Group 1: Stock Performance - The stock price has shown a narrow fluctuation, closing at HKD 5.90 on February 11, 2026, with a target average price set at HKD 24.10, indicating a premium of over 300% compared to the current price [2] - Technical indicators such as MACD suggest a short-term consolidation pattern, necessitating observation of market liquidity improvements and the convergence of valuation gaps [2] Group 2: Strategic Development - The company established a subsidiary in Indonesia in 2025 and initiated operations, with a subsequent addition of a subsidiary in Vietnam to its Southeast Asia network [3] - Plans for expansion into Thailand and Malaysia are underway to enhance regional market coverage and brand influence, with internationalization expected to drive business penetration and revenue growth [3] Group 3: Business Progress - The electric loader business is identified as a second growth curve, with a fleet size reaching 316 units by mid-2025 and cumulative subscription revenue exceeding 10 million [4] - Future focus will be on increasing market penetration in the new energy equipment leasing sector and its contribution to overall profitability [4] Group 4: Industry Conditions - The global forklift industry is experiencing a structural recovery, with new order growth reaching 12% in the second quarter of 2025 [5] - The company is transitioning to a light-asset smart operation platform, enhancing equipment utilization through a "subscription + maintenance + management" ecosystem, with a management scale of 59,717 units by mid-2025 [5] - Changes in industry demand and the efficiency of the platform model will be key observation points for sustainable performance [5] Group 5: Company Structure and Governance - Attention is required for the company's periodic financial reports, such as the full-year results for 2025, and announcements from the board regarding strategic adjustments and capital operations [6] - The stability of the shareholding structure may impact governance transparency [6]

Group 1 - The stock price of Frans Holdings has shown a narrow range of fluctuations recently, with a closing price oscillating between 5.88 HKD and 5.90 HKD over the past seven trading days [2] - The highest price reached was 6.02 HKD, while the lowest was 5.79 HKD, with a total trading volume of 155,600 shares and a total transaction value of 920,200 HKD, indicating low market liquidity with an average turnover rate of only 0.01% [2] - Technical indicators suggest a consolidation phase, with the MACD histogram remaining negative, the KDJ indicator in the oversold zone, and a narrowing Bollinger Band [2] Group 2 - Institutions have set a target average price of 24.10 HKD for Frans Holdings, representing a premium of over 300% compared to the latest price of 5.90 HKD [3]

FF301 本月底法定/註冊股本總額： RMB 87,005,704 | 2. 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 | | | 98,371,112 RMB | | | 0.25 | RMB | | 24,592,778 | | 增加 / 減少 (-) | | | 0 | | | | RMB | | 0 | | 本月底結存 | | | 98,371,112 RMB | | | 0.25 | RMB | | 24,592,778 | | 1. 股份分類 | 普通股 | 股份類別 | H | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- ...

FF301 | | | | 致：香港交易及結算所有限公司 | | | --- | --- | | 公司名稱: | 廣州佛朗斯股份有限公司 (於中華人民共和國註冊成立的股份有限公司) | | 呈交日期: 2026年1月5日 | | I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | 於香港聯交所上市 (註1) | | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 02499 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 249,651,704 | RMB | | 0.25 | RMB | | 62,412,926 | | 增加 / 減少 (-) | | | 0 | | | | RMB | | 0 | | 本月底結存 | | | 249,651,704 | RMB | | 0.25 | RMB | | 62,412,926 | | 2. 股份分類 ...

Core Viewpoint - The company, 佛朗斯股份 (2499.HK), has successfully transformed into a platform operator by 2025, achieving significant growth and international expansion, as evidenced by its receipt of the "Annual Growth Value Award" at the 2025 "Golden Grid Awards" [1][8]. Financial Performance - In the first half of 2025, the company reported revenue of 856 million yuan, a year-on-year increase of 17.6%, and a net profit of 50 million yuan, up 19.2% [2]. - The three main business segments showed balanced growth: equipment subscription services increased by 15.6%, maintenance services surged by 43.0%, and equipment and parts sales rose by 12.3% [2]. Business Model and Strategy - 佛朗斯 is transitioning to a light-asset smart operation platform, aiming to become a global leader in B2B industrial and logistics equipment sharing ecosystems [2]. - The company employs a "platform + service" model, collaborating with asset holders to reduce capital expenditure while expanding operational scale [2]. - Maintenance services are a key high-margin revenue source, enhancing customer retention and optimizing equipment utilization through data-driven strategies [2]. Emerging Business Opportunities - The company is focusing on electric loader business, which aligns with the rapid growth of the new energy equipment rental market, achieving over 10 million yuan in subscription service revenue [3]. - 佛朗斯 has established a subsidiary in Indonesia and is set to launch operations in Vietnam, enhancing its market presence in Southeast Asia [3]. Market Trends and Industry Outlook - The global demand for logistics equipment is on an upward trend, with the forklift industry showing signs of recovery, particularly in China, where sales increased by 14% in the first nine months of 2025 [5]. - The full lifecycle solution model is gaining traction among clients, who prefer suppliers that offer comprehensive management and one-stop solutions to improve operational efficiency [5][6]. Competitive Advantages - 佛朗斯's service model helps clients optimize equipment costs and extend economic lifespans, thereby increasing customer loyalty [6]. - The company has seen a significant increase in its managed equipment scale, growing by 18.2% to 59,717 units, and the number of serviced clients rose by 37.8% to 9,827 [6]. Future Growth Potential - The company is expected to continue its international expansion and capitalize on emerging market opportunities, with a business structure that combines stable cash flow from subscription services and high-margin contributions from maintenance and new businesses [3][6]. - Financial metrics such as ROA and ROE have improved, indicating a steady enhancement in operational quality, with EPS rising to 0.14 yuan, a 19.2% increase [6].

Group 1 - The "Annual Growth Value Award" recognizes companies with significant growth potential in the capital market, emphasizing the importance of continuous growth for sustainable development [1][2] - The award selection process involves quantitative data analysis and expert review to identify companies that are proactive and committed to expansion [1] - The event highlighted ten companies that received the "Annual Growth Value Award," including 比优集团 (Biyou Group), 地平线机器人-W (Horizon Robotics-W), and others, listed in alphabetical order [1] Group 2 - The "Golden Grid Award" aims to create a valuable reference list of listed companies and unicorns, covering all companies listed on major exchanges such as the Hong Kong Stock Exchange, Shanghai Stock Exchange, Shenzhen Stock Exchange, and others [2] - The initiative reflects a global perspective with a focus on investment opportunities in China [2]

Core Insights - The 14th Annual Development Conference of Listed Companies and the Hainan Free Trade Port Opportunity Exchange Conference was held in Haikou, gathering over 400 representatives from listed companies [1][3] - The conference aimed to discuss policy paths and global opportunities under the new trade landscape, providing insights for companies to seize new cycle opportunities [3] - Frans Group was awarded the "Outstanding Competitive Listed Company in the Outbound Industry" for its significant achievements in expanding overseas markets and building international competitiveness [3][6] Group 1 - The conference was co-hosted by the Hainan International Economic Development Bureau and Daily Economic News, with participation from over 400 company executives [1] - The event also revealed the "15th Reputation List of Listed Companies," highlighting companies excelling in international operations [3] - Frans Group's recognition reflects its successful internationalization efforts and commitment to enhancing its global presence [6] Group 2 - Frans Group has focused on the logistics equipment sector since its establishment, emphasizing technological and model innovation to provide high-cost performance products and services [6] - The company has actively responded to the national "going out" strategy, achieving notable results in its international business expansion [6] - The award serves as both recognition of past achievements and motivation for Frans Group to deepen its global layout and enhance industry leadership capabilities [6]

I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 02499 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 249,651,704 | RMB | | 0.25 RMB | | 62,412,926 | | 增加 / 減少 (-) | | | 0 | | | RMB | | 0 | | 本月底結存 | | | 249,651,704 | RMB | | 0.25 RMB | | 62,412,926 | 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11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: 廣州佛朗斯股份有限公司 (於中華人民共和國註冊成立的股份有限公司) 呈交日期: 2025 ...

| 證券代號 (如上市) | 02499 | 說明 | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 249,651,704 | RMB | | 0.25 | RMB | 62,412,926 | | | 增加 / 減少 (-) | | | | 0 | | | RMB | | 0 | | 本月底結存 | | | 249,651,704 | RMB | | 0.25 | RMB | 62,412,926 | | FF301 第 1 頁 共 10 頁 v 1.1.1 | I. 法定/註冊股本變動 | | | | | | | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | 普通股 | 股份類別 | H | 於香港聯交所上市 (註1) | 是 | | 證券代號 (如上市) | 02499 | 說明 | | | | | | | 法定/註冊股份數目 | | ...

FF301 | | 法定/註冊股份數目 | 面值 | | 法定/註冊股本 | | | --- | --- | --- | --- | --- | --- | | 上月底結存 | | 98,371,112 RMB | 0.25 | RMB | 24,592,778 | | 增加 / 減少 (-) | | 0 | | RMB | 0 | | 證券代號 (如上市) | 02499 | 說明 | | | | | | --- | --- | --- | --- | --- | --- | --- | | | | 法定/註冊股份數目 | 面值 | | 法定/註冊股本 | | | 上月底結存 | | 249,651,704 | RMB | 0.25 RMB | | 62,412,926 | | 增加 / 減少 (-) | | | 0 | RMB | | 0 | | 本月底結存 | | 249,651,704 | RMB | 0.25 RMB | | 62,412,926 | | I. 法定/註冊股本變動 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | | ...