Investment Rating - The report maintains a "Buy" rating for key companies such as Shenzhou International and Huali Group, with specific price-to-earnings (PE) ratios projected for 2026 [9][38]. Core Insights - The textile and apparel industry is experiencing a weak recovery in the Chinese consumer market, while the U.S. and European markets show steady growth. The overall industry inventory is considered healthy, with expectations for upstream order growth driven by stable downstream replenishment [31][32]. - The report highlights the strong performance of direct-to-consumer (DTC) channels in the Asia-Pacific region, particularly in China, where DTC revenue growth is driven by e-commerce [18][23]. - Key investment themes include a focus on high-quality stocks in apparel manufacturing, brand apparel with stable growth or reversal logic, and strong alpha candidates in the gold and jewelry sector [21][22][33]. Summary by Sections Weekly Topic - PVH Group reported a 2% year-over-year revenue increase for FY2025Q3, reaching $2.294 billion, with a notable decline in gross margin due to increased tariffs and a challenging promotional environment [1][14]. Regional Performance - Asia-Pacific: FY2025Q3 revenue decreased by 1% year-over-year, but DTC business showed low single-digit growth, particularly in China [18][23]. - EMEA: Revenue grew by 4% year-over-year, but DTC and wholesale businesses faced declines due to a weak consumer environment [23]. - Americas: Revenue increased by 2%, driven by adjustments in the women's product line, although direct sales faced challenges [23]. Investment Themes - **Apparel Manufacturing**: Recommendations include Shenzhou International (PE of 12x) and Huali Group (PE of 18x), with expectations for improved core customer orders in 2026 [21][31]. - **Brand Apparel**: Focus on companies like Tmall and Anta Sports, with PE ratios of 15x and 16x respectively, and a recommendation for Bosideng (PE of 14x) [21][32]. - **Gold and Jewelry**: Companies like Chow Tai Fook and Chow Hong Ki are highlighted for their strong product differentiation and brand strength, with PE ratios of 17x and 21x respectively [22][33]. Recent Reports - The report emphasizes the importance of maintaining a long-term perspective in the apparel manufacturing sector, with expectations for revenue growth exceeding 10% CAGR from 2025 to 2026 for Shenzhou International [34][38].

证券代码：300979 证券简称：华利集团 中山华利实业集团股份有限公司投资者关系活动记录表 问：公司未来几年的产能规划如何？ 答：考虑到客户订单的需求，未来几年公司仍会保持积极的产能扩张。2024 年投产的 4 家运动鞋量产工厂，2025 年 1-9 月，已经有 3 家工厂达成阶段性考核目标（内部核算口 径实现盈利），其中包括公司在印尼开设的第一家工厂印尼世川。未来 3-5 年，公司主要 将在印尼新建工厂并尽快投产，具体的工厂投产进度公司将及时披露。公司的产能除了 通过新建工厂、设备更新提升产能外，还可以通过员工人数和加班时间的控制保持一定 的弹性，每年具体的产能的配置将根据当年订单情况进行调整。 问：近些年部分同行制造商在台股上市，公司凭借哪些核心优势吸引客户达成合作？ 答：运动鞋制造商目前以台资厂、韩国厂为主，且头部鞋厂均为有几十年制鞋经验的老 厂，各个鞋厂基本都形成了相对稳定的客户结构。华利集团实行多客户模式，并且在不 断的优化客户结构、拓展新客户。公司的客户和产品风格比较多元，使得公司能够掌握 市场动态，满足客户多元化需求，同时，公司拥有业界最为全面的制鞋工艺技术和流 程，开发能力和量产能力有明显优 ...

证券代码：300979 证券简称：华利集团 公告编号：2025-071 中山华利实业集团股份有限公司 及现金管理额度预计的公告》（公告编号：2024-055）、《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》（公告编号：2025-002、2025-003、 2025-004、2025-005、2025-006、2025-010、2025-022、2025-023、2025-029、2025-035、 2025-036、2025-037、2025-038、2025-040、2025-041、2025-042、2025-054、2025-058、 2025-059、2025-060、2025-066、2025-068、2025-069、2025-070）、《关于部分闲 置募集资金现金管理到期赎回的公告》（公告编号：2025-009、2025-034、2025-052）、 《关于使用部分闲置募集资金进行现金管理的进展公告》（公告编号：2025-045）。 近日，公司使用部分闲置募集资金进行委托理财（仅限现金管理）产品到期 赎回并继续进行委托理财（仅限现金管理），现将相关情况公告如下： 一、本次部分 ...

来源：新浪证券-红岸工作室 12月3日，华利集团涨2.10%，成交额1.33亿元，换手率0.18%，总市值738.71亿元。 异动分析 体育产业+三胎概念+人民币贬值受益 1、华利股份从事运动鞋履的开发设计、生产与销售，是全球领先的运动鞋专业制造商，主要为Nike、 Converse、Vans、Puma、UGG、Columbia、Under Armour、HOKA ONE ONE等全球知名运动品牌提供 开发设计与制造服务。 2、公司从事运动鞋履的开发设计、生产与销售，是全球领先的运动鞋专业制造商，公司服务的品牌， 很多都有儿童系列，包括幼童系列。公司开发、制造面向幼童的运动鞋。 3、根据2024年年报，公司海外营收占比为99.80%，受益于人民币贬值。 该股筹码平均交易成本为56.97元，近期该股获筹码青睐，且集中度渐增；目前股价靠近压力位64.36， 谨防压力位处回调，若突破压力位则可能会开启一波上涨行情。 公司简介 资料显示，中山华利实业集团股份有限公司位于广东省中山市火炬开发区世纪一路2号，成立日期2004 年9月2日，上市日期2021年4月26日，公司主营业务涉及运动鞋履的开发设计、生产与销售。主营业 ...

Group 1: New Consumption - The report emphasizes the continuous exploration of new products, channels, and brand changes within the new consumption sector, highlighting the resilience of leading companies despite market concerns about revenue growth and profit realization in 2026 [8][15][9] - Key sectors include eyewear, with a focus on AI and AR technologies, recommending companies like 康耐特光学 for their innovative approaches [18][30] - The潮玩 (trendy toys) sector is noted for its high growth potential, particularly with brands like 泡泡玛特 and their successful IP strategies [34][38] - The personal care and household cleaning segment is undergoing a transformation, driven by the rise of platforms like 抖音, which enhances brand visibility and sales conversion [54][55] Group 2: Export Chain - The report identifies the light industry export chain as a key area, emphasizing the importance of high pricing power, market diversification, and mature overseas production capabilities [10] - Recommendations include关注匠心家居, 共创草坪, and other companies that demonstrate strong performance in international markets [10] Group 3: Cyclical Opportunities - The report suggests a focus on quality leaders in the cyclical sector, particularly in home textiles and furniture, where companies like 水星家纺 and 欧派家居 are highlighted for their strong market positions [11][11] - The report notes the increasing differentiation within the home goods market, recommending companies that offer value and competitive pricing [11]

Investment Rating - The report suggests prioritizing investments in foreign trade, followed by domestic demand, with a focus on the export manufacturing sector for clearer performance recovery by 2026 [38]. Core Insights - In September 2025, US apparel and accessories retail sales grew by 6.7% year-on-year, although the inventory-sales ratio declined both year-on-year and month-on-month [38]. - The current overseas K-shaped consumption trend shows strong performance in both high-end and mass value-for-money segments [38]. - Key targets for investment include Huali Industrial Group, Stella International Holdings, Shenzhou International, and Best Pacific International, with specific focus areas in home textiles, affordable luxury, and low valuation high dividend companies [38]. Summary by Sections Industry Data Tracking - In October 2025, China's apparel retail sales increased by 6.8%, while textile and apparel exports decreased by 12.6% [16]. - The cumulative textile and apparel exports from January to October 2025 amounted to approximately $243.94 billion, reflecting a year-on-year decline of 1.79% [18]. Market Performance - The A-share textile and apparel sector rose by 2.75% in the last week, outperforming the broader market [6]. - The current PE valuation for the textile and apparel sector stands at 20.65 times, below the historical average of 24.70 times [10]. Key Announcements and News - Huitai Textile reported a 6.7% decline in revenue for the six months ending September 30, 2025, primarily due to tariff disruptions and low capacity utilization [33]. - Kappa's parent company reported a 49% increase in profit for the first half of the fiscal year, indicating strong brand and operational performance [34].

证券代码：300979 证券简称：华利集团 公告编号：2025-070 一、本次部分闲置募集资金进行委托理财（仅限现金管理）产品到期赎回 基本情况 公司近期赎回闲置募集资金购买的已到期理财产品，赎回本金共计人民币 20,000 万元，获得收益合计人民币 164.31 万元。前述本金及收益已全部归还至 募集资金专户，具体赎回情况如下： | 序 | 购买 | 发行 | 产品 | 产品 | 购买 | 起始 | 到期 | 年化 | 收益 | 产品专用 | 产品专用 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | | | | | | 结算账户 | 结算账户 | | 号 | 主体 | 主体 | 名称 中国建设银行 | 类型 | 金额 | 日期 | 日期 | 收益率 | 金额 | 开户机构 | 账号 | | | | 中国建 设银行 | 广东省分行单 位人民币定制 | 保本浮 | | | | | | 中国建设 银行股份 | 44050278050 | | | 华利 | 股份有 | | | | 202 ...

Group 1: Investor Relations Activities - The investor relations activity was conducted on November 27, 2025, with participation from various financial institutions and analysts [2] - The meeting was held online via Tencent Meeting and offline in Zhongshan [2] Group 2: Impact of Tariff Policies - The increase in U.S. import tariffs will raise costs for customers exporting to the U.S., but will not affect exports to non-U.S. regions [2] - Historically, tariffs have been borne by brand customers (importers), ultimately passed on to consumers [2] - The company is focused on cost optimization across the supply chain in response to tariff impacts [2] Group 3: Factory Operations and Profitability - The first factory in Indonesia achieved profitability in Q3 2025, with management confident in its future performance [2][3] - The company is adjusting management practices to leverage Indonesia's advantages in labor supply and cost [2][3] - The company has three out of four new factories achieving profitability targets in Q3 2025 [3][5] Group 4: Capacity Utilization and Planning - The company maintains flexible capacity utilization, adjusting based on order demand and factory stages [4] - Future capacity expansion is planned, with a focus on new factories in Indonesia [5] - The company aims to keep capacity utilization high by managing production schedules and workforce [4][5] Group 5: Average Selling Price and Revenue - Average selling price fluctuations are influenced by customer and product mix changes [6] - The company employs a diversified brand strategy to optimize customer and product structures, impacting average selling prices [6] Group 6: Dividend Policy - The company has a strong focus on shareholder returns, with cash dividends in 2021 accounting for approximately 89% of net profit [7] - In 2023, cash dividends represented about 44% of net profit, with a projected 70% for 2024 [7] - The company has accumulated significant undistributed profits (approximately 9 billion RMB as of September 2025) and aims to maintain or increase dividend payouts [7]

Investment Rating - Investment advice is to outperform the market, with a focus on specific companies such as Huali Industrial Group, Stella International Holdings, Shenzhou International, and Best Pacific International [40][16]. Core Insights - October Swiss watch exports to China increased by 12.6% year-on-year, marking two consecutive months of double-digit growth. The overall Swiss watch exports showed a global decline of 4.4% [40][4]. - The report highlights a clearer recovery logic for the export manufacturing sector in 2026, driven by three main factors: clarity in US tariff policies, reduced tariff pressure with brands, and improved production efficiency [40][4]. - The North American luxury market is showing leading growth, supported by expectations of interest rate cuts, although Q4 performance needs to be monitored due to high base effects [40][4]. Industry Data Tracking - In October 2025, China's retail sales of clothing increased by 6.8%, while textile and apparel exports fell by 12.6% [17][19]. - Cumulative textile and apparel exports from January to October 2025 amounted to approximately $243.94 billion, reflecting a year-on-year decline of 1.79% [19][19]. - The report notes that the export of textiles and clothing in October 2025 was approximately $22.26 billion, down 12.64% year-on-year [19][19]. Recommended Stocks and Valuation - Recommended stocks include Huali Group, Stella International, Shenzhou International, and Best Pacific International, all rated as outperforming the market [16][40]. - The report provides earnings forecasts for these companies, indicating a positive outlook for their performance in the coming years [16][40].

Core Viewpoint - Huali Group reported a decrease in the number of shareholders and a decline in financing balance, while the stock price showed mixed performance despite a year-on-year increase in revenue and a decrease in net profit [2] Group 1: Shareholder and Stock Performance - As of November 20, the number of Huali Group shareholders was 10,400, a decrease of 600 from the previous period (November 10), representing a decline of 5.45% [2] - The closing price of Huali Group on the reporting date was 59.39 yuan, an increase of 1.07%, but the stock price has cumulatively decreased by 2.40% since the concentration of shares began [2] - The stock experienced 5 days of increases and 5 days of decreases during the reporting period [2] Group 2: Financing and Revenue - As of November 21, the latest margin trading balance for Huali Group was 65.29 million yuan, with a financing balance of 63.72 million yuan, reflecting a total decrease of 14.19 million yuan, or 18.22%, since the concentration of shares began [2] - For the first three quarters, Huali Group achieved a total operating revenue of 18.68 billion yuan, a year-on-year increase of 6.67%, while net profit was 2.43 billion yuan, a year-on-year decrease of 14.34% [2] - The basic earnings per share were 2.0900 yuan, and the weighted average return on equity was 14.13% [2] Group 3: Institutional Ratings - In the past month, Huali Group received buy ratings from 27 institutions [2] - The highest target price forecast was set by Guotai Junan at 75.48 yuan, as reported on November 11 [2]