Investment Rating - The industry investment rating is "Positive" and maintained [7] Core Insights - December orders for sports footwear and apparel showed a month-on-month decline, indicating that the overall industry has not yet reached an inflection point. Retail performance in the US and UK remains resilient, while demand in other regions is stagnant. The decline in the US consumer confidence index has not yet impacted brand and upstream performance, primarily due to growth being driven by high-end consumption, with mass apparel consumption still expected to recover [2][4][21] - Vietnam's footwear and apparel exports improved significantly in December, while China continues to face pressure. The upstream manufacturing sector is expected to have stronger earnings certainty in the first half of 2026, with a clear direction for recovery in the downstream sports supply chain. Brand apparel revenues are expected to fluctuate in Q4 2025, with profitability anticipated to recover in 2026 [2][5][29] Summary by Sections Manufacturing Performance - In December, the revenue performance of footwear manufacturers showed a year-on-year decline, with specific companies reporting: - Yuanyuan Group: -3.7% YoY, -1.3 percentage points MoM - Fengtai: -0.6% YoY, +11.2 percentage points MoM - Zhijiang International: -2.8% YoY, -5.9% MoM - Yuchi-KY: -2.2% YoY, -8.8% MoM - For apparel manufacturers: - Ruhong: -3.6% YoY, -5.1% MoM - Juyang Industrial: -9.2% YoY, -9.7% MoM - Guangyue: +9.7% YoY, -22.1% MoM [4][16][29] Demand Analysis - Retail performance in December showed resilience in the US and UK, while other regions experienced stagnation. The US consumer confidence index continues to decline, which has not yet reflected in brand and upstream performance. The growth is mainly driven by high-end consumption, with mass apparel consumption still expected to recover [2][21][26] Recommendations - The report recommends focusing on upstream manufacturing, as the performance in the first half of 2026 is expected to be more certain. The recovery direction of the sports supply chain is clear. Key recommended stocks include: - New Australia Holdings, Crystal International, Shenzhou International, and Yuanyuan Group - Attention should also be given to high-elasticity stocks like Nobon and Jeya, as well as undervalued stocks with strong safety margins like Taihua New Materials and Lutai A [5][29][30]

Investment Rating - The report maintains a "Positive" investment rating for the textile, apparel, and luxury goods industry [9]. Core Insights - The current inventory replenishment cycle in the U.S. apparel industry is characterized by weak elasticity due to several factors, including K-shaped consumer spending, misalignment in brand recovery rhythms, and constraints faced by comprehensive sports brands [3][6]. - Despite the transition from inventory destocking to replenishment, the expected rebound in manufacturing performance and market response has not materialized as anticipated [6][19]. - The report forecasts limited replenishment elasticity in the near term, with potential improvements in terminal demand expected after the current interest rate cycle concludes [3][8]. Summary by Sections Introduction - The report discusses the weak momentum in the current manufacturing replenishment cycle, noting that the U.S. apparel industry has transitioned to a phase of active replenishment after reducing inventory to healthy levels since Q1 2023 [6][17]. Analysis of Weak Replenishment Cycle - **Macro Perspective**: U.S. consumer spending is experiencing K-shaped differentiation, where high-income households support overall consumption while lower-income households face suppressed purchasing power and willingness to spend [7][32]. - **Brand Perspective**: The misalignment in recovery rhythms among brands has diluted overall replenishment elasticity, with brands like Adidas and Deckers already undergoing several quarters of replenishment without strong retail catalysts [7][30]. - **Industry Perspective**: The growth potential in the sports category is diminishing due to factors such as slowing penetration rates, reduced technological innovation, and diminishing returns from direct-to-consumer (DTC) strategies [7][30]. Future Replenishment Elasticity Expectations - In the short term, historical inventory cycles suggest that mature brands may experience shorter replenishment periods, while growth-oriented brands could see longer cycles [8][19]. - The report indicates that after the current interest rate cycle, retail demand may improve, leading to a more resilient growth trajectory for top brands transitioning into replenishment phases [8][19]. - Recommended stocks include Crystal International and Shenzhou International, with a focus on companies like Wah Lee and Yue Yuen [8][19].

Company Overview: Crystal International Key Points Land Acquisition in Egypt - The company announced a plan to purchase land in Egypt for $30.4 million, covering an area of 800,000 square meters located in the New October City industrial zone in Giza, 59 km from Cairo, with well-developed infrastructure [1] - The expected production capacity of the land includes garment and fabric segments, aimed at flexibly meeting the demands of European and American clients, with revenue contributions anticipated to start as early as 2027 [1] - This acquisition is expected to significantly enhance the company's capacity to fulfill orders from core client Uniqlo, as well as provide advantages in servicing European clients such as Adidas, ZARA, Decathlon, and M&S [1] Advantages of Egyptian Production 1. **Labor Advantage**: Egypt has a population of 120 million, with a labor force of 75 million. The average monthly wage in the manufacturing sector is approximately $200, providing a rich and competitively priced labor pool [1] 2. **Tariff Advantage**: Exports to Europe face virtually zero tariffs, while exports to the U.S. incur a 10% tariff (with some industrial zones qualifying for zero tariffs if they meet a 35% value-added requirement) [1] 3. **Transportation Advantage**: Shipping times to Europe are two weeks faster than from Asia, and shipping to the U.S. is also two weeks quicker compared to Asian routes [1] Growth and Dividend Attributes - The company's diverse product development and production capabilities, along with flexible and efficient production lines and a rich overseas production layout, have led to full order books since 2024 [1] - Orders from core clients like Uniqlo and sports outdoor brands such as Adidas, Lulu, Decathlon, and The North Face are expected to lead growth [1] - The combination of automation and vertical integration is projected to maintain an upward trend in profit margins through 2025-2026, with a 2026 price-to-earnings ratio of 10X, a dividend payout ratio of no less than 60%, and a dividend yield of 6% [1] - The company is positioned as a stable growth leader in the export chain with attractive valuation, continuing to be recommended for investment [1]

晶苑国际(02232.HK)发布公告，于2026年1月18日(埃及时间)，Crystal Egypt Industries(公司拟待埃及当 地政府批准该收购后成立的一家全资附属公司)与 SID - New October (S.A.E.) (独立于公司及其关连人士) 签订了一份土地预留表格，以预留一幅位于埃及 New October City 的地块，以作收购之用，代价为3040 万美元。该收购取决于埃及当地政府批准。该代价将由集团内部资源提供资金。该地块位于埃及 New October City的 New October Industrial Zone，其总占地面积约为80万平方米。 | 指标 | 晶苑国际 | 服装家纺 行业平均 | 行业排名 | | --- | --- | --- | --- | | ROE | 14.13% | -4.15% | 14 70 | | 港股流通市值 | 205.4亿 | 82.54 Z | 6 70 | | 营业收入 | 26.05 乙 | 38.81亿 | 18 70 | | 净利率 | 8.0% | -16.02% | 19 70 | | 毛利率 | 19.73% | ...

Core Viewpoint - Crystal Egypt Industries, a wholly-owned subsidiary of Crystal International (02232), has signed a land reservation agreement for a plot in New October City, Egypt, for a purchase price of $30.4 million, pending local government approval [1] Group 1: Acquisition Details - The land reservation is for a site in the New October Industrial Zone, covering approximately 800,000 square meters [1] - The acquisition cost will be funded through the company's internal resources [1] Group 2: Strategic Intent - The company plans to use the land to build production facilities and supporting infrastructure to expand its apparel and fabric business in Egypt [1] - Establishing production capacity in Egypt is expected to help mitigate geopolitical risks and provide more flexible and reliable production solutions for global customers [1] - The move is also aimed at effectively responding to potential changes in trade policies [1]

智通财经APP讯，晶苑国际(02232)发布公告，于2026年1月18日(埃及时间)，Crystal Egypt Industries(公 司拟待埃及当地政府批准该收购后成立的一家全资附属公司)与 SID - New October (S.A.E.) (独立于公司 及其关连人士)签订了一份土地预留表格，以预留一幅位于埃及 New October City 的地块，以作收购之 用，代价为3040万美元。该收购取决于埃及当地政府批准。该代价将由集团内部资源提供资金。该地块 位于埃及 New October City的 New October Industrial Zone，其总占地面积约为80万平方米。 集团拟使用该地块在埃及兴建生产厂房及配套设施，以开展在埃及的服装及面料业务扩张，提升产能。 集团认为，在埃及部署产能将有助于分散地缘政治风险，为全球客户提供更灵活可靠的生产解决方案， 并协助集团有效应对潜在的贸易政策变化。 ...

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。 自願性公告 擬收購埃及土地 本公告由晶苑國際集團有限公司（「本公司」，連同其附屬公司統稱為「本集團」）自願 作出。 本公司董事（「董事」）會（「董事會」）欣然宣布，於二零二六年一月十八日（埃及時 間），Crystal Egypt Industries（本公司擬待埃及當地政府批准該收購（定義見下文）後成立 的一家全資附屬公司）與 SID - New October (S.A.E.) （獨立於本公司及其關連人士（定義見 香港聯合交易所有限公司證券上市規則（「上市規則」）））簽訂了一份土地預留表格， 以預留一幅位於埃及 New October City 的地塊（「該地塊」），以作收購之用，代價為 30.4 百萬美元（「該收購」）。該收購取決於埃及當地政府批准。該代價將由本集團內部資源 提供資金。 該地塊位於埃及 New October City的 New October Industrial Zone，其總佔 ...

Core Viewpoint - Crystal International (02232.HK) will hold a board meeting on March 19, 2026, to approve the annual results for the year ending December 31, 2025, and to consider the proposal for a final dividend, if any [1] Group 1 - The board meeting is scheduled for March 19, 2026 [1] - The meeting will focus on approving the annual performance of the company and its subsidiaries for the fiscal year ending December 31, 2025 [1] - The board will also consider the proposal for a final dividend [1]

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 。 董事會會議召開日期 晶苑國際集團有限公司(「本公司 」)董事會(「董事會 」)謹此宣布，本公 司 將 於 二 零 二 六 年 三 月 十 九 日 ( 星 期 四 ) 舉 行 董 事 會 會 議 ， 藉 以 （ 其 中 包 括）批准本公司及其附屬公司截至二零二五年十二月三十一日止年度的年 度業績及其發布，以及考慮建議派付末期股息(如有)。 * 僅供識別 承董事會命 晶苑國際集團有限公 司 主席 羅樂風 香港，二零二六年一月七日 於本公告日期，本公司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 L E E K ea n Ph i M a rk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。 ...

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12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: 2026年1月2日 I. 法定/註冊股本變動 | 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) | 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 | ...