Core Viewpoint - Huayi Group's Q3 2025 revenue, net profit attributable to shareholders, and net profit excluding non-recurring items were 6.019 billion, 765 million, and 816 million yuan respectively, showing a year-on-year decline of 0.34%, 20.73%, and 14.83%, which aligns with market expectations [1] Financial Performance - The slight revenue decline is primarily due to inventory destocking by some existing customers [1] - The net profit drop is mainly influenced by the ramp-up of new plant capacity and tariff impacts [1] - Gross margin has shown improvement on a quarter-on-quarter basis due to the gradual ramp-up of the new plant [1] Future Outlook - The worst period for the company may have passed, with expectations of a return to a factory establishment speed of 1-2 plants in the future [1] - The ramp-up of new plants is expected to contribute greater profit elasticity [1] Customer Analysis - Despite short-term growth slowdowns for major clients like NIKE and DECKERS, there remains room for market share expansion [1] - Additional revenue contributions are anticipated from brands such as Adidas, ON, New Balance, and Reebok [1] Investment Rating - Given the potential for market share growth with major clients and the company's ability to rapidly expand production, a "Buy" rating is maintained [1]

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance relative to the market index [7]. Core Insights - The company reported a revenue increase of 7% year-on-year for the first three quarters of 2025, totaling 18.68 billion yuan, while net profit attributable to shareholders decreased by 14% to 2.44 billion yuan [1][5]. - The gross margin for Q3 2025 improved on a quarter-on-quarter basis, reflecting ongoing expansion efforts at the Indonesian production base [1][4]. - The company is diversifying its customer base, with significant orders from new clients like On and New Balance, while facing some order adjustments from existing clients [3][5]. - The company is expected to achieve a revenue growth of approximately 5% for the full year 2025, driven by new customer orders despite cautious behavior from existing clients [3][5]. Financial Performance Summary - For Q3 2025, the company reported revenue of 6.02 billion yuan, which was flat year-on-year, and a net profit of 760 million yuan, down 21% year-on-year [2]. - The gross margin for Q3 2025 was 22.2%, a decrease of 4.8 percentage points year-on-year, but an improvement of 1.1 percentage points from Q2 2025 [2]. - The company’s cash flow remains strong, with a net operating cash flow of 3.76 billion yuan for the first three quarters of 2025, approximately 1.5 times the net profit for the same period [5]. Production and Capacity Expansion - The company is actively expanding its production capacity, with a total capacity of 11.7 million pairs and a total output of 11.2 million pairs in the first half of 2025, reflecting year-on-year increases of 7% and 6%, respectively [4]. - The new factories are progressing well, with three out of four newly established factories achieving profitability as per the report [4]. Future Outlook - The company is projected to achieve net profits of 3.25 billion yuan, 3.91 billion yuan, and 4.46 billion yuan for the years 2025, 2026, and 2027, respectively, with a corresponding P/E ratio of 20 times for 2025 [5][6].

Group 1: Guizhou Moutai - Guizhou Moutai reported a net profit of 646.27 billion yuan for the first three quarters of 2025, an increase of 6.25% year-on-year [1][2] - The company's revenue for the first three quarters reached 1,284.54 billion yuan, reflecting a growth of 6.36% compared to the previous year [1][2] Group 2: Midea Group - Midea Group achieved a net profit of 378.83 billion yuan for the first three quarters of 2025, marking a year-on-year increase of 19.51% [3][4] - The company's revenue for the same period was 3,630.57 billion yuan, up 13.82% year-on-year [3][4] Group 3: Mindray Medical - Mindray Medical reported a net profit of 75.7 billion yuan for the first three quarters of 2025, a decline of 28.83% year-on-year [5][6] - The company's revenue for the first three quarters was 258.34 billion yuan, down 12.38% compared to the previous year [5][6] Group 4: SanHuan Group - SanHuan Group's net profit for the first three quarters of 2025 was 19.59 billion yuan, reflecting a growth of 22.16% year-on-year [7][8] - The company's revenue for the same period reached 65.08 billion yuan, an increase of 20.96% year-on-year [7][8] Group 5: Longyuan Power - Longyuan Power reported a net profit of 43.93 billion yuan for the first three quarters of 2025, a decrease of 21.02% year-on-year [9][10] - The company's revenue for the same period was 222.21 billion yuan, down 17.29% compared to the previous year [9][10] Group 6: China Nuclear Power - China Nuclear Power's net profit for the first three quarters of 2025 was 80.02 billion yuan, a decline of 10.42% year-on-year [12][13] - The company's revenue for the same period reached 616.35 billion yuan, an increase of 8.16% year-on-year [12][13] Group 7: Fenjie Media - Fenjie Media reported a net profit of 42.40 billion yuan for the first three quarters of 2025, an increase of 6.87% year-on-year [14][15] - The company's revenue for the same period was 96.07 billion yuan, reflecting a growth of 3.73% year-on-year [14][15] Group 8: Tianfu Communication - Tianfu Communication achieved a net profit of 14.65 billion yuan for the first three quarters of 2025, marking a year-on-year increase of 50.07% [17][18] - The company's revenue for the same period was 39.18 billion yuan, up 63.63% year-on-year [17][18] Group 9: Lingyi Technology - Lingyi Technology reported a net profit of 19.41 billion yuan for the first three quarters of 2025, reflecting a growth of 37.66% year-on-year [19][20] - The company's revenue for the same period reached 375.90 billion yuan, an increase of 19.25% year-on-year [19][20] Group 10: Rongsheng Petrochemical - Rongsheng Petrochemical's net profit for the first three quarters of 2025 was 8.88 billion yuan, a growth of 1.34% year-on-year [21] - The company's revenue for the same period was 2,278.15 billion yuan, down 7.09% compared to the previous year [21] Group 11: ShenNan Circuit - ShenNan Circuit reported a net profit of 23.26 billion yuan for the first three quarters of 2025, an increase of 56.30% year-on-year [22] - The company's revenue for the same period was 167.54 billion yuan, reflecting a growth of 28.39% year-on-year [22] Group 12: Jiangbolong - Jiangbolong achieved a net profit of 7.13 billion yuan for the first three quarters of 2025, marking a year-on-year increase of 27.95% [23] - The company's revenue for the same period reached 167.34 billion yuan, up 26.12% year-on-year [23] Group 13: New Yisheng - New Yisheng reported a net profit of 63.27 billion yuan for the first three quarters of 2025, reflecting a growth of 284.37% year-on-year [24] - The company's revenue for the same period was 165.05 billion yuan, an increase of 221.70% year-on-year [24] Group 14: China Merchants Bank - China Merchants Bank achieved a net profit of 1,137.72 billion yuan for the first three quarters of 2025, marking a year-on-year increase of 0.52% [25] - The company's revenue for the same period was 2,514.2 billion yuan, down 0.51% compared to the previous year [25] Group 15: Zhongwei Company - Zhongwei Company reported a net profit of 12.11 billion yuan for the first three quarters of 2025, a growth of approximately 32.66% year-on-year [26] - The company's revenue for the same period reached 80.63 billion yuan, an increase of approximately 46.40% year-on-year [26] Group 16: Microchip Biotech - Microchip Biotech's non-public offering was approved, aiming to raise up to 9.5 billion yuan for innovative drug research and development [27] Group 17: Longyuan Power's Fundraising - Longyuan Power plans to raise up to 50 billion yuan through a private placement to invest in renewable energy projects [28] Group 18: North University Pharmaceutical - North University Pharmaceutical's chairman was detained for investigation, but the company's operations remain normal [29] Group 19: Deyang Shares - Deyang Shares reported a net profit of 23.47 billion yuan for the first three quarters of 2025, a growth of 4.79% year-on-year [30] Group 20: Xiechuang Data - Xiechuang Data achieved a net profit of 6.98 billion yuan for the first three quarters of 2025, marking a year-on-year increase of 25.30% [31] Group 21: Zhifei Biological - Zhifei Biological reported a net loss of 12.06 billion yuan for the first three quarters of 2025, primarily due to lower sales and increased provisions [32] Group 22: Softcom Power - Softcom Power achieved a net profit of 9.89 billion yuan for the first three quarters of 2025, reflecting a growth of 30.21% year-on-year [33] Group 23: Magmi Technology - Magmi Technology reported a net profit of 2.13 billion yuan for the first three quarters of 2025, a decline of 48.29% year-on-year [34] Group 24: Huali Group - Huali Group's net profit for the first three quarters of 2025 was 24.35 billion yuan, a decrease of 14.34% year-on-year [35]

Group 1: Financial Performance - The company's interest expenses have increased significantly this year due to a rise in short-term borrowings compared to last year [3] - The overall gross profit margin has declined year-on-year, but measures to reduce costs and improve efficiency have led to a sequential increase in gross profit margin in Q3 2025 [2] - Three out of four new shoe production factories set to be operational in 2024 have achieved interim profitability targets [5] Group 2: Operational Insights - The U.S. tariff policy changes are expected to increase costs for customers selling to the U.S. market, but will not affect sales to non-U.S. regions [2] - The company is actively monitoring tariff policy changes and maintaining close communication with customers and suppliers to optimize costs [2] - The production capacity for Adidas factories in Vietnam, Indonesia, and China is progressing as planned, with no significant order changes reported [4] Group 3: Future Plans - The company plans to continue expanding production capacity in response to customer demand, with a focus on new factories in Indonesia over the next 3-5 years [5] - Production capacity adjustments will be made based on annual order conditions, including employee numbers and overtime management [5]

Core Viewpoint - 华利集团 is a leading global manufacturer of sports shoes, with strong design capabilities and a rich customer base, achieving top rankings in revenue and net profit within the industry [1][2]. Group 1: Business Performance - In Q3 2025, 华利集团 reported revenue of 18.68 billion, ranking first in the industry, with a net profit of 2.437 billion, also ranking first [2]. - The revenue breakdown includes 11.336 billion from sports leisure shoes (89.53%), 1.052 billion from sports sandals/slippers (8.31%), and 0.262 billion from outdoor boots (2.07%) [2]. Group 2: Financial Ratios - As of Q3 2025, the asset-liability ratio was 33.76%, up from 24.78% year-on-year, aligning with the industry average [3]. - The gross profit margin was 21.96%, down from 27.81% year-on-year, also in line with the industry average [3]. Group 3: Executive Compensation - Chairman Zhang Congyuan's compensation for 2024 was 8.7617 million, a decrease of 1.0283 million from 2023 [4]. - General Manager Liu Shujuan's compensation for 2024 was 6.2393 million, down by 0.5543 million from 2023 [4]. Group 4: Shareholder Information - As of September 30, 2025, the number of A-share shareholders increased by 3.03% to 12,900 [5]. - The average number of circulating A-shares held per shareholder decreased by 2.94% to 90,600 [5]. Group 5: Market Outlook - 华利集团's revenue showed double-digit growth in the first half of 2025, although net profit declined due to a significant drop in gross margin [5]. - The company is expected to maintain stable performance in sports leisure shoes, with rapid revenue growth in Europe [6].

Core Viewpoint - 华利集团 reported a decline in net profit for Q3 2025, despite a slight decrease in revenue, indicating challenges in profitability despite operational improvements [1] Financial Performance - Q3 2025 revenue reached 6.019 billion yuan, a year-on-year decrease of 0.34% [1] - Q3 2025 net profit was 765 million yuan, down 20.73% year-on-year [1] - For the first three quarters of 2025, total revenue was 18.680 billion yuan, reflecting a year-on-year growth of 6.67% [1] - Net profit for the first three quarters was 2.435 billion yuan, a decrease of 14.34% year-on-year [1] Operational Highlights - The company focused on improving the operation of new factories and implementing cost reduction and efficiency enhancement measures [1] - Three out of four new mass production factories for sports shoes, set to be operational in 2024, achieved interim profitability targets during the reporting period [1] - The first factory opened in Indonesia, known as Indonesia Shichuan, is among those that reached profitability [1] Sales Performance - In the first nine months of 2025, the company sold 168 million pairs of sports shoes, representing a year-on-year increase of 3.04% [1]

Core Insights - The company reported a revenue of 18.68 billion yuan for the first three quarters of 2025, representing a year-on-year increase of 6.67% [1] - The net profit attributable to shareholders decreased by 14.34% year-on-year to 2.435 billion yuan, while the net profit excluding non-recurring items fell by 10.83% to 2.500 billion yuan [1][2] - Basic earnings per share stood at 2.09 yuan [1][2] Financial Performance - The gross profit margin for the first three quarters was 21.96%, down by 5.85 percentage points year-on-year, and the net profit margin was 13.05%, a decrease of 3.19 percentage points compared to the same period last year [2] - In Q3 2025, the gross profit margin was 22.19%, showing a year-on-year decline of 4.82% but a quarter-on-quarter increase of 1.11% [2] - The net profit margin for Q3 was 12.73%, down 3.26% year-on-year but up 0.30 percentage points from the previous quarter [2] Expense Analysis - Total operating expenses for the period were 842 million yuan, a decrease of 320 million yuan year-on-year, with an expense ratio of 4.51%, down 2.13 percentage points from the same period last year [2] - Sales expenses decreased by 17.19%, while management expenses saw a significant reduction of 44.51%. Conversely, R&D expenses increased by 33.53%, and financial expenses rose by 35.95% [2] Shareholder Information - As of the end of Q3 2025, the total number of shareholders was 12,900, an increase of 652 from the end of the previous half-year, marking a growth of 5.33% [2] - The average market value per shareholder decreased from 5.0175 million yuan at the end of the previous half-year to 4.8043 million yuan, a decline of 4.25% [2] Company Overview - Zhongshan Huali Industrial Group Co., Ltd. is located in Zhongshan, Guangdong Province, and was established on September 2, 2004. It was listed on April 26, 2021 [3] - The company's main business involves the development, design, production, and sales of sports footwear, with revenue composition as follows: 89.53% from sports casual shoes, 8.31% from sports sandals/slippers and others, 2.07% from outdoor boots, and 0.09% from other categories [3] - The company belongs to the textile and apparel industry, specifically in textile manufacturing and footwear manufacturing, and is associated with concepts such as overseas expansion, sports industry, high dividends, margin financing, and heavy fund holdings [3]

中山华利实业集团股份有限公司 开展外汇套期保值业务的可行性分析报告 一、开展外汇套期保值业务的目的 公司开展的外汇套期保值业务与公司及下属子公司生产经营业务紧密相关。 公司采购、销售主要以美元计价结算；公司主要生产基地位于越南，印度尼西亚 的成品鞋工厂已于 2024 年上半年开始投产，越南工厂、印尼工厂分别以越南盾、 印尼盾支付工人薪酬以及当地开支；公司总部位于境内，以人民币支付境内员工 薪酬和境内开支，同时以人民币为本位币出具合并报表。目前国际宏观经济环境 复杂，外汇市场波动性较大，如果人民币、越南盾、印尼盾等公司日常经营使用 币种对美元的汇率发生较大波动，则将会对公司经营业绩产生一定影响。公司根 据业务规模，结合公司货币资金使用情况等因素，为更好地规避和防范外汇汇率、 利率波动风险，增强财务稳健性，经审慎考虑，公司及子公司拟与银行等金融机 构开展外汇套期保值业务。 二、开展外汇套期保值业务的基本情况 （一）涉及的币种、交易金额及期限 公司拟开展的外汇套期保值业务的币种只限于公司及下属子公司生产经营 所使用的主要结算货币，包括人民币、美元、越南盾、印尼盾等。公司及其子公 司拟使用自有资金与银行等金融机构开展 ...

证券代码：300979 证券简称：华利集团 公告编号：2025-064 中山华利实业集团股份有限公司 关于 2026 年度委托理财及现金管理额度预计的公告 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"）及子公司拟使用自有资金、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15亿元。上述交易额度在2026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。 公司本次委托理财及现金管理额度预计事宜已经公司第二届董事会第十七 次会议审议通过，本事项不涉及关联交易。本次事项无需提交股东会审议。现将 具体情况公告如下： (二) 投资额度及期限 公司（含子公司）拟使用自有资金、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 ...

证券代码：300979 证券简称：华利集团 公告编号：2025-065 中山华利实业集团股份有限公司 关于 2026 年度外汇套期保值业务额度预计的公告 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。 重要内容提示： (一) 为更好地规避和防范外汇汇率、利率波动风险，增强财务稳健性，中 山华利实业集团股份有限公司（以下简称"公司""华利集团"）及子公司拟与银 行等金融机构开展外汇套期保值业务，预计动用的交易保证金和权利金上限（包 括为交易而提供的担保物价值、预计占用的金融机构授信额度、为应急措施所预 留的保证金等）不超过 19 亿人民币（或等值美元、越南盾、印尼盾等日常经营 使用币种），预计任一交易日持有的最高合约价值不超过 87 亿人民币（或等值美 元、越南盾、印尼盾等日常经营使用币种）。拟开展的外汇套期保值业务包括远 期结售汇、外汇掉期、外汇期权、利率掉期、利率期权、货币掉期等业务或业务 的组合。 (二) 2025 年 10 月 28 日，公司召开第二届董事会第十七次会议，审议通过 了《关于 2026 年度外汇套期保值业务额度预计的议案》。本次事项无需提交 ...