Group 1: Tariff Impact and Cost Management - The increase in U.S. import tariffs will raise the cost for customers selling to the U.S. market, while non-U.S. sales remain unaffected [2] - Historically, tariffs have been borne by brand customers (importers), ultimately passed on to consumers; the entire supply chain, including brands, manufacturers, and material suppliers, will discuss cost optimization strategies [2] - The company is closely monitoring tariff policy changes and maintaining communication with customers and suppliers regarding cost control [2] Group 2: Gross Margin and Production Capacity - The company's gross margin has declined compared to the previous year due to new factories ramping up production; however, there was an improvement in Q3 2025 compared to Q2 2025 [2][6] - Three factories achieved profitability in Q3 2025, including the first factory in Indonesia, indicating progress in operational efficiency and cost reduction measures [2][6] - Future production capacity will expand, with four new shoe production factories planned for 2024; three factories have already met internal profitability targets by September 2025 [6] Group 3: Pricing Strategy and Revenue - Average selling price fluctuations are influenced by customer and product mix; changes in brand representation and product categories can significantly impact average prices [5] - The company employs a diversified brand strategy, continuously introducing new clients while optimizing customer and product structures, affecting average selling prices [5] Group 4: Dividend Policy and Financial Health - The company has a strong focus on shareholder returns, with cash dividends in 2021 accounting for approximately 89% of net profit; 2022 and 2023 saw dividend ratios of 43% and 44%, respectively [7][8] - For 2024, the dividend payout ratio is projected to be around 70%, with a mid-year dividend introduced in 2025, maintaining a strong cash flow and high retained earnings of approximately 9 billion RMB as of September 2025 [8]

Core Viewpoint - Huayi Group's stock increased by 1.34% with a trading volume of 118 million yuan and a market capitalization of 70.452 billion yuan, benefiting from the sports industry, the three-child policy, and the depreciation of the RMB [1][2]. Group 1: Company Overview - Huayi Group specializes in the development, design, production, and sales of athletic footwear, serving major global brands such as Nike, Converse, Vans, Puma, UGG, Columbia, Under Armour, and HOKA ONE ONE [2]. - The company has a significant focus on children's athletic footwear, including products for toddlers [2]. - As of the 2024 annual report, overseas revenue accounted for 99.80% of the company's total revenue, benefiting from the depreciation of the RMB [3]. Group 2: Financial Performance - For the period from January to September 2025, Huayi Group achieved a revenue of 18.68 billion yuan, representing a year-on-year growth of 6.67%, while the net profit attributable to shareholders decreased by 14.34% to 2.435 billion yuan [7]. - The company has distributed a total of 9.103 billion yuan in dividends since its A-share listing, with 6.652 billion yuan distributed over the past three years [8]. Group 3: Shareholder and Market Activity - As of November 10, the number of Huayi Group's shareholders increased by 1.85% to 11,000, while the average circulating shares per person decreased by 1.82% to 106,089 shares [7]. - The main capital inflow for the day was negative at 6.58 million yuan, with a lack of clear trends in the main capital flow over recent days [4][5].

Group 1 - The core viewpoint of the report indicates a moderate recovery in the domestic apparel industry in 2025, with retail sales of clothing, shoes, and knitted products increasing by 3.1% year-on-year to 1.1 trillion yuan, although still lagging behind the overall retail performance of consumer goods, which grew by 4.5% [1][12] - The report highlights that the gap in retail sales growth between clothing and overall consumer goods has narrowed significantly compared to 2024, where clothing sales only grew by 0.3% [1][12] - The report notes that the textile and apparel index has shown a fluctuating upward trend, with the A-share textile and apparel sector rising by 11.3% in 2025, underperforming the CSI 300 index, which increased by 20.6% [2][28] Group 2 - The textile manufacturing sector is expected to see performance and valuation recovery in 2026, driven by the diminishing impact of reciprocal tariffs and improvements in Nike's operational status [3][28] - The report anticipates that clothing consumption will continue to experience a volatile recovery in 2026, with functional and mass-market clothing expected to outperform the broader market [3][28] - The home textile sector is entering a new replacement cycle, supported by subsidy policies, with recommendations to focus on companies like Luolai Life and Mercury Home Textile [3][28] Group 3 - The report provides investment recommendations, suggesting a focus on companies such as Huayi Group, Shenzhou International, and Crystal International in the textile manufacturing sector, and Anta Sports and 361 Degrees in the apparel sector [3][28] - The report emphasizes that the performance of the brand apparel sector has shown gradual improvement, with key companies maintaining healthy inventory levels and experiencing a slight increase in gross margins [46][50] - The textile manufacturing sector has faced revenue pressure due to reciprocal tariffs, with a noted decline in net profit for key companies in the first three quarters of 2025 [61][62]

（编辑 姚尧） 证券日报网讯 11月12日晚间，华利集团发布公告称，近日，公司收到控股股东俊耀集团有限公司（以 下简称"香港俊耀"）提交的《关于减持计划实施完毕暨股份变动触及1%的告知函》，2025年11月12 日，香港俊耀通过大宗交易的方式减持公司股份17，505，000股，占公司总股本的1.5%，本次减持计 划已经实施完毕。本次减持完成后，香港俊耀及其一致行动人中山浤霆鞋业有限公司合计持有本公司股 份的比例由85.98%变动为84.48%，变动比例触及1%。 ...

Market Overview - In October, the A-share textile and apparel sector outperformed the broader market, with textile manufacturing performing better than branded apparel. Since November, the sector has continued to show strong performance, with branded apparel increasing by 3.4% and textile manufacturing by 2.9% [1][12] - The Hong Kong textile and apparel index fell by 4.9% in October but has since turned positive in November [1][19] Brand Apparel Insights - Retail sales of clothing in September grew by 4.7% year-on-year, with a month-on-month increase of 1.6 percentage points [1][21] - E-commerce showed strong performance in October, with all categories experiencing month-on-month growth. Outdoor apparel led year-on-year growth, with sportswear, outdoor wear, leisure wear, home textiles, and personal care products showing growth rates of 0%, +19%, 0%, +1%, and +2% respectively [1][21] - Leading brands in sportswear included Lululemon (+88%), Asics (+47%), and Descente (+35%). In outdoor brands, Kailas (+55%), Berghaus (+41%), and Camel (+39%) showed strong growth. In leisure wear, Dazzle (+93%), Li Ning (+85%), and Xuezhongfei (+49%) experienced rapid growth [1][21] Textile Manufacturing Insights - On a macro level, the textile export growth in October was impacted by high base effects from the previous year, with Vietnam's textile exports declining by 1.0% year-on-year and China's textile exports down by 9.1% [1][21] - Cotton prices showed slight increases in October (+0.7%) while wool prices decreased significantly (-20.9% month-on-month) [1][21] - On a micro level, Taiwanese companies reported mixed revenue performances in October, but outlooks remain optimistic. Companies like Ju Hong expect revenue recovery in Q4, while Wei Hong has strong demand driven by the upcoming World Cup [1][21] Investment Recommendations - Focus on textile manufacturing rebound and consumer innovation opportunities. The fourth-quarter orders in textile manufacturing are expected to recover, suggesting a potential turnaround for companies facing difficulties [3][6] - Key companies to watch include Shenzhou International, which benefits from tariff reductions and Nike's recovery, and Huayi Group, which is seeing continuous improvement in profitability [6][7] Key Company Performance Predictions - Shenzhou International: Maintain "Outperform" rating with an estimated EPS of 4.37 in 2025 and 4.96 in 2026 [7] - Huayi Group: Maintain "Outperform" rating with an estimated EPS of 2.85 in 2025 and 3.48 in 2026 [7] - Kai Run Co.: Maintain "Outperform" rating with an estimated EPS of 1.52 in 2025 and 1.78 in 2026 [7] - New Australia Co.: Maintain "Outperform" rating with an estimated EPS of 0.63 in 2025 and 0.71 in 2026 [7]

Market Overview - In October, the A-share textile and apparel sector outperformed the broader market, with textile manufacturing performing better than branded apparel. Since November, the sector has continued to show strong performance, with branded apparel increasing by 3.4% and textile manufacturing by 2.9% [1][12] - The Hong Kong textile and apparel index fell by 4.9% in October but has since turned positive in November [1][19] Brand Apparel Insights - Retail sales of clothing in September grew by 4.7% year-on-year, with a month-on-month increase of 1.6 percentage points [1][21] - E-commerce showed strong performance in October, with all categories experiencing month-on-month growth. Outdoor apparel led year-on-year growth, with sportswear, outdoor wear, leisure wear, home textiles, and personal care products showing growth rates of 0%, 19%, 0%, 1%, and 2% respectively [1][21] - Leading brands in sportswear included Lululemon (88%), Asics (47%), and Descente (35%). In outdoor brands, Kailas (55%), Berghaus (41%), and Camel (39%) showed strong growth [1][21] Textile Manufacturing Insights - On a macro level, the textile export growth in October was negatively impacted by high base effects from the previous year, with Vietnam's textile exports declining by 1.0% year-on-year and China's textile exports down by 9.1% [1][21] - Cotton prices showed slight increases in October, while wool prices decreased significantly, down 20.9% month-on-month and 6.8% year-on-year [1][21] - Taiwanese companies in the textile sector are optimistic about future revenue, with several companies expecting a recovery in orders and revenue in the fourth quarter [1][6] Investment Recommendations - Focus on textile manufacturing rebound and consumer innovation opportunities. The fourth quarter is expected to see a recovery in orders, with diminishing tariff impacts and stabilizing order placements [3][6] - Key companies to watch include Shenzhou International, Huayi Group, and Kai Run Co., which are expected to benefit from improved order visibility and market demand [3][6][7] - In branded apparel, the report recommends focusing on high-end segments and brands in the sports and outdoor categories, highlighting Anta Sports, Li Ning, and Tebu International as key players [3][6]

格隆汇11月12日丨华利集团(300979.SZ)公布，近日，公司收到控股股东香港俊耀提交的《关于减持计 划实施完毕暨股份变动触及1%的告知函》，2025年11月12日，香港俊耀通过大宗交易的方式减持公司 股份17,505,000股，占公司总股本的1.5%，本次减持计划已经实施完毕。 ...

据天眼查APP显示，中山华利实业集团股份有限公司成立于2004年09月02日，注册资本116700万人民 币。（数据宝） 华利集团11月12日大宗交易平台出现一笔成交，成交量1750.50万股，成交金额9.74亿元，大宗交易成交 价为55.66元，相对今日收盘价折价6.56%。该笔交易的买方营业部为机构专用，卖方营业部为兴业证券 股份有限公司福清清昌大道证券营业部。 证券时报·数据宝统计显示，华利集团今日收盘价为59.57元，上涨1.67%，日换手率为0.21%，成交额为 1.44亿元，全天主力资金净流出327.70万元，近5日该股累计上涨2.27%，近5日资金合计净流入1577.05 万元。 两融数据显示，该股最新融资余额为8743.77万元，近5日增加322.57万元，增幅为3.83%。 机构评级来看，近5日共有5家机构给予该股评级，预计目标价最高的是国泰海通证券，11月11日国泰海 通证券发布的研报预计公司目标价为75.48元。 11月12日华利集团大宗交易一览 | | | | | | 兴业证券股份有限公司福清清昌 | | --- | --- | --- | --- | --- | --- | | | ...

Summary of Key Points Core Viewpoint - The A-share market experienced significant block trading activity on November 12, with a total transaction volume of 1.91 billion yuan across 66 stocks, indicating notable investor interest in specific companies [1]. Group 1: Trading Activity - The top three companies by transaction volume were Huali Group (974 million yuan), Century Huato (111 million yuan), and Chunfeng Power (77.24 million yuan) [1]. - A total of 10 stocks were traded at par value, 9 stocks at a premium, and 47 stocks at a discount [1]. Group 2: Premium and Discount Rates - The stocks with the highest premium rates were Tom Cat (18.6%), Beijing Bank (9.77%), and AVIC Chengfei (9.04%) [1]. - The stocks with the highest discount rates were Tengya Precision (23.88%), Lexin Technology (20.22%), and Wens Foodstuff (19.27%) [1]. Group 3: Institutional Buying and Selling - The ranking of institutional buying was led by Huali Group (974 million yuan), followed by Century Huato (111 million yuan) and Chunfeng Power (77.24 million yuan) [2]. - The top stocks sold by institutional investors included Century Huato (111 million yuan), followed by Hengrui Medicine (36.02 million yuan) and Haowei Group (26.44 million yuan) [2].

证券代码：300979 证券简称：华利集团 公告编号：2025-067 中山华利实业集团股份有限公司 关于控股股东减持计划实施完毕暨股份变动触及 1%的公告 控股股东俊耀集团有限公司保证向本公司提供的信息内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 本公司及董事会全体成员保证公告内容与信息披露义务人提供的信息一致。 中山华利实业集团股份有限公司（以下简称"公司""本公司"）于 2025 年 9 月 12 日在深圳证券交易所网站（www.szse.cn）、巨潮资讯网（www.cninfo.com.cn） 等监管部门规定的创业板上市公司信息披露网站披露了《控股股东减持股份预披 露公告》（公告编号：2025-056），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本公司股份不超过 17,505,000 股（占本公司总股本比例 1.5%）。 近日，公司收到控股股东香港俊耀提交的《关于减持计划实施完毕暨股份变 动触及 1%的告知函》，2025 年 ...