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: 深圳百果園實業（集團）股份有限公司 呈交日期: 2026年1月5日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 H | | | 於香港聯交所上市 (註1) | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 02411 | 說明 | | | | | | | | | 法定/註冊股份數目 | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | 1,818,837,500 | RMB | | 1 RMB | | 1,818,837,500 | | 增加 / 減少 (-) | | 181,883,750 | | | RMB | | 181,883,750 | | 本月底結存 | | 2,000,721,250 | RMB | | 1 RMB | | 2,000,721,250 | 本月底法定/註冊股本總額： RM ...

Group 1 - China Merchants Securities maintains an "Accumulate" rating for JD Health (06618.HK), highlighting its "medicine + pharmacy" dual-driven model and leading market share in retail pharmacies, with O2O delivery times as fast as 9 minutes [1] - China Everbright Securities International maintains an "Accumulate" rating for Biren Technology (06082.HK), noting its position as the first company in China to use 2.5D chip packaging technology and its strong commercial progress with over 2 billion yuan in unfulfilled orders [1] - Huachuang Securities maintains a "Strong Buy" rating for Hesai Technology (02525.HK), emphasizing its leadership in the global LiDAR market and significant cost reductions achieved through self-developed chips, with a delivery target of 200,000 units by 2025 [1] Group 2 - CICC maintains an "Outperform" rating for Haidilao (06862.HK), reporting stable table turnover rates in H2 and better-than-expected cost optimization, with new brand strategies accelerating growth [2] - CICC maintains an "Outperform" rating for Shuangdeng Co. (06960.HK), identifying it as a leader in communication and data center energy storage, benefiting from increased capital expenditure in global AIDC and the trend of lithium battery replacing lead-acid [2] Group 3 - CITIC Securities maintains a "Buy" rating for Kintor Group (00148.HK), noting the positive impact of price increases on its CCL business and the expected growth in PCB business volume [3] - CITIC Securities maintains a "Buy" rating for Shougang Resources (00639.HK), highlighting its resource scarcity and leading cost control, with expected performance growth amid rising coking coal prices in 2026-27 [3] - Shenwan Hongyuan maintains a "Buy" rating for Beautiful Garden Medical Health (02373.HK), emphasizing its accelerated industry consolidation through acquisitions and a significant increase in store numbers [3] - China Merchants Securities maintains an "Accumulate" rating for Baiguoyuan Group (02411.HK), noting its stock incentive plan and strategic upgrades aimed at restoring same-store growth and opening pace [3]

公司推出股权激励计划，进一步绑定核心团队，彰显发展信心。公司2025年12 月1 日公告，向14 名员 工授予1.5 亿份受限制股份单位，对应1.5 亿股股份，占公司已发行股份总数的约8.27%；本次授出后， 公司剩余可授股份为3138 千万股。本次股权激励的授予价格为每股1.8 港元；归属日期为2029 年4 月30 日（若为非营业日则顺延）。据公告，公司本次股权激励计划主要为了进一步建立、健全公司长效激励 与约束机制，吸引优秀人才，并充分调动公司高管团队及核心骨干的积极性，使承授人利益与公司利益 及股东利益一致。归属条件方面，实际归属情况与公司受限制股份单位计划激励归属考核办法规定及奖 励协议约定的绩效考核归属条件挂钩，需满足公司层面和员工个人层面的绩效考核目标，包括公司业务 增长、关键绩效指标（与宏观经济、行业状况挂钩）以及员工个人表现评估。此外，若员工因重大违规 行为（如被起诉、泄露机密、财务造假等）被终止雇佣，未归属的股份单位将立即失效。公司未提供任 何财务援助以协助员工购买股份。 投资建议。公司当前处在战略调整期，积极推进战略升级蓄力长期成长，有望逐步恢复同店增长并提升 开店节奏，看好公司长期成长 ...

智通财经APP获悉，招商证券发布研报称，调整百果园集团(02411)为"增持"评级，百果园发布股权激励 计划及管理层股份增持计划，有望健全公司长效激励与约束机制，吸引优秀人才并充分调动公司高管团 队及核心骨干的积极性;同时也彰显公司对业务长期发展信心。公司当前处在战略调整期，积极推进战 略升级蓄力长期成长，有望逐步恢复同店增长并提升开店节奏，看好公司长期成长空间。 招商证券主要观点如下： 控股股东计划增持公司股份 公司推出股权激励计划，进一步绑定核心团队，彰显发展信心 公司2025年12月1日公告，向14名员工授予1.5亿份受限制股份单位，对应1.5亿股股份，占公司已发行股 份总数的约8.27%;本次授出后，公司剩余可授股份为3138千万股。本次股权激励的授予价格为每股1.8 港元;归属日期为2029年4月30日(若为非营业日则顺延)。据公告，公司本次股权激励计划主要为了进一 步建立、健全公司长效激励与约束机制，吸引优秀人才，并充分调动公司高管团队及核心骨干的积极 性，使承授人利益与公司利益及股东利益一致。 归属条件方面，实际归属情况与公司受限制股份单位计划激励归属考核办法规定及奖励协议约定的绩效 考核归属条 ...

招商证券发布研报称，调整百果园集团(02411)为"增持"评级，百果园发布股权激励计划及管理层股份 增持计划，有望健全公司长效激励与约束机制，吸引优秀人才并充分调动公司高管团队及核心骨干的积 极性;同时也彰显公司对业务长期发展信心。公司当前处在战略调整期，积极推进战略升级蓄力长期成 长，有望逐步恢复同店增长并提升开店节奏，看好公司长期成长空间。 招商证券主要观点如下： 控股股东计划增持公司股份 公司2025年12月12日公告，控股股东余惠勇先生计划在未来12个月内增持不超过1000万股H股;目前余惠 勇先生及其控制实体持有公司7.36亿股H股，占公司已发行股份约36.8%;控股股东增持充分彰显其对公 司发展的长期信心。 公司推出股权激励计划，进一步绑定核心团队，彰显发展信心 公司2025年12月1日公告，向14名员工授予1.5亿份受限制股份单位，对应1.5亿股股份，占公司已发行股 份总数的约8.27%;本次授出后，公司剩余可授股份为3138千万股。本次股权激励的授予价格为每股1.8 港元;归属日期为2029年4月30日(若为非营业日则顺延)。据公告，公司本次股权激励计划主要为了进一 步建立、健全公司长效激励与 ...

Investment Rating - The report adjusts the investment rating for the company to "Buy" [1][7]. Core Insights - The company has launched an equity incentive plan and management share buyback, indicating confidence in long-term business development [1][7]. - The company is currently in a strategic adjustment phase, actively promoting strategic upgrades to support long-term growth, with expectations of gradually restoring same-store sales growth and increasing store opening pace [1][7]. - The recent equity incentive plan aims to bind key talent and enhance motivation, while the management's share buyback reflects their confidence in the company's future [7]. Financial Data and Valuation - The company’s main revenue for 2023 is projected at 11,392 million, with a year-on-year growth of 1%. However, a decline is expected in 2024 and 2025, with revenues of 10,273 million and 8,553 million respectively, reflecting a decrease of 10% and 17% [2][11]. - The adjusted net profit for 2025 is forecasted to be -363 million, with a gradual recovery expected in 2026 and 2027, reaching 17 million and 73 million respectively [2][11]. - The earnings per share (EPS) is expected to be -0.25 in 2025, with a recovery to 0.01 in 2026 and 0.05 in 2027 [2][11]. - The company’s total market capitalization is approximately 3.5 billion HKD, with a current share price of 1.76 HKD [3]. Shareholder Information - The major shareholder, Yu Huiyong, plans to increase his stake by purchasing up to 10 million H shares within the next 12 months, currently holding approximately 36.8% of the company’s issued shares [7].

Core Viewpoint - Baiguoyuan Group's controlling shareholder, Yu Huiyong, plans to acquire up to 10 million H-shares through open market transactions within the next twelve months to increase his stake in the company [1] Group 1 - As of the announcement date, Yu Huiyong and his controlled entities own a total of 736,250,759 H-shares, representing approximately 36.8% of the company's total issued shares [1]

Core Viewpoint - The company, Baiguoyuan Group, has announced that its controlling shareholder, Mr. Yu Huiyong, plans to acquire up to 10 million H-shares through open market transactions within the next twelve months, reflecting his optimistic outlook on the company's future development and confidence in its long-term business growth [1] Group 1 - The acquisition is intended to increase Mr. Yu's total shareholding in the company's H-shares [1] - The notification was received on December 12, 2025, indicating a strategic move to bolster shareholder confidence [1] - The planned acquisition demonstrates the controlling shareholder's commitment to the company's growth trajectory [1]

Group 1 - The core point of the article is that the controlling shareholder of Baiguoyuan Group, Yu Huiyong, plans to acquire up to 10 million H-shares of the company within the next twelve months, reflecting his optimistic outlook on the company's future development and long-term business prospects [1] Group 2 - The acquisition will be conducted through public market transactions, indicating a strategic move to increase his stake in the company [1] - This decision is based on Yu Huiyong's full recognition and confidence in the group's business development [1]

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，概不就因本公告全部或任何部分內容而產生或因倚 賴該等內容而引致的任何損失承擔任何責任。 Shenzhen Pagoda Industrial (Group) Corporation Limited 深 圳 百 果 園 實 業（ 集 團 ）股 份 有 限 公 司 （於中華人民共和國註冊成立的股份有限公司） （股份代號：2411） 自願性公告 關於控股股東增持本公司H股計劃的公告 本公告乃由深圳百果園實業（集團）股份有限公司（「本公司」，連同其附屬公司， 統稱「本集團」）自願作出。 本公司於二零二五年十二月十二日收到其控股股東余惠勇先生的通知，基於其對 本集團未來發展前景的樂觀判斷及對本集團業務長期發展的充分認同及信心，余 惠勇先生擬由其本人及╱或透過其控制的實體自本公告之日起十二個月內通過公 開市場交易收購合計不超過1,000萬股H股以增持其於本公司H股股份（「H股」）之 合計持股量（「本次增持計劃」）。 截至本公告日期，余惠勇先生連同其控制的實體於合計736,250,759股H股中擁有 權 ...