Macro News - The International Monetary Fund (IMF) has significantly raised China's economic growth forecast for this year by 0.8 percentage points to 4.8%, reflecting stronger-than-expected economic activity in the first half of the year and lower actual tariff rates compared to previous predictions [4] - In the first half of the year, state-owned enterprises in China reported total operating revenue of 4,074.96 billion yuan, a year-on-year decrease of 0.2%. Their total profit amounted to 218.25 billion yuan, down 3.1% year-on-year, and tax payments were 300.26 billion yuan, a decline of 0.8% [4] Industry News - Hong Kong's "Stablecoin Regulation" will come into effect on August 1, with the Hong Kong Monetary Authority releasing five regulatory documents for licensed stablecoin issuers [7] - The China Photovoltaic Industry Association issued a statement refuting claims made by some media regarding "anti-involution" in the photovoltaic industry, particularly concerning polysilicon, stating that the reports were severely inconsistent with actual conditions [7] Company News - WuXi AppTec announced an adjustment to its share repurchase price ceiling to no more than 114.15 yuan per share [11] - The PCB industry is experiencing a significant improvement in market conditions compared to the same period last year, especially for high-end products, with strong demand and rising prices [9] - Changchun High-tech announced that its innovative drug, Amlodipine Besylate Oral Solution, has received approval from the FDA for market launch in the United States [12]

Core Viewpoint - The company, Rebate Network Digital Technology Co., Ltd., is forecasting a significant loss for the first half of 2025, with expected net profit ranging from -45 million RMB to -30 million RMB, indicating a downturn compared to the previous year [1][2]. Group 1: Performance Forecast - The company anticipates a net profit attributable to shareholders of -45 million RMB to -30 million RMB for the first half of 2025, indicating a loss [1]. - The expected net profit after deducting non-recurring gains and losses is projected to be between -42 million RMB and -28 million RMB [1]. - The forecasted operating revenue for the first half of 2025 is estimated to be between 170 million RMB and 200 million RMB [1]. Group 2: Previous Year Comparison - In the same period last year, the company reported a total profit of 4.2412 million RMB and a net profit attributable to shareholders of 3.3646 million RMB [2]. - The net profit after deducting non-recurring gains and losses for the previous year was 1.8977 million RMB [2]. - The earnings per share for the previous year were reported at 0.0056 RMB [2]. Group 3: Reasons for Performance Decline - The primary reasons for the expected loss include increased market expenses for the company's guiding business and higher personnel costs due to an expanded business team [2]. - Non-operating gains and losses affecting net profit include provisions for legal fees related to overseas litigation and government subsidies received during the reporting period [2]. - Accounting treatment did not have a significant impact on the company's current performance forecast [2]. Group 4: Additional Information - The company noted that revenue has increased year-on-year, primarily due to significant growth in guiding income and a slight increase in advertising revenue [2]. - The effectiveness of advertising business in client expansion and team growth has begun to show results [2]. - The e-commerce retail business continues to explore avenues for revenue growth [2].

[Performance Forecast Summary](index=1&type=section&id=Important%20Content%20Highlights) The company forecasts a net loss attributable to shareholders of -45 million to -30 million yuan for H1 2025, driven by increased costs despite revenue growth | Metric | 2025 H1 Forecast | | :--- | :--- | | **Net Profit Attributable to Parent Company Shareholders (RMB)** | -45 million to -30 million yuan | | **Net Profit Attributable to Parent Company Shareholders (Excluding Non-recurring Items) (RMB)** | -42 million to -28 million yuan | | **Operating Revenue (RMB)** | 170 million to 200 million yuan | - The core conclusion of this performance forecast is a projected **net loss**[3](index=3&type=chunk) [Current Period Performance Forecast Details](index=1&type=section&id=I.%20Current%20Period%20Performance%20Overview) This section specifies the forecast period as H1 2025, reiterates key financial projections, and notes that all data are preliminary and unaudited - The performance forecast period is from January 1 to June 30, 2025[5](index=5&type=chunk) Key Financial Forecasts for H1 2025 | Forecast Metric | Amount Range (RMB) | | :--- | :--- | | **Net Profit Attributable to Parent Company Shareholders** | -45 million to -30 million yuan | | **Net Profit Attributable to Parent Company Shareholders (Excluding Non-recurring Items)** | -42 million to -28 million yuan | | **Operating Revenue** | 170 million to 200 million yuan | - This performance forecast represents preliminary estimates by the company's finance department and is unaudited[7](index=7&type=chunk) [Prior Period Performance Review](index=2&type=section&id=II.%20Prior%20Period%20Performance%20Overview) The report presents prior-year comparable financial data, showing a significant shift from profitability to a projected loss, with H1 2024 net profit at 3.3646 million yuan Prior Period (2024 H1) Financial Performance | Metric | Prior Period (2024 H1) | | :--- | :--- | | **Operating Revenue (RMB)** | 136.8026 million yuan | | **Net Profit Attributable to Parent Company Shareholders (RMB)** | 3.3646 million yuan | | **Net Profit Attributable to Parent Company Shareholders (Excluding Non-recurring Items) (RMB)** | 1.8977 million yuan | | **Earnings Per Share (RMB)** | 0.0056 yuan | [Analysis of Current Period Projected Loss](index=2&type=section&id=III.%20Primary%20Reasons%20for%20Current%20Period%20Projected%20Loss) The projected loss is attributed to increased operating costs in core businesses and negative impacts from non-operating items, partially offset by government subsidies [Impact of Core Business Operations](index=2&type=section&id=%28I%29%20Impact%20of%20Core%20Business%20Operations) Rising core business costs, specifically increased marketing and human resources expenses for the shopping guide business, are key drivers of the projected loss - Marketing and promotion expenses for the shopping guide business increased year-over-year[10](index=10&type=chunk) - Expansion of the business team led to a year-over-year increase in human resources expenses[10](index=10&type=chunk) [Impact of Non-Operating Gains and Losses](index=2&type=section&id=%28II%29%20Impact%20of%20Non-Operating%20Gains%20and%20Losses) Non-operating gains and losses were primarily affected by legal fees for overseas litigation, partially offset by government subsidies - Non-recurring gains and losses were primarily influenced by the accrual of legal fees for overseas litigation (negative impact) and the receipt of government subsidies (positive impact)[11](index=11&type=chunk) [Impact of Accounting Treatment](index=2&type=section&id=%28III%29%20Impact%20of%20Accounting%20Treatment) The company states that accounting treatment methods did not significantly impact the current performance forecast results - Accounting treatment had no significant impact on the company's current period performance forecast[12](index=12&type=chunk) [Risk Warning](index=2&type=section&id=IV.%20Risk%20Warning) The company cautions investors that the performance forecast data is preliminary, unaudited, and may differ from the final financial report - The performance forecast data is preliminary and unaudited, subject to uncertainty[13](index=13&type=chunk) [Other Explanations and Business Highlights](index=2&type=section&id=V.%20Other%20Explanations) Despite the overall projected loss, revenue grew year-over-year, driven by increased shopping guide income, steady advertising expansion, and ongoing e-commerce retail exploration - Revenue grew year-over-year during the reporting period, primarily driven by three business segments: shopping guide income, advertising income, and e-commerce retail income[15](index=15&type=chunk) - Shopping guide income saw a significant year-over-year increase, serving as the primary driver of total revenue growth[15](index=15&type=chunk) - Advertising income slightly increased year-over-year, with performance-based advertising showing initial success in client acquisition and team building[15](index=15&type=chunk)

Core Points - The company has announced the results of its share repurchase program, which was initially disclosed on October 31, 2024, and is set to run from November 16, 2024, to November 15, 2025 [1] - The total expected repurchase amount is between RMB 15 million and RMB 25 million, with a maximum repurchase price of RMB 8.19 per share [1] - A total of 2.26 million shares will be repurchased and subsequently canceled, reducing the total share capital [4] Repurchase Approval and Plan Details - The board of directors and shareholders approved the share repurchase plan on October 29, 2024, and November 15, 2024, respectively [1] - The repurchase will utilize the company's own funds and/or self-raised funds through centralized bidding [1] - The actual repurchase amount reached RMB 18.07 million, with shares bought at prices ranging from RMB 7.78 to RMB 8.19 per share [2] Implementation Status - The company has repurchased a total of 610,400 shares, accounting for 0.15% of the total share capital of 419,272,377 shares [2] - The execution of the repurchase plan aligns with the previously disclosed details, with no discrepancies noted [2] Share Cancellation Arrangements - The company has completed the necessary legal procedures for notifying creditors regarding the cancellation of repurchased shares [2] - No objections were raised by creditors during the 45-day notice period [2] Share Changes Overview - Before the repurchase, the company had 419,272,377 shares, which will be reduced to 417,012,377 shares after the cancellation of the repurchased shares [4] - The repurchased shares will be fully canceled, resulting in no remaining repurchased shares [4]

证券代码：600228 证券简称：*ST 返利 公告编号：2025-047 返利网数字科技股份有限公司 关于股份回购实施结果暨股份变动的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： | 回购方案首次披露日 | 2024/10/31 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 回购方案实施期限 | 2024 年 16 11 | 11 | 月 | 日~2025 | 年 | 月 | 15 日 | | 预计回购金额 | 1,500万元~2,500万元 | | | | | | | | 回购价格上限 | 8.19元/股 | | | | | | | | 回购用途 | √减少注册资本 □用于员工持股计划或股权激励 | | | | | | | | | □为维护公司价值及股东权益 | | | | | | | | 实际回购股数 | 226万股 | | | | | | | | 实际回购股数占总股本比例 | 0.54% | | | | | | ...

Core Viewpoint - The company plans to enhance its competitive edge in the internet marketing sector by acquiring a 60% stake in Guangzhou Fengteng Network Technology Co., Ltd. for a maximum consideration of RMB 28.8 million, aiming to integrate the target company's capabilities in intelligent advertising systems and data algorithms to expand its marketing operations [1][3][19]. Transaction Overview - The acquisition involves the company's wholly-owned subsidiary, Shanghai Zhongyan Information Technology Co., Ltd., purchasing the stake from Song Ruiyin and Song Ruijin [1][3]. - The total market value of the target company's equity is assessed at RMB 65.3 million, reflecting an increase of RMB 37.8 million, or 137.07%, compared to the audited owner's equity [2][10]. - The purchase price is based on a valuation of RMB 48 million multiplied by the 60% equity stake, resulting in a transaction price of RMB 28.8 million [2][10]. Purpose of the Transaction - The transaction aims to strengthen the company's position in the internet marketing field by leveraging the target company's core competencies in intelligent advertising and data analytics, thereby enhancing marketing capabilities across multiple platforms [3][19]. - It is expected to deepen collaboration with upstream e-commerce platforms, enhancing the company's service capabilities in the e-commerce ecosystem [3][19]. Financial and Performance Metrics - The transaction includes performance assessment clauses, with specific profit and revenue targets set for the years 2025 to 2027 [5][15]. - The performance targets are as follows: - 2025: Net profit of no less than RMB 5 million and revenue of no less than RMB 50 million - 2026: Net profit of no less than RMB 6 million and revenue of no less than RMB 60 million - 2027: Net profit of no less than RMB 7 million and revenue of no less than RMB 70 million [5][15]. Approval and Compliance - The transaction does not constitute a major asset restructuring or related party transaction and has been approved by the company's board of directors without the need for shareholder approval [2][3]. - The completion of the transaction is subject to approval from relevant authorities, and the agreement will automatically terminate if such approval is not obtained [2][3][6]. Target Company Overview - Guangzhou Fengteng Network Technology Co., Ltd. was established in April 2017, with a registered capital of RMB 20 million and operates in digital marketing and user growth across various sectors [8][9]. - The company has established partnerships with leading internet firms such as Alibaba, JD.com, and Meituan, focusing on performance marketing and advertising services [8][9]. Valuation and Pricing - The valuation of the target company was conducted using both the income approach and asset-based approach, with the income approach yielding a higher valuation of RMB 65.3 million [10][12]. - The difference in valuation methods highlights the importance of considering future earnings potential and intangible assets in determining the fair market value [12][13]. Impact on Company Operations - The acquisition is expected to positively influence the company's consolidated net profit if the target company performs well, while underperformance could negatively impact financial results [19]. - The transaction may also lead to the creation of goodwill, which could be subject to impairment risks in the future [19].

Core Viewpoint - *ST返利 plans to acquire 60% equity of Guangzhou Fengteng for a consideration of no more than 28.8 million yuan, aiming to enhance its competitive edge in the internet effect marketing sector [1][3]. Group 1: Acquisition Details - The acquisition will be funded by the company's own funds without any fundraising or financing arrangements [1]. - Guangzhou Fengteng, established in 2017, has received various government qualifications and has a strong presence in digital marketing and user growth across multiple industries [1]. Group 2: Business Operations of Guangzhou Fengteng - Guangzhou Fengteng's operations include performance marketing, information flow advertising agency, and game publishing and operation [2]. - The company acts as a primary agent for major platforms like ByteDance and UC, providing media account opening, recharge, and advertising design services [2]. Group 3: Strategic Intent of the Acquisition - The transaction aims to integrate Guangzhou Fengteng's capabilities in intelligent advertising systems, data algorithms, and refined operations to enhance *ST返利's marketing capabilities across multiple traffic platforms [3]. - This acquisition is expected to deepen *ST返利's collaboration with upstream e-commerce platforms, thereby enhancing its e-commerce ecosystem service capabilities [3].

证券代码：600228 证券简称：*ST 返利 公告编号：2025-046 返利网数字科技股份有限公司 关于对外投资暨收购股权资产的公告 本公司董事会及全体董事保证公告内容不存在虚假记载、误导性陈述或者重 大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 交易简要内容：返利网数字科技股份有限公司（以下简称"本公司"、"本上 市公司"或"公司"）全资子公司上海众彦信息科技有限公司（以下简称"上海众 彦"）拟以不超过人民币 2,880 万元的对价购买宋瑞银、宋瑞金持有的广州风腾网络 科技有限公司（以下简称"广州风腾"或"标的公司"）60%股权（以下简称"本 次交易"）。 经评估，标的公司股东全部权益于评估基准日的市场价值为人民币 6,530.00 万元，比经审计所有者权益增值 3,775.51 万元，增值率 137.07%。标的公司截至评 估基准日未分配利润约 1,625.55 万元，双方约定由标的公司原股东享有，经交易各 方协商同意，本次交易价格以 4,800 万元乘以交易股权比例 60%确定，为 2,880 万 元。以标的公司 2025 年至 2027 年预测净利润测算，标的公司 P/ ...

Core Viewpoint - *ST Fanli (600228) announced that its wholly-owned subsidiary, Shanghai Zhongyan Information Technology Co., Ltd., plans to acquire 60% equity of Guangzhou Fengteng Network Technology Co., Ltd. from Song Ruijin and Song Ruijin for a consideration not exceeding 28.8 million yuan. The transaction aims to enhance the company's advantages in internet effect marketing and expand its marketing capabilities across multiple traffic platforms [1]. Summary by Relevant Sections - **Transaction Details** - The acquisition price is set at a maximum of 28.8 million yuan [1] - After the transaction, Shanghai Zhongyan will hold 60% equity in Guangzhou Fengteng [1] - **Valuation and Performance** - The total equity of Guangzhou Fengteng was valued at 65.3 million yuan as of the assessment benchmark date, reflecting an appreciation rate of 137.07% [1] - **Strategic Intent** - The transaction is intended to strengthen the company's position in the internet effect marketing sector and to increase the scale of its effect marketing business [1] - The payment for the transaction will be made in installments and will include performance assessment clauses [1]

Core Insights - Rebate Technology (stock code: 600228) reported significant growth in key operational metrics during the 2025 618 shopping festival, indicating strong performance and market resilience [2][4] Group 1: Operational Performance - Active user count during the 618 period increased by 209.5% year-on-year [2] - The number of guided orders rose by 123.7%, with transaction value increasing by 104.3% and rebate amount soaring by 472.1% compared to the same period in 2024 [2] - Categories such as home appliances, mobile communications, computers, digital products, and furniture led in guided transaction value, while categories like gaming/toys, second-hand goods, smart devices, pharmaceuticals, and medical equipment saw transaction value growth exceeding 200% [2] Group 2: Business Strategy and Development - The company has established a business system comprising online shopping guidance, advertising promotion, and platform technology services, driven by a dual strategy of "online shopping guidance + performance marketing" [4] - Online shopping guidance integrates product and service information through rebates, price comparisons, coupon distribution, and content marketing to direct users to third-party e-commerce platforms, generating commission and advertising revenue [4] - The company invested 30.42 million yuan in R&D in 2024, accounting for 12.47% of its main business revenue, and has obtained 163 software copyrights and 7 invention patents under substantive review [4] Group 3: International Expansion - Rebate Technology is actively exploring international markets, having signed a strategic cooperation agreement with Awin, a leading global e-commerce affiliate marketing platform, to establish cross-border promotion mechanisms [5] - This partnership aims to help domestic brands efficiently connect with European media channels, niche bloggers, and localized traffic sources, thereby reducing initial trial and error costs and enhancing the ability to tackle cross-border operational challenges [5]