香港交易及結算所有限公司、香港聯合交易所有限公司（「聯交所」）及香港中央結算有限公司（「香 港結算」）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。 除非本公告另有界定，否則本公告所用詞彙應與大行科工（深圳）股份有限公司（「本公司」）所刊發 日期為2025年9月1日的招股章程（「招股章程」）所界定者具有相同涵義。 本公告乃根據香港法例第571W章《證券及期貨（穩定價格）規則》第9(2)條作出。本公告僅作說明用 途，並不構成進行收購、購買或認購證券的邀請或要約。有關發售股份的任何投資決定應僅依賴招 股章程的資料而作出。 本公告不會直接或間接於或向美國（包括美國的領土及屬地、美國任何州以及哥倫比亞特區）發 佈、刊發或派發。本公告並不亦無意構成且不屬於在美國境內或於任何其他司法管轄區購買或認 購證券的任何要約或招攬的一部分。本公告所述證券未曾亦不會根據《1933年美國證券法》（經不時 修訂）（「美國證券法」）或美國任何州或其他司法管轄區的證券法登記。該等證券不得於美國境內提 呈發售、出售、質押或以其他方式轉 ...

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: 大行科工（深圳）股份有限公司（「本公司」） 呈交日期: 2025年10月2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) | 02543 | 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 | | | 7,920,000 | RMB | | 1 | RMB | | 7,920,000 | | 增加 / 減少 (-) | | | | | | | RMB | | | | 本月底結存 | | | 7,920,000 | RMB | | 1 | RMB | | 7,920,000 | | 2. 股份分類 | 普 ...

CONTENTS 目錄 7 Management Discussion and Analysis 管理層討論及分析 15 Other Information 其他資料 2025 INTERIM REPORT 中期報告 2025 INTERIM REPORT 中期報告 21 Report on Review of Condensed Consolidated Financial Statements 簡明綜合財務報表審閱報告 23 Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income 簡明綜合損益及其他全面收益表 2 Corporate Information 公司資料 6 Key Highlights 摘要重點 24 Condensed Consolidated Statement of Financial Position 簡明綜合財務狀況表 26 Condensed Consolidated Statement of Changes in Equity 簡明綜合權益變動表 28 Condensed ...

Group 1 - The stock of the company 科工 (02543.HK) experienced a significant increase, rising over 6% in the afternoon trading session [1] - As of the report, the stock price reached 62.15 HKD, reflecting a gain of 6.24% [1] - The trading volume amounted to 19.67 million HKD [1]

Core Viewpoint - The stock of Dahan Kegong (02543) has seen a significant increase of over 6%, currently trading at 62.15 HKD, with a transaction volume of 19.67 million HKD, indicating strong market interest in the company [1] Company Summary - Dahan Kegong is recognized as the largest folding bicycle company in China, focusing on a variety of folding bicycle products that cater to different consumer segments [1] - In 2024, nearly 70% of the company's products are positioned in the mid-range price segment of 2500-3000 RMB, with a gradual increase in the proportion of mid-range products [1] - The distribution channels are primarily dealer-based, accounting for nearly 70% of sales [1] - Due to increasing sales, the company is expected to see its OEM outsourcing ratio exceed 50% in 2024 [1] - From 2023 to April 2025, the company has reported revenue growth rates of 18.1%, 50.2%, and 46.9% year-on-year, while net profit growth rates were 10.9%, 50.1%, and 69.1%, demonstrating rapid growth [1] Industry Summary - Folding bicycles are gaining popularity due to their convenience for urban commuters and cycling enthusiasts, aligning well with China's urbanization and infrastructure development [1] - The rise of new consumer habits and the emergence of new brands are creating investment opportunities in the cycling sector, with increasing penetration rates and higher average transaction values being notable trends [1]

Core Viewpoint - The stock of Zhongtai Securities (02543) has seen a significant increase of over 6%, currently trading at 62.15 HKD, with a trading volume of 19.67 million HKD, indicating strong market interest in the company [1] Company Summary - Zhongtai Securities is the largest folding bicycle company in China, focusing on a variety of folding bicycle products that cover five major series catering to different consumer groups [1] - In 2024, nearly 70% of the company's products will be mid-range, priced between 2500-3000 RMB, reflecting a gradual increase in the proportion of mid-range products [1] - The distribution channels are primarily dealer-based, accounting for nearly 70% of sales [1] - Due to increasing sales, the company is expected to see its OEM outsourcing ratio exceed 50% in 2024 [1] - From 2023 to April 2025, the company's revenue has shown significant year-on-year growth of 18.1%, 50.2%, and 46.9%, while net profit has increased by 10.9%, 50.1%, and 69.1%, indicating rapid growth [1] Industry Summary - Folding bicycles are gaining popularity due to their convenience for urban commuters and cycling enthusiasts, aligning well with China's urbanization and infrastructure development [1] - The rise of new consumption trends, driven by changing consumer habits and the emergence of new brands, presents investment opportunities in the cycling sector [1] - The increasing penetration rate and higher average spending in cycling as a recreational activity are noteworthy trends in the new consumption landscape [1]

DAHON TECH (SHENZHEN) CO., LTD. 大行科工（ 深 圳 ）股份有限公司 (A joint stock company incorporated in the People's Republic of China with limited liability) Yours faithfully, By order of the Board DAHON TECH (SHENZHEN) CO., LTD. Dr. Hon Ta-Wei （於中華人民共和國註冊成立的股份有限公司） (Stock Code 股份代號: 2543) 22 September 2025 Dear Non-registered Holder(s), Arrangement of Electronic Dissemination of Corporate Communications Pursuant to Rule 2.07A of the Rules Governing The Listing of Securities on The Stock Exchange of Hong Kong Limited (th ...

Dear Registered Shareholder(s), DAHON TECH (SHENZHEN) CO., LTD. 大行科工（ 深 圳 ）股份有限公司 (A joint stock company incorporated in the People's Republic of China with limited liability) （於中華人民共和國註冊成立的股份有限公司） (Stock Code 股份代號: 2543) 22 September 2025 Arrangement of Electronic Dissemination of Corporate Communications Pursuant to Rule 2.07A of the Rules Governing The Listing of Securities on The Stock Exchange of Hong Kong Limited (the "Listing Rules") under the expansion of paperless listing regime and electronic diss ...

Core Viewpoint - The listing of Dahang Kegong, a leading manufacturer of folding bicycles, on the Hong Kong Stock Exchange was marked by a record oversubscription of 7558 times, but the company faces significant challenges including reliance on OEM production, shrinking overseas markets, and an aging management team [1][2]. Group 1: Company Performance - Dahang Kegong achieved a revenue of 451 million RMB in 2024, with a profit of 52.3 million RMB, showing stable growth in both revenue and profit [2]. - The sales volume of bicycles has been increasing, with notable growth rates, including a 46.5% increase in sales volume in the first four months of 2024 compared to the same period in 2023 [2]. Group 2: Product Diversification - The company is diversifying its product offerings beyond folding bicycles to include road bikes, mountain bikes, children's bikes, and electric assist bicycles, with the latter combining folding features and electric assistance [3]. - Despite diversification efforts, folding bicycles still accounted for 96.6%, 97.7%, and 97.4% of the company's sales revenue from 2022 to 2024 [3]. Group 3: Market Share and Distribution - According to data from Zhi Shi Consulting, Dahang Kegong holds a 26.3% market share in terms of retail volume and a 36.5% market share in terms of retail value in the folding bicycle market in mainland China [5]. - The company has established a comprehensive sales network, with 69.5% of revenue coming from distribution channels, and plans to open 50 direct stores, 80 shop-in-shops, and 70 dealerships by 2025 [5]. Group 4: Production and Capacity Issues - Dahang Kegong's production capacity is under scrutiny, with its Huizhou factory showing high utilization rates, reaching 114.1% in the first four months of 2025 [6]. - The proportion of bicycles produced by OEM suppliers has been increasing, with over 60% of products coming from OEM production in the first four months of 2025 [7][8]. Group 5: Management Concerns - The management team is aging, with the chairman and CEO being 83 years old, raising concerns about the company's strategic continuity and innovation capabilities [8].

Investment Rating - The report assigns a positive investment rating to the company, highlighting its strong market position and growth potential in the folding bicycle segment [2]. Core Viewpoints - The company is the largest folding bicycle manufacturer in China, focusing on various folding bicycle products that cater to different consumer groups. The mid-range products priced between 2500-3000 RMB account for nearly 70% of sales in 2024, indicating a shift towards higher-value offerings [2][9]. - The folding bicycle market is experiencing rapid growth, with a compound annual growth rate (CAGR) of 20.8% over the past five years. The market size is projected to reach 231 billion RMB by 2024, with significant room for growth as the current penetration rate is only 5.3% [2][55]. - The company has a robust distribution network, with nearly 70% of sales coming from dealer channels. The company is also enhancing its brand image through the improvement of direct sales channels [2][103]. Company Overview - The company is recognized as the largest folding bicycle company in mainland China, leading in both retail volume and revenue as of 2024. The brand has been established since 1982 and has a strong reputation in the industry [9][12]. - The product lineup includes five main series: urban commuting, fashionable personality, outdoor exploration, superior racing, and practical utility, with a focus on continuous product iteration and innovation [2][89]. Industry Overview - The folding bicycle segment is identified as an ideal solution for urban commuting, particularly for the last mile of travel. The increasing urbanization and space constraints in cities are driving demand for folding bicycles [77][79]. - The global folding bicycle market is projected to grow significantly, with a CAGR of 12.0% expected from 2024 to 2029. The average price of folding bicycles is significantly higher than that of regular bicycles, indicating a premium market opportunity [55][68]. Financial Performance - The company has demonstrated strong financial growth, with revenues increasing by 18.1%, 50.2%, and 46.9% year-on-year from 2023 to the first four months of 2025. Net profits also saw substantial growth, with increases of 10.9%, 50.1%, and 69.1% during the same period [2][34]. - The gross margin is expected to remain stable at around 33% in 2024, with potential for improvement as the proportion of self-manufactured products increases [34][41]. Competitive Landscape - The company holds a leading position in the folding bicycle market, ranking first in both China and globally by sales volume. The market share in mainland China is 26.3%, while the global share is 6.2% [81][82].