最新公告。 根据以上情况，苏豪控股集团出具《避免同业竞争的承诺函》，针对本次无偿划转完成后苏豪控股集团及其控制的其他企业与苏 豪时尚存在的部分业务重合情况，根据现行法律法规和相关政策的要求，苏豪控股集团将自取得苏豪时尚控制权之日起三年内， 并力争用更短的时间，按照相关证券监管部门的要求，在符合届时适用的法律法规及相关监管规则的前提下，本着有利于上市公 司发展和维护股东利益尤其是中小股东利益的原则，综合运用资产重组、业务调整、委托管理等多种方式，稳妥推进相关业务整 合以解决同业竞争问题。后续，苏豪控股集团形成下属三家贸易相关上市公司业务专业化分工，一家将专注于以服装相关业务为 主；一家将专注于以大宗商品相关业务为主；另一家将专注于以新业态新模式相关业务及其他业务为主，且将确保不存在同业竞 争问题。其中，苏豪时尚将专注于以服装相关业务为主。 公告还称，本次交易后，尚未完全解决上述同业竞争问题。苏豪控股集团将根据实际情况积极稳妥进一步推进解决同业竞争问 题，公司将根据相关事项的进展情况，及时履行信息披露义务。 本次交易价格尚未确定，具体置换价格将根据经国有资产管理部门备案的拟置入资产和拟置出资产评估价值为基础确定。 ...

Core Viewpoint - The company, Shangshan Gold (01939.HK), expects to achieve a net profit attributable to shareholders of approximately HKD 400,000 for the six months ending September 30, 2025, marking a turnaround from a loss in the previous year. This improvement is primarily due to a significant increase in revenue, which is projected to reach approximately HKD 76.5 million, a year-on-year growth of about 139.8% [1][1][1] Financial Performance - Revenue from art auctions and related businesses is expected to be around HKD 38.8 million, compared to approximately HKD 29.3 million for the six months ending September 30, 2024 - Revenue from art sales is projected to be about HKD 37.5 million, a substantial increase from approximately HKD 2.2 million for the same period last year - Revenue from gold and gold-related businesses is anticipated to be around HKD 200,000, whereas there was no revenue recorded for the same period last year [1][1][1] Market Position - As of November 18, 2025, Shangshan Gold's stock closed at HKD 7.7, down 4.82%, with a trading volume of 2.516 million shares and a turnover of HKD 19.6459 million - The company has a market capitalization of HKD 4.141 billion and ranks 6th in the Trade II industry [1][1][1] Key Financial Metrics - Return on Equity (ROE) stands at -11.97%, compared to the industry average of -7.23%, ranking 28th in the industry - The company's market capitalization is HKD 4.141 billion, while the industry average is HKD 2.024 billion, ranking 6th - Operating revenue is HKD 57.549 million, significantly lower than the industry average of HKD 6.704 billion, ranking 38th - Net profit margin is -3.46%, better than the industry average of -25.14%, ranking 26th - Gross profit margin is 84.52%, substantially higher than the industry average of 19.78%, ranking 4th - Debt ratio is 43.88%, lower than the industry average of 58.62%, ranking 23rd [1][1][1]

Group 1 - The company, Zhifu Resources Investment (00007.HK), received a letter from the Stock Exchange on October 31, 2025, indicating that the Listing Committee decided to cancel the company's listing status according to Listing Rule 6.01A(1) [1] - The board is seeking advice from its consultants and is considering whether to request a review of this decision by the Listing Review Committee [1] - As of November 3, 2025, the stock closed at HKD 0.03, unchanged from the previous trading day, with no trading volume reported [1] Group 2 - Zhifu Resources Investment has a market capitalization of HKD 107 million, ranking 38th in the Trade II industry [1] - Key financial metrics for Zhifu Resources Investment compared to the Trade II industry average are as follows: - ROE: -3.28% vs. -7.79% (rank 21) [1] - Market capitalization: HKD 107 million vs. HKD 2.049 billion (rank 38) [1] - Revenue: HKD 479 million vs. HKD 6.846 billion (rank 18) [1] - Net profit margin: 3.47% vs. -25.94% (rank 9) [1] - Gross profit margin: 4.95% vs. 19.86% (rank 27) [1] - Debt ratio: 39.13% vs. 59.82% (rank 19) [1]

Investment Rating - The report maintains a "Buy" rating for the company [4] Core Views - The company has demonstrated stable profit release, with significant contributions from its shipbuilding and power generation businesses. The revenue for the first three quarters of 2025 reached 87.423 billion yuan, a year-on-year increase of 0.52%, while the net profit attributable to the parent company was 1.104 billion yuan, up 10.03% year-on-year [1][2] - The shipbuilding business continues to contribute positively, with new deliveries and contracts signed, including the construction of bulk carriers for Greek shipping companies [1] - The power generation business shows substantial growth potential, with a notable increase in production capacity, particularly for high-power units, achieving a year-on-year increase in output value of 46% [1] Financial Summary - In Q3 2025, the company achieved a gross profit margin of 6.76%, a slight increase of 0.03 percentage points year-on-year. The overall expense ratio decreased by 0.20 percentage points to 2.73% [2] - The projected revenue for 2025-2027 is expected to be 117.9 billion yuan, 121.4 billion yuan, and 125 billion yuan respectively, with net profits of 1.274 billion yuan, 1.379 billion yuan, and 1.487 billion yuan, corresponding to EPS of 0.97 yuan, 1.06 yuan, and 1.14 yuan per share [2][3] - The company is characterized as a "supply chain + industrial chain" dual-driven foreign trade enterprise, benefiting from strong state-owned enterprise resources and a mature employee incentive mechanism [2]

Investment Rating - The report maintains a rating of "Accumulate" for the company [1] Core Insights - The company achieved a year-on-year increase of 10.0% in net profit attributable to shareholders for the first three quarters of 2025, driven by steady growth in the industrial chain segment [7] - The revenue for Q1-3 2025 was 874.23 billion yuan, with a slight year-on-year increase of 0.52% after adjustments [7] - The company’s gross profit margin was 6.45%, a decrease of 0.12 percentage points year-on-year, while the net profit margin increased by 0.24 percentage points to 3.19% [7] - The industrial chain segment showed higher growth rates, particularly in advanced manufacturing and consumer sectors, contributing to overall profit margin improvement [7] Financial Performance Summary - For 2025, the company is projected to have total revenue of 115.605 billion yuan, with a year-on-year decrease of 1.34% [1] - The net profit attributable to shareholders is expected to reach 1.256 billion yuan in 2025, reflecting a year-on-year growth of 9.37% [1] - The earnings per share (EPS) is forecasted to be 0.96 yuan for 2025, with a price-to-earnings (P/E) ratio of 10.84 based on the latest diluted EPS [1] - The company’s total assets are projected to be 56.173 billion yuan in 2025, with a debt-to-asset ratio of 68.92% [8]

Investment Rating - The investment rating for the company is "Buy" with a target price indicating a potential return of over 20% within the next six months [6]. Core Views - The company is experiencing a robust growth in its core business segments, particularly in shipbuilding and diesel generator sectors, with a notable increase in profitability [1][2]. - The optimization of the profit structure within the supply chain is contributing significantly to the overall profit growth, with the supply chain segment accounting for 70% of total profits in 2024 [2]. - The company is actively expanding its clean energy and electromechanical equipment businesses, particularly in overseas markets, with significant project signings and export growth [3][4]. Financial Performance Summary - In Q4 2024, the company reported revenue of 30.2 billion yuan, a year-over-year increase of 12.2%, and a net profit attributable to shareholders of 1.47 billion yuan, up 9.4% year-over-year [1]. - For the full year 2024, the company achieved a revenue of 117.2 billion yuan, a decrease of 4.75% year-over-year, while the net profit attributable to shareholders increased by 11.69% to 1.148 billion yuan [1]. - The gross profit margin improved to 6.80%, an increase of 1.11 percentage points year-over-year, and the net profit margin rose to 0.98%, up 0.14 percentage points year-over-year [1]. Business Segment Performance - The shipbuilding and shipping business saw a profit increase of 90% year-over-year, while the diesel generator business improved its profit by 40% [2]. - The apparel business achieved a profit growth of 16% driven by both domestic and international markets [2]. - The clean energy sector signed overseas projects worth 280 million USD in 2024, and the electromechanical equipment export business grew by 87% year-over-year [3]. Future Outlook - The company has revised its revenue forecasts for 2025-2027, expecting revenues of 111.9 billion yuan, 113.9 billion yuan, and 116.6 billion yuan respectively, with net profits projected at 1.24 billion yuan, 1.36 billion yuan, and 1.49 billion yuan [4]. - The company maintains a favorable valuation with a projected P/E ratio of 9 for 2025 and 8 for 2027, indicating strong earnings growth potential [4].

Investment Rating - The investment rating for the company is "Accumulate" [1] Core Views - The company achieved a net profit attributable to shareholders of 1.148 billion yuan in 2024, representing a year-on-year increase of 11.69% [7] - The revenue for 2024 was 117.174 billion yuan, a decrease of 4.75% year-on-year, while the non-net profit was 1.042 billion yuan, up 25.46% year-on-year [7] - The company plans to distribute a cash dividend of 3.69 yuan per 10 shares, resulting in a cash dividend rate of 42.0% and a dividend yield of 4.2% [7] Financial Performance Summary - Total revenue for 2023 was 123.017 billion yuan, with a projected decline to 117.174 billion yuan in 2024, followed by slight recoveries in subsequent years [1] - The net profit attributable to shareholders is forecasted to grow from 1.028 billion yuan in 2023 to 1.148 billion yuan in 2024, with continued growth expected through 2027 [1] - The earnings per share (EPS) is expected to increase from 0.79 yuan in 2023 to 0.88 yuan in 2024, reaching 1.08 yuan by 2027 [1] Business Segment Performance - The supply chain segment reported a revenue of 83.51 billion yuan in 2024, down 8.6% year-on-year, while the industrial chain segment generated 33.46 billion yuan, up 6.75% year-on-year [7] - The shipbuilding segment benefited from high industry demand, achieving a revenue of 7.3 billion yuan in 2024, a 63% increase year-on-year [7] - The textile and apparel business maintained stable growth with a revenue of 12.49 billion yuan, reflecting a 12.8% year-on-year increase [7] Valuation and Forecast - The forecast for net profit attributable to shareholders has been adjusted upwards for 2025 and 2026, now expected to be 1.242 billion yuan and 1.329 billion yuan respectively, with a new estimate for 2027 at 1.409 billion yuan [7] - The price-to-earnings (P/E) ratio is projected to decrease from 10.10 in 2024 to 8.23 by 2027, indicating an attractive valuation [1]