SUN ART RETAIL GROUP LIMITED 高鑫零售有限公司 (Incorporated in Hong Kong with limited liability) （於香港註冊成立之有限公司） (Stock Code 股份代號：6808) Dear non-registered shareholder(s), Sun Art Retail Group Limited (the "Company") - Notice of Publication of Circular together with Notice of Extraordinary General Meeting (collectively "Current Corporate Communications") The Company's Extraordinary General Meeting will be held at 24/F., Admiralty Centre 1, 18 Harcourt Road, Admiralty, Hong Kong on Thursday, 4 December 2025 at 5:00 p ...

SUN ART RETAIL GROUP LIMITED 高鑫零售有限公司 (Incorporated in Hong Kong with limited liability) （於香港註冊成立之有限公司） (Stock Code 股份代號：6808) 14 November 2025 Dear registered shareholder(s), Sun Art Retail Group Limited (the "Company") - Notice of publication of Circular together with Notice and Form of Proxy of Extraordinary General Meeting (collectively "Current Corporate Communications") The Company's Extraordinary General Meeting will be held at 24/F., Admiralty Centre 1, 18 Harcourt Road, Admiralty, Hong Kong on Thur ...

為高鑫零售有限公司（「本公司」）已發行股本中 股股份的登記持有人， 茲委任大會主席 （附註3） 或， SUN ART RETAIL GROUP LIMITED 高鑫零售有限公司 （於香港註冊成立之有限公司） （股份代號：06808） 與此代表委任表格相關 的股份數目 （附註1） 二零二五年十二月四日（星期四）下午五時正 舉行的股東特別大會適用的代表委任表格 本人╱吾等 （附註2） 地址為 地址為 為本人 ╱ 吾等的代表，代表本人 ╱ 吾等出席本公司謹訂於二零二五年十二月四日（星期四）下午五時正假座香港金鐘夏慤道18號 海富中心一座24樓舉行的股東特別大會（「股東特別大會」）（及其任何續會），並於會上代表本人╱吾等行事及依照下列指示代表本 人╱吾等投票。 請於適當的方格內以（「3」）號示意 閣下的投票意願 （附註4） 。 | | | 普通決議案 | 贊成 | 反對 | | --- | --- | --- | --- | --- | | 1. | 「動議： | | | | | | (a) | 批准對本公司現行員工信託受益計劃（其條款載於通函附錄一）的建議修訂（「建議 | | | | | | 修訂」），及本公司董事 ...

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通告的內容概不負責，對其準確性或完整性亦 不發表任何聲明，並明確表示，概不對因本通告全部或任何部份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。 SUN ART RETAIL GROUP LIMITED 高鑫零售有限公司 （於香港註冊成立之有限公司） （股份代號：06808） 股東特別大會通告 茲通告高鑫零售有限公司（「本公司」）謹訂於二零二五年十二月四日（星期四）下 午五時正假座香港金鐘夏慤道18號海富中心一座24樓舉行股東特別大會（「股東特別 大會」），藉以考慮並酌情通過下列決議案（不論有否修訂）。除文義另有所指外，日期 為二零二五年十一月十四日的通函（「通函」）所界定詞彙應與本通告所用者具有相同涵 義。 承董事會命 高鑫零售有限公司 執行董事兼首席執行官 普通決議案 1. 「動議： – 1 – (a) 批准對本公司現行員工信託受益計劃（其條款載於通函附錄一）的建 議修訂（「建議修訂」），及本公司董事（「董事」）獲授權進行任何事宜 實施採納對歐尚計劃（定義見通函）及大潤發計劃（定義見通函）的建 議修訂； (b) 批准及採納包含所有建議修訂的經 ...

此乃要件 請即處理 閣下對本通函任何方面或採取的行動如有任何疑問，應諮詢 閣下的持牌證券交易商或其他註冊證券交易 商、銀行經理、律師、專業會計師或其他專業顧問。 閣下如已售出或轉讓名下所有高鑫零售有限公司的股份，應立即將本通函連同隨附的代表委任表格轉交予 買主或承讓人，或經手買賣或轉讓的銀行、股票經紀或其他代理人，以便轉交買主或承讓人。 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通函的內容概不負責，對其準確性或完整性亦 不發表任何聲明，並明確表示，概不對因本通函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。 SUN ART RETAIL GROUP LIMITED 高鑫零售有限公司 （於香港註冊成立之有限公司） （股份代號：06808） (1)建議修訂員工信託受益計劃 及 (2)股東特別大會通告 本封面所用詞彙與本通函所界定者具有相同涵義。 本公司謹訂於二零二五年十二月四日（星期四）下午五時正假座香港金鐘夏慤道18號海富中心一座24樓舉 行股東特別大會，召開大會通告載於本通函。 無論 閣下能否出席股東特別大會，務請按照隨附股東特別大會適用的代表委任表格印備的指示填妥及簽 署 ...

Macro Insights - The effectiveness of policy tools on social financing is yet to be fully realized, with October's new RMB loans and social financing both showing a year-on-year decrease, reflecting a weak real estate cycle and the impact of local and corporate debt replacement loans [2][3] - M1 and M2 growth rates have slightly declined but remain relatively fast, with M2 at 8.2% year-on-year and M1 at 6.2% [2][3] Banking Sector - In October, social financing increased by 815 billion RMB, significantly below the expected 1.53 trillion RMB, with a year-on-year decrease of 597 billion RMB, indicating a slowdown in credit demand [3] - The banking sector's configuration value has improved, with recommendations for quality regional banks such as Ningbo Bank, Nanjing Bank, and Chengdu Bank, as well as stable dividend payers like Shanghai Bank and Industrial and Commercial Bank of China [3] Machinery Industry - The FPSO (Floating Production Storage and Offloading) sector is expected to see accelerated order releases due to the transition to deep-sea oil and gas development, supported by a favorable financing environment from the Fed's interest rate cuts [4] - Key companies to watch include CIMC, China Shipbuilding, and Bohai Chemical, which are positioned to benefit from this investment cycle [4] A-Share Market - The A-share earnings cycle is showing signs of improvement, with structural differentiation narrowing, particularly in advanced manufacturing and TMT sectors [5] - Recommendations include focusing on industries with dual supply-demand improvements, such as railways, textiles, and photovoltaic equipment [5] Communication Sector - Gaode Infrared has entered a new phase of mass production for complete equipment systems, with a target price of 18.90 RMB based on a 70x PE valuation for 2026 [6] - The company is expected to benefit from expanding product categories and customer bases in both domestic and international markets [6] AI and Technology - Industrial Fulian is experiencing rapid growth in its AI server business, with Q3 GPU AI server revenue increasing over five times year-on-year, and a positive outlook for Q4 [7] - The company maintains a target price of 100.0 RMB, reflecting strong demand in AI infrastructure [7] Gaming and Entertainment - Aubo Holdings reported a decline in market share to 11.8% in Q3 2025, attributed to the gradual phasing out of satellite entertainment venues and increased competition [8] - The company’s net income decreased by 6% year-on-year, indicating challenges in attracting customers [8] Retail Sector - Gao Xin Retail's revenue for the first half of FY26 was 30.5 billion RMB, down 12.1% year-on-year, with a net loss of 1.2 billion RMB [13] - The new management has outlined a three-year reform plan aimed at improving supply chain and organizational structure, with a projected dividend yield of around 9% [13]

Core Viewpoint - UBS reports that Gao Xin Retail (06808) experienced a 12% year-on-year decline in revenue for the first half of the 2026 fiscal year, totaling 30.5 billion RMB, and recorded a net loss of 123 million RMB compared to a net profit of 206 million RMB in the same period last year [1] Financial Performance - The company faced one-time drag factors in the first half of the fiscal year, including an 84 million RMB decrease in interest income, costs related to business optimization in the Central China region, and reduced rental income during store renovations [1] - Gao Xin Retail declared an interim dividend of 0.085 HKD per share, with a total payout of 735 million HKD, resulting in a dividend yield of 4.5%, which aligns with market expectations and management guidance [1] Earnings Forecast and Target Price - Due to competitive pressures, one-time cost impacts, and negative tax effects, UBS has lowered its earnings per share forecast for Gao Xin Retail for the fiscal years 2026 to 2028 by 14% to 0.79 HKD [1] - The target price has been reduced from 2.7 HKD to 2.4 HKD, while maintaining a "Buy" rating [1]

Core Viewpoint - UBS reports that Gao Xin Retail (06808) experienced a 12% year-on-year decline in revenue for the first half of the 2026 fiscal year, totaling 30.5 billion RMB, resulting in a net loss of 123 million RMB compared to a net profit of 206 million RMB in the same period last year [1] Financial Performance - The company's revenue for the first half of the fiscal year decreased by 12% to 30.5 billion RMB [1] - Net loss recorded was 123 million RMB, contrasting with a net profit of 206 million RMB in the previous year [1] - One-time factors affecting performance included an 84 million RMB decrease in interest income, costs related to business optimization in Central China, and reduced rental income during store renovations [1] Dividend Announcement - The company declared an interim dividend of 0.085 HKD per share, with a total payout of 735 million HKD, resulting in a dividend yield of 4.5% [1] Earnings Forecast and Target Price - UBS has lowered the earnings per share forecast for Gao Xin Retail for the fiscal years 2026 to 2028 by 14% to 79% due to competitive pressures, one-time cost impacts, and negative tax effects [1] - The target price has been reduced from 2.7 HKD to 2.4 HKD, while maintaining a "Buy" rating [1]

Investment Rating - The report maintains an "Accumulate" rating for the company with a target price of HKD 2.18 [1][10]. Core Insights - The company reported a revenue of RMB 30.5 billion for the first half of FY26, a year-on-year decrease of 12.1%, and a net loss attributable to shareholders of RMB 1.2 billion, which aligns with the profit warning range [6][10]. - The new management has outlined a three-year transformation plan focusing on supply chain, store, and organizational structure reforms, with a commitment to high dividend payouts [6][9]. - The company declared an interim dividend of HKD 0.085 per share, with an expected annual dividend yield of approximately 9% [6]. Financial Performance - Revenue for FY26 is projected to be RMB 64.755 billion, reflecting a decline of 9.5% compared to the previous year [5][12]. - The net profit attributable to shareholders is expected to be RMB 38.85 million for FY26, a significant drop of 90.41% year-on-year [5][12]. - The company’s gross margin improved by 0.7 percentage points to 25.3% due to product mix optimization and increased private label penetration [8][9]. Strategic Initiatives - The company is implementing a nationwide procurement model to enhance pricing power, with a goal of achieving a 10% contribution from private label sales over the next three years [9]. - Store renovations are underway to transform locations into community lifestyle centers, with plans to complete over 200 store renovations within three years [9]. - The company aims to increase online sales contribution to 40-50% over the next three years, supported by the establishment of front warehouses [9]. Market Conditions - The competitive landscape has intensified, leading to a decrease in average transaction value, with same-store sales declining by 11.7% [7][9]. - Online sales showed resilience with a 7.4% increase in order volume, contributing to a 2.1% growth in online same-store sales [7][9]. - Rental income decreased by 7.0% year-on-year due to ongoing tenant restructuring and temporary impacts from store renovations [7].

Core Viewpoint - UBS's research report indicates that Gao Xin Retail experienced a 12% year-on-year decline in revenue for the first half of fiscal year 2026, resulting in a net loss primarily due to reduced interest income, optimization costs in the Central China region, and decreased rental income during store renovations [1] Financial Performance - Gao Xin Retail reported a net loss for the first half of fiscal year 2026, attributed to several factors including reduced interest income and costs associated with business optimization and store renovations [1] - The company announced an interim dividend of HKD 0.085 per share, yielding a dividend rate of 4.5%, which aligns with market expectations [1] Earnings Forecast - UBS has revised its earnings per share (EPS) forecast for Gao Xin Retail downwards by 14% to 79% for the fiscal years 2026 to 2028 due to market competition, one-time costs, and tax impacts [1] - The target price for Gao Xin Retail has been adjusted from HKD 2.7 to HKD 2.4, while maintaining a "Buy" rating [1]