NOTIFICATION LETTER 通知信函 Dear Non-Registered Holder (Note 1) , 26 September 2025 (Incorporated in the Cayman Islands with limited liability) （於開曼群島註冊成立的有限公司） （Stock Code：3709） （股份代號：3709） EEKA FASHION HOLDINGS LIMITED (the "Company") – Notice of publication of Interim Report 2025 (the "Current Corporate Communication") The English and Chinese versions of the Company's Current Corporate Communications are available on the Company's website at www.eekagroup.com and the website of The Stock Exchange of Hong Ko ...

(Incorporated in the Cayman Islands with limited liability) （於開曼群島註冊成立的有限公司） （Stock Code：3709） （股份代號：3709） NOTIFICATION LETTER 通知信函 Dear Registered Shareholder(s), EEKA FASHION HOLDINGS LIMITED (the "Company") – Notice of publication of Interim Report 2025 (the "Current Corporate Communication") Actionable Corporate Communications refer to any corporate communications that seek instructions from the Shareholders on how they wish to exercise their rights or make elections as Shareholders. 各位登記股東： 贏家時尚控股有限公司 ...

Financial Performance - Revenue for the six months ended June 30, 2025, was RMB 3,104,022 thousand, a decrease of 6.12% compared to RMB 3,306,372 thousand in 2024[13] - Gross profit for the same period was RMB 2,371,689 thousand, down 5.98% from RMB 2,522,618 thousand in 2024[13] - Net profit increased by 2.17% to RMB 288,987 thousand from RMB 282,853 thousand in 2024[13] - Basic earnings per share rose to RMB 42.6 from RMB 40.5 in 2024[13] - The gross profit margin improved slightly to 76.41% from 76.30% in 2024, while the net profit margin increased to 9.31% from 8.55%[13] - Total revenue for the reporting period was RMB 3,104.02 million, a decrease of 6.12% or RMB 202.35 million compared to RMB 3,306.37 million in the first half of 2024[51] - The net profit for the same period was RMB 282.85 million, compared to RMB 288.99 million in the previous year[16] - The company's basic earnings per share for the six months ended June 30, 2025, was 42.6 cents, reflecting a 5.19% increase[16] Cash Flow and Liquidity - Operating cash flow for the six months was RMB 895,859 thousand, a significant increase of 98.27% compared to RMB 451,831 thousand in 2024[13] - The company’s cash and cash equivalents amounted to RMB 489.39 million as of June 30, 2025, up from RMB 363.93 million as of December 31, 2024, with net cash inflow from operating activities increasing by 98.27% to RMB 895.86 million[79] - The company’s current ratio was 1.95 as of June 30, 2025, indicating a robust capital structure to support operational activities[78] - The company paid dividends of RMB 228,285,000 during the six months ended June 30, 2025, down from RMB 442,383,000 in the same period of 2024, a decrease of 48.34%[174] Market and Consumer Trends - The overall retail market for high-end women's clothing faced significant challenges, with major luxury brands experiencing double-digit negative growth[33] - The overall consumer confidence remains weak, contributing to the challenges faced in the luxury goods market[33] - Consumer confidence in China remains low, with expectations for household income growth at only 1.4% for 2025, down from 2.5% in 2024[50] - The luxury goods market is projected to decline by 2% to 5% globally in 2025, with Chinese luxury consumption experiencing negative growth for six consecutive quarters[49] Retail and E-commerce Performance - Direct retail store revenue for the reporting period was RMB 2,431.38 million, a year-on-year decrease of 7.69% due to reduced consumer spending and a shift towards online shopping[36] - Revenue from e-commerce platforms reached RMB 594.88 million, an increase of 8.88% year-on-year, accounting for 19.16% of total revenue[36] - The number of retail stores decreased from 1,839 as of December 31, 2024, to 1,765 as of June 30, 2025, reflecting the company's strategy to optimize its retail network[36] - Wholesale revenue to distributors fell by 38.32% to RMB 77.76 million from RMB 126.07 million year-over-year, attributed to low market confidence and insufficient consumer demand[54] Brand and Product Development - The company initiated a series of upgrades in brand promotion, product operations, supply chain management, and online channels to strengthen its positioning as a "light luxury brand management group"[40] - The group has developed a diverse portfolio of eight brands, including both proprietary and acquired brands, to meet various customer dressing needs[88] - Koradior's marketing strategy includes collaborations with celebrities and thematic events to enhance brand visibility and consumer engagement[94] - NAERSI celebrated its 30th anniversary with a themed show, highlighting its evolution and commitment to modern women's fashion[98] Corporate Governance and Shareholder Information - The company has maintained high standards of corporate governance, although the roles of Chairman and CEO are currently held by the same individual, Mr. Jin Ming[145] - The board will continue to review the separation of the roles of Chairman and CEO at an appropriate time[146] - Major shareholders include Koradior Investments Limited and Mayberry Marketing Limited, each holding 250,715,000 shares, which is 35.61% of the issued share capital[156] - The total equity held by the major shareholders and directors reflects a significant concentration of ownership, with BOS Trustee Limited holding 449,428,195 shares, or 63.83%[156]

Group 1 - Ant Group's CEO, Han Xinyi, stated that the company will not issue virtual currencies or engage in any form of speculation, emphasizing that compliance is the lifeline of innovation [2] - The Shanghai High People's Court successfully disposed of over 90,000 FIL coins, marking a significant step in the legal handling of virtual currencies in criminal cases [4] - Zhao Changpeng and Binance have donated over $40 million to charity, benefiting approximately 3.8 million people since 2018, showcasing the use of blockchain for transparency in philanthropy [5] Group 2 - Hong Kong's Chief Executive, John Lee, announced the implementation of a stablecoin issuer system, with the Hong Kong Monetary Authority promoting tokenized deposits and asset transactions [7] - Yunfeng Financial announced the issuance of its first Real-World Asset (RWA) project, marking a breakthrough in the integration of traditional finance and blockchain technology [9] - Winner Fashion and Derlin Holdings have reached a strategic cooperation agreement regarding RWA tokenization plans, indicating a growing trend in the fashion industry towards blockchain integration [6]

Market Overview - The Hong Kong stock market opened lower but rebounded, with the Hang Seng Index closing up 0.22% at 26,446.56 points and a total turnover of HKD 290.2 billion [1] - The Hang Seng China Enterprises Index rose 0.21% to 9,384.76 points, while the Hang Seng Tech Index increased by 0.91% to 6,043.61 points [1] Blue Chip Performance - WuXi Biologics (02269) led blue-chip stocks, rising 6.47% to HKD 38.84, contributing 13.66 points to the Hang Seng Index [2] - Other notable blue-chip performers included Li Auto-W (02015) up 4.56% and Nongfu Spring (09633) up 4.11% [2] Sector Highlights - The large technology stocks mostly rose, with Alibaba up over 2% and Kuaishou up 1% [3] - The lithium battery sector saw significant gains, with CATL (03750) surging 7% to a new high [3] - The pharmaceutical sector also performed well, with Jiangsu Hengrui Medicine (02617) skyrocketing 115% [3] Policy and Industry Developments - The National Development and Reform Commission and the National Energy Administration announced a plan to achieve a new energy storage capacity of over 180 million kilowatts by 2027, with an investment of approximately RMB 250 billion [4] - The Ministry of Industry and Information Technology released a plan for the automotive industry aiming for 32.3 million vehicle sales in 2025, with a focus on new energy vehicles [6] Stock Movements - Jiangsu Hengrui Medicine (02617) experienced a dramatic increase of 115.58%, reaching HKD 415 [8] - Lion Group (02562) surged 25.34% to HKD 19.24 after announcing a binding investment agreement in AI and blockchain [9] - Shanghai Fudan (01385) faced pressure, dropping 3.77% to HKD 37.82, following its inclusion in the U.S. entity list [11]

Core Viewpoint - Winner Fashion (3709.HK) experienced a significant intraday increase of 37.25%, reaching a price of HKD 10.98, marking a 16-month high since May 22 of the previous year. This surge is attributed to a strategic cooperation and investment agreement with Derlin Holdings, set to be completed by September 12, 2025 [1]. Group 1 - Winner Fashion and Derlin Holdings announced a strategic cooperation and investment agreement [1]. - Derlin Holdings conditionally agreed to subscribe for shares at the subscription price upon completion of the agreement [1]. - The two companies have reached a consensus on the overall framework and direction for the RWA tokenization plan as part of their strategic cooperation [1].

Company Overview - Winner Fashion has established a strong presence in the mid-to-high-end women's apparel sector, with a brand matrix comprising seven brands, where core brands Koradior and NAERSI account for over 50% of revenue [1] - The company achieved a compound annual growth rate (CAGR) of 22% in revenue and 25% in net profit attributable to shareholders from 2018 to 2023, indicating robust growth momentum [1] - In 2024, the company expects a revenue decline of 4.7% year-on-year to 6.589 billion yuan due to weakened terminal consumption, although it has managed to increase its gross margin by 0.8 percentage points to 76.4% [1] Financial Performance - The average dividend payout ratio from 2020 to 2024 is over 57%, with a stable dividend yield of 3.5% to 5%, and plans to gradually increase the annual dividend payout ratio to 60%-70% over the next 2-3 years [1] - Forecasted net profits for 2025, 2026, and 2027 are 613 million yuan, 702 million yuan, and 796 million yuan, representing year-on-year growth rates of 31%, 14%, and 13% respectively [3] Industry Insights - The Chinese women's apparel market is projected to reach a scale of 1.06 trillion yuan in 2024, with a year-on-year growth of 1.48%, although the market remains fragmented with a CR10 of only 7.9% [1] - The trend of rational consumption is leading female consumers to place greater emphasis on the aesthetics, material quality, and brand strength of clothing products, which presents opportunities for differentiated mid-to-high-end brands [1] Competitive Advantages - Winner Fashion has competitive advantages in product, channel, and supply chain management, with a total of 5,894 SKUs planned for 2024, reflecting a year-on-year increase of approximately 7.4% [2] - The company is focused on optimizing its offline store network by reducing inefficient stores and increasing the proportion of shopping center locations, while also expanding its online presence with a CAGR of 33.5% in online revenue from 2016 to 2024 [2] - A robust supply chain system has been established, with the top five suppliers accounting for 30.41% of procurement, ensuring product quality and supply stability [2] Future Strategy - The company aims to build a light luxury brand management group, enhancing brand image through product development, endorsements, IP collaborations, and fashion shows [2] - Plans include opening flagship stores in prime locations and strengthening online partnerships, particularly with platforms like Xiaohongshu, to enhance brand influence [2][3]

Company Overview - The company, Winner Fashion, has been deeply engaged in the mid-to-high-end women's clothing industry for many years, building a brand matrix of seven brands through internal cultivation and external acquisitions, with core brands Koradior and NAERSI accounting for over 50% of revenue [1] - From 2018 to 2023, the company's revenue and net profit attributable to shareholders achieved a compound annual growth rate (CAGR) of 22% and 25%, respectively, demonstrating strong growth momentum [1] - The company has a commitment to shareholder returns, with an average dividend payout ratio exceeding 57% from 2020 to 2024 and a stable dividend yield of 3.5% to 5% [1] Financial Performance - In 2024, the company is expected to experience a revenue decline of 4.7% year-on-year to 6.589 billion yuan due to weakened terminal consumption [1] - Despite the revenue decline, the company managed to improve its gross margin by 0.8 percentage points to 76.4% through operational efficiency optimization [1] - The company is projected to achieve net profits of 613 million yuan, 702 million yuan, and 796 million yuan from 2025 to 2027, representing year-on-year growth rates of 31%, 14%, and 13%, respectively [3] Industry Insights - The Chinese women's clothing market is expected to reach a scale of 1.06 trillion yuan in 2024, with a year-on-year growth of 1.48%, but the industry remains fragmented with a CR10 of only 7.9% [1] - As rational consumption trends develop, female consumers are increasingly focusing on the aesthetics, material quality, and brand strength of clothing products, which present opportunities for differentiated mid-to-high-end brands [1] Competitive Advantages - The company has competitive advantages in product, channel, and supply chain aspects, implementing a "superior product system" strategy with a total of 5,894 SKUs in 2024, focusing on main sales items and launching over 300 creative design series annually [2] - The company is optimizing its offline store network by reducing inefficient stores and increasing the proportion of shopping center stores, while online revenue has grown at a CAGR of 33.5% from 2016 to 2024 [2] - The company is actively building a light luxury brand management group, enhancing brand image through various channels such as endorsements, IP collaborations, and fashion shows [2] Future Outlook - The company plans to continue optimizing its product structure and enhance material technology to improve product quality and design precision, thereby solidifying its competitive advantage in the high-end fashion sector [3] - The company expects terminal retail to stabilize in 2025, with a focus on controlling discounts and expenses to ensure profitability recovery [3] - The average target price based on PE and PB valuation methods is set at 10.3 HKD, with a recommendation for "overweight" [3]

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]