Core Viewpoint - Tianfeng Securities maintains an "overweight" rating for Jiu Xing Holdings based on its performance in the first half of 2025, adjusting profit forecasts due to last year's high base effect and operational efficiency from new capacity deployment [1] Group 1: Financial Performance - The expected net profits for 2025-2027 are $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) are projected to be $0.20, $0.21, and $0.23 for the same period, revised from $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 profits over the three-year period [1] - The company is confident in achieving these targets by the end of 2025, having already exceeded them in 2023 and 2024 [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 its 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 expanding total capacity by 20 million pairs, enhancing production at the new factory in Solo, Indonesia, launching 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 to develop the handbag and accessories manufacturing business, 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 improve 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]

港股公司报告 | 公司点评 九兴控股（01836） 证券研究报告 扩充海外基地优化客户组合 公司发布半年报 25H1 公司收入增长 0.7%至 7.75 亿美元（24H1：7.7 亿美元）；出货量增长 3.8%至 2750 万双（24H1：2650 万双），主要是由运动类别推动，尽管 24H1 出货量较高。 公司鞋履平均售价减少 3.2%至每双 27.4 美元（24H1：每双 28.3 美元），由 于平均售价较低的运动产品订单占比较高所致。 在产品类别方面，公司运动类销售额增长 8.2%，占制造总收入 48.5%（24H1： 45.1%），受益于公司向最大运动客户及其他现有运动客户出货量增长，以 及与一家新运动客户成功合作为其推出全新系列及款式。 公司平均售价水平相近的时尚及奢华类别的收入合共减少 3.5%（分别减少 2.6%及 6.2%），分别占制造总收入 25.4%及 7.8%（24H1：26.2%及 8.4%）， 乃由于基数较高，以及公司产能分配上作出优化。 为配合三年规划的策略，公司继续将产能调配至发展其他产品类别，因此 休闲类别的收入减少 9.2%，并占制造总收入 18.3%（24H1：20.3%） ...

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 | | | 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10月8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 | 本月底法定/註冊股本總額： HKD 500,000,000 第 1 頁 共 10 頁 v 1 ...

Summary of Key Points Core Viewpoint - On September 2, 2025, Jiang Yimin, an executive director of Jiuxing Holdings (01836.HK), reduced his shareholding by selling 100,000 shares at an average price of HKD 16.6053 per share, totaling approximately HKD 1.66053 million. Following this transaction, his shareholding decreased from 6.80% to 6.78% [1]. Group 1 - Jiang Yimin sold 100,000 shares of Jiuxing Holdings at an average price of HKD 16.6053 per share [1]. - The total value of the shares sold amounted to approximately HKD 1.66053 million [1]. - After the sale, Jiang Yimin's total shareholding is now 56,926,918 shares, representing 6.78% of the company [1].

致：香港交易及結算所有限公司 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 | | | 呈交日期: 2025年9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 | 本月底法定/註冊股本總額： HKD 500,000,000 FF301 第 1 頁 共 10 頁 v 1.1.1 FF301 ...

[Chairman's Statement](index=3&type=section&id=%E4%B8%BB%E5%B8%AD%E5%A0%B1%E5%91%8A) [Operational Overview and Three-Year Plan Progress](index=3&type=section&id=2.1%20%E7%87%9F%E9%81%8B%E6%A6%82%E8%A6%BD%E8%88%87%E4%B8%89%E5%B9%B4%E8%A6%8F%E5%8A%83%E9%80%B2%E5%B1%95) The company maintains strong demand and near-full capacity utilization in H1 2025, with its three-year plan on track - Despite macroeconomic uncertainty, the company experienced strong demand for its diversified product and geographical capacity in H1 2025, with non-dedicated manufacturing facilities operating at near-full capacity[3](index=3&type=chunk) - The three-year plan (2023-2025) has **exceeded its profitability targets** for 2023 and 2024, which were a 10% operating profit margin and a low-teens percentage growth rate in profit after tax[3](index=3&type=chunk) [Short-term Profitability Challenges and Future Growth Strategies](index=3&type=section&id=2.2%20%E7%9F%AD%E6%9C%9F%E7%9B%88%E5%88%A9%E6%8C%91%E6%88%B0%E8%88%87%E6%9C%AA%E4%BE%86%E5%A2%9E%E9%95%B7%E7%AD%96%E7%95%A5) The company faces short-term profit pressure from a high base effect and capacity ramp-up issues but plans for significant expansion - Short-term profitability challenges in the first half were due to a high base effect from an **early shipment of approximately 1 million pairs** in H1 2024 and operational inefficiencies during capacity ramp-ups in Indonesia and the Philippines[3](index=3&type=chunk) - To meet demand, some production was shifted to Vietnam footwear factories, leading to increased costs, including overtime expenses[3](index=3&type=chunk) - The company plans to expand its total capacity by another **20 million pairs** starting this year by ramping up its new factory in Solo, Indonesia, commissioning a second factory in Bangladesh, and accelerating the construction of a dedicated factory in Indonesia for its largest sports client[4](index=4&type=chunk) - The next three-year plan (2026-2028) will focus on developing the handbags and accessories manufacturing business, supported by the acquisition of a small handbag factory in Vietnam[4](index=4&type=chunk) [Dividend Policy and ESG Performance](index=3&type=section&id=2.3%20%E8%82%A1%E6%81%AF%E6%94%BF%E7%AD%96%E8%88%87ESG%E8%A1%A8%E7%8F%BE) The company declared an interim dividend, continues its excess cash return program, and achieved a higher MSCI ESG rating - The Board of Directors has resolved to declare an interim dividend of **52 HK cents per ordinary share**, in line with its long-term 70% payout policy[5](index=5&type=chunk) - The excess cash return program will continue, distributing an additional **$60 million annually** in fiscal years 2025 and 2026 through share buybacks and special dividends[5](index=5&type=chunk) - In August 2025, the company's MSCI ESG rating was upgraded from 'A' to **'AA'**, marking the second consecutive year of improvement[5](index=5&type=chunk) [Management Discussion and Analysis](index=4&type=section&id=%E7%AE%A1%E7%90%86%E5%B1%A4%E8%A8%8E%E8%AB%96%E5%8F%8A%E5%88%86%E6%9E%90) [Business Strategy and Three-Year Plan](index=4&type=section&id=3.1%20%E6%A5%AD%E5%8B%99%E7%AD%96%E7%95%A5%E8%88%87%E4%B8%89%E5%B9%B4%E8%A6%8F%E5%8A%83) The company leverages its manufacturing excellence and customer-centric model to drive growth under its 2023-2025 strategic plan - The company is renowned in the footwear industry for its superior product design, craftsmanship, quality commitment, and flexibility in rapid product launches and small-batch production[8](index=8&type=chunk) - The three-year plan (2023-2025) focuses on business growth and margin enhancement through strengthening the category mix, expanding production, optimizing efficiency, and improving cost-effectiveness[9](index=9&type=chunk)[10](index=10&type=chunk) Three-Year Plan (2023-2025) Targets | Metric | Target | | :--- | :--- | | Operating Profit Margin | 10% | | Profit After Tax CAGR | Low-teens percentage | [Business Review and Financial Performance](index=6&type=section&id=3.2%20%E6%A5%AD%E5%8B%99%E5%9B%9E%E9%A1%A7%E8%88%87%E8%B2%A1%E5%8B%99%E8%A1%A8%E7%8F%BE) Revenue grew slightly in H1 2025, but profitability declined due to a high base effect and operational inefficiencies Key Financial Indicators for H1 2025 | Indicator | H1 2025 (USD thousands) | H1 2024 (USD thousands) | Y-o-Y Change | | :--- | :--- | :--- | :--- | | Consolidated Revenue | 775,100 | 770,000 | +0.7% | | Shipment Volume (million pairs) | 27.5 | 26.5 | +3.8% | | Average Selling Price (per pair) | 27.4 | 28.3 | -3.2% | | Gross Profit | 175,200 | 198,900 | -11.9% | | Gross Profit Margin | 22.6% | 25.8% | -3.2%pp | | Reported Operating Profit | 84,700 | 99,100 | -14.5% | | Operating Profit Margin (before fair value changes) | 10.9% | 12.9% | -2.0%pp | | Net Profit | 78,100 | 91,500 | -14.6% | | Adjusted Net Profit | 77,900 | 92,900 | -16.2% | | Adjusted Net Profit Margin | 10.1% | 12.1% | -2.0%pp | | Net Cash Position | 291,300 | 326,100 | -10.7% | | Net Gearing Ratio | -26.6% | -29.6% | +3.0%pp | - The decline in gross profit and gross profit margin was primarily due to the high base from early shipments last year, insufficient training efficiency for new workers in Indonesia and the Philippines, and increased costs from shifting some production to Vietnam[18](index=18&type=chunk) - North America and Europe are the Group's two largest markets, accounting for **48.7% and 23.4% of total revenue**, respectively[12](index=12&type=chunk) Product Category Sales Mix for H1 2025 | Product Category | Sales Change | % of Total Manufacturing Revenue (H1 2025) | % of Total Manufacturing Revenue (H1 2024) | | :--- | :--- | :--- | :--- | | Sports | +8.2% | 48.5% | 45.1% | | Fashion & Luxury | -3.5% | 25.4% (Fashion), 7.8% (Luxury) | 26.2% (Fashion), 8.4% (Luxury) | | Casual | -9.2% | 18.3% | 20.3% | [Industry Recognition and Future Outlook](index=8&type=section&id=3.3%20%E8%A1%8C%E4%B8%9A%E8%AE%A4%E5%8F%AF%E4%B8%8E%E6%9C%AA%E6%9D%A5%E5%B1%95%E6%9C%9B) The company's ESG rating was upgraded, and it anticipates modest shipment growth with plans for significant capacity expansion - MSCI ESG Research upgraded the company's MSCI ESG rating from 'A' to **'AA'**[19](index=19&type=chunk) - Full-year 2025 shipment volume is expected to see modest growth, but profitability will be constrained by the gradual efficiency improvements at its Indonesian and Philippine manufacturing facilities[20](index=20&type=chunk) - The company plans to increase total capacity by an additional **20 million pairs** starting in 2025 through ramping up its new factory in Solo, Indonesia, commissioning a second facility in Bangladesh, and accelerating the construction of a dedicated factory in Indonesia for its largest sports client[21](index=21&type=chunk) - The handbags and accessories manufacturing business is positioned as a core future growth driver, supported by the completed acquisition of a small factory in Vietnam[21](index=21&type=chunk) [Cash Return and Financial Position](index=9&type=section&id=3.4%20%E7%8F%BE%E9%87%91%E5%9B%9E%E9%A5%8B%E8%88%87%E8%B2%A1%E5%8B%99%E7%8B%80%E6%B3%81) The company maintains a strong financial position and commits to significant shareholder returns through dividends and buybacks - The Board recommends an interim dividend of **52 HK cents per ordinary share**, maintaining a payout ratio of approximately 70%[22](index=22&type=chunk) - The company commits to returning up to an additional **$60 million** in cash to shareholders annually in 2025 and 2026, on top of regular dividends, through share buybacks and special dividends[22](index=22&type=chunk) - The significant decrease in net cash inflow from operating activities was mainly due to changes in working capital, including an increase in inventories and a lower base of accounts receivable[24](index=24&type=chunk) Liquidity and Capital Structure | Indicator | Jun 30, 2025 (USD thousands) | Dec 31, 2024 (USD thousands) | Jun 30, 2024 (USD thousands) | | :--- | :--- | :--- | :--- | | Cash and Cash Equivalents | 350,800 | 423,500 | 334,600 | | Net Cash Inflow from Operations (H1) | 3,900 | N/A | 99,200 | | Net Cash Outflow from Investing (H1) | 25,300 | N/A | 15,700 | | Current Assets | 916,300 | 893,200 | N/A | | Current Liabilities | 327,700 | 279,100 | N/A | | Current Ratio | 2.8 | 3.2 | N/A | | Bank Borrowings | 59,500 | 5,900 | N/A | | Net Cash Position | 291,300 | 417,600 | 326,100 | | Net Gearing Ratio | -26.6% | -29.6% | -29.6% | [Other Operational Information](index=10&type=section&id=3.5%20%E5%85%B6%E4%BB%96%E8%BF%90%E8%90%A5%E4%BF%A1%E6%81%AF) The company manages foreign exchange risk, has minimal liabilities, and focuses on human capital development - The primary foreign exchange risk is the conversion of RMB and HKD to the Group's functional currency, the USD[29](index=29&type=chunk) - As of June 30, 2025, the value of pledged assets was **$10.8 million**, and there were no contingent liabilities[30](index=30&typechunk)[31](index=31&type=chunk) - There were no major acquisitions or disposals during the reporting period, but the acquisition of a small handbag and accessories factory in Vietnam was completed in July 2025[32](index=32&type=chunk) - As of June 30, 2025, the Group had approximately 43,400 direct employees and a total workforce of about 65,000, with a focus on developing its management team through programs like the "Leadership Program"[36](index=36&type=chunk) [Interim Dividend](index=11&type=section&id=%E4%B8%AD%E6%9C%9F%E8%82%A1%E6%81%AF) [Details of Interim Dividend Declaration](index=11&type=section&id=4.1%20%E4%B8%AD%E6%9C%9F%E8%82%A1%E6%81%AF%E5%AE%A3%E6%B4%BE%E8%AF%A6%E6%83%85) The Board declared an interim dividend of 52 HK cents per share, payable in September 2025 - The Board of Directors resolved to declare an interim dividend of **52 HK cents per ordinary share**[37](index=37&type=chunk) - The interim dividend will be paid on **September 19, 2025**, with the record date being September 9, 2025[37](index=37&type=chunk) - The register of members will be closed from September 5 to September 9, 2025, inclusive[37](index=37&type=chunk) [Independent Review Report](index=12&type=section&id=%E7%8D%A8%E7%AB%8B%E5%AF%A9%E9%96%B1%E5%A0%B1%E5%91%8A) [Scope of Review and Conclusion](index=12&type=section&id=5.1%20%E5%AE%A1%E9%98%85%E8%8C%83%E5%9B%B4%E4%B8%8E%E7%BB%93%E8%AE%BA) Ernst & Young's review found no material misstatements in the interim financial information - Ernst & Young has reviewed the interim financial information; the scope of a review is less than an audit, and no audit opinion is expressed[38](index=38&type=chunk)[39](index=39&type=chunk) - Nothing has come to their attention that causes them to believe that the interim financial information is not prepared, in all material respects, in accordance with Hong Kong Accounting Standard 34[40](index=40&type=chunk) [Interim Financial Statements](index=13&type=section&id=%E4%B8%AD%E6%9C%9F%E8%B2%A1%E5%8B%99%E5%A0%B1%E8%A1%A8) [Interim Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=13&type=section&id=6.1%20%E4%B8%AD%E6%9C%9F%E7%AE%80%E6%98%8E%E7%BB%BC%E5%90%88%E6%8D%9F%E7%9B%8A%E5%8F%8A%E5%85%B6%E4%BB%96%E5%85%A8%E9%9D%A2%E6%94%B6%E7%9B%8A%E8%A1%A8) The company reported a profit of $78.1 million for the six-month period ending June 30, 2025 H1 2025 Consolidated Statement of Profit or Loss Summary | Indicator | H1 2025 (USD thousands) | H1 2024 (USD thousands) | | :--- | :--- | :--- | | Revenue | 775,074 | 770,011 | | Cost of Sales | (599,916) | (571,128) | | Gross Profit | 175,158 | 198,883 | | Operating profit before fair value changes | 84,724 | 99,052 | | Profit before tax | 91,869 | 105,393 | | Income tax expense | (13,752) | (13,879) | | Profit for the period | 78,117 | 91,514 | | Basic earnings per share (US cents) | 9.5 | 11.5 | | Diluted earnings per share (US cents) | 9.3 | 11.2 | - Other comprehensive loss for the period was primarily due to an exchange difference of **$265 thousand** on the translation of foreign operations[42](index=42&type=chunk) [Interim Condensed Consolidated Statement of Financial Position](index=14&type=section&id=6.2%20%E4%B8%AD%E6%9C%9F%E7%AE%80%E6%98%8E%E7%BB%BC%E5%90%88%E8%B4%A2%E5%8A%A1%E7%8A%B6%E5%86%B5%E8%A1%A8) The company's net assets stood at $1.10 billion as of June 30, 2025, reflecting a solid financial position Consolidated Statement of Financial Position Summary as of June 30, 2025 | Indicator | Jun 30, 2025 (USD thousands) | Dec 31, 2024 (USD thousands) | | :--- | :--- | :--- | | Total non-current assets | 537,139 | 530,125 | | Total current assets | 916,307 | 893,241 | | Total current liabilities | 327,690 | 279,146 | | Net current assets | 588,617 | 614,095 | | Total assets less current liabilities | 1,125,756 | 1,144,220 | | Total non-current liabilities | 29,779 | 26,681 | | Net assets | 1,095,977 | 1,117,539 | | Total equity | 1,095,977 | 1,117,539 | - The current ratio of **2.8** indicates the Group's high liquidity and sound financial position[25](index=25&type=chunk) [Interim Condensed Consolidated Statement of Cash Flows](index=16&type=section&id=6.3%20%E4%B8%AD%E6%9C%9F%E7%AE%80%E6%98%8E%E7%BB%BC%E5%90%88%E7%8E%B0%E9%87%91%E6%B5%81%E9%87%8F%E8%A1%A8) Net cash from operating activities decreased significantly in H1 2025, leading to a reduction in total cash reserves H1 2025 Consolidated Statement of Cash Flows Summary | Indicator | H1 2025 (USD thousands) | H1 2024 (USD thousands) | | :--- | :--- | :--- | | Net cash from operating activities | 3,906 | 99,178 | | Net cash used in investing activities | (25,264) | (15,689) | | Net cash used in financing activities | (48,931) | (42,809) | | Net (decrease)/increase in cash | (70,289) | 40,680 | | Cash and cash equivalents at end of period | 350,786 | 334,585 | - The sharp decrease in net cash from operating activities was mainly due to a **negative change in working capital of $106.3 million**, compared to a negative change of $27.0 million in the prior year period[24](index=24&type=chunk)[45](index=45&type=chunk) [Notes to the Financial Statements](index=17&type=section&id=6.4%20%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8%E9%99%84%E6%B3%A8) The notes provide detailed disclosures on accounting policies, segment information, revenue breakdown, and other financial items - The Group has two reportable operating segments: the **Manufacturing segment** (sales and manufacturing of footwear and handbags) and the **Retail and Wholesale segment** (sales of self-developed branded products)[48](index=48&type=chunk)[52](index=52&type=chunk) - Total share option expenses for the six months ended June 30, 2025, amounted to **$175 thousand** (H1 2024: $890 thousand)[94](index=94&type=chunk)[97](index=97&type=chunk)[91](index=91&type=chunk)[88](index=88&type=chunk)[84](index=84&type=chunk) - As of June 30, 2025, the Group's bank borrowings were **$59.542 million**, primarily denominated in NTD, HKD, and USD, with effective interest rates ranging from 1.05% to 5%[73](index=73&type=chunk) - The total remuneration for key management personnel of the Group for the six months ended June 30, 2025, was **$762 thousand** (H1 2024: $871 thousand)[102](index=102&type=chunk) H1 2025 Revenue by Geographical Market | Geographical Market | Revenue (USD thousands) | Percentage | | :--- | :--- | :--- | | North America | 377,120 | 48.7% | | Europe | 181,314 | 23.4% | | People's Republic of China ("PRC") | 119,990 | 15.5% | | Asia (excluding PRC) | 69,743 | 9.0% | | Others | 26,907 | 3.4% | | **Total** | **775,074** | **100%** | [Disclosure of Interests](index=39&type=section&id=%E6%AC%8A%E7%9B%8A%E6%8A%AB%E9%9C%B2) [Interests of Directors and Chief Executive](index=39&type=section&id=7.1%20%E8%91%A3%E4%BA%8B%E5%8F%8A%E6%9C%80%E9%AB%98%E8%A1%8C%E6%94%BF%E4%BA%BA%E5%91%98%E6%9D%83%E7%9B%8A) Directors' and the chief executive's interests in the company's shares and underlying shares have been disclosed Total Long Positions of Directors and Chief Executive in Shares and Underlying Shares (June 30, 2025) | Director | Number of Shares | Number of Underlying Shares (Options) | Total | Approx. % of Shareholding | | :--- | :--- | :--- | :--- | :--- | | CHAN Fu Keung | 100,000 | – | 100,000 | 0.01% | | CHAN Li-Ming | 28,769,227 | – | 28,769,227 | 3.44% | | CHAI Yue-Sun | 2,783,500 | 4,449,500 | 7,233,000 | 0.86% | | CHIANG Yi-Min | 53,547,418 | 3,479,500 | 59,780,067 | 7.14% | | Gillman Christopher Charles | – | 2,029,500 | 2,029,500 | 0.24% | - Mr. CHIANG Yi-Min's interest includes a spousal interest (2,753,149 shares, which ceased to be deemed an interest on July 2, 2025) and a family interest (52,747,418 shares)[114](index=114&type=chunk) [Interests of Substantial Shareholders and Other Persons](index=41&type=section&id=7.2%20%E4%B8%BB%E8%A6%81%E8%82%A1%E4%B8%9C%E5%8F%8A%E5%85%B6%E4%BB%96%E4%BA%BA%E5%A3%AB%E6%9D%83%E7%9B%8A) Cordwalner Bonaventure Inc. is the largest substantial shareholder with a 20.73% stake in the company Long Positions of Substantial Shareholders in the Company's Shares (June 30, 2025) | Name | Number of Shares | Approx. % of Shareholding | | :--- | :--- | :--- | | Cordwalner Bonaventure Inc. | 173,508,593 | 20.73% | | Chiang Family (PTC) Limited | 52,747,418 | 6.30% | | Merci Capital Limited | 52,747,418 | 6.30% | | CHIANG Chih-Kang | 53,078,918 | 6.34% | - Mr. CHIANG Chih-Kang holds shares indirectly through a trust he founded (Chiang Family (PTC) Limited) and Merci Capital Limited, in addition to a direct holding of 331,500 shares[118](index=118&type=chunk) [Corporate Governance](index=42&type=section&id=%E4%BC%81%E6%A5%AD%E7%AE%A1%E6%B2%BB) [Compliance with the Corporate Governance Code](index=42&type=section&id=8.1%20%E4%BC%81%E4%B8%9A%E7%AE%A1%E6%B2%BB%E5%AE%88%E5%88%99%E9%81%B5%E5%AE%88%E6%83%85%E5%86%B5) The company maintained full compliance with the Corporate Governance Code throughout the first half of 2025 - The company has complied with all provisions of the Corporate Governance Code as set out in Appendix C1 of the Listing Rules throughout the first half of 2025[119](index=119&type=chunk) - The company advocates a model that combines corporate governance with business governance to enhance accountability and assurance to shareholders[120](index=120&type=chunk) - All directors have confirmed their compliance with the Model Code for Securities Transactions by Directors of Listed Issuers throughout the first half of 2025[121](index=121&type=chunk) [Other Information](index=43&type=section&id=%E5%85%B6%E4%BB%96%E8%B3%87%E6%96%99) [Events After the Reporting Period](index=43&type=section&id=9.1%20%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%90%8E%E4%BA%8B%E9%A1%B9) No significant events affecting the Group occurred after the reporting period - From the end of the reporting period until the date of this interim report, no events have occurred that would have a material impact on the Group[122](index=122&type=chunk) [Share-based Payment Schemes](index=43&type=section&id=9.2%20%E8%82%A1%E4%BB%BD%E6%94%AF%E4%BB%98%E8%AE%A1%E5%88%92) The company has adopted new share option and award schemes in 2024 to replace its terminated 2017 plan - The 2017 Share Option Scheme was terminated on May 9, 2024, but options granted prior to termination remain exercisable under their original terms[123](index=123&type=chunk)[132](index=132&type=chunk) - The 2024 Share Option Scheme aims to reward employees, attract and retain talent, and promote long-term financial and business performance[146](index=146&type=chunk) - The 2024 Share Award Scheme will use existing shares for awards, requiring no new share issuance and no shareholder approval under Chapter 17 of the Listing Rules[157](index=157&type=chunk) - As of the date of this interim report, no options or share awards have been granted under the 2024 Share Option Scheme or the 2024 Share Award Scheme[156](index=156&type=chunk)[161](index=161&type=chunk) Summary of Outstanding Options under the 2017 Scheme (June 30, 2025) | Option Type | Exercise Price (HKD) | Outstanding (Options) | | :--- | :--- | :--- | | April 2020 Options | 8.71 | 468,000 | | November 2020 Options | 9.15 | 3,899,000 | | March 2021 Options | 9.46 | 6,000,000 | | January 2022 Options | 9.10 | 6,965,000 | | March 2023 Options | 7.65 | 8,695,000 | | **Total** | **-** | **26,027,000** | [Review and Dealings in Company Securities](index=56&type=section&id=9.3%20%E5%AE%A1%E9%98%85%E4%B8%8E%E5%85%AC%E5%8F%B8%E8%AF%81%E5%88%B8%E4%BA%A4%E6%98%93) The Audit Committee has reviewed the interim results, and the company did not trade its own securities - Neither the company nor any of its subsidiaries purchased, sold, or redeemed any of the company's listed securities during the reporting period[163](index=163&type=chunk) - The Audit Committee has reviewed the Group's interim results and the accounting principles and practices adopted, with no disagreements[164](index=164&type=chunk) [Corporate Information](index=56&type=section&id=%E5%85%AC%E5%8F%B8%E8%B3%87%E6%96%99) [Board of Directors and Committee Composition](index=57&type=section&id=10.1%20%E8%91%A3%E4%BA%8B%E4%BC%9A%E4%B8%8E%E5%A7%94%E5%91%98%E4%BC%9A%E6%9E%84%E6%88%90) The company's governance structure includes a Board of Directors and five specialized committees - The Board of Directors includes Executive Directors such as Chairman CHAN Li-Ming and CEO CHAI Yue-Sun, and Independent Non-executive Directors including Peter BOLLIGER, CHAN Fu Keung, YU Chao-Tang, and WAN Sin Yi[165](index=165&type=chunk) - The company has established an Audit Committee, Corporate Governance Committee, Executive Committee, Nomination Committee, and Remuneration Committee, each with a designated chairman and members[165](index=165&type=chunk) [Basic Corporate Information](index=57&type=section&id=10.2%20%E5%85%AC%E5%8F%B8%E5%9F%BA%E6%9C%AC%E4%BF%A1%E6%81%AF) This section provides key corporate details including officers, advisors, and stock information - The Chief Financial Officer is TAM Shiu Ming, and the Company Secretary is KAN Siu Yim[165](index=165&type=chunk) - The legal advisor is Chiu & Partners, and the auditor is Ernst & Young[166](index=166&type=chunk) - Principal bankers include CTBC Bank Co, Ltd, The Hongkong and Shanghai Banking Corporation Limited, and Citibank Taiwan, Ltd[166](index=166&type=chunk) - The company's stock code is 1836, and its website is www.stella.com.hk[167](index=167&type=chunk)

各位非登記股東： 二零二五年中期報告之發佈通知及以電子方式發佈公司通訊之安排 徵集電子聯絡資料 作為非登記股東，如有意根據《上市規則》向本公司收取公司通訊的刊發通知， 閣下應聯絡 閣下持有股份的銀行、經紀、託管商、代理 人或香港中央結算（代理人）有限公司（統稱「中介公司」），並向 閣下的中介公司提供 閣下的電子郵件地址。如 閣下沒有向你的中 介公司提供電子郵件地址，公司通訊的刊發通知將以印刷本形式發送予 閣下。 索取以印刷本形式收取公司通訊之請求 若 閣下欲收取以印刷本形式的公司通訊，請填妥隨函回條或發送電子郵件至 stellainternational.ecom@computershare.com.hk，並註明 閣下 的姓名、地址以及收取公司通訊印刷版本的要求。請注意，索取以印刷本形式的公司通訊的請求自收取指示日期起計一年內有效(以較早者為 準)，除非被撤銷或取代。倘若股東希望繼續收取公司通訊的印刷本，股東必須提出進一步書面請求。 九興控股有限公司（「本公司」）的二零二五年中期報告備有中、英文版本，並已上載於本公司網頁 www.stella.com.hk 和披露易網頁 www.hkexnews.hk，歡迎瀏 ...

本公司將透過電子郵件以電子通訊方式向股東分別發送可供採取行動的公司通訊(倘若本公司沒有獲取股東有效的電子郵件地址)，本公司將以印刷本 形式向其發送可供採取行動的公司通訊，連同一份索取股東有效電子郵件地址的表格，以便將來以電子通訊方式發佈可供採取行動的公司通訊。倘若 本公司並無股東的電子郵件地址或其提供的電子郵件地址無效，該股東將被視為選擇以郵寄方式接收可供採取行動的公司通訊的刊發通知印刷本， 直至該股東向本公司的香港股份過戶登記處提供有效且可用的電子郵件地址為止。 徵集電子聯絡資料 各位登記股東： 二零二五年中期報告之發佈通知及以電子方式發佈公司通訊之安排 九興控股有限公司（「本公司」）的二零二五年中期報告備有中、英文版本，並已上載於本公司網頁 www.stella.com.hk 和披露易網頁 www.hkexnews.hk， 歡迎瀏覽。如 閣下已選擇收取公司通訊( 附注 1)（「公司通訊」）的印刷本，隨本函件附上 閣下所選擇語言版本的二零二五年中期報告的印刷本。 閣下若因任何理由以致在收取或接收載於網頁上的二零二五年中期報告出現困難，或如欲收取二零二五年中期報告的印刷本，本公司將於接到 閣 下通知後，盡快向 ...

Investment Rating - The investment rating for the company is "Buy" [6] Core Views - The company reported a revenue of $780 million in H1 2025, a year-on-year increase of 0.7%, while the net profit attributable to the parent company was $78.63 million, down 14.5% year-on-year. Excluding the impact of the early shipment of 1 million pairs of shoes for the Paris Olympics, revenue increased by 4.5% year-on-year, and net profit decreased by 6.3% [1][4] - The revenue from the sports category increased by 8.2% year-on-year, accounting for 48.5% of total revenue, while the fashion category decreased by 2.6%, luxury by 6.2%, and leisure by 9.2%. The growth in the sports category is driven by the expansion of key customers and new client acquisitions [1][2] - The company has a strong order backlog and is expanding its production capacity, particularly in Southeast Asia, with new factories in Indonesia and Bangladesh expected to contribute significantly to future growth [3][4] Summary by Sections Financial Performance - In H1 2025, the company shipped 27.5 million pairs of shoes, a year-on-year increase of 3.8%, with an average selling price (ASP) of $27.4, down 3.2% year-on-year due to a higher proportion of lower-priced sports products [2] - The gross margin decreased by 3.2 percentage points to 22.6%, primarily due to the ramp-up inefficiencies of new factories and employee training [4] Capacity Expansion - The production distribution for footwear in H1 2025 was 52% in Vietnam, 25% in China, and 23% in other Asian regions. New production capacity is expected to be added in Indonesia and Bangladesh, with a total of 20 million pairs of new capacity planned over the next three years [3] Profitability Forecast - The company is projected to achieve revenues of $1.6 billion, $1.7 billion, and $1.9 billion for 2025, 2026, and 2027, respectively, with year-on-year growth rates of 5%, 7%, and 7%. The net profit attributable to the parent company is expected to be $165 million, $185 million, and $204 million for the same years, with corresponding growth rates of -3%, +12%, and +10% [4][5]

FF305 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) 表格類別： 股票 狀態： 新提交 公司名稱： 九興控股有限公司 呈交日期： 2025年8月29日 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 | 第一章節 | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 | 是 | | | 證券代號 (如上市) | 01836 | 說明 | | | | | | | A. 已發行股份或庫存股份變動 | | | | | | | | | 事件 | | | 已發行股份（不包括庫存股份）變動 | | 庫存股份變動 | 每股發行/出售價 (註4) | 已發行股份總數 | | | | 已發行股份 ...