格隆汇11月30日丨ALCO HOLDINGS(00328.HK)公布中期业绩，截至2025年9月30日止六个月，公司收 益为6194.8万港元，同比增长24.67%；公司股东应占期内亏损为1941.7万港元，去年同期亏损2430.9万 港；基本每股亏损为0.17港仙。 回顾期内，就产品分类而言，自有品牌笔记型电脑的营业额增加25%至6100万港元。主要增长原因在于 期内电子产品的产品组合优化及定价策略。 于回顾期间，毛利率较去年同期由9%增加至10%。毛利率改善的主要原因是受由先前的自营来料加工 生产方式战略转型为更具成本效益的OEM/ODM生产模式影响，销货成本减少。 ...

Core Viewpoint - Zhejiang Tongfu Te Meike Co., Ltd. (Tongfu Co.) is initiating its journey to list on the Beijing Stock Exchange, aiming to raise 820 million yuan through its public offering, which will shift its production model from outsourcing to self-production [1][3]. Company Overview - Tongfu Co. primarily engages in the research, design, production, and sales of stainless steel vacuum insulation containers, with 90% of its revenue coming from OEM products and only 10% from its own brand [1][5]. - The company has previously attempted to go public, with its first application in July 2022 and subsequent updates, but faced challenges in meeting the requirements of the Shanghai Stock Exchange [4]. Financial Performance - The projected revenues for Tongfu Co. from 2022 to 2024 are 1.973 billion yuan, 2.118 billion yuan, and 2.760 billion yuan, respectively, with net profits of 218 million yuan, 180 million yuan, and 231 million yuan [3][8]. - As of the end of 2023, total assets are reported at approximately 1.668 billion yuan, with total equity of about 996 million yuan [2]. Production Capacity and Strategy - The company plans to use the raised funds to expand its production capacity significantly, targeting an annual output of 70 million stainless steel containers post-expansion [8]. - Current production capacity is limited, with actual production rates nearing saturation at 95.65% in 2024, indicating a need for increased capacity to meet growing market demand [7][8]. Market Context - The domestic market for thermal containers is experiencing steady growth, with demand projected to rise from 187.61 million units in 2025 to 220.44 million units by 2030 [7]. - The transition from an outsourcing model to a self-production model is seen as crucial for Tongfu Co. to enhance its brand presence and reduce reliance on external suppliers [5][6].