格隆汇8月15日丨天虹国际集团(02678.HK)公布，公司将于2025年8月27日召开董事会会议，以（其中包 括）审议及通过集团截至2025年6月30日止六个月的中期业绩及其发布，以及审议派发中期股息的建议 （如有）。 ...

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。 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。 TEXHONG INTERNATIONAL GROUP LIMITED 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 | 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，董事會將於二零二五年八月二十七日（星期三）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六月三十日止六個月之中期業績，以及 考慮派付中期股息（如有）。 承董事會命 天虹國際集團有限公司 主席 洪天祝 香港，二零二五年八月十五日 於本公佈日期，董事會由下列董事組成： ...

Market Overview - The textile and apparel sector has outperformed the broader market since August, with the textile manufacturing segment showing better performance than branded apparel [15][21] - In July, the textile manufacturing sector increased by 4.5%, while branded apparel rose by 3.2% [15][21] - Key companies leading the gains include 361 Degrees (29.9%), Crystal International (26.8%), Tianhong International (25.0%), and Bailong Oriental (15.9%) [15] Brand Apparel Insights - Retail sales of clothing in June grew by 1.9% year-on-year, but the growth rate slowed down due to the Dragon Boat Festival holiday and the pre-promotion of the 618 shopping festival [2] - E-commerce sales saw a decline across various categories in June, with sportswear down by 17%, outdoor apparel by 2%, and home textiles by 24% [2] - Notable brand performances include Lululemon (48%) and Decathlon (76%) showing strong growth in their respective categories [2] Textile Manufacturing Insights - Vietnam's textile exports accelerated in July, with a month-on-month growth rate of 16.7%, while footwear exports turned positive at 4.5% [3] - China's textile exports showed no significant improvement in June, with textiles down by 1.6% and footwear down by 4.0% year-on-year [3] - The impact of currency fluctuations and tariffs on revenue has been noted, with companies like Ru Hong experiencing stable performance despite tariff pressures [3] Mid-Year Earnings Forecast - Bailong Oriental expects a net profit growth of 50.21% to 75.97% year-on-year for the first half of 2025, driven by strong order volumes and improved capacity utilization [4] - Tianhong International anticipates a net profit increase of approximately 60% for the same period, benefiting from improved sales and financial structure [4] Policy Impact on Consumer Demand - The introduction of a child-rearing subsidy policy is expected to boost demand in the baby and children's market, with a yearly subsidy of 3600 yuan for eligible children under three starting from January 2025 [4][7] - Companies like Sturdy Medical, which offers high-quality cotton products, are likely to benefit from this policy [7] Investment Recommendations - Focus on brands with growth potential and limited tariff impacts, such as Anta Sports, Xtep International, and 361 Degrees, which are expected to perform well in the current market environment [7][8] - In textile manufacturing, companies with low exposure to U.S. tariffs and high profit margins, such as Shenzhou International and Huayi Group, are recommended for investment [8]

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: 2025年7月31日 狀態: 新提交 呈交日期: 2025年8月4日 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 | 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 4 ...

Core Viewpoint - The news highlights the significant achievements and ongoing developments in the private economy of Zouping City, Shandong Province, emphasizing its role in driving high-quality economic growth through innovation, collaboration, and a supportive business environment [1][10]. Group 1: Economic Development and Innovation - Zouping City has been recognized for its high-quality economic development, with a vibrant private economy contributing significantly to this progress [1]. - The city has established partnerships with over 40 universities and research institutions, resulting in more than 300 collaborative projects and the creation of 44 innovation platforms [3]. - Zouping has developed industrial clusters in aluminum, textiles, food processing, and high-end equipment, with 14 major products leading in scale and market share domestically [3]. Group 2: Technological Advancements - Weiqiao Group, a key enterprise in Zouping, has implemented smart technology in its aluminum electrolysis operations, enhancing efficiency and data analysis capabilities [2]. - The company has developed an intelligent management system that significantly improves production efficiency, reducing the need for manual labor in the textile industry [4]. Group 3: Entrepreneurial Spirit and Community Investment - Zouping entrepreneurs are actively investing in local infrastructure and community projects, such as the construction of a new sports park funded by Weiqiao Group [5]. - The city government has initiated the "Revitalize Weiqiao" plan to stimulate development in the northwest region, supported by significant investments from local businesses [5]. Group 4: Business Environment and Supportive Policies - Zouping has implemented a "small government + big service" model to enhance the efficiency of government services for businesses, including streamlined loan processes and land use optimization [9][12]. - The city has established a talent fund and entrepreneurship fund to attract and retain skilled professionals, ensuring a supportive environment for business growth [9][12]. Group 5: Trade and Global Integration - Zouping's foreign trade has shown growth, with a reported 4.2% increase in imports and exports from January to May 2025, reaching 13.2 billion yuan [8]. - The local enterprises are expanding their global reach, with companies like Shandong Kaitai leading in both domestic and international markets [7].

Core Insights - The Yunnan Green Low-Carbon Demonstration Industrial Park has officially commenced operations, marking a significant step in Yunnan's ambition to establish itself as "China's Green Aluminum Valley" [1][2] - The park, covering an area of 8,377 acres, is a collaborative project involving the local government and Shandong Weiqiao Group, focusing on creating a benchmark for green and low-carbon development in the aluminum industry [1][2] Group 1: Investment and Infrastructure - The park has attracted an investment of 7 billion yuan since its signing in December 2021, with infrastructure such as roads, water, gas, and electricity nearly completed [1] - Several companies, including Yunnan Chuanglian Jin and Qingdao Yibo Technology, have set up operations in the park, covering sectors like alloy materials, automotive parts, and new energy equipment [1] Group 2: Technological Advancements - Yunnan Honghe New Materials Co., a subsidiary of Shandong Weiqiao Group, has launched its first production line for low-carbon aluminum, with an annual output of 1.93 million tons [1] - The project utilizes advanced technology, including 600 kA large electrolytic cells and the world's first AI intelligent system for aluminum electrolysis, achieving a power consumption reduction of 500 kWh per ton compared to the industry average [1] Group 3: Environmental Impact - The carbon dioxide emissions from the aluminum production process are only 1.8 tons per ton of aluminum, representing an 86% reduction compared to traditional coal-fired production methods [1] - Yunnan's total installed power capacity exceeds 160 million kW, with over 90% being green energy, amounting to 150 million kW, making it a leader in low-carbon energy [2] Group 4: Economic Growth and Policy Support - The green aluminum industry in Yunnan has rapidly developed, with the industry chain's output value surpassing 100 billion yuan in 2023 and projected to exceed 150 billion yuan in 2024 [3] - Yunnan's electrolytic aluminum production capacity is approximately 8.3 million tons, accounting for about 20% of the national total, positioning it as the leading province in China [3]

Core Viewpoint - The city of Zouping in Shandong Province is successfully exploring a high-quality development path through a three-dimensional driving strategy of "technological innovation, platform empowerment, and talent foundation," leveraging its leading lightweight aluminum industry cluster to promote urban prosperity and rural-urban integration [1]. Group 1: Industry Foundation - Zouping City relies on technological innovation as the engine for sustainable urban development, establishing a "1+3+N" aluminum industry ecosystem, with a leading enterprise, Weiqiao Chuangye Group, ensuring an electrolytic aluminum production capacity of 1.6 million tons and a high-end aluminum water direct supply ratio of 85% [2]. - The aluminum industry cluster achieved a revenue of 270 billion yuan, with over 120 aluminum-related enterprises forming a complete industrial chain from aluminum ingots to automotive parts [2]. Group 2: Platform Empowerment - Zouping is building a multi-level innovation platform system to enhance urban service functions and attractiveness, with initiatives such as the provincial-level construction of a lightweight aluminum "industrial brain" and the establishment of various research and development bases [2]. - The successful hosting of major events and the establishment of key platforms have attracted numerous upstream and downstream enterprises, fostering a virtuous cycle that enhances the city's comprehensive competitiveness and innovation atmosphere [2]. Group 3: Talent Development - Zouping City implements a "pyramid-style" talent program, focusing on attracting high-level talents, with 2 national-level talents and 4 provincial-level talents among its ranks [3]. - The city has been recognized as one of the top ten most attractive counties for college graduates in the province, significantly optimizing its population structure and driving industrial innovation and economic growth [3].

Financial Performance - Revenue for the year ended December 31, 2024, was RMB 23,029,033,000, representing a 1.3% increase from RMB 22,725,317,000 in 2023[6] - Gross profit surged to RMB 2,863,372,000, a significant increase of 95.8% compared to RMB 1,462,615,000 in 2023[6] - The company reported a profit for the year of RMB 588,629,000, a turnaround from a loss of RMB 299,382,000 in 2023[6] - Earnings per share (basic and diluted) improved to RMB 0.60, compared to a loss of RMB 0.41 per share in 2023[6] - The Group's net profit for 2024 was approximately RMB 588.6 million, a significant recovery from a net loss of approximately RMB 299.4 million in the previous year[26] - Profit attributable to shareholders was approximately RMB553.5 million, compared to a loss of approximately RMB375.7 million in the previous year[26] - Basic earnings per share improved to RMB0.60, recovering from a basic loss per share of RMB0.41 in the previous year[26] Assets and Liabilities - Total assets decreased by 8.0% to RMB 20,982,724,000 from RMB 22,811,172,000 in 2023[8] - Total liabilities reduced by 16.9% to RMB 10,845,439,000 from RMB 13,055,814,000 in 2023[8] - The current ratio improved to 1.4 from 1.3 in 2023, indicating better short-term financial health[9] - Net debt to equity ratio decreased to 0.36 from 0.60 in 2023, reflecting a stronger equity position[9] Production and Capacity - The company operates approximately 4.21 million spindles and about 1,650 weaving and knitting machines as of December 31, 2024[11] - The Group's production capacity for knitted garment fabrics decreased significantly due to the sale of a loss-making factory, resulting in a sales volume drop from approximately 15,400 tonnes to approximately 10,900 tonnes and a revenue decline from approximately RMB 797.4 million to approximately RMB 551.6 million[42] - As of December 31, 2024, the Group's production facilities included approximately 4.21 million spindles, with a slight increase in yarn production capacity due to completed construction projects[50][54] Sales and Market Trends - The Group's revenue for the year increased by approximately 1.3% to approximately RMB 23.0 billion, with yarn sales accounting for approximately 77.8% of total revenue, amounting to approximately RMB 17.9 billion, representing a growth of approximately 2.1% compared to last year[35] - Sales volume of yarns grew by approximately 4.0% to approximately 770,000 tonnes, driven by recovering market demand and increased consumer interest in outdoor sports[36] - The textile industry in China saw total sales of approximately RMB2,398.8 billion in 2024, with a year-on-year growth of 3.6%[27] - The total sales of sizeable textile garment and apparel enterprises amounted to approximately RMB1,269.9 billion, representing a year-on-year increase of 2.8%[27] Cost Management - The cost of sales decreased by 5.2% to approximately RMB 20.2 billion in 2024, with raw materials accounting for about 76.1% of the total cost[72] - Selling and distribution costs for the year ended December 31, 2024, amounted to approximately RMB 650.1 million, representing an 11.0% decrease compared to 2023[77] - General and administrative expenses for the year ended December 31, 2024, were approximately RMB 1.156 billion, a decrease of 2.0% compared to 2023, accounting for 5.0% of the Group's revenue[78] Strategic Initiatives - The Group plans to continue its product differentiation strategy and focus on innovation to solidify its market position[22] - Strict control over capital expenditures will be maintained to ensure efficient utilization of financial resources[22] - The Group aims to enhance production efficiency and product quality through technological upgrades and modern intelligent manufacturing[22] - The Group is actively responding to market demand by leading the research and development of products that meet market needs[36] Risk Management - The Group faces significant risks including business and product concentration, which could adversely affect profitability if market trends shift or competition intensifies[117] - Cotton price fluctuations pose a risk to the Group's gross profit margin, as cotton is a major production material and its price may not align with end-product prices[119] - Foreign exchange and interest rate fluctuations could lead to material losses and increased financing costs, particularly with intensified USD/RMB exchange rate volatility[121] - The Group is implementing measures to mitigate risks associated with cotton price fluctuations, including stable procurement strategies and diversifying into synthetic fiber products[123] Corporate Governance - The Group is committed to maintaining high levels of corporate governance, with a Board comprising three executive Directors and three independent non-executive Directors[161] - The Board has mechanisms in place to ensure independent views, including regular meetings with independent non-executive Directors[163] - The company has adopted a Securities Code for directors' transactions, ensuring compliance with the Model Code[177] - The company has established a Remuneration Committee, Audit Committee, Nomination Committee, and ESG Committee, each with specific written terms of reference[190]

Investment Rating - The investment rating for Tianhong International Group is "Outperform the Market" [6][4][31] Core Views - The company is expected to return to profitability in 2024, with a significant increase in operating cash flow. Revenue is projected to grow by 1.3% to 23.03 billion yuan, driven by recovering overseas demand and improved capacity utilization [2][4] - The company aims to maintain a stable operating environment in the second half of 2024, with a focus on controlling capital expenditures and reducing debt pressure [3][4] Summary by Sections Financial Performance - In 2024, the company achieved a net profit of 554 million yuan, a significant turnaround from a loss in 2023, primarily due to a recovery in gross margin and optimized cost control [2][4] - Operating cash flow increased by 126% to 4.48 billion yuan, attributed to higher operating profits and reduced working capital requirements [2][4] - The company’s gross margin improved to 12.4% in 2024, with yarn business revenue accounting for 77.8% of total revenue [2][4] Management Outlook - The management has set ambitious targets for 2025, aiming to sell 800,000 tons of yarn and 100 million meters of woven fabric, while continuing to expand the proportion of high-margin products [3][4] - Capital expenditures for 2024 are planned at 830 million yuan, focusing on automation technology upgrades and distributed photovoltaic power stations [3][4] Profit Forecasts - The profit forecasts for 2025-2027 have been adjusted downwards, with expected net profits of 590 million, 750 million, and 970 million yuan respectively, reflecting a cautious outlook on global demand and cotton prices [4][31] - The target price has been revised to 4.1-4.8 HKD, corresponding to a PE ratio of 6-7x for 2025 [4][31] Market Position - The company is recognized as a leading global producer of cotton yarn, benefiting from early globalization strategies that provide a competitive edge in local supply chains and rapid response capabilities [4][31]

Financial Results Clarification - Texhong International Group Limited announced a clarification regarding its annual results for the year ending December 31, 2024, correcting titles in the financial statements[2] - The corrected titles in the announcement include "Consolidated Income Statement" and "Consolidated Balance Sheet" instead of the previously stated "Condensed Consolidated Income Statement" and "Condensed Consolidated Balance Sheet"[2] - All other information in the annual results announcement remains unchanged[2]