Group 1 - The company, Samsonite (01910.HK), announced a board meeting scheduled for March 19, 2026, to consider and approve the full-year performance for the year ending December 31, 2025 [1] - The agenda includes a proposal for cash dividends to shareholders [1] - Other matters will also be addressed during the board meeting [1]

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份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。 Samsonite Group S.A. 新秀麗集團有限公司 (「本公司」) 董事會 (「董事會」) 兹通告謹定於 2026 年 3 月 19 日 (星期四) 舉行董事會會議，以 (i) 考慮及通過本公司及其附屬公司截至 2025 年 12 月 31 日止年度的全年業績 、 (ii) 考慮向股東支付現金股息之建議，以及 (iii) 處理其他事 項。 承董事會命 SAMSONITE GROUP S.A. 新秀麗集團有限公司 John B. Livingston 聯席公司秘書 美國馬薩諸塞州曼斯菲爾德， 2026 年 2 月 27 日 於本公告日期，執行董事為 Kyle Francis Gendreau ，非執行董事為 Timothy Charles Parker ，以 及獨立非執行董事為 Claire Marie Bennett 、 Angela Iris Brav 、 Jerome Squire Gri ...

Core Viewpoint - Samsonite (01910) is seeking shareholder approval for a dual listing of shares in the U.S. through American Depositary Shares (ADS), which is expected to enhance accessibility for global investors and create long-term value for shareholders [1] Group 1: Stock Performance - Samsonite's stock rose by 4.07%, reaching HKD 19.44, with a trading volume of HKD 42.77 million [1] Group 2: Dual Listing Proposal - The company plans to seek authorization for a dual listing, with the issuance valid until the conclusion of the shareholder annual meeting on June 4, 2026 [1] - The new shares will be issued at a discount of no more than 15% from the last closing price and will not be priced at a discount of 20% or more from the benchmark price [1] Group 3: Fund Utilization - Proceeds from the issuance will primarily be used for operational and capital expenditures, repayment of existing debts, share buybacks, and potential acquisitions [1] Group 4: Share Dilution Impact - The maximum limit for the new issuance is approximately 138 million shares, representing 9.97% of the total issued shares after excluding treasury shares [1] - Following the dual listing, the company plans to cancel approximately 79.31 million treasury shares, resulting in an estimated net dilution impact of about 4.0% after the cancellation [1]

Core Viewpoint - Samsonite is seeking shareholder approval for a dual listing of shares in the U.S. through American Depositary Shares (ADS), which is expected to enhance accessibility for U.S. and global investors [1] Group 1: Company Actions - Samsonite's proposed dual listing will allow for the issuance of new shares, with the authorization valid until the annual general meeting on June 4, 2026 [1] - The new shares will be priced at a discount of no more than 15% to the last closing price and will not be discounted by 20% or more from the benchmark price [1] - The maximum limit for the new issuance is approximately 138 million shares, representing 9.97% of the total issued shares after excluding treasury shares [1] Group 2: Financial Implications - The funds raised from the new share issuance will primarily be used for operational and capital expenditures, debt repayment, share buybacks, and potential acquisitions [1] - Following the dual listing, the company plans to cancel approximately 79.31 million treasury shares, resulting in an estimated net dilution effect of about 4.0% after accounting for the cancellation [1] Group 3: Market Reaction - Following the announcement, Samsonite's stock price increased by over 4%, reaching HKD 19.44, with a trading volume of HKD 42.77 million [1]

Samsonite Group S.A. 新秀麗集團有限公司 股份有限公司 2026年 2月 5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 章）； 32 | | 「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 ...

Group 1 - The overall retail market performance in South China during the 2026 Spring Festival was weak, with a decline in customer traffic and average transaction value being the main factors affecting sales [3] - Consumer travel increased in South China, contributing to the decline in foot traffic in shopping districts [3] - The toy sector remains highly prosperous, with Pop Mart (09992) expected to achieve over 25% growth for the year, driven by strong IP operation capabilities [4] Group 2 - The cosmetics sector showed slight overall growth, but there was a clear divide between foreign and domestic brands, with foreign brands like Dior and MAC recording approximately 10% growth [5] - The restaurant industry exhibited a K-shaped recovery during the Spring Festival, with large dining establishments facing pressure on average transaction values, while fast food and casual dining showed relative stability [6] - The apparel sector's sales remained flat, with growth primarily driven by pre-Festival consumption, and sports brands experiencing a slowdown in same-store sales growth [7] Group 3 - The luggage brand Samsonite (01910) benefited from travel demand, with sales rising approximately 15% year-on-year during January-February 2026 [8] - The jewelry sector saw a decline in customer traffic but benefited from rising gold prices, leading to a high single-digit increase in sales [9]

Group 1 - The overall retail market performance in South China during the 2026 Spring Festival was weak, with a decline in foot traffic and average transaction value being the main factors affecting sales [2] - Five out of the first six days of the Spring Festival saw a year-on-year decline in mall foot traffic, with only one day showing growth, indicating overall performance below internal expectations [2] - Increased travel among consumers in South China is identified as a key reason for the decline in foot traffic in shopping districts [2] Group 2 - The collectible toy sector remains highly prosperous, with Pop Mart (09992) expected to achieve over 25% growth for the year, driven by strong IP operation capabilities and a stable fan base [3] - The cosmetics sector shows mixed performance, with foreign brands like Dior and MAC experiencing approximately 10 percentage points of growth, while domestic brands, except for Mao Geping (01318), show weaker results [3] - Mao Geping is projected to achieve a 20% growth target for the year, supported by stable product quality and effective member acquisition strategies [3] Group 3 - The restaurant industry displayed a K-shaped recovery during the Spring Festival, with large dining establishments facing pressure on average transaction values, declining by about 5-15%, while fast food and small dining formats showed slight growth [4] - Entertainment consumption, represented by cinemas, performed poorly, with box office revenues declining compared to the previous year's Spring Festival, attributed to low-quality films and weak star power [4] Group 4 - The apparel sector's sales remained flat, with growth primarily driven by pre-Spring Festival consumption, characterized by increased average transaction values and higher attachment rates [5] - Samsonite (01910) experienced a year-on-year sales increase of approximately 15% during January-February 2026, benefiting from travel demand during the Spring Festival [5] - The jewelry sector saw sales rise due to increasing gold prices, with brands like Chow Tai Fook and Chow Sang Sang reporting growth driven by investment gold bar sales [5]

Core Viewpoint - The report from Guotai Junan Securities maintains an "Overweight" rating for Samsonite (01910), projecting net profit for the company to be $270 million, $300 million, and $340 million for 2025-2027, reflecting year-on-year changes of -22.3%, +12.2%, and +11.6% respectively, with a target price of HKD 24.09 based on a 15X PE for 2026 [1] Group 1 - The company has disclosed details regarding its dual listing in the U.S., planning to issue American Depositary Shares (ADS) with an authorization valid until the annual shareholders' meeting on June 4, 2026. The new shares will be issued at a discount of no more than 15% from the last closing price, and the funds raised will be used for operations, capital expenditures, debt repayment, share buybacks, and potential acquisitions [1] - The dual listing aims to enhance global trading liquidity, making it easier for U.S. and global investors to access its shares. The maximum issuance limit is approximately 138 million shares, accounting for 9.97% of the total issued shares after excluding treasury stock. Following the dual listing, the company plans to cancel approximately 79.31 million treasury shares, resulting in an estimated net dilution impact of about 4.0% after the cancellation [2] Group 2 - Recent appointments include Thomas R. Pizzuti as the Group CFO starting February 2, 2026, who previously worked at KPMG, and Luciano Severo Rodembusch as the President of TUMI, expected to take office around April 1, 2026. Rodembusch has extensive experience in luxury consumer brands, which is anticipated to benefit TUMI's growth as a global functional luxury brand [3] - The company expects continued improvement in performance for Q4 2025, with all brands and regions showing growth compared to Q2. TUMI has achieved positive growth across all regions, and despite a high base for Q4, the company anticipates revenue to remain stable year-on-year. The Asia-Pacific and North American markets are expected to positively impact profit margins in 2026, aided by the clarified dual listing details [4]

Core Viewpoint - Cathay Securities maintains an "Accumulate" rating for Samsonite (01910), projecting net profit for 2025-2027 at $270 million, $300 million, and $340 million, reflecting year-on-year changes of -22.3%, +12.2%, and +11.6% respectively, with a target price of HKD 24.09 based on a 15X PE for 2026 [1] Group 1 - The company plans to advance its dual listing in the U.S. through American Depositary Shares (ADS), with the issuance authorization valid until the annual shareholders' meeting on June 4, 2026 [1] - The new shares will be issued at a discount of no more than 15% from the last closing price, and no more than 20% from the benchmark price [1] - Proceeds from the issuance will primarily be used for operational and capital expenditures, repaying existing debts, repurchasing ordinary shares, and funding potential acquisitions [1] Group 2 - The dual listing aims to enhance global trading liquidity, making it easier for U.S. and global investors to access the company's shares and create long-term value for shareholders [2] - The maximum limit for the new issuance is approximately 138 million shares, accounting for 9.97% of the total issued shares after excluding treasury stock [2] - Following the dual listing, the company plans to cancel approximately 79.31 million treasury shares, resulting in an estimated net dilution impact of about 4.0% after the cancellation [2] Group 3 - The company has appointed Thomas R. Pizzuti as the new Group CFO starting February 2, 2026, who previously worked at KPMG [3] - Luciano Severo Rodembusch will become the president of the TUMI brand around April 1, 2026, bringing extensive experience from his previous roles at Pandora and Tiffany & Co. [3] Group 4 - The company expects continued improvement in Q4 2025 performance, with all brands and regions showing growth compared to Q2 [4] - TUMI achieved positive growth across all regions, and despite a high base in Q4 2025, the company anticipates maintaining revenue growth year-on-year [4] - The company predicts a potential refresh cycle for luggage in 2026, with ongoing improvements in the Asia-Pacific and North American markets positively impacting profit margins [4]

Investment Rating - The investment rating for the company is "Accumulate" [5] Core Insights - The company has disclosed details regarding its dual listing in the US, aiming to enhance global trading liquidity. The recent appointments of the CFO and TUMI President are expected to positively impact performance, with Q4 2025 results anticipated to continue the improvement trend seen in Q3 [2][9] - The company plans to issue American Depositary Shares (ADS) for its dual listing, with the issuance period lasting until the end of the shareholders' annual meeting on June 4, 2026. The new shares will be priced at a discount of no more than 15% from the last closing price [9] - The company expects to see a recovery in valuation due to the dual listing and anticipates that Q4 2025 will show year-on-year revenue growth, particularly in the Indian and Chinese markets, while North America is expected to see a reduced decline compared to Q3 [9] Financial Summary - Total revenue projections (in million USD) for 2024A, 2025E, 2026E, and 2027E are 3589, 3481, 3651, and 3824 respectively, with year-on-year changes of -2.5%, -3.0%, +4.9%, and +4.7% [4] - Gross profit is projected to be 2152, 2074, 2187, and 2298 million USD for the same years, with corresponding changes of -3.6%, -3.6%, +5.5%, and +5.1% [4] - Net profit attributable to the parent company is expected to be 346, 268, 301, and 336 million USD, reflecting year-on-year changes of -17.1%, -22.3%, +12.2%, and +11.6% [4] - The company is projected to have a PE ratio of 10.56, 13.60, 12.12, and 10.86 for the years 2024A, 2025E, 2026E, and 2027E respectively [4] Market Data - The current stock price is 19.96 HKD, with a market capitalization of 29,266 million HKD and a total share count of 1,466 million [6]