Group 1 - The company expects a decline of approximately 30% in annual profit for the year ending December 31, 2025, compared to the year ending December 31, 2024 [1] - The anticipated decline is primarily due to the ongoing downturn in the Chinese real estate market and sluggish sales, which have led to impairment provisions in certain regional properties within the modern services sector [1] - The company has increased its impairment provisions for real estate inventory in accordance with accounting standards, reflecting changes in the current market environment [1] Group 2 - The performance of the intelligent systems technology segment is also expected to impact the company's results, with overall profitability and product gross margins projected to decline year-on-year due to competitive market conditions [1] - The company plans to closely monitor market dynamics and may adjust asset values in response to market changes [1] - The photovoltaic segment is considering a spin-off for listing, which may highlight the intrinsic value of the new energy sector [2]

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分內容而產生或因倚 賴該等內容而引致的任何損失承擔任何責任。 本公告乃根據並為符合香港聯合交易所有限公司證券上市規則、收購守則及股份回購守則而編 製，並不構成要約購買或招攬要約出售或認購任何證券或邀請訂立協議以作出任何該等事宜， 亦並非旨在邀請要約購買、出售或認購任何證券。 SKYWORTH GROUP LIMITED 創 維 集 團 有 限 公 司 （於百慕達註冊成立之有限公司） （股份代號：00751） 內幕消息 盈利警告 本公告由創維集團有限公司（「本公司」，連同其附屬公司統稱「本集團」）根據上市 規則第 13.09 條及證券及期貨條例（香港法例第 571 章）第 XIVA 部項下之內幕消息條 文（定義見上市規則）的規定所作出。 茲提述本公司日期為 2026 年 1 月 20 日之公告，內容有關（其中包括）建議根據公司法 第 99 條透過計劃安排方式進行股份購回將本公司撤銷上市，以及分派本公司所持創維 光伏股份（「規則 3.5 公告」）。除另有界定外，本公告 ...

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: 2026年1月31日 狀態: 重新提交 致：香港交易及結算所有限公司 公司名稱: 創維集團有限公司（於百慕達註冊成立之有限公司） 呈交日期: 2026年2月4日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 00751 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 10,000,000,000 | HKD | | 0.1 HKD | | 1,000,000,000 | | 增加 / 減少 (-) | | | | | | HKD | | | | 本月底結存 | | | 10,000,000,000 | HKD | | 0.1 HKD | | 1,000,000,000 | 本月底法定/註冊 ...

FF301 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: 2026年1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: 創維集團有限公司（於百慕達註冊成立之有限公司） 呈交日期: 2026年2月3日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 00751 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 1,000,000,000 | HKD | | 0.1 | HKD | | 100,000,000 | | 增加 / 減少 (-) | | | | | | | HKD | | | | 本月底結存 | | | 1,000,000,000 | HKD | | 0.1 | HKD | | 100,0 ...

Company Situation - The company announced on January 20 its plan to distribute all its shares in Skyworth Solar to shareholders, with Skyworth Solar set to list on the main board of the Hong Kong Stock Exchange without a public offering of new shares, while also conducting a share buyback for privatization [1] - Skyworth Group holds a 70% stake in Skyworth Solar, and the distribution ratio is set at 0.37 shares of Skyworth Solar for every share of Skyworth Group held [1] Comments - The spin-off listing of the solar segment is expected to highlight the intrinsic value of the renewable energy sector. The transaction consists of two parts: the distribution and the listing of Skyworth Solar, and the share buyback plan [1] - The cash option for the share buyback is set at HKD 4.03 per share, while the share option allows for the exchange of one share of the newly listed Skyworth Group for each share held [1] - The theoretical total value per share of the plan is approximately HKD 10.16, calculated by combining the cash option and the distributed shares of Skyworth Solar [1] - The spin-off is anticipated to fully reflect the asset value of Skyworth Solar's renewable energy business and establish an independent financing platform to support the expansion of its solar storage business [1] Industry Outlook - As a leading distributed solar developer, Skyworth Solar is expected to transform into a global energy service provider. By the first half of 2025, the company has constructed 800,000 power stations with an operational capacity exceeding 27 GW [2] - Looking ahead to 2026, with the gradual clarification of the mechanism electricity price, both distributed residential and commercial installations in China are expected to reach 50 GW, while energy storage is anticipated to grow rapidly, positioning the company to seize opportunities in the solar storage market [2] Profit Forecast and Valuation - The profit forecasts for 2025 and 2026 remain largely unchanged, with the introduction of a profit forecast for 2027 at HKD 918 million. The target price has been raised by 100% to HKD 8, corresponding to 17x and 15x P/E for 2026 and 2027, respectively, indicating a 12% upside potential from the current stock price [2] - The current stock price corresponds to 15x and 13x P/E for 2026 and 2027, respectively [2]

Core Insights - The photovoltaic industry is experiencing significant developments, with Skyworth Group announcing its privatization and the spin-off of Skyworth Photovoltaics for a public listing [1] - Skyworth Group's stock surged by 37.45% to HKD 7.12 per share following the announcement, resulting in a market capitalization of HKD 13.47 billion [1] - Skyworth Photovoltaics is expected to surpass Skyworth Television in revenue for the first time in 2025, indicating strong growth potential [2] Group 1: Company Developments - Skyworth Group's board has approved a share distribution plan and a share buyback program, leading to the application for delisting from the stock exchange [1] - The company operates in four main sectors: smart home appliances, smart system technology, new energy, and modern services, with new energy primarily focused on Skyworth Photovoltaics [1] - Skyworth Photovoltaics has rapidly become a leading player in the household photovoltaic sector, leveraging the group's appliance channels and user base [1] Group 2: Financial Performance - In the first half of 2025, Skyworth Group reported a revenue of approximately CNY 36.26 billion, a year-on-year increase of 20.3% [2] - The new energy segment generated revenue of CNY 13.84 billion, reflecting a significant year-on-year growth of 53.5% [2] Group 3: Market Expansion and Strategy - Skyworth Photovoltaics is accelerating its overseas expansion, with its first commercial photovoltaic project in Thailand already underway [2] - The project at UMC Steel's facility is expected to generate approximately 4.422 million kWh in its first year, with all produced clean energy used for the plant's operations [2] - The integration of solar and storage solutions is becoming a trend in the industry, with major players like JA Solar and LONGi also focusing on energy storage [3] - Skyworth plans to enter the home energy storage market, leveraging its accumulated user resources and expertise in digital management and AI optimization [3]

Group 1 - The core viewpoint of the article is that Skyworth Group (00751) experienced a significant stock price increase of 37% yesterday and continued to rise over 5% in early trading today, indicating strong market interest following the announcement of its privatization and spin-off plans [1] - On January 20, Skyworth Group announced that its board has resolved to advance the company's privatization and simultaneously spin off its photovoltaic business, Skyworth Photovoltaics, for independent listing [1] - CICC's research report highlights that Skyworth Photovoltaics, as a leading player in distributed photovoltaic development, is expected to transform into a global energy service provider [1] Group 2 - According to the company announcement, if shareholders opt for cash compensation combined with the distribution of Skyworth Photovoltaics shares, the theoretical total value per share is approximately 10.16 HKD, calculated as 4.03 + 0.37 * 16.57 [1] - The report suggests that the spin-off listing is likely to fully reflect the asset value of Skyworth's renewable energy business and establish an independent financing platform to support the expansion of its energy storage business [1]

Group 1 - The core viewpoint of the article is that Skyworth Group (00751) experienced a significant stock price increase of 37% yesterday and continued to rise over 5% in early trading today, indicating strong market interest following the announcement of its privatization and spin-off plans [1] - On January 20, Skyworth Group announced that its board has resolved to advance the company's privatization and simultaneously spin off its photovoltaic business, Skyworth Photovoltaics, for independent listing [1] - CICC's research report highlights that Skyworth Photovoltaics, as a leading player in distributed photovoltaic development, is expected to transform into a global energy service provider [1] Group 2 - According to the company's announcement, if shareholders opt for cash compensation combined with the distribution of Skyworth Photovoltaics shares, the theoretical total value per share is estimated at approximately HKD 10.16 [1] - The report suggests that the spin-off listing is likely to fully reflect the asset value of Skyworth's renewable energy business and establish an independent financing platform to support the expansion of its energy storage business [1]

公司于1月20日发布公告拟将其持有的所有创维光伏股份分派给全体股东，创维光伏将以介绍方式在联 交所主板上市，此过程不涉及公开发售新股，同时进行股份回购实现私有化。 光伏板块计划分拆上市，新能源内在价值有望凸显 交易分为两部分：1)分派及创维光伏上市：分拆上市创维集团拟将其持有的所有创维光伏股份分派给全 体股东(创维集团持有创维光伏70%股权)。分派比例为每持有1股创维集团股份可获发0.37股创维光伏股 份。2)股份回购计划：在分拆的同时，创维集团建议通过计划安排方式进行股份回购，计划股东可就其 持有的每股计划股份在两种代价形式中择一：现金选择：每股计划股份换取4.03港元现金；股份选择： 每股计划股份换取1股撤回上市后的创维集团新股份。 根据公司公告，若选择现金代价，结合分派的创维光伏股份，每股计划股份的理论总价值约为 4.03+0.37*16.57=10.16港元。该行认为分拆上市有望充分反映创维光伏新能源业务资产价值，同时为其 建立独立融资平台，支持光储业务扩张。 中金发布研报称，维持创维集团(00751)25、26年盈利预测基本不变，首次引入27年盈利预测9.18亿元， 考虑到公司拟分拆上市，新能源业务 ...

Group 1 - The core viewpoint of the report is that CICC maintains the profit forecast for Skyworth Group (00751) for 2025 and 2026, while introducing a profit forecast of 918 million yuan for 2027, and raises the target price by 100% to 8 HKD, indicating a 12% upside potential from the current stock price [1] - The company plans to distribute all its shares in Skyworth Solar to shareholders, with Skyworth Solar set to list on the main board of the Stock Exchange through an introduction, without a public offering of new shares, while also conducting a share buyback for privatization [2] - The split listing of the solar segment is expected to highlight the intrinsic value of the renewable energy business, with the distribution ratio set at 0.37 shares of Skyworth Solar for every share of Skyworth Group held [3] Group 2 - As a leading distributed solar development company, Skyworth Solar has constructed 800,000 power stations with an operational capacity exceeding 27 GW as of the first half of 2025, and is expected to transform into a global energy service provider [4] - The company is projected to seize opportunities in the solar storage market, with an expected installation capacity of 50 GW for distributed household and commercial use in China by 2026, as the mechanism electricity price becomes clearer [4]