【财务数据】 招商银行(03968.HK)2020年净利润973.42亿元 同比增长4.82% 迅销(06288.HK)一季度纯利下降0.7%至703亿日元 明日复牌 高门集团(08412.HK)中期亏损收窄62.47%至409.4万港元 东骏控股(08383.HK)一季度纯利392万令吉 同比增长113% 千盛集团控股(08475.HK)第一季度亏损收窄55.37%至21.6万坡元 【业绩预告】 嘉泓物流(02130.HK)预计年度权益股东应占纯利大幅增加 中地乳业(01492.HK)：预期截至10月末止10个月纯利大幅增加 国农金融投资(08120.HK)预计年度亏损将大幅减少 笔克远东(00752.HK)：预计年度股东应占溢利减少超80% 威雅利(00854.HK)预计前三季度由亏转盈5930万港元 九兴控股(01836.HK)：预计年度纯利介于0美元至500万美元 【营运数据】 中国平安(02318.HK)：2020年原保费收入达7973.4亿元 众安在线(06060.HK)2020年原保费收入达167.03亿元 同比增长14.13% 六福集团(00590.HK)：第三季整体同店销售增长为-29% 中 ...

机构：长江证券 研究员：于旭辉/魏杏梓 九兴控股：全球高端鞋履隐形冠军九兴控股为全球领先的高端鞋履制造商，为Nike、Prada、Balenciaga 等全球顶尖品牌提供以ODM 为主的制造服务。公司在2010-2018 年持续进行国内→东南亚的产能转 移，导致订单受限、利润波动，2019 年管理层关键换班开启新增长周期，聚焦高端化转型与东南亚产 能布局优化，利润率及资本回报率得到显著回升，2024 年公司实现营收111 亿元、归母净利润12 亿 元，规模体量位居国内制鞋二线梯队，但利润率处于行业较优水平。 行业：需求存结构性机会，供给格局长期向好 多元产能布局，生产效率领先。公司建立以国内为枢纽、东南亚为主要生产基地的制造体系，2024 年 中国/越南/亚洲其他地区产能占比分别为24%/52%/20%。员工生产熟练度领先同业，人均出货量业内仅 次于华利，且在持续推进自动化提升效率，构建了与全球化产能深度适配的本地化供应体系。反映至经 营层面，公司劳动力转化效率优，综合所得税率处于业内最低，人均创收、创利均显著领先同业。 投资：重启成长，估值有望抬升 需求端，目前美国服装行业位于去库尾声，运动板块多数品牌库存 ...

[Table_scodeMsg1] 港股研究丨公司深度丨九兴控股（01836.HK） [Table_Title] "织"道系列九——九兴控股深度：九转功成， 兴替之间 %% %% %% %% research.95579.com 1 丨证券研究报告丨 报告要点 [Table_Summary] 展望未来，收入端，老客提份额+新客放量带来订单增量，公司于印尼、孟加拉积极扩产，未来 有望实现每年中单-双位数的量增，支撑营收稳健增长；利润端，新厂爬坡效率改善利好毛利率 修复，长期有望通过产品结构改善与费用端优化实现净利率提升。预计公司 2025/2026/2027 年 实现归母净利润 1.6/1.7/1.9 亿美元，对应 PE 分别为 11/10/9X，综合考虑公司订单较高的能见 度、利润改善潜力、更为稳定的客户组合以及高分红属性，我们认为公司当前的估值水平偏低， 75%分红比例下 2025 年股息率达 6.9%，低估值兼具高股息，首次覆盖，给予"买入"评级。 分析师及联系人 [Table_Author] 于旭辉 魏杏梓 SAC：S0490518020002 SAC：S0490524020003 SFC：BUU942 ...

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 | 狀態: 新提交 | | --- | | 截至月份: 2025年11月30日 | 致：香港交易及結算所有限公司 公司名稱: 九興控股有限公司 呈交日期: 2025年12月4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) | 01836 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 5,000,000,000 | HKD | | 0.1 HKD | | 500,000,000 | | 增加 / 減少 (-) | | | 0 | | | HKD | | | | 本月底結存 | | | 5,000,000,000 | HKD | | 0.1 HKD | | 500,000,000 | III.已發行股份及 ...

Investment Rating - The report maintains a recommendation for the industry, indicating a stable outlook for textile manufacturing and a positive trend for gold and jewelry sectors [3]. Core Insights - Textile manufacturing is expected to gradually improve due to stable overseas demand and low inventory levels, despite short-term production efficiency issues and order delays from existing clients [7][11]. - Brand apparel is facing pressure due to weak domestic consumption, with only a few companies showing positive performance through strong product and channel strategies [7][38]. - The gold and jewelry sector is experiencing high growth driven by low base effects, rising gold prices, and product structure upgrades, with leading brands showing significant revenue growth [7][49]. Summary by Sections Textile Manufacturing - Overseas demand remains stable, with low inventory levels in the U.S. indicating a healthy supply chain [12]. - Major global brands like NIKE are seeing recovery after two years of channel optimization, with orders expected to improve as major sporting events approach in 2026 [11][18]. - Key companies to watch include Shenzhou International, Yuyuan Group, and others with Southeast Asian production capabilities [34]. Brand Apparel - The performance of brand apparel companies is generally under pressure, with most reporting low single-digit revenue growth and declining profits [38]. - Notable exceptions include Mercury Home Textiles and Luolai, which reported significant revenue and profit increases due to product expansion and multi-channel strategies [38]. - Companies like Mercury Home Textiles and Li Ning are recommended for their positive brand momentum and strategic changes [48]. Gold and Jewelry - The gold and jewelry sector saw a 11.5% increase in retail sales in the first three quarters of 2025, driven by rising gold prices and product upgrades [49]. - Leading brands such as Chao Hong Ji and Man Ka Long reported substantial revenue growth, with Chao Hong Ji's revenue increasing by nearly 50% in Q3 2025 [54]. - Investment recommendations focus on brands with strong market positioning and ongoing product and channel upgrades, such as Chow Tai Fook and Chao Hong Ji [67].

第 1 頁 共 10 頁 v 1.1.1 致：香港交易及結算所有限公司 公司名稱: 九興控股有限公司 呈交日期: 2025年11月6日 I. 法定/註冊股本變動 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 | 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) | 01836 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 5,000,000,000 | HKD | | 0.1 HKD | | 500,000,000 | | 增加 / 減少 (-) | | | 0 | | | HKD | | | | 本月底結存 | | | 5,000,000,000 | HKD | | 0.1 HKD | | 500,000,000 | 本月底法定/註冊股本總額： HKD 500,000,000 | ...

Core Viewpoint - The A-share apparel sector has shown a positive revenue growth in Q3 2025, with significant net profit growth, primarily due to a lower base in Q3 2024. The home textile segment performed particularly well, while the textile manufacturing sector saw a narrowing decline in both revenue and profit [1][3]. Industry Review - Demand Side: - Online retail sales of clothing in China from January to September increased by 2.8% year-on-year, accelerating compared to the previous months [2]. - In the U.S., retail sales of clothing and accessories rose by 8.3% year-on-year in August, marking an acceleration from July, with continuous month-on-month growth since May [2]. - Export Side: - China's textile and apparel exports in September decreased by 1.5% year-on-year, with textile exports up by 6% and garment exports down by 8% [2]. - Vietnam's textile and footwear exports in September increased by 9% year-on-year, showing an acceleration compared to August [2]. Apparel Sector Q3 2025 Summary - Performance Review: - The A-share apparel sector's revenue growth turned positive in Q3 2025, with a net profit increase of 10.6% compared to a decline of 22.0% in Q2 [3]. - The home textile segment, particularly brands like Luolai and Mercury, showed significant revenue and profit growth [3]. - Operational Efficiency: - Most brands experienced an increase in inventory turnover days year-on-year, except for Ge Li Si, Youngor, Luolai Life, and Mercury Home Textile, which saw a decrease [3]. Textile Manufacturing Q3 2025 Summary - Performance Review: - The revenue decline in the A-share textile manufacturing sector narrowed in Q3 2025, with a decrease of 0.4% compared to 1.9% in Q2 [5]. - Profit decline also narrowed, with a decrease of 11.2% in Q3 compared to 20.4% in Q2, with companies like Nanshan Zhishang and Fuchun Dyeing leading in growth [5]. - Future Outlook: - The impact of short-term tariffs is expected to end by year-end, with future order demand being a key variable. Most overseas brands completed price increases in Q3, making Q4 U.S. consumption trends an important observation [5]. - The concentration of orders and capacity advantages for midstream OEMs with mature overseas production capabilities will become more prominent [5]. - The efficiency of new production capacity and the pace of improvement need to be monitored, with a balanced production line allocation mechanism being crucial [5]. Investment Recommendations - For 2026, the performance recovery logic for the export manufacturing sector appears clearer, driven by the implementation of U.S. tariff policies, reduced pressure on brands, and ongoing efficiency improvements [6]. - Recommended stocks include: - For home textiles: Luolai Life, Mercury Home Textile, and Fuanna [6]. - For light luxury: Prada and Samsonite [6]. - For undervalued high-dividend stocks: Bosideng, Jiangnan Buyi, and Taobo [6].

Core Viewpoint - The company reported a year-on-year revenue increase of 3.7% in Q3 2025, driven by growth in manufacturing revenue and shipment volume, despite a decline in average selling price (ASP) [1] Group 1: Financial Performance - In Q3 2025, the company's revenue reached $400 million, with manufacturing revenue at $390 million, and shipment volume increased by 7.8% to 13.9 million pairs [1] - For the first three quarters of 2025, the company achieved a revenue of $1.18 billion, with manufacturing revenue at $1.15 billion and total shipment volume up by 5.1% to 41.4 million pairs [1] - The company plans to maintain a dividend payout ratio of approximately 70% in 2025 and 2026, returning up to $60 million annually to shareholders through share buybacks and special dividends [1] Group 2: Production Capacity and Strategy - The company is set to expand its total production capacity by 20 million pairs starting in 2025, focusing on enhancing capacity at its new factory in Indonesia and launching a second factory in Bangladesh [1][2] - The company aims to improve production efficiency at its Indonesian and Philippine facilities by the second half of 2025, although profitability may face short-term pressure [2] - The company is committed to developing its handbag and accessories manufacturing business as a core growth driver, having recently acquired a small handbag factory in Vietnam to enhance production quality and efficiency [3] Group 3: Future Outlook - The company is on track to achieve its three-year plan (2023-2025) with a target of 10% operating profit margin and low double-digit compound annual growth rate for after-tax profits, having exceeded these targets in 2023 and 2024 [2] - The company continues to diversify its product mix and expand its customer base, with expectations of strong demand for its product development and production capacity despite current market uncertainties [2] - Revenue forecasts for 2025-2027 have been adjusted to $1.58 billion, $1.66 billion, and $1.76 billion, with net profits projected at $160 million, $170 million, and $190 million respectively [3]

Group 1 - The overall probability of achieving long-term excess returns in the consumer sector is greater compared to other industries, with consumer stocks serving as a stable "ballast" [1][18][19] - The food and beverage, and home appliance sectors show a trend of excess returns that can be divided into two phases: pricing boom and pricing stability, with ROE growth surpassing the overall market [1][19] - The electrical equipment sector benefits from sustained demand and has a higher historical probability of achieving long-term excess returns compared to other cyclical industries [1][19] Group 2 - Recent industry trends indicate that coal, oil and petrochemicals, electrical equipment, machinery, electronics, pharmaceuticals, textiles, automotive, non-bank finance, public utilities, and retail are on an upward trajectory, while food and beverage, home appliances, banking, real estate, and environmental protection are declining [2][22] - The report predicts that industries such as rail transit equipment, automotive parts, commercial vehicles, and lighting equipment will perform well in the next four weeks [2][22] Group 3 - The convertible bond market saw an increase this week, with the China Securities convertible bond index rising by 1.47% and the weighted average rising by 1.37% [3][28] - The overall market weighted average conversion value increased to 101.05 yuan, with a conversion premium rate of 40.44% [3][28][29] - The report highlights that sectors like defense, electronics, and computers led the market gains, while communications and beauty care lagged [3][28] Group 4 - The report on Dinglong Co. indicates a projected revenue of approximately 945 million yuan for Q3 2025, with a year-on-year growth of about 4.20% [7] - The CMP polishing pad business is expected to continue growing, with a 51% increase in revenue for the first three quarters of 2025 compared to the previous year [7] - The semiconductor display materials segment is also seeing a steady increase in market share, with new products receiving positive feedback [7] Group 5 - Yangjie Technology reported a revenue of 5.348 billion yuan for the first three quarters of 2025, reflecting a year-on-year growth of 20.89% [8] - The company is focusing on expanding its market presence in automotive electronics and artificial intelligence, which are driving order and shipment growth [8] - The forecast for net profit for 2025-2027 is set at 1.256 billion, 1.485 billion, and 1.728 billion yuan respectively [8]

Core Viewpoint - Tianfeng Securities maintains a "Buy" rating for Jiu Xing Holdings (01836), adjusting profit forecasts due to a relatively weak consumer environment while still expecting revenue and net profit growth in the coming years [1][2] Group 1: Financial Projections - Revenue projections for 2025, 2026, and 2027 are adjusted to $1.58 billion, $1.66 billion, and $1.76 billion, respectively, down from previous estimates of $1.62 billion, $1.71 billion, and $1.81 billion [1] - Net profit estimates for the same years are maintained at $160 million, $170 million, and $190 million, consistent with prior forecasts [1] - Corresponding price-to-earnings (PE) ratios are projected to be 11x, 10x, and 9x for 2025, 2026, and 2027, respectively [1] Group 2: Strategic Initiatives - The company aims to achieve a 10% operating profit margin and a low double-digit compound annual growth rate in after-tax profits by the end of its three-year plan (2023-2025), having already exceeded these targets in 2023 and 2024 [1] - Continuous improvement in product category mix, diversification, and expansion of the customer base are key strategies moving forward [1] - The company plans to optimize production capacity between luxury, high-end fashion categories, and new sports category clients, with new client shipments expected to begin in the second half of the year [1] Group 3: Business Development - The company is committed to making its handbag and accessories manufacturing business a core growth driver, targeting the introduction of more high-end clients [2] - Accelerating the development of this business will be a focus in the next three-year plan starting in 2026 [2] - A recent acquisition of a small handbag and accessories factory in Vietnam aims to leverage high-end production expertise and enhance the quality and efficiency of the company's manufacturing operations [2]