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10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: 都市麗人(中國)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) | 02298 | 說明 | | | | | | | | | | | 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 | | 0.01 | USD | | 50,000,000 | | 增加 / 減少 (-) | | | | | | | USD | | | | 本月底結存 | | | 5,000,000,000 | USD | | 0.01 | USD | | 50,000,000 | 本月底法定/註冊股本總額： USD ...

Core Insights - The difficulty in selecting female celebrities as brand ambassadors is highlighted, with brands finding it easier to choose male stars who can deliver strong sales and high cost-effectiveness [1][12] - The marketing landscape for apparel and beauty brands has intensified as they prepare for the Double Eleven shopping festival, with a significant increase in the number of celebrity endorsements [3][29] - The emergence of new celebrities, including athletes and actors from popular dramas, is reshaping the endorsement market, leading to a focus on short-term collaborations aimed at immediate sales conversion [7][12] Group 1 - The number of announced celebrity endorsements reached 290 in the last 30 days leading up to October 26, averaging nearly 10 new endorsements per day [3] - Brands are increasingly prioritizing endorsements that can drive direct sales and enhance visibility during the critical Double Eleven period [7][12] - The trend of short-term collaborations emphasizes the need for brands to create buzz and drive traffic quickly, with a focus on event-driven marketing [7][12] Group 2 - The endorsement strategies for Double Eleven differ from regular campaigns, with brands seeking to maximize sales conversion and brand visibility through targeted celebrity partnerships [11][12] - Successful case studies, such as the collaboration between Duck Duck and celebrity Ziyu, demonstrate the effectiveness of quick and strategic partnerships in achieving high sales volumes [8][40] - Brands are increasingly looking for ambassadors who not only have strong fan engagement but also align with the brand's image and values, as seen in the partnerships with high-profile celebrities like Yang Mi and Di Li Re Ba [14][48] Group 3 - The apparel and beauty sectors dominate the endorsement market, accounting for over half of the total endorsements, driven by the high consumer demand during Double Eleven [29][31] - Brands are leveraging the popularity of emerging celebrities to enhance brand recognition and drive sales, particularly in the competitive apparel market [31][42] - The integration of celebrity endorsements with platform-specific marketing strategies is becoming essential, as brands seek to optimize their reach and engagement during major sales events [34][36]

Executive Compensation - The total remuneration for Mr. Xiao during the fiscal years ended December 31, 2019, 2020, and 2021 was RMB 6,368,000, RMB 9,816,000, and RMB 6,496,000 respectively[4] - Salary and bonuses for Mr. Xiao were RMB 6,085,000 in 2019, RMB 7,619,000 in 2020, and RMB 5,645,000 in 2021[4] - Employer retirement plan contributions for Mr. Xiao were RMB 283,000 in 2019, RMB 867,000 in 2020, and RMB 851,000 in 2021[4] - The share-based compensation for Mr. Xiao was RMB 1,330,000 in 2020, with no compensation reported for 2019 and 2021[4] Annual Report Disclosure - The company has maintained all other information disclosed in the annual reports for the years 2019, 2020, and 2021[5]

Core Viewpoint - The Hong Kong stock market's "Double Eleven" concept sector is experiencing a significant upward trend, driven by the upcoming 2025 "Double Eleven" shopping season, with notable gains in apparel and logistics stocks [2][3][7]. Apparel Sector - The apparel sector is leading the gains, with Bosideng (03998.HK) rising by 9.11%, Urban Revivo (02298.HK) increasing by 7.81%, and other brands like Uniqlo (06288.HK) and Li Ning (02331.HK) also showing positive performance [2][3]. - Seasonal demand for warm clothing is expected to rise due to the approaching autumn and winter, further boosting sales for brands focused on winter apparel [7]. E-commerce Sector - E-commerce companies are also benefiting, with Baozun E-commerce (09991.HK) up by 5.52% and Alibaba (09988.HK) increasing by 1.98% [2][3]. - Tmall's "Double Eleven" event has seen strong initial sales, with 80 brands exceeding 100 million yuan in sales within the first hour, indicating robust consumer interest [4][5]. Logistics Sector - Logistics stocks are performing well, with Aneng Logistics (09956.HK) surging by 10.47% and JD Logistics (02618.HK) up by 1.87% [2][3]. - The increase in e-commerce activity is expected to drive demand for logistics services, contributing to the positive performance of logistics companies [6]. Market Sentiment - The impressive sales data from the initial phase of the "Double Eleven" event has boosted market confidence in the related sectors, leading to a collective rise in apparel, e-commerce, and logistics stocks [6]. - Analysts suggest that the extended sales window due to the later Chinese New Year in 2026 will provide additional sales opportunities for companies in these sectors [7].

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: 都市麗人(中國)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) | 02298 | 說明 | | | | | | | | | | | 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 | | 0.01 | USD | | 50,000,000 | | 增加 / 減少 (-) | | | | | | | USD | | | | 本月底結存 | | | 5,000,000,000 | USD | | 0.01 | USD | | 50,000,000 | 第 1 頁 ...

Financial Performance - Revenue for the six months ended June 30, 2025, was RMB 1,435,894,000, a decrease of 5.2% compared to RMB 1,514,450,000 in 2024[11] - Profit attributable to owners for the same period was RMB 57,796,000, down 30% from RMB 82,398,000 in 2024[11] - Basic earnings per share decreased to RMB 2.7 from RMB 3.8, representing a decline of 28.9%[11] - Gross profit for the same period was RMB 665,764,000, down 7.4% from RMB 718,899,000 year-over-year[52] - Operating profit decreased significantly to RMB 65,448,000, a decline of 47.3% from RMB 123,833,000 in the previous year[52] - Net profit for the period was RMB 53,447,000, representing a decrease of 30.8% compared to RMB 77,346,000 in 2024[52] - The adjusted profit before tax for the six months ended June 30, 2025, was RMB 55,389,000, a decrease from RMB 115,311,000 in the same period of 2024[75] - The company reported a total comprehensive income of RMB 76,784,000 for the six months ended June 30, 2025, compared to RMB 82,398,000 for the same period in 2024, reflecting a decrease of approximately 6.5%[57] Revenue Breakdown - Revenue from intimate apparel products was RMB 1,288.5 million, accounting for 89.7% of total revenue, while logistics revenue increased to RMB 64.4 million, representing 4.5% of total revenue[25] - Revenue from the intimate apparel segment for the six months ended June 30, 2025, was RMB 1,288,540,000, slightly down from RMB 1,295,054,000 in the same period of 2024[75] - Revenue from the industrial projects and logistics segment decreased to RMB 147,354,000 for the six months ended June 30, 2025, from RMB 219,396,000 in the same period of 2024[75] - Retail revenue for the six months ended June 30, 2025, increased to RMB 662,627,000 from RMB 643,711,000 in the same period of 2024[76] - Revenue from logistics services increased to RMB 64,445,000 for the six months ended June 30, 2025, compared to RMB 47,521,000 in the same period of 2024[76] Expenses and Costs - Selling and marketing expenses increased by approximately 2% to RMB 523.9 million, driven by enhanced brand marketing efforts[30] - General and administrative expenses decreased by approximately 5% to RMB 79.7 million due to effective cost control measures[31] - The cost of goods sold for the six months ended June 30, 2025, was RMB 648,935,000, slightly lower than RMB 658,921,000 in 2024, a decrease of about 1.3%[80] - The financial expenses for the six months ended June 30, 2025, totaled RMB 12,454,000, slightly lower than RMB 12,715,000 in 2024, indicating a decrease of about 2.1%[82] - The impairment loss on financial assets for the six months ended June 30, 2025, was RMB 4,223,000, compared to RMB 2,722,000 in 2024, representing an increase of approximately 55.2%[81] Cash Flow and Financing - Operating cash flow for the six months ended June 30, 2025, was a net outflow of RMB 20,561,000, compared to a net inflow of RMB 68,315,000 in the same period of 2024, indicating a significant decline in cash generation[58] - The company raised RMB 359,999,000 from bank loans during the six months ended June 30, 2025, compared to RMB 200,000,000 in the same period of 2024, showing an 80% increase in financing activities[58] - Cash and cash equivalents at the end of June 30, 2025, amounted to RMB 520,349,000, down from RMB 572,174,000 at the end of June 30, 2024, representing a decrease of approximately 9.1%[58] - The company incurred a loss of RMB 20,561,000 from operating activities for the six months ended June 30, 2025, compared to a profit of RMB 68,348,000 in the same period of 2024, indicating a substantial decline in operational performance[58] Assets and Liabilities - Total assets as of June 30, 2025, were RMB 3,603,808,000, down from RMB 3,696,808,000 at the end of 2024[54] - Current liabilities decreased to RMB 1,070,864,000 from RMB 1,465,386,000 at the end of 2024, indicating improved liquidity[54] - Total equity increased to RMB 2,064,809,000 as of June 30, 2025, compared to RMB 2,021,363,000 at the end of 2024[54] - The company’s total liabilities increased significantly, with bank loan repayments of RMB 288,124,000 during the six months ended June 30, 2025, compared to RMB 130,286,000 in the same period of 2024, indicating increased leverage[58] - As of June 30, 2025, total bank loans amounted to RMB 571,663,000, an increase from RMB 395,630,000 as of December 31, 2024, resulting in a debt ratio of 28%, up from 20%[67] Shareholder Information - The company’s issued ordinary shares totaled 2,249,457,213 as of June 30, 2025, with significant shareholdings by key directors, including 35.67% held by Zheng Yao Nan and Wu Xiao Li[108] - As of June 30, 2025, TMF (Cayman) Limited holds 1,079,778,852 shares, representing 48.00% of the company's total issued shares[110] - Da Cheng Investment Limited and Yao Li Investment Holdings Limited each hold 750,863,402 shares, accounting for 33.38% of the total issued shares[110] - The shareholding structure indicates a high concentration of ownership among a few major shareholders[110] Corporate Governance - The company has complied with all applicable provisions of the Corporate Governance Code, except for the separation of the roles of Chairman and CEO, which has been deviated since November 30, 2021[120] - All directors confirmed compliance with the Standard Code for securities transactions during the six months ending June 30, 2025[122] - The Audit Committee, composed of three independent non-executive directors, reviewed the interim financial information for the six months ending June 30, 2025, and raised no objections to the accounting policies adopted by the company[123]

Core Insights - The company, Urban Beauty (2298.HK), reported a revenue of RMB 1.436 billion for the first half of 2025, with profits attributable to shareholders amounting to RMB 57.8 million [1] - The core business segment, intimate apparel, showed a growth of 15.6% year-on-year, generating RMB 696.5 million [1] - The company's e-commerce GMV exceeded RMB 1.6 billion in the first half of 2025, marking a significant year-on-year increase of 243% [1] Group 1: Business Performance - Urban Beauty's revenue from intimate apparel, industrial projects, and logistics reached RMB 1.289 billion, RMB 147 million, and contributed to the overall revenue respectively [1] - The e-commerce business is expected to continue its rapid growth, with a projected annual GMV exceeding RMB 3.4 billion for 2025 [1] Group 2: Product Innovation and Branding - The company has launched a series of innovative products, including "Water Light Cup," "Carved Gathering Cup," and "Peach Cup," which have contributed to its market expansion [2] - Urban Beauty has been recognized with the "Most Commercially Valuable Bra" award at the 2025 BIDA International Intimate Apparel Design Awards, enhancing its brand credibility [2] Group 3: Marketing and Brand Positioning - The company has initiated a significant brand image advertising campaign with a budget of over RMB 100 million, utilizing 180 high-speed rail hubs and over 4,000 advertising stations [3] - Urban Beauty's collaboration with global ambassador Nazha and sports champions Liu Shaolin and Liu Shaoang aims to reinforce its brand identity as "National Underwear" and emphasize its commitment to quality [2][3]

Core Insights - The article discusses the challenges faced by the company "都市丽人" (Urban Lady) in maintaining its market position and profitability amid changing consumer preferences and intense competition in the lingerie market [2][32]. Financial Performance - In 2024, the company reported total revenue of 30.10 billion yuan, a year-on-year increase of 9.18%, and a net profit of 1.26 billion yuan, up 197% [4]. - However, the core business of intimate apparel saw a revenue decline of 3.33% to 25.55 billion yuan, with actual product sales dropping approximately 6% [5]. - The company’s half-year report for 2024 showed a revenue of 14.36 billion yuan, down 5.19%, and a net profit of 57.8 million yuan, down 29.86% [2]. Revenue Sources - The significant profit increase was largely attributed to real estate sales, specifically from the 玉泉 project, which generated 3.23 billion yuan in property sales revenue [6][7]. - The project involved the transformation of an old warehouse into a modern logistics center, with a portion of the space being sold [6]. Market Position and Strategy - The company has struggled to connect with younger consumers, leading to a decline in brand growth despite previous successes [2]. - Urban Lady attempted to reposition itself in the mid-range market but has since shifted back to a focus on the mass market due to declining performance [13][32]. - The company opened 850 new stores in 2024, bringing the total to over 4,500, focusing on "strong counties" in major provinces [28]. Competitive Landscape - Urban Lady faces intense competition from both established brands and new entrants, leading to price sensitivity among consumers [28][32]. - The company has been criticized for its reliance on similar suppliers as competitors, raising concerns about brand differentiation [17][19]. Challenges and Future Outlook - The company’s inventory management remains a significant challenge, with a reported inventory value of 6.22 billion yuan in 2025, indicating ongoing pressure from unsold stock [28]. - Despite various strategic changes, including celebrity endorsements and product line adjustments, Urban Lady has yet to regain its competitive edge in the market [32].

Core Viewpoint - Urban Beauty has demonstrated resilience in its financial performance amidst a challenging consumer environment, showcasing steady progress in strategic transformation and expansion of new business lines [1][3]. Financial Performance - In the first half of the year, Urban Beauty achieved a revenue of 1.436 billion yuan and a net profit of 57.796 million yuan [1]. - The main business of intimate apparel generated 1.289 billion yuan, reflecting a 2.3% quarter-on-quarter growth compared to the second half of 2024, with a gross margin increase of 0.5% to 49.6% year-on-year [1]. - Revenue from pure cotton home goods grew approximately 46% year-on-year, indicating a solid core business foundation and rapid expansion of new ventures [1]. E-commerce Growth - E-commerce emerged as a significant highlight, with Urban Beauty's e-commerce GMV exceeding 1.6 billion yuan, representing a 243% year-on-year increase [2]. - The company aims for its e-commerce GMV to reach or exceed 3.4 billion yuan in 2025 and 5 billion yuan by 2026 [2]. Strategic Initiatives - Urban Beauty is adopting a "joint venture e-commerce" model, collaborating deeply with leading e-commerce platforms to replace traditional consignment models, thereby reducing channel costs and enhancing brand-channel synergy [3]. - The company is optimizing its supply chain by sharing resources and evaluating suppliers to respond more agilely to market changes and consumer demands [3]. Brand and Marketing - Urban Beauty has signed national-level athletes as brand ambassadors to strengthen its brand recognition and has launched extensive advertising campaigns across major urban areas [5]. - The company is focusing on scenario-based marketing to enhance brand memory and reach diverse consumer segments [5]. Product Development - Urban Beauty has upgraded its product development system to align closely with market demands, enhancing collaboration with core suppliers [7]. - The introduction of innovative products, such as the "Goddess Cup" lingerie, has won international design awards, further solidifying its market leadership [8]. Market Position and Valuation - Urban Beauty's stock has seen a nearly 40% increase this year, reflecting improved market confidence and fundamental performance [8]. - Despite this growth, the company remains undervalued with a price-to-book ratio of only 0.35, significantly lower than the industry average of 3.93, indicating potential for market revaluation [8][9].

Core Insights - The company demonstrated resilience in its financial performance amidst a challenging consumer environment, with a revenue of 1.436 billion yuan and a net profit of 57.8 million yuan in the first half of the year [1] - The e-commerce channel emerged as a significant growth driver, achieving a GMV of over 1.6 billion yuan, representing a year-on-year increase of 243% [2][3] - The company is focusing on a "joint e-commerce" model to enhance profitability and reduce channel costs, while also optimizing its supply chain for better market responsiveness [4] Financial Performance - The main business of intimate apparel generated revenue of 1.289 billion yuan, showing a quarter-on-quarter growth of 2.3% compared to the second half of 2024, with a gross margin increase of 0.5% to 49.6% [1] - The cotton product revenue saw a year-on-year growth of approximately 46%, indicating a stable core business foundation [1] E-commerce Growth - The e-commerce channel is projected to reach a GMV of 3.4 billion yuan in 2025, with a long-term goal of 5 billion yuan by 2026 [3] - The company ranked in the top ten for its flagship store during the Tmall 618 event and secured the fourth position in the underwear category on JD platform [3] Brand Strategy - The company has signed national-level athletes as brand ambassadors to enhance brand recognition and has engaged in high-frequency advertising in key consumer locations [6][7] - The marketing strategy includes leveraging cultural events to strengthen the brand's national identity [6] Product Development - The company upgraded its product development system to align closely with market demands, enhancing collaboration with core suppliers [8] - New product innovations include the "Goddess Cup" and other specialized products that cater to diverse consumer needs, contributing to a robust product matrix [9] Market Position - The company is experiencing a positive market sentiment, with a nearly 40% increase in stock price year-to-date, while still being undervalued with a price-to-book ratio of 0.35 compared to the industry average of 3.93 [10][12]