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之內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不就因本公告全部或任何部份內容而產生或因倚 賴該等內容而引致之任何損失承擔任何責任。 AuGroup (SHENZHEN) Cross-Border Business Co., Ltd. 傲 基（ 深 圳 ）跨 境 商 務 股 份 有 限 公 司 於本公告日期，董事會包括執行董事陸海傳先生、迮會越先生、莊麗豔女士及余 鳳祿先生；非執行董事張麗女士；及獨立非執行董事孟榮芳女士、陳曉歡先生、 高玉女士及劉永先生。 （於中華人民共和國註冊成立的股份有限公司） 承董事會命 傲基（深圳）跨境商務股份有限公司 陸海傳先生 董事長、執行董事兼首席執行官 中國深圳，2025年8月18日 （股份代號：2519） 董事會會議通告 傲基（深圳）跨境商務股份有限公司（「本公司」）董事會（「董事會」）謹此宣佈，董 事會會議將於2025年8月28日（星期四）舉行，藉以（其中包括）考慮及批准本公司 及其附屬公司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，以及處 理其他事項。 ...

Core Viewpoint - The company expects a significant decline in net profit attributable to the parent company for the first half of 2025, projecting a range of approximately RMB 100 million to RMB 130 million, representing a decrease of 50% to 62% compared to the same period in 2024 [1] Group 1: Profit Forecast - The anticipated net profit for the first half of 2025 is projected to be between RMB 100 million and RMB 130 million [1] - This represents a decline of 50% to 62% compared to the net profit in the same period of 2024 [1] Group 2: Reasons for Profit Decline - The decline in net profit is primarily attributed to adjustments in tariff policies affecting the sales of goods, coupled with rising logistics costs, which have led to a significant increase in overall costs [1] - In the logistics solutions business, the revenue growth from newly leased warehouses in late 2024 and early 2025 has not yet fully materialized, while the related operating costs have surged due to the amortization of right-of-use assets [1] - The company's strategic incubation projects are still in the early stages, resulting in high investment costs that dilute overall profits [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。 AuGroup (SHENZHEN) Cross-Border Business Co., Ltd. 傲 基（ 深 圳 ）跨 境 商 務 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：2519） 於本公告日期，董事會包括執行董事陸海傳先生、迮會越先生、莊麗豔女士及余 鳳祿先生；非執行董事張麗女士；及獨立非執行董事孟榮芳女士、陳曉歡先生、 高玉女士及劉永先生。 1、 商品銷售業務方面，報告期間涉及的關稅政策調整，疊加物流成本上漲，導 致整體成本大幅攀升； 2、 物流解決方案業務方面，由於2024年底及2025年上半年新增租賃倉庫，相關 收入的增長尚未完全顯現；但相關營業成本因該部分使用權資產開始攤銷而 大幅上升，使得淨利潤有所下降； 3、 本集團戰略孵化項目尚處前期階段，投入成本較高，對整體利潤產生了稀釋 作用。 本公告乃由傲基（深圳）跨境商務股份有限公司（「本公司」，連 ...

致：香港交易及結算所有限公司 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 公司名稱: 傲基（深圳）跨境商務股份有限公司 （於中華人民共和國註冊成立的股份有限公司） 呈交日期: 2025年8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) | 02519 | 說明 | H股 | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 414,787,676 | RMB | | 1 RMB | | 414,787,676 | | 增加 / 減少 (-) | | | 0 | | | RMB | | 0 | | 本月底結存 | | | 414,787,676 | RMB | | 1 RMB | | 414,787,676 | | 2 ...

Company Overview - Aoki (Shenzhen) Cross-Border Commerce Co., Ltd. operates as an internet brand operator, focusing on a multi-brand system and digital support across various business lines [2] - The company aims to connect the world and create a better life, offering a range of products including furniture, power tools, home appliances, consumer electronics, and sports health products [2] - Aoki primarily engages in cross-border B2C business through third-party online platforms like Amazon, targeting markets in North America, Europe, and the Middle East [2] Financial Performance - As of December 31, 2024, Aoki reported total revenue of 10.71 billion yuan, a year-on-year increase of 23.34% [1] - The net profit attributable to shareholders was 504 million yuan, reflecting a year-on-year decrease of 5.21% [1] - The gross profit margin stood at 30.79%, with a debt-to-asset ratio of 64.58% [1] Market Position and Valuation - Aoki's price-to-earnings (P/E) ratio is 6.26, ranking fifth in the professional retail industry, which has an average P/E ratio of 5.57 [1] - The company has not received any investment rating suggestions from institutions as of now [1] Innovation and Recognition - Aoki emphasizes technological innovation, holding hundreds of patents and being recognized as a national high-tech enterprise and a national e-commerce demonstration enterprise [2] - The company has received multiple awards, including the German Red Dot Design Award and the iF Design Award, showcasing its commitment to design excellence [2] - Aoki has been listed in the "BrandZ Top 50 Chinese Brands Going Global" for five consecutive years, highlighting its growing international brand influence [2]

Financial Performance - AuGroup reported a revenue of RMB 1.2 billion for the year ended December 31, 2024, representing a year-on-year increase of 15%[10]. - In 2024, the Group achieved a revenue growth of 23.3% year-on-year, reaching RMB 10.71 billion[29]. - The net profit remained stable with a slight increase of 0.21% year-on-year, amounting to RMB 521 million[29]. - The overall revenue increased by 23.3% from RMB 8,683.0 million for the year ended December 31, 2023, to RMB 10,709.6 million for the year ended December 31, 2024, driven by expanded sales and increased logistics solutions[81][83]. - Revenue from sales of goods increased to RMB 8,268.2 million in 2024, up 17.8% from RMB 7,030.4 million in 2023[88]. - Revenue from logistics solutions increased by 47.7% to RMB 2,441.5 million in 2024 from RMB 1,652.6 million in 2023[94]. - The company's profit for the year ended December 31, 2024, was RMB 521.2 million, slightly up from RMB 520.1 million in the previous year[80][82]. Market Expansion and Strategy - The company expects revenue growth to accelerate to 25% in the upcoming fiscal year, driven by new product launches and market expansion strategies[10]. - AuGroup plans to expand its market presence in Southeast Asia, targeting a 30% increase in market share by the end of 2025[10]. - The Group will leverage its listing in Hong Kong to consolidate product strengths and expand into high-potential emerging markets, optimizing shareholder returns[44]. - The Group's market share has steadily increased due to precise market positioning and continuous product innovation[32]. Product Development and Innovation - AuGroup is investing RMB 200 million in research and development for new technologies aimed at enhancing cross-border e-commerce capabilities[10]. - The company has launched a new mobile application that has already garnered 1 million downloads within the first month of release[10]. - The company expanded its product offerings in electric tools, including power screwdrivers and air pumps, which feature high-tech functions and practical designs[65]. - The practical upholstered bed series continued to rank at the top of the furniture category, with significant sales growth in medium-to-large-sized home appliances like refrigerators[53]. Logistics and Supply Chain - AuGroup has completed the acquisition of a logistics firm for RMB 150 million, which is expected to improve operational efficiency and reduce delivery times[10]. - The logistics solutions have significantly improved average logistics time efficiency and reduced operating costs for cross-border e-commerce customers[68][70]. - The Group intends to invest in building an efficient and intelligent logistics network to enhance logistics efficiency and reduce costs, thereby improving customer satisfaction and loyalty[41]. - The company operates a total of 33 warehouses in North America and Europe, with an aggregate area of 8.36 million square feet, including an additional 3.18 million square feet added during the year[68][80]. Financial Management and Investments - The board has approved a dividend payout of RMB 0.10 per share, reflecting a commitment to returning value to shareholders[10]. - R&D expenses increased by 9.1% to RMB 130.0 million in 2024 from RMB 119.2 million in 2023, driven by higher employee costs and mold expenses[108]. - The gearing ratio increased from 0.7 as of December 31, 2023, to 1.3 as of December 31, 2024, primarily due to an increase in lease liabilities[160]. - The Group had net foreign exchange gains of RMB 60.2 million in 2024, resulting from fluctuations in foreign currency exchange rates related to outstanding trade and other receivables[155]. Employee and Organizational Development - The total number of employees as of December 31, 2024, was 2,040, with 55.1% in product development, operation, sales, and marketing[161]. - The company employs various recruitment methods including on-campus recruitment, job fairs, and referrals to attract competent employees[165]. - Regular bespoke in-house training is offered to existing employees to enhance their technical skills[166]. - The company focuses on retaining employees by offering competitive salaries, extensive insurance packages, and merit-based incentives[165]. Sustainability and Corporate Responsibility - The Group is committed to sustainable development by integrating ESG principles into its strategy, focusing on green procurement and reducing carbon emissions[42]. - The focus on eco-friendliness and sustainability is expected to become a major trend in the B2C e-commerce market[79].

Core Viewpoint - Aoki (Shenzhen) Cross-Border Commerce Co., Ltd. reported its 2024 annual performance, highlighting both growth in revenue and challenges in profitability, with net profit declining despite a significant revenue increase [1][7]. Financial Summary - Revenue for 2024 reached RMB 10.71 billion, a 23% increase from RMB 8.68 billion in 2023 [2]. - Net profit for 2024 was RMB 504.3 million, down 5.2% from RMB 532 million in 2023 [2][6]. - Gross profit for 2024 was RMB 3.30 billion, with a gross margin of 30.8%, down nearly 4 percentage points from 34.5% in 2023 [2][7]. Business Segments - The logistics solutions segment saw significant growth, with revenue of RMB 2.44 billion in 2024, a 47.7% increase from RMB 1.65 billion in 2023, contributing 22.8% to total revenue [4][5]. - Sales of furniture, home appliances, and related products generated RMB 6.74 billion, a 14.6% increase, accounting for 63% of total revenue [6]. - Sales of power tools surged by 113.6%, reaching RMB 741.7 million [6]. Challenges - The company faced a decline in overall product sales revenue, which fell to RMB 8.27 billion, a 17.6% decrease from the previous year [6]. - Gross margin for product sales decreased from 39.2% in 2023 to 36.2% in 2024, attributed to rising logistics costs [7]. - The company did not declare a final dividend for 2023 and 2024 but proposed a special dividend of RMB 0.25 per share, totaling approximately RMB 1.038 billion [7].

Investment Rating - The investment rating for the company is not explicitly stated in the provided documents, but the report indicates a positive outlook on revenue growth and operational capabilities, suggesting a favorable investment perspective [1]. Core Viewpoints - The company achieved a revenue of 10.71 billion yuan in 2024, representing a year-on-year increase of 23.3%, while the net profit attributable to the parent company was 504 million yuan, down 4.1% year-on-year, indicating strong revenue growth but some pressure on profit margins due to factors like shipping costs and pricing strategies [1][2]. - The cross-border sales and logistics solutions business showed significant growth, with revenues of 8.27 billion yuan and 2.44 billion yuan respectively, marking increases of 17.6% and 47.7% year-on-year, driven by an expansion of warehouse space [2]. - The company's gross margin for 2024 was 30.8%, a decrease of 3.7 percentage points year-on-year, primarily due to rising logistics costs, while the gross margin for the sales business was 36.2%, down 2.7 percentage points [3]. - The company has strengthened its market share in various product categories on Amazon's US platform, benefiting from excellent supply chain management and product development capabilities [4]. - Future revenue growth is expected to continue, with the main product categories projected to maintain stable growth, particularly in furniture and home appliances, while the electric tools segment is anticipated to grow at a rate of 40%-50% under a branding strategy [5]. Summary by Sections Financial Performance - In 2024, the company reported a revenue of 10.71 billion yuan, with a projected revenue growth of 20% in 2025, reaching approximately 12.90 billion yuan [8]. - The net profit for 2024 was 504 million yuan, with forecasts of 581 million yuan for 2025, indicating a recovery with a 15% increase [8]. - The company’s earnings per share (EPS) is projected to be 1.40 yuan in 2025, with a price-to-earnings (P/E) ratio of 7.25 [8]. Operational Efficiency - The company has improved its inventory turnover days, showcasing enhanced operational efficiency, and achieved a net cash flow from operating activities of 535 million yuan in 2024 [3][10]. - The logistics solutions business has been effectively integrated with product sales, enhancing overall operational capabilities [4]. Market Position - The company has seen a continuous increase in market share across multiple product categories, with a strong presence in the US market [4]. - The expansion of warehouse space to 780,000 square meters has bolstered the company's competitive position in cross-border logistics [2].

证券研究报告 公司研究 [Table_ReportType] 公司点评报告 [Table_StockAndRank] 傲基股份(2519.HK) 投资评级 上次评级 [Table_Author] 姜文镪 新消费行业首席分析师 执业编号：S1500524120004 邮箱：jiangwenqiang@cindasc.com 骆峥 轻工制造行业分析师 执业编号：S1500525020001 邮 箱：luozheng1@cindasc.com 信达证券股份有限公司 CINDA SECURITIES CO.,LTD 北京市西城区宣武门西大街甲127号金隅大厦B 座 邮编：100031 [Table_Title] 傲基股份：仓配服一体化强化，关税扰动促份 额提升 [Table_ReportDate] 2025 年 3 月 30 日 [Table_S 事件：公司发布 ummary]2024 年度业绩公告。公司 2024 年实现收入 107.10 亿元（同 比+23.3%），扣非归母净利润 5.04 亿元（同比-4.1%），营收端增长良好， 但利润端受海运成本、定价策略等因素影响略有承压。 跨境商品销售业务增长良好。24 ...

Financial Performance - Revenue for the year ended December 31, 2024, reached RMB 10,709,648 thousand, an increase of 23.3% compared to RMB 8,682,977 thousand in 2023[3] - Gross profit for the same period was RMB 3,297,130 thousand, up 10.2% from RMB 2,993,690 thousand in 2023[5] - Profit before tax was RMB 630,643 thousand, slightly down by 1.9% from RMB 639,908 thousand in 2023[5] - Net profit attributable to owners of the company was RMB 504,299 thousand, a decrease of 5.2% compared to RMB 532,010 thousand in 2023[6] - The company reported a basic and diluted earnings per share of RMB 1.29, down from RMB 1.37 in 2023[6] - The company’s pre-tax profit for the year was RMB 630.643 million, compared to RMB 1,163.071 million in the previous year, indicating a decrease due to increased operational costs[21] - The company's income tax expense for 2024 was RMB 109,447,000, down from RMB 119,807,000 in 2023, indicating a decrease of about 8%[23] - Basic and diluted earnings per share for 2024 were RMB 1.29, compared to RMB 1.37 in 2023, reflecting a decline of approximately 6%[25] Assets and Liabilities - Total assets increased to RMB 8,779,550 thousand, a growth of 69.5% from RMB 5,177,527 thousand in 2023[4] - Total liabilities rose to RMB 5,670,237 thousand, up 95.5% from RMB 2,904,760 thousand in 2023[4] - Current assets reached RMB 4,768,520 thousand, an increase of 51.6% compared to RMB 3,145,796 thousand in 2023[7] - Trade receivables from third parties increased to RMB 1,311,157,000 in 2024, up from RMB 876,395,000 in 2023, marking a growth of around 49%[26] - Trade payables to third parties increased to RMB 1,396,100,000 in 2024 from RMB 919,612,000 in 2023, reflecting a growth of approximately 52%[30] - Total bank borrowings increased to RMB 973,800,000 in 2024, compared to RMB 663,193,000 in 2023, representing a growth of approximately 47%[31] Revenue Breakdown - Revenue from furniture, home appliances, and electrical products was RMB 6,740.016 million, up 14.6% from RMB 5,880.443 million in 2023[17] - Logistics services revenue increased to RMB 2,441.456 million, representing a 47.5% growth compared to RMB 1,652.602 million in 2023[17] - Revenue from external customers in 2024 reached RMB 3,598,523,000, a significant increase from RMB 1,443,249,000 in 2023, representing a growth of approximately 149%[22] - The revenue breakdown for 2024 showed that product sales accounted for 77.2% (RMB 8,268,192,000) and logistics solutions contributed 22.8% (RMB 2,441,456,000) of total revenue[45] Expenses - The total operating expenses for the year were RMB 586.908 million, which is an increase from RMB 492.068 million in 2023[21] - Selling expenses rose by 13.2% from RMB 1,830.6 million to RMB 2,071.8 million, while the selling expense ratio improved from 21.1% to 19.3%[66] - Administrative expenses increased by 35.7% from RMB 287.6 million to RMB 390.3 million, with the administrative expense ratio rising from 3.3% to 3.6%[67] - Research and development expenses for the year were RMB 130,016 thousand, an increase from RMB 119,153 thousand in 2023[5] Market Expansion and Strategy - The company plans to continue expanding its market presence and investing in new technologies to drive future growth[3] - The company plans to continue expanding its logistics services and enhance its product offerings in the coming years[17] - The company has established strategic partnerships with major e-commerce platforms such as Amazon, Walmart, and Wayfair to enhance market reach[53] - The company achieved notable market share growth in various product categories, with practical soft-pack beds and electric tools like electric screwdrivers becoming bestsellers in channels such as Costco[37] Corporate Governance - The company has adopted the Corporate Governance Code as a basis for its governance practices, ensuring high standards of corporate governance to protect shareholder interests and enhance corporate value[98] - The board believes that the roles of the chairman and CEO should be separate, but currently, the same individual holds both positions, which the board believes aids in effective strategy planning[98] - From the listing date to December 31, 2024, the company has complied with all applicable provisions of the Corporate Governance Code, except for the aforementioned deviation[99] Special Dividend and Shareholder Returns - The company proposed a special dividend of RMB 0.25 per share, totaling approximately RMB 103,801,000, which was approved at the extraordinary general meeting on February 7, 2025[24] - A special dividend of RMB 0.25 per share was approved, totaling approximately RMB 103.8 million, to be paid to shareholders on April 7, 2025[96] - No final dividend was recommended for the year ended December 31, 2024[97] Internationalization and Market Position - The company successfully entered the capital market by listing on the Hong Kong Stock Exchange on November 8, 2024, marking a significant step in its internationalization process[42] - The company was recognized as a leading cross-border e-commerce enterprise in Guangdong Province, further solidifying its market position[42] Operational Efficiency - The company has successfully integrated digital system upgrades and expanded global network density, improving logistics efficiency and reducing operational costs for cross-border e-commerce clients[60] - The company’s logistics solutions are tailored to meet local delivery needs, enhancing efficiency and reducing costs for e-commerce sellers globally[45] Future Trends - Future trends indicate a shift in global B2C e-commerce demand towards high-quality, cost-effective, and uniquely designed products, alongside a growing emphasis on sustainability[55] - The global B2C e-commerce market is projected to reach a GMV of USD 7,712.5 billion by 2028, driven by increased online shopping demand post-COVID-19[35]