Group 1 - The overall export growth in China has remained stable since April, with the Ministry of Commerce focusing on addressing the needs of foreign trade enterprises and implementing policies effectively [1] - In the first quarter of this year, Fujian Province exported footwear worth 17.08 billion yuan, ranking first in the country, despite challenges posed by U.S. tariff policies [2] - The introduction of 3D printing technology in the footwear industry has transformed production processes, allowing companies to innovate and respond quickly to market demands [4][6] Group 2 - Companies like Cabbeen Fashion have shifted from a subcontracting model to taking the initiative in design and pricing, reflecting a fundamental change in their collaboration with international brands [6] - Innovation has become a significant driver of high-quality development in Fujian, with R&D investment growing over 13% for seven consecutive years and over 3,100 national high-tech enterprises established [8] - The current environment presents an opportunity for Chinese companies to strengthen their market position and expand internationally [10]

以下文章来源于财经连环话 ，作者财经连环话 财经连环话 . 一张图看懂财经万象，专业财经，轻松看懂。唯一正牌官方号。 来源：凤凰网财经《为什么是》 在全球亚马逊卖家数量排名中，力压布鲁克林迈阿密冲入全球第三的城市，是在海外名不见经传的莆田。 卖什么？卖鞋。 在西海岸，再完备发达的品牌市场也阻止不了莆田的渗透，再手眼通天的墨西哥团伙也拿不下球鞋的垄断生意。那一艘艘满载着球鞋的货轮，就像当年驶 入波士顿湾的茶船一样，倾泻而下的商品轻而易举地就瓦解了美国鞋业的传统地位。 同时被hiphop与NBA双重文化熏陶淬炼出的专业审美，早就让他们明白，如果制鞋的工人没有吃过一口正宗的江口卤面，那经他手的产品一闻就知道缺乏 球鞋真正的灵魂——莆田的味道。 01 每一个成功的美国鞋商 多少带点莆田裔 全球贸易政策不稳定，贸易数据就更能公正地显示出每一条产业链的含金量。 根据莆田市官网数据，2024年前10个月，莆田外贸出口总值280.2亿元，增长5.7%，其中出口鞋靴112.3亿元，增长8.2%，占同期全市外贸出口总值的四 成。 在全球亚马逊卖家数量排名中，力压布鲁克林迈阿密冲入全球第三的城市，也是在海外名不见经传的莆田。 昂扬 ...

Investment Rating - The report maintains a "Buy" rating for the company [6]. Core Views - The company is expected to experience significant growth driven by both existing and new customers, with a stable performance leading to valuation premiums. The short-term outlook suggests minimal impact from tariffs due to a strong competitive position, with anticipated revenue growth in 2025. The medium-term perspective indicates that the stabilization of existing customers and the continued growth of new customers will drive a new growth cycle, supported by capacity expansion [2][4]. Summary by Sections Financial Performance - In 2024, the company's revenue reached RMB 240.1 billion, representing a year-over-year increase of 19.4%, while the net profit attributable to shareholders was RMB 38.4 billion, up 20% year-over-year. The net profit margin increased by 0.09 percentage points to 16.0% [4]. - For Q4, revenue was RMB 65.0 billion, reflecting an 11.9% year-over-year growth, with a net profit of RMB 10.0 billion, a 9.2% increase year-over-year [4]. Dividend Policy - The company declared a dividend of RMB 26.8 billion for 2024, with a payout ratio of 70%, exceeding expectations, resulting in a dividend yield of approximately 4.1% [4]. Future Profit Projections - The projected net profit attributable to shareholders for 2025-2027 is RMB 42.7 billion, RMB 50.3 billion, and RMB 59.7 billion, respectively, with year-over-year growth rates of 11%, 18%, and 18%. The current price corresponds to a price-to-earnings ratio of 15, 13, and 11 times for the respective years [2][4].

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：2025-008 | 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 及人员姓名 | 详见附件一 | | 时间 | 2025年4月17日、2025年4月18日 | | 地点 | 线上：腾讯会议 线下：深圳 | | 上市公司 接待人员姓名 | 董事长张聪渊、副董事长兼执行长张志邦、董事会秘书方玲玲 | | | 参加公司组织的调研活动（线下）的来访人员按深交所规定签署了《承诺书》。 | | | 投资者与公司的交流情况： | | | Q：公司对美国的销售占比有多少？特朗普加征关税对公司的影响？ | | | A：关于销售收入：公司年报披露的销售收入是按客户总部所在地进行的划分，比如公司 | | | 来自 Nike 的收入全部统计在美国地区，来自 Puma 的收入全部统计在欧洲地区。美国是 | | | 全球最大的运动鞋消费市场，我们预估美国市场约占公司销售收入的 4成左右。公司的产 ...

一、本年度报告摘要来自年度报告全文，为全面了解本公司的经营成果、财务状况及未来发展规划，投 资者应当到http://www.sse.com.cn网站仔细阅读年度报告全文。 二、本公司董事会、监事会及董事、监事、高级管理人员保证年度报告内容的真实性、准确性、完整 性，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 三、公司全体董事出席董事会会议。 四、华兴会计师事务所（特殊普通合伙）为本公司出具了标准无保留意见的审计报告。 五、董事会决议通过的本报告期利润分配预案或公积金转增股本预案 经华兴会计师事务所（特殊普通合伙）审计，公司2024年度实现归属于母公司股东的净利润（合并报表 数）为-90,814,140元，母公司实现净利润为17,891,934元。截至2024年12月31日，公司合并报表未分配 利润为-327,472,497元，母公司未分配利润为-118,076,642元。综合考虑公司日常生产经营发展需要，公 司2024年度拟不进行利润分配，也不进行资本公积金转增股本和其他方式的分配。 登录新浪财经APP 搜索【信披】查看更多考评等级 公司代码：603608 公司简称：*ST天创 转债代 ...

净利率稳中有升，账上资金充沛。1）毛利率：24 年同比+1.2pct 至26.8%，主因产能利用率提升。2） 费用率：期间费用率同比+1.1pct 至6.0%，其中管理费用率+1.0pct，主因24 年业绩表现优异，员工薪酬 绩效计提增加。3）归母净利率：24 年同比+0.09pct 至16%，稳中有升。4）现金流： 24 年经营性现金流净额46.17 亿元（yoy+24.97%），货币资金55.9 亿元，账上资金充沛。 公司公布2024 年报：营收240.06 亿元/yoy+19.35%，归母净利润38.40亿元/yoy+20.00%，业绩符合我们 此前预期。单Q4 营收64.95 亿元/yoy+11.88%，归母净利润9.97 亿元/yoy+9.18%，Q4 营收增速较前三季 度有所放缓，主因23Q4 品牌客户去库结束恢复下单形成相对偏高基数；归母净利润增速略低于营收， 主因新工厂产能爬坡导致效率短期波动。 24 年拟派息2.3 元/股，派息率69.89%，分红比例显著提升（2023 年为44%）。 量价齐升，新客户强劲增长。1）分量价看，2024 年运动鞋销量2.23 亿双（yoy+17.53%），人民 ...

Summary of Key Points Core Viewpoint - The Jinan Market Supervision Administration has released the results of the second batch of quality supervision inspections for footwear products in 2024, revealing that several products failed to meet the required standards, indicating potential quality issues in the local footwear market [2][3]. Group 1: Inspection Results - A total of 51 batches of footwear products were inspected, with 1 batch from the production sector and 50 batches from the circulation sector [2]. - The inspection evaluated various performance metrics, including bending resistance, abrasion resistance, and formaldehyde content, among others [2]. - Three sellers were found to have five batches of products that did not comply with the relevant standards, specifically in areas such as longitudinal stiffness and bending resistance [2][3]. Group 2: Non-compliance Actions - The Jinan Market Supervision Administration has mandated relevant departments to handle the non-compliance results according to the Product Quality Law of the People's Republic of China and other related regulations [3]. - The specific non-compliance issues identified include inadequate longitudinal stiffness, insufficient bending resistance, and improper hardness of the shoe soles [2][3]. Group 3: Detailed Inspection Data - The inspection results include a detailed table listing the non-compliant products, their manufacturers, and the specific standards they failed to meet [4][5][6]. - Notable non-compliant products include women's shoes from Jinan Tianqiao District and men's shoes from Yinzuo Group, with multiple issues reported across different batches [4][5][6].

点击注册小程序 查看完整报告 特别申明： 分量价来看，2024年公司销售运动鞋2.23亿双，销量同比+17.5%，推算人民币口径单价同比提升1.7%。 分品类来看，运动休闲鞋、户外靴鞋、运动凉鞋/拖鞋及其他24年收入占总收入的比重分别为 87.4%/3.7%/8.6%，收入分别同比+17.9%/-33.7%/+125.8%，其中运动凉鞋/拖鞋及其他收入大幅增加，主 要系UGG等品牌的拖鞋款型体订单大幅增加。 分地区来看（按品牌客户总部所在地划分），美国/欧洲/其他地区24年收入占总收入的比重分别为 85.0%/12.8%/2.1%，收入分别同比+18.1%/+24.3%/+44.4%。 品牌客户方面，前五大客户24年收入占比为79.1%，占比同比下降3.2PCT，收入同比增14.7%，前五大客 户收入占比依次为33.2%/21.4%/12.5%/6.3%/5.8%，其中前四大客户收入分别同比 +4.7%/+26.4%/+26.4%/+8.0%（第五名客户有变化）；除前五大客户外，其他客户收入占比为20.9%，收 入同比增长41.3%。新客户中，On Running增长较高，另外公司24年9月为adidas量产 ...

Group 1: Sales and Market Impact - The company's sales revenue from the U.S. market is estimated to account for approximately 40% of total sales, with the U.S. being the largest consumer market for athletic shoes [2] - The company has developed different response plans regarding the U.S. tariffs on imports from Vietnam and Indonesia, maintaining close communication with clients [2][3] - Despite the uncertainty in the global trade environment, the company will not adjust its strategic plans for the construction of new factories in Indonesia [3] Group 2: Raw Material Sourcing - In 2024, over 50% of raw materials for the Vietnam factory will be sourced locally, while the proportion from mainland China has decreased to about 30% [4] - The company operates a processing model in Vietnam, where raw materials are imported duty-free, and only processing fees are charged [4] Group 3: Production Capacity and Technology - The company’s supercritical physical foaming midsole technology is considered to be at a leading level in the industry, with production capacity currently tight [5] - The company plans to continue investing in expanding production capacity to meet demand for this technology [5] Group 4: Financial Performance and Profit Distribution - The company's net profit margin has remained stable at around 15%-16% since 2021, reflecting effective cost and expense management [7] - The cash dividend ratio for 2024 is set to approximately 70% of net profit, with previous years showing cash dividends of 89% in 2021, 43% in 2022, and 44% in 2023 [16] Group 5: Future Outlook and Client Relations - The company is optimistic about 2025 orders, with no significant changes expected in actual orders compared to forecasts [8] - Average selling prices will fluctuate based on client and product mix, with the company monitoring these changes closely [9] - The company maintains a multi-client model, which enhances its market adaptability and attracts new clients [14]

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company achieved a revenue of 24.01 billion yuan in 2024, representing a year-on-year growth of 19.4%, and a net profit attributable to shareholders of 3.84 billion yuan, up 20.0% year-on-year. The proposed cash dividend is 2.3 yuan per share, with a dividend payout ratio of approximately 70%, exceeding expectations and marking the highest ratio since 2022 [5][11] - The company continues to expand production capacity actively, with new factories in Vietnam and Indonesia contributing to its growth. The production capacity in 2024 reached 230 million pairs of shoes, with a utilization rate of 96.7%, an increase of 10.1 percentage points year-on-year [11][12] Summary by Sections Financial Performance - In 2024, the company's gross profit margin improved by 1.2 percentage points to 26.8%. The gross profit margins for different product categories were 27.2% for sports casual shoes, 21.6% for outdoor boots, and 24.4% for sports sandals/slippers [9] - The company reported a significant increase in operating cash flow, amounting to 4.62 billion yuan, a 25.0% increase year-on-year [10] Sales and Market Position - The company sold 223 million pairs of sports shoes in 2024, with a year-on-year increase in sales volume of 17.5% and a slight increase in average selling price by 1.7% [7] - The top five customers accounted for 79.1% of total revenue, with a year-on-year revenue growth of 14.7%. Notably, new customers like On Running showed significant growth [8] Production and Capacity Expansion - The company has initiated production in three new factories in Vietnam and one in Indonesia, with plans for further expansion in China and Indonesia [11] - The company has invested in automation, with over 500 intelligent cutting machines deployed and four automated molding lines introduced in 2024 [11] Future Outlook - The company is expected to continue leveraging its leading position in the market, with forecasts for net profit attributable to shareholders of 4.36 billion yuan, 5.00 billion yuan, and 5.70 billion yuan for 2025, 2026, and 2027 respectively [12]