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]

Core Viewpoint - Samsonite's stock rose over 6%, reaching HKD 17.5, with a trading volume of HKD 95.5895 million, following the release of its financial results for the six months ending June 30, 2025, which showed a decline in net sales and profit [1] Financial Performance - The company reported net sales of USD 1.662 billion, a year-on-year decrease of 6% [1] - 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] Future Outlook - According to a recent report from Credit Lyonnais, Samsonite's third-quarter performance is expected to improve sequentially, particularly in the United States, due to a low base effect and improved TSA travel passenger data in July and August [1] - The low base effect is also anticipated to positively impact performance in Asia, especially in India and mainland China [1]

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] - Shareholders' profit attributable to the company was $118 million, down 30.2% compared to the previous year, with basic earnings per share at $0.085 [1] - The decline in net sales is primarily attributed to increased macroeconomic uncertainty, changes in trade policies leading to cautious purchasing by wholesale customers, and weakened consumer sentiment resulting in reduced demand [1] Financial Performance - Gross margin for the first half of 2025 was 59.2%, a decrease of 100 basis points from 60.2% in the same period last year [1] - The decline in gross margin is mainly due to unfavorable changes in regional sales composition, particularly the decrease in sales from the Asia region, which has a higher gross margin, and promotional measures taken to boost sales [1]

8月13日晚间，箱包生产商新秀丽在港交所公告，截至2025年6月30日止六个月，公司的销售净额为 16.617亿美元，同比减少5.2%；经调整净收入1.234亿美元，同比减少29.1%。经调整净收入减少主要由 于销售净额减少导致毛利下降，部分被营销开支减少所抵销。此外，新秀丽集团2025年上半年净增设21 家新自营零售店。 ...

Financial Data and Key Metrics Changes - The company reported net sales of $1,662 million for the first half, a decrease of 5.2% compared to the previous year, but still up 24.4% compared to pre-pandemic levels in the first half of 2019 [16][18][19] - Gross margin remained robust at 59.2%, slightly down from 60% in the previous year, primarily due to a mix effect and strategic promotional initiatives [11][19] - Adjusted EBITDA margin was 16.2%, reflecting a decrease from 19% in the prior year, influenced by lower gross margin and higher SG&A expenses [49][56] Business Line Data and Key Metrics Changes - The wholesale channel experienced a decline of 7.4% in the first half, while the direct-to-consumer (DTC) channel only declined by 1.6%, indicating stronger resilience in consumer demand through direct channels [6][19] - Non-travel categories showed constant currency growth, with non-travel sales up 180 basis points to 36.2% compared to the prior year [9][26] Market Data and Key Metrics Changes - North America sales were down 7.3%, showing improvement from a 8% decline in Q1, while Asia saw a decline of 7.6% [50][51] - Europe experienced a slight decline of about 1% in Q2, with specific markets like France and the UK showing weakness [54] Company Strategy and Development Direction - The company is focusing on profitable growth and brand positioning, avoiding competition with low-priced unbranded products to protect profitability [8] - Strategic investments in the DTC channel are yielding positive results, with DTC now accounting for 40% of net sales, up from 38% last year [9][23] - The company is committed to product innovation and expanding its market presence, particularly in underpenetrated categories and regions [12][34] Management's Comments on Operating Environment and Future Outlook - Management noted that while travel demand remains strong, there is a softening in consumer sentiment due to macroeconomic uncertainties and trade policy shifts [6][70] - The company anticipates sequential improvement in net sales for the back half of the year, although consumer sentiment remains difficult to predict [70][72] Other Important Information - The company has added 57 net new stores since June 2024, with distribution and G&A expenses up less than 1% compared to the prior year [10][60] - The company is preparing for a dual listing of its securities in the United States, monitoring market conditions closely [73] Q&A Session Summary Question: Updates on full year guidance and strategy for American Tourister - Management sees sequential improvement in the back half of the year but refrains from providing specific Q4 guidance due to uncertainty [79] - For American Tourister, the strategy involves disciplined management and leveraging collaborations to draw consumers into the brand while navigating competitive pressures [82][84] Question: Details on tariff impacts and inventory management - Management indicated that a combination of price increases, supplier negotiations, and forward inventory purchases will help neutralize tariff impacts on gross margin [91] - Inventory levels have increased intentionally to prepare for future sales, with expectations of working capital returning to historical levels [93]

Financial Data and Key Metrics Changes - The company reported net sales of $1,662 million for the first half, a decrease of 5.2% compared to the previous year, but still up 24.4% compared to pre-pandemic levels in the first half of 2019 [16][18][54] - Gross margin remained robust at 59.2%, slightly down from 60% in the same period last year, primarily due to a mix effect and strategic promotional initiatives [11][54] - Adjusted EBITDA margin was 16.2%, reflecting a decrease from 19% last year, attributed to lower gross margin and higher SG&A expenses [47][54] Business Line Data and Key Metrics Changes - The wholesale channel experienced a decline of 7.4% in the first half, while the direct-to-consumer (DTC) channel only declined by 1.6%, indicating stronger resilience in consumer demand through direct channels [6][19] - Non-travel categories showed constant currency growth, now representing 36.2% of net sales, up 180 basis points from the previous year [10][24] - The American Tourister brand faced a significant decline of 12.7%, while the Samsonite brand was down 4.7%, with Tumi showing a modest decline of 2.5% [25][27] Market Data and Key Metrics Changes - North America sales were down 7.3%, with Asia down 7.6%, while Europe showed a slight decline of about 1% [49][50] - Latin America remained flat in Q1 and down 2.2% in Q2, driven by consumer sentiment issues in Mexico and Brazil [53][54] - The company noted a softening in travel demand in key markets, particularly in North America, influenced by macroeconomic uncertainties [6][70] Company Strategy and Development Direction - The company is focused on profitable growth and brand positioning, consciously avoiding competition with low-priced unbranded products to protect profitability [7][10] - Strategic investments in the DTC channel are yielding positive results, with DTC now accounting for 40% of net sales, up from 38% last year [8][23] - The company is committed to product innovation and expanding its market reach, particularly in underpenetrated categories and regions [32][33] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in long-term growth despite current macroeconomic challenges, indicating that travel demand remains a priority for consumers [70][71] - The company anticipates sequential improvement in net sales for the second half of the year, although consumer sentiment remains uncertain [68][70] - Ongoing investments in new products and brand elevation are seen as critical for maintaining a robust margin profile [70][71] Other Important Information - The company added 57 net new stores since June 2024, while managing distribution and G&A expenses to remain up less than 1% compared to the prior year [10][60] - The company is preparing for a dual listing of its securities in the United States, closely monitoring market conditions for the right timing [71][72] Q&A Session Summary Question: Can you provide updates on full year guidance and strategy for American Tourister? - Management indicated that while there are signs of improvement in the third quarter, full year guidance remains uncertain due to macroeconomic factors. The strategy for American Tourister involves disciplined management and targeted promotions to draw consumers up from lower-end competition [76][80][82] Question: What details can you share regarding tariffs and inventory management? - Management confirmed that efforts are being made to neutralize the impact of tariffs through a combination of price increases and inventory management. The increase in inventory is intentional to prepare for future sales, and free cash flow is expected to improve as inventory levels normalize [87][90][92]