Gelonghui, December 11th – Ziyuan Yuan (08223.HK) announced that on December 11, 2025, the company entered into a non-legally binding Memorandum of Understanding (MoU) with Joyful Supply Chain Management Co., Ltd. (“Joyful Supply Chain”), a subsidiary of Joyful Holdings (00653.HK). The MoU outlines the preliminary cooperation intentions of both parties, and the cooperation matters are subject to the signing of a formal cooperation agreement by both parties detailing specific terms and conditions.
According to the MoU, the Group and Joyful Supply Chain have agreed to promote comprehensive strategic cooperation between the two parties to achieve complementary advantages and mutual benefits. Both parties will jointly develop cross-border business cooperation and further expand their shared market cooperation intentions. The main areas of cooperation include:
1. Complementary cooperation: Leveraging Joyful Holdings and Joyful Supply Chain’s (collectively referred to as “Joyful Group”) leading position in the beauty retail industry, as well as the Group’s operational experience and sales resources across mainland China, both parties will collaborate in markets, products, equipment, and talent to actively explore mutually beneficial business cooperation models;
2. Exploration of cooperation within the Greater Bay Area (GBA): Both the Group and Joyful Supply Chain intend to establish a joint venture to leverage each other’s strengths and collaboratively build online and offline 'community smart duty-free stores' within the GBA, initiating a new cross-border retail business model; and
3. Business authorization cooperation: Joyful Group intends to grant the Group sales rights for certain products and equipment within the Greater Bay Area. The Group will utilize its extensive sales network in mainland China to promote the market positioning of these products and equipment, achieving win-win outcomes for both parties.
