Group 1 - The core viewpoint of the news is that Jiuxing Holdings (01836) has experienced a decline in stock price, dropping over 5% to 14.63 HKD, with a trading volume of 81.8273 million HKD [1] - Jiuxing Holdings reported a year-on-year increase of 0.8% in unaudited consolidated revenue for Q4 2025, reaching 38.86 million USD, and a 1.5% increase for the full year 2025, totaling 1.5678 billion USD [1] - The footwear manufacturing segment saw a stable shipment volume in Q4 2025 compared to the previous year, while the total annual shipment volume increased by approximately 3.8%, driven by strong order demand from new clients in the sports category [1] Group 2 - Daiwa downgraded Jiuxing Holdings' rating from "Buy" to "Hold," lowering the target price from 18 HKD to 15.8 HKD, citing delays in shipments and ongoing efficiency issues affecting Q4 performance [2] - The company faced a shipment delay of approximately 250,000 pairs of shoes to early 2026, which is expected to impact the net profit for 2025 by 2 million USD [2] - Net profit for 2025 is projected to be below 140 million USD, lower than the market expectation of 156 million USD, with 2026 net profit forecasted at 153 million USD, also below market expectations [2]
港股异动 | 九兴控股(01836)跌超5% 大和预计公司2025年净利润低于市场预期