中期報告 INTERIM REPORT 2025 The first half of 2025 saw a considerable increase in macroeconomic and geopolitical uncertainty globally. We took swift and decisive actions to mitigate the impact from this challenging environment. Our global reach and scale and consistent efforts to diversify our business across brands, distribution channels and product categories underpin our resilient business model. For the six months ended June 30, 2025, we reported net sales of US$1,661.7 million, while our adjusted EBITDA m ...

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8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: Samsonite Group S.A. 新秀麗集團有限公司 呈交日期: 2025年9月3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 | 本月底法定/註冊 ...

Group 1 - The core viewpoint of the article is that despite market concerns about consumer recovery, Zhang Kun remains optimistic and challenges the prevailing pessimistic expectations [1][2][3] - Zhang Kun's funds have shown a high turnover rate in hidden heavy stocks, with the E Fund Quality Enterprises Three-Year Fund completely changing its holdings compared to the end of last year [1][5] - New additions to the hidden heavy stock list for the first half of the year include Meituan-W, Beike-W, and SF Holding, while companies like Samsonite and Giant Bio have exited [2][6][7] Group 2 - The report indicates a significant divergence in stock market performance across sectors, with defense, banking, and non-ferrous metals performing well, while real estate, food and beverage, and coal lagged [2] - Zhang Kun argues that the current pessimistic expectations regarding domestic demand are debatable, citing a substantial portion of his funds' holdings in domestic demand-related assets [2][3] - The report highlights that consumer confidence has been affected by declining real estate prices and persistent downward pressure on prices, impacting consumer willingness to spend [3][4] Group 3 - Zhang Kun emphasizes that the increase in preventive savings among residents has partially crowded out consumer spending, and consumer confidence indices have shown a downward trend [3][4] - Data shows that per capita disposable income in China has grown at a compound annual growth rate of 6.4% from 2020 to 2024, while total household deposits have increased significantly [3][4] - Zhang Kun believes that the development of high-value-added industries will eventually lead to higher wages and improved living standards for the public, which will positively influence domestic demand [4]

Core Viewpoint - UBS reports that Samsonite's adjusted EBITDA for Q2 is $141 million, roughly in line with the expected $145 million [1] Financial Performance - Revenue decreased by 5.8% year-on-year at constant exchange rates, driven by cautious purchasing decisions from wholesale clients [1] - Wholesale channel revenue fell by 8.7% year-on-year, while direct sales only saw a decline of 1.3% [1] Management Outlook - Management anticipates some improvement in sales patterns for Q3, although ongoing trade policy uncertainties and inflationary pressures are affecting consumer sentiment and demand [1] - The company is taking measures to mitigate tariff impacts, including increasing inventory before tariff hikes and raising prices [1] Forecast Adjustments - UBS has raised its adjusted EBITDA forecasts for Samsonite for the years 2023 to 2027 by 2% to 4%, along with a 2% increase in net sales forecasts [1] - It is expected that the year-on-year revenue decline will narrow in the second half of the year, with an overall anticipated revenue drop of 5% for the year [1] Target Price and Rating - UBS has increased its target price for Samsonite to HKD 17.2, maintaining a "Neutral" rating [1]

Group 1 - Norges Bank reduced its stake in Samsonite (01910.HK) by selling 1,251,600 shares at an average price of HKD 15.8622 per share, amounting to approximately HKD 19.85 million [1][2] - Following the sale, Norges Bank's total shareholding decreased to 82,857,158 shares, representing a reduction in ownership from 6.07% to 5.98% [1][2]

Group 1 - Norges Bank reduced its stake in Samsonite (01910.HK) by selling 1,251,600 shares at an average price of HKD 15.8622 per share, amounting to approximately HKD 19.85 million [1][2] - Following the sale, Norges Bank's total shareholding decreased to 82,857,158 shares, representing a reduction in ownership from 6.07% to 5.98% [1][2]

Core Viewpoint - Norges Bank has reduced its stake in Samsonite (01910) by selling 1.2516 million shares at a price of HKD 15.8622 per share, totaling approximately HKD 19.8531 million, resulting in a new holding of about 82.8572 million shares, which represents a 5.98% ownership [1] Summary by Category - **Share Reduction**: Norges Bank sold 1.2516 million shares of Samsonite at HKD 15.8622 each, amounting to around HKD 19.8531 million [1] - **Current Holdings**: After the sale, Norges Bank's total shares in Samsonite are approximately 82.8572 million, equating to a 5.98% ownership stake [1]

Group 1 - Norges Bank reduced its stake in Samsonite (01910) by 1.2516 million shares at a price of HKD 15.8622 per share, totaling approximately HKD 19.8531 million [1] - After the reduction, Norges Bank's latest holding amounts to approximately 82.8572 million shares, representing a holding percentage of 5.98% [1]

Core Viewpoint - The company reported disappointing Q2 2025 results, with net sales of $865 million, a year-on-year decline of 5.8% at constant exchange rates, and adjusted EBITDA of $141 million, reflecting a decrease in EBITDA margin from 19.0% to 16.3% [1] Performance Summary - Q2 2025 net sales were $865 million, down 5.8% year-on-year at constant exchange rates; adjusted EBITDA was $141 million, with an EBITDA margin of 16.3% compared to 19.0% in the same period last year [1] - Adjusted net profit for Q2 2025 was $71.4 million, down from $86.9 million in the previous year [1] - The company's performance was below expectations, primarily due to weaker results in Asia and North America [1] Development Trends - Management indicated that from 2021 to 2023, the company experienced significant sales growth with a compound annual growth rate of 37%, outperforming the industry average growth rate of 4.5% [1] - Sales performance is expected to normalize in 2024 and 2025, with long-term global passenger travel growth projected at approximately 4% from 2024 to 2029 [1] - For Q3 2025, sales performance is anticipated to be similar to Q2 2025, with a low single-digit decline expected [2] Sales Outlook - Management expects slight improvement in sales for the second half of the year compared to the first half, driven by base effect, improved consumer sentiment, and clearer U.S. tariff outlook [2] - Non-travel product penetration increased, with sales accounting for 36.2% of total sales, up from 34.4% in the same period last year [2] - The lifestyle and outdoor brand Gregory, which has a sales contribution of less than 3%, saw a 14.7% year-on-year sales increase in the first half of the year at constant exchange rates [2] Profit Margin Outlook - The company anticipates a gross margin between 59% and 59.5% for 2025, impacted by U.S. tariffs on imports from major production countries [2] - To mitigate margin pressure, the company plans to utilize inventory purchased in the first half of 2025 and implement price increases in the second half of 2025 [2] - The decline in high-margin sales from Asia has further pressured gross margins, although this was partially offset by an increase in direct sales proportion from 38% to 40% year-on-year [2] Earnings Forecast and Valuation - Due to weaker sales momentum and unfavorable operating leverage, the company has lowered its revenue forecasts for 2025 and 2026 by 3% to $3.42 billion and $3.65 billion, respectively [2] - Net profit forecasts for 2025 and 2026 have been reduced by 17% and 9% to $271 million and $316 million, respectively [2] - Despite the adjustments, the company maintains a strong market leadership position, with a target price of HKD 20, reflecting a 21% upside potential from the current stock price [2]

Core Viewpoint - CICC has downgraded the revenue forecasts for Samsonite (01910) for 2025 and 2026 by 3% to $3.42 billion and $3.65 billion respectively, due to weaker sales momentum and unfavorable operating leverage [1] Group 1: Financial Performance - Samsonite reported 2Q25 net sales of $865 million, a year-on-year decline of 5.8% at constant exchange rates [1] - Adjusted EBITDA for 2Q25 was $141 million, with an EBITDA margin of 16.3%, down from 19.0% in the same period last year [1] - Adjusted net profit for 2Q25 was $71.4 million, compared to $86.9 million in the previous year [1] Group 2: Sales Outlook - The company expects sales performance in 3Q25 to be similar to 2Q25, with a low single-digit decline in sales [2] - Management anticipates a slight improvement in sales for the second half of the year compared to the first half, driven by base effects, improved consumer sentiment, and clearer U.S. tariff outlook [2] - The penetration rate of non-travel categories has increased, with sales accounting for 36.2%, up from 34.4% in the same period last year [2] Group 3: Profit Margin Outlook - CICC forecasts the company's gross margin for 2025 to be between 59% and 59.5%, impacted by U.S. tariffs [2] - The company is taking measures to mitigate the impact of tariffs, including utilizing inventory purchased in 1H25 and implementing price increases in 2H25 [2] - The decline in high-margin sales from Asia has further pressured gross margins, although this was partially offset by an increase in direct sales ratio from 38% to 40% year-on-year [2]