Core Viewpoint - The company has received shareholder approval to repurchase up to 10% of its issued A shares, amounting to 107 million shares, reflecting confidence in its future prospects and intrinsic value [1] Group 1 - The board of directors has resolved to exercise the repurchase authorization on September 29, 2025, intending to buy back A shares at a maximum price of 10 HKD per share [1] - The repurchase will be conducted in the open market using existing internal financial resources, subject to trading restrictions under listing rules [1] - The board intends to ensure that the repurchase does not adversely affect the company's operational funding needs or capital structure [1]

Core Viewpoint - The company, 找钢集团-W (06676), has announced a share buyback plan, reflecting confidence in its future development and intrinsic value, aimed at enhancing shareholder value and market confidence [1] Group 1: Share Buyback Authorization - The shareholders have approved a general and unconditional authorization for the board to repurchase up to 10% of the company's issued A shares, totaling 107 million shares [1] - The board plans to execute this buyback on September 29, 2025, using internal financial resources to repurchase shares at a maximum price of HKD 10 per A share [1] Group 2: Compliance and Conditions - The company will comply with its articles of association, listing rules, and other applicable laws and regulations during the buyback process [1] - The board intends to exercise the buyback authorization only if it does not significantly adversely affect the company's working capital needs or capital structure [1]

ZG Group 找鋼產業互聯集團 （於開曼群島註冊成立以不同投票權控制的有限公司，以ZGW之名稱於香港進行業務） （股份代號：6676） （權證代號：2572） 自願公告 根據股份購回授權於市場上進行股份購回 本公告由找鋼產業互聯集團（「本公司」，連同其附屬公司統稱「本集團」）自願作 出。 茲提述本公司日期為2025年5月15日的通函（「該通函」）及本公司日期為2025年6 月27日的股東週年大會投票結果公告（「該公告」），內容有關（其中包括）建議授予 一般授權購回股份。除非另有所界定，否則本公告所用詞彙與該通函及該公告所 界定者具有相同涵義。 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。 基於對本公司未來發展前景的堅定信心及內在價值的高度認可，切實維護本公司 全體股東權益，持續鞏固市場對本公司的信心，提升本公司投資價值，於2025年 9月29日，董事會決議行使購回授權，擬在公開市場以現有內部財務資源以最高 價每股A類股份10港元購回不超過107 ...

Financial Performance - Revenue for the six months ended June 30, 2025, was RMB 797,395,000, representing a 12.2% increase compared to RMB 710,892,000 in 2024[8]. - Gross profit decreased by 10.6% to RMB 181,532,000 from RMB 203,112,000 year-over-year[8]. - The company reported a pre-tax loss of RMB (498,534,000), a significant increase of 558.3% compared to RMB (75,730,000) in the previous year[8]. - Adjusted net loss (non-IFRS measure) for the first half of 2025 was RMB (106,865,000), compared to RMB (63,782,000) in 2024[12]. - Adjusted EBITDA (non-IFRS measure) for the same period was RMB (87,355,000), worsening from RMB (27,309,000) in the previous year[12]. - The company reported a significant increase in trade receivables related to transaction services, rising to RMB 109.6 million as of June 30, 2025, from RMB 77.0 million as of December 31, 2024[87]. - The company reported a net loss of RMB 498,807 thousand for the six months ended June 30, 2025, compared to a loss of RMB 75,772 thousand in the prior year, indicating a significant increase in losses[187]. Assets and Liabilities - Total current assets increased by 8.4% to RMB 10,380,113,000 as of June 30, 2025, compared to RMB 9,577,651,000 at the end of 2024[9]. - Total liabilities decreased by 38.7% to RMB 10,140,869,000 from RMB 16,554,957,000 year-over-year[9]. - The company's cash position improved from RMB 746.9 million as of December 31, 2024, to RMB 947.9 million as of June 30, 2025, including cash and cash equivalents as well as restricted cash[97]. - The total liabilities decreased from RMB 16,485,147 thousand as of December 31, 2024, to RMB 10,072,836 thousand as of June 30, 2025, indicating a significant reduction in liabilities[190]. - The company's inventory decreased from RMB 20,077 thousand as of December 31, 2024, to RMB 15,302 thousand as of June 30, 2025, a decline of approximately 23.7%[189]. Operational Highlights - The steel trading platform has over 16,000 registered suppliers and 189,000 registered customers, covering over 650,000 SKUs as of June 30, 2025[20]. - The steel trading business achieved a GMV of RMB 63.8 billion and a total transaction volume exceeding 19.1 million tons in the first half of 2025[20]. - The company aims to transform from a single-category steel digital platform to a diversified AI industrial internet platform, achieving significant progress in its growth strategy[18]. - International business transactions exceeded 70,000 tons in the first half of 2025, representing a year-on-year increase of 58.0%, with revenue of RMB 338.5 million, up 38.9%[24]. - The company has established a supply chain company in partnership with a state-owned enterprise to enhance procurement experiences for users[22]. Shareholder and Governance Structure - The company has confirmed compliance with the corporate governance code as stipulated in the listing rules from the listing date until June 30, 2025[119]. - The corporate governance committee, composed of independent non-executive directors, is responsible for ensuring the company's operations align with the interests of all shareholders and compliance with listing rules[120]. - The company has established internal control mechanisms to identify related party transactions and will comply with applicable listing rules when entering into such transactions[124]. - The board of directors has determined that the roles of chairman and CEO can be held by the same individual, which constitutes a deviation from the corporate governance code, but believes it does not impair the balance of power and authority within the board[125]. Cash Flow and Capital Expenditures - For the six months ended June 30, 2025, the net cash outflow from operating activities was RMB 134.2 million, primarily due to an increase in trade receivables of RMB 77.0 million and a decrease in contract liabilities of RMB 35.6 million[100]. - The net cash outflow from investing activities for the same period was RMB 530.6 million, mainly attributed to bank deposits pledged for notes payable related to transaction services amounting to RMB 516.8 million[101]. - The net cash inflow from financing activities was RMB 835.1 million, driven by net proceeds from fundraising of RMB 506.0 million and capital restructuring proceeds of RMB 115.8 million[102]. - Capital expenditures for the six months ended June 30, 2025, totaled RMB 78.4 million, significantly up from RMB 5.8 million in the same period of 2024, with property and equipment purchases accounting for RMB 75.9 million[104]. Market and Product Development - A new trading platform for specialized steel products was launched in August 2025, focusing on higher-margin products and integrating resources from over 400 leading steel mills and traders[23]. - The strategic partnership with Trafigura aims to create a comprehensive e-commerce platform for non-ferrous metals, with trial transactions exceeding RMB 25 million[28]. - The company has allocated 20% of the net proceeds, approximately RMB 107.5 million, to strengthen technological capabilities, also expected to be utilized by February 2030[176]. Employee and Talent Management - The company employed 1,291 full-time employees as of June 30, 2025, focusing on attracting and retaining qualified talent through competitive compensation and training programs[112].

Market Overview - The Hong Kong stock market indices collectively declined, ending a four-day rally, with the Hang Seng Index dropping 0.43% to close just above 26,000 points [1] - The Hang Seng Index, the Hang Seng China Enterprises Index, and the Hang Seng Tech Index fell by 0.43%, 0.73%, and 0.24% respectively [2] Sector Performance - Large technology stocks generally fell, with Meituan dropping over 5%, and other major players like Bilibili and Baidu also experiencing declines [5] - Semiconductor stocks showed strong gains, with notable increases in Shanghai Fudan and SMIC, driven by robust demand in the AI sector [6][7] - The copper and aluminum sectors performed actively, supported by expectations of a Federal Reserve interest rate cut [3][9] Notable Stocks - Meituan's stock price fell to 96.55, down 5.06%, with a market capitalization of 590.03 billion [6] - Semiconductor stocks like Shanghai Fudan and Huahong Semiconductor saw increases of over 5% and 4% respectively, reflecting strong market interest [7] - Apple-related stocks surged, with Hongteng Precision rising over 12% following the launch of new iPhone models [8] Biopharmaceutical Sector - The biopharmaceutical sector faced significant declines, with companies like Gilead Sciences and Hansoh Pharmaceutical dropping nearly 20% and 9% respectively, amid reports of potential U.S. restrictions on Chinese pharmaceuticals [10][11] Investment Trends - Southbound funds recorded a net inflow of 18.99 billion HKD, indicating continued interest in Hong Kong stocks [12] - Analysts suggest that the Hong Kong market's low valuations and improving asset quality may attract more foreign investment, particularly in the internet sector [14]

Group 1 - Hong Kong Stock Exchange data shows that on September 10, shareholders of Zhaogang Group-W (06676) deposited shares into CMB International Securities, with a market value of HKD 898 million, accounting for 31.62% [1] - Zhaogang Group-W announced a letter of intent with RD International Holdings Limited (RD Holdings) on July 28, 2025, indicating preliminary intentions for strategic cooperation [1] - The company's subsidiary brand, Steel Searcher, will support stablecoin settlement and related activities as part of the strategic cooperation [1]

Core Insights - On September 10, 2023, shareholders of Zhaogang Group-W (06676) deposited shares into CMB International Securities, with a total market value of HKD 898 million, representing 31.62% of the company's shares [1] Group 1 - Zhaogang Group-W announced a letter of intent for strategic cooperation with RD International Holdings Limited (RD Holdings) and its subsidiaries, indicating preliminary intentions for collaboration [1] - The company's sub-brand, Steel Searcher, will support stablecoin settlement and related activities as part of this strategic partnership [1]

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: 找钢产业互联集团 (於開曼群島註冊成立以不同投票權控制的有限公司) 呈交日期: 2025年9月3日 I. 法定/註冊股本變動 | 1. 股份分類 | 不同投票權架構公司普通股 | 股份類別 | A | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 06676 | 說明 | A類普通股 | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 1,700,000,000 | USD | 0.00005 | USD | | 85,000 | | 增加 / 減少 (-) | | | 0 | | | USD | | 0 | | 本月底結存 | | | 1,700,000,000 | USD | 0.00005 | USD | | ...

Core Viewpoint - The company aims to shift its focus towards international business due to favorable market opportunities and strong demand in the global market [2] Financial Performance - In the first half of 2025, the company achieved a revenue of 797 million yuan, a year-on-year increase of 12.2% [2] - The steel trading volume reached 63.8 billion yuan, with a transaction volume exceeding 19.1 million tons [2] - The overall gross profit for the first half of 2025 was 182 million yuan, with contributions from trading services, trading support services, and technology subscription services being 67%, 7.8%, and 6.2% respectively [2] International Business Development - The international business revenue for the first half of 2025 was 340 million yuan, reflecting a year-on-year growth of 38.9% [3] - The trading volume in international business reached 71,000 tons, with a year-on-year increase of 58.0% [3] - The gross profit from international business was 29 million yuan, showing a year-on-year increase of 90.5% [3] - The company has established subsidiaries in several countries including the UAE, Saudi Arabia, Thailand, Malaysia, and Indonesia to enhance its overseas operations [3] Non-Steel Business Expansion - The company has diversified into non-steel sectors, including electronics and non-ferrous metals, with the e-commerce platform for non-ferrous metals currently in trial operation [6] - In the first half of 2025, the gross merchandise volume (GMV) for the non-steel business reached 210 million yuan, a year-on-year increase of 23.0% [6] - The AI commercialization capabilities have improved, with the AI trading assistant and other data assets being developed [6][7] Financial Technology Initiatives - The company has re-entered the financial technology sector through a partnership with Chongqing Fumin Bank, focusing on data and transaction scenarios without bearing actual risks [7] - The new financial model aims to generate data-related income while minimizing risk exposure [7] Future Outlook - The company expresses confidence in future growth, anticipating significant profitability from both domestic and international operations in the coming years [7]

Group 1 - The company announced the resignation of Mr. Jiang Rongfeng as a non-executive director effective from August 27, 2025 [1] - Mr. Sun Qingdong has been appointed as a non-executive director [1]