中国经济网北京9月15日讯 华利集团（300979）(300979.SZ)9月12日晚间发布控股股东减持股份预披露 公告。 持有公司股份972,750,000股（占公司总股本比例83.35%）的控股股东俊耀集团有限公司（以下简称"香 港俊耀"）计划自减持计划公告披露之日起15个交易日后的3个月内（自2025年10月14日起至2026年1月 13日止）以大宗交易方式减持公司股份不超过17,505,000股（占公司总股本比例1.5%）。在此期间如遇 法律法规规定的窗口期则不减持。 香港俊耀为公司实际控制人张聪渊家族（家族成员包括张聪渊、张志邦、张文馨、张育维、周美月）控 制的公司，张聪渊家族还通过中山浤霆鞋业有限公司（以下简称"中山浤霆"）间接持有公司股份 30,660,000股（占本公司总股本比例2.63%），张聪渊家族通过香港俊耀和中山浤霆合计持有公司股份 的比例为85.98%。 按照华利集团9月12日的收盘价53.97元/股测算，香港俊耀套现金额约9.45亿元。 根据新浪财经的数据显示，香港俊耀最初持股9.9亿股，占总股本的84.85%。香港俊耀从2025年6月27日 起，第一次减持华利集团股份，迄今为止， ...

Investment Rating - The report maintains an "Accumulate" rating for the company [5] Core Views - The company has achieved double-digit revenue growth in the first half of 2025, with a revenue of 12.661 billion yuan, representing a year-on-year increase of 10.36%. However, the net profit has declined by 11.06% to 1.671 billion yuan [1][2] - The company has a rich resource of well-known sports shoe clients, with strong design and rapid response capabilities as core advantages, enhancing its competitive position in the market [3] - The new factories in Southeast Asia and China have achieved mass production, with improved gross margins in Q2 compared to Q1, indicating a positive trend in operational efficiency [4] Financial Summary - Revenue is projected to grow from 20.114 billion yuan in 2023 to 34.255 billion yuan in 2027, with a compound annual growth rate (CAGR) of approximately 13% [1] - The net profit is expected to increase from 3.2 billion yuan in 2023 to 4.949 billion yuan in 2027, with fluctuations in growth rates, including a projected decline in 2025 [1] - The company's gross margin for the first half of 2025 was 21.85%, down 6.38 percentage points year-on-year, while the net margin was 13.20%, down 3.17 percentage points [2] - The earnings per share (EPS) is forecasted to be 3.01 yuan in 2025, 3.60 yuan in 2026, and 4.24 yuan in 2027, with corresponding price-to-earnings (P/E) ratios of 18.1X, 15.1X, and 12.9X respectively [9]

Core Insights - The report indicates a collective decline in the A-share market, with the Shanghai Composite Index down by 0.12%, the Shenzhen Component down by 0.43%, and the ChiNext Index down by 1.09% [1][7] - The trading volume in the Shanghai and Shenzhen markets reached 25,205.98 billion yuan [1][7] - In the industry sector, non-ferrous metals, real estate, and steel led the gains, while telecommunications, comprehensive services, and beauty care sectors faced declines [1][7] - The report highlights significant growth in new customer orders for the company, although profits are under pressure due to the ramp-up phase of new factory capacities [10][11] Market Performance - The report details the closing figures for major indices, with the Shanghai Composite at 3,870.60, the Shenzhen Component at 12,924.13, and the ChiNext Index at 3,020.42, reflecting respective declines [5] - The Hang Seng Index in Hong Kong rose by 1.16%, while the U.S. markets showed mixed results, with the Dow Jones down by 0.59% and the Nasdaq up by 0.44% [5][7] Important News - The Ministry of Commerce of China has initiated an anti-discrimination investigation against the U.S. regarding measures in the integrated circuit sector, citing discriminatory practices that harm China's high-tech industry [2][8] - An anti-dumping investigation has also been launched concerning imported simulation chips from the U.S., with evidence showing a 37% increase in import volume and a 52% decrease in import prices from 2022 to 2024, adversely affecting domestic sales [3][9] Company Analysis - The company reported a revenue of 12.661 billion yuan for the first half of 2025, reflecting a year-on-year increase of 10.36%, while net profit decreased by 11.06% to 1.671 billion yuan [10][11] - The company plans to distribute a cash dividend of 10.00 yuan per 10 shares, totaling 1.167 billion yuan, which constitutes approximately 70% of the net profit for the first half of the year [10][11] - The report notes that the company's gross margin decreased by 6.38 percentage points to 21.85%, primarily due to lower efficiency in new factories, but it is expected to improve as operations stabilize [13]

Investment Rating - The report maintains a "Positive" outlook on the textile and apparel industry, highlighting potential investment opportunities in specific segments such as non-woven fabrics and sportswear [2][9]. Core Insights - The textile and apparel sector underperformed the market, with the SW textile and apparel index rising by 0.7%, lagging behind the SW All A index by 1.5 percentage points [4][6]. - Recent industry data indicates a 2.9% year-on-year increase in retail sales for clothing, shoes, and textiles, totaling 837.1 billion yuan from January to July [30]. - Exports of textiles and apparel decreased by 0.3% year-on-year, amounting to 197.27 billion USD from January to August, with a notable 5.0% decline in August alone [30][31]. Summary by Sections Textile Sector - Focus on investment opportunities in the entire non-woven fabric supply chain, with a significant weekly increase of 26% for Yanjiang Co. The production of non-woven fabrics has been declining since its peak in 2020, but the pandemic has heightened hygiene awareness, maintaining a large market scale [9][12]. - Yanjiang Co. has a global production footprint in China, Egypt, the USA, and India, with major clients including Procter & Gamble and Kimberly-Clark, contributing significantly to its revenue [9][12]. - The report recommends Nobon Co. for its growth potential in personal care and new tobacco products, highlighting its strong market position and technological capabilities [10][12]. Apparel Sector - Jiangnan Buyi reported a stable growth in its latest annual report, with a 4.6% increase in revenue to 5.55 billion yuan and a 6.0% rise in net profit to 900 million yuan for FY25 [12][19]. - The sportswear segment shows resilience, with brands like Anta and Li Ning demonstrating strong performance despite market challenges, with Anta's revenue increasing by 14% year-on-year [13][19]. - The report emphasizes the importance of domestic demand recovery in 2025, suggesting that high-quality domestic brands are poised for a turnaround [10][12]. Market Trends - The report notes a K-shaped recovery in retail, with high-end and cost-effective brands performing better. Innovations in retail formats are accelerating, with plans for significant store expansions in the coming year [13][19]. - The textile manufacturing sector is expected to benefit from favorable trade conditions, particularly for manufacturers with strong supply chain capabilities [10][12].

Investment Rating - The report maintains a "Buy" rating for several key companies in the textile and apparel industry, including Anta Sports, Li Ning, and Xtep International, with respective 2025 PE ratios of 18x, 18x, and 12x [11][39]. Core Insights - The textile and apparel industry is experiencing a shift in export dynamics due to changes in U.S. tariff policies, leading to a decline in imports from China and an increase from Southeast Asian countries [2][25]. - Major apparel manufacturers reported mixed revenue results for August 2025, with declines for companies like Yuanyuan Group and Ruo Hong, while Feng Tai showed month-on-month improvement [1][16]. - The report anticipates a recovery in orders for upstream manufacturers if the operational performance of core brands like Nike improves, particularly in the Greater China market [3][32]. Summary by Sections Industry Overview - The textile and apparel sector has seen a decline in U.S. imports from China, with a 23% year-on-year drop from January to July 2025, while imports from Vietnam, India, Bangladesh, and Cambodia increased by 18%, 16%, 22%, and 24% respectively [2][25]. - China's apparel exports from January to August 2025 totaled $102.8 billion, down 1.7% year-on-year, while textile yarn and fabric exports increased by 1.6% to $94.51 billion [2][25]. Company Performance - Nike's revenue for FY2025 showed significant declines across all quarters, with a drop of 10.4% in Q1 and 12.0% in Q4, but the company expects a narrowing of revenue decline in FY2026 [3][32]. - Key manufacturers like Shenzhou International and Huayi Group reported revenue growth of 15% and 10% respectively for the first half of 2025 [10][33]. Market Trends - The report highlights a cautious consumer environment, with the sports footwear segment expected to outperform the overall apparel market, maintaining a healthy inventory turnover ratio of 4-5 [3][36]. - The jewelry sector is also noted for its focus on product differentiation and brand strength, with companies like Chow Tai Fook and Chao Hong Ji recommended for their improving product and channel efficiencies [4][38]. Investment Recommendations - The report recommends Shenzhou International for its low exposure to U.S. business and strong profitability, with a 2025 PE of 13x, and Huayi Group for its expanding international capacity, with a 2025 PE of 18x [38]. - In the sportswear segment, Anta Sports and Li Ning are highlighted for their robust operational capabilities, both with a 2025 PE of 18x [39].

Summary of Key Points Core Viewpoint - On September 12, 18 listed companies disclosed share reduction plans, with no companies announcing share increases on that day [1]. Group 1: Companies and Their Reduction Plans - Mars Man plans to reduce shares by up to 2.94% by a concerted action of its controlling shareholder [2]. - Minfa Aluminum's shareholder Huang Tianhu plans to reduce shares by up to 1% [2]. - Hengtian Hailong's shareholder China Hengtian Group intends to reduce up to 3% of the company's shares [2]. - Zhiwei Intelligent's controlling shareholder Guo Xuhui plans to reduce up to 7.5 million shares [2]. - Peking University Medicine plans to reduce 3% of its shares [2]. - Jin'an Guoji's controlling shareholder Donglin Investment and its concerted parties plan to reduce up to 3% [2]. - *ST Yitong's shareholder plans to reduce up to 2.96% of the company's shares [2]. - International Composite's shareholder Yunnan Yunxi plans to reduce up to 1.5% of the company's shares [2]. - Donghua Software's controlling shareholder Xue Xiangdong plans to reduce up to 1.4% of the company's shares [2]. - Huali Group's controlling shareholder Hong Kong Junyao plans to reduce up to 1.5% of the company's shares [2]. - Warner Pharmaceutical's shareholder Xu Xiaoqiang has cumulatively reduced 1.2961 million shares from September 1 to September 12 [2]. - Bidder Pharmaceutical's shareholders plan to collectively reduce up to 1% of the company's shares [2]. - Borui Data's shareholders plan to collectively reduce up to 5.4% of the company's shares [2]. - Tonglian Precision's shareholders Shenchuang Investment and its concerted parties plan to reduce up to 3% of the company's shares [2]. - Juguang Technology's controlling shareholder and its concerted parties have recently reduced 868,800 shares [2]. - Huat Gas's shareholders plan to reduce up to 2% of the company's shares [2]. - Beileisong's shareholder Wang Qiaoqing plans to reduce up to 1% of the company's shares [2]. - New Classics' shareholder Chen Liping plans to reduce up to 1.2 million shares [2].

华利集团（300979）(300979.SZ)发布公告，公司控股股东俊耀集团有限公司(简称"香港俊耀")计划自减 持计划公告披露之日起15个交易日后的3个月内(自2025年10月14日起至2026年1月13日止)以大宗交易方 式减持公司股份不超过1750.5万股(占公司总股本比例1.5%)。在此期间如遇法律法规规定的窗口期则不 减持。 ...

智通财经APP讯，华利集团(300979.SZ)发布公告，公司控股股东俊耀集团有限公司(简称"香港俊耀")计 划自减持计划公告披露之日起15个交易日后的3个月内(自2025年10月14日起至2026年1月13日止)以大宗 交易方式减持公司股份不超过1750.5万股(占公司总股本比例1.5%)。在此期间如遇法律法规规定的窗口 期则不减持。 ...

人民财讯9月12日电，华利集团（300979）9月12日晚间公告，控股股东香港俊耀计划自减持计划公告披 露之日起15个交易日后的3个月内(自2025年10月14日起至2026年1月13日止)以大宗交易方式减持本公司 股份不超过1750.5万股(占本公司总股本比例1.5%)。 ...

每经AI快讯，9月12日，华利集团（300979）公告，控股股东俊耀集团有限公司计划自2025年10月14日 起至2026年1月13日止，通过大宗交易方式减持公司股份不超过1750.5万股，占公司总股本比例1.5%。 减持原因为自身资金规划安排。俊耀集团有限公司目前持有公司股份97275万股，占公司总股本比例 83.35%。截至公告披露日，俊耀集团有限公司严格遵守了相关承诺，未出现违反承诺的行为。 ...