Core Viewpoint - The company, Wanli Printing (08385), anticipates a significant net loss for the first half of 2025, projecting a loss of no less than HKD 26.4 million, following a net loss of approximately HKD 29 million for the six months ending June 30, 2024 [1] Financial Performance - The company's revenue is expected to decline from approximately HKD 43.5 million in the first half of 2024 to about HKD 1.2 million in the first half of 2025 [1] Operational Challenges - The anticipated net loss is primarily attributed to the closure of the Shenzhen factory in May 2024 and the delay in obtaining a printing license for the Huizhou factory until May 2025, which will significantly reduce revenue [1] - Additionally, the company expects an increase in financing costs in the first half of 2025 [1] Future Outlook - The company plans to explore advanced printing technologies and seek other opportunities to diversify its revenue sources [1]

Core Viewpoint - Hong Kong Printing Group (00450) reported a significant decline in revenue and an increase in losses for the six months ending June 30, 2025, indicating challenges in the current market environment [1] Financial Performance - The group achieved a revenue of HKD 935 million, representing a year-on-year decrease of 14.63% [1] - The loss attributable to equity holders amounted to HKD 48.779 million, which is an increase of 990.76% compared to the previous year [1] - The loss per share was reported at HKD 0.054 [1] Market Conditions - The group's main clients are international brands from Europe and the United States, facing rising "landed costs" due to ongoing tariff uncertainties [1] - Trade barriers have intensified the operational challenges for clients and have weakened consumer purchasing power due to rising import prices, leading to more cautious consumer sentiment [1] - Supply chain disruptions continue, making consumers more sensitive to inflationary pressures [1]

Company Overview - Shenzhen Yixin Printing Co., Ltd. has been established with a registered capital of 100,000 RMB [1] - The legal representative of the company is Li Ling [1] Business Scope - The company engages in general business activities including packaging services, sales of packaging materials and products, plastic surface treatment, sales of plastic and rubber products, industrial design services, graphic design, domestic trade agency, import and export of goods, and technology import and export [1] - The company is authorized to print packaging decoration printed materials, which requires approval from relevant authorities before commencement [1]

Company Overview - Shanghai Quyin Industrial Co., Ltd. has been recently established with a registered capital of 1 million RMB [1] - The legal representative of the company is Feng Liguo [1] Business Scope - The company is involved in various printing services including document and material printing, packaging printing, and publication printing [1] - Additional services include office supplies sales, electronic products sales, graphic design, photography, information consulting, and enterprise management consulting [1] - The company also offers marketing planning, exhibition services, office equipment leasing, and sales of household appliances and computer hardware [1] - Other activities include digital advertising production, advertising design and agency, and technical services such as consulting and technology transfer [1]

Group 1 - A new company, Changzhou Nuolaimi Color Printing Co., Ltd., has been established with a registered capital of 500,000 RMB [1] - The legal representative of the company is Wu Zhengyang [1] - The business scope includes various printing services, sales of plastic and rubber products, hardware retail, daily necessities, labor protection supplies, and construction materials [1] Group 2 - The company is authorized to engage in specific printing activities that require approval from relevant authorities [1] - General projects include the sale of arts and crafts, clothing, and chemical products (excluding licensed chemical products) [1] - The company can operate independently based on its business license for non-licensed projects [1]

Group 1 - A new company, Suqian Moyun Printing Co., Ltd., has been established with a registered capital of 20,000 RMB [1] - The legal representative of the company is Dong Jiajian [1] - The business scope includes printing of documents and other printed materials, binding services, typing and copying services, and sales of office supplies [1] Group 2 - The company is required to obtain approval from relevant authorities for certain licensed projects before commencing operations [1] - The specific business activities will depend on the results of the approval process [1]

Core Insights - Longgang, Zhejiang, has transformed from a town to a county-level city, becoming the first "town-to-city" conversion approved by the State Council in August 2019, with a GDP of 443.73 billion yuan in 2024 [2] - The city's GDP growth rate of 6.7% in Q1 2025 outpaced the provincial average, despite a resident population of less than 480,000 [2] Economic Development - In the 1990s, Longgang's economy was driven by a booming printing industry, which saw an average annual growth rate exceeding 80%, with nearly 800 printing enterprises and a workforce of 45,000 by the late 1990s [3] - The printing industry faced challenges due to market demand changes, leading to a "low, small, scattered" model that hindered long-term competitiveness [3] Industrial Upgrading - Longgang has actively pursued industrial upgrades by introducing eco-friendly technologies and expanding into high-value products such as cultural toys and children's books, resulting in a printing and packaging output value of approximately 200 billion yuan by 2024 [4] - The number of certified technicians in the printing industry increased from 1 in 2019 to 3,859 in five years [4] High-tech Sector Growth - High-tech industries have become a new growth engine for Longgang, contributing 55.5% to the city's industrial added value in 2024, with a year-on-year growth rate of 15.8% [6] - The city has established five provincial enterprise research institutes and 33 provincial high-tech R&D centers, marking a fivefold increase since 2010 [6] Strategic Investments - Major emerging industry projects, such as the 10 billion yuan China Resources Power Longgang ultra-clean energy demonstration project and a 5 billion yuan lithium battery separator production base, have been launched [7] - Longgang is focusing on strategic emerging industries like smart equipment, new energy, new materials, health, and low-altitude economy [7] Governance and Business Environment - Longgang's governance structure features a "large department + flat" reform, reducing the number of administrative bodies and streamlining business approvals, leading to 22,000 new market entities registered in 2024 [8] - The city has created a favorable entrepreneurial environment, with one in four residents engaged in business activities, likened to the convenience of online shopping [8] Conclusion - Longgang's growth is attributed to the interplay of industrial upgrading, technological innovation, and institutional benefits, positioning it to aim for the "500 billion club" by enhancing traditional strengths and expanding emerging industries [9]

天眼查App显示，近日，深圳宇富印刷有限公司成立，法定代表人为梁宇秀，注册资本500万人民币， 经营范围为一般经营项目是：打字复印；办公服务；货物进出口；技术进出口。（除依法须经批准的项 目外，凭营业执照依法自主开展经营活动），许可经营项目是：特定印刷品印刷；包装装潢印刷品印 刷；文件、资料等其他印刷品印刷；出版物印刷；印刷品装订服务；出版物批发；出版物零售。（依法 须经批准的项目，经相关部门批准后方可开展经营活动，具体经营项目以相关部门批准文件或许可证件 为准）。 ...

天眼查App显示，近日，广州印其印刷有限公司成立，法定代表人为黄奇志，注册资本10万人民币，经 营范围为货物进出口;新材料技术研发;科技中介服务;塑料制品销售;塑料制品制造;纸制品销售;纸制品制 造;国内贸易代理;包装材料及制品销售;平面设计;劳动保护用品销售;技术进出口;技术服务、技术开发、 技术咨询、技术交流、技术转让、技术推广;互联网销售（除销售需要许可的商品）;文件、资料等其他 印刷品印刷;印刷品装订服务;包装装潢印刷品印刷。 ...

天眼查App显示，近日，深圳市华严印刷制品有限公司成立，法定代表人为毛昭仙，注册资本1万人民 币，经营范围为一般经营项目是：工艺美术品及礼仪用品销售（象牙及其制品除外）；文具用品批发； 文具用品零售；办公用品销售；塑料制品销售；包装材料及制品销售；橡胶制品销售；电子产品销售； 广告制作；广告发布；广告设计、代理；平面设计；国内贸易代理；货物进出口；技术进出口；技术服 务、技术开发、技术咨询、技术交流、技术转让、技术推广。（除依法须经批准的项目外，凭营业执照 依法自主开展经营活动），许可经营项目是：包装装潢印刷品印刷；文件、资料等其他印刷品印刷；出 版物印刷；印刷品装订服务；特定印刷品印刷。（依法须经批准的项目，经相关部门批准后方可开展经 营活动，具体经营项目以相关部门批准文件或许可证件为准）。 ...