Core Insights - New Ruipeng is undergoing significant changes in its ownership structure, with Hillhouse Capital set to become the absolute majority shareholder through restructuring and negotiations with other stakeholders [1][9]. - Founder Peng Yonghe has reportedly stepped back from managing the company, with operational control shifting to representatives from Hillhouse Capital, although he remains the chairman [2][3]. - The company has faced challenges, including rapid expansion leading to financial losses, but has recently turned a profit in its medical segment [12][16]. Company Overview - New Ruipeng was established in 2019 through the merger of over 400 veterinary hospitals owned by Ruipeng and 700 hospitals from Hillhouse Capital, creating the largest pet medical platform in China with a valuation exceeding 10 billion [4][21]. - The company has experienced a dilution of ownership stakes, with both Hillhouse and Ruipeng initially holding around 40% each, later reducing to approximately 30% due to new investments [5][9]. - The management structure includes Peng Yonghe as chairman and Li Liang as co-chairman, with the original management team still in place [6][8]. Financial Performance - New Ruipeng submitted its IPO application in early 2023, aiming to become the "first pet hospital stock" in the U.S., but faced significant losses in 2021 and 2022, with revenues of 4.784 billion and 5.74 billion respectively, and net losses of 1.311 billion and 1.417 billion [12][14]. - The company has since turned a profit in its medical segment by focusing on core operations, closing underperforming stores, and improving single-store efficiency [16][27]. Industry Context - The pet medical industry in China is evolving, with increasing competition and a shift towards specialization and standardization in operations [15][24]. - The average profit margin in the industry is around 10% to 12%, with some smaller cities achieving margins of 20% to 25% due to lower operational costs [25][26]. - The market for pet hospitals is projected to grow significantly, with estimates suggesting a market size of 51.7 billion in 2024, reflecting a year-on-year growth rate of 24.6% [26].

Financial Performance - In the first half of 2025, the total assets of the company reached 19.906 billion CNY, an increase of 3.08% compared to the beginning of the period [2] - Total operating revenue was 15.338 billion CNY, a year-on-year increase of 8.59% [2] - Net profit attributable to shareholders was 310 million CNY, up 7.27% year-on-year [2] - Net cash flow from operating activities was 686 million CNY, a significant increase of 602.45% [2] Gas Supply and Market Position - In the first half of 2025, the company supplied 2.131 billion cubic meters of natural gas, with industrial and commercial users accounting for approximately 81.29% [3] - The gross profit from urban gas business was 666 million CNY, an increase of 2.1% year-on-year, with a gross profit margin of 10.12% [3] - The company has established a robust customer structure primarily focused on industrial and commercial sectors, benefiting from the industrial scale of Foshan [2] Supply Chain and Revenue Growth - The supply chain business achieved operating revenue of 8.282 billion CNY in the first half of 2025, a year-on-year growth of 22.66%, accounting for 54% of total revenue [9] - The company has diversified its supply chain operations to include various products such as refined oil, fuel oil, and biodiesel [9] SOFC Development - The company has formed a specialized R&D team for SOFC (Solid Oxide Fuel Cell) technology, currently developing a 50kW SOFC system prototype [10] - The company aims to apply SOFC technology in various scenarios, including data centers and waste treatment facilities [12] Dividend Policy - Since its listing in November 2017, the company has maintained a stable dividend level, with cumulative cash dividends amounting to 3.088 billion CNY, averaging over 65% of net profit attributable to shareholders [7] - In 2024, the total cash dividend was 623 million CNY, accounting for 73% of net profit [8] Future Investments and Strategic Initiatives - The company plans to adopt a more cautious investment strategy in the coming years, focusing on sustainable returns for shareholders [7] - The company is investing in green methanol production, with a total planned investment of 10 billion CNY to establish production bases with a combined capacity of 1 million tons per year [13][14]

Core Viewpoint - The company reported a decline in performance for the first half of 2025, primarily influenced by the home furnishing market and real estate business, with a revenue of 315.3 billion yuan, down 1.2% year-on-year, and a net profit of 840 million yuan, down 29.9% year-on-year [1] Group 1: Real Estate Business - The real estate segment generated revenue of 44.1 billion yuan, a decrease of 13.8% year-on-year, with a gross margin of 13.3%, up 0.2 percentage points [1] - The net profit from the real estate business was 10 million yuan, a decline of 140 million yuan year-on-year, with significant contributions from Jianfa Real Estate and Lianfa Group [1] - The total sales amount for the real estate business reached 82.94 billion yuan, an increase of 11.7% year-on-year, with Jianfa Real Estate and Lianfa Group achieving sales of 70.83 billion yuan and 13.41 billion yuan, respectively [2] Group 2: Supply Chain Operations - The supply chain operations reported revenue of 267.8 billion yuan, a year-on-year increase of 1.6%, with a net profit of 1.42 billion yuan, remaining stable year-on-year [1] - The operating volume of major bulk commodities was approximately 103 million tons, with steel and agricultural products showing significant growth [3] - The company is actively promoting internationalization, with overseas business scale exceeding 5.7 billion USD, a year-on-year growth of about 10% [3] Group 3: Overall Performance and Future Outlook - The company’s land acquisition amounted to 58.24 billion yuan, a year-on-year increase of 50.3%, with over 96% of acquisitions in first and second-tier cities [2] - The company’s total land reserve value reached 246.8 billion yuan, with over 83% in first and second-tier cities, reflecting an improvement in land reserve structure [2] - Future revenue projections for 2025, 2026, and 2027 are 695.2 billion yuan, 699.8 billion yuan, and 699.8 billion yuan, respectively, with net profits expected to be 2.9 billion yuan, 3.5 billion yuan, and 3.8 billion yuan [3]

Investment Rating - The report maintains a "Buy" rating for the company [3][6]. Core Views - The company's real estate sales amount increased against the trend, with a total sales amount of 829.4 billion yuan, a year-on-year growth of 11.7% [2]. - The supply chain business showed stable performance, with a total revenue of 2,678 billion yuan, a year-on-year increase of 1.6% [3]. - The company is actively promoting internationalization, with overseas business scale exceeding 5.7 billion USD, a year-on-year growth of approximately 10% [3]. Financial Performance - In the first half of 2025, the company achieved operating revenue of 315.3 billion yuan, a decrease of 1.2% year-on-year, and a net profit attributable to shareholders of 840 million yuan, down 29.9% year-on-year [1]. - The real estate segment generated revenue of 44.1 billion yuan, a decrease of 13.8% year-on-year, while the supply chain operations maintained stable profitability [1][3]. - The company’s land acquisition amount reached 58.24 billion yuan, a year-on-year increase of 50.3%, with over 96% of acquisitions in first- and second-tier cities [2]. Earnings Forecast - The adjusted earnings forecast for 2025, 2026, and 2027 is 29 billion yuan, 35 billion yuan, and 38 billion yuan respectively, with corresponding EPS of 0.98, 1.22, and 1.32 yuan [3].

（ 於開曼群島註冊成立的有限公司 ） （股份代號：8475） 香港交 易及結算 所有限公司 及香港聯 合交易所 有限公司（「聯交所」）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。 E -STATION GREEN TECHNOLOGY GROUP CO., LIMITED 易 站 綠 色 科 技 集 團 有 限 公 司 本 公 告 乃 由 易 站 綠 色 科 技 集 團 有 限 公 司（「 本 公 司 」， 連 同 其 附 屬 公 司 統 稱 「本集團」）的董事（「董事」）會（「董事會」）根據香港聯合交易所有限公司（「聯 交 所 」）GEM 證 券 上 市 規 則（「 GEM 上 市 規 則 」）第 17.10 條 及《 證 券 及 期 貨 條 例》（ 香港法例第571章 ）第XIVA部項下的內幕消息條文（ 定義見GEM上市規 則 ）作出。 消除不發表意見的行動計劃實施的 季度最新情況 ...

Core Viewpoint - JD Logistics reported its 2Q25 earnings, showing a revenue increase of 17% YoY to Rmb51.56 billion and a non-IFRS net profit rise of 5% YoY to Rmb2.59 billion, aligning with expectations [1] Revenue Growth - The revenue from integrated supply chain customers increased by 26% YoY to Rmb26.9 billion, with JD Group's revenue rising 31% YoY to Rmb17.8 billion, driven by government subsidies and JD Food Delivery expansion [2] - Revenue from external integrated supply chain customers grew 18% YoY to Rmb9.1 billion, with the number of external customers increasing by 14% YoY to approximately 65,854, and average revenue per customer (ARPC) rising 4% YoY to about Rmb138,874 [2] Cost Analysis - The cost of revenue increased by 18% YoY in 2Q25, with employee benefit expenses rising 21% YoY, while gross profit margin fell by 1.3 percentage points YoY to 10.6% [3] - The firm employed over 660,000 in-house operational employees as of 1H25, an increase of about 180,000 compared to the end of 2024, indicating rising staff costs due to business expansion [3] Future Trends - The instant delivery business is expected to contribute incremental revenue, with the firm recruiting full-time riders for JD Food Delivery and launching integrated warehousing and delivery services [4] - The firm anticipates that food delivery riders will create synergies with the existing express delivery network, enhancing last-mile delivery efficiency and service flexibility [4] - Continued investments in internationalization and automation include launching the JoyExpress brand in Saudi Arabia and developing unmanned light-duty trucks [4] Financial Forecasts - The firm has revised its 2025 and 2026 non-IFRS net profit forecasts down by 2.7% and 5.8% to Rmb8,307 million and Rmb8,883 million, respectively [5] - The stock is currently trading at 10.2x 2025e and 9.4x 2026e non-IFRS P/E, with an OUTPERFORM rating and a target price of HK$18.50, implying a 32.5% upside [5]

Core Viewpoint - The company, Zhejiang Dongri Co., Ltd., is focusing on expanding its business in agricultural wholesale markets, fresh food distribution, and food processing, with a strategic emphasis on technology innovation and market expansion [1][3]. Group 1: Business Structure - The company's main business consists of three segments: agricultural wholesale market operations, fresh food distribution, and food processing, with a strategic layout described as "1+2+N" [1][2]. - The agricultural wholesale market business is centered in Wenzhou, with a projected transaction volume of 1.38 million tons and a transaction value of approximately 12 billion yuan in 2024 [2]. - The fresh food distribution business has a market share of only 5% in Wenzhou, indicating significant growth potential, while the tofu production business holds an 80% market share in the main urban area of Wenzhou [2]. Group 2: Technology and Innovation - The company has prioritized enhancing its technological innovation capabilities, expanding into multiple business segments along the industry chain, including digital industry output and AI applications [3]. - The company is also involved in specialized medical food, precise nutritional meal research and production, and modern farming practices [3]. Group 3: Financial and Operational Insights - The company has initiated a stock incentive plan in 2023, with the first unlocking period expected in September of the same year [3]. - The financial statements include non-current financial assets, which represent the company's equity holdings in Wenzhou Bank [3].

Core Viewpoint - Yuneng International (01298) reported a significant increase in revenue for the fiscal year 2024, achieving a total revenue of HKD 571 million, representing a year-on-year growth of 65.64% and turning a profit with a net profit of HKD 491,000 [3] Financial Performance - The company’s operating cash flow was negative at HKD -75.77 million, a decrease of HKD 89.77 million compared to the previous year [30] - Basic earnings per share were HKD 0.0018, with a weighted average return on equity of 0.3%, an increase of 3.25 percentage points year-on-year [26] - The price-to-earnings ratio (TTM) is approximately 392.68, with a price-to-book ratio of 1.17 and a price-to-sales ratio of 0.33 as of April 29 [3] Revenue Composition - For 2024, the revenue composition was HKD 524.5 million from the supply chain business and HKD 52.1 million from the distribution business [21] - In 2023, the revenue from the supply chain business was HKD 284.6 million, indicating growth in this segment [23] Asset and Liability Changes - As of the end of 2024, cash and cash equivalents decreased by 45.23%, while accounts receivable increased by 52.21% and inventory rose by 78.27% [38] - Short-term borrowings increased by 68.13%, and accounts payable rose by 86.26%, indicating a significant rise in liabilities [41] - The current ratio was reported at 1.49, and the quick ratio was 1.2 [45]

Financial Performance - In 2024, the company achieved total revenue of 31.589 billion CNY, a year-on-year increase of 23.70% [1] - The net profit attributable to shareholders was 853 million CNY, up 1.03% year-on-year, while the net profit excluding non-recurring gains and losses was 808 million CNY, an increase of 13.81% [1] - Operating cash flow reached 1.750 billion CNY, reflecting an 8.97% increase compared to the previous year [1] Dividend Policy - Since its listing in November 2017, the company has maintained a stable dividend level, with cumulative cash dividends amounting to 3.088 billion CNY, averaging over 65% of net profit attributable to shareholders [1] - In 2024, the total cash dividend was approximately 623 million CNY, representing 73% of net profit [2] - The special dividend plan for 2024 included a distribution of 2.5 CNY per 10 shares, totaling about 324 million CNY, which has been implemented [2] - The proposed annual profit distribution for 2024 is 2.3 CNY per 10 shares, amounting to approximately 298 million CNY, pending approval at the annual shareholders' meeting [2] Shareholder Returns - The proportion of minority shareholders' profit increased from 8.99% to 11.89%, impacting the net profit attributable to shareholders [3] - The company's effective tax rate decreased significantly from 31.45% to 21.54% due to the recognition of deferred tax assets [3] Supply Chain Business - In 2024, revenue from the supply chain business exceeded that of the urban gas business, reaching 15.848 billion CNY, which accounted for 50.17% of total revenue [3] - The gross margin for the supply chain business was reported at 1.73%, with fluctuations attributed to varying product category proportions [3] Natural Gas Supply - The company supplied 4.907 billion cubic meters of natural gas in 2024, with a gross margin of 9.25% for urban gas business, showing a slight increase [4] - The pricing mechanism for non-residential natural gas sales is linked to upstream natural gas prices, allowing for adjustments based on market conditions [4] Financial Liabilities - The company reported trading financial liabilities of 1.238 billion CNY at the end of 2024, reflecting the fair value of long-term procurement contracts [5] - The trading financial liabilities at the end of 2023 were 777 million CNY, indicating an increase due to contract evaluations [5]