Group 1: Core Insights - Rongchang Biologics (09995.HK) announced that its innovative drug Taitasip (brand name: Tai Ai®) for treating primary Sjögren's syndrome has met the primary endpoint in a Phase III clinical trial in China [1] - Taitasip is the first BLyS/APRIL dual-target fusion protein drug to complete Phase III research in the field of Sjögren's syndrome globally [1] - The clinical trial was a multi-center, randomized, double-blind, placebo-controlled study aimed at evaluating the efficacy and safety of Taitasip, with the primary endpoint being the change in ESSDAI score at week 24 compared to baseline [1] Group 2: Disease Background and Drug Mechanism - Sjögren's syndrome is a chronic inflammatory autoimmune disease characterized by lymphocytic infiltration and damage to exocrine glands, leading to persistent dry mouth and dry eyes, and can affect multiple organ systems [2] - The prevalence of Sjögren's syndrome in China is estimated to be between 0.3% and 0.7%, with an increasing trend indicating a significant unmet clinical need [2] - Taitasip is a novel dual-target fusion protein developed by the company that simultaneously inhibits the overexpression of BLyS and APRIL, effectively preventing abnormal differentiation and maturation of B cells [2] Group 3: Regulatory and Clinical Recognition - Taitasip has received multiple authoritative guideline recommendations in China, including the "Clinical Practice Guidelines for Sjögren's Syndrome" and the "Expert Consensus on B-cell Targeted Therapy for Rheumatic and Immune Diseases" [2] - Internationally, Taitasip has been granted Fast Track designation by the U.S. FDA for its indication in Sjögren's syndrome and has been approved to conduct global multi-center Phase III clinical trials [2]

Core Viewpoint - The company anticipates a revenue increase for the first half of 2025, but expects to report a significant loss compared to the previous year [1] Revenue Expectations - The company expects to achieve revenue of approximately 10.4 billion to 10.5 billion yuan, representing a year-on-year increase of 4.2% to 5.2% [1] - Overseas revenue is projected to be around 140 million to 150 million yuan, with a substantial year-on-year increase of 273.3% to 300.0% [1] Loss Projections - The company anticipates a total loss attributable to shareholders and comprehensive expenses of approximately 65 million to 72 million yuan, marking a shift from profit to loss [1] - The expected loss for the six months ending June 30, 2025, is estimated to be around 680 million to 700 million yuan, compared to a loss of 346 million yuan in the same period last year [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。 (i) 截至2025年6 月30日止六個月的收益介乎人民幣10,400 百萬元至人民幣10,500 百萬元， 對 比 截 至 2024 年 6 月 30 日 止 六 個 月 的 總 收 益 人 民 幣 9,979.7 百 萬 元 ， 同 比 增 加 4.2% 至 5.2%； (ii) 截至2025年6月30日止六個月的海外收益介乎人民幣140百萬元至人民幣150百萬元，對 比 截 至 2024 年 6 月 30 日 止 六 個 月 的 海 外 收 益 人 民 幣 37.5 百 萬 元 ， 同 比 增 加 273.3% 至 300.0%；及 (iii) 截至2025年6月30日止六個月的本公司擁有人應佔期內虧損及全面開支總額介乎人民幣 65百萬元至人民幣72百萬元，對比截至2024年6月30日止六個月的本公司擁有人應佔期 內溢利及全面收益總額人民幣47.4百萬元，同比減少237.1%至251.9%。 夢 ...

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。 MOKINGRAN JEWELLERY GROUP CO., LTD. 夢 金 園 黃 金 珠 寶 集 團 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：2585） 承董事會命 MOKINGRAN JEWELLERY GROUP CO., LTD. 夢金園黃金珠寶集團股份有限公司 董事長兼執行董事 王忠善 山東，中華人民共和國 2025年8月14日 於本公告日期，董事會包括執行董事王忠善先生、張秀芹女士、王國鑫先生及王澤鋼先生；及獨立非執行董 事白顯月先生、翁欣先生及丁曉東先生。 董事會會議日期 夢 金 園 黃 金 珠 寶 集 團 股 份 有 限 公 司（「 本 公 司 」）董 事 會（「 董 事 會」）謹 此 宣 佈 ， 本 公 司 將 於 2025年8月26日（ 星期二 ）舉行董事會會議，藉以（ 其中包括 ）審議及批准本公司及其附屬公 司截至2025年6月30日止 ...

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 致：香港交易及結算所有限公司 公司名稱: 夢金園黃金珠寶集團股份有限公司 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) | 02585 | 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 | | | 233,023,466 | RMB | | | 1 RMB | | 233,023,466 | | 增加 / 減少 (-) | | | 0 | | | | RMB | | 0 | | 本月底結存 | | | 233,023,466 | RMB | | | 1 RMB | | 233,023,466 | | 2. 股份分 ...

Financial Performance - Total revenue decreased by 2.5% to RMB 19,712.9 million compared to RMB 20,208.6 million in 2023[7] - Net profit for the year was RMB 200.7 million, down from RMB 233.5 million in 2023, with basic earnings per share at RMB 0.81 compared to RMB 1.01 in 2023[7] - The gross profit for 2024 was RMB 1,330.9 million, representing a gross margin of 6.8%, up from 5.3% in 2023[17] - The net profit attributable to equity shareholders for 2024 was RMB 189.4 million, down from RMB 230.4 million in 2023, with a profit margin of 1.0%[17] - Total comprehensive income for the year was RMB 200.7 million, reflecting a 14.0% decline compared to the previous year[48] - Profit before tax decreased by 11.6% to RMB 269.8 million, mainly due to increased realized losses from Au (T+D) contracts[46] Revenue Sources - Overseas revenue reached RMB 140.3 million, a significant increase of 701.7% from RMB 17.5 million in 2023[10] - Sales revenue from gold jewelry and other gold products was RMB 19,280.2 million, down 3.0% from RMB 19,877.4 million in 2023[25] - K-gold jewelry and diamond-studded products saw revenue increase to RMB 342.7 million, a growth of 52.0% compared to RMB 225.5 million in 2023[26] - E-commerce sales revenue surged to RMB 2,017.1 million, an increase of 168.7% from RMB 750.7 million in 2023, contributing 10.2% to total revenue[31] Operational Changes - The company established a franchise network with 2,758 stores, a decrease from 2,817 stores in 2023, and operated 33 self-owned stores, down from 35[8] - The company plans to open multiple new stores in key development areas in 2025 to enhance brand image and market coverage[11] - The company has established a franchise network covering 2,758 franchise stores as of December 31, 2024[22] Research and Development - The company holds 660 patents, including 47 invention patents and 115 utility model patents, reflecting a strong focus on R&D[10] - Research and development expenses increased to RMB 22.4 million, a rise of 28.0% from RMB 17.5 million in 2023[39] Financial Position - The total assets increased to RMB 4,934.7 million in 2024, compared to RMB 4,021.0 million in 2023[17] - Trade receivables increased by 83.7% to RMB 276.4 million, attributed to extended credit terms offered to selected franchisees[52] - Cash and cash equivalents rose significantly to RMB 556.2 million, up from RMB 155.9 million, primarily due to unutilized proceeds from the global offering[55] - The group's interest-bearing borrowings increased to RMB 1,348.9 million as of December 31, 2024, compared to RMB 790.0 million in 2023, primarily for general operational needs[66] Corporate Governance - The board proposed a final dividend of RMB 0.30 per share (before tax)[7] - The proposed final dividend is subject to approval at the annual general meeting scheduled for May 16, 2025, with an expected distribution date no later than two months after the meeting[118] - The company has complied with corporate governance codes as detailed in the annual report[137] Market Trends and Risks - The group faces various market risks, including commodity price risk, interest rate risk, and economic development changes[75] - The company’s business growth is dependent on consumer demand for its products, which may be affected by market trends and consumer preferences[117] - Fluctuations in raw material prices may adversely affect the company's business and financial performance[117] Sustainability and ESG Initiatives - The company emphasizes a commitment to sustainable development and ethical business practices, integrating these principles into its operations[195] - The group is committed to sustainable development, actively implementing measures to manage emissions and reduce resource consumption[197] - The group has established a comprehensive ESG governance structure, integrating ESG management into strategic decision-making and daily operations[196] Employee and Management Information - The company had 1,884 full-time employees as of December 31, 2024, a decrease from 1,997 in 2023[144] - Employee welfare expenses, excluding director and supervisor remuneration, amounted to RMB 245.5 million, down from RMB 249.7 million in 2023[144] - The company continues to invest in employee training programs to enhance overall efficiency and employee engagement[145]

Core Viewpoint - The approval of H-share full circulation for Mengjinyuan marks a significant expansion of the company's financing channels, but it faces challenges in the consumer market due to quality issues and increased competition [2][22]. Company Performance - Mengjinyuan's revenue from 2021 to 2024 showed fluctuations: 168.71 billion, 157.24 billion, 202.09 billion, and 197.1 billion respectively, with a 2.5% decline in 2024 compared to the previous year [15]. - The net profit for the same period was 2.25 billion, 1.81 billion, 2.34 billion, and 1.89 billion respectively, indicating a 17.8% decrease in 2024 [16]. Consumer Complaints - Mengjinyuan has faced numerous consumer complaints regarding product quality, including issues of selling fake gold, concealing weight, and quality defects [4][6]. - Specific complaints include incidents where customers received less gold than promised during exchanges and issues with product durability, such as rings deforming and earrings discoloring shortly after purchase [11][13]. Market Challenges - The company is experiencing challenges in its primary market of lower-tier cities, where competitors like Chow Tai Fook and Chow Sang Sang are rapidly expanding their presence [17][18]. - Mengjinyuan's franchise store count has decreased, with a net reduction of 59 stores in 2024, contrasting with competitors' aggressive growth strategies [18]. Industry Dynamics - The rise of the "Shuibei model," which allows wholesalers to sell directly to consumers at lower prices, is eroding Mengjinyuan's competitive pricing advantage [19]. - Young consumers are increasingly favoring unique designs and brand culture, which Mengjinyuan's traditional product offerings do not adequately address [20][21]. Strategic Recommendations - To achieve its goal of becoming a century-old brand, Mengjinyuan must address product quality, improve sales service, and enhance after-sales support [22]. - The company should focus on product innovation and digital marketing strategies to better engage with younger consumers and adapt to changing market dynamics [22].

Financial Performance - Revenue decreased by 2.5% from RMB 20,208.6 million for the year ended December 31, 2023, to RMB 19,712.9 million for the year ended December 31, 2024[5]. - Gross profit increased by 23.5% from RMB 1,077.5 million for the year ended December 31, 2023, to RMB 1,330.9 million for the year ended December 31, 2024[5]. - Profit attributable to owners of the company decreased by 17.8% from RMB 230.4 million for the year ended December 31, 2023, to RMB 189.4 million for the year ended December 31, 2024[5]. - The company reported a basic and diluted earnings per share of RMB 0.81 for the year ended December 31, 2024, down from RMB 1.01 for the year ended December 31, 2023[6]. - The company’s pre-tax profit for the year ended December 31, 2024, was RMB 269,769,000, down from RMB 305,113,000 in 2023, indicating a decrease of 11.5%[30]. - The company's net profit for the year ended December 31, 2024, was RMB 189,361,000, compared to RMB 230,375,000 for 2023, representing a decrease of approximately 17.8%[32]. - Total comprehensive income for the year was RMB 200.7 million, down 14.0% from RMB 233.5 million[78]. Dividends and Shareholder Information - The board proposed a final cash dividend of RMB 0.3 per share, totaling RMB 81.9 million for the year ended December 31, 2024[5]. - The company declared a dividend of RMB 91,627,000 in March 2024, with a proposed final dividend of RMB 0.3 per share, totaling RMB 81,907,000, pending shareholder approval[33]. - The proposed final dividend will be subject to shareholder approval at the annual general meeting, with the registration period for share transfers suspended from May 22 to May 27, 2025[119]. - The company will announce the exact expected date for dividend payment after the annual general meeting[113]. Assets and Liabilities - Total assets less current liabilities increased to RMB 2,692.3 million as of December 31, 2024, compared to RMB 1,969.7 million as of December 31, 2023[8]. - Non-current assets amounted to RMB 695.8 million as of December 31, 2024, compared to RMB 616.8 million as of December 31, 2023[7]. - Current assets increased to RMB 4,238.9 million as of December 31, 2024, from RMB 3,404.2 million as of December 31, 2023[7]. - The total amount of trade payables and notes payable was RMB 394,083,000 as of December 31, 2024, down from RMB 511,787,000 in 2023, representing a decrease of approximately 23%[39]. - The company had pledged or restricted deposits of RMB 466,621,000 as of December 31, 2024, compared to RMB 528,795,000 in 2023, indicating a decrease of about 11.8%[38]. - As of December 31, 2024, the company's total borrowings amounted to RMB 1,348,918,000, a significant increase from RMB 790,041,000 in 2023[41]. Revenue Breakdown - Revenue from gold jewelry and other gold products amounted to RMB 19,280,247 thousand, while revenue from K gold jewelry and diamond-studded jewelry was RMB 342,650 thousand[22]. - Sales of gold jewelry and other gold products generated revenue of RMB 19,280.2 million, down 3.0% year-over-year due to decreased sales volume attributed to rising gold prices affecting consumer sentiment[60][61]. - Revenue from K-gold jewelry and diamond-studded products increased by 52.0% to RMB 342.7 million, driven by higher sales to overseas customers[60]. - Revenue from other services decreased by 14.9% to RMB 90.0 million, primarily due to reduced brand service fees from franchisees amid declining consumer confidence in gold jewelry[61]. - E-commerce sales revenue surged by 168.7% to RMB 2,017.1 million, contributing 10.2% to total revenue, up from 3.7% in 2023[62][63]. Expenses and Costs - Total depreciation and amortization expenses for the year were RMB 61,158,000, an increase from RMB 53,007,000 in 2023, reflecting a rise of about 15.5%[10]. - Administrative expenses increased by 29.6% to RMB 103.4 million, mainly due to higher depreciation and amortization costs from relocating to a new production facility[71]. - Distribution and selling expenses decreased by 10.9% to RMB 229.2 million, attributed to reduced media advertising and promotional expenses[68]. - Financial costs increased by 13.3% to RMB 71.5 million from RMB 63.1 million, mainly due to an increase in borrowing interest of RMB 18.9 million[73]. Market and Industry Insights - The company anticipates 2025 to be a challenging year for the industry due to geopolitical tensions, macroeconomic uncertainties, and high gold prices[97]. - The total gold consumption in China for 2024 was 985.3 tons, representing a year-on-year decline of 9.6%[54]. - Gold jewelry consumption decreased by 24.7% to 532.0 tons in 2024, while gold bar and coin consumption increased by 24.5% to 373.1 tons[57]. Corporate Governance and Compliance - The company has complied with all principles and provisions of the corporate governance code since its listing date until December 31, 2024[109]. - The audit committee reviewed the annual performance for the year ending December 31, 2024, and confirmed that the financial statements comply with applicable accounting standards[111]. - The independent non-executive director was appointed as the chairman of the nomination committee on January 14, 2025, restoring compliance with listing rules[109]. Future Plans and Developments - The company plans to expand its franchise network in 2025, focusing on key development areas and enhancing its brand image in first and second-tier markets[98]. - The company has not engaged in any significant investments, acquisitions, or disposals of subsidiaries, associates, or joint ventures since its listing date until December 31, 2024[99].

中国黄金珠宝企业普遍采用特许经营模式，这一模式有助于品牌快速扩张和市场覆盖，梦金园也不例外。截至2024年6月30日，公司拥有加 盟店2,850家，其中2091家位于三线及以下城市，占总门店数的73.4%。 广茂的下沉市场为梦金园带来了稳定增长的营业收入，招股书显示，2021年至2024年上半年，公司分别实现营业收入168.71亿元，157.24亿 元，202.09亿元和99.8亿元，其中，2024年上半年较去年同期的93.16亿元增长7.12%。营收规模较大且呈增长态势。 截至2023年底，国内五大黄金珠宝品牌的黄金珠宝收益合共约2,335亿元，占整个市场的45.0%，梦金园占比3.8%，排名第五；按三线及以下 城市的黄金珠宝收益（不包括金条）计算，梦金园在中国黄金珠宝品牌中位列第三。 随着金价不断上涨，国内黄金珠宝企业发展态势持续向好，11月29日，国内领先的黄金珠宝首饰原创品牌制造商梦金园（02585.HK）成功在 港交所上市，发行价12港元/股，开盘上涨7%，总市值35.06亿港元。自此，国内五大黄金珠宝品牌已全部成功上市。 下沉市场金饰龙头，年营收超200亿元 梦金园成立于2000年，主要从事"梦金 ...