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。如果人民币、越南盾、 印尼盾对美元的汇率发生较大波动，则将会对公司利润产生一定影响。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，经审慎考虑，公司拟与 银行等金融机构开展外汇套期保值业务。 二、开展外汇套期保值业务的基本情况 （一）涉及的币种、交易金额及期限 公司拟开展的外汇套期保值业务的币种只限于公司及下属子公司生产经营 所使用的主要结算货币，包括人民币、美元、越南盾、印尼盾等。公司及其子公 司拟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（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 ...

证券代码：300979 证券简称：华利集团 公告编号：2024-056 中山华利实业集团股份有限公司 关于 2025 年度外汇套期保值业务额度预计的公告 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。 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"）及子公司拟与银行 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（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 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）。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) 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 年度外汇套期保值业务额度预计的议案》。保荐机构发表了明确 ...

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 年度外汇套期保值业务额度预计的核查意见 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 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 年度外汇套期保值业 务额度预计事项进行了核查，具体情况如下： 一、开展外汇套期保值业务概述 (一) 开展外汇套期保值业务的目的、必要性和可行性 华利集团母公司和集团管理总部、开发设计子公司主要位于广东中山，负责 原材料采购与产品销售的贸易子公司主要位于中国香港及广东中山，生产子公司 主要位于越南，印度尼西亚的成品鞋工厂已于 2024 年上半年开始投产。公司采 购、销售主要以美元计价结算；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；公司及境内子公司以人民币支付员工薪酬和境内开支， 同时公司以人民币为本位币出具合并报表。如果人民币、越南盾、印尼盾对 ...

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，对华利集团向关联方购买资产 暨关联交易事项进行了专项核查： 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，公司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 ...

兴业证券股份有限公司 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[2021]743 号）同意注册，华利集团首次公 开发行人民币普通股（A 股）11,700 万股，每股面值为人民币 1.00 元，每股发行 价格为人民币 33.22 元，募集资金总额人民币 3,886,740,000.00 元，扣除不含税 的 发 行 费 用 人 民 币 223,684,717.35 元 ， 实 际 募 集 资 金 净 额 为 人 民 币 3,663,055,282.65 元。容诚会计师事务所（特殊普通合伙）已于 2021 年 4 月 19 日 对公司首次公开发行股票的资金到位情况进行了审验，并出具了编号为容诚验字 [2021]518Z0032 号的《验资报告》。公司对募集资金采取专户存储制度，并与保 荐机构、存放募集资金的开户银行签订了《募集资金三方监管协议》。截至 2024 年 9 月 30 日，公司募投项目累计使用募集资金人民币 167,152.26 万元（包括使 用募集资金置换预先投入募投项目的自筹资金）。由于募投项目建设需要一定周 期，公司的部分募集资金存在暂时 ...

证券代码：300979 证券简称：华利集团 公告编号：2024-051 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2023年10月26日召开了第二届董事会第五次会议，审议通过了《关 于2024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45亿元，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23 亿元。上述交易额度在2024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。公司独立董事、 监事会、保荐机构均发 ...

Investment Rating - The report maintains a "Buy" rating for the company, with a 2024 PE of 20x [2][3] Core Views - The company is a global leader in sports shoe manufacturing, with a well-established downstream client system including international brands like Nike, Deckers, VF, and PUMA [1] - Despite a challenging industry environment in 2022-2023, the company demonstrated resilience with stable profit quality and continued capacity expansion [1] - In 2024, the company's revenue and net profit grew by 25% and 29% YoY respectively, with gross and net margins reaching 28.2% and 16.4% [1] - The company is expected to achieve a revenue CAGR of around 15% from 2025 to 2026, driven by new client collaborations and increased market share with existing clients [1] Orders - Short-term: Most of the company's core brand clients are expected to see positive YoY order growth in 2024, with Deckers, Adidas, UA, VF, and Nike showing promising trends [1][17] - Medium-term: The company has established a high-quality client structure and a replicable client expansion and management system, which is expected to drive revenue growth [1][19] - The company's collaboration with Nike is expected to remain stable, with potential for increased market share in Nike's footwear procurement [24] Capacity - The company's capacity utilization reached 97.3% in H1 2024, up 11.3 percentage points YoY, driving an 18.4% YoY increase in production [2] - The company plans to expand its production capacity, with an estimated CAGR of around 15% from 2025 to 2026, matching the growth in order demand [2] - The company's production facilities are primarily located in northern Vietnam, with plans to establish new production bases in Indonesia to reduce policy risks [2][34] Profitability and Financial Projections - The company's revenue is projected to grow to 240.0/275.7/314.9 billion yuan in 2024-2026, with YoY growth rates of 19.3%/14.8%/14.2% [2] - Net profit is expected to reach 39.0/45.3/52.2 billion yuan in 2024-2026, with YoY growth rates of 21.9%/16.0%/15.3% [2] - Gross margins are expected to remain stable at around 26.6%-26.7% from 2024 to 2026, with management and R&D expenses also remaining steady [42] Industry and Competitive Position - The company's client structure is more diversified compared to peers, with the top five clients accounting for over 80% of revenue, providing stability and growth potential [21] - The company's production efficiency and cost control are superior to competitors, with lower labor and manufacturing costs contributing to higher gross margins [36] - The company's early investment in Vietnam has provided significant cost advantages, and further expansion into Indonesia is expected to enhance its competitive position [35]

证券代码：300979 证券简称：华利集团 公告编号：2024-050 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2023年10月26日召开了第二届董事会第五次会议，审议通过了《关 于2024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45亿元，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23 亿元。上述交易额度在2024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。公司独立董事、 监事会、保荐机构均发 ...

Group 1: Company Performance and Outlook - The company has a diverse customer base, leading to varying revenue growth rates among clients, which supports stable order shares despite some clients experiencing slower growth [2] - The company is confident in its performance over the next two years, attributing this to the continuous expansion of new clients and deepening cooperation with existing ones [2] - The company expects stable gross margins as long as there are no significant fluctuations in orders [3] Group 2: Order Visibility and Production Capacity - Clients communicate forecast orders with the company before each season, placing formal orders once or twice a month [2] - The company has a total expected production capacity of 50-60 million pairs per year from its two factories in Indonesia, which are gradually being built and put into operation [3] - The company plans to establish several new factories in Indonesia and Vietnam over the next 3-5 years to meet customer demand [3] Group 3: Financials and Capital Expenditure - The company’s capital expenditure over the past three years has been approximately 1.1-1.7 billion RMB annually, with expectations to maintain this level in the coming years [3] - Cash dividends accounted for about 89% of net profit in 2021, 43% in 2022, and approximately 44% in 2023, reflecting the company's commitment to shareholder returns [3] - As the company scales, the proportion of capital expenditure to net profit is expected to gradually decrease while maximizing dividends [4] Group 4: Market Position and Competitive Landscape - The company operates in a stable market with a diverse product range, primarily focusing on running and outdoor sports shoes, as well as fashion leisure shoes [4] - The sports shoe market is expected to continue expanding due to consumer demand for comfort and health, with the company maintaining a competitive edge through its comprehensive manufacturing capabilities [4] - Despite challenges in 2023, the company has maintained stable revenue, indicating a growing market share [4]

Group 1: Company Operations and Production Capacity - The main production bases are located in Vietnam, with a new finished shoe factory in Indonesia starting production in the first half of 2024. There is currently no production capacity in China [2] - The company plans to build several large-scale production bases in Indonesia, considering factors like labor resources, logistics, and the business environment [2] - Over the past three years, the company's capital expenditure has been approximately 1.1 to 1.7 billion RMB annually, with plans for continued capacity expansion in Indonesia and Vietnam [2] Group 2: Impact of Tariffs and Trade Policies - The company exports products from Vietnam to various global markets, including the U.S., Canada, Europe, and Australia, with import tariffs borne by customers based on trade policies [3] - There are potential plans for Indonesia to impose safeguard tariffs of 100% to 200% on imported footwear, but no specific regulations have been released yet [3] - The company’s production in Vietnam and Indonesia primarily involves processing materials, and raw material imports are not subject to tariffs, which may affect pricing if local production occurs [3] Group 3: Pricing and Market Dynamics - The average selling price is influenced by customer and product mix, with significant price variations among different brands [3] - Pricing adjustments are typically discussed during the product development phase, based on costs, labor, and other expenses, with a focus on sustainable cooperation between manufacturers and brands [3]