Group 1: Event Overview - The investor relations activity was a site visit held on September 18, 2025, at the Shenzhen office [1] - A total of 67 participants from various investment firms attended the event [1] Group 2: Key Activities - The main activities included a tour of the company's order fair exhibition hall and a Q&A session [1] - During the Q&A, discussions covered topics such as store openings, overseas store status, product structure changes, new product specifications, and jewelry product series [2] Group 3: Compliance and Transparency - The communication adhered strictly to relevant regulations, ensuring no undisclosed significant information was leaked during the discussions [2]

繼續暫停交易 本公告由御德國際控股有限公司（以下簡稱「本公司」）根據《證券及期貨條例》（香 港法例第 571 章）第 XIVA 部所訂的「內幕消息規定」及香港聯合交易所有限公司（以 下簡稱「交易所」）《GEM 證券上市規則》（以下簡稱「GEM 上市規則」）第 17.10(2)條 有關規定發放。 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之內容概不負責，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份內 容而產生或因倚賴該等內容而引致之任何損失承擔任何責任。 YU TAK INTERNATIONAL HOLDINGS LIMITED 御德國際控股有限公司 (在百慕達註冊成立之有限公司) (股份代號: 08048) 復牌進度之季度更新 和 茲提述本公司於 2025 年 5 月 23 日刊發之公告（「第一季度更新」）。除另有說明外， 本文件所用詞彙與該公告所界定者具有相同涵義。 交易繼續暫停 本公司股票自 2025 年 4 月 1 日起已暫停在交易所進行交易。 該安排將繼續維持，直 至另行通知為止。 業務運作更新 如該等公告所述，本集團失去對資訊科技分部於香港及海外若干附屬 ...

Group 1: Investor Relations Activity Overview - The investor relations activity involved a specific audience survey with 11 participating investors from various institutions [2] - The event took place on September 12, 2025, at the company's headquarters [2] Group 2: Key Discussion Topics - Investors inquired about industry conditions, the company's performance in the first half of 2025, product structure, brand matrix, collaboration with Wuyou Media, and dividend policies [2] - The company ensured compliance with information disclosure regulations, maintaining the accuracy and completeness of the information shared [2] Group 3: Compliance and Documentation - During the reception, investors signed a commitment letter as required by the Shenzhen Stock Exchange [2] - No significant undisclosed information was leaked during the event, adhering to the company's information disclosure management system [2]

Core Viewpoint - The company reported a revenue of RMB 10.451 billion for the six months ending June 30, 2025, representing a year-on-year increase of 4.72% [1] - The company experienced a loss attributable to shareholders of RMB 70.091 million, compared to a profit of RMB 47.433 million in the same period last year, resulting in a loss per share of RMB 0.26 [1] Group 1 - The company primarily sells products through a network of franchise and self-operated stores [1] - As of June 30, 2025, the company has established a sales network covering 2,733 stores, including 2,704 franchise stores and 29 self-operated stores [1] - The company is continuously expanding its online sales platform to broaden consumer reach and establish long-term connections between the brand and consumers [1]

Financial Performance - The company reported a total revenue of 4.102 billion yuan for the first half of 2025, representing a year-on-year increase of 19.54% [1] - The net profit attributable to shareholders reached 331 million yuan, up 44.34% year-on-year [1] - In Q2 2025, the revenue was 1.85 billion yuan, with a year-on-year growth of 13.13%, and the net profit was 142 million yuan, increasing by 44.29% [1] - The gross margin was 23.81%, a decrease of 1.41% compared to the previous year, while the net margin improved by 20.52% to 8.11% [1] - Total operating expenses were 461 million yuan, accounting for 11.23% of revenue, down 18.53% year-on-year [1] Cash Flow and Financial Ratios - The company experienced a significant increase in cash flow from operating activities, with a net increase in cash and cash equivalents of 165.38% due to higher net profit and stable sales collections [4] - The ratio of cash and cash equivalents to current liabilities stands at 35.23%, indicating a need for monitoring [5] - Accounts receivable reached 370 million yuan, which is 190.85% of the net profit, suggesting a high level of receivables relative to profit [5] Investment and R&D - Research and development expenses increased by 52.98% due to new projects and product development [3] - The company’s return on invested capital (ROIC) was 3.85%, indicating a relatively weak capital return compared to historical averages [4] Market Position and Fund Holdings - The company is held by several funds, with the largest being the Yin Hua Fu Li Selected Mixed Fund, which has a scale of 1.841 billion yuan [6] - Analysts expect the company's performance in 2025 to reach 500 million yuan, with an average earnings per share of 0.56 yuan [5] Strategic Insights - The company relies heavily on marketing-driven performance, necessitating a thorough examination of the underlying drivers [4] - Recent discussions with institutions covered various aspects such as store openings, overseas presence, product series, and e-commerce operations [7]

Core Viewpoint - China Silver Group (00815.HK) anticipates a significant increase in net profit for the first half of 2025, projecting a profit of RMB 50 million to RMB 60 million, compared to approximately RMB 20.6 million for the first half of 2024 [1][3] Group 1: Financial Performance - The company expects net profit for the first half of 2025 to be between RMB 5.7 million and RMB 6.7 million after excluding the impact of stock option expenses [1][3] - The increase in net profit is attributed to a substantial rise in sales of gold products from the jewelry new retail segment, which is operated by a non-wholly owned subsidiary, Zhu Feng Gold Group [3] - The sales of gold products in the first half of 2025 are primarily from inventory, with lower procurement and processing costs, alongside a significant increase in gold prices, leading to a substantial rise in gross profit margin [3] Group 2: Business Segments - China Silver Group operates three business segments: manufacturing of silver ingots, jewelry new retail business, and fresh food retail business [4] - The jewelry new retail segment focuses on the design and sale of gold, silver, colored gemstones, and other jewelry products in China [4] - The fresh food retail segment, classified as a discontinued operation, involved integrated online and offline sales of fresh food and provided related electronic platform and SaaS services for the agricultural supply chain in China [4]

Group 1 - Company shares of Chow Tai Fook (06168) rose by 8.31% to HKD 43.80 with a trading volume of HKD 88.78 million [1] - The company announced the issuance of 8.0743 million H-shares at HKD 24.00 per share due to the full exercise of the over-allotment option on July 28 [1] - Chow Tai Fook plans to hold a board meeting on August 22 to approve its interim results [1] Group 2 - According to Frost & Sullivan, Chow Tai Fook has maintained its position among the top five jewelry brands in China for eight consecutive years based on the number of stores [1] - As of December 31, 2024, the total number of Chow Tai Fook stores is expected to reach 4,129, with approximately 98% being franchise stores and 55.1% located in third-tier and lower-tier cities, indicating deep market penetration [1] - The franchise business operates on a dual model of "product sales + service fees," with service fees expected to account for 29.4% of total revenue from franchise stores in 2024, achieving a gross margin of 97.1% on service fees, which drives the overall gross margin of the company to 25.9%, significantly outperforming peers [1]

Core Viewpoint - Zhou Li Fu (06168) has seen a significant stock price increase, rising nearly 7% recently, with a current price of 42.88 HKD and a trading volume of 56.82 million HKD [1] Company Summary - Zhou Li Fu announced the issuance of 8.0743 million H-shares at a price of 24.00 HKD per share due to the full exercise of the over-allotment option on July 28 [1] - The company plans to hold a board meeting on August 22 to approve its mid-term performance [1] Industry Position - According to Frost & Sullivan, Zhou Li Fu has maintained its position among the top five jewelry brands in China for eight consecutive years based on the number of stores [1] - As of December 31, 2024, Zhou Li Fu will have a total of 4,129 stores, with approximately 98% being franchise stores and 55.1% located in third-tier and lower-tier cities, indicating a deep penetration into the lower-tier market [1] Business Model - The franchise business operates on a dual-track model of "product sales + service fees," with service fees accounting for 29.4% of total revenue from franchise stores in 2024 [1] - The gross margin for service fees is as high as 97.1%, contributing to an overall gross margin of 25.9%, significantly outperforming peers in the industry [1]

Group 1 - The core viewpoint of the article is that Changjiang Securities has initiated a buy rating for Laopu Gold (06181.HK), highlighting the company's high-end positioning and potential to capture the Southeast Asian jewelry market due to rising gold prices and innovative product upgrades [1] - The company is expected to benefit from the segmentation of industry demand and the trend of going overseas, which aligns with its strategic direction [1] - Changjiang Securities forecasts that Laopu Gold's net profit attributable to shareholders will reach 4.8 billion, 6.6 billion, and 8.3 billion yuan for the years 2025, 2026, and 2027 respectively [1]

Group 1: Event Overview - The investor relations activity was a site visit held on July 23, 2025, with 35 participants from various securities and investment firms [1][2] - The event took place in the company's conference room and included a tour of the company exhibition hall and the Zhenbao Museum [1] Group 2: Q&A Session Highlights - Participants engaged in discussions regarding store openings, overseas store situations, jewelry product series, new product planning, product structure, and e-commerce business [1] - The communication adhered to regulations, ensuring no significant undisclosed information was leaked during the session [2]