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8月6日 FF301 II. 已發行股份及/或庫存股份變動 | 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 | | | | | | | | | 已發行股份（不包括庫存股份）數目 | | 庫存股份數目 | | 已發行股份總數 | | | 上月底結存 | | | 836,836,000 | | | | 836,836,000 | | 增加 / 減少 (-) | | | 180,000 | | | | | | 本月底結存 | | | 837,016,000 | | 0 | | 837,016,000 | 第 2 頁 共 10 頁 v 1.1.1 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | ...

Group 1 - The core index of the CSI Hong Kong Stock Connect Textile, Apparel, and Jewelry Composite Index is reported at 1922.06 points, with a recent one-month decline of 4.00%, a three-month increase of 9.13%, and a year-to-date increase of 13.10% [1] - The index is compiled based on the classification standards of the CSI industry, reflecting the overall performance of different industry securities within the Hong Kong Stock Connect [1] - The top ten weighted stocks in the index include Li Ning (15.18%), Shenzhou International (15.11%), Anta Sports (14.03%), Lao Pu Gold (12.04%), Chow Tai Fook (9.28%), Samsonite (7.96%), Bosideng (7.29%), Jiu Xing Holdings (3.71%), Yue Yuen Industrial (3.57%), and Xtep International (3.4%) [1] Group 2 - The industry composition of the index shows that apparel accounts for 57.20%, jewelry and luxury goods account for 24.16%, and footwear and accessories account for 18.65% [2] - The index sample is adjusted biannually, with adjustments implemented on the next trading day following the second Friday of June and December each year [2] - In the event of special circumstances affecting the index sample, such as delisting or mergers, the sample will be adjusted accordingly [2]

Core Viewpoint - The company is experiencing short-term pressure on profitability due to slower employee efficiency improvements and the impact of tariffs, but maintains a strong order book and is expanding its customer base, leading to a strong medium to long-term outlook [1][2]. Financial Performance - In Q2 2025, the company's revenue increased by 2.9% to $444 million, with manufacturing revenue rising by 2.5% to $433 million, and shipment volume up by 4.1% to 15.4 million pairs. The average selling price decreased by 1.7% to $28.2 per pair [1]. - The company has adjusted its profit forecast, expecting net profits of $169 million, $183 million, and $201 million for 2025-2027, with year-on-year growth rates of -1%, 9%, and 10% respectively, corresponding to a PE of 9X for 2025 and 8X for 2026 [1][2]. Production Capacity and Challenges - Production ramp-up in Indonesia and the Philippines has been slower than expected due to insufficient employee efficiency, leading to some products being produced in Vietnam, which has increased production costs [2]. - The company is accelerating the construction of its factory in Indonesia, now expected to be completed in 2026, one year earlier than initially planned, and is expanding production around its existing factory in Vietnam [2]. Customer Orders and Market Position - The company has a strong order certainty for Q4 2025 and is planning to initiate 2026 order planning in Q3. It is also progressing with new customer collaborations, including two new sports clients and one luxury client expected to be developed in 2026 [1][2]. - The company is recognized as a leading manufacturer in the sports fashion footwear sector, with stable core customer orders and high product barriers, indicating strong medium to long-term certainty despite short-term challenges [2].

Investment Rating - The report maintains a strong buy rating for the company [1][4] Core Views - The company's manufacturing business revenue increased by 2.5% in Q2 2025, with a shipment volume increase of 4%, but the average selling price decreased by 2% [1] - Employee efficiency improvements are slower than expected, leading to capacity ramp-up challenges, which are expected to impact short-term profitability [1] - The company is expected to bear some tariff costs in the second half of 2025, particularly in Q4, but these impacts are anticipated to lessen in the following year [1] - The company has a strong order book for Q4 2025 and is actively expanding its customer base, with plans to onboard new clients in 2026 [1] Financial Data and Valuation - Total revenue for 2025 is projected at $1.614 billion, with a year-on-year growth rate of 4% [3] - Net profit for 2025 is expected to be $169 million, reflecting a slight decline of 1% year-on-year [3] - The company’s PE ratios are projected at 9X for 2025 and 8X for 2026, indicating a favorable valuation [1][3] - The company’s total assets are expected to reach $1.420 billion by 2025, with a total liability of $317 million [8] Performance Metrics - The company’s gross margin is projected to be 24.2% in 2025, with a net margin of 10.5% [9] - Return on equity (ROE) is expected to remain stable at 15.5% for 2025 [9] - The company’s debt-to-asset ratio is projected to be 22.3% in 2025, indicating a manageable level of debt [9]

Group 1 - The core viewpoint is that Nike's management expects a narrowing of revenue decline to a mid-single-digit percentage in Q1 of FY2026, following an 11% year-over-year decline in Q4 of FY2025 [1] - Nike's revenue for Q4 FY2025 decreased by 11% year-over-year, exceeding FactSet's expectation by 3.4%, with regional revenue declines in North America, EMEA, Greater China, and Asia-Pacific-Latin America [1][2] - Inventory levels remained high, with a year-over-year change of 0% in Q4 FY2025, and Nike plans to continue reducing inventory over the next two quarters [1] Group 2 - Management anticipates a year-over-year revenue decline of mid-single digits for Q1 FY2026, with gross margin expected to decrease by 350-425 basis points, including a 100 basis point negative impact from tariffs [2] - The increase in wholesale holiday orders is offset by declines in the Greater China region, with apparel and footwear categories showing year-over-year declines of 9% and 12%, respectively [2] - Macquarie believes that approximately $1 billion in incremental tariff costs will be alleviated through optimizing sourcing and production distribution, reducing the import share from China, and phased price increases starting in Fall 2025 [2] Group 3 - In the Greater China region, Nike's direct business revenue declined by 15% year-over-year, with digital and store sales down 31% and 6%, respectively [3] - The decline in wholesale revenue by 24% year-over-year is expected to relieve pressure on retailers like Tmall [3] - Efforts to revitalize the Chinese market will take time, with deeper resets leading to increased discounts and reduced supply, as evidenced by an 11% year-over-year decline in inventory [3] Group 4 - The report maintains an underperform rating for Yue Yuen Industrial Holdings and Kwan Hung Holdings, despite ongoing revenue challenges for Nike in China [4] - Tmall is rated outperform with a target price of HKD 3.70, as competition from domestic and emerging international brands may lead to more discounts [4] - Yue Yuen is rated underperform with a target price of HKD 9.60, facing slow recovery in brand client orders and adverse impacts from raw material costs and foreign exchange [4]

Investment Rating - The investment rating for the company is "Buy" [6] Core Insights - The company is a leading high-end footwear manufacturer with a strong design and development capability, benefiting from scarce production capacity in Southeast Asia. It has established deep partnerships with renowned international brands such as Nike, Balenciaga, Prada, and UGG, covering a diverse range of athletic, luxury, fashion, and casual brands. The average selling price (ASP) for 2024 is projected to be $28.4, significantly above industry standards, with a diversified production layout that is rare in the market [1][4] - Despite external disruptions such as tariffs, the company has secured a robust order book for Q1-3, with expectations for improved order visibility in Q4 due to positive developments in US-China trade negotiations. The company anticipates maintaining mid-single-digit growth in shipment volume for the year, with ASP remaining stable [2][4] - The company is accelerating its capacity expansion, particularly in Indonesia and Bangladesh, with expectations of short-term fluctuations in profit margins due to new factory ramp-up and employee training. However, the long-term growth trend remains positive [3][4] Financial Summary - Revenue projections for 2024-2027 are as follows: $1.545 billion in 2024, $1.621 billion in 2025 (up 4.94%), $1.743 billion in 2026 (up 7.48%), and $1.867 billion in 2027 (up 7.12%). Net profit attributable to the parent company is expected to be $171.1 million in 2024, $165.1 million in 2025 (down 3.47%), $184.9 million in 2026 (up 11.98%), and $204.4 million in 2027 (up 10.56%) [5][11] - The company is expected to maintain a dividend payout ratio of 70% in 2025, with a commitment to a $60 million share buyback or special dividend, resulting in a dividend yield of 11% [4][11]

港股公司报告 | 公司点评 公司发布 25Q1 业绩公告 九兴控股（01836） 证券研究报告 25Q1 预计量增价减 由于高基数效应，公司收入同比减少 2.2%至 3.3 亿美元。 制造业务 25Q1 收入 3.2 亿美元，同比-1.8%，其中出货量同比+3.4%至 1210 万双，受运动类别所带动；ASP 同比-5.0%至 26.4 美元/双，主要由于平均 售价较低的运动产品订单占比较高所致。 生产工艺与效率：具备高端联名款和限量款生产能力，快反能力强，能够 迅速响应客户订单。 公司 2024 年已实现经营利润率 OPM 约 11.9%，提前达成三年规划 （2023-2025）目标。 公司已建议支付 6000 万美元现金作为 2024 年特别股息，并仍承诺于 2025 年及 2026 年除维持在通常水平 70%的派息率派付定期股息（包括末期股息 及中期股息）外，将通过结合股份回购及派付特别股息的方式向股东返还 每年最多 6000 万美元的额外现金。 具备开发设计能力及核心生产工艺，产能全球布局 开发设计能力：公司拥有强大的研发能力和自主设计能力，能够快速响应 市场需求，开发高附加值产品。 归母净利润 1. ...

Group 1 - The latest research from Yale University estimates that U.S. tariff policies will result in an average annual loss of $4,700 for American households, with significant impacts on clothing prices, which are expected to rise by 64% in the short term and 27% in the long term [1] - Currently, only 2.5% of clothing and 1% of footwear in the U.S. is domestically manufactured, with Vietnam being a major source of imports for clothing and footwear [1] - The U.S. is the largest market for Vietnam's textile and apparel exports, which are projected to reach $44 billion in 2024, with major brands like Nike and Lululemon having over 35% of their production capacity in Vietnam [1] Group 2 - According to a report from Galaxy Securities, domestic textile companies are shifting from capacity growth to high-quality growth, focusing on high-value customers and mid-to-high-end products, which allows for some price adjustment flexibility [2] - The international capacity layout advantages of textile companies are becoming more evident, and the industry is expected to see a consolidation as smaller companies struggle to absorb tariff costs, leading to orders concentrating among leading firms with overseas layouts [2] - Domestic textile manufacturing leaders are focusing on overseas markets with lower exposure to U.S. exports and strong customer ties, which provides resilience amid industry fluctuations [2] Group 3 - Listed companies in the apparel sector on the Hong Kong Stock Exchange include brand companies such as Toppan (06110), Samsonite (01910), Anta Sports (02020), Li Ning (02331), Xtep International (01368), and Bosideng (03998), as well as manufacturing companies like Jiu Xing Holdings (01836), Shenzhou International (02313), and Yue Yuen Industrial (00551) [3]

Financial Performance - The company's revenue for 2023 was $1,545,114 thousand, reflecting a 3.5% increase compared to 2022[15]. - Shareholders' profit attributable for 2023 was $171,049 thousand, representing a 21.2% increase from 2022[18]. - The compound annual growth rate (CAGR) from 2021 to 2024 is projected to be 21.5%[24]. - The operating profit margin for 2023 was 10.7%, with a forecasted increase to 11.9% in 2024[25]. - The company achieved an operating profit margin of 11.9% in 2024, up from 10.7% in 2023, exceeding the target of 10% set in the three-year plan (2023-2025) for the second consecutive year[34]. - Return on invested capital (ROIC) increased significantly to 21.6% in 2024, more than double the 10% recorded in 2019, reflecting the effectiveness of the long-term strategy implemented in 2023[35]. - Consolidated revenue increased by 3.5% to $1,545,100,000, with shipment volume rising by 8.2% to 53,000,000 pairs[49]. - Gross profit grew by 4.7% to $384,000,000, resulting in a gross profit margin of 24.9%[51]. - Operating profit rose by 15.7% to $184,500,000, benefiting from increased orders for athletic footwear and improved operational efficiency[52]. - Net profit for the year was $170,100,000, reflecting an increase from $140,300,000 in the previous year[53]. - The return on invested capital (ROIC) reached 21.6%, significantly up from approximately 10% in 2019[55]. - Net cash position improved by 45.3% to $417,600,000, compared to $287,400,000 at the end of 2023[56]. - The company aims to achieve a low double-digit percentage compound annual growth rate for after-tax profit in the upcoming years[37]. - The company has a history of strong financial performance, which supports its dividend distribution strategy[171]. Strategic Initiatives - The company has launched its first three-year strategic plan for 2023-2025[12]. - The company plans to further invest in design and development capabilities for leather products, including handbags and accessories[10]. - The company aims to become a preferred partner in the leather goods sector, enhancing its supply chain efficiency[5]. - The three-year plan includes expanding and diversifying production bases to stabilize cost structures and enhance operational efficiency[46]. - The company is expanding its production capabilities in Southeast Asia, including new factories in Indonesia and Vietnam[12]. - The company is focusing on strengthening partnerships with major sports brands and luxury fashion brands to support growth in the athletic and luxury footwear categories[46]. - The company anticipates moderate growth in overall shipments by 2025, despite macroeconomic challenges and geopolitical uncertainties, by increasing shipments to high-end fashion clients and new customers in the sports category[59]. - The company aims to enhance its handbag and accessories manufacturing business as a key growth pillar, considering the acquisition of a small handbag and accessories factory in Vietnam to leverage its expertise[60]. Corporate Governance - The board of directors is responsible for leading and overseeing the company’s affairs to promote success and ensure decisions align with the group’s best interests[80]. - The corporate governance committee focuses on compliance, risk management, investor relations, and corporate social responsibility, ensuring adherence to governance codes[81]. - The company has adopted stock option and share reward plans to recognize and reward employee contributions, aiming to retain talent and support ongoing operations[75]. - The board consists mainly of independent non-executive directors, ensuring strong independent elements for effective judgment and decision-making[86]. - The corporate governance practices reflect compliance with all governance code provisions throughout the year 2024[84]. - The corporate governance committee has conducted reviews of the annual governance report and related disclosures, ensuring transparency and accountability[85]. - The board has adopted a continuous evaluation process to assess its performance regularly[91]. - The company has established a board diversity policy, considering various factors such as gender, age, and professional experience in the nomination process[88]. - The gender ratio among employees is currently 4:1 in favor of males, with ongoing efforts to enhance gender diversity in recruitment[90]. - The nomination committee consists of four independent non-executive directors, with a focus on maintaining board diversity and independence[97]. - Independent non-executive directors are subject to a nine-year term limit, after which their reappointment requires an independence assessment[96]. - The company has implemented a formal and transparent procedure for appointing new directors, ensuring a structured succession plan[95]. - Directors receive ongoing training to stay updated on the company's operations and regulatory environment, with various training types categorized as legal, business, and financial[101]. - The board evaluation process includes feedback through questionnaires and interviews to improve efficiency and effectiveness[92]. - The company has established a system for regular review of business and financial performance, allowing for timely follow-up on unresolved issues[106]. Risk Management - The board is responsible for evaluating and determining the nature and extent of risks the company is willing to take to achieve strategic objectives, including significant risks related to environmental, social, and governance (ESG) factors[118]. - The internal control system is designed to manage risks within an acceptable risk profile rather than completely eliminate risks associated with achieving business objectives[118]. - The company conducts an annual review of its risk management and internal control systems to ensure they meet the requirements for financial reporting and listing rules[119]. - No significant internal control failures or weaknesses were identified during the year, indicating the effectiveness of the company's risk management and internal control systems[119]. - The internal audit team reports directly to the audit committee, chairman, and CEO, ensuring oversight of internal control matters[120]. - The company’s risk management and internal control systems have been comprehensively reviewed and positively assessed by third-party professional institutions[119]. Shareholder Returns - A final dividend of HKD 0.50 per share and a special dividend of HKD 0.56 per share were proposed, reflecting a commitment to return approximately 70% of adjusted net profit to shareholders[36]. - The board proposed a final dividend of HKD 0.50 per ordinary share and an interim dividend of HKD 0.65 per ordinary share, maintaining a payout ratio of approximately 70% based on adjusted net profit of USD 4,171,200,000[63]. - For the fiscal year ending December 31, 2024, the total dividend per ordinary share is projected to be HKD 1.71, subject to shareholder approval[64]. - The company plans to return up to $60,000,000 in additional cash to shareholders annually over the next three years as part of its excess cash return plan[49]. - The board aims to provide a cash return of 70% to shareholders through dividends and share buybacks, ensuring sufficient financial resources for business growth[170]. - The company has adopted a dividend policy to provide stable and sustainable dividends during profitable periods while maintaining financial resources for growth[170]. Employee Relations - The company emphasizes the importance of human resources as a key asset for development and expansion, actively seeking to attract, train, and retain motivated talent[75]. - The company is committed to a caring culture for employees, recognizing human resources as a vital asset for development and expansion, and aims to build management teams through effective training and development programs[191]. - As of December 31, 2024, the group has approximately 42,600 direct employees, an increase from about 39,900 on December 31, 2023, with a total workforce of around 63,200[75]. Market Position - The company has established a strong customer base, including leading global brands such as Nike and Coach[9]. - The company has been included in the Hang Seng Composite Index (HSCI), enhancing its market position and attractiveness to investors[35]. - The company was included in the Hang Seng Composite Index, enhancing global investor participation and liquidity[48]. - The company is focused on expanding its high-end fashion customer base and establishing a fashion sports footwear business, which is a key growth driver[157].

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [7]. Core Insights - The company is a leading high-end footwear manufacturer with strong design and development capabilities, focusing on high-value-added sports, luxury, and fashion brand clients. Following a successful management transition in 2019, the company has accelerated its expansion into luxury fashion clients and increased its market share in sports categories. The company has initiated its first three-year plan for 2023-2025, targeting a low double-digit profit CAGR [1][2][3]. Summary by Sections Company Overview - The company specializes in high-end footwear manufacturing, with a global production footprint in China, Vietnam, Bangladesh, Indonesia, and the Philippines. It serves notable clients such as Nike, Deckers, Balenciaga, and Cole Haan across various categories including sports, luxury, and fashion. The management transition in 2019 has revitalized the company, leading to accelerated growth in luxury fashion client acquisition and sports category share [2][16][18]. Competitive Advantages - The company boasts leading design and development capabilities, with an average selling price (ASP) of $28.4 in 2024, significantly ahead of the industry. Its R&D expense ratio stands at 3.1%, placing it in the top tier of the industry. The company has established deep ties with high-end brands like Nike and Balenciaga, effectively diversifying its client base and mitigating trend cycle risks. The revenue distribution for 2024 is projected at 45% from sports, 8% from luxury, 27% from fashion, and 20% from leisure [3][4][18]. Financial Performance and Projections - The company is expected to achieve revenues of $1.62 billion in 2025, with a year-on-year growth of 5%. The projected net profit for 2025 is $185.3 million, reflecting an 8.34% increase. The company maintains a commitment to a 70% dividend payout ratio and plans to repurchase $60 million worth of shares annually from 2024 to 2026, resulting in a projected dividend yield of 10% in 2025 [5][6][21]. Production Capacity and Efficiency - The company has diversified its production capacity, with 51% of its output expected from Vietnam and 27% from China in 2024. The average output per employee is projected to reach 1,244 pairs per year, with revenue per employee at $36,000, indicating a continuous improvement in production efficiency [4][21][22].