申洲国际集团控股有限公司是一家主要从事生产和销售针织服装产品的投资控股公司。该公司的主营业 务是从事以代工（OEM）及委托设计（ODM）相结合的方式为客户制造针织品。该公司的产品类别包 括运动类、休闲类、内衣类等其他针织品产品。该公司通过其子公司还从事贸易业务和物业管理业务。 该公司主要在国内和国外市场开展其业务。 证券之星消息，12月18日南向资金增持157.26万股申洲国际（02313.HK）。近5个交易日中，获南向资 金增持的有4天，累计净增持486.91万股。近20个交易日中，获南向资金增持的有13天，累计净增持 390.62万股。截至目前，南向资金持有申洲国际（02313.HK）1.04亿股，占公司已发行普通股的 6.91%。 | 交易日 | 持股总数 (股) | 持股变动(股) | 变动幅度 | | --- | --- | --- | --- | | 2025-12-18 | 1.04亿 | 157.26万 | 1.53% | | 2025-12-17 | 1.02亿 | 149.30万 | 1.48% | | 2025-12-16 | 1.01亿 | 115.83万 | 1.16% | | 20 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責 ，對其準確性或完 整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或因依賴該等內 容而引致的任何損失承擔任何責任。 SHENZHOU INTERNATIONAL GROUP HOLDINGS LIMITED (申洲國際集團控股有限公司* ) （ 於開曼群島註冊成立的有限公司） （股份代號：2313 ） 有關租賃協議之 關連交易 茲提述本公司日期為二零二二年十二月二十九日之公告，內容有關續訂租賃協議。 上述公告所述協議將於二零二五年十二月三十一日屆滿。 董事會宣佈， 於二零二五年十二月八日(交易時段結束後)，申洲針織（ 本公司全資 附屬公司 ）與申洲置業訂立租賃協議，據此，申洲置業同意向申洲針織出租物業。 租賃協議為期三年，自二零二六年一月一日開始至二零二八年十二月三十一日屆 滿。 申洲置業為本公司之關連人士。因此，根據上市規則第14章，租賃協議項下擬進行 交易構成本公司之關連交易。 根據香港財務報告準則第16號，本集團需確認與租賃協議有關之使用權資產價值， 而根據上市規則，是次交易將被當作本集團收購資產。 由於本集 ...

Core Viewpoint - Citigroup has downgraded the earnings forecast for Shenzhou International (02313) for 2025 to 2027 by 2%, resulting in a target price reduction from HKD 95 to HKD 94, while maintaining a "Buy" rating, suggesting that the recent stock price decline may reflect management's conservative sales outlook, presenting a buying opportunity due to an expected dividend yield of 4.8% in FY2026 and a projected annual compound growth rate of 12% in earnings per share over the next three years [1] Group 1 - The sales growth forecast for the second half of this year has been revised down from high single digits to mid single digits, primarily due to nearly flat sales growth in Q3, with two major brands needing to discuss tariff sharing with the group [1] - Observations indicate that delivery volumes in October and November have accelerated to catch up with the lagging progress from Q3 [1] - The guidance for gross margin expansion on a quarterly basis remains unchanged, with the target gross margin for FY2026 still expected to exceed 28% [1]

Core Viewpoint - Shenzhou International (02313) has seen a decline of over 4%, currently trading at HKD 64.05, with a transaction volume of HKD 499 million. Citigroup has downgraded its earnings forecast for Shenzhou International for 2025-2027 by 2%, lowering the target price from HKD 95 to HKD 94, while maintaining a "Buy" rating, suggesting that the stock price drop may reflect management's conservative sales outlook, presenting a buying opportunity due to an expected dividend yield of 4.8% in FY2026 and a projected annual compound growth rate of 12% in earnings per share over the next three years [1] Group 1 - Citigroup has revised its sales growth forecast for the second half of 2023 from high single digits to mid-single digits, primarily due to nearly flat sales growth in Q3, with discussions ongoing regarding tariff sharing with two major brands [1] - Observations indicate that delivery volumes in October and November have accelerated to catch up with the lagging performance in Q3 [1] Group 2 - Guosheng Securities (002670) notes that the industry demand and customer orders have experienced fluctuations, but Shenzhou International remains committed to long-term asset construction and steady capacity expansion [1] - It is anticipated that in 2026, with the recovery of core customer orders, the company will enter a phase of capacity-driven growth, with factory utilization reaching saturation and an optimized order structure leading to improved profit quality [1] - By the end of 2024, the company's workforce is expected to reach 103,000, a 12% year-on-year increase, and by mid-2025, it is projected to reach 110,000, a 9% year-on-year increase, reflecting the capacity enhancement and output release from recent years of hiring in garment factories [1]

花旗发布研报称，将申洲国际2025至27年盈利预测下调2%，目标价相应由95港元降至94港元，维持"买 入"评级，并认为股价下跌或反映管理层对销量展望较为保守，反而提供买入机会，因2026财年预期股 息率达4.8%，且未来3年每股盈利年均复合增长率达12%。该行将今年申洲国际下半年的销量增长预 测，由高单位数降至中单位数，主要因第三季销量增长近乎持平，两大主要品牌仍需时与集团商讨分摊 关税。该行观察到10月及11月的交付量已加速增长，以追赶第三季落后的进度。 智通财经APP获悉，申洲国际(02313)再跌超4%，截至发稿，跌4.12%，报64.05港元，成交4.99亿港元。 但国盛证券认为，过去行业需求及客户订单存在波动，申洲国际始终坚持长期资产建设、稳步扩张产 能。该行判断2026年伴随着核心客户订单的修复，公司有望步入产能驱动增长、工厂利用率饱和、订单 结构优化带来盈利质量优化的阶段。2024年末公司员工达到10.3万人，同比增长12%；2025H1末达到11 万人，同比增长9%，该行判断过去数年内成衣工厂招聘员工带来的产能提升、产量释放将在2026年继 续体现。 ...

Core Viewpoint - Citigroup has lowered the profit forecast for Shenzhou International for 2025 to 2027 by 2%, adjusting the target price from HKD 95 to HKD 94 while maintaining a "Buy" rating, suggesting that the recent stock price decline may reflect management's conservative sales outlook, which presents a buying opportunity due to an expected dividend yield of 4.8% in FY2026 and a projected annual compound growth rate of 12% in earnings per share over the next three years [1] Group 1 - Citigroup has revised its sales growth forecast for Shenzhou International's second half of the year from high single digits to mid-single digits, primarily due to nearly flat sales growth in the third quarter [1] - The two major brands are still in discussions with the group regarding tariff sharing [1] - Observations indicate that delivery volumes in October and November have accelerated to catch up with the lagging progress from the third quarter [1]

Core Viewpoint - Southbound funds have increased their holdings in Shenzhou International (02313.HK), indicating positive investor sentiment towards the company [1] Group 1: Shareholding Changes - On December 1, southbound funds increased their holdings by 47,700 shares, bringing the total to 103 million shares, which represents 6.81% of the company's issued ordinary shares [1] - Over the past 5 trading days, there have been 4 days of net increases in holdings, totaling 1,429,400 shares [1] - In the last 20 trading days, there were 14 days of net increases, amounting to 5,945,500 shares [1] Group 2: Company Overview - Shenzhou International Group Holdings Limited primarily engages in the production and sale of knitted apparel products [2] - The company's main business model combines OEM (Original Equipment Manufacturer) and ODM (Original Design Manufacturer) to manufacture knitted products for clients [2] - Product categories include sportswear, casual wear, underwear, and other knitted items, with operations in both domestic and international markets [2]

FF301 致：香港交易及結算所有限公司 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年11月30日 狀態: 新提交 公司名稱: 申洲國際集團控股有限公司 (於開曼群島註冊成立的有限公司) 呈交日期: 2025年12月1日 I. 法定/註冊股本變動 第 2 頁 共 10 頁 v 1.1.1 FF301 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 02313 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 3,000,000,000 | HKD | | 0.1 | HKD | | 300,000,000 | | 增加 / 減少 (-) | | | | | | | HKD | | | | 本月底結存 | | | 3,000,00 ...

Core Viewpoint - The company, as one of Asia's largest integrated knitwear manufacturers, is expected to achieve a revenue CAGR of over 10% from 2025 to 2026, driven by improving trends among core clients such as Nike and Fast Retailing [1][2]. Client Trends - Recent improvements in Nike's operations and normalized inventory levels in North America suggest a strong order recovery, with expectations for healthy growth in orders by 2026 [1]. - Fast Retailing is guiding for a 10.3% revenue growth in FY2026, while Adidas continues to perform well, indicating strong order growth for the company [1]. - PUMA is currently in a transitional phase, with stable short-term orders anticipated, while other clients are expected to see healthy growth in order volumes [1]. Product Categories - The leisure category is projected to grow rapidly in 2025, with significant events like the Winter Olympics and World Cup in 2026 likely to accelerate growth in the sports category, although the proportion of leisure products may decrease compared to 2025 [1]. Long-term Capacity and Market Position - The company has consistently invested in long-term asset construction, leading to a unique integrated supply chain that is expected to enhance market share [2]. - By the end of 2024, the workforce is projected to reach 103,000, a 12% increase year-on-year, with further growth expected in 2025 [2]. - The company is expanding overseas capacity, particularly in Vietnam and Cambodia, which currently account for over 50% of garment production capacity, with plans to enter the Indonesian market [2]. Industry Growth Potential - The global and Chinese sportswear markets are expected to benefit from increasing penetration rates, providing long-term order demand growth for the company [2]. - The company is well-positioned to leverage its superior fabric development capabilities to enhance product collaboration with clients, strengthening competitive advantages [2]. Financial Projections - Revenue forecasts for 2025, 2026, and 2027 are estimated at 31.61 billion, 35.15 billion, and 39.07 billion yuan, reflecting year-on-year growth rates of 10.3%, 11.2%, and 11.1% respectively [3]. - Gross margins are projected to improve, with estimates of 27.4%, 28.2%, and 28.3% for the same years, as efficiency gains from new hires offset initial cost increases [3]. - Net profit forecasts for the same period are 6.47 billion, 7.45 billion, and 8.29 billion yuan, with net profit margins of 20.5%, 21.2%, and 21.2% respectively [3]. Investment Outlook - The company's stock performance has diverged from Nike's since Q2 2025, with expectations for a recovery in core client orders leading to a phase of capacity-driven growth and improved profitability in 2026 [4]. - The current stock price corresponds to a PE ratio of 12.4 times for 2026, with a reasonable target PE of 15 times, indicating a potential upside of approximately 20% [4].

Investment Rating - The report maintains a "Buy" rating for the company [7]. Core Views - The company is expected to achieve a revenue CAGR of over 10% from 2025 to 2026, driven by improving trends among core customers such as Nike, Uniqlo, and Adidas [1][15]. - The company has a solid fundamental base and is positioned to benefit from the recovery of core customer orders, leading to a phase of capacity-driven growth and improved profitability quality [2][20]. Summary by Sections Market Overview - The company is one of the largest integrated knitwear manufacturers in Asia, with a strong market position and a history of stable growth [14]. - Recent fluctuations in customer orders have been addressed through long-term asset investments and capacity expansion [2]. Customer Trends - Core customers like Nike and Uniqlo are showing positive trends, with Nike's inventory in North America returning to normal levels, which is expected to enhance order volumes [1][15]. - Adidas and Fast Retailing (Uniqlo's parent company) are also performing well, with Adidas showing strong growth across various regions [15][26]. Capacity and Production - The company has consistently invested in capacity expansion, with a projected employee count of 110,000 by mid-2025, reflecting a 9% year-on-year increase [2]. - The integrated supply chain is expected to enhance competitive advantages, particularly with over 50% of production capacity located in Vietnam and Cambodia [2]. Revenue and Profitability Forecast - Revenue projections for 2025, 2026, and 2027 are estimated at 316.1 billion, 351.5 billion, and 390.7 billion CNY, respectively, with year-on-year growth rates of 10.3%, 11.2%, and 11.1% [4]. - Gross margins are expected to improve gradually, with estimates of 27.4%, 28.2%, and 28.3% for the same years [4]. Investment Recommendations - The company's stock price is currently trading at a PE ratio of 12.4 for 2026, with a target PE of around 15, indicating a potential upside of approximately 20% [5][20]. - The report emphasizes the potential for valuation improvement as core customer orders stabilize and profitability quality enhances [5][20].