子不语(02420)发布公告，相比截至2024年12月31日止年度的收入人民币33.25亿元，截至2025年12月31 日止年度(报告期间)本集团收入预计同比增长约35%至45%;相比截至2024年12月31日止年度的本公司股 东应占年度利润约人民币1.51亿元，报告期间本公司股东应占年度利润预计同比增长约75%至85%。 这主要是以下事件的综合影响：本集团持续深化品牌建设，大力拓展全渠道销售网络，新产品市场表现 亮眼，带动整体收入和毛利增长;及专注精细化运营，运用AI赋能业务，显著提升本集团经营管理效 率，致利润实现大幅增长。 ...

Core Viewpoint - The company expects significant revenue and profit growth for the fiscal year ending December 31, 2025, driven by brand development, channel expansion, new product performance, and operational efficiency improvements through AI [1] Revenue Forecast - The company anticipates revenue growth of approximately 35% to 45%, compared to revenue of RMB 3.325 billion for the fiscal year ending December 31, 2024 [1] Profit Forecast - The company projects a year-on-year increase in profit attributable to shareholders of approximately 75% to 85%, compared to an estimated profit of RMB 151 million for the fiscal year ending December 31, 2024 [1] Strategic Initiatives - The growth is attributed to ongoing brand building, extensive multi-channel sales network expansion, strong market performance of new products, and a focus on refined operations enhanced by AI, which significantly improves management efficiency [1]

格隆汇2月27日丨子不语(02420.HK)公告，基于集团截至2025年12月31日止年度(「报告期间」)未经审 核综合管理账目及董事会目前所得资料的初步评估，相比截至2024年12月31日止年度的收入人民币 3,325.1百万元，报告期间集团收入预计同比增长约35%至45%；相比截至2024年12月31日止年度的公司 股东应占年度利润约人民币150.8百万元，报告期间公司股东应占年度利润预计同比增长约75%至85%； 这主要是以下事件的综合影响：(i)集团持续深化品牌建设，大力拓展全渠道销售网络，新产品市场表现 亮眼，带动整体收入和毛利增长；及(ii)专注精细化运营，运用AI赋能业务，显着提升集团经营管理效 率，致利润实现大幅增长。 ...

Core Insights - The Hang Seng Index Company announced the results of its quarterly review, which includes the addition of three stocks: CATL, Luoyang Molybdenum, and Laopu Gold, while removing Zhongsheng Holdings, increasing the number of constituent stocks from 88 to 90 [1] - The Hang Seng China Enterprises Index will add Beike-W and Horizon Robotics-W, while removing China Resources Beer and Mengniu Dairy, maintaining a total of 50 constituent stocks [1] - The Hang Seng Tech Index will not undergo any changes, keeping its constituent stock count at 30 [1] - All changes will take effect after market close on March 6, 2026, and will be effective from March 9, 2026 [1] Industry Impact - The Hang Seng Index series is a major market index in Hong Kong, attracting significant investment, with a total asset management scale of approximately $117.7 billion as of December 2025 [1] - The adjustments to the index constituents focus on incorporating new economy enterprises in sectors such as renewable energy and new consumption, while gradually reducing the weight of traditional industries [1] - This shift is expected to enhance the growth potential of the indices, thereby increasing their investment value and attractiveness [1]

Core Insights - The article highlights the successful transformation of the Chinese cross-border e-commerce brand, Zibuyu (02420), under the leadership of CEO Chen Caixiong, amidst rising global uncertainties and protectionism. The company has achieved record-breaking financial metrics in 2024, including revenue, cash flow, and profit [1]. Group 1: CEO's Vision and Strategy - Chen Caixiong emphasizes two main propositions for Zibuyu's future: the necessity for Chinese brands to gain global premium pricing and the evolution of human organizations in the AI era [1][2]. - The CEO's approach involves a series of fundamental questions regarding the essence of business models, industry trends under AI impact, and the importance of trust as a valuable asset in building a global brand [2][3]. Group 2: Organizational Transformation - Zibuyu is shifting from a seller-focused logic, which prioritized quick turnover and hit products, to a brand-centric approach that emphasizes building user trust and becoming a global fashion brand [3]. - The company plans to leverage AI as a tool to enhance capabilities while also focusing on internal organizational strength, product quality, and brand power [4]. Group 3: Emotional Intelligence in Business - Chen Caixiong argues that the most significant advantage in the AI era lies in emotional intelligence, which AI cannot replicate, such as empathy, connection, and the ability to build deep trust [5][6]. - The company aims to create a warm and respectful organizational culture that resonates with both employees and partners, establishing a unique emotional link with consumers [6]. Group 4: Strategic Roadmap - Zibuyu's future strategy includes five major strategies and nine structural elements, with a focus on breaking through traditional models, integrating new channels, and setting clear annual and monthly goals [4]. - The company has already made significant strides in brand upgrades and global supply chain optimization, indicating a strong commitment to its strategic vision [4]. Group 5: Conclusion and Market Implications - The strategic vision articulated by Chen Caixiong reflects a blend of deep philosophical thought and practical business pathways, aiming to establish Zibuyu as a trusted global brand [7]. - The alignment of Zibuyu's clear strategic declaration with its strong financial performance suggests that the company's transformation is not merely theoretical but is entering a phase of effective execution and visible results [7].

Core Insights - The article highlights the successful transformation of the Chinese cross-border e-commerce brand, Zibuyu (02420), under the leadership of CEO Chen Caixiong, amidst rising global uncertainties and protectionism. The company has achieved record-breaking financial metrics in 2024, including revenue, cash flow, and profit [1] - Chen Caixiong's vision for Zibuyu focuses on two main themes for the next decade: the necessity for Chinese brands to gain global premium pricing and the evolution of human organizations in the age of AI [1][2] Group 1: CEO's Philosophy and Strategic Vision - Chen Caixiong emphasizes the importance of asking fundamental questions to navigate uncertainty, listing 11 core inquiries related to societal logic, business models, and organizational dynamics in the context of AI [2] - He asserts that the future will be dominated by Chinese culture and brands, aiming for Zibuyu to become a globally trusted brand [2] Group 2: Trust as a Core Asset - In the AI era, Chen believes that trust—both from consumers and stakeholders—is the most valuable asset, driving Zibuyu's shift from a seller-focused model to a brand value-centric approach [3] Group 3: Strategic Implementation - Zibuyu's strategy includes leveraging AI as a tool for enhancing capabilities while also focusing on internal organizational strength, product quality, and brand power. The company plans to implement five strategies and nine structures starting in 2026 [4] - Recent actions by Zibuyu, such as breaking away from traditional distribution models and expanding into new channels like TikTok and Temu, reflect this strategic direction [4] Group 4: Emotional Intelligence in Business - Chen highlights the importance of emotional intelligence as a competitive advantage in the AI era, suggesting that human organizations must cultivate empathy, connection, and trust to differentiate themselves from AI capabilities [5][6] - Zibuyu aims to create a warm and respectful organizational culture that resonates with both employees and consumers, establishing a deep emotional connection that could serve as a unique competitive moat [6] Group 5: Conclusion and Market Implications - The strategic vision articulated by Chen Caixiong combines philosophical depth with practical business pathways, aiming to build a globally trusted Chinese brand while recognizing the urgency of developing emotional competitiveness [7] - The alignment of Zibuyu's clear strategic declaration with its strong financial performance indicates that the company's transformation is not merely theoretical but is entering a phase of effective execution and tangible results [7]

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: 子不語集團有限公司 呈交日期: 2026年2月5日 FF301 FF301 II. 已發行股份及/或庫存股份變動及足夠公眾持股量的確認 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) 02420 說明 已發行股份（不包括庫存股份）數目 庫存股份數目 已發行股份總數 上月底結存 500,000,000 0 500,000,000 增加 / 減少 (-) 0 0 本月底結存 500,000,000 0 500,000,000 足夠公眾持股量的確認(註4) 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) | 02420 | 說明 | | | | | | | | | | 法定 ...

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12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: 子不語集團有限公司 呈交日期: 2026年1月7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) | 02420 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 2,000,000,000 | USD | | 0.00005 | USD | | 100,000 | | 增加 / 減少 (-) | | | 0 | | | | USD | | 0 | | 本月底結存 | | | 2,000,000,000 | USD | | 0.00005 | USD | | 100,000 | 本月底法定/ ...

Core Viewpoint - The company has granted 5 million reward shares to Mr. Chen Cai-hung, the executive director and CEO, as part of its share reward plan, recognizing his contributions to the company's development and performance improvement [1] Group 1: Share Reward Plan - 5 million reward shares represent 1% of the company's total issued shares (excluding treasury shares) as of the announcement date [1] - The grant of these shares is based on Mr. Chen's contributions during his tenure, particularly in leading the company through strategic reforms and operational improvements [1] Group 2: Financial Performance - The company successfully turned a profit in 2024 after implementing comprehensive strategic reforms and refined operations [1] - The performance in the first half of 2025 continues to show growth, with significant improvements in profitability and operational efficiency [1]

Core Viewpoint - The company has granted 5 million reward shares to Mr. Chen Cai-hung, the Executive Director and CEO, as part of the share reward plan, recognizing his contributions to the company's development [1] Group 1: Share Reward Plan - The reward shares represent 1% of the total issued shares of the company as of the announcement date, excluding treasury shares [1] - The grant of shares is based on Mr. Chen's contributions during his tenure, which have led to significant improvements in the company's performance [1] Group 2: Financial Performance - Under Mr. Chen's leadership, the company successfully turned a profit in 2024 after implementing comprehensive strategic reforms and refined operations [1] - The company has continued to see growth in the first half of 2025, with notable enhancements in profitability and operational efficiency [1]