Core Viewpoint - Baiguoyuan, the "first stock of fruit chain retail," has secured a crucial fundraising opportunity through a share placement to address its financial challenges and operational difficulties [1][3][4]. Fundraising Details - On September 21, Baiguoyuan announced a placement agreement to issue 279.5 million new H-shares at HKD 1.17 per share, representing a discount of approximately 19.31% from the previous closing price [1]. - The total amount raised from the placement is approximately HKD 327 million, with a net amount of about HKD 325 million expected to be fully utilized by June 30, 2026 [3]. - The funds will be allocated as follows: approximately 61.5% (HKD 200 million) for trade payables, about 30.8% (HKD 100 million) for repaying bank loans, and around 7.7% (HKD 25 million) for general operational and administrative expenses [3]. Operational Challenges - Baiguoyuan's revenue declined from HKD 11.391 billion in 2023 to HKD 10.273 billion in 2024, marking a year-on-year decrease of 9.81%, and it reported a net loss of HKD 386 million [4]. - In the first half of 2025, revenue further dropped by 21.78% to HKD 4.376 billion, with a net loss of HKD 342 million, indicating a significant deterioration in financial performance [4]. - The number of Baiguoyuan stores decreased from 6,025 in June 2024 to 4,386 in June 2025, a reduction of 1,639 stores, as the company aims to optimize its retail network [4]. Debt Pressure - As of June 2025, Baiguoyuan had non-current bank borrowings of HKD 267 million and short-term bank borrowings of HKD 2.283 billion, while cash and cash equivalents totaled HKD 1.817 billion, insufficient to cover short-term debts [5]. - The company's debt-to-equity ratio increased from 89.3% at the end of the previous year to 103.5% in the first half of 2025, reflecting rising financial strain [5]. Market Response - Despite the poor fundamentals, the market reacted positively to the share placement, with Baiguoyuan's stock price rising by 20.69% to HKD 1.75 on September 22, the first trading day after the announcement [7]. - However, since its IPO on January 16, 2023, Baiguoyuan's stock price has declined by 74.11%, with a market capitalization of approximately HKD 2.232 billion as of September 19, 2025 [7]. Strategic Transformation - Baiguoyuan's strategy has shifted towards "high quality and high cost performance," with the placement funds supporting three main areas: supply chain optimization, store model upgrades, and digital empowerment [8]. - The company plans to enhance its own brand fruit share to 25% by 2026, upgrade store formats to include a mix of fresh produce and ready-to-eat items, and invest HKD 120 million in an AI selection system [8]. - Baiguoyuan aims to increase its store count by 100 in key regions by 2026, focusing on the Yangtze River Delta and the Guangdong-Hong Kong-Macau Greater Bay Area [8]. Future Outlook - Baiguoyuan's other brand, Guoduomei, may provide insights into potential growth strategies, as it has successfully expanded its offerings and maintained a strong market presence [9]. - The recent fundraising may alleviate immediate financial pressures, but the long-term viability of Baiguoyuan will depend on its ability to adapt to industry changes and improve operational efficiency [9].

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） 受限制股份單位計劃（H股） 1 目錄 | 1. | 釋義及詮釋 | 3 | | --- | --- | --- | | 2. | 本計劃目的 | 7 | | 3. | 有效性及期限 | 7 | | 4. | 管理 | 8 | | 5. | 資格 | 9 | | 6. | 授出獎勵 | 10 | | 7. | 受限制股份單位的歸屬 | 16 | | 8. | 可轉讓性 | 18 | | 9. | 失效 | 18 | | 10. | 未獲接納股份及未獲歸屬股份 | 20 | | 11. | 可供認購的最大股份數目 | 21 | | 12. | 註銷受限制股份單位 | 22 | | 13. | 資本架構重組 | 23 | | 14. | 獎勵及獎勵相關股份所附的權利 | 25 | | 15. | 合規 | 25 | | 16. | 預扣 | 26 | | 17. | 爭議 | 26 | | 18. | 修改計劃 | 26 | | 19. | 終止 | 27 | | 20. | 其他事項 | 27 | 「薪酬委員會」 指 董事會的薪酬委員 ...

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） 地址為 為深圳百果園實業（集團）股份有限公司（「本公司」）股本中 股每股面值人民幣1.00元的H股╱非上市股 （附註3） 的登記持有人，茲委任大會主席，或 （附註4） 地址為 作為本人 ╱ 吾等的代理人並代表本人 ╱ 吾等出席本公司將於二零二五年十月三十日（星期四）下午三時正假座中國 廣東省深圳市鹽田區海山街道鵬灣社區深鹽路2005號百果園科技大廈18樓會議室舉行的二零二五年第二次臨時股東 會（「臨時股東會」）或其任何續會，依照下列指示就臨時股東會通告所列決議案代表本人 ╱ 吾等投票。如無作出指 示，則代理人可自行決定投票。 | | 特別決議 | 贊成 | （附註5） | 反對 | （附註5） | 棄權 | （附註5） | | --- | --- | --- | --- | --- | --- | --- | --- | | 1. | 審議及批准建議採納受限制股份單位計劃（H股）；及 | | | | | | | | 2. ...

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通告的內容概不負責，對其準確性或完整性亦 不發表任何聲明，並明確表示，概不就因本通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） 二零二五年第二次臨時股東會通告 茲通告深圳百果園實業（集團）股份有限公司（「本公司」）謹定於二零二五年十 月三十日（星期四）下午三時正假座中國廣東省深圳市鹽田區海山街道鵬灣社區深鹽 路2005號百果園科技大廈18樓會議室召開二零二五年第二次臨時股東會（「臨時股東 會」），以審議並酌情通過下列決議案： 深圳百果園實業（集團）股份有限公司 董事長兼執行董事 余惠勇 中華人民共和國，深圳 二零二五年十月十五日 – 1 – 1. 審議及批准建議採納受限制股份單位計劃（H股）；及 2. 審議及批准建議授權董事會及╱或其授權人士處理受限制股份單位計劃（H 股）相關事宜。 附註： 特 ...

此乃要件 請即處理 閣下如對本通函任何方面或需採取的行動有任何疑問，應諮詢 閣下的股票經紀或其他註冊證券交易商、銀行 經理、律師、專業會計師或其他專業顧問。 閣下如已出售或轉讓名下全部深圳百果園實業（集團）股份有限公司股份，應立即將本通函連同隨附的代理委託 書送交買方或承讓人、經手買賣或轉讓的銀行、股票經紀或其他代理人，以便轉交買方或承讓人。 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通函的內容概不負責，對其準確性或完整性亦不發 表任何聲明，並明確表示，概不對因本通函全部或任何部份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） (1)建議採納受限制股份單位計劃（H股）； (2)建議授權董事會及╱或其授權人士處理 受限制股份單位計劃（H股）相關事宜； 及 二零二五年第二次臨時股東會通告 本公司謹定於二零二五年十月三十日（星期四）下午三時正假座中國廣東省深圳 ...

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依 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 本公告乃深圳百果園實業（集團）股份有限公司（「本公司」）根據香港聯合交易所有 限公司證券上市規則第13.66(1)條作出。 茲提述(i)本公司日期為二零二五年九月二十六日有關暫停辦理股東登記的公告； 及(ii)本公司日期為二零二五年十月二日有關取消暫停辦理股東登記期間的公告。 本公司董事（「董事」）會（「董事會」）欣然宣佈，本公司擬於二零二五年十月三十 日（星期四）召開臨時股東會（「臨時股東會」）。 為釐定本公司股東（「股東」）出席臨時股東會並於會上投票的資格，本公司將於二 零二五年十月二十四日（星期五）至二零二五年十月三十日（星期四）止期間（包括 首尾兩日）暫停辦理股東登記，該期間不辦理任何本公司股份過戶登記手續。於 二零二五年十 ...

Core Viewpoint - Baiguoyuan Group (02411.HK) has successfully completed a placement agreement, raising approximately HKD 327 million through the issuance of 280 million shares at a price of HKD 1.17 per share, which represents about 18.2% of the existing shares prior to completion and approximately 15.4% of the enlarged share capital post-completion [1] Summary by Categories Placement Details - The placement involved a total of 280 million shares being allocated to no less than six subscribers at a price of HKD 1.17 per share [1] - The total amount raised from the placement is approximately HKD 327 million, with a net amount of about HKD 325 million after deducting applicable fees and expenses [1] Use of Proceeds - Approximately 61.5% (HKD 200 million) of the net proceeds will be used to pay trade payables in the ordinary course of business [1] - About 30.8% (HKD 100 million) will be allocated to repay bank loans [1] - The remaining 7.7% (HKD 25 million) will be utilized for general working capital and administrative expenses [1]

Group 1 - The company, Baiguoyuan Group (02411), announced that the placement agreement and its supplementary agreement dated October 6, 2025, have been successfully completed [1] - The placement agent successfully placed a total of 279.5 million shares to no fewer than six subscribers at a price of HKD 1.17 per share, which represents approximately 18.2% of the issued shares prior to completion and about 15.4% of the enlarged issued shares after completion [1]

FF305 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) 表格類別： 股票 狀態： 新提交 公司名稱： 深圳百果園實業（集團）股份有限公司 呈交日期： 2025年10月9日 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 | 第一章節 | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | 普通股 | 股份類別 | H | | 於香港聯交所上市 | 是 | | | | 證券代號 (如上市) | 02411 | 說明 | | | | | | | | A. 已發行股份或庫存股份變動 | | | | | | | | | | | | 已發行股份（不包括庫存股份）變動 | | | 庫存股份變動 | | | | | 事件 | | 已發行股 ...

Core Viewpoint - Baiguoyuan Group (02411) has successfully completed a placement agreement, issuing a total of 279.5 million shares at a price of HKD 1.17 per share, which represents approximately 18.2% of the issued shares prior to completion and about 15.4% of the enlarged issued shares post-completion [1] Group 1 - The placement agreement and its supplementary agreement dated October 6, 2025, have met all conditions and were executed on October 9, 2025 [1] - The placement agent successfully allocated the shares to no less than six subscribers [1] - The share placement price is set at HKD 1.17 per share [1]