Tanwan Inc. 贪玩 （曾用名ZX Inc.中旭未来） 股份代號 ���� （於開曼群島註冊成立的有限公司） 中期報告2025 INTERIM REPORT 2025 Tanwan Inc. 贪玩 （Formerly known as ZX Inc.中旭未来） （Incorporated in the Cayman Islands with limited liability） Stock Code ���� Tanwan Inc. 貪玩 目錄 | 公司資料 | 2 | | --- | --- | | 致股東的信 | 3 | | 主要重點 | 5 | | 管理層討論與分析 | 6 | | 其他資料 | 18 | | 獨立審閱報告 | 26 | | 中期簡明綜合損益表 | 27 | | 中期簡明綜合全面收益表 | 28 | | 中期簡明綜合財務狀況表 | 29 | | 中期簡明綜合權益變動表 | 31 | | 中期簡明綜合現金流量表 | 32 | | 中期簡明綜合財務資料附註 | 34 | | 釋義 | 51 | 公司資料 董事會 執行董事 Interim Report 2025 中期報告 吳旭波先生 ...

Core Insights - Company "Tanwan" (09890.HK) has secured exclusive rights to develop and sell Garfield family IP products in Greater China, marking a strategic move into the collectible toy market [1][2] - The partnership aims to create a comprehensive IP ecosystem, leveraging the popularity of the Garfield brand, which has a global fanbase of nearly 300 million and a market value exceeding $10 billion [1][2] Group 1: Company Strategy - The exclusive licensing agreement with Garfield family IP is a significant breakthrough in Tanwan's IP ecosystem strategy, which focuses on creativity and fun as core brand values [2] - Tanwan plans to build a "virtual-physical" value-added system for IP, transforming game characters and cultural symbols into collectible toys, thereby extending the IP's lifecycle [2][4] - The company has previously attempted to diversify its business model by venturing into food and other consumer products but faced challenges in establishing a clear operational framework [4] Group 2: Financial Performance - Tanwan has experienced a decline in net profit from 615.9 million yuan in 2021 to a loss of 3.624 million yuan in 2024, indicating ongoing financial struggles [3] - Revenue peaked in 2022 at 8.817 billion yuan but has since decreased, with 2024 revenue dropping to 5.580 billion yuan, reflecting a 37.86% year-on-year decline in the first half of 2025 [3] - The collectible toy segment has contributed minimally to overall revenue, accounting for only 2.6% in the first half of 2025, despite the rapid growth of the collectible toy market in China [3]

Summary of Key Points Core Viewpoint - Multiple companies, including Tencent Holdings and Hang Seng Bank, conducted share buybacks on September 10, 2025, with Tencent leading in both the number of shares repurchased and the total amount spent [1]. Company-Specific Summaries - **Tencent Holdings (00700)**: - Repurchased 866,000 shares for a total of 550 million [2]. - Year-to-date total repurchased shares reached 53.884 million, accounting for 0.586% of total shares [2]. - **Hang Seng Bank (00011)**: - Repurchased 210,000 shares for a total of 24.8171 million [2]. - Year-to-date total repurchased shares reached 5.91 million, accounting for 0.314% of total shares [2]. - **China Hongqiao (01378)**: - Repurchased 980,000 shares for a total of 23.7363 million [2]. - Year-to-date total repurchased shares reached 149 million, accounting for 1.590% of total shares [2]. - **MGM China (02282)**: - Repurchased 1 million shares for a total of 16.0869 million [2]. - Year-to-date total repurchased shares reached 17.6274 million, accounting for 0.464% of total shares [2]. - **COSCO Shipping (02039)**: - Repurchased 742,900 shares for a total of 5.9284 million [2]. - Year-to-date total repurchased shares reached 11.2407 million, accounting for 0.360% of total shares [2]. - **Coolpad Group (02369)**: - Repurchased 1,036,000 shares for a total of 1.3156 million [2]. - Year-to-date total repurchased shares reached 11.595 million, accounting for 2.831% of total shares [2]. - **Other Notable Companies**: - Various companies such as Weigao Group, Mengniu Dairy, and others also participated in share buybacks, with amounts and shares varying significantly [2].

Summary of Key Points Core Viewpoint - The company has been actively repurchasing its shares, indicating a strategy to enhance shareholder value and potentially signal confidence in its future performance [2][3]. Share Buyback Details - On September 10, the company repurchased 376,600 shares at a price range of HKD 14.990 to HKD 15.500, totaling HKD 5.7754 million [2]. - The stock closed at HKD 15.500 on the same day, reflecting a 3.89% increase, with a total trading volume of HKD 232 million [2]. - Since August 29, the company has conducted share buybacks for nine consecutive days, acquiring a total of 4.0994 million shares for a cumulative amount of HKD 61.9951 million, with a total price increase of 0.65% during this period [2]. Year-to-Date Buyback Activity - Year-to-date, the company has executed 25 buyback transactions, acquiring a total of 6.2858 million shares for a total expenditure of HKD 87.3221 million [3]. - The buyback details include various dates, share quantities, and price ranges, showcasing a consistent approach to repurchasing shares throughout the year [3][4].

贪玩(09890)公布，2025年9月10日耗资约577.54万港元回购37.66万股股份。 ...

Core Viewpoint - The company 贪玩 (09890) announced a share buyback plan, indicating a commitment to returning value to shareholders and potentially signaling confidence in its future performance [1] Group 1 - The company plans to repurchase approximately 376,600 shares [1] - The total expenditure for the buyback is estimated at around HKD 5.7754 million [1] - The buyback is scheduled to take place on September 10, 2025 [1]

FF305 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) 表格類別： 股票 狀態： 新提交 公司名稱： 贪玩（於開曼群島注冊成立的有限公司） 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 | 第一章節 | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 | 是 | | | 證券代號 (如上市) | 09890 | 說明 | | | | | | | A. 已發行股份或庫存股份變動 | | | | | | | | | | | 已發行股份（不包括庫存股份）變動 | | | 庫存股份變動 | | | | 事件 | | 已發行股份（不包括庫存股份）數 目 | | 佔有關事件前的現有已發 ...

Core Viewpoint - The company 贪玩 (9890.HK) has seen a significant stock price increase, rising 7.57% to 16.05 HKD, with a year-to-date gain of 121%, outperforming the Hang Seng Index which has increased by 30% during the same period [1] Group 1: Licensing Agreement - 贪玩’s wholly-owned subsidiary, 广州粒粒呀文化娱乐有限公司, has signed a licensing agreement with 成都模玩咖文化传播有限公司 for the GARFIELD Family IP [1] - The licensing period is set from September 1, 2025, to May 17, 2030 [1] - 成都模玩咖 will grant 粒粒呀 exclusive rights to develop and sell non-functional collectible products related to the GARFIELD movie, including figures, blind boxes, sculptures, building blocks, and plush toys [1] Group 2: IP Development - 成都模玩咖 and 粒粒呀 will collaborate to develop and operate an IP ecosystem community for the GARFIELD Family [1]

Core Viewpoint - The stock of 贪玩 (09890) has seen an increase of over 4%, currently trading at 15.48 HKD with a transaction volume of 43.25 million HKD, following the announcement of a licensing agreement for the GARFIELD Family IP [1] Group 1: Licensing Agreement - 贪玩’s wholly-owned subsidiary, 广州粒粒呀文化娱乐有限公司, has signed a licensing agreement with 成都模玩咖文化传播有限公司 for the GARFIELD Family IP [1] - 成都模玩咖 will grant 粒粒呀 exclusive rights to develop and sell non-functional collectible products such as figurines, blind boxes, sculptures, building blocks, and plush toys in Greater China [1] - The licensing period is set from September 1, 2025, to May 17, 2030, during which both companies will collaborate to develop the GARFIELD Family IP ecosystem [1] Group 2: Future Collaboration - 粒粒呀 and 成都模玩咖 have reached a preliminary cooperation intention regarding the design, development, adaptation of game products, and distribution rights for the GARFIELD Family IP [1]

Major Events - Ganwan (09890) signed an exclusive licensing agreement for the Garfield family IP with Chengdu Model Play Cafe [1] - International Business Digital Technology (01782) received preliminary approval for its license application regarding virtual asset brokerage, custody, and platform operations in the UAE [1] - Nocoda Technology (00519) signed a memorandum of cooperation with a leading company in Pakistan to promote smart city and smart solutions [1] - Gilead Sciences-B (01672) reported that its small molecule GLP-1R agonist ASC30 showed an apparent half-life of 75 days in obese subjects for weight maintenance [1] - Four Seasons Pharmaceutical (00460) received IND approval for its self-developed GLP-1R/GCGR dual-target innovative drug P052 injection [1] - Singularity Guofeng (01280) tokenized its original liquor RWA on a virtual asset operation platform [1] Financial Data - WKK INTL (HOLD) (00532) reported a net revenue of approximately NT$82.083 million in August, a year-on-year decrease of 14.96% [1] - Shango New Energy (01250) achieved a cumulative total operating power generation of approximately 4.2886 million MWh in the first seven months, a year-on-year increase of about 7.4% [1] - CIFI Holdings Group (00884) reported a cumulative contract sales amount of approximately RMB 12.16 billion in the first eight months [1] - China Jinmao (00817) recorded a total signed sales amount of RMB 70.884 billion in the first eight months, a year-on-year increase of 25.69% [1] - Longfor Group (00960) achieved a total contract sales amount of RMB 4.73 billion in August [1]