Core Viewpoint - The company expects a significant increase in net loss for the six months ending June 30, 2025, estimating a loss of no less than RMB 20 million compared to a loss of approximately RMB 900,000 for the same period in 2024 [1] Financial Performance - The estimated loss increase is attributed to multiple external factors affecting the lace and dyeing business, including a temporary rise in fuel prices, regional tariffs disrupting end demand, intense domestic market competition, and a strategic sale of outdated high-energy-consuming machines leading to a one-time loss of approximately RMB 55 million [1] - The performance decline in the lace and dyeing business resulted in further impairment losses on property, plant, and equipment of approximately RMB 44 million [1] - The establishment of the Hong Kong CR7®LIFE Museum incurred one-time setup costs, with the company's share of joint venture losses amounting to approximately RMB 8.1 million [1] Business Segments - Despite the challenges faced, the footwear business maintained stable revenue, showing an annual growth of approximately 5%, providing strong support to the overall business [1] - The overall financial condition of the company remains robust [1]

Group 1: Market Overview - The Hong Kong stock market is experiencing a rebound as investor sentiment improves, with the Hang Seng Index recovering from the gap caused by the "tariff war" initiated by Trump [1] - The Hang Seng Technology Index has recovered 93%, leading the rebound trend despite ongoing "tariff noise" affecting market sentiment [1][10] - The focus of investment is shifting towards "foreign trade support" concepts, driven by expectations of policies promoting domestic consumption [1] Group 2: Company Performance - Yingxing Holdings (01440) has shown significant revenue growth, with projected revenues of 317 million and 585 million in 2023 and 2024, respectively, representing year-on-year growth of 136.56% and 84.2% [2] - The company's footwear products are performing strongly, with expected revenue of 505 million in 2024, a year-on-year increase of 107.6%, contributing to 86.4% of total revenue [2][3] - The company is actively transforming its business model by integrating IP operations, with a notable collaboration with football star Cristiano Ronaldo to enhance brand value [4][7] Group 3: Strategic Initiatives - Yingxing Holdings is establishing partnerships in Southeast Asia to mitigate geographical concentration risks, as this region is not affected by the tariff war [3] - The company is exploring opportunities in the domestic consumption market and is in discussions with several well-known IP holders to enhance product differentiation [3][7] - The collaboration with Ronaldo is expected to generate significant commercial value, leveraging his global fan base of over 1 billion across social media platforms [4][5] Group 4: Market Position and Future Outlook - Yingxing Holdings is currently a small-cap stock with a market capitalization of approximately 6 billion HKD, but it has high growth potential [8] - The stock has shown a substantial increase since its IPO, with a cumulative increase of 44.3 times from the issue price [8] - The company is expected to maintain high revenue growth levels in 2025 by capitalizing on domestic demand policies and expanding into Southeast Asia [10]