证券代码：300979 证券简称：华利集团 公告编号：2025-070 一、本次部分闲置募集资金进行委托理财（仅限现金管理）产品到期赎回 基本情况 公司近期赎回闲置募集资金购买的已到期理财产品，赎回本金共计人民币 20,000 万元，获得收益合计人民币 164.31 万元。前述本金及收益已全部归还至 募集资金专户，具体赎回情况如下： | 序 | 购买 | 发行 | 产品 | 产品 | 购买 | 起始 | 到期 | 年化 | 收益 | 产品专用 | 产品专用 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | | | | | | 结算账户 | 结算账户 | | 号 | 主体 | 主体 | 名称 中国建设银行 | 类型 | 金额 | 日期 | 日期 | 收益率 | 金额 | 开户机构 | 账号 | | | | 中国建 设银行 | 广东省分行单 位人民币定制 | 保本浮 | | | | | | 中国建设 银行股份 | 44050278050 | | | 华利 | 股份有 | | | | 202 ...

Group 1: Investor Relations Activities - The investor relations activity was conducted on November 27, 2025, with participation from various financial institutions and analysts [2] - The meeting was held online via Tencent Meeting and offline in Zhongshan [2] Group 2: Impact of Tariff Policies - The increase in U.S. import tariffs will raise costs for customers exporting to the U.S., but will not affect exports to non-U.S. regions [2] - Historically, tariffs have been borne by brand customers (importers), ultimately passed on to consumers [2] - The company is focused on cost optimization across the supply chain in response to tariff impacts [2] Group 3: Factory Operations and Profitability - The first factory in Indonesia achieved profitability in Q3 2025, with management confident in its future performance [2][3] - The company is adjusting management practices to leverage Indonesia's advantages in labor supply and cost [2][3] - The company has three out of four new factories achieving profitability targets in Q3 2025 [3][5] Group 4: Capacity Utilization and Planning - The company maintains flexible capacity utilization, adjusting based on order demand and factory stages [4] - Future capacity expansion is planned, with a focus on new factories in Indonesia [5] - The company aims to keep capacity utilization high by managing production schedules and workforce [4][5] Group 5: Average Selling Price and Revenue - Average selling price fluctuations are influenced by customer and product mix changes [6] - The company employs a diversified brand strategy to optimize customer and product structures, impacting average selling prices [6] Group 6: Dividend Policy - The company has a strong focus on shareholder returns, with cash dividends in 2021 accounting for approximately 89% of net profit [7] - In 2023, cash dividends represented about 44% of net profit, with a projected 70% for 2024 [7] - The company has accumulated significant undistributed profits (approximately 9 billion RMB as of September 2025) and aims to maintain or increase dividend payouts [7]

Investment Rating - Investment advice is to outperform the market, with a focus on specific companies such as Huali Industrial Group, Stella International Holdings, Shenzhou International, and Best Pacific International [40][16]. Core Insights - October Swiss watch exports to China increased by 12.6% year-on-year, marking two consecutive months of double-digit growth. The overall Swiss watch exports showed a global decline of 4.4% [40][4]. - The report highlights a clearer recovery logic for the export manufacturing sector in 2026, driven by three main factors: clarity in US tariff policies, reduced tariff pressure with brands, and improved production efficiency [40][4]. - The North American luxury market is showing leading growth, supported by expectations of interest rate cuts, although Q4 performance needs to be monitored due to high base effects [40][4]. Industry Data Tracking - In October 2025, China's retail sales of clothing increased by 6.8%, while textile and apparel exports fell by 12.6% [17][19]. - Cumulative textile and apparel exports from January to October 2025 amounted to approximately $243.94 billion, reflecting a year-on-year decline of 1.79% [19][19]. - The report notes that the export of textiles and clothing in October 2025 was approximately $22.26 billion, down 12.64% year-on-year [19][19]. Recommended Stocks and Valuation - Recommended stocks include Huali Group, Stella International, Shenzhou International, and Best Pacific International, all rated as outperforming the market [16][40]. - The report provides earnings forecasts for these companies, indicating a positive outlook for their performance in the coming years [16][40].

Core Viewpoint - Huali Group reported a decrease in the number of shareholders and a decline in financing balance, while the stock price showed mixed performance despite a year-on-year increase in revenue and a decrease in net profit [2] Group 1: Shareholder and Stock Performance - As of November 20, the number of Huali Group shareholders was 10,400, a decrease of 600 from the previous period (November 10), representing a decline of 5.45% [2] - The closing price of Huali Group on the reporting date was 59.39 yuan, an increase of 1.07%, but the stock price has cumulatively decreased by 2.40% since the concentration of shares began [2] - The stock experienced 5 days of increases and 5 days of decreases during the reporting period [2] Group 2: Financing and Revenue - As of November 21, the latest margin trading balance for Huali Group was 65.29 million yuan, with a financing balance of 63.72 million yuan, reflecting a total decrease of 14.19 million yuan, or 18.22%, since the concentration of shares began [2] - For the first three quarters, Huali Group achieved a total operating revenue of 18.68 billion yuan, a year-on-year increase of 6.67%, while net profit was 2.43 billion yuan, a year-on-year decrease of 14.34% [2] - The basic earnings per share were 2.0900 yuan, and the weighted average return on equity was 14.13% [2] Group 3: Institutional Ratings - In the past month, Huali Group received buy ratings from 27 institutions [2] - The highest target price forecast was set by Guotai Junan at 75.48 yuan, as reported on November 11 [2]

华利集团 20251120 华利集团凭借 40 年行业经验，通过深耕核心客户（如匡威、万斯）及 产能转移（从中国台湾到越南），奠定了上市基础，并在上市后引入 On、锐步、阿迪达斯等大客户，提升了耐克份额，实现了快速增长。 2018-2024 年，华利集团收入复合增长率达 12%，利润复合增长率 17%，净利润率从 11%提升至 16%。尽管 2025 年受新厂扩张及大客 户销售承压影响，毛利率和净利润率有所回落，但收入仍保持个位数增 长。 华利集团主要代工运动休闲鞋和硫化鞋，通过优化产品结构，提升运动 休闲鞋占比至 70%，推动了单价与毛利的提升。客户集中度方面，前五 大客户占比下降至 70%左右，客户包括耐克、DUNKS、VF、标码及 UA，美国市场销售占比约 40%。 尽管 2025 年面临盈利压力，华利集团仍具备增长潜力，通过积极进行 产能规划、优化产品结构与提升优质客户份额，有望改善毛利与净利润。 公司现金流稳健，高分红政策保障股东回报。 Q&A 华利集团的发展历程和管理架构是怎样的？ 华利集团成立于 1989 年，其前身是新风出售业务后由张董收购而来。张董自 1990 年起在良兴实业负责鞋履代工业务 ...

Core Insights - The report emphasizes the potential for investment opportunities in the textile and apparel sector, particularly focusing on new consumption trends and global manufacturing recovery [3][16][18]. Industry Performance - The textile and apparel sector outperformed the market during the week of November 17 to November 21, with the SW textile and apparel index declining by 4.8%, which was 0.3 percentage points better than the SW All A index [4][10]. - Recent industry data shows that from January to October, the total retail sales of clothing, shoes, and textiles reached 1,205.3 billion yuan, reflecting a year-on-year growth of 3.5% [3][34]. Textile Sector Insights - The Australian wool price index stabilized at 983 cents per kilogram as of November 20, 2025, with a year-on-year increase of 32.3% and a monthly increase of 5.4%, indicating a bullish trend in wool prices [10][50]. - The report suggests that the current price increase in Australian wool is in its early stages, driven by supply constraints and new demand from sports wool yarns, presenting investment opportunities [10][18]. Apparel Sector Insights - Amer Sports reported a 30% increase in revenue to $1.76 billion for Q3 2025, with a net profit increase of 161% to $190 million, exceeding previous guidance and indicating strong growth in the outdoor segment [13][15]. - The report recommends focusing on outdoor sports brands such as Bosideng, which is expected to benefit from seasonal sales and a favorable market environment [15][18]. Investment Strategy for 2026 - The investment strategy for the textile and apparel industry in 2026 focuses on consolidating positions and exploring new consumption trends, particularly targeting younger consumer demographics [16][17]. - The report highlights the importance of the global tariff landscape stabilizing, which is expected to enhance the competitiveness of core manufacturing [18]. Key Recommendations - Recommended companies in the outdoor sports segment include Anta, Bosideng, and 361 Degrees, with a focus on brands that are well-positioned to capitalize on the upcoming winter season and the Milan Winter Olympics [17][18]. - The report also identifies potential in discount retail and personal care sectors, suggesting companies like Hailan Home and Nobon Co., which are expected to benefit from changing consumer behaviors [17][18].

Core Insights - The company conducted a specific investor meeting on November 20, 2025, discussing key issues such as the impact of U.S. tariffs, operations in Indonesia, product pricing, customer expansion, and dividend policies with six participating institutions [1] Group 1: Tariff Impact and Cost Management - The company indicated that the increase in U.S. tariffs will directly raise the customs costs for brand clients selling to the U.S. market, while shipments to non-U.S. regions will remain unaffected [2] - Historically, tariff costs have been primarily borne by brand clients (importers) and ultimately passed on to end consumers. The company is currently collaborating with brand clients and material suppliers to explore cost optimization strategies across various stages of the supply chain [2] Group 2: Indonesian Factory Progress - The Indonesian factory's operational progress was a focal point of the meeting, with the company revealing that its first factory in Indonesia achieved its interim assessment goals and became profitable by Q3 2025 [3] - Despite cultural and experiential differences between Indonesia and Vietnam, the company believes that Indonesia has advantages in labor supply and employment costs. The management team is confident that once the factory matures, its profitability will be comparable to that of the Vietnamese factory [3] Group 3: Business Strategy and Financial Indicators - The company noted that average product pricing is significantly influenced by customer and product mix variations, with fluctuations in brand and product category proportions potentially affecting pricing, although this metric shows little correlation with revenue and gross margin trends [4] - The company continues to pursue a moderately diversified customer strategy, having initiated cooperation with Adidas last year, and has seen a significant increase in revenue contributions from new clients in the first half of this year [4] - The company emphasizes shareholder returns, with cash dividends amounting to approximately 70% of net profit for both 2024 and the first half of 2025. As of September 30, 2025, the company reported undistributed profits of about 9 billion RMB [4] - Despite being in a capital expenditure peak period, the company aims to increase dividend ratios while balancing shareholder interests and long-term development [4]

证券代码：300979 证券简称：华利集团 公告编号：2025-069 中山华利实业集团股份有限公司 关于部分闲置募集资金现金管理到期赎回并继续进行 现金管理的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 为提高资金使用效率、增加股东回报，在保证日常经营运作资金需求、有效 控制投资风险的情况下，中山华利实业集团股份有限公司（以下简称"公司""华 利集团"）于2024年10月28日召开了第二届董事会第十次会议，审议通过了《关 于2025年度委托理财及现金管理额度预计的议案》，同意公司（含子公司）使用 自有资金、闲置募集资金进行委托理财及现金管理，预计交易金额合计不超过人 民币55亿元，其中使用闲置募集资金仅用于现金管理且交易金额不超过人民币20 亿元。上述交易额度在2025年度内有效，在上述期限内，额度可循环滚动使用， 但在期限内任一时点的交易金额（含前述投资的收益进行再投资的相关金额）不 应超过交易额度。在额度有效期和额度范围内，授权公司管理层行使相关投资决 策权并签署相关文件，具体由公司总财务部负责组织实施和管理。公司监事会、 保荐机构均发表了明确同 ...

Group 1: Tariff Impact and Cost Management - The increase in U.S. import tariffs will raise the cost for customers selling to the U.S. market, while non-U.S. sales remain unaffected. Historically, tariffs have been borne by brand customers (importers) and ultimately passed on to consumers [2] - The company emphasizes cost control and will closely monitor tariff policy changes, maintaining communication with customers and suppliers to explore cost optimization strategies across various aspects of the supply chain [2] Group 2: Factory Operations and Profitability - The company's first factory in Indonesia has achieved its phase assessment goals and is expected to be profitable by the end of 2025. Indonesia offers advantages in labor supply and costs compared to Vietnam, and the management team is confident in the factory's future profitability [2] - The production ramp-up for new Adidas factories in Vietnam, Indonesia, and China is proceeding as planned, with no significant anomalies reported in order fulfillment [3] Group 3: Average Selling Price and Customer Strategy - Changes in average selling price are influenced by customer and product mix variations. The company employs a diversified brand strategy, continuously introducing new clients while optimizing its customer and product structure, which affects average selling price fluctuations [4] - The company plans to maintain its strategy of adding 1-2 new clients annually, with significant revenue contributions from new clients observed in the first half of the year [5] Group 4: Dividend Policy and Shareholder Returns - The company has a strong focus on shareholder returns, with cash dividends in 2021 accounting for approximately 89% of net profit, and 2022 and 2023 dividends at 43% and 44% of net profit, respectively. The 2024 dividend is projected to be around 70% of net profit, with a mid-year dividend introduced in 2025 [6] - As of September 2025, the company has accumulated approximately 9 billion RMB in undistributed profits, indicating strong cash flow and a commitment to maximizing dividends while balancing capital expenditures and operational needs [6]

Core Viewpoint - The article highlights the performance of Huali Group, a leading domestic sports shoe manufacturer, emphasizing its revenue growth despite facing pressure on profit margins due to new factory ramp-ups. Group 1: Company Overview - Huali Group (300979.SZ) is a leading domestic sports shoe OEM, producing a range of products including sports casual shoes, outdoor boots, sports sandals, and slippers, serving well-known global brands such as Nike, Adidas, and Puma [4]. - In the first three quarters of 2025, Huali Group achieved operating revenue of 18.68 billion yuan, representing a year-on-year growth of 6.67%. During the same period, the sales volume of sports shoes reached 168 million pairs, an increase of 3.04% year-on-year, indicating continuous expansion of the company's core business [4]. Group 2: Profitability Challenges - However, the company is facing pressure on profitability, with an overall gross margin of 21.83% in the first half of 2025, a significant decline of 6.38 percentage points year-on-year. This decline is attributed to several new factories, such as those in Vietnam, Indonesia, and Sichuan, China, being in the ramp-up phase, which has lowered the overall gross margin [6]. - There was a marginal improvement in the situation during the third quarter, suggesting potential recovery in profitability [8].