Core Viewpoint - The emergence of RWA (Real World Assets) in the fashion industry marks a significant shift, with Yinger Fashion becoming the first company in China's fashion sector to embrace RWA through a strategic partnership with Derlin Holdings, aiming to enhance brand value and financing channels [1][2]. Group 1: Financing Channels and Brand Value - RWA provides an innovative financing channel based on actual business revenue, utilizing blockchain technology to digitize and financialize assets, thereby enhancing liquidity and transaction efficiency [2]. - Yinger Fashion's partnership with Derlin Holdings allows for greater flexibility in expansion, supporting brand building and channel upgrades, crucial for maintaining its leading position in the light luxury market [2]. - Derlin Holdings, as a licensed broker with experience in RWA, strengthens the financing process for Yinger Fashion, facilitating a "brand elevation" through this collaboration [2]. Group 2: NEXY.CO Brand Potential - NEXY.CO, a light luxury women's wear brand under Yinger Fashion, has surpassed 1 billion in annual revenue and is positioned to become a leading brand in the Chinese light luxury sector [4][5]. - The brand focuses on stylish workplace attire and has a strong market presence, with 226 stores opened in high-end malls and a revenue contribution of 15.60% in the first half of the year [4][5]. - Yinger Fashion's multi-brand operational capability and strategic upgrades provide a solid foundation for NEXY.CO's growth and market expansion [5]. Group 3: Valuation Reassessment Catalyst - The capital market shows strong recognition and confidence in the value of the RWA sector, with companies actively engaging in RWA witnessing positive stock performance [6]. - Yinger Fashion, as the first RWA company in the fashion industry, solidifies its leading position and is expected to benefit from a scarcity premium and first-mover advantage in valuation [7]. - Currently, Yinger Fashion's valuation is low, with a price-to-earnings ratio of 10.75, significantly below the industry average of 23.09, indicating substantial room for valuation recovery [7][9].

Core Viewpoint - Derin Holdings (01709) and Winner Fashion (03709) have entered into a strategic cooperation and investment agreement, focusing on a tokenization plan for RWA [1] Group 1: Strategic Cooperation and Investment Agreement - The agreement was signed on September 12, 2025, with Derin Holdings conditionally agreeing to subscribe for shares at the subscription price upon completion [1] - Winner Fashion conditionally agrees to issue and allot subscription shares at the subscription price [1] - The subscription shares represent approximately 0.65% of Winner's existing issued share capital as of the date of the announcement [1] Group 2: Financial Details - The total amount raised from the subscription will be HKD 29.9 million, with the estimated net proceeds being HKD 29.6 million after deducting applicable costs and expenses [1] - Winner intends to use the net proceeds for general working capital [1] Group 3: Tokenization Framework - The strategic cooperation includes a framework for the tokenization of distributable profits intended for Winner's shareholders, calculated based on 10% of the audited revenue of Winner's main brand, NEXY.CO, for the fiscal year ending December 31, 2025 [1] - Final agreements will be negotiated, with further announcements to be made as necessary [1]

Core Viewpoint - Derlin Holdings (01709) and Winner Fashion (03709) have entered into a strategic cooperation and investment agreement, with a focus on a tokenization plan for RWA [1] Group 1: Strategic Cooperation and Investment Agreement - The agreement is set to be completed on September 12, 2025, where Derlin Holdings conditionally agrees to subscribe for shares at the subscription price, and Winner conditionally agrees to issue shares at the same price [1] - The subscribed shares will represent approximately 0.65% of Winner's existing issued share capital as of the announcement date, and will also represent about 0.65% of the enlarged issued share capital after the issuance [1] Group 2: Financial Details - The total amount raised from the subscription will be HKD 29.9 million, with the estimated net proceeds after costs being HKD 29.6 million [1] - Winner intends to use the net proceeds for general working capital [1] Group 3: Tokenization Framework - The strategic cooperation includes an agreement on a framework for the tokenization of a portion of distributable profits intended for Winner's shareholders, calculated based on 10% of the audited revenue of Winner's main brand, NEXY.CO, for the fiscal year ending December 31, 2025 [1] - Final agreements will be negotiated, with further announcements to be made as necessary [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聯合公告的內容 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 聯合公告全部或任何部分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。 本聯合公告僅供參考，並不構成收購、購買或認購贏家時尚控股有限公司或 德林控股集團有限公司任何證券的邀請或要約。 （ 於 開 曼 群 島 註 冊 成 立 之 有 限 公 司 ） （股份代號：3709） EEKA Fashion Holdings Limited 贏 家 時 尚 控 股 有 限 公 司 DL HOLDINGS GROUP LIMITED 德林控股集團有限公司 （ 於 開 曼 群 島 註 冊 成 立 的 有 限 公 司 ） （股份代號：1709） 聯合公告 戰略合作及根據一般授權 發行新贏家股份 須予披露交易－戰略合作及 認購新贏家股份 戰略合作及投資協議 贏家董事會與德林控股董事會欣然宣佈，於2025年9月12日（交易時段結束 後），贏家與德林控股訂立戰略合作及投資協議，據此，(i)德林控股有條件同 意於完成日期按認購價認購認購股份，而贏家有條件同意按認購價配發及 發行認購股份；及 ...

Core Viewpoint - The company is expected to stabilize its terminal retail performance by 2025, with a focus on controlling discounts and expenses, leading to a potential recovery in profitability. Additionally, the company emphasizes shareholder returns, planning to increase its annual dividend payout ratio from over 50% to 60-70% in the next 2-3 years, while currently trading at a PE of only 8X [1][3]. Group 1: Financial Performance - The company is projected to experience a decline in revenue of 4.7% to 6.589 billion yuan in 2024 due to weakened terminal consumption, but it is actively optimizing operational efficiency, resulting in a gross margin increase of 0.8 percentage points to 76.4% [2]. - The forecasted net profit for the parent company from 2025 to 2027 is 613 million, 702 million, and 796 million yuan, representing year-on-year growth of 31%, 14%, and 13% respectively, with corresponding PE ratios of 8, 7, and 6 times [1]. Group 2: Market Position and Strategy - The company has established a mature multi-brand matrix in the mid-to-high-end women's clothing sector, with core brands Koradior and NAERSI accounting for over 50% of revenue. The compound annual growth rates (CAGR) for revenue and net profit from 2018 to 2023 were 22% and 25% respectively, indicating strong growth momentum [2]. - The mid-to-high-end women's clothing market in China is projected to reach a scale of 1.06 trillion yuan in 2024, with a year-on-year growth of 1.48%. The market remains relatively fragmented, with a CR10 of only 7.9% [2]. - The company is implementing a "superior product system" strategy, focusing on streamlining SKUs and enhancing product quality through over 300 creative design series annually, while also optimizing its offline store network and expanding online sales channels [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 截至月份: 2025年8月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 贏家時尚控股有限公司 呈交日期: 2025年9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) | 03709 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 1,500,000,000 | HKD | | 0.01 | HKD | | 15,000,000 | | 增加 / 減少 (-) | | | | | | | HKD | | | | 本月底結存 | | | 1,500,000,000 | HKD | | 0.01 | HKD | | 15,000,000 | 本月底法定/註冊股本 ...

Group 1: Central-Local Fiscal Relations - The report discusses the historical, current, and future analysis of central-local fiscal relations, indicating that reforms may focus on cultivating local tax sources, moderately centralizing fiscal responsibilities, and promoting fiscal system reforms below the provincial level [5]. - It highlights that the macro tax burden is decreasing and land finance is waning, making it essential to cultivate new tax sources for local governments, with a projected increase in local revenue of approximately 209.3 billion yuan from consumption tax reforms [5]. - The report suggests that the central government may take on more fiscal responsibilities in areas with broader impacts, such as higher education, public health, and social security, to alleviate local fiscal pressures [5]. Group 2: Computer Industry - Cambrian Technology - Cambrian Technology reported a significant revenue increase of 4,348% year-on-year for H1 2025, reaching 28.81 billion yuan, with a net profit of 1.038 billion yuan, reflecting a 296% increase [9][10]. - The company maintained a gross margin of 55.88% in Q2 2025, indicating stable profitability despite rapid revenue growth, with expectations for strong cash flow and inventory recovery in Q3 [10][11]. - The report anticipates that the AI wave will significantly boost demand for computing power, with Cambrian positioned to benefit from increased domestic market share in the face of geopolitical challenges [11][12]. Group 3: Food and Beverage Industry - Nongfu Spring - Nongfu Spring reported a revenue of 25.622 billion yuan for H1 2025, a year-on-year increase of 15.6%, with a net profit of 7.622 billion yuan, up 22.1% [20]. - The company is expected to continue recovering market share in packaged water and is focused on innovation in beverage products, projecting net profits of 14.6 billion yuan by 2027 [20]. Group 4: Environmental Sector - Huahong Technology - Huahong Technology experienced significant profit growth in H1 2025, driven by improved cost control and the recovery of rare earth prices, with expectations for rapid growth as new capacities come online [21]. - The report maintains a "buy" rating, emphasizing the company's strong position in the recycling of rare earths and the anticipated demand from the automotive sector [21]. Group 5: Real Estate Sector - China Overseas Property - China Overseas Property reported a revenue increase of 3.7% in H1 2025, with a net profit of 7.69 billion yuan, reflecting a 4.3% growth [24]. - The company is focusing on optimizing its service structure and expanding its management area, with expectations for continued growth in the property management sector [25].

Core Viewpoint - The company reported a decline in revenue for the first half of 2025, but managed to achieve profit growth through effective cost control measures [1][2]. Revenue Performance - In H1 2025, the company achieved revenue of 3.104 billion yuan, a year-on-year decrease of 6.12%, primarily due to adjustments in offline store channels and overall domestic consumption pressure [1]. - The La Koradior brand saw revenue growth of 9.65% to 280 million yuan, while the main brand Koradior experienced a slight decline of 1.22% to 1.044 billion yuan [1]. - The company’s online channel revenue grew by 8.88% to 595 million yuan, accounting for 19.16% of total revenue, indicating resilience in online sales [1][2]. Profitability and Cost Management - The gross margin for H1 2025 was 76.41%, a slight increase of 0.11 percentage points, with the e-commerce channel gross margin rising by 2.28 percentage points to 63.40% [2]. - The company’s net profit for H1 2025 was 288 million yuan, a year-on-year increase of 3.19%, with a net profit margin of 9.26%, up 0.84 percentage points [2]. - Significant reductions in sales and administrative expenses contributed to improved profitability, with administrative expenses dropping from 99.48 million yuan to 5.34 million yuan due to decreased stock incentive costs [1][2]. Future Outlook - The company plans to deepen reforms focusing on "shaping clear brand power" and "excellent product power," expecting slight revenue improvement and profit elasticity in the second half of 2025 [3]. - EPS forecasts for 2025-2027 are projected at 0.84, 0.90, and 0.95 yuan, with corresponding PE ratios of 8.0, 7.5, and 7.1 times based on the closing price on August 22 [3].

Core Viewpoint - The company reported its mid-year performance for 2025, which met expectations, with a revenue of 3.104 billion yuan, a year-on-year decrease of 6.1%, and a net profit attributable to shareholders of 289 million yuan, a year-on-year increase of 2.2% due to significant reductions in share-based compensation expenses [1] Group 1: Brand Performance - Among the main brands, Koradior saw a slight revenue decline of 1.2% to 1.04 billion yuan, accounting for 33.6% of total revenue, with a net reduction of 22 stores to 654 [1] - NAERSI's revenue decreased by 10.9% to 655 million yuan, representing 21.1% of total revenue, with a net reduction of 11 stores to 425 [1] - La Koradior stood out with a revenue increase of 9.7% to 280 million yuan, despite a net reduction of 3 stores [1] Group 2: Channel Performance - E-commerce maintained steady growth for 12 consecutive years, with online revenue increasing by 8.9% to 595 million yuan, accounting for 19.2% of total revenue, and a gross margin increase of 2.3 percentage points to 63.4% [2] - The company optimized its offline store strategy, closing a net total of 74 stores, bringing the total to 1,765, with a direct retail revenue decrease of 7.7% to 2.431 billion yuan, accounting for 78.3% of total revenue [3] Group 3: Financial Performance - The company achieved a significant increase in net cash flow from operating activities, reaching 896 million yuan, a year-on-year growth of 98.3% [4] - The overall gross margin remained stable at 76.4%, with a notable reduction in selling and distribution expenses by 8.1% [3] - The net profit margin attributable to shareholders increased by 0.8 percentage points to 9.3% due to improved operating profit and reduced share-based compensation expenses [3] Group 4: Future Outlook - The company aims to establish itself as a leading Chinese light luxury brand management group, with expectations for stronger growth momentum under new positioning and management upgrades [4] - Profit forecasts for 2025-2027 have been adjusted downwards, with expected net profits of 510 million, 550 million, and 590 million yuan respectively [4] - The company is compared to peers in the mid-to-high-end women's wear sector, with a target price-to-earnings ratio of 10 times, indicating a potential upside of 13% from the current market value [4]

Core Viewpoint - The company demonstrated stable performance in H1 2025 with a revenue of 3.1 billion and a net profit of 290 million, showing a year-on-year decline in revenue but an increase in net profit [1] Financial Performance - In H1 2025, the company's revenue and net profit were 3.1 billion and 290 million respectively, reflecting a year-on-year change of -6% and +2% [1] - The gross profit margin increased by 0.1 percentage points to 76.4%, while the sales expense ratio decreased by 1.2 percentage points to 56.3%, and the management expense ratio decreased by 1.1 percentage points to 10.1%, resulting in a net profit margin increase of 0.8 percentage points to 9.3% [1] Brand Performance - Brand performance varied, with La Koradior showing steady growth, while Koradior and NEXY.CO remained relatively stable. The company has eight high-end women's wear brands that complement each other in market positioning and pricing [2] - Specific brand revenues for H1 2025 include: Koradior at 1.04 billion (-1% YoY), NAERSI at 650 million (-11% YoY), NEXY.CO at 480 million (-4% YoY), and La Koradior at 280 million (+10% YoY) [2] - The total number of SKUs decreased by 7.4% to 5,894, focusing resources on core styles [2] Channel Optimization - The company continues to optimize its channel structure, primarily focusing on direct sales. In H1 2025, revenue from direct sales, franchises, and e-commerce was 2.43 billion, 80 million, and 590 million respectively, with year-on-year changes of -8%, -38%, and +9% [3] - The number of direct stores decreased by 56 to 1,388, while franchise stores decreased by 18 to 377, with expectations for stable store numbers in H2 2025 [3] - Inventory turnover slowed down, with inventory amounting to 1.49 billion (+17% YoY) and turnover days increasing by 97 days to 376 days [3] Outlook for 2025 - For the full year of 2025, the company anticipates a potential decline in revenue due to changes in customer traffic and channel expansion plans [4] - However, the company aims to improve profit quality through cost control and efficiency optimization, expecting stable growth in net profit for the year [4] - The company is positioned as a leading player in the domestic mid-to-high-end women's wear market, with operational efficiency improvements expected to drive long-term performance growth [4]