智通财经APP获悉，瑞银发布研报称，裕元集团(00551)第二季收入及净利润分别同比增长1%及13%， 收入符合预期，净利润则因税率较低及金融工具公允值收益而较预期高出19%。产品平均售价第一季及 第二季分别同比升2.5%及3.9%，瑞银预测全年产品平均售价将录得低单位数增幅，当中已计及关税政 策的影响。瑞银将裕元的目标价由14港元上调至16港元，以反映明年更高的订单增长预期，评级"买 入"。 ...

Core Viewpoint - UBS reports that Yue Yuen Industrial Holdings Limited (00551) experienced a 1% year-on-year increase in revenue and a 13% increase in net profit for the second quarter, with revenue meeting expectations and net profit exceeding expectations by 19% due to a lower tax rate and gains from financial instruments [1] Financial Performance - Revenue for the second quarter grew by 1% year-on-year, aligning with market expectations [1] - Net profit increased by 13% year-on-year, surpassing expectations by 19% due to favorable tax rates and financial instrument gains [1] Product Pricing - Average selling prices rose by 2.5% in the first quarter and 3.9% in the second quarter year-on-year [1] - UBS forecasts a low single-digit percentage increase in average selling prices for the entire year, accounting for the impact of tariff policies [1] Target Price Adjustment - UBS raised the target price for Yue Yuen from HKD 14 to HKD 16, reflecting higher order growth expectations for the next year [1] - The rating for Yue Yuen is maintained at "Buy" [1]

Core Insights - The article highlights the mixed performance of Yue Yuen Industrial Holdings Limited, with manufacturing business showing resilience while retail business faces significant challenges [1][4]. Group 1: Manufacturing Business Performance - The manufacturing segment recorded a revenue increase of 1.1% year-on-year, reaching $4.06 billion, despite a 7.2% decline in shareholder profit to $171 million [1]. - Footwear shipment volume rose by 5.0% to 126.7 million pairs, with average selling price increasing by 3.2% to $20.61 per pair [3]. - Manufacturing revenue from footwear activities increased by 8.3% to $2.611 billion, with sports and outdoor footwear accounting for 83.4% of this revenue [3]. - However, the cost structure worsened, with direct labor costs and manufacturing expenses rising to $1.307 billion from $1.207 billion year-on-year, and material costs increasing from $925 million to $995 million [3]. - The manufacturing gross margin declined by 1.4 percentage points to 17.7% due to uneven capacity utilization and increased labor costs [3]. Group 2: Retail Business Challenges - The retail subsidiary, Pou Sheng, faced severe challenges, with revenue declining by 8.3% year-on-year to RMB 9.159 billion and profit attributable to shareholders dropping by 44.1% to RMB 187.6 million [4]. - The decline in consumer confidence in the Chinese sports goods market led to weak foot traffic and intense price competition, significantly impacting sales performance [4]. - Pou Sheng closed 40 stores in Greater China, reducing the total to 3,408 stores compared to the end of 2024 [4]. - Despite these challenges, Pou Sheng achieved a 16% year-on-year growth in omni-channel sales, with live-streaming sales more than doubling [4]. Group 3: Financial Performance and Future Outlook - Overall gross profit decreased by 5.8% to $919 million, with gross margin declining by 1.7 percentage points to 22.6% [6]. - Basic earnings per share fell to 10.67 cents from 11.44 cents year-on-year [6]. - Cash and cash equivalents decreased to $832 million from $881 million reported in 2024 [6]. - The company anticipates ongoing challenges from tariff-related issues, inflation, macroeconomic uncertainties, and regional conflicts affecting logistics stability [6]. - Yue Yuen plans to diversify manufacturing capacity in Indonesia and India and implement a comprehensive plan focused on rapid response to enhance production efficiency [6].

花旗发表研究报告指，由于裕元集团零售利润收缩，加上制造业务的毛利扩张速度较预期缓慢，因此将 其2025至27年的盈利预测下调9%至10%，并延展估值基础，以预测明年市盈率8倍计，目标价由16.5港 元微降至16.3港元，维持"买入"评级。该行指出，在内地中型收益股中偏好九兴控股，其后依次为晶苑 国际、裕元，最后为伟易达。 ...

Core Viewpoint - Yuanyuan Group's stock rose over 6% following the release of its financial results, indicating positive market sentiment despite a decline in profit [1] Financial Performance - For the six months ending June 30, 2025, Yuanyuan Group reported a revenue of $4.06 billion, a year-on-year increase of 1.1% [1] - The profit attributable to shareholders was $171 million, reflecting a decrease of 7.2% compared to the previous year [1] - Basic earnings per share were 10.67 cents, with an interim dividend proposed at 0.4 Hong Kong dollars per share [1] Business Segments - Revenue from footwear activities, including sports/outdoor shoes, casual shoes, and sports sandals, increased by 8.3% to $2.611 billion [1] - The volume of footwear shipped rose by 5.0% to 127 million pairs [1] - The average selling price per pair increased by 3.2% to $20.61 [1] Market Outlook - The company exports 29% of its products to the U.S., with production distribution in Indonesia (53%), Vietnam (32%), and China (10%) [1] - The impact of tariffs is expected to affect end-consumer demand, but the company aims to expand market share through overseas production capacity [1] - Short-term order pressure is anticipated due to tariffs and inflation, while medium-term growth is expected to resume due to capacity expansion and price increases driven by brands like Adidas and ASICS [1]

Core Viewpoint - Yuanyuan Group's stock rose over 6% following the release of its financial results, indicating positive market sentiment despite a decline in profit [1] Financial Performance - For the six months ending June 30, 2025, the company reported revenue of $4.06 billion, a year-on-year increase of 1.1% [1] - The profit attributable to shareholders was $171 million, reflecting a year-on-year decrease of 7.2% [1] - Basic earnings per share were 10.67 cents, with an interim dividend proposed at 0.4 HKD per share [1] Business Segments - Revenue from footwear activities, including sports/outdoor shoes, casual shoes, and sports sandals, increased by 8.3% to $2.611 billion compared to the same period last year [1] - Footwear shipment volume rose by 5.0% to 127 million pairs [1] - The average selling price per pair increased by 3.2% to $20.61 [1] Market and Production Insights - Exports to the U.S. account for 29% of the company's revenue, with production in Indonesia, Vietnam, and China making up 53%, 32%, and 10% respectively [1] - The company is expected to leverage its overseas production capacity to expand market share despite potential impacts from tariffs and inflation on orders in the short term [1] - In the medium term, the company anticipates a recovery in orders driven by capacity expansion, price growth, and demand from brands like Adidas and ASICS [1]

中国移动-R(80941) 472.45 万元 64.18% 20.06% 前十大沽空金额排行 | 股票名称 | 沽空金额↓ | 沽空比率 | 偏离值 | | --- | --- | --- | --- | | 美团-W(03690) | 11.36 亿元 | 23.98% | 4.62% | | 小米集团-W(01810) | 10.40 亿元 | 16.20% | 2.87% | | 腾讯控股(00700) | 10.07 亿元 | 15.29% | 3.53% | | 阿里巴巴-SW(09988) | 8.05 亿元 | 15.83% | 2.60% | | 比亚迪股份(01211) | 6.23 亿元 | 19.31% | -10.98% | | 携程集团-S(09961) | 5.70 亿元 | 28.67% | 10.63% | | 小鹏汽车-W(09868) | 5.50 亿元 | 16.67% | -2.23% | | 石药集团(01093) | 5.49 亿元 | 24.84% | 2.63% | | 中国人寿(02628) | 3.61 亿元 | 21.52% | 5.61% | | 中国 ...

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Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company has shown a slight increase in revenue for the first half of 2025, with a year-on-year growth of 1.1%, while net profit attributable to the parent company decreased by 7.2% [2] - The company plans to invest approximately 23 billion Indian Rupees (around 27.6 million USD) to establish a production base in an economic zone in India, with preliminary construction already underway [2][3] - The company has a strong market position as a leading global sports shoe manufacturer, benefiting from vertical integration and a significant share of the global sports brand market [5] Summary by Sections Financial Performance - For the first half of 2025, the company's revenue and net profit attributable to the parent company were 406 million USD and 171 million USD, respectively, with a year-on-year growth of 1.1% and a decline of 7.2% [2] - The second quarter of 2025 saw revenue and net profit of 203.1 million USD and 95 million USD, with a year-on-year decline of 0.35% in revenue but a 13.02% increase in net profit [2] - The company plans to distribute a dividend of 0.4 HKD per share, resulting in a payout ratio of 47.77% and an annualized dividend yield of 6.4% [2] Manufacturing Insights - The manufacturing segment's revenue and net profit for the first half of 2025 were 279.8 million USD and 155 million USD, reflecting a year-on-year growth of 6.2% and a slight decline of 0.3% in net profit [3] - The manufacturing gross margin and net margin were 17.7% and 5.5%, respectively, with a year-on-year decrease of 1.4 and 0.4 percentage points [3] - The company has increased its workforce to 292,300 employees, a 5.5% year-on-year increase, with manufacturing staff growing by 6.6% [3] Retail Business Performance - The retail segment experienced a decline in revenue and net profit for the first half of 2025, with figures of 915.9 million CNY and 188 million CNY, representing a year-on-year decrease of 8.26% and 44% [4] - The number of direct-operated stores decreased by 1.16% year-on-year to 3,408, with a closure of 40 stores since the end of 2024 [4] - Despite challenges, the company reported a robust growth of 16% in omni-channel revenue, with live streaming sales increasing by over 100% [4] Investment Recommendations - The company is expected to face short-term order pressures due to tariffs and inflation, but medium-term growth is anticipated as production capacity is expanded and orders recover [5] - Revenue forecasts for 2025-2027 have been adjusted downwards to 8.218 billion USD, 8.546 billion USD, and 8.822 billion USD, respectively, with net profit forecasts revised to 373.67 million USD, 414.02 million USD, and 450.05 million USD [5][7] - The company maintains a favorable valuation with a projected PE ratio of 7, 6, and 6 for 2025-2027, supporting the "Buy" rating [5][7]

（於百慕達註冊成立之有限公司） 執行董事 獨立非執行董事 YUE YUEN INDUSTRIAL (HOLDINGS) LIMITED 裕 元 工 業（ 集 團 ）有 限 公 司 * （股份代號：00551） 董事名單與其角色和職能 董事會 裕元工業（集團）有限公司之董事會（「董事會」）成員載列如下： 盧金柱 （主席） 王克勤 蔡佩君 （董事總經理） 周維德 林學淵 林振鈿 楊茹惠 劉鴻志 鄒志明( 首席財務官 ) 何麗康 董事委員會 董事會轄下有三個委員會。下表提供董事會成員在這些委員會中所擔任的職位。 | | 委員會 | 審核及風險 | 薪酬委員會 | 提名委員會 | | --- | --- | --- | --- | --- | | 董事 | | 管理委員會 | | | | 蔡佩君 | | | | M | | 王克勤 | | C | C | | | 何麗康 | | M | M | C | | 林學淵 | | M | M | M | | 楊茹惠 | | M | M | | 附註： C ：有關委員會的主席 M：有關委員會的成員 * 僅供識別 香港，二零二五年八月十一日 ...