Investment Rating - The investment rating for the company is "Accumulate" [6]. Core Insights - In Q4 2025, the company's revenue grew by 0.8% year-on-year, with shipment volume remaining flat. The company is positioned for investment in 2026, maintaining its commitment to return value to shareholders [2][10]. - The company has faced initial challenges in increasing production capacity in Indonesia and the Philippines, but has made progress. Efficiency in the Indonesian factory is expected to improve, reaching approximately 95% by January 2026 [10]. - The company plans to return up to $60 million in additional cash to shareholders annually through share buybacks and special dividends, alongside maintaining a typical payout ratio of 70% for 2025-2026 [10]. Financial Summary - Total revenue projections for the company are as follows: - 2024: $1,545 million - 2025E: $1,568 million - 2026E: $1,567 million - 2027E: $1,661 million - Net profit estimates are: - 2024: $171 million - 2025E: $138 million - 2026E: $151 million - 2027E: $165 million - The company’s PE ratios are projected to be: - 2024: 9.30 - 2025E: 11.53 - 2026E: 10.54 - 2027E: 9.62 [4][12].

Group 1 - The core viewpoint of the news is that Jiuxing Holdings (01836) experienced a decline in stock price despite reporting a slight increase in revenue for the fourth quarter of 2025 and the full year [1][2] - Jiuxing Holdings reported an unaudited consolidated revenue of $38.86 million for Q4 2025, representing a year-on-year increase of 0.8%, and a full-year revenue of $1.5678 billion, up 1.5% year-on-year [1] - The footwear manufacturing segment saw stable shipment volumes in Q4 2025, while annual shipments increased by approximately 3.8%, driven by strong order demand from new clients in the sports category [1] Group 2 - Daiwa downgraded Jiuxing Holdings' rating from "Buy" to "Hold" and reduced the target price from HKD 18 to HKD 15.8, citing performance issues due to shipment delays and ongoing efficiency problems [2] - The company faced a shipment delay of approximately 250,000 pairs of shoes to early 2026, which is expected to impact the net profit for 2025 by $2 million [2] - Daiwa forecasts Jiuxing Holdings' net profit for 2025 to be below $140 million, lower than the market expectation of $156 million, and predicts a net profit of $153 million for 2026, also below market expectations [2]

Group 1 - The core viewpoint of the news is that Jiuxing Holdings (01836) has experienced a decline in stock price, dropping over 5% to 14.63 HKD, with a trading volume of 81.8273 million HKD [1] - Jiuxing Holdings reported a year-on-year increase of 0.8% in unaudited consolidated revenue for Q4 2025, reaching 38.86 million USD, and a 1.5% increase for the full year 2025, totaling 1.5678 billion USD [1] - The footwear manufacturing segment saw a stable shipment volume in Q4 2025 compared to the previous year, while the total annual shipment volume increased by approximately 3.8%, driven by strong order demand from new clients in the sports category [1] Group 2 - Daiwa downgraded Jiuxing Holdings' rating from "Buy" to "Hold," lowering the target price from 18 HKD to 15.8 HKD, citing delays in shipments and ongoing efficiency issues affecting Q4 performance [2] - The company faced a shipment delay of approximately 250,000 pairs of shoes to early 2026, which is expected to impact the net profit for 2025 by 2 million USD [2] - Net profit for 2025 is projected to be below 140 million USD, lower than the market expectation of 156 million USD, with 2026 net profit forecasted at 153 million USD, also below market expectations [2]

格隆汇1月15日丨九兴控股(01836.HK)宣布，公司将于2026年3月19日(星期四)举行董事会会议，以(其中 包括)考虑及审议通过公司及其附属公司截至2025年12月31日止年度的全年业绩，及考虑派发末期股息 之建议。 ...

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。 董事會會議通告 九興控股有限公司(「本公司」)董事(「董事」)會(「董事會」)宣佈，本公司將 於二零二六年三月十九日(星期四)舉行董事會會議，以(其中包括)考慮及審議通 過本公司及其附屬公司截至二零二五年十二月三十一日止年度的全年業績，及考 慮派發末期股息之建議。 於本公告日期，執行董事為陳立民先生、齊樂人先生、 Gillman Charles Christopher 先生及 蔣以民先生；及獨立非執行董事為 Bolliger Peter 先生、陳富強先生， BBS 、游朝堂先生、 尹倩儀女士及馬慧凡女士。 * 僅供識別 承董事會命 九興控股有限公司 主席 陳立民 香港，二零二六年一月十五日 ...

格隆汇1月15日丨九兴控股(01836.HK)发布公告，2025年第四季度，集团未经审核综合收入上升0.8%至 3.886亿美元(2024年：3.854亿美元)；截至2025年12月31日止十二个月，集团未经审核综合收入上升 1.5%至15.678亿美元(2024年：15.451亿美元)。 ...

Group 1 - The core viewpoint of the article is that Jiuxing Holdings (01836) reported a slight increase in revenue for the fourth quarter of 2025, with unaudited consolidated revenue rising by 0.8% to $388.6 million, and a 1.5% increase for the entire year to $1.5678 billion [1] - The footwear manufacturing segment experienced stable shipment volumes in Q4 2025, while annual shipments increased by approximately 3.8%, driven by strong order demand from new clients in the sports category [1] - Average selling prices decreased during both periods due to the growth in the sports category, which has a lower average selling price [1] Group 2 - The company has made progress in addressing initial challenges faced in increasing production and expanding facilities in Indonesia and the Philippines during the first half of 2025 [1] - The experience gained from these efforts will lay a critical foundation for trial production and capacity enhancement of new production facilities, which are expected to commence operations in the second half of 2026 [1] - The company remains committed to maintaining a regular dividend payout ratio of approximately 70% for 2025 and 2026, while also returning up to $60 million annually to shareholders through a combination of share buybacks and special dividends [1]

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。 （股份代號︰1836） （於開曼群島註冊成立之有限公司） 二零二五年第四季度集團業務之最新資料 九興控股有限公司（「本公司」）董事（「董事」）會（「董事會」）自願提供本公司股東（「股東」） 及潛在投資者關於本公司及其附屬公司（統稱「本集團」）於二零二五年第四季度之業務 發展最新情況。 總綜合收入 於截至二零二五年十二月三十一日止三個月，本集團未經審核綜合收入1 上升0.8%至 3.886億美元（二零二四年：3.854億美元）；於截至二零二五年十二月三十一日止十二個 月，本集團未經審核綜合收入上升1.5%至15.678億美元（二零二四年：15.451億美元）。 1 包括本集團製造業務、品牌業務及其他業務（其內容未載於此），以及分部間銷售沖銷。 製造業務 下表載列本集團鞋履製造業務於截至二零二五年十二月三十一日止三個月及十二個月 之收入、出貨量及平均銷售價格（「平均售價」）之分析： | | | 截至十二月 ...

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12月31日 狀態: 新提交 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: 2026年1月6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 | 本月底法定/註冊股本總額： HKD 500,000,0 ...

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 ...