Performance Summary - Techtronic Industries (00669.HK) reported a revenue of $7.8 billion for the first half of the year, an increase of 7.5% year-on-year, with a net profit of $628 million, up 14.2% [1] - Yum China (09987.HK) achieved revenue of $2.8 billion in Q2 2025, a 4% increase year-on-year, with an operating profit of $304 million, up 14% [1] - Shiseido (02145.HK) expects mid-term revenue of approximately ¥4.09-4.11 billion, a year-on-year increase of about 16.8%-17.3%, and a net profit of approximately ¥540-560 million, up about 30.9%-35.8% [1] - Prosperity Industrial Trust (00778.HK) reported revenue of approximately HK$854 million for the first half, a decrease of about 2% year-on-year, while distributable income to unitholders increased by 2.06% to HK$377 million [1] - Zibuyu (02420.HK) anticipates mid-term revenue of approximately RMB 1.9-2.047 billion, a year-on-year increase of about 30%-40%, with a net profit of approximately RMB 100-110 million, up about 10%-20% [1] - Angelalign Technology (06699.HK) expects mid-term net profit of approximately $13.4-14.8 million, a year-on-year increase of approximately 538.1%-604.8% [1] Company News - Sunac China (01918.HK) reported a cumulative contract sales amount of ¥25.08 billion for the first seven months of 2025, a decrease of 9.43% year-on-year, with July contract sales of approximately ¥1.53 billion, an increase of 8.51% [3] - Xingye Holdings (00132.HK) entered into a financing lease agreement with Heilongjiang Mudanjiang Agricultural Reclamation Xinneng Thermal Power, involving an investment of ¥100 million [3] - China Biopharmaceutical (01177.HK) received NMPA approval for the clinical trial application of TQC3302, an ICS/LAMA/LABA soft mist inhalation formulation for the maintenance treatment of chronic obstructive pulmonary disease [3] Buyback Activities - HSBC Holdings (00005.HK) repurchased approximately 1.05 million shares at a cost of about HK$105 million, with buyback prices ranging from HK$95.35 to HK$96.3 [3] - Hang Seng Bank (00011.HK) repurchased 200,000 shares at a cost of approximately HK$22.717 million, with buyback prices between HK$113.1 and HK$114.2 [4]

本文源自：金融界AI电报 子不语(02420.HK)发布公告，集团预计截至2025年6月30日止六个月的收入将约人民币19亿元至约人民 币20.47亿元，相比截至2024年6月30日止六个月的收入约人民币14.62亿元，预计同比增长约30%至40%; 集团预计报告期间将取得净利润约人民币1亿元至约人民币1.10亿元，相比截至2024年6月30日止六个月 的净利润约人民币9140万元，预计同比增长约10%至20%。 ...

Core Viewpoint - The company expects significant revenue and profit growth for the upcoming six-month period ending June 30, 2025, driven by brand and channel development as well as operational efficiency improvements [1] Revenue Summary - The company anticipates revenue between RMB 1.9 billion and RMB 2.047 billion for the six months ending June 30, 2025, representing a year-on-year increase of approximately 30% to 40% compared to RMB 1.462 billion for the same period ending June 30, 2024 [1] Profit Summary - The expected net profit for the same period is projected to be between RMB 100 million and RMB 110 million, which indicates a year-on-year growth of approximately 10% to 20% from RMB 91.4 million for the six months ending June 30, 2024 [1] Factors Influencing Growth - The anticipated growth is attributed to two main factors: (i) deepening brand and channel development leading to sustained revenue and gross profit increases; and (ii) a focus on refined operations resulting in improved efficiency and steady profit growth [1]

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7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8月5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 100,000 ...

（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 ，並明確表示概不會就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） 主席 華丙如先生 正面盈利預告 本公告由子不語集團有限公司（「本公司」，連同其附屬公司統稱為「本集團」）根據香 港聯合交易所有限公司證券上市規則（「上市規則」）第13.09(2)(a)條及香港法例第 571章證券及期貨條例第XIVA部項下的內幕消息條文（定義見上市規則）而作出。 本公司董事（「董事」）會（「董事會」）謹此知會本公司股東（「股東」）及潛在投資者，基 於本集團截至2025年6月30日止六個月（「報告期間」）未經審核綜合管理賬目及董事 會目前所得資料的初步評估，本集團預計報告期間的收入將介乎約人民幣1,900百 萬元至約人民幣2,047百萬元，相比截至2024年6月30日止六個月的收入約人民幣 1,462.1百萬元，預計同比增長約30%至40%；本集團預計報告期間將錄得淨 ...

Summary of Key Points Core Viewpoint - As of July 3, a total of 120 stocks reached their 52-week highs, indicating a strong market performance with notable leaders in the list [1]. Group 1: Top Performers - The top three stocks with the highest increase rates are: - 富誉控股 (Fuyou Holdings) at 90.76%, closing at 0.435 with a peak of 0.475 [1] - 信义能源 (Xinyi Energy) at 65.00%, closing at 1.200 with a peak of 1.980 [1] - 中国三三传媒 (China San San Media) at 42.86%, closing at 1.710 with a peak of 1.900 [1] Group 2: Additional Notable Stocks - Other notable stocks include: - ITE HOLDINGS at 34.21% increase, closing at 0.047 with a peak of 0.051 [1] - 星凯控股 (Xingkai Holdings) at 30.00%, closing at 0.480 with a peak of 0.650 [1] - 北京北辰实业股份 (Beijing Beichen Industrial) at 26.47%, closing at 0.940 with a peak of 1.290 [1] Group 3: Overall Market Trends - The overall trend shows a significant number of stocks achieving new highs, reflecting positive investor sentiment and market conditions [1].

Group 1 - Southbound funds recorded a net purchase of 3.578 billion yuan today [1] - In the Hong Kong Stock Connect (Shanghai), Meituan-W and China Mobile received net purchases of 780 million HKD and 597 million HKD respectively [1] - Xiaomi Group-W had the highest net sell amount at 716 million HKD [1] Group 2 - In the Hong Kong Stock Connect (Shenzhen), Meituan-W and Horizon Robotics-W received net purchases of 295 million HKD and 182 million HKD respectively [1] - The Hang Seng China Enterprises Index had the highest net sell amount at 430 million HKD [1]

Summary of Conference Call Records Company Overview - The company, referred to as "子不语," is one of the largest cross-border e-commerce companies in the footwear and apparel category in China, headquartered in Hangzhou. It operates through multiple subsidiaries in cities like Guangzhou, Shenzhen, Dongguan, Fuzhou, Ningbo, and Vietnam, utilizing a global, multi-channel, and multi-platform business model [2][3]. Financial Performance - In 2024, the company achieved a revenue of 3.3 billion yuan, representing a year-on-year growth of 10.8%. The gross margin improved to 24.7%, and the net profit attributable to shareholders was 150 million yuan, marking a turnaround from previous losses. Operating cash flow reached 260 million yuan, with cash reserves of 450 million yuan, an increase of 61% year-on-year [1][2][3]. Strategic Focus - The company is shifting its strategic focus towards the Amazon platform, concentrating on ten core brands to penetrate the high-end market. These brands contributed approximately 35% of total revenue in 2024, with expectations to increase to over 45% in 2025 [1][6]. - The core brands include R 高端 (high-end independent site), CCBell, Solid Muscle, Very, Tencel, Yankati, Hello Morning, Control, and UCB [1][6]. Market Dependency and Diversification - The U.S. market accounts for over 95% of the company's cross-border e-commerce business. To mitigate reliance on the U.S. market and Amazon, the company aims to reduce this dependency to below 90% by 2025 through a diversification strategy and global supply chain layout [2][10]. - The company plans to increase overseas production capacity to over 20% of total capacity by 2025, currently relying on approximately 200 OEM manufacturers [2][18][19]. Cost Structure and Tariff Impact - The cost structure includes product costs (20%), freight (2%-4%), marketing (15%), platform fees (15%), and internal salaries (7%-8%). Tariff costs are approximately 3% of total costs, expected to rise to 5%-6% due to increased tariffs [2][11][12]. - The company employs a shipping strategy primarily using sea freight, supplemented by air freight, to manage costs associated with tariffs. The impact of tariffs is more pronounced on air freight and small package direct mail [1][8][12]. Inventory and Pricing Strategy - The company has a significant inventory buffer, with 80% of total inventory in overseas warehouses or in transit. Price increases may lead to a decline in sales, but the exact impact will depend on various sensitivity assumptions [9][13]. - Currently, the company has not implemented price increases but is considering an average increase of around 1 USD per item in response to rising costs [13][24]. Future Market Expansion - The company plans to accelerate development in emerging markets, including Europe, the Middle East, and Australia, while maintaining a focus on high-value products through independent sites [22][23]. - There are no plans to shift towards domestic sales due to intense competition in the domestic apparel market [23]. Seasonal Trends - The company experiences significant seasonal sales, particularly in the first and fourth quarters, with promotional activities contributing to higher revenue during these periods [28]. Conclusion - The company is navigating a complex landscape of tariffs and market dependency while strategically positioning itself for growth through brand focus, market diversification, and supply chain optimization. The emphasis on high-end products and overseas production capacity is expected to enhance competitiveness in the global market.

Summary of the Conference Call Company Overview - The company is a cross-border e-commerce firm specializing in women's fashion, primarily selling through platforms like Amazon and TikTok, with a focus on North American and European markets [2][3] - The headquarters is located in Hangzhou, China, which is known for its historical significance and vibrant fashion industry [2] Vision and Mission - The company's vision is to become a respected global fashion brand, with a mission to provide timely and convenient access to satisfying fashion products and services [3] - Key dimensions of the mission include value creation for shareholders, employee happiness, product beauty, and social responsibility [3][4] Financial Performance - In 2023, the company achieved revenue of RMB 3.33 billion, a year-on-year increase of 10.8%, attributed to enhanced brand building and marketing efforts [5] - Gross profit margin improved to 74.3%, up 9.1 percentage points from the previous year, indicating effective inventory management and product focus [6] - Net profit reached RMB 150 million, marking a turnaround from previous losses, with a net profit margin of 4.5% [6][7] - Cash flow from operations was RMB 260 million, a 2.4-fold increase year-on-year, indicating strong business profitability [9] Operational Strategies - The company is focusing on three major operational breakthroughs: brand strategy, global supply chain enhancement, and design transformation [10] - A new brand matrix is being developed to target high-end markets, with a focus on personalized customer experiences [11] - The establishment of a brand division aims to optimize management of nine core brands, transitioning from category expertise to multi-brand operations [12] Supply Chain and Logistics - The company is enhancing its flexible supply chain through digitalization, which improves efficiency and reduces reliance on domestic warehouses [15] - Over 200 quality OEM suppliers are engaged to lower procurement costs and enable quick order fulfillment [15] Design and Product Development - The design strategy has shifted from a broad approach to a more focused one, enhancing the success rate of new product launches [16] - The design team utilizes big data to identify trends and consumer preferences, ensuring high-quality and market-responsive products [16] Future Outlook - The company plans to strengthen its organizational, product, and brand capabilities over the next three years, with a significant focus on AI integration across all business processes [19] - Global supply chain expansion is a priority, with expectations that 20% of production capacity will be overseas by 2025, increasing to 50% by 2027 [21][29] - The company aims to build an internationally recognized fashion brand, with a commitment to social responsibility and sustainable practices [22] Market Context - The U.S. retail market is currently experiencing inflation, leading consumers to seek value-driven purchases [26] - Online sales in the U.S. are projected to reach approximately RMB 1.1 trillion, with third-party platforms like Amazon accounting for about 50% of this market [26] Key Challenges - The company faces challenges related to logistics costs due to tariffs and shipping policies, but has managed to mitigate these impacts through strategic partnerships with logistics providers [24][25] Conclusion - The company has demonstrated resilience and adaptability in a competitive market, with a clear strategy for growth and sustainability moving forward [36]

Financial Performance - Revenue for the year ended December 31, 2024, was RMB 3,325,118, an increase of 10.8% from RMB 3,000,292 in 2023[18] - Gross profit for 2024 was RMB 2,471,328, up from RMB 1,955,273 in 2023, reflecting a gross margin improvement[18] - Profit before income tax for 2024 was RMB 154,671, a significant recovery from a loss of RMB 247,211 in 2023[18] - Net profit for the year was RMB 150,776, compared to a loss of RMB 265,786 in the previous year[18] - Earnings per share for 2024 increased to RMB 0.31 from a loss of RMB 0.53 in 2023[18] - Net operating cash flow improved to RMB 261,868, compared to RMB 76,730 in 2023, indicating stronger operational efficiency[18] - The net profit attributable to shareholders reached approximately RMB150.8 million, turning around from a loss of approximately RMB265.8 million in 2023[31] - The net operating cash flow hit a historic high of RMB261.9 million[23] - Gross profit for the year ended December 31, 2024 was approximately RMB2,471.3 million, reflecting a year-on-year increase of approximately 26.4%[47] - Basic and diluted earnings per share attributable to shareholders was approximately RMB 0.31, compared to a loss of RMB 0.53 in 2023[49] - The Group recorded a profit attributable to shareholders of approximately RMB150.8 million for the year ended December 31, 2024, compared to a loss of approximately RMB265.8 million for the year ended December 31, 2023[86] Revenue Sources - Revenue from third-party e-commerce platforms increased to RMB 3,258.0 million in 2024 from RMB 2,921.4 million in 2023[52] - Revenue from self-operated online stores decreased to RMB 28.0 million in 2024 from RMB 37.4 million in 2023[52] - Revenue from North America for the year ended 31 December 2024 was approximately RMB3,235.2 million, representing an increase of approximately RMB435.4 million or 15.5% compared to RMB2,799.8 million in 2023[56][57] Cost and Expenses - The Group's cost of sales for the year ended 31 December 2024 was approximately RMB853.8 million, a decrease of approximately RMB191.2 million or 18.3% from RMB1,045.0 million in 2023[58][60] - Selling expenses and distribution costs increased by approximately 8.5% to approximately RMB2,226.0 million for the year ended December 31, 2024 from RMB2,052.3 million in 2023[72] - General and administrative expenses decreased by approximately RMB47.5 million to approximately RMB110.2 million for the year ended December 31, 2024 from RMB157.7 million in 2023[73] - Sales and distribution costs increased by approximately 8.5% from RMB2,052.3 million for the year ended December 31, 2023, to RMB2,226.0 million for the year ended December 31, 2024, primarily due to increased shipping and insurance costs and higher marketing expenses[74] - Finance costs decreased from approximately RMB9.5 million for the year ended December 31, 2023, to approximately RMB7.5 million for the year ended December 31, 2024, a reduction of approximately RMB2.0 million, primarily due to decreased interest expenses for lease liabilities[79] Strategic Initiatives - The company aims to expand its sales channels, including platforms like Amazon, TikTok, and Temu, to enhance market reach[3] - Future outlook includes a focus on developing new products and technologies to meet consumer demands[5] - The company is committed to becoming a respected global fashion brand, enhancing its brand presence internationally[5] - Strategic initiatives may include potential mergers and acquisitions to accelerate growth and market expansion[5] - The company aims to diversify its sales channels by expanding non-Amazon platforms and increasing efforts in overseas offline channels and sales regions in Europe and Asia[125] - The company plans to strengthen its global supply chain, particularly in Southeast Asia, to enhance international production capacity contributions[125] Management and Governance - A new CEO, Mr. Chen Caixiong, took over from the founder, enhancing the management team with experienced professionals[43] - The company has a strong management team with diverse backgrounds in finance, law, and business operations, contributing to its strategic decision-making[150] - The independent directors provide oversight and independent opinions, ensuring compliance and risk management within the group[143] - The Group's management team is committed to maintaining high standards of corporate governance and financial integrity[164] - The Group has a strong governance structure with independent directors providing oversight and independent opinions to enhance decision-making processes[159] Future Plans and Innovations - The company is committed to leveraging the new wave of innovation in the AI era to promote digital strategic transformation across all business segments[125] - Future strategic plans include deepening core brand building and creating differentiated global brands to drive sales growth[120][123] - The company enhanced its investment in digital technologies, utilizing AI for product design, intelligent advertising, and inventory management[24] - The Group is focused on developing new information technology products related to supply chain management[182] Employee and Operational Efficiency - The Group plans to implement a 4.5-day work week starting February 2025 to enhance employee well-being and productivity[119][122] - The Group did not experience significant operational difficulties due to currency exchange rate fluctuations during the reporting period[111][115] - The company has formed a flexible supply chain system that integrates product research, design, production, and sales, significantly shortening delivery cycles[30] - The company optimized its supply chain and warehousing system, promoting direct delivery from suppliers to enhance logistics efficiency and reduce costs[42]