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 ...

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 本 公 告 全部或任何部份內容而產生或因依賴該等內容而引致的任何損失承擔任何責 任。 SHENZHOU INTERNATIONAL GROUP HOLDINGS LIMITED ） （申洲國際集團控股有限公司* （於開曼群島註冊成立的有限公司） – 1 – • 截至二零二五年六月三十日止六個月銷售額達約人民幣14,966,384,000 元，較 二 零 二 四 年 同 期 上 升 約15.3%。 • 截至二零二五年六月三十日止六個月的運動類產品銷售額佔總銷售額 的百分比約為67.7%。來自運動類產品的銷售額比去年同期上升約9.9%。 • 截至二零二五年六月三十日止六個月的休閒類產品銷售額佔總銷售額 的百分比約為25.3%。來 自 休 閒 類 產 品 的 銷 售 額 比 去 年 同 期 明 顯 上 升 約 37.4%。 • 截至二零二五年六月三十日止六個月的內衣類產品銷售額佔總銷售額 的百分比約為6.3%。來 自 內 衣 類 產 品 ...

| 股份代號: | 02313 | | --- | --- | | 上市法國名稱: | 申洲國際集團控股有限公司 | | 日期 (日 / 月 / 年): | 26/07/2025 - 26/08/2025 | 格隆汇8月26日丨根据联交所最新权益披露资料显示，2025年8月21日，申洲国际(02313.HK)遭Schroders PLC在场内以每股均价59.6654港元减持33.71万股， 涉资约2011.32万港元。 减持后，Schroders PLC最新持股数目为105,032,350股，持股比例由7.01%下降至6.99%。 | 表格序號 | 大股東/董事/最高行政人員名 作出披露的 買入 / 賣出或涉及的 每股的平均價 | | | | | 持有權益的股份數目 佔已發行的 有關事件的日 相關法 | | | --- | --- | --- | --- | --- | --- | --- | --- | | | | 原因 | 股份數目 | | | ( 請參閱上述 * 註 有投票權股 期 (日 / 月 / 份權益 | | | | | | | | | 今) 份百分比 年) | | | | | | | | | ( ...

香港联交所最新资料显示，8月21日，Schroders PLC减持申洲国际(02313)33.71万股，每股作价59.6654 港元，总金额约为2011.32万港元。减持后最新持股数目约为1.05亿股，最新持股比例为6.99%。 ...