Core Points - The company reported a revenue of approximately 748 million yuan for the six months ending September 30, 2025, representing a year-on-year decrease of 0.1% [1] - Gross profit was 511 million yuan, down 1% year-on-year [1] - Profit attributable to shareholders increased by 48.9% to 204 million yuan [1] - Basic earnings per share were 3.47 cents, with an interim dividend and special interim dividend of 1.04 cents each, totaling 2.08 cents per share [1] Business Strategy - The company continues to deepen its "brand + product" and "brand + self-operated" business models, enhancing brand value and integrating cultural advocacy into product upgrades [1] - Ongoing optimization of operational control models and self-operated network distribution to improve store efficiency and adapt to consumer purchasing needs [1] - The total number of Kappa brand self-operated stores reached 975 during the reporting period [1]

Financial Performance - For the six months ended September 30, 2025, the company's revenue was RMB 748 million, a slight decrease of 0.1% compared to RMB 749 million in the same period of 2024[3]. - Gross profit for the same period was RMB 511 million, down 1.0% from RMB 516 million, resulting in a gross margin of 68.3%, a decrease of 0.6 percentage points year-on-year[3]. - Operating profit increased by 27.8% to RMB 207 million, compared to RMB 162 million in the previous year[3]. - Profit attributable to the company's owners rose by 48.9% to RMB 204 million, up from RMB 137 million in the prior period[3]. - Basic/diluted earnings per share increased by 48.3% to RMB 3.47, compared to RMB 2.34 in the same period last year[3]. - The interim dividend and special interim dividend per share were both RMB 2.08, an increase of 48.6% from RMB 1.40 in the previous year[3]. - The group achieved revenue of RMB 748 million, remaining basically flat year-on-year[16]. - Profit attributable to equity holders increased by 48.9% to RMB 204 million, with basic and diluted earnings per share rising by 48.3% to RMB 3.47[16]. - The operating profit for the sports equipment segment was RMB 26 million, while the investment segment reported an operating profit of RMB 181 million[51]. - The Kappa brand's total sales during the reporting period were RMB 705 million, showing no significant change from the previous period[53]. - The gross profit for the group was RMB 511 million, a slight decrease from RMB 516 million in the prior period, resulting in a gross margin of 68.3%[56]. - The investment segment's net investment income was RMB 294 million, up from RMB 171 million in the previous period, primarily driven by fair value changes in financial instruments[59]. - The pre-tax profit was RMB 210 million, resulting in an income tax expense of RMB 6 million, with an effective tax rate of 2.9%, significantly lower than 14.9% in the previous period[66]. - Profit attributable to the company's owners was RMB 204 million, with a profit margin of 27.3%, up from 18.3% in the previous period[67]. - Basic and diluted earnings per share were RMB 3.47, an increase from RMB 2.34 in the previous period[68]. - The total comprehensive income for the period was RMB 164,683,000, compared to RMB 89,822,000 in 2024, representing an increase of 83.3%[142]. - The company reported a net profit of RMB 203,773 thousand for the six months ended September 30, 2025, compared to the previous year's performance[161]. Market and Economic Conditions - The company anticipates challenges in the global economic recovery, with the IMF projecting a global growth rate of 2.8% for 2025[15]. - China's GDP grew by 5.2% year-on-year in the first three quarters of 2025, supporting global economic stability despite external pressures[15]. - Retail sales of sports and entertainment products in China increased by 22.2% year-on-year in the first half of 2025[34]. - The International Monetary Fund (IMF) raised China's GDP growth forecast for 2025 to 4.8%[33]. - The government introduced multiple policies to support the high-quality development of the sports goods industry, including financial support for manufacturing and services[35]. - The outdoor sports industry is projected to reach a total scale of 3 trillion yuan by 2025, driven by policy initiatives[36]. - In the first half of 2025, China's GDP grew by 5.2% year-on-year, ranking among the top major economies[32]. Brand and Product Development - The KAPPA brand had a total of 975 stores as of September 30, 2025, focusing on enhancing both online and offline consumer experiences[18]. - The PHENIX brand is positioned as a high-performance fashion ski brand, with plans to launch the "PARS" active rescue system in the 2025-2026 ski season[20]. - The company is focusing on improving the "quality-price ratio" of its products to attract consumers amid cautious spending behavior[15]. - The KAPPA brand achieved a 22% year-on-year sales increase through effective promotional activities in the second quarter[39]. - The KAPPA brand's retro running shoes became a best-selling product, with multiple reorders and sold-out status[38]. - KAPPA's membership activities led to significant sales growth and member asset accumulation, with new member spending increasing year-on-year[39]. - The PHENIX brand has positioned itself as a "high-performance fashion ski brand," with a product line that includes professional ski products and lifestyle products, focusing on both functionality and fashion[40]. - The PARS (phenix Active Rescue System) satellite positioning active rescue system has been developed in collaboration with BeiDou Satellite, with a product launch expected in the 2025-2026 snow season[41]. - PHENIX has become the official sponsor of over 20 universities' ski teams and has launched exclusive ski products for these institutions[41]. - The brand aims for double-digit sales growth in its e-commerce segment, maintaining a top-three position in the ski apparel industry[41]. - KAPPA's shoe products have seen strong sales performance, particularly with the TIFO "Little Pink Shoes" and the retro King model, which has become a bestseller[45]. - KAPPA's accessory business has shown steady growth, with successful products like the "Ice Skin Croissant" and improved operational efficiency through refined product development processes[46]. Investment and Financial Strategy - The group is adapting its investment strategy to navigate the ongoing global economic slowdown while controlling risks[22]. - The group’s investment net assets amounted to RMB 8.448 billion, reflecting a 1% increase since March 31, 2025[22]. - The company plans to continue optimizing its investment portfolio and enhance collaboration with project management teams to ensure stable returns for shareholders[49]. - The group aims to enhance brand competitiveness through innovative product launches and improved consumer experiences[49]. - The group has adopted a cautious investment strategy focusing on diversified investments to maximize shareholder value while ensuring capital safety and risk control[84]. - The investment decision-making committee consists of three members, including the chairman, who is the group chairman, and two executive directors[87]. - The investment approval process involves three main steps: preliminary preparation, formal investigation, and evaluation and analysis[87]. - The group emphasizes risk management with a comprehensive risk assessment and management system for investment projects[89]. - Regular risk assessments are conducted quarterly, semi-annually, and annually to monitor key indicators and adjust risk evaluation models[94]. - The group employs a diversified investment strategy to mitigate risks associated with reliance on single counterparties[91]. - Financial monitoring of invested companies is conducted at least biannually to assess financial status and potential risks[96]. - The group has established a dynamic internal audit team to oversee investment activities and ensure compliance with regulations[95]. - The group utilizes idle cash to provide loans to independent third parties and related parties, ensuring collateral-backed loans to balance investment risks[97]. - The internal audit team reports findings and risk assessments to the board's audit committee regularly to support investment decision optimization[95]. - The group has a structured exit strategy for investment projects that trigger risk warnings or meet exit conditions, considering various exit routes[95]. Corporate Governance and Compliance - The company has complied with all corporate governance codes as per the Hong Kong Stock Exchange listing rules for the six months ending September 30, 2025[129]. - The audit committee, consisting of three independent non-executive directors, reviewed the effectiveness of internal controls and risk assessments for the six months ending September 30, 2025[131]. - The company has adopted the standard code for securities transactions by directors and confirmed compliance for the six months ending September 30, 2025[130]. - Deloitte has reviewed the interim condensed consolidated financial statements and issued an unqualified review opinion[137]. - The company is committed to identifying and implementing best corporate governance practices[129]. - The company’s independent non-executive director, Chen Chen, was appointed to another listed company effective July 8, 2025[133]. Shareholder Returns and Dividends - The board proposed a mid-term dividend of 60% of net profit attributable to equity holders for the six months ending September 30, 2025, with cumulative dividends amounting to RMB 8.13 billion and a cumulative payout ratio of 87%[17]. - The board declared an interim dividend of RMB 1.04 per share, totaling approximately RMB 122.6 million[69]. - The total dividends paid for the six months ended September 30, 2025, were approximately RMB 62,483,000, compared to RMB 29,996,000 for the same period in 2024[180]. - The company has proposed an interim dividend of RMB 0.0208 per share, totaling RMB 122,618,000, expected to be paid around December 23, 2025[180]. Assets and Liabilities - Total assets as of September 30, 2025, amounted to RMB 10,251,330,000, up from RMB 10,040,494,000 as of March 31, 2025, indicating a growth of 2.1%[146]. - Total liabilities increased to RMB 938,703,000 from RMB 832,421,000, reflecting a rise of 12.7%[148]. - Cash and cash equivalents stood at RMB 1,543,211,000, compared to RMB 1,631,452,000 in March 2025, showing a decrease of 5.4%[146]. - Inventory levels rose to RMB 419,602,000 from RMB 326,975,000, representing an increase of 28.2%[146]. - The total liabilities for accrued expenses and other payables were RMB 335,239,000 as of September 30, 2025, down from RMB 361,540,000 as of March 31, 2025[196]. Stock Options and Employee Incentives - The company has a structured approach to stock option grants, ensuring alignment with performance and retention strategies[120]. - The total number of stock options exercised reflects a significant engagement from employees and directors[120]. - The company continues to utilize stock options as a key component of its compensation strategy to attract and retain talent[120]. - A total of 76,200,000 stock options were granted, with 7,512,000 options exercised and 2,484,000 options canceled[120]. - The performance targets for stock options are based on individual contributions to the group's revenue, profit, sales, and overall financial performance from the previous fiscal year[119]. - The stock options must be exercised within a period determined by the board of directors, not exceeding ten years from the grant date[119].

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依賴該等內容而引致的任何損失承擔任何責任。 China Dongxiang (Group) Co., Ltd. 中 國 動 向（ 集 團 ）有 限 公 司 – 1 – （於開曼群島註冊成立的有限公司） （股份代號：3818） 有關須予披露交易 — 認購人民幣基金權益之 補充公告 茲提述本公司日期為二零二五年七月十四日之公告（「該公告」），內容有關本集團認 購人民幣基金權益相關之須予披露交易。除另有界定者外，本公告所用詞彙與該公 告所界定者具有相同涵義。 除該公告所提供之資料外，本公司謹此提供額外資料如下： 人民幣基金及人民幣基金管理人之進一步資料 誠如該公告所披露，本公司恪守投資策略並專注於保存資本及產生穩定收入，致力 物色能提供分散風險效益及穩定產生收入的基金，從而與本集團現有投資組合相輔 相成。該基金投資亦須符合本集團整體風險回報目標及流動資金要求。 人民幣基金主要投資於固定收益資產，例如政府債券、中央銀行票據、政策性金融 債券、地方政府債券 ...

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10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: 中國動向(集團)有限公司 呈交日期: 2025年11月5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) | 03818 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 10,000,000,000 | HKD | | 0.01 HKD | | | 100,000,000 | | 增加 / 減少 (-) | | | | | | HKD | | | | | 本月底結存 | | | 10,000,000,000 | HKD | | 0.01 HKD | | | 100,000,000 | 本月 ...

Group 1 - The company, China Dongxiang (03818.HK), announced a board meeting scheduled for November 26, 2025 [1] - The meeting will review the interim results for the six months ending September 30, 2025, for the company and its subsidiaries [1] - The board will also consider the distribution of the interim dividend for the year 2025/2026, if applicable [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。 China Dongxiang (Group) Co., Ltd. 中 國 動 向（ 集 團 ）有 限 公 司 董事會會議通告 中國動向（集團）有限公司（「本公司」）董事會（「董事會」）宣佈，將於二零二五年十一 月二十六日舉行董事會會議，藉此（其中包括）審批本公司及其附屬公司截至二零二 五年九月三十日止六個月之中期業績，以及考慮派發二零二五╱二零二六年中期股 息（如有）。 承董事會命 中國動向（集團）有限公司 主席 陳義紅 （於開曼群島註冊成立的有限公司） （股份代號：3818） 二零二五年十月三十一日 於本公告日期，本公司執行董事為陳義紅先生、陳晨女士及呂光宏先生；以及本公 司獨立非執行董事為高煜先生，劉曉松先生及唐松蓮女士。 ...

Summary of Key Points Group 1: 52-Week Highs - A total of 45 stocks reached their 52-week highs as of October 23, with notable performers including Base Champion Group (08460) at 234.56%, Tianjin Chuangye Environmental Protection Co., Ltd. (01065) at 136.88%, and Liji Engineering Holdings (01690) at 80.26% [1] - The closing prices and peak prices for the top three stocks are as follows: Base Champion Group closed at 0.250 with a peak of 0.455, Tianjin Chuangye at 4.880 with a peak of 10.020, and Liji Engineering at 0.105 with a peak of 0.137 [1] Group 2: 52-Week Lows - The report also highlighted stocks that reached their 52-week lows, with Huaxi Holdings (01689) showing a decline of 16.67%, China New Economy Equity (02958) down by 14.17%, and Agile Holdings (00186) down by 13.16% [2] - The closing prices and lowest prices for the top three declining stocks are: Huaxi Holdings at 0.400 with a low of 0.350, China New Economy at 0.123 with a low of 0.103, and Agile Holdings at 0.165 with a low of 0.165 [2]

Core Viewpoint - China Dynamics (03818.HK) experienced a significant increase in stock price, rising over 16% in the afternoon session and currently trading at 0.53 HKD with a trading volume of 34.2039 million HKD [2] Summary by Category - **Stock Performance** - The stock price of China Dynamics rose by more than 16% in the afternoon session [2] - As of the report, the stock is up 10.42%, trading at 0.53 HKD [2] - The total trading volume reached 34.2039 million HKD [2]

呈交日期: 2025年10月3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) | 03818 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 10,000,000,000 | HKD | | 0.01 | HKD | | 100,000,000 | | 增加 / 減少 (-) | | | | | | | HKD | | | | 本月底結存 | | | 10,000,000,000 | HKD | | 0.01 | HKD | | 100,000,000 | 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9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: 中國動向(集團)有限公司 本月底 ...

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 FF301 第 1 頁 共 13 頁 v 1.1.1 致：香港交易及結算所有限公司 公司名稱: 中國動向(集團)有限公司 呈交日期: 2025年9月3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) | 03818 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 10,000,000,000 | HKD | | 0.01 HKD | | | 100,000,000 | | 增加 / 減少 (-) | | | | | | HKD | | | | | 本月底結存 | | | 10,000,000,000 | HKD | | 0.01 H ...