香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責， 對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任 何部分內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 POU SHENG INTERNATIONAL (HOLDINGS) LIMITED 寶勝國際（ 控 股 ）有 限公司 （於百慕達註冊成立之有限公司） （股份代號：3813） 二零二五年八月之每月收益公告 本公司為聯交所主板上市公司裕元的子公司。按照國際財務報告準則，裕元被 視為臺灣證交所上市公司寶成工業之子公司。寶成工業根據臺灣證券交易所的 規例規定刊發每月收益公告。 由於裕元於今日公佈其若干綜合財務資料，故本公司根據上市規則第13.09(2)條 及證券及期貨條例第XIVA部刊發本公告，確保及時向投資者提供最新資料。 寶勝國際（控股）有限公司（「本公司」）為香港聯合交易所有限公司（「聯交所」）主 板上市公司裕元工業（集團）有限公司（「裕元」）的子公司。按照國際財務報告準則， 裕元被視為臺灣證券交易所股份有限公司（「臺灣證交所」）上市公司寶成工業股份 有限公司（「寶成工業」）之子公司。根據臺灣證券交易所 ...

Group 1 - The establishment of Foshan Jiuzi Footwear Co., Ltd. has been registered with a capital of 1 million RMB [1] - The company's business scope includes wholesale and retail of shoes, clothing, and accessories, as well as sales of raw materials for shoemaking [1] - The company is also involved in the sale of office supplies, hair accessories, cosmetics, glasses (excluding contact lenses), bags, and hardware products [1] Group 2 - The company is permitted to conduct business activities independently based on its business license, except for projects that require approval [1]

Group 1 - The application of artificial intelligence (AI) technology enhances management and decision-making efficiency in manufacturing, enabling real-time identification of unsafe behaviors on construction sites [1] - The Chinese government has issued an opinion to promote the integration of AI across all stages of industrial processes, emphasizing the importance of digital transformation for high-quality development in manufacturing [1][3] - The manufacturing sector is experiencing rapid digital transformation driven by technologies such as AI, big data, and 5G, leading to advancements in high-end, intelligent, and green manufacturing [2][3] Group 2 - In July, the value added of the digital product manufacturing industry increased by 8.4%, with smart device manufacturing and electronic components growing by 13.4% and 11.0% respectively [2] - A medical supplies company in Anhui achieved a 23.85% increase in production efficiency and a 20% improvement in product quality through digital management and smart factory initiatives [2] - An aluminum processing park in Henan reported a 30% reduction in production costs and a 25% decrease in overall energy consumption due to real-time monitoring systems [2] Group 3 - The integration of digital technology into the manufacturing sector has led to the establishment of over 10,000 smart factories, covering more than 80% of major manufacturing categories [3] - A wind power equipment manufacturing base in Shandong improved overall production efficiency by over 30% through the implementation of an intelligent production system [3] - A smart technology company in Fujian developed a flexible shoe production line that can produce over 2,300 pairs of shoes in 10 hours, reducing labor by approximately 50% and adhesive usage by 30% [3] Group 4 - Deep integration of smart technology with business processes is essential for the digital transformation of manufacturing enterprises, addressing information asymmetry and enhancing operational efficiency [4]

Core Viewpoint - Huali Group has shown mixed financial performance with a revenue increase but a decline in net profit, alongside significant trading activity in its stock [1][2]. Group 1: Financial Performance - For the first half of 2025, Huali Group achieved a revenue of 12.661 billion yuan, representing a year-on-year growth of 10.36% [2]. - The net profit attributable to shareholders for the same period was 1.671 billion yuan, which reflects a year-on-year decrease of 11.06% [2]. - Cumulative cash dividends since the company's A-share listing amount to 7.936 billion yuan, with 5.485 billion yuan distributed over the past three years [2]. Group 2: Stock Trading Activity - On August 26, Huali Group's stock price increased by 0.65%, with a trading volume of 161 million yuan [1]. - The margin trading data for August 26 indicates a financing purchase of 14.8827 million yuan and a net financing purchase of 2.2955 million yuan, with a total margin balance of 109 million yuan [1]. - The short selling activity on the same day included 2,300 shares sold, with a total value of 124,100 yuan, and a short selling balance of 1.4027 million yuan, indicating high levels of short selling compared to the past year [1]. Group 3: Shareholder Structure - As of August 20, the number of shareholders in Huali Group reached 14,100, an increase of 8.46% from the previous period [2]. - The average number of circulating shares per shareholder decreased by 7.80% to 82,765 shares [2]. - Notable changes in institutional holdings include a reduction in shares held by major shareholders, with Hong Kong Central Clearing Limited decreasing its holdings by 4.097 million shares [2].

Group 1 - The company reported a revenue of 699 million yuan for the first half of 2025, representing a year-on-year growth of 67.03% [1] - The net profit attributable to shareholders of the listed company was -1.71 million yuan [1] - The basic earnings per share were -0.01 yuan [1]

Investment Rating - The report maintains a strong buy rating for the company, with a target valuation not specified [3][7]. Core Views - The company's revenue and net profit for H1 2025 showed a year-on-year increase of 9% and a decrease of 17%, respectively, due to pressure from old customer orders and capacity mismatch [1][7]. - The company is expected to experience a decline in net profit for 2025, followed by growth in 2026 and 2027, with projected net profits of 3.51 billion, 4.18 billion, and 4.95 billion yuan, respectively [1][7]. - The company is expanding its production capacity in Southeast Asia, with new factories in Vietnam and Indonesia expected to come online in the second half of the year [6][7]. Financial Performance - In H1 2025, the company's revenue reached 12.66 billion yuan, a year-on-year increase of 10.4%, while net profit was 1.67 billion yuan, a decrease of 11.1% [1][7]. - The gross profit margin decreased by 6.38 percentage points to 21.85% in H1 2025, with a net profit margin of 13.2% [6][7]. - The company’s cash flow from operating activities was 1.564 billion yuan, a decrease of 9.18% year-on-year [6][7]. Business Segmentation - Revenue from the sports shoe segment increased by 10.8% to 11.34 billion yuan, while outdoor footwear revenue decreased by 57.3% to 261 million yuan [1][2]. - Revenue from North America decreased by 0.4% to 9.89 billion yuan, while European revenue increased by 88.94% to 2.397 billion yuan [2][6]. Capacity and Efficiency - The company's capacity utilization rate was 95.78% in H1 2025, with domestic utilization at 98.7% [6][7]. - New factories in Vietnam and Indonesia are expected to enhance production efficiency, although current efficiency is lower than that of older factories [6][7]. Profit Forecast and Investment Recommendations - The company is expected to achieve revenue of 26.49 billion, 30.02 billion, and 33.96 billion yuan for 2025, 2026, and 2027, respectively, with growth rates of 10%, 13%, and 13% [7]. - The current market capitalization corresponds to a PE ratio of 18x for 2025 and 15x for 2026 [1][7].

Core Viewpoint - Dongguan Jinheng Technology Trade Co., Ltd. has been established with a registered capital of 100,000 RMB, indicating a new player in the market focusing on various sectors including new materials, footwear manufacturing, and retail [1] Company Overview - The company is engaged in a wide range of activities including research and development in new materials technology, manufacturing and retail of footwear, hardware products, and various consumer goods [1] - The registered capital of the company is 100,000 RMB, which is relatively modest and may indicate a focus on niche markets or gradual growth [1] Business Scope - The operational scope includes general projects such as new materials technology research and development, shoe manufacturing, hardware product manufacturing and retail, and wholesale of clothing and accessories [1] - Additional activities encompass the sale of daily necessities, cosmetics, electronic products, furniture, leather goods, and household appliances, showcasing a diverse product offering [1] - The company also engages in import and export activities, which may provide opportunities for international trade and market expansion [1]

Core Viewpoint - Daiwa's report indicates that Jiu Xing Holdings (01836) reported a mid-term net profit of $78.6 million, exceeding market expectations of $75.8 million, but a year-on-year decline of 7% after adjusting for a one-time expense of $7 million related to increased production in Indonesia and the Philippines [1] Financial Performance - The adjusted net profit, excluding the one-time expense, would be $85.6 million, reflecting a 2% year-on-year increase when accounting for a high base effect from last year’s early shipment of 1 million pairs of shoes [1] - The company’s earnings per share forecast for the next two years has been reduced by 2% to 5% due to the impact of factory expansion events and temporary tariff support for designated customers [1] Target Price and Rating - The target price for the company has been raised from HKD 17 to HKD 20, which is based on an average of 12 times the projected earnings per share for the next two years, maintaining a "Buy" rating [1] Dividend and Profit Distribution - The company is expected to distribute an additional $60 million in profits annually, with a projected dividend yield of 10 cents unless the funds are used for share buybacks, which is considered very attractive [1] Future Growth Plans - The company is anticipated to announce a three-year net profit growth plan during the third quarter earnings release, with a target compound annual growth rate of high single digits from 2026 to 2028 [1]

Financial Performance - The group's revenue was flat for the first half of 2025, with a volume increase of 3.8% to 27.5 million pairs, primarily driven by the sports segment [4][5] - The average selling price (ASP) decreased by 3.2% due to a higher proportion of sports products with lower ASP [5] - Operating profit margin fell to 10.9%, down 30 basis points, with net profit declining by 14.6% to $78 million [5][6] - Gross profit margin decreased by 22% compared to 25.6% last year, attributed to high labor costs and temporary efficiency issues in factories [6][9] Business Line Performance - Revenue from the sports segment increased by 8.2%, accounting for 48.5% of total manufacturing revenue, driven by higher shipments to major customers [16] - The luxury category reported a net decrease of 3.5%, while the CASM category declined by 9.2%, reflecting a strategic reallocation of capacity [17] - The company commenced shipments to new customers, including Under Armour and Justin Bieber's brand, Skylar, contributing to the sports segment's growth [15][16] Market Performance - North America and Europe accounted for 48.7% and 23.4% of total revenue, respectively, with China contributing 25% of manufacturing capacity [17][18] - The company anticipates sustained growth, with plans to scale up total capacity by an additional 21 to 26 million pairs through new factories [19] Strategic Direction and Industry Competition - The company is focused on optimizing production efficiency and diversifying manufacturing capacity to align with customer needs [11][24] - A new three-year plan is being finalized, aiming for a 10% operating margin and low single-digit growth [22][24] - The company has received an MSCI ESG rating upgrade to AA, reflecting improvements in environmental performance [21] Management Commentary on Operating Environment and Future Outlook - Management expects moderate increases in shipment volumes for the full year, with continued pressure on profit margins due to efficiency improvements [22][23] - The company is addressing operational challenges in Indonesia and the Philippines, with plans for a turnaround in the second half of the year [30][31] - Tariff impacts are anticipated to affect strategic customer partnerships, with a focus on optimizing operations [23][24] Other Important Information - The company declared a $0.52 interim dividend, maintaining a payout ratio above the previous year's [5][9] - A solid net cash balance of $291 million is reported, with plans for share repurchases or special dividends in the future [8][25] Q&A Session Summary Question: Can you provide insights on the handbag business and its recovery timeline? - The company acquired a small factory specializing in handbags to expand this segment, with expectations for gradual growth [28][29] Question: Any updates on the full-year outlook? - The outlook remains consistent with previous guidance, with expectations of $6 million to $7 million in tariff impacts [30][31] Question: Will margins return to normal levels? - Management aims to restore margins to normal levels by Q4 2026, learning from past expansion challenges [32][33] Question: What are the reasons for revenue declines in China and Europe? - Revenue declines are attributed to customer allocation decisions and pre-order impacts from the previous year [36] Question: Can you quantify the inefficiencies in the first half? - Inefficiencies related to the Philippines and Indonesia resulted in approximately $7 million in profit loss [45] Question: What are the conversations like with brand customers? - Brand customers are cautious but looking to innovate and consolidate suppliers amid tariff uncertainties [47][49] Question: How is the dividend and buyback strategy affected? - There are no changes to the dividend payout policy or capital return strategy, with plans for continued shareholder returns [89]

Economic Development and Consumer Growth - Fujian province has shown strong economic vitality and quality development, with social retail sales growing at an average annual rate of 6.3% during the 14th Five-Year Plan period [2] - The province ranks sixth in online retail and third in rural online retail nationwide, indicating robust consumer engagement [2] - Key strategies to enhance consumer spending include stimulating market vitality, supporting small and medium enterprises, and improving employment opportunities for low-income groups [2] Tourism and Cultural Consumption - In 2024, Fujian is expected to receive 650 million tourists, with total tourism expenditure surpassing 835 billion yuan, reflecting year-on-year growth of 13.5% and 19.6% respectively [4] - The cultural and tourism sector has become a new growth driver for the economy, contributing 10.5% to the province's GDP [4] - Over 1,000 cultural tourism initiatives have been launched this year, with more than 6,000 events held to enhance public engagement [5] Financial Support for Economic Growth - The financial sector plays a crucial role in supporting the development of Fujian's cultural and tourism industries, with over 81.1 billion yuan in net loan growth in related fields [6] - A collaborative mechanism involving government, banks, and enterprises has been established to promote financial support for the tourism economy [6] Social Welfare and Public Services - By mid-2025, nearly 80% of Fujian's public budget will be allocated to social welfare, focusing on healthcare, elderly care, and childcare services [8] - The province has established eight national medical centers and 13 provincial medical centers to improve healthcare accessibility [8] - Fujian has developed 94,000 public childcare spaces to support working parents, enhancing the quality of early childhood education [8] Social Security Innovations - Fujian has implemented a "15-minute social security service circle" to improve accessibility and efficiency in social security services [9] - Collaborations with major banks have led to the establishment of dedicated social security service windows in 451 bank branches [9] - The province is exploring innovative service models to further enhance the convenience of social security services for the public [9]