Group 1 - The core viewpoint of the articles indicates that Shenzhou International's performance in the second half of 2025 was below expectations, with a revenue increase of only 2.2% year-on-year and a gross margin decline of 1.8 percentage points to 25.6%, marking a two-year low, which is significantly worse than market expectations for stable gross margins [1] - The decline in gross margin is attributed to factors such as tariffs, appreciation of the Renminbi, rising labor costs, and inefficiencies [1] - Looking ahead to 2026, the company is noted to have weak order momentum in January and February, with some improvement in March; the annual sales volume is expected to grow in the mid-single digits year-on-year, while average selling prices may slightly decline due to the Renminbi appreciation and ongoing adjustments by Nike and Puma [1] Group 2 - Daiwa has released a report stating that despite short-term adverse factors, Shenzhou International's current valuation is not expensive, and the firm maintains a "Buy" rating, lowering the target price from HKD 79 to HKD 73 [2]

分时图 日K线 周K线 月K线 46.78 -1.26 -2.62% 6.00% 4.00% 2.00% 0.00% 2.00% 4.00% 6.00% 45.16 46.12 47.08 48.04 49.00 49.96 50.92 09:30 10:30 12:00/13:00 14:00 16:10 0 39万 79万 118万 申洲国际(02313)午后跌超6%，截至发稿，跌6.03%，报49.1港元，成交额4.31亿港元。 申洲国际 消息面上，申洲国际午间发布2025年度业绩，该集团取得收入人民币309.94亿元(单位下同)，同比增加 8.13%；母公司拥有人应占权益58.25亿元，同比减少6.66%；每股盈利3.88元，拟派发末期股息每股1.2 港元，上年同期派1.28港元。连同已派发的中期息1.38港元，2025年全年建议派发股息合共2.58港元， 同比上升约2%。 ...

分时图 日K线 周K线 月K线 46.78 -1.26 -2.62% 6.00% 4.00% 2.00% 0.00% 2.00% 4.00% 6.00% 45.16 46.12 47.08 48.04 49.00 49.96 50.92 09:30 10:30 12:00/13:00 14:00 16:10 0 39万 79万 118万 申洲国际(02313)发布公告，于2026年3月31日该公司斥资1029.58万港元回购22.05万股，回购价格为每 股46.32-47.72港元。 申洲国际 ...

格隆汇3月31日丨申洲国际(02313.HK)公告，3月31日耗资1029.6万港元回购22万股。 ...

智通财经APP讯，申洲国际(02313)发布公告，于2026年3月31日该公司斥资1029.58万港元回购22.05万 股，回购价格为每股46.32-47.72港元。 ...

FF305 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) 表格類別： 股票 狀態： 新提交 公司名稱： 申洲國際集團控股有限公司 呈交日期： 2026年3月31日 第 1 頁 共 6 頁 v 1.3.0 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 | 第一章節 | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | 普通股 | 股份類別 不適用 | | | 於香港聯交所上市 | 是 | | | 證券代號 (如上市) | 02313 | 說明 | | | | | | | A. 已發行股份或庫存股份變動 | | | | | | | | | | | 已發行股份（不包括庫存股份）變動 | | | 庫存股份變動 | | | | 事件 | | 已發行 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company reported a revenue of 30.99 billion yuan for 2025, representing an 8.1% year-over-year increase, while the net profit was 5.83 billion yuan, reflecting a 6.7% decline year-over-year [8] - The decline in net profit is attributed to several factors including increased employee wages, tariff burdens from U.S. clients, and the appreciation of the RMB [8] - The company anticipates a stable growth in orders due to the efficiency improvements in existing factories and the addition of workers in new facilities [8] Financial Performance Summary - Revenue projections for 2024A to 2028E are as follows: 28.66 billion yuan (2024A), 30.99 billion yuan (2025A), 32.32 billion yuan (2026E), 34.79 billion yuan (2027E), and 37.33 billion yuan (2028E), with growth rates of 14.79%, 8.13%, 4.27%, 7.65%, and 7.30% respectively [1] - Net profit projections are: 6.24 billion yuan (2024A), 5.83 billion yuan (2025A), 6.01 billion yuan (2026E), 6.59 billion yuan (2027E), and 7.10 billion yuan (2028E), with growth rates of 36.94%, -6.66%, 3.15%, 9.70%, and 7.65% respectively [1] - The latest diluted EPS is projected to be 4.15 yuan (2024A), 3.88 yuan (2025A), 4.00 yuan (2026E), 4.38 yuan (2027E), and 4.72 yuan (2028E) [1] Market Data - The closing price is 48.04 HKD, with a market capitalization of approximately 63.77 billion HKD [6] - The company has a price-to-earnings (P/E) ratio of 10.18 for 2024A, increasing to 10.91 for 2025A, and projected to decrease to 8.96 by 2028E [1][6]

Group 1 - The core viewpoint of the report indicates that Shenzhou International (02313) experienced a 6.7% year-on-year decline in net profit to 5.825 billion RMB, while core profit increased by 4.9% to 6.08 billion RMB, falling short of market and Citigroup's expectations by 4% and 6% respectively [1][2] - Due to weak demand for sports apparel, it is anticipated that the order growth rate for this year will slow to a mid-single-digit percentage [1][2] - Citigroup has revised its earnings forecast for the company downwards by 11% to 13% for the years 2026 to 2027, and has lowered the target price from 94 HKD to 75 HKD [1][2] Group 2 - Despite the downward revisions, the current valuation is at a ten-year low, and the forecasted dividend yield for this year is 5.6%, which is considered attractive for long-term investment [1][2] - Citigroup recommends buying on dips and maintains a "Buy" rating for the stock [1][2]

责任编辑：史丽君 行情图 热点栏目 自选股 数据中心 行情中心 资金流向 模拟交易 客户端 行情图 热点栏目 自选股 数据中心 行情中心 资金流向 模拟交易 客户端 高盛发布研报称，申洲国际（02313）去年下半年纯利较该行预期低11%，主要受毛利率及经营利润率 低于预期，以及外汇亏损高于预期拖累。受惠于柬埔寨新成衣厂投产及现有设施效率提升，管理层预期 2026年销量录得中单位数增长。该行下调申洲国际2026至2027年纯利预测7%至8%，目标价由67港元下 调至57港元，相当于2026年预测市盈率13倍（对比先前14倍），以反映盈利增长放缓，维持"买入"评 级。 高盛发布研报称，申洲国际（02313）去年下半年纯利较该行预期低11%，主要受毛利率及经营利润率 低于预期，以及外汇亏损高于预期拖累。受惠于柬埔寨新成衣厂投产及现有设施效率提升，管理层预期 2026年销量录得中单位数增长。该行下调申洲国际2026至2027年纯利预测7%至8%，目标价由67港元下 调至57港元，相当于2026年预测市盈率13倍（对比先前14倍），以反映盈利增长放缓，维持"买入"评 级。 责任编辑：史丽君 ...

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company's 2025 revenue reached 30.99 billion HKD, representing an 8.1% year-on-year growth, while the net profit attributable to shareholders decreased by 6.7% to 5.83 billion HKD, which was below expectations [4] - The decline in profit was attributed to a decrease in gross margin, reduced one-time gains, and increased foreign exchange losses [4] - The company plans to distribute a cash dividend of 1.20 HKD per share, with a total payout ratio of 60.9% for 2025 [4] Revenue Performance - Revenue from leisure and sports categories grew by 17% and 6% respectively, with the sports category accounting for 67.7% of total revenue [5] - Domestic sales accounted for 23.8% of total revenue, declining by 8.4%, while international markets, particularly Europe and the USA, showed strong growth [5] Margin and Cost Analysis - The gross margin for 2025 decreased by 1.8 percentage points to 26.3%, influenced by rising labor costs and tariffs on products sold to the US [6] - The operating cash flow for the company was 5.55 billion HKD, reflecting a 5.2% increase year-on-year [7] Financial Forecasts - The company has adjusted its profit forecasts for 2026 and 2027 downwards by 16% and 14% respectively, with projected net profits of 6.0 billion HKD and 6.78 billion HKD for those years [8] - The estimated earnings per share (EPS) for 2026, 2027, and 2028 are projected to be 3.99 HKD, 4.51 HKD, and 4.92 HKD respectively [9] Valuation Metrics - The company is currently valued at a price-to-earnings (P/E) ratio of 11 for 2026 and 9 for 2027, indicating a relatively low valuation [9] - The report suggests that the company's valuation is attractive given the current market conditions [8]