Core Viewpoint - Samsonite (01910) has seen a stock increase of over 4%, currently trading at HKD 20.36 with a transaction volume of HKD 100 million, driven by positive market sentiment and analyst recommendations [1] Group 1: Analyst Insights - Citi's recent report highlights that the focus on the Chinese consumer sector will shift towards opportunities in niche markets, with high-end consumption benefiting from eased monetary policy, improved stock market conditions, and increased offshore financing [1] - Goldman Sachs noted that the management's outlook during the latest earnings call appears more optimistic compared to August, anticipating improved net sales growth in Q4 due to new product launches and increased advertising efforts before the peak season [1] Group 2: Investment Recommendations - Goldman Sachs has identified Samsonite as one of its top three stock picks, citing potential catalysts for further valuation reassessment, including a possible dual listing in the U.S. next year and share buybacks to mitigate dilution effects [1]

Core Viewpoint - Samsonite (01910) shares rose over 4%, currently at HKD 20.36 with a trading volume of HKD 100 million, driven by positive analyst outlooks on the Chinese consumer sector and high-end market recovery [1] Group 1: Analyst Insights - Citi's recent report highlights that the focus on the Chinese consumer sector will shift towards opportunities in niche markets, with high-end consumption benefiting from relaxed monetary policy, improved stock markets, and increased offshore financing [1] - Goldman Sachs noted that the management's outlook during the latest earnings call appears more optimistic compared to August, anticipating improved net sales growth in Q4 due to new product launches and increased advertising efforts before the peak season [1] - Goldman Sachs also mentioned that potential dual listing in the U.S. next year and share buybacks to mitigate dilution effects could serve as catalysts for further valuation reassessment of the stock [1]

（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]

（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 Samsonite Group S.A. 新秀麗集團有限公司 股份有限公司 2025年 11月 7日之註冊成立章程細則 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 ...

Core Viewpoint - Daiwa has raised its earnings per share forecast for Samsonite from 7% to 16% for the years 2023 to 2027, citing changes in the product mix leading to more resilient gross margins and a gradual increase in market spending [1] Group 1 - The potential for a new revenue growth cycle and the possibility of a U.S. listing could attract more global investors [1] - The target price for next year, based on a forecasted price-to-earnings ratio of 13 times, is considered realistically achievable [1] Group 2 - Daiwa has increased its target price for Samsonite from HKD 16 to HKD 25 [1] - The investment rating has been upgraded from "Hold" to "Buy" [1]