Core Viewpoint - Baida International (02668) experienced an intraday increase of 8.65%, reaching a price of HKD 0.226 per share with a trading volume of HKD 6.468 million [1] Group 1: Company Overview - Baida International Limited (2668.HK) primarily engages in supply chain management, hotel and catering services, property investment, and diversified businesses including leasing, lending, and securities investment [1] - Since its listing on the Hong Kong Stock Exchange in 2001, the company has expanded its revenue sources and enhanced its overall competitiveness through a diversified business model [1] Group 2: Financial Performance - As of the 2024 annual report, Baida International reported total revenue of HKD 625 million and a net loss of HKD 212 million [2]

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 | | | 致：香港交易及結算所有限公司 公司名稱: 百德國際有限公司 呈交日期: 2025年8月1日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 02668 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 10,000,000,000 | HKD | | 0.02 | HKD | | 200,000,000 | | 增加 / 減少 (-) | | | | | | | HKD | | | | 本月底結存 | | | 10,000,000,000 | HKD | | 0.02 | HKD | | 200,000,000 | 本月底法定/註冊股本總額： HKD 200,000,0 ...

Group 1 - The Hang Seng Index rose by 1.62% to close at 25,538.07 points on July 23 [1] - Baide International (02668.HK) closed at HKD 0.218 per share, up 15.96%, with a trading volume of 68.35 million shares and a turnover of HKD 14.44 million, showing a volatility of 23.4% [1] - Over the past month, Baide International has seen a cumulative increase of 180.6%, but a year-to-date decline of 61.63%, underperforming the Hang Seng Index by 25.27% [1] Group 2 - As of December 31, 2024, Baide International reported total revenue of HKD 625 million, a year-on-year increase of 59.71%, while the net profit attributable to shareholders was HKD -212 million, a decrease of 13.61% [1] - The gross profit margin for Baide International was 5.04%, and the debt-to-asset ratio stood at 66.72% [1] - Currently, there are no institutional investment ratings for Baide International [1] Group 3 - The average price-to-earnings (P/E) ratio for the industrial support sector is 16.72 times, with a median of 3.12 times [1] - Baide International's P/E ratio is -4.62 times, ranking 37th in the industry [1] - Other companies in the sector include Zhongbao New Materials (02439.HK) at 2.75 times, Changda Holdings (01433.HK) at 3.12 times, Shenglong Jinxiu International (08481.HK) at 3.32 times, Yihe International Holdings (08659.HK) at 3.95 times, and Wancheng Group (01451.HK) at 3.97 times [1]

Core Insights - The data indicates significant trading volume increases for various companies, suggesting heightened investor interest and potential market movements [1][2][3][4][5] Group 1: Companies with Notable Volume Increases - 阳光能源 (00757) reported a volume ratio of 2.35, indicating strong trading activity [2] - 长城汽车 (02333) had a volume ratio of 2.21, reflecting increased investor engagement [2] - 郑煤机 (00564) showed a volume ratio of 1.92, suggesting a notable rise in trading [2] Group 2: Additional Companies with Increased Trading Activity - 万国数据-SW (09698) recorded a volume ratio of 1.83, indicating significant market interest [2] - 映恩生物-B (09606) had a volume ratio of 1.78, reflecting heightened trading activity [2] - 超盈国际控股 (02111) reported a volume ratio of 1.71, suggesting increased investor focus [2] Group 3: Companies with Moderate Volume Ratios - 中国能源建设 (03996) had a volume ratio of 1.70, indicating a solid level of trading activity [2] - 亚信科技 (01675) reported a volume ratio of 1.60, reflecting moderate investor interest [2] - 金宝通 (00320) showed a volume ratio of 1.53, suggesting a rise in trading volume [2] Group 4: Companies with Lower Volume Ratios - 中国水务 (00855) had a volume ratio of 1.52, indicating stable trading activity [2] - 广汽集团 (02238) reported a volume ratio of 1.52, reflecting consistent investor engagement [2] - 凯莱英 (06821) showed a volume ratio of 1.52, suggesting steady trading interest [2]

Core Viewpoint - China Minmetals Corporation has issued a statement regarding illegal activities involving the misuse of its name and that of its subsidiaries for selling products [1] Group 1 - China Minmetals has identified fraudulent entities operating under the names "Minmetals Northern Marketing Center" and "Minmetals New Quality Energy Industry Group," which do not exist under its subsidiaries [1] - The individuals named as "responsible persons," Liang Hongjun and Hu Changfeng, have no affiliation with China Minmetals [1] - China Minmetals has no connection with the related websites mentioned in the statement [1] Group 2 - China Minmetals and its subsidiaries have never engaged in international gold or Bitcoin investment businesses through websites or WeChat public accounts [1]

Core Insights - As of June 12, a total of 159 stocks reached their 52-week highs, with HPC HOLDINGS (01742), China Ecotourism (01371), and Yunfeng Financial (00376) leading the high rate at 51.28%, 43.10%, and 35.00% respectively [1][2] Stock Performance Summary - **Top Performers**: - HPC HOLDINGS (01742) closed at 0.084 with a peak of 0.118, achieving a high rate of 51.28% [2] - China Ecotourism (01371) closed at 0.670 with a peak of 0.830, achieving a high rate of 43.10% [2] - Yunfeng Financial (00376) closed at 2.730 with a peak of 3.510, achieving a high rate of 35.00% [2] - **Other Notable Stocks**: - Jiuyuan Gene (02566) reached a high rate of 23.08% [2] - Zhangli International (01693) reached a high rate of 21.29% [2] - China Biopharmaceutical (01177) reached a high rate of 16.46% [2] - **Additional Stocks with Significant High Rates**: - Beike Micro (02149) at 14.29% [2] - Rongchang Bio (09995) at 14.16% [2] - Baosaitou-B (02315) at 12.86% [2] - SF Technology (09699) at 12.63% [2] 52-Week Low Summary - **Top Decliners**: - Baide International (02668) reached a low rate of -22.22% [6] - Zhizhong International (06063) reached a low rate of -14.89% [6] - Congyu Zhinu (00875) reached a low rate of -9.23% [6] - **Other Notable Decliners**: - China Greenland Boda Green (01253) at -7.69% [6] - New Qian'an (02573) at -7.66% [6] - Aobang Construction (01615) at -3.85% [6]

Group 1 - The company announced the resignation of several key executives, including Liao Nangang as Executive Director and Chairman of the Board, effective May 21, 2025, due to his desire to focus on other business matters [1] - Other resignations include Qian Pu as Executive Director and CEO, Zhou Yijie as Executive Director, Liu Xiaowei as Non-Executive Director, and Zheng Suijun as Independent Non-Executive Director, all citing similar reasons for their departures [1] Group 2 - The company appointed new executives on the same date, including Wu Zongchuan as Executive Director, Chairman of the Board, and CEO, along with various committee chair positions [2] - Additional appointments include Liu Weixiong, Xing Shuguang, Lü Zhengjun, and Li Wubo to various executive and committee roles, indicating a significant leadership transition within the company [2]

Financial Performance - Total revenue for the year ended December 31, 2024, was HKD 674.8 million, an increase of 59.7%, primarily due to the recovery of the supply chain business[8]. - The supply chain business recorded revenue of HKD 575.9 million, a growth of 93.1% compared to 2023, driven by demand recovery in China's manufacturing and construction sectors[7]. - The hotel management and catering services segment generated revenue of HKD 96.2 million, a decrease of 20.8% year-on-year, with losses reduced to HKD 1.1 million from HKD 7.7 million in 2023[8]. - The group recorded a net loss of approximately HKD 229,200,000 for the year ending December 31, 2024, compared to a net loss of HKD 202,200,000 in the previous year, with the increase mainly attributed to goodwill impairment losses of HKD 164,600,000[25]. - The group recorded a net loss of approximately HKD 229,199,000 for the year ending December 31, 2024, with current liabilities exceeding current assets by approximately HKD 216,047,000[157]. - The group reported a significant impairment loss of HKD 164,648,000 related to goodwill[182]. - The basic and diluted loss per share for the year was HKD 4.89, compared to HKD 5.09 in the previous year[182]. - Total comprehensive loss for the year amounted to HKD 238,977,000, up from HKD 216,739,000 in the previous year, indicating a year-over-year increase of about 10.5%[185]. Asset and Liability Management - The company's total liabilities rose to HKD 1,211,274,000 in 2024, compared to HKD 580,990,000 in 2023, marking an increase of approximately 108.5%[187]. - The equity attributable to shareholders increased to HKD 593,777,000 in 2024 from HKD 367,254,000 in 2023, representing a growth of about 61.6%[189]. - The total principal amount of borrowings was approximately HKD 490,321,000, with accrued compound and default interest totaling HKD 45,176,000 due within one year[173]. - The group has outstanding bank loans totaling approximately RMB 301,567,000 (approximately HKD 319,692,000) and related interest totaling RMB 41,711,000 (approximately HKD 44,217,000) as of December 31, 2024[173]. - The group’s current ratio decreased to 0.75 from 1.25 in 2023, attributed to increased trade payables and short-term borrowings related to acquisitions[32]. Strategic Initiatives - The company plans to focus on three strategic directions for 2025: deepening industrial synergy, optimizing financial structure, and accelerating digital transformation[9]. - The acquisition of the iron ore mining business has enabled vertical integration in the supply chain, laying the foundation for future business diversification[7]. - The company aims to enhance operational efficiency and strengthen market position through strategic partnerships and cost optimization initiatives[8]. - The company plans to expand its product offerings to achieve business and market diversification, positioning itself to benefit from future industry opportunities[57]. Credit and Receivables Management - The expected credit loss provision for trade receivables decreased by over 90% compared to the same period last year, indicating improved asset quality[8]. - The total amount of trade receivables overdue within 12 months was HKD 175.6 million, compared to HKD 388.7 million in 2023, while those overdue for more than 12 months increased to HKD 66.1 million from HKD 20.4 million[29]. - The company successfully recovered over RMB 300,000,000 in outstanding receivables in 2024, improving cash flow and ensuring sufficient operating capital[42]. - The group is actively monitoring receivables collection and assessing recoverability of overdue balances to mitigate credit risk[29]. Corporate Governance - The board of directors consists of seven members, including four executive directors, one non-executive director, and two independent non-executive directors as of December 31, 2024[125]. - The company is committed to maintaining high standards of corporate governance and has adhered to the corporate governance code throughout the review year[116]. - The audit committee is tasked with monitoring the effectiveness of internal controls and risk management systems[138]. - The company has established five board committees to assist in executing the board's responsibilities and monitoring specific areas of the group's affairs[135]. Market Outlook and Challenges - The macroeconomic outlook for 2025 is expected to be complex and challenging, influenced by geopolitical conflicts, inflation pressures, and supply chain restructuring[57]. - The company will continue to adapt to market changes and explore potential growth opportunities in the future[8]. - The company is committed to improving operational efficiency and customer satisfaction in the hotel management and catering services sector despite a challenging operating environment[57].

Financial Performance - The company reported total revenue of HKD 2,674,764 thousand for the year ending December 31, 2024, compared to HKD 422,492 thousand in 2023, representing a significant increase[3]. - The net loss for the year was HKD 229,199 thousand, compared to a net loss of HKD 202,150 thousand in the previous year, indicating a worsening financial performance[3]. - Basic and diluted loss per share was HKD 4.89 for 2024, slightly improved from HKD 5.09 in 2023[3]. - The group recorded a net loss of approximately HKD 229,199,000 as of December 31, 2024, with current liabilities exceeding current assets by about HKD 216,047,000[8]. - The group reported a loss attributable to equity shareholders of HKD 229,199 thousand in 2024, compared to a loss of HKD 201,747 thousand in 2023, an increase in loss of 13.6%[27]. - The group experienced a total segment loss of HKD 186,284,000 for the fiscal year ending December 31, 2024, compared to a loss of HKD 156,091,000 in the previous year[30]. - The group reported a pre-tax loss of HKD 232,597,000 for the fiscal year ending December 31, 2024, compared to a pre-tax loss of HKD 199,451,000 in the previous year[30]. - The net loss for the year ending December 31, 2024, was approximately HKD 229.2 million, compared to a net loss of HKD 202.2 million in 2023, with the increase primarily due to goodwill impairment loss[89]. Revenue Breakdown - Revenue from supply chain business increased to HKD 573,068 thousand in 2024, up from HKD 294,706 thousand in 2023, representing a growth of 94.5%[19]. - Revenue from hotel management and dining services decreased to HKD 79,792 thousand in 2024, down from HKD 100,403 thousand in 2023, a decline of 20.6%[19]. - Total revenue from other sources decreased to HKD 10,967 thousand in 2024, compared to HKD 12,233 thousand in 2023, a decrease of 10.4%[20]. - For the fiscal year ending December 31, 2024, the group reported total revenue of HKD 674,764,000, with a significant contribution from the supply chain business at HKD 575,906,000[30]. - The group recorded supply chain business revenue of HKD 575.9 million for the year ending December 31, 2024, an increase of 93.1% compared to HKD 298.3 million in 2023, driven by market recovery and increased domestic consumption in China[77]. - Hotel management and catering services revenue decreased to HKD 96.2 million, down HKD 25.3 million from HKD 121.5 million in 2023, consistent with general market trends in the hotel industry[85]. Assets and Liabilities - Total assets amounted to HKD 1,183,466 thousand, an increase from HKD 325,957 thousand in 2023, reflecting growth in the company's asset base[5]. - Current liabilities increased to HKD 848,058 thousand from HKD 498,670 thousand in the previous year, indicating a rise in short-term financial obligations[5]. - The company's net asset value rose to HKD 604,203 thousand in 2024, up from HKD 367,254 thousand in 2023, showing improved equity position[6]. - Non-current liabilities increased significantly to HKD 363,216 thousand from HKD 82,316 thousand, suggesting higher long-term financial commitments[6]. - The group's total liabilities as of December 31, 2024, were HKD 1,211,274,000, with segment liabilities in the iron ore mining division at HKD 606,878,000[31]. - The group's total borrowings, including interest-bearing loans and lease liabilities, increased to HKD 759.4 million, up 99.0% from HKD 381.6 million in 2023[97]. - The asset-liability ratio as of December 31, 2024, was 127.9%, compared to 103.9% in 2023, indicating increased financial leverage[97]. Cash Flow and Financing - The group has implemented plans to alleviate cash flow pressure, including negotiations with banks to amend repayment terms and secure shareholder loans for debt repayment[11]. - Cash flow forecasts covering a 15-month period until March 31, 2026, indicate that the group expects to have sufficient financial resources to meet future operational funding needs[11]. - The group has successfully negotiated with banks to amend repayment terms, allowing for a three-year extension for repayment[15]. - The group has successfully recovered significant customer payments and obtained additional bank financing through collateralization of certain business properties[15]. - The group is evaluating cash flow forecasts to improve its financial situation and liquidity, with measures including negotiations with banks and obtaining shareholder loans[73]. - The group faces significant uncertainty regarding its ability to continue as a going concern due to a lawsuit from a bank for approximately RMB 318.8 million (approximately HKD 338 million) in unpaid amounts[71]. Acquisitions and Investments - The company completed the acquisition of 100% of the issued shares of Zongchuan Investment for HKD 465,500,000, with the transaction finalized on December 31, 2024[60]. - The acquisition allows for vertical integration in the iron ore and iron powder production and sales business, enhancing the existing supply chain operations[61]. - The group completed the acquisition of Zong Chuan Investment to expand its supply chain business, allowing for vertical integration in iron ore and iron concentrate production and trading[78]. - The goodwill generated from acquisitions is valued at HKD 167,472,000, reflecting control premium and expected synergies[63]. - Acquisition-related costs are approximately HKD 4,568,000, recognized as administrative expenses in the consolidated income statement[64]. Operational Efficiency and Future Outlook - The group aims to enhance profitability and cash flow by acquiring a new business segment in iron ore mining and processing[11]. - The group maintains a cautiously optimistic outlook for 2025, focusing on strategic flexibility to navigate a complex macroeconomic environment[108]. - The group aims to strengthen market position and diversify revenue sources following the acquisition of iron ore mining operations, enhancing vertical integration and operational synergy[108]. - The group is committed to improving operational efficiency and customer satisfaction in the hotel management and catering services sector despite challenging operating conditions[109]. Governance and Compliance - The company has adhered to corporate governance principles as per the listing rules, with all directors confirming compliance for the fiscal year ending December 31, 2024[111]. - The audit committee has reviewed the accounting principles and practices adopted by the group, discussing audit, internal control, and financial reporting matters[112]. - The company is in the process of identifying suitable candidates to fill vacancies for independent non-executive directors and audit committee members to comply with listing rules[113]. - The annual report containing all required information will be sent to shareholders and published on the stock exchange and the company's website[114].

Revenue Performance - For the six months ended June 30, 2024, the total revenue of Pak Tak International Limited was HKD 378,500,000, a significant increase of 376.1% compared to HKD 79,500,000 for the same period in 2023[19]. - The supply chain business generated revenue of HKD 328,000,000, a substantial increase of HKD 311,200,000 from HKD 16,800,000 in the same period last year, attributed to the recovery of the Chinese market and consumer demand[15]. - The hotel management and catering services segment reported revenue of HKD 49,200,000, a decrease of 19.8% from HKD 61,400,000 in the previous year, primarily due to a return to normal market conditions after a strong recovery in the first half of 2023[16]. - The company reported revenue of HKD 378,542,000 for the six months ended June 30, 2024, a significant increase from HKD 79,501,000 in the same period of 2023, representing a growth of approximately 376%[47]. - Revenue from supply chain business products amounted to HKD 326,800,000, while hotel management and catering services generated HKD 42,963,000, indicating a strong performance in these segments[63]. Financial Position - The company recorded a net loss of approximately HKD 36.8 million for the six months ended June 30, 2024, compared to a net loss of HKD 74.2 million for the same period in 2023, primarily due to a significant reduction in expected credit losses from trade receivables in the supply chain business[21]. - Total assets as of June 30, 2024, were HKD 571,489,000, down from HKD 622,283,000 at the end of 2023, a decrease of about 8%[50]. - The company's total equity decreased to HKD 319,606,000 from HKD 367,254,000, reflecting a decline of about 13%[51]. - The company’s total liabilities exceeded its cash and cash equivalents by approximately HKD 298,530,000 as of June 30, 2024[58]. - The company’s capital debt ratio was 116.2% as of June 30, 2024, compared to 103.9% as of December 31, 2023, indicating a stable financial position[24]. Cash Flow and Liquidity - As of June 30, 2024, the company's cash and cash equivalents were HKD 17.1 million, down from HKD 85.4 million as of December 31, 2023, while interest-bearing borrowings totaled HKD 371.5 million[24]. - Operating cash flow generated a net cash outflow of HKD 57,800,000 for the six months ended June 30, 2024, compared to a net inflow of HKD 26,795,000 in the same period of 2023[55]. - The company has implemented plans to alleviate liquidity pressure, including negotiating repayment terms with banks and obtaining additional funding through shareholder loans[59]. - The company is actively pursuing measures to accelerate the collection of receivables from customers, which is critical for improving cash flow[59]. - The company has forecasted cash flow for at least the next 12 months, indicating confidence in its operational funding and ability to meet financial obligations[59]. Investment and Acquisitions - The company is in the process of acquiring a company primarily engaged in the production and sale of iron ore and iron concentrate, which is viewed as a strategic move to diversify revenue sources and capitalize on future economic opportunities[34]. - The company plans to continue leasing its investment properties to generate rental income and may consider selling them at an appropriate time to increase operational funds[17]. - The company has no significant investments as of June 30, 2024, and has not engaged in any major acquisitions or disposals of subsidiaries or associates during the reporting period[29][30]. Credit Loss and Receivables - The company expects a reversal of credit loss provisions, with a recovery of HKD 3,200,000 for the six months ended June 30, 2024, compared to a provision of HKD 49,400,000 in the same period last year, due to the recovery of significant overdue receivables[20]. - Trade receivables (net of expected credit loss provisions) stood at HKD 442.9 million as of June 30, 2024, up from HKD 413 million as of December 31, 2023, with overdue trade receivables exceeding 12 months at HKD 91.3 million[23]. - The expected credit loss model indicated a provision of HKD 3,196,000 for trade receivables for the six months ended June 30, 2024, compared to HKD 47,627,000 for the same period in 2023, reflecting a significant decrease in credit loss provisions[80]. Corporate Governance and Compliance - The company has complied with the corporate governance code, with the exception of the chairman's absence at the annual general meeting due to other business commitments[43]. - There have been no changes in the information of directors since the last annual report[40]. - No directors have any interests in businesses that directly or indirectly compete with the company[39]. - The company has confirmed that all directors have complied with the securities trading code during the six months ending June 30, 2024[44]. Legal and Regulatory Matters - The company has a pending legal claim from Huaxia Bank for approximately RMB 294.3 million (equivalent to about HKD 322.6 million) due to a breach of loan agreement by its subsidiary, Shenzhen Jinsong Supply Chain Co., Ltd.[100]. - The legal proceedings related to the claim are still in the preliminary stage, and the board believes it is too early to assess the potential outcomes or impacts on the company's financial position[101].