Group 1 - The core index of the London Stock Exchange, the FTSE 100, closed at 9350.43 points on September 30, marking an increase of 50.59 points, or 0.54% from the previous trading day [1] - The top five gainers in the London stock market included: African Telecom with a rise of 5.35%, Reckitt Benckiser up by 3.85%, GlaxoSmithKline increasing by 3.72%, Melrose Industries up by 2.73%, and Rentokil Initial rising by 2.51% [1] - The top five losers in the London stock market were: Entain down by 3.53%, Pershing Square Holdings down by 2.37%, BP down by 2.04%, Antofagasta down by 2.00%, and Shell down by 1.84% [1] Group 2 - The CAC40 index in Paris closed at 7895.94 points, up by 15.07 points, or 0.19% from the previous trading day [1] - The DAX index in Frankfurt closed at 23880.72 points, increasing by 135.66 points, or 0.57% from the previous trading day [1]

Core Viewpoint - Blue Moon's 2024 financial report reveals a significant contradiction between revenue growth and profit loss, marking the company's first loss since its IPO and the first in eight years [1][2][3] Revenue and Profit - The company reported a revenue increase of 16.8% year-on-year, reaching 85.56 billion HKD, while simultaneously incurring a loss of 749.31 million HKD, a decline of 330.3% in profit [1][3][4] - Historical data shows a downward trend in net profit from a peak of 1.31 billion HKD in 2020 to the current loss, despite revenue generally trending upwards [3][4] Marketing Expenditure - Sales expenses surged to 50.49 billion HKD in 2024, a 55.6% increase, which is nearly equivalent to four years of the company's peak net profit [5][7] - The marketing expense growth rate has accelerated significantly, with the ratio of marketing expenses to revenue rising from 28.8% in 2020 to 59% in 2024 [7][8] Online and Offline Channels - Blue Moon has heavily invested in online channels, achieving a 34.1% increase in online revenue, which now constitutes 59.7% of total revenue [12][13] - However, the company faces challenges in offline channels, with revenue from offline distributors dropping from 50.1% in 2021 to 36.57% in 2024 [15][16] Product Development and Strategy - The company has focused on marketing rather than product development, with a research and development expense ratio of only 0.51% compared to 59.7% for marketing [16][18] - Blue Moon is attempting to expand its product categories, with notable growth in its cleaning product matrix, but it may take time to establish a second growth curve [18] Future Investments - The company plans to invest at least 890 million HKD in a new multifunctional building in Guangzhou, indicating a commitment to enhancing its "clean ecosystem" despite current losses [18]