Core Viewpoint - Huang Guangyu's equity in Beijing Pengrun Investment Co., Ltd. has been frozen, indicating further limitations on his capital operations [1][5]. Group 1: Equity Freeze Details - The frozen equity amounts to 223 million RMB, with the freeze period from January 21, 2026, to January 20, 2029, enforced by the Beijing Third Intermediate People's Court [1][2]. - This is not the first instance of equity being frozen; previously, over 590 million RMB of equity related to Gome Retail was frozen, with a freeze period from February 16, 2023, to February 16, 2026 [5]. Group 2: Company Background - Beijing Pengrun Investment Co., Ltd. was established in 1997 with a registered capital of 270 million RMB, co-owned by Huang Guangyu and Beijing Yinggrunmei Consulting Co., Ltd. [4]. - The company serves as a central platform for Gome's capital operations and has been involved in capital integration for listed companies like Gome Retail and Zhongguancun [4]. Group 3: Gome Retail's Financial Performance - Gome Retail reported a revenue of 474 million RMB for 2024, a year-on-year decline of 26.7%, with losses expanding to 11.629 billion RMB, a 15.63% increase from 2023 [7]. - The company's stock price has been stagnant, fluctuating between 0.1 and 0.3 HKD, with a cumulative decline of 67% in 2025 and a market value reduction of over 90% since its peak in 2015 [8][9]. Group 4: Business Operations - Gome continues to operate its core home appliance retail business, with offline stores functioning normally and the Gome app maintaining basic sales and service operations [6]. - However, the overall business scale has significantly contracted compared to its peak, and the operational status continues to deteriorate [6].

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2026年1月31日 狀態: 新提交 致：香港交易及結算所有限公司 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 00493 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 200,000,000,000 | HKD | | 0.025 HKD | | 5,000,000,000 | | 增加 / 減少 (-) | | | | | | HKD | | | | 本月底結存 | | | 200,000,000,000 | HKD | | 0.025 HKD | | 5,000,000,000 | 本月底法定/註冊股本總額： HKD 5,000,000,000 FF301 第 1 頁 共 10 頁 v 1.2.0 FF3 ...

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通告之內容概不負責，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通告全部或任何部份內容而產生或因依賴 該等內容而引致之任何損失承擔任何責任。 GOME RETAIL HOLDINGS LIMITED 國美零售控股有限公司 * （於百慕達註冊成立之有限公司） （股份代號：493） 有關解決核數師無法表示意見之行動計劃執行情況季度更新 茲提述國美零售控股有限公司（「本公司」，連同其附屬公司統稱為「本集團」）於 2025年4月30日刊發之截至2024年12月31日止年度（「2024年度」）年報（「該年報」） 及本公司日期為2025年7月30日及2025年10月30日之季度更新公告。除文義另有所 指外，本公告所用之詞彙與該年報所界定者具有相同涵義。 本公司董事會（「董事會」）希望向本公司股東及潛在投資者提供本集團最新狀況。 如年報所披露，由於涉及持續經營能力之多項不確定因素（詳見年報第65至66 頁），本公司核數師未能對本集團2024年度之綜合財務報表發表意見（「無法表示 意見」）。本公司擬實施年報第60頁所述之行動計劃（「行動計劃」）以解決無法表示 ...

Investment Rating - The report maintains a positive outlook on the home appliance sector, particularly recommending leading companies with low valuations, high dividends, and stable growth potential [2][3]. Core Insights - The home appliance industry is experiencing a decline in sales across both air conditioning and kitchen appliances, with significant drops in both online and offline retail volumes [33][34]. - The report highlights three main investment themes: 1. **Dividend**: Leading white and black appliance companies are characterized by low valuations, high dividends, and stable growth, providing a high margin of safety and elasticity in stock prices. The domestic market is expected to remain stable due to the continued effects of the trade-in policy, while export opportunities are bolstered by global production base layouts and strong demand in emerging markets [2][3]. 2. **Technology**: Core component manufacturers are diversifying into emerging tech fields such as robotics and data center temperature control, seeking cross-industry transformation [2][3]. 3. **Demand Recovery**: The report anticipates a recovery in external demand and sustained high demand for new products in the domestic market, particularly for robotic vacuum cleaners [2][3]. Summary by Sections Sales Data - Air conditioning sales saw a significant decline in December 2025, with online retail volume down 38.5% year-on-year and offline retail volume down 42.9%. The average price for online sales decreased by 4.2% to 2981 RMB per unit, while offline prices fell by 20.1% to 3801 RMB per unit [33]. - Kitchen appliances also faced declines, with online sales of range hoods down 16.8% and dishwashers down 10.2% year-on-year. The average price for online range hoods increased by 14.4% to 1739 RMB per unit, while offline prices decreased by 14.4% to 3813 RMB per unit [34][38]. Company Dynamics - Major companies such as Haier, Midea, and Gree are recommended for their current low valuations and strong dividend yields. The report also highlights the potential of companies like Dong'an Environment and Huaxiang Co. in emerging tech sectors [2][3]. - The report notes that the home appliance sector outperformed the Shanghai and Shenzhen 300 Index, with companies like Aojiahua and Hisense leading in stock performance [5][8]. Industry Trends - The report indicates that raw material prices for copper and aluminum have risen, with copper prices up 34.79% year-on-year and aluminum prices up 19.36% year-on-year as of January 23, 2026 [12]. - The report also mentions that the sales of rotary compressors decreased by 13.6% year-on-year, while refrigerator compressor sales increased by 7.2% [27][28]. Economic Environment - As of January 23, 2026, the exchange rate of the US dollar to the Chinese yuan has decreased by 0.51% since the beginning of the year [42]. - The report highlights a decline in the sales area of commercial housing, with residential existing homes down 6.33% and new homes down 24.55% year-on-year [44].

Core Viewpoint - Gome Retail (00493) announced a plan to issue 25.108 billion shares to resolve approximately 337 million RMB in debt through a debt-to-equity swap, which is expected to enhance the company's financial stability and support long-term operations [1][5]. Group 1 - Gome Retail's stock price increased by over 33% during trading, reaching 0.018 HKD, with a trading volume of 8.4309 million HKD [1][5]. - The share issuance price is set at 0.015 HKD per share, which will account for 34.40% of the expanded share capital [1][5]. - The board believes that the terms of the subscription were determined through fair negotiations and are in the overall interest of the company and its shareholders [1][5]. Group 2 - The transaction aims to partially alleviate the company's debt risk and support the restoration of its overall credibility and long-term business operations [1][5]. - The issuance of new shares will be fully utilized to repay the corresponding creditors' debts [1][5]. - This market-driven approach to resolving debt is expected to optimize Gome Retail's financial structure and enhance its financial robustness [1][5].

Group 1 - Gome Retail (00493.HK) saw its stock price increase by over 33% during trading, reaching a rise of 20% at the time of reporting, priced at 0.018 HKD per share [2] - The trading volume for Gome Retail amounted to 8.0636 million HKD [2]

Core Viewpoint - Gome Retail Holdings Limited (00493) announced a significant stock issuance to resolve approximately 337 million RMB in debt, which is expected to enhance its financial stability and support long-term business operations [1] Group 1: Stock Performance - Gome Retail's stock price increased by over 33% during trading, with a current rise of 20%, reaching 0.018 HKD per share, and a trading volume of 8.0636 million HKD [1] Group 2: Debt Resolution Strategy - The company plans to issue a total of 25.108 billion ordinary shares to Shanghai Jinboding Enterprise Service Co., Ltd. and Zhongke Taiyue Technology Co., Ltd. through a debt-to-equity swap [1] - The issuance price is set at 0.015 HKD per share, which will account for 34.40% of the expanded share capital, and the proceeds will be fully used to repay the corresponding creditors [1] Group 3: Financial Implications - The board believes that the terms of the subscription were determined through fair negotiations and are in the overall interest of the company and its shareholders, with the issuance price deemed fair and reasonable [1] - This market-driven approach to debt resolution is expected to optimize Gome Retail's financial structure and enhance its financial robustness, laying a solid foundation for long-term business operations [1]

Core Viewpoint - Gome Retail Holdings Limited (00493) has seen a significant stock price increase, rising over 33% during trading, with a current price of 0.018 HKD per share, and a trading volume of 8.0636 million HKD. The company announced a plan to issue a total of 25.108 billion ordinary shares to resolve approximately 337 million RMB in debt through a debt-to-equity swap [1] Group 1 - The company plans to issue shares to Shanghai Jinboding Enterprise Service Co., Ltd. and Zhongke Taiyue Technology Co., Ltd. at a price of 0.015 HKD per share, which will account for 34.40% of the expanded share capital [1] - The proceeds from the share issuance will be fully utilized to repay the corresponding creditors' debts, which is expected to help mitigate the company's debt risk [1] - The board of directors believes that the subscription terms have been determined through fair negotiation and are in the overall interest of the company and its shareholders, with the share issuance price deemed fair and reasonable [1] Group 2 - The transaction is anticipated to optimize the company's financial structure and enhance its financial stability, laying a solid foundation for the long-term operation of the business [1]

Group 1 - The core point of the article highlights the significant rise in Hong Kong retail stocks, particularly noting that Gome Retail has surged by 20% as of the report's release [1]

Core Viewpoint - Gome Retail Holdings Limited announced a share issuance to resolve approximately 337 million RMB of debt through a debt-to-equity swap, which is expected to enhance the company's financial stability and support its long-term operations [1] Group 1: Share Issuance Details - The company will issue a total of 25,108,352,513 ordinary shares at a price of HKD 0.015 per share, which will represent 34.40% of the expanded share capital [1] - The issuance is subject to approval from the company's shareholders and the Hong Kong Stock Exchange [1] Group 2: Financial Implications - The transaction aims to partially alleviate the company's debt risk and support the restoration of its overall credibility and long-term business operations [1] - The board believes that the subscription terms were determined through fair negotiation and are in the best interest of the company and its shareholders, with the issuance price deemed fair and reasonable [1] Group 3: Strategic Outlook - By utilizing this market-oriented approach to resolve debt, Gome Retail's financial structure is expected to be optimized, enhancing its financial robustness and laying a solid foundation for long-term business operations [1]