Group 1 - The core viewpoint of the news is the strategic cooperation and investment agreement between Winner Fashion and Derlin Holdings regarding the RWA tokenization plan, which has led to significant stock price increases for both companies [1][2] - Winner Fashion's stock rose by 20.88% to HKD 9.67, while Derlin Holdings' stock increased by 5.14% to HKD 3.68 following the announcement [1] - The agreement includes a conditional commitment from Derlin Holdings to subscribe for shares at a specified price, which will represent approximately 0.65% of Winner Fashion's existing issued share capital [1] Group 2 - The total amount raised from the subscription will be HKD 29.9 million, with a net amount of approximately HKD 29.6 million after deducting applicable costs and expenses [1] - Winner Fashion plans to use the net proceeds from the subscription for general working capital [1] - The framework for tokenization will be based on 10% of the audited revenue of Winner Fashion's main brand, NEXY.CO, for the fiscal year ending December 31, 2025 [2]

Major Events - China Power (02380) plans to acquire a 31% stake in Dazhou Energy [1] - Shun Teng International Holdings (00932) received a 20% discount from Chairman Zhang Shaohui for a full acquisition offer [1] - Huajian Medical (01931) established a joint venture to deepen the global blockchain financial ecosystem strategy through the "ETHK" core brand [1] - Derin Holdings (01709) signed a strategic cooperation and investment agreement with Winner Fashion (03709) [1] - Dongwu Cement (00695) major shareholder Goldview intends to sell a total of 204 million shares, making Hong Kong Aviation the single largest shareholder [1] - CSPC Pharmaceutical Group (01093) received clinical trial approval for SYH2066 tablets in China [1] - GAC Group (02238) plans to issue up to 15 billion yuan in corporate bonds and 15 billion yuan in medium-term notes [1] - Huatai Securities (06886) plans to issue up to 6 billion yuan in corporate bonds [1] - Ark Health (06086) stated that the H2H conference news is not insider information and is unaware of the reason for the stock price increase [1] Financial Data - China Resources Land (01109) reported a cumulative contract sales amount of 136.8 billion yuan for the first eight months, a year-on-year decrease of 12.0% [1] - Yuexiu Property (00123) reported a cumulative contract sales amount of approximately 73.011 billion yuan for the first eight months, a year-on-year increase of approximately 3.7% [1] - Zhong An Online (06060) reported a total original insurance premium income of approximately 23.625 billion yuan for the first eight months, a year-on-year increase of 6.36% [1]

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 ...

本报告导读： 机构：国泰海通证券 研究员：盛开/赵博 投资要点： 首次覆盖给予"增持"评级。2024年受高费用投放及一次性股权激励费用影响，公司盈利承压；2025 年 随着费用回归常态，盈利有望修复。预计2025-2027 年归母净利润为6.13/7.02/7.96 亿元，同比 +31%/+14%/+13%，对应PE 为8/7/6 倍。综合PE 估值与PB 估值两种估值方法，取平均值10.3 元港币作 为目标价，给予"增持"评级。 2025 年盈利改善可期，持续高分红回馈股东。2025 年终端零售有望趋稳，公司严控折扣及费用，盈利 有望企稳回升，同时公司承诺持续高分红，未来2-3 年计划将年度分红率逐步提升至60%-70%。 风险提示：终端消费不及预期，渠道优化效果不及预期 2025 年终端零售有望企稳，公司严控折扣及费用，盈利有望企稳回升；同时公司注重股东回报，未来 2-3年年度分红率有望从 50%+提升至 60-70%，当前 PE仅 8X。 国内中高端女装龙头，多品牌矩阵成熟。公司深耕中高端女装行业多年，通过内生培育及外延并购构建 了覆盖不同风格与价格带的多品牌矩阵，核心品牌Koradior 与NAERS ...

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].