Financial Performance - The company's revenue increased by 14.3% to approximately RMB 1,543.96 million for the year ending December 31, 2025, compared to RMB 1,350.93 million in 2024[2] - Net profit for the year was RMB 38.24 million, a decrease of approximately 13.0% from RMB 43.98 million in the previous year[5] - Basic and diluted earnings per share were RMB 0.18, down 33.3% from RMB 0.27 in the previous year[5] - The total comprehensive income for the year was RMB 38,200,000, compared to RMB 47,569,000 in the previous year, representing a decrease of approximately 19.5%[8] - The net profit attributable to equity shareholders was RMB 36,599,000, down from RMB 46,161,000, indicating a decline of about 20.5% year-over-year[8] - The company reported a significant increase in inventory, which rose to RMB 413,403,000 from RMB 330,062,000, indicating a growth of approximately 25.2%[9] - The company experienced a net loss of approximately RMB 1.2 million in other income for the year ending December 31, 2025, compared to a net income of approximately RMB 1.6 million in the previous year[56] - The net financing cost for the year ended December 31, 2025, was RMB 23,305,000, compared to RMB 22,113,000 in 2024, indicating an increase of 5.4%[24] Revenue Breakdown - Revenue from wholesale increased by 20.4% to approximately RMB 878.80 million, while retail general sales revenue rose by 9.5% to approximately RMB 554.00 million[3] - Revenue from food supply and sales increased by 38.1% to approximately RMB 23.30 million, while revenue from authorized sales and commission decreased by 12.3% to approximately RMB 30.70 million[3] - Total revenue for the year ended December 31, 2025, was RMB 1,543,962,000, an increase of 14.3% from RMB 1,350,925,000 in 2024[17] - Retail business general sales reached RMB 554,022,000 in 2025, up from RMB 505,761,000 in 2024, representing a growth of 9.5%[17] - Wholesale revenue increased to RMB 878,751,000 in 2025 from RMB 729,813,000 in 2024, marking a growth of 20.4%[17] Expenses and Costs - Gross profit remained stable at approximately RMB 289.30 million, with a gross margin of 18.7%, a decrease of about 2.7 percentage points from the previous year[5] - Operating profit decreased to RMB 78.59 million from RMB 84.46 million in the previous year[6] - Sales cost increased by RMB 192.8 million or 18.2%, reaching RMB 1,254.7 million, mainly due to increased costs in wholesale and retail operations[53] - Administrative and other operating expenses increased by 9.1% from RMB 54.4 million to RMB 59.4 million, mainly due to increased listing expenses[58] - The company's income tax expense decreased from RMB 18,370,000 in 2024 to RMB 15,862,000 in 2025, a decline of approximately 13.7%[26] Assets and Liabilities - Non-current assets totaled RMB 407,103,000, an increase from RMB 399,108,000 in the previous year, reflecting a growth of approximately 2.5%[9] - Current assets increased significantly to RMB 1,404,000,000 from RMB 1,056,580,000, marking an increase of around 32.7%[9] - Total liabilities increased to RMB 954,344,000 from RMB 774,555,000, representing a rise of approximately 23.2%[10] - The company's equity attributable to shareholders increased to RMB 720,789,000 from RMB 523,789,000, reflecting a growth of about 37.6%[10] - The current ratio as of December 31, 2025, was approximately 1.47, an increase from 1.36 in 2024[67] Investments and Future Plans - The company plans to expand its market share and the number of retail stores through the establishment of new distribution centers and central kitchens[46] - The company is investing in research and development of new equipment, including unmanned coffee machines[46] - The group invested RMB 25.0 million in Haike Hongxin Digital Technology (Shenzhen) Co., holding an 18% stake, which will increase to approximately 40.71% after a planned cash injection of RMB 53.2 million[75] - A total of 41.2% of the net proceeds, approximately HKD 43.3 million, will be used to establish new distribution centers, including the acquisition of land in Jiangsu Province, China[94] - The construction of a new central kitchen is projected to consume about 26.8% of the net proceeds, amounting to approximately HKD 28.1 million[94] Shareholder Information - The company decided not to declare any final dividend for the reporting period[5] - The company has not declared a final dividend for the year ending December 31, 2025, consistent with the previous year[89] - The global offering on March 31, 2025, involved 53,562,000 H shares, with a final offering price of HKD 2.50 per share[90] - The net proceeds from the global offering were approximately HKD 92.55 million, with actual listing expenses amounting to RMB 41.4 million, exceeding the estimated amount[91][92] Employee Information - As of December 31, 2025, the company had a total of 1,335 employees, with total employee benefits (including director remuneration) amounting to RMB 90.9 million, a decrease from RMB 101.1 million in 2024[81] - The employee distribution includes 14 in management, 117 in administrative roles, 45 in finance and IT, 23 in sales, 26 in procurement, 71 in logistics, and 1,039 in operations[84]

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 依 賴 該 等 內 容 而 引 致 的 任 何 損 失 承 擔 任 何 責 任。 JIANGSU HORIZON CHAIN SUPERMARKET COMPANY LIMITED 江蘇宏信超市連鎖股份有限公司 江蘇宏信超市連鎖股份有限公司 主 席 高 峰 中 華 人 民 共 和 國 江 蘇，2026年3月6日 於 本 公 告 日 期，董 事 會 成 員 包 括 執 行 董 事 高 峰 先 生、袁 原 先 生、張 佳 安 先 生、 姚 駿 先 生、沈 志 艮 女 士、佴 晶 晶 女 士 及 王 飛 先 生；非 執 行 董 事 韋 燕 女 士；及 獨 立 非 執 行 董 事 賈 夢 女 士、鄭 滿 軍 先 生、鄭 宇 先 生 及 張 燕 女 士。 （在中華人民共和國註冊成立的股份有限公司） （股份代號：2625） 董事會會議召開日期 江 蘇 宏 信 超 市 連 鎖 股 份 ...

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: 2026年2月28日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 江蘇宏信超市連鎖股份有限公司 呈交日期: 2026年3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) | 02625 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 235,639,565 | RMB | | | 1 RMB | | 235,639,565 | | 增加 / 減少 (-) | | | | | | | RMB | | | | 本月底結存 | | | 235,639,565 | RMB | | | 1 RMB | | 235,639,565 | | 2. 股份分類 | 普通股 ...

Core Viewpoint - The Hong Kong stock market is facing a significant wave of lock-up share releases in February and March 2026, with many companies experiencing high percentages of shares being unlocked, potentially impacting stock prices and market sentiment [2][4]. Group 1: Companies Facing High Unlock Ratios - Several companies, including Mirxes-B, Nanshan Aluminium International, and Jiangsu Hongxin, have over 50% of their total share capital subject to unlock, indicating substantial potential selling pressure [2][3]. - The first tier of companies with high unlock ratios includes Different Group (84.67%), Nanshan Aluminium International (80.59%), and Jiangsu Hongxin (68.19%) [3]. Group 2: Market Impact and Investor Behavior - The upcoming unlocks may lead to market panic selling, particularly for small-cap stocks and loss-making companies, as investors may preemptively sell to mitigate risk [9]. - Companies with lock-up commitments, such as Mirxes-B, may experience reduced selling pressure due to commitments from founders and cornerstone investors to hold their shares for an extended period [5][9]. Group 3: Long-term Implications of Unlocks - The unlocking of shares may lead to a more diversified shareholder structure, reducing the risk of concentrated ownership and enhancing corporate governance transparency [10]. - Ultimately, the long-term impact on stock prices will depend on the companies' fundamentals, growth prospects, and industry conditions, rather than solely on the unlock events [10][11].

Group 1: Core Insights - Jiangsu Hongxin's stock price increase is influenced by executive changes, particularly the adjustment of independent non-executive directors, leading to a stock price fluctuation of 21.17% from January 15 to February 13 [1] - On February 20, the stock price rebounded by 6.22% to HKD 4.95, indicating market absorption of governance structure improvements [1] Group 2: Company Fundamentals - For the first half of 2025, the company's revenue grew by 16.2% year-on-year to HKD 770 million, although net profit decreased by 26.6% [2] - The stock's increase of 6.22% on February 20 significantly outperformed its sector (supermarkets and convenience stores down 1.25%) and the Hang Seng Index (down 0.60%), suggesting heightened short-term investor interest [2] Group 3: Market and Technical Analysis - On the day of the stock price increase, retail investor net inflow was HKD 263,800, with a turnover rate of 0.12% and a trading volume of HKD 1.35 million, indicating relatively low trading activity but a volume ratio of 1.36 suggesting increased short-term trading [3] - The stock price rose from an opening of HKD 4.45 to a high of HKD 4.96, with a fluctuation of 13.09%, breaking through the 5-day moving average, which may trigger technical buying [3] - The company continues to face fundamental pressures, including declining gross margins and a high debt ratio of 86.0% [3]

Group 1: Core Insights - Jiangsu Hongxin announced changes in independent non-executive directors, adding two new independent directors and appointing Jia Meng as the chairman of the audit committee, aiming to optimize governance structure [1][2] - Market reaction has been mixed, with stock price fluctuations primarily driven by weak fundamentals rather than the management changes [6] Group 2: Executive Changes - On January 15, 2026, Jiangsu Hongxin announced the resignation of Lin Jiade and Zhu Bo from their positions as independent non-executive directors and committee members, while Jia Meng and Zhang Yan were appointed as new independent directors and committee members [2] Group 3: Stock Performance - Following the executive changes announcement (from January 15 to February 13), the company's stock price experienced a volatility range of 21.17%, closing at 4.60 HKD on February 13, with a single-day increase of 4.07%, but a cumulative decline of 8.00% over the past 20 days [3] - Retail investor net outflow on February 13 was 686,500 HKD, indicating low market trading activity with a turnover rate of 0.23% and a transaction volume of 2.416 million HKD [3] Group 4: Company Fundamentals - In the first half of 2025, the company's net profit decreased by 26.6%, and gross margin fell by 4.4 percentage points to 18.0%, with operating cash flow showing a net outflow of 142 million HKD, an increase of 212.3% year-on-year [4] - The capital debt ratio reached 86.0%, with bank loans increasing by 28.9% to 528 million HKD compared to the end of 2024, indicating cash flow pressure that may limit business expansion [4] Group 5: Business Adjustments - The company plans to enhance efficiency through the establishment of new distribution centers and central kitchens, although short-term profit improvement remains to be observed [5] Group 6: Event Impact - The executive changes aim to strengthen the independence of the audit committee, but market reactions are more influenced by weak fundamentals such as declining profits and high debt levels rather than solely by personnel adjustments [6]

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: 2026年1月31日 狀態: 新提交 公司名稱: 江蘇宏信超市連鎖股份有限公司 第 1 頁 共 11 頁 v 1.2.0 FF301 呈交日期: 2026年2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) | 02625 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 235,639,565 | RMB | | | 1 RMB | | 235,639,565 | | 增加 / 減少 (-) | | | | | | | RMB | | | | 本月底結存 | | | 235,639,565 | RMB | | | 1 RMB | | 235 ...

Group 1 - Jiangsu Hongxin (02625) announced the resignation of Mr. Lin Jiade as an independent non-executive director, chairman of the audit committee, and member of the remuneration and nomination committees [1] - Mr. Zhu Bo also resigned from his position as an independent non-executive director and member of the audit, remuneration, and nomination committees [1] - During the extraordinary general meeting, Ms. Jia Meng was appointed as an independent non-executive director, chairman of the audit committee, and member of the remuneration and nomination committees [1] - Ms. Zhang Yan was appointed as an independent non-executive director and member of the audit, remuneration, and nomination committees [1]

JIANGSU HORIZON CHAIN SUPERMARKET COMPANY LIMITED 江蘇宏信超市連鎖股份有限公司 （在中華人民共和國註冊成立的股份有限公司） （股份代號：2625） 董事會議事規則 第一條 宗 旨 為 了 進 一 步 規 範 江 蘇 宏 信 超 市 連 鎖 股 份 有 限 公 司（以 下 簡 稱「公 司」）董 事 會 議 事 方 式 和 決 策 程 序，促 使 董 事 會 有 效 地 履 行 其 職 責，提 高 董 事 會 規 範 運 作 和 科 學 決 策 水 平，根 據《中 華 人 民 共 和 國 公 司 法》（以 下 簡 稱「《公 司 法》」）、《香 港 聯 合 交 易 所 有 限 公 司 主 板 上 市 規 則》（以 下 簡 稱「聯 交 所《上 市 規 則》」）等 相 關 法 律、法 規 和 規 範 性 文 件，以 及《江 蘇 宏 信 超 市 連 鎖 股 份 有 限 公 司 章 程》（以 下 簡 稱「《公 司 章 程》」），制 定 本 規 則。 （七） 在 股 東 會 授 權 範 圍 內，決 定 公 司 對 外 投 資、收 購 出 售 資 產、資 產 抵 押、 對 外 ...

Group 1 - Jiangsu Hongxin (02625) announced changes in its board of directors following the conclusion of a temporary shareholders' meeting [1] - Mr. Lin Jiade resigned from his positions as independent non-executive director, chairman of the audit committee, and member of the remuneration and nomination committees [1] - Mr. Zhu Bo also resigned from his roles as independent non-executive director and member of the audit, remuneration, and nomination committees [1] Group 2 - Ms. Jia Meng was appointed as an independent non-executive director, chairman of the audit committee, and member of the remuneration and nomination committees [1] - Ms. Zhang Yan was appointed as an independent non-executive director and member of the audit, remuneration, and nomination committees [1]