (-) | | | | | | USD | | | | 本月底結存 | | | 5,000,000,000 | USD | 0.00001 | USD | | 50,000 | 本月底法 ...

Group 1 - The company delivered 126 units of Vala cars in Q2 2025, representing a quarter-on-quarter increase of approximately 27.3% [1] - The company is collaborating with partners to enhance production capacity and optimize delivery processes to accelerate vehicle delivery [1] - As of June 30, 2025, the company has successfully recruited 131 quality co-creators to promote and sell Vala cars through their personal experiences and influence on social media [1] Group 2 - The company has established 13 Vala experience centers nationwide, operated by co-creators, which offer low setup costs and flexible layouts to enhance market coverage and brand influence [1] - The company launched a WeChat mini-program "valalife," attracting approximately 67,000 registered users by June 30, 2025 [2] - Vala has gained significant attention on social media, with a total of about 2.12 million followers and over 580 million cumulative video views as of June 30, 2025 [2] Group 3 - Vala is an industry-first original factory upgraded new energy multifunctional vehicle, aiming to redefine automotive lifestyle by transforming cars from mere transportation tools into multifunctional mobile spaces [2] - The vehicle supports various scenarios such as outdoor camping, business meetings, family entertainment, dining, and more, offering a comfortable and personalized multifunctional space [2]

Core Viewpoint - The continuous share purchases by the chairman and CEO of 51 Credit Card, Sun Haitao, and executive director Wu Shan, signal strong confidence in the company's long-term value and strategic direction, particularly in the context of its diversification into the new energy and lifestyle sectors [1][3][4] Group 1: Shareholding and Management Actions - Since January 2025, Sun Haitao has conducted 20 share purchases, increasing his holdings to 308,082,736 shares, representing 18.9% of the company [1] - Wu Shan has also increased her holdings from 0.08% to 0.09%, now owning 1,539,770 shares [1] - These actions have sparked market interest regarding the strategic implications behind these increases [1] Group 2: Business Diversification and Strategic Initiatives - 51 Credit Card has been actively diversifying its business, particularly in the new energy smart travel and lifestyle sectors, with significant progress in these areas [1][3] - The launch of the "Vala" brand, focusing on a "mobile lifestyle" trend, has become a key component of the company's transformation, appealing to Gen Z and new middle-class consumers [1][3] - Vala has established strategic partnerships with national cultural tourism IPs and has initiated the "Thousand Cities Plan" to penetrate county-level markets, achieving coverage in 26 provinces and over 100 cities [3] Group 3: Product Differentiation and Market Position - Vala's products feature innovative designs such as a slanted roof, modular internal structure, and advanced entertainment systems, providing high-end experiences in the 200,000 yuan market segment [4] - The products support various commercial uses, enhancing the entrepreneurial potential based on vehicle units [4] - The recognition of TinyCase, another brand under the company, with the German iF Design Award, highlights the company's strength in design and user experience, further expanding its travel product matrix [3][4] Group 4: Long-term Growth Potential - The share purchases by Sun Haitao and Wu Shan reflect a strong belief in the long-term value of the company's strategic initiatives, particularly in the context of emerging consumer trends in new energy and lifestyle solutions [4] - The company's strategic transformation, especially through Vala, is seen as a pathway to establish a new growth trajectory amid the evolving landscape of consumer preferences and the tourism economy [4]

Group 1 - As of June 3, a total of 105 stocks reached their 52-week highs, with Huayin International Holdings (00989), Dingyifeng Holdings (00612), and Youquhui Holdings (02177) leading the high rate at 57.26%, 37.93%, and 23.02% respectively [1] - The closing prices and highest prices for the top three stocks are as follows: Huayin International Holdings at 1.370 and 1.950, Dingyifeng Holdings at 0.770 and 0.800, and Youquhui Holdings at 3.550 and 3.580 [1] - Other notable stocks that reached their 52-week highs include China Antibody-B (03681) with a high rate of 21.62% and Fengcheng Holdings (02295) at 19.52% [1] Group 2 - The report also lists stocks that reached their 52-week lows, with Des Holdings (08437) showing the largest decline at -38.79%, followed by Dimi Life Holdings (01667) at -20.50% [3] - The closing prices and lowest prices for the top three stocks that reached their lows are: Des Holdings at 0.177 and 0.071, Dimi Life Holdings at 0.140 and 0.128, and Lujizhi Technology (01745) at 0.197 and 0.194 [3] - Other stocks with significant declines include GBA Group (00261) at -11.48% and Baide International (02668) at -10.88% [3]

Summary of Key Points Core Viewpoint - As of May 28, a total of 65 stocks reached their 52-week highs, with notable performances from Kingway Medical Holdings (08559), China Silver Technology (00515), and Honghui Group (00183) leading the list with high rates of increase [1]. Group 1: Stocks Reaching 52-Week Highs - Kingway Medical Holdings (08559) achieved a closing price of 0.027 with a peak of 0.045, marking a high rate of 32.35% [1]. - China Silver Technology (00515) closed at 0.280, reaching a maximum of 0.305, resulting in a high rate of 28.15% [1]. - Honghui Group (00183) had a closing price of 0.255, with a peak price of 0.255, reflecting a high rate of 27.50% [1]. - Other notable stocks include Emperor Watch and Jewellery (00887) with a high rate of 27.14% and Sogo Department Store (00312) at 21.79% [1]. Group 2: Additional Stocks with Significant Increases - Lehua Entertainment (02306) reached a high rate of 13.73% with a closing price of 2.540 [1]. - Kingway Medical (08143) had a closing price of 0.124 and a peak of 0.230, resulting in a high rate of 10.05% [1]. - Other stocks with notable increases include Zhu Feng Gold (01815) at 6.98% and Yaoshi Bang (09885) at 6.68% [1]. Group 3: Stocks with Lower Performance - The report also includes stocks that did not perform as well, with some reaching their 52-week lows, such as China Parenting Network (01736) with a low rate of -14.40% [2]. - XI Nan Tes-U (09366) and XI Nan Tes (07366) also showed declines of -10.08% and -8.60% respectively [2]. - Other stocks like He Fu Hui Huang (00733) and Pai Ge Biomedical-B (02565) experienced decreases of -7.04% and -6.95% [2].

Business Growth and Strategy - The Group achieved breakthrough growth in its To B SaaS business, consolidating AI technology to create a one-stop intelligent sales solution covering customer mining, outreach, conversion, and management [16]. - The platform developed vertical solutions for six industries, including pan-finance and intellectual property rights, effectively lowering customer acquisition costs and enabling scalable growth [16]. - The To B SaaS business of Little Blue Book saw significant revenue growth compared to the previous year, focusing on an all-in-one intelligent sales solution [31][33]. - Vala's marketing strategy utilizes short video content and a co-creator model, allowing users to become brand promoters and enhancing sales efficiency [22]. - Vala's marketing strategy includes low-cost, lifestyle-related short video content to drive significant marketing traffic, enhancing brand promotion efficiency [35][37]. - The company has implemented a co-creation model, allowing users to become co-creators after purchasing a Vala vehicle, effectively reducing traditional distribution costs and enhancing sales efficiency [35][37]. - The integration of camping and vehicle businesses into the Valalife initiative aims to redefine vehicle lifestyles, transforming cars into multifunctional mobile spaces for various scenarios [34][36]. - The company aims to explore new collaboration opportunities in the credit facilitation business while ensuring compliance and utilizing mature risk control models [183]. - In the SaaS business, the company plans to enhance its intelligent customer acquisition system by investing in big data, artificial intelligence, and cloud computing [184]. - The Little Blue Book will analyze sales process data to align product development with industry demands and pain points [184]. - Valalife will expand its business model by focusing on Vala vehicles and enhancing lifestyle components applicable to various vehicle models [185]. - The company intends to drive the iterative upgrade of multi-functional mobile spaces through Valalife, empowering users to experience lifestyle changes [187]. Financial Performance - For the year ended December 31, 2024, the company's revenue was approximately RMB224.6 million, representing an increase of approximately 3.4% from approximately RMB217.2 million for the year ended December 31, 2023 [39]. - The company's operating loss for the year ended December 31, 2024, was approximately RMB61.1 million, compared to an operating profit of approximately RMB22.6 million for the year ended December 31, 2023 [39]. - The net loss increased from approximately RMB3.1 million for the year ended December 31, 2023, to approximately RMB69.0 million for the year ended December 31, 2024 [39]. - Revenue from the SaaS business increased by approximately 29.7% to approximately RMB75.0 million for the year ended December 31, 2024, from approximately RMB57.8 million for the year ended December 31, 2023 [51]. - Subscription income from Little Blue Book increased by 55.8% from approximately RMB23.3 million for the year ended December 31, 2023, to approximately RMB36.3 million for the year ended December 31, 2024 [61]. - Revenue from Valalife business decreased by approximately 51.8% from approximately RMB33.9 million for the year ended December 31, 2023, to approximately RMB16.4 million for the year ended December 31, 2024 [62]. - Revenue from children's entertainment business amounted to approximately RMB31.4 million for the year ended December 31, 2024 [65]. - Other revenue increased by approximately 25.4% from approximately RMB33.2 million for the year ended December 31, 2023, to approximately RMB41.6 million for the year ended December 31, 2024 [66]. - Total operating expenses increased by approximately 46.9% from approximately RMB194.6 million for the year ended December 31, 2023, to approximately RMB285.8 million for the year ended December 31, 2024 [67]. - Research and development expenses rose by approximately 124.9% from approximately RMB18.3 million for the year ended December 31, 2023, to approximately RMB41.2 million for the year ended December 31, 2024, primarily due to increased spending related to Vala [74]. - Sales and marketing expenses increased by approximately 88.1% from approximately RMB27.4 million for the year ended December 31, 2023, to approximately RMB51.5 million for the year ended December 31, 2024, driven by a 184.4% increase in marketing expenses related to Vala [75]. - The adjusted operating loss for the year was approximately RMB43.1 million, compared to an adjusted operating profit of approximately RMB23.1 million for the previous year [101]. - The net loss for the year was approximately RMB69.0 million, compared to a net loss of approximately RMB3.1 million for the previous year [103]. Credit Facilitation Business - The scale of the credit facilitation business decreased year-on-year due to regulatory adjustments, but the historical overdue asset recovery rate met expectations [17]. - The credit facilitation business experienced a decline due to stricter regulatory policies, leading to a controlled overall scale of the facilitation business [30][33]. - The total volume of credit facilitation business was approximately RMB1,109.3 million for the year ended December 31, 2024, a decrease of approximately 42.8% from approximately RMB1,938.7 million in the year ended December 31, 2023 [49]. - The Day-1 delinquency rate for credit facilitation assets in 2024 was lower than 4.5%, and the 30-day collection rate of overdue assets was approximately 78.0% [49]. - The net profit from the credit facilitation business declined by 39.7% from approximately RMB58.4 million for the year ended December 31, 2023, to approximately RMB35.2 million for the year ended December 31, 2024 [94]. - The Group's credit facilitation services business model allows for a service fee and guarantee fee charged as a percentage of the loan principal, enhancing the credit of Target Borrowers [105]. - The five largest borrowers in loans to customers accounted for less than 30% of the total loans, indicating a diversified borrower base [112]. - The expected credit loss of trade receivables is calculated based on the Group's historical settlement patterns and forward-looking information [117]. - The Group's financial guarantee for credit facilitation has interest rates ranging from 4.37% to 10.66% for tenors of 6 to 12 months [111]. - The average tenure of loans decreased to approximately 8.9 months in 2024 from approximately 9.1 months in 2023 [49]. - The average amount of loans remained approximately RMB7,500 in the year ended December 31, 2024, consistent with the previous year [49]. Regulatory and Compliance Issues - A qualified opinion was issued by the auditor on the Group's consolidated financial statements for the year ended December 31, 2024 [157]. - The Auditor expressed a Qualified Opinion on the Group's consolidated financial statements for the year ended 31 December 2024 due to uncertainties related to the Yang Arbitration Proceedings and insufficient supporting documents regarding the SK Group's operations [167]. - The Group has been unable to communicate with the SK Group since August 3, 2022, which has disrupted its business operations and led to the inability to access financial records [161]. - The Board decided to deconsolidate the SK Group from the Group's financial statements effective from August 3, 2022, based on the inability to control the operations and finances of the SK Group [162]. - The Audit Committee agreed with Management's position regarding the Deconsolidation and emphasized the need for continued efforts to resolve the Audit Issues [170]. - The Auditor was unable to obtain sufficient appropriate audit evidence to confirm the accuracy of income, expenses, assets, and liabilities for the years ended December 31, 2024, and 2023 [171]. - The Group's financial statements for the year ended December 31, 2024, may not accurately reflect the financial position due to the unresolved Audit Issues [168]. - The inability to obtain reports from the SK Group's management has hindered the Group's ability to direct future developments [165]. - The Auditor's Qualified Opinion highlights significant concerns regarding the financial reporting and operational control of the SK Group [171]. Shareholder and Employee Information - The Group expressed gratitude to shareholders for their support and acknowledged the dedication of its staff [25]. - As of December 31, 2024, the Group employed approximately 373 employees, with total staff costs of approximately RMB117.2 million, a decrease from RMB137.7 million in 2023 [151]. - The Board did not recommend a final dividend for the year ended December 31, 2024 [150]. Future Outlook and Plans - In 2025, the focus will be on enhancing operational efficiency and deepening synergies among business segments while controlling operational risks [24]. - The Group plans to launch more vehicle models to meet diverse user needs and drive revenue growth [24]. - The Group plans to sell approximately 1,358,954,030 shares of its subsidiary, China Netcom, representing about 29.00% of its total issued share capital, for a total consideration of HK$21,750,000 [156]. - The Company raised total gross proceeds of approximately HK$39.66 million during the year ended December 31, 2024, through a fund-raising exercise [129]. - The net proceeds from the 2024 Placing amounted to approximately HK$38.73 million, with approximately 45.0% allocated for strengthening the Group's existing credit facilitation and SaaS business [131].

Group 1 - The TinyCase electric folding motorcycle, developed by Vala, a subsidiary of 51 Credit Card Group, won the iF Gold Award at the 2025 iF Design Award Night in Berlin, marking it as the only product in the transportation category from China to receive this honor this year [1] - TinyCase is a lightweight electric folding motorcycle that emphasizes portability and convenience, designed for outdoor use and has gained popularity in overseas markets [1][3] - The product features a weight of 23.5 kg, with components including a frame (7.2 kg), motor control (2.4 kg), battery module (2.8 kg), and wheels (3.6 kg), and can be folded in 50 seconds to a size comparable to a 20-inch carry-on suitcase [3][5] Group 2 - The design team, led by CEO Sun Haitao, consists of eight professional mechanical engineers, balancing precision engineering with user-friendly design, which contributed to TinyCase's success among over 10,000 global entries [5] - Vala aims to redefine urban living through innovative products like TinyCase, focusing on solving user pain points rather than merely adding features, which has resonated well on social media [6] - The iF Design Award is one of the most influential industrial design awards globally, emphasizing the interaction between product and design, and promoting the application and development of design in production [6][8] Group 3 - The 2025 iF Design Award evaluated over 11,000 entries across nine dimensions, highlighting TinyCase as a representation of China's shift from manufacturing to intelligent manufacturing, merging engineering technology with lifestyle aesthetics [8]

Core Points - 51 Credit Card's subsidiary, Hangzhou Vala Network Technology Co., Ltd., won the prestigious "iF Gold Award" for its innovative product, the electric folding motorcycle "TinyCase," at the "iF Design Award Night 2025" in Berlin [1][2] - The "iF Design Award," established in 1953, is recognized as one of the most important and authoritative awards in the industrial design field, with the "iF Gold Award" representing the highest level of recognition for outstanding industrial design products [1] - The design of "TinyCase" allows it to be easily folded and stored in a car trunk, making it an ideal travel companion for users, reflecting the company's commitment to enhancing user experience in its automotive business [2] Company Strategy - The award highlights the company's cutting-edge design philosophy and its relentless pursuit of improving user experience within the Vala automotive business [2] - The company aims to continue innovating under the concept of "redefining automotive lifestyles," providing customers with technologically advanced smart products [2] - The recognition from the award is expected to positively impact the promotion and application of the Vala automotive business [2]

Core Viewpoint - 51 Credit Card is struggling with its business transformation, particularly in the automotive sector with its Vala brand, which has not met sales expectations and has led to significant financial losses [2][11]. Group 1: Business Transformation and Strategy - 51 Credit Card, previously involved in credit card management and P2P lending, is attempting to pivot towards the automotive industry with the launch of the Vala vehicle, aiming to redefine automotive lifestyle [5][12]. - The founder, Sun Haitao, has ambitious plans for Vala, likening it to the iPhone of the automotive industry, but the vehicle's niche positioning and design have received criticism [2][15]. - The company plans to change its name to Vala, indicating a strong commitment to this new direction, despite current challenges [2][15]. Group 2: Sales Performance and Market Comparison - In the first quarter of 2025, Vala delivered only 99 vehicles, averaging about one sale per day, which is significantly lower than competitors like SAIC Maxus, which sells over 230 vehicles per quarter [3][11]. - Vala has received a total of 442 purchase orders historically, but the sales network remains limited, with only 110 co-creators recruited to date [9][11]. Group 3: Financial Performance - For 2024, 51 Credit Card reported a net loss of 69.018 million yuan, a staggering increase of 2092.4% compared to the previous year's loss of 3.148 million yuan, primarily due to increased R&D and operational costs in the automotive sector [11][14]. - The company's revenue for 2024 was approximately 224.649 million yuan, reflecting a modest growth of 3.4% year-on-year, but the financial strain from the automotive venture is evident [10][11]. Group 4: Product Development and Future Plans - Vala's initial model has been criticized for its limited battery capacity and design flaws, leading to a perception of it as an experimental product [7][8]. - The introduction of Vala Pro aims to address some of these issues with improved specifications, but at a higher price point of 268,000 yuan [7][8]. - Future models, including Vala mini and Vala Air, are planned to target younger consumers, but their market impact remains uncertain [7][8].