智通财经APP获悉，香港联交所最新资料显示，7月31日，董事会主席钟育升增持鹰美(02368)1.6万股， 每股作价4.06港元，总金额约为6.50万港元。增持后最新持股数目为9262.4万股，最新持股比例为 16.13%。 ...

Core Viewpoint - The company reported a significant revenue increase but a decline in profit, highlighting structural challenges in the global sportswear manufacturing industry due to capacity expansion and rising costs [1]. Group 1: Financial Performance - In 2024, the company's total revenue reached 4.437 billion RMB, a year-on-year increase of 17.99%, marking a historical high [1]. - Profit attributable to equity holders fell to 200 million RMB, a decrease of 17.57% year-on-year, with gross margin declining from 18.37% to 16.07% [1]. - The company's net profit margin decreased from 6.68% to 4.75%, average return on equity dropped from 16.44% to 13.04%, and total asset net profit margin fell from 8.44% to 6.08% [4]. Group 2: Cost and Capacity Expansion - The company's overseas capacity expansion in Southeast Asia has led to increased costs, with property, plant, and equipment rising from 923 million RMB to 1.218 billion RMB, an increase of 31.96% [3]. - Cash outflow for fixed asset purchases nearly doubled from 119 million RMB to 221 million RMB [3]. - Financing costs increased from 39 million RMB to 64 million RMB, and short-term loans surged from 590 million RMB to 1.207 billion RMB, raising the debt-to-asset ratio from 48.45% to 54.10% [3]. Group 3: Working Capital Management - Inventory rose from 639 million RMB to 888 million RMB, with inventory turnover remaining stable at 4.84 times [4]. - Accounts receivable increased by 122 million RMB, from 294 million RMB to 425 million RMB, while the accounts receivable turnover ratio remained high at 12.25 times [4]. - The current ratio decreased from 1.36 to 1.03, indicating increased liquidity pressure, with cash and cash equivalents dropping from 444 million RMB to 357 million RMB [4]. Group 4: Operational Efficiency - The company's earnings per share declined from 0.48 RMB in 2022 to 0.36 RMB in 2024, with profit attributable to equity holders decreasing from 256 million RMB to 200 million RMB [5]. - Administrative expenses rose from 279 million RMB to 329 million RMB, an increase of 17.92%, while sales and distribution expenses surged from 25 million RMB to 37 million RMB, a 48% increase [5]. - The company aims to optimize global supply chain configurations and adapt to changes in the international business environment, particularly concerning U.S. tariff policies [5].

Incorporated in the Cayman Islands with limited liability 於開曼群島註冊成立之有限公司 Stock Code 股份代號: 02368 EAGLE NICE (INTERNATIONAL) HOLDINGS LIMITED 鷹美(國際)控股有限公司 * *僅供識別 *For identification purposes only 不懈追求 開拓創新 精益求精 Elevating Quality Expanding Horizons Strive For Perfection EAGLE NICE (INTERNATIONAL) HOLDINGS LIMITED 鷹 美 (國 際)控股有限公司 * ANNUAL REPORT 年報 2025 *僅供識別 *For identification purposes only 目錄 64 公司資料 82 董事及高級管理層履歷 66 財務摘要 87 董事會報告 68 主席報告 95 企業管治報告 74 管理層討論與分析 經審核財務報表 115 獨立核數師報告 120 綜合損益表 121 綜合全面收益表 122 綜 ...

Core Insights - The company reported an 18.0% increase in revenue to HKD 4.8079 billion for the fiscal year ending March 31, 2025, but experienced a decline in gross margin from 18.4% to 16.1% and a drop in net profit margin from 6.5% to 4.5% [1] - The board proposed a final dividend of HKD 0.04 per ordinary share [1] Group Performance - The company has focused on growth opportunities in the European and American markets while investing in production bases in Southeast Asia, significantly increasing capacity and sales in these regions [1] - The primary sales markets remain mainland China, the United States, and Europe, with sales to mainland China increasing by HKD 138.9 million (or 6.0%) to HKD 2.4713 billion [1] - The sales ratio from mainland China decreased by 5.8% to 51.4%, while total sales in the European and American markets rose by HKD 378.3 million (or 31.1%) to HKD 1.5952 billion, increasing their share of total sales from 29.9% to 33.2% [1] Production Capacity and Strategy - As of March 31, 2025, the company operates ten production bases strategically located in mainland China (including Guangdong, Jiangxi, and Hubei) and Southeast Asia (including Vietnam and Indonesia) [2] - The mainland production bases are mature and provide stable capacity for domestic demand, with one base serving as a major development center for high-end products and optimizing production technology to reduce labor needs [2] - The company is actively developing overseas production bases due to uncertainties related to trade negotiations and tariffs on products exported from mainland China to Europe and the U.S. [2] - The new land acquisition adjacent to the Indonesian factory is expected to commence production in 2026, while the Vietnam factory has already started operations, enhancing capacity and serving as another development center [2] - The acquisition of the Vietnam Ding Sen factory completed in July 2024 not only provides immediate capacity but also has potential for expansion [2]

Financial Performance - The company's revenue for the fiscal year ending March 31, 2025, increased by 18.0% to HKD 4,807.9 million, compared to HKD 4,074.7 million in the previous year[2] - The gross profit margin decreased from 18.4% to 16.1%, while the net profit margin attributable to shareholders fell from 6.5% to 4.5%[2] - Net profit attributable to shareholders for the year was HKD 217.2 million, a decline of 17.6% from HKD 263.5 million in the previous year[2] - Total comprehensive income for the year was HKD 179.8 million, compared to HKD 187.0 million in the previous year[4] - Total revenue for 2025 reached HKD 4,807,899, an increase of 17.9% from HKD 4,074,668 in 2024[12] - The company reported a net profit of HKD 228,531 for 2025, down 16.0% from HKD 272,033 in 2024[10] - Gross profit increased by HKD 24.0 million (or 3.2%) to HKD 772.7 million, but the gross profit margin decreased from 18.4% to 16.1%[38] - The group recorded a net profit attributable to shareholders of HKD 217.2 million, a decrease of HKD 46.3 million (or 17.6%) from the previous year, with a net profit margin dropping from 6.5% to 4.5%[40] Dividends - The board proposed a final dividend of HKD 0.04 per ordinary share, down from HKD 0.08 in 2024[2] - The proposed final dividend for 2025 is HKD 22,967, a decrease from HKD 42,704 in 2024, reflecting a reduction in shareholder returns[22] - The board proposed a final dividend of HKD 0.04 per share, down from HKD 0.08 the previous year, resulting in a total dividend payout of HKD 0.26 per share compared to HKD 0.38 the previous year[40] - Proposed final dividend of HKD 0.04 per share for the year ending March 31, 2025, compared to HKD 0.08 in 2024, resulting in a total dividend of HKD 0.26 per share for the year, down from HKD 0.38 in the previous year[49] Assets and Liabilities - Non-current assets increased to HKD 2,012.0 million from HKD 1,518.2 million, driven by higher property, plant, and equipment[5] - Current assets rose to HKD 1,962.0 million from HKD 1,652.3 million, with inventory increasing to HKD 962.6 million from HKD 704.9 million[5] - Current liabilities increased significantly to HKD 1,913.8 million from HKD 1,211.2 million, primarily due to a rise in interest-bearing bank loans[5] - The company's total equity increased to HKD 1,824.1 million from HKD 1,634.4 million, reflecting growth in reserves[6] - As of March 31, 2025, the company's bank loans amounted to HKD 1,447.5 million, up from HKD 909.5 million the previous year[26] - The company’s bank loans due within one year increased to HKD 1,307.5 million from HKD 651.1 million year-on-year[27] - As of March 31, 2025, the group had cash and bank balances of HKD 387.4 million, down from HKD 490.1 million the previous year, while bank loans increased to HKD 1,953.7 million from HKD 1,486.3 million[41] - The debt ratio as of March 31, 2025, was 58.1%, significantly up from 25.7% the previous year[41] Customer and Revenue Breakdown - Revenue from mainland China was HKD 2,471,254, up 5.9% from HKD 2,332,360 in 2024, while the operating profit decreased to HKD 347,093 from HKD 458,933[10] - Major customers contributed significantly, with Customer A generating HKD 2,821,707 and Customer B HKD 1,050,785 in 2025, representing a 9.2% and 63.2% increase respectively from 2024[13] - Sales to mainland China increased by HKD 138.9 million or 6.0% to HKD 2,471.3 million, while the sales ratio from mainland China decreased from 57.2% to 51.4%[36] - Total sales in the European and American markets increased by HKD 378.3 million or 31.1% to HKD 1,595.2 million, raising their share of total sales from 29.9% to 33.2%[36] Operational Changes and Strategy - The company has restructured its operating segments to enhance management oversight, now reporting six segments including Mainland China and the United States[9] - The company’s strategic focus includes enhancing production capabilities in Southeast Asia and investing in technology upgrades to respond to market changes[34] - The group has ten production bases strategically located in mainland China and Southeast Asia, with a focus on developing high-end products and optimizing production technology to reduce labor costs[37] - The group aims to optimize global supply chain configurations and strictly control capital expenditures in response to changing international economic conditions[46] Employee and Expenses - The total employee benefits expense rose to HKD 1,233,545 in 2025, an increase of 17.2% from HKD 1,052,636 in 2024[16] - The group's sales and distribution expenses rose by HKD 11.8 million (or 42.3%), while administrative expenses increased by HKD 48.4 million (or 15.7%) due to higher employee compensation and hiring[39] - Employee benefits expenses totaled HKD 1,233.5 million, an increase from HKD 1,052.6 million the previous year, with approximately 18,800 employees as of March 31, 2025[47] Governance and Compliance - The company has adhered to the corporate governance code, with a change in the roles of Chairman and CEO effective September 2, 2024, ensuring separation of these roles[52] - The audit committee reviewed the accounting principles and practices, including the consolidated financial statements for the year ending March 31, 2025[56] - The independent auditor has confirmed that the figures in the preliminary announcement align with the draft consolidated financial statements for the year[57] - The annual report for the year ending March 31, 2025, will be sent to shareholders and available on the company's website[58] Meeting and Registration - The annual general meeting is scheduled for August 8, 2025, with a suspension of shareholder registration from August 4 to August 8, 2025[50] - The company will not process share transfer registrations from August 27 to August 29, 2025, to determine eligibility for the proposed final dividend[51]

Core Viewpoint - The article emphasizes the pivotal role of state-owned enterprises (SOEs) in leading the hydrogen energy sector, highlighting their contributions to the energy revolution and the strategic importance of hydrogen in China's energy landscape [2][8]. Group 1: National Strategy - The hydrogen industry is entering a critical phase of large-scale development, with over 60 countries announcing hydrogen strategies. China has included hydrogen in its Energy Law, with 22 provinces incorporating it into government work reports. The "Medium- and Long-term Planning for Hydrogen Industry Development (2021-2035)" sets a target of 100,000 to 200,000 tons of renewable hydrogen production by 2025 [3]. - SOEs are central to implementing national strategies, with projects like "wind-solar hydrogen + hydrogen-based fuel synthesis" by the National Energy Group in Inner Mongolia and Ningxia, and a million-kilowatt wind-solar hydrogen project by State Power Investment Corporation in Jilin [3]. Group 2: SOE Responsibilities - The report highlights the importance of technological breakthroughs across the entire hydrogen value chain, with SOEs demonstrating strong capabilities in equipment autonomy and technological integration. For instance, the Aerospace Science and Technology Corporation developed a 5 tons/day hydrogen expansion liquefaction system with 100% domestic components [4]. - The China Petroleum and Chemical Corporation initiated a hydrogen pipeline demonstration project, laying the groundwork for cross-regional hydrogen distribution. Additionally, various hydrogen-powered vehicles and systems have been developed, showcasing the innovation capabilities of SOEs [4]. Group 3: Scene Implementation - In 2024, hydrogen energy will see widespread pilot projects in industrial, transportation, and power sectors, with SOEs leading innovation. For example, Baowu Steel's hydrogen-based blast furnace project significantly reduces CO2 emissions in metallurgy [5]. - The National Energy Group's renewable hydrogen coupling with coal-based ammonia project aims to reduce CO2 emissions by 200,000 tons annually, providing a reference for carbon transition in the coal chemical industry [5]. Group 4: Global Perspective - China's hydrogen industry is shifting from technology importation to equipment exportation, with successful international projects such as the world's longest liquid hydrogen maritime transport demonstration by China National Offshore Oil Corporation [6]. - The State Grid is leading the development of international standards for fuel cell systems, enhancing China's influence in the global hydrogen sector [7]. Group 5: Future Challenges - The "China Hydrogen Development Report (2025)" serves as both a report card on industry progress and a task list for SOEs. The focus will be on expanding renewable hydrogen production capacity and overcoming technological challenges in electrolysis and fuel cells [8]. - By 2025, with ongoing policy support and technological advancements, SOEs are expected to play a crucial role in achieving large-scale hydrogen development, contributing to national energy security and global climate governance [8].

Group 1 - The market is reacting to mixed signals from Federal Reserve officials, with a strong performance in the Dow despite hawkish comments about interest rates [3][4] - The pharmaceutical and gold sectors are experiencing significant gains, reminiscent of the 2008 financial crisis, indicating a shift in investor sentiment [4][5] - The technology sector shows a stark contrast, with Microsoft benefiting from a 40% growth in Azure cloud services, while Tesla faces challenges from competitors like BYD [5][6] Group 2 - The decline in the Golden Dragon Index reflects underlying issues in Chinese companies, such as Bilibili's 5% drop due to waning payment willingness among Gen Z [6] - The resilience of the FTSE A50 index suggests foreign investment is still strong, similar to past market behaviors during trade tensions [6] - Investment strategies should focus on the upcoming June dot plot from the Federal Reserve, the potential of AI and cloud computing, and maintaining positions in gold as a safe haven asset [7]

Financial Performance - For the six months ended September 30, 2024, the company reported revenue of HKD 2,982.9 million, an increase from HKD 2,521.9 million in the same period of 2023, representing a growth of 18.3%[27] - Gross profit for the same period was HKD 508.9 million, slightly down from HKD 517.9 million year-over-year, indicating a decrease of 1.8%[27] - The company recorded a profit before tax of HKD 277.3 million, down from HKD 326.6 million in the previous year, reflecting a decline of 15.1%[27] - Net profit for the period was HKD 193.6 million, compared to HKD 236.2 million in the prior year, a decrease of 18.0%[27] - Basic earnings per share for the period was HKD 33.15, down from HKD 42.94 in the same period last year, a decline of 22.7%[27] - Total comprehensive income for the period was HKD 238.9 million, significantly higher than HKD 149.3 million in the previous year, an increase of 60.0%[32] Assets and Liabilities - Non-current assets increased to HKD 1,889.8 million from HKD 1,518.2 million, a growth of 24.4%[35] - Current assets rose to HKD 2,438.8 million, up from HKD 1,652.3 million, representing an increase of 47.5%[35] - The company's total liabilities increased to HKD 2,025.9 million from HKD 1,211.2 million, a rise of 67.1%[39] - The net asset value of the company reached HKD 2,009.1 million, compared to HKD 1,634.4 million, reflecting an increase of 22.9%[39] Revenue Breakdown - For the six months ended September 30, 2024, total revenue from customer contracts for sports apparel and garments was HKD 2,982,900,000, an increase from HKD 2,521,917,000 in the same period of 2023, representing a growth of approximately 18.3%[58] - Revenue from Mainland China reached HKD 1,690,750,000, up from HKD 1,474,210,000, indicating a growth of about 14.7%[56] Cash Flow and Expenses - Cash and cash equivalents at the end of the period were HKD 486,446,000, down from HKD 646,820,000 at the end of the same period in 2023, a decrease of about 24.7%[46] - The net cash flow from operating activities for the six months ended September 30, 2024, was negative HKD 214,507,000, compared to positive HKD 174,181,000 in the same period of 2023[46] - The total tax expense for the period was HKD 83,653,000, a decrease of 7.5% from HKD 90,374,000 in the previous year[67] - The interim dividend declared was HKD 0.22 per share, down from HKD 0.30 per share in 2023, resulting in a total dividend payout of HKD 126,320,000 compared to HKD 160,140,000 in the prior year, a decrease of 21.1%[68] Operational Developments - The company plans to continue expanding its market presence in the United States and Europe, focusing on increasing sales in these regions[55] - The company is committed to ongoing research and development of new products and technologies to enhance its competitive edge in the sports apparel market[55] - The company has initiated a diversification strategy for production bases since 2021, with the acquisition of new production facilities in Vietnam completed in July 2024[139] - The expansion of production bases in Indonesia, China, and Vietnam aims to enhance production efficiency and capacity[139] - The company is investing in modernizing its production facilities, with a new factory construction project in Indonesia underway on approximately 93,000 square meters of land[139] Acquisitions and Investments - The company completed the acquisition of Wisdom Innovation Holdings Limited for a total consideration of HKD 224,532,000, which includes cash and shares, aimed at expanding manufacturing capacity in Vietnam[113] - The identifiable net assets acquired in the acquisition were valued at HKD 171,554,000, with goodwill recognized at HKD 52,978,000[114] - Cash outflow for the acquisition, after accounting for cash received from the acquired entity, was HKD 18,977,000[120] Employee and Governance - The group employed approximately 18,600 employees as of September 30, 2024, an increase from about 15,500 employees as of March 31, 2024[163] - The company has complied with the corporate governance code as per the listing rules, except for the separation of roles between the Chairman and CEO, which has been rectified as of September 2, 2024[181] - The company’s audit committee consists of three independent non-executive directors, ensuring proper oversight of financial matters[185] Shareholder Information - The interim dividend declared is HKD 0.22 per share for the six months ending September 30, 2024, down from HKD 0.30 in 2023[194] - The company will suspend shareholder registration from November 25, 2024, to November 28, 2024, to facilitate the dividend distribution[195] - The major shareholders holding 5% or more of the issued share capital include Time Easy with 72,650,000 shares (12.65%) and Excel Skill with 32,320,000 shares (5.63%) as of September 30, 2024[171]

财联社11月15日讯（编辑 赵昊） 周五（11月15日）美股盘前，三大指数期货延续跌势。截至发稿，道 琼斯指数期货跌0.32%，标普500指数期货跌0.46%，纳斯达克100指数期货跌0.71%。 前一交易日，美股三大指数集体收跌，因美联储主席鲍威尔声称并不急于降息，打击了投资者的乐观情 绪。鲍威尔称，经济没有发出任何美联储需要尽快降息的信号，赋予了央行谨慎作决定的能力。 芝商所的"美联储观察"工具显示，市场预计该行12月降息25个基点的概率缩减至60%附近，维持利率不 变的概率升至近四成，较前一日高出了约20个百分点。 另一方面，先前支撑美股连刷新高的"特朗普交易"明显降温。CFRA Research首席投资策略师Sam Stovall表示，投资者正在评估之前的这波上涨是否有价值。 Stovall补充道："我们目前确实没有看到任何能够颠覆股市的迹象，但投资者总是在四处寻找可能导致 这一趋势结束的因素。"特朗普概念股之一的特斯拉继昨日大跌后，本周已累跌超3%。 与此同时，"特朗普交易"对加密货币的助推力似乎还没消失，发稿前不久，比特币短暂重回9万美元上 方。截至发稿，MicroStrategy盘前涨超3%，C ...

Financial Performance - For the six months ended September 30, 2024, the company's revenue increased by 18.3% to HKD 2,982,900,000, compared to HKD 2,521,900,000 for the same period in 2023[1] - The gross profit margin decreased by 3.4% to 17.1%, down from 20.5% in the same period last year[1] - The profit attributable to the company's owners was HKD 183,200,000, a decline of 20.1% from HKD 229,200,000 in the previous year[1] - The total comprehensive income for the period was HKD 238,940,000, compared to HKD 149,317,000 for the same period last year[3] - The group recorded a pre-tax profit of HKD 277,260,000, down 15.1% from HKD 326,585,000 in the same period last year[10] - Basic earnings per share for the period were HKD 0.33, down from HKD 0.43 in the same period last year[17] - The overall gross profit and pre-tax profit declined compared to the same period last year due to ongoing integration projects that have not yet generated profit[39] Dividends - The board declared an interim dividend of HKD 0.22 per share, down from HKD 0.30 per share in the previous year[1] - The group declared an interim dividend of HKD 0.22 per share, down from HKD 0.30 per share in the previous year[16] - The interim dividend will be paid on December 11, 2024, following a suspension of shareholder registration from November 25 to November 28, 2024[54] Assets and Liabilities - The company's total assets less current liabilities amounted to HKD 2,302,647,000 as of September 30, 2024, compared to HKD 1,959,319,000 as of March 31, 2024[4] - Non-current assets increased to HKD 1,889,799,000 from HKD 1,518,222,000 as of March 31, 2024[4] - Current assets rose significantly to HKD 2,438,824,000 from HKD 1,652,265,000 as of March 31, 2024[4] - The company's cash and bank balances were HKD 486,446,000, slightly down from HKD 490,058,000 as of March 31, 2024[4] - As of September 30, 2024, the group had bank loans of HKD 1,187,620,000 due within one year, up from HKD 651,074,000 as of March 31, 2024[21] - The group's debt ratio increased to 44.7% as of September 30, 2024, compared to 25.7% as of March 31, 2024[44] Revenue Breakdown - Revenue from the China segment reached HKD 1,690,750,000, up 14.7% from HKD 1,474,210,000 in the previous year[10] - The United States segment reported revenue of HKD 570,551,000, a significant increase of 38.0% from HKD 413,577,000 in 2023[10] - The group's sales in mainland China accounted for nearly 60% of total sales, remaining stable compared to the same period last year[38] - The total sales reached HKD 2,982,900,000, an increase of HKD 461,000,000 or 18.3% compared to HKD 2,521,900,000 in the previous year[37] Costs and Expenses - The group's financing costs rose to HKD 35,326,000, compared to HKD 21,397,000 in the previous year, marking an increase of 65.0%[12] - Sales and distribution expenses increased by HKD 5.9 million (or 31.9%) due to rising sales volumes, while administrative expenses rose by HKD 25.2 million (or 16.4%) primarily due to increased employee compensation[40] - The company's actual tax rate increased to 30.2%, up 2.5% from 27.7% in the previous year, largely due to losses from newly acquired production bases in Vietnam[40] - The total tax expense for the period was HKD 83,653,000, compared to HKD 90,374,000 in the previous year, reflecting a decrease of 7.4%[15] Acquisitions and Investments - The company completed the acquisition of Wisdom Innovation Holdings Limited for a total consideration of HKD 224,532,000, which includes cash and shares[26] - The identifiable net assets at fair value at the time of acquisition amounted to HKD 171,554,000, with goodwill recognized at HKD 52,978,000[28] - The company incurred transaction costs of HKD 1,115,000 related to the acquisition, which were expensed in the income statement[29] - The group completed the acquisition of the "Vietnam Dingsen" production base in July 2024, which provides immediate capacity and significant potential for expansion[38] Operational Strategy - The company is expanding its production bases in Indonesia, China, and Vietnam to enhance production efficiency and capacity[35] - The group is actively optimizing operations to achieve economies of scale from multiple production bases despite short-term profit impacts due to increased financing costs and depreciation[36] - The company continues to invest in R&D and modern production systems to support its strategic direction towards high-end, intelligent, and digital development[34] Employee and Governance - The group employed approximately 18,600 employees as of September 30, 2024, an increase from about 15,500 employees as of March 31, 2024[47] - The company has adhered to the corporate governance code as per the listing rules, with a change in the roles of Chairman and CEO effective from September 2, 2024[49] - The audit committee consists of three independent non-executive directors, ensuring proper oversight of financial matters[51] - The company has confirmed compliance with the standards for securities trading by directors throughout the six-month period ending September 30, 2024[50] Risk Management - The group continues to monitor foreign exchange risks primarily related to transactions in USD and RMB, employing financial instruments as necessary to manage potential risks[45]