Core Viewpoint - The stock of Shenzhou International (02313.HK) has increased by over 6%, reaching a price of 65.4 HKD with a trading volume of 329 million HKD as of the report date [1] Group 1 - Shenzhou International's stock price rose by 6.08% [1] - The current trading price of Shenzhou International is 65.4 HKD [1] - The trading volume for Shenzhou International reached 3.29 billion HKD [1]

Core Viewpoint - Shenzhou International (02313) saw a stock increase of over 6%, reaching HKD 65.4 with a trading volume of HKD 329 million, following Nike's positive Q1 2026 fiscal year earnings report [1] Financial Performance - Nike reported Q1 2026 revenue of USD 11.7 billion, exceeding market expectations of USD 11.02 billion, and showing a 1% year-over-year growth [1] - Gross margin was 42.2%, surpassing the anticipated 41.7% [1] - Earnings per share were USD 0.49, significantly higher than the expected USD 0.27 [1] Market Insights - Revenue growth was observed across North America, Europe, the Middle East, and Africa, while inventory in Greater China decreased by 11%, indicating effective inventory adjustments [1] - Shenzhou International's client base includes major sports and leisure apparel brands, with Nike, Adidas, Uniqlo, and Puma contributing 80.7% of annual revenue in 2024, solidifying its core business [1] Strategic Developments - The company has been expanding its client portfolio, recently partnering with Lululemon and Lacoste [1] - Shenzhou International employs a dedicated factory model and deep collaboration in R&D to provide clients with a comprehensive ODM "one-stop" service that covers everything from fabric development to finished garment manufacturing [1]

Core Viewpoint - Shenzhou International (02313) saw a stock increase of over 6%, closing at HKD 65.4 with a trading volume of HKD 329 million, following Nike's positive Q1 2026 fiscal year earnings report [1] Financial Performance - Nike reported Q1 2026 revenue of USD 11.7 billion, exceeding market expectations of USD 11.02 billion, and showing a 1% year-over-year growth [1] - Gross margin was 42.2%, surpassing the anticipated 41.7% [1] - Earnings per share were USD 0.49, significantly higher than the expected USD 0.27 [1] Market Insights - Revenue growth was observed across North America, Europe, the Middle East, and Africa, while inventory in Greater China decreased by 11%, indicating effective inventory adjustments [1] - Shenzhou International's client base includes major sports and leisure apparel brands, with Nike, Adidas, Uniqlo, and Puma contributing 80.7% of annual revenue in 2024, solidifying its core business [1] Strategic Developments - The company has been expanding its client portfolio, recently partnering with Lululemon and Lacoste [1] - Shenzhou International employs a dedicated factory model and deep collaboration in R&D to provide a comprehensive ODM "one-stop" service that covers everything from fabric development to garment manufacturing [1]

FF301 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9月30日 狀態: 新提交 FF301 II. 已發行股份及/或庫存股份變動 致：香港交易及結算所有限公司 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10月2日 I. 法定/註冊股本變動 | 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 | | | 3,000,000,0 ...

Core Viewpoint - The stock of Shenzhou International has seen significant gains, reaching a new high in nearly a year, indicating strong market performance and investor interest [1] Company Summary - Shenzhou International's stock price increased by over 5% during trading, peaking at 64.95 HKD per share, which is the highest level in almost a year [1] - Currently, the stock is up more than 3% from its previous trading session [1]

SHENZHOU INTERNATIONAL GROUP HOLDINGS LIMITED 申洲國際集團控股有限公司* (incorporated in the Cayman Islands with limited liability) （於開曼群島註冊成立之有限公司） (Stock code 股份代號: 2313) Dear non-registered shareholder(s), Shenzhou International Group Holdings Limited (the "Company") – Notice of Publication of Interim Report (the "Current Corporate Communication") The Current Corporate Communication of the Company has been published in English and Chinese languages and are available on the website of the Company www.shenzhouintl.com ...

申洲國際集團控股有限公司* SHENZHOU INTERNATIONAL GROUP HOLDINGS LIMITED Pursuant to Rule 2.07A of the Rules Governing The Listing of Securities on The Stock Exchange of Hong Kong Limited under the expansion of paperless listing regime and electronic dissemination of Corporate Communications that came into effect on 31 December 2023, the Company is writing to inform you that the Company has adopted electronic dissemination of Corporate Communications. Please note that both the English and Chinese versions of all future ...

Financial Performance - For the six months ended June 30, 2025, the company reported sales of RMB 14,966,384, an increase of 15.4% compared to RMB 12,975,971 in the same period of 2024[8]. - Gross profit for the same period was RMB 4,058,018, reflecting a gross margin of 27.1%, down from 29.0% in 2024[8]. - Profit attributable to equity holders of the parent company was RMB 3,176,836, representing a year-on-year increase of 8.4% from RMB 2,931,028[8]. - Revenue for the six months ended June 30, 2025, was RMB 14,966,384 thousand, an increase of 15.4% compared to RMB 12,975,971 thousand for the same period in 2024[47]. - Gross profit for the same period was RMB 4,058,018 thousand, up 7.9% from RMB 3,761,469 thousand in 2024[47]. - Net profit for the six months ended June 30, 2025, reached RMB 3,176,836 thousand, representing a 8.4% increase from RMB 2,931,028 thousand in 2024[49]. - Basic and diluted earnings per share for the period were RMB 2.11, compared to RMB 1.95 in the previous year, reflecting a 8.2% increase[47]. Assets and Liabilities - The company's total assets increased to RMB 56,177,197, up from RMB 53,107,848 as of December 31, 2024[8]. - The equity attributable to the owners of the parent company was approximately RMB 36,959,881,000, an increase from RMB 35,852,895,000 at the end of the previous year[30]. - Total liabilities as of June 30, 2025, were RMB 18,801,843 thousand, compared to RMB 16,826,163 thousand at the end of 2024, indicating a 11.7% increase[50]. - The debt-to-equity ratio as of June 30, 2025, was approximately 39.8%[41]. - The total bank borrowings amounted to approximately RMB 8,161,280,000, with USD loans around RMB 1,529,399,000 and HKD loans approximately RMB 6,631,881,000[37]. Market Performance - The company anticipates continued growth potential in the domestic market, driven by government policies to stimulate domestic demand[12]. - The global apparel consumption demand showed signs of recovery, although uncertainties from U.S. tariff policies impacted market share in the U.S.[12]. - International sales accounted for 75.6% of total sales, with significant growth in the U.S. market, which saw a 35.8% increase to RMB 2,554,890,000[26]. - Sales of sports products reached approximately RMB 10,128,586,000, a 9.9% increase from RMB 9,212,546,000, driven by rising demand in Europe and the United States[23]. - Sales in the European market reached approximately RMB 3,028,824,000, an increase of about RMB 501,899,000 or 19.9% compared to the same period last year[27]. Operational Efficiency - The average collection period for accounts receivable increased to 77 days from 71 days, suggesting a slower collection process[8]. - The inventory turnover period remained stable at 115 days, slightly down from 116 days[8]. - The company is upgrading domestic production capacity through equipment updates and process optimization to enhance product quality and reduce labor costs[18]. - The company has acquired approximately 7 hectares of new land in Anhui for a new automated garment factory, aimed at improving production efficiency[18]. Cash Flow and Investments - Net cash generated from operating activities was approximately RMB 2,692,920,000, an increase of about RMB 383,344,000 compared to the same period last year[31]. - The net cash flow from investing activities was negative at RMB (3,179,077), compared to RMB (982,969) in 2024, indicating increased investment outflows[57]. - Capital expenditures for the six months ended June 30, 2025, totaled approximately RMB 1,533,639,000, with about 23% allocated for production equipment and 74% for new factory construction[39]. Corporate Governance - The board has adopted a corporate governance code and has complied with all code provisions during the reporting period[117]. - The audit committee consists of four independent non-executive directors, responsible for reviewing financial practices and internal controls[129]. - The company has implemented a securities trading code to ensure compliance with trading restrictions for directors and senior management[123]. Shareholder Information - The company declared an interim dividend of HKD 1.38 per share for the six months ending June 30, 2025, compared to HKD 1.25 per share for the same period last year[113]. - Major shareholder "Xie Rong" holds 636,806,950 shares, representing 42.36% of the company's issued share capital[110]. - Mr. Ma Jianrong holds 638,096,650 shares, representing 42.45% of the company's issued share capital[106].

Group 1 - The core point of the news is that southbound funds have reduced their holdings in Shenzhou International (02313.HK) by 638,200 shares on September 19, 2025, marking a decrease of 0.68% [1][2] - Over the past five trading days, there have been three days of net reductions in holdings, totaling 350,500 shares [1][2] - In the last 20 trading days, there were 11 days of net increases in holdings, amounting to 4,557,900 shares [1][2] Group 2 - As of now, southbound funds hold 93,446,500 shares of Shenzhou International, which represents 6.2% of the company's total issued ordinary shares [1][2] - Shenzhou International Group Holdings Limited primarily engages in the production and sale of knitted apparel products, utilizing a combination of OEM and ODM methods for manufacturing [2] - The company's product categories include sportswear, casual wear, underwear, and other knitted products, and it also engages in trading and property management through its subsidiaries [2]

Summary of Shenzhou International Conference Call Company Overview - **Company**: Shenzhou International - **Industry**: Textile and Apparel Manufacturing Key Points and Arguments 1. **Vertical Integration Model**: Shenzhou International employs a vertical integration model that covers all production stages from fabric manufacturing to garment production, enhancing profitability and responsiveness to customer demands. The delivery cycle has been shortened to 45 days, and in some cases, even 15 days, which significantly improves supply stability, especially during crises [2][6][12] 2. **Southeast Asia Capacity Expansion**: The company has strategically expanded its production capacity in Southeast Asia to benefit from cost and tax advantages, thereby diversifying risks and ensuring stable deliveries. This move addresses rising labor costs in China and aligns with the global textile manufacturing shift towards Southeast Asia [2][8][12] 3. **Partnerships with Leading Brands**: Shenzhou International collaborates deeply with top brands like Nike and Uniqlo to co-develop innovative fabrics, which enhances product value and profitability. The partnerships focus not only on pricing but also on delivery times and quality, creating a win-win situation that accelerates revenue and profit growth [2][9][10] 4. **Financial Performance Trends**: From 2021 to 2023, the company faced challenges such as inventory buildup and pandemic-related restrictions, leading to a decline in net profit and asset turnover rates. The net profit dropped from approximately 22% to around 14%, and the asset turnover rate hit a record low [2][11] 5. **Future Outlook for 2024**: The company anticipates a recovery in profitability and asset turnover in 2024 due to industry restocking and capacity expansion. Shenzhou plans to increase its workforce and invest in new fabric factories, which will enhance overall profitability. The company does not face pressure from clients to share tariff costs, which helps maintain its competitive edge [2][12][15] 6. **Return on Equity (ROE) Analysis**: The ROE of Shenzhou International has varied over different periods, with a notable increase from 26% to 31% between 2008 and 2011 due to improved net profit margins. The company maintained a stable ROE of around 20% from 2012 to 2020, supported by strong capacity and quality client relationships [4][5][14] 7. **Challenges Faced**: The company encountered significant challenges from 2021 to 2023, including inventory pressure and operational disruptions due to the pandemic. These factors adversely affected profitability and operational efficiency [11][12] 8. **Current Financial Status**: The latest half-year report indicates significant revenue growth, although gross margins have been impacted by rising employee compensation. The company remains optimistic about continued revenue growth and potential margin recovery in the latter half of the year [15] Additional Important Insights - **Industry ROE Characteristics**: The apparel manufacturing industry exhibits significant ROE differences across various segments, with yarn production showing low profitability and turnover, while fabric production has high profitability but low turnover. Shenzhou's vertical integration allows it to achieve high profitability with lower turnover, placing it among the industry's top performers [13][14] - **Investment Confidence**: Shenzhou International's ongoing investments in capacity expansion and new facilities reflect its confidence in future growth, with a projected net profit of approximately 6.66 billion yuan for the year, corresponding to a PE ratio of about 12, indicating a safety margin in valuation [15]