Core Viewpoint - The company reported a decline in revenue and net profit for 1H25, primarily due to uncertainties surrounding U.S. tariff policies, leading to cautious ordering from clients [1][2]. Financial Performance - 1H25 revenue was HKD 2.33 billion, down 2.3% year-on-year, while net profit attributable to shareholders was HKD 260 million, a decrease of 6.1% year-on-year [1]. - The company declared an interim dividend of HKD 0.125 per share, corresponding to a payout ratio of approximately 50% [1]. - Gross margin for 1H25 decreased by 0.4 percentage points to 26.6%, mainly due to a decline in capacity utilization [2]. - The net profit margin for 1H25 was 11.2%, down 0.4 percentage points year-on-year [2]. Product Performance - Revenue from fabrics, webbing, and lace for 1H25 showed mixed results: fabrics down 4.4% to HKD 1.81 billion, webbing up 6.9% to HKD 501 million, and lace down 20.6% to HKD 22 million [1]. - The decline in fabric revenue was attributed to cautious ordering from U.S. apparel brands, particularly in the sportswear segment [1]. Operational Efficiency - Inventory turnover days increased from 112 days at the end of 2024 to 131 days in 1H25 due to the impact of U.S. tariff policies [2]. - The company maintained stable accounts receivable turnover days at 60 days [2]. - Operating cash flow for 1H25 increased by 14.2% year-on-year to HKD 348 million, reflecting improved working capital management [2]. Debt Management - Net debt decreased by 37.1% from the end of 2024 to HKD 300 million, with the net debt-to-equity ratio dropping from 13.5% to 8.2% [2]. Market Outlook - Approximately 50% of the company's revenue comes from the U.S., and it is expected that clarity on U.S. tariff policies will lead to a gradual recovery in client orders in the second half of the year [3]. - The company is anticipated to benefit from new product orders in the sportswear segment and long-term capacity growth supported by a new factory in Vietnam [2][3]. Earnings Forecast and Valuation - The 2025 earnings forecast was revised down by 3.6% to HKD 617 million, with a new 2026 earnings estimate of HKD 661 million [3]. - The current stock price corresponds to a P/E ratio of 5.9x for 2025 and 5.5x for 2026, with a target price increase of 65% to HKD 4.45, indicating a potential upside of 27.5% from the current price [3].

Core Viewpoint - CICC has upgraded Super盈 International Holdings (02111) to an "Outperform" rating and raised the target price by 65% to HKD 4.45, reflecting a shift in valuation to 2026 due to the one-time impact of U.S. tariff policies in 2025 [1] Group 1: Financial Performance - For 1H25, the company reported revenue of HKD 2.33 billion, a year-on-year decrease of 2.3%, and a net profit attributable to shareholders of HKD 260 million, down 6.1% year-on-year, which was below CICC's expectations due to cautious ordering from clients amid U.S. tariff uncertainties [2] - The gross margin for 1H25 decreased by 0.4 percentage points to 26.6%, primarily due to a decline in capacity utilization in 2Q25, with fabric, webbing, and lace gross margins changing by +0.2, -2.0, and -10.7 percentage points respectively [4] - The net profit margin for 1H25 was 11.2%, down 0.4 percentage points year-on-year [4] Group 2: Product Performance - Revenue from fabrics, webbing, and lace for 1H25 was HKD 1.81 billion, HKD 501 million, and HKD 22 million respectively, with year-on-year changes of -4.4%, +6.9%, and -20.6% [3] - The decline in sportswear and apparel fabric revenue was mainly due to cautious ordering from U.S. apparel brand clients in 2Q25, with sportswear fabric revenue down 5.5% to HKD 1.23 billion [3] Group 3: Operational Efficiency - Inventory turnover days increased from 112 days at the end of 2024 to 131 days at the end of 1H25, influenced by U.S. tariff policies affecting orders [5] - The net debt decreased by 37.1% to HKD 300 million, with the net debt-to-equity ratio dropping from 13.5% to 8.2% [5] Group 4: Future Outlook - Approximately 50% of the company's revenue comes from the U.S., and CICC expects that as U.S. tariff policies become clearer, client orders may gradually recover in the second half of the year, potentially boosting capacity utilization and profitability [5]

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年8月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 超盈國際控股有限公司 FF301 第 1 頁 共 10 頁 v 1.1.1 FF301 II. 已發行股份及/或庫存股份變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 02111 | 說明 | | | | | | | | | 已發行股份（不包括庫存股份）數目 | | 庫存股份數目 | | 已發行股份總數 | | | 上月底結存 | | | 1,039,808,000 | | 0 | | 1,039,808,000 | | 增加 / 減少 (-) | | | 0 | | 0 | | | | 本月底結存 | | | 1,039,808,000 | | 0 | | 1,039,808,000 | 呈交日期: 2025年9月1日 I. 法定/註冊股本變動 ...

Company Overview - Super盈 International Holdings primarily engages in the manufacturing and trading of elastic fabric materials, elastic webbing, and lace, with a focus on innovation and technology as core values [2] - The company has established itself as a prominent supplier of sportswear and apparel fabric materials, collaborating with leading global sportswear brands such as Anta, Fila, Lululemon, Under Armour, and Uniqlo [2] - As a leader in the global lingerie materials market, Super盈 provides comprehensive one-stop procurement solutions for lingerie brands, maintaining long-term partnerships with notable brands like Aimer, Chantelle, and Victoria's Secret [2] Financial Performance - As of June 30, 2025, Super盈 reported total revenue of 2.125 billion HKD, a year-on-year decrease of 2.33%, and a net profit attributable to shareholders of 238 million HKD, down 6.1% [1][3] - The company's gross profit margin stands at 26.63%, with a debt-to-asset ratio of 43.06% [1] Market Position and Valuation - Super盈's price-to-earnings (P/E) ratio is 5.47, ranking 13th in the textile and apparel industry, which has an average P/E ratio of -47.58 and a median of 3.32 [1] - The company has experienced a cumulative increase of 11.89% in stock price over the past month and 12.04% year-to-date, although it has underperformed compared to the Hang Seng Index, which has risen by 28.76% [1]

Group 1 - The company reported a revenue of HKD 2.33 billion for the six months ending June 30, 2025, representing a year-on-year decrease of 2.33% [1] - Shareholders' profit attributable to the company was HKD 260 million, down 6.1% compared to the previous year [1] - Basic earnings per share were HKD 0.2505, and the company proposed an interim dividend of HKD 0.125 per share [1] Group 2 - The decline in revenue was primarily attributed to the cautious ordering behavior of overseas brand clients due to uncertainties arising from U.S. tariff policies in the second quarter [1]

Core Viewpoint - Chao Ying International Holdings (02111) reported a decline in revenue and profit for the six months ending June 30, 2025, primarily due to cautious ordering from overseas brand clients influenced by uncertainties from U.S. tariff policies [1] Financial Performance - Revenue for the period was HKD 2.33 billion, representing a year-on-year decrease of 2.33% [1] - Shareholders' profit amounted to HKD 260 million, down 6.1% compared to the previous year [1] - Basic earnings per share were HKD 0.2505 [1] - The company proposed an interim dividend of HKD 0.125 per share [1] Market Conditions - The revenue decline was attributed to increased caution in ordering from overseas brand clients due to uncertainties stemming from U.S. tariff policies [1]

Group 1 - The company, Super Win International Holdings (02111), announced a mid-term dividend of HKD 0.125 per share to be distributed on October 10, 2025 [1]

Core Viewpoint - The company, Super盈 International Holdings (02111), announced a mid-term dividend of HKD 0.125 per share to be distributed on October 10, 2025 [1] Company Summary - Super盈 International Holdings will distribute a mid-term dividend of HKD 0.125 per share [1]

Core Viewpoint - The company reported a slight decrease in revenue and profit for the six months ending June 30, 2025, along with a reduction in interim dividend per share compared to the previous year [1] Financial Performance - Revenue for the six months was approximately HKD 2,329.8 million, representing a year-on-year decrease of about 2.3% [1] - Profit attributable to shareholders was approximately HKD 260.4 million, reflecting a year-on-year decline of about 6.1% [1] Dividend Announcement - The board has resolved to declare an interim dividend of HKD 0.125 per ordinary share, down from HKD 0.1333 per ordinary share in the same period last year [1]

EF001 | 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 | | | --- | --- | | 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。 | | | 股票發行人現金股息公告 | | | 發行人名稱 | 超盈國際控股有限公司 | | 股份代號 | 02111 | | 多櫃檯股份代號及貨幣 | 不適用 | | 相關股份代號及名稱 | 不適用 | | 公告標題 | 截至二零二五年六月三十日止六個月之中期股息 | | 公告日期 | 2025年8月25日 | | 公告狀態 | 新公告 | | 股息信息 | | | 股息類型 | 中期（半年期） | | 股息性質 | 普通股息 | | 財政年末 | 2025年12月31日 | | 宣派股息的報告期末 | 2025年6月30日 | | 宣派股息 | 每 股 0.125 HKD | | 股東批准日期 | 不適用 | | 香港過戶登記處相關信息 | | | 派息金額及公司預設派發貨幣 | 每 股 0.125 HKD | | 匯率 | 1 HKD : 1 H ...