COSMO LADY (02298) saw a strong surge in its secondary market share price on April 23, rising over 7% intraday to a high of HK$0.475, marking its highest level since February 2023. Year-to-date, the stock has gained more than 48%. This robust performance is supported by multiple positive factors, including continued substantial share purchases by management, the full implementation of business transformation results, enhanced earnings visibility, and ample cash flow reserves.

Since the beginning of April, the company's core management has carried out frequent and concentrated share acquisitions in the secondary market, demonstrating strong confidence in COSMO LADY's long-term value through tangible financial commitment. Between April 8 and 9, Executive Director Zhang Shengfeng, via wholly-owned Faithful Gain International Limited, purchased 3.03 million shares at an average price of approximately HK$0.349 per share, involving around HK$1.06 million. This purchase represents about 0.13% of the company’s issued share capital.

From April 13 to 15 and again from April 16 to 21, Executive Director Wu Xiaoli conducted two rounds of share acquisitions in the open market, buying 3.078 million shares (average price ~HK$0.366, total ~HK$1.1265 million) and 2.874 million shares (average price ~HK$0.396, total ~HK$1.1381 million), respectively. As of April 21, Wu Xiaoli had accumulated a total of 5.952 million shares in April, accounting for approximately 0.26% of issued share capital. Combined with Zhang Shengfeng's purchases, the core management team acquired a total of 8.982 million shares during the month.

Following these transactions, Wu Xiaoli and her spouse, Chairman and CEO Zheng Yaonan, collectively hold 808 million shares, representing about 35.9% of the issued share capital.

In recent years, COSMO LADY has steadily advanced its strategic transformation, with results gradually becoming apparent. In 2025, the company achieved a net profit of RMB 123 million, while e-commerce GMV reached RMB 4.31 billion, a 175% year-on-year increase. The company has now established a multi-tier brand portfolio: the main brand COSMO LADY covers the mass market, Ordifen focuses on the premium segment, and Cotton Living targets the mid-range and overseas markets. This multi-brand synergistic development framework is taking shape.

While its core business continues to grow steadily, COSMO LADY has deepened its focus on branding, product development, and supply chain enhancement. On April 13, the company signed a strategic cooperation agreement with FIL Group, a Canadian goose down base, upgrading their relationship from raw material procurement to deep collaboration. Previously, the two parties spent nine months co-developing the "Polar Champion Series" of Canadian goose down thermal wear, overcoming technical barriers in blending goose down and yarn to create a lightweight warmth-retaining structure described as "light yet not thin, warm yet not bulky." This product helped COSMO LADY’s thermal wear category top the rankings on Douyin during the previous year-end holiday season.

The goose down technology has since been extended to the loungewear category, signaling the company’s evolution from an innerwear brand to a lifestyle brand offering "close-fitting technology" for all scenarios. By integrating top global resources, COSMO LADY aims to break away from industry-wide "low-quality competition."

Amid the convergence of a record-high share price, concentrated management share purchases, and synchronized progress in performance and strategy, COSMO LADY is responding to market uncertainties with clear operational certainty. The management's firm confidence, the scaling effect of its multi-brand synergy, technological advantages from global resource integration, and a clear growth trajectory together form the foundation of the company’s long-term value proposition. As the benefits of its strategic transformation continue to unfold, COSMO LADY is poised to deliver further growth stories in the capital markets and fulfill long-term value for investors.