Group 1: Investor Relations Activities - The investor relations activities included specific object research and broker strategy meetings held on May 12-13, 2025, in Zhongshan and Shenzhen [2] - The company engaged with investors regarding the impact of U.S. tariff policies on Southeast Asian countries, indicating no significant changes in order volumes due to tariffs [2][3] - The company maintains a stable production pace with full orders and normal operations across factories [2] Group 2: Order and Revenue Outlook - The company is optimistic about 2025 orders, with most clients showing growth, although some face slower terminal sales [3] - The average selling price is influenced by customer and product mix, with fluctuations based on brand order volumes [4] Group 3: Production Capacity and Expansion - The main production base is in Vietnam, with a new finished shoe factory expected to start production in 2025; the Indonesian base is projected to have a capacity of over 60 million pairs, starting in mid-2024 [5] - New factories typically require 1.5 to 2 years to reach full production capacity [11] - The company plans to maintain active capital expenditure between 1.1 to 1.7 billion RMB annually from 2022 to 2024 for capacity expansion and automation upgrades [13] Group 4: Profitability and Cost Management - The gross margin is expected to be affected by the initial inefficiencies of new factories and the training of new employees [6] - The pricing model for products is based on a cost-plus approach, leading to similar gross and net margins across different price points [7][8] - Labor costs in Indonesia and Vietnam are expected to be comparable, with no significant differences in profit margins anticipated once the Indonesian factory is fully operational [9] Group 5: Industry Trends and Strategic Adjustments - The company is monitoring changes in the international economic environment due to tariff policies and is prepared to adjust its operational strategies accordingly [3] - The footwear industry lacks integrated manufacturers due to the complexity of raw material supply chains, but the company is open to investing in raw material development if industry trends shift [12]

证券代码：300979 证券简称：华利集团 公告编号：2025-030 表决结果：同意 13 票、反对 0 票、弃权 0 票。 《关于增加 2025 年度外汇套期保值业务额度预计的公告》《开展外汇套期保值 业务的可行性分析报告》详见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。 中山华利实业集团股份有限公司 第二届董事会第十五次会议决议公告 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。 2025 年 5 月 13 日，中山华利实业集团股份有限公司（以下简称"公司""华利 集团"）第二届董事会第十五次会议在广东省中山市南朗街道佳朗路华利集团园区 F 栋二楼会议室召开。会议通知等会议资料于 2025 年 5 月 9 日以专人送达或电子邮件 的方式送达各位董事。本次会议以现场结合通讯表决的方式召开。本次会议应到董 事 13 人，实到董事 13 人，其中张聪渊先生、张志邦先生、徐敬宗先生、刘淑绢女 士、林以晧先生、张育维先生、陈荣先生、郭明鉴先生、许馨云女士、陈嘉修先生、 ...

中山华利实业集团股份有限公司 开展外汇套期保值业务的可行性分析报告 一、开展外汇套期保值业务的目的 公司开展的外汇套期保值业务与公司及下属子公司生产经营业务紧密相关。 公司采购、销售主要以美元计价结算；公司主要生产基地位于越南，印度尼西亚 的成品鞋工厂已于 2024 年上半年开始投产，越南工厂、印尼工厂分别以越南盾、 印尼盾支付工人薪酬以及当地开支；公司总部位于境内，以人民币支付境内员工 薪酬和境内开支，同时以人民币为本位币出具合并报表。为管控外汇汇率、利率 波动风险，公司第二届董事会第十次会议审议通过了《关于 2025 年度外汇套期 保值业务额度预计的议案》，同意公司及其子公司 2025 年度使用自有资金与银行 等金融机构开展外汇套期保值业务，预计动用的交易保证金和权利金上限不超过 0.2 亿美元（或等值人民币、越南盾、印尼盾等日常经营使用币种），预计任一交 易日持有的最高合约价值不超过 2 亿美元（或等值人民币、越南盾、印尼盾等日 常经营使用币种）。 鉴于目前国际宏观经济环境复杂，外汇市场波动性较大，如果人民币、越南 盾、印尼盾等公司日常经营使用币种对美元的汇率发生较大波动，则将会对公司 经营业绩产生一定 ...

重要内容提示： (一) 为更好地规避和防范外汇汇率、利率波动风险，增强财务稳健性，中山 华利实业集团股份有限公司（以下简称"公司""华利集团"）拟增加公司及子公 司与银行等金融机构开展的外汇套期保值业务额度，本次增加额度后，预计动用 的交易保证金和权利金上限（包括为交易而提供的担保物价值、预计占用的金融 机构授信额度、为应急措施所预留的保证金等）不超过 19 亿人民币（或等值美 元、越南盾、印尼盾等日常经营使用币种），预计任一交易日持有的最高合约价 值不超过 87 亿人民币（或等值美元、越南盾、印尼盾等日常经营使用币种）。拟 开展的外汇套期保值业务包括远期结售汇、外汇掉期、外汇期权、利率掉期、利 率期权、货币掉期等业务或业务的组合。 (二) 2025 年 5 月 13 日，公司召开第二届董事会第十五次会议，审议通过了 《关于增加 2025 年度外汇套期保值业务额度预计的议案》。本次事项无需提交股 东会审议。 (三) 风险提示：在外汇套期保值业务开展过程中主要存在汇率波动风险、内 部控制风险、履约风险、政策风险，敬请投资者注意投资风险。 为有效规避外汇市场的风险，减少汇率波动对公司的影响，公司拟增加公司 及其子 ...

分地区和业务模式来看： 证券研究报告 | 行业周报 gszqdatemark 2025 05 11 年 月 日 纺织服饰 周专题：Puma 发布 2025Q1 季报，表现符合公司预期 【本周专题】 Puma 2025Q1 业绩发布，整体表现符合预期。Puma 披露 2025Q1 季报，货币 中性基础上公司营收同比增长 0.1%至 20.76 亿欧元，毛利率同比略下降 0.6pcts 至 47%，经营利润同比下降 63.7%至 0.6 亿欧元，经营利润率同比下降 4.8pcts 至 2.8%，净利润同比下降 99.5%至 50 万欧元，根据公司披露期内由于全球经 济环境的波动（尤其是美国与中国市场），公司营收表现同比持平，与此同时随 着公司推动 DTC 业务的增长，公司期内费用率提升。从营运层面来看，截止 2025 年 3 月末公司库存同比增长 16.3%至 20.8 亿欧元，主要系在途库存增加所 致。2025Q1 的表现整体符合公司预期，当前公司预计 2025 年营收同比增长低 到中单位数。 ➢ 2025Q1 美国/中国销售低迷，公司持续跟进关税政策变化。货币中性基础 上 2025Q1 公司 EMEA 地区营 ...

Investment Rating - The industry maintains a rating of "Buy" for key companies such as Anta Sports, Tabo, and others, indicating a positive outlook for investment opportunities [10][29]. Core Insights - Puma's Q1 2025 performance met expectations, with revenue growth of 0.1% year-on-year to €2.076 billion, while net profit saw a significant decline of 99.5% to €500,000 due to global economic fluctuations, particularly in the US and China [1][15]. - The report emphasizes a focus on robust fundamentals and high-quality brands in the apparel and home textiles sector, anticipating performance recovery and valuation improvement in 2025 [4][26]. - The sportswear segment is expected to benefit from national policy support and increased participation in sports, with a projected revenue growth of 8.7% for key companies in 2024 [4][26]. Summary by Sections Regional and Business Model Analysis - In Q1 2025, EMEA region revenue grew by 5.1% to €890 million, while the Americas saw a decline of 2.7% to €750 million, primarily due to an 11.1% drop in North America [2][20]. - The Asia-Pacific region experienced a 4.7% revenue decline to €430 million, largely attributed to a 17.7% drop in Greater China sales [2][20]. Business Performance - Wholesale revenue decreased by 3.6% to €1.53 billion, while Direct-to-Consumer (DTC) revenue increased by 12% to €550 million, with e-commerce growing by 17.3% [3][22]. - DTC revenue now accounts for 26.3% of total revenue, up 2.8 percentage points year-on-year [3][22]. Key Recommendations - The report recommends focusing on companies with strong fundamentals, such as Anta Sports and Tabo, which have shown significant revenue growth in Q1 2025 [28]. - Other recommended companies include Hailan Home, which is expanding its business successfully, and Bosideng, which is expected to achieve good performance in FY2025 [28][29]. - In the home textiles sector, Luolai Life is highlighted for its strong performance, with a projected net profit growth of 20% in 2025 [28][29].

Investment Rating - The industry maintains a rating of "Add" [6] Core Viewpoints - The textile and apparel industry is expected to recover in 2024, with a focus on quality brands in 2025. The apparel brands are projected to face profit pressure in 2024, with a slight improvement anticipated in Q1 2025 [1][4] - The textile manufacturing sector shows stable growth, with a significant profit increase driven by improved capacity utilization. The impact of recent tariff changes may accelerate industry optimization in the medium to long term [2][4] - The gold and jewelry sector exhibits performance divergence, with brands that focus on store expansion and product differentiation outperforming the industry average [3][4] Summary by Sections 1. Apparel Brands - In 2024, the revenue of key apparel companies (A-shares only) is expected to decline by 2.2%, with a net profit drop of 24.1%. The decline in profit is more significant than revenue due to negative operating leverage and increased expense ratios [1][21] - The gross margin for key apparel companies is projected to increase by 0.4 percentage points to 56.8% in 2024, with a further increase of 1.1 percentage points to 57.4% in Q1 2025 [1][33] - Cash flow for most brands in 2024 is expected to align with performance, maintaining a high dividend payout ratio [1][49] 2. Textile Manufacturing - The textile manufacturing sector is projected to see a revenue increase of 6.4% and a net profit growth of 26.9% in 2024, with leading companies like Shenzhou International and Huayi Group showing revenue growth rates of 15% and 19% respectively [2][4] - The revenue growth for key textile manufacturing companies is expected to slow down in Q4 2024 and Q1 2025 due to high base effects, but overall performance remains stable [2][4] - The sector is expected to benefit from a more integrated and internationalized supply chain, particularly for leading companies [2][4] 3. Gold and Jewelry - The gold and jewelry sector is expected to see a revenue decline of 1.7% in 2024, with a net profit increase of 3.6%. Companies with strong product differentiation and store expansion strategies are likely to outperform [3][4] - The consumption of gold jewelry is projected to decrease by 25% in 2024, while the demand for gold bars and coins is expected to rise by 25% [3][4] 4. Investment Recommendations - For apparel brands, recommended stocks include Anta Sports, with a projected PE of 18 times for 2025, and other companies like Tabo, Weigao Medical, and Hailan Home, with varying PE ratios [4][9] - In textile manufacturing, recommended stocks include Shenzhou International and Huayi Group, with projected PE ratios of 11 and 15 times respectively for 2025 [4][9] - In the gold and jewelry sector, companies like Chow Tai Fook and Chaohongji are highlighted, with projected PE ratios of 16 and 18 times for 2025 [4][9]

Core Points - The financing balance of the ChiNext board has decreased for five consecutive trading days, totaling a reduction of 5.66 billion yuan [1][2] - As of April 30, 2025, the total margin balance of the ChiNext board was 332.81 billion yuan, down by 3.24 billion yuan from the previous trading day [1][2] Financing Balance Changes - The financing balance on April 30, 2025, was 331.96 billion yuan, a decrease of 3.23 billion yuan from the previous day [2] - During the decline, 287 stocks saw an increase in financing balance, with 26 stocks increasing by over 20% [2] - The stock with the largest increase in financing balance was Bochuang Technology, which rose by 216.75% to 336 million yuan [2][3] - Conversely, 645 stocks experienced a decrease in financing balance, with 80 stocks declining by over 10% [2] - The stock with the largest decrease was Huali Group, which fell by 41.74% to 136 million yuan [2][3] Market Performance - Stocks with a financing balance increase of over 20% averaged a rise of 7.47%, outperforming the ChiNext index [5] - Notable gainers included Daye Co., Ltd. and United Chemical, which rose by 57.60% and 57.50%, respectively [5] - Major losers included Honggong Technology and Meihao Medical, which fell by 16.37% and 11.35%, respectively [5] Notable Stocks - The stocks with the largest increases in financing balance included Bochuang Technology (2.30 billion yuan increase), New Yisheng (200 million yuan), and Guiding Compass (175 million yuan) [5][6] - The stocks with the largest decreases in financing balance included Dongfang Fortune (678 million yuan decrease), Shenghong Technology (601 million yuan), and Runze Technology (295 million yuan) [5][6]