Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Insights - External factors have led to a 2% decline in FY25 revenue, with a strong dividend payout ratio of 70% for the year [5] - The company reported FY25 revenue of $8.03 billion, a year-on-year decrease of 1.84%, and a net profit of $381 million, down 2.89% year-on-year [7] - The manufacturing segment showed a slight revenue increase of 0.5%, while the retail segment faced a revenue decline of 7.2% due to external consumption environment impacts [7] - The company is expected to see revenue growth in FY26 to FY28, with projected revenues of $8.01 billion, $8.21 billion, and $8.41 billion respectively [6][8] Financial Performance Summary - FY25 revenue was $8.03 billion, with a gross margin of 22.8% and a net profit margin of 4.7% [7] - The company maintained a capacity utilization rate of 93% in FY25, with an average selling price (ASP) for footwear increasing by 3.7% to $21.0 [7] - The projected earnings per share (EPS) for FY26 to FY28 are $0.22, $0.24, and $0.25 respectively [6][8] - The company’s return on equity (ROE) is expected to be 7.62%, 7.81%, and 8.04% for FY26 to FY28 [6][8]

Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Insights - In 2025, the company achieved revenue of $8.03 billion, a year-on-year decrease of 1.8%, and a net profit attributable to shareholders of $380 million, down 2.9% year-on-year. The manufacturing segment generated revenue of $5.65 billion, up 0.5% year-on-year, with a net profit of $360 million, an increase of 3.7% year-on-year. The retail segment, however, saw revenue of $2.38 billion, down 7.0% year-on-year, and a net profit of $30 million, down 57.0% year-on-year [2][4][9]. Summary by Sections Manufacturing Business - The manufacturing business faced challenges with uneven capacity utilization, but tax disputes led to better-than-expected performance. In Q4 2025, the average order price increased by 5.4% year-on-year, although shipment volume decreased by 8.2%, resulting in a revenue decline of 4.6% year-on-year. The gross margin for Q4 2025 was 18.1%, down 2.4 percentage points year-on-year, while the operating profit margin was 7.2%, a decrease of 0.6 percentage points year-on-year. The return of tax penalties of $8.9 million significantly reduced tax expenses, contributing to a substantial net profit increase of 106.6% in Q4 2025 [9]. Retail Business - The retail business experienced revenue pressure due to same-store sales declines and increased discounts. In Q4 2025, revenue fell by 3.9%, primarily due to ongoing store closures and weak customer traffic. The gross margin decreased by 1.2 percentage points to 33.5%, and the operating profit margin dropped by 2.9 percentage points to 1.5%, mainly due to e-commerce-related expenses. The net profit margin for Q4 2025 was 0.9%, down 2.4 percentage points year-on-year [9]. Future Outlook - Overall, the manufacturing business is expected to face short-term pressure, but new capacities in Indonesia and India are anticipated to contribute positively in the future. The ongoing tax disputes may also provide additional profit boosts. The retail business is expected to stabilize in 2025, with a projected recovery in 2026. The forecast for net profit attributable to shareholders is $360 million in 2026 and $421 million in 2027, with corresponding P/E ratios of 9 and 8 times, respectively [9].

Investment Rating - The investment rating for the company is "Buy" (maintained) [7] Core Insights - The company reported a revenue of $8.03 billion for 2025, a year-on-year decrease of 1.8%, with a net profit attributable to shareholders of $380 million, down 2.9% year-on-year. The manufacturing segment generated $5.65 billion in revenue, up 0.5% year-on-year, while the retail segment saw revenue decline to $2.38 billion, down 7.0% year-on-year [1][5] - The manufacturing business's average selling price (ASP) increased by 3.7% to $21.0, despite a slight decrease in shipment volume by 1.2% to 250 million pairs. The cautious ordering behavior from downstream brands due to tariffs and geopolitical uncertainties contributed to this decline [2][3] - The manufacturing gross margin decreased by 1.7 percentage points to 18.2%, primarily due to uneven capacity utilization and rising labor costs. However, the net profit margin for the manufacturing segment improved by 0.1 percentage points to 6.4% due to tax dispute reversals [3] - The retail segment faced challenges, with a 7.0% decline in revenue to $2.38 billion. Offline store sales were pressured by a 4.0% reduction in store count and double-digit same-store sales declines, while online retail showed resilience with over 30% revenue contribution [4] - The company is expected to see revenue growth in the coming years, with projections of $8.14 billion, $8.56 billion, and $9.01 billion for 2026, 2027, and 2028, respectively, reflecting year-on-year growth rates of 1.4%, 5.1%, and 5.3% [5][13] Summary by Sections Manufacturing Business - Revenue for the manufacturing segment was $5.65 billion, with a slight increase in ASP and a decrease in shipment volume [1][2] - The gross margin was impacted by uneven capacity utilization and rising costs, but net profit margin showed slight improvement [3] Retail Business - Retail revenue decreased to $2.38 billion, with offline sales underperforming while online sales remained strong [4] - The retail environment is expected to stabilize, with early signs of recovery in 2026 [4] Financial Forecast - The company is projected to achieve revenues of $8.14 billion, $8.56 billion, and $9.01 billion from 2026 to 2028, with corresponding net profits of $384 million, $415 million, and $450 million [5][13]

Investment Rating - The investment rating for the company is "Buy" (maintained) [7] Core Views - The company reported a revenue of $8.03 billion for 2025, a year-on-year decrease of 1.8%, with a net profit attributable to shareholders of $380 million, down 2.9% year-on-year. The manufacturing business generated $5.65 billion in revenue, up 0.5% year-on-year, while the retail business saw revenue decline to $2.38 billion, down 7.0% year-on-year [1][4] - The average selling price (ASP) in the manufacturing business increased by 3.7% to $21.0, despite a slight decrease in shipment volume by 1.2% to 250 million pairs. The cautious ordering behavior from downstream brands due to tariffs and geopolitical uncertainties contributed to this decline [2] - The gross margin for the manufacturing business decreased by 1.7 percentage points to 18.2%, impacted by uneven capacity utilization and rising labor costs. However, the net profit margin improved slightly by 0.1 percentage points to 6.4% due to tax dispute reversals [3] - The retail business faced challenges with a revenue drop of 7.0% to $2.38 billion, primarily due to a decline in same-store sales and foot traffic. However, online retail showed resilience, with revenue growth exceeding 70% on platforms like Douyin [4] - The company is expected to see a recovery in demand and a return to order placement as inventory levels normalize. Revenue projections for 2026-2028 are $8.14 billion, $8.56 billion, and $9.01 billion, representing year-on-year growth rates of 1.4%, 5.1%, and 5.3%, respectively [5]

Investment Rating - The industry rating is "Recommended" [6] Core Views - The report highlights a potential reversal opportunity in the midstream sector of the textile and apparel industry, despite concerns over currency appreciation, rising raw material prices, and slowing overseas demand [4][17]. - The performance of key companies such as Yuanyuan Group and Jian Sheng Group indicates mixed results, with some showing resilience in a weak market [15][16]. Summary by Sections Company Performance - Yuanyuan Group reported revenues of $803.1 million and net profit of $38.1 million for 2025, reflecting a year-on-year decline of 1.8% and 2.9% respectively. Excluding tax dispute impacts, net profit decreased by 19% [15]. - Jian Sheng Group achieved revenues of $258.9 million and net profit of $40.5 million in 2025, with a year-on-year growth of 0.59% and 24.62% respectively. The company also reported a significant increase in operating cash flow [16]. Investment Recommendations - For upstream companies, recommendations include Bailong Dongfang and Fuchun Dyeing & Weaving, with beneficiaries being Taihua New Materials. - In the midstream sector, despite market concerns, recommended stocks include Xingye Technology and Jian Sheng Group. - For brand companies, it is expected that March revenue growth will be weaker than in January and February, with recommendations for Jin Hong Group, Luolai Life, and Fuanna [4][17]. Market Trends - The textile and apparel sector saw a slight increase in the SW index, outperforming the Shanghai Composite Index by 0.82 percentage points [18]. - The report notes that the online sales of sportswear on platforms like Taobao and Tmall have shown improvement, with specific brands like Balabala Shoes experiencing significant growth [4][32]. Raw Material Prices - As of March 13, the China Cotton 3128B Index was at 16,877 RMB/ton, with a year-to-date increase of 8.29%. The price of nylon in the East China market rose by 30.43% year-to-date [5][34]. - The report also highlights fluctuations in wool prices, with an increase of 8.19% year-to-date [37]. Export Data - In January 2026, textile and apparel exports reached $22.444 billion, marking a year-on-year increase of 26.34%. Textile exports grew by 64.52% year-on-year [51].

第 1 頁 共 2 頁 v 1.1.1 EF001 免責聲明 | 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 公告全部或任何部份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。 | | | --- | --- | | 股票發行人現金股息公告 | | | 發行人名稱 | 裕元工業（集團）有限公司 | | 股份代號 | 00551 | | 多櫃檯股份代號及貨幣 | 不適用 | | 相關股份代號及名稱 | 不適用 | | 公告標題 | 截至二零二五年十二月三十一日止年度之末期股息 | | 公告日期 | 2026年3月11日 | | 公告狀態 | 新公告 | | 股息信息 | | | 股息類型 | 末期 | | 股息性質 | 普通股息 | | 財政年末 | 2025年12月31日 | | 宣派股息的報告期末 | 2025年12月31日 | | 宣派股息 | 每 股 0.9 HKD | | 股東批准日期 | 2026年5月22日 | | 香港過戶登記處相關信息 | | | 派息金額及公司預設派發貨幣 | 每 股 0.9 HKD ...

Financial Performance - Total revenue for the year ended December 31, 2025, was $8,031,354, a decrease of 1.8% compared to $8,182,161 in 2024[2] - The recurring profit attributable to the company's owners was $366,754, down 3.1% from $378,627 in the previous year[2] - Basic earnings per share decreased by 2.5% to 23.76 cents from 24.37 cents in 2024[2] - The total comprehensive income for the year was $485,883, an increase from $457,103 in 2024[4] - The company's profit for the year 2025 was $381,082,000, a decrease of 2.7% from $392,415,000 in 2024[23] - Profit attributable to owners was $381.1 million, down 2.9% from $392.4 million last year[31] Revenue Breakdown - Manufacturing business revenue increased to $5,648,284 in 2025 from $5,620,753 in 2024, while retail business revenue decreased to $2,383,070 from $2,561,408[10] - Revenue from sports/outdoor shoes rose to $4,435,037 in 2025, up from $4,403,600 in 2024, while revenue from casual shoes and sandals increased to $861,601 from $765,388[11] - Revenue from the United States was $1,605,310 in 2025, an increase from $1,542,031 in 2024, while revenue from China decreased to $3,133,605 from $3,580,267[12] - The company's total revenue from other regions, including Asia and Europe, showed mixed results, with Europe increasing to $1,531,024 from $1,429,624, while other Asian countries saw a slight increase to $1,208,132 from $1,174,519[12] Assets and Liabilities - Non-current assets increased to $3,663,608 from $3,530,430 in 2024, primarily due to an increase in investment properties[5] - Current assets rose slightly to $3,865,125 from $3,844,924 in the previous year, with inventory increasing to $1,379,582[6] - Total liabilities decreased to $2,417,776 from $2,461,000 in 2024, reflecting a reduction in current liabilities[6] - The company's net assets increased to $5,110,957 from $4,914,354 in 2024, indicating a stronger financial position[6] Dividends - The proposed final dividend remains unchanged at HKD 0.90 per share, consistent with the previous year[2] - The company declared a final dividend of HKD 0.90 per share for the year ending December 31, 2025, totaling approximately HKD 1,443,987,000, consistent with the previous year's final dividend[21][22] - The board has declared a final dividend of HK$0.90 per share for 2026, maintaining a total annual dividend of HK$1.30 per share, with a payout ratio of 70%[59] Taxation - The company recognized a tax expense of $70,429 in 2025, a decrease from $147,444 in 2024, primarily due to adjustments in overseas tax provisions[15] - The company confirmed a tax expense of $4,067,000 related to the global minimum tax rules for the year 2025, which was not applicable in 2024[18] - Following a favorable court ruling, the company received $29.3 million related to a tax dispute, leading to a reversal of previously accrued tax expenses[19] - The effective tax rate for the year was 19.9%, with total income tax expenses amounting to $70.4 million, excluding a tax dispute reversal of $20.4 million[43] Employee and Operational Costs - The total employee benefits expenditure for 2025 was $2,086,468,000, up from $2,025,704,000 in 2024, reflecting an increase of 3%[20] - The company experienced a 4.3% increase in manufacturing workforce year-on-year, contributing to rising labor costs[27] - Selling and distribution expenses decreased by 6.9% to $780.5 million, accounting for approximately 9.7% of operating revenue, while administrative expenses rose by 1.6% to $562.2 million[41] Research and Development - Research and development expenses for 2025 were $145,936,000, compared to $142,233,000 in 2024, marking an increase of 2.0%[20] - Research and development expenses reached $145.9 million, reflecting investments in product shaping, digitalization, and efficiency improvements[42] Strategic Initiatives - The company aims to enhance operational resilience and agility through rigorous cost control and a long-term digital transformation strategy to maintain profitability and healthy cash flow[64] - The integration of SAP ERP and OCP systems will be further deepened to strengthen manufacturing excellence and sustainability capabilities, supported by AI-driven data monitoring systems[65] - The company plans to leverage the upcoming major international sporting events, such as the FIFA World Cup and the Asian Games, to boost global awareness of sports and health, laying a foundation for long-term demand[64] Market and Competitive Position - The group’s ESG score was 45 in the S&P Global Corporate Sustainability Assessment, outperforming 77% of peers in the textile, apparel, and luxury goods sector[29] - The company maintains an optimistic long-term outlook for the sports industry despite global economic challenges, focusing on strengthening strategic supplier roles and high-end footwear development[63] - The retail subsidiary, Bao Sheng, will continue to implement refined retail strategies and diversify channel combinations to enhance its retail operations amid a challenging retail environment in Greater China[65] Cash Flow and Financing - The group recorded a net cash inflow from operating activities of $591.2 million, an increase from $537.1 million in 2024, while free cash flow decreased to $265.3 million[46] - As of December 31, 2025, the group had cash and cash equivalents of $851.2 million, down from $943.2 million in 2024, with total bank borrowings of $788.7 million[47] - The group has a long-term bank loan commitment of approximately 63% of its total bank borrowings, with most loans denominated in USD[49] Shareholder Information - The annual general meeting for 2026 is scheduled for May 22, 2026, in Hong Kong, with a record date for shareholder eligibility set for May 18, 2026[71] - The proposed final dividend eligibility period for shareholders is from June 8, 2026, to June 10, 2026, with a record date of June 8, 2026[74] - Share transfer documents must be submitted by June 5, 2026, at 4:30 PM to qualify for the proposed final dividend payable on June 23, 2026[74] - The company's annual report will be published on its website and the Hong Kong Stock Exchange website at an appropriate time[75]

11 Mar 2026 Yue Yuen Industrial 2025 Annual Results Disclaimer Yue Yuen and Pou Sheng have taken every reasonable care in preparing this presentation. However, please be reminded that the information, materials, opinions and statements contained or referred to in this presentation are all provided on an "as is" basis. None of the aforesaid information, materials, opinions and statements constitutes or will be viewed as investment advice or an offer, or a solicitation, recommendation or suggestion by Yue Yue ...

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。 1 （於百慕達註冊成立之有限公司） （股份代號：00551） 二零二六年二月之每月收益公告 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。 按照國際會計準則，裕元工業（集團）有限公司（「本公司」）被視為臺灣證券交易所股份 有限公司（「臺灣證交所」）上市公司寶成工業股份有限公司（「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。根據臺灣證券交易所股份有限 公司對上市公司資訊申報作業辦法（不時修訂）（「臺灣證券交易所規例」），寶成工 業須於每月刊發其前一個月份之綜合收益公告。 由於寶成工業於今日公佈上述每月綜合收 ...

Investment Rating - The industry investment rating is "Positive" and maintained [10] Core Viewpoints - The overall demand for sports footwear and apparel remains weak, with no clear turning point observed in January orders. Retail performance in the US and UK shows some resilience, while demand in continental Europe and Japan remains weak. Growth is primarily driven by high-end consumption, with mass apparel recovery expected to take more time. Export performance is improving in Vietnam, while China's export remains under pressure [2][6][24] - The upstream manufacturing sector shows strong performance certainty, with retail sales of apparel brands improving. The US Supreme Court's rejection of Trump's tariff policy is favorable for the manufacturing sector. The performance of upstream manufacturing is expected to be more certain in the first half of 2026, while the downstream sports supply chain is on a recovery path. Retail sales growth for apparel brands in January and February is promising, and sentiment in the sector is likely to improve [7][32] Summary by Sections Manufacturing Performance - In January, the revenue growth for major footwear manufacturers varied: Yuanyuan Group's revenue increased by 0.6% year-on-year, while Fengtai's revenue decreased by 1.8%, Zhijiang International's by 3.3%, and Yuchi-KY's by 5.1%. For apparel manufacturers, Ruhong's revenue grew by 7.6%, while Juyang's revenue fell by 19.2% [5][17] Demand Analysis - Retail demand in January showed resilience in the US and UK, with the US maintaining low positive growth and the UK showing relative stability. France's retail remains near zero growth, Germany shows some recovery, while Japan's growth is significantly weakening. The US consumer confidence index continues to decline, indicating that growth is mainly supported by high-end consumption, with mass apparel consumption recovery lagging [6][24][27] Upstream and Downstream Insights - The manufacturing sector is expected to recover in 2026, with strong performance certainty driven by rising material prices. Recommended stocks include Xin'ao Co. and others with strong earnings potential. The A-share market is expected to see continued destocking in 2025, with a potential for profit optimization in 2026. Recommended stocks include Mercury Home Textiles and others focusing on high-end apparel [32][33]