Group 1 - Citic Securities maintains a "Buy" rating for Kuaishou-W (01024.HK), highlighting the significant upgrade of Kuaishou's AI capabilities, which is expected to drive commercial growth and optimize platform ecology and profit margins [1] - CICC maintains an "Outperform" rating for Hang Lung Properties (00101.HK) with a target price of HKD 9.46, noting the company's strategic expansion in Wuxi, which will increase retail space by 38% and enhance its luxury positioning [1] - Citic Securities maintains a "Buy" rating for Giant Bio (02367.HK) with a target price of HKD 44, despite a downward adjustment in profit forecasts due to sales pressure during the Double Eleven shopping festival [1] Group 2 - Citic Securities maintains a "Buy" rating for Xiaomi Group-W (01810.HK), reporting a significant increase in automotive business revenue, which reached RMB 28.3 billion, a year-on-year growth of 197.9%, marking its first profitable quarter [2] - Citic Securities maintains a "Buy" rating for Kelun-Biotech (06990.HK), emphasizing the company's collaboration with Crescent on ADC and dual antibody development, which includes an upfront payment of USD 80 million and potential milestone payments of up to USD 1.25 billion [3] - Citic Securities maintains a "Buy" rating for Virginie (02199.HK) with a target price of HKD 3.5, reporting a 25.7% year-on-year growth in net profit despite tariff disruptions, driven by strong performance in activewear and new business expansions [4] Group 3 - Tianfeng Securities maintains a "Buy" rating for Jiangnan Buyi (03306.HK), forecasting a revenue and net profit growth of 4.6% and 6.0% respectively for FY25, supported by a growing high-spending membership base [5] - Tianfeng Securities maintains a "Buy" rating for Kelun-Biotech (06990.HK), projecting a narrowing of net losses to a profit of RMB 561 million by 2027, highlighting the potential of its ADC product [6] - Everbright Securities maintains a "Buy" rating for Laopu Gold (06181.HK) with a target price of HKD 804.64, reporting a substantial increase in revenue and net profit for the first half of 2025, driven by the growing market for traditional gold products [7][8]

Company Overview - Virginie is a leading global manufacturer in the intimate apparel industry, utilizing the IDM model and three core technologies. The business covers intimate apparel, sports products, consumer electronics accessories, and breast cups. For FY25, the company's revenue and adjusted net profit are projected to be HKD 7.84 billion and HKD 400 million, respectively [1]. Product Expansion and Client Diversification - The company has developed a diverse technology matrix based on three core technologies: computer modeling, three-dimensional molding, and seamless bonding. It has expanded from traditional intimate apparel to sports bras, leggings, functional sportswear, and consumer electronics accessories. Sports products have become the second-largest category, accounting for 37% of total revenue in FY25, with intimate apparel at 54%, consumer electronics accessories at 5%, and breast cups at 3%. The revenue for Bonding sportswear is expected to grow by 50% in FY25 and 40% in the first half of FY26, with Bonding sportswear accounting for over 40% of sports product revenue in the first half of FY26. The client base has diversified from early reliance on Victoria's Secret (35% revenue share in FY2014) to include Uniqlo, as well as international sports brands like NIKE, Adidas, Lululemon, and On [2]. Production Capacity and Cost Management - The company's production capacity is distributed with 85% in Vietnam and 15% in China. The Vietnamese production base is strategically planned by category, with six factories to meet U.S. market demand and effectively control tariff risks. The domestic production capacity relocation from Shenzhen to Zhaoqing is nearing completion, with ongoing efforts to enhance production efficiency. In terms of profitability, the company faced restructuring and interest costs due to the relocation, with restructuring costs and interest expenses projected at HKD 220 million and HKD 340 million for FY25, respectively. Future capital expenditures are expected to be manageable, with an estimated HKD 250 million for FY26 and under HKD 150 million annually for the next three years, compared to a peak of HKD 1.21 billion in FY19. The company's EBITDA for FY25 is projected at HKD 1.06 billion, with a goal to reduce debt by at least HKD 1 billion over the next 3-4 years, which, combined with anticipated interest rate reductions, may lead to savings in interest expenses and cost optimization [3].

Group 1 - The core viewpoint of the report is that Minyin International initiates coverage on Virginie (02199) with a "Buy" rating, highlighting its position as a leading manufacturer in the intimate apparel industry, utilizing the IDM model and three core technologies [1] - Virginie has successfully expanded its technological advantages into high-growth areas such as sportswear, with sports products becoming the second-largest business segment [1][2] - The company is expected to enhance profitability and efficiency through optimized customer structure, mature capacity layout in Vietnam, and the near completion of domestic factory relocation [1] Group 2 - Virginie is a top-tier manufacturer in the global intimate apparel industry, employing the IDM model and relying on three core technologies, with projected FY25 revenue and adjusted net profit of HKD 7.84 billion and HKD 400 million respectively [2] - The company has diversified its product offerings from traditional intimate apparel to include sportswear, tight-fitting pants, functional sportswear, and consumer electronic accessories, with sports products accounting for 37% of total revenue in FY25 [3] - The customer base has evolved from reliance on Victoria's Secret (35% revenue share in FY2014) to include brands like Uniqlo, NIKE, Adidas, Lululemon, and On [3] Group 3 - Virginie's production capacity is distributed with 85% in Vietnam and 15% in China, with six factories in Vietnam planned by product category to meet U.S. market demands and effectively manage tariff risks [4] - The company has faced restructuring and interest costs due to the relocation of its Shenzhen factory to Zhaoqing, with FY25 restructuring and interest costs projected at HKD 220 million and HKD 340 million respectively [4] - Future capital expenditures are expected to be manageable, with FY26 capital expenditure estimated at HKD 250 million, and a target to reduce debt by at least HKD 1 billion over the next 3-4 years [4]

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: 2025年11月30日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 維珍妮國際(控股)有限公司 呈交日期: 2025年12月2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) | 02199 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 50,000,000,000 | USD | | 0.01 | USD | | 500,000,000 | | 增加 / 減少 (-) | | | | | | | USD | | | | 本月底結存 | | | 50,000,000,000 | USD | | 0.01 | USD | | 500,000,000 | 本 ...

Core Points - The company reported a revenue of HKD 3.84 billion for the six months ending September 30, 2025, representing a year-on-year decrease of 3.45% [1] - The profit attributable to the company's owners was HKD 145 million, showing a significant year-on-year increase of 114.25% [1] - Earnings per share were reported at HKD 0.118, with a dividend of HKD 0.057 per share [1] Business Performance - The decline in revenue was attributed to factors such as tariff fluctuations, adjustments in product strategies by certain brand partners, and weak market demand affecting the intimate apparel business [1]

Performance Summary - Virginie (02199.HK) reported revenue of HKD 3.84 billion for the six months ending September 30, 2025, a decrease of 3.45% year-on-year; net profit increased by 114.25% to HKD 145 million [1] - Huagang United (01001.HK) achieved revenue of HKD 1.023 billion, up 3.34% year-on-year; profit decreased by 3.64% to HKD 52.9 million [1] - Disen Creation (00113.HK) reported revenue of HKD 973 million, a year-on-year increase of 1.2%; net profit rose by 14.02% to HKD 150 million [1] - Sanhe Construction Group (03822.HK) generated revenue of HKD 470 million from customer contracts, a 20.8% increase year-on-year; net profit surged by 1364.7% to HKD 47.41 million [1] - Bojun Education (01758.HK) reported revenue of HKD 379 million for the year ending August 31, 2025, a decrease of 11.9%; losses increased by 227.6% to HKD 130 million [1] - Jiahua Holdings (00064.HK) reported revenue of HKD 172 million, down 21.01% year-on-year; profit increased by 57.59% to HKD 49.51 million [2] - Tiande Real Estate (00266.HK) reported revenue of HKD 152 million, a decrease of 2.5%; losses narrowed by 72.9% to HKD 75.43 million [3] - Kairun International Hotel (00105.HK) reported revenue of HKD 148 million, down 2.34%; losses decreased by 69.77% to HKD 148 million [4] - Safe Warehouse (00237.HK) reported revenue of HKD 84.1 million, down 9.97%; the company recorded a loss of HKD 17.56 million, shifting from profit to loss [4] Company News - Xinchen Power (01148.HK) established a strategic alliance with Sichuan Hongpeng Aerospace Equipment Intelligent Manufacturing in the field of aviation piston engines [5] - Qingdao Beer Co., Ltd. (00168.HK) plans to engage in wealth management investment activities with a maximum single-day balance of RMB 10 billion over the next 12 months [5] - Junshi Biosciences (01877.HK) plans to use up to RMB 2.4 billion of temporarily idle raised funds for cash management [5] - China Anshun Energy (02399.HK) signed a memorandum of understanding with Guo Heng for further investment and participation in energy-related projects [6] - Yanzhou Coal Mining (01171.HK) subsidiary plans to acquire 100% equity of a high-end support company for HKD 345 million [7] - Beijing Qingniao Huanyu (08095.HK) intends to invest approximately HKD 130 million to acquire the remaining 30% equity of Shanghai Shengjin Venture Capital Co., Ltd., focusing on new materials, energy conservation, and high-end equipment manufacturing [7] Financing and Buyback Activities - China Smart Technology (00464.HK) completed the issuance of a total of 11.7 million shares, raising approximately HKD 10.3 million [8] - Tencent Holdings (00700.HK) repurchased 1.036 million shares for HKD 636 million, with repurchase prices ranging from HKD 609 to HKD 620 [9] - China Petroleum & Chemical Corporation (00386.HK) repurchased 9.01 million shares for HKD 40.2765 million, with repurchase prices between HKD 4.42 and HKD 4.52 [10] - China Feihe (06186.HK) repurchased 4 million shares for HKD 16.6763 million, with repurchase prices ranging from HKD 4.12 to HKD 4.23 [10]

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 就 因 本 公 告 全部或任何部份內容而產生或因依賴該等內容而引致的任何損失承擔任何責 任。 Regina Miracle International (Holdings) Limited 維珍妮國際（控股）有限公司 （於 開 曼 群 島 註 冊 成 立 的 有 限 公 司） （股 份 代 號：2199） 關連交易 (1)維 珍 妮 智 創 終 止 協 議； (2) 2025年麗晶維珍妮廠房（二 期）補 充 租 賃 協 議；及 (3)物業租賃協議 茲提述(i)本公司日期為2025年3月27日 的 公 告，內 容 有 關a)本公司間接全資附屬 公司麗晶維珍妮與維珍妮科技就(1) 2025年麗晶維珍妮廠房（一 期）租 賃 協 議、(2) 2025年麗晶維珍妮廠房（二 期）租 賃 協 議；b)本公司間接全資附屬公司維珍妮智 創與維珍妮科技就(3) 2025年維珍妮智創廠房（二 期）租 賃 協 議；c)麗晶維珍妮與 維珍妮投資就(4) 2025年 ...

Group 1 - The company Virginie (02199.HK) announced a mid-term dividend of HKD 0.057 per share for the six months ending September 30, 2025, to be distributed on December 22, 2025 [1]

Core Insights - The company reported a revenue of HKD 3.84 billion for the six months ending September 30, 2025, representing a year-on-year decrease of 3.45% [1] - Profit attributable to the company's owners increased to HKD 145 million, a significant year-on-year increase of 114.25% [1] - Earnings per share were reported at HKD 0.118, with a dividend of HKD 0.057 per share [1] Revenue Performance - The decline in revenue was attributed to factors such as tariff fluctuations, adjustments in product strategies by certain brand partners, and weak market demand [1]

Core Viewpoint - Virginie (02199) reported a revenue of HKD 3.84 billion for the six months ending September 30, 2025, representing a year-on-year decrease of 3.45% [1] - The company's profit attributable to shareholders was HKD 145 million, an increase of 114.25% year-on-year, with earnings per share at HKD 0.118 and a dividend of HKD 0.057 per share [1] Revenue Performance - The decline in revenue was attributed to factors such as tariff fluctuations, adjustments in product strategies by certain brand partners, and weak market demand [1]