财联社11月4日讯（编辑 胡家荣） 今日被称为"无人零售第一股"的友宝在线(02429.HK)大跌，这一走势 与大规模股票解禁有关。截至发稿，跌52.69%，报5.1港元。 同时友宝在线的总市值从上周五的84.08亿港元下降至如今不足40亿港元。 消息方面，友宝在线上市满一周年，随之迎来了大规模的股票解禁潮。此次解禁涉及公司最大股东王 滨、陈昆嵘以及基石投资者如奈雪的茶、马六甲等。据统计，此次解禁的股份数量超过2亿股，占友宝 在线总股本的27.88%。 公司业绩亏损持续扩大 与此同时，友宝在线的财务报告显示，公司在过去几个财年中表现不佳。以净利润为例，该公司在2019 盈利4500万后持续亏损。 具体来看，2019年、2020年、2021年、2022年、2023年的净利润分别为0.45亿元、-11.72亿元、-1.85亿 元、-2.85亿元、-3.27亿元。 对于业绩亏损的原因，友宝在线日前无人零售行业需要投入大量的资金和人力进行技术研发、设备维护 和市场营销等方面的工作。然而，由于利润率普遍较低，这些投入无法得到有效的回报，导致公司亏损 不断扩大。 ...

(H BEIJING UBOX ONLINE TECHNOLOGY CORP. ( 於中華人民共和國註冊成立的股份有限公司) 股份代號：2429 [1] 2 ---- : 2 中期報告 A START only diaming mil The Property 目錄 釋義 2 公司資料 6 中期業績摘要 8 管理層討論與分析 9 其他資料 24 中期財務資料的審閱報告 33 中期簡明綜合全面虧損表 34 中期簡明綜合財務狀況表 35 中期簡明綜合權益變動表 37 中期簡明綜合現金流量表 38 中期簡明綜合財務資料附註 39 釋義 | --- | --- | --- | |----------------------|-------|-------------------------------------------------| | | | | | 「審核委員會」 | 指 | 董事會審核委員會 | | 「核數師」 | 指 | 本公司核數師 | | 「董事會」 | 指 | 董事會 | | 「企業管治守則」 | 指 | 上市規則附錄 C1 所載企業管治守則 | | 「中國」 | 指 | 中華人民共和國 | | ...

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 對 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。 Beijing UBOX Online Technology Corp. 北京友寶在線科技股份有限公司 （於 中 華 人 民 共 和 國 註 冊 成 立 的 股 份 有 限 公 司） （股 份 代 號：2429） 截 至2024年6月30日止六個月中期業績公告 北京友寶在線科技股份有限公司（「本公司」）董 事（「董 事」）會（「董事會」）謹此宣 佈本公司及其附屬公司截至2024年6月30日 止 六 個 月 的 經 審 核 中 期 業 績。本 公 告載有本公司2024年中期報告（「2024年中期報告」）全 文，符 合 香 港 聯 合 交 易 所 有限公司（「聯交所」）證券上市規則中有關中期業績初步公告附載的資料的相 關 規 定。 本中期業績公告將於聯交所網站(www.hkexnews.hk)及本公司網站(www.uboxol.com) 刊 發。202 ...

Company History and Development - The company was established on March 1, 2012, and converted to a joint-stock company on September 10, 2015[3] - The company's H-shares were listed on the Hong Kong Stock Exchange on November 3, 2023[4] - The company's "2020 Incentive Plan" was adopted in 2020, details of which are outlined in the prospectus under "History and Development - 2020 Incentive Plan and Pre-IPO Incentive Plan"[3] - The "Pre-IPO Incentive Plan" was adopted on May 31, 2021, details of which are provided in the prospectus under "Legal and General Information - D. Share Incentive Plan - 1. Pre-IPO Incentive Plan"[5] Financial Performance - Revenue for 2023 was RMB 2,672,020 thousand, a 6.1% increase from RMB 2,519,224 thousand in 2022[10] - Gross profit for 2023 was RMB 1,088,669 thousand, a 1.1% increase from RMB 1,076,736 thousand in 2022[10] - Operating loss for 2023 was RMB 299,457 thousand, compared to an operating loss of RMB 243,670 thousand in 2022[10] - Net loss attributable to the company's owners for 2023 was RMB 327,295 thousand, compared to a net loss of RMB 284,529 thousand in 2022[10] - Adjusted EBITDA for 2023 was RMB 65,516 thousand, compared to RMB 21,024 thousand in 2022[10] - Adjusted net loss for 2023 was RMB 203,194 thousand, compared to an adjusted net loss of RMB 260,992 thousand in 2022[10] - Total revenue for 2023 reached RMB 2,672.0 million, a year-on-year increase of 6.1%[18] - Gross profit for 2023 was RMB 1,088.7 million, up 1.1% year-on-year[18] - Adjusted EBITDA for 2023 was RMB 65.5 million, a significant increase of 211.6% year-on-year[18] - Net loss for the year increased by 12.9% from RMB 283.1 million in 2022 to RMB 319.5 million in 2023[43] - Adjusted EBITDA (non-HKFRS measure) increased by 211.6% from RMB 21.0 million in 2022 to RMB 65.5 million in 2023, driven by increased customer traffic and business activity recovery post-COVID-19 policy relaxation and expansion of wholesale business[46] - Adjusted net loss (non-HKFRS measure) decreased by 22.1% from RMB 261.0 million in 2022 to RMB 203.2 million in 2023, primarily due to the same factors driving the increase in adjusted EBITDA[47] Operational Metrics - The "Gross Merchandise Value" (GMV) refers to the total value of all goods sold through the company's unmanned retail business points, including value-added tax[3] - The company's "Point Network" consists of both UBOX points and non-UBOX points[5] - The "Restaurant Model Partners" assist in operating points located in restaurants and other locations, retaining the difference between the transaction GMV and the agreed-upon product price[5] - The number of Youbao points decreased by 9.8% to 59,721 as of December 31, 2023[18] - The number of restaurant model partners decreased by 56.5% to 704 in 2023[18] - Non-Youbao points increased by 3.7% to 17,909 in 2023[18] - Total number of UBox points decreased by 9.8% from 66,232 in 2022 to 59,721 in 2023, primarily due to cautious expansion amid the pandemic's long-term impact[21] - Monthly average gross merchandise value (GMV) per machine increased by 16.8% from RMB 2,700 in 2022 to RMB 3,154 in 2023, driven by recovery in foot traffic and sales post-COVID-19 policy relaxation[23] - Beverage and snack vending machines saw a 35.3% increase in points from 2,056 in 2022 to 2,781 in 2023, with monthly GMV per machine rising by 33.2% from RMB 2,365 to RMB 3,149[21][23] - The number of wholesale customers increased from 496 in 2022 to 1,196 in 2023, driven by aggressive expansion in shared warehouse business[26] - Average selling price of vending machines decreased from RMB 7,130 in 2022 to RMB 5,010 in 2023, mainly due to a higher proportion of lower-priced pick-and-go cabinets and older models sold[27] - The company had 142 digital advertising service customers as of December 31, 2023, leveraging its retail platform for nationwide ad coverage[25] - Mobile device distribution service expanded with 502 physical stores operated by authorized resellers, including 3 UBox Cloud Stores and 623 UBox Cloud Warehouses as of December 31, 2023[29] - Non-UBox point operators increased from 216 in 2022 to 312 in 2023, as some wholesale customers utilized the company's platform to become non-UBox point operators[26] - The company's mini KTV network consists of 1,148 self-operated points and 1,720 franchise points across 262 cities in mainland China, with a music library of over 28,000 songs[30] - Total revenue for 2023 was RMB 2,672.0 million, a 6.1% increase year-over-year, driven by growth in unmanned retail and wholesale businesses[32] - Unmanned retail revenue increased by 3.0% to RMB 2,034.3 million in 2023, attributed to recovery in foot traffic and business activities post-COVID-19 policy relaxation[33] - Advertising and system support services revenue decreased by 40.5% to RMB 115.6 million in 2023 due to cautious marketing strategies by advertisers[33] - Wholesale revenue surged by 117.9% to RMB 287.2 million in 2023, driven by increased customer numbers and procurement volumes post-COVID-19 policy relaxation[33] - Gross profit for 2023 was RMB 1,088.7 million, a 1.1% increase year-over-year, with a gross margin of 40.7%, down 2.0 percentage points[37] Expenses and Costs - Sales and marketing expenses decreased by 2.6% to RMB 1,125.7 million in 2023, primarily due to a reduction in internal sales team size[39] - General and administrative expenses increased by 67.4% from RMB 127.4 million in 2022 to RMB 213.3 million in 2023, primarily due to an increase in share-based compensation expenses of RMB 73.7 million related to the pre-IPO incentive plan[40] - R&D expenses decreased by 8.0% from RMB 31.6 million in 2022 to RMB 29.0 million in 2023, mainly due to a reduction in employee benefits expenses caused by a decrease in average headcount and research projects[40] - Net impairment losses on financial assets decreased by 43.2% from RMB 9.3 million in 2022 to RMB 5.3 million in 2023, driven by a more optimistic macroeconomic outlook and improved collection efforts[41] - Other income decreased by 55.1% from RMB 12.0 million in 2022 to RMB 5.4 million in 2023, primarily due to a reduction in government subsidies[41] - Net other losses increased by 138.4% from RMB 8.5 million in 2022 to RMB 20.2 million in 2023, mainly due to losses from the sale of a 51% stake in Sichuan Youlin Kesi Technology Co., Ltd. and disposal of fixed assets[41] - Financial costs decreased by 35.5% from RMB 13.3 million in 2022 to RMB 8.6 million in 2023, primarily due to reduced interest expenses on lease liabilities following the expiration of finance lease contracts[42] - Income tax expenses decreased by 49.4% from RMB 10.8 million in 2022 to RMB 5.5 million in 2023, mainly due to improved utilization of previously unrecognized tax losses and temporary differences[42] Cash Flow and Capital Expenditures - Operating cash flow for the year ended December 31, 2023, was RMB 106.6 million, primarily due to a pre-tax loss of RMB 314.0 million, adjusted for various factors including depreciation of property and equipment of RMB 144.8 million and share-based compensation expenses of RMB 84.0 million[50] - Net cash used in investing activities for the year ended December 31, 2023, was RMB 53.8 million, mainly due to payments for property and equipment of RMB 49.0 million and purchases of financial assets at fair value of RMB 40.0 million[50] - Net cash from financing activities for the year ended December 31, 2023, was RMB 169.1 million, driven by net proceeds from global offering and lease payments of RMB 43.3 million[51] - Cash and cash equivalents increased by 171.2% from RMB 128.2 million as of December 31, 2022, to RMB 347.6 million as of December 31, 2023[51] - Total debt as of December 31, 2023, was RMB 107.6 million, with a debt-to-equity ratio of 11.1%[53] - Capital expenditures for the year ended December 31, 2023, totaled RMB 66.3 million, including RMB 49.0 million for property and equipment and RMB 17.3 million for intangible assets[54] Strategic Plans and Future Outlook - The company plans to expand point coverage in first-tier, new first-tier, and second-tier cities to achieve economies of scale[17] - The company will continue to invest in AI and big data technologies to enhance data analysis capabilities and backend algorithm optimization[17] - The company introduced the "Pick-and-Go" vending machine, featuring advanced hardware, biometric authentication, and IoT technology[19] - The company plans to expand its point-of-sale network and improve digital operational efficiency, targeting first-tier, new first-tier, and second-tier cities, with gradual development in third-tier and lower-tier cities[57] - The company aims to enhance data analytics capabilities, optimize algorithms, and expand data applications in operations, focusing on AI recognition technology and backend algorithms for unmanned retail[57] - The company will continue hardware R&D to improve the durability, functionality, and energy efficiency of vending machines to cater to broader consumer scenarios[57] Share Incentive Plans - The company has issued a total of 37,862,946 non-listed shares under the Pre-IPO Incentive Plan, representing 4.86% of the total issued shares as of the report date[58] - The exercise price for the options granted under the Pre-IPO Incentive Plan is RMB 1.99 per share[58] - The Pre-IPO Incentive Plan has granted options to 27 participants, allowing them to subscribe for a total of 37,750,000 non-listed shares, representing approximately 4.84% of the total issued share capital[60] - The options under the Pre-IPO Incentive Plan are exercisable in three tranches: 40% after the first 12 months, 30% after the next 12 months, and the remaining 30% after the following 12 months[59] - The total number of shares issued as of the report date is 779,835,433[63] - The Pre-IPO Incentive Plan will terminate no later than ten years from the grant date of January 10, 2023, with approximately 8 years and 9 months remaining as of the report date[61] - The company has granted options to key executives, including Mr. Wang Gao (15,000,000 shares), Mr. Ling Kunbo (6,000,000 shares), and Ms. Cha Rong (4,700,000 shares), with exercise prices ranging from RMB 1.88 to RMB 1.98 per share[62] Corporate Governance and Leadership - Yu has over 24 years of experience in the IT industry and joined the company in November 2017 as Vice President and General Manager of the Community Development Business Unit[66] - Cui Yan, with over 18 years of experience in finance and accounting, joined the company in January 2011 as CFO and has been serving as Board Secretary and Deputy General Manager since February 2016[66] - Zhu Chao, with over 18 years of experience in investment and corporate development, joined the company as a Non-Executive Director in May 2021[66] - An Yufang, with over 14 years of experience in corporate management, was appointed as a Non-Executive Director in May 2021[67] - Wang Xiaochuan, with over 21 years of experience in the internet and related services industry, was appointed as an Independent Non-Executive Director in May 2021[68] - Wang Xiaochuan holds a Bachelor's and Master's degree in Computer Science and Technology from Tsinghua University and an MBA from Tsinghua University[69] - Guo Qi, with over 26 years of experience in accounting, auditing, and financial management, was appointed as an Independent Non-Executive Director in May 2021[69] - Zhang Chen, with over 10 years of experience in corporate management, was appointed as an Independent Non-Executive Director in May 2021[69] - Zhang Chen holds a Master's degree in Dentistry (Periodontology) from the University of Hong Kong and has been a registered dentist in Hong Kong since August 2008[70] - Qin Yi, aged 53, was appointed as the Chairperson of the Supervisory Committee in May 2021, bringing over 30 years of experience in corporate management and investment[71] - Huang Ronghui, aged 54, was appointed as a Supervisor in September 2015, with over 20 years of experience in machinery leasing and operations[71] - Qi Rupeng, aged 43, was appointed as an Employee Representative Supervisor in April 2020, with over 17 years of experience in software development[72] - Wang Ge, aged 46, was appointed as the CFO in September 2016, with over 12 years of experience in finance and corporate management[72] - Chao Hua, aged 45, was appointed as the Deputy General Manager in October 2021, responsible for formulating and implementing the company's IT development strategy[74] - Xu Yanshan was appointed as a Co-Company Secretary effective September 7, 2023, with extensive experience in corporate secretarial and compliance services[74] - The board of directors consists of Chairman, Executive Director, and CEO Wang Bin, along with other executive and non-executive directors[97] - The company has entered into service contracts with directors and supervisors, which can be renewed according to the company's articles of association and applicable listing rules[98] - No directors or supervisors have any significant interests in major transactions, arrangements, or contracts of the company or its subsidiaries[98] - The company has not made any payments to induce high-salary individuals to join the company in 2023[100] - The company has purchased directors' liability insurance to cover potential losses due to alleged or actual misconduct[101] - Wang Bin, the Chairman and CEO, holds approximately 14.91% of the company's H shares and 38.87% of the non-listed shares[104] - Chen Kunrong, an executive director who resigned on January 11, 2024, holds approximately 4.86% of the company's H shares and 4.19% of the non-listed shares[104] - The company has no arrangements for directors or supervisors to benefit from purchasing shares or debentures of the company or any other corporate body[99] Shareholder Information - Ant Group holds 126,315,789 H-shares, representing 19.84% of the relevant share class and 16.20% of the total issued shares[108] - Shanghai Yunxin Venture Capital Co., Ltd., a wholly-owned subsidiary of Ant Group, holds 126,315,789 H-shares, representing 19.84% of the relevant share class and 16.20% of the total issued shares[108] - Wei Lin holds 125,850,476 H-shares, representing 19.77% of the relevant share class and 16.14% of the total issued shares, and 61,671,930 non-listed shares, representing 43.06% of the relevant share class and 7.91% of the total issued shares[108] - Chunhua Qiushi (Tianjin) Equity Investment Management Co., Ltd. holds 42,104,884 H-shares, representing 6.61% of the relevant share class and 5.40% of the total issued shares[108] - China International Capital Corporation Limited holds 35,563,500 H-shares, representing 5.59% of the relevant share class and 4.56% of the total issued shares[109] - The company has issued a total of 143,219,624 non-listed shares, 636,615,809 H-shares, and 779,835,433 total shares[110] Related Party Transactions - The company entered into a payment service framework agreement with Alipay China, with annual caps of RMB 15.0 million, RMB 18.0 million, and RMB 22.0 million for the years ending December 31, 2023, 2024, and 2025, respectively[113] - The company entered into an advertising cooperation framework agreement with Alipay China, with expected annual caps of RMB 9.0 million, RMB 33.0 million, and RMB 35.0 million for the years ending December 31, 2023, 2024, and 2025 respectively[115] - The advertising cooperation framework agreement aims to leverage Alipay China's digital ecosystem to enhance the company's retail channels and maximize revenue[116] - The company's independent non-executive directors have reviewed and confirmed that the related party transactions are conducted under normal commercial terms and are fair and reasonable[117] - The company's auditors have issued an unqualified opinion on the related party transactions, confirming that the actual transaction amounts did not exceed the set annual caps[118] - The company has complied with the disclosure requirements for related party transactions under the Listing Rules[119] - The company's audit committee reviewed the audited financial statements for

Table_BaseInfo Table_Title 首次覆盖 2024 年 03 月 28 日 友宝在线（2429.HK） 证券研究报告 零售行业 中国最大的无人零售经营商 投资评级： 买入 友宝在线成立于2011年，其使命是让无人零售触手可及，通过十多年发展，建立了强 大的数字化及供应链能力，是中国最大的无人零售经营商。预计24年友宝在线通过加 目标价格： 25.5 港元 盟模式，迅速扩张，快速发展，实现盈亏平衡。首次覆盖给予“买入”评级，目标价25.5港 元，相当于24年4.7倍预测PS。 现价(2024-03-27)： 20港元 报告摘要 总市值(百万港元) 15,596.71 流通市值(百万港元) 15,596.71 2023年经调整后净亏损2.2亿，亏损幅度同比收窄22%。2023年友宝在线收入26.7 总股本(百万股) 779.84 亿，同比增长6%，净亏损3.3亿，剔除上市开支、以股份为基础的薪酬开支后，经 流通股本(百万股) 636.62 调整后净亏损2.2亿，亏损幅度同比收窄22%。近几年疫情严重影响中国无人售货 12个月低/高(港元) 14/22.8 机行业发展，23年是疫情放开后第一年 ...

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 對 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。 Beijing UBOX Online Technology Corp. 北京友寶在線科技股份有限公司 （於 中 華 人 民 共 和 國 註 冊 成 立 的 股 份 有 限 公 司） （股 份 代 號：2429） 截 至2023年12月31日止年度全年業績公告 北京友寶在線科技股份有限公司（「本公司」）董 事（「董 事」）會（「董事會」）欣然宣 佈，本 公 司 及 其 附 屬 公 司（統 稱「本集團」）截 至2023年12月31日止年度的經審核 綜 合 業 績。該 等 業 績 乃 根 據 適 用 的 香 港 聯 合 交 易 所 有 限 公 司 證 券 上 市 規 則（「上 市規則」）披 露 要 求 及 香 港 財 務 報 告 準 則 編 製，並 已 經 本 公 司 董 事 會 審 核 委 員 會 （「審核委員會」）審 閱。本 公 告 符 合 上 市 ...

Equity Research·Company Research·Retail Beijing UBOX Online Technology (2429 HK) Riding the wave of unmanned retail, the leader [Table_Author ]1 4 March 2024 of vending machines sets sail Research Analyst Buy (Initiation) Ruibin Chen (852) 3982 3212 chenrobin@dwzq.com.hk Forecast & Valuation 2022A 2023E 2024E 2025E Revenue (RMB mn) 2,519.31 2,761.85 4,090.24 4,994.10 Growth (YoY %) -5.88 9.63 48.10 22.10 P[Traicbel eP_ePrifcoQrmuoatnec] e Net profit (RMB mn) -284.53 -150.82 26.15 184.19 Growth (YoY %) -53.8 ...