股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2026年3月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 天虹國際集團有限公司 呈交日期: 2026年4月1日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 02678 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 4,000,000,000 | HKD | | 0.1 HKD | | 400,000,000 | | 增加 / 減少 (-) | | | 0 | | | HKD | | 0 | | 本月底結存 | | | 4,000,000,000 | HKD | | 0.1 HKD | | 400,000,000 | 本月底法定/註冊股本總額： HKD 400,00 ...

Investment Rating - The investment rating for Tianhong International Group is "Buy" [2][3]. Core Views - The gross margin for the yarn business improved by 2.5 percentage points to 14.2% in 2025, driven by debt repayment which significantly reduced financial expenses [3][6]. - Yarn sales are expected to grow by 1.4% in 2026, benefiting from rising cotton prices, thus maintaining the "Buy" rating [3][6]. - The company plans to increase yarn production capacity in Vietnam by 100,000 spindles, raising total capacity to 4.35 million spindles, a 2.4% year-on-year increase [6]. Financial Summary - Total revenue for 2025 is projected at 22,716 million RMB, a decrease of 1.4% year-on-year, while net profit attributable to shareholders is expected to reach 913 million RMB, a 64.9% increase [5][6]. - The gross profit for 2025 is estimated at 3,138 million RMB, with a gross margin of 14.2% [5][6]. - The company’s financial expenses for 2025 are expected to be 1.7 billion RMB, down by 2.2 billion RMB year-on-year, resulting in a financial expense ratio of 0.7% [6][8]. Profit Forecast - The forecast for net profit attributable to shareholders for 2026, 2027, and 2028 is 1,088 million RMB, 1,192 million RMB, and 1,284 million RMB respectively [5][6]. - The projected PE ratio for 2026 is 8x, with a target price of 10.77 HKD based on a conversion rate of 1 HKD = 0.88 RMB [6][8]. Market Position - Tianhong International Group's current market capitalization is 5,719 million HKD, with a share price of 6.23 HKD [2][6]. - The company is positioned as a leading player in the global yarn market, entering a phase of profitability growth [6].

Financial Performance - Revenue decreased by approximately 1.4% to about RMB 22.715 billion[4] - Net profit increased by approximately 63.4% to about RMB 972.2 million[4] - Profit attributable to owners of the company increased by approximately 63.0% to about RMB 913.0 million[4] - Basic earnings per share increased by approximately 62.3% to about RMB 0.99[4] - The company reported a total comprehensive income of RMB 954.7 million, compared to RMB 615.6 million in the previous year[6] - The company reported total revenue of RMB 23,029,033,000 for the year ending December 31, 2024, with a gross profit of RMB 2,863,372,000[16] - Operating profit increased to RMB 1,192,915,000 after accounting for adjustments related to accounting policy changes[16] - The net profit attributable to shareholders rose to RMB 595,064,000, resulting in a basic and diluted earnings per share of RMB 0.61[16] - Total comprehensive income for the year was RMB 615,550,000, reflecting an increase due to adjustments in accounting policies[17] Assets and Liabilities - Total assets amounted to RMB 20.247 billion, a decrease from RMB 20.791 billion[8] - Total liabilities decreased to RMB 9.724 billion from RMB 10.833 billion[8] - Cash and cash equivalents stood at RMB 2.488 billion, down from RMB 2.880 billion[7] - Inventory increased to RMB 4.745 billion from RMB 4.543 billion[7] - Non-current assets were reported at RMB 10,519,769,000 after adjustments, with property, plant, and equipment valued at RMB 8,093,918,000[18] - Current assets totaled RMB 10,270,743,000, including cash and cash equivalents of RMB 2,880,283,000[18] - Total assets amounted to RMB 20,790,512,000, reflecting a decrease due to the accounting policy change[18] - The company's equity attributable to shareholders was reported at RMB 9,455,022,000, with total equity of RMB 9,957,070,000[18] - Non-current liabilities were RMB 3,473,484,000, with borrowings of RMB 3,196,353,000[18] - Total liabilities amounted to RMB 10,845,439 thousand, with a slight decrease of RMB 11,997 thousand from previous reports[19] Revenue and Sales - Revenue from external customers in Asia and the Americas accounted for 91.5% and 8.0% of total revenue, respectively, for the fiscal year ending December 31, 2024[28] - Total revenue for the fiscal year ending December 31, 2025, reached RMB 36,081,194, with external customer revenue amounting to RMB 22,715,627[30] - The company reported a significant increase in revenue from the yarn segment in China, totaling RMB 21,898,516 for the fiscal year ending December 31, 2025[30] - Yarn sales accounted for approximately 79.7% of total revenue, amounting to about RMB 18.1 billion, reflecting a growth of approximately 1.1% year-on-year[84] - The average gross margin for yarn increased from approximately 11.7% last year to about 14.2% this year due to improved production efficiency and flexible raw material procurement strategies[85] Cost and Expenses - The cost of materials and consumables for 2025 was RMB 15,359,634,000, a decrease of about 4% from RMB 16,018,473,000 in 2024[36] - Financial expenses for 2025 were RMB 274,458,000, down from RMB 474,186,000 in 2024, indicating a reduction of approximately 42%[36] - The group’s depreciation and amortization expenses for 2025 were RMB 926,115,000, down from RMB 987,436,000 in 2024[36] - The total sales cost decreased by approximately 2.9% to about RMB 19.6 billion in 2025, with raw material costs accounting for approximately 75.7% of total sales costs[96] Market and Strategic Initiatives - The company plans to continue expanding its market presence in Southeast Asia and the Americas, focusing on product development in non-woven fabrics and textiles[27] - The company is focusing on developing high value-added differentiated new products, moving away from a profit growth model solely reliant on production expansion[73] - The company plans to leverage its global strategic production layout while seeking new production bases and market opportunities to further expand its global business footprint[75] - The company is focusing on green transformation and compliance with environmental standards, as the industry moves towards sustainable practices and recycling systems[88] Corporate Governance and Compliance - The company has complied with the corporate governance code as per the listing rules during the year[118] - The audit committee reviewed the annual performance, and there were no disagreements regarding the accounting policies adopted by the company[121] - The company emphasizes high levels of corporate governance to enhance shareholder value[117] Cash Flow and Financial Position - The company recorded a net cash inflow from operating activities of approximately RMB 4.304 billion in 2025, driven by increased sales and improved working capital efficiency[101] - The company's cash and cash equivalents at the end of 2025 were approximately RMB 2.495 billion, down from RMB 2.904 billion at the end of 2024[102] - Total bank borrowings decreased by approximately RMB 1.0136 billion to about RMB 5.3819 billion, with current bank borrowings down by approximately RMB 278.3 million to about RMB 2.9209 billion[104] - The current ratio improved to 1.42 in 2025 from 1.40 in 2024, while the debt-to-equity ratio decreased to 0.53 from 0.68[105] Shareholder Information - The total dividend paid for the year related to 2024 is RMB 83,666,000, slightly up from RMB 83,474,000 in 2023[54] - The company has no proposed final dividend for the year ending December 31, 2025, compared to a final dividend of RMB 85,007,000 in 2024[57] - The annual general meeting is scheduled for May 22, 2026, with a record date for shareholder attendance set for May 20, 2026[123][124]

天虹國際集團有限公司 （於開曼群島註冊成立之有限公司） （股份代號：2678） 董事會會議召開日期 本公佈乃根據香港聯合交易所有限公司證券上市規則第13.43條所刊發。 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 洪天祝 香港，二零二六年三月十六日 於本公佈日期，董事會由下列董事組成： 執行董事： 洪天祝先生 朱永祥先生 葉立新先生 獨立非執行董事： 陶肖明教授 程隆棣教授 舒華東先生 天虹國際集團有限公司（「本公司」，連同其附屬公司統稱為「本集團」）董事會（「董事 會」）謹此宣佈，董事會將於二零二六年三月二十六日（星期四）舉行會議，藉以（其 中包括）審議及批准本集團截至二零二五年十二月三十一日止年度的全年業績，以 及考慮建議派付末期股息（如有）。 承董事會命 天虹國際集團有限公司 主席 ...

Core Viewpoint - Cathay Securities initiates coverage on Tianhong International Group (02678) with a "Buy" rating, highlighting its position as a global leader in yarn production and its strategic early investment in Vietnam, which has resulted in mature production capacity. The firm anticipates that the company's high inventory levels are nearly cleared, leading to a profit upturn [1] Group 1: Company Overview - Tianhong International Group, founded in 1997, is one of the largest suppliers of core-spun cotton textiles globally. The company has proactively expanded its yarn production capacity in Vietnam since 2006, successfully navigating challenges such as rising cotton prices and supply chain disruptions [1] - The founder and controlling shareholder, Mr. Hong Tianzhu, holds a 52.9% stake, indicating a concentrated ownership among core executives [1] Group 2: Financial Performance - The company’s cost structure is heavily influenced by raw material prices, with 76.1% of costs attributed to cotton. It is expected to maintain a cotton inventory for 3-4 months, leading to cyclical profit fluctuations based on cotton price trends. In 2024, the company is projected to benefit from brand restocking and has successfully returned to profitability [2] - Forecasted net profits for the company are expected to reach 0.89 billion, 1.04 billion, and 1.13 billion yuan for the years 2025, 2026, and 2027, respectively, with a target price of 10.20 HKD based on a PE ratio of 8X for 2026 [1] Group 3: Industry Outlook - The global yarn market is projected to grow from 845.66 billion yuan in 2025 to 1,260.29 billion yuan by 2032, with a CAGR of 5.9%. Tianhong International Group's yarn revenue is expected to be 17.91 billion yuan in 2024, accounting for 2.1% of the market [3] Group 4: Future Prospects - The company is in an active debt repayment phase, which is expected to reduce financial expenses and enhance profits. It is projected to repay 0.8-1 billion yuan annually from 2025 to 2027, leading to interest savings of 0.13 billion, 0.05 billion, and 0.04 billion yuan, respectively [4] - The trend towards diversified sourcing and increased brand traceability requirements presents opportunities for market share growth. The company’s established overseas production capacity positions it favorably to secure more orders [4] - Internal technological upgrades and investments in solar energy are anticipated to drive organic growth. The wage component per unit of revenue has decreased from 0.084 yuan in 2017 to 0.075 yuan in 2024, with plans to build a 180 MW solar power station by 2025, which is expected to lower overall production costs [4]

Investment Rating - The report assigns a "Buy" rating to the company, Tianhong International Group, with a target price of HKD 10.20 based on a 2026 PE of 8X [8][19]. Core Insights - Tianhong International Group is recognized as a global leader in yarn production, with a significant portion of its production capacity located in Vietnam. The company has successfully cleared high inventory levels and is entering a period of profit growth [3][19]. - The report forecasts that the company's net profit attributable to shareholders will reach RMB 8.9 billion, RMB 10.4 billion, and RMB 11.3 billion for the years 2025, 2026, and 2027, respectively, reflecting year-on-year growth rates of 60.5%, 17.2%, and 8.7% [18][19]. Summary by Sections 1. Company Overview - Tianhong International Group, founded in 1997, is one of the largest suppliers of core-spun cotton textiles globally. The company has strategically expanded its yarn production capacity in Vietnam since 2006, which has positioned it well in the market [19][20]. 2. Financial Analysis - The company's revenue for 2024 is projected at RMB 23.03 billion, with a slight increase of 1.3% year-on-year. The gross profit is expected to be RMB 2.863 billion, and the net profit attributable to shareholders is forecasted at RMB 554 million, marking a significant recovery from previous losses [6][18]. - The report highlights that 76.1% of the company's costs are related to raw materials, primarily cotton, indicating that profit margins are sensitive to fluctuations in cotton prices [19][34]. 3. Future Outlook - The global yarn market is expected to grow at a CAGR of 5.9% from 2025 to 2032, with the market size projected to reach RMB 12,602.9 billion by 2032. Tianhong's yarn revenue is anticipated to account for approximately 2.1% of this market in 2024 [42][43]. - The company is actively working on debt repayment and reducing leverage, which is expected to lower financial expenses and enhance profitability. It plans to repay RMB 8-10 billion in debt annually over the next three years [44][48].

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2026年2月28日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 天虹國際集團有限公司 呈交日期: 2026年3月2日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 02678 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 4,000,000,000 | HKD | | 0.1 HKD | | 400,000,000 | | 增加 / 減少 (-) | | | 0 | | | HKD | | 0 | | 本月底結存 | | | 4,000,000,000 | HKD | | 0.1 HKD | | 400,000,000 | 本月底法定/註冊股本總額： HKD 400,00 ...

Group 1: Core Insights - The 2026 FIFA World Cup in North America is set to begin in June, with significant pre-event sales of related sports merchandise already observed in Yiwu, China [1] - Yiwu's sports goods and equipment exports reached 11.65 billion yuan in 2025, marking a 20.3% year-on-year increase, with major export markets including the USA, Brazil, and Saudi Arabia [1] - The upcoming World Cup is expected to generate a consumption boom, benefiting local manufacturers and suppliers in Yiwu, which has historically capitalized on major sporting events [1] Group 2: Industry Impact - Analysts predict a surge in demand for sports-related products during the World Cup, directly benefiting the performance of related companies [2] - The commercial value of the World Cup exceeds $30 billion, significantly higher than other sports events, indicating strong economic activity linked to the tournament [2] - Investment opportunities are identified in four main areas: lottery sales and operators, sports venue facilities and equipment suppliers, electronic display providers, and leisure food and beverage suppliers [2] Group 3: Related Companies - Anta Sports (02020) has acquired Puma, a major sponsor of the 2026 World Cup, and holds partnerships with top clubs like Manchester City and AC Milan [3] - Shenzhou International (02313) manufactures football apparel for brands like Nike and Adidas, ensuring stable order flow [3] - Hisense (00921) is a global official sponsor of the 2026 World Cup, marking its third consecutive sponsorship [4] - Yongjia Group (03322) specializes in manufacturing fan scarves and flags, positioning itself as a core enterprise in the Yiwu supply chain [5] - Rainbow International Group (02678) supplies high-quality fabrics for football apparel related to the World Cup [6]

Group 1: Market Overview - The 2026 FIFA World Cup will commence in June, with significant demand for related sports products already observed in Yiwu, China, starting from May 2025 [1] - Yiwu's exports of sports goods and equipment reached 11.65 billion yuan in 2025, marking a 20.3% year-on-year increase, with major export markets including the USA, Brazil, and Saudi Arabia [1] - Yiwu has historically benefited from major sporting events, with a significant share of the global market for World Cup-related merchandise, accounting for 70% during the last World Cup [1] Group 2: Company Insights - Anta Sports (02020) has acquired Puma, the third-largest sponsor for the 2026 World Cup, and holds resources from top clubs like Manchester City and AC Milan [3] - Shenzhou International (02313) is a stable supplier for Nike and Adidas, producing football apparel with strong order stability [3] - Hisense (00921) is the global official sponsor for the 2026 World Cup, marking its third consecutive sponsorship [4] - Yongjia Group (03322) manufactures fan scarves and flags, positioning itself as a core enterprise within the Yiwu industrial chain [5] - Tianhong International Group (02678) supplies high-quality fabrics for football apparel related to the World Cup [6] Group 3: Investment Opportunities - Analysts suggest that companies related to sports goods will benefit directly from the World Cup, with a focus on four investment themes: lottery sales and operators, sports venue facilities and equipment suppliers, electronic display providers, and leisure food and beverage suppliers [2]

Group 1 - A total of 78 stocks reached a 52-week high as of February 3, with notable performers including Asia Pacific Financial Investments (08193) at 57.14%, Chao Wei Holdings (08059) at 36.00%, and Asia Backup (08290) at 33.33% [1] - The closing prices for the top three stocks that reached new highs were 0.550, 0.052, and 0.024 respectively, with their highest prices being 0.550, 0.068, and 0.036 [1] - Other significant stocks that reached new highs include Huameilele (08429) with a high rate of 20.37% and Haode Holdings (08149) at 17.65% [1] Group 2 - The report also lists stocks that reached 52-week lows, with the worst performer being Gaodi Holdings (01676) at -10.00%, followed by Huajian Medical (01931) at -9.29% and Electronic Trading Group (08036) at -9.09% [3] - The closing prices for the stocks that reached new lows include 0.340, 1.280, and 0.021 respectively, with their lowest prices being 0.315, 1.270, and 0.020 [3] - Other notable stocks that reached new lows include Controllon (01912) at -8.93% and Cool Link (08491) at -8.11% [3]