Core Viewpoint - The company reported a slight revenue growth of 0.7% in H1 2025, driven primarily by the sports category, despite facing challenges related to high base effects from the previous year and temporary gross margin pressures [1][2][3] Financial Performance - Revenue increased to $775 million in H1 2025 from $770 million in H1 2024, with a shipment volume rise of 3.8% to 27.5 million pairs [1] - Gross profit decreased by 11.9% to $175 million, resulting in a gross margin of 22.6%, down from 25.8% in the previous year [2] - Operating profit fell by 14.5% to $84.7 million, with an operating margin of 10.9%, compared to 12.9% in H1 2024 [2] Product Category Insights - Sales in the sports category grew by 8.2%, accounting for 48.5% of total revenue, benefiting from increased shipments to major sports clients and a new client collaboration [1] - Revenue from fashion and luxury categories combined decreased by 3.5%, with respective contributions of 25.4% and 7.8% to total revenue [1] - The leisure category saw a revenue decline of 9.2%, representing 18.3% of total revenue [1] Geographic Distribution - North America and Europe are the largest markets, contributing 48.7% and 23.4% to revenue, respectively, followed by China (including Hong Kong) at 15.5% [2] Strategic Planning - The company is on track with its three-year plan (2023-2025), aiming for a 10% operating profit margin and low double-digit growth in after-tax profits [3][4] - The company plans to expand total capacity by 20 million pairs, enhancing production in Indonesia and Bangladesh, and focusing on developing handbag and accessory manufacturing as a long-term growth driver [4][5] Adjustments and Forecasts - Based on H1 2025 performance and operational efficiency post-capacity expansion, the company adjusted its profit forecasts, projecting net profits of $160 million, $180 million, and $190 million for 2025-2027 [6]

港股公司报告 | 公司点评 九兴控股（01836） 证券研究报告 扩充海外基地优化客户组合 公司发布半年报 25H1 公司收入增长 0.7%至 7.75 亿美元（24H1：7.7 亿美元）；出货量增长 3.8%至 2750 万双（24H1：2650 万双），主要是由运动类别推动，尽管 24H1 出货量较高。 公司鞋履平均售价减少 3.2%至每双 27.4 美元（24H1：每双 28.3 美元），由 于平均售价较低的运动产品订单占比较高所致。 在产品类别方面，公司运动类销售额增长 8.2%，占制造总收入 48.5%（24H1： 45.1%），受益于公司向最大运动客户及其他现有运动客户出货量增长，以 及与一家新运动客户成功合作为其推出全新系列及款式。 公司平均售价水平相近的时尚及奢华类别的收入合共减少 3.5%（分别减少 2.6%及 6.2%），分别占制造总收入 25.4%及 7.8%（24H1：26.2%及 8.4%）， 乃由于基数较高，以及公司产能分配上作出优化。 为配合三年规划的策略，公司继续将产能调配至发展其他产品类别，因此 休闲类别的收入减少 9.2%，并占制造总收入 18.3%（24H1：20.3%） ...