Investment Rating - The report assigns a "Buy" rating for the company, marking the first coverage of the stock [8]. Core Insights - The company's performance has significantly improved, with a notable increase in revenue and a reduction in net losses. The first half of 2025 saw total revenue of 0.82 billion yuan, a year-on-year increase of 37%, and a narrowed net loss of 0.11 billion yuan compared to a loss of 0.17 billion yuan in the first half of 2024 [1][2]. - The company is actively expanding its business through acquisitions, specifically targeting the trendy toy sector. It plans to acquire approximately 27.74% of HIDDEN WOOO for 0.14 billion yuan in cash and 0.24 billion yuan in stock, which will enhance its IP matrix and support overseas expansion [2][3]. - The company has experienced a recovery across all business lines, with e-commerce and other business revenues increasing by 31% to 0.44 billion yuan, driven by enhanced promotional efforts and expansion into new e-commerce platforms [3][4]. Summary by Sections Financial Performance - In the first half of 2025, the gross margin increased by 1 percentage point to 55.50%, while promotional costs as a percentage of revenue rose by 2 percentage points to 14.73% due to initial high costs associated with new e-commerce initiatives [2]. - The adjusted net loss rate improved by 15% year-on-year to 13.05%, indicating a significant enhancement in profitability [2]. Business Expansion - The company is focusing on expanding its e-commerce operations in Southeast Asia, Taiwan, and the United States, with revenue growth in these regions of 145% and 297%, respectively [4][7]. - The company has launched self-operated city parks, which are expected to contribute new revenue streams alongside ticket sales and IP product sales [8]. Earnings Forecast - The company is projected to see substantial earnings growth, with EPS estimates of 0.01, 0.04, and 0.13 yuan for 2025, 2026, and 2027, respectively. The current stock price corresponds to PE ratios of 119, 30, and 10 for the same years [8][10].

2 公司資料 1 目 錄 5 財務摘要 7 主席致辭 11 管理層討論與分析 43 其他資料 55 獨立核數師報告 57 中期簡明綜合全面收益表 59 中期簡明綜合財務狀況表 61 中期簡明綜合權益變動表 63 中期簡明綜合現金流量表 65 中期財務資料附註 公司資料 董事會 執行董事 許夏林先生 （董事會主席兼行政總裁） 郭振傑先生 張展耀先生 （於2025年7月11日辭任） 宋治強先生 （於2025年8月1日獲調任） 呂行遠先生 （於2025年7月11日獲委任） 非執行董事 梁興超先生 （於2025年9月8日被罷免） 徐文雅女士 （於2025年9月8日獲委任） 獨立非執行董事 梁丙焄女士 陳繼宇博士， 榮譽勳章，太平紳士 （於2025年1月2日辭任） 陳嘉賢教授， 太平紳士 （於2025年1月2日獲委任） 吳迪先生 （於2025年8月1日獲委任） 2 公司資料 薪酬委員會 梁丙焄女士 （主席） 許夏林先生 宋治強先生 （於2025年8月1日卸任） 吳迪先生 （於2025年8月1日獲委任） 提名委員會 許夏林先生 （主席） 宋治強先生 （於2025年8月1日卸任） 梁丙焄女士 （於2025年8月1日獲委任） ...

Core Viewpoint - The company, 小黄鸭德盈, reported a significant increase in revenue and announced plans to acquire潮玩公司HIDDEN WOOO, aiming to enhance its IP matrix and expand its product line targeting the young consumer market [1] Financial Performance - For the first half of the year, the company achieved a revenue of 82.31 million HKD, representing a year-on-year growth of 37% [1] - The IP licensing business generated revenue of 38.44 million HKD, with a year-on-year increase of 46%, and the number of licensed partners grew to 577 [1] - The retail business revenue reached 43.87 million HKD, marking a 31% year-on-year growth, focusing on潮玩盲盒, plush toys, AI toys, and light home goods [1] Acquisition Details - The planned acquisition of HIDDEN WOOO is expected to enhance the company's IP matrix and expand its潮玩 product line [1] - After the transaction, HIDDEN WOOO's founder, 黄嘉乐, will become the Vice President of the group, responsible for the潮玩 business segment [1] - The collaboration aims to develop innovative潮玩 products, including盲盒, vinyl figures, collectible sculptures, and trendy accessories [1] Market Expansion Strategy - With the support of 小黄鸭德盈, HIDDEN WOOO plans to accelerate its overseas market expansion, particularly in Europe [1] - The strategy includes establishing brand flagship stores and creating immersive retail spaces combined with localized marketing activities to deepen brand recognition and emotional connection [1]

Core Viewpoint - The company, 小黄鸭德盈 (02250), experienced a significant stock price increase following the release of its mid-term performance report, which highlighted strong revenue growth and a strategic acquisition plan [1] Financial Performance - The company reported a revenue of 82.31 million HKD for the first half of the year, representing a year-on-year increase of 37% [1] - The IP licensing business generated revenue of 38.44 million HKD, up 46% year-on-year, with the number of licensed partners increasing to 577 [1] - Revenue from retail sales reached 43.87 million HKD, reflecting a 31% year-on-year growth, focusing on trendy blind boxes, plush toys, AI toys, and light home goods [1] Strategic Acquisition - The company announced plans to acquire the trendy toy company HIDDEN WOOO, which will enhance its IP matrix and expand its product line targeting the young consumer market [1] - Following the acquisition, HIDDEN WOOO's founder, 黄嘉乐, will become the Vice President of the group, overseeing the trendy toy business segment [1] Market Expansion - The acquisition is expected to accelerate HIDDEN WOOO's expansion into overseas markets, particularly in Europe, with plans for flagship store development [1] - The strategy includes creating immersive retail spaces and localized marketing activities to deepen brand recognition and emotional connection with consumers [1]

Group 1 - The company announced that Liang Xingchao has been removed from the position of non-executive director effective September 8, 2025 [1] - Xu Wenya has been appointed as the new non-executive director [1]

B.Duck Semk Holdings International Limited 小黃鴨德盈控股國際有限公司 （於開曼群島註冊成立的有限公司） （股份代號︰2250） 董事名單及其角色和職能 小黃鴨德盈控股國際有限公司之董事（「董事」）會（「董事會」）成員載 列如下： 執行董事： 非執行董事： 徐文雅女士 獨立非執行董事： 梁丙焄女士 陳嘉賢教授（太平紳士） 吳迪先生 董事會設有三個委員會。下表載列各董事會成員於該等委員會擔任的角色。 | | 董事會委員會 審核委員會 | 薪酬委員會 | 提名委員會 | | --- | --- | --- | --- | | 董事會成員 | | | | | 許夏林先生 | | 成員 | 主席 | | 梁丙焄女士 | 成員 | 主席 | 成員 | | 陳嘉賢教授（太平紳士） | 成員 | | 成員 | | 吳迪先生 | 主席 | 成員 | | 香港，2025年9月8日 許夏林先生 郭振傑先生 宋治強先生 呂行遠先生 ...

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，幷明確表示概不就因本公告全部或 任何部分內容而産生或因倚賴該等內容而引致之任何損失承擔任何責任。 B.Duck Semk Holdings International Limited 小黃鴨德盈控股國際有限公司 （於開曼群島註冊成立的有限公司） （股份代號︰2250） 變更非執行董事 董事會謹此宣佈自 2025 年 9 月 8 日起： 變更非執行董事 小黃鴨德盈控股國際有限公司（「本公司」，連同其附屬公司，「本集團」）董 事（「董事」）會（「董事會」）謹此宣佈，應華昌國際有限公司（「華昌」） （持有本公司已發行股份總數約 8.52%的股東）要求，並根據本公司組織章程細 則第 16.18(f)條的規定，梁興超先生（「梁先生」）已自 2025 年 9 月 8 日起被免 去非執行董事之職務。梁先生由華昌提名擔任董事。同時，亦由華昌提名的徐文 雅女士（「徐女士」）已自 2025 年 9 月 8 日起獲委任為非執行董事，以接替梁 先生之職務。 本公司確認，董事會與梁先生之間並無意見分歧。亦無任何其他與其免任相關 ...

Group 1 - The event "Big Consumption Investment Summit and 2025 Zhitong Xingyao Autumn Joint Strategy Meeting" was held in Hangzhou, focusing on the theme "New Consumption Species: The Evolution of Hong Kong Stocks" [1] - In 2025, China's consumption market is witnessing a blend of tradition and innovation, with electric vehicle penetration exceeding 47%, smart home sales growing in double digits, and rural consumption growth outpacing urban by 0.8 percentage points [1] - The Hong Kong stock market is becoming a witness to consumer power, with a 100-fold subscription for consumer IPOs in the first half of the year and 71% of new stocks closing higher on their first day [1] Group 2 - The main venue will feature keynote speeches and roundtable discussions on trends, while the sub-venue will showcase opportunities from 30 top companies [2] - Keynote speakers include executives from Tencent, GF Securities, and various leading companies, sharing insights and practical experiences [4] - The sub-venue will host presentations from 30 leading companies, including China Duty Free Group, Maogeping, and others, focusing on their business opportunities [5]

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: 小黃鴨德盈控股國際有限公司 呈交日期: 2025年9月2日 I. 法定/註冊股本變動 FF301 II. 已發行股份及/或庫存股份變動 | 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) | 02250 | 說明 | | | | | | | | | 已發行股份（不包括庫存股份）數目 | | 庫存股份數目 | | 已發行股份總數 | | | 上月底結存 | | | 980,993,000 | | 0 | | 980,993,000 | | 增加 / 減少 (-) | | | | | | | | | 本月底結存 | | | 980,993,000 | | 0 | | 980,993,000 | 第 2 頁 共 10 頁 v 1.1.1 FF301 | 1. 股份分 ...

Core Viewpoint - The company, 小黄鸭德盈, reported a significant revenue increase of 37% in the first half of 2025, amounting to 82.31 million HKD, while narrowing its losses by 38% to 11.65 million HKD. The company also announced plans to acquire the toy company HIDDEN WOOO, which will enhance its control over the IP matrix and toy product line [1]. Financial Performance - In the first half of 2025, the company achieved a revenue of 82.31 million HKD, reflecting a 37% year-on-year growth [1]. - The company reported a loss of 11.65 million HKD, which is a 38% reduction compared to the previous year [1]. - The IP licensing business generated 38.44 million HKD in revenue, marking a 46% increase year-on-year [4]. - E-commerce and other business segments contributed 43.87 million HKD, with a year-on-year growth of 31% [5]. - The overseas revenue saw a remarkable increase of 160% year-on-year [9]. IP Development and Strategy - The company has established a diverse IP matrix, including partnerships with various cultural entities and brands, enhancing the cultural relevance of its core IP, B.Duck [2][3]. - The company has expanded its IP licensing partners from over 280 at the time of its IPO in 2022 to 577 partners, with over 50,000 SKUs [4]. - The acquisition of HIDDEN WOOO will allow the company to hold a 51% stake, further enriching its IP portfolio and expanding its toy product line [6][7]. Product and Market Expansion - The company is focusing on the toy retail sector, particularly in the潮玩 (trendy toy) segment, and has adjusted its product offerings to cater to younger consumers [5]. - The company is actively developing its presence in the cultural tourism sector, with plans to create a sustainable IP tourism ecosystem [8]. - The company has made significant strides in international markets, particularly in Thailand, where its products have entered major retail channels [9]. Future Outlook - The company aims to enhance its brand strategy from "Be Playful" to "Make A Playful World," indicating a commitment to global expansion while maintaining its roots in China [9].