Core Viewpoint - Shenzhou International is expected to experience a recovery in 2024, with a projected revenue increase of 14.8% compared to the previous year, despite facing challenges in 2023 [1] Group 1: Financial Performance - In 2024, the gross profit margin is anticipated to rebound to 28.1%, supported by effective cost control and a focus on leading downstream clients [1] - The company has demonstrated strong financial performance and cost management, which enhances profitability stability amid industry fluctuations [1] Group 2: Strategic Advantages - The company has established significant competitive barriers through vertical integration, covering the entire production chain from weaving to finished garments, resulting in a high fabric self-sufficiency rate and reduced delivery times [2] - Continuous technological innovation has allowed Shenzhou to maintain high gross profit margins, with high-tech products driving the overall gross margin recovery [2] - Deep partnerships with major clients such as Uniqlo, Nike, Adidas, and Puma have been cultivated, with these four clients contributing 80.75% of revenue in 2024, ensuring efficient capacity utilization [2] Group 3: Global Layout and Risk Mitigation - Shenzhou's production layout features a "China R&D + Southeast Asia manufacturing" model, reducing risks associated with international trade and leveraging lower labor costs in Southeast Asia [2] - By 2023, the proportion of production capacity in China decreased to 47%, while Vietnam's capacity increased to 27%, with a new base in Cambodia expected to add 10% capacity by 2025 [2] Group 4: Future Growth Drivers - The company is diversifying its client base, reducing reliance on major clients, with new customer revenue share expected to increase by 6.6 percentage points to 16.2% over three years [3] - The product structure is shifting towards high-value categories, with sports products sales increasing by 9.8% and leisure products by 27.1% in 2024, driven by innovative materials [3] - Digital supply chain improvements have enhanced operational efficiency by nearly 90%, with a focus on local sourcing strategies to shorten delivery times [3] Group 5: Earnings Forecast - Revenue projections for 2025, 2026, and 2027 are estimated at 31.227 billion, 34.131 billion, and 37.671 billion yuan respectively, with corresponding EPS of 4.45, 4.96, and 5.42 yuan [4]

Core Viewpoint - The report from CICC maintains the earnings per share (EPS) estimates for Shenzhou International (02313) at 4.39/4.80 HKD for 2025/26, with the current stock price corresponding to 12/11 times the 2025/26 price-to-earnings (P/E) ratio, and maintains an outperform rating for the industry. The target price is raised by 5.5% to 73.72 HKD, implying a 24% upside potential based on a 15/14 times P/E ratio for 2025/26 [1]. Group 1 - The company's 1H25 performance aligns with expectations, reporting a revenue increase of 15% to 15 billion HKD and a net profit increase of 8% to 3.2 billion HKD. The company declared an interim dividend of 1.38 HKD per share, with a payout ratio of 60% [2]. - Revenue growth of 15% exceeded expectations, primarily driven by rapid sales growth and continued market share gains among major clients. Revenue from four key brands—Uniqlo, Nike, Adidas, and Puma—grew by 27%, 6%, 28%, and 15% respectively. Regionally, revenue from China, Europe, Japan, and the US grew by -2%, 20%, 18%, and 36%, respectively, with respective shares of 24%, 20%, 17%, and 17% [3]. - The gross margin decreased by 1.9 percentage points to 27.1% due to several factors, including significant wage increases starting in 2H24, rising employee numbers in Cambodia, and changes in customer structure. Other income sources, such as government subsidies and foreign exchange gains, increased by 230 million HKD year-on-year, but were offset by a higher tax rate, leading to an overall net profit increase of 8% [3]. Group 2 - The impact of tariffs is manageable, with stable order rhythms and pricing agreements under current tariff arrangements. The company continues to increase its workforce in Cambodia and Vietnam, enhancing production efficiency and indicating a growing share of Southeast Asian capacity in the overall production [4]. - Management maintains guidance for low double-digit order growth in 2025, with expectations for high single-digit year-on-year order growth in 2H25. The company anticipates improvements in gross margin in 2H25 as the one-time wage increases and customer structure changes are expected to stabilize [5].

Core Viewpoint - The report from CICC maintains the earnings per share (EPS) estimates for Shenzhou International (02313) at 4.39/4.80 HKD for 2025/26, with a target price raised by 5.5% to 73.72 HKD, indicating a 24% upside potential based on the adjusted price-to-earnings (P/E) ratios of 15/14 times for 2025/26 [1] Financial Performance - The company reported a 15% year-on-year increase in revenue to 15 billion HKD for 1H25, with a net profit attributable to shareholders rising by 8% to 3.2 billion HKD, aligning with CICC's expectations [2] - The interim dividend declared is 1.38 HKD per share, reflecting a payout ratio of 60% [2] Revenue Growth Drivers - The 15% revenue growth exceeded expectations, primarily driven by rapid sales growth and market share gains among major clients [3] - Revenue contributions from key brands were as follows: Uniqlo (+27%), Nike (+6%), Adidas (+28%), and Puma (+15%); regional revenue growth was reported as: China (-2%), Europe (+20%), Japan (+18%), and the US (+36%) [3] Margin Analysis - Gross margin decreased by 1.9 percentage points to 27.1% in 1H25, influenced by several factors including increased labor costs due to wage hikes in 2H24, rising employee numbers in Cambodia, and changes in customer mix [4] - Other income sources, such as government subsidies and foreign exchange gains, increased by 230 million HKD year-on-year, but were offset by a higher effective tax rate, which rose by 1.7 percentage points to 12.5% [4] Tariff and Production Capacity - The impact of tariffs is manageable, with stable order rhythms and pricing agreements under current tariff arrangements with the US [5] - The company continues to expand its workforce in Southeast Asia, particularly in Cambodia and Vietnam, enhancing its production capacity and global operational advantages [5] Future Outlook - Management maintains guidance for low double-digit order growth in 2025, with expectations for high single-digit year-on-year growth in order volume for 2H25 [6] - An improvement in gross margin is anticipated in 2H25 as the one-time wage increases and customer mix issues are resolved [6]

Investment Rating - The report maintains a "Buy" rating for the company [7] Core Views - The company reported a revenue of 14.97 billion RMB and a net profit of 3.18 billion RMB for H1 2025, representing year-on-year growth of 15% and 8% respectively [1] - The company expects revenue growth of 10% to 15% and net profit growth in the single digits for 2025, with projected net profits of 6.56 billion RMB, 7.31 billion RMB, and 8.02 billion RMB for 2025, 2026, and 2027 respectively [5] Revenue and Profitability - In H1 2025, the company's gross margin was 27.1%, down from 29.0% in H1 2024, primarily due to rising labor costs [2] - The net profit margin decreased by 1.4 percentage points to 21.2% in H1 2025 [2] Customer and Sales Performance - Sales to the top four customers (Uniqlo, Nike, Adidas, PUMA) were 4.33 billion RMB, 3.44 billion RMB, 2.99 billion RMB, and 1.53 billion RMB respectively, with year-on-year growth rates of 27%, 6%, 28%, and 15% [3] - The company achieved sales of 2.67 billion RMB from other customers, reflecting an 8% year-on-year increase [3] Capacity and Production - The company has increased hiring and optimized production management to enhance capacity utilization and expand overseas production [4] - New production facilities in Vietnam and Cambodia are expected to contribute significantly to capacity in the medium to long term [4] Financial Projections - The company anticipates a stable growth trajectory for revenue and comparable profit margins in 2025, with a projected revenue of 32.13 billion RMB [6] - The estimated P/E ratio for 2025 is 12.5 times, indicating a favorable valuation compared to historical performance [5]

Investment Rating - The report assigns a "Buy" investment rating for the company, marking it as the first recommendation [5]. Core Insights - The company is expected to experience a positive turning point in 2024, with a projected revenue increase of 14.8% compared to the previous year, driven by recovering domestic consumption and a rebound in orders from key international clients [5][16]. - The company's financial performance is robust, with a forecasted gross margin recovery to 28.1% in 2024, showcasing excellent cost control and risk management capabilities [5][21]. - The strategic advantages include vertical integration, technological innovation, deep client relationships, and a global production layout that mitigates risks [6][9][34]. Summary by Sections 1. Operational Resilience - Short-term recovery is confirmed, with a solid operational foundation as the company rebounds from a challenging 2023, where revenue was pressured by reduced orders from key clients [16]. - Financial performance remains stable, demonstrating strong risk resilience with a historical average ROE of 15.94% and a cash flow management ratio significantly above industry averages [21][25]. 2. Strategic Advantages - Vertical integration in production provides significant cost advantages and efficiency, with a high self-sufficiency rate in fabric production [26]. - Continuous technological innovation has led to high-margin products, with a total of 585 patents authorized by 2024, enhancing the company's competitive edge [30]. - The company maintains deep ties with major clients like Uniqlo, Nike, Adidas, and Puma, which collectively contribute approximately 80% of revenue, ensuring stable order flows [31][36]. - A global production strategy, characterized by a shift towards Southeast Asia, helps mitigate risks associated with international trade and labor costs [34]. 3. Future Growth Drivers - The client structure is diversifying, reducing dependency on major clients while increasing revenue from emerging brands [37]. - The digital supply chain initiatives have improved operational efficiency by nearly 90%, enhancing responsiveness and delivery capabilities [41]. - Governance stability, with significant ownership by the founding family and a highly experienced management team, supports long-term strategic consistency [45]. 4. Earnings Forecast - Revenue projections for 2025-2027 are estimated at 312.27 billion, 341.31 billion, and 376.71 billion respectively, with corresponding EPS of 4.45, 4.96, and 5.42 [9][53].

恒生指数、恒生科技指数双双转跌，华润万象生活跌超8.5％，翰森制药、石药集团、申洲国际、李宁 等均跌4％。 (本文来自第一财经) ...

Core Insights - Shenzhou International (02313.HK) reported a mid-year performance for the first half of 2025, with sales reaching approximately RMB 14.966 billion, representing a year-on-year increase of about 15.3% [1] - Gross profit was approximately RMB 4.058 billion, up about 7.9% year-on-year, with a gross margin of approximately 27.1%, down 1.9 percentage points from about 29.0% in the same period last year [1] - Net profit attributable to shareholders was approximately RMB 3.177 billion, an increase of about 8.4% year-on-year, with basic earnings per share of RMB 2.11, up about 8.2% from RMB 1.95 in the same period last year [1] Dividend and Product Sales - The board has declared an interim dividend of HKD 1.38 per share, an increase of about 10.4% compared to the interim dividend of HKD 1.25 per share distributed in the same period last year [1] - Sales from sports products accounted for approximately 67.7% of total sales, with a year-on-year increase of about 9.9% [1] - Sales from leisure products represented approximately 25.3% of total sales, showing a significant year-on-year increase of about 37.4% [1] - Sales from underwear products accounted for approximately 6.3% of total sales, with a year-on-year increase of about 4.1% [1]

Core Viewpoint - Shenzhou International (02313) reported a revenue of RMB 14.966 billion for the six months ending June 30, 2025, representing a year-on-year increase of 15.34% [1] - The net profit attributable to shareholders was RMB 3.177 billion, up 8.39% year-on-year, with earnings per share of RMB 2.11 and an interim dividend of HKD 1.38 per share proposed [1] Revenue Breakdown - Sales of sports products accounted for approximately 67.7% of total sales, with a year-on-year increase of about 9.9% [1] - Sales of leisure products represented approximately 25.3% of total sales, showing a significant year-on-year increase of about 37.4% [1] - Sales of underwear products made up approximately 6.3% of total sales, with a year-on-year increase of about 4.1% [1] Operational Highlights - During the reporting period, the company expanded its overseas production capacity and advanced the upgrade of domestic production facilities [1] - The company also focused on refining and improving its internal control systems [1]

Core Viewpoint - Shenzhou International (02313) reported a revenue of RMB 14.966 billion for the six months ending June 30, 2025, representing a year-on-year increase of 15.34% [1] Financial Performance - The profit attributable to the company's shareholders was RMB 3.177 billion, an increase of 8.39% year-on-year [1] - Earnings per share were RMB 2.11, with an interim dividend proposed at HKD 1.38 per share [1] Product Sales Breakdown - Sales from sports products accounted for approximately 67.7% of total sales, with a year-on-year increase of about 9.9% [1] - Sales from leisure products represented approximately 25.3% of total sales, showing a significant year-on-year increase of about 37.4% [1] - Sales from underwear products made up approximately 6.3% of total sales, with a year-on-year increase of about 4.1% [1] Operational Developments - During the reporting period, the company expanded its overseas production capacity and advanced the upgrade of domestic production capacity [1] - The company also focused on refining and improving its internal control systems [1]

EF001 免責聲明 | 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 | 申洲國際集團控股有限公司 | | 股份代號 | 02313 | | 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期間之宣派股息 | | 公告日期 | 2025年8月27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 1.38 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 1.38 HKD | | 匯率 | 1 HKD : 1 ...