Core Viewpoint - Tianfeng Securities maintains a "Buy" rating for Jiu Xing Holdings (01836), adjusting profit forecasts due to a relatively weak consumer environment while still expecting revenue and net profit growth in the coming years [1][2] Group 1: Financial Projections - Revenue projections for 2025, 2026, and 2027 are adjusted to $1.58 billion, $1.66 billion, and $1.76 billion, respectively, down from previous estimates of $1.62 billion, $1.71 billion, and $1.81 billion [1] - Net profit estimates for the same years are maintained at $160 million, $170 million, and $190 million, consistent with prior forecasts [1] - Corresponding price-to-earnings (PE) ratios are projected to be 11x, 10x, and 9x for 2025, 2026, and 2027, respectively [1] Group 2: Strategic Initiatives - The company aims to achieve a 10% operating profit margin and a low double-digit compound annual growth rate in after-tax profits by the end of its three-year plan (2023-2025), having already exceeded these targets in 2023 and 2024 [1] - Continuous improvement in product category mix, diversification, and expansion of the customer base are key strategies moving forward [1] - The company plans to optimize production capacity between luxury, high-end fashion categories, and new sports category clients, with new client shipments expected to begin in the second half of the year [1] Group 3: Business Development - The company is committed to making its handbag and accessories manufacturing business a core growth driver, targeting the introduction of more high-end clients [2] - Accelerating the development of this business will be a focus in the next three-year plan starting in 2026 [2] - A recent acquisition of a small handbag and accessories factory in Vietnam aims to leverage high-end production expertise and enhance the quality and efficiency of the company's manufacturing operations [2]

Investment Rating - The report maintains a "Buy" rating for the company, with a target price set at HKD 16.33, indicating a potential upside of 10%-20% over the next six months [5][13]. Core Insights - The company reported a revenue increase of 3.7% year-on-year to USD 400 million in Q3 2025, driven by demand in the sports category and new customer acquisitions [1]. - The company aims to expand its total production capacity by 20 million pairs starting in 2025, focusing on enhancing production efficiency in Indonesia and Bangladesh [2]. - The three-year plan (2023-2025) is on track to achieve a 10% operating profit margin and a low double-digit compound annual growth rate in after-tax profits [3]. - The company plans to maintain a dividend payout ratio of approximately 70% in 2025 and 2026, returning up to USD 60 million annually to shareholders through share buybacks and special dividends [1]. Summary by Sections Financial Performance - For the first three quarters of 2025, the company achieved a revenue increase of 1.7% year-on-year to USD 1.18 billion, with manufacturing revenue up 1.6% to USD 1.15 billion [1]. - The average selling price (ASP) decreased by 3.1% to USD 27.7 due to a lower average price in the sports category [1]. Production Capacity Expansion - The company is set to enhance its production capacity by 20 million pairs, with new facilities expected to be operational by the second half of 2026 [2]. - The production efficiency in Indonesia and the Philippines is anticipated to improve gradually starting in the second half of 2025 [2]. Strategic Goals - The company is focused on diversifying its product mix and expanding its customer base, particularly in the luxury and high-end fashion categories [3]. - The acquisition of a small handbag and accessories factory in Vietnam aims to elevate the quality and efficiency of its manufacturing capabilities in this segment [3]. Profit Forecast Adjustments - The revenue forecasts for 2025-2027 have been adjusted to USD 1.58 billion, USD 1.66 billion, and USD 1.76 billion respectively, with net profits projected at USD 160 million, USD 170 million, and USD 190 million [4].

Core Viewpoint - The company is experiencing steady revenue growth despite short-term challenges, with a strong medium to long-term order certainty and a gradual recovery in profitability expected [1][2] Group 1: Financial Performance - In Q3 2025, the company achieved revenue of $400 million, a year-on-year increase of 3.7%, with manufacturing revenue at $390 million, also up 3.6% year-on-year [1] - The shipment volume reached 13.9 million pairs, reflecting a year-on-year growth of 7.8%, while the average selling price (ASP) was $28.2, down 3.8% year-on-year [1] - The company slightly adjusted its profit forecast, expecting net profits of $161 million, $179 million, and $198 million for 2025-2027, with year-on-year growth rates of -6%, 11%, and 11% respectively [2] Group 2: Production Capacity and Efficiency - The company is addressing short-term production efficiency issues, with improvements noted since June 2025, leading to a resolution of efficiency problems and better preparation for future capacity expansions [1] - The company plans to add 20 million pairs of new capacity to support business growth over the next three years, driven by strong customer orders, particularly in the sports sector [2] Group 3: Investment Recommendations - The company maintains a strong recommendation rating, supported by its position as a leading manufacturer in the sports fashion footwear sector, with stable core customer orders and ongoing new customer acquisition [2] - The company is committed to a fixed dividend policy of over 70% and plans to repurchase or issue special dividends of $60 million annually [2]

Investment Rating - The report maintains a "Strong Buy" rating for the company [1][4]. Core Insights - In Q3 2025, the company experienced a revenue growth of 4%, with shipment volume increasing by 8% but average selling price (ASP) decreasing by 4%. The short-term impact on production efficiency is gradually being resolved, and while short-term profitability is under pressure, medium to long-term order certainty is strong, leading to an expected gradual recovery in profitability [1][7]. - The company has slightly adjusted its profit forecast, expecting net profits of $161 million, $179 million, and $198 million for 2025-2027, with year-on-year growth rates of -6%, 11%, and 11% respectively. The corresponding price-to-earnings ratios are projected at 11X for 2025 and 10X for 2026 [1][7]. Financial Data and Valuation - Total revenue is projected to be $1.578 billion in 2025, with a year-on-year growth of 2%. The operating profit is expected to be $160 million, reflecting a slight decrease of 2% compared to the previous year. Net profit is forecasted at $161 million, down 6% year-on-year [3][9]. - The company maintains a fixed dividend payout of over 70% and plans to repurchase or distribute special dividends of $60 million annually [7]. Performance Metrics - The company’s total market capitalization is approximately HKD 13.3 billion, with a current share price of HKD 15.87. The return on equity (ROE) stands at 15.8%, and the debt-to-asset ratio is 24.6% [4][8]. - The earnings per share (EPS) for 2025 is projected at $0.19, with a price-to-earnings (PE) ratio of 10.8 [10].

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。 ...

Investment Rating - The report does not explicitly state an investment rating for Stella International, but it indicates a positive outlook based on strong order visibility and capacity expansion plans. Core Insights - Stella International reported total revenue of USD 1.179 billion for the first three quarters of 2025, reflecting a year-over-year increase of 1.7%. In the third quarter alone, revenue reached USD 402 million, up 3.7% year-over-year, driven by a 7.8% increase in shipment volume, although partially offset by a 3.8% decline in average selling price (ASP) [1][6][7]. Summary by Sections Revenue and Shipment Performance - In 3Q25, the footwear manufacturing revenue was USD 392 million, marking a 3.6% year-over-year increase, with shipment volume approximately 13.9 million pairs, up 7.8% year-over-year. The growth in shipment volume was influenced by a low base effect from the previous year due to early shipments related to the Paris Olympics [2][7]. ASP and Product Mix - The ASP for the quarter was around USD 28.2 per pair, down 3.8% year-over-year, primarily due to a shift in product mix towards lower-priced sports footwear. Management noted that ASP changes are mainly driven by customer mix rather than raw material costs, with potential for recovery if new capacity is allocated to high-end clients [3][4][8]. Capacity Expansion and Customer Demand - Management highlighted that new sports brands have joined as customers, and fourth-quarter orders are largely secured, indicating high order visibility for the next two to three years. The company plans to accelerate capacity expansion to meet this demand while optimizing resource allocation [3][8][9]. Operational Efficiency - The efficiency of factories in Indonesia and the Philippines is improving, with the Indonesian factory showing continuous improvement since June. The Philippine factory has reduced production lines to prioritize stable yield, adhering to a principle of minimizing waste [9][10]. Cost Management and Capital Expenditure - Cost pressures remain manageable, with an estimated tariff sharing impact of around USD 8 million for 2025. Management plans to adopt a more cautious approach to capital expenditure, with expectations for an increase to support mid- to long-term growth needs [10][11]. Shareholder Returns - The company commits to maintaining a payout ratio of around 70% in 2025 and 2026, with additional returns to shareholders through share repurchases and special dividends, aiming to restore profit margins to normalized levels close to 12% [11].

Core Viewpoint - Jiuxing Holdings (01836) reported an increase in unaudited consolidated revenue for the three months ending September 30, 2025, rising by 3.7% to $404.2 million compared to $389.7 million in 2024 [1] - For the nine months ending September 30, 2025, the company's unaudited consolidated revenue increased by 1.7% to $1.1792 billion, up from $1.1597 billion in 2024 [1] Summary by Relevant Categories - **Financial Performance** - The company's revenue for the three-month period increased to $404.2 million, reflecting a 3.7% growth year-over-year [1] - For the nine-month period, revenue reached $1.1792 billion, marking a 1.7% increase compared to the previous year [1]

Group 1 - The core point of the article is that Jiuxing Holdings (01836) reported an increase in unaudited consolidated revenue for the three months ending September 30, 2025, rising by 3.7% to USD 404.2 million compared to USD 389.7 million in 2024 [1] - For the nine months ending September 30, 2025, the company's unaudited consolidated revenue increased by 1.7% to USD 1.1792 billion, up from USD 1.1597 billion in 2024 [1]

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： | | ...