Core Viewpoint - The company is currently experiencing a peak period of capital expenditure and is actively planning to manage its production capacity to meet future demand while addressing shareholder concerns regarding stock ownership and governance structure [2][3]. Group 1: Company Performance - As of February 3, 2026, the company’s stock closed at 49.12 yuan, reflecting a 0.53% increase with a turnover rate of 0.22% and a trading volume of 25,500 shares, amounting to a total transaction value of 124 million yuan [1]. Group 2: Shareholder Engagement - The company is in discussions with brand partners to plan for medium to long-term production capacity needs, aiming to enhance core competitiveness and expand its customer base to maintain order and capacity utilization [2]. - The company acknowledges the high shareholding ratio of major shareholders and the market concerns regarding previous illegal share reductions, indicating a willingness to consider introducing strategic second shareholders to improve governance and investor confidence [2]. - As of January 30, 2026, the number of shareholders was approximately 16,100 [2]. Group 3: Market Activity - On February 3, 2026, there was a net inflow of 6.035 million yuan from major funds, while retail investors showed a net outflow of 14.1731 million yuan, indicating a mixed sentiment in market participation [3][4].

Group 1 - The core viewpoint of the news is that 华利集团 (Huali Group) is actively engaging with investors and showcasing its growth potential in the athletic footwear market, despite a cautious outlook from some brands due to complex international political and economic conditions [1][2] - 华利集团's stock price increased by 2.28% to 49.27 yuan, with a total market capitalization of 57.463 billion yuan, while its price-to-earnings ratio stands at 16.38, significantly lower than the industry average of 42.27 [1] - The company has a strong competitive position in the athletic footwear industry, with a comprehensive shoe manufacturing technology and process, and is focusing on diversifying its customer base to enhance performance resilience [2] Group 2 - Management indicated that three out of four new athletic shoe factories set to be operational in 2024 have met their initial performance targets, and cost-reduction measures are being effectively implemented [2] - Future capital expenditures are expected to remain in the range of 1.1 to 1.7 billion yuan, aligning with order conditions, while the company continues to upgrade production lines with automation and smart equipment [2] - As of January 20, 2026, 华利集团 had 14,500 shareholders, with an average holding value of 3.963 million yuan and an average shareholding of 80,500 shares [2]

Group 1: Market Demand and Competition - The demand for athletic shoes remains resilient as they are considered essential consumer goods, with significant growth potential in developing countries compared to developed markets like the US and Europe [2] - The overall consumption scale of footwear is expected to maintain long-term resilience despite short-term fluctuations due to macroeconomic factors [2] - The industry landscape is relatively stable, with limited large-scale new entrants due to the long development cycles and complexities in mass production management [2] Group 2: Order Outlook and Economic Impact - The company anticipates a conservative order forecast for 2026 due to uncertainties in the international political and economic landscape [3] - The company is actively pursuing a diversified customer strategy to enhance performance resilience amid economic uncertainties [3] Group 3: Profitability and Cost Management - The gross margin is expected to decline in 2025 due to several new factories being in ramp-up stages, with ongoing efforts to improve operational efficiency and cost reduction [3] - The company has achieved profitability in three out of four new factories launched in 2024, indicating progress in operational improvements [3] Group 4: Automation and Production Efficiency - Full automation in athletic shoe production is challenging due to the variety of styles, sizes, and materials, but the company is continuously upgrading production lines and collaborating with equipment manufacturers to enhance automation levels [4] - The company aims to reduce reliance on manual labor and improve production efficiency through customized equipment and process improvements [4] Group 5: Pricing Strategy and Revenue Impact - Changes in average selling prices are influenced by customer and product mix, with fluctuations in brand representation directly affecting average prices [5] - The company's diversified brand strategy and ongoing optimization of customer and product structures will impact average selling price trends [5] Group 6: Capital Expenditure and Dividends - The company plans to invest approximately RMB 1.1 billion to 1.7 billion annually in capital expenditures from 2022 to 2024 for new factory construction and automation upgrades [7][8] - The dividend payout ratio has been substantial, with cash dividends accounting for about 89% of net profit in 2021 and projected to be around 70% in 2024 [9]

Core Viewpoint - The company, Huali Group, is committed to focusing on its core business of athletic shoe manufacturing while enhancing its international operations and management capabilities [2] Group 1 - The company aims to continuously expand its customer base and maintain steady performance and operational development [2] - Huali Group plans to actively communicate with the capital market to convey its business philosophy and investment value [2] - The company is striving to enhance market recognition and achieve value realization [2]

Investment Rating - The industry investment rating is "Positive" and maintained [7] Core Insights - December orders for sports footwear and apparel showed a month-on-month decline, indicating that the overall industry has not yet reached an inflection point. Retail performance in the US and UK remains resilient, while demand in other regions is stagnant. The decline in the US consumer confidence index has not yet impacted brand and upstream performance, primarily due to growth being driven by high-end consumption, with mass apparel consumption still expected to recover [2][4][21] - Vietnam's footwear and apparel exports improved significantly in December, while China continues to face pressure. The upstream manufacturing sector is expected to have stronger earnings certainty in the first half of 2026, with a clear direction for recovery in the downstream sports supply chain. Brand apparel revenues are expected to fluctuate in Q4 2025, with profitability anticipated to recover in 2026 [2][5][29] Summary by Sections Manufacturing Performance - In December, the revenue performance of footwear manufacturers showed a year-on-year decline, with specific companies reporting: - Yuanyuan Group: -3.7% YoY, -1.3 percentage points MoM - Fengtai: -0.6% YoY, +11.2 percentage points MoM - Zhijiang International: -2.8% YoY, -5.9% MoM - Yuchi-KY: -2.2% YoY, -8.8% MoM - For apparel manufacturers: - Ruhong: -3.6% YoY, -5.1% MoM - Juyang Industrial: -9.2% YoY, -9.7% MoM - Guangyue: +9.7% YoY, -22.1% MoM [4][16][29] Demand Analysis - Retail performance in December showed resilience in the US and UK, while other regions experienced stagnation. The US consumer confidence index continues to decline, which has not yet reflected in brand and upstream performance. The growth is mainly driven by high-end consumption, with mass apparel consumption still expected to recover [2][21][26] Recommendations - The report recommends focusing on upstream manufacturing, as the performance in the first half of 2026 is expected to be more certain. The recovery direction of the sports supply chain is clear. Key recommended stocks include: - New Australia Holdings, Crystal International, Shenzhou International, and Yuanyuan Group - Attention should also be given to high-elasticity stocks like Nobon and Jeya, as well as undervalued stocks with strong safety margins like Taihua New Materials and Lutai A [5][29][30]

证券代码：300979 证券简称：华利集团 公告编号：2026-004 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2025年10月28日召开了第二届董事会第十七次会议，审议通过了《关 于2026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。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。公司保荐机构 发表了明确同意的意见 ...

Investment Rating - The report maintains a "Positive" investment rating for the textile, apparel, and luxury goods industry [9]. Core Insights - The current inventory replenishment cycle in the U.S. apparel industry is characterized by weak elasticity due to several factors, including K-shaped consumer spending, misalignment in brand recovery rhythms, and constraints faced by comprehensive sports brands [3][6]. - Despite the transition from inventory destocking to replenishment, the expected rebound in manufacturing performance and market response has not materialized as anticipated [6][19]. - The report forecasts limited replenishment elasticity in the near term, with potential improvements in terminal demand expected after the current interest rate cycle concludes [3][8]. Summary by Sections Introduction - The report discusses the weak momentum in the current manufacturing replenishment cycle, noting that the U.S. apparel industry has transitioned to a phase of active replenishment after reducing inventory to healthy levels since Q1 2023 [6][17]. Analysis of Weak Replenishment Cycle - **Macro Perspective**: U.S. consumer spending is experiencing K-shaped differentiation, where high-income households support overall consumption while lower-income households face suppressed purchasing power and willingness to spend [7][32]. - **Brand Perspective**: The misalignment in recovery rhythms among brands has diluted overall replenishment elasticity, with brands like Adidas and Deckers already undergoing several quarters of replenishment without strong retail catalysts [7][30]. - **Industry Perspective**: The growth potential in the sports category is diminishing due to factors such as slowing penetration rates, reduced technological innovation, and diminishing returns from direct-to-consumer (DTC) strategies [7][30]. Future Replenishment Elasticity Expectations - In the short term, historical inventory cycles suggest that mature brands may experience shorter replenishment periods, while growth-oriented brands could see longer cycles [8][19]. - The report indicates that after the current interest rate cycle, retail demand may improve, leading to a more resilient growth trajectory for top brands transitioning into replenishment phases [8][19]. - Recommended stocks include Crystal International and Shenzhou International, with a focus on companies like Wah Lee and Yue Yuen [8][19].

Core Viewpoint - The textile manufacturing sector experienced a slight decline of 0.01% on January 21, with Yunzhongma leading the losses, while the Shanghai Composite Index rose by 0.08% and the Shenzhen Component Index increased by 0.7% [1]. Group 1: Market Performance - The textile manufacturing sector's performance was mixed, with notable gainers including Huamao Co., which rose by 7.56% to close at 6.40, and Fengzhu Textile, which increased by 4.36% to 7.66 [1]. - The overall trading volume in the textile manufacturing sector showed significant activity, with Huamao Co. recording a transaction volume of 508,500 shares and a turnover of 317 million yuan [1]. Group 2: Individual Stock Performance - The top performers in the textile sector included: - Huamao Co. (6.40, +7.56%, 508,500 shares, 317 million yuan) - Fengzhu Textile (7.66, +4.36%, 132,800 shares, 100 million yuan) - Jujie Zuo Xian (37.81, +2.86%, 84,100 shares, 312 million yuan) [1]. - Conversely, Yunzhongma saw a decline of 3.21%, closing at 57.53, with a trading volume of 29,300 shares and a turnover of 170 million yuan [2]. Group 3: Capital Flow Analysis - The textile manufacturing sector experienced a net outflow of 61.33 million yuan from institutional investors, while retail investors saw a net inflow of 33.63 million yuan [2]. - Notable capital movements included: - Huali Group with a net inflow of 32.60 million yuan from institutional investors, despite a net outflow from retail investors [3]. - Huamao Co. also had a significant net inflow of 23.01 million yuan from institutional investors [3].

Group 1 - The core point of the article is that Huali Group held its first extraordinary general meeting of shareholders in 2026, where multiple proposals were approved, including amendments to existing proposals [2] Group 2 - The company announced the approval of several resolutions during the meeting, indicating a proactive approach to governance and strategic direction [2] - The specific details of the proposals that were amended were not disclosed in the announcement [2] - This meeting reflects the company's commitment to engaging with shareholders and making necessary adjustments to its operational framework [2]

证券代码：300979 证券简称：华利集团 公告编号：2026-003 中山华利实业集团股份有限公司 第三届董事会第一次会议决议公告 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。 2026 年 1 月 19 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"）第三届董事会第一次会议在广东省中山市南朗街道佳朗路华利集团园区 F 栋 二楼会议室召开。会议通知及补充通知等会议资料分别于 2026 年 1 月 16 日及 2026 年 1 月 19 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 9 人，实到董事 9 人，其中张秀容女士、高丽 玉女士以通讯表决方式参加。本次会议由全体董事推举董事张聪渊先生召集并主持， 拟聘任高级管理人员及拟聘任审计部负责人出席了本次会议。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《关于选举第三届董事会董事长、副董事长的议案》。 同意选举张聪渊先生为公 ...