Feiyang International Holdings Group Limited 飛 揚 國 際 控 股（ 集 團 ）有 限 公 司 （於開曼群島註冊成立之有限公司） （股份代號：1901） 自願公告 關於飛揚集團與「中國青年報」聯合發起潮玩文創 「山河宇宙計劃」之戰略合作及業務進展 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，概不就因本公告全部 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。 本公告乃由飛揚國際控股（ 集團 ）有限公司（「本公司」，連同其附屬公司統稱「本集 團」）按自願性基準作出，旨在向本公司股東及潛在投資者告知本集團最新業務發 展情況。 一 、戰略合作概述 本公司董事（「董事」）會（「董事會」）欣然宣佈，本集團與「中國青年報」共同發 起名為「山河宇宙計劃」潮玩文創項目（「該計劃」）之戰略合作。本集團之全資 附屬公司浙江飛揚數聯科技有限公司已於2025年12月8日與中國青年報之全資 子公司北京中青在線網絡信息技術有限公司訂 ...

Core Viewpoint - Multiple Chinese chain restaurant brands are aggressively entering the U.S. market, opening dozens to hundreds of stores, coinciding with the one-year mark of the U.S.-China "trade truce" [1] Group 1: Chinese Companies Entering the U.S. Market - Chinese companies are not merely following trends but are strategically aiming to break into the U.S. market, driven by a desire for global expansion and to gain technological and brand influence [3][5] - Brands like Heytea and Nayuki have successfully established their business models in China and are now seeking new growth opportunities in the U.S., which is the largest consumer market globally [5] Group 2: Challenges in the U.S. Market - The challenges faced by Chinese companies in the U.S. market are systemic, with significant political and policy risks from the U.S. government, including trade and technology restrictions [6][8] - High operational costs in major U.S. cities, such as labor and rent, pose a significant challenge for Chinese companies accustomed to a low-cost, high-traffic model in China [8][10] Group 3: Interconnectedness of U.S.-China Economies - Despite the rhetoric of "decoupling," the economic relationship between the U.S. and China remains deeply intertwined, with mutual dependencies in supply chains that cannot be easily severed [10][12] - The interaction between the two markets is characterized by a two-way flow of capital and operational strategies, with Chinese companies entering the U.S. while American giants adjust their strategies in China [12][14] Group 4: Implications for Global Economic Stability - The entry of Chinese companies into the U.S. market reflects an internal need for globalization and is supported by the deep economic coupling between the two nations, emphasizing that mutual benefit is the path forward [16]

Core Viewpoint - The UAE has officially approved the "National Crypto Policy" and its implementation guidelines to address cybersecurity challenges posed by quantum computing [1] Group 1: Policy Overview - The policy requires government agencies to develop "post-quantum cryptography migration plans" to enhance the national digital security framework [1] - The initiative aims to solidify the UAE's position as a global hub for artificial intelligence and digital innovation [1] Group 2: Implementation and Oversight - The UAE Cybersecurity Council will lead the nationwide migration, standard-setting, and inter-agency collaboration [1] - The focus will be on protecting government data, ensuring digital asset security, and aligning with international standards [1]

Group 1 - The core theme of the "Direct to Wuzhen" Global Internet Competition is "Discovering Future New Forces and Building a New Digital Ecosystem," featuring six major tracks including AI, intelligent transportation, smart healthcare, intelligent manufacturing, smart terminals, and open-source projects [2][5] - The competition attracted 1,082 projects from 29 countries and regions, with 60 awards distributed, including 6 special awards, 6 first prizes, 18 second prizes, and 30 third prizes [2][5] - The newly established "Open Source Challenge" attracted over 600 developers, highlighting the global collaboration and innovation in the digital space [2][8] Group 2 - The competition has evolved into a comprehensive platform for technology display, idea exchange, resource connection, and industry integration, allowing global innovators to better understand China's digital economy [3][4] - The competition has successfully broken down geographical barriers, facilitating the exchange of technological wisdom, industrial needs, and talent resources across countries [4][10] - Since its inception in 2019, the competition has seen participation from over 6,500 projects across 47 countries, with nearly 40% of awarded projects securing further financing [5][10] Group 3 - Major industry players such as FAW, Xiaomi, and Haier participated, showcasing innovations like the "ZhiYuan LingQu OS" and advanced surgical robots [6][7] - International projects like ORamaVR and Brill Power demonstrated significant advancements in medical training and battery management, respectively, enhancing the competition's global profile [7][8] - The open-source project track has significantly increased participation and engagement, contributing to the development of the open-source ecosystem and fostering young talent [8][9] Group 4 - The "Digital Wings" global ecological cooperation community has established a regular operational mechanism, facilitating resource connection and industry trend discussions [9][10] - The competition has transformed from a domestic-focused event to a global platform, providing a model for open cooperation in digital ecosystem construction [4][10] - The ongoing commitment to expanding global innovation cooperation networks aims to deepen the integration of digital technology with the real economy [10]

Group 1 - The Chinese government aims to enhance cooperation with countries and international organizations along the "Belt and Road" initiative, focusing on technology research and development, digital applications, standard recognition, and green trade [1][2] - China has a forest coverage rate of 25.09%, making it the fastest-growing country in terms of greening efforts globally [1] - The annual international trade volume of China's forestry industry exceeds $180 billion, positioning it as the world's largest producer, consumer, and trader of forest products [1] Group 2 - The 2025 World Forestry Conference in Nanning includes various high-level exchange activities, such as the International Trade Promotion Conference for Forest Products and the China-ASEAN Forestry Education Integration Development Conference [2] - A total of 36 key forestry industry projects were signed during the opening ceremony of the conference [2] - The concurrent 2025 Guangxi International Forest Products and Wood Products Exhibition attracted leading industry enterprises from countries like Brazil, Finland, Germany, Indonesia, Malaysia, and Russia [2]

Financial Data and Key Metrics Changes - EZCORP achieved record revenue of $1.3 billion for fiscal 2025, up 12% year over year, with adjusted EBITDA of $191.2 million, up 26% [4][11] - EBITDA margin expanded to 14.7% from 13%, and net income surged 30% to $110.7 million [4][11] - Cash position increased to $469.5 million from $170.5 million in fiscal 2024, reflecting a $300 million senior notes offering [7] Business Line Data and Key Metrics Changes - Pawn loan (PLO) of $303.9 million increased 11%, with a same-store basis growth of 9% [11] - Merchandise sales of $176 million increased 9%, with same-store sales up 7% [11] - U.S. pawn segment revenues increased 13% to $238.9 million, with PLO growth of 9% on both total and same-store basis [13][14] Market Data and Key Metrics Changes - In Latin America, fourth quarter revenues were $96.9 million, up 17%, with PLO up 17% to $70.1 million [15] - Jewelry composition in PLO increased by 450 basis points to 41% in Latin America [15] - Texas remains the largest market with 247 stores, followed by Florida with 95 stores [14] Company Strategy and Development Direction - EZCORP focuses on expanding its store base, having added 24 stores in the quarter, with a total of 1,360 stores across five countries [5][6] - The company is committed to digital transformation, with initiatives like the EZ+ Rewards membership program, which increased by 26% to 6.9 million members [8] - The M&A pipeline remains active, with multiple opportunities being evaluated for strategic integration and return on invested capital [20] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the resilience of the business model, stating that the company can adapt quickly to changes in gold prices [26][27] - The focus remains on growing PLO, improving inventory efficiency, and scaling operational best practices across all geographies [18] - Management noted strong demand for loan products, indicating robust lending profiles despite external economic pressures [78] Other Important Information - The company implemented a targeted incentive compensation campaign in Q4, which successfully improved merchandise sales [8] - Digital initiatives have led to significant growth in online payments and customer engagement, with website traffic increasing by 49% [9] - The company is seeing a shift towards jewelry in its PLO composition, enhancing its ability to capitalize on elevated gold prices [14] Q&A Session Summary Question: Impact of gold prices on business - Management acknowledged that while rising gold prices are beneficial, the core business remains strong regardless of gold price fluctuations [26][27] Question: Future growth potential in Latin America - Management indicated that there is still significant opportunity for growth in Latin America, particularly in lending against jewelry and digital adoption [31][32] Question: M&A pipeline outlook - Management confirmed a robust M&A pipeline with ongoing acquisitions, focusing primarily on existing markets but open to new opportunities [35][36] Question: Digital initiatives and customer behavior - Management noted that digital initiatives are driving customer engagement and efficiency, with significant growth in online loan payments and customer loyalty [63][65] Question: Inventory growth and turnover - Management explained that inventory growth is primarily due to increased jewelry holdings and longer-term layaways, viewing it as an opportunity for improvement in inventory turnover [66][67]

Core Insights - Savencia, a global food group, showcased its well-known brands at the 8th China International Import Expo, emphasizing its commitment to the Chinese market [1] Group 1: Company Development - Since entering China in the early 1990s, Savencia has developed a comprehensive brand matrix covering cheese, cream, chocolate, baking ingredients, butter, and fruit puree, catering to both high-end and everyday baking needs [2] - The company has established three subsidiaries in China, including Tianjin Banshi Food Co., Ltd., Shanghai Sinodis Food Co., Ltd., and Tianjin Kiride Food Co., Ltd., to support its operations [2] - Sinodis has set up a professional training kitchen and R&D center, training over 50,000 chefs and baking experts, and has developed a nationwide cold chain system through temperature-controlled distribution centers in major cities [2] Group 2: Product Innovation - Savencia introduced the Elle & Vire light cream FINESSE, which has a fat content reduced to 25%, catering to consumer demands for lower sugar and fat [2] - The company launched Corman pure cream (38% fat) specifically for the Chinese market, utilizing local high-quality milk sources to enhance its strategic sourcing across France, New Zealand, and China [3] Group 3: Digital Transformation - Savencia has enhanced its digital strategy with the launch of the "Sinodis Premium Purchase" mini-program, facilitating a shift from traditional supply to smart services in the Chinese catering industry [3] - The mini-program has been upgraded to include new features like "Professional Classroom," covering the entire procurement, learning, and interaction process, with an English version launched to improve international user experience [3]

Core Insights - The Dubai Digital Economy Chamber supported a total of 582 digital startups in the first nine months of 2025, indicating a strong growth in the digital entrepreneurship sector [1] - The AI sector leads with a 21% share of the supported startups, highlighting its prominence in the digital economy [1] - International companies make up 70% of the supported startups, showcasing Dubai's appeal as a global hub for digital innovation and entrepreneurship [1] Summary by Categories Digital Startups - A total of 582 digital startups were established and expanded with the support of the Dubai Digital Economy Chamber in the first nine months of 2025 [1] - The support reflects the growing trend of digital entrepreneurship in Dubai [1] Sector Distribution - The AI sector accounts for 21% of the supported startups, making it the largest segment [1] - Health technology, software services, and fintech collectively represent 17% of the supported startups [1] International Presence - 70% of the supported startups are international companies, indicating Dubai's increasing attractiveness as a destination for global digital enterprises [1]

Core Points - The China Council for the Promotion of International Trade (CCPIT) officially took over the hosting rights for the 2026 APEC CEO Summit, with President Ren Hongbin leading a delegation of Chinese entrepreneurs to the 2025 summit in South Korea [2] - Ren Hongbin emphasized China's commitment to high-quality development and expanding high-level opening-up policies, inviting the APEC business community to participate in the 2026 summit and related economic activities [2] - The 2025 APEC CEO Summit featured over 1,000 representatives from APEC economies, discussing topics such as regional economic integration, sustainability, artificial intelligence, digital innovation, global finance, and biomedicine [3] Group 1 - The 2026 APEC CEO Summit will be hosted by China, marking a significant event for regional economic collaboration [2] - Ren Hongbin's address highlighted the importance of cooperation in building a resilient and open APEC community [2] - The summit included the fourth meeting of the APEC Business Advisory Council (ABAC) and a dialogue between APEC leaders and ABAC representatives [3]

Core Points - The 2025 APEC Business Leaders Summit will be held from October 29 to 31 in Gyeongju, South Korea, with China officially taking over the hosting rights for the 2026 summit [1] - The theme of this year's summit is "Connect, Business, and Beyond," with over 1,000 representatives from APEC economies participating to discuss topics such as regional economic integration, artificial intelligence, digital innovation, global finance, and biomedicine [1] - The China Council for the Promotion of International Trade (CCPIT) organized over 100 business representatives to attend the summit [1] Group 1 - The CCPIT President Ren Hongbin welcomed APEC business leaders to the 2026 summit in China and encouraged participation in the fourth Chain Expo and other economic and trade activities [1] - Ren expressed hopes for regional connectivity and cooperation to promote common development in the Asia-Pacific region, aiming to build an open, vibrant, resilient, and peaceful Asia-Pacific community [1]