"年度创新力奖"旨在表彰资本市场最具有突破性、创新性的企业。创新是企业的核心竞争力，想要不 凡，就必须在技术研发、产品、商业模式等方面做出创新。本奖项从创新的广度、深度等多维度出发， 甄选出的企业都致力于探索前沿科技，开辟发展新路径，引领行业前行，推动社会进步。本次评选通过 定量数据分析和专家评审团等方式得出最终结果。 格隆汇以"全球视野，下注中国"为初衷，本次评选旨在打造出投资圈中最具参考价值的上市公司及独角 兽公司排行榜。此次"金格奖"上市公司评选覆盖港交所、上交所、深交所、纽交所、美国证券交易所、 纳斯达克证券交易所挂牌上市的全部上市公司及独角兽公司。 12月22日，格隆汇在线上举办"科技赋能·资本破局"分享会。本次分享会，备受瞩目的卓越公司评选榜 单将隆重揭晓，其中格隆汇"金格奖"年度卓越公司评选中，光峰科技(688007.SH)、康宁杰瑞制药- B(09966.HK)、KEEP(03650.HK)、迈瑞医疗(300760.SZ)、瑞和数智(03680.HK)、瑞声科技 (02018.HK)、三七互娱(002555.SZ)、通威股份(600438.SH)、星环科技-U(688031.SH)、云顶新耀 ...

Investment Rating - The report maintains a "Recommendation" rating for the consumer services industry, anticipating that the industry index will outperform the benchmark index by more than 5% in the next 3-6 months [42]. Core Insights - The official launch of the Hainan Free Trade Port's full island closure policy is expected to significantly boost the tourism and hotel sectors, leading to a surge in market expectations for Hainan tourism. There has been a substantial year-on-year increase in flight and hotel bookings for the New Year and Spring Festival holidays, particularly in Sanya, where the demand for cross-year travel is notably high. The hotel and tourism sectors have shown strong performance, leading the consumer services industry, reflecting positive market expectations for the long-term benefits of the closure policy [4][34]. - The report identifies several key investment opportunities, including hotels with balanced supply and demand, human resource services with clear industry trends, the duty-free sector benefiting from new policies, and internet platforms integrating online and offline operations [4]. Industry Basic Data - The consumer services industry consists of 55 listed companies with a total market capitalization of 498.804 billion yuan and a circulating market capitalization of 457.081 billion yuan [1]. Market Performance - The consumer services industry experienced a weekly increase of 2.66%, outperforming the overall A-share market, which saw a decline of 0.15%. The CSI 300 index also fell by 0.28%, while the consumer services index rose by 3.76% [7][24]. - The report highlights that the hotel sector saw a weekly increase of 2.70%, while the tourism and scenic areas sector increased by 3.42% [18]. Notable Announcements - Key announcements include a report from Beijing Human Resources showing a shareholding reduction by a major shareholder and a significant increase in revenue and net profit for China Education Holdings [30][32].

国泰海通证券指出，上半年KEEP在关键AI领域取得里程碑，包括：多智能体系统落地、AI教练核心功 能迭代、人工智能生成内容工作流革新；AI教练卡卡：据7月最新数据，AI核心日活用户(DAU)超15 万，AI饮食记录作为典型高频刚需场景展现出显著的留存优势，覆盖1/3的AI对话用户、次日留存率达 50%、对App DAU的留存率攀升至79%；广告业务重点打造城市路跑IP赛事K-MARS（城市K马）：借 势民间第一路跑口碑积累，精准定位跑步核心人群，通过系列赛从单场到多场的升级奠定规模化基础。 消息面上，12月18日，杭州市人大常委会召开新闻发布会通报，《杭州市全民健康促进条例》已经浙江 省人大常委会批准，将于明年1月1日起正式施行。在普及健康生活上，《条例》专门突出了体重管理， 通过多措并举、综合施策，促进居民科学管理体重。值得一提的是，体重管理是今年的热门话题。国家 卫健委主任雷海潮此前在民生专题记者会上花了7分钟时间谈体重管理，并表示国家卫健委等16个部委 已发布《"体重管理年"活动实施方案》。 KEEP(03650)涨超5%，截至发稿，涨5.38%，报4.11港元，成交额302.19万港元。 ...

每经AI快讯，KEEP(03650.HK)涨超5%，截至发稿涨5.38%，报4.11港元，成交额302.19万港元。 （文章来源：每日经济新闻） ...

国泰海通证券指出，上半年KEEP在关键AI领域取得里程碑，包括：多智能体系统落地、AI教练核心功 能迭代、人工智能生成内容工作流革新；AI教练卡卡：据7月最新数据，AI核心日活用户(DAU)超15 万，AI饮食记录作为典型高频刚需场景展现出显著的留存优势，覆盖1/3的AI对话用户、次日留存率达 50%、对App DAU的留存率攀升至79%；广告业务重点打造城市路跑IP赛事K-MARS（城市K马）：借 势民间第一路跑口碑积累，精准定位跑步核心人群，通过系列赛从单场到多场的升级奠定规模化基础。 智通财经APP获悉，KEEP(03650)涨超5%，截至发稿，涨5.38%，报4.11港元，成交额302.19万港元。 消息面上，12月18日，杭州市人大常委会召开新闻发布会通报，《杭州市全民健康促进条例》已经浙江 省人大常委会批准，将于明年1月1日起正式施行。在普及健康生活上，《条例》专门突出了体重管理， 通过多措并举、综合施策，促进居民科学管理体重。值得一提的是，体重管理是今年的热门话题。国家 卫健委主任雷海潮此前在民生专题记者会上花了7分钟时间谈体重管理，并表示国家卫健委等16个部委 已发布《"体重管理年"活动实施方 ...

Financing Scale Analysis - From 2014 to August 2025, the financing events and amounts in China's light food industry showed fluctuations, with a total of 34 events. The highest number of events occurred in 2016 (6 events), while 2019, 2024, and January-August 2025 had the least (1 event each). Overall, there was no significant upward or downward trend in the number of events [1] - The total financing amount reached 867 million yuan, with the highest amount in 2018 (203 million yuan) and the lowest in 2014 and 2022 (both 13 million yuan) [1] Mergers and Acquisitions - The current number of mergers and acquisitions in China's light food sector is very limited, with a notable event on September 20, 2022, when Anhong Capital announced the acquisition of 60% of Wagas from its founder, who will continue to manage daily operations. This collaboration aims to expand market presence and strengthen brand development, including product supply and menu research, as well as operational infrastructure [2] Industry Distribution - The distribution of enterprises in the light food industry is concentrated in economically developed regions with active consumer markets and well-established industrial chains, covering both domestic and international capital market listed entities [4] Industry Development History - The light food concept officially entered the Chinese market in 2013, gradually gaining public awareness and understanding. From 2015 to 2017, the industry experienced a critical phase of concentrated capital investment, leading to rapid growth. However, from 2018 to 2019, the industry faced a deep reshuffling period due to immature development models and market regulations, resulting in accelerated capital withdrawal and slowed growth [5][8] - Since 2020, the light food industry has entered a new development phase, driven by a significant increase in the number of supply-side enterprises and a shift in consumer dietary habits towards healthier and lighter options due to the pandemic. This dual push has led to unprecedented attention on the industry [5][8] Industry Development Stages - Brand Incubation (2013-2014): Light food began to enter the Chinese market, with initial consumer exposure [8] - Capital Intensive Investment Period (2015-2017): The industry saw a surge in capital investment, leading to rapid development [8] - Cooling Period (2018-2019): The industry faced a reshuffling phase due to immature development, resulting in quick capital withdrawal [8] - Rising Attention Period (2020-Present): The industry has regained momentum with a rapid increase in supply-side enterprises and changing consumer habits, leading to unprecedented focus [8]

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 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) | 03650 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | 1,000,000,000 | | USD | 0.00005 | USD | | 50,000 | | 增加 / 減少 (-) | | | 0 | | | USD | | 0 | | 本月底結存 | | | 1,000,000,000 | USD | | 0.00005 USD | | 50,000 | 本月底法定/註冊股本總額： USD 50,000 FF301 第 1 頁 共 12 頁 v 1.1.1 截至月份: 2025年11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: ...

Core Insights - The report highlights three core trends in the consumer services industry: "New Recovery, New Ecology, and New Supply" [6] - Structural factors are aiding certain sectors in stabilizing and improving operations, indicating a gradual recovery from the bottom [7] - The integration of online platforms with offline operations is reshaping the industry ecosystem, enhancing competition and operational efficiency [8] Industry Overview - The consumer services sector has seen a slight revenue increase of 2.57% year-on-year, totaling 183.23 billion yuan in the first three quarters of 2025, despite a 12.7% decline in net profit [20][22] - The sector's performance has been mixed, with tourism and education sectors showing significant growth, while the hotel and restaurant sectors faced slight declines [16][19] New Recovery - The hotel industry is experiencing a rebound due to increased tourism demand and a stabilization in average daily rates (ADR), with occupancy rates showing signs of improvement [31][57] - The Macau gaming market has shown strong recovery, with gross gaming revenue (GGR) reaching 24.086 billion MOP in October 2025, driven by non-gaming attractions [32][44] - The duty-free market is benefiting from policy optimizations, with sales in Hainan reaching 2.425 billion yuan in October 2025, reflecting a 34.86% year-on-year increase [32][38] New Ecology - Major players like Alibaba, Meituan, and JD.com are competing in the instant retail space, each leveraging their strengths to enhance online and offline integration [42] - The restaurant industry is witnessing a shift towards standardized and professional supply chains, with the chain restaurant rate increasing from 15% in 2020 to 23% in 2024 [46][48] New Supply - The tourism sector is transitioning from a "sightseeing + ticket" model to one focused on content innovation and immersive experiences, with companies like Sanxia Tourism and Haichang Ocean Park leading this change [50][53] - The sports industry is evolving to combine spectator and participatory sports, creating new social engagement opportunities through digital platforms [54] Investment Recommendations - Key recommendations include focusing on leading hotel chains like Jinjiang Hotels and ShouLai Hotels, and monitoring companies with strong supply chain advantages in the restaurant sector [6][8] - The report suggests that innovative companies in tourism, sports, and education sectors, particularly those utilizing AI and content innovation, are worth attention for potential growth [8][50]

Core Viewpoint - The company KEEP (03650) announced a share buyback plan, intending to repurchase 50,000 shares at a total cost of HKD 20.2 million, scheduled for November 20, 2025 [1] Group 1 - The total amount allocated for the share buyback is HKD 20.2 million [1] - The number of shares to be repurchased is 50,000 [1] - The buyback is set to occur on November 20, 2025 [1]

Core Viewpoint - KEEP (03650) announced a share buyback plan, intending to repurchase 50,000 shares at a cost of HKD 202,000 on November 20, 2025 [1] Summary by Category - **Company Actions** - KEEP plans to spend HKD 202,000 to buy back 50,000 shares [1]