华利集团(300979.SZ)发布2024年度报告，公司实现 营业收入240.06亿元，同比增长19.35%； 净利润 38.40亿元，同比增长20%。公司拟每10股派发现金红利23元（含税）。公司主要从事运动鞋的产品开 发设计、生产与销售，是 Nike、Adidas等国际知名运动休闲品牌的重要合作伙伴。主要产品包括运动 休闲鞋、户外靴鞋、运动凉鞋/拖鞋等。 ...

中山华利实业集团股份有限公司 2024 年度报告全文 证券代码：300979 证券简称：华利集团 公告编号：2025-013 中山华利实业集团股份有限公司 2024 年度报告 2025 年 04 月 1 中山华利实业集团股份有限公司 2024 年度报告全文 第一节 重要提示、目录和释义 公司董事会、监事会及董事、监事、高级管理人员保证年度报告内容的真 实、准确、完整，不存在虚假记载、误导性陈述或者重大遗漏，并承担个别和 连带的法律责任。 | 第一节 | 重要提示、目录和释义 | 2 | | --- | --- | --- | | 第二节 | 公司简介和主要财务指标 | 7 | | 第三节 | 管理层讨论与分析 | 10 | | 第四节 | 公司治理 | 39 | | 第五节 | 环境和社会责任 | 61 | | 第六节 | 重要事项 | 63 | | 第七节 | 股份变动及股东情况 | 79 | | 第八节 | 优先股相关情况 | 86 | | 第九节 | 债券相关情况 | 87 | | 第十节 | 财务报告 | 88 | 中山华利实业集团股份有限公司 2024 年度报告全文 备查文件目录 公司负责人张聪渊、 ...

华利集团（300979）公告，2024年营业收入为240.06亿元，同比增长19.35%；归属于上市公司股东的净 利润为38.4亿元，同比增长20.00%；基本每股收益为3.29元/股，同比增长20.07%。公司拟以11.67亿股 为基数，向全体股东每10股派发现金红利23元(含税)，送红股0股(含税)，以资本公积金向全体股东每10 股转增0股。 ...

Core Viewpoint - The expansion of U.S. tariffs, particularly against Vietnam and Indonesia, poses significant challenges for companies like Huayi Group, necessitating a strategic shift towards new markets and increased domestic sales to mitigate risks [1][4][5]. Group 1: Tariff Impact - On April 3, U.S. President Trump announced a 46% tariff increase on Vietnam and a 32% increase on Indonesia, significantly impacting Huayi Group, which has most of its factories in Vietnam [2][4]. - The company's stock dropped over 15% following the tariff announcement, highlighting the immediate market reaction to the news [1]. - Analysts suggest that the expanded U.S. tariff policy could severely undermine Huayi Group's production advantages in Vietnam, potentially leading to a loss of competitive edge [4][5]. Group 2: Production and Market Strategy - Huayi Group is a leading manufacturer of sports shoes, partnering with major brands like Nike and Adidas, and has recently expanded its production capabilities in Vietnam and Indonesia [2][3]. - The company plans to increase production in Indonesia, with new factories set to begin operations in the first half of 2024, as part of its strategy to diversify production locations [3][2]. - In 2024, Huayi Group expects to sell 223 million pairs of shoes, a 17.53% increase year-on-year, with projected revenues of 24 billion yuan, up 19.35% from the previous year [2]. Group 3: Future Market Directions - Industry experts recommend that Huayi Group explore new export markets beyond the U.S., such as Europe and the Middle East, to reduce reliance on the American consumer market [5][6]. - The company is also advised to enhance its domestic sales efforts to tap into the growing local consumer market, which could provide a buffer against international trade uncertainties [6]. - The competitive landscape in Southeast Asia is intensifying, with rising labor and material costs diminishing the profit margins for companies relocating production to these regions [5].

证券代码：300979 证券简称：华利集团 公告编号：2025-011 中山华利实业集团股份有限公司 控股股东减持股份预披露公告 二、 本次减持计划的主要内容 1 (一)减持原因：自身资金规划安排。 (二)减持股份来源：首次公开发行前取得的股份。 控股股东俊耀集团有限公司保证向本公司提供的信息内容真实、准确、完 整，没有虚假记载、误导性陈述或重大遗漏。 本公司及董事会全体成员保证公告内容与信息披露义务人提供的信息一 致。 特别提示： 持有中山华利实业集团股份有限公司（以下简称"公司""本公司"）股份 990,255,000 股（占本公司总股本比例 84.85%）的控股股东俊耀集团有限公司（以 下简称"香港俊耀"）计划在 3 个月内（自 2025 年 4 月 22 日起至 2025 年 7 月 21 日止）以大宗交易方式减持本公司股份不超过 17,505,000 股（占本公司总股 本比例 1.5%）。在此期间如遇法律法规规定的窗口期则不减持。 近日，公司收到控股股东香港俊耀提交的《关于股份减持计划的告知函》， 现将具体情况公告如下： 一、 拟减持主体的基本情况 | 序号 | 股东名称 | 持有股份的总数量（股） ...

Investment Rating - The investment rating for the company is "Outperform the Market" [2][6]. Core Views - The company is expected to achieve a revenue of 240.1 billion yuan in 2024, representing a year-on-year growth of 19.4%, and a net profit of 38.4 billion yuan, also reflecting a 20% increase year-on-year [6]. - The company has initiated production in three finished shoe factories and one shoe material factory in 2024, which is currently in the ramp-up phase, temporarily affecting profits [6]. - The company has started cooperation with the globally recognized sports brand Adidas, which is expected to provide substantial orders and enhance production capacity [6]. - The company is projected to experience a peak in capacity expansion over the next 3-5 years, with several new factories planned in Indonesia and Vietnam [6]. Financial Data and Forecast - Revenue and net profit forecasts for 2024-2026 are as follows: - 2024E: Revenue of 234.74 billion yuan, net profit of 38.36 billion yuan - 2025E: Revenue of 271.57 billion yuan, net profit of 44.60 billion yuan - 2026E: Revenue of 308.81 billion yuan, net profit of 50.84 billion yuan [5][10]. - The company’s gross margin is expected to remain stable at around 25.9% from 2024 to 2026 [5][10]. - The earnings per share (EPS) is projected to increase from 2.74 yuan in 2023 to 4.36 yuan in 2026 [5][10]. Market Performance - The company's stock closed at 65.25 yuan on March 17, 2025, with a 52-week price range of 55.50 to 85.00 yuan [2]. - The company has shown a relative performance decline compared to the market index, with absolute and relative declines of -2.5% and -3.7% respectively over the past month [3].

Investment Rating - The report maintains a "Buy" rating for the company [1][4]. Core Insights - The company reported a revenue of 24.006 billion RMB for 2024, representing a year-on-year growth of 19.35%. The net profit attributable to shareholders was 3.841 billion RMB, up 20.01% year-on-year [1]. - The company achieved a revenue of 6.495 billion RMB in Q4 2024, with a year-on-year increase of 11.87%, and a net profit of 999 million RMB, reflecting a growth of 9.20% [1]. - The company plans to distribute a cash dividend of 20 RMB per 10 shares, totaling 2.334 billion RMB, with a payout ratio of approximately 61% [1]. Performance Analysis - The company sold 223 million pairs of athletic shoes in 2024, marking a year-on-year increase of 17.53%. The average selling price (ASP) saw a low single-digit percentage increase [2]. - The company’s supplier, Fengtai, reported a Q4 revenue of 5.001 billion RMB, a slight decline of 0.50% year-on-year, while the company continues to lead in revenue compared to peers [2]. - The company has initiated cooperation with Adidas in Q4 2024, with mass production expected to start in September 2024 [2]. - The company has expanded its production capacity with three new factories in Vietnam and is also diversifying its production base in Indonesia and China to mitigate geopolitical risks [2]. - The net profit margin for Q4 2024 was 15.36%, a decrease of 0.38 percentage points year-on-year, primarily due to the ramp-up of new factory margins and increased management expenses [2]. Customer Trends - The company is optimistic about its growth potential, supported by new clients such as Adidas and On, which reported strong revenue growth in Q4 2025 [3]. - Adidas achieved a revenue of 5.965 billion euros in Q4 2024, reflecting a year-on-year growth of 23.99%, while On reported a 36% increase to 607 million Swiss francs [3]. Profit Forecast and Valuation - The company is expected to maintain steady growth, with projected net profits of 3.841 billion RMB, 4.423 billion RMB, and 5.074 billion RMB for 2024, 2025, and 2026, respectively. The corresponding price-to-earnings (PE) ratios are forecasted to be 24, 21, and 18 times [4].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative performance increase of over 15% against the benchmark index within the next 6 to 12 months [6]. Core Views - The company has demonstrated strong performance in its financial results, with a projected revenue growth of 19% year-on-year for 2024, reaching 24,016 million yuan, and a net profit growth of 20% to 3,841 million yuan [4][2]. - The company is expected to benefit from the ramp-up of new production capacities, with four new factories launched in 2024, which will alleviate previous capacity constraints [4]. - The collaboration with major clients like Adidas is deepening, providing a robust growth driver as production ramps up [4]. Financial Summary - **Revenue Forecast**: The company’s revenue is projected to grow from 20,114 million yuan in 2023 to 32,153 million yuan by 2026, reflecting a compound annual growth rate (CAGR) of approximately 15% [2]. - **Net Profit Forecast**: The net profit is expected to increase from 3,200 million yuan in 2023 to 5,031 million yuan in 2026, with a CAGR of about 13% [2]. - **Earnings Per Share (EPS)**: EPS is forecasted to rise from 2.74 yuan in 2023 to 4.31 yuan in 2026 [2]. - **Valuation Ratios**: The price-to-earnings (P/E) ratio is expected to decrease from 24.1 in 2023 to 15.4 in 2026, indicating improving valuation as earnings grow [2]. Dividend Policy - The company plans to distribute a cash dividend of 20 yuan per 10 shares, amounting to a total payout of approximately 23.34 billion yuan, which represents 60.8% of the net profit [4].

证券代码：300979 证券简称：华利集团 公告编号：2025-009 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意的意见。具体内容详 ...

Investment Rating - The investment rating for the company is "Buy" with a target price not specified [7]. Core Views - The company is expected to see revenue growth driven by the collaboration with Adidas, which began mass production in September 2024 [2]. - The company reported a revenue of 24.01 billion with a year-on-year growth of 19.4% for 2024, and a net profit of 3.84 billion, reflecting a 20.0% increase [1]. - The company has diversified its client base, with most clients being publicly listed companies, ensuring a stable growth trajectory [3]. - New factories in Vietnam and Indonesia are expected to enhance production capacity, mitigating geopolitical risks [2]. Financial Performance - Revenue projections for 2024-2026 are adjusted to 240 billion, 269 billion, and 309 billion respectively, with corresponding net profits of 38.4 billion, 43.9 billion, and 50.5 billion [5]. - The earnings per share (EPS) is forecasted to be 3.29, 3.76, and 4.33 for the years 2024, 2025, and 2026 respectively [5]. - The company maintains a stable gross margin trend despite the initial impact of new factory ramp-ups [4]. Financial Data and Valuation - The company reported a revenue of 20,569.27 million in 2022, with a projected increase to 30,919.41 million by 2026 [6]. - The net profit for 2022 was 3,228.02 million, expected to rise to 5,047.45 million by 2026 [6]. - The price-to-earnings (P/E) ratio is projected to decrease from 24.45 in 2022 to 15.64 in 2026, indicating potential value appreciation [6].