Stella International Holdings Limited 股份代號 : 1836 2023 年報 使命 核心價值 九興致力向客戶提供各式各樣的優質高端鞋履及皮具產 品。九興以客為尊，對業務充滿熱誠，著重向客戶提供盡 善盡美的產品。除了推廣這些核心價值外，九興的管理理 念是關愛、尊重及學習。 使命： | --- | |----------------------------------------------------------------------------------------------------------| | | | 「製造最好的鞋履」這句座右銘。我們的使命是： • 在專精的業務板塊中成為皮具產品及相關服務的首選合作夥伴， | 藉此建立有效而卓越的供應鏈。 • 與客戶維持緊密聯繫，使我們能以創新、具成本效益及優質的解 決方案來滿足其需要。我們以備至的關懷、敏銳的反應及可靠的 信譽，去贏取客戶長期支持。 • 我們的文化吸引及培育活力充沛、全力以赴並對我們業務充滿熱 誠並熱衷學習的人才。 • 透過致力於所屬業務範疇做到最好，達成增長目標，並為客戶、 僱員及股東增值。 企業管 ...

[Table_MainInfo] 公司研究/纺织与服装/服装与奢侈品 证券研究报告 九兴控股（1836）公司年报点评 2024年03月30日 [Table_InvestInfo] 投资评级 优于大市 维持 2023 盈利水平创近 10 年新高 股票数据 [投Ta资ble要_S点um：mary] 0[3T月ab2le9_日S收to盘c价k（In港fo元] ） 12.48 52周股价波动（港元） 6.73-12.60 总股本（百万股） 797  2023业绩增长稳健，盈利改善，维持70%派息率。2023集团收入14.9亿美 总市值（百万港元） 9948 元，同比降8.5%，其中制造收入14.5亿，同比降8.9%。集团毛利率24.6%， 相关研究 同比增3pct。经营利润率10.7%，同比增2.4pct。归母净利率9.5%，同比增 [《Ta低b估le值_R+高ep股o息rtI+n稳fo增] 长顶尖时尚与休闲鞋类制 2.2pct。全年股息103港仙/股（末期61港仙），派息率约为70%，股息率8.3% 造企业》2024.3.12 （以3/29收盘价计）。23年缩减品牌（零售与批发）业务，收入460万美元 市场表现 ...

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。 1 Stella International Holdings Limited 九興控股有限 公 司 * （於開曼群島註冊成立之有限公司） （股份代號︰1836） 截至二零二三年十二月三十一日止年度的全年業績 | --- | --- | |--------|---------------------------------------------------------------------------------------------------------------------------------------| | | | | 摘要： | | | － | 平均售價（「平均售價」）增長 4.2% | | － | 進一步提升客戶組合，尤其在奢華及高端時尚類別 | | － | 精簡本集團在中國大陸的零售業務，並已結束所有其他位於世界各地的實體銷 售點 | | － | 毛利率增長 3.0 個百分點 ...

[Table_MainInfo] 公司研究/纺织与服装/服装与奢侈品 证券研究报告 九兴控股（1836）公司研究报告 2024年03月12日 [Table_InvestInfo] 首次 低估值+高股息+稳增长顶尖时尚与休闲鞋类 投资评级 优于大市 覆盖 制造企业 股票数据 [Table_Summary] 3[T月ab11le日_S收t盘oc价kI（nf港o元] ） 11.00 投资要点： 52周股价波动（港元） 6.46-11.00 总股本（百万股） 797 总市值（百万港元） 8768  全球顶尖时尚与休闲鞋履制造企业。公司从事鞋履及皮具产品的开发及制造， 市场表现 品类涵盖奢华、运动及休闲品类，产能分布于国内、越南及印尼。公司拥有 [Table_QuoteInfo] 全球众多全球知名品牌客户，包括①运动品牌：Nike、Saucony、Under Armour 等，②时尚鞋履品牌：Cole Haan、Kate Spade、Michael Kors、Tory Burch 等，③高端时尚品牌：Amiri、Ambush、Alexander Wang、Balenciaga、 Balmain、Chloe、Jimmy ...

anting to Stella International Holdings Limited Cave Awards and 20 r 目 錄 頁次 主席報告 02 管理層討論及分析 03 中期股息 09 中期財務資料審閱報告 10 中期財務報表 11 權益披露 40 企業管治 42 其他資料 43 公司資料 56 九興控股有限公司 二零二三年中期報告 01 主席報告 各位股東： 於二零二三年上半年，我們喜見正在推行的三年規劃（2023-2025）（「三年規劃」）所帶來的若干正面成果。 該戰略的關鍵部分為強化我們的客戶類別組合，包括與更多的奢華及高端時尚品牌合作，將運動及運動休閒鞋 履系列引入其產品組合。憑藉透過與全球主要運動品牌合作所取得的輝煌成就，引領我們將運動休閒及以奢華 定價的鞋履品類帶入創新的局面。 這先見之舉對本年度的業績有所裨益。縱使持續通脹及主要西方市場生活成本上升而導致全球消費疲弱，惟奢 華及高端時尚品牌客戶需求更多優質及復雜產品和款式，令其表現優於一般的鞋履市場。 與我們的增長策略相對應，我們留意到在過去兩年中新增至客戶組合中的奢華及高端時尚品牌所作出的卓越 貢獻。此外，我們的運動、奢華 ...

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。 1 Stella International Holdings Limited 九興控股有限 公 司 * （於開曼群島註冊成立之有限公司） （股份代號︰1836） 截至二零二三年六月三十日止六個月的中期業績 | --- | --- | |--------|-----------------------------------------------------------------------| | | | | 摘要： | | | － | 奢華、時尚及運動品類顧客對高端產品款式的需求旺盛 | | － | 平均售價上漲 6.5% ，毛利率上升 3.3 個百分點至 23.1% | | － | 生產效率增加，使經營利潤 1 率上升至 9.0% （二零二二年上半年： 8.3% ） | | － | 經調整純利 2 率增加至 8.4% ，而二零二二年上半年為 7.3% | | － | 產能的擴張充分由穩健的淨現金 ...

Financial Performance - Revenue in 2022 increased to $1,630.77 million, up from $1,540.61 million in 2021[11] - Net profit attributable to shareholders in 2022 was $118.03 million, compared to $89.69 million in 2021[12] - Revenue increased by 5.9% to $1.6308 billion in 2022, with shipment volume rising by 0.4% to 56 million pairs[20] - Average selling price of footwear increased by 5.2% to $28.5 per pair in 2022, driven by changes in customer and product mix[20] - Revenue for 2022 increased to $1,630.77 million, up from $1,540.61 million in 2021, representing a growth of 5.85%[133] - Gross profit rose to $352.13 million in 2022, compared to $316.85 million in 2021, an increase of 11.14%[133] - Net profit attributable to owners of the parent company increased to $118.03 million in 2022, up from $89.69 million in 2021, a growth of 31.61%[134] - Total comprehensive income for 2022 was $92.54 million, slightly higher than $92.24 million in 2021[134] - Earnings per share (basic) increased to $0.1490 in 2022, up from $0.1133 in 2021, a rise of 31.51%[134] - The company reported a net profit of $117.2 million for the year ended December 31, 2022, compared to $90.8 million in 2021[22] - Net profit for the year was $89,694 thousand, contributing to a total comprehensive income of $91,314 thousand[138] - Operating cash flow from activities increased to $240,076 thousand, up from $120,256 thousand in the previous year[140] - Cash and cash equivalents at the end of the year stood at $213,303 thousand, compared to $135,170 thousand at the beginning of the year[141] - The company's total equity increased to $1,016,721 thousand from $923,839 thousand at the beginning of the year[138] - The company's cash flow from financing activities was a net outflow of $106,412 thousand, compared to $22,622 thousand in the previous year[141] Revenue Distribution and Market Performance - The company's revenue distribution was 51.3% from North America and 49.7% from other regions[10] - The company's revenue from China (including Hong Kong) accounted for 24.1% of total revenue[14] - North America and Europe remained the company's largest markets, accounting for 51.3% and 24.1% of total revenue, respectively[22] - Total revenue for 2022 reached $1,630.77 million, with manufacturing contributing $1,620.05 million and retail & wholesale contributing $10.73 million[194] - North America accounted for the largest share of external customer revenue at $836.05 million, followed by Europe at $393.77 million and China at $220.88 million[191] - Revenue from footwear and handbag sales increased to $1,630.77 million in 2022, up from $1,540.61 million in 2021[194][196] - Customer A contributed $563.62 million in revenue from the manufacturing segment, representing a significant portion of the company's total income[193] Production and Capacity Expansion - In 2022, the company expanded its production capacity by building a third factory in Indonesia[9] - The company is expanding its manufacturing capacity, including a new factory in Solo, Indonesia, and increasing capacity in Bangladesh[17] - The company plans to expand production capacity in Indonesia and Bangladesh, with significant capital expenditure expected in 2023[24] - Capital expenditures for the year totaled $55.88 million, primarily driven by the manufacturing segment[190] Product Portfolio and Market Entry - The company's product portfolio includes fashion, luxury, sports, and casual footwear for global brands such as Nike, Under Armour, and Prada[5] - Stella Luna brand successfully entered the Hong Kong and US markets through renowned department stores like Lane Crawford[8] - The company operates over 220 Stella Luna retail outlets globally[8] - The company's luxury and high-end fashion customers achieved sales growth despite a challenging macroeconomic environment in Western markets[15] - Revenue from the sports shoe category increased by 14.7% year-on-year, accounting for 42.6% of total manufacturing revenue (2021: 39.4%)[21] - Revenue from the luxury category decreased by 14.4% year-on-year, accounting for 8.3% of total manufacturing revenue (2021: 10.2%)[21] - Revenue from the fashion category increased by 50.3% year-on-year, accounting for 25.5% of total manufacturing revenue (2021: 18%)[22] - Revenue from the leisure category decreased by 22.9% year-on-year, accounting for 23.6% of total manufacturing revenue (2021: 32.4%)[22] Corporate Governance and Board Structure - The company focuses on corporate governance through compliance, risk management, investor relations, and corporate social responsibility (4 Rs)[32] - The Corporate Governance Committee reviewed annual reports, ESG reports, and governance frameworks during the year[33] - The company fully complied with the Corporate Governance Code throughout 2022[33] - The board of directors consists mostly of independent non-executive directors, ensuring strong independent elements and diverse backgrounds[34] - The nomination committee is responsible for reviewing the board's structure, size, and composition, and recommending suitable candidates[35] - Measurable goals for the board diversity policy include increasing functional experience diversity and understanding of target markets and customer groups[36] - Gender diversity on the board is achieved with two female independent non-executive directors, and the company aims to maintain this diversity[36] - The board evaluation process includes reviewing current practices, assessing directors' business knowledge, and identifying areas for improvement[37] - A third-party consultant is engaged to ensure independence and effectiveness in the board evaluation process[38] - The company maintains a formal and transparent process for appointing new directors, with a focus on industry knowledge and established track records[39] - The nomination committee has five members, all of whom are independent non-executive directors[40] - The Nomination Committee reviewed the board's structure, size, and composition, as well as the board diversity policy and succession planning[41] - Newly appointed directors received tailored induction training, including an overview of the company's business and statutory responsibilities[41] - Directors received monthly updates on financial data and business performance, along with market intelligence reports[41] - The company adopted the Model Code for Securities Transactions by Directors of Listed Issuers as per Appendix 10 of the Listing Rules[41] - Directors participated in training courses covering legal, business, and financial topics to stay updated on industry and regulatory changes[43] - The Chairman is responsible for setting broad strategic direction and ensuring effective communication between the board, management, and shareholders[45] - The CEO is responsible for leading management, overseeing the achievement of board-set objectives, and maintaining relationships with stakeholders[45] - The board retains authority over key decisions, including strategy, budget approval, major investments, and significant contracts[46] - The board has established four governance-related committees: Audit, Corporate Governance, Remuneration, and Nomination Committees[47] - The Board of Directors held a total of 8 meetings, with attendance rates for executive directors ranging from 7/8 to 8/8, and independent non-executive directors maintaining high attendance rates of 7/8 to 8/8[48] - The Chairman maintained open dialogue and interaction with independent non-executive directors outside formal board meetings[49] - The company's financial reporting process includes monthly updates to the Board, providing detailed internal financial data, peer comparisons, and market intelligence[51] - The Board ensures compliance with corporate governance codes and facilitates director attendance by scheduling regular meetings in advance[50] - The company secretary plays a crucial role in supporting the Board by ensuring effective information exchange and compliance with policies and procedures[51] - Directors have the right to seek independent legal advice at the company's expense and must declare any conflicts of interest before Board meetings[50] - The Board is responsible for preparing financial statements that fairly reflect the company's affairs, in accordance with relevant laws and accounting standards[51] - Management presents business reviews and financial analyses to the Board for approval of financial performance, with annual business plans and budgets submitted before the new fiscal year[51] - The company's risk management and internal control systems are reviewed annually to ensure effectiveness, covering financial, operational, and compliance controls[52] - The company has a process for handling significant control failures or weaknesses, with monthly reporting to senior management and the audit committee[52] - No significant control failures or weaknesses were identified during the year[52] - The company's internal control system is based on the COSO framework, including five elements: control environment, risk assessment, control activities, information and communication, and monitoring[53] - The internal audit team reports directly to the audit committee and the CEO, with external auditor EY providing a report on internal control matters for the year ended December 31, 2022[54] - The company has established a whistleblowing policy and system for employees and key stakeholders to report concerns anonymously[54] - The audit committee reviewed the financial reporting system, risk management, and internal control systems during the year[55] - The company paid $607,000 for audit services and $120,000 for non-audit services to the external auditor for the year ended December 31, 2022[56] Shareholder Relations and Dividends - The company declared a final dividend of HK$0.45 per share, bringing the total annual dividend to HK$0.87 per share, with a payout ratio of approximately 75%[15] - The company declared a final dividend of 45 HK cents per share, bringing the total dividend for the year to 87 HK cents per share, with a payout ratio of approximately 75%[24] - The Board proposes a final dividend of 45 HK cents per ordinary share for the year ended December 31, 2022, amounting to approximately $45.5 million[77] - The company aims to provide a 70% cash return to shareholders through dividends and share buybacks[76] - The final dividend, if approved, will be paid on or around June 9, 2023[77] - Shareholders must submit transfer documents and related shares by 4:30 PM on May 18, 2023, to be eligible for the proposed final dividend[77] - The company will suspend share transfer registration from May 8, 2023, to May 11, 2023, inclusive, during which no share transfers will be registered[78] - The distributable reserves available to shareholders as of December 31, 2022, were $440.7 million, compared to $449.2 million in 2021[79] - The company declared a final dividend for 2021 of $56.65 million and an interim dividend for 2022 of $42.48 million[137] - The company paid dividends totaling $99,130 thousand, a significant increase from $21,409 thousand in the previous year[141] Share Options and Incentive Plans - The company granted a total of 19,740,000 share options to 72 grantees, including 1,500,000 to the CEO and 18,195,000 to 70 other employees[58] - The share options granted to the CEO and employees are part of the 2017 Share Option Plan, with no performance targets attached[58] - A total of 27,970,000 share options were granted to 107 eligible participants on March 17, 2017, with an exercise price of HKD 11.48 per share[94] - The share options have a validity period of six years from the grant date, with specific vesting dates tied to the company's fiscal year-end performance announcements[94] - Each vesting date allows for the exercise of up to 5,594,000 share options, contingent on achieving the company's net profit margin and revenue growth targets[95] - If either the net profit margin or revenue growth target is not met, only 50% of the share options scheduled to vest on that date will be granted[95] - If both targets are not met, all share options scheduled to vest on that date will automatically lapse[95] - 3,417,500 share options were granted to the company's executive director, Qi Leren, while 24,552,500 share options were granted to other employees and eligible participants[96] - During the review year, 989,500 share options lapsed under the 2007 Plan[97] - As of December 31, 2022, 8,967,750 share options remained unexercised[97] - 8,967,750 share options under the 2007 plan remained unexercised as of the annual report date, representing approximately 1.1% of the issued shares[99] - A total of 8,967,750 unexercised share options under the 2007 plan expired on March 16, 2023[99] - The 2007 plan expired on July 5, 2017, and no further share options, awards, or restricted unit awards could be granted under it after that date[99] - The 2017 plan was approved by shareholders on May 19, 2017, and its terms comply with Chapter 17 of the applicable listing rules[100] - The 2017 plan aims to reward selected participants for their contributions to the group, with performance targets and minimum holding periods determined by the board[101] - The 2017 plan allows the board to grant share options to a broad range of participants, including employees, directors, suppliers, customers, and consultants[102] - From January 1, 2023, the company can only grant share options under the 2017 plan to "qualified participants" as defined by Chapter 17 of the listing rules[102] - The trustee held 1,778,000 shares in trust as of December 31, 2022, unchanged from the previous year[99] - The trustee is authorized to transfer, assign, or otherwise deal with the trust shares as directed by the company[99] - The 2017 plan includes provisions for granting share options to participants who contribute to the group's development and growth through joint ventures or business alliances[102] - The total number of shares that may be issued upon the exercise of all options granted under the 2017 Plan and any other share option schemes of the Group shall not exceed 79,437,950 shares, equivalent to 10% of the issued shares as of the effective date of the 2017 Plan[103] - As of December 31, 2022, the number of options granted was 59,298,000, and the number of options that could still be granted under the existing general plan limit was 27,957,950[104] - The maximum number of shares that may be issued and to be issued upon the exercise of options granted to each participant under the 2017 Plan and any other share option schemes of the Group within any 12-month period shall not exceed 1% of the issued shares at that time[104] - During the year, a total of 19,740,000 options were granted and 5,409,000 options lapsed under the 2017 Plan, with 50,580,000 options remaining unexercised as of December 31, 2022[108] - The exercise price of the options granted under the 2017 Plan shall not be less than the highest of: (i) the closing price of the shares on the day of the grant, (ii) the average closing price of the shares over the five trading days immediately preceding the grant date, and (iii) the par value of the shares[107] - 2020 November stock options were granted at an exercise price of HKD 9.15 per share, with a total of 2,308,500 options unexercised as of December 31, 2022[111] - Employee stock options granted in November 2020 saw 1,869,000 options expire during the year, leaving 11,386,500 options unexercised as of December 31, 2022[111] - 2021 March stock options were granted at an exercise price of HKD 9.46 per share, with a total of 3,150,000 options unexercised as of December 31, 2022[113] - Employee stock options granted in March 2021 saw 1,875,000 options expire during the year, leaving 13,860,000 options unexercised as of December 31, 2022[113] - 1,500,000 share options granted to Executive Director Mr. Qi Leren[117] - 450,000 share options granted to Executive Director Mr. Gillman Charles Christopher[117] - 1,200,000 share options granted to Executive Director Mr. Jiang Yimin[117] - 16,610,000 share options granted to 53 other employees of the group[118] - Total of 19,760,000 share options granted to 56 eligible employees in March 2023[117] - Total share options granted in 2022 amounted to 19,740,000 shares, representing approximately 2.49% of the issued shares during the year[116] - The maximum number of shares that can be issued under the 2017 plan is 79,437,950 shares, representing 10% of the issued shares as of May 19, 2017[118] - As of the annual report date, 78,537,950 shares are available for issuance under the 2017 plan, representing approximately 9.9% of the issued shares[118] - The share incentive plan adopted on March 16, 2017, will remain effective for ten years until March 15, 2027[119] - The share options granted in January 2022 have an exercise price of HK$9.10 per share[114] Financial Statements and Auditing - The company's financial statements for the year ended December 31, 2022, were audited by Ernst & Young[122] - The company's financial statements were prepared in accordance with Hong Kong Financial Reporting Standards and comply with the disclosure requirements of the Hong Kong Companies Ordinance[124] - Trade receivables and other receivables amounted to $317.5 million, representing 25.2% of total assets, with an expected credit loss provision of $26 million[127] - Inventory stood at $188.8 million, accounting for 15.0% of total assets, with an inventory provision of $12.1 million[128] - The company's audit procedures included evaluating the effectiveness of key controls and assumptions used in the expected credit loss model[129] - The audit assessed the company

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。 1 Stella International Holdings Limited 九興控股有限 公 司 * （於開曼群島註冊成立之有限公司） （股份代號︰1836） 截至二零二二年十二月三十一日止年度的全年業績 | --- | --- | |--------|---------------------------------------------------------------------| | | | | 摘要： | | | – | 集團收入增加 5.9% 至 1,630,800,000 美元，由平均售價增長 5.2% 所帶動 | | – | 持續提升客戶組合，尤其在時尚及運動類別 | | – | 經營利潤增加 30.9% 至 134,800,000 美元 | | – | 經營利潤率增至 8.3% ，較去年增長 1.6 個百分點 | | – | 純利增加 29.1% 至 117,200,000 美 ...