Summary of Key Points from the Research Report Industry Overview - **Industry**: Retail and Consumer Goods in China - **Retail Sales Growth**: Retail sales grew by 3.7% year-on-year (y-o-y) in July 2025, below the Bloomberg consensus of 4.6% and a decrease from 4.8% y-o-y growth in June 2025 [2][8][12] Core Insights - **Sector Performance**: - Retail sales of goods increased by 4% y-o-y, with notable deceleration in fast-growing sectors such as household appliances and audiovisual equipment (+29%) and furniture (+21%) compared to 2Q25 [2][12] - Beverage sales grew by 3% and cosmetics by 5%, both showing positive month-on-month (m-o-m) growth, while construction and decoration materials (-1%) and auto sales (-2%) declined [2][12] - Catering growth remained weak at 1%, with service-related retail growth slowing to 5.2% in the first seven months of 2025, down from 5.3% in 1H25 [2][12] - **Policy Impact**: - Newly issued regulations aimed at promoting frugality in government organs have negatively impacted sectors like catering and baijiu [2] - A recent statement from Xinhuanet advocating for proper policy implementation may alleviate some overreactions from local governments, potentially easing pressure on affected industries [2] - **Government Stimulus**: - The government has introduced multiple stimulus measures, including childcare subsidies and interest subsidies for personal consumption loans, to boost consumption [3] - A third round of trade-in subsidies amounting to RMB 69 billion has been earmarked [3] - Economists at HSBC have revised China's GDP growth forecast for 2025 to 4.9%, up from 4.5%, anticipating further fiscal policies to stimulate domestic demand [3] Company-Specific Insights - **Ninebot**: - The company showed strong interim results with 2Q25 revenue and net profit exceeding market expectations. A 49% earnings compound annual growth rate (CAGR) is expected from 2024 to 2027 [4] - The stock is currently trading at a price-to-earnings (PE) ratio of 21x for 2025 and 16x for 2026, deemed attractive [4] - **China Resources Beer**: - Expected low-single-digit y-o-y growth in sales volume and high-single-digit growth in net profit for 1H25. The stock is trading at a PE of 15x for 2025 and 14x for 2026, with a dividend yield of 3.9% for 2025 [4] - **YUTO**: - The company is expected to benefit from the shift of orders to overseas markets amid trade tensions, enhancing its competitiveness and market share. The stock is trading at a PE of 13x for 2025 and 11x for 2026 [4] Additional Insights - **Consumer Confidence**: The consumer confidence index declined by 0.1 month-on-month in June 2025, indicating potential concerns among consumers regarding spending [20] - **Unemployment Rate**: The surveyed urban unemployment rate increased by 0.2% month-on-month in July 2025, reflecting ongoing labor market challenges [15] - **Subsector Performance**: - The consumer discretionary sector has shown strong performance with a year-to-date increase of 11.6% and a one-year increase of 44.4% [27] - The baijiu subsector is currently trading at a 17x 12-month forward PE, while the beer subsector is at 18x [30][33] This comprehensive summary captures the essential insights and data points from the research report, providing a clear overview of the current state of the retail and consumer goods industry in China, along with specific company performances and broader economic indicators.

Market Overview - On August 21, the motorcycle and other sectors fell by 0.21%, with Greenway Technology leading the decline [1] - The Shanghai Composite Index closed at 3771.1, up 0.13%, while the Shenzhen Component Index closed at 11919.76, down 0.06% [1] Stock Performance - Notable gainers in the motorcycle sector included: - TaoTao Industry: Closed at 185.11, up 3.41% with a trading volume of 19,300 lots and a turnover of 358 million [1] - Aima Technology: Closed at 37.72, up 3.12% with a trading volume of 152,100 lots and a turnover of 571 million [1] - Jiuqi Co.: Closed at 18.40, up 1.21% with a trading volume of 74,600 lots and a turnover of 137 million [1] - Greenway Technology was the biggest loser, closing at 32.93, down 3.69% with a trading volume of 50,100 lots and a turnover of 167 million [2] Capital Flow - The motorcycle and other sectors saw a net inflow of 41.63 million from main funds, while retail investors experienced a net outflow of 30.29 million [2] - Main fund inflows for specific stocks included: - Aima Technology: 91.99 million, accounting for 16.11% of total inflow [3] - Ninebot Company: 76.37 million, accounting for 6.14% of total inflow [3] - TaoTao Industry: 13.48 million, accounting for 3.77% of total inflow [3] - Notable outflows included: - Xinlong Health: 7.99 million, accounting for -8.17% of total outflow [3] - Greenway Technology: 36.9 million, accounting for -3.69% of total outflow [3]

证券代码：689009 证券简称：九号公司 公告编号：2025-055 九号有限公司 部分归属结果暨存托凭证上市公告 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、准确性和完整性依法承担法律责任。 重要内容提示： ?本次存托凭证上市类型为股权激励存托凭证；存托凭证认购方式为网下，上 市存托凭证数量为1,423,061份。 本次归属股票对应存托凭证数量：142,306.1 股基础股票，按照 1 股/10 份存 托凭证的比例进行转换后，本次存托凭证上市流通总数为1,423,061份。 ?本次存托凭证上市流通日期为2025 年 8 月 26 日。 根据中国证券监督管理委员会、上海证券交易所、中国证券登记结算有限责 任公司上海分公司有关业务规则的规定，九号有限公司（以下简称"公司"）于近 日收到中国证券登记结算有限责任公司上海分公司出具的《证券变更登记证明》， 公司完成了 2021 年限制性股票激励计划首次授予关键业务人员部分第一个归属期 第一批次、2021 年限制性股票激励计划首次授予其他员工部分第二个归属期、2022 年限制性股票激励计划第一次预留授予部分第 ...

Group 1 - The A-share market opened high on August 21, 2025, with digital currency concept stocks surging, and the Sci-Tech 50 Index reaching a new high since last year, peaking at 1173.28 points [1] - In the first half of 2025, China's semiconductor industry saw total investments of 455 billion, with semiconductor equipment investments increasing by 53.4%, indicating a strong demand for domestic control in the semiconductor supply chain [1] - The daily average Token consumption in China skyrocketed from 100 billion to over 30 trillion within a year and a half, reflecting rapid growth in AI application scale [1] Group 2 - Haiguang Information reported a significant increase in revenue and net profit in its 2025 semi-annual report, with Q2 revenue growing by 41.15% year-on-year and net profit increasing by 23.14% [2] - The company is planning to merge with Zhongke Shuguang to create a complete domestic computing power industry ecosystem, benefiting from the rapid development of AI and high-performance computing [2] - As of August 21, 2025, the Sci-Tech 50 ETF leader (588060) rose by 1.50%, with the top ten weighted stocks accounting for 54.07% of the index, indicating strong market performance [2] Group 3 - The Sci-Tech 50 ETF is designed to invest in a basket of leading Sci-Tech stocks, with a daily price fluctuation limit of ±20%, and offers convenient trading similar to stocks [3] - The index closely tracks the performance of 50 securities from the Sci-Tech board, focusing on key sectors such as semiconductors (60.6%), medical devices (6.6%), and software development (5.2%), highlighting its "hard technology" attributes [3]

九号有限公司 2021 年至 2024 年限制性股票激励计划 部分归属结果暨存托凭证上市公告 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、准确性和完整性依法承担法律责任。 重要内容提示： 本次存托凭证上市类型为股权激励存托凭证；存托凭证认购方式为网下，上 市存托凭证数量为1,423,061份。 本次归属股票对应存托凭证数量：142,306.1 股基础股票，按照 1 股/10 份存 托凭证的比例进行转换后，本次存托凭证上市流通总数为1,423,061份。 本次存托凭证上市流通日期为2025 年 8 月 26 日。 证券代码：689009 证券简称：九号公司 公告编号：2025-055 <2021 年限制性股票激励计划实施考核管理办法（修订稿）>的议案》。公司独立董 事就本次激励计划相关议案发表了独立意见，并对本次激励计划的相关事项进行 核实并出具了相关核查意见。 7、2021 年 7 月 19 日，公司召开 2021 年第二次临时股东大会，审议通过了《关 于公司<2021 年限制性股票激励计划（草案修订稿）>及其摘要的议案》《关于公司 <2021 年限制 ...

Group 1: Company Performance - Pop Mart reported a revenue of 13.88 billion yuan for the first half of 2025, representing a year-on-year growth of 204.4% [1] - Adjusted net profit for Pop Mart reached 4.71 billion yuan, with a year-on-year increase of 362.8% [1] - Revenue breakdown by region for Pop Mart shows: - China: 8.28 billion yuan, up 135.2% - Asia-Pacific: 2.85 billion yuan, up 257.8% - Americas: 2.26 billion yuan, up 1142.3% - Europe and others: 480 million yuan, up 729.2% [1] Group 2: Corporate Developments - Baidu's search platform has integrated with the Dutch National Museum, Trip.com, and Tongcheng, expanding its MCP offerings [2] - Apple is increasing iPhone production in India to supply new models to the U.S. market [3] - Dazhihui announced it has not engaged in stablecoin, virtual asset trading, or cross-border payment businesses [4] - SoftBank's Masayoshi Son reportedly discussed acquiring Intel's struggling foundry business prior to announcing a $2 billion investment [5] - New companies have been established, including a 1 billion yuan registered capital company by Ninebot in Changzhou [5] and a 1.6 billion yuan enterprise management company in Tianjin involving New City Holdings [6] Group 3: Market Trends - Arm Holdings has hired Amazon's AI chip director to develop its own chips, indicating a competitive move against Nvidia [7][8] - A new hedge fund founded by a former Goldman Sachs trader has secured $1 billion from Millennium Management [8] - European exports are being impacted by U.S. tariff policies, as noted by ING's macro research head [8] Group 4: Government Policies - Thailand is simplifying the process for tourists to exchange cryptocurrency for Thai baht to stimulate tourism [9] - Guangdong Province is encouraging companies to focus on key technologies in commercial aerospace, including reusable liquid rocket engines [9] - Hainan has optimized its personal income tax preferential policies for high-demand talent, adjusting the calculation method for residency days [10]

Group 1: Institutional Research and Shareholder Activity - The top twenty companies with the most institutional research in the last 30 days include Dongpeng Beverage, Zhongchong Co., Hikvision, Defu Technology, and Xinyi Technology[5] - In the last five days, the most researched companies include Nanwei Medical, Anjisi, Jinchengzi, Xinqianglian, and Baiya Co.[5] - Among the top twenty companies with institutional research in the last 30 days, 12 companies had 10 or more rating agencies, including Dongpeng Beverage, Zhongchong Co., and Hikvision[5] Group 2: Shareholder Buybacks - From August 11 to August 15, 2025, 51 companies announced buyback progress, with 10 having 10 or more rating agencies, and only 2 companies (Baolong Technology and Fuanna) had buyback amounts exceeding 1% of their market value[25] - From January 1 to August 15, 2025, 1,662 companies announced buyback progress, with 364 having 10 or more rating agencies, and 99 companies had buyback amounts exceeding 1% of their market value[27] Group 3: Shareholder Increase Activity - From August 11 to August 15, 2025, only 5 companies with significant shareholder increases had amounts below 1% of their market value[19] - From January 1 to August 15, 2025, 251 companies announced significant shareholder increases, with 67 having 10 or more rating agencies, and 19 companies had amounts exceeding 1% of their market value[21]

Group 1: Abu Dhabi Investment Authority (ADIA) Holdings - Abu Dhabi Investment Authority is one of the few QFII institutions with a market value exceeding 10 billion yuan in its holdings, maintaining a leading position in the second quarter [1] - As of August 18, ADIA appeared in the major shareholder lists of 10 listed companies, with significant positions in three companies worth noting [1] Group 2: Shengyi Technology - ADIA has continuously increased its holdings in Shengyi Technology over three consecutive quarters, with shares rising from 10.47 million in Q4 last year to 21.75 million in Q2 this year, making it the sixth-largest shareholder [2] - Shengyi Technology has delivered a cumulative stock price increase of 90% this year, reflecting strong performance [2] - The company reported a revenue of 12.68 billion yuan in the first half of the year, a year-on-year increase of 31.68%, and a net profit of 1.426 billion yuan, up 52.98% [4] Group 3: Ninebot Company - ADIA entered Ninebot Company’s top ten shareholders list for the first time in Q1 this year, holding approximately 10 million shares, and increased its stake to 12.18 million shares by Q2 [5] - Ninebot Company reported a net profit of 1.24 billion yuan in the first half of the year, a year-on-year increase of 108.5%, exceeding market expectations [7] - The company’s stock price has risen by 34% this year, driven by policies promoting electric two-wheeler replacements and successful market expansion of smart lawn mowers [5][7] Group 4: Hongfa Technology - In Q2, ADIA held 22.12 million shares of Hongfa Technology, making it the fourth-largest shareholder, while foreign investors collectively held over 24% of the company's shares [8] - Hongfa Technology achieved a revenue of 8.35 billion yuan in the first half of the year, a year-on-year increase of 15.4%, and a net profit of 964 million yuan, up 14.2% [10] - The company is recognized as a global leader in the relay industry, steadily increasing its market share [10]

人民财讯8月19日电，企查查APP显示，近日，九号零动(常州)科技有限公司成立，法定代表人为张珍 源，注册资本1亿元，经营范围包括摩托车及零配件批发、电动自行车销售、自行车及零配件零售等。 企查查股权穿透显示，该公司由九号机器人有限公司间接全资持股。 ...

Group 1: Institutional Research on Popular Companies - The top twenty companies with the highest number of institutional research visits in the past 30 days include Dongpeng Beverage, Zhongchong Co., Hikvision, Defu Technology, and Xinyi Technology [10][11] - In the last five days, the most popular companies for institutional research include Nanwei Medical, Anjisi, Jinchengzi, New Strong Union, and Baiya Co. [10][11] - Among the top twenty companies in the past 30 days, twelve companies had ten or more rating agencies, including Dongpeng Beverage, Zhongchong Co., Ninebot, Baiya Co., Hikvision, Jereh, Xinyi Technology, Hongfa Technology, Nanwei Medical, Baijia Shenzhou, Huaming Equipment, and Shijia Photon [10][11] - Companies such as Xinyi Technology, Dongpeng Beverage, Zhongchong Co., and Ninebot are expected to see significant growth in net profit attributable to shareholders in 2024 compared to 2023 [10][11] Group 2: Shareholder Increase and Buyback Situations - From August 11 to August 15, 2025, five companies announced significant shareholder increases, but the average proposed increase amount was less than 1% of the market value on the announcement date [14] - From January 1 to August 15, 2025, a total of 251 companies announced shareholder increases, with 67 having ten or more rating agencies. Among these, 19 companies had an average proposed increase amount exceeding 1% of the latest market value, including Xinjie Energy, Tunnel Co., Sailun Tire, and Wanrun Co. [15] - During the same period, 1,662 companies announced buyback progress, with 364 having ten or more rating agencies. Among these, 99 companies had a proposed buyback amount exceeding 1% of the market value [19] Group 3: Buyback Progress - From August 11 to August 15, 2025, 51 companies announced buyback progress, with 10 having ten or more rating agencies. Only two companies, Baolong Technology and Fuanna, had a proposed buyback amount exceeding 1% of the market value [18] - From January 1 to August 15, 2025, 99 companies were in the board proposal stage for buybacks, including Liu Gong, Sanor Biotech, Shantui, Haixing Electric, Jiayi Co., and Gaoneng Environment [19] Group 4: Institutional Fund Flow - During the week of August 11 to August 15, 2025, sectors such as power equipment, electronics, real estate, non-bank financials, public utilities, computers, home appliances, building materials, light industry manufacturing, and banking received net inflows from institutional funds [24]