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 或任何部份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。 （於開曼群島註冊成立的有限公司） （股份代號：3686） 須予披露交易： 投資於未分配金條 於2026年1月26日，本集團通過動用部分白銀出售事項所得款項透過該銀行下 達指令購買合共800安士未分配金條，對價約為31.9百 萬 港 元（即 人 民 幣28.6百 萬 元），而 有 關 指 令 已 於 同 日 進 行 配 對。投 資 預 期 將 於2026年1月28日完成，而 上述對價預期將由本公司於結算時以現金支付。 由於根據上市規則第14章有關投資對價計算的至少一項適用百分比率達5% 或以上但少於25%，故根據上市規則第14章，投資構成本公司的須予披露交易， 並須遵守上市規則項下的相關申報及公告規定，惟獲豁免遵守股東批准規定。 – 1 – 茲提述(i)本公司日期為2026年1月9日 的 公 告（「1月9日公告」），內 容 有 關 本 集 團 於2026年1月9日出售合共400,000安 士 未 分 配 ...

Core Viewpoint - The company, Qifu Life Services (03686), has successfully completed the sale of an additional 280,000 ounces of unallocated silver bars, receiving total proceeds of approximately RMB 161.7 million [1]. Group 1 - The company announced the directive to sell an additional 280,000 ounces of unallocated silver bars [1]. - The sale was completed on January 14, 2026 [1]. - The total settlement amount received from the sale was approximately RMB 161.7 million [1].

Core Viewpoint - The company, Qifu Life Services (03686), has announced the completion of the sale of an additional 280,000 ounces of unsold silver bars, resulting in total proceeds of approximately RMB 161.7 million [1] Group 1 - The company issued a directive to sell an additional 280,000 ounces of unsold silver bars [1] - The sale was completed on January 14, 2026 [1] - The total settlement amount received from the sale is approximately RMB 161.7 million [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 或任何部份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。 完成有關進一步出售銀條的 主要交易 茲提述本公司日期為2026年1月12日 的 公 告（「1月12日公告」），內 容 有 關 本 集 團 下達指令出售額外280,000安 士 的 未 分 配 銀 條（「後續出售事項」）。除 文 義 另 有 所 指外，本公告所用詞彙應與1月12日公告所界定者具有相同涵義。 CLIFFORD MODERN LIVING HOLDINGS LIMITED 祈福生活服務控股有限公司 （於開曼群島註冊成立的有限公司） （股份代號：3686） 完成主要交易 董 事 會 欣 然 宣 佈，於2026年1月14日，後 續 出 售 事 項 已 完 成，而 本 集 團 已 收 訖 全 部銷售所得款項約人民幣161.7百萬元的結算。 上市規則的涵義 香港，2026年1月14日 於 本 公 告 日 期，董 事 會 成 員 包 括 執 行 董 事 孟 麗 紅 女 士、何 淑 媚 女 士 及 劉 振 ...

Core Viewpoint - The company, Qifu Life Services, has successfully leveraged silver investments to generate significant profits, compensating for lackluster performance in its core business areas [2][5]. Group 1: Silver Investment Performance - Over the past five years, Qifu Life Services has achieved nearly 300 million yuan in profits from silver investments [2]. - The company announced two recent silver sales totaling 68,000 ounces, generating approximately 3.88 billion yuan in revenue, with expected profits of 1.431 billion yuan and 1.035 billion yuan from each transaction respectively [2]. - The investment strategy involved buying low and selling high, starting in 2020 with a total acquisition of 800,000 ounces of silver at a cost of about 1.025 billion yuan, with a fair value increase to 1.383 billion yuan by the end of 2020 [3]. Group 2: Financial Management and Future Outlook - The silver investment has become an integral part of the company's financial management, with the fair value of holdings reaching 1.413 billion yuan by the end of 2024, accounting for over 23% of total assets [3]. - The company remains optimistic about the investment banking sector, citing geopolitical tensions and ongoing industrial demand as key drivers for silver's dual appeal as an industrial metal and a safe-haven asset [3]. - By mid-2025, the fair value of the 680,000 ounces of silver held had increased to 1.75 billion yuan, contributing approximately 338.3 million yuan to the company's profits [3]. Group 3: Overall Financial Impact - Since 2026, silver prices have continued to rise, with recent sales achieving an average price exceeding 560 yuan per ounce, representing a 180% increase from the previous purchase price of around 200 yuan [4]. - Cumulatively, Qifu Life Services has invested approximately 1.81 billion yuan in silver, with total cash inflows from sales amounting to about 4.67 billion yuan, resulting in an estimated profit of 2.86 billion yuan from silver investments [4].

Core Viewpoint - The article discusses the investment strategy of Qifu Life Services (03686.HK), highlighting its significant gains from silver investments amidst a challenging main business environment [3][6]. Investment Performance - Over the past five years, Qifu Life Services has achieved nearly 300 million yuan in profits from silver investments [3]. - The company recently announced two silver sales transactions totaling approximately 226 million yuan and 162 million yuan, with expected profits of 143.1 million yuan and 103.5 million yuan respectively [3][4]. - The investment in silver began in 2020, with a total purchase of 800,000 ounces at a cost of about 102.5 million yuan, resulting in a fair value increase to approximately 138.3 million yuan by the end of 2020 [4][5]. Sales and Profitability - In 2022, Qifu Life Services sold 500,000 ounces of silver for a total of about 79 million yuan, achieving a selling price of 158 yuan per ounce, which is a 30% increase from the purchase price [5]. - By 2024, the company purchased an additional 380,000 ounces at a cost of about 205 yuan per ounce, with a total holding of 680,000 ounces valued at approximately 141.3 million yuan, representing over 23% of the company's total assets [5][6]. Market Outlook - The company maintains an optimistic outlook on silver investments due to geopolitical tensions and ongoing industry demand, viewing silver as both an industrial metal and a safe-haven asset [5][6]. - As of mid-2025, the fair value of the silver holdings increased to 175 million yuan, contributing to a profit of 33.83 million yuan for the period [6]. Business Context - Qifu Life Services' main business includes property management and retail, managing an area of approximately 10.18 million square meters. The company has faced pressure on its performance due to the real estate market, with annual net profits below 100 million yuan since 2021 [6].

Core Viewpoint - The company has successfully leveraged silver investments to generate significant profits, compensating for its underperforming core business, which has seen annual profits below 100 million since 2021 [1][3]. Group 1: Investment Strategy - The company began investing in silver in 2020, utilizing idle funds to purchase a total of 800,000 ounces of silver at a cost of approximately 102.5 million [2]. - The average purchase price was about 128 RMB per ounce, while the fair value of the investment increased to approximately 138.3 million by the end of 2020 [2]. - The company executed several sales of silver, including selling 500,000 ounces in 2022 for a total of about 79 million, achieving a selling price of 158 RMB per ounce, which represented a 30% increase from the purchase price [2]. Group 2: Financial Performance - By mid-2025, the fair value of the remaining 680,000 ounces of silver held by the company had risen to approximately 175 million, contributing to a profit of about 33.83 million for that period [2]. - The company’s total investment in silver amounted to approximately 181 million, with total cash inflows from sales reaching about 467 million, resulting in an estimated profit of 286 million from silver investments over five years [3]. - The company’s main business, including property management and retail, has been under pressure due to the real estate market, with net profits consistently below 100 million since 2021 [3].

Core Viewpoint - Qifu Life Service has adopted a unique profit path by generating significant investment returns through silver trading, which has substantially boosted its financial performance in a challenging real estate market [1][5]. Group 1: Investment Performance - The company made a profit of approximately 2.47 billion yuan from two silver trading transactions, which is 2.53 times its projected net profit for the entire year of 2024 [1][5]. - On January 12, the company announced a transaction involving 280,000 ounces of silver bars for about 162 million yuan, expecting a profit of 104 million yuan [2]. - Previously, on January 9, the company completed a sale of 400,000 ounces of silver bars, realizing a profit of 143 million yuan [2]. Group 2: Market Strategy - Qifu Life Service has sold approximately 21.15 tons of silver bars, achieving a total investment return of about 2.47 billion yuan [5]. - The company began its silver trading strategy in 2020, purchasing 800,000 ounces of silver bars at an average cost of 128.75 yuan per ounce, which laid the groundwork for future profits [7]. - The company decided to liquidate its silver holdings due to favorable market conditions, as indicated by the recent peak prices [11]. Group 3: Business Context - The company operates in a challenging real estate environment, with its managed area of only 10.18 million square meters, significantly smaller than major competitors [15]. - Qifu Life Service's revenue sources are diverse, including property management and retail, but the overall revenue has declined, with a reported 11.6% drop in the first half of 2025 [19]. - The investment in silver has become a crucial strategy to alleviate pressure from declining core business revenues, raising questions about the sustainability of relying on investment profits rather than operational income [19][20].

Core Viewpoint - Qifu Life Service has adopted a unique profit path by generating significant investment income through silver trading, which has become a crucial financial strategy amid challenges in its core business operations [1][9]. Group 1: Investment Strategy - The company made two major silver transactions, earning approximately 2.47 billion yuan, which is 2.53 times its projected net profit for 2024 [1][4]. - On January 12, the company announced the purchase of 280,000 ounces of silver bars for about 162 million yuan, expecting a profit of 104 million yuan [4]. - Previously, on January 9, the company completed a sale of 400,000 ounces of silver bars, realizing a profit of 143 million yuan [4][6]. Group 2: Historical Context - Qifu Life Service began its silver trading in February 2020, purchasing 800,000 ounces of silver bars for a total of 103 million yuan, with an average cost of 128.75 yuan per ounce [5]. - In 2021, the company faced a fair value loss of approximately 21.24 million yuan on its silver holdings but managed to recover by selling 500,000 ounces in 2022 for 79.05 million yuan [5]. Group 3: Business Performance - The company has a relatively small managed area of 10.18 million square meters compared to larger competitors, which limits its growth potential [9]. - For the first half of 2025, the company's total revenue was 161 million yuan, a year-on-year decline of approximately 11.6%, with various business segments showing inconsistent performance [10]. - The retail service segment, which is the largest revenue contributor, saw a slight decline of 1.1% in revenue, while other segments like information technology services and ancillary living services experienced significant drops [10]. Group 4: Market Implications - The investment strategy of Qifu Life Service reflects a broader trend among property management companies seeking alternative revenue sources amid a slowdown in the real estate sector [4][9]. - Experts suggest that while such investment strategies can enhance financial performance, they may also divert focus from core business innovation and long-term competitiveness [10].

Core Viewpoint - The company Qifu Life Service has successfully generated significant profits through silver trading, which has become a crucial part of its financial strategy amid challenges in its core property management business [2][10]. Group 1: Company Performance and Strategy - Qifu Life Service reported a profit of 247 million yuan from two silver trading transactions, which is 2.53 times its projected net profit for 2024 of 97.54 million yuan [2][3]. - The company sold approximately 21.15 tons of silver bars, achieving a total investment return of about 247 million yuan [6]. - The company’s investment in silver began in 2020, with an initial purchase of 800,000 ounces at an average cost of 128.75 yuan per ounce, setting the stage for future profits [8]. Group 2: Recent Transactions - On January 9, the company sold 400,000 ounces of silver for 226 million yuan, and on January 12, it sold an additional 280,000 ounces for 162 million yuan, with average selling prices of 565.5 yuan and 577.5 yuan per ounce, respectively [8][10]. - Following these transactions, the company's stock price rose significantly, with an increase of 8.64% on January 12 and an additional 4.55% on January 13 [10]. Group 3: Market Context and Challenges - The company operates in a challenging environment, with its core business facing growth bottlenecks, leading to a strategic shift towards investment in silver to alleviate financial pressure [14][16]. - The overall revenue for the first half of 2025 was 161 million yuan, a decline of approximately 11.6% year-on-year, indicating struggles in its primary business segments [16]. - The company’s diverse revenue sources include property management, retail, and technology services, but many of these segments have shown inconsistent performance [16]. Group 4: Industry Insights - Analysts suggest that while Qifu Life Service's silver trading success is notable, it may not be replicable for other small to medium-sized property companies, which should focus on managing idle funds and exploring stable investment avenues [12][13]. - The trend of property companies investing heavily in financial markets raises questions about the balance between financial returns and core business innovation, highlighting the need for a strategic approach to fund allocation [17].