Samsonite Group S.A. 新秀麗集團有限公司 股份有限公司 2025年 7月 10日之註冊成立章程細則 （本公司組織章程細則應以英文本為準，任何中文譯本不得更改或影響其解釋） 1. 詮釋 1.1. 本章程細則的頁邊註釋不會影響章程細則的詮釋。於本章程細則中，除標題或 文義另有註明： | 「章程細則」 | 指 | 本公司現時的組織章程細則及當時有效的 | | --- | --- | --- | | | | 所有補充、經修訂或替代章程細則； | | 「聯繫人」 | 指 | 就任何董事而言，具有上市規則所賦予之 | | | | 涵義； | | 「董事會」 | 指 | 董事會； | | 「營業日」 | 指 | 盧森堡、美國或香港商業及金融市場開門 | | | | 進行買賣的任何日子； | | 「主席」 | 指 | 不時主持任何股東大會或董事會會議的主 | | | | 席； | | 「公司條例」 | 指 | 不時修訂的公司條例（香港法例第 32 章）； | | 「本公司」 | 指 | 新秀麗集團有限公司，乃受盧森堡大公國 | | | | 法律規管的股份有限公司，其註冊辦事處 | | | | 位 於 20 ...

Core Viewpoint - Credit Lyonnais has lowered the target price for Samsonite (01910) from HKD 22 to HKD 21, maintaining a price-to-earnings ratio of 13 times for the next 12 months, with a projected compound annual growth rate of 13.6% for net profit from 2025 to 2027 [1] Group 1: Financial Performance - For Q2 2025, Samsonite's fixed exchange rate sales decreased by 5.8% year-on-year, aligning with the bank's expectations, while reported sales fell by 4.8%, benefiting from favorable foreign exchange [1] - The bank anticipates a 6% decline in sales for the first half of the year, with a projected 4% decrease in sales for the second half, supported by foreign exchange fluctuations and price increases [1] - The management is expected to maintain stable gross margins for the second half of the year [1] Group 2: Profitability and Forecasts - The report predicts that adjusted EBITDA margin for the second half will increase by 20 basis points to 16.4% due to cost savings [1] - Sales and gross margin forecasts for 2025 to 2027 remain largely unchanged, but net profit estimates have been reduced by 5% to 7% due to the impact of stock-based compensation on tax rates [1] - Management has indicated that net sales will continue to improve in Q3 and the second half, despite low visibility for Q4 [1] Group 3: Market Position and Outlook - Credit Lyonnais maintains a "highly confident outperform" rating for Samsonite, citing low valuation, continuous improvement potential, and dual listing opportunities [1] - The bank expects non-US regions, foreign exchange, and price increases to support reported sales [1]

Core Viewpoint - Citi has lowered the target price for Samsonite (01910) from HKD 22 to HKD 21, maintaining a price-to-earnings ratio of 13 times for the next 12 months, with a projected compound annual growth rate of 13.6% for net profit from 2025 to 2027 [1] Group 1: Financial Performance - For Q2 2025, Samsonite's fixed exchange rate sales decreased by 5.8% year-on-year, aligning with Citi's expectations, while reported sales fell by 4.8% due to favorable foreign exchange movements [1] - Citi anticipates a 6% decline in sales for the first half of the year, with a projected 4% decrease in sales for the second half, supported by foreign exchange fluctuations and price increases [1] - The management is expected to maintain stable gross margins for the second half of the year [1] Group 2: Profitability and Forecasts - The report predicts that adjusted EBITDA margin for the second half will increase by 20 basis points to 16.4% due to cost-saving measures [1] - Sales and gross margin forecasts for 2025 to 2027 remain largely unchanged, but net profit estimates have been reduced by 5% to 7% due to the impact of stock-based compensation on tax rates [1] Group 3: Management Guidance - Management has indicated that net sales for Q3 and the second half of the year will continue to improve, despite low visibility for Q4 [1] - Citi expects that non-US regions, foreign exchange, and price increases will support reported sales [1]

Investment Rating - The report does not specify a clear investment rating for Samsonite, but it discusses the company's performance and outlook in detail, indicating a cautious but optimistic long-term view from management [5][12]. Core Insights - Samsonite's revenue and profit declined in 1H25, with net sales at USD 1.662 billion, down 6.0% YoY, primarily due to weak demand in North America and Asia [2][8]. - Gross profit was USD 984 million, with a gross margin of 59.2%, down 1.0 percentage point YoY, affected by lower sales from higher-margin regions and increased promotions [2][8]. - Adjusted EBITDA decreased by 19.4% YoY to USD 269 million, with an adjusted EBITDA margin of 16.2% [2][8]. - Management remains optimistic about long-term consumption demand despite short-term pressures from trade policy changes and macroeconomic uncertainties [11][12]. Summary by Sections Financial Performance - In 1H25, net sales were USD 1.662 billion, down 6.0% YoY, with gross profit at USD 984 million, down 7.6% YoY, and adjusted net profit at USD 123 million, down 29.1% YoY [2][8]. - The adjusted free cash flow was USD 11.5 million, a decrease of USD 70 million YoY, with net debt increasing to USD 1.162 billion [2][8]. Regional Performance - Revenue in Asia was USD 626 million, down 7.3% YoY, with significant declines in China, South Korea, and Hong Kong [3][9]. - North America saw revenue of USD 561 million, down 7.7% YoY, with all brands declining, particularly American Tourister [3][9]. - Europe experienced modest growth, with revenue at USD 379 million, up 1.6% YoY, driven by strong performance in Germany [3][9]. Channel Performance - The DTC channel share rose to 39.6%, with e-commerce accounting for 11.3% and offline retail at 28.3% [4][10]. - Wholesale revenue fell 7.4% YoY, primarily due to cautious procurement by wholesale customers amid economic uncertainty [4][10]. Strategic Initiatives - The company is addressing tariff impacts through price increases and supplier negotiations, aiming to offset negative effects in North America [5][11]. - Management plans to enhance brand competitiveness through product innovation and expansion of the Tumi brand [5][11]. Management Outlook - Management expects improvement in the Chinese and Indian markets in the second half of 2025, with a generally stronger performance in the second half compared to the first [12].

Core Viewpoint - Samsonite's performance in the first half of 2025 is under significant pressure, with net sales declining by 6.0% to $1.662 billion and adjusted net income dropping by 29.1% to $123 million due to increased macroeconomic uncertainty and weakened consumer sentiment [1][3]. Financial Performance - All core financial indicators for Samsonite in the first half of 2025 showed a notable decline, with net sales decreasing from $1.769 billion in the same period of 2024 to $1.662 billion, a reduction of 5.2% on a constant currency basis [3]. - Gross margin fell from 60.2% in the previous year to 59.2%, a decline of 100 basis points, attributed to unfavorable changes in regional sales mix and strategic promotional measures to boost sales [3]. - Operating profit decreased significantly from $315 million in 2024 to $238 million, a drop of 24.2%, while adjusted EBITDA fell by 19.4% to $269 million, with the adjusted EBITDA margin declining from 18.9% to 16.2% [3]. Cash Flow Situation - The adjusted free cash flow was only $11.5 million, a substantial decrease of $70.1 million compared to $81.6 million in the same period of 2024, primarily due to reduced adjusted EBITDA and increased net working capital [4]. - Despite cash flow challenges, the company repurchased 16.6908 million shares for $42.9 million under its buyback program [4]. - As of June 30, 2025, the company had $669 million in cash and cash equivalents, with outstanding financial debt of $1.831 billion, resulting in a net debt of $1.162 billion, an increase from $1.103 billion at the end of 2024 [4]. Future Outlook - The management of Samsonite expressed a cautious outlook for the short term, citing macroeconomic uncertainty, fluctuating trade policies, and weakened global consumer confidence as factors affecting demand [5]. - While there is an expectation for a potential improvement in net sales in Q3 2025 compared to Q2, driven by a low base effect from Q3 2024, the overall economic environment and consumer demand remain unpredictable [5]. - The company reduced marketing expenses to $98.7 million, a 15.9% decrease from $117 million in the previous year, reflecting adjustments in advertising spending in response to weakened global consumer sentiment [5].

Core Viewpoint - Samsonite (1910.HK) experienced a stock price increase of over 7%, reaching HKD 17.72, despite reporting a 30% year-on-year decline in net profit attributable to shareholders at USD 118 million [1] Financial Performance - The company's sales revenue for the period was USD 1.662 billion, reflecting a 6% year-on-year decrease [1] - The decline in sales was attributed to increased macroeconomic uncertainties and changes in trade policies, leading to more cautious purchasing behavior from wholesale customers and weakened consumer sentiment [1] Future Outlook - The company anticipates that consumer sentiment will continue to slow, influenced by ongoing trade policy uncertainties and potential inflationary pressures affecting consumer demand [1] - There is an expectation for a possible improvement in sales revenue in the third quarter compared to the second quarter, although the economic environment and consumer demand remain difficult to predict [1]

为应付关税影响，公司在北美市场加价，并会根据新增关税而进一步调价。另外，公司会预先采购该市 场库存，同时与供应商协商以缓解汇率影响。中期将透过重新设计产品以控制成本。为反映严控经营开 支的成效，该行将2025至27年净利预测分别上调2.1%、3.7%及1.8%。 智通财经APP获悉，麦格里发布研报称，新秀丽(01910)次季收入同比跌4.8%，经调整EBITDA跌 18.1%，均符合该行预期。虽然管理层预期第三季销售将有所改善，但认为消费情绪疲弱令前景仍不明 朗。目标价由13.3元上调至14元，维持"中性"评级，认为公司下半年需求仍具挑战。 ...

Group 1 - The core viewpoint of the report indicates that Samsonite (01910) experienced a 4.8% year-on-year decline in revenue for the second quarter, with adjusted EBITDA falling by 18.1%, both in line with Macquarie's expectations [1] - Management anticipates an improvement in sales for the third quarter; however, weak consumer sentiment continues to create uncertainty regarding future prospects [1] - The target price for the company has been raised from HKD 13.3 to HKD 14, maintaining a "Neutral" rating, as the company faces challenges in demand for the second half of the year [1] Group 2 - To address the impact of tariffs, the company has increased prices in the North American market and plans to adjust prices further based on new tariffs [1] - The company is preemptively procuring inventory for the North American market and negotiating with suppliers to mitigate currency exchange rate impacts [1] - In the medium term, the company will redesign products to control costs, leading to upward revisions in net profit forecasts for 2025 to 2027 by 2.1%, 3.7%, and 1.8% respectively [1]

Core Viewpoint - Macquarie's research report indicates that Samsonite's revenue for the second quarter decreased by 4.8% year-on-year, with adjusted EBITDA falling by 18.1%, both aligning with the firm's expectations [1] Group 1: Financial Performance - Samsonite's management anticipates an improvement in sales for the third quarter, but weak consumer sentiment continues to create uncertainty regarding future prospects [1] - The firm has adjusted its net profit forecasts for 2025 to 2027 upwards by 2.1%, 3.7%, and 1.8% respectively, reflecting effective cost control measures [1] Group 2: Strategic Responses - To address the impact of tariffs, the company has raised prices in the North American market and plans to adjust prices further based on new tariffs [1] - The company is preemptively procuring inventory for the North American market and negotiating with suppliers to mitigate currency exchange rate impacts [1] - In the medium term, the company aims to control costs through product redesign [1] Group 3: Market Outlook - The target price for Samsonite has been raised from HKD 13.3 to HKD 14, while maintaining a "Neutral" rating, as the company faces ongoing challenges in demand for the second half of the year [1]

Core Viewpoint - Samsonite's stock rose over 6%, reaching HKD 17.5, with a trading volume of HKD 95.5895 million [1] Financial Performance - For the six months ending June 30, 2025, Samsonite reported a net sales of USD 1.662 billion, a year-on-year decrease of 6% [1] - The profit attributable to equity holders was USD 118 million, down 30.2% year-on-year [1] - Basic earnings per share were USD 0.085 [1] Market Outlook - According to recent research from Credit Lyonnais, Samsonite's third-quarter performance is expected to improve quarter-on-quarter, particularly in the U.S. due to a low base [1] - The Transportation Security Administration (TSA) passenger travel data has shown improvement in July and August, which may positively impact U.S. performance [1] - The low base in Asia, especially in India and mainland China, could also lead to quarter-on-quarter improvements in performance [1]