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意的意见。具体内容详见公司分别于2024年10月29日、 2025年1月20日、2025年1月27日在深圳证券交易所网站（www.szse.cn）、巨 ...

Investment Rating - The investment rating for the company is "Buy" with a target price not specified [5]. Core Views - The report highlights the strong performance of VF and Puma, indicating a favorable customer structure for the company. VF's inventory has decreased significantly, and it has provided guidance for a slight revenue decline in FY25Q4, while also increasing its free cash flow guidance [1][2]. - The company expresses confidence in its 2025 performance, supported by a diverse customer base primarily consisting of listed companies. Most clients are expected to maintain growth, and the company is actively expanding its client portfolio [4][5]. - The report emphasizes the manageable tariff risks due to the company's production facilities located in Vietnam and the planned expansion in Indonesia, which allows for flexibility in meeting customer demands across various global markets [5]. Summary by Sections Financial Performance - For FY25Q3, the company reported revenue of $2.8 billion, a year-over-year increase of 2% (fixed exchange rate), with a notable growth in the North Face brand and a strong holiday season performance [1]. - The company anticipates EPS for 2024, 2025, and 2026 to be 3.33, 3.80, and 4.24 CNY respectively, with corresponding P/E ratios of 22x, 20x, and 18x [9]. Market Position - The company is positioned favorably within the textile and apparel industry, with a focus on maintaining a competitive edge in supply chain orders due to its strong relationships with major clients [3][4]. - The report notes that the global sports giants are experiencing a stable cyclical attribute, which bodes well for the company's future contributions to supply chain orders [3]. Operational Strategy - The company is implementing a "next level" cost efficiency plan to optimize costs and improve operations, particularly in response to profit margins not meeting expectations [2]. - The report indicates that the company is actively seeking to expand its customer base and deepen collaborations with new clients, which is crucial for sustained revenue growth [4].

证券代码：300979 证券简称：华利集团 公告编号：2025-003 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: Company Performance and Outlook - The company has a diverse customer base, primarily consisting of listed companies, which supports a positive outlook for 2025 revenue growth [2] - The net profit margin has remained stable at around 15%-16% since 2021, reflecting effective cost and expense management [2][3] - The company aims to maintain or improve gross margins while controlling operating expenses to ensure net profit margins remain at reasonable levels [2] Group 2: Production and Capacity Expansion - The company plans to maintain active capacity expansion in Indonesia and Vietnam, with capital expenditures projected to be between 1.1 billion to 1.7 billion RMB annually from 2021 to 2023 [5] - New factories in Indonesia and Vietnam are expected to be operational within the next 3-5 years, driven by market demand and new customer acquisitions [6][7] - The company will adjust production capacity based on annual order conditions, utilizing new factories and equipment upgrades to enhance capacity [6] Group 3: Competitive Advantages - The company employs a multi-client model, allowing it to adapt to market dynamics and meet diverse customer needs, which has led to rapid revenue growth compared to industry peers [10] - The company has a strong reputation in the industry, attracting new clients and maintaining stable revenue even during challenging market conditions [10] Group 4: Dividend Policy - The company emphasizes shareholder returns, with cash dividends accounting for approximately 89% of net profit in 2021, 43% in 2022, and 44% in 2023 [11] - Future dividend distributions will balance shareholder interests with the company's growth needs, with expectations of reduced capital expenditure as the company scales [11]

北京大成律师事务所 关 于 中山华利实业集团股份有限公司 2025 年第一次临时股东大会的 法 律 意 见 书 北 京 大 成 律 师 事 务 所 www.dentons.cn 北京市朝阳区朝阳门南大街 10 号兆泰国际中心 B 座 16-21 层 16-21F, Tower B, ZT INTERNATIONAL CENTER, No.10, Chaoyangmen Nandajie, Chaoyang District, Beijing Tel:+8610-58137799 Fax:+8610-58137788 北京大成律师事务所 关于中山华利实业集团股份有限公司 2025 年第一次临时股东大会的 法律意见书 致：中山华利实业集团股份有限公司 北京大成律师事务所（以下简称"本所"）接受中山华利实业集团股份有限 公司（以下简称"公司"）的委托，指派律师出席公司 2025 年第一次临时股东 大会（以下简称"本次股东大会"），并根据《中华人民共和国公司法》（以下简 称"《公司法》"）、《中华人民共和国证券法》（以下简称"《证券法》"）、《上 市公司股东大会规则》（以下简称"《股东大会规则》"）、《深圳证券交易所 ...

证券代码：300979 证券简称：华利集团 公告编号：2025-001 中山华利实业集团股份有限公司 2025 年第一次临时股东大会决议公告 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。 9:25、9:30-11:30 和 13:00-15:00； 通过深圳证券交易所互联网投票系统进行网络投票的时间为 2025 年 1 月 13 日 9:15-15:00。 特别提示： 一、本次股东大会没有出现否决议案的情形。 二、本次股东大会不涉及变更以往股东大会已通过的决议。 一、会议召开和出席情况 (一)召开时间： 1、现场会议召开时间：2025 年 1 月 13 日 14:30。 2、网络投票时间：2025 年 1 月 13 日。 通过深圳证券交易所交易系统进行网络投票的时间为2025年1月13日9:15- (三)召开方式：采用现场表决和网络投票相结合的方式。 (二)召开地点：广东省中山市南朗镇佳朗路华利集团园区 F 栋二楼会议室。 1,055,535,545 股，占公司有表决权股份总数的 90.4486%。 2、现场会议的出席情况 (四)召集人：公司董事会。 (五) ...

Group 1: Company Performance and Outlook - The company has a diverse customer base, primarily consisting of listed companies, with most clients showing growth in performance indicators, which supports a positive outlook for 2025 [2] - The company is confident in maintaining stable revenue growth due to strong competitive positioning within clients' supply chains and ongoing efforts to expand its customer base [2] - The company has established mature contingency plans to ensure order stability through various economic cycles, contributing to stable gross margins [2][3] Group 2: Operational Insights - The new factory in Indonesia is still in the early production phase and has not yet achieved profitability; however, the management team is experienced and operations are progressing as expected [2][3] - The company anticipates that once the Indonesian factory is fully operational, its profit margins will not differ significantly from those of the Vietnamese factory [3] Group 3: Tax and Regulatory Environment - Vietnam's new tax policy, effective January 1, 2024, imposes a 15% corporate tax on multinational companies with a total revenue of at least €750 million over two of the last four years, but the specifics of the implementation are still unclear [4] - The impact of this tax policy on the company is expected to be minimal, as most subsidiaries in Vietnam do not qualify for tax incentives [4] Group 4: Trade and Currency Risks - The company’s production facilities are primarily located in Vietnam, with plans to increase capacity in Indonesia; changes in U.S. tariff policies could influence client decisions regarding supply chain distribution [5] - Currency fluctuations, particularly between the RMB and USD, have resulted in exchange gains, with 2022 yielding approximately ¥82 million, 2023 yielding about ¥62.5 million, and ¥22.55 million in the first nine months of 2024, which is a small proportion of net profit [6] Group 5: Dividend Policy - The company emphasizes shareholder returns, with cash dividends in 2021 accounting for approximately 89% of net profit, and 43% in 2022; the expected dividend payout ratio for 2023 is around 44% [7][8] - Future dividend distributions will balance shareholder interests with the company's capital expenditure needs, which are expected to peak in the coming years [8]

应收账款周转率 7.34 5.85 8.12 7.24 7.04 公司报告 | 公司点评 | --- | --- | --- | |--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-----------------------------------------------------------------|--------------------------------------------| | 华利集团（ 300979 ） | | 证券研究 ...

证券代码：300979 证券简称：华利集团 公告编号：2024-069 中山华利实业集团股份有限公司 第二届监事会第十三次会议决议公告 本公司及监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。 2024 年 12 月 27 日，中山华利实业集团股份有限公司（以下简称"公司" "华利集团"）第二届监事会第十三次会议在广东省中山市南朗镇佳朗路华利集 团园区 F 栋二楼会议室召开。会议通知等会议资料于 2024 年 12 月 21 日以专人 送达或电子邮件的方式送达各位监事。本次会议以现场结合通讯表决的方式召 开。本次会议应到监事 3 人，实到监事 3 人，其中谢献堂先生、莫健钧先生以 通讯表决方式参加。本次会议由监事会主席谢献堂先生召集并主持，公司董事 会秘书列席了本次会议。本次会议的召集、召开符合《中华人民共和国公司法》 等法律、行政法规、部门规章、规范性文件和《公司章程》的规定。与会监事 以记名投票方式通过以下议案： 表决结果：同意 3 票、反对 0 票、弃权 0 票。本议案尚需提交股东大会审 议。 一、审议通过《关于变更部分募投项目实施方式的议案》。 监事会认为：公司 ...

2024 年 12 月 27 日，中山华利实业集团股份有限公司（以下简称"公司""华利 集团"）第二届董事会第十二次会议在广东省中山市南朗镇佳朗路华利集团园区 F 栋 二楼会议室召开。会议通知等会议资料于 2024 年 12 月 21 日以专人送达或电子邮件 的方式送达各位董事。本次会议以现场结合通讯表决的方式召开。本次会议应到董 事 13 人，实到董事 13 人，其中张聪渊先生、张志邦先生、刘淑绢女士、林以晧先 生、张育维先生、陈荣先生、郭明鉴先生、许馨云女士、陈嘉修先生、於贻勳先生以 通讯表决方式参加。会议由董事长张聪渊先生召集并主持，公司监事及高级管理人 员列席了本次会议。本次会议的召集、召开符合《中华人民共和国公司法》等法律、 行政法规、部门规章、规范性文件和《公司章程》的规定。与会董事以记名投票方式 通过以下议案： 一、审议通过《关于变更部分募投项目实施方式的议案》。 表决结果：同意 13 票、反对 0 票、弃权 0 票。本议案尚需提交股东大会审议。 《关于变更部分募投项目实施方式的公告 》详见深圳证券交易所网站 （www.szse.cn）、巨潮资讯网（www.cninfo.com.cn）等监管部门 ...