蚂蚁双链科技将于可信资产管理平台服务协议的有效期内，授予集团一项于中国使用可信链上SDK产品 的非独家、不可转让、不可转售且不可分割的许可。蚂蚁双链科技将基于集团的业务场景，客制化链上 SDK产品，并向集团科斯提供具备区块链数据记录功能的设备端SDK套件，以供其安装于自动售货机 上。 集团主要从事通过遍布中国内地的庞大友宝点位网络的自动售货机销售快消品，其以数据驱动的运营系 统为支撑。订立可信资产管理平台服务协议使集团将自动售货机数据上链为日后实施加盟商激励计划提 供可信数据支持。 智通财经APP获悉，友宝在线(02429)高开逾3%，截至发稿，涨3.01%，报2.74港元，成交额42.06万港 元。 消息面上，友宝在线发布公告，于2025年11月20日(交易时段后)，集团与蚂蚁双链科技(上海)有限公司 (蚂蚁双链科技)订立可信资产管理平台服务协议，据此，蚂蚁双链科技同意自行或连同其关连方及╱或 供应商，于蚂蚁数字科技可信资产管理平台上向集团提供服务，包括供应可信链上软体开发工具(SDK) 产品及相关服务与基础设施服务，合约期限为两年，自上述产品及╱或服务交付予或提供予集团之日起 计。 ...

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 對 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。 （於 中 華 人 民 共 和 國 註 冊 成 立 的 股 份 有 限 公 司） （股 份 代 號：2429） 自願公告 可信資產管理平台服務協議 本公告乃由北京友寶在線科技股份有限公司（「本公司」連 同 其 附 屬 公 司（統 稱 「本集團」））自 願 作 出。 可信資產管理平台服務協議 本公司董事（「董 事」）會（「董事會」）欣 然 宣 佈，於2025年11月20日（交 易 時 段 後）， 本集團與螞蟻雙鏈科技（上 海）有限公司（「螞蟻雙鏈科技」）訂立可信資產管理平 台服務協議（「可信資產管理平台服務協議」），據 此，螞 蟻 雙 鏈 科 技 同 意 自 行 或 連 同 其 關 連 方 及╱或 供 應 商，於 螞 蟻 數 字 科 技 可 信 資 產 管 理 平 台 上 向 本 集 團 提 供 服 務，包 括 供 應 可 信 鏈 上 軟 體 開 發 ...

Core Insights - The company "Gongshengyuan" is successfully leveraging low-cost, high-return vending machines to attract entrepreneurs and consumers alike, exemplified by the experience of a convenience store owner who has seen significant profits from these machines [1][3]. Group 1: Business Model and Strategy - Gongshengyuan's vending machine project is characterized by low entry barriers and high returns, making it an attractive option for ordinary entrepreneurs [3]. - The company has established partnerships with major brands like Jia Duo Bao and Red Bull, allowing it to achieve profit margins of around 50% through collective procurement [3]. - The strategic placement of vending machines across various locations in Zhejiang, including commercial areas and community service points, demonstrates the company's effective market penetration [3][5]. Group 2: Expansion and Market Presence - Gongshengyuan's operations have expanded beyond Zhejiang to provinces such as Jiangsu, Shandong, Fujian, and Guangxi, indicating a growing footprint in the market [5]. - The collaboration with Sinopec has led to the installation of over 470 vending machines at gas stations, with plans for future expansion to over a thousand units [5]. - The company is also forming partnerships with highway services in Fujian and Guangxi, creating a cross-regional intelligent retail network [5]. Group 3: Consumer Demand and Market Trends - The vending machines cater to the increasing consumer demand for convenient and healthy options, aligning with the rapid growth of the unmanned retail market [5]. - The company aims to ensure that every corner of the city has access to its products, enhancing consumer convenience while providing profitable opportunities for partners [5].

Core Viewpoint - Company YuBao Online (02429.HK) announced the completion of a placement of 157.5 million H-shares at a price of HKD 2.45 per share, raising approximately HKD 383 million for various strategic initiatives [1] Group 1: Share Placement Details - The placement shares represent about 16.64% of the enlarged issued H-shares and approximately 15.93% of the total issued shares [1] - The placement was made to no fewer than six institutional professional investors [1] Group 2: Use of Proceeds - 20% of the net proceeds will be used for developing intellectual property products [1] - 20% will be allocated for expanding offline sales channels [1] - 30% will be used for purchasing vending machines and other fixed assets [1] - The remaining 30% will be utilized as working capital [1] Group 3: Future Plans - The new vending machines will focus on selling "blind boxes," toys, and other intellectual property derivative products, equipped with enhanced security hardware and precise product identification systems [1] - The company plans to collaborate with various intellectual property holders over the next two years and deploy dedicated vending machines in high-traffic areas such as shopping malls, subway stations, and airports [1] - The company expects to fully utilize the proceeds from the placement by December 31, 2027 [1] - After the placement, the company's public float will remain above 25% [1]

Core Viewpoint - The article discusses the valuation and business practices of Quzhi Group, an AI interactive marketing service provider, highlighting discrepancies between its claimed capabilities and actual operations, as well as the impact of market dynamics on its stock performance [2][3][7]. Financial Performance - Quzhi Group's revenue increased from 502 million yuan in 2021 to 1.34 billion yuan in 2024, with a notable growth rate of 93.14% in 2023 [3][4]. - The company reported net profits of -139 million yuan, -116 million yuan, 137 million yuan, and -166 million yuan from 2021 to 2024, achieving profitability only in 2023 [3][4]. Market Valuation - After its IPO in May 2024, Quzhi Group's stock peaked at 137 HKD per share, leading to a market capitalization of 36.4 billion HKD, significantly higher than its competitor, Youbao Online, which has a market cap of 2.6 billion HKD [4][12]. - As of September 24, 2025, Quzhi Group's stock price fell to 65.55 HKD per share, resulting in a market cap of approximately 17.4 billion HKD, indicating a significant decline from its peak [12]. Business Model and Operations - Quzhi Group operates 7,543 vending machines across 22 cities in China, offering around 1,400 SKUs of fast-moving consumer goods [4][5]. - The company claims to provide innovative marketing solutions through AI-enabled vending machines, but investigations revealed that the machines lack the advertised interactive features [7][8]. Client Relationships and Concerns - There are concerns regarding the overlapping identities of Quzhi Group's major clients and suppliers, which raises potential risks of financial misconduct [9][10]. - Some clients listed by Quzhi Group have been identified as untrustworthy, including a client that is a known defaulter [10]. Stock Market Dynamics - Following its inclusion in the Hang Seng Index, Quzhi Group experienced a surge in stock price, attracting significant ETF investments, but the stock later faced a sharp decline [11][12]. - Observations indicated unusual trading patterns, suggesting possible market manipulation aimed at inflating stock prices [13][14].

Core Viewpoint - The article discusses the significant valuation of Qizhi Group, an AI interactive marketing service provider, which reached a peak market value of HKD 36.4 billion despite its business model being primarily based on vending machines, raising concerns about the disparity between its claims and actual operations [1][5][10]. Financial Performance - Qizhi Group's revenue grew from CNY 502 million in 2021 to CNY 1.34 billion in 2024, with a remarkable growth rate of 93.14% in 2023 [2][3]. - The company reported net profits of CNY 1.37 million in 2023, but overall, it has been in a long-term loss situation, with net losses of CNY 1.39 billion in 2021 and CNY 1.66 billion in 2024 [2][3]. Market Position and Valuation - After its IPO in May 2024, Qizhi Group's stock price peaked at HKD 137 per share, leading to a market capitalization of HKD 36.4 billion, which is significantly higher than its competitor, Youbao Online, valued at HKD 2.6 billion [3][4]. - As of September 24, 2025, Qizhi Group's stock price had dropped to HKD 65.55, resulting in a market cap of approximately HKD 17.4 billion, indicating a significant decline from its peak [10][12]. Business Model and Operations - Qizhi Group operates 7,543 vending machines across 22 cities in China, offering around 1,400 SKUs of fast-moving consumer goods [3][4]. - The company claims to provide innovative marketing solutions through AI-enabled vending machines, but investigations revealed that the machines lack the advertised interactive features [5][6]. Customer and Supplier Relationships - There are concerns regarding Qizhi Group's customer relationships, as some major clients are also suppliers, raising potential conflicts of interest and risks of financial misconduct [7][8]. - A notable client, Guangzhou Chali Group, is listed as a discredited entity, which raises questions about Qizhi Group's financial stability and client reliability [8]. Stock Market Activity - Following its inclusion in the Hang Seng Index, Qizhi Group experienced a surge in stock price, attracting significant ETF investments, with estimates suggesting over HKD 1 billion in net buying [9][10]. - Despite the influx of passive funds, the stock price has seen a dramatic decline, leading to suspicions of market manipulation to inflate prices for profit-taking [10][11].

Group 1 - The company, Youbao Online, has entered into a placement agreement to issue up to 157.5 million shares at a price of HKD 2.45 per share to at least six institutional professional investors [1] - The shares to be placed represent approximately 19.96% of the issued H shares as of the announcement date and about 18.94% of the total issued shares [1] - The total expected fundraising amount is approximately HKD 386 million, with a net amount of about HKD 383 million [1] Group 2 - The net proceeds from the fundraising will be allocated as follows: 20% for product development, 20% for offline channel expansion, 30% for the purchase of fixed assets (such as vending machines), and 30% for working capital and general corporate purposes [1] - The company's board believes that this placement will enhance the group's financial position, expand the shareholder base, optimize the capital structure, and support sustainable development [1]

假设所有配售股份获悉数配售且已完成，预计配售事项的所得款项总额合共约为3.86亿港元，而预计配 售事项的所得款项净额合共约为3.83亿港元。在此基础上，净配售价将约为每股配售股份2.43港元。配 售事项所得款项净额的约20.0%用于开发基于专有知识产权的商品；配售事项所得款项净额的约20.0% 用于支撑基于专有知识产权的商品的线下销售渠道扩张；配售事项所得款项净额的约30.0%用于购置固 定资产，包括但不限于基于专有知识产权的商品预期销售而增设的自动售货机；配售事项所得款项净额 的约30.0%用于营运资金及其他一般公司用途。 董事们相信，配售事项将有利于增强本集团的流动性和财务状况，扩大本公司股东基础，优化本公司的 资本结构，并支持本公司的健康及可持续发展。 配售事项项下1.575亿股配售股份占截至本公告日期已发行H股数目的约19.96%及已发行股份数目的约 18.94%，及经配发及发行配售股份扩大后的已发行H股数目的约16.64%及已发行股份数目的约15.93% (假设本公司已发行股份数目自本公告日期起至完成配售事项之日为止并无变动)。配售价每股配售股份 2.45港元较H股于2025年9月19日于联交所所报 ...

配售事项项下1.575亿股配售股份占截至本公告日期已发行H股数目的约19.96%及已发行股份数目的约 18.94%，及经配发及发行配售股份扩大后的已发行H股数目的约16.64%及已发行股份数目的约15.93% (假设本公司已发行股份数目自本公告日期起至完成配售事项之日为止并无变动)。配售价每股配售股份 2.45港元较H股于2025年9月19日于联交所所报的收市价每股H股2.95港元折让约16.95%。 假设所有配售股份获悉数配售且已完成，预计配售事项的所得款项总额合共约为3.86亿港元，而预计配 售事项的所得款项净额合共约为3.83亿港元。在此基础上，净配售价将约为每股配售股份2.43港元。配 售事项所得款项净额的约20.0%用于开发基于专有知识产权的商品;配售事项所得款项净额的约20.0%用 于支撑基于专有知识产权的商品的线下销售渠道扩张;配售事项所得款项净额的约30.0%用于购置固定资 产，包括但不限于基于专有知识产权的商品预期销售而增设的自动售货机;配售事项所得款项净额的约 30.0%用于营运资金及其他一般公司用途。 友宝在线(02429)发布公告，于2025年9月19日，本公司与配售代理订立配售协议， ...

Core Viewpoint - The article discusses the rising trend of vending machine consumption during the hottest summer on record, highlighting the hidden costs and convenience that lead consumers to make impulsive purchases [1][2][3]. Group 1: Vending Machine Consumption - Vending machines have become a significant source of cold drink consumption, especially in office environments where convenience is prioritized over price [2][3][19]. - The prices of beverages from vending machines are often significantly higher than those in supermarkets, with examples such as a 500ml bottle of sports drink priced at 10 yuan, compared to a 900ml bottle in stores [14][15][18]. - The convenience of vending machines, often located in high-traffic areas, exploits consumers' urgent needs, leading to impulsive buying behavior without price consideration [19][40][41]. Group 2: Market Dynamics - The number of vending machines in China has grown from 246,000 in 2016 to an estimated 1.89 million by 2024, with projections to exceed 2 million by 2025 [88][100]. - Despite the increase in vending machine presence, leading companies in this sector, such as Youbao, have reported significant net losses, indicating challenges in profitability despite rising revenues [91][93]. - The operational costs associated with vending machines, including location rental and maintenance, contribute to the high prices consumers face, countering the expectation of cost savings from automated retail [93][99]. Group 3: Consumer Behavior - The design of modern vending machines often obscures prices, leading consumers to make purchases without fully understanding the costs involved [20][22][23]. - The "first convenience, then harvest" consumption logic is particularly effective among office workers who have limited time to make purchasing decisions [38][40]. - The impulsive nature of purchases from vending machines is reinforced by the "take first, pay later" model, which minimizes opportunities for consumers to reconsider their choices [24][25][42]. Group 4: Industry Evolution - The vending machine industry represents a second wave of automated retail, following the initial hype around unmanned supermarkets and shelves that failed to deliver on cost efficiency [45][71]. - The integration of advanced technologies such as AI and deep learning has lowered operational costs for vending machines, making them a more viable business model compared to earlier automated retail concepts [71][72]. - Vending machines are increasingly seen as mobile advertising platforms for beverage companies, with profitability being less of a priority compared to brand visibility [73][104].