宝胜国际(03813)公布，于2025年9月，该公司综合经营收益净额约12.41亿元，同比下跌6.0%;前8个月综 合累计经营收益净额约115.55亿元，同比下跌8.1%。 ...

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告的內容概不負責， 對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任 何部分內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 POU SHENG INTERNATIONAL (HOLDINGS) LIMITED 寶勝國際（ 控 股 ）有 限公司 （於百慕達註冊成立之有限公司） （股份代號：3813） 二零二五年八月之每月收益公告 本公司為聯交所主板上市公司裕元的子公司。按照國際財務報告準則，裕元被 視為臺灣證交所上市公司寶成工業之子公司。寶成工業根據臺灣證券交易所的 規例規定刊發每月收益公告。 由於裕元於今日公佈其若干綜合財務資料，故本公司根據上市規則第13.09(2)條 及證券及期貨條例第XIVA部刊發本公告，確保及時向投資者提供最新資料。 寶勝國際（控股）有限公司（「本公司」）為香港聯合交易所有限公司（「聯交所」）主 板上市公司裕元工業（集團）有限公司（「裕元」）的子公司。按照國際財務報告準則， 裕元被視為臺灣證券交易所股份有限公司（「臺灣證交所」）上市公司寶成工業股份 有限公司（「寶成工業」）之子公司。根據臺灣證券交易所 ...

胜道體育 胜道體育 中期報告 INTERIM REPORT 2025 POU SHENG INTERNATIONAL (HOLDINGS) LIMITED 寶勝國 際（控 股）有限公 司 (Incorporated in Bermuda with limited liability) (於百慕達註冊成立之有限公司) (Stock Code 股份代號:3813) 讓 運 動 融 入 你 的 生 活 讓 運 動 入 融 運 讓 活 生 的 你 動 融 入 你 的 生 活 讓 運 動 融 入 你 的 生 活 INTERIM REPORT 2025 目錄 | 公司資料 | 2 | | --- | --- | | 本集團財務摘要 | 3 | | 中期業績 | | | 簡明綜合財務報表審閱報告 | 4 | | 簡明綜合收益表 | 6 | | 簡明綜合全面收益表 | 7 | | 簡明綜合財務狀況表 | 8 | | 簡明綜合權益變動表 | 10 | | 簡明綜合現金流量表 | 12 | | 簡明綜合財務報表附註 | 14 | | 管理層討論及分析 | 23 | | 其他資料 | 34 | 公司資料 (截至二零二五年八月十一日 ...

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8月31日 狀態: 新提交 公司名稱: 寶勝國際(控股)有限公司 呈交日期: 2025年9月3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) | 03813 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 30,000,000,000 | HKD | | 0.01 | HKD | | 300,000,000 | | 增加 / 減少 (-) | | | 0 | | | | HKD | | | | 本月底結存 | | | 30,000,000,000 | HKD | | 0.01 | HKD | | 300,000,000 | 本月底法定/註冊股本總額： HKD ...

Group 1 - Company experienced an 8.3% year-on-year decline in revenue, totaling 9.16 billion RMB, due to fluctuating store traffic and increased discounts [1] - Gross margin decreased by 0.7 percentage points to 33.5%, while net profit fell by 44% year-on-year to 190 million RMB, resulting in a net profit margin of 2.1% [1] - Inventory levels remained healthy, with inventory days at 146, below the target of 150 days, and old inventory accounting for less than 9% [1] Group 2 - Online sales showed robust growth of 16%, with live streaming sales exceeding 100% growth, contributing to 33% of total revenue [2] - The company maintained its offline store count at 3,408, with a net closure of 40 stores, while same-store sales declined by 10% to 20% [2] - The company plans to optimize its product mix and develop proprietary brands, with short-term revenue contribution from these brands at only 2-3% [2]

Core Viewpoint - Goldman Sachs reports that Yue Yuen Industrial Holdings Limited (00551) and its subsidiary Pou Chen Corporation (03813) exceeded market expectations for net profit in Q2 2025 by 16% and 49% respectively, primarily due to non-operating income and tax benefits exceeding expectations [1][2] Group 1: Financial Performance - Yue Yuen's Q2 2025 net profit increased by 13% year-on-year, surpassing market consensus by 16%, driven by higher-than-expected non-operating income and lower tax expenses [2][5] - The group's total revenue for Q2 2025 was reported at $2.03 billion, a 1% year-on-year increase, with OEM sales growing by 6.5% [4] - Pou Chen's Q2 2025 revenue decreased by 12% year-on-year, aligning with expectations, while net profit fell by 69% year-on-year but exceeded market expectations by 49% [2][6] Group 2: Operational Insights - OEM business sales showed steady growth, but gross margins were under pressure due to uneven production levels and rising labor costs [2][4] - Inventory levels increased by 4.6% year-on-year, with inventory turnover days at 146, up from 138 in Q1 2025 [8] - The company announced a change in CFO, with Chau Chi Ming taking over the position [2][3] Group 3: Market Focus Areas - Investors should focus on the OEM business, including updates on order outlook for H2 2025 and the impact of tariff changes [3] - In the retail segment (Pou Chen), attention should be given to recent sales trends, inventory status, and performance by brand and product category [3]

高盛发布研报称，裕元集团(00551)及其子公司宝胜国际(03813)2025年第二季度净利润分别超市场预期 16%和49%，主因非经营性收益及税费优惠超预期。OEM业务大体符合预期，但毛利率承压。该行认为 投资者关注重点应放在原始设备制造(OEM)业务，以及零售(宝胜国际)业务。关注关税政策变化以及其 首席财务官变更的最新情况。 毛利率(GPM)：综合毛利率为22.4%(市场一致预期为22.3%)，其中原始设备制造业务毛利率为17.8%(略 低于市场一致预期的18.1%)，零售业务毛利率约为34.5%(超过市场一致预期的33.5%)。尽管设备利用率 同比和环比都有所提高，但公司指出以下因素继续影响第二季度原始设备制造业务的利润率：1)部分工 厂的订单完成率和设备利用率与平均水平显著偏离，导致生产水平不均衡;2)部分生产线的生产效率未 达到既定目标;3)随着各地区劳动力规模扩大和工资上涨，总劳动力成本上升。 营业利润率(OPM)：综合营业利润率与市场一致预期相符，这得益于零售和原始设备制造业务的营业利 润率大体符合预期。 净利润(NI)：裕元集团2025年第二季度报告的净利润为9500万美元(超过市场一致预期 ...

香港股市创下自五月初以来的最佳单日表现。 主要推动因素包括：1. 延续昨日的利息补贴政策利好；2. 地缘政治局势逐步改善（关税休战虽已提前敲 定但基本符合预期）；3. 科技巨头财报季前的风险偏好升温。 南下资金净卖出 10 亿美元，而恒生指数大幅上涨，印证了本地市场风险情绪正在积聚动能。 港股成交额环比暴增 32%，南下交易占比从本周稍早的 30% 回落至 27%，再次表明外资买入是主要推 手。做空比例最高的股票仅上涨 2.7%，未呈现显著超额收益，说明即便存在轧空规模有限。 资金流向上 —— 高盛的交易平台买入呈现 1.2 倍净卖出状态。消费和科技板块是平台最活跃的主题 （双向交易并存，但消费股更适合卖出而科技股更宜买入）。消费板块呈现双向流动，餐饮类股遭遇部 分抛售，而普拉达等零售股则买卖交投活跃。科技板块中，持续在硬科技领域获得买单，但对腾讯音乐 等冲高个股转为卖出。网易也获得较大力度买入。医疗保健 / 制药板块更受青睐 —— 翰森制药虽呈双 向交易但买方更占优势。 从行业板块来看，医疗保健、科技和消费板块领涨 —— 在中国政府宣布对符合条件的个人消费贷款实 施贴息计划后，国内零售商与消费医疗企业的股价 ...

Investment Rating - The investment rating for the company is "Outperform the Market" [4][6][34] Core Views - The company experienced an 8.3% year-on-year decline in revenue to 9.16 billion RMB in the first half of the year, primarily due to increased discounts and a drop in customer traffic [1][4] - The gross profit margin decreased by 0.7 percentage points to 33.5%, leading to a 44.0% year-on-year decline in net profit to 190 million RMB [1][4] - The company maintains a healthy inventory level with an average inventory turnover of 146 days, keeping within the target of 150 days [1][4] - Online sales showed a robust growth of 16%, with live streaming sales exceeding 100% growth, contributing to 33% of total revenue [3][4] - The company plans to optimize its product mix and develop its own brands to enhance sales performance [3][4] Summary by Sections Financial Performance - Revenue for the first half of the year decreased by 8.3% to 9.16 billion RMB, with a net profit decline of 44.0% to 190 million RMB [1][4] - In the second quarter, revenue fell by 11.6% to 4.05 billion RMB, but the gross margin improved by 1.8 percentage points quarter-on-quarter to 34.5% [2][4] - The company has a stable cash level of 2.7 billion RMB and plans to distribute an interim and special dividend of 0.23 HKD per share, with a payout ratio of 60% [1][4] Channel Performance - Online channels showed a 16% increase in revenue, while offline store sales were negatively impacted by reduced customer traffic, with same-store sales down by 10% to 20% [3][4] - The company closed 40 stores, bringing the total to 3,408, a 2.0% year-on-year decrease [3][4] Future Outlook - The company expects to stabilize profitability despite current revenue pressures, with a forecasted net profit of 390 million RMB in 2025, down 21% year-on-year, but projected to recover by 21% in 2026 and 11% in 2027 [4][32] - The target price is maintained at 0.59 to 0.69 HKD, corresponding to a 6-7x PE for 2026 [4][32]

Core Viewpoint - The report from CMB International downgrades the target price of Baoshan International (03813) to HKD 0.74 while maintaining a "Buy" rating, indicating that the current stock price reflects performance pressures and offers sufficient downside protection with an expected dividend yield exceeding 8% [1] Company Summary - Baoshan International's revenue and net profit for the first half of 2025 showed a decline, with revenue at RMB 9.16 billion and net profit at RMB 190 million, representing year-on-year decreases of 8.3% and 44.1% respectively, primarily due to reduced foot traffic in physical stores [1] - The company is expected to face continued revenue pressure, with a projected decline of 4.5% year-on-year for the second half of 2025, leading to a revenue forecast adjustment of 7%-8% for 2025-2027, bringing the expected revenue to RMB 17.3-18.9 billion [1] - The gross margin decreased by 0.7 percentage points to 33.5%, and the operating profit margin fell by 1.7 percentage points to 3.1% due to discount pressures [1] - Despite short-term performance challenges, there are positive signals emerging in Q2, including a slight improvement in discount levels and inventory management, which may support future recovery [1] Industry Summary - The industry is expected to remain competitive in the short term, with ongoing pressure on discounts likely to continue into the second half of the year [1] - The negative operating leverage effect has led to a downward revision of net profit forecasts for the next three years by 6%-24%, estimating net profits to be between RMB 410 million and RMB 600 million [1]