Core Insights - The company reported a net sales of $1.662 billion for the six months ending June 30, 2025, representing a year-on-year decline of 6% [1] - Profit attributable to equity holders was $118 million, down 30.2% compared to the previous year [1] - Basic earnings per share stood at $0.085 [1] Sales Performance - Compared to the first half of 2024, net sales in the first half of 2025 decreased by 6.0%, with a 5.2% decline when adjusted for constant currency [1] - The decline in sales was primarily attributed to increased macroeconomic uncertainties and changes in trade policies, leading to more cautious purchasing behavior from wholesale customers and weakened consumer sentiment [1] Profitability Metrics - The gross profit margin for the first half of 2025 was 59.2%, a decrease of 100 basis points from 60.2% in the first half of 2024 [1] - The decline in gross margin was mainly due to unfavorable changes in the regional sales mix, including a decrease in sales from the higher-margin Asia region, as well as strategic promotional measures aimed at boosting sales volume [1] - However, this decline was partially offset by an increase in sales contribution from the company's Direct-to-Consumer (DTC) channels [1]

Core Viewpoint - The company reported a decline in sales revenue and adjusted net income for the six months ending June 30, 2025, compared to the same period in 2024, primarily due to macroeconomic uncertainties and weakened consumer sentiment [1][2] Group 1: Sales Performance - For the six months ending June 30, 2025, the company's sales revenue was $1,661.7 million, down from $1,768.5 million for the same period in 2024, representing a decrease of $106.8 million or 6.0% (5.2% decrease on a constant currency basis) [1] - The decline in sales revenue was attributed to increased caution among wholesale customers in their purchasing decisions and a reduction in consumer demand [1] Group 2: Profitability Metrics - The gross profit margin for the six months ending June 30, 2025, was 59.2%, a decrease of 100 basis points from 60.2% for the same period in 2024, mainly due to unfavorable changes in regional sales mix and strategic promotional measures [1] - Adjusted EBITDA for the six months ending June 30, 2025, was $268.7 million, down $64.8 million or 19.4% from $333.5 million for the same period in 2024, primarily due to the decline in sales revenue [1] Group 3: Net Income - Adjusted net income for the six months ending June 30, 2025, was $123.4 million, a decrease of $50.6 million or 29.1% from $174.0 million for the same period in 2024 [2]

[Operating and Financial Summary](index=5&type=section&id=Operating%20and%20Financial%20Summary) [Operating Performance](index=5&type=section&id=Operating%20Performance) Key financial indicators declined year-over-year for the six months ended June 30, 2025, with net sales down 6.0% and operating profit falling sharply by 24.2% Consolidated Operating Results for the Six Months Ended June 30, 2025 | Indicator | H1 2025 | H1 2024 (Restated) | YoY Change | | :--- | :--- | :--- | :--- | | **Net Sales** | 1,661.7 million USD | 1,768.5 million USD | (6.0)% | | **Gross Profit** | 983.8 million USD | 1,064.8 million USD | (7.6)% | | **Gross Profit Margin** | 59.2% | 60.2% | (100 bps) | | **Operating Profit** | 238.4 million USD | 314.7 million USD | (24.2)% | | **Profit for the Period** | 130.0 million USD | 184.2 million USD | (29.4)% | | **Profit Attributable to Equity Holders** | 118.2 million USD | 169.4 million USD | (30.2)% | | **Adjusted EBITDA** | 268.7 million USD | 333.5 million USD | (19.4)% | | **Adjusted EBITDA Margin** | 16.2% | 18.9% | (270 bps) | | **Basic Earnings Per Share** | 0.085 USD | 0.116 USD | (26.8)% | | **Diluted Earnings Per Share** | 0.085 USD | 0.115 USD | (26.4)% | [Financial Summary](index=6&type=section&id=Financial%20Summary) Net sales declined due to macroeconomic uncertainty, while gross margin contracted and the company reduced marketing expenses to manage costs - Net sales decreased by **6.0%** year-over-year (5.2% on a constant currency basis) due to cautious wholesale purchasing and weaker consumer demand amid macroeconomic uncertainty[13](index=13&type=chunk) - Gross margin declined to **59.2%** from 60.2%, impacted by an unfavorable regional sales mix and strategic promotional activities[13](index=13&type=chunk) - Adjusted free cash flow significantly decreased to **$11.5 million** from $81.6 million in the prior year, driven by lower Adjusted EBITDA and increased net working capital[13](index=13&type=chunk) - The company repurchased **16,690,800 shares** for $42.9 million, and net debt increased to **$1.16 billion** from $1.10 billion at the end of 2024[13](index=13&type=chunk) [Chairman's Statement](index=7&type=section&id=Chairman's%20Statement) The Chairman addresses the challenging macroeconomic environment's impact on sales while highlighting business resilience and confidence in long-term travel trends - Net sales declined by **5.2%** year-over-year on a constant currency basis, with North America and Asia down 7.7% and 7.3% respectively, while Europe grew 1.6%[14](index=14&type=chunk) - Premium brands TUMI and Samsonite showed greater resilience with sales declines of **2.5%** and **4.7%** respectively, while American Tourister sales fell **12.7%** (all on a constant currency basis)[15](index=15&type=chunk) - The Direct-to-Consumer (DTC) channel's sales share increased to **39.6%** from 38.1%, with sales declining only 1.6%, outperforming the wholesale channel's 7.4% drop (constant currency)[16](index=16&type=chunk) - Non-travel product sales grew **0.1%** year-over-year (constant currency), increasing their share of total sales to **36.2%** from 34.4%, reflecting product diversification efforts[17](index=17&type=chunk) - The company strictly controlled costs, reducing marketing expenses by **15.9%**, while the Adjusted EBITDA margin contracted to **16.2%** from 18.9% in the prior year[18](index=18&type=chunk)[19](index=19&type=chunk) [Chief Executive Officer's Report](index=9&type=section&id=Chief%20Executive%20Officer's%20Report) The CEO discusses performance normalization post-pandemic, highlighting strategic investments and a cautious short-term outlook while maintaining long-term confidence - While H1 2025 net sales decreased by **5.2%** vs H1 2024, they grew **24.4%** vs pre-pandemic H1 2019 (constant currency), indicating a normalization of business trends[24](index=24&type=chunk)[25](index=25&type=chunk) - Channel performance diverged, with DTC sales down only **1.6%** and its share rising to 39.6%, while wholesale sales fell **7.4%** due to cautious customer purchasing (constant currency)[26](index=26&type=chunk) - Premium brands TUMI (**-2.5%**) and Samsonite (**-4.7%**) were more resilient, whereas American Tourister (**-12.7%**) was more affected by consumer sentiment and competition (constant currency)[27](index=27&type=chunk)[28](index=28&type=chunk) - Non-travel product sales grew **0.1%** (constant currency), increasing their sales mix by 180 bps to **36.2%**, with the Gregory brand growing **14.7%**[29](index=29&type=chunk) - The company made strategic investments in product innovation and retail expansion (net 21 new stores in H1) while maintaining strict cost controls[30](index=30&type=chunk)[31](index=31&type=chunk) - The short-term outlook remains uncertain due to macroeconomic pressures, and preparations for a U.S. dual listing are on hold pending improved market conditions[34](index=34&type=chunk)[35](index=35&type=chunk) [Condensed Consolidated Interim Financial Statements](index=13&type=section&id=Condensed%20Consolidated%20Interim%20Financial%20Statements) This section presents the unaudited interim financial statements, which reflect a year-over-year decline in revenue and profit and include a voluntary change in accounting policy [Condensed Consolidated Statement of Profit or Loss](index=13&type=section&id=Condensed%20Consolidated%20Statement%20of%20Profit%20or%20Loss) For the six months ended June 30, 2025, net sales, gross profit, and operating profit all declined, resulting in a 29.4% decrease in profit for the period Condensed Consolidated Statement of Profit or Loss Summary (in millions of USD) | Item | H1 2025 | H1 2024 (Restated) | | :--- | :--- | :--- | | **Net Sales** | 1,661.7 | 1,768.5 | | **Gross Profit** | 983.8 | 1,064.8 | | **Operating Profit** | 238.4 | 314.7 | | **Profit Before Income Tax** | 184.6 | 250.1 | | **Profit for the Period** | 130.0 | 184.2 | | **Profit Attributable to Equity Holders** | 118.2 | 169.4 | [Condensed Consolidated Statement of Financial Position](index=15&type=section&id=Condensed%20Consolidated%20Statement%20of%20Financial%20Position) As of June 30, 2025, total assets and liabilities increased, while total equity slightly decreased, leading to a significant reduction in net current assets Condensed Consolidated Statement of Financial Position Summary (in millions of USD) | Item | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | **Total Non-current Assets** | 3,395.9 | 3,336.6 | | **Total Current Assets** | 1,835.8 | 1,742.6 | | **Total Assets** | 5,231.7 | 5,079.2 | | **Total Equity** | 1,498.2 | 1,545.0 | | **Total Non-current Liabilities** | 2,111.0 | 2,443.9 | | **Total Current Liabilities** | 1,622.6 | 1,090.3 | | **Total Liabilities** | 3,733.6 | 3,534.2 | [Condensed Consolidated Statement of Cash Flows](index=18&type=section&id=Condensed%20Consolidated%20Statement%20of%20Cash%20Flows) Net cash from operating activities decreased significantly in H1 2025, while financing outflows increased due to share repurchases and lease payments Condensed Consolidated Statement of Cash Flows Summary (in millions of USD) | Item | H1 2025 | H1 2024 (Restated) | | :--- | :--- | :--- | | **Net Cash from Operating Activities** | 121.7 | 192.9 | | **Net Cash Used in Investing Activities** | (30.4) | (41.2) | | **Net Cash Used in Financing Activities** | (134.0) | (39.6) | | **Net Decrease/Increase in Cash and Cash Equivalents** | (42.6) | 112.1 | | **Cash and Cash Equivalents at End of Period** | 669.1 | 815.5 | [Notes to the Financial Statements](index=19&type=section&id=Notes%20to%20the%20Financial%20Statements) The notes detail a voluntary change in accounting policy for put option liabilities and provide segment information, debt structure, and share-based payment details - The company voluntarily changed its accounting policy to recognize fair value changes of put option financial liabilities related to non-controlling interests in profit or loss, with retrospective adjustments[59](index=59&type=chunk)[60](index=60&type=chunk) Net Sales by Brand (in millions of USD) | Brand | H1 2025 | H1 2024 | | :--- | :--- | :--- | | **Samsonite** | 854.1 | 903.8 | | **TUMI** | 402.4 | 413.9 | | **American Tourister** | 264.6 | 307.4 | | **Other** | 140.5 | 143.4 | | **Total** | 1,661.7 | 1,768.5 | - In H1 2025, the company granted new time-based and performance-based RSUs involving approximately **8.5 million target shares** to incentivize and retain key employees[136](index=136&type=chunk)[140](index=140&type=chunk) - As of June 30, 2025, total loans and borrowings were **$1.831 billion**, with the $413 million book value of Senior Notes due in May 2026 classified as current liabilities[101](index=101&type=chunk)[117](index=117&type=chunk) [Management's Discussion and Analysis (MD&A)](index=47&type=section&id=Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) [Overview and Key Factors Affecting Performance](index=47&type=section&id=Overview%20and%20Key%20Factors%20Affecting%20Performance) Management discusses the company's diversified business model and key performance drivers, including macroeconomic conditions, travel trends, and tariff policies - The company's business is highly diversified, with travel products accounting for **63.8%** of H1 2025 net sales and non-travel products for 36.2%; the DTC channel represented 39.6% of sales[182](index=182&type=chunk)[183](index=183&type=chunk) - In response to weaker global consumer sentiment, the company reduced advertising investment by **15.9%** year-over-year, lowering marketing expenses to **5.9%** of net sales from 6.6%[187](index=187&type=chunk)[188](index=188&type=chunk) - U.S. tariff policies create uncertainty; the company has reduced its sourcing from China for U.S.-bound products to **~12%** from ~85% in 2018 and is taking mitigating actions[190](index=190&type=chunk)[191](index=191&type=chunk) [Analysis of Operating Results](index=50&type=section&id=Analysis%20of%20Operating%20Results) This section details the decline in net sales, driven by wholesale and travel categories, and the resulting contraction in gross margin and operating profit [Net Sales Analysis](index=50&type=section&id=Net%20Sales%20Analysis) Net sales fell 5.2% on a constant currency basis, with declines across most brands, channels, and regions except for Europe YoY Change in Net Sales by Brand (Constant Currency) | Brand | YoY Change | | :--- | :--- | | **Samsonite** | (4.7)% | | **TUMI** | (2.5)% | | **American Tourister** | (12.7)% | | **Other** | 0.2% | YoY Change in Net Sales by Distribution Channel (Constant Currency) | Channel | YoY Change | | :--- | :--- | | **Wholesale** | (7.4)% | | **DTC Retail** | (1.9)% | | **DTC E-commerce** | (0.7)% | YoY Change in Net Sales by Region (Constant Currency) | Region | YoY Change | | :--- | :--- | | **Asia** | (7.3)% | | **North America** | (7.7)% | | **Europe** | 1.6% | | **Latin America** | (1.0)% | [Profitability Analysis](index=54&type=section&id=Profitability%20Analysis) Gross margin contracted due to sales mix and promotions, and despite cost controls, operating profit fell significantly due to operating deleverage - Gross margin decreased by **100 basis points** to 59.2%, primarily due to an unfavorable sales mix with a lower proportion of sales from higher-margin Asia and strategic promotional activities[226](index=226&type=chunk) - Marketing expenses decreased by **15.9%** year-over-year to $98.7 million, representing 5.9% of net sales compared to 6.6% in the prior year[228](index=228&type=chunk) - Operating profit decreased by **24.2%** year-over-year to $238.4 million, mainly due to the decline in net sales[234](index=234&type=chunk) [Liquidity and Capital Resources](index=58&type=section&id=Liquidity%20and%20Capital%20Resources) This section details the company's cash flow, capital expenditures, and debt profile, noting a decrease in operating cash flow and an increase in leverage Cash Flow Overview (in millions of USD) | Item | H1 2025 | H1 2024 | | :--- | :--- | :--- | | **Net Cash from Operating Activities** | 121.7 | 192.9 | | **Net Cash Used in Investing Activities** | (30.4) | (41.2) | | **Net Cash Used in Financing Activities** | (134.0) | (39.6) | - Total capital expenditures decreased by **26.4%** year-over-year to $30.4 million, mainly due to lower investment in machinery, equipment, and retail store renovations[247](index=247&type=chunk) - As of June 30, 2025, total loans and borrowings were **$1.831 billion**, and the leverage ratio (Total Debt / Total Equity) increased to **122.2%** from 115.1% at the end of 2024[267](index=267&type=chunk)[285](index=285&type=chunk) [Non-IFRS Financial Measures](index=59&type=section&id=Non-IFRS%20Financial%20Measures) Key non-IFRS metrics like Adjusted EBITDA and Adjusted Net Income declined, and the report provides detailed reconciliations to their IFRS counterparts Key Non-IFRS Financial Metrics (in millions of USD) | Indicator | H1 2025 | H1 2024 (Restated) | YoY Change | | :--- | :--- | :--- | :--- | | **Adjusted EBITDA** | 268.7 | 333.5 | (19.4)% | | **Adjusted EBITDA Margin** | 16.2% | 18.9% | (270 bps) | | **Adjusted Net Income** | 123.4 | 174.0 | (29.1)% | | **Adjusted Free Cash Flow** | 11.5 | 81.6 | (85.9)% | Reconciliation of Adjusted EBITDA to Profit for the Period (in millions of USD) | Item | H1 2025 | H1 2024 (Restated) | | :--- | :--- | :--- | | **Profit for the period** | 130.0 | 184.2 | | Add: Income tax expense | 54.6 | 65.9 | | Add: Finance costs | 59.2 | 72.5 | | Less: Finance income | (5.4) | (7.9) | | **Operating profit** | 238.4 | 314.7 | | Add: Adjustments for depreciation, amortization, etc | 30.3 | 18.8 | | **Adjusted EBITDA** | 268.7 | 333.5 | [Strategic Assessment and Future Outlook](index=68&type=section&id=Strategic%20Assessment%20and%20Future%20Outlook) Management expresses a cautious short-term outlook due to macroeconomic headwinds but remains confident in long-term growth driven by strong travel trends - **Cautious short-term outlook**: Demand in H2 2025 is expected to be impacted by ongoing macroeconomic and trade policy uncertainties, though Q3 sales may improve over Q2[298](index=298&type=chunk) - **Long-term strategic priorities**: Continue to invest in brand elevation, product innovation, market penetration, value-accretive M&A, and driving operating leverage[298](index=298&type=chunk) - **U.S. dual listing plan**: Preparations are ongoing, but the company is monitoring market uncertainties and will proceed when conditions improve[299](index=299&type=chunk) [Corporate Governance Report](index=70&type=section&id=Corporate%20Governance%20Report) This section outlines the company's governance structure, compliance with codes, and details on share award schemes, dividends, and share repurchases [Board of Directors and Committees](index=70&type=section&id=Board%20of%20Directors%20and%20Committees) The board comprises eight members with a majority of independent directors, and its Audit, Nomination, and Remuneration committees are properly constituted - The Board of Directors consists of **8 members**, including the CEO, Chairman, and 6 Independent Non-executive Directors, in compliance with governance requirements[302](index=302&type=chunk) - The Audit, Nomination, and Remuneration Committees are established and functioning, with their primary duties and composition detailed in the report[303](index=303&type=chunk)[305](index=305&type=chunk)[306](index=306&type=chunk) [Share Award Schemes](index=71&type=section&id=Share%20Award%20Schemes) The company utilizes share award schemes to grant options and RSUs, with details on movements and new grants provided for the reporting period - As of June 30, 2025, the company had **65,050,449 outstanding share options** with a weighted average exercise price of HK$21.28[131](index=131&type=chunk) - On June 12, 2025, the company granted **4,247,499 time-based RSUs** and **4,247,499 performance-based RSUs** (at target), with vesting tied to future annual LTIP Adjusted EBITDA growth targets[328](index=328&type=chunk)[332](index=332&type=chunk) [Dividends and Share Repurchases](index=78&type=section&id=Dividends%20and%20Share%20Repurchases) The company paid a $150 million cash dividend in July 2025 and repurchased 16.7 million shares for $42.9 million during the first half of the year - A cash dividend totaling **$150 million**, or approximately $0.1085 per share (before tax), was paid on July 15, 2025[341](index=341&type=chunk) Share Repurchases in H1 2025 | Month of Repurchase | Total Shares Repurchased | Total Purchase Price Paid (in millions of USD) | | :--- | :--- | :--- | | **January** | 4,164,900 | 12.0 | | **March** | 12,525,900 | 30.8 | | **Total** | 16,690,800 | 42.9 |

智通财经APP获悉，里昂发布研报称，将新秀丽(01910)今年全年销售预测下调至同比跌6%，经调整纯 利预测下调至同比跌25%，以反映短期旅业弱势;目标价由30港元下调至22港元，考虑估值不高及未来 前景有望改善，以及未来双重上市带来重评机会，仍维持"高度确信跑赢大市"评级。 里昂预计新秀丽今年第二季销售按固定汇率计算将同比下跌6%，较首季的5%跌幅进一步扩大，主要受 到旅游需求减弱的影响，与该行日前的奢侈品消费调查结果相符。里昂又预期，次季新秀丽毛利率及经 调整EBITDA利润率将分别维持于59%及16.6%，按季大致持平，相信在低基数及旅客量回升带动下， 至第三季可出现按季改善。在次季业绩出炉前，该行降其2025至27年收入预测7%至10%，降经调整 EBITDA预测18%至19%，降经调整纯利预测23%至28%，以反映旅客压力及关税不确定性。 ...

Core Viewpoint - Citi has downgraded Samsonite's (01910) full-year sales forecast to a 6% year-on-year decline and adjusted net profit forecast to a 25% year-on-year decline, reflecting short-term weakness in the travel industry [1] Group 1: Sales and Profit Forecasts - The sales forecast for Samsonite has been revised downwards for the second quarter, with a projected 6% year-on-year decline in sales at constant exchange rates, worsening from a 5% decline in the first quarter [1] - Adjusted net profit forecasts for 2025 to 2027 have been reduced by 23% to 28%, reflecting pressures from travelers and uncertainties regarding tariffs [1] Group 2: Profit Margins and Future Outlook - The expected gross margin and adjusted EBITDA margin for the second quarter are projected to remain at 59% and 16.6% respectively, indicating stability on a quarterly basis [1] - There is an expectation of quarterly improvement in the third quarter due to low base effects and a rebound in traveler numbers [1] Group 3: Target Price and Market Position - The target price for Samsonite has been lowered from 30 HKD to 22 HKD, considering the current valuation and potential for future improvement [1] - Despite the downgrades, the company maintains a "highly confident outperform" rating, anticipating a revaluation opportunity from future dual listings [1]

Core Viewpoint - The report from Credit Lyonnais indicates that Samsonite's sales in the second quarter are expected to decline by 6% year-on-year at constant exchange rates, which is a further deterioration from the 5% decline in the first quarter, primarily due to weakened travel demand [1] Group 1: Sales and Profit Forecasts - The company anticipates that gross margin and adjusted EBITDA margin will remain stable at 59% and 16.6% respectively, showing no significant change quarter-on-quarter [1] - Full-year sales forecast for Samsonite has been revised down to a 6% year-on-year decline, while adjusted net profit forecast has been lowered by 25% year-on-year to reflect the short-term weakness in travel [1] Group 2: Target Price and Market Outlook - The target price for Samsonite has been reduced from HKD 30 to HKD 22, considering the low valuation and the potential for future improvement in outlook [1] - Despite the current challenges, the company maintains a "highly confident outperform" rating, citing the potential for a revaluation opportunity with the upcoming dual listing [1]

摩根士丹利发布研报称，美国行业数据反映次季航空旅游业表现一般，预期新秀丽(01910)次季销售额 将跌7%，与首季跌幅相若。该行将2025至27年销售预测下调5至6%，EBITDA预测下调10%至14%，而 2025年收入及EBITDA预测分别下调4%和12%，料2026至27年将逐步恢复。因应盈利预测下调，目标价 由28港元降至24港元，予"增持"评级。 分区域而言，预期亚洲及美国将录得高单位数跌幅，欧洲则大致持平。该行料EBITDA利润率为 16.8%，因销售疲弱导致毛利率下跌及营运开支上升，预期EBITDA跌幅收窄至17%。至于今年下半 年，部分欧美航空公司表示第三季预订需求有所改善，7、8月出行趋势回升。美国运输安全管理局 (TSA)公布的旅客吞吐量第三季至今同比升逾1%，相较次季为下跌1%。由于基数较低，该行预计下半 年新秀丽销售跌幅将收窄至2%。 ...

摩根士丹利的研究报告指出，新秀丽第二季度业绩预计一般，销售额和EBITDA均可能出现下滑，主要 是由于销售疲弱和成本上升。然而，下半年随着航空旅游需求的改善，销售跌幅预计会收窄。鉴于对未 来几年销售和EBITDA预测的下调，该行将新秀丽的目标价从28港元下调至24港元，但维持"增持"评 级。 ...

该行将2025至27年销售预测下调5至6%，EBITDA预测下调10%至14%，而2025年收入及EBITDA预测分 别下调4%和12%，料2026至27年将逐步恢复；因应盈利预测下调，目标价由28港元下调至24港元， 予"增持"评级。 摩根士丹利发表研究报告指，美国行业数据反映次季航空旅游业表现一般，预期新秀丽次季销售额将跌 7%，与首季跌幅相若；预期EBITDA利润率为16.8%，因销售疲弱导致毛利率下跌及营运开支上升，预 期EBITDA跌幅收窄至17%。至于下半年，部分欧美航空公司表示第三季预订需求有所改善，7、8月出 行趋势回升。由于基数较低，该行预计下半年新秀丽销售跌幅将收窄至2%。 ...

香港联交所最新资料显示，8月4日，小摩减持新秀丽(01910)265.5324万股，每股作价15.9962港元，总 金额约为4247.51万港元。减持后最新持股数目约为1.6亿股，最新持股比例为10.92%。 ...