Zibuyu Group Limited 俞可飛先生 沈田豐先生 羅妍女士 董事會已成立四個委員會。各董事委員會成員載列如下： | | 委員會 | | | | 環境、社會及 | | --- | --- | --- | --- | --- | --- | | 董事 | | 審核委員會 | 薪酬委員會 | 提名委員會 | 管治委員會 | | 華丙如先生 | | | | 成員 | | | 陳才雄先生 | | | | | | | 汪衛平先生 | | | | | | | 董振國先生 | | | | | | | 俞可飛先生 | | 主席 | 成員 | 成員 | 主席 | | 沈田豐先生 | | 成員 | 主席 | 成員 | 成員 | | 羅妍女士 | | 成員 | 成員 | 主席 | 成員 | 中國杭州，2025年11月14日 董事名單及其角色與職能 子不語集團有限公司董事（「董事」）會（「董事會」）成員載列如下： 執行董事 華丙如先生 （主席） 陳才雄先生 （行政總裁） 汪衛平先生 董振國先生 獨立非執行董事 子不語集團有限公司 （於開曼群島註冊成立的有限公司） （股份代號：2420） ...

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。 Zibuyu Group Limited 子不語集團有限公司 （於開曼群島註冊成立的有限公司） （股份代號：2420） (I)獨立非執行董事辭任； (II) 環境、社會及管治委員會組成變動；及 (III)公司秘書及授權代表變更 環境、社會及管治委員會組成變動 董事會進一步宣佈，俞可飛先生（「俞先生」）由環境、社會及管治委員會委員獲委任 為環境、社會及管治委員會主席，自2025年11月14日起生效。 經上述變動後，環境、社會及管治委員會將由俞可飛先生（主席）、沈田豐先生及羅 妍女士組成。 董事會謹藉此機會歡迎俞先生出任本公司新職務。 公司秘書及授權代表變更 董事會宣佈，余安妮女士（「余女士」）已自2025年11月14日起辭任本公司的聯席公司 秘書（「聯席公司秘書」）及不再擔任根據聯交所證券上市規則（「上市規則」）第3.05條 所規定本公司的授權代表（「授權代表」）。余女士於辭任聯席公司秘書及授權代表 後， ...

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]