亦辰集團有限公司* （ 於 開 曼 群 島 註 冊 成 立 之 有 限 公 司 ） （股份代號：8365） 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。 自願公告 本公告僅供參考，並不構成收購、購買或認購本公司證券的邀請或要約。 HATCHER GROUP LIMITED 有關代幣化投資的進一步業務更新 本公告由亦辰集團有限公司（「本公司」，連同其附屬公司統稱「本集團」）自願作出，以向 股東及潛在投資者提供有關本集團代幣化投資業務發展之最新情況。 茲提述本公司日期為二零二六年三月十三日及二零二六年三月三十日之公告（「該等公告」）， 內容有關本集團之代幣化投資。除非文義另有所指，本公告所用之詞彙與該等公告所界 定者具有相同涵義。 代幣化投資業務的擴張計劃 董事會謹此就本集團正探索的代幣化投資業務擴張提供最新資料。就此而言，本集團正 計劃向證券及期貨事務監察委員會（「證監會」）申請許可，以開展受規管的代幣化投資業務， 惟須待證監會批准並符合適用監管規定 ...

Core Viewpoint - Warren Buffett, the former CEO of Berkshire Hathaway, announced the revival of his famous charity lunch auction, collaborating with NBA champion Stephen Curry and his wife, Ayesha Curry, to support community initiatives through the Glide Foundation and the Eat.Learn.Play.Foundation [2][3]. Group 1: Charity Lunch Auction Details - The online auction will take place from May 7 to May 14, with proceeds benefiting the Glide Foundation and the Eat.Learn.Play.Foundation, which focus on providing services to underprivileged communities and promoting children's literacy and nutrition [2][3]. - The winning bidder can bring up to seven guests to a private lunch with Buffett and the Currys on June 24 in Omaha, Nebraska, with the auction proceeds split between the two charities [3]. Group 2: Buffett's Philanthropic History - Buffett's charity lunch initiative began in 2000, inspired by his late wife, Susan Buffett, to raise funds for the Glide Foundation, which assists the homeless and low-income individuals [3]. - The last charity lunch auction in 2022 reached a record high bid of $19 million, raising over $50 million cumulatively since its inception [4]. Group 3: Berkshire Hathaway and Investment Insights - Buffett will officially retire from his CEO position at Berkshire Hathaway on December 31, 2025, with Greg Abel taking over [4]. - Despite his retirement, Buffett will continue to participate in investment decisions but will not override Abel's judgment [4]. - Buffett mentioned a recent small investment but did not provide details, and he expressed regret over selling Apple stock too early, noting that Berkshire has made over $100 billion in pre-tax profits from its Apple investment [4][5].

Core Insights - The interaction between technology, industry, and capital is entering a historic new phase, with industrial capital becoming a key force in helping tech companies transition from the lab to the market. Data shows that 80% of new unicorns in the first half of 2025 received support from industrial capital [1] - Industrial investment is undergoing a profound transformation from "scale expansion" to "value co-creation" [1] - There is an unprecedented tight interaction between technology and capital, with capital markets supporting cutting-edge tech fields like chips, AI, embodied intelligence, and innovative pharmaceuticals throughout the R&D to market launch process [1] - The rise of disruptive technologies, particularly AI, is reshaping financial and industrial service models, necessitating a shift from single-point investments to a more systemic innovation approach [1] - Building an open ecological network that connects government, industry leaders, investment institutions, research institutes, and innovative enterprises is crucial for gathering resources, dispersing risks, and enhancing success rates [1] Industry Context - Ningbo, a city known for its manufacturing, is undergoing a critical period of energy transition and upgrading, with traditional industries needing transformation and high-tech enterprises requiring improvement in "soft power" such as talent attraction [1] - In the face of intense regional competition, Ningbo is determined to innovate and lead industrial transformation through technological advancements, aiming to become a "global hub for intelligent manufacturing innovation" [1] Event Overview - The 2026 China Industrial Capital Summit will be held in Ningbo, aiming to create a high-level dialogue and practical sharing platform for industrial capital [2] - The summit will focus on key topics such as the cultivation mechanism of patient capital, new models of industrial capital (CVC) empowerment, mergers and acquisitions, and the high-level circulation of "technology-industry-finance" [2] - The event seeks to inject financial vitality and innovative momentum into the high-quality development of Ningbo and China's industrial economy [2]

Core Insights - The core insight of the article is that leading companies are experiencing accelerated growth in Annual Recurring Revenue (ARR) not only due to stronger products but also because they have restructured their Go-To-Market (GTM) strategies earlier, focusing on higher quality revenue management rather than just signing more contracts [1][18][19]. GTM Strategy Changes - Companies are diversifying their GTM strategies by blending top-down and bottom-up approaches, with high-growth companies increasingly leveraging self-serve options [18][21][22]. - Hybrid pricing models are becoming dominant, with approximately 50% of companies adopting this as their primary pricing strategy [23][31]. - The average sales cycle has shortened by about 6 weeks, indicating improved GTM efficiency [24][134]. GTM Health and Efficiency - The conversion rate from free trials or proof-of-concept (POC) to paid subscriptions has reached 50%, a significant increase of 14 percentage points [24][106]. - High-growth companies are generating a larger share of their sales pipeline from sales and channel motions (60%-80%) compared to marketing (15%-20%) [24][98]. - The net dollar retention rate (NDR) for top companies remains high, between 110% and 120%, indicating strong customer expansion capabilities [89][90]. AI Use Cases and Impact - AI adoption is enhancing sales funnel performance, quota attainment, and GTM operating models, with companies that integrate AI more deeply seeing better results [25][26][171]. - The focus of AI's impact is shifting from efficiency to retention, with companies increasingly evaluating AI's influence on revenue and customer retention [168][170]. Customer Contract Trends - There is a noticeable shift towards shorter contract terms, with contracts of less than one year rising to 51% of total contracts, reflecting a demand for flexibility in a rapidly changing market [143][144]. - The trend of shorter contracts does not negatively impact net dollar retention rates, as companies maintain high retention despite reduced contract lengths [7][89]. Sales Performance Metrics - Sales performance metrics are evolving to emphasize revenue quality, with a growing number of companies incorporating net revenue and net dollar retention into their compensation structures for account executives [2][72]. - The percentage of sales teams meeting quotas has improved, indicating enhanced sales efficiency in a more flexible contract environment [147][149].

Core Insights - Ningbo is characterized by a unique investment landscape where local LPs (Limited Partners) are actively involved, reflecting a deep-rooted industrial culture and trust within the community [4][10][11] - The city stands out in China's venture capital scene, not following the trends of other major cities like Shenzhen or Hangzhou, but instead offering a robust environment for GP (General Partner) fundraising [6][7][8] - Ningbo's economic strength is underpinned by its significant port, a large number of listed companies, and a high concentration of high-tech enterprises, contributing to its status as a key player in the investment market [8][9] Investment Landscape - The LP structure in Ningbo is distinct, with a diverse range of contributors including local business owners from various sectors, which creates a dynamic and "living" pool of capital [10][14] - Local entrepreneurs exhibit a pragmatic approach to investment, focusing on long-term relationships rather than speculative ventures, which fosters a unique investment culture [13][14] - Notable examples of active LPs include local businesses that have repeatedly invested in multiple GP funds, indicating a trend of trust-based, long-term investment strategies [14][17] Government and Policy Support - The supportive role of local government and state-owned enterprises is crucial in enhancing the investment environment, characterized by a service-oriented approach that allows entrepreneurs to focus on their core businesses [16][17] - Recent initiatives, such as the establishment of new investment funds and partnerships, demonstrate the government's commitment to fostering a collaborative investment ecosystem [16][18] - The upcoming 2026 China Industrial Capital Summit in Ningbo aims to further enhance the visibility of the city in the national investment landscape, attracting more quality projects and capital [18][23] Future Prospects - The convergence of "living money" and practical application scenarios in Ningbo is expected to drive future developments in China's industrial capital landscape [21][22] - The city's unique advantages, including its status as a global port and a hub for innovative industries, position it well for continued growth and investment opportunities [21][22]

Core Insights - The dialogue at the 2026 strategy exchange hosted by Ruijin Asset featured prominent investors discussing risk, valuation, margin of safety, and asset selection, reflecting a unified underlying thought process and language system [1] - The current market is described as "chaotic," with investors seeking certainty amid anxiety, highlighting the value of common sense in investment strategies [1] Summary by Sections Market Sentiment - The past week has been tumultuous, emphasizing the importance of common sense in navigating investment decisions [2] Notable Discussions - Insights from top investors like Yang Dong and Dong Chengfei suggest that the smart car industry is likely to be a profitable venture, with leading companies expected to be AI firms disguised as automotive companies [2] Additional Recommendations - Other recommended readings include discussions on key investment factors by Howard Marks, Huang Renxun's views post-GTC, and the implications of robots outperforming human athletes [2]

Core Viewpoint - The article emphasizes the investment philosophy of Fosun Chuangfu, which focuses on a balanced approach of being slightly slower in entering markets while being quick to seize opportunities when certainty arises in investments [5][9][11]. Investment Philosophy - Fosun Chuangfu adopts a "slow half-step, fast half-beat" investment strategy, allowing them to observe market trends before making investments [6][9]. - The firm believes that many successful investments occur when they enter markets after initial pioneers have established a trend, thus reducing risk [11][8]. Investment Stages - The investment strategy is described as "dumbbell-shaped," with 40% of funds allocated to early-stage VC and 40% to pre-IPO companies, while 20% is directed towards mid-growth stage companies [13][14]. - The focus on early-stage investments aims for high returns, while the later stages are about achieving certainty and financial product balance [14][16]. Market Observations - Many Chinese tech companies, especially in the B2B sector, struggle to progress beyond a certain revenue threshold, which creates a cautious investment environment for mid-stage companies [17]. - Fosun Chuangfu is particularly excited about companies like Lixuan Technology, which specializes in GPU technology, indicating a strong market potential despite higher valuations [17][18]. Valuation Criteria - The firm typically targets VC projects with valuations around 300 million RMB, as most projects do not reach IPO status [18]. - Investments are made with a focus on certainty, requiring companies to have validated products and technology, even if they are not yet profitable [18][20]. Ecosystem Utilization - Since 2018, the investment landscape has shifted towards hard technology, necessitating a regional team approach to cover active tech hubs across China [22][23]. - Fosun Chuangfu operates multiple industry funds in collaboration with its listed companies, ensuring strategic alignment with the group's overall business goals [25][36]. Investment Process - The investment process involves thorough due diligence, including spending at least five days researching a target company and interviewing multiple stakeholders [30][31][32]. - The firm employs a unique "54321" analysis method to ensure comprehensive understanding and validation of potential investments [29][33]. Strategic Positioning - Fosun Chuangfu positions itself as an "EVC" (Ecosystem Venture Capital), leveraging its ecosystem to empower portfolio companies and facilitate collaboration [36].

Core Viewpoint - The primary focus of the article is the resurgence of activity in the primary market, driven by increased participation from institutional LPs and the return of notable industry players, indicating a warming market environment [3][9]. Group 1: Market Activity and Trends - In 2026, the primary market is showing signs of renewed activity, with institutional LPs increasing their investment levels, suggesting a positive shift in the market [3][11]. - The participation of major industry players such as Tencent, Pop Mart, and Vipshop in a new fund indicates a collective confidence in the market's recovery [4][9]. - The active involvement of institutional LPs has led to a significant year-on-year increase of 67% in their investment activity as of February [11]. Group 2: Fund Details and Contributions - The newly established fund, 博裕新智新产 (Bohui New Intelligence New Industry), has seen its capital contribution soar from 2 million to 4 billion RMB, with notable contributions from Tencent (400 million RMB), Ningde Times, and others [6][7]. - The fund aims to focus on growth and mature companies, particularly in technology, healthcare, consumer goods, and retail sectors [8][12]. - The increase in the number of newly registered private equity and venture capital funds, totaling 528 in February, reflects a robust interest in investment opportunities [12]. Group 3: Market Sentiment and Future Outlook - The return of industry giants as LPs signals a strong belief in the market's potential, contributing to a positive feedback loop that enhances investment confidence [15]. - The current investment climate is reminiscent of a decade ago, with a notable uptick in IPO activity and merger transactions, providing new opportunities for market participants [13]. - The combination of policy support for technological innovation and the resurgence of LP investment is expected to drive the market out of its previous downturn into a new phase of recovery [13][15].

Group 1 - The core viewpoint of the article highlights the successful completion of the strategic transformation of the company, leading to seamless cooperation among its three major business platforms: "Alternative Investment Solutions," "Investment Management," and "Credit" [2] - The integration model has enhanced recurring revenue, profitability, and capital efficiency, solidifying the company's position as a leading alternative investment platform [2] - The company reported a significant increase in shareholder profit, with a year-on-year growth of over three times, despite a low base [2] Group 2 - For the fiscal year 2025, the company achieved total revenue of HKD 37.05 billion, a slight decrease of 0.3% year-on-year [3] - Total income rose to HKD 54.74 billion, reflecting a substantial increase of 28.42% year-on-year [3] - The company's net profit attributable to shareholders reached HKD 15.93 billion, marking a remarkable increase of 321.79% year-on-year, with basic earnings per share at HKD 0.814 and a proposed second interim dividend of HKD 0.15 per share [3]

Core Viewpoint - New Horizon Company (00086.HK) reported its annual performance for the year ending December 31, 2025, showing a total revenue of RMB 3.7052 billion, a slight decrease of 0.29% year-on-year, while the profit attributable to shareholders surged by 321.79% to HKD 1.5931 billion, indicating a significant turnaround in profitability [1] Financial Performance - Total revenue for 2025 was RMB 3.7052 billion, down 0.29% year-on-year [1] - Profit attributable to shareholders reached HKD 1.5931 billion, up 321.79% year-on-year [1] - Basic earnings per share were HKD 0.814 [1] - Proposed second interim dividend of HKD 0.15 per share [1] Strategic Developments - 2025 marks a clear turning point in the company's development, with the completion of its strategic transformation [1] - The integration of three major business platforms—"Alternative Investment Solutions" (formerly "Fund Management"), "Investment Management," and "Credit"—has achieved seamless cooperation and full synergy [1] - This integrated model has enhanced recurring income, profitability, and capital efficiency, solidifying the company's position as a leading alternative investment platform [1] Operational Efficiency - Cost control remains a key advantage for the company, with a cost-to-income ratio of approximately 30% in 2025 [1] - The EBITDA margin was around 50%, showcasing the operational model's strengths [1] Capital Management - The company actively managed its balance sheet, optimizing its capital structure by repurchasing a total of USD 26.2 million in medium-term notes during the year [1] - Cumulatively, since 2022, the total amount of repurchased and redeemed medium-term notes reached USD 460.3 million, reducing the net debt-to-equity ratio to 25.8% [1]