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: 凱知樂國際控股有限公司 呈交日期: 2025年10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) | 02122 | 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 | | | 48,800,000,000 | HKD | | 0.01 | HKD | | 488,000,000 | | 增加 / 減少 (-) | | | | | | | HKD | | | | 本月底結存 | | | 48,800,000,000 | HKD | | 0.01 | HKD | | 488,000,000 | 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 ...

NOTIFICATION LETTER 通知信函 Dear Non-registered Shareholder(s)(Note 1) , Kidsland International Holdings Limited (the "Company") - Notice of publication of Interim Report 2025 (the "Current Corporate Communication") The English and Chinese versions of the Company's Current Corporate Communication are available on the Company's website at www.kidslandholdings.com and the website of The Stock Exchange of Hong Kong Limited (the "Stock Exchange") at www.hkexnews.hk respectively (the "Website Version"). The Company ...

NOTIFICATION LETTER 通知信函 Dear Registered Shareholders, 26 September 2025 Kidsland International Holdings Limited (the "Company") – Notice of publication of Interim Report 2025 (the "Current Corporate Communication") The English and Chinese versions of the Company's Current Corporate Communication are now available on the Company's website at www.kidslandholdings.com and the website of The Stock Exchange of Hong Kong Limited (the "Stock Exchange") at www.hkexnews.hk respectively (the "Website Version"). The ...

Company Information [Board of Directors](index=3&type=section&id=Board%20of%20Directors) The company's Board of Directors comprises executive, non-executive, and independent non-executive directors, with Mr. Li Ching Yiu serving as Chairman and CEO; audit, remuneration, and nomination committees are established to ensure corporate governance - Mr. Li Ching Yiu serves as Executive Director, Chairman, and Chief Executive Officer[3](index=3&type=chunk) - The Board has established an Audit Committee, Remuneration Committee, and Nomination Committee to enhance corporate governance[3](index=3&type=chunk) [Company Secretary and Authorized Representatives](index=3&type=section&id=Company%20Secretary%20and%20Authorized%20Representatives) Ms. Tung Wing Yee serves as Company Secretary, with Mr. Li Ching Yiu and Ms. Tung Wing Yee as authorized representatives - The Company Secretary is Ms. Tung Wing Yee[3](index=3&type=chunk) - The authorized representatives are Mr. Li Ching Yiu and Ms. Tung Wing Yee[3](index=3&type=chunk) [Independent Auditor](index=3&type=section&id=Independent%20Auditor) UHY Mac & Co. Certified Public Accountants is the company's independent auditor - The independent auditor is UHY Mac & Co. Certified Public Accountants[3](index=3&type=chunk) [Registered Office and Principal Place of Business](index=3&type=section&id=Registered%20Office%20and%20Principal%20Place%20of%20Business) The company's registered office is in the Cayman Islands, its China headquarters in Beijing, and its principal place of business in Hong Kong is in Wan Chai - The registered office is located in the Cayman Islands[3](index=3&type=chunk) - The China headquarters and principal place of business are located in Chaoyang District, Beijing[4](index=4&type=chunk) - The principal place of business in Hong Kong is located on Jaffe Road, Wan Chai[4](index=4&type=chunk) [Share Registrar](index=4&type=section&id=Share%20Registrar) The principal share registrar in the Cayman Islands is Vistra (Cayman) Limited, and the Hong Kong branch share registrar is Tricor Investor Services Limited - The principal share registrar in the Cayman Islands is Vistra (Cayman) Limited[4](index=4&type=chunk) - The Hong Kong branch share registrar is Tricor Investor Services Limited[4](index=4&type=chunk) [Principal Bankers](index=4&type=section&id=Principal%20Bankers) The company's principal bankers in Hong Kong include Bank of China (Hong Kong) and OCBC Bank (Hong Kong), and in China, China Construction Bank, China Minsheng Bank, DBS Bank, and Industrial and Commercial Bank of China - Principal bankers in Hong Kong: Bank of China (Hong Kong) Limited, OCBC Bank (Hong Kong) Limited[4](index=4&type=chunk) - Principal bankers in China: China Construction Bank, China Minsheng Bank, DBS Bank, Industrial and Commercial Bank of China[4](index=4&type=chunk) [Listing Information](index=4&type=section&id=Listing%20Information) The company's shares are listed on the Main Board of The Stock Exchange of Hong Kong Limited, with stock code 2122 and board lot size of 2,000 shares - Listing place: Main Board of The Stock Exchange of Hong Kong Limited[4](index=4&type=chunk) - Stock code: **2122**[4](index=4&type=chunk) - Board lot size: **2,000 shares**[4](index=4&type=chunk) Management Discussion and Analysis [Overview](index=4&type=section&id=Overview) The Group actively responded to market changes in the first half of 2025, implementing cost reductions and business transformation, including exploring the 'kidult' market, testing IP pop-up stores, opening a Tomica flagship store, and leveraging AI tools for efficiency, transitioning from a traditional retailer to an integrated business model encompassing IP incubation, product R&D, and proprietary retail stores - The Group implemented a comprehensive transformation in the first half of 2025, aiming to restore operational resilience, efficiency, and ensure sustainable growth[5](index=5&type=chunk) - A robust cost reduction plan was implemented, with selling, distribution, general and administrative expenses decreasing by **17.1%**, and employee benefit expenses decreasing by **21.7%**[5](index=5&type=chunk) - A new business unit was established to explore the 'kidult' market, and IP pop-up stores were tested in collaboration with IP owners[5](index=5&type=chunk) - The first Tomica flagship store opened at F.A.O. Schwarz in Beijing, achieving record sales[6](index=6&type=chunk) - Gross profit margin improved from **29.3%** for the year ended December 31, 2024, to **29.9%** for the reporting period, with plans to launch proprietary products[6](index=6&type=chunk) - Internal adoption of AI tools streamlined processes, promoting a "less, better, faster" approach[7](index=7&type=chunk) - The company is transforming from a traditional toy retailer to an integrated business model encompassing IP incubation, product R&D, and a portfolio of proprietary retail stores[7](index=7&type=chunk) [Retail and Wholesale Business](index=5&type=section&id=Retail%20and%20Wholesale%20Business) The Group's distribution network includes self-operated retail and wholesale channels; during the reporting period, the number of retail stores and consignment counters decreased, while online stores increased, and wholesale distributors decreased, though retail points in chain hypermarkets and supermarkets slightly increased - As of June 30, 2025, there were **470** self-operated retail points (June 30, 2024: **535**), and **39** online stores (June 30, 2024: **34**)[10](index=10&type=chunk) - As of June 30, 2025, there were **253** distributors (June 30, 2024: **304**), and **9** chain hypermarkets and supermarkets (with **420** retail points)[10](index=10&type=chunk) Retail Store Number Changes | Metric | 2025 (Six months ended June 30) | 2024 (Six months ended June 30) | | :--- | :--- | :--- | | Beginning of period | 140 | 155 | | New retail stores | 2 | 7 | | Closed retail stores | (25) | (17) | | End of period | 117 | 145 | Consignment Counter Number Changes | Metric | 2025 (Six months ended June 30) | 2024 (Six months ended June 30) | | :--- | :--- | :--- | | Beginning of period | 378 | 404 | | New consignment counters | 9 | 18 | | Closed consignment counters | (34) | (32) | | End of period | 353 | 390 | Distributor Number Changes | Metric | 2025 (Six months ended June 30) | 2024 (Six months ended June 30) | | :--- | :--- | :--- | | Beginning of period | 270 | 306 | | New distributors | 38 | 47 | | Distribution agreements expired and not renewed | (55) | (49) | | End of period | 253 | 304 | - The number of online stores increased from **34** as of June 30, 2024, to **39** as of June 30, 2025, primarily through brand flagship stores on third-party platforms like Tmall and JD.com[13](index=13&type=chunk) [Financial Review](index=7&type=section&id=Financial%20Review) During the reporting period, the Group's revenue decreased by 14.4% year-on-year to RMB422.5 million, primarily due to lower self-operated retail channel revenue; despite a weak market, wholesale channel revenue slightly increased, gross profit margin declined but improved from the previous year, and loss for the period narrowed by 15.7% due to distribution network and product portfolio optimization and expense management Revenue Overview | Metric | 2025 (RMB thousands) | 2024 (RMB thousands) | Change (%) | | :--- | :--- | :--- | :--- | | Total revenue | 422,478 | 493,652 | -14.4% | | Self-operated retail channel revenue | 332,759 | 404,381 | -17.7% | | Wholesale channel revenue | 89,719 | 89,271 | +0.5% | Gross Profit and Gross Profit Margin | Metric | 2025 (RMB thousands) | 2024 (RMB thousands) | Change (%) | | :--- | :--- | :--- | :--- | | Cost of sales | 295,951 | 325,742 | -9.1% | | Gross profit | 126,527 | 167,910 | -24.6% | | Gross profit margin | 29.9% | 34.0% | -4.1pp | | Gross profit margin for the year ended December 31, 2024 | 29.3% | - | +0.6pp (compared to prior year) | Key Expense Changes | Metric | 2025 (RMB thousands) | 2024 (RMB thousands) | Change (%) | | :--- | :--- | :--- | :--- | | Selling and distribution expenses | 182,497 | 216,466 | -15.7% | | General and administrative expenses | 15,692 | 22,496 | -30.2% | | Finance costs | 5,031 | 5,690 | -11.6% | Operating Efficiency Metrics | Metric | June 30, 2025 | June 30, 2024 | Change | | :--- | :--- | :--- | :--- | | Inventory turnover days | **123 days** | **159 days** | **-36 days** | | Trade receivables turnover days | **17 days** | **20 days** | **-3 days** | | Trade payables turnover days | **70 days** | **62 days** | **+8 days** | | Cash conversion cycle

Group 1 - Hong Kong's Hang Seng Index fell by 0.97%, down 254 points, while the Hang Seng Tech Index dropped by 2.2% with a trading volume of 165.2 billion HKD in the morning session [1] - Congo has extended its cobalt export ban, leading to a rise of over 8.9% in the stock price of Liqin Resources (02245) [1] - Cloudwise Technology (01037) surged by 79% due to potential collaboration with UBTECH [1] - Kaizhile International (02122) saw a more than 12% increase after partnering with Pokémon IP to enter the collectible card game market [1] - HuiLiang Technology (01860) rose nearly 4.76% to a new high, driven by rapid growth from its smart bidding products, with institutions optimistic about the company's growth potential [1] - Shanggao Holdings (00412) increased by over 14%, maintaining normal business operations and announcing a buyback plan of up to 100 million USD [1] - Dazhong Public Utilities (01635) rose by 6.6%, with the company holding shares in Shenzhen Capital Group, and Moer Thread's IPO on the Sci-Tech Innovation Board is set to be reviewed [1] - Datang Gold (08299) surged over 20% in the morning after raising over 270 million HKD through a placement, with the controlling shareholder of Wanguo Gold Group becoming the second-largest shareholder [1] - Hong Kong Broadband (01310) rebounded over 17%, as its controlling shareholder, China Mobile Hong Kong, plans to place existing shares, and the company aims to meet public holding requirements promptly [1] - Solar stocks collectively declined, with institutions indicating that domestic polysilicon prices remain high and the supply-demand relationship in the industry has not significantly improved. New Special Energy (01799) fell by 4.18%, Flat Glass Group (06865) dropped by 4%, Xinyi Solar (00968) decreased by 2.6%, and Xinyi Energy (03868) fell by 3% [1] Group 2 - Airline stocks collectively declined due to unexpectedly weak demand for public transportation during the summer travel season, with institutions suggesting to monitor the sustainability of public transport recovery and avoid excessive competition. China Southern Airlines (01055) fell by 4.93%, Air China (00753) dropped by 3.98%, and China Eastern Airlines (00670) decreased by 2.27% [2]

Group 1 - The core viewpoint of the article highlights the significant stock price increase of Kidsland International (02122), which rose over 18% in intraday trading and has accumulated a rise of over 260% in the month [1] - As of the report, the stock is trading at 0.275 HKD with a transaction volume of 3.2622 million HKD [1] - On September 10, Kidsland announced a strategic entry into the trading card game (TCG) market, partnering with the globally recognized IP Pokémon for operational services [1] Group 2 - The first official Pokémon trading card dojo in Beijing will open on September 10, 2025, at the Huiju Shopping Center [1] - In addition to Pokémon, Kidsland plans to seek collaborations with more international and domestic popular IPs and card manufacturers in the future [1] - The board of Kidsland believes that TCG serves as a super entry point connecting toys, games, and social interactions, aiming to leverage its channel advantages to bring more excellent TCG products and experiences to Chinese consumers [1]

Group 1 - The core viewpoint of the article highlights the significant stock price increase of Kidsland International (02122), which rose over 18% in intraday trading and has accumulated a rise of over 260% within the month [1] - As of the report, the stock is trading at 0.275 HKD with a trading volume of 3.2622 million HKD [1] - On September 10, Kidsland announced a strategic entry into the trading card game (TCG) market, partnering with the globally recognized IP Pokémon for operational services [1] Group 2 - The first official Pokémon trading card venue in Beijing is set to open on September 10, 2025, at the Huiju Shopping Center [1] - Kidsland plans to seek collaborations with more international and domestic popular IPs and card manufacturers beyond Pokémon [1] - The board of Kidsland believes that TCG serves as a super entry point connecting toys, games, and social interactions, aiming to leverage its channel advantages to bring more excellent TCG products and experiences to Chinese consumers [1]

Core Viewpoint - The rapid growth of the collectible card market is drawing parallels to historical speculative bubbles, such as the tulip mania of 1637, raising concerns about the sustainability of high prices and the potential for a market correction [3][32]. Group 1: Market Dynamics - The collectible card market is experiencing intensified competition, particularly with the entry of major IPs like Pokémon, which has led to significant stock price increases for companies involved in this space, such as Kaizhi Le International [5][10]. - The market is seeing a shift from a land-grabbing phase to a competitive landscape where established IPs dominate, making it challenging for other brands like Digimon to gain traction [7][10]. - The demand for collectible cards is driven by a mix of youth engagement and the purchasing power of middle-aged consumers, indicating a broadening consumer base [5][9]. Group 2: Investment and Speculation - High-value cards, particularly rare Pokémon cards, are fetching prices that can rival real estate, with some cards auctioned for tens of thousands of dollars [14][18]. - The secondary market for cards is influenced by various factors, including rarity, condition, and market trends, with some cards experiencing significant price appreciation [13][18]. - The trend of collectible cards transitioning into investment assets is emerging, with some cards showing annual returns that exceed traditional financial assets [18][30]. Group 3: Consumer Behavior and Risks - There are concerns about irrational consumer behavior, particularly the addictive nature of card collecting and the potential for significant financial losses [26][27]. - The lack of regulatory oversight and the prevalence of counterfeit products pose risks to consumers and the overall market integrity [29][32]. - The market is currently characterized by a primary focus on entertainment and collection, with investment aspects still in a nascent stage [18][30]. Group 4: Future Outlook - The future growth of the collectible card market will depend on consumer demand, innovation in card design, and the establishment of a more structured market environment [9][30]. - The potential for digital integration, such as NFTs, could enhance the value and security of collectible cards, addressing some of the current market vulnerabilities [16][32]. - The industry must adapt to changing consumer preferences and the lifecycle of IPs to maintain relevance and competitiveness in a rapidly evolving market [30][32].

Summary of Key Points Core Viewpoint - As of September 12, 197 stocks reached their 52-week highs, indicating a strong performance in the market, with notable leaders in various sectors [1]. Group 1: Top Performers - The top three stocks that achieved the highest increase in their 52-week high rates are: - Yaojie Ankang-B (02617) with a high rate of 114.69%, closing at 192.500 and reaching a peak of 251.400 [1] - Jinxing Group (00794) with a high rate of 50.00%, closing at 0.210 and peaking at 0.300 [1] - Kaizhile International (02122) with a high rate of 29.51%, closing at 0.360 and peaking at 0.395 [1] Group 2: Additional Notable Stocks - Other notable stocks that reached significant highs include: - Maple Leaf Education (01317) with a 25.00% increase, closing at 0.495 and peaking at 0.550 [1] - Brainstorm Aurora-B (06681) with a 21.25% increase, closing at 7.500 and peaking at 9.470 [1] - Yuhua Education (06169) with a 20.97% increase, closing at 0.730 and peaking at 0.750 [1] Group 3: Market Trends - The overall trend shows a robust market performance with a significant number of stocks hitting new highs, reflecting positive investor sentiment and potential growth opportunities across various sectors [1].

Company Overview - Kaizhile International (02122) experienced a significant stock price increase, soaring 160% yesterday and nearly 30% in early trading today, with a cumulative increase of over 350% this month [1] - As of the latest update, the stock is up 8.2%, trading at HKD 0.33, with a transaction volume of HKD 29.2543 million [1] Strategic Initiatives - The company announced a strategic move into the trading card game (TCG) market, starting with a partnership with the globally recognized IP Pokémon for operational services [1] - On September 10, the first official Pokémon card dojo opened in Beijing's Huiju Shopping Center, marking a significant step in the company's TCG strategy [1] - Kaizhile plans to seek collaborations with more international and domestic popular IPs and card manufacturers in the future [1] Industry Insights - The global TCG market has surpassed USD 12 billion in 2024, with the Chinese market experiencing growth rates exceeding 40% for three consecutive years [1] - Card games are becoming increasingly popular among Generation Z consumers due to their strong social attributes, collectible value, and the trend towards esports [1] - The company aims to leverage these market opportunities by collaborating with leading brands to establish a comprehensive business chain that includes offline sales, experiential activities, and event operations [1]