Group 1 - The core viewpoint of the article highlights Tianhong International Group's financial performance for the six months ending June 30, 2025, showing a slight decline in revenue but significant growth in profit [1] - The company achieved a revenue of RMB 11.034 billion, representing a year-on-year decrease of 1.9% [1] - Gross profit increased by 5.8% to RMB 1.566 billion, while profit attributable to shareholders rose by 53.3% to RMB 419 million, with basic earnings per share at RMB 0.46 [1] Group 2 - The revenue primarily comes from yarn sales, with the mid and downstream business focusing on woven fabric sales aimed at overseas markets [1] - Yarn sales revenue decreased by approximately 2.2% year-on-year to about RMB 8.622 billion due to a decline in selling prices [1] - Conversely, woven fabric sales revenue significantly increased by approximately 17.9% year-on-year, leading to a slight decrease in the proportion of yarn sales revenue from 78.4% to 78.1% of total revenue [1]

Group 1 - The company reported a revenue of 11.034 billion RMB for the six months ending June 30, 2025, representing a year-on-year decrease of 1.86% [1] - Shareholder profit increased by 53.33% to 419 million RMB, with basic earnings per share at 0.46 RMB [1] - Yarn sales, which primarily contribute to revenue, saw a decline of approximately 2.2% to about 8.622 billion RMB due to a decrease in sales prices [1] Group 2 - The sales revenue from woven fabrics significantly increased by approximately 17.9% compared to the previous year, leading to a slight decrease in the proportion of yarn sales in total revenue from 78.4% to 78.1% [1] - The company is capitalizing on market trends, with a growing demand for functional sportswear driven by the increasing popularity of outdoor activities [1] - The focus on the functionality, health, and environmental aspects of textiles is pushing the yarn industry towards differentiation and high-end transformation, creating structural growth opportunities for yarn products [1] Group 3 - The company successfully increased yarn sales volume by about 3.6% year-on-year, reaching approximately 385,000 tons [1] - Yarn order volume and capacity utilization, especially in overseas factories, improved compared to the previous year [1] - A flexible raw material procurement strategy contributed to an increase in average gross margin for yarn from 12.5% in the previous year to 13.9% during the review period [1]

Core Viewpoint - Tianhong International Group reported a slight decrease in revenue but a significant increase in net profit for the six months ending June 30, 2025, indicating a positive trend in profitability despite revenue challenges [1] Group 1: Financial Performance - The company recorded a revenue of 11.034 billion RMB, a year-on-year decrease of 1.86% [1] - Shareholder profit attributable to the company was 419 million RMB, reflecting a year-on-year increase of 53.33% [1] - Basic earnings per share were 0.46 RMB [1] Group 2: Sales and Product Performance - Yarn sales, which primarily contribute to revenue, saw a decrease of approximately 2.2% year-on-year, totaling around 8.622 billion RMB [1] - Sales revenue from woven fabrics significantly increased by approximately 17.9% year-on-year, slightly reducing the proportion of yarn sales in total revenue from 78.4% to 78.1% [1] - The company managed to increase yarn sales volume by about 3.6% year-on-year, reaching approximately 385,000 tons [1] Group 3: Market Trends and Strategic Response - The demand for functional sportswear is rising due to the increasing popularity of outdoor activities, leading to a structural growth opportunity in the yarn industry [1] - Consumer focus on the functionality, health, and environmental aspects of textiles is driving the industry towards differentiation and high-end transformation [1] - The company has actively captured market opportunities by developing products that meet market demands [1] Group 4: Operational Efficiency - The company experienced an increase in yarn order volume and capacity utilization, particularly in overseas factories, compared to the same period last year [2] - A flexible raw material procurement strategy contributed to an increase in average gross margin for yarn from 12.5% to 13.9% [2]

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） 截至二零二五年六月三十日止六個月之 中期業績公佈 財務摘要 – 1 – • 收入下跌1.9%至人民幣110億元 • 毛利率上升1.0個百分點至14.2% • 淨溢利為人民幣4.635億元 • 本公司擁有人應佔溢利為人民幣4.188億元 • 每股基本盈利為人民幣0.46元 簡明綜合收益表 | | | 未經審核 | | | --- | --- | --- | --- | | | | 截至六月三十日止六個月 | | | | | 二零二五年 | 二零二四年 | | | 附註 | 人民幣千元 | （經重列） 人民幣千元 | | 收入 | 4 | 11,034,056 | 11,243,529 | | 銷售成本 | 6 | (9,468,405) | (9,763 ...

Group 1 - The core viewpoint of the article highlights that Long Tianhong International Group (02678) has transferred shares worth HKD 373 million, representing 7.89% of its stock, from UBS Securities Hong Kong Limited to HSBC Hong Kong [1] - The company has recently issued a profit warning, expecting a net profit increase of approximately RMB 280 million, which is about 60% higher compared to the same period last year, for the six months ending June 30, 2025 [1] - The increase in profit is attributed to a recovery in domestic and international market orders, with improved sales and capacity utilization compared to the same period last year, along with an enhancement in product gross margin [1] Group 2 - The company's financial structure has shown continuous improvement, leading to a significant decrease in financial expenses compared to the same period last year [1]

Group 1 - The core viewpoint of the article highlights the transfer of shares of Long Tian Hong International Group from UBS Securities Hong Kong Limited to HSBC Hong Kong, with a market value of HKD 373 million, representing 7.89% of the total shares [1] - Long Tian Hong International Group has recently issued a profit warning, expecting a net profit increase of approximately RMB 280 million for the six months ending June 30, 2025, which is an increase of about 60% compared to the same period last year [1] - The increase in profit is attributed to a recovery in domestic and international market orders, improved sales and capacity utilization compared to the previous year, and an enhancement in product gross margin during the period [1] Group 2 - The company has also benefited from an improved asset-liability structure, leading to a significant decrease in financial expenses compared to the same period last year [1]

Group 1 - The company, Tianhong International Group (02678.HK), announced that it will hold a board meeting on August 27, 2025, to review and approve the interim results for the six months ending June 30, 2025, and to discuss the proposal for an interim dividend distribution, if any [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： ...

Core Insights - The Shandong Provincial Federation of Industry and Commerce released the list of the top 200 private enterprises in Shandong for 2025, highlighting significant players such as Shandong Weiqiao Chuangye Group Co., Ltd., Xinfeng Group Co., Ltd., and Nanshan Group Co., Ltd. [1] - The event was organized in collaboration with various provincial departments, including the Development and Reform Commission, Science and Technology Department, and others, following a structured process of enterprise application, city recommendations, expert reviews, and feedback collection [1] Group 1 - The list includes 200 companies recognized for their contributions to the private sector in Shandong [1] - The event also announced additional rankings, including the top 100 innovative private enterprises, top 100 service-oriented private enterprises, and top 100 private enterprises for employment absorption [1] Group 2 - Notable companies in the top 10 include Shandong Weiqiao Chuangye Group Co., Ltd., Xinfeng Group Co., Ltd., and Nanshan Group Co., Ltd. [2] - The complete list features a diverse range of industries, indicating a robust private sector landscape in Shandong [2][3][4][5][6][7][8]

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]