智通财经APP获悉，香港联交所最新资料显示，12月19日，T. Rowe Price Associates, Inc. and its Affiliates 减持新秀丽(01910)150.06万股，每股作价20.167港元，总金额约为3026.26万港元。减持后最新持股数目 约为1.1亿股，最新持股比例为7.95%。 ...

香港联交所最新资料显示，12月19日，T.Rowe Price Associates,Inc.and its Affiliates减持新秀丽 (01910)150.06万股，每股作价20.167港元，总金额约为3026.26万港元。减持后最新持股数目约为1.1亿 股，最新持股比例为7.95%。 ...

消息面上，里昂近期研报称，展望中国消费板块将聚焦于细分领域的发展机遇，以及高端消费市道受惠 于货币政策放松、股市改善及离岸融资增加的复苏进展，预期居民消费情绪与CPI数据将维持温和，预 期企业将捕捉细分市场规模化、全球化扩张及高端消费复苏的机会，列新秀丽为三大首选股之一。 高盛此前指出，新秀丽管理层相较8月业绩电话会议，最新一次电话会议对业务展望看来更为乐观，并 预期9月推出的新产品及进入旺季前加码广告活动推动下，第四季度净销售增长将较第三季度改善。高 盛认为，新秀丽明年潜在的美国双重上市，以及股份回购以减轻稀释影响，将成为该股未来进一步价值 重估的催化剂。 智通财经APP获悉，新秀丽(01910)涨超4%，截至发稿，涨4.14%，报20.36港元，成交额1亿港元。 ...

新秀丽(01910)涨超4%，截至发稿，涨4.14%，报20.36港元，成交额1亿港元。 高盛此前指出，新秀丽管理层相较8月业绩电话会议，最新一次电话会议对业务展望看来更为乐观，并 预期9月推出的新产品及进入旺季前加码广告活动推动下，第四季度净销售增长将较第三季度改善。高 盛认为，新秀丽明年潜在的美国双重上市，以及股份回购以减轻稀释影响，将成为该股未来进一步价值 重估的催化剂。 消息面上，里昂近期研报称，展望中国消费板块将聚焦于细分领域的发展机遇，以及高端消费市道受惠 于货币政策放松、股市改善及离岸融资增加的复苏进展，预期居民消费情绪与CPI数据将维持温和，预 期企业将捕捉细分市场规模化、全球化扩张及高端消费复苏的机会，列新秀丽为三大首选股之一。 ...

（本公司組織章程細則應以英文本為準，任何中文譯本不得更改或影響其解釋） 1. 詮釋 1.1. 本章程細則的頁邊註釋不會影響章程細則的詮釋。於本章程細則中，除標題或 文義另有註明： | 「章程細則」 | 指 | 本公司現時的組織章程細則及當時有效的 | | --- | --- | --- | | | | 所有補充、經修訂或替代章程細則； | | 「聯繫人」 | 指 | 就任何董事而言，具有上市規則所賦予之 | | | | 涵義； | | 「董事會」 | 指 | 董事會； | | 「營業日」 | 指 | 盧森堡、美國或香港商業及金融市場開門 | | | | 進行買賣的任何日子； | | 「主席」 | 指 | 不時主持任何股東大會或董事會會議的主 | | | | 席； | | 「公司條例」 | 指 | 不時修訂的公司條例（香港法例第 32 章）； | | 「本公司」 | 指 | 新秀麗集團有限公司，乃受盧森堡大公國 | | | | 法律規管的股份有限公司，其註冊辦事處 | | | | 位 於 20, Avenue Monterey, L-2163 | | | | Luxembourg, 其現正辦理於盧森堡商業和 | ...

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) | 01910 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 3,500,000,000 | USD | | 0.01 | USD | | 35,000,000 | | 增加 / 減少 (-) | | | | | | | USD | | | | 本月底結存 | | | 3,500,000,000 | USD | | 0.01 | USD | | 35,000,000 | 致：香港交易及結算所有限公司 公司名稱: Samsonite Group S.A. 新秀麗集團有限公司 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11月 ...

Core Insights - Samsonite's dominance in the high-end luggage market is fading, with a significant decline in brand perception and consumer preference [3][4] - The company faces challenges in appealing to both business professionals and younger consumers, as its product design and quality have come under scrutiny [4][5] Sales Performance - In the first half of the year, Samsonite reported net sales of $1.662 billion, a decrease of 6% year-over-year [5][7] - Operating profit fell to $238 million, down 24.2% compared to the previous year [5][7] - Profit attributable to equity holders decreased by 30.2% to $118 million [5][7] Consumer Perception - There are numerous complaints regarding the quality of Samsonite products, with consumers noting issues such as wheel breakage and overall durability [3][4] - The brand's initial appeal was based on its lightweight, durable, and practical design, which is now being questioned by consumers [3][4] Market Positioning - Samsonite's high-end positioning is becoming less distinct, with its designs perceived as ordinary and lacking in luxury appeal [4] - The shift of retail locations from high-end malls to outlet stores may dilute the brand's premium image [4] Target Demographics - Younger consumers, particularly Gen Z, prioritize aesthetics and fashion over durability, which poses a challenge for Samsonite's traditional product offerings [4] - Despite attempts to introduce more colorful and trendy designs, the overall impact on brand perception has been minimal [4]

Core Insights - Samsonite is a leading name in the travel luggage industry, with a century of history, adapting to changing travel and lifestyle trends while focusing on sustainability [1] - The company has launched its sustainability strategy "Our Responsible Journey" since 2020, emphasizing low carbon, circular economy, and durability as core capabilities for growth [1][4] - Recent interviews reveal the company's commitment to sustainable practices, including achieving 100% renewable energy usage in operations by 2023, two years ahead of schedule, and a significant reduction in carbon intensity [4][3] Sustainability Strategy - The company has set science-based carbon reduction targets aligned with SBTi standards, aiming for 100% renewable electricity in operations and a 52% reduction in scope 3 emissions by 2030 [3] - The sustainability strategy is not just an internal initiative but aims to influence stakeholders across the industry, including investors and suppliers [4] Product Innovation - Samsonite focuses on three innovation areas: sustainable materials, product recyclability, and easy maintenance, enhancing product lifecycle and resource efficiency [5] - The ESSENS series, launching in 2025, will utilize recycled materials and green energy in production, showcasing the company's commitment to reducing carbon footprints [5][6] - The PARALUX™ series, launched globally in September, features over 50% recycled materials and a self-repair design, allowing consumers to extend product life [6] Consumer Engagement - There is a noticeable shift in consumer awareness towards sustainability, particularly among Gen Z, who prioritize responsible consumption [8] - The company communicates sustainability through product transparency, reducing unnecessary packaging, and engaging in trade-in programs to promote sustainable practices [8][11] Market Impact - The company believes that sustainability is not merely a cost but a value proposition that enhances brand loyalty and attracts new customer segments [11] - Durable products may extend purchase cycles, but they also build brand reputation and encourage word-of-mouth marketing [11][12] Supply Chain Collaboration - The company collaborates with suppliers to enhance material sustainability and has established a certification system for suppliers focusing on green production [15] - Efforts include using recycled aluminum and rPET fibers, demonstrating a commitment to a circular economy within the supply chain [15][16] Future Vision - The company aims to create a traceable and circular future, allowing consumers to track the entire lifecycle of products, similar to food sourcing transparency [16] - The vision for ESG in the Chinese market emphasizes ongoing efforts for sustainable development, recognizing it as a long-term commitment [17]

Core Viewpoint - Samsonite's stock has risen over 3%, reflecting positive sentiment driven by optimistic management outlook and anticipated sales growth in Q4 due to new product launches and increased advertising efforts [1] Group 1: Management Outlook - Goldman Sachs noted that the latest management call showed a more optimistic business outlook compared to the August earnings call, expecting improved net sales growth in Q4 compared to Q3 [1] - UBS highlighted that Samsonite's revenue is regaining momentum, with the impact of U.S. tariffs appearing milder than expected, and the company has multiple levers to mitigate tariff impacts [1] Group 2: Financial Projections - Goldman Sachs believes that the better-than-expected Q3 performance and positive management outlook will benefit short-term stock sentiment [1] - UBS forecasts an 8% year-on-year growth in adjusted EBITDA for the company next year, supported by a 5% revenue growth and operational leverage [1] - Daiwa raised its earnings per share forecast for Samsonite from 7% to 16% for 2025 to 2027, citing changes in product mix leading to more resilient gross margins [1] Group 3: Future Catalysts - Potential dual listing in the U.S. next year and share buybacks to alleviate dilution effects are seen as catalysts for further valuation reassessment of the stock [1] - The anticipated new revenue growth cycle and potential U.S. listing could attract more global investors, making the target price of 13 times next year's forecasted P/E ratio achievable [1]

Core Viewpoint - Samsonite's stock has risen over 3%, reflecting positive sentiment driven by optimistic management outlook and anticipated sales growth in Q4 [1] Group 1: Company Performance - Goldman Sachs reports that Samsonite's management has a more optimistic view on business prospects compared to the August earnings call, expecting improved net sales growth in Q4 due to new product launches and increased advertising efforts [1] - UBS indicates that Samsonite's revenue is regaining momentum, with the impact of U.S. tariffs appearing milder than expected, and the company has multiple levers to mitigate tariff impacts [1] - Daiwa has raised its earnings per share forecast for Samsonite for 2025 to 2027 by 7% to 16%, citing changes in product mix leading to more resilient gross margins and gradual increases in market spending [1] Group 2: Market Sentiment and Future Outlook - Goldman Sachs believes that the better-than-expected Q3 performance and positive management outlook will benefit short-term stock sentiment [1] - The potential for a dual listing in the U.S. next year and share buybacks to alleviate dilution effects are seen as catalysts for further valuation reassessment of the stock [1] - UBS forecasts an 8% year-on-year growth in adjusted EBITDA for the company next year, benefiting from a 5% revenue growth and operational leverage [1]