证券代码：300979 证券简称：华利集团 公告编号：2026-003 中山华利实业集团股份有限公司 第三届董事会第一次会议决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 2026 年 1 月 19 日，中山华利实业集团股份有限公司（以下简称"公司""华利 集团"）第三届董事会第一次会议在广东省中山市南朗街道佳朗路华利集团园区 F 栋 二楼会议室召开。会议通知及补充通知等会议资料分别于 2026 年 1 月 16 日及 2026 年 1 月 19 日以专人送达或电子邮件的方式送达各位董事。本次会议以现场结合通讯 表决的方式召开。本次会议应到董事 9 人，实到董事 9 人，其中张秀容女士、高丽 玉女士以通讯表决方式参加。本次会议由全体董事推举董事张聪渊先生召集并主持， 拟聘任高级管理人员及拟聘任审计部负责人出席了本次会议。本次会议的召集、召 开符合《中华人民共和国公司法》等法律、行政法规、部门规章、规范性文件和《公 司章程》的规定。与会董事以记名投票方式通过以下议案： 一、审议通过《关于选举第三届董事会董事长、副董事长的议案》。 同意选举张聪渊先生为公 ...

北 京 大 成 律 师 事 务 所 关 于 中 山 华 利 实 业 集 团 股 份 有 限 公 司 2026 年 第 一 次 临 时 股 东 会 的 法 律 意 见 书 北 京 大 成 律 师 事 务 所 www.dentons.cn 北京市朝阳区朝阳门南大街 10 号兆泰国际中心 B 座 16-21 层 16-21F, Tower B, ZT INTERNATIONAL CENTER, No.10, Chaoyangmen Nandajie, Chaoyang District, Beijing Tel：+8610-58137799 Fax：+8610-58137788 北京大成律师事务所 致：中山华利实业集团股份有限公司 北京大成律师事务所（以下简称"本所"）接受中山华利实业集团股份有限 公司（以下简称"公司"）的委托，指派律师出席公司 2026 年第一次临时股东 会（以下简称"本次股东会"），并根据《中华人民共和国公司法》（以下简称"《公 司法》"）、《中华人民共和国证券法》（以下简称"《证券法》"）、《上市公司 股东会规则》（以下简称"《股东会规则》"）、《深圳证券交易所上市公司股东 会网络投票实施细 ...

本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 特别提示： 一、本次股东会没有出现否决议案的情形。 二、本次股东会不涉及变更以往股东会已通过的决议。 一、会议召开和出席情况 (一)召开时间： 证券代码：300979 证券简称：华利集团 公告编号：2026-002 中山华利实业集团股份有限公司 2026 年第一次临时股东会决议公告 2、网络投票时间：2026 年 1 月 19 日。 通过深圳证券交易所交易系统进行网络投票的时间为 2026 年 1 月 19 日 9:15-9:25、9:30-11:30 和 13:00-15:00； 通过深圳证券交易所互联网投票系统进行网络投票的时间为 2026 年 1 月 19 日 9:15-15:00。 (二)召开地点：广东省中山市南朗街道佳朗路华利集团园区 F 栋二楼会议室。 (三)召开方式：采用现场表决和网络投票相结合的方式。 (四)召集人：公司董事会。 1、现场会议召开时间：2026 年 1 月 19 日 14:30。 (五)主持人：董事长张聪渊先生。 (六)本次会议的召集、召开符合《中华人民共和国公司法》《深圳证券交易 ...

Investment Rating - The industry investment rating is "Overweight (Maintain)" [3] Core Views - The report highlights that 361 Degrees has shown steady growth in revenue, while Li Ning's revenue decline has narrowed, with profit margins exceeding expectations. The company has opened 33 new stores, bringing the total to 126, which is above initial expectations for the year [5][6] - The report suggests focusing on leading home textile brands such as Water Star Home Textile and Luolai Home Textile, as well as sports brands like Anta Sports, Li Ning, 361 Degrees, and Bosideng, which are expected to benefit from major sporting events in 2026 [5][6] - The report also emphasizes the potential of AI applications in consumer products, particularly in the context of AI smart glasses and 3D printing, indicating a significant growth opportunity in these areas [6] Summary by Sections Market Overview - The light industry index decreased by 1.11%, ranking 20th among 28 Shenwan industries, while the textile and apparel index decreased by 0.55%, ranking 15th [10] - The report notes that the revenue growth for 361 Degrees' main brand and children's clothing is approximately 10%, with e-commerce revenue growing at a high double-digit rate [5][6] Key Company Performance - 361 Degrees reported a healthy revenue increase, while Li Ning's retail revenue saw a slight decline in the low single digits across various channels [5][6] - The report recommends monitoring companies with strong growth potential, including those in the AI and consumer goods sectors, as well as established brands in textiles and home goods [6] Industry Trends - The report indicates a recovery in the paper industry, with prices for certain types of paper expected to rebound after recent declines. It suggests focusing on companies with high wood pulp procurement costs and those with integrated advantages in cultural paper production [6][41] - The furniture manufacturing sector is experiencing a decline, with a reported 9.1% decrease in revenue year-on-year, and a significant number of companies facing losses [66][69]

Investment Rating - The industry investment rating is Neutral (maintained) [1] Core Insights - In December 2025, China's textile product exports weakened again, with yarn, fabrics, and products amounting to USD 12.58 billion, down 4.2% year-on-year; clothing and accessories exports were USD 13.41 billion, down 10.2%; and footwear exports were USD 3.91 billion, down 17.4% [2] - The recent stability of the RMB exchange rate has alleviated concerns about rapid appreciation, suggesting a focus on quality OEM companies such as Huali Group, leading auxiliary material supplier Weixing Co., and steadily expanding Kai Run Co. [2] - The report highlights a significant increase in wool auction prices due to strong demand, with the Eastern Market Index (EMI) for Australian wool rising by 107 Australian cents/kg [2] - The report suggests monitoring companies like New Australia Co. and Baolong Oriental, which have high dividend intentions, as well as Taihua New Materials, which may benefit from anti-involution policies in the chemical industry [2] Summary by Sections Section 1: Market Review - The textile and apparel sector underperformed against the CSI 300 index, with the Jiangsu textile index declining by 0.82% compared to a 0.57% drop in the CSI 300, resulting in a 0.25 percentage point underperformance [9] Section 2: Major Raw Material Prices and Industry Tracking (1) Major Raw Material Price Trends - As of January 16, 2026, cotton prices were at CNY 16,002/ton, with a week-on-week increase of 0.09%; polyester POY was CNY 6,700/ton, up 2.29%; and nylon POY remained stable at CNY 11,600/ton [21][23] (2) Export Data Tracking - In December 2025, China's textile exports were USD 12.58 billion, down 4.2% year-on-year; clothing exports were USD 13.41 billion, down 10.2%; and footwear exports were USD 3.91 billion, down 17.4% [29][31] - Vietnam's textile exports in December 2025 reached USD 3.65 billion, up 8.4% year-on-year, while footwear exports were USD 2.20 billion, up 4.3% [35][37] (3) Domestic and Overseas Apparel Consumption Tracking - In November 2025, China's retail sales growth was 1.3%, with apparel and footwear sales growing by 3.5% [39] - In October 2025, U.S. apparel wholesale inventory was USD 28.04 billion, with a stock-to-sales ratio of 2.04 [40]

Group 1: Manufacturing Sector - The report highlights a positive outlook for the textile manufacturing sector as tariff impacts are easing, leading to improved export conditions. The demand side shows a mixed performance in global apparel retail, with domestic recovery being weak while overseas apparel demand remains stable. The export decline has narrowed following progress in US-China trade negotiations, and manufacturing orders are expected to improve in 2026 due to a healthy inventory level among downstream brand clients [3][6][13]. - Key companies to watch include Shenzhou International, which has a lower exposure to the US market and is expected to see marginal improvements from major clients, and Huayi Group, which is experiencing strong growth from new clients and is ramping up production capacity [3][21][29]. Group 2: Sportswear Sector - The domestic sportswear market is showing signs of weak recovery, with high-end brands like Li Ning and Tebu International demonstrating resilience. The report anticipates a recovery in 2026 driven by macroeconomic improvements and policy catalysts, particularly with the upcoming Olympic events [3][6][19]. - Internationally, high-end sports brands are experiencing differentiated growth dynamics. ON is maintaining a strong brand image and expanding in the Asia-Pacific market, while Amer Sports is benefiting from its multi-brand strategy. However, brands like Lululemon and Deckers are facing short-term pressures in the North American market [3][6][19]. Group 3: Luxury Goods Sector - The luxury goods market in China is showing signs of gradual recovery, driven by wealth effects from the capital market and stabilization in the real estate market. Sales from luxury groups like LVMH and Richemont have improved significantly in Q3 2025, indicating a positive trend in the luxury sector [3][7]. - The report notes a shift in consumer behavior, with a loss of "aspirational consumers" and an increase in the importance of top-tier customers. This shift is leading to a focus on value, experience, and cost-effectiveness in luxury consumption, which is benefiting local high-end brands [4][7].

Investment Rating - The report recommends a "Buy" rating for several companies including Shenzhou International, Huayi Group, Anta Sports, and Li Ning, with respective 2026 PE ratios of 12x and 15x for Shenzhou International and Huayi Group [2][9][26]. Core Insights - The textile and apparel industry is experiencing a mixed performance, with some companies showing resilience while others face challenges due to fluctuating orders and profit margins [1][3]. - The report anticipates a cautious improvement in downstream orders for 2026, supported by healthy inventory levels and strong sales performance from certain brands [2][20]. - The sportswear segment is expected to outperform the broader apparel market, driven by strong inventory management and long-term growth potential [3][26]. Summary by Sections Recent Revenue Performance - Several apparel manufacturers reported their 2025 revenue, with Feng Tai Enterprises, Ru Hong, and Yu Yuan Group showing year-on-year changes of -4.5%, +3.2%, and +0.5% respectively for the full year [1][12]. - In December 2025, Feng Tai Enterprises, Ru Hong, and Yu Yuan Group reported monthly revenues down by -0.6%, -3.6%, and -3.7% respectively [1][12]. Industry Outlook - The report indicates a weakening industry sentiment since H2 2025, with Southeast Asia's export performance continuing to surpass that of China [2][17]. - For 2026, the report expects cautious improvements in orders, with a focus on core brand performance and inventory management [20]. Investment Recommendations - Recommended stocks include Shenzhou International and Huayi Group, with Shenzhou International expected to achieve a 10% revenue growth in 2025 and Huayi Group's profits anticipated to recover gradually [2][25]. - Other companies to watch include Wei Xing Co., Kai Run Co., and Jing Yuan International, which are expected to benefit from the anticipated recovery in orders [2][26]. Market Performance - The textile and apparel sector has underperformed compared to the broader market, with the Shanghai and Shenzhen 300 index down by 0.57% while the textile manufacturing sector fell by 0.77% [30].

Investment Rating - The investment rating for the company is "Accumulate" [6]. Core Insights - In Q4 2025, the company's revenue grew by 0.8% year-on-year, with shipment volume remaining flat. The company is positioned for investment in 2026, maintaining its commitment to return value to shareholders [2][10]. - The company has faced initial challenges in increasing production capacity in Indonesia and the Philippines, but has made progress. Efficiency in the Indonesian factory is expected to improve, reaching approximately 95% by January 2026 [10]. - The company plans to return up to $60 million in additional cash to shareholders annually through share buybacks and special dividends, alongside maintaining a typical payout ratio of 70% for 2025-2026 [10]. Financial Summary - Total revenue projections for the company are as follows: - 2024: $1,545 million - 2025E: $1,568 million - 2026E: $1,567 million - 2027E: $1,661 million - Net profit estimates are: - 2024: $171 million - 2025E: $138 million - 2026E: $151 million - 2027E: $165 million - The company’s PE ratios are projected to be: - 2024: 9.30 - 2025E: 11.53 - 2026E: 10.54 - 2027E: 9.62 [4][12].

Group 1 - The textile manufacturing sector experienced a decline of 1.15% on January 15, with Nanshan Zhishang leading the drop [1][2] - The Shanghai Composite Index closed at 4112.6, down 0.33%, while the Shenzhen Component Index closed at 14306.73, up 0.41% [1] - Key stocks in the textile manufacturing sector showed varied performance, with Bailong Dongfang closing at 6.03, up 1.86%, and Nanshan Zhishang closing at 18.19, down 10.17% [1][2] Group 2 - The textile manufacturing sector saw a net outflow of 158 million yuan from main funds, while retail investors contributed a net inflow of 140 million yuan [2][3] - Individual stocks like Jiri Co. and Yunzhongma had significant net inflows from main funds, while others like Huayi Group and Bailong Dongfang experienced net outflows [3] - The trading volume and turnover for various stocks in the sector varied, with Jiri Co. having a turnover of 1.097 billion yuan and Nanshan Zhishang at 825 million yuan [2][3]

Core Viewpoint - The company, Huayi Group, is a leading global manufacturer of athletic footwear, benefiting from the three-child policy, the sports industry, and the depreciation of the RMB [2][3]. Group 1: Company Overview - Huayi Group specializes in the development, design, production, and sales of athletic footwear, serving major global brands such as Nike, Converse, and Puma [2][7]. - The company has a significant focus on children's athletic shoes, including those for infants [2]. - As of January 9, the number of shareholders in Huayi Group increased by 8% to 13,500, with an average of 86,443 circulating shares per person, a decrease of 7.41% [7]. Group 2: Financial Performance - For the period from January to September 2025, Huayi Group achieved a revenue of 18.68 billion yuan, representing a year-on-year growth of 6.67%, while the net profit attributable to shareholders decreased by 14.34% to 2.43 billion yuan [7]. - The company has distributed a total of 9.103 billion yuan in dividends since its A-share listing, with 6.652 billion yuan distributed over the past three years [8]. Group 3: Market Activity - On January 15, Huayi Group's stock rose by 0.49%, with a trading volume of 151 million yuan and a turnover rate of 0.25%, bringing the total market capitalization to 60.042 billion yuan [1]. - The stock has seen a net inflow of 12.27 million yuan from major investors today, ranking 2nd in its industry, with a total net inflow of 134.26 million yuan over the past three days [4][5]. Group 4: Technical Analysis - The average trading cost of the stock is 56.61 yuan, with the stock price approaching a resistance level of 51.57 yuan, indicating potential for a price correction if it fails to break through this level [6].