Core Viewpoint - Youbiao Online (02429) reported a revenue of 1.302 billion RMB for the first half of 2025, representing a year-on-year decline of 3.1% [1] Financial Performance - The company recorded a loss attributable to shareholders of 31.951 million RMB, which is a significant reduction of 68.3% year-on-year [1] - Basic loss per share was 0.04 RMB [1] Cost Management - The reduction in loss was primarily due to a decrease in depreciation expenses for properties, plants, equipment, and right-of-use assets during the reporting period [1] - There was a decline in share-based compensation expenses amortization during the reporting period [1] - The company reversed impairment provisions recognized in previous years during the reporting period [1]

北京友寶在線科技股份有限公司 第一章 總 則 第一條 為規範北京友寶在線科技股份有限公司（以 下 簡 稱「公 司」）董 事、 高 級 管 理 人 員 的 提 名 程 序，完 善 公 司 治 理 結 構，充 分 保 護 公 司 和 公 司 股 東 的 合 法 權 益，根 據《中 華 人 民 共 和 國 公 司 法》、《香 港 聯 合 交 易 所 有 限 公 司 證 券 上 市 規 則》（以 下 簡 稱「《聯 交 所 上 市 規 則》」）、《北 京 友 寶 在 線 科 技 股 份 有 限 公 司 章 程》（以 下簡稱「《公 司 章 程》」）及 其 他 有 關 規 定，公 司 董 事 會 特 設 立 提 名 委 員 會（以 下 簡 稱「委員會」），並 制 定 本 工 作 細 則。 第二條 委員會是董事會根據《公 司 章 程》下 設 的 專 門 工 作 機 構，主 要 負 責 制 定 董 事 和 高 級 管 理 人 員 的 選 任 標 準 和 程 序，審 核 董 事、經 理 和 董 事 會 秘 書 候 選 人，就 總 經 理 提 名 的 其 他 高 級 管 理 人 員 的 人 選 進 行 審 核，對 董 事 會 負 ...

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 全部或任何部份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。 本公告乃北京友寶在線科技股份有限公司（「本公司」）根據香港聯合交易所有 限公司證券上市規則（「上市規則」）第13.51(1)條 作 出。 茲提述本公司日期為二零二三年十月二十四日的招股章程（「招股章程」）。除 另 有 界 定 者 外，本 公 告 所 用 詞 彙 與 招 股 章 程 所 界 定 者 具 有 相 同 涵 義。如 招 股 章 程 所 披 露，待 達 成 相 關 行 使 條 件 後，根 據 首 次 公 開 發 售 前 激 勵 計 劃 授 予 承 授 人 之 購 股 權 於 上 市 日 期 後 分 三 批 及 按 照 其 中 所 載 安 排 可 予 行 使。鑒 於 第 一 批 及 第 二 批 行 使 期 的 相 關 行 使 條 件 已 獲 達 成，相 關 批 次 的 購 股 權 可 予 行 使。因 此，董 事 會 已 決 議 根 據 行 使 ...

Financial Performance - The company reported a total merchandise value of RMB 1.2 billion for the first half of 2025, representing a 15% increase year-over-year[3]. - For the six months ended June 30, 2025, the company's revenue was approximately RMB 1,302.1 million, a decrease of about 3.1% compared to RMB 1,343.7 million for the same period in 2024[13]. - Gross profit for the same period was approximately RMB 480.7 million, down 1.1% from RMB 486.2 million, with a gross margin increase from approximately 36.2% to 36.9%[14]. - The company's loss for the period was approximately RMB 37.6 million, a significant reduction of about 61.9% compared to a loss of RMB 98.9 million in the previous year[14]. - Adjusted net loss (non-HKFRS measure) was approximately RMB 30.6 million, a decrease of 57.3% from RMB 71.5 million in the same period last year[17]. - Operating loss narrowed to RMB 33,227,000 from RMB 85,430,000 year-over-year, indicating improved operational efficiency[103]. - The company reported a net loss of RMB 31,951 thousand for the six months ended June 30, 2025, compared to a net loss of RMB 100,738 thousand for the same period in 2024, indicating an improvement in performance[109]. - Basic and diluted loss per share was RMB 0.04, an improvement from RMB 0.13 in the prior year[103]. Revenue Streams - Revenue from unmanned retail business was approximately RMB 861.7 million, a year-on-year decrease of 5.6% due to intensified market competition and a decline in average point locations[34]. - Revenue from wholesale goods increased by approximately 12.4% to RMB 272.8 million, attributed to the successful implementation of the shared warehouse program[34]. - Revenue from advertising and system support services rose by approximately 16.5% to RMB 70.9 million, driven by increased demand in the advertising market[34]. - Revenue for the six months ended June 30, 2025, was RMB 1,302,070 thousand, a decrease of 3.1% from RMB 1,343,702 thousand for the same period in 2024[139]. Operational Efficiency - The company plans to enhance operational efficiency and technology innovation to further expand its network and improve profitability in the unmanned retail sector[29]. - Sales and marketing expenses decreased by approximately 3.6% to RMB 466.4 million, primarily due to the absence of significant fixed asset purchases in the previous two years[39]. - General and administrative expenses decreased by approximately 33.7% to RMB 49.0 million, mainly due to a reduction in share-based compensation expenses[40]. - Research and development expenses decreased to RMB 9,565,000 from RMB 13,802,000, reflecting a 30.5% reduction in R&D spending[103]. Market Expansion - User data showed an increase in active vending machine locations to 5,000, up from 4,200 in the previous year, marking a growth of 19%[3]. - The company is expanding its market presence by entering three new provinces in China, aiming to increase its footprint by 30% by the end of 2025[3]. - The company has established partnerships with five major retail chains to expand its distribution network, expected to boost sales by 18%[3]. - The company aims to penetrate the unmanned retail market for small and medium enterprises, leveraging its strong supply chain and advanced equipment[31]. Financial Position - Cash and cash equivalents increased by approximately 47.2% from RMB 333.4 million at December 31, 2024, to RMB 490.7 million at June 30, 2025[54]. - The capital debt ratio as of June 30, 2025, was approximately 11.8%, down from 16.1% as of December 31, 2024[57]. - The company has implemented comprehensive capital management policies to ensure sufficient financial resources to meet its obligations[51]. - The total liabilities increased to RMB 530,960 thousand from RMB 481,301 thousand, an increase of approximately 10.3%[106]. Shareholder Information - The company did not declare an interim dividend for the six months ended June 30, 2025[66]. - The company successfully placed a total of 51,635,500 new H-shares at a price of HKD 3.01 per share, raising approximately HKD 155.4 million, with a net amount of about HKD 149.2 million[81]. - Approximately 60% of the net proceeds from the placement will be allocated to the acquisition of fixed assets, including vending machines, while 40% will be used for working capital and other general corporate purposes[81]. - The total number of issued non-listed shares is 42,458,930, and the total number of issued H-shares is 789,012,003, leading to a total of 831,470,933 issued shares[73]. Governance and Compliance - The company has adhered to the corporate governance code, with the exception of the separation of roles between the Chairman and CEO[76]. - The company emphasizes high standards of corporate governance to protect shareholder interests[76]. - The audit committee, consisting of three independent non-executive directors, has reviewed the unaudited interim results and confirmed compliance with applicable accounting principles[85]. Risks and Challenges - The group faces multiple financial risks, including market risk, credit risk, and liquidity risk, which are actively managed to mitigate potential impacts on operations[119]. - The company faced a claim of approximately RMB 145.1 million from Guangzhou Fuhong regarding a failure to acquire shares in Shenzhen Youfu, which includes default interest and legal fees[194]. - The arbitration related to the claim was successfully defended by the company, concluding in April 2025, with no provision required[195].

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 全部或任何部份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2025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2025年6月30日 止 六 個 月 的 未 經 審 核 中 期 業 績。本 公告載有本公司2025年中期報告（「2025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。20 ...

Group 1 - The company, Youbao Online (02429.HK), will hold a board meeting on August 28, 2025, to review and approve its interim results for the six months ending June 30, 2025, and to discuss the proposal for an interim dividend, if any [1] - The company has completed the full circulation of H-shares [1]

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 全部或任何部份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） 董事會會議召開日期 北京友寶在線科技股份有限公司（「本公司」連 同 其 附 屬 公 司，「本集團」）董事會 （「董事會」）謹 此 宣 佈，本 公 司 將 於 二 零 二 五 年 八 月 二 十 八 日（星 期 四）舉行董事 會 會 議，以（其 中 包 括）考慮及通過本集團截至二零二五年六月三十日止六個月 的 中 期 業 績 及 其 刊 發，並 考 慮 派 發 中 期 股 息（如 有）。 承董事會命 北京友寶在線科技股份有限公司 於 本 公 告 日 期，本 公 司 執 行 董 事 為 王 濱 先 生、余 立 志 先 生、崔 艷 女 士 及 ...

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]