点击蓝字，关注我们 今日上午港股 1 . 英皇国际(00163)涨近6% 。消息面上，11月27日晚，英皇国际公布，公司与所有相关的银行已达成 共识，集团的现有银行贷款安排将根据于2025年11月26日已同意的商业条款函件复常。 8 . 黑芝麻智能(02533)、均胜电子(00699)继续走高，黑芝麻智能涨5.41%，均胜电子涨4.14% 。消息面 上，据均胜电子官微信息显示，11月20日，均胜电子与黑芝麻智能达成战略合作，双方将重点围绕机 器人域控制器联合研发、智能计算平台协同优化以及行业场景解决方案共建等方向，联合推进机器人 控制系统的创新研发与典型场景的示范落地，共同推动智能制造与智能计算平台的融合发展。 9 . 蜜雪集团(02097)盘中涨近3% 。消息面上，据21世纪经济报道，近日，有网友在社交平台上分享蜜 雪冰城关于早餐调查的问卷，并发文：蜜雪冰城要开始卖早餐了？还有部分网友晒出了早餐系列的产 品截图，售价均为5元。记者从一位接近蜜雪冰城的人士处了解到，目前"早餐计划"仅在大连、西 安、南宁、杭州等城市进行部分试新，目前暂时没有大面积推广计划。 10 . 泡泡玛特(09992)再涨近4% 。消息面 ...

Core Viewpoint - The strategic partnership between 越疆科技 (Yuejiang Technology) and 绿源集团 (Luyuan Group) aims to enhance the application of intelligent robots in smart retail environments, with a target of deploying 5,000 robotic units [1]. Group 1: Company Developments - 越疆科技's stock price increased by approximately 4% in early trading, reaching 37.7 HKD with a trading volume of 38.46 million HKD [1]. - The strategic cooperation framework agreement was signed on November 27, indicating a strong commitment to product development and industrial application [1]. Group 2: Market Applications - The partnership will leverage Luyuan's extensive network of over 10,000 stores nationwide to explore large-scale and phased applications of embodied intelligent robots in smart stores and smart factories [1]. - The initiative focuses on upgrading smart retail through the deployment of robotic technology, enhancing operational efficiency and customer experience [1].

Core Viewpoint - 越疆科技 and 绿源集团 have signed a strategic cooperation framework agreement to promote the application of intelligent robots in smart stores, targeting the deployment of 5000 robotic dogs [1] Group 1: Company Developments - 越疆科技's stock rose nearly 4% in early trading, currently up 3.23% at 37.7 HKD with a trading volume of 38.46 million HKD [1] - The agreement will leverage 绿源集团's network of over 10,000 stores nationwide to explore large-scale applications of embodied intelligent robots in various scenarios [1] Group 2: Industry Implications - The collaboration aims to enhance the upgrade of smart stores through the deployment of intelligent robots, indicating a growing trend in automation within the retail sector [1] - The initiative reflects a broader industry movement towards integrating advanced robotics in operational processes, particularly in smart retail and manufacturing environments [1]

Core Insights - The strategic cooperation framework agreement between Luyuan Group and Yujian Technology aims to promote the application of 5,000 robotic dogs in smart store upgrades, marking a new phase in their partnership focused on intelligent retail [1][2][5] Group 1: Strategic Cooperation - The agreement was signed in Jinhua by key executives from both companies, indicating a strong commitment to collaboration [1] - The partnership will leverage Luyuan's extensive network of over 10,000 stores to explore large-scale applications of embodied intelligent robots [2][5] - The robotic dogs will serve multiple functions in stores, enhancing operational efficiency and customer service through intelligent upgrades [2][3] Group 2: Technological and Manufacturing Collaboration - The collaboration aims to create a replicable smart store system solution, establishing a benchmark for the commercial application of embodied intelligent technology [3] - Luyuan will integrate Yujian's robotic arms into its factory automation processes, accelerating the smart transformation of manufacturing [3] - The partnership will involve joint development of industry-level robotic projects, with both companies contributing their respective technological strengths [3] Group 3: Market Expansion and Brand Integration - The cooperation will focus on deep integration of brand, channel, and market resources to promote the widespread adoption of intelligent robotic dogs in consumer markets [5] - The collaboration signifies a strategic move towards commercializing embodied intelligent robots, transitioning from concept to practical application [5] - The partnership is expected to create tangible commercial value and establish a replicable model for smart retail, enhancing the industry's overall landscape [5]

FF301 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10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: Luyuan Group Holding (Cayman) Limited 綠源集團控股(開曼)有限公司* 呈交日期: 2025年11月3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) | 02451 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 1,000,000,000 | USD | | 0.0001 USD | | 100,000 | | 增加 / 減少 (-) | | | | | | USD | | | | 本月底結存 | | | 1,000,000,000 | USD | | 0.00 ...

Core Insights - Green Source Group Holdings (02451.HK) was awarded the "ESG Pioneer Enterprise" at the 2025 Sixth Zhito Finance ESG Forum for its systematic ESG practices and long-term operational philosophy [1][3] - The award evaluation considered multiple dimensions including information disclosure quality, governance mechanism completeness, industry influence, and sustainable value creation capability, where Green Source excelled [1][3] ESG Practices - Green Source has integrated ESG principles into the product development phase for 28 years, emphasizing "technology-driven carbon reduction" through self-developed core technologies like liquid-cooled motors and digital battery systems, enhancing product durability and lifecycle [3] - The company has advanced institutional development in information disclosure, supply chain management, and employee development to ensure sustainable growth [3] Innovative Ecosystem - Green Source has created a sustainable business model that transcends traditional social responsibility, exemplified by its "Rental, Sale, and Repair" integrated ecosystem, the "Source Walker" platform, which focuses on resource efficiency and reduced carbon emissions [3] - The platform won the "Gelonghui Golden Award - ESG Excellence Project" in July 2025, validating the depth of the company's practices in the "product-service-governance" loop [3] Strategic Direction - The company has embedded ESG principles into its core strategy, developing a collaborative strategic framework that includes the core two-wheeler business, high-end electric assist bikes (LYVA), and battery swapping and light mobility ecosystems [3] - The LYVA brand, aimed at mid-to-high-end and international markets, launched globally in March 2025, enriching the light mobility product lineup and addressing urban green transportation and micro-mobility safety issues [3] Future Outlook - Being recognized as an "ESG Pioneer Enterprise" will further drive Green Source's systematic upgrades in product lifecycle management, supply chain emissions reduction, and safety compliance [4] - Planned initiatives include increasing the proportion of recyclable materials and renewable energy in manufacturing, iterating battery health management algorithms, and advancing battery swapping networks and cycling safety education projects [4][5]

Investment Rating - The report initiates coverage with a "Buy" rating for the company, indicating a positive outlook on its future performance [4]. Core Insights - The electric two-wheeler market in China is characterized by steady sales growth and high ownership rates, with a projected CAGR of 6.32% from 2019 to 2024. Despite a 9.09% decline in 2024 due to weak consumer demand and industry adjustments, sales are expected to rebound, reaching approximately 52 million units by 2025 [2][36]. - The company has established a strong presence in the high-end electric bicycle market through its LYVA brand, which focuses on premium electric-assisted bicycles and has expanded into 46 countries since its registration in 2022 [3][46]. - The company has a diversified product matrix covering various market segments, supported by a robust manufacturing base across multiple regions in China [3][49]. Company Overview - The company has undergone a strategic transformation from a technology pioneer to an ecosystem leader, with significant milestones achieved since its inception in 1996 [11][12]. - The ownership structure is highly concentrated, with the actual controllers holding over 65% of the shares, ensuring stable management [15]. - The core management team possesses extensive experience in the electric two-wheeler industry, driving innovation and international expansion [19]. Financial Performance - The company's revenue grew from 2.378 billion CNY in 2020 to 5.083 billion CNY in 2023, with a net profit increase from 40 million CNY to 146 million CNY during the same period [21]. - Despite a slight revenue decline in 2024 to 5.072 billion CNY, the company maintains a resilient profit margin, with a gross margin of 13.11% and a net margin of 2.30% [24][27]. - The electric bicycle segment remains the primary revenue driver, contributing over 40% of total income, with a projected revenue of 3.017 billion CNY in 2024 [27]. Market Dynamics - The domestic electric two-wheeler market is experiencing a dual structure, with traditional electric vehicles consolidating while the electric-assisted bicycle market remains fragmented and competitive [40]. - The company has seen a significant increase in export performance, with export revenue reaching 41.388 billion CNY in 2024, marking a 29.11% year-on-year growth [43]. Strategic Initiatives - The company is focused on enhancing its core competencies through technological advancements, including liquid cooling systems and digital battery management, which are expected to drive product durability and performance [56]. - A comprehensive online and offline sales strategy has been implemented, with a significant presence in both e-commerce and traditional retail channels, contributing to robust sales growth [52].

Investment Rating - The report assigns a "Buy" rating for Luyuan Group Holdings (2451.HK) based on its strong performance and growth potential in the E-Bike market [1]. Core Insights - Luyuan Group is advancing its high-end E-Bike product line with the recent launch of the G02-Sport, priced from CNY 15,999, featuring advanced technology such as 8 ms smart shifting and a lightweight carbon fiber frame [2]. - The company's electric two-wheeler business is experiencing steady growth, with revenue from electric bicycles, scooters, batteries, and components reaching CNY 19.97 billion, CNY 3.54 billion, CNY 5.97 billion, and CNY 1.07 billion respectively in H1 2025, reflecting year-on-year growth of 29.2%, 2.6%, 16.5%, and 2.8% [3]. - Luyuan Group has established a robust offline distribution network covering 336 cities in mainland China, with over 14,000 retail stores, and has successfully integrated online and offline sales channels [3]. - The company is focusing on complementary business lines, including battery swapping services, rental services tailored for urban transport, and aftermarket services to enhance its ecosystem strategy [4]. Financial Performance - The gross margin for H1 2025 was reported at 13.6%, an increase of 1.6 percentage points year-on-year [4]. - The company expects net profits for 2025, 2026, and 2027 to be CNY 200 million, CNY 256 million, and CNY 324 million respectively, with corresponding P/E ratios of 20.2X, 15.8X, and 12.5X [5]. - Revenue projections for 2025, 2026, and 2027 are CNY 6.529 billion, CNY 7.806 billion, and CNY 9 billion, indicating growth rates of 29%, 20%, and 15% respectively [8].

FF301 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: Luyuan Group Holding (Cayman) Limited 綠源集團控股(開曼)有限公司* 呈交日期: 2025年10月3日 I. 法定/註冊股本變動 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 | 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) | 02451 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 1,000,000,000 | USD | | 0.0001 USD | | 100,000 | | 增加 / 減少 (-) | | | | | | USD | | | | 本月底結存 | | | 1,000,000,000 | USD | | 0.000 ...

Group 1 - Southbound funds net purchased Hong Kong stocks worth 15.48 billion HKD today [1] - Notable net purchases include Alibaba-W at 3.629 billion HKD, Tracker Fund at 1.433 billion HKD, and Xiaomi Group-W at 1.055 billion HKD [1] - Southbound funds have continuously net purchased Alibaba for 28 days, totaling 78.98389 billion HKD [1] Group 2 - Southbound funds have net purchased Xiaomi for 3 consecutive days, totaling 2.65616 billion HKD [1] - Other significant net purchases include Hua Hong Semiconductor at 934 million HKD, Kuaishou-W at 622 million HKD, and SMIC at 613 million HKD [1]