Core Viewpoint - Daiwa has increased confidence in the order status of Shenzhou International (02313) for sports apparel in the coming year, anticipating that changes in the product mix will drive average selling prices and gross margin expansion [1] Group 1: Order Performance - Following the implementation of equal tariffs by ASEAN in August, many OEM factories experienced weak order performance in the third quarter due to cautious ordering attitudes from downstream customers [1] - However, a noticeable recovery in orders was observed in November, indicating a potential turnaround in demand [1] Group 2: Future Outlook - The firm expects the recovery trend to continue, supported by multiple sports events scheduled for next year [1] - Daiwa has reiterated a "Buy" rating for Shenzhou International, raising the target price from HKD 80 to HKD 84 [1] Group 3: Earnings Forecast - Earnings per share forecasts for 2025 to 2027 have been adjusted downwards by 1% to 2% [1]

Core Viewpoint - Guoyuan International maintains a "Buy" rating for Shenzhou International (02313) and raises the target price to HKD 91.9, citing a reduction in valuation suppression factors such as tariff uncertainties and weak major clients, with the company's "dual circulation" strategy proving successful [1] Group 1: Financial Performance - In H1 2025, the company's revenue reached CNY 14.97 billion, representing a growth of 15.3%, with a gross margin of 27.1%, down by 1.9 percentage points [2] - The net profit attributable to the parent company was CNY 3.18 billion, an increase of 8.4%, with a net profit margin of 21.2%, down by 1.4 percentage points [2] - The first major client (leisure) contributed a revenue increase of 27%, while the third major client (sports) saw a revenue increase of 28% [2] Group 2: Market Dynamics - Following the implementation of tariffs, the company's Southeast Asia capacity layout benefits from the accelerated transfer of the textile industry chain, with tariff levels in Vietnam and Cambodia set at 20% and 19%, respectively [3] - The company experienced faster revenue growth from its four major clients compared to its overall growth, indicating an increase in penetration rates [3] Group 3: Competitive Positioning - The increase in customer penetration rates reflects the company's alignment with brand clients' current supply chain risk preferences, showcasing its strong manufacturing and responsiveness as a leading producer [4] - The company expanded its product offerings, including new items like football jerseys for its second-largest sports client, which is expected to enhance future revenue and maintain gross margin advantages [4]

Core Viewpoint - Southbound funds have increased their holdings in Shenzhou International (02313.HK) significantly, indicating positive investor sentiment towards the company [1] Group 1: Southbound Fund Activity - On November 12, southbound funds increased their holdings by 1.40%, adding 135.95 million shares of Shenzhou International [2] - Over the past five trading days, there have been four days of net increases, totaling 257.43 million shares [1] - In the last twenty trading days, there were eleven days of net increases, amounting to 285.59 million shares [1] - As of now, southbound funds hold 98.53 million shares of Shenzhou International, representing 6.54% of the company's total issued ordinary 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 involves manufacturing knitted products through a combination of OEM (Original Equipment Manufacturer) and ODM (Original Design Manufacturer) services for clients [2] - Product categories include sportswear, casual wear, underwear, and other knitted products [2] - The company also engages in trading and property management through its subsidiaries, operating in both domestic and international markets [2]

Core Viewpoint - Southbound funds have reduced their holdings in Shenzhou International (02313.HK) by 391,400 shares on November 4, indicating a trend of net selling over recent trading days [1] Group 1: Shareholding Changes - In the last five trading days, southbound funds have reduced their holdings for five days, with a total net reduction of 2,226,400 shares [1] - Over the past 20 trading days, there were 11 days of net increases in holdings, totaling 2,111,200 shares [1] - As of now, southbound funds hold 96,183,800 shares of Shenzhou International, accounting for 6.39% of the company's total issued ordinary shares [1] Group 2: Trading Data - On November 4, 2025, the total number of shares held was 96,183,800, with a decrease of 391,400 shares, representing a change of -0.41% [2] - On November 3, 2025, the total number of shares held was 96,575,200, with a decrease of 514,700 shares, representing a change of -0.53% [2] - On October 31, 2025, the total number of shares held was 97,089,900, with a decrease of 1,084,700 shares, representing a change of -1.10% [2] Group 3: Company Overview - Shenzhou International Group Holdings Limited primarily engages in the production and sale of knitted apparel products [2] - The company's main business involves manufacturing knitted products through a combination of OEM (Original Equipment Manufacturer) and ODM (Original Design Manufacturer) services [2] - The product categories include sportswear, casual wear, underwear, and other knitted products, with operations in both domestic and international markets [2]

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10月31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11月3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 | | | 3,000,000,000 | HKD | | 0.1 | HKD | | 300,000,000 ...

Group 1 - The core point of the news is that Schroders PLC has increased its stake in Shenzhou International (02313.HK) by acquiring 1,747,400 shares at an average price of HKD 70.8098 per share, amounting to approximately HKD 124 million [1][2] - Following this acquisition, Schroders PLC's total shareholding in Shenzhou International has risen to 106,030,850 shares, increasing its ownership percentage from 6.94% to 7.05% [1][2]

Group 1 - Schroders PLC increased its stake in Shenzhou International (02313) by acquiring 1.7474 million shares at a price of HKD 70.8098 per share, totaling approximately HKD 124 million [1] - Following the acquisition, Schroders PLC's total shareholding in Shenzhou International reached 106 million shares, representing a holding percentage of 7.05% [1]

Summary of Conference Call on Shenzhou International Industry Overview - The textile industry in China is facing increased competition, with leading companies gaining market share due to globalization, quick response capabilities, and vertical integration advantages. [2][4] - The restructuring of the global textile supply chain has seen ASEAN replace China as the largest source of imports for the U.S., particularly in footwear manufacturing, while South Asia has taken over apparel manufacturing. [2][4] - China's reliance on textile imports from ASEAN is increasing, despite maintaining a competitive edge in upstream fiber and fabric production. [2][4] Key Points on Trade War Impact - The trade war has had a two-phase impact on the textile manufacturing sector, with the first phase (2018-2020) leading to a significant drop in U.S. imports from China by approximately 30%, reducing dependency from 40% to 27%. [3][5] - The second phase of the trade war (Trump 2.0) has seen a more aggressive approach with tariffs exceeding 40%, affecting the supply chain dynamics and leading brands to adjust their order patterns. [5][6] - Shenzhou International has been less affected by the trade war, with only 16% of its orders coming from the U.S., allowing it to maintain a strong performance outlook. [3][13] Financial Performance and Market Outlook - The current inventory turnover ratio in the U.S. is at a historical low, indicating a cautious demand outlook, but a clear replenishment trend is expected in 2026, albeit at a subdued pace. [7][10] - Leading manufacturers are expected to benefit from the trade war, with a focus on low-volatility dividend stocks, such as Yuyuan Group and Shenzhou International, which have attractive valuations and dividend yields. [7][10] - Shenzhou International is recommended for long-term value investment due to its high visibility in earnings, reasonable valuation (PE around 13 times), and a dividend yield of less than 6%. [7][13] Brand Strategies and Market Dynamics - Brands are responding to rising tariff costs by either increasing prices or sharing costs with manufacturers, with many expected to complete price adjustments by late 2025 or early 2026. [8][9] - Different brands are experiencing varied performance: Nike is in a destocking phase, Adidas is seeing strong wholesale orders, and Uniqlo is expanding in Western markets. [11][12] Competitive Landscape - Leading manufacturers are maintaining their competitive edge through high-quality production capabilities and quick response times, while smaller firms are struggling. [12] - The focus on overseas production in Southeast Asia is increasing, with a shift in orders from China to these regions, enhancing the performance outlook for leading manufacturers. [12] Conclusion - Shenzhou International is positioned well for future growth, with a strong competitive advantage in vertical integration and a favorable market outlook despite the challenges posed by the trade war. [13][14]

Group 1 - Southbound funds increased their holdings in Shenzhou International (02313.HK) by 463,300 shares on October 27, 2025, marking a 0.47% increase [1][2] - Over the past five trading days, southbound funds have increased their holdings for four days, with a total net increase of 1,497,300 shares [1][2] - In the last 20 trading days, there have been 13 days of net increases in holdings by southbound funds, totaling 4,963,700 shares [1][2] Group 2 - As of October 27, 2025, southbound funds hold a total of 98,410,200 shares of Shenzhou International, representing 6.54% of the company's 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 manufacturing methods [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]

Core Viewpoint - Southbound funds reduced their holdings in Shenzhou International (02313.HK) by 138,700 shares on October 15, 2025, while showing a net increase in holdings over the past trading days [1] Group 1: Shareholding Changes - In the last five trading days, southbound funds increased their holdings on three days, with a total net increase of 1,967,500 shares [1] - Over the past 20 trading days, there were 10 days of net increases in holdings, totaling 4,471,100 shares [1] - As of now, southbound funds hold 95,540,000 shares of Shenzhou International, accounting for 6.35% of the company's issued ordinary 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 involves manufacturing knitted products through a combination of Original Equipment Manufacturing (OEM) and Original Design Manufacturing (ODM) for clients [2] - Product categories include sportswear, casual wear, underwear, and other knitted products, with operations in both domestic and international markets [2]