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 ...

Group 1 - The company announced the appointment of Ms. Ma Huifan as an independent non-executive director [1] - Ms. Ma will also serve on the Corporate Governance Committee, Nomination Committee, and Remuneration Committee [1] - The appointment will take effect on January 1, 2026 [1]

Group 1 - The core point of the article is the appointment of Ma Huifan as an independent non-executive director and member of the corporate governance committee, nomination committee, and remuneration committee of Jiuxing Holdings, effective January 1, 2026 [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。 * 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 ...

Company - JiuXing Holdings is a leading high-end footwear manufacturer providing ODM services for top global brands such as Nike, Prada, and Balenciaga [1] - The company has undergone a significant transformation since 2019, focusing on high-end product manufacturing and optimizing its production layout in Southeast Asia, resulting in improved profit margins and capital returns [1] - In 2024, the company is projected to achieve revenue of 11.1 billion yuan and a net profit of 1.2 billion yuan, positioning it among the second-tier domestic footwear manufacturers with competitive profit margins [1] - JiuXing focuses on high-end manufacturing, achieving a unit price of over 200 yuan and a gross margin of 20%-25%, supported by high R&D spending and a growing number of high-end clients [2] - The company has diversified its product categories, increasing its share in the sports segment, which is expected to enhance order certainty and profitability [2] - JiuXing's production system is centered in China with significant capacity in Southeast Asia, with 2024 capacity distribution projected at 24% in China, 52% in Vietnam, and 20% in other Asian regions [3] - The company is expected to see annual growth in orders driven by increased market share from existing clients and new customer acquisitions, with a focus on expanding production in Indonesia and Bangladesh [3] - Profitability is anticipated to improve through enhanced efficiency in new factories and product structure optimization, with projected net profits of 1.6 billion, 1.7 billion, and 1.9 billion yuan for 2025, 2026, and 2027 respectively [3] Industry - The demand side of the industry is experiencing structural opportunities, with the U.S. apparel sector nearing the end of inventory destocking, and the high-end segment expected to see a recovery in performance by Q3 2025 [1] - The supply side is becoming increasingly globalized and concentrated, with second-tier suppliers showing greater growth potential due to larger market share and higher expansion enthusiasm [1] - The head sports manufacturing companies still have room for profit recovery, with expectations for improved profits in export chain companies next year [2]

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 | ...