EF001 第 1 頁 共 2 頁 v 1.1.1 EF001 免責聲明 | 發行人所發行上市權證/可轉換債券的相關信息 | | | --- | --- | | 發行人所發行上市權證/可轉換債券 | 不適用 | | 其他信息 | | | 其他信息 | 不適用 | | 發行人董事 | | | Bolliger Peter先生、陳富強先生，BBS、游朝堂先生、尹倩儀女士及馬慧凡女士。 | 於本公告日期，執行董事為陳立民先生、齊樂人先生、Gillman Charles Christopher先生及蔣以民先生；及獨立非執行董事為 | | 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 | 九興控股有限公司 | | 股份代號 | 01836 | | 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 ...

EF001 第 1 頁 共 2 頁 v 1.1.1 EF001 | 發行人所發行上市權證/可轉換債券的相關信息 | | | --- | --- | | 發行人所發行上市權證/可轉換債券 | 不適用 | | 其他信息 | | | 其他信息 | 不適用 | | 發行人董事 | | | Bolliger Peter先生、陳富強先生，BBS、游朝堂先生、尹倩儀女士及馬慧凡女士。 | 於本公告日期，執行董事為陳立民先生、齊樂人先生、Gillman Charles Christopher先生及蔣以民先生；及獨立非執行董事為 | 第 2 頁 共 2 頁 v 1.1.1 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 | 九興控股有限公司 | | 股份代號 | 01836 | | 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 | ...

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。 （於開曼群島註冊成立之有限公司） （股份代號︰1836） 截至二零二五年十二月三十一日止年度的全年業績 摘要： • 出貨量增加3.8%，主要由運動鞋類帶動 • 收入增加1.6%至15.702億美元 • 經營利潤為1.492億美元，經營利潤率為9.5% • 呈報純利為1.370億美元 • 已收購越南一家高端手袋工廠 • 維持強健淨現金狀況，達3.674億美元 • 宣派末期股息每股37港仙（連同先前宣派之中期股息，派息率約70%）及來自超 額現金回報計劃的額外特別股息每股56港仙。於截至二零二五年十二月三十一 日止年度宣派之股息總額（包括中期股息、末期股息及特別股息）為每股145港 仙。 * 僅供識別 1 九興控股有限公司（「本公司」）董事（「董事」）會（「董事會」）欣然公佈本公司及其附屬公司 （統稱「本集團」）截至二零二五年十二月三十一日止年度的綜合全年業績，連同上一個 財政年度的比較數字。 綜合損益及其 ...

1 2025 Annual Results DISCLAIMER This presentation and the accompanying slides (the "Presentation") which have been prepared by Stella International Holdings Limited ("Stella" or the "Company") do not constitute any offer or invitation to purchase or subscribe for any securities, and shall not form the basis for or be relied on in connection with any contract or binding commitment whatsoever. They are only being furnished to you and may not be photocopied, reproduced or distributed to any other persons at a ...

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: | | --- | | 2026年2月28日 | | 狀態: | | 新提交 | 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 II. 已發行股份及/或庫存股份變動及足夠公眾持股量的確認 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 已發行股份（不包括庫存股份）數目 庫存股份數目 已發行股份總數 上月底結存 839,726,500 839,726,500 增加 / 減少 (-) 0 本月底結存 839,726,500 0 839,726,500 足夠公眾持股量的確認(註4) 呈交日期: 2026年3月5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 | | | | | | | | ...

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: 2026年2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 | 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 | | | 本月底法定/註冊股本總額： HKD 500,000,000 FF301 第 1 頁 共 10 ...

Group 1 - Anta Sports (82020), Li Ning (82331), and JD Health (86618) have the highest short-selling ratios at 100.00% each [1][2] - BYD Company (01211), Meituan (03690), and Xiaomi Group (01810) lead in short-selling amounts, with 1.896 billion, 1.439 billion, and 0.965 billion respectively [1][2] - Li Ning (82331), Shangmei Group (02145), and Bank of China Hong Kong (82388) have the highest deviation values at 37.55%, 31.60%, and 30.16% respectively [1][2] Group 2 - The top short-selling ratio rankings include Anta Sports (82020) at 100.00%, Li Ning (82331) at 100.00%, and JD Health (86618) at 100.00% [2] - The top short-selling amounts are led by BYD Company (01211) at 1.896 billion, Meituan (03690) at 1.439 billion, and Xiaomi Group (01810) at 0.965 billion [2] - The top deviation values are led by Li Ning (82331) at 37.55%, Shangmei Group (02145) at 31.60%, and Bank of China Hong Kong (82388) at 30.16% [2]

Group 1 - The top short-selling ratios are led by AIA Group (81299) and JD Health (86618) at 100.00%, followed by Baidu Group (89888) at 95.46% [1][2] - The highest short-selling amounts are recorded for Pop Mart (09992) at 1.3 billion, Alibaba (09988) at 1.26 billion, and Xiaomi Group (01810) at 1.064 billion [1][2] - The highest deviation values are for Baidu Group (89888) at 62.11%, Shenzhen Expressway (00548) at 37.02%, and SenseTime (80020) at 34.65% [1][2] Group 2 - The top ten short-selling ratios include AIA Group (81299) at 100.00%, JD Health (86618) at 100.00%, and Baidu Group (89888) at 95.46% [2] - The top ten short-selling amounts show Pop Mart (09992) leading with 1.3 billion, followed by Alibaba (09988) with 1.26 billion, and Xiaomi Group (01810) with 1.064 billion [2] - The top ten deviation values highlight Baidu Group (89888) at 62.11%, Shenzhen Expressway (00548) at 37.02%, and SenseTime (80020) at 34.65% [2]

Investment Rating - The report maintains a "Positive" investment rating for the textile, apparel, and luxury goods industry [9]. Core Insights - The current inventory replenishment cycle in the U.S. apparel industry is characterized by weak elasticity due to several factors, including K-shaped consumer spending, misalignment in brand recovery rhythms, and constraints faced by comprehensive sports brands [3][6]. - Despite the transition from inventory destocking to replenishment, the expected rebound in manufacturing performance and market response has not materialized as anticipated [6][19]. - The report forecasts limited replenishment elasticity in the near term, with potential improvements in terminal demand expected after the current interest rate cycle concludes [3][8]. Summary by Sections Introduction - The report discusses the weak momentum in the current manufacturing replenishment cycle, noting that the U.S. apparel industry has transitioned to a phase of active replenishment after reducing inventory to healthy levels since Q1 2023 [6][17]. Analysis of Weak Replenishment Cycle - **Macro Perspective**: U.S. consumer spending is experiencing K-shaped differentiation, where high-income households support overall consumption while lower-income households face suppressed purchasing power and willingness to spend [7][32]. - **Brand Perspective**: The misalignment in recovery rhythms among brands has diluted overall replenishment elasticity, with brands like Adidas and Deckers already undergoing several quarters of replenishment without strong retail catalysts [7][30]. - **Industry Perspective**: The growth potential in the sports category is diminishing due to factors such as slowing penetration rates, reduced technological innovation, and diminishing returns from direct-to-consumer (DTC) strategies [7][30]. Future Replenishment Elasticity Expectations - In the short term, historical inventory cycles suggest that mature brands may experience shorter replenishment periods, while growth-oriented brands could see longer cycles [8][19]. - The report indicates that after the current interest rate cycle, retail demand may improve, leading to a more resilient growth trajectory for top brands transitioning into replenishment phases [8][19]. - Recommended stocks include Crystal International and Shenzhou International, with a focus on companies like Wah Lee and Yue Yuen [8][19].

Group 1 - Goldman Sachs has downgraded the net profit forecast for Jiu Xing Holdings (01836) for 2025 to 2027 by 9% to 16% and reduced the target price from HKD 18.2 to HKD 16.5, while maintaining a "Buy" rating due to the valuation not being overly high [1] - The sales for Jiu Xing in Q4 2025 increased by 0.8% year-on-year, which is below Goldman Sachs' expectation of 4%, with OEM sales remaining flat due to shipment delays and an average selling price declining by 0.4% year-on-year [1] - The management indicated that profit margins for the second half of 2025 will face multiple challenges, and it is expected that order channels will slow down in 2026 due to the ongoing impact of tariffs on the entire value chain [1]