Core Viewpoint - The company plans to sell its entire issued share capital of Torch Media Co., Ltd. to Crestwell International Limited for HKD 8 million, as part of its ongoing business optimization efforts [1] Group 1: Sale Details - The sale is scheduled for December 24, 2025, and involves the transfer of certain prepayments held by the target group to the company's subsidiary, Shenqian Technology [1] - Torch Media Co., Ltd. primarily engages in media content production and distribution [1] Group 2: Strategic Rationale - The board believes that the target company has limited strategic development prospects within the group due to two consecutive years of net losses and the need for ongoing financial resources to maintain operations [1] - The sale allows the company to optimize asset allocation and focus on areas with greater growth potential [1] Group 3: Financial Flexibility - By divesting the loss-making business, the company can reallocate internal resources to support the development of its event hosting and functional materials trading segments, thereby enhancing overall financial flexibility [1]

格隆汇12月24日丨中国前沿科技集团(01661.HK)公告，于2025年12月24日，公司为卖方与买方Crestwell International Limited订立买卖协议，据此，卖方同意出售而买方同意以800万港元收购销售股份(为目标 公司Torch Media Co., Ltd.的全部已发行股本)，惟须受买卖协议条款及条件所规限。此外，根据买卖协 议，目标集团现时持有的若干预付款项("预付款项")将转让予公司的附属公司深前科。 目标公司为一家于英属维尔京群岛注册成立的有限公司，主要从事媒体内容制作及发行。 出售事项属集团持续业务优化举措的一部分。经定期检讨本集团的业务组合后，董事会认为，鉴于目标 公司连续两年录得净亏损状况及维持其营运所需的持续财务资源，其业务于集团内部的进一步战略发展 前景有限。因此，出售事项使集团能够优化资产配置，并专注于增长潜力更大的领域及业务。出售事项 亦透过剥离亏损业务及令集团得以重新调配内部资源，支持赛事承办及功能性材料贸易板块的发展，从 而提升集团的整体财务灵活性。 于完成后，公司将不再持有目标公司的任何权益，且目标公司将不再为公司的附属公司。因此，于完成 后，目标公司 ...

公告称，出售事项属集团持续业务优化举措的一部分。经定期检讨集团的业务组合后，董事会认为，鉴 于目标公司连续两年取得净亏损状况及维持其营运所需的持续财务资源，其业务于集团内部的进一步战 略发展前景有限。因此，出售事项使集团能够优化资产配置，并专注于增长潜力更大的领域及业务。出 售事项亦透过剥离亏损业务及令集团得以重新调配内部资源，支持赛事承办及功能性材料贸易板块的发 展，从而提升集团的整体财务灵活性。 智通财经APP讯，中国前沿科技集团(01661)公布，于2025年12月24日，该公司拟向Crestwell International Limited出售Torch Media Co., Ltd.，的全部已发行股本，代价800万港元。此外，根据买卖协 议，目标集团现时持有的若干预付款项将转让予公司的附属公司深前科。目标公司主要从事媒体内容制 作及发行。 ...

智通财经APP讯，进腾集团(02011)公布，于2025年12月19日(交易时段后)，公司附属开易广东拟向益创 (湖北)拉錬有限公司出售开易(湖北)拉链制造有限公司的全部股权，代价为人民币4000万元。开易湖北 主要从事制造及销售拉链产品。 集团认为，出售事项将令集团精简其营运并改善资源分配与利用;产生即时现金流入，以加强集团的一 般营运资金，并在集团的现有业务中探索进一步业务及投资机会;及进一步优化其业务模式，为集团及 其股东带来稳定回报。 ...

每经评论员 杜宇 12月16日晚间，科森科技（SH603626，前收盘价13.19元，市值73.19亿元）发布了一系列公告，就上交 所关注的公司持续亏损仍出售盈利资产等事宜做出说明。此前，科森科技拟以9.15亿元人民币的对价将 其全资子公司科森医疗100%的股权转让给耀岭科，增值率高达206.45%。这一举动引发了市场的广泛关 注和诸多疑问：在持续亏损的背景下，出售盈利能力较好的资产是否合理？公司未来的经营战略又将如 何调整？ 科森科技称出售科森医疗主要有以下三点考虑：一是科森医疗出海回报率较低，受地缘政治影响，海外 建厂投资高、产品验证周期长，且同业已完成海外布局，新增产能对收入拉动有限；二是科森医疗能获 得较高估值，采用收益法评估，PE倍数为11.91倍，处于市场合理估值区间，出售可为当期利润表带来 显著收益；三是出售科森医疗落地性较强，相比闲置厂房及配套设备的处置，科森医疗的交易结构、支 付节奏已具备可落地性。 科森科技表示，本次交易与公司的实际经营状况和长远发展目标相契合，定价依据合理，不存在损害上 市公司及全体股东利益的情况。公司计划通过战略性资产出售实现业务优化与财务重构，扭亏为盈，稳 固现有消费 ...

格隆汇11月30日丨木薯资源(00841.HK)公布中期业绩，截至2025年9月30日止六个月 ，公司收益为8.48 亿港元，同比增长88.86%；公司股东应占期内盈利为1007.2万港元，去年同期亏损903.8万港元；基本 每股盈利为1.7港仙。 就集团酒店及服务式公寓业务，酒店餐饮服务向外承包以收取固定收入，该期间酒店房费收入则稳定。 集团仍旧决心抓紧机会，优化员工分配，以消除负面因素。 报告期内，中国大陆客户对乾木薯片需求增加。因此，集团该年度来自采购及销售乾木薯片的收益增加 至约8.36亿港元，较去年同期约4.39亿港元增加约90.6%。 就「338 Apartment」而言，该物业地舖现时租予第三方用作经营连锁餐厅，而该物业其余可出租层数 面积现时由集团自行经营服务式公寓或已租予第三方租户。 ...

Core Viewpoint - Haitong International initiates coverage on Cha Baidao (02555) with an "outperform" rating and a target price of HKD 9.3, anticipating a recovery in fundamentals by mid-2025 through product innovation, marketing optimization, and franchisee operations after a business adjustment in 2024 [1] Company Background - Cha Baidao, founded by Wang Xiaokun in 2008 in Chengdu, Sichuan, is a leading ready-to-drink tea brand in China, with 8,465 global stores as of 1H25, including 8,444 in China and 21 overseas [1] - The brand holds an 8% market share in China's ready-to-drink tea segment, ranking third by GMV in 2023, and is the second-largest in the mass market segment with a 15.6% market share [1] Business Adjustment and Innovation - The ready-to-drink beverage industry is entering an adjustment phase in 2024, with Cha Baidao optimizing its business model to return to a growth trajectory in 1H25 [2] - The company is restructuring its business around product capabilities, with a dual-team approach in R&D leading to 55 new products launched in 1H25, significantly up from 21 in the same period of 2024 [3] - Marketing strategies are shifting from passive to proactive, with increased advertising spending and enhanced precision marketing to boost customer retention [3] - Operational improvements include optimizing existing franchisees and encouraging expansion into county-level markets, resulting in a shorter payback period for stores by approximately 1-2 months compared to 2024 [3] - Supply chain enhancements have led to next-day delivery for most stores and a broader range of self-produced raw materials [3] Financial Forecast and Valuation - The company anticipates a high base effect in same-store sales due to delivery subsidies in 2025, with potential pressure in 2026 as subsidy levels decrease [4] - Cha Baidao plans to enhance same-store and single-store performance through channel expansion, product diversification, and increased marketing efforts [4] - Recent social security and tax policies are expected to promote a more regulated and sustainable industry, benefiting compliant leading brands like Cha Baidao [4] - Revenue projections for 2025-2027 are estimated at CNY 5.59 billion, 6.00 billion, and 6.55 billion, with adjusted net profits of CNY 840 million, 950 million, and 1.08 billion respectively [4] - The company is assigned a 15X PE valuation for 2025, leading to a target price of HKD 9.3 based on expected growth rates and industry average valuation levels [4]

Investment Rating - The report initiates coverage with an OUTPERFORM rating for Sichuan Baicha Baidao Industrial (2555 HK) [1][2]. Core Insights - The company is experiencing business optimization driven by product innovation, with visible results from recent reforms [1][4]. - The current share price is HK$6.72, with a target price set at HK$9.30, indicating a potential upside [2]. - The company has a market capitalization of HK$9.93 billion (approximately US$1.28 billion) and has seen a significant decline in stock price over the past year [2][3]. Financial Performance - Revenue projections for 2025-2027 are Rmb 55.9 billion, 60.0 billion, and 65.5 billion respectively, with net profit estimates of Rmb 8.4 billion, 9.5 billion, and 10.8 billion [5]. - The company reported a revenue of Rmb 4.918 billion in 2024, with a 14% year-on-year decline, but is expected to recover with a 14% growth in 2025 [5][21]. - The gross profit margin is projected to improve from 31.2% in 2024 to 33.1% by 2027 [5]. Business Model and Market Position - Sichuan Baicha Baidao is recognized as the third-largest ready-to-drink tea brand in China, holding an 8% market share based on GMV in 2023 [3][7]. - The company has expanded its store count to 8,465 globally, with 8,444 stores in China and 21 overseas [3][7]. - The brand has shifted its focus from supply-driven to demand-driven product development, significantly increasing the number of new product launches [4][13]. Strategic Adjustments - The company has implemented a dual-team approach in R&D to enhance product innovation, resulting in 55 new products launched in the first half of 2025 [4][27]. - Marketing strategies have transitioned from passive to proactive, with increased advertising expenditures leading to higher brand visibility [4][30]. - Operational adjustments include optimizing the franchise system and enhancing supply chain capabilities, which have contributed to improved store performance [4][51]. Market Trends - The ready-to-drink beverage industry in China is entering an adjustment phase after years of rapid growth, with major brands focusing on internal improvements and exploring new product categories [14][19]. - The mid-priced beverage segment is particularly competitive, with a significant market share and a growing number of brands emerging [19]. Future Outlook - The company is expected to benefit from regulatory changes that promote industry standardization and compliance, potentially increasing its market share [5]. - Plans to introduce new product categories, such as coffee, are underway to further enhance sales performance [50].

Core Viewpoint - Yaxing Chemical (600319) has announced a major asset restructuring plan to acquire 100% equity of Shandong Tianyi Chemical Co., Ltd. through a combination of share issuance and cash payment, aiming to deepen its presence in the salt chemical sector and enhance its product matrix [1][2] Group 1: Acquisition Details - The acquisition involves issuing shares at a price of 5.83 yuan per share, based on 80% of the average trading price over the previous 120 trading days [2] - The company will also raise supporting funds to cover cash payments, transaction taxes, integration costs, and to enhance liquidity for both the listed company and the target asset [2] - Upon completion, Tianyi Chemical will become a wholly-owned subsidiary of Yaxing Chemical, with the controlling shareholder remaining as Weifang City Investment Group [2] Group 2: Tianyi Chemical's Strengths - Tianyi Chemical is recognized as a "hidden champion" in the brominated flame retardant sector, holding over 50% market share in China [3] - The company has established strong technical barriers in its membrane materials business, contributing to national supply chain security [3] - Tianyi Chemical's financials show robust revenue and profit projections, with expected revenues of 1.283 billion yuan in 2023 and net profits of 54 million yuan [3] Group 3: Strategic Development Framework - Yaxing Chemical aims to build a multi-polar development framework focusing on "chlor-alkali + PVDC new materials + brominated flame retardants," enhancing business synergy and risk diversification [4][5] - The company is currently in a capacity recovery phase following a relocation of its production facilities, and the acquisition is seen as a strategic move to optimize operations and achieve growth [4][5] Group 4: Future Growth Potential - Yaxing Chemical's new projects, including a 45,000-ton high-end new materials (PVDC) project, are expected to enhance its sustainable development capabilities [6] - The restructuring is positioned as a strategic layout during a critical transformation period for the traditional chemical industry, aimed at improving operational strength and opening up growth opportunities [6]

Core Insights - Several commercial banks have recently adjusted their gold accumulation businesses, with major banks like Industrial and Commercial Bank of China and China Construction Bank announcing suspensions and subsequent resumption of certain services [1][2] Group 1: Business Adjustments - On November 3, Industrial and Commercial Bank of China and China Construction Bank announced the suspension of certain gold accumulation services, including "Ruyi Gold Accumulation" and "Easy Gold" [1] - Later that same day, Industrial and Commercial Bank of China announced the resumption of its "Ruyi Gold Accumulation" services, including account openings and physical gold withdrawals [1] - Other banks, such as Bank of China, Ping An Bank, and Industrial Bank, have also raised the minimum investment thresholds for their gold accumulation products since October [1] Group 2: Reasons for Adjustments - The adjustments in gold accumulation services are influenced by macroeconomic policies, market risk management, and compliance requirements [2] - Global uncertainties, including fluctuations in the US dollar, shifts in monetary policy, and geopolitical risks, have led to price volatility in precious metals, prompting banks to adopt a more cautious approach to asset safety and liquidity management [2] - The rapid growth in customer numbers for gold accumulation services has raised operational, liquidity, and compliance risks, leading banks to pause new business and physical withdrawals as a preventive measure [2] Group 3: Future Outlook - If market volatility increases or regulatory scrutiny tightens, other banks may implement similar measures, although these adjustments typically target new or high-risk businesses, ensuring that existing customer rights are protected [3] - Recent communications from multiple banks have highlighted the need to mitigate risks associated with fluctuations in precious metal prices [3] - Investors are advised to maintain a balanced approach to gold investments, considering the asset's volatility and the influence of international economic data, monetary policy, and geopolitical factors [3]