董事會設立五個委員會。下表提供各董事會成員在這些委員會中所擔任的職位: 九興控股有限公司董事會(「董事會」)成員(由二零二六年一月一日起)載列如下: 執行董事 陳立民， 主席 齊樂人， 執行長 GILLMAN Charles Christopher 蔣以民 獨立非執行董事 BOLLIGER Peter 陳富強，BBS 游朝堂 尹倩儀 馬慧凡 董事名單與其角色和職能 | 董事 | | | | | | | --- | --- | --- | --- | --- | --- | | 委員會 | 審核 | 企業管治 | 執行 | 提名 | 薪酬 | | 董事 | 委員會 | 委員會 | 委員會 | 委員會 | 委員會 | | 陳立民 | - | - | 會員 | - | - | | 齊樂人 | - | - | 主席 | - | - | | GILLMAN Charles Christopher | - | - | 會員 | - | - | | 蔣以民 | - | - | 會員 | - | - | | BOLLIGER Peter | - | 主席 | - | 會員 | - | | 陳富強，BBS | 會員 | 會員 ...

智通财经APP讯，九兴控股(01836)发布公告，董事会谨此宣布马慧凡女士已获委任为独立非执行董事、 企业管治委员会、提名委员会及薪酬委员会成员，该委任将于2026年1月1日生效。 ...

格隆汇12月30日丨九兴控股(01836.HK)发布公告，马慧凡已获委任为独立非执行董事、企业管治委员 会、提名委员会及薪酬委员会成员，该委任将于2026年1月1日生效。 ...

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分內 容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 * 僅供識別 1 除上文所披露者外，於本公告日期前的過往三年內，馬女士並無於任何公眾公司（其證 券於香港或海外證券市場上市）擔任任何董事職務，亦無其他主要的任命及專業資格及 於本公告日期並無於本公司或本集團其他成員公司擔任任何其他職務。 馬女士已與本公司訂立自二零二六年一月一日起計為期三年的服務合約，並須根據本 公司組織章程細則每三年於本公司的股東週年大會上輪值告退並膺選連任。根據該服 務合約，馬女士有權每年收取董事袍金525,000港元。馬女士之董事袍金乃經參考彼之 技能、知識及預期對本集團事務的參與、本集團盈利能力、業內薪酬基準及當前的市場 環境，經薪酬委員會審核後由董事會而釐定。 （股份代號︰1836） （於開曼群島註冊成立之有限公司） 委任獨立非執行董事及董事委員會成員變動 九興控股有限公司（「本公司」，連同其附屬公司，統稱「本集團」）之董事（「董事」）會（「董 事會」）謹此宣佈馬慧凡女士（「馬 ...

机构：长江证券 研究员：于旭辉/魏杏梓 九兴控股：全球高端鞋履隐形冠军九兴控股为全球领先的高端鞋履制造商，为Nike、Prada、Balenciaga 等全球顶尖品牌提供以ODM 为主的制造服务。公司在2010-2018 年持续进行国内→东南亚的产能转 移，导致订单受限、利润波动，2019 年管理层关键换班开启新增长周期，聚焦高端化转型与东南亚产 能布局优化，利润率及资本回报率得到显著回升，2024 年公司实现营收111 亿元、归母净利润12 亿 元，规模体量位居国内制鞋二线梯队，但利润率处于行业较优水平。 行业：需求存结构性机会，供给格局长期向好 多元产能布局，生产效率领先。公司建立以国内为枢纽、东南亚为主要生产基地的制造体系，2024 年 中国/越南/亚洲其他地区产能占比分别为24%/52%/20%。员工生产熟练度领先同业，人均出货量业内仅 次于华利，且在持续推进自动化提升效率，构建了与全球化产能深度适配的本地化供应体系。反映至经 营层面，公司劳动力转化效率优，综合所得税率处于业内最低，人均创收、创利均显著领先同业。 投资：重启成长，估值有望抬升 需求端，目前美国服装行业位于去库尾声，运动板块多数品牌库存 ...

Investment Rating - The report gives a "Buy" rating for the company, marking the first coverage of the stock [12]. Core Insights - The company is expected to achieve a compound annual growth rate (CAGR) of mid-single to double digits in volume growth, supported by increased orders from existing customers and new customer acquisitions. The expansion in Indonesia and Bangladesh is anticipated to contribute to stable revenue growth. Profitability is expected to improve due to enhanced efficiency in new factories, with a long-term potential for net profit margin enhancement through product mix improvement and cost optimization. The projected net profits for 2025, 2026, and 2027 are $160 million, $170 million, and $190 million, respectively, corresponding to price-to-earnings (PE) ratios of 11, 10, and 9 times. Given the high visibility of orders, profit improvement potential, stable customer mix, and high dividend yield, the current valuation is considered low, with a projected dividend yield of 6.9% in 2025 at a 75% payout ratio [3][10]. Company Overview - The company is a leading high-end footwear manufacturer, providing ODM services primarily for top global brands such as Nike, Prada, and Balenciaga. It has undergone a strategic shift towards high-end product manufacturing and optimized production capacity in Southeast Asia since 2019, resulting in significant improvements in profit margins and capital returns. In 2024, the company is projected to achieve revenues of 11.1 billion yuan and a net profit of 1.2 billion yuan, positioning it within the second tier of domestic footwear manufacturers while maintaining a favorable profit margin [6][19]. Industry Analysis - The demand side of the industry is witnessing structural opportunities, with the U.S. apparel sector nearing the end of inventory destocking. Most brands in the sports segment have healthy inventory levels, although the retail recovery trend remains unclear. The high-end segment is expected to see a performance rebound by Q3 2025, with the personal luxury goods market anticipated to return to moderate growth next year, benefiting related suppliers [6][47]. Company Quality - The company focuses on high-end manufacturing, establishing a differentiated competitive advantage while achieving superior pricing (over 200 yuan) and profitability (gross margin of 20%-25%). High R&D spending and competitive salary levels support its leading design and development capabilities, with a significant increase in high-end customer numbers. The sports segment, which is currently thriving, is expected to provide strong order certainty and profitability. The company has diversified its customer base, with Nike orders accounting for nearly 40% of total orders, ensuring stable growth [9][10][19]. Production Efficiency - The company has established a manufacturing system centered in China, with major production bases in Southeast Asia. By 2024, the production capacity distribution is expected to be 24% in China, 52% in Vietnam, and 20% in other Asian regions. The company boasts superior labor productivity, with per capita output second only to a major competitor, and is continuously enhancing automation to improve efficiency [9][10][19].

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 | 狀態: 新提交 | | --- | | 截至月份: 2025年11月30日 | 致：香港交易及結算所有限公司 公司名稱: 九興控股有限公司 呈交日期: 2025年12月4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) | 01836 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 5,000,000,000 | HKD | | 0.1 HKD | | 500,000,000 | | 增加 / 減少 (-) | | | 0 | | | HKD | | | | 本月底結存 | | | 5,000,000,000 | HKD | | 0.1 HKD | | 500,000,000 | III.已發行股份及 ...

第 1 頁 共 10 頁 v 1.1.1 致：香港交易及結算所有限公司 公司名稱: 九興控股有限公司 呈交日期: 2025年11月6日 I. 法定/註冊股本變動 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 | 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) | 01836 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 5,000,000,000 | HKD | | 0.1 HKD | | 500,000,000 | | 增加 / 減少 (-) | | | 0 | | | HKD | | | | 本月底結存 | | | 5,000,000,000 | HKD | | 0.1 HKD | | 500,000,000 | 本月底法定/註冊股本總額： HKD 500,000,000 | ...

Core Viewpoint - The company reported a year-on-year revenue increase of 3.7% in Q3 2025, driven by growth in manufacturing revenue and shipment volume, despite a decline in average selling price (ASP) [1] Group 1: Financial Performance - In Q3 2025, the company's revenue reached $400 million, with manufacturing revenue at $390 million, and shipment volume increased by 7.8% to 13.9 million pairs [1] - For the first three quarters of 2025, the company achieved a revenue of $1.18 billion, with manufacturing revenue at $1.15 billion and total shipment volume up by 5.1% to 41.4 million pairs [1] - The company plans to maintain a dividend payout ratio of approximately 70% in 2025 and 2026, returning up to $60 million annually to shareholders through share buybacks and special dividends [1] Group 2: Production Capacity and Strategy - The company is set to expand its total production capacity by 20 million pairs starting in 2025, focusing on enhancing capacity at its new factory in Indonesia and launching a second factory in Bangladesh [1][2] - The company aims to improve production efficiency at its Indonesian and Philippine facilities by the second half of 2025, although profitability may face short-term pressure [2] - The company is committed to developing its handbag and accessories manufacturing business as a core growth driver, having recently acquired a small handbag factory in Vietnam to enhance production quality and efficiency [3] Group 3: Future Outlook - The company is on track to achieve its three-year plan (2023-2025) with a target of 10% operating profit margin and low double-digit compound annual growth rate for after-tax profits, having exceeded these targets in 2023 and 2024 [2] - The company continues to diversify its product mix and expand its customer base, with expectations of strong demand for its product development and production capacity despite current market uncertainties [2] - Revenue forecasts for 2025-2027 have been adjusted to $1.58 billion, $1.66 billion, and $1.76 billion, with net profits projected at $160 million, $170 million, and $190 million respectively [3]

Investment Rating - The report maintains a "Buy" rating for the company, with a target price set at HKD 16.33, indicating a potential upside of 10%-20% over the next six months [5][13]. Core Insights - The company reported a revenue increase of 3.7% year-on-year to USD 400 million in Q3 2025, driven by demand in the sports category and new customer acquisitions [1]. - The company aims to expand its total production capacity by 20 million pairs starting in 2025, focusing on enhancing production efficiency in Indonesia and Bangladesh [2]. - The three-year plan (2023-2025) is on track to achieve a 10% operating profit margin and a low double-digit compound annual growth rate in after-tax profits [3]. - The company plans to maintain a dividend payout ratio of approximately 70% in 2025 and 2026, returning up to USD 60 million annually to shareholders through share buybacks and special dividends [1]. Summary by Sections Financial Performance - For the first three quarters of 2025, the company achieved a revenue increase of 1.7% year-on-year to USD 1.18 billion, with manufacturing revenue up 1.6% to USD 1.15 billion [1]. - The average selling price (ASP) decreased by 3.1% to USD 27.7 due to a lower average price in the sports category [1]. Production Capacity Expansion - The company is set to enhance its production capacity by 20 million pairs, with new facilities expected to be operational by the second half of 2026 [2]. - The production efficiency in Indonesia and the Philippines is anticipated to improve gradually starting in the second half of 2025 [2]. Strategic Goals - The company is focused on diversifying its product mix and expanding its customer base, particularly in the luxury and high-end fashion categories [3]. - The acquisition of a small handbag and accessories factory in Vietnam aims to elevate the quality and efficiency of its manufacturing capabilities in this segment [3]. Profit Forecast Adjustments - The revenue forecasts for 2025-2027 have been adjusted to USD 1.58 billion, USD 1.66 billion, and USD 1.76 billion respectively, with net profits projected at USD 160 million, USD 170 million, and USD 190 million [4].