中山华利实业集团股份有限公司 关联交易管理制度 （2025 年 4 月修订） 第一章 总则 第一条 为进一步规范中山华利实业集团股份有限公司（以下简称"公司"） 的关联交易，维护股东的合法权益，根据《中华人民共和国公司法》（以下简称 《公司法》）等法律、法规、规章、规范性文件和《中山华利实业集团股份有限 公司章程》（以下简称《公司章程》）的规定，结合公司的实际情况制定本制度。 第二条 公司及公司关联方不得利用关联交易输送利益或者调节利润，不得 以任何方式隐瞒关联关系。违反相关规定，给公司造成损失的，应当承担赔偿责 任。 第三条 公司控股子公司发生的关联交易，应视同公司行为。如需公司董事 会或股东会审议通过，应在公司董事会或股东会审议通过后，再由子公司董事会 （或执行董事）、股东会（或股东）审议。 第四条 公司应当与关联方就关联交易签订书面协议。协议的签订应当遵循 平等、自愿、等价、有偿的原则，协议内容应当明确、具体、可执行。 第五条 公司应尽量避免或减少与关联人之间的关联交易，并应当采取有效 措施防止关联方以垄断采购或者销售渠道等方式干预公司的经营，损害公司利益。 关联交易应当具有商业实质，价格应当公允，原则 ...

（2025 年 4 月修订） 中山华利实业集团股份有限公司 董事、高级管理人员持有本公司股份及其变动管理制度 公司董事、高级管理人员就其所持股份变动相关事项作出承诺的，应当严格 遵守。 第四条 公司董事、高级管理人员在买卖本公司股份前，应当将其买卖计 划以书面方式通知董事会秘书，董事会秘书应当核查公司信息披露及重大事项等 进展情况，如该买卖行为可能违反法律法规、深交所相关规定和《公司章程》的， 董事会秘书应当及时书面通知相关董事、高级管理人员。 第五条 公司董事、高级管理人员在下列期间不得买卖本公司股票： (一)公司年度报告、半年度报告公告前十五日内； (二)公司季度报告、业绩预告、业绩快报公告前五日内； (三)自可能对本公司证券及其衍生品种交易价格产生较大影响的重大事件 发生之日起或在决策过程中，至依法披露之日止； (四)中国证监会、深交所规定的其他期间。 第六条 存在下列情形之一的，公司董事、高级管理人员所持本公司股份 不得转让： 第一条 为规范中山华利实业集团股份有限公司(以下简称"公司""本公 司")董事、高级管理人员所持本公司股份及其变动的管理，依据《中华人民共 和国公司法》（以下简称《公司法》）、 ...

Financial Performance - The company's revenue for Q1 2025 reached CNY 5.35 billion, an increase of 12.34% compared to CNY 4.76 billion in the same period last year[3] - Net profit attributable to shareholders decreased by 3.25% to CNY 761.92 million from CNY 787.49 million year-on-year[3] - The total operating revenue for the current period reached ¥5,353,142,750.48, an increase of 12.34% compared to ¥4,764,940,411.98 in the previous period[22] - Net profit for the current period was ¥763,187,865.60, a decrease of 3.06% from ¥787,506,053.84 in the previous period[23] - The comprehensive income for the current period totaled ¥548,869,770.57, down from ¥660,911,759.53 in the previous period[24] - Basic and diluted earnings per share were both ¥0.65, a decrease from ¥0.67 in the previous period[24] Cash Flow and Liquidity - The net cash flow from operating activities increased by 12.94% to CNY 1.21 billion, up from CNY 1.07 billion in the previous year[3] - The net cash flow from operating activities was ¥1,211,449,425.71, an increase of 12.93% compared to ¥1,072,684,730.42 in the prior period[25] - The cash inflow from operating activities totaled ¥6,554,683,053.05, compared to ¥5,385,042,440.29 in the previous period, indicating a growth of 21.73%[25] - The net cash flow from investment activities was -1,970,611,579.40, compared to a positive cash flow of 105,054,522.41 in the previous period[26] - Total cash inflow from financing activities was 642,742,743.19, while cash outflow was 320,112,075.95, resulting in a net cash flow of 322,630,667.24, compared to a negative cash flow of -210,992,590.99 previously[26] - The ending balance of cash and cash equivalents was 1,947,697,206.66, down from 2,807,827,596.77 in the previous period[26] Assets and Liabilities - Total assets at the end of Q1 2025 were CNY 23.51 billion, a 3.26% increase from CNY 22.76 billion at the end of the previous year[3] - As of March 31, 2025, total assets amounted to RMB 23.51 billion, an increase from RMB 22.76 billion at the beginning of the period[19] - Current assets totaled RMB 15.65 billion, up from RMB 15.39 billion at the beginning of the period[19] - Total liabilities amounted to ¥5,392,373,679.04, slightly up from ¥5,321,429,434.37 in the previous period[21] - Total current liabilities increased to RMB 5.06 billion from RMB 4.94 billion[20] - Short-term borrowings increased by 123.69% to CNY 644.17 million, up from CNY 287.98 million due to increased funding needs[10] Operational Developments - The company sold 49 million pairs of sports shoes in Q1 2025, representing a year-on-year growth of 8.24%[7] - The company has accelerated the construction and production pace of new factories, with two new finished shoe factories already in operation in Q1 2025[7] - The company plans to enhance operational efficiency in new factories through optimized training mechanisms and the deployment of smart production equipment[7] - The company reported a significant increase in new customer orders, indicating a strategic expansion in client base[7] Acquisitions - The company acquired 100% equity of Shiding Footwear Co., Ltd. for approximately RMB 23.04 million, effective from February 3, 2025[16] - The company also acquired 100% equity of Zhongshan International Investment Co., Ltd. for approximately RMB 28.25 million, effective from February 28, 2025[16] - The company further acquired 100% equity of Baique Footwear Co., Ltd. for approximately RMB 16.11 million, effective from February 28, 2025[17] Research and Development - Research and development expenses for the current period were ¥98,138,361.77, an increase of 24.19% from ¥79,004,485.15 in the previous period[22] Changes in Accounting Standards - The company did not undergo an audit for the first quarter report[27] - The new accounting standards will be implemented starting in 2025, affecting the financial statements from the beginning of that year[27]

兴业证券股份有限公司 关于中山华利实业集团股份有限公司 首次公开发行股票并在创业板上市之保荐总结报告书 | 发行人名称 | 中山华利实业集团股份有限公司 | | --- | --- | | 证券代码 | 300979 | | 注册资本 | 116,700 万元（截至 2024 年 12 月 31 日） | | 注册地址 | 广东省中山市火炬开发区世纪一路 2 号第 3 栋厂房 1 楼 | | 主要办公地址 | 广东省中山市火炬开发区世纪一路 2 号 | | 法定代表人 | 张聪渊 | | 控股股东 | 俊耀集团有限公司 | | 实际控制人 | 张聪渊、张志邦、张育维、张文馨、周美月 | | 联系人 | 方玲玲 | | 联系电话 | 0760-28168889 | | 本次证券发行类型 | 首次公开发行股票并在创业板上市 | | 本次证券上市时间 | 2021 年 4 月 26 日 | | 本次证券上市地点 | 深圳证券交易所 | 四、保荐工作概述 兴业证券股份有限公司（以下简称"兴业证券"或"保荐机构"）作为中山 华利实业集团股份有限公司（以下简称"华利集团"、"公司"或"上市公司"） 首次公开发行股票并在创 ...

证券代码：300979 证券简称：华利集团 公告编号：2025-023 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 - The report maintains a "Buy" rating for the company [6]. Core Views - The company is expected to experience significant growth driven by both existing and new customers, with a stable performance leading to valuation premiums. The short-term outlook suggests minimal impact from tariffs due to a strong competitive position, with anticipated revenue growth in 2025. The medium-term perspective indicates that the stabilization of existing customers and the continued growth of new customers will drive a new growth cycle, supported by capacity expansion [2][4]. Summary by Sections Financial Performance - In 2024, the company's revenue reached RMB 240.1 billion, representing a year-over-year increase of 19.4%, while the net profit attributable to shareholders was RMB 38.4 billion, up 20% year-over-year. The net profit margin increased by 0.09 percentage points to 16.0% [4]. - For Q4, revenue was RMB 65.0 billion, reflecting an 11.9% year-over-year growth, with a net profit of RMB 10.0 billion, a 9.2% increase year-over-year [4]. Dividend Policy - The company declared a dividend of RMB 26.8 billion for 2024, with a payout ratio of 70%, exceeding expectations, resulting in a dividend yield of approximately 4.1% [4]. Future Profit Projections - The projected net profit attributable to shareholders for 2025-2027 is RMB 42.7 billion, RMB 50.3 billion, and RMB 59.7 billion, respectively, with year-over-year growth rates of 11%, 18%, and 18%. The current price corresponds to a price-to-earnings ratio of 15, 13, and 11 times for the respective years [2][4].

近期，TikTok上刮起了一股"奢侈品成本揭秘"风潮，有用户称，在美售价超100美元的Lululemon在中国 出厂价最低仅5美元。 不过，Lululemon发布声明称，从未与该用户提到的两处中国工厂合作，它们也不在品牌发布的供应商 名单上。 虽然TikTok上许多传言并非完全属实，但不少海外品牌在华设有代工厂仍是不争的事实。如，中国代工 制造商时代集团、盛泰集团均曾在招股书中披露，分别为PRADA、拉夫劳伦等海外奢侈品品牌代工产 品。而泰慕士、华利集团也在财报中披露，分别为迪卡侬、耐克等品牌提供贴牌加工服务。 长江商报消息 ●长江商报记者 汪静 值得关注的是，在不少厂商靠贴牌代工等业务服务海外品牌的同时，中国制造业正在持续进行结构性升 级。 国家税务总局数据显示，一季度高技术制造业和装备制造业销售收入分别增长12.1%和9.7%，增速较 2024年加快3.1和3.5个百分点。 高端装备和绿色能源产品成为出口新引擎。海关总署数据显示，今年一季度，我国货物贸易进出口额 10.3万亿元，同比增长1.3%，创历史同期新高，连续8个季度超过10万亿元。 众多海外品牌在华设置代工厂 近期，TikTok上刮起了一股"奢侈 ...

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 编号：2025-008 | 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 及人员姓名 | 详见附件一 | | 时间 | 2025年4月17日、2025年4月18日 | | 地点 | 线上：腾讯会议 线下：深圳 | | 上市公司 接待人员姓名 | 董事长张聪渊、副董事长兼执行长张志邦、董事会秘书方玲玲 | | | 参加公司组织的调研活动（线下）的来访人员按深交所规定签署了《承诺书》。 | | | 投资者与公司的交流情况： | | | Q：公司对美国的销售占比有多少？特朗普加征关税对公司的影响？ | | | A：关于销售收入：公司年报披露的销售收入是按客户总部所在地进行的划分，比如公司 | | | 来自 Nike 的收入全部统计在美国地区，来自 Puma 的收入全部统计在欧洲地区。美国是 | | | 全球最大的运动鞋消费市场，我们预估美国市场约占公司销售收入的 4成左右。公司的产 ...

Investment Rating - The report rates the textile and apparel industry as "Overweight" for 2025, indicating a positive outlook compared to the overall market performance [3][6]. Core Insights - Domestic consumption is steadily improving, with sports goods leading the growth. In Q1 2025, retail sales of clothing, shoes, hats, and textiles reached 369.4 billion, a year-on-year increase of 2.5%. Sports and entertainment goods saw a remarkable growth of 14.2% [3]. - Export performance shows a "grab export" effect due to tariff disturbances, with textile and apparel exports totaling 66.28 billion USD in Q1 2025, a 1% increase year-on-year [3]. - The acquisition of the German outdoor brand Jack Wolfskin by Anta for 290 million USD enhances its outdoor segment and strategic positioning in the European market [3]. - The report highlights the recovery in children's clothing driven by a rise in newborns and supportive national policies, predicting growth for leading children's brands [3]. Summary by Sections Domestic Demand - Retail sales in Q1 2025 for clothing, shoes, hats, and textiles were 369.4 billion, up 2.5% year-on-year. Sports goods retail sales reached 30.7 billion, growing 14.2% [3]. Export Demand - Textile and apparel exports in Q1 2025 were 66.28 billion USD, with textile exports at 33.27 billion (up 4%) and apparel exports at 33.01 billion (down 1.9%) [3]. Company Performance - Anta's revenue grew by 13% in Q1 2025, with a strong performance from its brands. Li Ning is expected to see low single-digit growth, while 361 Degrees reported a revenue increase of 18% [4][6]. - The report anticipates a 3% revenue growth for children's clothing brands like Semir and Jiaman in 2024 [3]. Investment Recommendations - Recommended stocks include Anta Sports, 361 Degrees, and Li Ning in the sports sector, and companies like Luolai and Semir in the home textile and children's clothing sectors [3][6].

Core Viewpoint - The company reported a revenue of 24.006 billion yuan for 2024, representing a year-on-year increase of 19.35%, and a net profit attributable to shareholders of 3.840 billion yuan, up 20.00% year-on-year, aligning with previous expectations [1] Group 1: Financial Performance - Q4 revenue reached 6.495 billion yuan, showing a year-on-year growth of 11.88%, while net profit for the same period was 0.997 billion yuan, up 9.18% year-on-year, indicating a slowdown in revenue growth compared to the first three quarters due to a high base effect from brand clients' inventory adjustments [1] - The company plans to distribute a dividend of 2.3 yuan per share for 2024, with a payout ratio of 69.89%, significantly higher than the 44% in 2023 [2] - Operating cash flow for 2024 was 4.617 billion yuan, reflecting a year-on-year increase of 24.97%, with cash and cash equivalents amounting to 5.590 billion yuan, indicating a strong liquidity position [3] Group 2: Sales and Customer Dynamics - The company expects to sell 223 million pairs of sports shoes in 2024, a year-on-year increase of 17.53%, with an average price of 107.7 yuan per pair, up 1.7% year-on-year, indicating a positive trend in both volume and pricing [2] - The revenue contribution from the top five customers decreased by 3.2 percentage points year-on-year to 79.1%, with new clients like Adidas, New Balance, and Reebok contributing to growth [2] - Revenue from sports casual shoes, outdoor boots, and sports sandals & slippers showed varied performance, with increases of 17.9%, a decrease of 33.7%, and a significant increase of 125.8% respectively, driven mainly by UGG slipper orders [2] Group 3: Capacity and Production - The company plans to open three new factories in Vietnam and one in Indonesia in 2024, increasing total capacity to 229 million pairs, with additional factories in China and Indonesia expected to start production in February 2025 [3] - The capacity utilization rate for 2024 is projected at 96.7%, an increase of 10 percentage points year-on-year, although short-term fluctuations are expected due to new factory ramp-ups [3] - Gross margin for 2024 is expected to rise by 1.2 percentage points to 26.8%, primarily due to improved capacity utilization [3] Group 4: Profit Forecast and Investment Recommendations - The company adjusted its net profit forecasts for 2025-2026 from 4.52 billion yuan and 5.11 billion yuan to 4.36 billion yuan and 5.01 billion yuan respectively, while introducing a new forecast of 5.76 billion yuan for 2027, corresponding to price-to-earnings ratios of 15, 13, and 11 for 2025-2027 [4]