Group 1 - The core viewpoint of the news is that Jiuxing Holdings (01836) experienced a decline in stock price despite reporting a slight increase in revenue for the fourth quarter of 2025 and the full year [1][2] - Jiuxing Holdings reported an unaudited consolidated revenue of $38.86 million for Q4 2025, representing a year-on-year increase of 0.8%, and a full-year revenue of $1.5678 billion, up 1.5% year-on-year [1] - The footwear manufacturing segment saw stable shipment volumes in Q4 2025, while annual shipments 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" and reduced the target price from HKD 18 to HKD 15.8, citing performance issues due to shipment delays and ongoing efficiency problems [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 [2] - Daiwa forecasts Jiuxing Holdings' net profit for 2025 to be below $140 million, lower than the market expectation of $156 million, and predicts a net profit of $153 million for 2026, also below market expectations [2]
九兴控股跌超5% 大和预计公司2025年净利润低于市场预期