消息面上，今年上半年，晶苑国际实现收益12.29亿美元，同比增长12.4%；公司拥有人应占溢利9826.5 万美元，同比增长17%；拟派中期股息每股16.3港仙。公司在中报披露，下半年将与一家领先的欧洲品 牌客户建立全新合作伙伴关系。方正证券认为，在关税冲突的背景下，公司仍然取得稳健的增长和盈利 能力的改善。这表明客户订单需求强劲，以及管理层应对复杂环境的敏捷性。由于公司的产品创新、综 合服务能力，有望在主要客户中获取份额，支持未来继续稳健增长。规模效应、自动化升级和数字化转 型，有望助力公司利润率持续扩张。 晶苑国际(02232)涨超5%，截至发稿，涨5.04%，报6.88港元，成交额3209.61万港元。 ...

智通财经APP获悉，晶苑国际(02232)涨超5%，截至发稿，涨5.04%，报6.88港元，成交额3209.61万港 元。 消息面上，今年上半年，晶苑国际实现收益12.29亿美元，同比增长12.4%；公司拥有人应占溢利9826.5 万美元，同比增长17%；拟派中期股息每股16.3港仙。公司在中报披露，下半年将与一家领先的欧洲品 牌客户建立全新合作伙伴关系。方正证券认为，在关税冲突的背景下，公司仍然取得稳健的增长和盈利 能力的改善。这表明客户订单需求强劲，以及管理层应对复杂环境的敏捷性。由于公司的产品创新、综 合服务能力，有望在主要客户中获取份额，支持未来继续稳健增长。规模效应、自动化升级和数字化转 型，有望助力公司利润率持续扩张。 ...

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: Crystal International Group Limited 呈交日期: 2025年9月3日 | 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) | 02232 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 3,500,000,000 | HKD | | 0.01 | HKD | | 35,000,000 | | 增加 / 減少 (-) | | | | | | | HKD | | | | 本月底結存 | | | 3,500,000,000 | HKD | | 0.01 | HKD | | 35,000,000 ...

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。 進一步延遲寄發有關與客戶應收款項保理計劃有關的 主要交易的通函 承董事會命 晶苑國際集團有限公司 主席 羅樂風 香港，二零二五年八月二十八日 於本公告日期，董事會包括執行董事羅樂風先生、羅蔡玉清女士、羅正亮先生、黃星華先 生及羅正豪先生；非執行董事王志輝先生及 LEE Kean Phi Mark 先生；及獨立非執行董事 張家騏先生、麥永森先生、黃紹基先生及麥鄧碧儀女士。 * 僅供識別 茲提述(i)晶苑國際集團有限公司（「本公司」）日期為二零二五年六月三十日的公告（「該公 告」），內容有關與客戶應收款項保理計劃有關的主要交易；(ii)本公司日期為二零二五年七月 二十二日的公告（「延遲公告」），內容有關延遲寄發該通函；及(iii) 本公司日期為二零二五 年八月十二日的公告（「進一步延遲公告」），內容有關進一步延遲寄發該通函。除另有所述 外，本公告所用詞彙與該公告、延遲公告及進一步延遲公告所界定者具有相同涵義。 ...

Investment Rating - The report maintains a "Buy" rating for the company [2][6]. Core Insights - The company achieved a revenue of $1.23 billion in H1 2025, representing a year-on-year growth of 12.4%, and a net profit of $100 million, up 17.0% year-on-year. The interim dividend was set at 16.3 HK cents per share, totaling $60 million, with a payout ratio of 60% [4][6]. - The company is expected to maintain strong order growth in the short to medium term due to its diversified product categories and supply chain advantages, which enhance core customer penetration and increase market share among new sports clients. Profitability is anticipated to improve through order structure optimization, integration, and automation, leading to a potential increase in valuation as growth materializes [2][4]. Summary by Sections Revenue Performance - The company reported a revenue of $1.23 billion in H1 2025, with significant growth across various product categories: leisure (+11%), outdoor sports (+12%), denim (+10%), underwear (+10%), and sweaters (+29%). The revenue growth was driven by the company's ability to meet diverse downstream demands and enhance core customer penetration [7][4]. Profitability - The gross margin improved by 0.2 percentage points to 19.7% in H1 2025, with notable increases in leisure and underwear segments. The net profit margin also saw a slight increase of 0.3 percentage points to 8%, supported by effective cost management and a reduction in the effective tax rate [7][4]. Future Outlook - The company is projected to achieve net profits of $230 million, $260 million, and $300 million for the years 2025, 2026, and 2027, respectively, reflecting year-on-year growth rates of 16%, 14%, and 13%. The expected price-to-earnings ratios for these years are 11, 9, and 8 times, with a projected dividend yield of 5.5% in 2025 under a 60% payout assumption [2][9].

Core Viewpoint - Crystal International (02232) has shown resilience in the face of tariff impacts, with a strategic focus on expanding its market presence in Europe and Asia, supported by strong financial performance in its recent interim results [1][2] Financial Performance - The company reported a revenue of $1.229 billion for the first half of 2025, reflecting a year-on-year growth of 12.4% [1] - Net profit attributable to shareholders reached $98.265 million, marking a 17% increase compared to the previous year [1] - Basic earnings per share were $0.0344, with a proposed interim dividend of $0.0163 per share [1] Market Strategy - In response to tariff challenges, the company plans to prioritize growth opportunities in the European and Asian markets [1] - A new collaboration with a leading European brand client is set to be established in the second half of 2025 [1] - The company intends to set up a new production base in the vicinity of Europe, with a capital expenditure of $60 million planned for the first half of 2025, representing a 15% increase year-on-year [1] Competitive Advantages - The company benefits from a Free on Board (FOB) revenue structure, where all production costs, including international freight and import duties, are borne by the customer [2] - The pricing advantage from core premium brand clients allows the company to mitigate the impact of tariffs, as the retail prices of these products differ significantly from the FOB prices [2] - The overall resilience of the industry remains strong, with brand client growth being relatively stable despite external tariff pressures [2]

Core Viewpoint - Crystal International (02232) reported a strong performance in its mid-2025 results, with revenue and profit growth, while navigating challenges posed by U.S. tariff policies [1] Financial Performance - Revenue reached $1.229 billion, representing a year-on-year increase of 12.4% [1] - Profit attributable to shareholders was $98.265 million, up 17% year-on-year [1] - Basic earnings per share were 3.44 cents, with a proposed interim dividend of 16.3 Hong Kong cents per share [1] Strategic Initiatives - The company plans to prioritize growth opportunities in Europe and Asia, particularly in light of tariff impacts [1] - A new collaboration with a leading European brand client is set to be established in the second half of 2025 [1] - The company intends to set up a new production base in the vicinity of Europe, with capital expenditure projected at $60 million for the first half of 2025, reflecting a 15% increase year-on-year [1] Market Challenges - The company faces tariff resistance due to the U.S. tariff policies, with one-third of its revenue coming from the U.S. market [1] - Despite these challenges, the company has three core advantages to mitigate tariff impacts: - FOB revenue structure, where all production costs are borne by the customer [1] - Pricing advantage from core premium brand clients, which reduces the impact of tariffs on their products [1] - Overall industry resilience, with steady growth from brand clients despite external factors like tariffs [1]

Core Insights - The company reported a revenue of $1.2 billion for H1 2025, a 12% year-on-year increase, and a net profit of $100 million, up 17% year-on-year [1] - The gross margin remained stable at 20%, while the net profit margin increased by 0.3 percentage points to 8% [1] - The company plans to distribute an interim dividend of $0.021 per share, with a payout ratio of 60% [1] Revenue Breakdown - Leisure apparel generated $340 million in revenue, a 11% increase, accounting for 28% of total revenue, with a gross margin of 21%, up 0.7 percentage points [1] - Sports and outdoor apparel achieved $310 million in revenue, a 12% increase, representing 26% of total revenue, with a gross margin of 21%, slightly down [1] - Denim apparel reported $260 million in revenue, a 10% increase, making up 21% of total revenue, with a gross margin of 16%, slightly down [1] - Underwear generated $210 million in revenue, a 10% increase, accounting for 17% of total revenue, with a gross margin of 21%, up 1.3 percentage points [1] - Sweaters achieved $100 million in revenue, a 29% increase, representing 9% of total revenue, with a gross margin of 20%, down 2.2 percentage points [1] Strategic Focus - The company aims to capitalize on growth opportunities in Europe and Asia, with Vietnam being a cornerstone of its global production network, contributing over 60% of total output [2] - Plans include modernizing Vietnamese factories and establishing new production bases near Europe to reduce transportation time [2] - The company significantly expanded its workforce by adding approximately 10,000 employees last year and an additional 4,000 in H1 2025 to enhance overall capacity [2] Operational Efficiency - The company is implementing strategic capacity expansion and efficiency optimization measures, including automation and data-driven processes, to improve operational flexibility [2] - These investments are expected to drive revenue growth and mitigate the adverse effects of high U.S. tariffs [2] Financial Forecast - The company maintains its profit forecast, expecting revenues of $2.7 billion, $3.0 billion, and $3.3 billion for 2025-2027, with net profits of $230 million, $270 million, and $310 million respectively [2]

Investment Rating - The report assigns a rating of "Outperform" for Crystal International, indicating an expected total return over the next 12-18 months that exceeds the relevant market benchmark [20]. Core Insights - Crystal International reported solid revenue and profit growth, achieving revenue of USD 1.229 billion in 1H25, a year-on-year increase of 12.4%. The gross profit reached USD 243 million, up 19.7% YoY, with a gross margin of 19.8% [2][8]. - The company is experiencing strong order inflow and high production line utilization, primarily driven by deeper penetration into core brand customers, including a 20% YoY increase in orders from its largest customer, Uniqlo [3][9]. - Management anticipates a revenue growth of approximately 10% for the full year 2025, with profit growth expected to outpace revenue growth [5][12]. Revenue and Profit Performance - In 1H25, revenue by product category showed growth rates of +11.4% for casual wear, +12.4% for sports and outdoor wear, +10.3% for denim, +9.5% for lingerie, and +29.2% for sweaters, with sweaters showing the most significant growth [2][8]. - By region, revenue growth was +14.5% in Asia Pacific, +11.7% in North America, +9.7% in Europe, and +14.9% in other regions, contributing 39%, 38%, 21%, and 3% of total revenue, respectively [2][8]. Cash Flow and Dividends - Operating cash flow for 1H25 was USD 155 million, with a net cash position of USD 517 million at the end of the period, supporting high dividends and expansion [2][8]. - An interim dividend of HKD 0.163 per share was announced for 2025, higher than HKD 0.138 in 2024, maintaining a payout ratio of 60% [2][8]. Capacity and Production Strategy - The company is diversifying its capacity layout, with ongoing expansions in Vietnam, Cambodia, and Bangladesh, and is evaluating a new plant in Egypt to reduce transportation cycles and tariff risks [5][11]. - The implementation of a "satellite factory" model in Vietnam aims to ease labor competition and improve employee retention, with positive feedback received so far [5][11]. Long-term Growth Strategy - Crystal International's long-term strategy focuses on solid fundamentals, including product quality, delivery speed, and customer service, while enhancing competitiveness through multi-category synergy and vertical integration [5][12]. - The company aims to achieve around 60% of export fabric supply to be self-produced within five years, indicating a clear path for long-term growth [5][12].

Investment Rating - The report maintains a "Buy" rating for the company with a target price set above the current price of 6.9 HKD, expecting a relative return of over 20% within the next six months [5][13]. Core Insights - The company reported a revenue of 1.2 billion USD for the first half of 2025, reflecting a year-on-year growth of 12%, and a net profit of 100 million USD, which is a 17% increase compared to the previous year [1]. - The gross margin remained stable at 20%, while the net profit margin increased by 0.3 percentage points to 8% [1]. - The company is strategically focusing on expanding its production capacity and optimizing efficiency to mitigate the impact of high tariffs imposed by the U.S. [3][4]. Revenue Breakdown - The revenue from leisure apparel reached 340 million USD, up 11% year-on-year, accounting for 28% of total revenue with a gross margin of 21% [1]. - The sports and outdoor apparel segment generated 310 million USD, a 12% increase, representing 26% of total revenue with a gross margin of 21% [1]. - Denim apparel achieved 260 million USD in revenue, growing 10% year-on-year, making up 21% of total revenue with a gross margin of 16% [1]. - The intimate apparel segment reported 210 million USD, also a 10% increase, contributing 17% to total revenue with a gross margin of 21% [1]. - Sweater sales surged by 29% to 100 million USD, accounting for 9% of total revenue, although the gross margin decreased by 2.2 percentage points [1]. Strategic Initiatives - The company plans to leverage growth opportunities in Europe and Asia, particularly by modernizing its production facilities in Vietnam, which accounts for over 60% of its total output [2]. - The company is also evaluating the feasibility of establishing new production bases near Europe to enhance its market responsiveness [2]. - A significant workforce expansion occurred, adding approximately 10,000 employees last year, with an additional 4,000 hired in the latter half of the year to boost overall capacity [3]. Financial Projections - The report maintains its earnings forecast, projecting revenues of 2.7 billion USD, 3.0 billion USD, and 3.3 billion USD for the years 2025 to 2027, respectively [4]. - Expected net profits for the same period are 230 million USD, 270 million USD, and 310 million USD, with corresponding EPS of 0.08 USD, 0.09 USD, and 0.11 USD [4].