鹰美发布中期业绩，股东应占溢利2.045亿港元，同比增长11.6%

Core Insights - Eagle美 (02368) reported a revenue of HKD 3.324 billion for the six months ending September 30, 2025, representing a year-on-year growth of 11.4% [1] - The profit attributable to the company's owners was HKD 204.5 million, an increase of 11.6% compared to the previous year [1] - Basic earnings per share were HKD 0.3561, with an interim dividend proposed at HKD 0.24 per share [1] Group Performance - The total sales reached a historic high during the review period, driven by the successful operation of the newly acquired production base in Long An Province, Vietnam [2] - Mainland China, the United States, and Europe remain the top three sales markets for the group, accounting for 87.4% of total sales (2024: 87.5%) [2] - Mainland China is the largest market, contributing 53.8% to total sales (2024: 56.7%), while the U.S. and Europe account for 33.6% (2024: 30.8%) [2] Production Capacity and Market Strategy - The group operates ten production bases, with five located in Mainland China, three in Vietnam, and two in Indonesia [2] - The production bases in Mainland China have matured in terms of production technology and capacity, enabling the production of high-end products and stable supply for domestic demand [2] - The ongoing U.S.-China trade war has accelerated the group's expansion of overseas production capacity, allowing for flexible utilization of resources to adapt to changing political and economic conditions [2] Financial Impact and Challenges - The newly acquired production base in Vietnam turned from a loss to profitability during the review period, contributing to sales and profit growth [2] - However, the increasing tariffs imposed due to the U.S.-China trade war have impacted the group's business and profitability, leading to a decline in profit margins as customers pass some costs onto manufacturers [2]