Investment Rating - The report maintains an "Outperform" rating for Huali Industrial Group, with a target price of RMB 56.50, indicating a potential upside of 17.6% from the current price of RMB 48.05 [2][3]. Core Insights - Huali Group experienced intensified short-term revenue pressure in 4Q25, with revenue of RMB 6.3 billion, down 3.0% year-on-year, and net profit attributable to shareholders declining 22.6% year-on-year to RMB 770 million. However, there are early signs of operational recovery as margins improved sequentially, with the operating margin at 17.0%, reflecting a recovery in operational efficiency [3][8]. - The company reported a total revenue of RMB 24.98 billion for 2025, a 4.1% increase year-on-year, but below the forecast of 4.9%. The net profit attributable to shareholders for 2025 was RMB 3.21 billion, down 16.5% year-on-year [3][8]. - The management has increased the payout ratio to 76% for 2025, up from 70% in 2024, demonstrating a commitment to shareholder returns [3][8]. Financial Summary - Revenue projections for Huali Group are expected to grow from RMB 25.17 billion in 2025 to RMB 27.11 billion in 2026, reflecting a year-on-year growth of 8% [2][3]. - The net profit is projected to recover to RMB 3.88 billion in 2026, representing a 15% increase from 2025 [2][3]. - The diluted EPS is expected to increase from RMB 2.90 in 2025 to RMB 3.33 in 2026, indicating a positive trend in earnings per share [2][3]. Market Outlook - Looking ahead to 2026, the visibility of net margin improvement has increased, with expectations that earnings elasticity will be gradually released as customer destocking ends and the ramp-up of new factories is completed [4][9]. - Key customers such as Adidas, On, and New Balance are expected to drive growth, while smaller clients like Asics and Anta may provide new incremental sources of revenue [4][9]. - The company anticipates a significant reduction in disruptions from new capacity additions, leading to further improvements in capacity utilization and cost efficiency [4][9].

Investment Rating - The report maintains a "Buy" rating for the company, indicating a strong performance expectation relative to the market [6]. Core Insights - The company reported a revenue of 24.98 billion yuan for 2025, reflecting a year-on-year growth of 4.1%, while the net profit attributable to shareholders was 3.21 billion yuan, down 16.5% year-on-year [4][6]. - The company experienced a significant increase in new customer orders, particularly from clients like Adidas, which helped offset declines in orders from existing customers [6]. - The company is actively expanding production capacity with new factories in Vietnam and Indonesia, which are expected to enhance profit margins as they ramp up operations [6]. Financial Data Summary - Revenue for 2025 is projected at 24.98 billion yuan, with a year-on-year growth rate of 4.1% [5]. - The net profit for 2025 is estimated at 3.21 billion yuan, reflecting a decline of 16.5% compared to the previous year [5]. - The earnings per share (EPS) for 2025 is projected to be 2.75 yuan, with a forecasted increase to 3.03 yuan in 2026 and 3.49 yuan in 2027 [5]. - The gross margin for 2025 is expected to be 22.1%, with a gradual increase to 22.9% by 2027 [5]. - The return on equity (ROE) is projected to be 17.9% for 2025, improving to 19.6% by 2027 [5].

Investment Rating - The investment rating for the company is "Outperform the Market" (maintained) [1][16][23]. Core Views - The company announced a revenue growth of 4.1% year-on-year for 2025, reaching 24.98 billion yuan, while the net profit attributable to shareholders decreased by 16.5% to 3.21 billion yuan. The proposed dividend is 11 yuan for every 10 shares, resulting in an annual dividend payout ratio of approximately 76.4% [2][12][7]. - The company is facing short-term profit pressure due to new factory ramp-up and customer structure adjustments, with a projected net profit margin of 12.8% for 2025, down 3.2 percentage points year-on-year [3][4][5]. - The company is actively expanding its customer base, with significant orders from high-profile clients like Nike and Adidas, which have helped offset some revenue pressures despite a decline in orders from some existing clients [4][3]. Summary by Sections Financial Performance - In Q4 2025, the company's revenue decreased by 3.0% year-on-year to 6.3 billion yuan, and the net profit attributable to shareholders fell by 22.7% to 770 million yuan. The net profit margin for this quarter was 12.2%, down 3.1 percentage points year-on-year [5][3]. - The company sold 227 million pairs of sports shoes in 2025, a year-on-year increase of 1.6%, with an average price of approximately 109.8 yuan per pair, up 2.4% year-on-year [7][3]. Investment Recommendations - The company is expected to experience a recovery in sales and profit margins in 2026 due to the ramp-up of new customers and production capacity, although some existing customers may still impact orders and profitability [12][3]. - The long-term growth potential and cash return value are viewed positively, supported by a high dividend yield of nearly 5% for 2026, which provides a safety margin [12][3]. - The profit forecasts for 2025 to 2027 have been adjusted to 3.21 billion, 3.47 billion, and 4.24 billion yuan respectively, reflecting a decrease in 2025 and growth in subsequent years [12][3].

[Table_Page] 公告点评|纺织服饰 证券研究报告 [Table_Title] 华利集团（300979.SZ） [分析师： Table_Author]糜韩杰 SAC 执证号：S0260516020001 SFC CE No. BPH764 021-38003650 mihanjie@gf.com.cn -30% -20% -9% 1% 12% 22% 03/25 05/25 07/25 09/25 11/25 01/26 03/26 华利集团 沪深300 | | | 25 年归母净利润承压，看好 26 年恢复增长 [Table_Summary] 核心观点： | 盈利预测： | | | | | | | --- | --- | --- | --- | --- | --- | | [Table_ 单位 Finance] :人民币百万元 | 2023A | 2024A | 2025E | 2026E | 2027E | | 营业收入 | 20,114 | 24,006 | 24,980 | 26,064 | 29,282 | | 增长率（ % ） | -2.2% | 19.4% | 4.1% | 4.3% | ...

1 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。具体内容详见公司分别于2025年10月30日、2026年1月 12 ...

Investment Rating - The report maintains a "Buy" rating for the company [6] Core Views - The company reported a revenue of 24.98 billion yuan for 2025, reflecting a year-on-year increase of 4.1%, while the net profit attributable to shareholders decreased by 16.5% to 3.21 billion yuan [1] - The company is expected to distribute a cash dividend of 2.1 yuan per share, with a total cash dividend payout of 2.45 billion yuan, resulting in a dividend yield of 4.5% based on the closing price on March 10, 2026 [1] - The company is focusing on optimizing capacity allocation and has plans for long-term investments, with an expected production growth rate of around 10% in 2026 [3] Financial Performance Summary - For Q4 2025, the company reported a revenue of 6.3 billion yuan, down 3.0% year-on-year, and a net profit of 770 million yuan, down 22.7% year-on-year [2] - The company’s gross profit margin for 2025 is projected to be 12.8%, a decrease of 3.2 percentage points compared to the previous year, primarily due to new factories still ramping up production and adjustments in customer orders [1][2] - The company’s total production capacity reached 11.7 million pairs in the first half of 2025, with a capacity utilization rate of 96% [3] Customer and Market Dynamics - The company is diversifying its customer base, with significant orders from new clients such as On and New Balance, while facing a decline in orders from some existing clients [2] - The company’s major clients include well-known brands like Nike, Adidas, and Puma, indicating a strong market presence [2] Future Outlook - The company anticipates stable revenue growth and a recovery in profit quality in 2026 and 2027, with projected net profits of 3.57 billion yuan and 4.21 billion yuan, respectively [3] - The report suggests that the company’s ongoing expansion and efficiency improvements in new factories will support its long-term growth trajectory [3]

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance in the near term [6]. Core Insights - The company reported a revenue of 24.98 billion yuan for 2025, reflecting a year-on-year increase of 4.1%, while the net profit attributable to shareholders decreased by 16.5% to 3.21 billion yuan [1]. - The company is expected to distribute a cash dividend of 2.1 yuan per share, with a total cash dividend payout of 2.45 billion yuan, resulting in a dividend yield of 4.5% based on the closing price on March 10, 2026 [1]. - The company is focusing on optimizing capacity allocation and has plans for long-term investments, with an expected production growth rate of around 10% in 2026 to meet increasing order demands [3]. Financial Performance Summary - For Q4 2025, the company reported a revenue of 6.3 billion yuan, down 3.0% year-on-year, and a net profit of 770 million yuan, down 22.7% year-on-year [2]. - The company’s gross profit margin for 2025 is under pressure, with a net profit margin of 12.8%, down 3.2 percentage points year-on-year, primarily due to new factories still ramping up production and adjustments in customer orders [1][2]. - The company’s total production capacity reached 11.7 million pairs in the first half of 2025, with a capacity utilization rate of 96% [3]. Customer and Market Dynamics - The company is diversifying its customer base, with significant orders from new clients such as On and New Balance, while facing a decline in orders from some existing clients [2]. - The company’s strategy includes expanding its client portfolio, which now features major brands like Nike, Adidas, and Puma, indicating a shift towards a more diversified revenue stream [2]. Future Outlook - The company anticipates stable revenue growth and a recovery in profit quality in 2026 and 2027, with projected net profits of 3.57 billion yuan and 4.21 billion yuan, respectively [3]. - The report suggests that the company’s ongoing efforts in optimizing production and expanding its client base will contribute positively to its financial performance in the coming years [3].

证券代码：300979 证券简称：华利集团 公告编号：2026-007 公司从事运动鞋的产品开发设计、生产与销售，作为全球领先的运动鞋专业 1 中山华利实业集团股份有限公司 2025 年度业绩快报 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。 特别提示：本公告所载中山华利实业集团股份有限公司（以下简称"公司"） 2025 年度的财务数据仅为初步核算数据，未经会计师事务所审计，与年度报告 中披露的最终数据可能存在差异，请投资者注意投资风险。 一、2025 年度主要财务数据和指标 单位：人民币万元 | 项目 | 本报告期 | 上年同期 | 增减变动幅度 | | --- | --- | --- | --- | | 营业总收入 | 2,498,012.51 | 2,400,639.36 | 4.06% | | 营业利润 | 417,292.09 | 496,664.34 | -15.98% | | 利润总额 | 415,685.95 | 494,787.03 | -15.99% | | 归属于上市公司股东的净利润 | 320,667.02 | 384,032.90 ...

关于收到控股股东 2025 年度利润分配预案提议的公告 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。 中山华利实业集团股份有限公司（以下简称"华利集团""公司"）于 2026 年 3 月 10 日收到公司控股股东俊耀集团有限公司（以下简称"香港俊耀"）出具 的《关于中山华利实业集团股份有限公司 2025 年度利润分配预案的提议》，现将 有关情况公告如下： 一、利润分配预案提议的内容 基于公司当前稳健的经营情况以及对公司未来发展前景的信心，为与全体股 东共享公司经营发展成果，在符合《公司章程》规定并保证公司正常经营和长远 发展的前提下，香港俊耀提议华利集团 2025 年度利润分配预案如下： 以截止 2025 年 12 月 31 日公司总股本 1,167,000,000 股为基数，向全体股东 每 10 股派发现金红利人民币 11.00 元（含税），合计派发现金红利人民币 1,283,700,000.00 元（含税）；不送红股，不以公积金转增股本。 证券代码：300979 证券简称：华利集团 公告编号：2026-008 中山华利实业集团股份有限公司 二、其他说明 ...

Investment Rating - The industry investment rating is "Positive" and maintained [10] Core Viewpoints - The overall demand for sports footwear and apparel remains weak, with no clear turning point observed in January orders. Retail performance in the US and UK shows some resilience, while demand in continental Europe and Japan remains weak. Growth is primarily driven by high-end consumption, with mass apparel recovery expected to take more time. Export performance is improving in Vietnam, while China's export remains under pressure [2][6][24] - The upstream manufacturing sector shows strong performance certainty, with retail sales of apparel brands improving. The US Supreme Court's rejection of Trump's tariff policy is favorable for the manufacturing sector. The performance of upstream manufacturing is expected to be more certain in the first half of 2026, while the downstream sports supply chain is on a recovery path. Retail sales growth for apparel brands in January and February is promising, and sentiment in the sector is likely to improve [7][32] Summary by Sections Manufacturing Performance - In January, the revenue growth for major footwear manufacturers varied: Yuanyuan Group's revenue increased by 0.6% year-on-year, while Fengtai's revenue decreased by 1.8%, Zhijiang International's by 3.3%, and Yuchi-KY's by 5.1%. For apparel manufacturers, Ruhong's revenue grew by 7.6%, while Juyang's revenue fell by 19.2% [5][17] Demand Analysis - Retail demand in January showed resilience in the US and UK, with the US maintaining low positive growth and the UK showing relative stability. France's retail remains near zero growth, Germany shows some recovery, while Japan's growth is significantly weakening. The US consumer confidence index continues to decline, indicating that growth is mainly supported by high-end consumption, with mass apparel consumption recovery lagging [6][24][27] Upstream and Downstream Insights - The manufacturing sector is expected to recover in 2026, with strong performance certainty driven by rising material prices. Recommended stocks include Xin'ao Co. and others with strong earnings potential. The A-share market is expected to see continued destocking in 2025, with a potential for profit optimization in 2026. Recommended stocks include Mercury Home Textiles and others focusing on high-end apparel [32][33]