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 ...

11月12日，华利集团收涨1.67%，收盘价为59.57元，发生1笔大宗交易，合计成交量1750.5万股，成交 金额9.74亿元。 责任编辑：小浪快报 炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 进一步统计，近3个月内该股累计发生1笔大宗交易，合计成交金额为9.74亿元。该股近5个交易日累计 上涨2.27%，主力资金合计净流入1375.67万元。 第1笔成交价格为55.66元，成交1,750.50万股，成交金额97,432.83万元，溢价率为-6.56%，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。 ...

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 growing by 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, brands like Dazzle (93%), Li Ning (85%), and Snow Flying (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 and decreases in October, with domestic cotton prices up by 0.7% and imported cotton prices down by 0.9%. Wool prices decreased significantly, down 20.9% month-on-month and 6.8% year-on-year [1][21] - On a micro level, Taiwanese companies showed varied revenue performance in October, with optimistic future outlooks. Companies like Ju Hong and Wei Hong reported strong order visibility and expected revenue recovery in the upcoming quarters [1][21] Investment Recommendations - Focus on textile manufacturing rebound and consumer innovation opportunities. The fourth quarter is expected to see order recovery, with diminishing tariff impacts and stabilizing order placements [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]

Core Insights - A total of 81 stocks received buy ratings from institutions today, with 16 stocks receiving initial coverage [1] - The mechanical equipment sector is the most favored, with 13 stocks listed in the buy rating report, followed by the pharmaceutical and food & beverage sectors with 11 and 7 stocks respectively [2] Institutional Ratings - 84 buy rating records were published today, with 24 records providing future target prices; 18 stocks have an upside potential exceeding 20% [1] - The highest upside potential is for Aofei Data, with a target price of 29.78 yuan, indicating a 59.00% upside; other notable stocks include ZTE Corporation and Huicheng Co., with upside potentials of 51.35% and 46.13% respectively [1] - Among the stocks rated today, 16 received initial attention from institutions, including Aimeike and BeiGene [1] Market Performance - Stocks with buy ratings averaged a decline of 0.77%, underperforming the Shanghai Composite Index; 33 stocks saw price increases, with the largest gains from BeiGene, Century Huatong, and Zhongji Xuchuang, which rose by 5.62%, 5.11%, and 5.06% respectively [1] - Stocks with significant declines included Aters, Longi Green Energy, and Yisheng Magic, with drops of 14.33%, 7.35%, and 6.47% respectively [1] Sector Analysis - The mechanical equipment industry is highlighted as the most attractive, with key stocks like Yizhim and Juxing Technology receiving buy ratings [2] - The pharmaceutical and food & beverage sectors also garnered attention, with 11 and 7 stocks respectively making it to the buy rating list [2]

事件评论 收入：量价拆分来看，2025Q3 销量同比-4.3%，单价同比+4.2%（美元+4.0%），预计为高基数&老客户 压力大影响，Q4 这两个因素均有望缓解。 盈利能力：2025Q3 毛利率环比+1.1pct/同比-4.8pct 至22.2%，淡季下毛利率如期改善，预计主因新厂陆 续减亏或转盈。Q3 扣非净利率环比+0.8pct/同比-2.3pct 至13.6%，归母净利率环比+0.3pct/同比-3.3pct 至 12.7%。其中管理/财务费用率环比+0.6pct/+1.1pct，影响净利率环比提升幅度，但所得税率环比-7pct/同 比-4pct 至18%，基本抹平了费用率环比提升的负面影响。此外，归母净利率改善幅度弱于扣非净利 率，主因Q3 公允价值损失大幅增加所致。 事件描述 公司2025 前三季度实现营收186.8 亿元，同比+6.7%，归母净利润24.4 亿元，同比-14.3%。 其中Q3 实现营收60.2 亿元，同比-0.3%（美元-0.5%），归母净利润7.6 亿元，同比-20.7%（美 元-20.9%）。 展望：2025 年基本面筑底，期待2026 年起的基本面弹性回升&估值改善。短期， ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [6] Core Views - The company is expected to see a bottoming out of its fundamentals in 2025, with an anticipated recovery in 2026 and an improvement in valuation. Short-term challenges include old factory utilization rates, order adjustments, and the impact of new factory production in H2, which are expected to continue to pressure net profit margins. However, a stable tax rate and recent efficiency improvements are expected to support a recovery in Q3 net profit margins. In the medium term, stabilization from existing customers and growth from new customers are anticipated to drive a new growth cycle, supported by proactive capacity expansion and an improved industry landscape, which should enhance profitability and valuation [2][4][10]. Financial Performance Summary - For the first three quarters of 2025, the company achieved revenue of 186.8 billion yuan, a year-on-year increase of 6.7%, while net profit attributable to the parent company was 24.4 billion yuan, a decrease of 14.3%. In Q3 alone, revenue was 60.2 billion yuan, a slight decline of 0.3% year-on-year, and net profit was 7.6 billion yuan, down 20.7% year-on-year [4][10]. - The Q3 gross profit margin improved by 1.1 percentage points quarter-on-quarter but decreased by 4.8 percentage points year-on-year to 22.2%. The net profit margin attributable to the parent company was 12.7%, reflecting a quarter-on-quarter increase of 0.3 percentage points and a year-on-year decrease of 3.3 percentage points [10][4]. Earnings Forecast - The company forecasts net profits attributable to the parent company for 2025, 2026, and 2027 to be 33.6 billion yuan, 40.7 billion yuan, and 47.2 billion yuan, respectively, representing year-on-year changes of -12%, +21%, and +16%. The corresponding price-to-earnings ratios are projected to be 21, 17, and 15 times, with a dividend payout ratio of 70%, leading to a forecasted dividend yield of 3.4% for 2025 [2][10].

证券代码：300979 证券简称：华利集团 公告编号：2025-066 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2024年10月28日召开了第二届董事会第十次会议，审议通过了《关 于2025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20 亿元。上述交易额度在2025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。公司监事会、 保荐机构均发表了明确同 ...

Investment Rating - Investment advice: Short-term pressure on October export data, Q4 overseas consumption needs observation. By 2026, export manufacturing sector recovery is clearer due to several factors [39]. Core Insights - October 2025, China's textile/apparel exports down 9.0%/16.0% YoY, slower than September. The decline is attributed to a high base from last year's brand restocking [39][18]. - The Lyst Q3 list shows a preference for affordable luxury brands, with YSL, Miu Miu, COS, THE ROW, and COACH dominating the top five positions [39]. - COACH's growth accelerates, with FY26Q1 revenue of $1.70 billion, up 13.1% YoY, driven by strong performance in North America and Greater China [39]. Summary by Sections 1. Market Review - The textile and apparel sector saw a 0.80% increase in A-share market performance, with the textile manufacturing sector up 0.96% and apparel/home textiles up 2.23% [6]. - PE valuation for the textile and apparel sector is currently at 20.11 times, below the historical average of 24.76 times [10]. 2. Industry Data Tracking - In September 2025, China's clothing retail grew by 3.6%, while textile exports in October fell by 12.6% [16][18]. - October 2025 textile exports amounted to approximately $22.26 billion, with a year-on-year decline of 12.64% [18]. 3. Key Announcements and News - Tapestry's FY26Q1 revenue was $1.70 billion, exceeding expectations, with a significant contribution from COACH [39]. - Canada Goose reported a revenue of C$273 million for FY25Q2, down 1.8% YoY, primarily due to increased expenses [39].

事件：公司发布25年三季报。25Q1-Q3，实现营收186.80亿元，同比+6.67%： 核心结论 风险提示：关税波动风险，订单增长不及预期风险，产能扩张及投产进度不及预期风险，生产基地集中 风险，劳动力成本上升风险，汇率波动风险。 ASP为111.19元/双，同比+3.50%，前三季度量价齐升。25Q3实现销量0.53亿双，同比-3.64%；ASP为 113.57元/双，同比+3.43%，销量下降主因是部分客户订单承压，但公司主动优化客户结构，新客户拓 展效果明显，ASP提升一定程度上弥补销量下滑的不利影响，Q3公司营收同比仅小幅下降。 毛利率环比改善，费用持续优化。Q3公司整体毛利率为22.19%，环比+0.34pct，同比-4.82pct。截至 25Q3末24年投产的4家运动鞋量产工厂，已经有3家工厂达成公司阶段性考核目标（内部核算口径实现 盈利），其中包括在印尼开设的第一家工厂印尼世川，随着新工厂运营逐步成熟以及降本增效措施的推 进，整体毛利率环比Q2得到改善。25Q3整体期间费用率为5.46%，同比-0.98pct。其中销售费用率/管理 费用率/研发费用率/财务费用率同比分别-0.13pct/-2. ...

Investment Rating - The investment rating for the company is "Buy" [5][10] Core Insights - The company reported a revenue of 18.68 billion yuan for the first three quarters of 2025, a year-on-year increase of 6.67%, while the net profit attributable to the parent company was 2.435 billion yuan, a year-on-year decrease of 14.34% [1][5] - In Q3 2025, the company achieved a revenue of 6.019 billion yuan, a slight year-on-year decrease of 0.34%, and a net profit of 765 million yuan, down 20.73% year-on-year [1][5] - The overall gross margin improved to 22.19% in Q3, an increase of 0.34 percentage points quarter-on-quarter, although it decreased by 4.82 percentage points year-on-year [2][3] - The company has successfully optimized its customer structure, leading to a significant increase in average selling price (ASP) despite a decline in sales volume [1][2] Financial Summary - For the period of 2023 to 2027, the projected revenue is expected to grow from 20.114 billion yuan in 2023 to 32.247 billion yuan in 2027, with a compound annual growth rate (CAGR) of approximately 12.8% [4] - The net profit attributable to the parent company is forecasted to increase from 3.2 billion yuan in 2023 to 4.722 billion yuan in 2027, with a notable growth rate of 17.6% in 2027 [4] - The earnings per share (EPS) is projected to rise from 2.74 yuan in 2023 to 4.05 yuan in 2027 [4] Operational Efficiency - The company has three out of four new production facilities achieving profitability as of Q3 2025, indicating improved operational efficiency [2][3] - The overall expense ratio for Q3 2025 was 5.46%, a decrease of 0.98 percentage points year-on-year, reflecting ongoing cost optimization efforts [2]