裕元集团(00551)涨超3%，截至发稿，涨3.47%，报16.69港元，成交额6375.64万港元。 瑞银指出，据裕元集团管理层透露，公司第三季代工业务利润率较上半年提升，主要由于期内加班情况 减少、工人对订单熟悉度提升，以及美国关税政策趋向稳定所致，相信有部分订单提前至第四季生产。 该行目前预期，裕元集团第四季销量将同比下跌，但销售均价可提升。展望明年，瑞银预期个别品牌复 苏或带来利好，若即将来临的假期销售表现强劲，品牌信心增强，亦将利好公司的销售，并带来新品牌 客户。 山西证券发布研报称，国际运动品牌陆续发布今年3季度财报，On Running和Asics增速领先，Adidas和 Deckers表现稳健，Puma、VF、Under Armour延续弱势表现。该行认为，站在当下时点，纺织制造企业 业绩稳健性与确定性相对较强，核心客户耐克经营有望企稳，各公司的客户集中度均处于较高水平。浙 商证券（601878）表示，裕元集团25Q3制造业务高基数下出货量下滑，但产效提升叠加ASP逆势向上 背景下，利润率环比改善幅度超预期，零售收入降幅环比收窄，期待后续企稳。 ...

Core Viewpoint - The company reported a decline in contract sales but showed improvements in sales price and asset operations, indicating a focus on core markets and effective cash flow management [4][5][6]. Sales Performance - For the period of January to August 2025, the company achieved contract sales of 136.8 billion yuan, a year-on-year decrease of 12.0%, with a sales area of 5.12 million square meters, down 23.3% [4]. - The average sales price increased significantly, reaching 26,800 yuan per square meter, an 11.9% year-on-year increase, while the company maintained a top-three position in the industry sales ranking [5]. Asset Operations - The asset operation segment showed steady growth, contributing significantly to performance and long-term cash flow stability. In the first half of 2025, the segment generated revenue of 12.11 billion yuan, a 5.5% increase year-on-year [6]. - The total area of shopping centers reached 11.85 million square meters, a 13.3% increase, with 94 operational centers generating retail sales of 110.15 billion yuan, up 20.2% [6]. Financial Management - The company adheres to a cash flow safety principle, holding cash reserves of 120.24 billion yuan and maintaining a net debt ratio of 39.2% [8]. - The average financing cost decreased by 32 basis points to 2.79%, maintaining the lowest level in the industry, reflecting significant credit advantages [8].