Investment Rating - Buy rating (first coverage) [7] Core Views - Crystal International is a leading global apparel manufacturer with a diversified product portfolio and strong partnerships with top global brands [1][6] - The company has a robust global production layout, with 82% of its workforce located overseas, primarily in Vietnam [1][18] - Crystal International's revenue is expected to grow steadily, with projected revenues of $2.47B, $2.81B, and $3.18B for 2024-2026, representing a CAGR of 13.5%, 13.8%, and 13.0% respectively [3] - Net profit is forecasted to grow at a CAGR of 21%, 17%, and 16% for the same period, with a PE ratio of 8x, 7x, and 6x, significantly lower than industry peers [3] Product Portfolio - Crystal International offers a diversified product portfolio across five categories: casualwear (28%), sportswear & outdoor (22%), denim (21%), intimatewear (18%), and sweaters (10%) [1][17] - The company has deep partnerships with 7 out of the top 10 global apparel brands, including Uniqlo, Levi's, GAP, Victoria's Secret, Nike, and Adidas [1][17] - Sportswear & outdoor category has been a key growth driver since 2016, with a CAGR of 14.1% from 2017-2023 [31][32] Global Production Layout - Crystal International has 23 factories across 5 countries, with 82% of its workforce located overseas, primarily in Vietnam (49%) [1][18] - The company has been expanding its upstream fabric production through acquisitions and self-built factories since 2021, enhancing vertical integration and shortening delivery times [1][18] Financial Performance - Crystal International's revenue has fluctuated in recent years due to external factors, but is expected to recover in 2024 with H1 revenue and net profit growing by 8.4% and 14.1% YoY respectively [23][24] - Gross margin has remained stable at 19%-20%, with net margin steadily improving to 7%-8% in recent years [24][25] - The company has a strong dividend policy, with a payout ratio of 60% in H1 2024 and a projected full-year dividend yield of 7%+ [39][40] Industry Overview - The global apparel retail market is expected to grow at a CAGR of 5.3% from 2024-2028, with sportswear being the fastest-growing category at a CAGR of 6.2% [42][43] - The top 10 global apparel brands have increased their market share from 6.6% in 2014 to 9.9% in 2023, with 7 of them being Crystal International's clients [44][45] - The apparel manufacturing industry is highly fragmented, with Crystal International holding a 0.4% market share, second only to Shenzhou International's 0.7% [52][53] Competitive Advantages - Crystal International's "Co-creation" business model allows it to collaborate closely with clients on product design, material selection, and production planning, enabling faster time-to-market and higher success rates [64][68] - The company has a strong R&D focus, with annual R&D expenditures of $20-40M and a portfolio of 48 patents covering various production technologies [69][70] - Crystal International's diversified product portfolio and global production footprint give it a competitive edge over peers, allowing it to offer one-stop solutions to clients [58][59]

辑苑國際集團有限公司* CRYSTAL INTERNATIONAL GROUP LIMITED (Incorporated in Bermuda with limited liability and registered by way of continuation in the Cayman Islands) (於百慕達註冊成立的有限公司並以存續方式於開曼群島註冊) Stock code 股份代號: 2232 O CRYSTAL INTERNATIONAL INTERIM REPORT 晶 苑 國 際 中期報告 * For identification purposes only 懂供錄別 關於晶苑國際集團有限公司 晶苑國際集團有限公司（「本公司」）為全球服裝製造行業領導者及可持續發展先驅。本公司及其附屬公司（統稱「本集團」或「晶苑」）成 立於1970年，總部位於香港，擁有多元化的產品組合，主要分為五個類別，包括休閒服、運動服及戶外服、牛仔服、貼身內衣及毛衣，該等 產品類別在市場上均佔據領先地位，並進行上游垂直擴充，拓展針織布料生產。本集團致力營運一個跨國製造平台，擁有分佈於越南、中 國、柬埔寨、孟加拉及斯 ...

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文件的內容概不 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 本 文 件 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。 * （於百慕達註冊成立的有限公司並以存續方式於開曼群島註冊） （股份代號：2232） 截至二零二四年六月三十日止六個月中期業績公告 | --- | --- | |-------|-------------------------------------------------------------------------------------------------------------------| | | | | | 財務摘要 | | • | 截至二零二四年六月三十日止六個月的收益為 1,094 百 萬 美 元（二 零 二 三 年 六 月 三 十 日： 1,009 百 萬 美 元）。 | | • | 截至二零二四年六月三十日止六個月的純利為 84 百 萬 美 元（二 零 二 三 年 六 月 三 十 日： 74 百 萬 美 元）。 | | ...

目錄 公司資料 2 財務摘要 3 主席報告 4 管理層討論及分析 6 董事及高級管理層 13 董事會報告 21 企業管治報告 32 詞彙 57 獨立核數師報告 61 綜合損益及其他全面收入表 66 綜合財務狀況表 68 綜合權益變動表 70 綜合現金流量表 71 綜合財務報表附註 73 財務概要 160 公司資料 董事會 執行董事 羅樂風先生 （主席） 羅蔡玉清女士 （副主席） 羅正亮先生 （行政總裁） 黃星華先生 羅正豪先生 非執行董事 王志輝先生 LEE Kean Phi Mark 先生 獨立非執行董事 張家騏先生 麥永森先生 黃紹基先生 麥鄧碧儀女士，MH ，JP 董事委員會 審核委員會 張家騏先生 （主席） 麥永森先生 黃紹基先生 麥鄧碧儀女士 薪酬委員會 麥永森先生 （主席） 張家騏先生 黃紹基先生 羅樂風先生 提名委員會 羅樂風先生 （主席） 麥永森先生 黃紹基先生 麥鄧碧儀女士 企業發展委員會 羅正亮先生 （主席） 王志輝先生 黃星華先生 羅正豪先生 LEE Kean Phi Mark 先生 張家騏先生 麥永森先生 黃紹基先生 麥鄧碧儀女士 李偉君先生 可持續發展委員會 羅正亮先生 （主席） 王 ...

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文件的內容概不負責， 對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因本文件全部或任 何部分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。 * （於百慕達註冊成立的有限公司並以存續方式於開曼群島註冊） （股份代號：2232） 截至二零二三年十二月三十一日止年度 年度業績公告 | --- | --- | |-------|-------------------------------------------------------------------------------------------------------| | | | | | 財務摘要 | | • | 截至二零二三年十二月三十一日止年度的收益為 2,177 百萬美元（二零 二二年： 2,491 百萬美元）。 | | • | 截至二零二三年十二月三十一日止年度的純利為 164 百萬美元（二零 二二年： 173 百萬美元）。 | | | | | • | 建議宣派末期股息每股普通股 13.0 港仙（約 1.7 美仙）。連同已付中期股 | | | 息，截至二零二三年十二月三十一日 ...

品苑國際集團有限公司* CRYSTAL INTERNATIONAL GROUP LIMITED (Incorporated in Bermuda with Ilmited Ilability and registered by way of continuation in the Cayman Islands) (於百慕建註冊成立的有限公司並以存續方式於開曼群島註冊) Stock code 股份代號: 2232 INTERIM R EPOR * For identification purposes only 優供識別 i 9 11: 117 i 116 illi IIIIIII 20 R MIT I 111 " nia 1111 l 1100 l D 101 11111 an 2011 111111117 17 1 目錄 公司資料 2 財務摘要 3 管理層討論及分析 4 企業管治及其他資料 12 簡明綜合財務報表審閱報告 19 簡明綜合損益及其他全面收入表 21 簡明綜合財務狀況表 23 簡明綜合權益變動表 25 簡明綜合現金流量表 26 簡明綜合財務報表附註 27 公司資料 2 晶苑國際集團有限公司 | ...

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文件的內容概不 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 本 文 件 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。 * （於百慕達註冊成立的有限公司並以存續方式於開曼群島註冊） （股份代號：2232） 截至二零二三年六月三十日止六個月中期業績公告 | --- | --- | |-------|-------------------------------------------------------------------------------------------------------------------| | | | | | 財務摘要 | | • | 截至二零二三年六月三十日止六個月的收益為 1,009 百 萬 美 元（二 零 二 二 年 六 月 三 十 日： 1,242 百 萬 美 元）。 | | • | 截至二零二三年六月三十日止六個月的純利為 74 百 萬 美 元（二 零 二 二 年 六 月 三 十 日： 76 百 萬 美 元）。 | | ...

Financial Performance - Revenue for the year ended December 31, 2022, was $2,490,966 thousand, an increase of 6.4% from $2,341,432 thousand in 2021[4] - Gross profit for 2022 was $463,350 thousand, with a gross margin of 18.6%, down from 19.1% in 2021[4] - Net profit for 2022 was $173,229 thousand, maintaining a net profit margin of 7.0%[4] - The company's revenue for the year ended December 31, 2022, increased to $2,491 million, up from $2,341 million in 2021, representing a growth of approximately 6.4%[12] - The gross profit margin slightly decreased to 18.6% in 2022 from 19.1% in 2021, while the net profit for the year was $173 million, compared to $163 million in the previous year, maintaining a net profit margin of 7.0%[12] - Total revenue for 2022 was $2,490,966 thousand, compared to $2,341,432 thousand in 2021, with the Americas accounting for 38.5% and Europe for 18.0%[17] - Operating cash flow for 2022 was $349 million, an increase from $190 million in 2021, with cash and cash equivalents totaling $455 million[22] - The company reported a significant increase in sales cost, which rose to $2,027,616 thousand from $1,893,822 thousand, indicating a 7.1% increase[184] - The total comprehensive income for the year was $107,089 thousand, down from $179,010 thousand in 2021, reflecting a decrease of 40.2%[185] Assets and Liabilities - The total assets decreased to $1,894,965 thousand in 2022 from $1,959,495 thousand in 2021[5] - Total liabilities reduced significantly to $549,666 thousand in 2022 from $666,176 thousand in 2021[5] - Total equity increased from $1,293,319 thousand in 2021 to $1,345,299 thousand in 2022, an increase of approximately 4.0%[187] - The company’s total liabilities decreased from $666,176 thousand in 2021 to $549,666 thousand in 2022, a decline of approximately 17.5%[187] Sustainability and Environmental Initiatives - The company aims to reduce absolute carbon emissions by 35% by 2030 as part of its sustainability goals[7] - Solar photovoltaic capacity was increased from 3.6 MW in 2021 to 7.8 MW in 2022[7] - The company has installed a total of 4.2 MW of solar photovoltaic capacity in 2022, doubling its total capacity to 7.8 MW, as part of its sustainability efforts[14] - The company plans to reduce greenhouse gas emissions by 35% by 2030 as part of its commitment to achieving net-zero emissions by 2050[14] - The company received several prestigious awards in 2022, including the Hong Kong Sustainable Development Award 2022 - Model Award (Large Organization Category) and the Best ESG Report - Mid-Cap Award[168] - The company achieved significant recognition for its environmental initiatives, including the Carbon Neutral Contribution Pioneer Organization award and the Platinum Label under the Low Carbon Manufacturing Program[168] Acquisitions and Investments - The company completed the acquisition of a fabric factory in Bangladesh in 2022, marking a milestone in its long-term vertical integration strategy[7] - The company completed the acquisition of a fully-owned fabric factory in Bangladesh in September 2022, enhancing its vertical integration strategy and supporting long-term fabric demand for its domestic garment factories[12] - Capital expenditures for the year amounted to $106 million, primarily for expansion in Vietnam and Cambodia, with total capital investments reaching $164 million, up from $132 million in 2021[12] - The company completed the acquisition of How Are You Textile Industry Limited for $37 million on September 30, 2022, to support long-term fabric needs in Bangladesh[27] - The company also acquired Successor Limited for $20.7 million on November 30, 2022, which has a factory in Vietnam, enhancing vertical integration efforts[27] Employee and Talent Management - The company received the HR Asia Best Companies to Work for in Asia 2022 award, highlighting its commitment to talent retention and employer branding[7] - Employee costs accounted for 23.8% of revenue in the fiscal year ending December 31, 2022, down from 24.8% in the previous year[30] - The company employed approximately 73,000 employees as of December 31, 2022, focusing on performance-based compensation and ongoing training[30] - The company has established a new talent strategy team to support the long-term development of its fabric business, enhancing its operational efficiency[12] Corporate Governance - The company emphasizes good corporate governance principles and has established various committees, including the Audit Committee and the Nomination Committee[171] - The board consists of six executive directors, one non-executive director, and four independent non-executive directors as of December 31, 2022[96] - The company has established a policy for handling and disclosing inside information, ensuring strict monitoring to prevent unauthorized access and use[160] - The company has adopted a shareholder nomination process for director candidates, effective from the date of listing[164] - The company has reviewed its shareholder communication policy and believes there are sufficient channels for shareholders to express their views on matters affecting the company[165] Financial Reporting and Audit - The audit committee reviewed the audited consolidated financial statements for the year ended December 31, 2022, and expressed satisfaction with the external auditor's work and compliance with accounting policies[113] - Deloitte Touche Tohmatsu was the independent auditor for the financial statements for the year ending December 31, 2022[90] - The company has sufficient resources, personnel, training programs, and budget for accounting, internal audit, and financial reporting functions, as well as for environmental, social, and governance performance reporting[157] Future Outlook - Consumer demand remains strong post-pandemic, but high inventory levels and economic uncertainty are expected to challenge growth in 2023[31] - The company expects capital investments in 2023 to be similar to those in 2022 as it continues to invest in upstream vertical expansion[31] - The company provided a positive outlook for the next fiscal year, projecting a revenue growth of 10% to 12%[45]

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文件的內容概不負責， 對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因本文件全部或任 何部分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。 * （於百慕達註冊成立的有限公司並以存續方式於開曼群島註冊） （股份代號：2232） 截至二零二二年十二月三十一日止年度 年度業績公告 | --- | --- | |-------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------| | | | | | 財務摘要 | | • | 截至二零二二年十二月三十一日止年度的收益為 2,491 百萬美元（二零二一 | | • | 年： 2,341 百萬美元）。 截至二零二二年十二月三十一日止年度的純利為 173 百萬美元（二零二一年： 163 百萬美元）。 | | • | 建 ...