Investment Rating - The report maintains a "Buy" rating for the company [1][3]. Core Views - The company achieved a revenue of 17.51 billion yuan and a net profit of 2.84 billion yuan in the first three quarters of 2024, representing year-on-year growth of 22.4% and 24.3% respectively [1]. - The company continues to see strong performance from core customers and is actively increasing its share of new customers [1]. - The new factories in Vietnam and Indonesia are ramping up production, with plans for multiple new factories to be launched next year [1]. - The earnings forecast for 2024 to 2026 remains unchanged, with expected EPS of 3.30, 3.84, and 4.43 yuan respectively, and corresponding PE ratios of 21, 18, and 16 times [1]. Financial Performance Summary - For Q3 2024, the company reported revenue of 6.04 billion yuan, a year-on-year increase of 18.5%, and a net profit of 960 million yuan, up 16.1% year-on-year [1]. - The gross margin for the first three quarters of 2024 improved by 2.5 percentage points to 27.8% [1]. - The inventory as of September 2024 increased by 16.9% from the beginning of the year to 3.20 billion yuan, while accounts receivable decreased by 8.8% to 3.44 billion yuan [1]. - The operating cash flow for the first three quarters of 2024 was 4.25 billion yuan, an increase of 31.6% year-on-year [1]. Earnings Forecast and Valuation Summary - The company is projected to have a net profit of 3.85 billion yuan in 2024, with a growth rate of 20.43% [2]. - The expected return on equity (ROE) for 2024 is 21.94% [2]. - The price-to-earnings (P/E) ratio is forecasted to decrease from 25 in 2023 to 21 in 2024 [2].

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance [7]. Core Insights - The company reported a revenue increase of 22% year-on-year and a net profit increase of 24% for the first three quarters of 2024, aligning with market expectations [1]. - In Q3 2024, the company achieved a revenue of 6.04 billion RMB, up 18% year-on-year, and a net profit of 960 million RMB, up 16% year-on-year [2]. - The company is expected to maintain a compound annual growth rate (CAGR) of approximately 15% in revenue from 2025 to 2026, driven by a strong customer base and effective management systems [3]. Revenue and Profit Performance - For Q1 to Q3 2024, the company generated a total revenue of 17.51 billion RMB and a net profit of 2.84 billion RMB, with a gross margin of 27.8% [1]. - In Q3 2024, the company sold 5.5 million pairs of sports shoes, reflecting a 22% increase in sales volume, although the average selling price decreased by 3% due to changes in customer structure [2]. Customer and Order Dynamics - The company is successfully advancing collaborations with key clients such as Nike and Puma, with expectations of positive order growth for most clients in 2024 [3]. - The sales contribution from the top five customers in 2023 was 38%, 20%, 12%, 7%, and 6%, with other customers increasing their contribution by 9 percentage points to 18% [3]. Capacity and Production - The company is experiencing a high capacity utilization rate of 97.3% as of H1 2024, with plans for rapid expansion in 2025 and 2026 to meet growing customer demand [4]. - New factories in Vietnam and Indonesia are expected to enhance production capabilities, with three new factories already in operation as of mid-2024 [4]. Cash Flow and Inventory Management - The company reported a decrease in inventory turnover days by 4.9 days to 63.5 days, indicating effective inventory management [5]. - Operating cash flow for Q1 to Q3 2024 was 4.25 billion RMB, which is 1.5 times the same period last year [5]. Financial Projections - The company is projected to achieve a revenue of approximately 24 billion RMB and a net profit of around 3.9 billion RMB in 2024, with expected growth rates of 20% for both metrics [5]. - The earnings per share (EPS) is forecasted to be 3.34 RMB for 2024, with a price-to-earnings (P/E) ratio of 21 times [6].

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。 一、关联交易概述 为满足未来经营发展的需要，减少持续关联交易，中山华利实业集团股份有限 公司（以下简称"公司""华利集团"）的下属全资子公司越南威霖鞋业有限公司 （以下简称"越南威霖"）拟以自有资金向关联方宏福（越南）投资发展有限公司 （以下简称"越南宏福投资"）购买其位于越南清化省安定县贯老镇工业集群部分 区域土地使用权及配套基础设施、厂房建筑物和附属工程（以下简称"标的资产"）。 本次交易已聘请越南评估机构对标的资产进行了评估，本次拟购买资产评估价值 （不含增值税）合计 4,329.09 亿越南盾（折合人民币约 12,130.65 万元）。经交易双 方协商一致，本次交易总价款（含增值税）为 4,761.99 亿越南盾（折合人民币约 13,343.72 万元），其中标的资产价值合计 4,329.09 亿越南盾（折合人民币约 12,130.65 万元），增值税合计 432.91 亿越南盾（折合人民币约 1,213.07 万元）。 证券代码：300979 证券简称：华利集团 公告编号：2024-057 中山华利实业 ...

证券代码：300979 证券简称：华利集团 公告编号：2024-058 中山华利实业集团股份有限公司 关于新增募集资金专户并签署募集资金监管协议的公告 为了规范募集资金的管理和使用，提高资金使用效率和效益，保护投资者权 1 益，根据《中华人民共和国公司法》《中华人民共和国证券法》《上市公司证券发 行管理办法》《深圳证券交易所创业板股票上市规则》等有关法律、法规、规范 性文件及《公司章程》的规定，结合公司实际情况，公司制定了公司《募集资金 管理制度》。根据该制度的要求，公司对募集资金采取专户存储制度。 2021 年 4 月 19 日，公司及相关子公司与保荐机构兴业证券股份有限公司 （以下简称"兴业证券"）、存放募集资金的开户银行签订了《募集资金三方监管 协议》《募集资金四方监管协议》。为加强募集资金的管理，进一步提高募集资金 使用效率，2021 年 8 月 18 日，公司召开第一届董事会第十二次会议审议通过 《关于变更募集资金专项账户并签署募集资金监管协议的议案》，同意公司变更 募集资金专项账户。2021 年 8 月 18 日，公司及相关子公司与保荐机构兴业证券、 存放募集资金的开户银行签订了募集资金监管协议。 ...

Financial Performance - The company's revenue for Q3 2024 reached CNY 6,039,368,282.12, an increase of 18.50% compared to the same period last year[2] - Net profit attributable to shareholders was CNY 964,901,761.77, reflecting a growth of 16.07% year-over-year[2] - The total profit for Q3 2024 reached CNY 3,681,900,672.11, an increase from CNY 2,846,350,726.44 in Q3 2023, representing a growth of approximately 29.4%[19] - Net profit attributable to shareholders of the parent company was CNY 2,843,249,603.20, up from CNY 2,286,969,572.37, reflecting a year-over-year increase of about 24.4%[19] - The company reported a basic and diluted earnings per share of CNY 2.44, compared to CNY 1.96 in the same period last year, indicating a growth of 24.5%[19] - The weighted average return on equity was 6.08%, a slight increase of 0.11% compared to the previous year[2] - The company reported a basic earnings per share of CNY 0.83, which is a 16.90% increase year-over-year[2] Sales and Production - The total sales volume of sports shoes for the first nine months of 2024 was 163 million pairs, representing a year-on-year increase of 20.36%[5] - The company plans to expand production capacity, as indicated by a significant increase in prepayments for construction and equipment[6] Cash Flow and Investments - The company achieved a net cash flow from operating activities of CNY 4,251,420,903.09, up 31.55% compared to the previous year[6] - Operating cash flow for the period was CNY 4,251,420,903.09, an increase from CNY 3,231,701,749.77 in the previous year, marking a growth of approximately 31.5%[21] - Cash inflow from operating activities totaled CNY 18,096,661,866.43, compared to CNY 15,202,689,237.20 in the prior year, representing an increase of about 18.7%[21] - The company experienced a net cash outflow from investing activities of CNY -2,886,669,575.70, worsening from CNY -1,354,147,899.38 in the previous year[21] - Cash and cash equivalents at the end of the period were CNY 1,527,335,980.33, down from CNY 1,873,638,713.49 at the end of Q3 2023, a decrease of approximately 18.4%[22] - The company reported a net cash outflow from financing activities of CNY -1,665,698,393.81, compared to CNY -1,942,098,444.67 in the same period last year, indicating an improvement[22] Assets and Liabilities - Total assets at the end of the reporting period amounted to CNY 21,777,982,898.85, an increase of 11.99% from the end of the previous year[3] - Total liabilities increased to ¥5,396,309,744.80 from ¥4,330,731,111.79, a rise of 24.7%[16] - The company's equity attributable to shareholders rose to ¥16,366,019,575.58 from ¥15,109,006,673.79, an increase of 8.3%[16] Shareholder Information - The total number of common shareholders at the end of the reporting period is 11,774[7] - The largest shareholder, Junyao Group Co., Ltd., holds 84.85% of the shares, totaling 990,255,000 shares[8] - The second-largest shareholder, Zhongshan Hongting Footwear Co., Ltd., holds 2.63% of the shares, totaling 30,660,000 shares[8] - The total number of shares with limited sales conditions held by major shareholders is 1,020,922,650 shares[12] - The total number of shares held by the top ten shareholders accounts for a significant portion of the company's equity, with the largest shareholder alone holding 84.85%[8] - The company has no pledged, marked, or frozen shares reported[7] - The total number of preferred shareholders with restored voting rights is not applicable[7] - The company has not reported any changes in the status of major shareholders participating in margin trading[11] - The total number of shares held by the National Social Security Fund's 109 combination is 8,637,920, representing 0.74% of the total shares[8] - The total number of shares held by the Industrial and Commercial Bank of China - E Fund Growth ETF is 4,198,307, representing 0.36% of the total shares[8] Expenses - Management expenses increased by 84.66% to CNY 925,987,568.27 due to higher performance-related compensation and long-term service benefits[6] - Total operating costs amounted to ¥13,806,495,231.69, up from ¥11,403,352,996.78, reflecting a growth of 21.0%[18] - Research and development expenses were ¥237,872,043.04, slightly increasing from ¥228,377,278.64, indicating a focus on innovation[18] - The company reported a decrease in financial expenses, with net financial costs of -¥63,127,819.78 compared to -¥81,583,864.96 in the previous period[18] Comprehensive Income - Other comprehensive income after tax attributable to the parent company was CNY -185,836,701.41, contrasting with CNY 202,075,614.14 in the previous year[19] - The total comprehensive income for the period was CNY 2,657,745,417.45, an increase from CNY 2,488,997,406.31 in Q3 2023, reflecting a growth of approximately 6.8%[19]

证券代码：300979 证券简称：华利集团 公告编号：2024-055 中山华利实业集团股份有限公司 关于 2025 年度委托理财及现金管理额度预计的公告 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"）及子公司拟使用自有资金、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。 公司本次委托理财及现金管理额度预计事宜已经公司第二届董事会第十次 会议审议通过，本事项不涉及关联交易。本次事项无需提交股东大会审议。现将 具体情况公告如下： 一、募集资金的基本情况 经中国证券监督管理委员会《关于同意中山华利实业集团股份有限公司首次 公开发行股票注册的批复》（证监许可[ ...

证券代码：300979 证券简称：华利集团 公告编号：2024-052 中山华利实业集团股份有限公司 第二届董事会第十次会议决议公告 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。 2024 年 10 月 28 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"）第二届董事会第十次会议在广东省中山市南朗镇佳朗路华利集团园区 F 栋二 楼会议室召开。会议通知等会议资料于 2024 年 10 月 25 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、於贻 勳先生以通讯表决方式参加。会议由董事长张聪渊先生召集并主持，公司监事及高 级管理人员列席了本次会议。本次会议的召集、召开符合《中华人民共和国公司法》 等法律、行政法规、部门规章、规范性文件和《公司章程》的规定。与会董事以记名 投票方式通过以下议案： 一、审议通过《2024 年第三季度报告》。 保荐 ...

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 2025 年度日常关联交易预计的核查意见 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"或"公司"）首次公开 发行股票并在创业板上市的保荐机构，根据《证券发行上市保荐业务管理办法》 《深圳证券交易所创业板股票上市规则》《深圳证券交易所上市公司自律监管 指引第2号——创业板上市公司规范运作》等有关法律法规的规定，对华利集团 2025年度关联交易预计事项进行了核查，现将核查情况及核查意见发表如下： 一、日常关联交易基本情况 （一）日常关联交易概述 根据业务发展和日常经营的需要，公司预计 2025 年度公司及子公司将与关 联方发生日常关联交易总金额不超过人民币 21,413.90 万元，关联交易的内容主 要包括房屋租赁、采购商品、接受劳务和服务等。2024 年度，公司预计与关联 方发生日常关联交易总金额为不超过人民币 19,578.40 万元，2024 年 1-9 月实际 发生的日常关联交易总金额为人民币 12,009.89 万元（未经审计）。 本日常关联交易预计事项，在提交公司董事会审议前已 ...

证券代码：300979 证券简称：华利集团 公告编号：2024-054 一、日常关联交易基本情况 （一）日常关联交易概述 根据业务发展和日常经营的需要，中山华利实业集团股份有限公司（以下 简称"公司""华利集团"）预计 2025 年度公司及子公司将与关联方发生日常关 联交易总金额不超过人民币 21,413.90 万元，关联交易的内容主要包括房屋租赁、 采购商品、接受劳务和服务等。2024 年度，公司预计与关联方发生日常关联交 易总金额为不超过人民币 19,578.40 万元，2024 年 1-9 月实际发生的日常关联交 易总金额为人民币 12,009.89 万元（未经审计）。 本日常关联交易预计事项，在提交公司董事会审议前已经公司独立董事专 门会议审议通过。2024 年 10 月 28 日，公司召开第二届董事会第十次会议，审 议通过了《关于 2025 年度日常关联交易预计的议案》。关联董事张聪渊、张志 邦、张文馨、徐敬宗、张育维已对该议案回避表决，保荐机构就本日常关联交 易预计事项出具了核查意见。根据《深圳证券交易所创业板股票上市规则》等 相关法规及《公司章程》、公司《关联交易管理制度》的有关规定，本日常关联 ...

证券代码：300979 证券简称：华利集团 公告编号：2024-059 中山华利实业集团股份有限公司 第二届监事会第十二次会议决议公告 本公司及监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。 2024 年 10 月 28 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"）第二届监事会第十二次会议在广东省中山市南朗镇佳朗路华利集 团园区 F 栋二楼会议室召开。会议通知等会议资料于 2024 年 10 月 25 日以专人 送达或电子邮件的方式送达各位监事。本次会议以现场结合通讯表决的方式召 开。本次会议应到监事 3 人，实到监事 3 人，其中谢献堂先生、莫健钧先生以 通讯表决方式参加。本次会议由监事会主席谢献堂先生召集并主持，公司董事 会秘书列席了本次会议。本次会议的召集、召开符合《中华人民共和国公司法》 等法律、行政法规、部门规章、规范性文件和《公司章程》的规定。与会监事 以记名投票方式通过以下议案： 一、审议通过《2024 年第三季度报告》。 监事会认为：董事会编制和审议公司 2024 年第三季度报告的程序符合法律、 行政法规及部门规章等相关规定，报告 ...