Core Viewpoint - The company reported strong mid-year performance for 2025, with revenue and net profit growth aligning with expectations [1][2] Group 1: Financial Performance - In H1 2025, the company achieved revenue of $1.229 billion, a year-on-year increase of 12.4% [1] - The net profit for the same period was $98.32 million, reflecting a year-on-year growth of 16.8% [1] - The gross margin improved by 0.2 percentage points to 19.7% [2] Group 2: Product Performance - Revenue by product showed significant growth: - Casual wear: $340 million (+11.4%) - Sports and outdoor wear: $313 million (+12.4%) - Denim: $262 million (+10.3%) - Underwear: $210 million (+9.5%) - Sweaters: $105 million (+29.2%) [1] Group 3: Regional Performance - Revenue by region was as follows: - Asia-Pacific: $478 million (+14.5%) - North America: $463 million (+11.7%) - Europe: $253 million (+9.7%) - Other regions: $36 million (+14.9%) [1] Group 4: Cost Management - The company reduced its expense ratio by 0.5 percentage points to 10.8% [2] - Specific expense rates included: - Selling expenses: 1.3% (unchanged) - Administrative expenses: 7.6% (-0.3%) - R&D expenses: 1.3% (-0.1%) - Financial expenses: 0.5% (-0.03%) [2] Group 5: Dividend Policy - The board announced an interim dividend of 16.3 Hong Kong cents per share, with a payout ratio of 60% [2] Group 6: Investment Outlook - The company is positioned as a leading apparel manufacturer, with expectations for continued growth in market share among new clients in the sports sector [2] - Profit forecasts for 2025-2027 are projected at $1.68 billion, $1.95 billion, and $2.23 billion, representing year-on-year growth of 16%, 16%, and 14% respectively [2]
晶苑国际(02232.HK)：业绩靓丽符合预期 中期分红60%