证券代码：300979 证券简称：华利集团 公告编号：2025-008 中山华利实业集团股份有限公司 关于收到控股股东 2024 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 2025 年 3 月 11 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 2024 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 香港俊耀承诺在公司股东大会审议上述 2024 年度利润分配预案时投同意票。 二、其他说明 公司收到上述提议后，结合《公司章程》规定以及公司实际经营情况、经营 发展规划等进行了初步分析，认为上述提议符合法律法规和《公司章程》的有关 1 规定，不会影响公司正常经营和长远发展，不会对公司的经营现金流产生重大影 响，与公司业绩成长性相匹配，符合全体股东利益，具备合理性。公司将在 2024 年度审计工作结束后制定合理可行的利润分配预案，按照相关法律、法规及规范 性文件的规定履行审议程序和信 ...

证券代码：300979 证券简称：华利集团 公告编号：2025-006 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 ...

公司报告 | 公司点评 华利集团（300979） 证券研究报告 阿迪、昂跑财报乐观，多客户优势显现 Adidas 中国重拾增长势头且乐观 FY24Q4 收入 60 亿欧元，同比+19%；其中鞋/服收入分别同比+26%/+11%； 北美和大中华区恢复两位数收入增长。本季 OP0.57 亿欧元，上年同期亏损 3.8 亿欧元。 FY2024 全年收入 237 亿欧元，同比+12%；其中鞋/服收入分别同比 +17%/+6%，鞋类主导增长，反映出强劲品牌和产品势头。 华利实行多客户模式，使得能够掌握市场动态，满足客户多元化需求 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 显优势。在品质、交期、技术能力、成本控制、劳工及社会责任等客户对 供应商的例行评价上，公司的表现都很好，在行业口碑也很好，吸引新客 户主动找公司合作。最近几年，公司销售收入保持高于行业的增长，因此 公司市场份额也在不断提升。 FY2024 净利 8 亿欧元；OP13 亿欧元，同比增长 10 亿欧元，其中出售剩余 的 Yeezy 库存贡献约 2 亿欧元；OPM5.6%，同比+4.4pct。截至 2024 年 12 月底，库存同比+1 ...

公司报告 | 公司点评 华利集团（300979） 证券研究报告 阿迪、昂跑财报乐观，多客户优势显现 Adidas 中国重拾增长势头且乐观 FY24Q4 收入 60 亿欧元，同比+19%；其中鞋/服收入分别同比+26%/+11%； 北美和大中华区恢复两位数收入增长。本季 OP0.57 亿欧元，上年同期亏损 3.8 亿欧元。 FY2024 全年收入 237 亿欧元，同比+12%；其中鞋/服收入分别同比 +17%/+6%，鞋类主导增长，反映出强劲品牌和产品势头。 FY2024 净利 8 亿欧元；OP13 亿欧元，同比增长 10 亿欧元，其中出售剩余 的 Yeezy 库存贡献约 2 亿欧元；OPM5.6%，同比+4.4pct。截至 2024 年 12 月底，库存同比+10%至 50 亿欧元。 公司预计 FY25 收入增长高单，其中北美和大中华区双位数增长；预计 OP 将进一步增长至 17~18 亿欧元。 On FY2025 收入指引同比+27%，快速成长 FY24Q4 收入 6 亿瑞士法郎，同比+41%；分品类，鞋/服收入分别 6/0.3 亿 瑞士法郎，同比+39%/+83%。本季净利 8950 万瑞士法郎，同比+4 ...

一个不起眼的赛道，正成为不少基金经理在AI浪潮中保持定力的象征和重要持仓对象。 在市场最热、最拥挤的状态下，基金经理应该放手冲入热门赛道还是远离喧嚣独辟蹊径？券商中国记者注意到，基 于风险对冲和策略均衡，许多基金经理选择了组合平衡，在重仓半导体与AI的同时，在组合仓位中突出了对冷门赛 道鞋服股的配置。 根据基金2024年第四季度报告显示，截至去年12月末，腾讯为上述基金经理的第一大重仓股，这体现了基金经理对 AI浪潮和变革性机会并不拒绝，不过基于对冲策略，他在鞋服赛道有更多的选择，除了第十大重仓股 滔搏 公司外， 他还持有港股另一个时尚鞋服龙头股江南布衣。 半导体频频牵手鞋服，科技基金经理配置策略反差大 基金经理将科技股与鞋服赛道组合起来的策略，看起来古怪但十分流行。 有不少A股基金产品在港股和A股的消费赛道均只买鞋服股，这种策略也延伸到部分公募QDII上，有多只QDII基金 的重仓股席位，反映在A股、港股、美股三大市场的消费赛道也几乎只配置鞋服股。甚至从行业仓位比例看，已成为 一些QDII的最大行业配置对象。 对此，有基金经理解释认为，类似许多投资者往往对平台特点的互联网概念充满着巨大成长的想象力，从全球行 ...

Market Overview - In February, the A-share market saw the CSI 300 index rise by 1.9%, while the textile and apparel sector increased by 1.3%[13] - The Hong Kong market's Hang Seng Index rose by 3.2%, with the textile and apparel sector index up by 2.9%[13] - The US market experienced a decline, with the S&P 500 index down by 1.4% and the consumer discretionary sector down by 9.4%[13] Brand Performance - In January, outdoor and women's apparel sales on Tmall, JD, and Douyin platforms saw significant growth, with respective year-on-year increases of 56% and 45%[19] - Notable brands such as KOLONSPORT and Bi Yin Le Fen achieved year-on-year sales growth of 81% and 101% respectively[24] - Major brands like Nike and Adidas reported year-on-year sales growth of 21% and 34% respectively on these platforms[24] Manufacturing Insights - Vietnam's textile and footwear exports grew by 3.4% and 2.7% year-on-year in January, despite high base effects[2] - Key Taiwanese manufacturers like Yu Yuan and Zhi Qiang reported over 20% growth in January, with Yu Yuan achieving record revenue for the month[2] - Nanshan Zhishang's stock surged by 81.5% due to its involvement in robotic tendon materials, indicating strong future demand[16] Investment Recommendations - The report recommends focusing on undervalued Hong Kong stocks and brands with new growth potential, such as All Cotton Era and Hai Lan Home[3] - For textile manufacturing, companies like Shenzhou International and Huali Group are highlighted for their strong growth prospects and market share potential[3] Risk Factors - Potential risks include macroeconomic weakness, international political and economic uncertainties, and significant fluctuations in exchange rates and raw material prices[3]

Investment Rating - The investment rating for the company is "Buy" [3] Core Views - The company is expected to achieve steady revenue and profit growth in 2024, with an estimated annual revenue and net profit growth of around 20%, driven by a production volume of approximately 220 million pairs, representing a year-on-year increase of 10% to 20% [1][2] - In 2025, the company anticipates a 15% year-on-year growth in revenue and performance, supported by successful new customer collaborations and accelerated capacity expansion [1][2] - The company has established deep partnerships with major brands such as Nike, Adidas, and New Balance, which are expected to contribute significantly to revenue growth in the coming years [2][8] Summary by Sections Financial Performance - The company’s revenue for 2024 is projected to be 24,004 million yuan, with a year-on-year growth rate of 19.3%. For 2025, revenue is expected to reach 27,567 million yuan, reflecting a growth rate of 14.8% [10][11] - The net profit for 2024 is estimated at 3,902 million yuan, with a growth rate of 21.9%, and for 2025, it is projected to be 4,525 million yuan, indicating a growth rate of 16.0% [10][11] Capacity Expansion - The company is actively expanding its production capacity, with plans to establish new factories in Vietnam and Indonesia, which will enhance its international presence and meet customer demand [7][10] - The production capacity is expected to grow at a compound annual growth rate (CAGR) of around 15% from 2025 to 2026, aligning with the anticipated increase in orders [10][11] Market Position - The company is recognized as a leading global manufacturer of sports shoes, with a strong growth trajectory and increasing market share over the past few years [8] - The company’s gross margin improved by 2.5 percentage points to 27.8% in the first three quarters of 2024, indicating strong profitability [10][11]

Investment Rating - The investment rating for the company is "Buy" [3] Core Views - The company is expected to maintain a solid performance in 2025, with revenue and net profit projected to grow by approximately 20% year-on-year in 2024, and around 15% in 2025 due to successful new customer collaborations and accelerated capacity expansion [1][2][8] - The company has established deep partnerships with major brands such as Nike, Adidas, and New Balance, which are anticipated to drive significant order growth in the coming years [2][8] Summary by Sections Financial Performance - Estimated revenue for 2024 is projected at 24.0 billion yuan, with a year-on-year growth rate of 19.3%. For 2025, revenue is expected to reach 27.6 billion yuan, reflecting a growth rate of 14.8% [10] - The net profit for 2024 is estimated at 3.9 billion yuan, with a growth rate of 21.9%, and for 2025, it is projected to be 4.5 billion yuan, indicating a growth rate of 16.0% [10] Capacity Expansion - The company is actively expanding its production capacity, with plans to establish new factories in Vietnam and Indonesia. The production capacity is expected to grow at a compound annual growth rate (CAGR) of around 15% from 2025 to 2026 [7][10] - The production capacity utilization rate has improved significantly, reaching 97.3% in the first half of 2024, indicating strong demand recovery in the apparel manufacturing sector [10] Customer Collaboration - The company has successfully onboarded new clients, including Adidas, which is expected to contribute to a robust revenue growth trajectory. The estimated compound annual growth rate (CAGR) for revenue from 2025 to 2026 is projected to be around 15% [2][8] - Orders from key clients such as Adidas, On, and New Balance are expected to see strong growth, while Nike's orders are anticipated to remain stable [2][8] Market Position - The company is recognized as a leading global manufacturer of athletic footwear, with a strong market presence and continuous growth in market share over the past few years [8]

Group 1: Company Performance and Outlook - The company has a diverse customer base, primarily consisting of listed companies, with most clients showing growth in performance indicators for 2025 [2] - The company is confident about its 2025 performance due to strong order growth from high-revenue clients and ongoing expansion into new clients [2] - The company’s production facilities are mainly located in Vietnam, with plans to increase capacity in Indonesia, allowing for global market exports [2] Group 2: Impact of External Factors - Changes in U.S. tariffs on Southeast Asian countries could influence the company's supply chain decisions, as import tariffs are borne by clients [2] - The company adjusts its production capacity based on client requirements and trade policies between importing countries and production locations [2] Group 3: Financial Metrics and Dividends - In 2021, the company distributed cash dividends amounting to approximately 89% of its net profit; in 2022 and 2023, the ratios were 43% and 44%, respectively [5] - The company aims to balance shareholder returns with developmental needs, expecting to gradually increase dividend payouts as capital expenditures decrease [5] Group 4: Production and Management - The company operates under a headquarters + business unit model, allowing for scalable management as order volumes increase [4] - New factories typically take 1.5 to 2 years to reach full production capacity, which may temporarily affect gross margins [2][4] - The management structure is designed to accommodate significant increases in production capacity without hitting a personnel management ceiling [4] Group 5: Pricing and Profitability - Average selling prices are influenced by customer and product mix, with fluctuations in brand representation directly affecting pricing [3] - The correlation between average selling price changes and gross margin or revenue changes is relatively low [3]

证券代码：300979 证券简称：华利集团 公告编号：2025-005 中山华利实业集团股份有限公司 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 1 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 7,000 万元，获得收益合计人民币 96.85 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： 二、本次使用部分闲置募集资金进行委托理财（仅限现金管理）的情况 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 ...