Investment Rating - The investment rating for Tianhong International Group is "Outperform the Market" [5][20]. Core Views - The company experienced a slight revenue decline of 1.9% year-on-year to 11.03 billion yuan in the first half of 2025, primarily due to lower product prices, but its profitability continued to improve with a net profit increase of 55.2% to 420 million yuan [1][3]. - The gross profit margin improved by 1.0 percentage point to 14.2%, attributed to enhanced operational efficiency and flexible raw material procurement strategies [1][20]. - The company is a leading global cotton yarn producer, and its debt structure has been optimized due to reduced bank borrowings, resulting in a debt-to-asset ratio decrease of 2.6 percentage points to 51.4% [1][20]. Summary by Sections Financial Performance - In the first half of 2025, the yarn sales volume increased by 3.6% to 385,000 tons, while yarn revenue decreased by 2.2% to 8.62 billion yuan due to price declines [2]. - The gross margin for yarn improved by 1.4 percentage points to 13.9% due to increased order volume and capacity utilization [2]. - The woven fabric business saw a significant growth of 17.0% in sales volume to 51 million meters, driven by inventory replenishment ahead of tariff changes [2]. - The knitted fabric segment faced challenges, with sales volume dropping by 33.5% to 3,840 tons and revenue declining by 37.8% to 186 million yuan [2]. Profit Forecast and Financial Indicators - The profit forecast for 2025-2027 has been adjusted upwards, with expected net profits of 720 million, 770 million, and 970 million yuan respectively, reflecting a year-on-year growth of 30.3%, 6.9%, and 25.5% [3][21]. - The target price has been raised to 5.1-5.9 HKD, corresponding to a PE ratio of 6-7x for 2025 [3][20]. - The company is expected to maintain a gross margin of 13.1% in 2025, with net profit margins projected at 3.1% [18][21]. Market Position and Strategy - The management plans to sell 400,000 tons of yarn, 50 million meters of woven fabric, and 3,000 tons of knitted fabric in the second half of 2025 [2]. - The company benefits from a local supply chain and quick response capabilities, positioning it well for future market leadership [20].

Performance Summary - China People's Insurance Group reported revenue of 324.12 billion yuan, a year-on-year increase of 10.87%, and a net profit of 26.67 billion yuan, up 13.98% [1] - China Life Insurance recorded revenue of 239.49 billion yuan, a 2.2% increase, with a net profit of 40.93 billion yuan, growing by 6.9% [1] - CNOOC's revenue was approximately 207.61 billion yuan, down 8.45%, with net profit around 69.5 billion yuan, a decrease of 13% [2] - Meituan's revenue reached 178.40 billion yuan, up 14.7%, but adjusted net profit fell by 41% to 12.44 billion yuan [3] - CITIC Bank's revenue was 105.43 billion yuan, down 2.96%, while net profit increased by 2.8% to 36.48 billion yuan [3] - Fosun International's revenue decreased by 10.8% to 87.28 billion yuan, with net profit down 8.2% to 0.66 billion yuan [3] - New Hope Energy reported revenue of 55.67 billion yuan, a 2% increase, but net profit decreased by 5.6% to 2.43 billion yuan [4] - China Cinda's revenue was 34.36 billion yuan, down 2%, while net profit increased by 5.8% to 2.28 billion yuan [5] - China Orient Group's revenue decreased by 12% to 19.86 billion yuan, but net profit surged by 116% to 0.20 billion yuan [6] - Shimao Group's revenue fell by 49% to 14.80 billion yuan, with a net loss of 8.93 billion yuan, narrowing by 61% [7] - Chongqing Steel's revenue was approximately 13.08 billion yuan, down 13.26%, with a net loss of 0.13 billion yuan, narrowing by 81% [8] - United Group's revenue increased by 197.3% to 12.08 billion yuan, with a net profit of 1.69 billion yuan, reversing from a loss of 0.21 billion yuan [9] - Chow Sang Sang's revenue decreased by 2.5% to 11.04 billion yuan, while net profit increased by 71.4% to 0.90 billion yuan [10] - Tianhong International's revenue was 11.03 billion yuan, down 1.86%, with net profit rising by 53.33% to 0.42 billion yuan [11] - Meidong Automotive's revenue fell by 4.9% to 10.14 billion yuan, with a net loss of approximately 0.82 billion yuan, expanding by about 29 times [12] - Jian Sha Tsui's revenue was 8.24 billion yuan, down 6.6%, with net profit of 2.33 billion yuan, a decrease of 7.06% [13] - Sino Land's revenue decreased by 6.64% to 8.18 billion yuan, with net profit down 8.7% to 4.02 billion yuan [14] - Xinyi International's revenue was 8.10 billion yuan, down 5.7%, with net profit of 0.14 billion yuan, a decrease of 19.22% [15] - Fuyao Glass reported revenue of approximately 7.74 billion yuan, down 27.7%, with net profit of approximately 0.26 billion yuan, a decrease of 82.6% [16] - Tianjin Port Development's revenue increased by 3% to 6.95 billion yuan, while net profit decreased by 17.3% to 0.35 billion yuan [17] - Guotai Junan International's revenue was approximately 2.83 billion yuan, up 30%, with net profit of approximately 0.55 billion yuan, a growth of 182% [21] - IGG's revenue decreased by 0.5% to 2.72 billion yuan, with net profit down 2.85% to 0.32 billion yuan [22] - China Aircraft Leasing's revenue was 2.40 billion yuan, down 4.86%, while net profit increased by 6.66% to 0.14 billion yuan [22] - China Orient Education's revenue increased by 10.2% to 2.19 billion yuan, with net profit rising by 48.4% to 0.40 billion yuan [23] Corporate News - China Shengmu signed a new procurement framework agreement with Yiyingmei Dairy for milk powder [24] - Rongchang Bio's clinical trial for Taitasip in treating IgA nephropathy reached its primary endpoint in Phase III [24] - China Huaxing's Bagua City project is expected to start construction in October, with completion by the end of 2026 [24] Buyback Activities - Tencent Holdings repurchased 909,000 shares for 550 million HKD at prices between 596-614.5 HKD [24] - HSBC repurchased 1.5472 million shares for approximately 156 million HKD at prices between 100.2-101.5 HKD [24] - Hang Seng Bank repurchased 210,000 shares for approximately 23.49 million HKD at prices between 111.5-112.2 HKD [24] - MGM China repurchased 1 million shares for approximately 16.02 million HKD at prices between 15.92-16.13 HKD [24]

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]

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： ...