Core Viewpoint - The company is experiencing steady revenue growth despite short-term challenges, with a strong medium to long-term order certainty and a gradual recovery in profitability expected [1][2] Group 1: Financial Performance - In Q3 2025, the company achieved revenue of $400 million, a year-on-year increase of 3.7%, with manufacturing revenue at $390 million, also up 3.6% year-on-year [1] - The shipment volume reached 13.9 million pairs, reflecting a year-on-year growth of 7.8%, while the average selling price (ASP) was $28.2, down 3.8% year-on-year [1] - The company slightly adjusted its profit forecast, expecting net profits of $161 million, $179 million, and $198 million for 2025-2027, with year-on-year growth rates of -6%, 11%, and 11% respectively [2] Group 2: Production Capacity and Efficiency - The company is addressing short-term production efficiency issues, with improvements noted since June 2025, leading to a resolution of efficiency problems and better preparation for future capacity expansions [1] - The company plans to add 20 million pairs of new capacity to support business growth over the next three years, driven by strong customer orders, particularly in the sports sector [2] Group 3: Investment Recommendations - The company maintains a strong recommendation rating, supported by its position as a leading manufacturer in the sports fashion footwear sector, with stable core customer orders and ongoing new customer acquisition [2] - The company is committed to a fixed dividend policy of over 70% and plans to repurchase or issue special dividends of $60 million annually [2]

Investment Rating - The report maintains a "Strong Buy" rating for the company [1][4]. Core Insights - In Q3 2025, the company experienced a revenue growth of 4%, with shipment volume increasing by 8% but average selling price (ASP) decreasing by 4%. The short-term impact on production efficiency is gradually being resolved, and while short-term profitability is under pressure, medium to long-term order certainty is strong, leading to an expected gradual recovery in profitability [1][7]. - The company has slightly adjusted its profit forecast, expecting net profits of $161 million, $179 million, and $198 million for 2025-2027, with year-on-year growth rates of -6%, 11%, and 11% respectively. The corresponding price-to-earnings ratios are projected at 11X for 2025 and 10X for 2026 [1][7]. Financial Data and Valuation - Total revenue is projected to be $1.578 billion in 2025, with a year-on-year growth of 2%. The operating profit is expected to be $160 million, reflecting a slight decrease of 2% compared to the previous year. Net profit is forecasted at $161 million, down 6% year-on-year [3][9]. - The company maintains a fixed dividend payout of over 70% and plans to repurchase or distribute special dividends of $60 million annually [7]. Performance Metrics - The company’s total market capitalization is approximately HKD 13.3 billion, with a current share price of HKD 15.87. The return on equity (ROE) stands at 15.8%, and the debt-to-asset ratio is 24.6% [4][8]. - The earnings per share (EPS) for 2025 is projected at $0.19, with a price-to-earnings (PE) ratio of 10.8 [10].

Investment Rating - The report does not explicitly state an investment rating for Stella International, but it indicates a positive outlook based on strong order visibility and capacity expansion plans. Core Insights - Stella International reported total revenue of USD 1.179 billion for the first three quarters of 2025, reflecting a year-over-year increase of 1.7%. In the third quarter alone, revenue reached USD 402 million, up 3.7% year-over-year, driven by a 7.8% increase in shipment volume, although partially offset by a 3.8% decline in average selling price (ASP) [1][6][7]. Summary by Sections Revenue and Shipment Performance - In 3Q25, the footwear manufacturing revenue was USD 392 million, marking a 3.6% year-over-year increase, with shipment volume approximately 13.9 million pairs, up 7.8% year-over-year. The growth in shipment volume was influenced by a low base effect from the previous year due to early shipments related to the Paris Olympics [2][7]. ASP and Product Mix - The ASP for the quarter was around USD 28.2 per pair, down 3.8% year-over-year, primarily due to a shift in product mix towards lower-priced sports footwear. Management noted that ASP changes are mainly driven by customer mix rather than raw material costs, with potential for recovery if new capacity is allocated to high-end clients [3][4][8]. Capacity Expansion and Customer Demand - Management highlighted that new sports brands have joined as customers, and fourth-quarter orders are largely secured, indicating high order visibility for the next two to three years. The company plans to accelerate capacity expansion to meet this demand while optimizing resource allocation [3][8][9]. Operational Efficiency - The efficiency of factories in Indonesia and the Philippines is improving, with the Indonesian factory showing continuous improvement since June. The Philippine factory has reduced production lines to prioritize stable yield, adhering to a principle of minimizing waste [9][10]. Cost Management and Capital Expenditure - Cost pressures remain manageable, with an estimated tariff sharing impact of around USD 8 million for 2025. Management plans to adopt a more cautious approach to capital expenditure, with expectations for an increase to support mid- to long-term growth needs [10][11]. Shareholder Returns - The company commits to maintaining a payout ratio of around 70% in 2025 and 2026, with additional returns to shareholders through share repurchases and special dividends, aiming to restore profit margins to normalized levels close to 12% [11].

Core Viewpoint - Jiuxing Holdings (01836) reported an increase in unaudited consolidated revenue for the three months ending September 30, 2025, rising by 3.7% to $404.2 million compared to $389.7 million in 2024 [1] - For the nine months ending September 30, 2025, the company's unaudited consolidated revenue increased by 1.7% to $1.1792 billion, up from $1.1597 billion in 2024 [1] Summary by Relevant Categories - **Financial Performance** - The company's revenue for the three-month period increased to $404.2 million, reflecting a 3.7% growth year-over-year [1] - For the nine-month period, revenue reached $1.1792 billion, marking a 1.7% increase compared to the previous year [1]

Group 1 - The core point of the article is that Jiuxing Holdings (01836) reported an increase in unaudited consolidated revenue for the three months ending September 30, 2025, rising by 3.7% to USD 404.2 million compared to USD 389.7 million in 2024 [1] - For the nine months ending September 30, 2025, the company's unaudited consolidated revenue increased by 1.7% to USD 1.1792 billion, up from USD 1.1597 billion in 2024 [1]

格隆汇10月16日丨九兴控股(01836.HK)发布公告，2025年第三季度，集团未经审核综合收入上升3.7%至 4.042亿美元；截至2025年9月30日止九个月，集团未经审核综合收入上升1.7%至11.792亿美元。 ...

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） 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」）於二零二五年第三季度之業務 發展最新情況。 總綜合收入 二零二五年第三季度集團業務之最新資料 在解決印尼及菲律賓擴充生產設施及提產過程中遇到的初步挑戰方面，本集團已取得 穩健的進展。這將為本集團預計於二零二六年下半年投產的新生產設施在試產與產能 擴充上提供寶貴的經驗。 本集團仍承諾於二零二五年及二零二六年除維持在通常水平約70%的派息率派付定期 股息（包括末期股息及中期股息）外，將通過結合股份回購及派付特別股息的方式向股 東返還每年最多6,000萬美元的額外現金。 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九月三十日止三個月及九個月之收 入、出貨量及平均銷售價格（「平均售價」）之分析： | | ...

Core Viewpoint - The company reported a slight revenue growth of 0.7% in H1 2025, driven primarily by the sports category, despite facing challenges related to high base effects from the previous year and temporary gross margin pressures [1][2][3] Financial Performance - Revenue increased to $775 million in H1 2025 from $770 million in H1 2024, with a shipment volume rise of 3.8% to 27.5 million pairs [1] - Gross profit decreased by 11.9% to $175 million, resulting in a gross margin of 22.6%, down from 25.8% in the previous year [2] - Operating profit fell by 14.5% to $84.7 million, with an operating margin of 10.9%, compared to 12.9% in H1 2024 [2] Product Category Insights - Sales in the sports category grew by 8.2%, accounting for 48.5% of total revenue, benefiting from increased shipments to major sports clients and a new client collaboration [1] - Revenue from fashion and luxury categories combined decreased by 3.5%, with respective contributions of 25.4% and 7.8% to total revenue [1] - The leisure category saw a revenue decline of 9.2%, representing 18.3% of total revenue [1] Geographic Distribution - North America and Europe are the largest markets, contributing 48.7% and 23.4% to revenue, respectively, followed by China (including Hong Kong) at 15.5% [2] Strategic Planning - The company is on track with its three-year plan (2023-2025), aiming for a 10% operating profit margin and low double-digit growth in after-tax profits [3][4] - The company plans to expand total capacity by 20 million pairs, enhancing production in Indonesia and Bangladesh, and focusing on developing handbag and accessory manufacturing as a long-term growth driver [4][5] Adjustments and Forecasts - Based on H1 2025 performance and operational efficiency post-capacity expansion, the company adjusted its profit forecasts, projecting net profits of $160 million, $180 million, and $190 million for 2025-2027 [6]

Investment Rating - The report maintains a "Buy" rating for the company, with a target price set at HKD 15.73, indicating a potential upside of 10%-20% over the next six months [4]. Core Insights - The company reported a revenue growth of 0.7% to USD 775 million in 25H1, driven primarily by a 3.8% increase in shipment volume to 27.5 million pairs, largely attributed to the sports category [1][2]. - The average selling price of footwear decreased by 3.2% to USD 27.4 per pair, influenced by a higher proportion of lower-priced sports product orders [1]. - The sports category sales increased by 8.2%, accounting for 48.5% of total manufacturing revenue, benefiting from increased shipments to major sports clients and successful collaborations with new clients [1][2]. - The company is currently facing temporary gross margin pressures due to operational efficiency issues during capacity expansions in Indonesia and the Philippines [2][8]. - The adjusted net profit for 25H1 was USD 77.9 million, down from USD 92.9 million in the previous year, with an adjusted net profit margin of 10.1% [3][9]. Summary by Sections Financial Performance - In 25H1, gross profit decreased by 11.9% to USD 175 million, with a gross margin of 22.6%, down from 25.8% in the previous year [2]. - Operating profit fell by 14.5% to USD 84.7 million, resulting in an operating profit margin of 10.9% [2][3]. Market and Product Strategy - North America and Europe are the company's largest markets, contributing 48.7% and 23.4% to revenue, respectively [2]. - The company is optimizing its product mix and expanding its customer base as part of its three-year plan (2023-2025), aiming for a 10% operating profit margin and low double-digit growth in after-tax profit [4][8]. Future Outlook - The company plans to expand its total capacity by 20 million pairs and enhance its handbag and accessories manufacturing business as part of its next three-year plan (2026-2028) [8].

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 | | | 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10月8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 500,000,000 第 1 頁 共 10 頁 v 1 ...