Summary of Conference Call for Daxing Technology Company Overview - **Company**: Daxing Technology - **Industry**: Folding Bicycles and Electric Bicycles Key Points Industry and Market Expansion - Daxing has actively expanded its offline store network, adding approximately 100 new stores, bringing the total to over 820, with 60% located in new second-tier and third-fourth tier cities to meet the demand for folding bicycles in lower-tier markets [2][3][5] - Online sales have increased to 30% of total sales, up from 15% last year, indicating a significant shift towards e-commerce [3][5] Product Development and Launches - Daxing's joint venture with Dajin Technology has begun mass production at its Tianjin factory, focusing on mid to low-end products, which have a gross margin advantage of 10-12 percentage points in northern markets [2][4] - The P8 model continues to show strong growth, while the new P10 model targets the mid-range market, priced 500 RMB higher than P8, with a higher gross margin due to its aluminum alloy construction [2][8] - A new three-fold bicycle is set to launch by the end of 2025 or early 2026, aimed at the leisure cycling demographic, with a price range of 5,000-7,000 RMB, expected to enhance overall gross margins [2][11] Financial Performance and Projections - In the first half of 2025, Daxing reported approximately 50% growth in both revenue and net profit, with expectations for continued strong performance in the third quarter [3][5] - Revenue growth is projected to exceed 50% for both 2025 and 2026, with net profit margins expected to improve by about one percentage point due to demand growth and high-margin product adjustments [5][17] - The company anticipates a 45% growth in domestic offline channels and a 70% growth in online channels for 2025, with overseas revenue expected to reach 70-80 million RMB [5][12] Competitive Advantages - Daxing's folding bicycles are positioned against competitors like Decathlon, with a focus on high-quality and innovative designs that enhance the riding experience [14][16] - The company has established a strong brand reputation and technical advantages, making it a preferred choice among cycling enthusiasts [16][29] Future Strategies - Daxing plans to continue expanding its offline store network and strengthen its online presence, with a focus on producing cost-effective low-end products at the Tianjin factory [9][20] - The company aims to reduce reliance on outsourcing, which currently incurs higher costs, to improve gross margins and net profits [18][19] International Market Outlook - By 2026, Daxing expects its overseas market share to reach around 15%, with significant growth potential in the US and European markets [20][21] - The company has seen a 50% growth in its overseas business in the first half of 2025, with expectations for a 200%-300% increase by year-end [21] Store Development and Investment - Daxing has seen a structural change in its store network, with a significant number of flagship stores contributing to higher revenue per store [22][23] - The investment required to open a Daxing store is approximately 300,000-400,000 RMB, with a payback period of about one year based on sales performance [25][27] Conclusion - Daxing Technology is positioned for robust growth in the folding bicycle market, leveraging its product innovation, strong brand reputation, and strategic expansion plans to capture increasing market demand and enhance profitability [28][29]

Group 1 - The stock of Da Hang Ke Gong (02543) rebounded over 10%, reaching a high of 50.8 HKD, recovering from the previous drop below the IPO price of 49.5 HKD [1] - As of the report, the stock was up 8.75%, trading at 50.2 HKD with a transaction volume of 11.23 million HKD [1] - On October 4, Da Hang Ke Gong announced that the exclusive overall coordinator partially exercised the over-allotment option, involving a total of 1.121 million shares, approximately 14.15% of the total offering, at a price of 49.5 HKD per share, generating a net additional income of 52.8 million HKD [1] Group 2 - Cathay Haitong released a research report stating that Da Hang Ke Gong specializes in the research, production, and sales of folding bicycles and related accessories, with bicycle revenue dominating at 98.1% [1] - The company's gross profit margin remains stable at over 30% [1] - The report highlights that Da Hang Ke Gong operates in a high-growth segment of the folding bicycle market, and due to its comprehensive product matrix and channel expansion, it has been given a "buy" rating with a target price of 76.57 HKD [1]

Core Viewpoint - The stock of Da Hang Ke Gong (02543) rebounded over 10%, reaching a high of HKD 50.8, recovering from its previous drop below the IPO price of HKD 49.5, indicating positive market sentiment and investor confidence [1] Group 1: Stock Performance - As of the report, the stock increased by 8.75%, trading at HKD 50.2 with a transaction volume of HKD 11.23 million [1] - The stock's rebound follows the partial exercise of the over-allotment option by the sole global coordinator on October 4, involving a total of 1,121,000 shares, approximately 14.15% of the total offering [1] Group 2: Financial Insights - The additional net proceeds from the share issuance amounted to HKD 52.8 million [1] - The stabilization period for the global offering ended on October 4 [1] Group 3: Company Overview - Da Hang Ke Gong specializes in the research, production, and sales of folding bicycles and related accessories, with bicycle revenue dominating at 98.1% of total income [1] - The company maintains a stable gross margin of over 30% [1] Group 4: Market Position and Analyst Rating - According to Cathay Haitong's research report, Da Hang Ke Gong operates in a high-growth segment of the folding bicycle market, which is considered a prominent growth area within the two-wheeled transportation sector [1] - The company is recognized for its comprehensive product matrix and channel expansion, leading to an "Accumulate" rating with a target price of HKD 76.57 [1]

Core Viewpoint - The report from Guotai Haitong highlights the strong growth potential of the folding bicycle segment, recommending a "buy" rating for the company with a target price of HKD 76.57, projecting significant revenue and profit growth from 2025 to 2027 [1] Group 1: Financial Projections - The company is expected to achieve revenues of 6.76 billion, 8.86 billion, and 11.11 billion from 2025 to 2027, with corresponding net profits of 0.79 billion, 1.05 billion, and 1.32 billion, reflecting year-on-year growth rates of 50.7%, 32.9%, and 25.8% respectively [1] - Earnings per share (EPS) are projected to be 2.49, 3.31, and 4.16 for the years 2025, 2026, and 2027 [1] Group 2: Competitive Advantages - The company has a diversified channel layout, with offline distribution accounting for 68.2% of revenue in 2024, showing a year-on-year increase of 45.2%, while online direct sales are growing even faster, expected to reach 1.00 billion in 2024 with a 72.5% year-on-year growth [2] - The product matrix is comprehensive, covering five categories: urban commuting, outdoor exploration, fashion, high-performance racing, and practical utility, with price ranges from over 5000 yuan to under 2500 yuan [2] - The company boasts strong R&D capabilities, holding 135 domestic and international patents and participating in the formulation of the national bicycle safety standard [2]

Core Viewpoint - The report from Guotai Junan highlights the strong growth potential of the folding bicycle segment, positioning the company as a prominent player in the two-wheeled transportation market, with a target price of HKD 76.57 and an "Accumulate" rating [1] Group 1: Financial Projections - The company is projected to achieve revenues of 6.76 billion, 8.86 billion, and 11.11 billion for the years 2025, 2026, and 2027 respectively, with corresponding net profits of 0.79 billion, 1.05 billion, and 1.32 billion [1] - Year-on-year growth rates for net profit are forecasted at 50.7%, 32.9%, and 25.8% for the years 2025, 2026, and 2027 respectively [1] - Earnings per share (EPS) are expected to be 2.49, 3.31, and 4.16 for the years 2025, 2026, and 2027 respectively [1] Group 2: Competitive Advantages - The company has a diversified channel layout, with offline distribution accounting for 68.2% of revenue in 2024, showing a year-on-year increase of 45.2%, while online direct sales are growing even faster at 72.5% year-on-year, reaching 1.00 billion [2] - The product matrix is comprehensive, covering five categories: urban commuting, outdoor exploration, fashion, high-performance racing, and practical utility, with a price range that includes high-end (≥5000), mid-range (2500-5000), and budget (<2500) models [2] - The company leads in R&D capabilities, holding 135 domestic and international patents as of April 2025, and has been invited to participate in the formulation of the "National Bicycle Safety Standard" [2]

Summary of Key Points Core Viewpoint - As of October 14, a total of 75 stocks reached their 52-week highs, with notable performances from Lihua Securities Holdings (08350), Deutsche Bank Tianxia (02418), and Chuangsheng Holdings (02680) [1]. 52-Week Highs - Lihua Securities Holdings (08350) achieved a closing price of 0.325, with a peak of 0.390, marking a high rate of 34.48% - Deutsche Bank Tianxia (02418) closed at 8.120, reaching a maximum of 8.990, with a high rate of 24.86% - Chuangsheng Holdings (02680) closed at 12.100, peaking at 12.350, with a high rate of 23.50% - Other notable stocks include Century United Holdings (01959) with a high rate of 20.97% and Silicon Xin Group (08349) with 14.38% [1]. 52-Week Lows - Hengda Group Holdings (03616) recorded a closing price of 0.345, with a low of 0.300, reflecting a decline rate of -11.76% - China Technology Industry Group (08111) reached a low of 0.085, with a decline rate of -8.89% - Other significant declines include Golden Leaf International Group (08549) at -8.06% and Changfeng Pharmaceutical (02652) at -4.90% [3].

Summary of Dahon Industrial Co., Ltd. Conference Call Industry Overview - The global bicycle market is expanding, with a projected compound annual growth rate (CAGR) of 11.8% over the next five years. The folding bicycle segment is experiencing even more significant growth, with a past five-year CAGR of 20.8% and expected continued high growth [2][8]. - China has become a major market for folding bicycles, achieving a five-year CAGR of 31.6%, significantly surpassing the global average. However, there remains substantial growth potential, particularly in the mid-to-high-end product segment [2][9]. Company Positioning - Dahon Industrial Co., Ltd. ranks first in sales volume and revenue in the Chinese mainland folding bicycle market, holding market shares of 26% and 36%, respectively. However, there is room for improvement in global market share [2][10]. - The company offers five product series: Urban Commuting, Fashion & Personality, Outdoor Exploration, Super Speed, and Practical Essence, catering to various applications and price ranges. The Urban Commuting series accounts for the largest sales share, with cumulative sales exceeding 150,000 units [2][5]. Growth Drivers - Dahon's future growth drivers include: 1. Focus on the folding bicycle niche with core technologies such as flat-folding and fast-lane technologies, supported by R&D investments projected at 17 million yuan in 2024 [3][12]. 2. Expansion of the sales network, with over 800 domestic retail stores and rapid growth in online sales [3][13]. 3. Product offerings tailored to younger consumers to broaden the customer base [4][16]. 4. Significant potential in overseas markets, particularly in Europe and North America [4][14]. Sales Channels - Dahon primarily sells through distribution channels, accounting for nearly 70% of sales, with online sales contributing 22% and direct sales about 3%. Overseas revenue currently represents only 6.6% but is expected to increase significantly [6][14]. Market Dynamics - The global bicycle market is projected to reach 432.7 billion yuan by 2024, with a CAGR of 10.2% from 2019 to 2024. The folding bicycle market is expected to grow from approximately 23 billion yuan in 2024 to 40.7 billion yuan by 2029, with an average price of 6,243 yuan, which is over 2.5 times that of regular bicycles [8][9]. - In the Chinese mainland, folding bicycles account for 22% of global demand, with a projected CAGR of around 20% over the next five years. The average price in China is 2,200 yuan, indicating a significant gap compared to the global average [9]. Competitive Landscape - Dahon holds a strong market position, ranking first in sales volume in the Chinese mainland and second globally by revenue. The top five brands in China have a market concentration of 73.7%, while globally it is 12% [10]. Core Advantages - Dahon's core advantages lie in its comprehensive product system and technological innovation, with a focus on folding bicycles. The company has established a dedicated testing center for folding bicycles and has a robust R&D team [12]. Brand Marketing and Future Outlook - Dahon has implemented innovative marketing strategies, including the Shared 360 project, which enhances brand recognition and collaboration with industry partners [15]. - The company is optimistic about its growth potential, driven by the low penetration and high growth of the folding bicycle industry, as well as the expansion of cycling culture in urban settings [16].

大行科工（深圳）股份有限公司 章程 （首次公開發行H股後適用） – 1 – | 第一章 | 總則 | | | | | | | | | | | | | | | | | | | 3 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 第二章 | 經營宗旨和範圍 | | | | | | | | | | | | | | | | | | | 5 | | 第三章 | 股份和註冊資本 | | | | | | | | | | | | | | | | | | | 5 | | 第四章 | 股東和股東會 | | | | | . | . | . | . | . | . | . | . | . | . | . | . | . | . | 11 | | 第五章 | 董事會 | | | | | | | | . | . | . | . | . | . | . | . | . | . | . | 38 | | 第六章 | 總經理及其他 ...

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，並明確表示概不就因本公告全部或任何部 分內容而產生或因依賴該等內容而引致的任何損失承擔任何責任。 DAHON TECH (SHENZHEN) CO., LTD. 大 行 科 工（ 深 圳 ）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） 章程修訂詳情如下： | 原章程 | 經修訂章程 | | --- | --- | | 第二條 公司系依照《公司法》和中華人 | 第二條 公司系依照《公司法》和中華人 | | 民共和國（以下簡稱「中國」，就本章程 | 民共和國（以下簡稱「中國」，就本章程 | | 而言，不包括香港特別行政區（以下簡 | 而言，不包括香港特別行政區（以下簡 | | 稱「香港」）、澳門特別行政區（以下簡稱 | 稱「香港」）、澳門特別行政區（以下簡稱 | | 「澳門」）和台灣地區）其他相關法律、行 | 「澳門」）和台灣地區）其他相關法律、行 | | 政法規、部門規章、規範性文件和有關 | 政法規、部門規章、規範性文件和有關 | | 監管部門的有關規定，由深圳市美大行 | 監管 ...

Group 1 - The major shareholder of Daheng Technology (02543) deposited shares into CITIC Securities (601066) with a market value of HKD 59.2448 million, representing 12.4% of the total [1] - Daheng Technology announced the issuance and allocation of 1.121 million H-shares on October 9, 2025, at an issue price of HKD 49.5 per share due to the exercise of the over-allotment option [1]