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12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: | 乐华娱乐集团 | | | | | | 呈交日期: | 2026年1月7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 | | 增加 / 減少 (-) | 0 | | USD | 0 | | --- | --- | --- | --- | --- | | 本月底結存 | 2,000,000,000 | USD | 0.0001 USD | 200,000 | 本月底法定/註冊股本總額： USD 200,000 FF301 第 1 頁 共 10 頁 v 1.1.1 證券代號 (如上市) 02306 說明 法定/註冊股份數目 面值 法定/註冊股本 FF301 II. 已發行股份及/ ...

Core Viewpoint - Jinma Amusement is undergoing a strategic transformation to integrate AI robotics into its business model, collaborating with partners to enhance its offerings in the cultural tourism sector [1][2]. Group 1: Strategic Collaboration - Jinma Amusement has partnered with Lehua Entertainment, Weifeng Electronics, Beifeng Technology, and Maoxiao Bole to establish a market-oriented operational platform and joint ventures [1]. - The collaboration aims to leverage each partner's strengths in cultural tourism technology, entertainment IP, smart products, and distribution channels to advance the development and application of intelligent robots in cultural tourism [1][2]. Group 2: Technological Adaptation - Jinma Amusement has developed core technologies that can be adapted for the production of embodied intelligent robots, with a strong overlap in target customer groups and application scenarios with its existing business [2]. - The company has initiated the mass delivery of over 1,000 embodied intelligent robots, which will serve various environments such as theme parks, commercial districts, and cinemas [2]. Group 3: IP Integration - Lehua Entertainment is enhancing product value through IP empowerment, addressing consumer motivations for purchasing [2]. - The collaboration has led to the establishment of the "YHT Smart Adoption Store" in Beijing, featuring humanoid robots that provide services and promote products from the "WAKUKU" IP [4]. Group 4: Market Expansion - Lehua Entertainment plans to open the first batch of 50 stores starting in January this year, expanding its market presence [5]. - The integration of IP embodiment with cultural tourism scenarios is showing promising prospects, as demonstrated by Disney's development of a robot based on the character "Olaf" from "Frozen" [6][7]. Group 5: Product Development - Jinma Amusement has outlined ten product series based on market demand, including sales series, guided tours, and various types of service robots [8]. - The company is focusing on creating immersive experience venues that combine service robots, performance robots, and parade robots with IP elements [8].

Core Insights - The event "Future of Entertainment Strategic Upgrade and Ecological Partner Conference" was held in Hangzhou, co-hosted by Jinma Amusement, Lehua Entertainment, Weifeng Electronics, Beifeng Technology, and Maoxiao Bole [1] - A significant equity investment agreement was signed among the parties, forming a "super ecological alliance" that integrates amusement, entertainment, capital, technology, and industrial finance to boost the large-scale application of embodied intelligence technology [1] Group 1 - Jinma Amusement and Beifeng Technology, along with Maoxiao Bole, are collaborating to establish "Hangzhou Jinbei Electric Drive Technology Co., Ltd." to enhance the core technological barriers and market competitiveness of embodied intelligent products [1] - Jinma Amusement and Lehua Entertainment have further strengthened their strategic partnership by signing a cooperation agreement with Maoxiao Bole and Beifeng Technology to create "Hangzhou Jinle Cultural and Entertainment Technology Co., Ltd." [1] - The new company aims to integrate the business advantages of all parties in cultural tourism technology, entertainment IP, intelligent products, and channel resources, focusing on the research and application of embodied intelligent robots in cultural tourism and entertainment scenarios, as well as the production and promotion of trendy IP derivatives [1]

Core Insights - The conference titled "Future Strategy Upgrade and Ecological Partner Conference" was held in Hangzhou, focusing on the theme of "Opening New Intelligent Applications, Empowering New Scene Implementation" [1] - The event gathered government leaders, industry representatives, investment experts, and media to witness the birth of a new paradigm for ecological collaboration in the cultural and entertainment industry [1] Group 1: Industry Trends and Challenges - The rapid iteration of AI technology has led to a narrowing commercial path for single technologies and products, highlighting a key bottleneck for industry upgrades [2] - The true scarcity in the AI era is not the technology itself but the ability to create sustainable monetization systems, emphasizing the need for systemic integration of "culture × technology × scene" [2] - The core productivity has shifted from technological advantages to systemic advantages, necessitating cross-industry, cross-stage, and cross-regional integration capabilities as the core of competition [2] Group 2: Strategic Partnerships and Collaborations - A significant signing ceremony took place during the conference, marking the formal establishment of an ecological alliance [5] - The first signing involved a joint equity investment in Beifeng Technology, creating a comprehensive ecosystem that integrates cultural content, hardware, and capital [6] - The second signing established "Hangzhou Jinbei Electric Drive Technology Co., Ltd." to solidify core component technology barriers, leveraging Beifeng Technology's expertise in high-end motor localization and intelligent drive technology [10][12] - The third signing led to the formation of "Hangzhou Jinle Cultural Entertainment Technology Co., Ltd." to deepen resource integration in the cultural and entertainment sectors, focusing on the development of intelligent robots and IP derivative products [13] Group 3: Future Development and Innovations - The successful hosting of the ecological partner conference marks a significant milestone for the transformation and upgrading of the cultural and entertainment industry [15] - With the launch of two major R&D production bases, over a thousand intelligent robots are set to be delivered, covering various scenes such as theme parks and commercial districts [15] - The company aims to enhance its core technology in embodied intelligence and expand its product matrix to include more intelligent products suitable for diverse environments [17] - The ongoing collaboration will foster a more open, diverse, and intelligent new ecosystem in the cultural and entertainment sector, enhancing consumer experiences and injecting new vitality into high-quality industry development [17]

Core Insights - The conference titled "Future Strategy Upgrade and Ecological Partner Conference" was held in Hangzhou, focusing on the theme of "Opening New Intelligent Applications, Empowering New Scene Implementation" [1] - The event gathered government leaders, industry representatives, investment experts, and media to witness the birth of a new paradigm for ecological collaboration in the cultural and entertainment industry [1] Group 1: Industry Trends and Challenges - The rapid iteration of AI technology has led to a narrowing commercial path for single technologies and products, highlighting a key bottleneck for industry upgrades [2] - The true scarcity in the AI era is not the technology itself but the ability to create sustainable monetization systems, emphasizing the need for systemic integration of "culture × technology × scene" [2] - The core productivity has shifted from technological advantages to systemic advantages, necessitating cross-industry, cross-stage, and cross-regional integration capabilities as the core of competition [2] Group 2: Strategic Partnerships and Collaborations - A significant equity investment agreement was signed among Jinma Amusement, Lehua Entertainment, Weifeng Electronics, Maoxiao Bole, and Beifeng Technology, forming a super ecological alliance that integrates amusement, entertainment, capital, technology, and industrial finance [6] - The establishment of "Hangzhou Jinbei Electric Drive Technology Co., Ltd." aims to solidify core component technology barriers, leveraging Beifeng Technology's expertise in high-end motor localization and intelligent drive technology [10] - The partnership with Lehua Entertainment to form "Hangzhou Jinle Cultural Entertainment Technology Co., Ltd." marks a deepening of collaboration, focusing on the development of intelligent robots for cultural and entertainment scenes and the production of trendy IP derivatives [13] Group 3: Future Developments and Innovations - The successful hosting of the ecological partner conference is seen as a milestone for the transformation and upgrading of the cultural and entertainment industry [15] - Jinma Amusement plans to leverage this ecological collaboration to enhance core technology research and development in embodied intelligence, improve robot interaction capabilities, and expand the matrix of intelligent consumer terminals [17] - The company aims to create a more open, diverse, and intelligent new ecosystem in the cultural and entertainment sector, enhancing consumer experiences and injecting new vitality into high-quality industry development [17]

Market Performance - The Hong Kong stock market showed a mixed performance with the Hang Seng Index rising by 0.13% to 25,808.79 points, while the Hang Seng Tech Index increased by 0.14% to 5,496.52 points. The National Enterprises Index fell by 0.03% to 8,911.15 points, and the Red Chip Index decreased by 0.14% to 4,061.97 points [1] Company News - Vanke Enterprises extended the grace period for the repayment of its fourth tranche of medium-term notes (total principal of 2 billion yuan) to 30 trading days [2] - Cathay Pacific reported a passenger count of 2.5304 million in November, marking a 26% year-on-year increase [3] - China General Nuclear Power's units 1 and 2 in Huizhou are in the debugging phase, with expected operational dates adjusted to the first half and second half of 2026, respectively [3] - Nanshan Aluminum International has increased its annual production capacity of alumina to 4 million tons [7] - He Yu Pharmaceutical's CSF-1R inhibitor received approval from China's NMPA [5] - Shengnuo Pharmaceutical completed Phase I trials for its drug STP707 and submitted a clinical research report to the FDA [6] Industry Insights - Huatai Securities noted that the market is still in a left-side layout phase, with a strong consensus on an early spring rally, but year-end supply and demand pressures may create uncertainty for a "Santa rally" [10] - CITIC Construction pointed out that after a period of single-sided growth in September, the Hong Kong market has experienced adjustments, with some quality assets returning to a high cost-performance ratio [10] - Guotai Junan Securities highlighted that historical data shows strong performance in U.S. stocks during year-end, despite uncertainties regarding interest rates and inflation paths for 2026 [11] - GF Fund mentioned that while short-term liquidity disturbances may impact the market, the upward trend in the AI industry cycle remains intact, suggesting that the market structure for Hong Kong stocks will not change [11]

Market Performance - The Hong Kong stock market opened high but experienced fluctuations, closing with the Hang Seng Index down 0.11% at 25,774.14 points, the Hang Seng Tech Index down 0.69% at 5,488.89 points, the National Enterprises Index down 0.29% at 8,913.83 points, and the Red Chip Index down 0.19% at 4,067.53 points [1] Sector Performance - Large tech stocks showed mixed performance: Alibaba rose 0.55%, Tencent fell 2.03%, JD.com increased by 0.45%, Xiaomi dropped 1.51%, NetEase decreased by 0.65%, Meituan rose 0.39%, Kuaishou fell 3.52%, and Bilibili decreased by 0.05% [1] - Gold stocks continued to rise, with WanGuo Gold Group up over 5%, Shandong Gold up over 4%, and Zhaojin Mining up over 2% [1] - Wind power stocks led gains, with Dongfang Electric up over 8% [1] - Biotech stocks declined, with Yaojie Ankang down over 18% [1] - Chinese brokerage stocks opened high but closed lower, with Dongfang Securities down over 1% [1] Company News - Cathay Pacific reported 2.5304 million passengers in November, a year-on-year increase of 26% [2] - Shandong High New Energy's subsidiary signed an EPC contract worth RMB 405.5 million [2] - China General Nuclear Power's units are in testing, with adjusted operational timelines for 2026 [2] - Lehua Entertainment signed a business cooperation framework agreement with Youku [3] - Dipo Technology entered a strategic cooperation agreement with Muxi Co., focusing on enterprise-level AI applications [4] - Nanshan Aluminum's alumina design capacity has been increased to 4 million tons [7] Institutional Insights - Huatai Securities noted that the market is still in a left-side layout phase, with supply and demand pressures expected to persist into the year-end [10] - Guotou Securities highlighted the historical strength of U.S. stocks at year-end, despite uncertainties regarding interest rates and inflation paths for 2026 [10] - Galaxy Securities recommended focusing on the tech sector as a long-term investment theme, anticipating a rebound due to multiple favorable factors [10]

Market Overview - The Hong Kong stock index opened higher but showed mixed performance, with the Hang Seng Index up 0.18% at 25,848.99 points, the Hang Seng Tech Index down 0.42% at 5,503.87 points, the National Enterprises Index up 0.11% at 8,949.28 points, and the Red Chip Index up 0.39% at 4,091.24 points [1] - Major tech stocks exhibited varied movements, with Alibaba up 0.68%, Tencent down 1.46%, JD.com up 0.98%, Xiaomi down 1.66%, NetEase up 0.19%, Meituan up 0.39%, Kuaishou down 3.6%, and Bilibili up 0.41% [1] - Wind power stocks led the gains, with Dongfang Electric rising over 5%, while gold stocks continued their upward trend, with Shandong Gold also up over 5% [1] - The lithium battery sector saw significant increases, with Ganfeng Lithium up over 4%, and building materials and cement stocks remained active, with Dongwu Cement reaching a historical high [1] - Mobile game stocks, Apple concept stocks, and new energy vehicle companies mostly declined [1] - Newly listed company Relax Health saw a first-day increase of over 145%, while Nobi Kan surged 338.75% in half a day [1] Corporate News - Vanke Enterprises (02202.HK) extended the grace period for the principal and interest payment of its fourth phase of medium-term notes (total principal of 2 billion yuan) to 30 trading days [2] - Cathay Pacific (00293.HK) reported 2.5304 million passengers in November, a year-on-year increase of 26% [3] - Shanhigh New Energy (01250.HK) signed an EPC contract with China Railway 17th Bureau for a total price of 405.5 million yuan [3] - China General Nuclear Power (01816.HK) announced that the commissioning of Units 1 and 2 in Huizhou has been adjusted to the first half and second half of 2026, respectively [3] - Lehua Entertainment (02306.HK) entered into a business cooperation framework agreement with Youku Information Technology [4] - Xinyang Global Holdings (00723.HK) signed a cooperation agreement with Guangxi Fenglin (601996.SH) to jointly develop the EU wood board and related product market [4] - Tabo (06110.HK) reported a high single-digit year-on-year decline in total sales for its retail and wholesale business in Q3 of the 2025/26 fiscal year [4] - Dipo Technology (01384.HK) entered into a strategic cooperation agreement with Muxi Co., aiming to deepen their strategic partnership in enterprise-level large model AI applications [4] - He Yu-B (02256.HK) received approval from China's NMPA for its CSF-1R inhibitor Beijiemai® [5] - Saint Noble Pharmaceuticals-B (02257.HK) completed Phase I trials for its experimental drug STP707 and formally submitted a clinical research report to the FDA [6] - Nanshan Aluminum International (02610.HK) increased its annual production capacity for alumina to 4 million tons [7] - Rungo Interactive (02422.HK) plans to sell 75% of its stake in Xi'an Tiantai Innovation Technology Co., Ltd. for 11.3 million yuan [8] - China Tianhua Chemical (00362.HK) received guidance from the Hong Kong Stock Exchange for resuming trading, but remains suspended [9] Institutional Insights - Huatai Securities noted that the market is still in a left-side layout phase, with the right-side turning point not yet clear. There is strong consensus on an early spring rally, but year-end supply and demand pressures create uncertainty for a "Santa rally." The first quarter may present a higher probability phase for investment [10] - CITIC Securities observed that after a unilateral rise in September, the Hong Kong stock market has experienced fluctuations since October due to repeated overseas macro expectations. Quality assets in the Hong Kong market have re-entered a high cost-performance zone, and with continued northbound capital inflow and improved profit expectations, the market is entering a significant year-end trading window [10] - China Galaxy suggested focusing on the technology sector as a long-term investment theme, which is expected to rebound after previous adjustments. The consumer sector is anticipated to receive substantial policy support, with current valuations at relatively low levels, indicating significant long-term upside potential [11]

来源：智通财经 智通财经12月22日讯（编辑 冯轶）智通财经为您带来今日港股重要公告 1）公司要闻 乐华娱乐(02306.HK)：公司及优酷信息技术与优酷订立2026年业务合作框架协议。 信保环球控股(00723.HK)：与广西丰林(601996.SH)签订合作协议，共同开发欧盟木板及相关产品市 场。 滔搏(06110.HK)：于2025/26财政年度第三季度零售及批发业务的总销售金额按年同比取得高单位数下 跌。 滴普科技(01384.HK)：与沐曦股份订立战略合作协议，旨在利用双方各自的优势及资源，在企业级大模 型AI应用领域方面深化战略合作关系。 公告称，根据战略合作协议，双方将根据自身优势资源，聚焦制造、商业流通、交通、医疗等关键行业 数智化需求，成立联合技术攻关团队，打造从底层硬件算力平台到 AI级企业操作系统以及Agentic AI应 用的全栈国产AI端到端解决方案。 和誉-B(02256.HK)：和誉医药CSF-1R抑制剂贝捷迈®获中国NMPA批准。 万科企业(02202.HK)：2022年度第四期中期票据(本金总额20亿元)存续期内的本息兑付日之宽限期延长 至30个交易日。 国泰航空(00293 ...

Core Viewpoint - Lehua Entertainment has entered into a business cooperation framework agreement with Youku, which will enhance the exposure and marketability of its signed artists while providing efficient ticketing services for events [1][2] Group 1: Business Cooperation Agreement - Lehua Entertainment's wholly-owned subsidiary, Lehua Limited, and Youku Information Technology have signed a business cooperation framework agreement for 2026 [1] - The agreement includes provisions for signed artists to engage in promotional activities for Youku, participate in various entertainment projects, and utilize ticketing services [1] Group 2: Benefits and Market Position - Youku, as a leading internet video platform in China, has a strong demand for artists, which will benefit Lehua's signed artists through increased exposure [2] - The collaboration will allow Lehua to efficiently manage large events, such as concerts, without technical limitations, enhancing operational effectiveness [2] - The partnership aims to elevate the artists' visibility and social influence, thereby creating greater value for the group and expanding brand recognition [2] Group 3: Financial Implications - The terms provided to Youku under the existing agreements will not be less favorable than those offered to independent third-party clients [2] - Fees for transactions under the 2026 agreement will be determined based on current market prices, ensuring profitability and alignment with the group's overall interests [2]