智通财经APP获悉，浙商证券发布研报称，维持九兴控股(01836)"买入"评级，预计25-27年公司实现收 入15.7/16.4/17.5亿美元，归母净利润分别为1.5/1.7/1.9亿美元，预计25年分红率维持70%，且公司承诺 2025-2026年均有6000万美元的回购或特别股息，对应股息率10%。公司产能稀缺客户订单充沛保障收 入稳健成长，印尼和孟加拉新产能有序扩张，短期产能爬坡利润率波动不改长期向好趋势。 报告中称，九兴2026年客户反馈积极，订单需求旺盛，新客户拓展顺利，且规模较大订单充沛，同时第 一大客户订单稳健。目前产能拓展成关键变量，公司预计新增2000万双新产能支持未来3年计划的业务 增长，印尼梭罗新工厂预计仍有700万双产能逐步提升，孟加拉新工厂预计仍可扩充300万双，印尼最大 客户专属工厂新产能预计26H2投产，贡献1000-1500万双新产能。 ...

[Table_Title] 研究报告 Research Report 20 Oct 2025 九兴控股 Stella International (1836 HK) 3Q25 客户订单强劲，扩产效率稳步提升 Strong Order Outlook, Steady Improvement in Capacity Ramp-Up Efficiency 寇媛媛 Yuanyuan Kou 陈芳园 Ashley Chen yy.kou@htisec.com ashley.fy.chen@htisec.com [Table_yemei1] 热点速评 Flash Analysis [Table_summary] (Please see APPENDIX 1 for English summary) 事件：2025 年 10 月 16 日，九兴控股发布 2025 年三季度业绩。公司前三季度收入合计为 11.79 亿美元，同比 +1.7%； 其中，3Q25 公司实现单季度收入为 4.02 亿美元，同比 +3.7%，增长主要得益于出货量同比增长 7.8%，部分被平均售 价（ASP）同比下降 3.8%所抵消。 运动品类需求强劲带 ...

智通财经APP讯，九兴控股(01836)发布公告，于截至2025年9月30日止3个月，集团未经审核综合收入上 升3.7%至4.042亿美元(2024年：3.897亿美元);于截至2025年9月30日止九个月，集团未经审核综合收入 上升1.7%至11.792亿美元(2024年：11.597亿美元)。 ...

九兴控股(01836)发布公告，于截至2025年9月30日止3个月，集团未经审核综合收入上升3.7%至4.042亿 美元(2024年：3.897亿美元);于截至2025年9月30日止九个月，集团未经审核综合收入上升1.7%至11.792 亿美元(2024年：11.597亿美元)。 ...

格隆汇10月16日丨九兴控股(01836.HK)发布公告，2025年第三季度，集团未经审核综合收入上升3.7%至 4.042亿美元；截至2025年9月30日止九个月，集团未经审核综合收入上升1.7%至11.792亿美元。 ...

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。 （股份代號︰1836） （於開曼群島註冊成立之有限公司） 九興控股有限公司（「本公司」）董事（「董事」）會（「董事會」）自願提供本公司股東（「股東」） 及潛在投資者關於本公司及其附屬公司（統稱「本集團」）於二零二五年第三季度之業務 發展最新情況。 總綜合收入 二零二五年第三季度集團業務之最新資料 在解決印尼及菲律賓擴充生產設施及提產過程中遇到的初步挑戰方面，本集團已取得 穩健的進展。這將為本集團預計於二零二六年下半年投產的新生產設施在試產與產能 擴充上提供寶貴的經驗。 本集團仍承諾於二零二五年及二零二六年除維持在通常水平約70%的派息率派付定期 股息（包括末期股息及中期股息）外，將通過結合股份回購及派付特別股息的方式向股 東返還每年最多6,000萬美元的額外現金。 製造業務 下表載列本集團鞋履製造業務於截至二零二五年九月三十日止三個月及九個月之收 入、出貨量及平均銷售價格（「平均售價」）之分析： | | ...

Core Insights - The article highlights the top short-selling ratios and amounts for various companies, indicating significant market sentiment against these stocks [1][2]. Short-Selling Ratios - Anta Sports-R (82020), Li Ning-R (82331), and Great Wall Motors-R (82333) have the highest short-selling ratios at 100.00% [1][2]. - AIA Group-R (81299) follows with a short-selling ratio of 99.20%, while China Resources Beer-R (80291) has a ratio of 94.83% [2]. Short-Selling Amounts - Alibaba-SW (09988) leads in short-selling amount with 3.717 billion, followed by Xiaomi Group-W (01810) at 2.634 billion and Tencent Holdings (00700) at 2.457 billion [1][2]. - Other notable companies include SMIC (00981) with 2.219 billion and BYD Company (01211) with 1.342 billion [2]. Deviation Values - Tencent Holdings-R (80700) has the highest deviation value at 44.97%, indicating a significant difference from its average short-selling ratio [1][2]. - Great Wall Motors-R (82333) and China Lilang (01234) follow with deviation values of 31.15% and 26.81%, respectively [2].

Core Viewpoint - The company reported a slight revenue growth of 0.7% in H1 2025, driven primarily by the sports category, despite facing challenges related to high base effects from the previous year and temporary gross margin pressures [1][2][3] Financial Performance - Revenue increased to $775 million in H1 2025 from $770 million in H1 2024, with a shipment volume rise of 3.8% to 27.5 million pairs [1] - Gross profit decreased by 11.9% to $175 million, resulting in a gross margin of 22.6%, down from 25.8% in the previous year [2] - Operating profit fell by 14.5% to $84.7 million, with an operating margin of 10.9%, compared to 12.9% in H1 2024 [2] Product Category Insights - Sales in the sports category grew by 8.2%, accounting for 48.5% of total revenue, benefiting from increased shipments to major sports clients and a new client collaboration [1] - Revenue from fashion and luxury categories combined decreased by 3.5%, with respective contributions of 25.4% and 7.8% to total revenue [1] - The leisure category saw a revenue decline of 9.2%, representing 18.3% of total revenue [1] Geographic Distribution - North America and Europe are the largest markets, contributing 48.7% and 23.4% to revenue, respectively, followed by China (including Hong Kong) at 15.5% [2] Strategic Planning - The company is on track with its three-year plan (2023-2025), aiming for a 10% operating profit margin and low double-digit growth in after-tax profits [3][4] - The company plans to expand total capacity by 20 million pairs, enhancing production in Indonesia and Bangladesh, and focusing on developing handbag and accessory manufacturing as a long-term growth driver [4][5] Adjustments and Forecasts - Based on H1 2025 performance and operational efficiency post-capacity expansion, the company adjusted its profit forecasts, projecting net profits of $160 million, $180 million, and $190 million for 2025-2027 [6]

证券研究报告 | 2025 年 10 月 14 日 晨会集萃 制作：产品中心 重点推荐 《策略|中观景气度数据库和定量模型应用——中观景气度高频跟踪及运 用》 1、从整体的行业景气度方面来看，本周电力设备、机械设备、电子、食 品饮料、轻工制造、房地产、商贸零售等行业整体呈上行趋势；石油石化、 建筑材料、医药生物、纺织服饰、汽车、公用事业、环保等行业整体呈下 行趋势。2、本周，我们预测了未来 4 周表现较优的申万二级行业。重视 汽车服务、商用车、汽车零部件、轨交设备Ⅱ、铁路公路、照明设备Ⅱ、 乘用车、家电零部件Ⅱ、化学制药、非金属材料Ⅱ、塑料、消费电子、化 学纤维、电子化学品Ⅱ、电机Ⅱ等申万二级行业。3、根据经济复苏与市 场流动性，可以把投资主线降维为三个方向：1）Deepseek 突破与开源引 领的科技 AI，2）内外共振，经济逐步修复，牛市主线风格"强者恒强"， 但周期后半段易有所表现，3）低估红利继续崛起。 风险提示：1）历史复盘仅供参考；2）市场波动性可能影响资产表现；3） 基于模型的定量分析无法代替上市公司基本面的定性分析。 《固收|进出口的"韧性"与"底气"——9 月进出口数据点评》 1、9 月出口 ...

Core Viewpoint - Tianfeng Securities maintains a "buy" rating for Jiu Xing Holdings (01836), adjusting profit forecasts based on the performance in the first half of 2025 and considering last year's high base effect and operational efficiency from new capacity deployment [1] Group 1: Financial Performance - The net profit forecasts for 2025-2027 are adjusted to $160 million, $180 million, and $190 million, respectively, down from previous estimates of $180 million, $200 million, and $220 million [1] - Earnings per share (EPS) estimates are revised to $0.20, $0.21, and $0.23 for the same period, compared to earlier projections of $0.22, $0.24, and $0.26 [1] Group 2: Strategic Planning - The company is currently in a stable position, a direct result of its three-year plan (2023-2025), which aims to improve product category mix, diversify and expand the customer base, and optimize manufacturing base layout [1] - The company has set two main profit targets: achieving a 10% operating profit margin and a low double-digit annual growth rate in after-tax profit over the three-year period [1] - The company has already exceeded these targets in 2023 and 2024, expressing confidence in achieving them by the end of 2025 [1] Group 3: Operational Challenges - The company faces short-term challenges in profitability due to two main factors: a high base effect from customers advancing orders to meet demand before the Paris Olympics and operational efficiency issues related to increased capacity in Indonesia and the Philippines [2] - To meet demand and ensure customer goals, the company has shifted some production to a factory in Vietnam, resulting in increased costs, including overtime expenses [2] - Despite initial challenges, the company expects conditions to improve in the second half of the year [2] Group 4: Future Growth Plans - As the company prepares to finalize its next three-year plan (2026-2028), it remains on a growth trajectory [2] - The new plan includes an expansion of total capacity by 20 million pairs, achieved through increasing capacity at the new factory in Solo, Indonesia, starting operations at a second factory in Bangladesh, and accelerating the construction of a dedicated factory for its largest sports client in Indonesia [2] - Another focus of the upcoming three-year plan is the development of handbag and accessory manufacturing, which the company aims to establish as a significant long-term growth driver [2] - The company has recently acquired a small but experienced handbag factory in Vietnam to enhance product quality and production efficiency in its handbag business [2] - The next three-year plan will enable the company to meet cross-product category demands from brand customers, positioning itself as an ideal partner that combines high-quality standards with added value [2]