——利润率拐点成功显现，印尼首个新工厂实现盈利 报告原因：有业绩公布需要点评 买入（维持） 上 市 公 司 纺织服饰 2025 年 10 月 30 日 华利集团 (300979) | 市场数据： | 2025 年 10 月 29 日 | | --- | --- | | 收盘价（元） | 55.24 | | 一年内最高/最低（元） | 80.16/47.77 | | 市净率 | 4.0 | | 股息率%（分红/股价） | 5.97 | | 流通 A 股市值（百万元） | 64,465 | | 上证指数/深证成指 | 4,016.33/13,691.38 | | 注："股息率"以最近一年已公布分红计算 | | | 基础数据: | 2025 年 09 月 30 日 | | --- | --- | | 每股净资产（元） | 13.35 | | 资产负债率% | 33.76 | | 总股本/流通 A 股（百万） | 1,167/1,167 | | 流通 B 股/H 股（百万） | -/- | 一年内股价与大盘对比走势： 朱本伦 A0230125090001 zhubl@swsresearch.com 10-29 11- ...

证券之星消息，10月30日纺织制造板块较上一交易日上涨0.13%，华利集团领涨。当日上证指数报收于 3986.9，下跌0.73%。深证成指报收于13532.13，下跌1.16%。纺织制造板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 300979 | 华利集团 | 56.76 | 2.75% | 4.21万 | 2.38亿 | | 002083 | 幸日股份 | 5.76 | 1.23% | 96.56万 | 5.60亿 | | 665109 | 百隆东方 | 5.68 | 0.89% | 9.18万 | 5210.28万 | | 603889 | 新澳股份 | 7.68 | 0.79% | 10.43万 | 8002.18万 | | 603558 | 健盛集团 | 11.37 | 0.44% | 7.97万 | 9138.92万 | | 002394 | 联发股份 | 11.68 | 0.43% | 17.54万 | 2.05亿 | | 603055 | 台华新材 | 8 ...

库存下降，存货周转天数下降。25Q3 末存货为31.59 亿元、同比下降1.39%、较Q2 上升8.88%，存货周 转天数为58 天、同比下降5 天；应收账款为36.54 亿元、同比增长6.36%、环比下降25.08%；应收账款 周转天数为58 天、同比增加2 天；应付账款为24.66 亿元，同比增长11.17%，环比上升2.24%，应付账 款周转天数为45 天、同比增加2 天。 事件概述 25Q3 单季收入/归母净利/扣非归母净利分别为60.19/7.65/8.16 亿元，同比下降0.34%/20.73%/14.83%，业 绩符合市场预期，收入微降主要由于部分老客户去库存影响，净利下滑主要受新厂产能爬坡及关税影 响，但毛利率受益于新厂逐步爬坡、已现环比改善，我们判断最差时候或已过去。 2025 年前三季度公司收入/归母净利/扣非归母净利/经营性现金流分别为186.80/24.35/25.0/37.63 亿元， 同比增长6.67%/-14.34%/-10.83%/-11.49%；经营活动现金流高于净利主要由于应付增加。非经主要是持 有金融资产和金融负债产生的公允价值变动损失0.65 亿元。 分析判断: Q3 ...

2025 年 10 月 30 日 公司研究 Q3 新工厂爬坡成效显现，期待龙头高质量增长 ——华利集团（300979.SZ）2025 年三季报点评 要点 事件： 华利集团发布 2025 年三季报。公司 2025 年前三季度实现营业收入 186.8 亿元， 同比增长 6.7%，归母净利润 24.4 亿元，同比下滑 14.3%，扣非归母净利润 25.0 亿元，同比下滑 10.8%，EPS（基本）为 2.09 元。 分季度来看，25Q1/Q2/Q3 公司单季度收入分别为 53.5/73.1/60.2 亿元，分别 同比+12.3%/+9.0%/-0.3%，归母净利润分别为 7.6/9.1/7.6 亿元，分别同比 -3.2%/-16.7%/-20.7%，归母净利率分别为 14.2%/12.4%/12.7%，分别同比 -2.3/-3.8/-3.3PCT，公司持续推进新工厂爬坡以及各工厂降本增效，2025Q3 归 母净利率环比提升 0.3PCT。其中 2025Q3 扣非归母净利润同比下滑 14.8%，降 幅小于归母净利润，主要系该季度为公允价值损失，而去年同期为收益。 点评： 2025Q3 运动鞋量降价增。分量价来看，25 ...

Core Viewpoint - Huayi Group's Q3 2025 revenue, net profit attributable to shareholders, and net profit excluding non-recurring items were 6.019 billion, 765 million, and 816 million yuan respectively, showing a year-on-year decline of 0.34%, 20.73%, and 14.83%, which aligns with market expectations [1] Financial Performance - The slight revenue decline is primarily due to inventory destocking by some existing customers [1] - The net profit drop is mainly influenced by the ramp-up of new plant capacity and tariff impacts [1] - Gross margin has shown improvement on a quarter-on-quarter basis due to the gradual ramp-up of the new plant [1] Future Outlook - The worst period for the company may have passed, with expectations of a return to a factory establishment speed of 1-2 plants in the future [1] - The ramp-up of new plants is expected to contribute greater profit elasticity [1] Customer Analysis - Despite short-term growth slowdowns for major clients like NIKE and DECKERS, there remains room for market share expansion [1] - Additional revenue contributions are anticipated from brands such as Adidas, ON, New Balance, and Reebok [1] Investment Rating - Given the potential for market share growth with major clients and the company's ability to rapidly expand production, a "Buy" rating is maintained [1]

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance relative to the market index [7]. Core Insights - The company reported a revenue increase of 7% year-on-year for the first three quarters of 2025, totaling 18.68 billion yuan, while net profit attributable to shareholders decreased by 14% to 2.44 billion yuan [1][5]. - The gross margin for Q3 2025 improved on a quarter-on-quarter basis, reflecting ongoing expansion efforts at the Indonesian production base [1][4]. - The company is diversifying its customer base, with significant orders from new clients like On and New Balance, while facing some order adjustments from existing clients [3][5]. - The company is expected to achieve a revenue growth of approximately 5% for the full year 2025, driven by new customer orders despite cautious behavior from existing clients [3][5]. Financial Performance Summary - For Q3 2025, the company reported revenue of 6.02 billion yuan, which was flat year-on-year, and a net profit of 760 million yuan, down 21% year-on-year [2]. - The gross margin for Q3 2025 was 22.2%, a decrease of 4.8 percentage points year-on-year, but an improvement of 1.1 percentage points from Q2 2025 [2]. - The company’s cash flow remains strong, with a net operating cash flow of 3.76 billion yuan for the first three quarters of 2025, approximately 1.5 times the net profit for the same period [5]. Production and Capacity Expansion - The company is actively expanding its production capacity, with a total capacity of 11.7 million pairs and a total output of 11.2 million pairs in the first half of 2025, reflecting year-on-year increases of 7% and 6%, respectively [4]. - The new factories are progressing well, with three out of four newly established factories achieving profitability as per the report [4]. Future Outlook - The company is projected to achieve net profits of 3.25 billion yuan, 3.91 billion yuan, and 4.46 billion yuan for the years 2025, 2026, and 2027, respectively, with a corresponding P/E ratio of 20 times for 2025 [5][6].

Group 1: Guizhou Moutai - Guizhou Moutai reported a net profit of 646.27 billion yuan for the first three quarters of 2025, an increase of 6.25% year-on-year [1][2] - The company's revenue for the first three quarters reached 1,284.54 billion yuan, reflecting a growth of 6.36% compared to the previous year [1][2] Group 2: Midea Group - Midea Group achieved a net profit of 378.83 billion yuan for the first three quarters of 2025, marking a year-on-year increase of 19.51% [3][4] - The company's revenue for the same period was 3,630.57 billion yuan, up 13.82% year-on-year [3][4] Group 3: Mindray Medical - Mindray Medical reported a net profit of 75.7 billion yuan for the first three quarters of 2025, a decline of 28.83% year-on-year [5][6] - The company's revenue for the first three quarters was 258.34 billion yuan, down 12.38% compared to the previous year [5][6] Group 4: SanHuan Group - SanHuan Group's net profit for the first three quarters of 2025 was 19.59 billion yuan, reflecting a growth of 22.16% year-on-year [7][8] - The company's revenue for the same period reached 65.08 billion yuan, an increase of 20.96% year-on-year [7][8] Group 5: Longyuan Power - Longyuan Power reported a net profit of 43.93 billion yuan for the first three quarters of 2025, a decrease of 21.02% year-on-year [9][10] - The company's revenue for the same period was 222.21 billion yuan, down 17.29% compared to the previous year [9][10] Group 6: China Nuclear Power - China Nuclear Power's net profit for the first three quarters of 2025 was 80.02 billion yuan, a decline of 10.42% year-on-year [12][13] - The company's revenue for the same period reached 616.35 billion yuan, an increase of 8.16% year-on-year [12][13] Group 7: Fenjie Media - Fenjie Media reported a net profit of 42.40 billion yuan for the first three quarters of 2025, an increase of 6.87% year-on-year [14][15] - The company's revenue for the same period was 96.07 billion yuan, reflecting a growth of 3.73% year-on-year [14][15] Group 8: Tianfu Communication - Tianfu Communication achieved a net profit of 14.65 billion yuan for the first three quarters of 2025, marking a year-on-year increase of 50.07% [17][18] - The company's revenue for the same period was 39.18 billion yuan, up 63.63% year-on-year [17][18] Group 9: Lingyi Technology - Lingyi Technology reported a net profit of 19.41 billion yuan for the first three quarters of 2025, reflecting a growth of 37.66% year-on-year [19][20] - The company's revenue for the same period reached 375.90 billion yuan, an increase of 19.25% year-on-year [19][20] Group 10: Rongsheng Petrochemical - Rongsheng Petrochemical's net profit for the first three quarters of 2025 was 8.88 billion yuan, a growth of 1.34% year-on-year [21] - The company's revenue for the same period was 2,278.15 billion yuan, down 7.09% compared to the previous year [21] Group 11: ShenNan Circuit - ShenNan Circuit reported a net profit of 23.26 billion yuan for the first three quarters of 2025, an increase of 56.30% year-on-year [22] - The company's revenue for the same period was 167.54 billion yuan, reflecting a growth of 28.39% year-on-year [22] Group 12: Jiangbolong - Jiangbolong achieved a net profit of 7.13 billion yuan for the first three quarters of 2025, marking a year-on-year increase of 27.95% [23] - The company's revenue for the same period reached 167.34 billion yuan, up 26.12% year-on-year [23] Group 13: New Yisheng - New Yisheng reported a net profit of 63.27 billion yuan for the first three quarters of 2025, reflecting a growth of 284.37% year-on-year [24] - The company's revenue for the same period was 165.05 billion yuan, an increase of 221.70% year-on-year [24] Group 14: China Merchants Bank - China Merchants Bank achieved a net profit of 1,137.72 billion yuan for the first three quarters of 2025, marking a year-on-year increase of 0.52% [25] - The company's revenue for the same period was 2,514.2 billion yuan, down 0.51% compared to the previous year [25] Group 15: Zhongwei Company - Zhongwei Company reported a net profit of 12.11 billion yuan for the first three quarters of 2025, a growth of approximately 32.66% year-on-year [26] - The company's revenue for the same period reached 80.63 billion yuan, an increase of approximately 46.40% year-on-year [26] Group 16: Microchip Biotech - Microchip Biotech's non-public offering was approved, aiming to raise up to 9.5 billion yuan for innovative drug research and development [27] Group 17: Longyuan Power's Fundraising - Longyuan Power plans to raise up to 50 billion yuan through a private placement to invest in renewable energy projects [28] Group 18: North University Pharmaceutical - North University Pharmaceutical's chairman was detained for investigation, but the company's operations remain normal [29] Group 19: Deyang Shares - Deyang Shares reported a net profit of 23.47 billion yuan for the first three quarters of 2025, a growth of 4.79% year-on-year [30] Group 20: Xiechuang Data - Xiechuang Data achieved a net profit of 6.98 billion yuan for the first three quarters of 2025, marking a year-on-year increase of 25.30% [31] Group 21: Zhifei Biological - Zhifei Biological reported a net loss of 12.06 billion yuan for the first three quarters of 2025, primarily due to lower sales and increased provisions [32] Group 22: Softcom Power - Softcom Power achieved a net profit of 9.89 billion yuan for the first three quarters of 2025, reflecting a growth of 30.21% year-on-year [33] Group 23: Magmi Technology - Magmi Technology reported a net profit of 2.13 billion yuan for the first three quarters of 2025, a decline of 48.29% year-on-year [34] Group 24: Huali Group - Huali Group's net profit for the first three quarters of 2025 was 24.35 billion yuan, a decrease of 14.34% year-on-year [35]

中山华利实业集团股份有限公司投资者关系活动记录表 编号：2025-024 | 投资者关系 | □特定对象调研 分析师会议 □媒体采访 □业绩说明会 | | --- | --- | | 活动类别 | □新闻发布会 □路演活动 □现场参观 □其他 | | 参与单位名称 | 详见附件一 | | 及人员姓名 | | | 时间 | 2025年10月29日 | | 地点 | 线上：腾讯会议 | | 上市公司 接待人员姓名 | 董事会秘书方玲玲 | | | 投资者与公司的交流情况： | | | 问：美国新的关税政策下，客户是否要求制造商分担关税成本？目前有什么新的进展？ | | | 答：美国是运动鞋重要的消费市场，美国进口关税税率上调，会增加客户销往美国市场 | | | 的关税成本，但是客户销往非美国地区的关税不会有影响。以往关税都是由品牌客户 | | | （进口商）承担，关税成本最终会传导至消费者。订单状况对品牌、制造商、材料商等 | | | 整个产业链都会有影响。品牌客户、制造商和材料商会共同探讨关税带来的成本问题， | | | 比如可以从原材料采购、制造工艺等多环节、多维度探讨成本费用的优化方案。成本和 | | | ...

Core Viewpoint - 华利集团 is a leading global manufacturer of sports shoes, with strong design capabilities and a rich customer base, achieving top rankings in revenue and net profit within the industry [1][2]. Group 1: Business Performance - In Q3 2025, 华利集团 reported revenue of 18.68 billion, ranking first in the industry, with a net profit of 2.437 billion, also ranking first [2]. - The revenue breakdown includes 11.336 billion from sports leisure shoes (89.53%), 1.052 billion from sports sandals/slippers (8.31%), and 0.262 billion from outdoor boots (2.07%) [2]. Group 2: Financial Ratios - As of Q3 2025, the asset-liability ratio was 33.76%, up from 24.78% year-on-year, aligning with the industry average [3]. - The gross profit margin was 21.96%, down from 27.81% year-on-year, also in line with the industry average [3]. Group 3: Executive Compensation - Chairman Zhang Congyuan's compensation for 2024 was 8.7617 million, a decrease of 1.0283 million from 2023 [4]. - General Manager Liu Shujuan's compensation for 2024 was 6.2393 million, down by 0.5543 million from 2023 [4]. Group 4: Shareholder Information - As of September 30, 2025, the number of A-share shareholders increased by 3.03% to 12,900 [5]. - The average number of circulating A-shares held per shareholder decreased by 2.94% to 90,600 [5]. Group 5: Market Outlook - 华利集团's revenue showed double-digit growth in the first half of 2025, although net profit declined due to a significant drop in gross margin [5]. - The company is expected to maintain stable performance in sports leisure shoes, with rapid revenue growth in Europe [6].

报告期，公司持续推进上半年确定的主要工作，重点关注新工厂的运营改善和各工厂的降本增效措施的 落实，2024年投产的4家运动鞋量产工厂，已经有3家工厂在报告期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。随着新工厂的运营逐步成熟以及各工厂 降本增效措施的推进，公司整体毛利率也较第二季度有所改善。2025年1-9月，公司销售运动鞋1.68亿 双，同比增长3.04% 格隆汇10月29日丨华利集团(300979.SZ)公布2025年第三季度报告，公司第三季度实现营业收入60.19亿 元，同比减少0.34%；净利润7.65亿元，同比减少20.73%；前三季度实现营业收入186.80亿元，同比增 长6.67%；净利润24.35亿元，同比减少14.34%。 ...