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9月30日 狀態: 新提交 本月底法定/註冊股本總額： USD 300,000 第 1 頁 共 10 頁 v 1.1.1 致：香港交易及結算所有限公司 FF301 公司名稱: 赤子城科技有限公司 呈交日期: 2025年10月2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) | 09911 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 3,000,000,000 | USD | | 0.0001 | USD | | 300,000 | | 增加 / 減少 (-) | | | | | | | USD | | | | 本月底結存 | | | 3,000,000, ...

来源：市场资讯 （来源：智远资讯） 9月23日，国泰海通证券与智信财经联合举办的"AI加速，联接全球资本市场"2025 海外市场投资峰会在 上海圆满落幕，本次会议聚焦AI产业分析与投资价值挖掘，邀请港美股上市公司、产业专家、投资机 构等，汇聚全球智慧，点燃创新火种，铸就海外市场投资研究的交流高地，链接全球资本市场。 国泰海通证券副总裁、研究与机构业务委员会总裁、政策和产业研究院院长陈忠义 国泰海通证券副总裁、研究与机构业务委员会总裁、政策和产业研究院院长陈忠义出席大会并致辞。陈 忠义指出，国泰海通证券将以科技驱动为引擎，持续提升面向全球的研究与资产配置能力，以更专业的 中国方案、更高质量的国际化服务，锻造具有国际竞争力和市场引领力的一流投资银行。本次峰会正是 国泰海通践行国际化战略、展示全球化服务能力的重要平台。 本次峰会汇聚AI领域领军人物、行业专家与投资机构，围绕从芯片、算力到应用落地的全产业链展开 深度分享。当前AI浪潮正推动资本市场出现显著的结构性分化，投资逻辑已从"普惠式上涨"转向"精细 化筛选"，资本也聚焦于AI时代不可替代的核心价值环节。 超过40家港美股上市公司参与本次路演，围绕AI时代的新引 ...

Core Points - The article discusses the fifth annual Mooncake Competition organized by Ciwei Gongshe, highlighting the evolution of mooncake offerings from internet companies over the past five years [1][2] - The competition features various innovative mooncake flavors and creative packaging designs from major internet firms, showcasing their unique branding and cultural elements [2][10][14] Summary by Sections Event Overview - The Mooncake Competition has become a significant event, reflecting the changing trends in festive gifts among internet companies [2][3] - The competition aims to evaluate mooncakes based on appearance, creativity, and taste, using a semi-blind testing method to ensure fairness [6][7] Participating Companies and Their Offerings - BOSS Zhipin presented a custard mooncake with a travel-themed gift box, appealing to a broad audience [10][12] - Tencent's pineapple peach mountain mooncake combined traditional and technological elements in its packaging, featuring interactive content [16][18] - Chasing the trend, Zhi Mi offered a golden custard mooncake with a unique gift box that included a custom music box, emphasizing its commitment to social causes [22][25] - Ctrip's dried tangerine peel and black bean mooncake sparked mixed reactions among judges, showcasing the adventurous flavor choices [29][32] - Meituan's classic five-nut mooncake was presented in a large, eye-catching gift box, reinforcing its brand identity [37][39] - Reading's hazelnut chocolate mooncake featured popular IP characters, appealing to fans of its literary content [44][46] - JD.com collaborated with a porcelain museum for a mooncake that highlighted traditional Chinese craftsmanship [50][53] - Douyin's passion fruit mooncake was part of a vibrant gift box that included practical items for users [57][59] - SHEIN's traditional lotus seed mooncake was packaged in a practical sports bag, showcasing a blend of tradition and utility [63][65] Awards and Recognition - The competition concluded with awards for various categories, including: - Best Appearance: Kuaishou with a score of 9.30 [137] - Best Overall Creativity: Zhi Mi with a score of 9.35 [137] - Best Taste: Ying Shi with a score of 9.70 [137] - The results reflect the diverse approaches companies take in creating mooncakes that resonate with consumers [137][138]

Core Viewpoint - The recent equity change involving Zhang Liang's company has sparked industry attention, indicating a strategic move towards capitalizing and globalizing the brand, while also highlighting the common challenges faced by the hot pot category in going public [2] Group 1: Equity Restructuring - The equity adjustment is not a withdrawal but a pre-IPO structural upgrade, with Zhang Liang maintaining control through a Hong Kong company, which facilitates foreign investment and aligns with Hong Kong's requirements for clear ownership [3] - This restructuring aims to isolate risks by legally separating personal and corporate assets, addressing public confusion over brand identity linked to the founder [3] Group 2: Expansion and Quality Control - Zhang Liang's brand has over 6,000 global stores as of April 2025, with operations in nearly 60 cities across 20 countries, although expansion growth has slowed due to funding gaps and competition from leading rivals [4] - The brand relies heavily on a franchise model, with less than 2% of stores being company-owned, which has led to quality control issues as franchisees face supply chain cost pressures [5] Group 3: Challenges in Going Public - The brand faces three main challenges in its IPO pursuit: low profitability due to reliance on franchise fees, trust issues related to food safety, and valuation concerns in a market that is becoming cautious towards the hot pot category [6][7] - Despite efforts to improve supply chain management and reduce costs for franchisees, the overall profitability structure remains weak, and the brand's ability to replicate overseas success is uncertain [7][8]

以下文章来源于槽值 ，作者槽值小妹 槽值 . 网易文创旗下新情感消费品牌，倡导更有情调、有质感的生活方式。 谁又被上课了？ 来源｜ 槽值（ID:caozhi163） 封面来源 ｜ IC Photo "谁吃麻辣香锅能不被上一课呢。" 最近一条热搜让很多人恍惚：麻辣香锅，我上一次吃是什么时候来着？ 随着和麻辣烫一样，与"贵""刺客"绑定，麻辣香锅似乎淡出了许多年轻消费者的视线。 偶尔商场路过一些门店，也只是感叹一句吃不起就快步离开。 "杨国福有这样的麻辣香锅进入中国，算坐实了和周大福、金六福并称中国三大珠宝店的名头。" 从当年的"打工人居家旅行必备"，到人人喊打的价格刺客，麻辣香锅，一路走来怎么回事？ 麻辣香锅，年轻人的一场"豪赌" "这年头，还敢吃麻辣香锅的都是狠人。" 一个现象，打开社交平台搜索"麻辣香锅"关键词，往往会自动触发两句话： "贵成这样，怎么不去抢。" 但在人们以为它凉了的时候，麻辣香锅其实仍坚挺，连麻辣烫巨头杨国福，都开始卖麻辣香锅了。 今年6月，杨国福麻辣烫在广东率先上线麻辣香锅新品类，7月就已开始在全国门店陆续上新。 图源：杨国福麻辣烫小红书账号 爱吃的人感叹一波"双厨狂喜"，爱吃但被伤害过 ...

Core Insights - The article discusses the emerging opportunities in the Middle Eastern social entertainment market, particularly in Iraq, which has seen significant growth post-conflict, with a 76.8% increase in revenue for entertainment applications in 2023 [6][10][24]. Group 1: Market Dynamics - The Middle Eastern social entertainment market is transitioning, with fewer new entrants and a concentration of power among leading players, creating a significant barrier to entry for smaller companies [9][15]. - The market has evolved from a "blue ocean" to a "battlefield," with a rapid return to a more stable growth phase, indicating a shift in investment strategies and user acquisition costs [15][17]. - The competitive landscape is characterized by high user acquisition costs, which have increased from around $1 per user in 2017 to over $5 in 2022 [17][19]. Group 2: User Behavior and Preferences - The young population in Iraq, with a median age of 20, presents a unique opportunity for social media and entertainment platforms, despite a relatively low penetration rate of 70% [6][10]. - Users are becoming more discerning, with a growing demand for quality and localized content, reflecting a shift in consumer behavior towards more sophisticated and culturally relevant offerings [25][27]. - The rise of "stranger socializing" platforms has filled a gap in the market, catering to the social needs of users in a region with traditional cultural constraints [24][25]. Group 3: Strategic Approaches - Companies are increasingly focusing on localized services and community engagement to build stronger connections with users, which is essential for long-term success in the region [21][27]. - The article highlights the importance of understanding local culture and consumer behavior, as companies that invest in local teams and insights are better positioned to succeed [21][27]. - Innovative product features and community-driven content are becoming critical for retaining users and driving engagement, as seen with platforms like SUGO and TopTop [36][41]. Group 4: Future Outlook - The potential for growth in "five-ring" markets outside the Gulf states is significant, with emerging consumer bases in countries like Iraq and Egypt showing high demand for entertainment and social interaction [34][36]. - Companies that can adapt to the changing landscape and meet the evolving needs of users will likely thrive, as the market continues to mature and diversify [39][41]. - The focus on sustainable growth and long-term strategies will differentiate successful players from those relying on short-term gains through aggressive marketing [23][41].

NEWBORN TOWN INC. 赤子城科技有限公司 （於開曼群島註冊成立的有限公司） （股份代號：9911） N O T I F I C AT I O N L E T T E R 通 知 信 函 各位非登記持有人( 附註 1 )： 赤子城科技有限公司（「本公司」） – 二零二五年中期報告（「本次公司通訊文件」）之發佈通知 若 閣下希望收取公司通訊之印刷版，請填妥本函背頁之回條並交回公司的香港股份過戶處香港中央證券登記有限公司，地址為香港灣仔 皇后大道東 183 號合和中心 17M 樓或發送電子郵件至 newborn.ecom@computershare.com.hk，並註明 閣下的姓名、地址以及收取公司通訊印 刷版的要求。請注意，收取未來公司通訊印刷版之指示由收悉 閣下指示當日起計一年內有效，此後將過期。 如 閣下對本函件有任何疑問，請於辦公時間星期一至五（香港公眾假期除外）上午 9 時正至下午 6 時正（香港時間）期間致電股份過戶 登記處熱線(852) 2862 8688 查詢。 赤子城科技有限公司 謹啟 本公司的本次公司通訊文件備有中、英文版本，並已上載於香港聯合交易所有限公司（「香港交易所」）網站（ ...

NEWBORN TOWN INC. 赤子城科技有限公司 （於開曼群島註冊成立的有限公司） （股份代號：9911） N O T I F I C AT I O N L E T T E R 通 知 信 函 各位登記股東： 赤子城科技有限公司（「本公司」） –二零二五年中期報告（「本次公司通訊文件」）之發佈通知 本公司的本次公司通訊文件備有中、英文版本，並已上載於香港聯合交易所有限公司（「 香 港 交 易 所 」）網站 （www.hkexnews.hk）及本公司網站（www.newborntown.com），歡迎瀏覽。 閣下若因任何理由以致在收取或接收載於本公司網址 上的本次公司通訊文件出現困難， 閣下可將要求（註明 閣下的姓名、地址及要求）以電郵方式發送到本公司之電郵地址 newborn.ecom@computershare.com.hk 或以書面方式郵寄致本公司的香港股份過戶登記處（「股份過戶處」）香港中央證券登記有限公司， 地址為香港灣仔皇后大道東 183 號合和中心 17M 樓。本公司將於接到 閣下通知後，盡快向 閣下免費發送有關本次公司通訊文件 的印刷本。 以電子方式發布公司通訊之安排 根據自 2023 年 ...

目錄 2 公司資料 4 財務摘要 6 業務摘要 7 主席報告 12 管理層討論及分析 20 其他資料 44 中期財務報告的審閱報告 45 中期合併綜合收益表 47 中期合併資產負債表 50 中期合併權益變動表 51 中期合併現金流量表 52 未經審核的合併中期財務報告附註 64 釋義 公司資料 董事會 執行董事 劉春河先生（主席） 李平先生 葉椿建先生 蘇鑒先生 提名委員會 獨立非執行董事 高明先生（於2025年8月29日辭任） 池書進先生 陳思超女士 陳玉宇先生（於2025年8月29日獲委任） 公司秘書 宋朋亮先生 授權代表 李平先生 宋朋亮先生 審核委員會 池書進先生（主席） 陳思超女士 高明先生（於2025年8月29日辭任） 陳玉宇先生（於2025年8月29日獲委任） 薪酬委員會 陳思超女士（主席） 蘇鑒先生 高明先生（於2025年8月29日辭任） 陳玉宇先生（於2025年8月29日獲委任） 劉春河先生（主席） 陳思超女士 池書進先生 核數師 畢馬威會計師事務所 於《會計及財務匯報局條例》下的註冊公眾利益 實體核數師 香港 中環 太子大廈8樓 註冊辦事處 Maples Corporate Service ...

Core Viewpoint - The article discusses the current state and market dynamics of the spicy hot pot (麻辣香锅) industry, highlighting its high prices and the paradox of its continued popularity despite consumer complaints about costs [5][39]. Group 1: Market Dynamics - The spicy hot pot has evolved from a local specialty to a recognized dining category, with approximately 3,583 new related enterprises registered in China from January to November 2024, and a total of over 29,000 existing businesses [35]. - Despite the perception of being expensive, the spicy hot pot remains popular, with significant online engagement, including over 8.91 billion views on Douyin and more than 440,000 related posts on Xiaohongshu [38]. - The market for spicy hot pot is characterized by a lack of dominant brands, with 54.2% of brands having five or fewer stores, indicating a fragmented market with substantial growth potential [45]. Group 2: Pricing Strategies - The pricing system of spicy hot pot often obscures the actual costs, with items priced per weight or portion, leading to consumer confusion and higher bills than expected [13][15]. - For example, the price of certain ingredients can be significantly higher in restaurants compared to supermarkets, with a comparison showing that 200g of green bamboo shoots costs 17 yuan in a restaurant but only 5.98 yuan in a grocery app [17]. - The additional costs, such as base pot fees ranging from 10 to over 20 yuan, further contribute to the perception of high prices, making the dining experience feel more like a hot pot than a casual meal [29]. Group 3: Consumer Behavior - The article notes a shift in consumer behavior, with many opting to prepare spicy hot pot at home due to the high costs associated with dining out, as evidenced by the popularity of home-cooking tutorials on social media [49][51]. - The appeal of spicy hot pot remains strong among young consumers, who continue to seek out recipes and share their experiences online, indicating a lasting affection for the dish despite its pricing issues [55]. - The article suggests that the spicy hot pot industry faces challenges in distinguishing itself from similar dining options like hot pot and spicy noodles, leading to a competitive market environment [48].