Group 1: Company Performance and Outlook - The company is optimistic about 2025 performance due to a diverse customer base, with most clients showing growth in their earnings guidance [1] - New customer acquisition and deepening cooperation with existing clients are crucial for stable growth [1] - The company plans to maintain an active capacity expansion strategy in response to market demand, with three finished shoe factories and one shoe material factory already operational in 2024 [1] Group 2: Production Capacity and Utilization - Current production capacity is primarily in Vietnam, with new factories in Indonesia still in the early stages of production [1] - Capacity utilization is flexible and will be adjusted based on annual order conditions [1] - New factories typically take 1.5 to 2 years to reach full production capacity, which may temporarily impact gross margins [2] Group 3: Profitability and Cost Structure - Profit margins vary between factories due to factors like investment intensity and labor costs, but the pricing model remains consistent across brands [3] - Average selling price fluctuations are influenced by customer and product mix, with less correlation to gross margin changes [4] - Labor costs in Indonesia and Vietnam are expected to be similar, with no significant differences in profit margins anticipated once the Indonesian factory matures [5] Group 4: Automation and Efficiency - Full automation in sneaker production is challenging due to the variety of styles and materials, but improvements in automation are ongoing [6][7] - The company is focusing on increasing automation in standardized processes to enhance production efficiency [7] Group 5: Market and Regulatory Impact - Changes in U.S. tariffs on Southeast Asian countries could affect the company's supply chain decisions, as production is primarily in Vietnam and will expand in Indonesia [9] - The company’s sales are based on customer directives, which will influence production location decisions based on tariff policies [9] Group 6: Shareholder Returns - The company has a strong commitment to shareholder returns, with cash dividends in 2021 accounting for approximately 89% of net profit, and 43% and 44% in 2022 and 2023 respectively [10] - Future dividend policies will balance shareholder interests with the company's growth needs, with expectations of increased dividends as capital expenditures decrease over time [10]

Investment Rating - The report maintains a "Buy" rating for the company, with a target price not specified [7]. Core Insights - The company is optimistic about its performance in 2025, with expectations of strong order growth and inventory replenishment needs, particularly for UGG products [1][3]. - The company has a diverse client base, primarily consisting of publicly listed companies, which supports stable revenue growth [3]. - The company is actively expanding its client base and production capacity, with new factories planned in Indonesia and Vietnam [4]. Financial Performance Summary - For FY25Q3, the company reported revenues of $1.8 billion, a year-on-year increase of 17%, with Hoka contributing $500 million (up 24%) and UGG contributing $1.2 billion (up 16%) [1]. - The operating profit for the same period was $570 million, reflecting a 16% increase year-on-year, and earnings per share (EPS) were $3, up 19% [1]. - The company has adjusted its FY25 revenue growth forecast to 15% (previously 12%), with Hoka expected to grow by 24% and UGG by 10% [1]. Financial Data and Valuation - The projected EPS for 2024, 2025, and 2026 are 3.3, 3.8, and 4.2 yuan respectively, with corresponding price-to-earnings (P/E) ratios of 20x, 18x, and 16x [5]. - The company's revenue is expected to grow from 24 billion yuan in 2024 to 31 billion yuan in 2026, with a compound annual growth rate (CAGR) of approximately 12.3% [6][11]. - The gross profit margin is projected to be 27.20% in 2024, slightly decreasing to 26.75% in 2025 and remaining stable thereafter [12].

Investment Rating - The report maintains a "Buy" rating for the company, with a target price not specified [7]. Core Insights - The company is optimistic about its performance in 2025, with a projected revenue growth of 15% year-on-year, up from a previous estimate of 12% [1]. - The company has a diverse client base, primarily consisting of publicly listed companies, which supports stable order growth [3]. - The company is actively expanding its client base and production capacity, with plans to establish several new factories in Indonesia and Vietnam over the next 3-5 years [4]. Financial Performance - For FY25Q3, the company reported revenues of $1.8 billion, a 17% increase year-on-year, with Hoka contributing $500 million (up 24%) and UGG contributing $1.2 billion (up 16%) [1]. - The operating profit for the same period was $570 million, reflecting a 16% increase year-on-year, and earnings per share (EPS) reached $3, up 19% [1]. - The company forecasts EPS of $5.75 to $5.80 for FY25, an increase from the previous estimate of $5.20 to $5.30 [1]. Revenue and Growth Projections - The company expects revenues for 2024 to be approximately 24 billion yuan, with a growth rate of 19.36%, and for 2025, revenues are projected to reach 27.6 billion yuan, with a growth rate of 15.10% [6][11]. - The net profit for 2025 is estimated at 4.43 billion yuan, with a growth rate of 14.07% [6][11]. Market Position and Strategy - The company benefits from a strong competitive position within its supply chain, ensuring order share even from clients experiencing temporary revenue declines [3]. - The company is focused on maintaining production flexibility through workforce management and overtime adjustments based on order demand [4].

Group 1: Company Performance and Outlook - The company is optimistic about 2025 performance due to a diverse customer base, with most clients showing growth in their performance guidance [1] - The company has maintained sales growth above the industry average in recent years, leading to an increase in market share [2] - The company plans to expand production capacity in response to market demand, with new factories in Indonesia and Vietnam expected to be operational in the next 3-5 years [3][4] Group 2: Competitive Advantages - The company employs a multi-client model, allowing it to adapt to market dynamics and meet diverse customer needs [1] - It possesses comprehensive shoe manufacturing technology and processes, with strong capabilities in development and mass production [1] - The company has established a good reputation in the industry, attracting new clients and maintaining strong relationships with existing ones [2] Group 3: Financial Management - The company emphasizes cash flow management, with average accounts receivable periods of approximately 55 days and accounts payable periods of about 42 days [12][13] - Capital expenditures from 2021 to 2023 ranged from 1.1 to 1.7 billion RMB annually, with expectations to maintain or slightly increase this level in the coming years [7][6] - The company has a history of significant cash dividends, with 2021 cash dividends accounting for about 89% of net profit, and 2022 and 2023 dividends at 43% and 44% respectively [15] Group 4: Production and Operational Insights - New factories typically take 1.5 to 2 years to reach full production capacity, which may temporarily impact gross margins [8] - The company’s pricing model is based on a cost-plus approach, resulting in similar gross and net margins across different order sizes [9] - The company has mechanisms in place to monitor order visibility and adjust production capacity accordingly [10] Group 5: Market and Regulatory Considerations - The company’s production facilities are primarily located in Vietnam, with plans to increase capacity in Indonesia, which may be affected by changes in trade policies and tariffs [11] - The company is aware of the challenges in automating production due to the complexity of shoe manufacturing, but is continuously working to improve automation in suitable processes [14]

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意的意见。具体内容详见公司分别于2024年10月29日、 2025年1月20日、2025年1月27日在深圳证券交易所网站（www.szse.cn）、巨 ...

Investment Rating - The investment rating for the company is "Buy" with a target price not specified [5]. Core Views - The report highlights the strong performance of VF and Puma, indicating a favorable customer structure for the company. VF's inventory has decreased significantly, and it has provided guidance for a slight revenue decline in FY25Q4, while also increasing its free cash flow guidance [1][2]. - The company expresses confidence in its 2025 performance, supported by a diverse customer base primarily consisting of listed companies. Most clients are expected to maintain growth, and the company is actively expanding its client portfolio [4][5]. - The report emphasizes the manageable tariff risks due to the company's production facilities located in Vietnam and the planned expansion in Indonesia, which allows for flexibility in meeting customer demands across various global markets [5]. Summary by Sections Financial Performance - For FY25Q3, the company reported revenue of $2.8 billion, a year-over-year increase of 2% (fixed exchange rate), with a notable growth in the North Face brand and a strong holiday season performance [1]. - The company anticipates EPS for 2024, 2025, and 2026 to be 3.33, 3.80, and 4.24 CNY respectively, with corresponding P/E ratios of 22x, 20x, and 18x [9]. Market Position - The company is positioned favorably within the textile and apparel industry, with a focus on maintaining a competitive edge in supply chain orders due to its strong relationships with major clients [3][4]. - The report notes that the global sports giants are experiencing a stable cyclical attribute, which bodes well for the company's future contributions to supply chain orders [3]. Operational Strategy - The company is implementing a "next level" cost efficiency plan to optimize costs and improve operations, particularly in response to profit margins not meeting expectations [2]. - The report indicates that the company is actively seeking to expand its customer base and deepen collaborations with new clients, which is crucial for sustained revenue growth [4].

证券代码：300979 证券简称：华利集团 公告编号：2025-003 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 ...

Group 1: Company Performance and Outlook - The company has a diverse customer base, primarily consisting of listed companies, which supports a positive outlook for 2025 revenue growth [2] - The net profit margin has remained stable at around 15%-16% since 2021, reflecting effective cost and expense management [2][3] - The company aims to maintain or improve gross margins while controlling operating expenses to ensure net profit margins remain at reasonable levels [2] Group 2: Production and Capacity Expansion - The company plans to maintain active capacity expansion in Indonesia and Vietnam, with capital expenditures projected to be between 1.1 billion to 1.7 billion RMB annually from 2021 to 2023 [5] - New factories in Indonesia and Vietnam are expected to be operational within the next 3-5 years, driven by market demand and new customer acquisitions [6][7] - The company will adjust production capacity based on annual order conditions, utilizing new factories and equipment upgrades to enhance capacity [6] Group 3: Competitive Advantages - The company employs a multi-client model, allowing it to adapt to market dynamics and meet diverse customer needs, which has led to rapid revenue growth compared to industry peers [10] - The company has a strong reputation in the industry, attracting new clients and maintaining stable revenue even during challenging market conditions [10] Group 4: Dividend Policy - The company emphasizes shareholder returns, with cash dividends accounting for approximately 89% of net profit in 2021, 43% in 2022, and 44% in 2023 [11] - Future dividend distributions will balance shareholder interests with the company's growth needs, with expectations of reduced capital expenditure as the company scales [11]

北京大成律师事务所 关 于 中山华利实业集团股份有限公司 2025 年第一次临时股东大会的 法 律 意 见 书 北 京 大 成 律 师 事 务 所 www.dentons.cn 北京市朝阳区朝阳门南大街 10 号兆泰国际中心 B 座 16-21 层 16-21F, Tower B, ZT INTERNATIONAL CENTER, No.10, Chaoyangmen Nandajie, Chaoyang District, Beijing Tel:+8610-58137799 Fax:+8610-58137788 北京大成律师事务所 关于中山华利实业集团股份有限公司 2025 年第一次临时股东大会的 法律意见书 致：中山华利实业集团股份有限公司 北京大成律师事务所（以下简称"本所"）接受中山华利实业集团股份有限 公司（以下简称"公司"）的委托，指派律师出席公司 2025 年第一次临时股东 大会（以下简称"本次股东大会"），并根据《中华人民共和国公司法》（以下简 称"《公司法》"）、《中华人民共和国证券法》（以下简称"《证券法》"）、《上 市公司股东大会规则》（以下简称"《股东大会规则》"）、《深圳证券交易所 ...

证券代码：300979 证券简称：华利集团 公告编号：2025-001 中山华利实业集团股份有限公司 2025 年第一次临时股东大会决议公告 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。 9:25、9:30-11:30 和 13:00-15:00； 通过深圳证券交易所互联网投票系统进行网络投票的时间为 2025 年 1 月 13 日 9:15-15:00。 特别提示： 一、本次股东大会没有出现否决议案的情形。 二、本次股东大会不涉及变更以往股东大会已通过的决议。 一、会议召开和出席情况 (一)召开时间： 1、现场会议召开时间：2025 年 1 月 13 日 14:30。 2、网络投票时间：2025 年 1 月 13 日。 通过深圳证券交易所交易系统进行网络投票的时间为2025年1月13日9:15- (三)召开方式：采用现场表决和网络投票相结合的方式。 (二)召开地点：广东省中山市南朗镇佳朗路华利集团园区 F 栋二楼会议室。 1,055,535,545 股，占公司有表决权股份总数的 90.4486%。 2、现场会议的出席情况 (四)召集人：公司董事会。 (五) ...