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: 量化派控股有限公司 呈交日期: 2026年2月3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) | 02685 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 700,000,000 | USD | | 0.0001 | USD | | 70,000 | | 增加 / 減少 (-) | | | | | | | USD | | | | 本月底結存 | | | 700,000,000 | USD | | 0.0001 | USD | | 70,000 | 本月底法定/註冊股本總額： USD 70,000 FF301 第 1 頁 共 ...

Quantgroup Holding Limited 量化派控股有限公司 (Incorporated in the Cayman Islands with limited liability) （於開曼群島註冊成立的有限公司） (Stock Code: 2685) Dear non-registered shareholder(s), 30 January 2026 各位非登記股東： 以電子方式發布公司通訊之安排 根據自 2023 年 12 月 31 日起生效的擴大無紙化上市機制及以電子方式發布公司通訊規定下香港聯合交易所有限公司證券上市規則（「上市規則」）第 2.07A 條，量化派控股有限公司（「公司」）謹此通知 閣下，公司已採用以電子方式發布公司通訊（「公司通訊」）之安排，該公司通訊是指公司為 向其任何證券持有人提供資訊或提醒其採取行動而發布或將要發布的任何文件，包括但不限於(a) 董事報告、年度帳目以及審計報告副本以及（如適用） 財務摘要報告； (b) 中期報告及其中期報告摘要（如適用）； (c) 會議通知； (d) 上市文件； (e) 通函和 (f) 委任表格。 Arrangement of Elec ...

30 January 2026 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 dissemination of corporate communications that came into effect on 31 December 2023, Quantgroup Holding Limited (the "Company") is writing to inform you that the Company has adopted electronic dissemination of corporate communic ...

Core Viewpoint - The rise of digital consumption has led to the proliferation of organized and chain-like illegal activities in the black and gray industry, posing threats to market order and consumer safety [1] Group 1: Company Initiatives - The company adheres to a "zero tolerance" principle against black and gray market activities, focusing on user rights protection and platform security governance [1] - The company is enhancing its e-commerce platform governance by leveraging supply chain, AI, and digital technology capabilities [2] - The company has established a dynamic closed-loop management system for data security, involving internal teams and external third-party assessments [2] Group 2: Collaboration with Law Enforcement - The company actively collaborates with law enforcement to combat black and gray market activities, providing critical case investigation leads [3] - Recent examples include the identification of fraudulent activities related to impersonating customer service and sending recovery messages, with evidence collected and shared with police [3] - The company emphasizes that combating black and gray market activities is a long-term systematic project, maintaining a compliance-first approach [3] Group 3: Consumer Awareness - The company advises consumers to enhance their security awareness and be cautious of inducements related to "cash recovery" and "operational order monetization" [4] - Consumers are encouraged to verify unusual situations through official channels and retain evidence for potential legal action [4] - The company commits to supporting customers in reporting incidents and collaborating with law enforcement to ensure customer fund safety [4]

Group 1 - The core message of the news is the release of the "2025 Hurun China AI Companies Top 50" list, aimed at identifying leading AI enterprises in China and supporting the transition from an "AI application powerhouse" to an "AI innovation powerhouse" [1][4] - The list includes notable companies such as Quantipai, Cambricon, iFlytek, SenseTime, and others, highlighting their contributions to AI technology and commercialization [1][4] - The ranking criteria for the list are based on company valuation/market capitalization, with an entry threshold of 9.5 billion RMB, which is an increase of 3.5 billion RMB from the previous year [5] Group 2 - Quantipai, established in 2014, focuses on digital-driven solutions in the consumer sector and aims to provide intelligent and precise consumer experiences through its self-developed AI technology platform [3] - The average value of the companies on the list is 54 billion RMB, which is 2.4 times higher than the previous year, indicating significant growth in the AI sector [5] - The report emphasizes the importance of core technology and practical application capabilities for companies to stand out in the AI industry, suggesting that AI will evolve into a fundamental infrastructure for society [4][6]

Core Insights - The article discusses the shift of several lending platforms towards "installment malls" as a new business model following regulatory crackdowns on previous high-interest lending practices. However, significant price markups on products have been observed, leading to higher costs for consumers compared to market prices [2][3][4]. Group 1: Business Model and Pricing - Multiple lending platforms, including Xiaoxiang Youpin and Yangxiaomiao, are entering the installment mall business, with high-demand products like iPhones and premium liquor often priced above market rates [3][4]. - For instance, an iPhone 17 Pro priced at 17,000 yuan in a non-installment sale costs 18,000 yuan when purchased in installments, while the same product is available for 14,000 yuan on mainstream e-commerce platforms, indicating a markup of over 4,000 yuan [3]. - The pricing discrepancies are widespread, with some products showing price differences of 200 to 400 yuan compared to major e-commerce sites [3][4]. Group 2: Consumer Experience and Feedback - Users have reported that after purchasing items through these platforms, they are often contacted by third-party recyclers offering to buy back the products at a significant discount, effectively creating a "sales-recovery" loop [4][6]. - For example, a consumer reported paying 5,257 yuan for gold on one platform but only receiving 4,140 yuan upon attempting to sell it back [4][6]. - The platforms often do not directly engage in recovery services, yet a hidden recovery chain has emerged, raising concerns about consumer privacy and the potential for disguised cash lending [6][8]. Group 3: Regulatory and Compliance Challenges - Industry analysts warn that if these installment malls are deemed to be lending under the guise of consumer sales, they could face regulatory shutdowns, and associated licensed institutions may also be held accountable [2][5]. - The legal landscape is evolving, with courts beginning to reject high-markup installment models, as seen in a case where a court ruled against a platform for charging excessive fees on a product priced above market value [16]. - Compliance is a critical consideration for these platforms, with many focusing on aligning product pricing with market levels to avoid regulatory scrutiny [5][16]. Group 4: Financial Performance and Profitability - The operational entities behind these installment malls are often linked to lending businesses, with some platforms showing significant revenue growth after transitioning to this model. For instance, a company reported revenue growth from 475 million yuan in 2022 to 530 million yuan in 2023, with projections of nearly 1 billion yuan by 2024 [9][13]. - The gross margins for some platforms remain high, with one platform reporting gross margins of 88.1% to 97.5% from 2022 to 2025 [11][13]. - The profitability is driven by both the markup on self-operated products and commissions from third-party sellers, with average commission rates ranging from 1% to 5% [13][14].

Core Viewpoint - The rise of installment shopping malls is seen as a new direction for many lending platforms after regulatory crackdowns on previous high-interest lending models. However, significant price premiums on products have been reported, leading to consumer costs that far exceed market levels [1][2]. Group 1: Industry Trends - Multiple lending platforms, including Xiaoxiang Youpin, Yangxiaomiao, and Taoduoduo, are entering the installment shopping mall business, which has gained public attention due to concentrated complaints [2]. - High liquidity products like iPhones and premium liquor are commonly sold at these malls, often at prices significantly above market rates. For instance, an iPhone 17 Pro is priced at 18,000 yuan in installments, while the same product costs only 14,000 yuan on mainstream e-commerce platforms, showing a price difference of over 4,000 yuan [2]. - The industry is shifting towards installment malls as a response to stricter regulations and pressure on traditional lending models, with many platforms actively researching and implementing this business model [3][4]. Group 2: Pricing and Profitability - There is a widespread phenomenon of price premiums in installment malls, with some platforms charging significantly more than competitors. For example, a well-known liquor brand is priced at 1,752 yuan in installments on one platform, compared to 1,364 yuan on a leading e-commerce site [2]. - Platforms are also using membership services to indirectly increase profits, such as Xiaoxiang Youpin's "Plus Platinum Membership," which charges a monthly fee for reduced service fees during installments [3]. - The average gross margin for platforms like Yangxiaomiao has remained high, with reported margins of 88.1% in 2022 and projected to reach 96.7% in the first five months of 2025 [10]. Group 3: Compliance and Regulatory Challenges - The industry faces significant compliance challenges, as high pricing models may be interpreted as disguised lending practices. Regulatory scrutiny is increasing, and platforms must ensure that product pricing aligns closely with market levels to avoid complaints and regulatory action [1][4][15]. - The emergence of a hidden recovery chain, where third-party recovery agents contact consumers post-purchase, raises concerns about consumer privacy and the potential for facilitating cash-out transactions [6][7]. - Legal precedents are beginning to challenge high-price installment models, with courts ruling against platforms that impose excessive fees on overpriced products, indicating a need for compliance-focused business designs [15].

Core Viewpoint - Quantitative Group (2685.HK) experienced a rise of over 7%, reaching a peak of 36.16 HKD, following the announcement of the "Golden Bridge Award" results, highlighting the company's strong performance and recognition in the market [1] Group 1: Awards and Recognition - Quantitative Group was awarded "Outstanding Shareholder Return Enterprise" due to its stable operational performance, clear long-term development strategy, and continuous focus on shareholder returns [1] - Dr. Zhou Hao, the founder and CEO of Quantitative Group, was recognized as "Outstanding Leader in Technological Innovation," reflecting the capital market's high regard for the company's comprehensive strength and technological innovation capabilities [1] Group 2: Company Mission and Future Plans - The company has been deeply engaged in the digitalization of consumer sectors in China for over a decade, adhering to the mission of "Digital Drives the World, Intelligence Lights Up Life" [1] - Moving forward, Quantitative Group will continue to focus on the main channel of consumer digitalization, deepen technological innovation, and promote standardized governance, aiming to share sustainable long-term results with shareholders and partners [1]

Core Viewpoint - As of January 15, a total of 105 stocks reached their 52-week highs, with notable performers including 德莱建业 (01546), 东曜药业－Ｂ (01875), and 大森控股 (01580) achieving high rates of 78.00%, 51.36%, and 37.61% respectively [1]. Summary by Category 52-Week Highs - 德莱建业 (01546) closed at 0.355, with a peak of 0.445, marking a high rate of 78.00% [1]. - 东曜药业－Ｂ (01875) closed at 4.190, reaching a high of 4.450, with a high rate of 51.36% [1]. - 大森控股 (01580) closed at 0.275, with a peak of 0.300, achieving a high rate of 37.61% [1]. - 顺兴集团控股 (01637) and 怡园酒业 (08146) also showed significant increases, with high rates of 36.36% and 24.74% respectively [1]. Additional Notable Stocks - JBB BUILDERS (01903) reached a high rate of 24.12% with a closing price of 2.830 [1]. - 天臣控股 (01201) and 江苏创新 (02116) had high rates of 15.38% and 15.00% respectively [1]. - 万国黄金集团 (03939) and 竣球控股 (01481) also performed well, with high rates of 12.95% and 12.44% respectively [1]. 52-Week Lows - The report also noted stocks reaching 52-week lows, with 天彩控股 (03882) showing a low rate of -14.42% [3]. - 中国智慧能源 (01004) and 基石控股 (01592) followed with low rates of -13.64% and -12.86% respectively [3]. - 弘毅文化集团－旧 (02990) and 中原建业 (09982) also reported significant declines of -9.09% and -6.06% respectively [3].

Group 1 - The core viewpoint of the article emphasizes that businesses must embrace social responsibility as a fundamental aspect of their operations, defining their value in the modern era [1][3] - The "Zhen Shan Award," initiated by Shanghai Media Group and Zhitong Finance, recognizes exemplary figures and companies in the realm of socially responsible business practices, with Zhou Hao of Quantitative Group being awarded the "Annual Zhen Shan Leader" for his contributions to charity and innovative approaches in the sector [1][3] - Zhou Hao's leadership philosophy, which integrates social responsibility into the core of Quantitative Group's operations since its establishment in 2014, has been acknowledged by the industry, particularly highlighted during the company's recent listing on the Hong Kong Stock Exchange [3][4] Group 2 - Quantitative Group focuses on the Chinese consumer market, operating in e-commerce and O2O automotive retail, creating an efficient integration system for users, products/services, and consumption scenarios, thereby generating continuous growth and collaborative value for business partners [4] - The company’s approach to business emphasizes that true social responsibility is not merely a combination of charity and business but involves embedding goodwill into every decision and growth opportunity, thereby delivering economic value while also contributing positively to society [4]