证券研究报告|港股公司点评报告 [Table_Date] 2025 年 05 月 13 日 Q1 制造 ASP 一反连续 5 个季度下跌趋势。1）25Q1 制造业收入/归母净利为 13.28/0.64 亿美 元，同比+5.9%/-24.6%，分产品来看运动户外鞋/休闲鞋及运动凉鞋/鞋底、配件及其他收入分别 增长 3.8%/34.3%/-14.9%；分量价来看，产能利用率/鞋履出货量/单价为 91%/0.62 亿双/20.0 美 元，同比+3PCT/+5.3%/+2.5%，价格一反连续 5 个季度下跌趋势增速转正，主要受订单组合影 响 。 25Q1 制造业毛利率 / 经营净利率 / 归母净利率为 17.7%/5.7%/4.8% ， 同 比 下 降 2.6/2.7/2.0PCT，毛利率下降主要由于各个制造厂区的产能负载不均、生产效率欠佳，加上各地 新增人力及薪资上涨，推高工费/收入增加 2.7PCT。净利率降幅低于毛利率主要由于销管研费用 率合计下降 0.4PCT；财务费用率下降 0.7PCT；其他收益占比下降 0.5PC。 零售业务 4 月收入进一步下降。25Q1 宝胜零售业务收入/归母净利 51.07/1.3 ...

Core Viewpoint - The company reported a decline in net profit and overall gross margin, attributed to various operational challenges and increased labor costs, despite a slight increase in revenue [1][2]. Financial Performance - For the three months ending March 31, 2025, the company's revenue was $2.029 billion, a year-on-year increase of 1.29% [1]. - The net profit attributable to shareholders was $75.758 million, representing a year-on-year decrease of 24.22% [1]. - The overall gross profit fell by 7.7% to $464 million, with the gross margin decreasing by 2.2 percentage points to 22.9% [1]. Manufacturing Business Insights - The gross profit from the manufacturing segment decreased by 7.6% to $235 million, with the gross margin dropping by 2.6 percentage points to 17.7% [1]. - The demand for footwear products continued to show positive trends, with order volumes increasing and average selling prices rebounding after five consecutive quarters of decline [1]. Operational Challenges - The company faced uneven capacity utilization across manufacturing sites, leading to inefficiencies and increased labor costs due to a 7.5% year-on-year rise in workforce numbers and significant wage increases [2]. - New production lines and shoe upper processing plants did not ramp up as expected, impacting production efficiency and cost management [2]. Retail Performance - The retail subsidiary, Bao Sheng International, continued to enhance its omnichannel capabilities, with online sales trends outperforming offline retail despite a challenging competitive environment [2]. - The company managed to improve the sales conversion rate of its retail stores, dynamically managing store portfolios to optimize performance [2].