Group 1 - The core viewpoint of the article is that despite market concerns about consumer recovery, Zhang Kun remains optimistic and challenges the prevailing pessimistic expectations [1][2][3] - Zhang Kun's funds have shown a high turnover rate in hidden heavy stocks, with the E Fund Quality Enterprises Three-Year Fund completely changing its holdings compared to the end of last year [1][5] - New additions to the hidden heavy stock list for the first half of the year include Meituan-W, Beike-W, and SF Holding, while companies like Samsonite and Giant Bio have exited [2][6][7] Group 2 - The report indicates a significant divergence in stock market performance across sectors, with defense, banking, and non-ferrous metals performing well, while real estate, food and beverage, and coal lagged [2] - Zhang Kun argues that the current pessimistic expectations regarding domestic demand are debatable, citing a substantial portion of his funds' holdings in domestic demand-related assets [2][3] - The report highlights that consumer confidence has been affected by declining real estate prices and persistent downward pressure on prices, impacting consumer willingness to spend [3][4] Group 3 - Zhang Kun emphasizes that the increase in preventive savings among residents has partially crowded out consumer spending, and consumer confidence indices have shown a downward trend [3][4] - Data shows that per capita disposable income in China has grown at a compound annual growth rate of 6.4% from 2020 to 2024, while total household deposits have increased significantly [3][4] - Zhang Kun believes that the development of high-value-added industries will eventually lead to higher wages and improved living standards for the public, which will positively influence domestic demand [4]

Core Viewpoint - UBS reports that Samsonite's adjusted EBITDA for Q2 is $141 million, roughly in line with the expected $145 million [1] Financial Performance - Revenue decreased by 5.8% year-on-year at constant exchange rates, driven by cautious purchasing decisions from wholesale clients [1] - Wholesale channel revenue fell by 8.7% year-on-year, while direct sales only saw a decline of 1.3% [1] Management Outlook - Management anticipates some improvement in sales patterns for Q3, although ongoing trade policy uncertainties and inflationary pressures are affecting consumer sentiment and demand [1] - The company is taking measures to mitigate tariff impacts, including increasing inventory before tariff hikes and raising prices [1] Forecast Adjustments - UBS has raised its adjusted EBITDA forecasts for Samsonite for the years 2023 to 2027 by 2% to 4%, along with a 2% increase in net sales forecasts [1] - It is expected that the year-on-year revenue decline will narrow in the second half of the year, with an overall anticipated revenue drop of 5% for the year [1] Target Price and Rating - UBS has increased its target price for Samsonite to HKD 17.2, maintaining a "Neutral" rating [1]

Group 1 - Norges Bank reduced its stake in Samsonite (01910.HK) by selling 1,251,600 shares at an average price of HKD 15.8622 per share, amounting to approximately HKD 19.85 million [1][2] - Following the sale, Norges Bank's total shareholding decreased to 82,857,158 shares, representing a reduction in ownership from 6.07% to 5.98% [1][2]

Group 1 - Norges Bank reduced its stake in Samsonite (01910.HK) by selling 1,251,600 shares at an average price of HKD 15.8622 per share, amounting to approximately HKD 19.85 million [1][2] - Following the sale, Norges Bank's total shareholding decreased to 82,857,158 shares, representing a reduction in ownership from 6.07% to 5.98% [1][2]

Core Viewpoint - Norges Bank has reduced its stake in Samsonite (01910) by selling 1.2516 million shares at a price of HKD 15.8622 per share, totaling approximately HKD 19.8531 million, resulting in a new holding of about 82.8572 million shares, which represents a 5.98% ownership [1] Summary by Category - **Share Reduction**: Norges Bank sold 1.2516 million shares of Samsonite at HKD 15.8622 each, amounting to around HKD 19.8531 million [1] - **Current Holdings**: After the sale, Norges Bank's total shares in Samsonite are approximately 82.8572 million, equating to a 5.98% ownership stake [1]

Group 1 - Norges Bank reduced its stake in Samsonite (01910) by 1.2516 million shares at a price of HKD 15.8622 per share, totaling approximately HKD 19.8531 million [1] - After the reduction, Norges Bank's latest holding amounts to approximately 82.8572 million shares, representing a holding percentage of 5.98% [1]

Core Viewpoint - The company reported disappointing Q2 2025 results, with net sales of $865 million, a year-on-year decline of 5.8% at constant exchange rates, and adjusted EBITDA of $141 million, reflecting a decrease in EBITDA margin from 19.0% to 16.3% [1] Performance Summary - Q2 2025 net sales were $865 million, down 5.8% year-on-year at constant exchange rates; adjusted EBITDA was $141 million, with an EBITDA margin of 16.3% compared to 19.0% in the same period last year [1] - Adjusted net profit for Q2 2025 was $71.4 million, down from $86.9 million in the previous year [1] - The company's performance was below expectations, primarily due to weaker results in Asia and North America [1] Development Trends - Management indicated that from 2021 to 2023, the company experienced significant sales growth with a compound annual growth rate of 37%, outperforming the industry average growth rate of 4.5% [1] - Sales performance is expected to normalize in 2024 and 2025, with long-term global passenger travel growth projected at approximately 4% from 2024 to 2029 [1] - For Q3 2025, sales performance is anticipated to be similar to Q2 2025, with a low single-digit decline expected [2] Sales Outlook - Management expects slight improvement in sales for the second half of the year compared to the first half, driven by base effect, improved consumer sentiment, and clearer U.S. tariff outlook [2] - Non-travel product penetration increased, with sales accounting for 36.2% of total sales, up from 34.4% in the same period last year [2] - The lifestyle and outdoor brand Gregory, which has a sales contribution of less than 3%, saw a 14.7% year-on-year sales increase in the first half of the year at constant exchange rates [2] Profit Margin Outlook - The company anticipates a gross margin between 59% and 59.5% for 2025, impacted by U.S. tariffs on imports from major production countries [2] - To mitigate margin pressure, the company plans to utilize inventory purchased in the first half of 2025 and implement price increases in the second half of 2025 [2] - The decline in high-margin sales from Asia has further pressured gross margins, although this was partially offset by an increase in direct sales proportion from 38% to 40% year-on-year [2] Earnings Forecast and Valuation - Due to weaker sales momentum and unfavorable operating leverage, the company has lowered its revenue forecasts for 2025 and 2026 by 3% to $3.42 billion and $3.65 billion, respectively [2] - Net profit forecasts for 2025 and 2026 have been reduced by 17% and 9% to $271 million and $316 million, respectively [2] - Despite the adjustments, the company maintains a strong market leadership position, with a target price of HKD 20, reflecting a 21% upside potential from the current stock price [2]

Core Viewpoint - CICC has downgraded the revenue forecasts for Samsonite (01910) for 2025 and 2026 by 3% to $3.42 billion and $3.65 billion respectively, due to weaker sales momentum and unfavorable operating leverage [1] Group 1: Financial Performance - Samsonite reported 2Q25 net sales of $865 million, a year-on-year decline of 5.8% at constant exchange rates [1] - Adjusted EBITDA for 2Q25 was $141 million, with an EBITDA margin of 16.3%, down from 19.0% in the same period last year [1] - Adjusted net profit for 2Q25 was $71.4 million, compared to $86.9 million in the previous year [1] Group 2: Sales Outlook - The company expects sales performance in 3Q25 to be similar to 2Q25, with a low single-digit decline in sales [2] - Management anticipates a slight improvement in sales for the second half of the year compared to the first half, driven by base effects, improved consumer sentiment, and clearer U.S. tariff outlook [2] - The penetration rate of non-travel categories has increased, with sales accounting for 36.2%, up from 34.4% in the same period last year [2] Group 3: Profit Margin Outlook - CICC forecasts the company's gross margin for 2025 to be between 59% and 59.5%, impacted by U.S. tariffs [2] - The company is taking measures to mitigate the impact of tariffs, including utilizing inventory purchased in 1H25 and implementing price increases in 2H25 [2] - The decline in high-margin sales from Asia has further pressured gross margins, although this was partially offset by an increase in direct sales ratio from 38% to 40% year-on-year [2]

Core Viewpoint - CICC has downgraded the revenue forecasts for Samsonite (01910) for 2025 and 2026 by 3% to $3.42 billion and $3.65 billion respectively, due to weaker sales momentum and unfavorable operating leverage [1] Group 1: Financial Performance - Samsonite reported Q2 2025 net sales of $865 million, a year-on-year decline of 5.8% when adjusted for fixed exchange rates [2] - Adjusted EBITDA for Q2 2025 was $141 million, with an EBITDA margin of 16.3%, down from 19.0% in the same period last year [2] - Adjusted net profit for Q2 2025 was $71.4 million, compared to $86.9 million in the previous year [2] Group 2: Management Insights - Management noted that sales grew significantly during the post-pandemic recovery from 2021 to 2023, with a compound annual growth rate of 37%, outpacing the industry average growth rate of 4.5% [3] - For 2024 to 2025, sales performance is expected to normalize, with long-term global passenger travel growth projected at around 4% from 2024 to 2029 [3] - Sales outlook for Q3 2025 is expected to be similar to Q2 2025, with a slight low single-digit decline in sales [3] Group 3: Profitability Outlook - CICC expects the gross margin for 2025 to be between 59% and 59.5%, impacted by U.S. tariffs on imports from major production countries [4] - The company plans to mitigate margin pressure through early inventory procurement in H1 2025 and price increases in H2 2025 [4] - The decline in high-margin sales from Asia further pressures the gross margin, although this is partially offset by an increase in direct sales proportion [4]

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 ...