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份內容而產 生或因倚賴該等內容而引致的任何損失承擔任何責任。 SUPERACTIVE GROUP COMPANY LIMITED 先機企業集團有限公司 （於百慕達註冊成立之有限公司） （股份代號：0176） 復牌進度季度更新 及 繼續暫停買賣 本集團根據《放貸人條例》（香港法例第 163 章）所持有的放貸人牌照已於 二零二五年十二月十四日到期。本集團於二零二五年十二月十二日提交了放 貸人牌照續期申請。於二零二六年一月下旬，本集團收到通知，由於本集團 未能提交截至二零二四年十二月三十一日止之經審核年度財務報告，其放貸 人牌照續期申請將不予批准。經慎重考慮，(1)在香港無放貸人牌照不得從事 放貸業務，但本集團自二零二一年起已沒有發放任何新貸款；(2)沒有放貸人 牌照並不影響收回先前已發放貸款的權利；(3)放貸業務分部收入於二零二四 年僅佔本集團總收入的約 5%，且產生業務分部虧損。因此，本集團於二零 二六年一月下旬撤回了放貸人牌照續期申請。 電子產品生產仍是本集團的主 ...

Investment Rating - The report indicates a positive outlook for the duty-free market in Hainan, expecting sustained growth throughout the year [11][27]. Core Insights - The duty-free sales in Hainan reached CNY 15.62 billion with a year-on-year growth of 27.64% as of March 24, driven by high demand for cosmetics, jewelry, and electronics [11]. - The hotel sector, particularly Jinjiang Hotels, showed signs of recovery with a RevPAR of CNY 240.77 in Q4 2025, marking a slight year-on-year increase of 0.14% [12]. - Retail data for January-February 2026 showed a total retail sales of CNY 86,079 billion, growing by 2.8% year-on-year, with service consumption being a key growth driver [13][16]. Summary by Sections Core Insights and Company Dynamics - Duty-free market in Hainan has seen significant growth post-border closure, with sales reaching CNY 15.62 billion and shopping visits totaling 1.9684 million, reflecting a year-on-year increase of 27.64% [11]. - Jinjiang Hotels reported a slight recovery in RevPAR, achieving CNY 240.77 in Q4 2025, with an occupancy rate of 63.48% [12]. Industry Data Tracking - Retail sales in January-February 2026 showed a recovery, with service retail growing by 5.6%, outpacing goods retail [13]. - The restaurant sector demonstrated strong recovery, with revenues of CNY 10,264 billion, a year-on-year increase of 4.8% [13][16]. Market Review - The stock market indices showed declines, with the Shanghai Composite Index down by 1.09% and the retail sector down by 1.10% [20]. - Notable stock performances included Lionhead Co. and Nanjing Commercial Travel, which saw significant gains due to favorable restructuring and tourism policies [20]. Investment Recommendations - The report suggests optimism in the duty-free sector due to improved sales data and expected profit margin growth driven by reduced discounts and currency appreciation [27]. - Recommendations for the gold and jewelry sector include brands like Laopu Gold and Chaohongji, which are expected to benefit from strong consumer acceptance of price increases [27]. - For offline retail, the report highlights Yonghui Supermarket's shift towards a selective retail model, which is anticipated to drive long-term growth [27].

Core Viewpoint - Sharp Trading (China) Co., Ltd. has increased its registered capital from approximately 3.24 billion RMB to about 4.73 billion RMB, representing an increase of approximately 46% [1] Company Information - The company was established in June 2005 and is legally represented by Kitamura Satoshi [1] - The business scope includes sales of household appliances, communication equipment, electrical equipment, mechanical equipment, and electronic products [1] - Shareholder information indicates that the company is jointly held by Sharp Corporation, Sharp (China) Investment Co., Ltd., and Sharp Office Equipment (Changshu) Co., Ltd. [1]

Core Viewpoint - The excessive use of electronic products in primary and secondary education may lead to a decline in cognitive abilities among students, including deep reading, sustained attention, logical writing, and the willingness to overcome cognitive challenges [2][4][10]. Group 1: Concerns About Electronic Products in Education - The over-reliance on electronic products in classrooms contradicts cognitive learning principles, as it may diminish students' cognitive capabilities [2][4]. - The shift towards multimedia teaching tools and electronic devices as core teaching methods is seen as a misunderstanding of technology's role in education [8][11]. - Studies indicate a stagnation or decline in cognitive abilities among youth since the mid-2000s, with significant drops in reading, writing, and problem-solving skills [4][7]. Group 2: Impact on Learning and Cognitive Development - Digital tools designed to eliminate cognitive friction can hinder effective learning, as they promote instant gratification rather than deep understanding [5][11]. - The transition from physical books to screen reading diminishes spatial awareness, which is crucial for memory and comprehension [5][11]. - The so-called "gamified learning" often relies on superficial rewards rather than fostering genuine intrinsic motivation for learning, leading to a systemic erosion of foundational cognitive skills [5][11]. Group 3: Recommendations for Educational Practices - Technology should assist rather than replace traditional teaching methods, with clear boundaries on the use of electronic products in schools [11]. - Non-educational electronic devices should be prohibited in schools, and the use of technology in teaching should adhere to the principles of necessity and moderation [11]. - There is a need for educational guidance to help students understand the value of cognitive challenges and to differentiate between the entertainment and educational functions of technology [11].

Group 1: CPI Analysis - February CPI increased by 1.3% year-on-year, exceeding market expectations of 0.9%[6] - Core CPI rose by 1.8% year-on-year, the highest since March 2019[6] - February CPI month-on-month increased by 1.0%, above the 10-year average of 0.6%[8] Group 2: PPI Insights - February PPI decreased by 0.9% year-on-year, better than the expected decline of 1.2%[6] - PPI month-on-month remained stable with a 0.4% increase[8] - The weight of crude oil in PPI is approximately 13%, and rising oil prices are expected to significantly boost PPI[8] Group 3: Economic Implications - The increase in oil prices, which have risen over 90% this year, is anticipated to push PPI towards positive territory by March[8] - If oil prices average around $80 per barrel in March, PPI is expected to approach zero growth; however, prolonged geopolitical tensions could elevate prices further[8] - Current weak demand may lead to inflationary pressures affecting corporate profits and living standards, necessitating potential growth-stabilizing policies[8] Group 4: Risk Factors - Risks include slower-than-expected consumer recovery, escalating geopolitical conflicts, and uncertainties surrounding tariff policies[41]

Financial Data and Key Metrics Changes - Net income for Q2 2026 was $2.035 billion or $4.58 per diluted share, up nearly 14% from $1.788 billion or $4.02 per diluted share in Q2 2025 [12] - Net sales for Q2 were $68.24 billion, an increase of 9.1% from $62.53 billion in Q2 2025 [12] - Membership fee income was $1.355 billion, an increase of $162 million or 13.6% year-over-year [14] Business Line Data and Key Metrics Changes - Comparable sales were up 7.4%, with digital sales up 22.6% [13] - Fresh comparable sales were up low double digits, led by meat and bakery [22] - Non-food comp sales were up high single digits, with top-performing departments including gold and jewelry, tires, and health and beauty [23] Market Data and Key Metrics Changes - U.S. comparable sales were up 5.2% or 6% adjusted for gas deflation and FX [29] - Canada comparable sales were up 12.8% or 9.3% adjusted for gas deflation and FX [29] - Other international markets saw a 17.9% increase or 10.9% adjusted for gas deflation and FX [29] Company Strategy and Development Direction - The company is focused on increasing its pipeline of new warehouses, targeting 30+ new openings per year in the coming years [9] - Digital enhancements are being implemented to improve member experience and efficiency, including automated pay stations and personalized product recommendations [10][27] - The company aims to be the first to lower prices and the last to raise them, with a focus on Kirkland Signature products [25] Management's Comments on Operating Environment and Future Outlook - Management noted that the impact of tariffs remains fluid, but they are committed to minimizing price impacts for members [5][6] - The company is optimistic about its growth prospects, citing strong member loyalty and the effectiveness of new digital initiatives [92] - Management acknowledged potential challenges from geopolitical events affecting fuel costs and shipping schedules [24] Other Important Information - Capital expenditure in Q2 was $1.29 billion, with an estimated full-year CapEx of approximately $6.5 billion [20][21] - The company is seeing a slight decline in U.S. and Canada renewal rates, attributed to the growth of online members who renew at a lower rate [16][102] Q&A Session Summary Question: Impact of weather on sales in January and February - Management noted that weather created some volatility but did not significantly impact total sales results [35][36] Question: Innovations for member experience and efficiency - Management highlighted that digital enhancements are improving member experience and efficiency, with no diminishing returns observed [42][44] Question: Inventory management and assortment changes - Management indicated that inventory levels are well managed and they are returning to a more traditional assortment for spring and summer [53] Question: Competitive openings and membership impact - Management stated that new competitor openings do not negatively affect membership growth, as frequency and visits remain strong [61][63] Question: Core-on-core margins outlook - Management expressed confidence in maintaining stable gross margins while continuing to lower prices for members [81][86] Question: Membership growth dynamics - Management explained that membership growth is slightly lower due to fewer new warehouse openings in new markets and cycling strong sign-ups from the previous year [92][94]

ELATE HOLDINGS LIMITED 誼礫控股有限公司 （ 於香港註冊成立之有限公司） （ 股份代號： 076） 就自願公告—業務發展最新情況作出之 補充公告 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佈之內容概不負 責，對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公佈全部 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。 本公司可應澳覓公司的需要，協助其對潛在海外市場進行初步的市場研究、 營商環境及合規層面的可行性分析，以供澳覓公司參考其業務發展方向。首 先集中資源於一至兩個文化與消費習慣與澳門相近的市場（優先考量臺灣或 新加坡）。在首個市場實現穩定運營後，將成功經驗複製至協議中確定的其 他目標市場（韓國、日本），同時探索雙方共同認可的新興市場機會。 1 茲提述誼礫控股有限公司（「本公司」）於二零二六年二月六日刊載之自願公 告—業務發展最新情况（「該公告」），內容有關本公司和澳覓公司（下文合 稱「訂約方」）簽訂為期三年之合作管理協議（「該協議」）。本公司董事會 (「董事會」)欲就該協議在本公告提供進一步資料。除另有指明外，本公告所用 詞彙與該公告所界定者具 ...

Group 1 - The company Shenzhen Huazhongke New Materials Technology Co., Ltd. and its legal representative Lei Zirong have recently been issued a consumption restriction order by the Jindong District People's Court of Jinhua City, Zhejiang Province [1] - The company has previously been executed for over 1.68 million yuan due to this case [1] - Established in March 2019, the company has a registered capital of 6.0606 million yuan and its business scope includes sales and manufacturing of electronic products and batteries [1]

Core Insights - Export tax rebates are crucial for reducing costs and increasing profits for businesses engaged in export activities in Guangzhou [1][4] - Many exporters face challenges due to complex processes, extensive documentation, and a lack of understanding of policies [1][4] Group 1: Understanding Export Tax Rebates - Export tax rebate is a government subsidy that refunds previously paid VAT and consumption tax on goods exported from Guangzhou, enhancing competitiveness in international markets [4] - Not all exported goods qualify for rebates; eligibility depends on whether the goods fall within the rebate scope and if the procedures are compliant [4][5] Group 2: Key Questions on Export Tax Rebates - Eligible businesses for tax rebates include those with import and export rights and proper tax registration, with common eligible goods being clothing, electronics, and household items [5] - The rebate amount varies based on the "rebate rate," which ranges from 0% to 13%, with clothing typically having a rebate rate of 13% [6] - The rebate process can be simplified into four main steps: registration, documentation collection, online application, and tax review [8] Group 3: Common Pitfalls in the Rebate Process - Many businesses face rejection due to incomplete documentation or errors in filling out forms, such as discrepancies between customs declarations and invoices [10] - Missing the application deadline, which is usually within 90 days of export, can lead to ineligibility for rebates [10] - Confusion between tax exemption and rebate policies can result in incorrect applications, affecting tax credit [10] - Staying updated on policy changes for 2026 is essential, as adjustments may affect rebate rates and application processes [10] Group 4: Recommendations for New Exporters - New exporters should focus on ensuring complete documentation and compliance with processes while staying informed about the latest policies to avoid missing out on legitimate rebates [11]

Core Viewpoint - The U.S. has decided to impose tariffs of 15% or more on most global trade partners while exempting China, marking a significant shift in trade policy and raising questions about the motivations behind this decision and its implications for U.S. allies [1][3][38]. Group 1: Tariff Policy Shift - On February 25, U.S. Trade Representative Tai announced a surprising decision to impose tariffs on most countries while exempting China, which shocked reporters present at the press conference [3][5]. - This reversal comes just days after the Trump administration threatened to impose a blanket 10% tariff on all imports, indicating a rapid change in strategy [5][11]. - The decision to not impose new tariffs on China is framed as a move to protect American consumers, but it is perceived as a retreat under pressure rather than a strategic adjustment [9][11]. Group 2: Domestic and International Pressures - The decision to exempt China is influenced by multiple pressures, including rising domestic prices that have increased the cost of living for American families by at least $1,000 annually due to previous tariffs [15][16]. - The U.S. government is also facing legal challenges, as the Supreme Court has limited the administration's ability to impose tariffs without proper legal justification [7][18]. - The potential for Chinese retaliation, particularly in critical supply chains like semiconductors and renewable energy, has made the U.S. cautious in its approach to China [20][22]. Group 3: Impact on Allies - The U.S. is now targeting allies such as the EU, Japan, and Canada with tariffs, using them as a means to address its own trade deficits and domestic pressures [38][40]. - This strategy may yield short-term concessions from allies but risks long-term damage to U.S. credibility and could accelerate divisions within the Western alliance [40][42]. - Allies are caught in a difficult position, needing U.S. security while also wanting to avoid being exploited economically, leading to a mixed and often weak response to U.S. tariff actions [44][46]. Group 4: Global Trade Dynamics - The U.S. decision to exempt China while targeting allies reflects a broader strategy of economic coercion, leveraging its market position to extract concessions from less powerful nations [30][38]. - The ongoing trend of "de-Americanization" is emerging as countries seek alternatives to U.S. dominance in global trade, indicating a potential shift in the international order [36][48]. - The inability of the U.S. to maintain its previous hegemonic status is evident as it resorts to tactics that may ultimately undermine its alliances and global standing [46][48].