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通告之內容概不負責， 對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因本通告全部或任 何部分內容而產生或因倚賴該等內容而引致之任何損失承擔任何責任。 北 京 迪 信 通 商 貿 股 份 有 限 公 司 Beijing Digital Telecom Co., Ltd. （ 於 司 ） 中 華 人 民 共 和 國 註 冊 成 立 的 股 份 有 限 公 （股 份 代 號：6188） 董事會會議通告 北京迪信通商貿股份有限公司（「本公司」）董事會（「董事會」）謹此宣佈，本公司 將於二零二五年八月二十七日（星期三）舉行董事會會議，藉以（其中包括）考慮 及批准本公司截至二零二五年六月三十日止六個月之中期業績及其發佈，以及處 理其他事項。 承董事會命 北京迪信通商貿股份有限公司 董事長 許繼莉 中國，北京 二零二五年八月十五日 於本通告日期，本公司執行董事為許繼莉女士、許麗萍女士及劉東海先生；本公司 非執行董事為謝輝先生、賈召傑先生及潘安然女士；及本公司獨立非執行董事為 呂廷杰先生、呂平波先生及蔡振輝先生。 ...

公开资料显示，迪信通是国内最大的移动通讯连锁企业，主要从事移动通讯设备及配件零售和批发、科 技新零售、线上销售、为移动运营商提供服务、海外零售等业务，全国范围内拥有超千家直营及加盟门 店。多年来，迪信通与主要手机厂商、供应商、移动运营商开展长期战略合作，与京东、阿里巴巴等主 要电商合作密切。于2024年12月31日，该公司旗下拥有100多家附属公司，在中国20个省份和4个直辖市 开拓了超650家直营和加盟门店。 今年3月，迪信通发布截至2024年12月31日止年度的经审核年度业绩，收入180.16亿元(人民币，下同)， 同比增加5.08%；股东应占亏损13.74亿元，同比扩大118.1%。公告称，营业收入的增加主要是由于集团 光伏业务的收入在本年度取得大幅增加。 迪信通(06188)一度涨超70%，截至发稿，涨61.22%，报0.79港元，成交额366.52万港元。 ...

Core Viewpoint - Dixin Communication (06188) experienced a significant stock price increase, rising over 70% at one point and closing up 61.22% at HKD 0.79, with a trading volume of HKD 3.6652 million [1] Company Overview - Dixin Communication is the largest mobile communication chain enterprise in China, primarily engaged in the retail and wholesale of mobile communication devices and accessories, technology new retail, online sales, and services for mobile operators, with over 1,000 direct and franchise stores nationwide [1] - The company has established long-term strategic partnerships with major mobile manufacturers, suppliers, and mobile operators, and has close collaborations with major e-commerce platforms such as JD.com and Alibaba [1] - As of December 31, 2024, Dixin Communication operates over 650 direct and franchise stores across 20 provinces and 4 municipalities in China, with more than 100 subsidiaries [1] Financial Performance - In March, Dixin Communication reported its audited annual results for the year ending December 31, 2024, with revenue of RMB 18.016 billion, an increase of 5.08% year-on-year [1] - The company reported a shareholder loss of RMB 1.374 billion, which represents a year-on-year increase of 118.1% [1] - The increase in revenue was primarily attributed to a significant rise in income from the group's photovoltaic business during the fiscal year [1]

Company Overview - Beijing Dixintong Commerce Co., Ltd. is a major player in the mobile communications retail sector, operating over 1,500 retail stores across 25 provinces in China [4] - The company has established strategic partnerships with major telecom operators including China Mobile, China Unicom, and China Telecom, and has been involved in virtual operation business since 2013 [4] - Dixintong has diversified its business into various sectors such as smart technology, finance, real estate, and tourism, while also expanding into international markets [4] Financial Performance - As of December 31, 2024, Dixintong reported total revenue of 18.016 billion yuan, a year-on-year increase of 5.08%, but a net loss of 1.374 billion yuan, a decrease of 118.1% compared to the previous year [2] - The company's gross profit margin stands at 3.72%, with a high asset-liability ratio of 99.12% [2] Stock Performance - Dixintong's stock price closed at 0.49 HKD per share on August 11, 2023, marking a significant increase of 44.12% with a trading volume of 5.9615 million shares [1] - Over the past month, the stock has seen a cumulative increase of 86.81%, although it has experienced a year-to-date decline of 53.42%, underperforming the Hang Seng Index by 23.92% [2] Industry Valuation - The average price-to-earnings (P/E) ratio for the information technology equipment industry is 64.71 times, with a median of 5.66 times, while Dixintong's P/E ratio is -0.2 times, ranking 60th in the industry [3] - Comparatively, other companies in the sector have P/E ratios ranging from 3.41 times to 8.43 times [3]

北 京 迪 信 通 商 貿 股 份 有 限 公 司 Beijing Digital Telecom Co., Ltd. （ 於 中 華 人 民 共 和 國 註 冊 成 立 的 股 份 有 限 公 司 ） （股 份 代 號：6188） 申請豁免嚴格遵守上市規則第3.28及8.17條 茲提述北京迪信通商貿股份有限公司（「本公司」）日期為2022年8月1日的公告，內 容有關香港聯合交易所有限公司（「聯交所」）向本公司授出的豁免，豁免本公司就 委任黃明強先生（「黄先生」）連同伍秀薇女士（「伍女士」）為本公司聯席公司秘書 嚴格遵守聯交所證券上市規則（「上市規則」）第3.28及8.17條的規定（「豁免」），自 2022年8月1日起為期三年。 本公司已向聯交所提出申請，以延長嚴格遵守上市規則第3.28及8.17條規定的豁免 （「延長豁免」）。黃先生與伍女士在聯交所對延長豁免申請進行審核期間，將繼續 擔任本公司的聯席公司秘書。本公司將於適當時候另行刊發公告。 承董事會命 北京迪信通商貿股份有限公司 董事長 許繼莉 中國，北京 2025年8月1日 於本公告日期，執行董事為許繼莉女士、許麗萍女士及劉東海先生；非執行董事為 謝輝先 ...

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7月31日 狀態: 新提交 FF301 第 1 頁 共 10 頁 v 1.1.1 致：香港交易及結算所有限公司 公司名稱: 北京迪信通商貿股份有限公司 呈交日期: 2025年8月1日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 06188 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 548,760,400 | RMB | | | 1 RMB | | 548,760,400 | | 增加 / 減少 (-) | | | 0 | | | | RMB | | 0 | | 本月底結存 | | | 548,760,400 | RMB | | | 1 RMB | | ...

Core Viewpoint - The mobile phone retail market, especially in county-level cities, is experiencing a significant decline, with many stores struggling to survive as consumer preferences shift towards online shopping and larger retail spaces [5][10][37]. Group 1: Market Decline - The once-thriving mobile phone market in Chengdu has seen a drastic reduction in foot traffic and sales, with many stores now empty [1][4]. - A mobile store owner recalls that before 2017, business was flourishing, but now sales have plummeted to just a few units per week [2][3]. - Nationwide, many consumers returning home for the holidays notice a stark decline in the number of mobile phone stores, reminiscent of the rapid decline of internet cafes [4][5]. Group 2: Changing Retail Landscape - The traditional mobile phone retail model is collapsing, with major brands reducing their reliance on small mobile stores in favor of more attractive retail environments in shopping malls [10][12]. - Disixtong, a major mobile retail chain, saw its store count drop from over 3,000 in 2015 to around 600 by 2023, indicating a significant contraction in the sector [7][9]. - The profit margins for mobile phone sales have drastically decreased, with one retailer noting a drop from over 400 yuan to just over 100 yuan per device [9][10]. Group 3: Consumer Behavior Shift - Consumers, particularly younger demographics, are increasingly opting for online purchases, leaving county-level mobile stores at a disadvantage due to lack of price competitiveness [10][14]. - Middle-aged and elderly consumers, once a primary customer base for county mobile stores, are now less frequent visitors, often preferring online shopping to avoid being misled by sales tactics [19][20]. - The market for budget smartphones remains strong, with devices priced below 1,000 yuan accounting for a significant portion of sales, yet the low profit margins make it unappealing for local stores [26][27]. Group 4: Adaptation and Diversification - Many county mobile stores are diversifying their offerings, including mobile repairs and second-hand phone sales, as traditional sales decline [32][34]. - The second-hand mobile phone market is growing, projected to account for 20% of the total market by 2024, providing some relief to struggling retailers [34][36]. - However, the sustainability of this growth is uncertain, as competition from online platforms and other channels intensifies [35][36].

Core Insights - The upcoming May Day consumption surge presents an opportunity for Dixin Communication to capture market share, leveraging the strong resources from its parent company Huafa Group [1] - Dixin Communication has seen a significant increase in mobile retail sales, positioning itself as a benchmark case for the implementation of national subsidy policies [1][3] Group 1: National Subsidy Policy Impact - The Ministry of Commerce reports that since the implementation of the new subsidy scheme for digital products, there have been 64.866 million applications for subsidies, indicating a sustained policy effect [3] - Dixin Communication has launched subsidy services across over 600 stores nationwide, integrating resources from national subsidies, manufacturers, operators, and financial institutions to create a "four-dimensional benefit" effect [3] - The company has ensured that the national subsidy policy is effectively executed, helping consumers meet their demand for upgrading their devices [3] Group 2: Demonstration Role and Service Innovation - Dixin Communication's exemplary role in the national subsidy policy has been recognized by government authorities, with the Ministry of Commerce conducting on-site evaluations at its stores [4] - The company has introduced an "on-site purchase" service model, sending professional teams to various locations to provide comprehensive services, enhancing consumer experience [4] - By mid-April, Dixin Communication had conducted over 100 "on-site purchase" events in multiple provinces, achieving significant sales in individual events [4] Group 3: Market Trends and Strategic Positioning - The Chinese 3C retail industry is undergoing rapid restructuring, driven by both policy incentives and technological advancements, with IDC predicting smartphone shipments to reach 289 million units by 2025 [7] - Dixin Communication is adopting a "full-domain integration" strategy to build competitive barriers, with a nationwide offline presence and an online reach through e-commerce and live streaming [7] - The company utilizes a digital central system to optimize inventory dynamically and collaborates with platforms like JD.com and Meituan to expand its market advantage [7][9]

Financial Performance - Total revenue for 2024 reached RMB 18,016,358 thousand, an increase of 5.06% compared to RMB 17,145,992 thousand in 2023[12] - Gross profit for 2024 was RMB 670,911 thousand, down 14.14% from RMB 781,351 thousand in 2023[12] - The company reported a net loss of RMB 1,406,214 thousand for 2024, worsening from a loss of RMB 666,025 thousand in 2023[12] - Operating cash flow for 2024 was a net outflow of RMB 132,368 thousand, compared to an inflow of RMB 57,523 thousand in 2023[12] - The company's gross profit for the year ended December 31, 2024, was RMB 670,911 thousand, a decrease of RMB 110,440 thousand or 14.13% from RMB 781,351 thousand in the previous year, with a gross margin decline from 4.56% to 3.72%[27] - Net loss for the year was RMB 1,406,214 thousand, an increase of RMB 740,189 thousand or 111.14% compared to the previous year[20] - Other income and gains for the year ended December 31, 2024, were RMB 132,805 thousand, a decrease of RMB 2,148 thousand or 1.59% from RMB 134,953 thousand in the previous year[28] Assets and Liabilities - Total assets increased to RMB 10,395,975 thousand in 2024, up from RMB 8,332,188 thousand in 2023, representing a growth of 24.83%[12] - Non-current assets decreased to RMB 334,451 thousand in 2024 from RMB 346,721 thousand in 2023, a decline of 3.68%[12] - Cash and cash equivalents at the end of 2024 were RMB 3,309,731 thousand, significantly up from RMB 717,266 thousand at the end of 2023, marking an increase of 360.51%[12] - Trade receivables and notes receivable decreased to RMB 1,510,741 thousand on December 31, 2024, down RMB 532,311 thousand or 26.05% from RMB 2,043,052 thousand on December 31, 2023[36] - Inventory increased by RMB 55,042 thousand or 16.60%, reaching RMB 386,526 thousand on December 31, 2024, mainly due to an increase in the number of stores[43] - Trade payables and notes payable rose to RMB 927,001 thousand on December 31, 2024, an increase of RMB 513,934 thousand or 124.42% from RMB 413,067 thousand on December 31, 2023, attributed to expanded business scale and increased procurement[44] - Current liabilities net position improved to RMB 65,938 thousand on December 31, 2024, compared to RMB 131,748 thousand on December 31, 2023, mainly due to increased cash and cash equivalents and reduced interest-bearing bank loans[46] Business Expansion and Strategy - The company expanded its photovoltaic supply chain business, successfully entering multiple provinces including Hubei and Jiangsu[8] - The exploration and transformation of the new energy business have shown initial results, indicating a strategic shift towards diversification[8] - The company is actively seeking new channels and opportunities to mitigate external pressures and achieve growth[15] - The company aims to enhance its governance structure to adapt to the evolving retail environment and strengthen its market competitiveness[8] - The company plans to leverage the national subsidy policy starting January 20, 2025, to enhance market competitiveness[18] - The company aims to expand its photovoltaic agency and supply chain business, contributing significantly to operational efficiency[16] - The company will implement a differentiated channel strategy in response to market changes and manufacturer strategies[19] Cost Management and Financial Health - The company reported a significant increase in financial asset impairment losses, impacting net loss figures[20] - Total sales and distribution expenses increased to RMB 411,209 thousand, up RMB 15,604 thousand or 3.94% from RMB 395,605 thousand in the previous year[29] - Administrative expenses decreased to RMB 184,919 thousand, down RMB 20,080 thousand or 9.80% from RMB 204,999 thousand in the previous year, mainly due to reduced intermediary fees and system service costs[30] - The company's financial costs for the year ended December 31, 2024, were RMB 173,908 thousand, a decrease of RMB 5,919 thousand or 3.29% from RMB 179,827 thousand in the previous year[33] - Income tax expenses for the year ended December 31, 2024, were RMB 2,031 thousand, a decrease from RMB 4,945 thousand in the previous year, primarily due to the utilization of tax losses carried forward by certain profitable subsidiaries[34] Employee and Management Information - The company employed 2,733 employees as of December 31, 2024, compared to 2,689 employees in 2023, with total compensation and employee benefits expenses approximately RMB 305,531,000[50] - The remuneration policy for directors and senior management is based on the group's operating performance and market practices[111] - There were no significant changes in the information of directors, supervisors, and senior management during the reporting period[114] - The company has established a remuneration and assessment committee to formulate the remuneration policy for directors and senior management[111] Shareholder and Dividend Information - The board of directors has approved a dividend payout of 0.05 per share, reflecting a commitment to returning value to shareholders[69] - The board does not recommend the payment of any final dividend for the fiscal year ending December 31, 2024[92] - The company's dividend policy has been reviewed and deemed effective by the board of directors[95] - The board will review the dividend policy based on factors such as operating performance, cash flow, and financial condition[97] Joint Ventures and Partnerships - The company established a joint venture with Zhuhai Huashi Zhiyuan Investment Co., Ltd., named Zhuhai Dixin Communication Green Technology Co., Ltd., with a registered capital of RMB 3 billion, where the company holds 51% and Huashi Zhiyuan holds 49%[133] - The joint venture aims to explore business opportunities in new energy, information technology, and modern agriculture sectors in China[133] - The joint venture's establishment was approved by independent shareholders at an extraordinary general meeting held on December 13, 2024[138] - The company entered into a framework agreement for event planning services with Zhuhai Huafa on September 25, 2023, which includes various event management services[139] Framework Agreements and Transactions - The company has established a framework agreement for the purchase and sale of photovoltaic equipment and components with Beijing Shangfang, with a proposed sales receivable cap of RMB 3 billion for the period from May 22, 2024, to December 31, 2024[189] - The actual transaction amount under the second framework agreement is approximately RMB 740 million, which does not exceed the relevant cap for the specified period[189] - The company has established a framework agreement for customer expansion services with Zhuhai Huafa, with an annual cap of RMB 120 million for each year from 2024 to 2026[170] - The actual transaction amount for customer expansion services during the reporting period was approximately RMB 67 million, also within the annual cap[171] Market Presence and Future Outlook - The company is expanding its market presence in Southeast Asia, targeting a 30% market share by the end of 2024[69] - Research and development investments increased by 25%, focusing on innovative technologies to enhance product offerings[69] - The company is exploring strategic acquisitions to bolster its market position, with a budget of 500 million allocated for potential deals[69] - The company plans to deepen its core retail business and enhance online and offline collaboration to improve operational efficiency and profitability in 2025[54]

Financial Performance - The company's revenue for the year ended December 31, 2024, was RMB 18,016,358 thousand, an increase of 5.08% compared to RMB 17,145,992 thousand for the year ended December 31, 2023[3]. - The net loss attributable to the company's shareholders was RMB 1,374,142 thousand, representing an increase of 118.10% from RMB 630,045 thousand in the previous year[3]. - Basic loss per share was RMB 1.55, compared to RMB 0.84 for the year ended December 31, 2023[3]. - The group reported a net loss before tax of RMB 1,404,183 for the year ended December 31, 2024, compared to a loss of RMB 661,080 in 2023[17]. - The net loss for the year ended December 31, 2024, was RMB 1,406,214 thousand, an increase of RMB 740,189 thousand or 111.14% compared to a net loss of RMB 666,025 thousand for the year ended December 31, 2023[38]. - The company's gross profit for the year ended December 31, 2024, was RMB 670,911 thousand, a decrease of RMB 110,440 thousand or 14.13% from RMB 781,351 thousand for the year ended December 31, 2023[43]. - The overall gross margin decreased from 4.56% for the year ended December 31, 2023, to 3.72% for the year ended December 31, 2024, due to increased market competition[43]. Assets and Liabilities - The total assets less current liabilities amounted to RMB 268,513 thousand, an increase from RMB 214,973 thousand in the previous year[8]. - Current assets totaled RMB 10,061,524 thousand, up from RMB 7,985,467 thousand in 2023[7]. - The company's cash and cash equivalents increased significantly to RMB 3,309,731 thousand from RMB 717,266 thousand in the previous year[7]. - The company's inventory rose to RMB 386,526 thousand, compared to RMB 331,484 thousand in 2023[7]. - Non-current liabilities totaled RMB 177,255 thousand, slightly up from RMB 170,993 thousand in the previous year[8]. - The company's net assets increased to RMB 91,258 thousand from RMB 43,980 thousand in 2023[8]. - As of December 31, 2024, the group's current liabilities net amount is RMB 65,938,000, a decrease from RMB 131,748,000 in 2023[11]. - Trade receivables decreased to RMB 2,732,370 thousand in 2024 from RMB 2,824,061 thousand in 2023, while the net value of trade receivables was RMB 1,510,741 thousand[22]. - The total amount of trade receivables as of December 31, 2024, was RMB 2,732,370 thousand, a decrease of RMB 91,691 thousand or 3.25% from RMB 2,824,061 thousand as of December 31, 2023[54]. - The total value of trade payables as of December 31, 2024, was RMB 927,001 thousand, compared to RMB 413,067 thousand as of December 31, 2023[36]. - Trade payables and notes payable as of December 31, 2024, amounted to RMB 927,001 thousand, an increase of RMB 513,934 thousand or 124.42% from RMB 413,067 thousand on December 31, 2023, driven by expanded business scale and increased procurement[61]. - Other payables and accrued expenses decreased to RMB 470,484 thousand as of December 31, 2024, down by RMB 180,745 thousand or 27.75% from RMB 651,229 thousand on December 31, 2023, mainly due to a reduction in other payables with certain customers and suppliers[62]. Impairment and Credit Losses - The impairment loss for trade receivables increased to RMB 1,225,249 thousand in 2024 from RMB 822,480 thousand in 2023[25]. - The expected credit loss rate for unsecured trade receivables was 50.1% as of December 31, 2024, with total expected credit losses amounting to RMB 1,036,453 thousand[29]. - Other receivables decreased to RMB 1,267,245 thousand in 2024 from RMB 1,663,882 thousand in 2023, with an impairment provision of RMB 835,888 thousand at year-end[30]. - The company recognized impairment losses of approximately RMB 668,000 thousand for other receivables from third-party franchisees, suppliers, and customers[31]. - The company reported a significant increase in impairment losses for secured other receivables, with provisions rising to RMB 265,000 thousand in 2024 from RMB 186,000 thousand in 2023[27]. - The impairment loss provision for secured receivables was RMB 454 million for the year, compared to RMB 278 million in the previous year, reflecting a significant increase in potential credit losses[58]. Dividends and Governance - The company did not recommend the payment of a final dividend for the year ended December 31, 2024[4]. - No final dividend is recommended for the fiscal year ending December 31, 2024[81]. - Dixin has adopted the corporate governance code as per the Hong Kong Stock Exchange and has complied with most of its best practice recommendations during the fiscal year[82]. - The company is committed to continuously improving its corporate governance practices to ensure compliance with the governance code[82]. - The audit committee reviewed the accounting principles and practices adopted by the group and approved the annual performance announcement for the fiscal year ending December 31, 2024[85]. - The audited annual performance announcement and the 2024 annual report will be published on the respective websites of the Hong Kong Stock Exchange and the company[86]. - The board of directors is led by Chairwoman Xu Jili, who also serves as the CEO, a dual role deemed beneficial for operational efficiency[82]. Future Plans and Strategies - For 2025, the company aims to deepen its core 3C business and enhance operational efficiency through channel collaboration and online-offline integration, focusing on expanding its market presence and improving profitability[77]. - Dixin's strategy focuses on mobile phones while expanding into IoT categories such as PCs and smart home appliances, aiming to enhance user engagement and explore new growth points[78]. - By 2025, Dixin plans to scale its residential photovoltaic business and enter the commercial photovoltaic market, leveraging partnerships to optimize project operations and increase profitability[79]. - The company aims to reduce costs and improve efficiency through inventory management and financial integration, enhancing resource allocation and operational effectiveness by 2025[80].