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 公司名稱: 非凡領越有限公司 呈交日期: 2026年2月5日 I. 法定/註冊股本變動 FF301 第 1 頁 共 10 頁 v 1.2.0 | 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) | 00933 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 20,000,000,000 | HKD | | 0.05 | HKD | | 1,000,000,000 | | 增加 / 減少 (-) | | | | | | | HKD | | | | 本月底結存 | | | 20,000,000,000 | HKD | | 0.05 | H ...

Group 1 - The company has established a global multi-brand matrix, successfully transforming from sports talent and venue operations to a global footwear and apparel giant through strategic integration of various brands from 2019 to 2022, including the acquisition of Clarks, which has significantly increased revenue scale from billions to hundreds of billions [1] - Clarks has shown signs of profitability recovery, contributing over 86% of the group's revenue. Despite a 5.3% year-on-year revenue decline in FY25H1 due to macroeconomic fluctuations and strategic procurement reductions, the company improved its gross margin by 0.1 percentage points and achieved a turnaround in net profit, indicating the end of the difficult inventory clearance and operational restructuring period [2] - The new CEO of Clarks, Victor Herrero, possesses a successful retail management system and practical experience, having demonstrated strong cost reduction and global expansion capabilities in previous roles at Guess and Lovisa, aligning management interests with shareholder value through stock ownership and compensation structures [2] Group 2 - The company, Non-Fan Lingyue, is one of the few domestic apparel firms with global control over a century-old brand, which provides superior asset attributes compared to merely acquiring operational rights in Greater China. Current market valuations are constrained by short-term report fluctuations and have not fully priced in the scarcity of its global mature assets [3] - As the business stabilizes in Europe and the U.S. and expands further into China and other emerging markets, profit margins are expected to rise, facilitating a revaluation from a "retailer" to a "global brand operator" [3] - The company forecasts net profits attributable to shareholders of HKD 210 million, 510 million, and 640 million for the years 2025 to 2027, respectively, and assigns a PEG target of 0.8X for 2025E, with a target price of HKD 1.25 per share, initiating coverage with a "buy" rating [3]

Investment Rating - The report assigns an "Accumulate" rating to the company [2][3]. Core Insights - The company has established a global multi-brand matrix, with its core brand Clarks showing signs of profitability recovery after a challenging restructuring period. The new CEO, Victor Herrero, brings a successful retail management system and practical experience. The company is one of the few in the domestic apparel sector with global control over a century-old brand, which significantly enhances its asset attributes compared to merely acquiring operational rights in the Greater China region. The report initiates coverage with an "Accumulate" rating [3]. Financial Summary - The projected financials (in million HKD) for the company are as follows: - Total Revenue: 10,427 in 2024A, 10,426 in 2025E, 11,416 in 2026E, and 12,600 in 2027E, reflecting a decline of 7.1% in 2024A, stable in 2025E, and growth of 9.5% and 10.4% in 2026E and 2027E respectively [5]. - Gross Profit: 4,764 in 2024A, 4,754 in 2025E, 5,260 in 2026E, and 5,867 in 2027E [5]. - Net Profit attributable to the parent company: -70 in 2024A, 206 in 2025E, 508 in 2026E, and 635 in 2027E, indicating a significant recovery with growth rates of 40.8%, 391.9%, and 147.1% for the subsequent years [5]. - PE Ratio: -98.39 in 2024A, improving to 33.45 in 2025E, and further down to 13.54 and 10.83 in 2026E and 2027E respectively [5]. - PB Ratio: 0.82 in 2024A, increasing to 0.91 in 2025E, and then stabilizing around 0.85 and 0.78 in 2026E and 2027E [5]. Business Transformation - The company has undergone a transformation from sports resource integration to a global multi-brand operation over the past 15 years. Since the Li Ning family took control in 2010, the company has completed a metamorphosis from sports talent management and real estate development to a multi-brand footwear and apparel giant through acquisitions and strategic partnerships [16]. - The company has successfully integrated various brands, including LNG, Bossini, and Testoni, and completed the acquisition of Clarks, which has significantly boosted its revenue scale from billions to hundreds of billions [17][18]. Clarks Brand Performance - Clarks is the primary driver of the company's performance, contributing over 86% of total revenue. Despite a 5.3% year-on-year decline in revenue for FY25H1 due to macroeconomic fluctuations and strategic procurement reductions, the company managed to improve its gross margin by 0.1 percentage points through strict discount control and supply chain optimization [21][22]. - The new CEO, Victor Herrero, is expected to implement effective reforms and efficiency improvements at Clarks, leveraging his extensive experience in retail management [41]. Market Position and Valuation - The company is positioned as a rare global asset in the domestic apparel sector, with its market valuation currently not fully reflecting its status as a mature global asset. As business stabilizes in Europe and the U.S., and with further expansion in China and other emerging markets, profit margins are expected to improve, leading to a revaluation from a "retailer" to a "global brand operator" [3][12]. - The report estimates net profits for 2025-2027 to be 206 million, 508 million, and 635 million HKD respectively, applying a PEG valuation method to set a target price of 1.25 HKD per share for 2025E [3].

Core Viewpoint - Zhejiang Securities maintains a "Buy" rating for Non-Fungible Holdings (00933) with a target price of HKD 0.98, indicating a potential upside of 40% from the current market valuation of HKD 97 billion, driven by a turnaround in profits and strong management under the new CEO [1][2]. Group 1: Company Overview - Non-Fungible Holdings is recognized as an excellent international brand operator, managing brands such as Clarks, Bossini, and Testoni, and has established a joint venture to operate the Nordic outdoor brand Haglofs in Greater China [2]. - The company reported a revenue of HKD 48.1 billion for the first half of 2025, a decrease of 5.7% year-on-year, while the net profit attributable to shareholders increased by 60.9% to HKD 1.8 billion [2]. Group 2: Brand Performance - Clarks, a globally recognized footwear brand, holds a 14.6% market share in the UK and 1.8% in the US, with over 500 direct stores and 3,000 wholesale customers across more than 80 countries [2]. - For the first half of 2025, Clarks generated revenue of HKD 41.5 billion, accounting for 85.7% of total revenue, with a gross margin of 48.7%, despite a 5.3% year-on-year decline in revenue due to weak demand from US tariff policies and strategic product optimization [2]. Group 3: Strategic Initiatives - Clarks plans to open new concept stores globally, including three independent Cloudstepper stores in Malaysia and the US by 2025, and a larger Canvas retail concept store in London's Tottenham Court Road [3]. - The company is expanding its online sales network, launching its first self-operated UK e-commerce platform, clarks.com, in early 2026, and entering various online marketplaces in Europe and the Americas, resulting in a 9.7% year-on-year increase in online revenue to HKD 6.3 billion for the first half of 2025 [3]. Group 4: Management Changes - Victor Herrero has been appointed as the new co-CEO and CEO of Clarks, bringing extensive management experience from previous roles at Lovisa, Guess, and Inditex, and has successfully led the company to profitability with a 60.9% increase in net profit for the first half of 2025 [3][4]. Group 5: Outdoor Brand Expansion - The company has formed a joint venture with Ryan Capital to operate Haglofs in Greater China, planning to open over 20 direct stores by 2025, including the first global VASA flagship store in Shanghai [4].

Core Viewpoint - Zhejiang Securities maintains a "Buy" rating for Non-Fan Lingyue (00933) with a target price of HKD 0.98, indicating a potential upside of 40% [1] Group 1: Company Performance - Non-Fan Lingyue reported a revenue of HKD 4.81 billion for 25H1, a year-on-year decrease of 5.7%, while the net profit attributable to shareholders was HKD 180 million, reflecting a year-on-year increase of 60.9% [1] - The company is recognized as an excellent international brand operator, managing brands such as Clarks, Bossini, and Testoni, and has established a joint venture to operate the outdoor brand Haglofs in Greater China [1] Group 2: Clarks Brand Developments - Clarks, a globally recognized footwear brand, holds a 14.6% market share in the UK and 1.8% in the US, with over 500 direct stores and 3,000 wholesale customers across more than 80 countries [2] - For 2025H1, Clarks achieved a revenue of HKD 4.15 billion, accounting for 85.7% of total revenue, with a gross margin of 48.7%, despite a year-on-year decline of 5.3% due to weak demand from US tariff policies and strategic product optimization [2] Group 3: Online Sales Expansion - Clarks is actively expanding its online sales network, launching its first self-operated UK e-commerce platform, clarks.com, in early 2026, and entering various platforms in Europe and the Americas [3] - Online revenue for Clarks in 25H1 increased by 9.7% year-on-year to HKD 630 million, with online sales accounting for 15.2% of total revenue, up 2.1 percentage points year-on-year [3] Group 4: Leadership Changes - Victor Herrero was appointed as the co-CEO and CEO of Clarks in June 2025, bringing extensive management experience from previous roles in companies like Lovisa and Guess, and has successfully led the company to profitability with a 60.9% increase in net profit for 25H1 [4] Group 5: Outdoor Brand Strategy - The company has partnered with Ryan Capital to establish a joint venture for the outdoor brand Haglofs in Greater China, planning to open over 20 direct stores by 2025 and launching the first global VASA flagship store in Shanghai [5]

Investment Rating - The investment rating for the company is "Buy" [7] Core Insights - The company is recognized as an excellent international brand operator, with a promising future as it rebounds from a low point. It operates notable brands including Clarks, Bossini, and Testoni, and has established a joint venture to manage the outdoor brand Haglöfs in Greater China. For the first half of 2025, the company reported a revenue of HK$48.1 billion (down 5.7% year-on-year) and a net profit of HK$1.8 billion (up 60.9% year-on-year) [1][4] - Clarks, a 200-year-old global footwear brand, holds a market share of 14.6% in the UK (ranked first) and 1.8% in the US (ranked eighth). The brand's revenue for the first half of 2025 was HK$41.5 billion (down 5.3% year-on-year), accounting for 85.7% of total revenue, with a gross margin of 48.7% (up 0.1 percentage points) [2] - The company is actively expanding its online sales network, with a 9.7% year-on-year increase in online revenue to HK$6.3 billion for the first half of 2025, representing 15.2% of total revenue [3] - The newly appointed co-CEO, Victor Herrero, has extensive management experience and has successfully led the company to profitability, with a 60.9% year-on-year increase in net profit for the first half of 2025 [4] - The company is also focusing on the outdoor segment by enhancing its presence with the high-end outdoor brand Haglöfs, planning to open over 20 stores in Greater China by 2025 [5] - Profit forecasts indicate a positive outlook, with expected net profits of HK$2.1 billion, HK$5.1 billion, and HK$5.7 billion for 2025, 2026, and 2027 respectively, reflecting significant growth [6] Financial Summary - For the first half of 2025, the company reported a revenue of HK$48.1 billion and a net profit of HK$1.8 billion, with projections for 2025-2027 indicating a recovery and growth trajectory [1][6] - The estimated revenue for 2025 is HK$10,466 million, with a projected net profit of HK$208.2 million, marking a significant turnaround from a loss in 2024 [11]

Investment Rating - The report maintains a "Buy" rating for the company [7] Core Insights - The company is recognized as an excellent international brand operator with a promising future, having a diverse portfolio that includes Clarks, Bossini, and Testoni, among others. In the first half of 2025, the company reported a revenue of HK$48.1 billion, a year-on-year decrease of 5.7%, while the net profit attributable to shareholders increased by 60.9% to HK$1.8 billion [1][4] - Clarks, a well-known global footwear brand, holds a market share of 14.6% in the UK and 1.8% in the US. The brand's revenue for the first half of 2025 was HK$41.5 billion, down 5.3% year-on-year, with a gross margin of 48.7% [2] - The new co-CEO, Victor Herrero, has extensive management experience and has successfully led the company to profitability, with a significant increase in net profit in the first half of 2025 [4] Revenue and Profit Forecast - The company is expected to achieve net profits of HK$2.1 billion, HK$5.1 billion, and HK$5.7 billion for the years 2025, 2026, and 2027, respectively, indicating a recovery and growth trajectory [6] - The projected revenue for 2025 is HK$10.47 billion, with a slight increase expected in subsequent years [11] Online and Offline Expansion - Clarks is actively expanding its online sales network, with a projected online revenue increase of 9.7% to HK$630 million in the first half of 2025, accounting for 15.2% of total revenue [3] - The company plans to open new concept stores globally, including three independent Cloudstepper™ stores in Malaysia and the US by 2025, and a larger Canvas retail concept store in London's Tottenham Court Road [2][3] Strategic Initiatives - The company is enhancing its outdoor brand presence by establishing a joint venture to operate the Haglöfs brand in Greater China, with plans to open over 20 stores by 2025 [5] - The company is also leveraging social media platforms for targeted marketing to boost brand recognition [5]

Core Viewpoint - The article discusses the strategic significance of the Swedish outdoor brand Haglöfs, referred to as "火柴棍" (matchstick), for Li Ning's multi-brand operation capabilities in the high-end outdoor market [3][5]. Group 1: Company Overview - Haglöfs has opened its first VASA concept store in Shanghai, marking its 21st store in mainland China, and is a flagship project under a joint venture between Li Ning's family-controlled company and Ryan Capital [4][5]. - Li Ning Group reported a revenue of 14.817 billion yuan for the first half of 2025, a year-on-year increase of 3.3%, with a market capitalization of approximately 44.2 billion yuan and a price-to-sales ratio of about 1.5 times [5]. - In comparison, Anta Group achieved a revenue of 38.544 billion yuan, a 14.3% year-on-year increase, with a market capitalization of around 200.6 billion yuan and a price-to-sales ratio of 2.6 times [5]. Group 2: Market Positioning - The outdoor market is characterized by clear segmentation, with high-end brands like Arc'teryx and Patagonia dominating consumer perception, while domestic brands like KAILAS are also making strides [9][10]. - Haglöfs needs to establish its positioning in a crowded market, where it faces challenges in brand recognition and competition from both international and domestic brands [10][23]. Group 3: Market Trends - The outdoor sports participation in China has surpassed 400 million, indicating a shift from niche to mass consumption, with significant growth in the ice and snow industry and climbing market [24][25][26]. - The online sales growth of sports and outdoor apparel has consistently outpaced the overall apparel market, highlighting a favorable trend for these segments [27]. Group 4: Strategic Challenges - Haglöfs faces challenges in brand recognition, as it is perceived as a second-tier brand internationally, which may hinder its market penetration in China [23]. - Li Ning's multi-brand strategy has shown mixed results, with the performance of acquired brands like Clarks and Bossini under scrutiny, raising questions about the operational capabilities of Li Ning in managing diverse brands [35][39]. Group 5: Future Outlook - The success of Haglöfs is crucial for Li Ning's high-end strategy, as it could enhance Li Ning's competitive position against Anta in the multi-brand landscape [45]. - However, the future of Haglöfs in the Chinese market remains uncertain due to challenges in brand recognition, intense competition, and the operational effectiveness of its parent company [45].

截至月份: 2025年12月31日 狀態: 新提交 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 致：香港交易及結算所有限公司 公司名稱: 非凡領越有限公司 呈交日期: 2026年1月6日 I. 法定/註冊股本變動 | 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) | 00933 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 20,000,000,000 | HKD | | 0.05 | HKD | | 1,000,000,000 | | 增加 / 減少 (-) | | | | | | | HKD | | | | 本月底結存 | | | 20,000,000,000 | HKD | | 0.05 | HKD | | 1,000,000,000 | | 2 ...

Core Viewpoint - The company, Extraordinary Leading (00933), announced the appointment of Ms. Lv Hong as a non-executive director and Mr. Li Xuan as an independent non-executive director to the nomination committee, effective from January 1, 2026 [1] Group 1 - Ms. Lv Hong will serve as a member of the nomination committee starting January 1, 2026 [1] - Mr. Li Xuan will also join the nomination committee as an independent non-executive director from the same date [1]