Investment Rating - The report maintains a "Buy" rating for the company [6]. Core Insights - The company achieved a revenue of $1.57 billion in 2025, a year-on-year increase of 1.6%, but the net profit attributable to shareholders was $140 million, a decrease of 19.3%, indicating that revenue performance was below expectations [4]. - The company plans to expand production in Indonesia and Bangladesh, expecting robust growth from both existing and new customers over the next three years. Profit margins are anticipated to improve as new factories ramp up efficiency, with long-term net profit margin enhancement expected through product mix improvement and cost optimization [2][4]. - The forecast for net profit attributable to shareholders is $150 million, $160 million, and $170 million for 2026, 2027, and 2028 respectively, corresponding to P/E ratios of 10, 10, and 9 times. A 70% dividend payout ratio combined with a $60 million special dividend or buyback is projected to yield a 10.8% return for shareholders in 2026, highlighting a low valuation alongside high shareholder returns [2][4]. Revenue Analysis - The company experienced a volume increase of 3.8% but a decline in average selling price (ASP) by 2.5% in 2025. The growth in volume is attributed to increased orders from sports customers, while the decline in ASP is due to a higher proportion of lower-priced sports products [6]. - Revenue by category in 2025 showed sports, luxury, leisure, and fashion segments growing by 10%, declining by 6%, increasing by 1%, and declining by 10% respectively. The sports segment's growth is driven by higher demand from existing customers and new customer acquisition, while the luxury and fashion segments faced declines due to reduced demand in the U.S. and some delayed shipments [6]. Profitability Analysis - The company's gross margin decreased by 3 percentage points to 21.8% in 2025, primarily due to low sales volume during the ramp-up of new factories. The net profit margin fell by 2.3 percentage points to 8.8% due to increased sales and research expenses, although management expenses were optimized [6]. - The report indicates that the sales expense ratio, management expense ratio, and research expense ratio changed by +0.1 percentage points, -0.7 percentage points, and +0.3 percentage points respectively, reflecting the impact of new product production and the establishment of a new R&D center [6].

Investment Rating - The investment rating for the company is "Buy" [2]. Core Insights - The company's performance in 2025 met expectations, with a high dividend payout ratio of 113%. The year 2026 is designated as an investment year, with expected continuous improvement in production efficiency and a projected high single-digit CAGR for net profit from 2026 to 2028 [3][10]. - The company plans to build three new factories in Indonesia, Bangladesh, and Vietnam, adding approximately 20 million pairs of production capacity in the coming years. A research and development center will also be established in Vietnam [10]. - The current order visibility is favorable, and the company is accelerating capacity transfer to lower-cost regions to mitigate tariff risks. The high-end footwear products have not yet been significantly impacted by the complex geopolitical situation [10]. Financial Summary - For the fiscal year 2025, the company reported total revenue of $1.57 billion, a year-on-year increase of 1.6%. The net profit was $138 million, down 19.3% year-on-year, with a gross margin of 21.8%, a decrease of 3.1 percentage points [5][10]. - The projected financials for 2026 to 2028 include net profits of $146 million, $160 million, and $177 million, respectively, with a compound annual growth rate (CAGR) expected to be in the high single digits [10][12]. - The company’s price-to-earnings (PE) ratio for 2026 is estimated at 12x, with a target price of HKD 15.91 based on a conversion rate of 1 USD = 7.8 HKD [10].

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]