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 ...

Core Viewpoint - Jiuxing Holdings (01836) experienced a nearly 10% increase in stock price following the release of its interim results, indicating positive market sentiment despite a decline in net profit [1] Financial Performance - The company reported revenue of $775 million, a year-on-year increase of 0.66% [1] - Net profit attributable to shareholders was $78.63 million, reflecting a year-on-year decrease of 14.48% [1] - Basic earnings per share were 9.5 cents, with an interim dividend proposed at 52 Hong Kong cents per share [1] Analyst Insights - Daiwa noted that the high base effect from the early delivery of 1 million pairs of shoes last year impacted the results, estimating an adjustment of $8 million to net profit [1] - After accounting for this effect, the company's net profit is expected to show a 2% year-on-year increase [1] - The firm anticipates that the company will announce a three-year net profit growth plan during the third quarter results, with a projected compound annual growth rate of high single digits from 2026 to 2028 [1]

Core Viewpoint - Daiwa's report indicates that Jiu Xing Holdings (01836) reported a mid-term net profit of $78.6 million, exceeding market expectations of $75.8 million, but a 7% year-on-year decline when adjusted for one-time expenses related to production increases in Indonesia and the Philippines [1] Financial Performance - The company's net profit, after excluding a one-time expense of $7 million, would be $85.6 million, reflecting a 7% year-on-year decrease [1] - The report highlights a high base effect from last year, where 1 million pairs of shoes were shipped early in the first half, impacting year-on-year comparisons [1] Earnings Forecast - Daiwa has lowered its earnings per share forecast for the company by 2% to 5% for the next two years, considering the impact of production increases and temporary tariff support for specific clients [1] - The target price for the stock has been raised from HKD 17 to HKD 20, based on an average earnings forecast of 12 times for the next two years [1] Dividend Outlook - The company is expected to maintain an attractive dividend yield of 10 cents per share over the next two years, unless it decides to use the funds for share buybacks [1] - An additional profit distribution of $60 million per year is anticipated, contributing to the dividend outlook [1] Growth Projections - The company is expected to announce a three-year net profit growth plan during its third-quarter earnings release, with a projected compound annual growth rate target in the high single digits for the period from 2026 to 2028 [1]

Core Viewpoint - Daiwa's report indicates that Jiu Xing Holdings (01836) reported a mid-term net profit of $78.6 million, exceeding market expectations of $75.8 million, but a year-on-year decline of 7% after adjusting for a one-time expense of $7 million related to increased production in Indonesia and the Philippines [1] Financial Performance - The adjusted net profit, excluding the one-time expense, would be $85.6 million, reflecting a 2% year-on-year increase when accounting for a high base effect from last year’s early shipment of 1 million pairs of shoes [1] - The company’s earnings per share forecast for the next two years has been reduced by 2% to 5% due to the impact of factory expansion events and temporary tariff support for designated customers [1] Target Price and Rating - The target price for the company has been raised from HKD 17 to HKD 20, which is based on an average of 12 times the projected earnings per share for the next two years, maintaining a "Buy" rating [1] Dividend and Profit Distribution - The company is expected to distribute an additional $60 million in profits annually, with a projected dividend yield of 10 cents unless the funds are used for share buybacks, which is considered very attractive [1] Future Growth Plans - The company is anticipated to announce a three-year net profit growth plan during the third quarter earnings release, with a target compound annual growth rate of high single digits from 2026 to 2028 [1]

Core Viewpoint - The Hong Kong stock market showed positive performance with the Hang Seng Index rising by 0.32% and the Hang Seng Tech Index increasing by 1.61% on August 22, indicating a favorable market sentiment towards technology and semiconductor sectors [1] Sector Performance - Semiconductor products and equipment, as well as the automotive sector, experienced significant gains, leading the market [1] - Notable gainers included Hua Hong Semiconductor, which rose over 11%, XPeng Motors and ZTE Corporation both increased by over 10%, NIO saw an increase of over 7%, SMIC rose by over 6%, and China National Pharmaceutical Group gained over 5% [1] Decliners - The passenger airline companies and home goods sectors faced declines, with Jiuxing Holdings and WanGuo Gold Group both dropping by over 7% [1]

Core Viewpoint - Jiuxing Holdings (01836) experienced a decline of over 6% following the release of its 2025 interim results, with shares trading at HKD 15.75 and a transaction volume of HKD 37.73 million [1] Financial Performance - The company reported revenue of USD 775 million, reflecting a year-on-year increase of 0.66% [1] - The profit attributable to the parent company was USD 78.63 million, a decrease of 14.48% year-on-year [1] - Basic earnings per share were 9.5 cents, and the company proposed an interim dividend of 52 HK cents per share [1] Challenges Faced - The company faced short-term challenges in profitability due to two main factors: 1. Customers accelerated orders to meet the increased demand from the European summer tourism season ahead of the Paris Olympics, resulting in a high base effect with approximately 1 million pairs of orders shipped in advance for the first half of 2024 [1] 2. Short-term operational efficiency issues related to increased production capacity in Indonesia and the Philippines, where local labor productivity has not yet reached optimal levels [1] Strategic Adjustments - To meet demand and ensure the achievement of customer objectives, the company has shifted some production to its factories in Vietnam, which has led to increased costs, including overtime expenses [1]

Core Viewpoint - Jiuxing Holdings (01836) experienced a decline of over 6% following the release of its interim results for 2025, with a current trading price of HKD 15.75 and a transaction volume of HKD 37.73 million [1] Financial Performance - The company reported revenue of USD 775 million for the first half of 2025, representing a year-on-year increase of 0.66% [1] - The profit attributable to the parent company was USD 78.63 million, reflecting a year-on-year decrease of 14.48% [1] - Basic earnings per share were 9.5 cents, and the company proposed an interim dividend of 52 HKD cents per share [1] Operational Challenges - The company faced short-term challenges in profitability due to two main factors: 1. Customers advanced orders of approximately 1 million pairs to capitalize on the surge in demand during the last summer tourism season in Europe ahead of the Paris Olympics, resulting in a high base effect [1] 2. Short-term operational efficiency issues related to increased production capacity in Indonesia and the Philippines, where local labor productivity has not yet reached optimal levels [1] - To meet demand and ensure customer objectives, the company shifted some production to its factory in Vietnam, leading to increased costs, including overtime expenses [1]