Core Viewpoint - Yuanyuan Group (00551.HK) reported a slight increase in revenue but a decline in profit attributable to shareholders for the six months ending June 30, 2025 [1] Financial Performance - The group recorded a revenue of $4.0601 billion, representing a year-on-year increase of 1.1% [1] - Profit attributable to shareholders was $171.2 million, a decrease of 7.2% compared to the previous year [1] - Basic earnings per share were 10.67 cents, down from 11.44 cents in the same period last year [1] Business Segments - The manufacturing segment's profit attributable to shareholders was $155 million, remaining relatively stable compared to the previous year [1] - The profit attributable to shareholders from Baosheng decreased by 44.1% to RMB 187.6 million, impacted by a decline in sales volume [1] Dividend Declaration - The board of directors has resolved to declare an interim dividend of HKD 0.40 per share [1]

裕元工業（集團）有限公司（「本公司」）董事（「董事」）會（「董事會」） 於二零一一年十二月二十九日決議成立提名委員會（「委員會」），以及採納委員 會之職權範圍，該授權、責任及特定職責載列如下。 作用 委員會旨在協助董事會物色具備合適資格可擔任董事會成員的人士，定期檢討 董事會的架構、人數、組成及多元化，並就任何為配合本公司的企業策略擬作 出的變動向董事會提出建議。 成員 委員會成員應由董事會從董事中委任。委員會應由不少於三(3)名成員組成， 其中多數成員應為獨立非執行董事，並應符合及維持不時香港聯合交易所有限 公司（「聯交所」）證券上市規則第 3.13 條所規定的獨立性要求。委員會應至少 有一名不同性別的成員。 委員會主席由董事會委任，其應由董事會主席或獨立非執行董事出任（「委員會 主席」）。倘委員會主席缺席任何會議，則其餘與會成員應遴選一名成員（應為 董事會主席或獨立非執行董事）主持會議。委員會主席應負責領導委員會，包 括安排會議時間、準備會議議程及定時向董事會匯報。 (Incorporated in Bermuda with limited liability) (Stock Code: 00551) 提 ...

（股份代號：00551） 審核及風險管理委員會的 職權範圍 裕元工業（集團）有限公司（「本公司」，及其附屬公司，「本集團」） 的董事 （「董事」）會 （「董事會」） 於一九九九年一月二十八日決議成立審核委員 會（「委員會」），以及採納委員會之職權範圍。董事會於二零二五年八月十 一日決議重新命名委員會名稱為審核及風險管理委員會，其授權、職責及特定 職權載於下文。 成員 委員會成員由董事會委任，由不少於三(3)名成員組成，全部均為非執行董事， 其中至少一(1)名須為具備香港聯合交易所有限公司證券上市規則（「上市規 則」）第 3.10(2)條所規定的適當專業資格或具備適當會計或相關財務管理專長 的獨立非執行董事。委員會的大部份成員必須為獨立非執行董事，並應符合及 維持不時上市規則第 3.13 條所規定的獨立性要求。委員會主席（「主席」）應 由董事會委任，其應由獨立非執行董事出任。 本公司現有審計事務所的前任合夥人在以下停任日期起計兩(2)年內，不得擔任 委員會成員：(a) 該名人士終止成為該公司合夥人的日期；或 (b) 該名人士不再 享有該公司任何財務利益的日期，以較後者為準。 授權 （於百慕達註冊成立之有限公司） ...

EF001 免責聲明 | 其他信息 | | | --- | --- | | 其他信息 | 不適用 | | 發行人董事 | | | 執行董事： | | | | 盧金柱先生（主席）、蔡佩君女士（董事總經理）、周維德先生、林振鈿先生、劉鴻志先生及施志宏先生(首席財務官)。 | | 獨立非執行董事： | | 王克勤先生、何麗康先生、林學淵先生及楊茹惠博士。 第 2 頁 共 2 頁 v 1.1.1 | 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 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 | 裕元工業（集團）有限公司 | | 股份代號 | 00551 | | 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之中期股息 | | 公告日期 | 2025年8月11日 | | 公告狀態 | 新公告 | | 股息信息 | | | 股息類型 | 中期 ...

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。 YUE YUEN INDUSTRIAL (HOLDINGS) LIMITED 裕元工業（ 集 團 ）有限公司 * （於百慕達註冊成立之有限公司） （股份代號：00551） 截至二零二五年六月三十日止六個月 未經審核中期業績 | 本集團財務摘要 | | | | | --- | --- | --- | --- | | | 截至六月三十日 | | | | | 止六個月 | | 增加╱（減少） | | | 二零二五年 | 二零二四年 | 百分比 | | （千美元） 營業收入 | 4,060,148 | 4,015,407 | 1.1% | | 本公司擁有人應佔經常 | | | | | （千美元） 性溢利 | 162,822 | 178,887 | (9.0)% | | 本公司擁有人應佔非經常 | | | | | 性溢利 （千美元） | 8,368 | 5,514 | 51.8% | | 本公司擁有人應佔 | | ...

Core Insights - The company, Yue Yuen Industrial Holdings Limited, reported a net operating income of approximately $667.5 million for July 2025, representing a year-on-year decrease of 1.9% [1] - For the first seven months, the cumulative net operating income was approximately $4.7295 billion, showing a year-on-year growth of 0.7% [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。 （於百慕達註冊成立之有限公司） （股份代號：00551） 二零二五年七月之每月收益公告 按照國際會計準則，本公司被視為臺灣證交所上市公司寶成工業之附屬公司， 現時透過其附屬公司間接持有本公司之控制權益。寶成工業根據臺灣證券交易所規 例規定刊發每月收益公告。 由於寶成工業於今日公佈其若干綜合財務資料，故本公司根據上市規則第13.09(2)條及 證券及期貨條例第XIVA部刊發本公告，確保及時向投資者提供最新資料。 按照國際會計準則，裕元工業（集團）有限公司（「本公司」）被視為臺灣證券交易所股份 有限公司（「臺灣證交所」）上市公司寶成工業股份有限公司（「寶成工業」）之附屬公 司，現時透過其附屬公司間接持有本公司之控制權益。根據臺灣證券交易所股份有限 公司對上市公司資訊申報作業辦法（不時修訂）（「臺灣證券交易所規例」），寶成工 業須於每月刊發其前一個月份之綜合收益公告。 由於寶成工業於今日公佈上述每月綜合收益， ...

Group Overview - Yue Yuen Industrial's total revenue for 1H25 was US$4,060.1 million[12] - In 1H25, Athletic/Outdoor Shoes accounted for 53.6% of the business structure, Pou Sheng accounted for 31.1%, Casual Shoes & Sport Sandals accounted for 10.7%, and Soles, Components & Others accounted for 4.6%[11] Group Operation Highlights - Group revenue increased by 1.1% YoY to US$4,060.1 million in 1H25[41] - Profit attributable to owners decreased slightly by 0.3% YoY to US$155.0 million[41] - Manufacturing revenue increased by 6.2% YoY to US$2,797.9 million in 1H25[41] - Retail revenue decreased by 8.3% YoY to RMB 9,159 million in 1H25[41] - Interim dividend remained flat YoY at HK$0.40 per share, with a payout ratio of 48%[41] - Shoe volume increased by 5.0% YoY to 126.7 million pairs in 1H25[39] - Average Selling Price (ASP) increased by 3.2% YoY to US$20.61 per pair in 1H25[39] Manufacturing Business - Manufacturing revenue increased by 6.2% YoY to US$2,797.98 million in 1H25[64] - Manufacturing gross profit margin decreased by 1.4 percentage points YoY to 17.7% in 1H25[64] - Manufacturing operating profit margin decreased by 1.3 percentage points YoY to 5.9% in 1H25[64] Retail Business - Pou Sheng - Pou Sheng's revenue decreased by 8.3% YoY to RMB 9,159 million in 1H25[41] - Online contribution reached a historical high, accounting for 33% of total sales, a 16% YoY increase[97] - Pou Sheng's number of employees decreased by 7% YoY from 20,700 to 19,200[108]

Core Viewpoint - The report from Credit Lyonnais indicates that the stock price of Yue Yuen Industrial Holdings has rebounded by 33% since the end of April, but challenges are anticipated in the upcoming quarters [1] Group 1: Financial Performance - The company is expected to see a 1% year-on-year increase in sales for Q2, while net profit is projected to decline by 10% due to pressures on gross margins from order fluctuations, a weak offline retail environment, and adverse foreign exchange factors [1] - The forecast for sales from 2025 to 2027 has been reduced by 4%, and net profit forecasts have been cut by 19% to 23% to reflect the gross margin pressures from manufacturing and retail operations this year [1] Group 2: Market Outlook - The market is believed to have recognized the challenges that will arise in Q3, with a focus on the order outlook, utilization trends, and retail profitability for Q4 as key indicators for the stock [1] - The target price for Yue Yuen has been lowered from HKD 19 to HKD 16, while maintaining an "outperform" rating, with a projected dividend yield of 10% for 2026 [1]

Investment Rating - The report initiates coverage with a "Buy" rating for the company [4][13][15]. Core Views - Yuanyuan Group is the world's largest sports shoe manufacturer, with a diversified brand client portfolio and production bases. The company is expected to achieve sustainable growth in its manufacturing business following the end of the overseas destocking cycle and diversified capacity layout. The retail business is anticipated to grow steadily through vertical market development and new brand contributions. The projected net profits for 2025-2027 are $390 million, $430 million, and $480 million, respectively, with corresponding PE ratios of 6X, 6X, and 5X, indicating a low valuation level [4][13][20]. Company Overview - Yuanyuan Group, established in 1988, operates in OEM/ODM shoe manufacturing and sports apparel retail. In 2024, the revenue and net profit contributions from manufacturing and retail are expected to be 69%/84% and 31%/16%, respectively, with total revenue of $8.18 billion and net profit of $390 million. The company has established long-term partnerships with international brands such as Nike, Adidas, Asics, and New Balance, with production bases in Vietnam, Indonesia, and China [4][10][20]. Manufacturing Business - The manufacturing segment has a revenue scale superior to comparable companies, but its growth rate has been relatively poor, with a CAGR of -1.3% from 2019 to 2024. However, improvements are expected in 2024 due to normalized orders and capacity expansion in India. The company has room for cost improvement, as its net profit margin remains lower than peers despite recent operational optimizations [11][12][51]. Retail Business - The retail segment shows performance disparities, with 宝胜国际 and 滔搏 facing challenges. In 2024, 宝胜国际's revenue is projected to decline by 8% to $2.845 billion, while its net profit margin is expected to improve slightly to 2.7%. The company is focusing on stabilizing retail discounts and improving profit margins to achieve quality profit growth [11][12][51]. Market Outlook - The sports shoe and apparel market is experiencing high demand, driven by increased awareness of physical fitness and the development of sports initiatives. The industry is characterized by high concentration, with market share gradually shifting towards leading brands. The manufacturing side benefits from high entry barriers, while the retail side is expected to grow steadily through multi-channel operations and brand matrix expansion [12][20][41].