截至月份: 2025年10月31日 狀態: 新提交 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 致：香港交易及結算所有限公司 公司名稱: 子不語集團有限公司 呈交日期: 2025年11月6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) | 02420 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 2,000,000,000 | USD | | 0.00005 USD | | 100,000 | | 增加 / 減少 (-) | | | 0 | | | USD | | 0 | | 本月底結存 | | | 2,000,000,000 | USD | | 0.00005 USD | | 100,000 | 本月底法定/註冊股本總額： USD 100,0 ...

Core Insights - The latest shareholder equity disclosures for Asia Pacific Resources (01104) and Zibuyu (02420) were made on October 14, 2025 [1] Group 1: Asia Pacific Resources (01104) - PIA Ltd reduced its holdings from 156 million shares to 155 million shares, representing a holding percentage change from 11.05% to 10.92% [2] - OPG Holdings decreased its stake from 70.9136 million shares to 69.6736 million shares, with a holding percentage change from 5.01% to 4.92% [2] - Old Peak Asia Fund Ltd. also saw a reduction in shares from 70.9136 million to 69.6736 million, with a similar holding percentage change from 5.01% to 4.92% [2] Group 2: Zibuyu (02420) - Chen Caixiong increased his holdings significantly from 33,000 shares to 1.233 million shares, resulting in a holding percentage change from 0.01% to 0.25% [2]

Group 1 - The core point of the article is that Chen Cai-hung, an executive director of the company, increased his shareholding by purchasing 1.2 million shares at an average price of HKD 3.03 per share, totaling approximately HKD 3.636 million [1] - Following this purchase, Chen Cai-hung's total shareholding increased to 1.233 million shares, raising his ownership percentage from 0.01% to 0.25% [1][3] Group 2 - The transaction occurred on October 13, 2025, as per the latest disclosure from the Hong Kong Stock Exchange [1][2] - The company is identified as 子不語集國有限公司, with the stock code 02420 [2]

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: 子不語集團有限公司 呈交日期: 2025年10月6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) | 02420 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 2,000,000,000 | USD | | 0.00005 USD | | 100,000 | | 增加 / 減少 (-) | | | 0 | | | USD | | 0 | | 本月底結存 | | | 2,000,000,000 | USD | | 0.00005 USD | | 100,000 | 本月底法定/註冊股本總額： USD 100,00 ...

Group 1: Policy Measures - The Ministry of Commerce and nine other departments released measures to promote service exports, focusing on fiscal, financial, and facilitation aspects [1] - The measures include 13 specific initiatives, such as enhancing support for key areas and projects in service exports and optimizing tax refund processes [1] - Financial policies emphasize increasing export credit insurance support and improving financial services for small and micro enterprises [1] Group 2: Cross-Border E-commerce Growth - China's cross-border e-commerce trade has shown stable growth, with exports expected to exceed 2.15 trillion yuan in 2024, marking a 16.9% increase from 2023 [2] - Over 70% of surveyed enterprises anticipate stable or growing cross-border e-commerce imports and exports in 2025 [2] - Taobao's cross-border business plans to invest 1 billion yuan in marketing subsidies for the upcoming "Double 11" event, aiming to double overseas transactions for 100,000 merchants [2] Group 3: Competitive Landscape - AliExpress launched a "Super Brand Going Global Plan," aiming to compete directly with Amazon by offering lower costs for higher sales [3] - The number of new brands on AliExpress increased by 70% in the first half of the year, with over 500 brands doubling their sales [3] - Analysts suggest that cross-border e-commerce platforms will benefit from rising demand for overseas services and increased buyer traffic in non-U.S. regions [3][4] Group 4: Company Performance - Zibuyu reported a 34.1% increase in total revenue to approximately 1.9613 billion yuan for the first half of 2025, driven by brand development and expansion beyond Amazon [5] - JD Group's revenue grew by 22.4% year-on-year in the second quarter, achieving a three-year high, with expectations for further margin improvement [6] - Pinduoduo initiated a significant support program for merchants, aiming to enhance quality development across various regions [6] Group 5: Stock Recommendations - Analysts recommend companies with strong brand potential and improving performance, including Anker Innovation and Ugreen Technology in the B2C sector, and Xiaogoods City in the B2B sector [4] - Other recommended companies for overseas expansion include Miniso and Kangnait Optical [4] - Zhongtong Express received an upgraded rating from "Outperform" to "Buy," with a target price increase based on improved industry pricing conditions [7]

Financial Performance - In the first half of 2025, the Company recorded total revenue of approximately RMB1,961.3 million, representing a significant increase of 34.1% compared to the first half of 2024[16]. - Net profit attributable to shareholders was approximately RMB105.9 million, representing an increase of 15.9% compared to the first half of 2024[16]. - The company's revenue for the first half of 2025 was approximately RMB1,961.3 million, representing a 34.1% increase compared to RMB1,462.1 million in the same period last year[41]. - Gross profit for the same period was approximately RMB1,474.0 million, reflecting a 36.4% increase from RMB1,080.9 million year-over-year[41]. - Profit attributable to shareholders was approximately RMB105.9 million, an increase of 15.9% compared to RMB91.4 million in the previous year[41]. - Revenue from third-party e-commerce platforms was approximately RMB1,918.3 million, a 33.1% increase from RMB1,440.8 million year-over-year[45]. - Revenue from North America was approximately RMB1,926.6 million, reflecting a growth of approximately 37.9% compared to RMB1,396.9 million in the same period last year[51]. - The Group's gross profit amounted to approximately RMB1,474.0 million, an increase of approximately RMB 393.1 million, with a gross profit margin of approximately 75.2%, up 1.3 percentage points from the previous year[58]. - Profit before income tax increased by approximately 15.4% to approximately RMB107.7 million from RMB93.3 million in the same period last year, with the profit margin decreasing to approximately 5.5% from 6.4%[79]. - The Group recorded a profit attributable to shareholders of approximately RMB105.9 million, representing an increase of approximately 15.9% compared to RMB91.4 million in the same period last year[84]. Operational Efficiency and Strategy - The Company has established a flexible supply chain system integrating product research and development, design, and sales, which helps to launch new products efficiently and shorten the delivery cycle[15]. - In 2024, the Company successfully implemented a series of reform measures to streamline internal mechanisms and build a portfolio of ten core brands[15]. - The Company completed a brand-oriented departmental restructuring, implementing vertical specialization in brand management to enhance organizational efficiency[20]. - The design department integrated fashion elements into original designs, significantly improving product development efficiency[20]. - The Company established a brand book to define user profiles and conducted content marketing on overseas social media platforms[20]. - Collaborations with top overseas KOLs for brand promotion were initiated, boosting brand exposure and driving sales conversions[20]. - The company achieved a breakthrough in overseas production capacity, focusing on establishing a supply chain in Vietnam and expanding production in Southeast Asia[37]. - The company implemented a centralized procurement strategy, effectively reducing procurement costs and shortening production cycles[37]. - The increase in revenue was primarily driven by the Group's efforts in brand building and expansion into non-Amazon channels[46]. - The company plans to strengthen brand building by optimizing ten core brands and establishing a brand matrix covering high-, medium-, and low-end markets[122]. Employee and Corporate Governance - The group adopted a 4.5-day work week starting from February 2025 to improve employee well-being and work efficiency[115]. - The group has implemented share award schemes to incentivize employees, with existing shares awarded on September 15, 2023, and new shares on December 1, 2023[116]. - The Audit Committee consists of four independent non-executive Directors, ensuring compliance with accounting standards and practices[159][160]. - The Company has fully complied with the Corporate Governance Code during the Reporting Period[151][156]. - The ESG committee was established on March 27, 2025, to improve governance structure and ESG management[149][155]. - The Company has committed to maintaining high standards of corporate governance to enhance corporate value and transparency[150][152]. Financial Position and Capital Management - As of June 30, 2025, the Group had cash and cash equivalents of approximately RMB347.0 million, down from approximately RMB446.8 million as of December 31, 2024[94]. - The Group's gearing ratio increased from approximately 44.4% as of December 31, 2024, to approximately 48.7% as of June 30, 2025, primarily due to an increase in trade payables and the declaration of cash dividends[97]. - The group's debt-to-asset ratio increased from approximately 44.4% as of December 31, 2024, to about 48.7% as of June 30, 2025, primarily due to increased trade payables and declared cash dividends[99]. - Total staff cost incurred by the group was approximately RMB121.6 million for the reporting period, representing an 18.9% increase compared to approximately RMB102.3 million in the same period last year[110]. - The company plans to establish its own smart logistics and warehousing system, with HK$47.2 million allocated for this purpose[166]. - The total unutilized amount of net proceeds as of June 30, 2025, was HK$ 20.7 million, with a total of HK$ 216.4 million allocated for various strategic initiatives[176]. Shareholding and Dividends - Mr. Hua Bingru holds a long position of 236,056,036 shares, representing approximately 47.21% of the total shares[125]. - Mr. Wang Weiping holds a long position of 22,608,772 shares, representing approximately 4.52% of the total shares[125]. - The total number of shares in issue as of the end of the reporting period is 500,000,000[129]. - No interim dividend was recommended for the reporting period, consistent with the previous period[145]. - The beneficial interest of Ms. Yu Feng and Wiloru Holdings is 25,088,421 shares, representing 5.02% of the total shareholding[132]. - The Company did not recommend the payment of an interim dividend for the six months ending June 30, 2024[148]. Future Outlook and Initiatives - The group plans to implement measures to enhance operational efficiency and expand market share in the second half of 2025[121]. - The company aims to accelerate sales growth on non-Amazon channels and expand the proportion of off-site revenue while ensuring the sustainability of the profitability model[122]. - The global high-end supply chain layout will be strengthened, focusing on promoting the construction of the Southeast Asian supply chain and increasing the proportion of international production capacity[122]. - The company will broaden the talent structure and build an international talent team to enhance organizational strength[122]. - The development opportunities presented by AI will be seized to promote digital transformation and empower all business processes with AI[122].

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: 子不語集團有限公司 呈交日期: 2025年9月4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) | 02420 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 2,000,000,000 | USD | | 0.00005 | USD | | 100,000 | | 增加 / 減少 (-) | | | 0 | | | | USD | | 0 | | 本月底結存 | | | 2,000,000,000 | USD | | 0.00005 | USD | | 100,000 | 本月底法定/註 ...

Core Insights - The company reported a significant increase in revenue and profit for the first half of 2025, with revenue reaching 1.96 billion yuan, a year-on-year growth of 34.1%, and net profit of 110 million yuan, up 15.9% year-on-year [1] Group 1: Brand and Marketing Strategy - The company has undergone a comprehensive upgrade of its brand power, establishing a brand division and enhancing brand architecture, visual identity, product design, and marketing strategies [2] - The revenue from the company's top ten core brands exceeded 1 billion yuan, accounting for over 50% of total revenue for the first time [2] - The company received recognition as one of the "Top 50 Innovative Export Brands" by Amazon, reflecting its strengthened brand influence [2] Group 2: Channel Expansion - The company has strategically increased investment in non-Amazon channels such as TikTok and Temu, resulting in a significant rise in revenue from these platforms [2] - Non-Amazon channel revenue now accounts for 7.4% of total revenue, driven by the company's focus on high-end markets and the establishment of independent brand sites [2] Group 3: Global Supply Chain and Operational Efficiency - The company has initiated its "capacity going abroad" strategy, establishing supply chains in Vietnam and expanding into Southeast Asia, including Myanmar, Malaysia, and Cambodia [3] - A centralized procurement strategy has been implemented to reduce costs and shorten production cycles, enhancing operational efficiency [3] - The company's strong organizational capabilities have enabled it to execute operational adjustments and business innovations effectively, leading to accelerated growth [3]

Core Insights - The company reported a significant increase in revenue and profit for the first half of 2025, with revenue reaching 1.96 billion and a year-on-year growth of 34.1%, while net profit attributable to shareholders was 110 million, up 15.9% year-on-year [1] Group 1: Brand and Marketing Strategy - The company has undergone a comprehensive upgrade of its brand power, establishing a brand division and enhancing brand architecture, visual identity, product design, and marketing strategies [2] - The revenue from the top ten core brands exceeded 1 billion for the first time, accounting for over 50% of total revenue, reflecting the effectiveness of the brand upgrade [2] - The company has successfully transitioned from "product export" to "brand export," leveraging social media marketing with overseas key opinion leaders [2] Group 2: Channel Expansion - The company has strategically increased resource allocation to non-Amazon channels such as TikTok and Temu, resulting in a significant rise in revenue from these platforms, which now account for 7.4% of total revenue [2] - The establishment of independent sites for nine Amazon brands has further contributed to revenue growth outside of traditional channels [2] Group 3: Global Supply Chain and Operational Efficiency - The company has initiated its "capacity going abroad" strategy, establishing supply chains in Vietnam and expanding into other Southeast Asian countries, with plans to enter the Turkish market [3] - A centralized procurement strategy has been implemented to reduce costs and shorten production cycles, enhancing operational efficiency [3] - The company's strong organizational capabilities have enabled it to execute operational adjustments and business innovations effectively, leading to accelerated growth [3]

Core Insights - The company reported a total revenue of approximately 1.9613 billion yuan for the mid-2025 period, representing a year-on-year growth of 34.1% [2] - The net profit attributable to shareholders was around 106 million yuan, reflecting a year-on-year increase of 15.9%, with basic and diluted earnings per share of approximately 0.22 yuan [2] Revenue Growth Drivers - The primary reason for revenue growth is the company's enhanced brand building and expansion into non-Amazon channels, with both core brands and non-Amazon channels showing significant growth [2] - In brand building, the company improved brand strength through organizational restructuring, core brand visual upgrades, original product design, and overseas social media content marketing and KOL promotion [2] Channel Expansion - Revenue from non-Amazon channels grew rapidly, with TikTok and Temu platform revenues increasing by 51.3% and 79.3% respectively, while self-operated website revenue surged nearly ninefold [2] Supply Chain Improvements - The company reduced costs through centralized procurement and achieved a breakthrough in overseas production capacity for the first time, focusing on Southeast Asia to lay the foundation for global supply chain network expansion [2]