裕元集团(00551)公布，该公司于2025年8月的综合经营收益净额约6.5亿美元，同比减少8.8%;前8个月综 合累计经营收益净额约53.82亿美元，同比减少0.5%。 ...

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，概不對因本公告全部或任何部分 內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 由於寶成工業於今日公佈上述每月綜合收益，當中包括本公司之相關財務資料，故本 公司根據香港聯合交易所有限公司證券上市規則（「上市規則」）第13.09(2)條及證券及 期貨條例（第571章）（「證券及期貨條例」）第XIVA部刊發本公告，確保及時向投資 者提供最新資料。下列項目乃摘錄自本公司及其附屬公司之未經審核管理賬目。 * 僅供識別 1 月份：二零二五年八月 按年之變動百分比詳情載於下表內： （於百慕達註冊成立之有限公司） （股份代號：00551） 二零二五年八月之每月收益公告 按照國際會計準則，本公司被視為臺灣證交所上市公司寶成工業之附屬公司， 現時透過其附屬公司間接持有本公司之控制權益。寶成工業根據臺灣證券交易所規 例規定刊發每月收益公告。 由於寶成工業於今日公佈其若干綜合財務資料，故本公司根據上市規則第13.09(2)條及 證券及期貨條例第XIVA部刊發本公告，確保及時向投資者提供最新資料。 按照國 ...

YUE YUEN INDUSTRIAL (HOLDINGS) LIMITED 裕 元 工 業（ 集 團 ）有 限 公 司 * (Incorporated in Bermuda with limited liability) （ 司） 於百慕達註冊成立之有限公 （Stock Code 00551 股份代號: ） NOTIFICATION LETTER 通知信函 September 9, 2025 Notes: This letter is in English and Chinese. In case of any inconsistency, the English version shall prevail. 各位非登記股東 （附註1） ： 裕元工業（集團）有限公司（「本公司」） －刊發二零二五年中期報告（「本次公司通訊」）之登載通知 Dear non-registered Shareholder(s) (Note 1) , Yue Yuen Industrial (Holdings) Limited (the "Company") – Notification of Publication of Inte ...

YUE YUEN INDUSTRIAL (HOLDINGS) LIMITED 裕 元 工 業（ 集 團 ）有 限 公 司 * (Incorporated in Bermuda with limited liability) （ 司） 於百慕達註冊成立之有限公 （Stock Code 00551 股份代號: ） NOTIFICATION LETTER 通知信函 Dear registered Shareholder(s), Yue Yuen Industrial (Holdings) Limited (the "Company") – Notification of Publication of Interim Report 2025 (the "Current Corporate Communication") The English and Chinese versions of the Company's Current Corporate Communication are now available on the Company's website at www.yueyuen.com and the ...

中期報 告 INTERIM REPORT 2025 裕元工業（集團）有限公司* Yue Yuen Industrial (Holdings) Limited （於百慕達註冊成立之有限公司） 目錄 | | 頁次 | | --- | --- | | 公司資料 | 2 | | 財務及營運狀況摘要 | 3 | | 簡明綜合財務報表的審閱報告 | 4 | | 中期業績 | | | 簡明綜合損益表 | 5 | | 簡明綜合全面收益表 | 6 | | 簡明綜合財務狀況表 | 7 | | 簡明綜合權益變動表 | 9 | | 簡明綜合現金流量表 | 11 | | 簡明綜合財務報表附註 | 13 | | 管理層討論及分析 | 26 | | 其他資料 | 37 | * 僅供識別 裕元工業（集團）有限公司 | 中期報告 2025 1 股份代號：00551 注意: 請手動轉PDF Setting用 small CMYK-High Job option 公司資料 （截至二零二五年八月十一日） 執行董事 盧金柱 （主席） 蔡佩君 （董事總經理） 周維德 林振鈿 劉鴻志 施志宏 （首席財務官）（於二零二五年八月十一日舉行之 董事會會議結束時 ...

FF301 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8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: Yue Yuen Industrial (Holdings) Limited 裕元工業(集團)有限公司（於百慕達註冊成立之有限公司） 呈交日期: 2025年9月1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) | 00551 | 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 | HKD | | 0.25 | HKD | | 500,000,000 | | 增加 / 減少 (-) | | | | | | | HKD | | | | 本月底結存 | | | ...

Core Viewpoint - The company reported a mixed performance for the first half of 2025, with revenue growth in manufacturing but challenges in retail, indicating resilience in manufacturing amidst external pressures [1][2]. Group 1: Financial Performance - In H1 2025, the company achieved a revenue of $4.06 billion, a year-on-year increase of 1.1%, while net profit attributable to shareholders decreased by 7.2% to $170 million [1]. - Q2 2025 saw a revenue decline of 0.4% to $2.03 billion, but net profit attributable to shareholders increased by 13% to $100 million [1]. - Manufacturing business revenue grew by 6.2% to $2.8 billion in H1 2025, with Q2 revenue increasing by 6.5% to $1.47 billion [1][2]. Group 2: Manufacturing Business Insights - The manufacturing segment showed resilience with a 5% increase in footwear shipment volume to 13 million pairs in H1 2025, and a capacity utilization rate maintained at 93% [1]. - Average selling price per pair increased by 3.2% to $20.6 in H1 2025, driven by improved product mix [1]. - However, the gross margin for the manufacturing business decreased by 1.4 percentage points to 17.7% in H1 2025, attributed to uneven capacity loads and rising labor costs [2]. Group 3: Retail Business Challenges - The retail segment faced significant pressure, with revenue declining by 8.3% to $9.16 billion in H1 2025, and a 14% drop in physical store revenue [2]. - The number of direct-operated stores decreased by 40 to 3,408, with same-store sales declining between 10% and 20% [2]. - Gross margin for the retail business fell by 0.7 percentage points to 33.5% in H1 2025, reflecting deeper discounts due to fluctuations in the consumer environment [2]. Group 4: Future Outlook - The company is expected to maintain steady growth in its manufacturing business, with projected revenue growth of 2.5%, 6%, and 5.4% for 2025-2027, reaching $8.38 billion, $8.88 billion, and $9.36 billion respectively [3]. - Net profit is anticipated to grow by 0.8%, 10.2%, and 6.9% during the same period, reaching $400 million, $440 million, and $470 million respectively [3]. - The company maintains a "buy" rating based on its growth prospects and supply chain expansion [3].

Investment Rating - The report maintains a "Buy" rating for the company [10][4] Core Views - The manufacturing business shows resilience with a 6.2% year-on-year revenue growth in H1 2025, reaching $2.8 billion. The outdoor sports shoes and casual shoes segments grew by 4.9% and 29.2% respectively, while the overall footwear shipment volume increased by 5% to 130 million pairs [1][2] - The retail business faces pressure, with a revenue decline of 8.3% in H1 2025, totaling 9.16 billion yuan. Physical store sales dropped by 14%, and same-store sales fell by 10% to 20% [2][3] - The company expects revenue growth of 2.5%, 6%, and 5.4% for 2025, 2026, and 2027, respectively, with net profit growth of 0.8%, 10.2%, and 6.9% during the same period [3][9] Financial Summary - H1 2025 revenue reached $4.06 billion, a 1.1% increase year-on-year, while net profit decreased by 7.2% to $170 million. Q2 revenue slightly declined by 0.4% to $2.03 billion, but net profit increased by 13% to $100 million [1][2] - The manufacturing business's gross margin decreased by 1.4 percentage points to 17.7% in H1 2025, primarily due to uneven capacity utilization and rising labor costs [2][3] - The retail business's gross margin fell by 0.7 percentage points to 33.5% in H1 2025, attributed to increased discounts amid fluctuating consumer demand [3][9]

Investment Rating - The investment rating for the company is "Buy" with a target price not specified [5]. Core Insights - The company reported a revenue of 4.1 billion USD for H1 2025, reflecting a year-on-year increase of 1.1%, while the net profit attributable to shareholders was 170 million USD, showing a decrease of 7.16% [1]. - The manufacturing segment generated 2.8 billion USD in revenue, up 6.2%, with a gross margin of 17.7%, down 1.4 percentage points [1]. - The retail segment demonstrated significant growth, with a revenue increase of over 30% for the outdoor line Pony and a 100% surge in live-stream sales [3]. - The company is implementing cost-saving measures to counteract rising labor costs and has a strong cash flow position with total cash nearing 900 million USD [2]. Summary by Sections Manufacturing Business - The demand for footwear products continues to show steady growth, supported by a favorable order mix and an increase in average selling price (ASP) to 20.6 USD per pair, up 3.2% [1][2]. - The company is enhancing research and development efficiency and implementing cost-saving measures to mitigate labor cost pressures [2]. - The financial management is robust, with a stable cash flow and a mid-term dividend of 0.4 HKD per share, maintaining a payout ratio of 48% [2]. Retail Business - The diversified business matrix has proven effective, with the yoga brand XEXYMIX achieving vertical integration and the outdoor line Pony seeing sales growth exceeding 30% [3]. - The gross margin for Q2 reached 34.5%, an increase of 1.8 percentage points, due to successful pricing strategy adjustments [3]. - The all-channel revenue contribution reached a record high of 33%, growing 16% year-on-year, with live-stream sales experiencing a significant increase [3]. Financial Forecast - The revenue forecasts for 2025-2027 have been adjusted to 8.3 billion USD, 8.8 billion USD, and 9.4 billion USD, respectively, due to tariff pressures [4]. - The net profit attributable to shareholders is projected to remain stable at 400 million USD for 2025, with corresponding EPS of 0.25 USD [4].

机构：长江证券 研究员：于旭辉/魏杏梓 事件描述 裕元集团2025H1 实现营收40.6 亿美元，同比+1.1%，归母净利润1.7 亿美元，同比-7.2%。 制造业务实现营收28.0 亿美元，同比+6.2%，归母净利润1.6 亿美元，同比-0.2%；宝胜国际实现营收 12.6 亿美元，同比-8.6%，归母净利润0.3 亿美元，同比-44.3%。此外，公司年中每股派息0.4 港元，分 红比例48%。 其中2025Q2 实现营收20.3 亿美元，同比+0.9%，归母净利润1.0 亿美元，同比+13.0%。制造业务实现营 收14.7 亿美元，同比+6.5%，归母净利润0.9 亿美元，同比+29.2%；宝胜国际实现营收5.6 亿美元，同 比-11.1%，归母净利润0.1 亿美元，同比-69.2%。 1、市场需求疲软风险； 2、产能利用率波动风险； 3、多品牌整合不及预期风险。 制造业务：量价提升共驱增长，净利率环比改善。裕元集团出货量稳健增长（Q2 同比+4.7%），产品 结构变化驱动平均单价回升（Q2 同比+3.9%），支撑制造业务Q2 收入同比+6.5%，环比提速0.5pct。Q2 产能利用率环比+4pct 至9 ...