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 ...

[Financial Summary](index=1&type=section&id=Financial%20Summary) This section provides a concise overview of the company's key financial performance for the six months ended June 30, 2025 Financial Summary for the Six Months Ended June 30 | Indicator | June 30, 2025 (HK$ Thousand) | June 30, 2024 (HK$ Thousand) | Change (%) | | :--- | :--- | :--- | :--- | | Profit Attributable to Owners of the Company | 260,400 | 277,358 | -6.1 | | Revenue | 2,329,800 | 2,385,408 | -2.3 | | Gross Profit | 620,400 | 645,162 | -3.8 | | Net Profit | 270,700 | 283,200 | -4.4 | | Net Profit Margin | 11.6% | 11.9% | -0.3 pp | | Basic Earnings Per Share (HK Cents) | 25.05 | 26.67 | -6.1 | | Interim Dividend (HK Cents/share) | 12.5 | 13.33 | -6.2 | | Net Gearing Ratio (as of June 30, 2025 vs December 31, 2024) | 8.2% | 13.5% | -5.3 pp | | Net Debt (as of June 30, 2025 vs December 31, 2024) | 300,400 | 477,300 | -37.1 | [Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=2&type=section&id=Condensed%20Consolidated%20Statement%20of%20Profit%20or%20Loss%20and%20Other%20Comprehensive%20Income) This statement presents the company's consolidated profit or loss and comprehensive income for the six months ended June 30 Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income (for the Six Months Ended June 30) | Indicator | 2025 (HK$ Thousand) | 2024 (HK$ Thousand) | | :--- | :--- | :--- | | Revenue | 2,329,836 | 2,385,408 | | Cost of Sales | (1,709,402) | (1,740,246) | | Gross Profit | 620,434 | 645,162 | | Other Income | 44,207 | 19,428 | | Other Gains and Losses | (1,134) | 20,998 | | Selling and Distribution Expenses | (105,266) | (101,464) | | Administrative Expenses | (157,482) | (164,799) | | Research and Development Expenses | (55,080) | (51,046) | | Share of Results of Joint Ventures | 1,645 | 1,768 | | Finance Costs | (41,793) | (43,712) | | Profit Before Tax | 309,761 | 324,220 | | Income Tax Expense | (39,103) | (41,051) | | Profit for the Period | 270,658 | 283,169 | | Profit Attributable to Owners of the Company | 260,438 | 277,358 | | Profit Attributable to Non-controlling Interests | 10,220 | 5,811 | | Basic Earnings Per Share (HK Cents) | 25.05 | 26.67 | | Total Comprehensive Income for the Period | 287,160 | 209,945 | [Condensed Consolidated Statement of Financial Position](index=4&type=section&id=Condensed%20Consolidated%20Statement%20of%20Financial%20Position) This statement presents the company's consolidated financial position, including assets, liabilities, and equity as of June 30 Condensed Consolidated Statement of Financial Position (as of June 30) | Indicator | June 30, 2025 (HK$ Thousand) | December 31, 2024 (HK$ Thousand) | | :--- | :--- | :--- | | **Assets** | | | | Non-current Assets | 3,163,696 | 3,150,713 | | Current Assets | 3,257,141 | 3,362,056 | | **Liabilities** | | | | Current Liabilities | 1,874,073 | 1,867,066 | | Non-current Liabilities | 890,758 | 1,111,424 | | **Equity** | | | | Net Assets | 3,656,006 | 3,534,279 | | Equity Attributable to Owners of the Company | 3,558,565 | 3,447,058 | | Non-controlling Interests | 97,441 | 87,221 | | Total Equity | 3,656,006 | 3,534,279 | [Notes](index=6&type=section&id=Notes) This section provides detailed explanatory notes to the condensed consolidated financial statements, covering accounting policies and specific financial items [1. General Information](index=6&type=section&id=1.%20General%20Information) The company was incorporated in the Cayman Islands, listed on the HKEX, and uses Hong Kong Dollars as its functional currency - The Company was incorporated in the Cayman Islands as an exempted company with limited liability on June 14, 2013, and has been listed on the Main Board of the Stock Exchange of Hong Kong since May 23, 2014[9](index=9&type=chunk) - The functional currency of the Company and the presentation currency of the condensed consolidated financial statements is Hong Kong Dollars[10](index=10&type=chunk) [2. Basis of Preparation](index=6&type=section&id=2.%20Basis%20of%20Preparation) The condensed consolidated financial statements are prepared in accordance with HKAS 34 and applicable HKEX Listing Rules - The condensed consolidated financial statements have been prepared in accordance with Hong Kong Accounting Standard 34 'Interim Financial Reporting' issued by the Hong Kong Institute of Certified Public Accountants and the applicable disclosure requirements of Appendix D2 to the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited[11](index=11&type=chunk) [3. Significant Accounting Policies](index=6&type=section&id=3.%20Significant%20Accounting%20Policies) The financial statements are prepared on a historical cost basis, with new HKFRS amendments having no material impact - The condensed consolidated financial statements are prepared on a historical cost basis[12](index=12&type=chunk) - The Group has applied the Hong Kong Financial Reporting Standards (Amendments) issued by the HKICPA for the first time in the current interim period, including HKAS 21 (Amendments) 'Lack of Exchangeability', which did not have a material impact on the Group's financial position and performance for the current and prior periods[13](index=13&type=chunk) [4. Revenue and Segment Information](index=7&type=section&id=4.%20Revenue%20and%20Segment%20Information) The Group's revenue primarily derives from manufacturing and trading elastic fabrics, lace, and elastic webbing, showing a slight decrease in total revenue - The Group's revenue is derived from the manufacturing and trading of elastic fabric materials, lace, and elastic webbing in Mainland China, Hong Kong, Vietnam, and Sri Lanka[14](index=14&type=chunk) Revenue Breakdown from Contracts with Customers (for the Six Months Ended June 30) | Product Category | 2025 (HK$ Thousand) | 2024 (HK$ Thousand) | | :--- | :--- | :--- | | Elastic Fabric Materials - Sportswear and Apparel | 1,230,597 | 1,301,906 | | Elastic Fabric Materials - Intimate Wear | 576,547 | 587,541 | | Lace | 22,076 | 27,800 | | Elastic Webbing | 500,616 | 468,161 | | **Total** | **2,329,836** | **2,385,408** | Segment Revenue and Results (for the Six Months Ended June 30) | Segment | 2025 Revenue (HK$ Thousand) | 2025 Segment Gross Profit (HK$ Thousand) | 2024 Revenue (HK$ Thousand) | 2024 Segment Gross Profit (HK$ Thousand) | | :--- | :--- | :--- | :--- | :--- | | Manufacturing and Trading of Elastic Fabric Materials and Lace | 1,829,220 | 505,274 | 1,917,247 | 528,105 | | Manufacturing and Trading of Elastic Webbing | 500,616 | 115,160 | 468,161 | 117,057 | | **Total** | **2,329,836** | **620,434** | **2,385,408** | **645,162** | [5. Profit Before Tax Has Been Arrived At After Charging (Crediting)](index=10&type=section&id=5.%20Profit%20Before%20Tax%20Has%20Been%20Arrived%20At%20After%20Charging%20(Crediting)) This section details the various expenses and income items impacting profit before tax, including depreciation, inventory costs, and exchange gains/losses Items Charged (Credited) to Profit Before Tax (for the Six Months Ended June 30) | Item | 2025 (HK$ Thousand) | 2024 (HK$ Thousand) | | :--- | :--- | :--- | | Depreciation of Property, Plant and Equipment | 191,873 | 203,463 | | Depreciation of Right-of-use Assets |