天 虹 國 際 集 團 有 限 公 司 TEXHONG INTERNATIONAL GROUP LIMITED (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：2678 2024" INTERMA 報 ( )R TABLE OF CONTENTS 目錄 2 Corporate Information 公司資料 4 Condensed Consolidated Income Statement 簡明綜合收益表 6 Condensed Consolidated Statement of Comprehensive Income 簡明綜合全面收益表 7 Condensed Consolidated Balance Sheet 簡明綜合資產負債表 10 Condensed Consolidated Statement of Changes in Equity 簡明綜合權益變動表 12 Condensed Consolidated Cash Flow Statement 簡明綜合現金 ...

证券研究报告 | 2024年09月14日 证券分析师：丁诗洁 证券分析师：刘佳琪 0755-81981391 010-88005446 dingshijie@guosen.com.cnliujiaqi@guosen.com.cn S0980520040004 S0980523070003 合理估值 4.70 - 5.00 港元 收盘价 3.56 港元 总市值/流通市值 3268/3268 百万港元 52 周最高价/最低价 5.48/3.45 港元 近 3 个月日均成交额 2.09 百万港元 | --- | --- | --- | |----------|----------------|-------| | 基础数据 | | | | 投资评级 | 优于大市(维持) | | | | | | | | | | | | | | | | | | | 市场走势 | | | | --- | --- | --- | --- | --- | --- | |--------------------------|-----------|------------------------------------------------ ...

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佈之內容概不負責，對其 準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公佈全部或任何部分內容 而產生或因倚賴該等內容而引致之任何損失承擔任何責任。 TEXHONG INTERNATIONAL GROUP LIMITED 天虹國際集團有限公 司 （股份代號：2678） （於開曼群島註冊成立之有限公司） 截至二零二四年六月三十日止六個月之 中期業績公佈 | --- | |---------------------------------------| | | | | | 4.2% 至人民幣 112 億元 | | 10.8 個百分點至 13.2% | | 淨溢利為人民幣 2.823 億元 | | 股權持有人應佔溢利為人民幣 2.699 億元 | | 每股基本盈利為人民幣 0.29 元 | | 董事會宣派每股 10 港仙之中期股息 | – 1 – 簡明綜合收益表 | --- | --- | --- | --- | |----------------------------------------------------------------------- ...

天 虹 國 際 集 團 有 限 公 司 TEXHONG INTERNATIONAL GROUP LIMITED (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：2678 | --- | --- | |-------|-------| | | | | | | | --- | --- | --- | |-------|-----------------------------------------------------------------|-------| | | | | | | TABLE OF CONTENTS | | | 目錄 | | | | 2 | Financial Highlights 財務摘要 | | | 3 | Corporate Profile 企業簡介 | | | 4 | Chairman's Statement 主席報告書 | | | 7 | Management Discussion and Analysis 管理層討論及分析 | | | 28 ...

Investment Rating - The report maintains a "Buy" rating for Tianhong International Group (02678 HK) with a target price range of 4 70-5 00 HKD [1][3] Core Views - Tianhong International Group experienced a 5% decline in revenue in 2023 due to overseas brand destocking, resulting in a net loss of 380 million RMB [1] - The company's gross margin recovered to 10% in H2 2023, driven by improved order demand and higher capacity utilization in Vietnam [1] - The company's yarn business remained stable with a slight revenue decline of 0 3%, while woven fabric and knitted fabric revenues dropped by 22 3% and 8 0% respectively [1] - The company's financial expenses increased due to higher debt levels from previous capital expenditures and overseas interest rate hikes [1] - Operating cash flow improved by 23% to 1 99 billion RMB in 2023, supported by better inventory management [1] Financial Performance - Revenue for 2023 decreased by 4 5% to 22 725 billion RMB, with a net loss of 376 million RMB compared to a profit of 157 million RMB in 2022 [1][2] - In H2 2023, revenue grew by 11% YoY, with yarn revenue increasing by 13 2% and gross margin recovering to 10 0% [1] - The company's net profit in H2 2023 was 370 million RMB, supported by the sale of its Vietnam knitted fabric business and domestic factory relocation [1] - The company's 2024-2026 net profit forecasts are 590 million, 760 million, and 920 million RMB, with growth rates of 29% and 22% in 2025 and 2026 respectively [1][9] Operational Highlights - The company plans to sell 760,000 tons of yarn, 92 million meters of woven fabric, and 120 million meters of knitted fabric in 2024 [1] - Capital expenditure in 2023 was 900 million RMB, significantly lower than previous years, and the company plans to continue controlling capital spending in 2024 [1] - The company aims to reduce foreign currency debt to alleviate interest expense pressure [1] Industry Outlook - The report highlights a recovery in demand, with overseas brand destocking nearing its end and cotton prices rising, which is expected to support order volume and pricing in 2024 [1][9] - The company's early globalization strategy and local supply chain advantages position it well to capture market share in the long term [1][9] Financial Metrics - The company's ROE is expected to improve from -4 1% in 2023 to 6 1%, 7 5%, and 8 6% in 2024-2026 [2][10] - The PE ratio is forecasted to decline from 22 6 in 2022 to 6 0, 4 7, and 3 8 in 2024-2026 [2][10] - The EV/EBITDA ratio is projected to decrease from 33 5 in 2023 to 8 3, 7 3, and 6 5 in 2024-2026 [2][10]

2024年3月29日 公司研究 23 年需求疲弱下业绩承压，24 年期待盈利能力逐步改善 ——天虹国际集团（2678.HK）2023 年业绩点评 增持（维持） 要点 当前价：4.28元港币 23年收入同比下滑5%、归母净利润亏损3.76亿元 作者 天虹国际集团发布2023年业绩。公司实现营业收入227.25亿元人民币、同比下滑 分析师：唐佳睿 CFA FCPA(Aust.) 4.5%，归母净利润亏损3.76亿元、同比转亏，EPS为-0.41元。分上下半年来看， ACCA CAIA FRM 2023年上半年公司收入同比下滑17.1%，归母净利润亏损7.47亿元、同比转亏； 执业证书编号：S0930516050001 021-52523866 下半年公司收入同比增长10.6%，实现归母净利润3.71亿元、同比扭亏，下半年业 tangjiarui@ebscn.com 绩初步改善；上下半年归母净利率分别为-6.92%、3.11%。 分析师：孙未未 23 年公司内销、出口收入占比分别为 69%、31%。受全球经济、地缘政治冲突影 执业证书编号：S0930517080001 响海外需求较为疲弱且存在去库存压力，中国市场需 ...

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佈之內容概不負責，對其 準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公佈全部或任何部分內容 而產生或因倚賴該等內容而引致之任何損失承擔任何責任。 TEXHONG INTERNATIONAL GROUP LIMITED 天虹國際集團有限公 司 （股份代號：2678） （於開曼群島註冊成立之有限公司） 截至二零二三年十二月三十一日止年度之 全年業績公佈 | --- | --- | |------------------------------------|-------| | | | | 財務摘要 | | | • 收入下跌 4.5% 至人民幣 227 億元 | | | • 毛利率下跌 5.2 個百分點至 6.4% | | | • 淨虧損為人民幣 2.994 億元 | | | • 股東應佔虧損為人民幣 3.757 億元 | | | • 每股基本虧損為人民幣 0.41 元 | | 天虹國際集團有限公司（「本公司」）董事（「董事」）會（「董事會」）提呈本公司及其附屬公司 （統稱「本集團」）截至二零二三年十二月三十一日止財政年度之經審核綜合業績，連同二 零二 ...

Total Assets and Liabilities - Total assets decreased to RMB 24.48 billion as of 30 June 2023, compared to RMB 26.15 billion as of 31 December 2022[7] - Non-current assets increased slightly to RMB 12.60 billion as of 30 June 2023, up from RMB 12.52 billion as of 31 December 2022[7] - Current assets decreased to RMB 11.88 billion as of 30 June 2023, down from RMB 13.63 billion as of 31 December 2022[7] - Total equity decreased to RMB 9,435,212,000 from RMB 10,101,476,000, a decline of 6.6%[8] - Non-current liabilities increased to RMB 4,812,622,000 from RMB 3,882,939,000, a rise of 23.9%[8] - Current liabilities decreased to RMB 10,234,701,000 from RMB 12,166,884,000, a reduction of 15.9%[9] - Total equity increased from RMB 10,600,952 thousand in 2022 to RMB 11,202,692 thousand in 2023, reflecting a growth of 5.7%[18] - Total liabilities of the Group were 15,047,323 thousand RMB, with segment liabilities at 13,006,620 thousand RMB[70] - Total borrowings increased to RMB 9,237,131,000 as of 30 June 2023, up from RMB 8,543,372,000 at the end of 2022[161] Revenue and Profitability - Revenue for the six months ended 30 June 2023 was RMB 10,794,419,000, a decrease of 17.1% compared to RMB 13,020,846,000 in the same period in 2022[10] - Gross profit fell sharply to RMB 256,745,000 from RMB 2,567,797,000, a decline of 90%[10] - Operating loss was RMB 445,099,000 compared to an operating profit of RMB 1,381,863,000 in the same period last year[10] - Net loss for the period was RMB 740,178,000, compared to a net profit of RMB 1,024,444,000 in the same period in 2022[10] - Basic loss per share was RMB 0.81, compared to earnings per share of RMB 1.08 in the same period last year[12] - Total comprehensive loss for the period was RMB 667,764,000, compared to a comprehensive income of RMB 1,051,185,000 in the same period in 2022[16] - Comprehensive income for the six months ended 30 June 2023 was a loss of RMB 740,178 thousand, compared to a profit of RMB 1,024,444 thousand in the same period in 2022[19] - Total revenue from external customers for the six months ended 30 June 2023 was RMB 10,794,419 thousand[62] - Segment results for the six months ended 30 June 2023 showed a loss of RMB 740,178 thousand[62] - Operating profit for the period was 1,381,983 thousand RMB, reflecting strong operational performance[67] - Profit for the period stood at 1,004,464 thousand RMB, indicating solid profitability[67] Cash Flow and Financing - Net cash flows generated from operating activities decreased significantly from RMB 770,307 thousand in 2022 to RMB 196,344 thousand in 2023[20] - Net cash flows used in investing activities decreased from RMB 1,434,812 thousand in 2022 to RMB 264,048 thousand in 2023[20] - Net cash flows used in financing activities were RMB 351,722 thousand in 2023, compared to net cash flows generated of RMB 247,677 thousand in 2022[21] - Cash and cash equivalents at the end of the period decreased slightly from RMB 2,088,579 thousand in 2022 to RMB 2,085,531 thousand in 2023[21] - Proceeds from borrowings increased from RMB 4,174,836 thousand in 2022 to RMB 7,891,621 thousand in 2023[21] - Dividends paid in 2022 amounted to RMB 447,492 thousand, while no dividends were paid in 2023[21] - The weighted average effective interest rate rose to 4.25% in June 2023, compared to 2.93% in December 2022[167] - Undrawn borrowing facilities stood at approximately RMB 2,245,667,000 as of 30 June 2023, slightly down from RMB 2,299,757,000 at the end of 2022[167] Inventory and Receivables - Inventories decreased to RMB 6.41 billion as of 30 June 2023, compared to RMB 7.59 billion as of 31 December 2022[7] - Trade and bills receivables increased to RMB 411.04 million as of 30 June 2023, up from RMB 340.80 million as of 31 December 2022[7] - Inventory decreased from RMB 8,194,991,000 in 2022 to RMB 6,823,569,000 in 2023, with a provision for write-down of inventories reducing from RMB 604,886,000 to RMB 416,974,000[120] - Trade and bills receivables decreased slightly from RMB 1,378,569,000 in 2022 to RMB 1,342,118,000 in 2023, with a provision for impairment reducing from RMB 15,423,000 to RMB 17,791,000[134] - Trade and bills receivables as of 30 June 2023 amounted to RMB 1,324,327,000, a decrease from RMB 1,363,146,000 as of 31 December 2022[139] - The provision for impairment of trade and bills receivables was RMB 17,791,000 as of 30 June 2023, compared to RMB 15,423,000 as of 31 December 2022[139] - Prepayments, deposits, and other receivables as of 30 June 2023 totaled RMB 1,080,288,000, down from RMB 1,326,609,000 as of 31 December 2022[142] Property, Plant, and Equipment - Property, plant, and equipment decreased to RMB 9.51 billion as of 30 June 2023, compared to RMB 9.61 billion as of 31 December 2022[7] - Investment properties increased to RMB 348.16 million as of 30 June 2023, up from RMB 268.89 million as of 31 December 2022[7] - Right-of-use assets increased to RMB 1.65 billion as of 30 June 2023, compared to RMB 1.58 billion as of 31 December 2022[7] - Property, plant, and equipment closing net book amount as of 30 June 2023 was RMB 9,506,379, with depreciation of RMB 508,124 and currency translation differences of RMB 34,732[77] - Investment properties closing net book amount as of 30 June 2023 was RMB 348,158, with depreciation of RMB 11,960 and currency translation differences of RMB 2,962[80] - Right-of-use assets as of 30 June 2023 totaled RMB 1,651,422, with land use rights at RMB 1,365,578, buildings and warehouses at RMB 259,127, and equipment and others at RMB 26,717[87] - Lease liabilities as of 30 June 2023 were RMB 310,503, with current liabilities at RMB 57,492 and non-current liabilities at RMB 253,011[87] - Depreciation of right-of-use assets for the six months ended 30 June 2023 was RMB 50,575, with land use rights at RMB 17,234, buildings and warehouses at RMB 29,478, and equipment and others at RMB 3,863[91] - Intangible assets closing net book amount as of 30 June 2023 was RMB 63,586, with amortisation charges of RMB 1,831[94] - Rental income from operating leases for investment properties was RMB 20,277 for the six months ended 30 June 2023[83] - No property, plant, and equipment were pledged as of 30 June 2023 and 31 December 2022[77] - No finance cost was capitalised as part of property, plant, and equipment for the six months ended 30 June 2023, compared to RMB 30,839,000 in the same period in 2022[77] Investments and Joint Ventures - The total investments accounted for using the equity method as of 30 June 2023 were RMB 334,906 thousand, with associates contributing RMB 330,529 thousand and joint ventures contributing RMB 4,377 thousand[96] - The share of losses from associates and joint ventures for the six months ended 30 June 2023 was RMB 29,168 thousand, compared to RMB 1,979 thousand in the same period in 2022[97] - The opening amount of investments in associates as of 1 January 2023 was RMB 355,774 thousand, with a share of losses of RMB 29,279 thousand and a closing amount of RMB 330,529 thousand as of 30 June 2023[100] - The company holds a 45% interest in a British Virgin Islands-based investment holding company with an issued share capital of RMB 166,167 thousand[104] - The company holds a 30% interest in a Hong Kong-based investment holding company with an issued share capital of USD 5,000,000[104] - The company holds a 45% interest in a Vietnam-based garment manufacturing company with an issued share capital of VND 39,492,000,000[109] - The company holds a 45% interest in a Vietnam-based garment manufacturing company with an issued share capital of VND 46,580,000,000[109] - The company holds a 45% interest in a Vietnam-based garment manufacturing company with an issued share capital of VND 37,236,800,000[109] - The company holds a 30% interest in a Vietnam-based textile manufacturing company with an issued share capital of USD 5,000,000[109] - The company holds a 30% interest in a Mainland China-based textile manufacturing company with an issued share capital of RMB 23,030,000[112] - The company's investment in joint ventures increased from RMB 4,131,000 in 2022 to RMB 4,377,000 in 2023, with a share of profits rising from RMB 51,000 to RMB 111,000[115] Financial Instruments and Derivatives - Derivative financial instruments increased to RMB 192.65 million as of 30 June 2023, compared to RMB 99.35 million as of 31 December 2022[7] - Derivative financial instruments assets increased to RMB 549,625 thousand as of 30 June 2023, compared to RMB 479,968 thousand as of 31 December 2022[57][58] - Derivative financial instruments liabilities decreased to RMB 24,809 thousand as of 30 June 2023, compared to RMB 142,054 thousand as of 31 December 2022[57][58] - Derivative financial instruments assets increased to RMB 192,652,000 in June 2023, compared to RMB 99,353,000 in December 2022[169] - Derivative financial instruments liabilities decreased to RMB 24,809,000 in June 2023, down from RMB 142,054,000 in December 2022[169] - The cotton option contracts as of 30 June 2023 comprised six contracts with a notional principal amount totaling USD 1,598,000, a decrease from one contract with USD 2,897,000 as of 31 December 2022[171] - Cross currency swap contracts as of 30 June 2023 included six contracts with a notional principal amount totaling RMB 1,046,789,000, down from eight contracts with RMB 1,703,641,000 as of 31 December 2022[171] - Forward foreign exchange contracts as of 30 June 2023 consisted of 124 contracts with a notional principal amount totaling RMB 4,286,891,000, compared to 172 contracts with RMB 6,743,389,000 as of 31 December 2022[171] - The cotton future contract as of 30 June 2023 included one contract with a notional principal amount of USD 16,593,000, a decrease from one contract with USD 32,482,000 as of 31 December 2022[171] Other Financial Information - The company's condensed consolidated financial statements for the six months ended 30 June 2023 were prepared in accordance with HKAS 34, 'Interim Financial Reporting'[24] - The financial statements are presented in Chinese Renminbi (RMB) unless otherwise stated[22] - The company's shares have been listed on the Main Board of The Stock Exchange of Hong Kong Limited since 9 December 2004[22] - The company adopted International Tax Reform — Pillar Two Model Rules — Amendments to HKAS 12 on 21 July 2023, which provides a temporary mandatory exception for deferred tax accounting for the top-up tax[36] - The amendments to HKAS 12 require the recognition of deferred tax on transactions that give rise to equal amounts of taxable and deductible temporary differences, such as leases and decommissioning obligations[32] - The cumulative effect of recognizing adjustments as of 31 December 2022 was not material, and no adjustment was made to the beginning retained earnings or another component of equity[36] - The company did not change its accounting policies as a result of adopting new and amended standards applicable for the current reporting period[29] - The company is principally engaged in the manufacturing and sales of yarns, grey fabrics, non-woven fabrics, garment fabrics, and garments[22] - The Group is assessing the impact of new accounting standards and interpretations, including HKAS 1 amendments on liability classification and HKFRS 16 amendments on lease liabilities, effective from 1 January 2024[40] - No material changes in financial risk management policies compared to the previous year end[45] - The Group's financial liabilities showed no significant change in contractual undiscounted cash outflows compared to last year end[48] - Fair value estimation for financial instruments includes Level 1 (quoted prices in active markets), Level 2 (observable inputs), and Level 3 (unobservable inputs)[51] - The Group holds forward foreign exchange contracts, cross currency swaps, cotton futures, cotton options, and bills receivables, all fair valued using active market rates[52] - Financial assets and liabilities measured at fair value as of 30 June 2023 and 31 December 2022 are presented in detail[53] - Revenue from external customers in Asia accounted for 91.3% of the Group's total revenue for the six months ended 30 June 2023, up from 88.6% in the same period in 2022[59] - Revenue from external customers in the Americas accounted for 8.0% of the Group's total revenue for the six months ended 30 June 2023, down from 10.6% in the same period in 2022[59] - The Group's operating segments are assessed based on revenue and operating profit, with a focus on product and geographical perspectives[59] - The Group's geographical segments include China (Mainland China, Hong Kong, and Macao), Southeast Asia (Vietnam and Cambodia), and the Americas (United States, Mexico, Nicaragua, and Honduras)[59] - Total revenue from external customers reached 8,720,552 thousand RMB, with China contributing the majority at 11,725,485 thousand RMB[66] - Depreciation and amortization expenses for the six months ended 30 June 2023 amounted to RMB 572,400 thousand[62] - Depreciation and amortization expenses totaled 400,350 thousand RMB, impacting net income[67] - Total segment assets as of 30 June 2023 amounted to 23,660,456 thousand RMB, with China holding 9,042,045 thousand RMB[70] - Additions to non-current assets were 572,630 thousand RMB, with significant investments in China and Southeast Asia[70] - Freehold land's closing net book amount as of 30 June 2023 was 141,478 thousand RMB, reflecting a decrease from the previous year[73] - Currency translation differences for freehold land amounted to 2,591 thousand RMB, affecting the net book value[73] - The Group's total assets as of 31 December 2022 were 26,151,788 thousand RMB, showing a strong asset base[71] - The total consideration for the sale and purchase of Great Triumph Investments Limited was RMB 810,387,000, with RMB 146,000,000 disclosed as other receivables and long-term receivables as of 30 June 2023[145][146] - Supply chain financing as of 30 June 2023 amounted to RMB 222,236,000, guaranteed by certain subsidiaries, down from RMB 426,093,000 as of 31 December 2022[173][175] - The Group's supply chain financing is repayable within 1 year as of 30 June 2023[174] - The Company's share option scheme allows for the issuance of shares up to 30% of the ordinary shares issued from time to time, with options granted to executive directors at subscription prices of HKD 8.7 and HKD 5.7 per share[182][183] - The fair value of options granted on 23 March 2015 was RMB 17,154,000, and options granted on 28 December 2015 had a fair value of RMB 3,171,000, both determined using the Binomial Option-Pricing Model[186] - The fair value of stock options granted on March 23, 2015, was RMB 17,154,000, and all options have vested with no administrative expense deduction[187] - The fair value of stock options granted on December 28, 2015, was RMB 3,171,000, and all options have vested with no administrative expense deduction[187] - As of June 30, 2023, 3,500,000 options lapsed due to the resignation of a former executive director[188][189] - Total other income for the six months ended June 30, 2023, was RMB 57,284,000, including subsidy income of RMB 20,277

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佈之內容概不負責，對其 準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公佈全部或任何部分內容 而產生或因倚賴該等內容而引致之任何損失承擔任何責任。 TEXHONG INTERNATIONAL GROUP LIMITED 天虹國際集團有限公 司 （股份代號：2678） （於開曼群島註冊成立之有限公司） 截至二零二三年六月三十日止六個月之 中期業績公佈 | --- | |---------------------------------------| | | | | | 收入下跌 17.1% 至人民幣 108 億元 | | 毛利率下跌 17.3 個百分點至 2.4% | | 淨虧損為人民幣 7.402 億元 | | 股權持有人應佔虧損為人民幣 7.472 億元 | | 每股基本虧損為人民幣 0.81 元 | – 1 – 簡明綜合收益表 | --- | --- | --- | --- | |----------------------------------------------------------|-------|---------------- ...

天 虹 國 際 集 團 有 限 公 司 TEXHONG INTERNATIONAL GROUP LIMITED (formerly known as Texhong Textile Group Limited 前稱天虹纺織集團有限公司) (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：2678 ◇ 年報 ANNUAL REPORT TABLE OF CONTENTS 目錄 | --- | --- | |-------|-----------------------------------------------------------------| | | | | | | | 2 | Financial Highlights 財務摘要 | | 3 | Corporate Profile and Structure 企業簡介及架構 | | 4 | Chairman's Statement 主席報告書 | | 7 | Management Discussion and Anal ...