证券代码：300979 证券简称：华利集团 中山华利实业集团股份有限公司投资者关系活动记录表 编号：2025-021 | 投资者关系 | 特定对象调研 □分析师会议 □媒体采访 □业绩说明会 | | --- | --- | | 活动类别 | □新闻发布会 □路演活动 □现场参观 □其他 | | 参与单位名称 | 广发基金-陈樱子、杨松霖，国信证券-丁诗洁，中银基金-张响东、杨庆运、郑宁、苗 | | 及人员姓名 | 婷、池文丽，浙商证券-詹陆雨 | | 时间 | 2025年8月28日 | | 地点 | 腾讯会议 | | 上市公司 接待人员姓名 | 董事会秘书方玲玲 | | | 投资者与公司的交流情况： | | | 问：美国新的关税政策下，客户是否要求制造商分担关税成本？目前有什么新的进展？ | | | 对公司的经营情况有何影响？ | | | 答：美国是运动鞋重要的消费市场，预估美国市场约占公司销售收入的 成左右。美国 4 | | | 进口关税税率上调，会增加客户销往美国市场的关税成本，但是客户销往非美国地区的 | | | 关税不会有影响。以往关税都是由品牌客户（进口商）承担，关税成本最终会传导至消 | | | ...

Investment Rating - The report maintains a "Buy" rating for the company [2] Core Insights - The company reported a revenue of 12.66 billion yuan for H1 2025, reflecting a year-on-year growth of 10.4%, while the net profit attributable to shareholders was 1.67 billion yuan, down 11.1% year-on-year [7] - New customer orders have significantly increased, with On and New Balance entering the top five customer list, indicating successful customer diversification [7] - The company is actively expanding production capacity in anticipation of order recovery, with new factories in Vietnam, Indonesia, and China ramping up production as planned [7] - The company expects profit margins to improve as new factories reach operational maturity, despite current temporary declines due to efficiency losses in older factories [7] Financial Data and Profit Forecast - Total revenue is projected to reach 26.60 billion yuan in 2025, with a year-on-year growth rate of 10.8% [6] - The net profit attributable to shareholders is expected to be 3.57 billion yuan in 2025, reflecting a decrease of 7.0% year-on-year [6] - The company anticipates a gradual recovery in profit margins, with a projected net profit margin of 13.2% for H1 2025, down from previous highs [7] - The report forecasts earnings per share of 3.06 yuan for 2025, with a PE ratio of 18 [6]