EAGLE NICE(HK:02368) Ge Long Hui·2025-11-12 04:19Core Viewpoint - Eagle美 (02368.HK) reported a 11.4% increase in revenue for the six months ending September 30, 2025, reaching HKD 3.3239 billion, while the gross margin decreased from 17.1% to 16.5% compared to the same period in 2024. The profit attributable to shareholders rose by 11.6% to HKD 204.5 million, and an interim dividend of HKD 0.24 per share was declared [1][2]. Group Sales Markets - The three largest sales markets for the group are Mainland China, the United States, and Europe, collectively accounting for 87.4% of total sales. Mainland China remains the largest market, contributing 53.8% to total sales, while the U.S. and Europe account for 33.6% combined [2]. Production Bases - The group operates ten production bases, with five located in Mainland China, three in Vietnam, and two in Indonesia. The production bases in Mainland China have developed mature production technology and capacity, enabling the production of high-end products and stable supply for domestic demand [2]. Impact of Trade Wars - The ongoing U.S.-China trade war has accelerated the group's expansion of overseas production capacity, allowing for flexible utilization of production capabilities and order adjustments in response to changing political and economic conditions. A recently acquired production base in Long An Province, Vietnam, has turned from loss to profit during the review period, contributing to sales and profit growth [2]. Profit Margin Challenges - The increasing tariffs imposed due to the U.S.-China trade war have inevitably impacted the group's business and profitability, leading to a situation where customers have shifted some costs to manufacturers, resulting in a decline in the group's profit margins [2].