Joint Venture Structure and Governance - The joint venture between Zhejiang Hars Vacuum Vessel Co., Ltd. and B.Duck is structured with Hars holding 60% and B.Duck holding 40% of the shares, allowing both parties to participate in governance and operations [3][5]. Strategic Collaboration and Resource Sharing - Hars will provide strong supply chain capabilities, all-channel resources, and a design team to support product innovation and market responsiveness [5][6]. - B.Duck will leverage its extensive product range (over 60,000 products) and marketing channels, including nearly 2,000 franchise stores, to support the joint venture [6][12]. Market Growth and Industry Trends - The cup and kettle industry is projected to grow at a compound annual growth rate (CAGR) of 11.5% from 2022 to 2026, with actual growth expected to exceed 15% by the end of 2024 [7][8]. - The transformation of thermal cups from functional items to fashion accessories is noted, with the trend of "one person, multiple cups" becoming prevalent, especially among Generation Z consumers [8]. Product Development and Market Strategy - The joint venture aims to launch its first products by the second quarter of 2026, focusing on trendy items rather than just functional products [9][11]. - The product pricing strategy will be optimistic, leveraging B.Duck's IP to enhance market appeal [11]. Financial Performance and Growth Expectations - Hars has set revenue targets based on stable growth, with profit margins slightly lower than 2024 projections, while also benefiting from cost reductions in Thailand [10]. - The joint venture is expected to significantly enhance both companies' growth trajectories through innovative product offerings and strategic marketing [9][10]. User Asset Conversion and Marketing Strategy - The conversion of B.Duck's user assets will involve integrating IP into the joint venture and utilizing various sales channels to activate existing and new customer bases [12][13]. - The collaboration will also focus on high conversion rates through themed retail experiences, particularly in tourist attractions [13].

Core Viewpoint - The strategic partnership between 小黄鸭德盈 (B.Duck) and 浙江哈尔斯真空器皿股份有限公司 (Hars) aims to leverage both companies' strengths in IP operation and manufacturing capabilities to create a new line of trendy cup products, enhancing their market presence and driving growth in the beverage container industry [1][2]. Group 1: Strategic Partnership - The agreement establishes a comprehensive strategic partnership, combining B.Duck's IP strengths with Hars' leading manufacturing capabilities and distribution network [1]. - A joint venture will be established in mainland China, focusing on co-branded trendy cup products featuring the B.Duck brand and other international IPs [1]. Group 2: Market Potential - The insulated cup industry is entering a golden development period, with both market size and trend attributes experiencing significant growth, making it a core trendy consumer product category [2]. - The partnership aims to shift the industry focus from price competition to value creation, enhancing the overall consumer experience [2]. Group 3: Collaborative Framework - The collaboration will build a "trendy design + flexible manufacturing + comprehensive marketing" system, starting with cup products and expanding into related items [2]. - The partnership is expected to facilitate the expansion of B.Duck's product categories and deepen IP user penetration, creating a replicable cross-category collaboration model [2].

Core Viewpoint - The strategic partnership between 小黄鸭德盈 (B.Duck) and 浙江哈尔斯真空器皿股份有限公司 (Hars) aims to leverage their respective strengths in IP operation and manufacturing capabilities to create a new line of trendy cup products, enhancing their market presence and driving growth in the cup industry [1][2]. Group 1: Strategic Partnership Details - The agreement establishes a comprehensive strategic partnership, combining B.Duck's expertise in IP operation with Hars' leading manufacturing capabilities and established distribution network [1]. - A joint venture will be formed in mainland China, focusing on designing, selling, and operating co-branded trendy cup products featuring the "B.Duck" brand and other international IPs [1]. Group 2: Market Potential and Collaboration Benefits - The cup industry is experiencing unprecedented growth, with a dual explosion in market size and trend attributes, making it a core trendy consumer product category [2]. - The collaboration aims to create a "trendy design + flexible manufacturing + all-domain marketing" synergy, facilitating the expansion of B.Duck's product categories and Hars' transition towards becoming a "trendy brand" [2]. - The partnership is expected to shift the industry focus from price competition to value creation, enhancing the long-term growth and leadership position of B.Duck in the IP-driven consumer market [2].

Core Viewpoint - The strategic partnership between 小黄鸭德盈 (B.Duck) and 浙江哈尔斯真空器皿股份有限公司 (Hars) aims to leverage both companies' strengths in IP operation and manufacturing capabilities to create a new line of trendy cup products, enhancing their market presence and driving growth in the beverage container industry [1][2]. Group 1: Partnership Details - The agreement was signed on February 8, 2026, establishing a comprehensive strategic partnership between B.Duck and Hars [1]. - Hars holds approximately 2.68% of B.Duck's issued share capital, with 27.027 million shares [1]. - A joint venture will be established in mainland China, focusing on co-branded trendy cup products featuring the B.Duck brand and other international IPs [1]. Group 2: Market and Industry Insights - The beverage container industry is experiencing unprecedented growth, with a dual explosion in market size and trend attributes, making it a core category of trendy consumer goods [2]. - The partnership aims to create a collaborative system that integrates "trendy design + flexible manufacturing + comprehensive marketing" to enhance both companies' product offerings and market reach [2]. - The collaboration is expected to shift the industry focus from price competition to value creation, contributing to long-term growth and leadership in the IP-driven consumer goods market [2].

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，幷明確表示概不就因本公告全部或 任何部分內容而産生或因倚賴該等內容而引致之任何損失承擔任何責任。 B.Duck Semk Holdings International Limited 小黃鴨德盈控股國際有限公司 （於開曼群島註冊成立的有限公司） （股份代號︰2250） 自願性公告 ─ 戰略合作協議 本公告乃小黃鴨德盈控股國際有限公司（「本公司」，連同其附屬公司，「本集 團」）自願作出，以使其股東及潛在投資者了解本集團的最新業務發展。 本公司董事（「董事」）會（「董事會」）欣然宣佈，本公司已於 2026 年 2 月 8 日與全球杯壺行業深圳證券交易所上市的 A 股公司浙江哈爾斯真空器皿股份有 限公司（「哈爾斯」，股票代碼：002615）訂立戰略合作協議（「該協議」）。 截至本公告日期，哈爾斯間接持有本公司 27,027,000 股股份，約佔本公司已發行 股本的 2.68%。哈爾斯及其最終實益擁有人（如有）為獨立於本公司及其關連人 士（定義見香港聯合交易所有限公司證券上市規則）的第三方。 根據該協議，本集 ...

Core Insights - The brand marketing industry is at a crossroads, balancing the maturity of the traffic system and the awakening of brand assets, with a renewed focus on long-termism [1] - The 2024-2025 Annual Marketing Conference highlighted the need for brands to shift from short-term profit strategies to long-term brand value [1][2] - The essence of brand communication is shifting back to deeper connections with people and relationships, rather than just focusing on traffic [2] Group 1: Brand Value and Long-term Strategy - Brands are seen as the only irreplaceable asset for companies, with their uniqueness and deep accumulation being core competitive advantages [2] - The value of a brand is not just reflected in market share but also in its long-term impact on consumer perception [2] - Companies are encouraged to create emotional connections with consumers, moving beyond mere transactional relationships [2][5] Group 2: Evolving Marketing Strategies - The competition among brands is changing, with a focus on multi-touch collaboration and multi-scenario resonance as new growth engines [4] - LILY Business Fashion's marketing strategy exemplifies how to leverage functional value, aesthetic expression, and emotional storytelling to build a new brand premium system [4] - The importance of understanding consumer scenarios rather than just user demographics is emphasized for effective brand growth [4] Group 3: Integration of Technology and Brand Building - The podcast industry is emerging as a core hub for high-quality content, providing a unique emotional connection that AI cannot replicate [3] - AI is reshaping content production capabilities, and brands need to integrate deeply into AI content systems to ensure their values are understood [3] - The shift from "traffic" to "retention" is necessary, as the essence of brand-user connections remains unchanged despite technological advancements [3] Group 4: Cultural and Emotional Engagement - Brands are encouraged to create meaningful interactions that resonate emotionally with consumers, as seen in Natural堂's initiatives that blend traditional culture with new consumption trends [6] - 恒洁's approach to establishing lasting recognition through "beautiful spaces" reflects the importance of creating shareable moments for consumers [6] - The focus on cultural connections and emotional storytelling is becoming a critical aspect of brand value [6][9] Group 5: Cross-Industry Perspectives - A roundtable discussion highlighted the need for brands to anchor their assets vertically while capturing traffic sources horizontally for sustained growth [7] - The importance of maintaining core values and a strong internal culture is emphasized as essential for producing quality products [7] - The evolution of domestic brands in the new consumption wave showcases the significance of long-term strategies over short-term gains [7][8]

Core Insights - The brand marketing industry is at a new crossroads, balancing the maturity of the traffic system and the awakening of brand assets, with a focus on long-termism [1] - The 2024-2025 Annual Brand Marketing Conference aims to explore new growth methodologies amidst these changes [2] Group 1: Brand Value and Long-term Strategy - The traditional approach of relying on short-term gains to create hit products is becoming ineffective as media channels diversify and traffic costs rise [4] - Brands are recognized as the core competitive asset of a company, embodying emotional connections and trust with consumers, which cannot be achieved through fragmented communication [6][7] - The shift from "traffic" to "retention" is essential, emphasizing the need for deep connections between brands and users [13] Group 2: Evolving Consumer Engagement - The focus of brand competition is shifting from understanding users to understanding contexts, with multi-touchpoint collaboration becoming a new growth engine [15] - Brands like LILY are leveraging functional value, aesthetic expression, and emotional storytelling to build new brand premium systems [17] - The sports sector is highlighted as a key emotional engagement area, with brands like Jitu leveraging events for natural consumer interaction [19] Group 3: Cultural Integration and Emotional Connection - Brands are redefining their long-term assets by integrating cultural elements into their core values and product offerings [22][23] - Natural堂 emphasizes creating emotional connections through traditional culture and new consumer interactions, positioning itself as a bridge for emotional expression [25] - 恒洁 is establishing lasting recognition by extending its brand narrative into various consumer scenarios, enhancing its market presence [27] Group 4: Industry Perspectives and Future Directions - A roundtable discussion highlighted the importance of vertical brand asset anchoring and horizontal traffic sourcing for sustainable growth [29] - The core values of companies like 鲁南制药 and 华侨城 emphasize a commitment to quality and cultural integration as essential for brand longevity [29] - The 2025 brand competition landscape will focus on user relationships, cultural connections, and long-term trust rather than mere attention [40]

Core Insights - The company, Hars, is optimistic about the domestic cup and kettle market, noting that the current CR4 is below 20%, indicating significant brand landscape benefits [3] - Hars has received approval from the China Securities Regulatory Commission for a specific issuance of A-shares in 2023, planning to proceed based on market conditions [3] Group 1: Brand Strategy and Market Positioning - The collaboration with Tencent is a core brand strategy aimed at enhancing content co-creation, upgrading membership services, and driving business growth [2] - The company emphasizes the transformation from "traffic cooperation" to "value co-creation" to strengthen brand influence among Generation Z [2] Group 2: Operational Performance and Supply Chain - The company reported strong performance during this year's Double Eleven shopping festival, with continuous optimization of operational capabilities [3] - The Thai production base is in a ramp-up phase, but the company is confident in cost optimization due to local supply chain development and automation [3] Group 3: Growth Opportunities and Global Expansion - The OEM business is seeing steady growth in market share from leading clients, with non-U.S. markets (Europe, Japan, Middle East) emerging as new growth points [3] - The company aims to leverage scale and certification barriers to capture a larger share in the global supply chain restructuring [3] Group 4: Governance and Shareholder Returns - The company has established a modern corporate governance structure with clear responsibilities and stable core management [3] - A share buyback plan will be implemented based on market conditions, with specific progress to be announced monthly [3]

Group 1: AI Empowerment in Asset Allocation - The report discusses the performance of three representative AI asset management products: AIEQ, ProPicks, and QRFT, evaluating whether AI can provide excess returns to investors [8] - AIEQ, an actively managed ETF, has underperformed SPY due to high market sentiment volatility and cost erosion from high turnover rates [8] - ProPicks has shown strong returns during favorable tech periods but is highly sensitive to execution discipline and slippage, making actual replication challenging [8] - QRFT has closely tracked the S&P 500 over the long term, showing significant phase differentiation, indicating a focus on narrow enhancements rather than stable high alpha [8] Group 2: Pharmaceutical and Biotechnology Sector - The pharmaceutical sector underperformed the overall market, with a 4.32% decline in the A-share market, and the biopharmaceutical sector fell by 6.88% [10] - The report highlights the treatment options for Hidradenitis Suppurativa (HS), noting that the prevalence in Western populations is approximately 1%, with around 320,000 diagnosed patients in the U.S. [11] - First-line therapies for HS primarily involve antibiotics, while second-line biological treatments include Adalimumab and IL-17A inhibitors, which have gained market share due to their efficacy and safety [11] Group 3: Atour (ATAT.O) Financial Performance - Atour reported a 38% year-on-year revenue growth in Q3 2025, raising its full-year revenue growth guidance from 30% to 35% [13] - The company’s retail business saw a remarkable 76% revenue growth, significantly contributing to the overall performance [13] - The number of hotels in operation increased by 27% year-on-year, with a total of 1,948 hotels by the end of Q3 2025 [14] Group 4: Hars (002615.SZ) Industry Leadership - Hars is a leading company in the cup and kettle industry, with a projected revenue compound annual growth rate (CAGR) of 25% from 2021 to 2024, reaching 3.3 billion [17] - The company operates both OEM/ODM and proprietary brand businesses, maintaining stable partnerships with international brands like YETI and PMI [17] - The domestic market for insulated cups is expected to replicate overseas trends, with significant growth potential driven by IP collaborations and social media marketing [18]

Market Overview - In Q3 2025, the number of listed private placement projects in the A-share market reached 42, an increase of 5 projects quarter-on-quarter and 22 projects year-on-year, with total fundraising amounting to 773.71 billion yuan, a year-on-year increase of 256.70%[9] - The average absolute return of the 24 auction projects that were unlocked in Q3 2025 was 38.67%, with a winning rate of 87.50%, marking a new high since 2022[28] Auction Market Dynamics - The average benchmark discount rate for auction projects in Q3 2025 was 11.27%, a decrease of 0.82 percentage points quarter-on-quarter, indicating a low level not seen in nearly two years[13] - The average premium rate for auction projects increased to 10.31%, reflecting heightened investor interest and competition[25] Fundraising Trends - The fundraising success rate for auction projects reached 96.30%, a new high for 2024, with an average fundraising rate of 99.91%[9] - In Q3 2025, the number of newly added private placement projects was 144, with a total proposed fundraising amount of 970.77 billion yuan, marking a 1.34% increase quarter-on-quarter[42] Performance Analysis - The average absolute return for small-cap auction projects (market cap below 100 billion yuan) was significantly higher, with some projects achieving returns of 78.93%[29] - The average stock price increase for auction projects from issuance to unlocking was 23.25%, indicating strong market performance[32] Risk Considerations - Risks include slower-than-expected review progress for private placements, stock price volatility in the secondary market, and changes in the auction pricing environment[34]