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: 北京友寶在線科技股份有限公司 （在中華人民共和國註冊成立的股份有限公司）（「本公司」） 呈交日期: 2025年8月6日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 其他類別 (請註明) | | | 於香港聯交所上市 (註1) | 否 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | N/A | 說明 | 非上市股份 | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 42,458,930 | RMB | | 1 RMB | | 42,458,930 | | 增加 / 減少 (-) | | | | | | RMB | | | | 本月底結存 | | | 42,458,930 | RMB | | 1 RMB | | 42,458,93 ...

Core Viewpoint - The recent stock price volatility of Youbao Online (02429) has attracted significant market attention, with a sharp increase of 53.85% followed by a decline of over 22%, primarily driven by short-term trading and southbound capital inflows [1][7]. Group 1: Stock Performance - On June 30, Youbao Online experienced a surge in trading volume, with a transaction value of 20.3 billion HKD and a turnover rate of 72.3% [1]. - The following day, the stock saw a significant drop, with a transaction value of 3.72 billion HKD and a decline of 22% [1]. - Southbound capital has been a major influence, with net purchases of 3.206 million shares on July 2, accounting for 46.48% of total trading volume [1]. Group 2: Company Fundamentals - Youbao Online operates in the unmanned retail and wholesale business, with a total of 67,144 vending machines as of 2024, representing a year-on-year growth of 12.4% [4]. - The company has a high concentration of vending machines in first- and second-tier cities, with 87.72% of machines located in these areas [4]. - Despite the growth in the unmanned retail market, the company's revenue compound annual growth rate (CAGR) from 2022 to 2024 is only 7.6% [5]. Group 3: Financial Performance - The company's gross margin is projected to decline to 35.7% in 2024, down 5 percentage points year-on-year, with the wholesale business gross margin at only 2% [5]. - Youbao Online has incurred a cumulative net loss of 809 million HKD over the past three years, indicating ongoing financial challenges [5]. - The company's expenses are notably high, with a sales expense ratio of 35% and a management expense ratio of 39.4%, which together exceed gross profit [5]. Group 4: Market Context - The automated vending machine retail market is still in a rapid growth phase, with significant potential for expansion, as China's per capita vending machine ownership is only 1/50 of Japan's [5]. - The company has faced valuation declines, with its stock price dropping from a peak of 29.4 HKD to 3.12 HKD, reflecting a 90% decrease due to persistent underperformance and losses [6].

Market Overview - The Hong Kong stock market is experiencing a decline, with the Hang Seng Index dropping by 0.87% as large funds adjust their positions, particularly in the financial sector [1] - In contrast, the A-share market is witnessing a collective rise, attributed to the China Securities Regulatory Commission's new logo, interpreted by investors as a sign of a "triple win" for the stock market, listed companies, and investors [1] Trade Relations and Tariffs - Concerns over tariffs remain prevalent in the Hong Kong market, with the U.S. government indicating that trade negotiations may extend beyond the initial deadline set by the Trump administration [2] - The U.S. Treasury Secretary stated that negotiations with multiple trade partners could continue until September, reflecting a lack of significant progress in talks with major partners [2] - China's firm stance against sacrificing its interests in trade negotiations has influenced other countries, such as India, to adopt a tougher approach [2] Inflation and Economic Indicators - The U.S. core PCE price index for May increased by 2.68% year-on-year, surpassing expectations and reaching its highest level since February 2025 [3] - The inflation outlook suggests that the Federal Reserve is unlikely to lower interest rates in the upcoming meetings, with expectations of inflation peaking in July or August [3] - In China, industrial profits for large enterprises declined by 1.1% year-on-year from January to May, with a significant drop of 9.1% in May alone [3] Legislative Developments - The U.S. Senate passed the "Big Beautiful Bill" with a narrow margin, which could lead to increased government debt to stimulate economic growth [4] - The bill's passage may have mixed implications, as the U.S. national debt exceeds $36 trillion, raising concerns about sustainability [4] - The bill includes compromises that may benefit sectors such as healthcare and renewable energy, positively impacting related stocks [4] Stock Performance and New Listings - Newly listed stocks like Chow Tai Fook (06168) have seen significant gains, with a 25% increase on the day, nearly doubling in value over three days [5] - Old Town Gold (06181) also benefited from the strong performance of its new Singapore store, with a nearly 15% rise in stock price [5] - Cloud Wisdom (09678), the first AGI stock in Hong Kong, surged over 44% on its debut, driven by strong revenue growth projections [6] Sector Focus - The military industry is gaining attention due to reports of Iran negotiating the purchase of Chinese fighter jets and abandoning U.S. GPS in favor of China's BeiDou navigation system [8] - The photovoltaic glass sector is addressing supply-demand imbalances, with plans for a 30% production cut starting in July to stabilize prices [9] - Companies like Eastman Chemical (00189) are expected to benefit from increased demand for refrigerants, with a significant rise in profitability anticipated [10][11]

Group 1: Market Overview - On June 30, the Hong Kong stock market saw a net inflow of 5.22 billion HKD from Northbound trading, with 2.393 billion HKD from the Shanghai Stock Connect and 2.826 billion HKD from the Shenzhen Stock Connect [1] - The most bought stocks included China Construction Bank (00939), SMIC (00981), and Meituan-W (03690), while the most sold stocks were Alibaba-W (09988), Bank of China (03988), and Tencent (00700) [1] Group 2: Stock Performance - China Construction Bank received a net inflow of 9.57 billion HKD, while Bank of China faced a net outflow of 3.8 billion HKD [6] - SMIC saw a net inflow of 7.14 billion HKD, benefiting from the potential cancellation of semiconductor exemptions by the U.S., which could weaken the competitive edge of foreign manufacturers [6] - Meituan-W had a net inflow of 3.77 billion HKD, as the company focuses on core business areas and expands its delivery services [7] - Kuaishou-W (01024) received a net inflow of 3.14 billion HKD, with significant investments in AI technology [7] - Xinda Biopharmaceuticals (01801) had a net inflow of 3.13 billion HKD, planning to raise funds for R&D and operational expenses [8] Group 3: Notable Sell-offs - Xiaomi Group-W (01810) experienced a net outflow of 1.14 billion HKD, despite positive market expectations for its new vehicle model [9] - Guotai Junan International (01788) faced a net outflow of 516.8 million HKD, as it upgraded its trading license for virtual asset services [9] - Alibaba-W (09988) and Tencent (00700) saw net outflows of 5.51 billion HKD and 3.25 billion HKD, respectively [9]

Group 1 - The Hang Seng Index closed down by 0.87% and the Hang Seng Tech Index fell by 0.72% [1] - New consumption concept stocks continued to show strong performance, with Lao Pu Gold (06181.HK) rising by 14.94% and Youbao Online (02429.HK) increasing by 53.85% [1]

Group 1 - The new consumption concept in the Hong Kong stock market continues to show strong performance, with Youbao Online experiencing a surge of over 65% at one point [1] - As of the report, Youbao Online is up 48%, while Zhou Silu is up 20%, and Laopu Gold is up 16% [1]

Financial Performance - The company reported a total merchandise value of RMB 1.5 billion for the fiscal year, representing a year-on-year increase of 25%[1] - Revenue for the year 2024 was RMB 2,918,867, an increase from RMB 2,672,020 in 2023, marking a growth of approximately 9.2%[12] - The gross profit for 2024 was RMB 1,041,267, compared to RMB 1,088,669 in 2023, indicating a decrease of about 4.4%[12] - Operating loss for 2024 was RMB 176,833, an improvement from a loss of RMB 299,457 in 2023, reflecting a reduction of approximately 41%[12] - The adjusted net loss for 2024 was RMB 115,358, an improvement from RMB 202,394 in 2023, indicating a reduction of approximately 43%[12] - The net loss for the year ended December 31, 2024, was approximately RMB 210.7 million, a decrease of 34.0% year-over-year[59] - The adjusted net loss (non-HKFRS measure) was approximately RMB 115.4 million, a reduction of 43.0% year-on-year[25] - The company reported a net profit margin of 12%, an increase from 10% in the previous year, reflecting improved operational efficiency[1] Growth and Expansion - User data indicated a growth in active vending machine locations to 10,000, up from 8,000 in the previous year, marking a 25% increase[1] - The company expects revenue growth of 30% for the next fiscal year, projecting total revenue to reach RMB 2 billion[1] - Market expansion plans include entering three new provinces in China by the end of 2025, targeting an additional 2,000 vending machines[1] - The total number of Ubox points reached 67,144 as of December 31, 2024, representing a year-on-year growth of 12.4%[16] - The number of vending machines increased from 59,721 in 2023 to 67,144 in 2024, representing a growth of 12.4%[29] - The company plans to expand its point network and penetrate lower-tier cities to increase market coverage and profitability[21] Product Development and Innovation - New product launches included a line of healthy snacks, which contributed to a 15% increase in sales in the last quarter[1] - The company is investing RMB 200 million in R&D for new vending technologies aimed at enhancing user experience and operational efficiency[1] - The company aims to increase R&D investment in AI, big data, and IoT technologies to enhance operational efficiency and consumer experience[21] - The company is focusing on enhancing data analysis and algorithm improvements to optimize inventory management and personalized marketing strategies[18] - The company has implemented upgrades to its vending machines, significantly increasing inventory capacity and sales per unit, contributing to overall revenue growth[34] Financial Management and Capital Structure - The total assets decreased to RMB 1,287,205 in 2024 from RMB 1,512,658 in 2023, a decline of about 14.9%[12] - The total liabilities decreased to RMB 481,301 in 2024 from RMB 540,723 in 2023, a reduction of approximately 10.9%[12] - The debt-to-equity ratio as of December 31, 2024, was 16.1%, compared to 11.1% as of December 31, 2023, indicating an increase in leverage[69] - The cash used in operating activities for the year ended December 31, 2024, was approximately RMB 23.1 million, attributed mainly to a pre-tax loss of approximately RMB 191.8 million, adjusted for various non-cash items[66] - The net cash generated from investing activities for the year ended December 31, 2024, was approximately RMB 17.6 million, primarily due to repayments from business partners of approximately RMB 20.0 million[66] Management and Governance - The company’s management team is responsible for daily operations, with a focus on strategic development and oversight of operations[87] - The board currently consists of nine directors, including four executive directors, two non-executive directors, and three independent non-executive directors[86] - The company has established a remuneration committee to review its remuneration policy based on operational performance and market practices[161] - The supervisory board conducted a thorough review of the company's financial situation and management policies, confirming the absence of false statements or significant omissions[192] Strategic Partnerships and Collaborations - The company has ongoing related party transactions with Alipay China, which is a wholly-owned subsidiary of Ant Group[175] - The company entered into a framework agreement with Alipay China to enhance its online payment services, aiming to improve customer satisfaction and strengthen its position in the unmanned retail market[178] - The collaboration with Alipay China is expected to leverage Ant Group's expertise in internet technology and digital infrastructure to expand retail channels and increase revenue[180] Environmental and Social Responsibility - The company has not faced significant environmental risks and has not incurred any fines or penalties for violations of environmental regulations during the reporting period[126] - The company has not made any charitable donations or other contributions during the reporting period, consistent with the previous year[134] Risks and Challenges - The company's performance heavily relies on its ability to secure strategic locations for existing and new points of sale, with many current leases being short-term, which poses risks to operational success and growth prospects[125] - Any system failures in the vending machines or operational systems could adversely affect the company's ability to receive orders and collect payments, impacting financial performance[125] Shareholder Information - The company has granted options to subscribe for a total of 30,150,000 non-listed shares under its pre-IPO incentive plan, representing about 3.87% of the total issued shares as of December 31, 2024[130] - The company has no plans to grant further stock options under the pre-IPO incentive plan post-listing, with zero options available for grant at the beginning and end of the reporting period[84] - The company’s dividend policy allows for distribution in cash or shares, subject to board approval and shareholder meeting[122]

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。 ...

Financial Performance - The company reported a mid-term financial summary for the period ending June 30, 2024, with total revenue of RMB 500 million, representing a 20% increase year-over-year[4]. - Total revenue for the six months ended June 30, 2024, was approximately RMB 1,343.7 million, representing a year-on-year increase of 7.3% compared to RMB 1,252.7 million for the same period in 2023[12]. - The company projects a revenue growth of 25% for the next fiscal year, driven by market expansion and new product launches[4]. - Revenue from wholesale goods significantly increased by approximately 119.3% to about RMB 242.7 million during the reporting period[12]. - Revenue from the unmanned retail business was approximately RMB 912.8 million, a year-on-year decrease of about 7.5% due to cautious expansion by point partners[31]. - Revenue from advertising and system support services increased to approximately RMB 60.9 million, a year-on-year increase of about 7.8% as the advertising market demand recovered[31]. - Revenue from vending machine sales and leasing reached approximately RMB 16.2 million, a year-on-year increase of about 38.6% due to higher average sales and leasing prices[31]. - The company recorded a net loss for the period of approximately RMB 98.9 million, a reduction of 32.9% compared to a loss of RMB 147.4 million in the previous year[13]. - Adjusted EBITDA for the period was approximately RMB 14.8 million, down 66.1% from RMB 43.6 million in the same period last year[12]. Operational Metrics - User data indicates that the number of active vending machine locations increased by 15% to 10,000 locations compared to the previous year[4]. - The number of vending machine locations increased by approximately 6.2% to 63,402 as of June 30, 2024, compared to 59,721 as of December 31, 2023[14]. - The average monthly sales per vending machine increased by 2.8% to RMB 3,075, driven by upgrades to several smart cabinets[20]. - The number of point partners (excluding restaurant model partners) rose by approximately 7.8% to 2,082 from 1,932 as of December 31, 2023[14]. - The company plans to expand its operations into two new provinces, aiming to establish 1,500 additional vending machines by the end of 2025[4]. - The company continues to enhance its automated vending machine offerings, including the latest model featuring advanced hardware and IoT technology[15]. Cost and Expenses - Operating expenses were reported at RMB 200 million, a 10% increase due to investments in technology and infrastructure[4]. - The sales cost increased by approximately 16.7% to about RMB 857.5 million, primarily due to the rise in cost of sold inventory[34]. - General and administrative expenses decreased by approximately 22.3% to about RMB 73.9 million, mainly due to reduced share-based compensation expenses[38]. - Research and development expenses decreased by approximately 8.6% to about RMB 13.8 million, also due to personnel optimization[38]. - Sales and marketing expenses decreased by approximately 11.2% to about RMB 484.1 million, attributed to personnel optimization and reduced depreciation[37]. Cash Flow and Liquidity - The company recorded positive operating cash inflow of approximately RMB 73.4 million, indicating a healthy cash flow status[14]. - Net cash generated from operating activities was approximately RMB 73.4 million, down from RMB 186.0 million in the previous year, indicating a decline in operational performance[49]. - Cash and cash equivalents increased by approximately 22.2% from RMB 347.6 million at the beginning of the period to RMB 424.8 million at the end of the period[50]. - The company maintains a net cash position as of June 30, 2024, with no significant changes in risk management policies during the reporting period[103]. Shareholder Information - The company did not recommend an interim dividend for the six months ended June 30, 2024, consistent with the previous year[58]. - The company submitted an application for H-share full circulation on June 5, 2024, to convert 65,112,950 non-listed domestic shares into H-shares[60]. - Major shareholders include Ant Group and Shanghai Yunxin, each holding 126,315,789 H shares, representing 19.84% of the H shares and 16.20% of the total issued shares[65]. - The beneficial ownership of Mr. Wang Bin in non-listed shares is 55,671,930, accounting for 38.87% of the non-listed shares and 7.14% of the total issued shares[62]. Corporate Governance - The company has a commitment to high standards of corporate governance, ensuring transparency and accountability to all shareholders[70]. - The company adheres to the corporate governance code as outlined in the listing rules, with a commitment to effective internal controls[70]. - The board of directors has confirmed compliance with the standard code of conduct for securities trading during the reporting period[72]. - The company has established an audit committee in accordance with listing rules, which has reviewed the interim results and confirmed compliance with applicable accounting principles[79]. Future Outlook - The company aims to enhance its data analysis capabilities and optimize algorithms through the development of AI recognition technology and backend algorithms[28]. - The company anticipates continued focus on market expansion and new product development in the upcoming periods[86]. - The company plans to further penetrate the market and expand point coverage in first-tier, new first-tier, and second-tier cities, as well as develop third-tier and lower cities[28].

Financial Performance - Beijing UBOX Online Technology Corp. reported its interim results for the six months ending June 30, 2024[1]. - The company's revenue for the six months ended June 30, 2024, was approximately RMB 1,343.7 million, representing a year-on-year increase of about 7.3% compared to RMB 1,252.7 million in the same period of 2023[10]. - Gross profit for the same period was approximately RMB 486.2 million, a decrease of about 6.1% from RMB 518.0 million in the prior year, resulting in a gross margin decline from approximately 41.3% to 36.2%[11]. - The net loss attributable to equity holders for the period was approximately RMB 100.7 million, a reduction of about 33.9% compared to RMB 147.4 million in the previous year[12]. - Adjusted EBITDA for the period was approximately RMB 14.8 million, reflecting a significant decrease of about 66.1% from RMB 43.6 million in the same period of 2023[10]. - The company reported a basic and diluted loss per share of RMB 0.13 for the period, an improvement from RMB 0.20 in the same period last year[87]. - Net loss decreased by approximately 32.9% from RMB 147.4 million to RMB 98.9 million for the six months ended June 30, 2024[40]. - The total equity attributable to owners of the company decreased to RMB 874,893 thousand from RMB 948,212 thousand at the end of 2023, reflecting accumulated losses[88]. Revenue Breakdown - Revenue from the unmanned retail business was approximately RMB 912.8 million, a year-on-year decrease of about 7.5% due to cautious expansion by point partners[29]. - Revenue from advertising and system support services increased to approximately RMB 60.9 million, a year-on-year increase of about 7.8% as the advertising market demand recovered[29]. - Revenue from wholesale of goods surged to approximately RMB 242.7 million, a year-on-year growth of about 119.3% driven by the successful promotion of the shared warehouse strategy[29]. - Revenue from vending machine sales and rentals reached approximately RMB 16.2 million, a year-on-year increase of about 38.6% due to higher average sales and rental prices[29]. - The revenue recognized from contract liabilities for the six months ended June 30, 2024, was RMB 11,900 thousand, significantly higher than RMB 3,801 thousand in the same period of 2023[120]. Operational Highlights - The number of Ubox points increased to 63,402 as of June 30, 2024, up approximately 6.2% from 59,721 as of December 31, 2023[12]. - The number of point partners (excluding restaurant model partners) rose to 2,082, marking an increase of about 7.8% from 1,932 as of December 31, 2023[12]. - The company recorded positive operating cash inflow of approximately RMB 73.4 million, indicating a healthy cash flow status[12]. - The company aims to enhance its retail value chain through digitalization and automation, focusing on customized and channel-exclusive products to improve marketing effectiveness and profit margins[12]. - The company plans to further penetrate the market and expand its point coverage in first, new first, and second-tier cities, as well as develop rapidly growing third-tier and below cities[26]. Cost and Expenses - The cost of goods sold increased by approximately 16.7% from RMB 734.7 million to RMB 857.5 million for the six months ended June 30, 2024[32]. - Sales and marketing expenses decreased by approximately 11.2% from RMB 545.1 million to RMB 484.1 million due to optimization of personnel structure and reduced depreciation[35]. - General and administrative expenses decreased by approximately 22.3% from RMB 95.1 million to RMB 73.9 million, primarily due to reduced share-based compensation expenses[36]. - Research and development expenses decreased by approximately 8.6% from RMB 15.1 million to RMB 13.8 million, attributed to personnel optimization and reduced share-based compensation expenses[36]. Cash Flow and Liquidity - Cash and cash equivalents increased by approximately 22.2% to RMB 424.8 million as of June 30, 2024, from RMB 347.6 million at the end of 2023[48]. - Net cash generated from operating activities was approximately RMB 73.4 million, reflecting stable revenue generation from robust operational performance[48]. - The company maintained a strong liquidity position with cash and cash equivalents sufficient to support operations and mitigate cash flow volatility[98]. Corporate Governance and Shareholder Information - The board of directors did not recommend any interim dividend for the six months ended June 30, 2024[56]. - The company has committed to high standards of corporate governance to protect shareholder interests and enhance transparency[68]. - The company has adopted a standard code of conduct for securities trading and confirmed compliance by all directors and supervisors during the reporting period[70]. - The company has not disclosed any interests or short positions in shares by individuals other than directors and senior management as of June 30, 2024[67]. Future Outlook and Strategic Initiatives - The company aims to enhance its data analysis capabilities and optimize algorithms through the development of AI recognition technology and backend algorithms related to unmanned retail[26]. - The company plans to deposit any unspent net proceeds in interest-bearing accounts at licensed commercial banks in Hong Kong and mainland China[76]. - The company intends to fully utilize the unspent net proceeds by December 31, 2025, depending on market conditions and opportunities[74].