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） (1) 董事、主席及首席執行官之委任；及 (2) 提名委員會成員之變動 根據本公司之章程細則（「章程細則」）及聯交所證券上市規則（「上市規則」），邱先 生將擔任非執行董事直至本公司下屆股東週年大會為止，並符合資格膺選連任。 於本公告日期，本公司與邱先生已訂立一份為期三年之非執行董事委任函（「委任 函」），自二零二五年四月二十二日起生效。根據委任函，邱先生將不會從本公司 收取任何董事袍金或任何其他酬金，但有權參與本公司、其子公司或其控股公司 不時採納的購股權、股份獎勵或其他股權獎勵或認購計劃，上述薪津組合乃由董 事會參考其職責及現行市場慣例釐定，惟須經董事會每年作出檢討及獲本公司薪 酬委員會（「薪酬委員會」）推薦採納。 董事會宣佈， ...

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） 董事名單與其角色和職能 寶勝國際（控股）有限公司董事會（「董事會」）成員載列如下： 執行董事 胡嘉和 陳立傑 （首席財務官） 非執行董事 蔡佩君 李義男 獨立非執行董事 董事會設有四個委員會。各董事會成員於各委員會中所擔任的職位如下： 審核委員會 陳煥鐘 （主席） 蔡佩君 馮雷明 薪酬委員會 劉詩亮 （主席） 陳煥鐘 李義男 提名委員會 馮雷明 （主席） 陳煥鐘 胡嘉和 披露委員會 胡嘉和 （主席） 陳立傑 香港，二零二五年四月十四日 陳煥鐘 馮雷明 劉詩亮 ...

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。 寶勝國際（ 控 股 ）有 限公司 主席暨執行董事、披露委員會主席及授權代表之辭任 （於百慕達註冊成立之有限公司） （股份代號：3813） 寶勝國際（控股）有限公司（「本公司」，連同其子公司統稱「本集團」）之董事會（「董 事會」）宣佈，余煥章先生（「余先生」）因其個人規劃及其他考量，已辭任本公司之 所有職務，包括(i)本公司主席（「主席」）暨執行董事（「執行董事」）；(ii)披露委員會 主席；及(iii)根據香港聯合交易所有限公司（「聯交所」）證券上市規則（「上市規則」） 第3.05條所規定之本公司授權代表（「授權代表」），自二零二五年四月十四日起生效。 (1)主席暨執行董事及首席執行官辭任； (2)授權代表之變動；及 (3)披露委員會主席之變動 董事會謹此宣佈，自二零二五年四月十四日起： POU SHENG INTERNATIONAL (HOLDINGS) LIMITED 1 (1) 余煥章先生已辭任本 ...

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） 執行董事 余煥章先生（主席）、胡嘉和先生及陳立傑先生（首席財務官） 非執行董事 蔡佩君女士及李義男先生 董事會會議召開日期 寶勝國際（控股）有限公司（「本公司」）董事會（「董事會」）謹此宣佈，本公司將於二 零二五年五月十二日（星期一）舉行董事會會議，其目的主要是批准及刊發本公司 及其子公司截至二零二五年三月三十一日止三個月之未經審核綜合業績。 承董事會命 主席 余煥章 香港，二零二五年四月十一日 獨立非執行董事 陳煥鐘先生、馮雷明先生及劉詩亮先生 於本公告日期，董事會成員包括： 網址：www.pousheng.com ...

POU SHENG INTERNATIONAL (HOLDINGS) LIMITED 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。 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） 二零二五年三月之每月收益公告 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 ...

Investment Rating - The investment rating for the company is "Outperform the Market" [5][3]. Core Views - The company experienced a revenue decline of 8.0% year-on-year in 2024, totaling 18.454 billion yuan, primarily due to weak offline foot traffic and channel restructuring. However, net profit showed resilience, increasing by 0.2% to 491 million yuan, supported by improved gross margin and effective cost management strategies [1][3]. - The company is focusing on enhancing its online channels, with the proportion of revenue from all-channel sales rising to 28%, a 16% increase year-on-year. Key drivers include significant growth in sales through Douyin and the integration of local live streaming with national inventory [2][3]. - The management outlook for 2025 indicates stable revenue and profit, with a target of maintaining the number of direct stores around 3,300 and increasing the all-channel revenue share to 30% [2][3]. Summary by Sections Financial Performance - In 2024, the company reported a total revenue of 18.454 billion yuan, with a net profit of 491 million yuan. The gross margin improved by 0.5 percentage points to 34.2% due to strict discount control and inventory optimization [1][4]. - The fourth quarter of 2024 saw a revenue decline of 3.2% year-on-year, with a net profit drop of 17.3% to 150 million yuan, attributed to the same challenges faced throughout the year [1][2]. Operational Insights - The company reduced its direct store count by 75 to 3,448, while the average store area increased slightly. The average monthly sales per square meter and per store declined significantly due to poor customer traffic [2]. - The company plans to open 100 new stores in 2025, contributing to revenue growth from new brands that have been incubated over the past one to two years [2][3]. Future Projections - The company expects stable revenue and profit for 2025, with net profit projections of 492 million yuan, reflecting no growth compared to 2024. The target price is maintained at 0.59 to 0.69 HKD, corresponding to a PE ratio of 6-7x for 2025 [3][4].

Investment Rating - The investment rating for the company is "Outperform the Market" [5][3][25] Core Views - The company experienced a revenue decline of 8.0% year-on-year in 2024, totaling 18.454 billion yuan, primarily due to weak offline foot traffic and channel restructuring. However, net profit showed resilience, increasing by 0.2% to 491 million yuan, supported by improved gross margin and effective cost management strategies [1][3][25] - The company is focusing on enhancing its online channels, with the proportion of revenue from all-channel sales rising to 28%, a year-on-year increase of 16%. Key drivers include a doubling of sales on Douyin and the integration of localized live streaming with national inventory [2][3][25] Summary by Sections Financial Performance - In 2024, the company achieved a gross margin of 34.2%, up 0.5 percentage points year-on-year, due to strict discount control and inventory optimization. Operating profit margin increased by 0.1 percentage points to 3.8%, while net profit margin rose by 0.3 percentage points to 2.7% [1][3][25] - The fourth quarter of 2024 saw a revenue decline of 3.2% year-on-year to 4.47 billion yuan, with net profit dropping 17.3% to 150 million yuan, attributed to the same factors affecting overall performance [1][2] Future Outlook - Management projects stable revenue and profit for 2025, with a target of maintaining revenue at the same level as 2024. The gross margin and operating profit margin are expected to remain stable, with a focus on adjusting the number of direct stores based on market trends [2][3][25] - The company plans to increase the all-channel revenue share to 30% and aims to open 100 new stores for new brands, which are expected to contribute positively to revenue [2][3] Valuation - The target price for the company is set between 0.59 and 0.69 HKD, corresponding to a price-to-earnings ratio (PE) of 6-7x for 2025. The net profit forecasts for 2025-2027 are 490 million, 540 million, and 600 million yuan, reflecting a growth of 0%, 11%, and 10% respectively [3][4][25]

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of HKD 0.70, indicating a potential upside of 22.8% from the current price of HKD 0.57 [4][8]. Core Insights - The company is expected to see a marginal improvement in performance, with a high probability of earnings recovery in 2025. This is supported by a low valuation and an increased dividend yield, which provides significant upside potential compared to downside risks [8]. - The revenue trend is anticipated to reverse starting in the second quarter of 2024, with management expecting a return to healthier inventory levels in the industry by April. The company aims for its 2025 revenue to remain stable year-on-year [8]. - There is potential for a slight improvement in operating profit margins in 2025 due to expected retail discount improvements and increased sales of new products. However, the growth of e-commerce may continue to impact channel structure [8]. - The company is likely to maintain a high dividend payout ratio in 2025, with an expected dividend yield exceeding 10%, providing a safety net for the stock price [8]. Financial Forecasts - Revenue projections for the company are as follows: - 2023: RMB 20,064 million - 2024: RMB 18,454 million - 2025: RMB 18,592 million - 2026: RMB 19,272 million - 2027: RMB 19,782 million - The net profit attributable to shareholders is projected to increase from RMB 490 million in 2023 to RMB 684 million in 2027, reflecting a compound annual growth rate [3][10]. - The company’s price-to-earnings (P/E) ratio is expected to decrease from 5.6x in 2024 to 4.0x in 2027, indicating a more attractive valuation over time [3][10]. Market Performance - The company's stock has a 52-week price range of HKD 0.48 to HKD 0.69, with a current market capitalization of HKD 3,036 million [4][8]. - The average daily trading volume over the past three months is HKD 0.7 million, suggesting moderate liquidity in the stock [4].

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of HKD 0.70, indicating a potential upside of 22.8% from the current price of HKD 0.57 [4][8]. Core Insights - The company is expected to see a marginal improvement in performance, with a high probability of earnings recovery in 2025. This is supported by a low valuation and an increased dividend yield, which provides significant upside potential compared to downside risks [8]. - The revenue trend is anticipated to reverse starting in the second quarter of 2024, with management expressing confidence in achieving year-on-year revenue growth in the latter half of 2024 [8]. - The operating profit margin for 2025 is projected to improve slightly due to better retail discounts and an increased sales proportion of new products, despite potential challenges from e-commerce growth affecting channel structure [8]. - The company is likely to maintain a high dividend payout ratio in 2025, with an expected dividend yield exceeding 10%, providing a safety net for the stock price [8]. Financial Forecasts - Revenue is forecasted to decline from RMB 20,064 million in 2023 to RMB 18,592 million in 2025, with a year-on-year change of -8% in 2024 and a slight recovery of 1% in 2025 [3][10]. - The net profit attributable to shareholders is projected to increase from RMB 490 million in 2023 to RMB 523 million in 2025, reflecting a significant growth of 450% in 2023, followed by modest growth rates in subsequent years [3][10]. - The price-to-earnings ratio is expected to decrease from 5.6x in 2023 to 4.0x in 2027, indicating a more attractive valuation over time [3][10]. Market Performance - The company's stock has a 52-week price range of HKD 0.48 to HKD 0.69, with a current market capitalization of HKD 3,036 million [4][6]. - The average daily trading volume over the past three months is HKD 0.7 million, suggesting moderate liquidity in the stock [4][6].

Investment Rating - The investment rating for the company is "Buy" with a target price of HKD 0.90, indicating a potential upside of 53.3% from the current price of HKD 0.59 [1][2][7]. Core Insights - The report highlights that the company's profit margins have improved due to better discount control and operational efficiency, with a stable performance expected in 2025 [6]. - For 2024, the company anticipates a revenue decline of 8.0% to RMB 18.45 billion, but it expects to maintain a stable profit margin through cost control and efficiency improvements [6]. - The company plans to enhance its multi-channel strategy, including the introduction of new brands and digital transformation initiatives to capture new growth opportunities [6]. Financial Overview - Revenue projections for the company are as follows: RMB 20,064 million in 2023, RMB 18,454 million in 2024, and RMB 18,831 million in 2025, with a projected growth of 2.0% in 2025 [5][9]. - Net profit is expected to increase from RMB 490 million in 2023 to RMB 546 million in 2025, reflecting a growth rate of 11.1% [5][9]. - The company’s gross margin is projected to improve to 34.5% in 2025, up from 34.2% in 2024 [10]. Stock Performance - The stock has shown a year-to-date increase of 18.0% and has a market capitalization of approximately HKD 3,057.68 million [4][6]. - The stock's 52-week high and low are HKD 0.70 and HKD 0.48, respectively [4].