Core Viewpoint - Daiwa's report indicates that Jiu Xing Holdings (01836) reported a mid-term net profit of $78.6 million, exceeding market expectations of $75.8 million, but a 7% year-on-year decline when adjusted for one-time expenses related to production increases in Indonesia and the Philippines [1] Financial Performance - The company's net profit, after excluding a one-time expense of $7 million, would be $85.6 million, reflecting a 7% year-on-year decrease [1] - The report highlights a high base effect from last year, where 1 million pairs of shoes were shipped early in the first half, impacting year-on-year comparisons [1] Earnings Forecast - Daiwa has lowered its earnings per share forecast for the company by 2% to 5% for the next two years, considering the impact of production increases and temporary tariff support for specific clients [1] - The target price for the stock has been raised from HKD 17 to HKD 20, based on an average earnings forecast of 12 times for the next two years [1] Dividend Outlook - The company is expected to maintain an attractive dividend yield of 10 cents per share over the next two years, unless it decides to use the funds for share buybacks [1] - An additional profit distribution of $60 million per year is anticipated, contributing to the dividend outlook [1] Growth Projections - The company is expected to announce a three-year net profit growth plan during its third-quarter earnings release, with a projected compound annual growth rate target in the high single digits for the period from 2026 to 2028 [1]

Core Viewpoint - Daiwa's report indicates that Jiu Xing Holdings (01836) reported a mid-term net profit of $78.6 million, exceeding market expectations of $75.8 million, but a year-on-year decline of 7% after adjusting for a one-time expense of $7 million related to increased production in Indonesia and the Philippines [1] Financial Performance - The adjusted net profit, excluding the one-time expense, would be $85.6 million, reflecting a 2% year-on-year increase when accounting for a high base effect from last year’s early shipment of 1 million pairs of shoes [1] - The company’s earnings per share forecast for the next two years has been reduced by 2% to 5% due to the impact of factory expansion events and temporary tariff support for designated customers [1] Target Price and Rating - The target price for the company has been raised from HKD 17 to HKD 20, which is based on an average of 12 times the projected earnings per share for the next two years, maintaining a "Buy" rating [1] Dividend and Profit Distribution - The company is expected to distribute an additional $60 million in profits annually, with a projected dividend yield of 10 cents unless the funds are used for share buybacks, which is considered very attractive [1] Future Growth Plans - The company is anticipated to announce a three-year net profit growth plan during the third quarter earnings release, with a target compound annual growth rate of high single digits from 2026 to 2028 [1]

Core Viewpoint - Jiuxing Holdings (01836) experienced a decline of over 6% following the release of its 2025 interim results, with shares trading at HKD 15.75 and a transaction volume of HKD 37.73 million [1] Financial Performance - The company reported revenue of USD 775 million, reflecting a year-on-year increase of 0.66% [1] - The profit attributable to the parent company was USD 78.63 million, a decrease of 14.48% year-on-year [1] - Basic earnings per share were 9.5 cents, and the company proposed an interim dividend of 52 HK cents per share [1] Challenges Faced - The company faced short-term challenges in profitability due to two main factors: 1. Customers accelerated orders to meet the increased demand from the European summer tourism season ahead of the Paris Olympics, resulting in a high base effect with approximately 1 million pairs of orders shipped in advance for the first half of 2024 [1] 2. Short-term operational efficiency issues related to increased production capacity in Indonesia and the Philippines, where local labor productivity has not yet reached optimal levels [1] Strategic Adjustments - To meet demand and ensure the achievement of customer objectives, the company has shifted some production to its factories in Vietnam, which has led to increased costs, including overtime expenses [1]

Core Viewpoint - Jiuxing Holdings (01836) experienced a decline of over 6% following the release of its interim results for 2025, with a current trading price of HKD 15.75 and a transaction volume of HKD 37.73 million [1] Financial Performance - The company reported revenue of USD 775 million for the first half of 2025, representing a year-on-year increase of 0.66% [1] - The profit attributable to the parent company was USD 78.63 million, reflecting a year-on-year decrease of 14.48% [1] - Basic earnings per share were 9.5 cents, and the company proposed an interim dividend of 52 HKD cents per share [1] Operational Challenges - The company faced short-term challenges in profitability due to two main factors: 1. Customers advanced orders of approximately 1 million pairs to capitalize on the surge in demand during the last summer tourism season in Europe ahead of the Paris Olympics, resulting in a high base effect [1] 2. Short-term operational efficiency issues related to increased production capacity in Indonesia and the Philippines, where local labor productivity has not yet reached optimal levels [1] - To meet demand and ensure customer objectives, the company shifted some production to its factory in Vietnam, leading to increased costs, including overtime expenses [1]

Financial Performance - The group's revenue was flat for the first half of 2025, with a volume increase of 3.8% to 27.5 million pairs, primarily driven by the sports segment [4][5] - The average selling price (ASP) decreased by 3.2% due to a higher proportion of sports products with lower ASP [5] - Operating profit margin fell to 10.9%, down 30 basis points, with net profit declining by 14.6% to $78 million [5][6] - Gross profit margin decreased by 22% compared to 25.6% last year, attributed to high labor costs and temporary efficiency issues in factories [6][9] Business Line Performance - Revenue from the sports segment increased by 8.2%, accounting for 48.5% of total manufacturing revenue, driven by higher shipments to major customers [16] - The luxury category reported a net decrease of 3.5%, while the CASM category declined by 9.2%, reflecting a strategic reallocation of capacity [17] - The company commenced shipments to new customers, including Under Armour and Justin Bieber's brand, Skylar, contributing to the sports segment's growth [15][16] Market Performance - North America and Europe accounted for 48.7% and 23.4% of total revenue, respectively, with China contributing 25% of manufacturing capacity [17][18] - The company anticipates sustained growth, with plans to scale up total capacity by an additional 21 to 26 million pairs through new factories [19] Strategic Direction and Industry Competition - The company is focused on optimizing production efficiency and diversifying manufacturing capacity to align with customer needs [11][24] - A new three-year plan is being finalized, aiming for a 10% operating margin and low single-digit growth [22][24] - The company has received an MSCI ESG rating upgrade to AA, reflecting improvements in environmental performance [21] Management Commentary on Operating Environment and Future Outlook - Management expects moderate increases in shipment volumes for the full year, with continued pressure on profit margins due to efficiency improvements [22][23] - The company is addressing operational challenges in Indonesia and the Philippines, with plans for a turnaround in the second half of the year [30][31] - Tariff impacts are anticipated to affect strategic customer partnerships, with a focus on optimizing operations [23][24] Other Important Information - The company declared a $0.52 interim dividend, maintaining a payout ratio above the previous year's [5][9] - A solid net cash balance of $291 million is reported, with plans for share repurchases or special dividends in the future [8][25] Q&A Session Summary Question: Can you provide insights on the handbag business and its recovery timeline? - The company acquired a small factory specializing in handbags to expand this segment, with expectations for gradual growth [28][29] Question: Any updates on the full-year outlook? - The outlook remains consistent with previous guidance, with expectations of $6 million to $7 million in tariff impacts [30][31] Question: Will margins return to normal levels? - Management aims to restore margins to normal levels by Q4 2026, learning from past expansion challenges [32][33] Question: What are the reasons for revenue declines in China and Europe? - Revenue declines are attributed to customer allocation decisions and pre-order impacts from the previous year [36] Question: Can you quantify the inefficiencies in the first half? - Inefficiencies related to the Philippines and Indonesia resulted in approximately $7 million in profit loss [45] Question: What are the conversations like with brand customers? - Brand customers are cautious but looking to innovate and consolidate suppliers amid tariff uncertainties [47][49] Question: How is the dividend and buyback strategy affected? - There are no changes to the dividend payout policy or capital return strategy, with plans for continued shareholder returns [89]

| 九兴控股 | | | | | --- | --- | --- | --- | | 分时图 | 日K线 | 周K线 | 月K线 | 截至2025年6月30日止6个月，由于我们的运动及高端时尚类别新客户继续拓展，并根据我们的三年规划 进一步扩展及多元化客户组合，我们的非客户专属制造设施以接近饱和的状况运营。尽管去年同期向若 干客户提前出货约100万双，产生了较高基数，惟我们的收入及出货量仍录得同比增长。 九兴控股(01836)发布截至2025年6月30日止6个月的中期业绩，该集团取得收入7.75亿美元，同比增加 0.66%;母公司拥有人应占溢利7863.3万美元，同比减少14.48%;每股基本盈利9.5美仙，拟派发中期股息 每股5.2港仙。 ...

（「本公司」） 提名委員會之職權範圍 組成 本公司董事會（「董事會」）已成立一個董事會常務委員會，命名為提名委員會。 目的 成立提名委員會之目的乃為確保董事會作出委任之程序公平透明，尤其是協助董事會 物色合適之候選人，並提供推薦意見供董事會及股東考慮。 成員 提名委員會須直接向董事會匯報其決定或推薦建議，惟倘其進行上述事宜之能力受到 法例或監管方面之限制（例如因監管方面之披露限制）則除外。 提名委員會成員須由董事會委任，而董事會可全權酌情決定罷免有關成員。提名委員 會至少須由三名董事組成，其中至少一名為不同性別的董事。 * 僅供識別 TR-Nomination Committee_250821(Chi) 1 提名委員會之大多數成員（「成員」，指全體成員或當中任何一名成員）須為獨立非執 行董事。 提名委員會主席須由董事會委任，並須為董事會主席或獨立非執行董事。 董事會須按香港聯合交易所有限公司（「聯交所」）證券上市規則（「上市規則」）（經 不時修訂）可能作出之規定、或本公司股份上市或報價之任何其他證券交易所之規則、 或香港證券及期貨事務監察委員會或任何其他適用監管機構可能不時規定之其他守 則、規則及規例（「適用 ...

智通财经APP讯，九兴控股(01836)发布公告，将于2025年9月19日派发截至2025年6月30日止六个月的中 期股息每股0.52港元。 ...

九兴控股(01836)发布公告，将于2025年9月19日派发截至2025年6月30日止六个月的中期股息每股0.52港 元。 ...

EF001 EF001 免責聲明 | 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 | | | --- | --- | | 公告全部或任何部份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。 | | | 股票發行人現金股息公告 | | | 發行人名稱 | 九興控股有限公司 | | 股份代號 | 01836 | | 多櫃檯股份代號及貨幣 | 不適用 | | 相關股份代號及名稱 | 不適用 | | 公告標題 | 截至二零二五年六月三十日止六個月的中期業績 | | 公告日期 | 2025年8月21日 | | 公告狀態 | 新公告 | | 股息信息 | | | 股息類型 | 中期（半年期） | | 股息性質 | 普通股息 | | 財政年末 | 2025年12月31日 | | 宣派股息的報告期末 | 2025年6月30日 | | 宣派股息 | 每 股 0.52 HKD | | 股東批准日期 | 不適用 | | 香港過戶登記處相關信息 | | | 派息金額及公司預設派發貨幣 | 每 股 0.52 HKD | | 匯率 | 1 HK ...