证券代码：300979 证券简称：华利集团 公告编号：2025-043 中山华利实业集团股份有限公司 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 特别提示：本公告所载中山华利实业集团股份有限公司（以下简称"公司"） 度报告中披露的最终数据可能存在差异，请投资者注意投资风险。 一、2025 年半年度主要财务数据和指标 | | | 单位：人民币万元 | | | | | --- | --- | --- | --- | --- | --- | | 项目 | 本报告期 | 上年同期 | | 增减变动幅度 | | | 营业总收入 | 1,266,086.44 | 1,147,195.96 | 10.36% | | | | 营业利润 | 216,595.12 | 245,232.89 | -11.68% | | | | 利润总额 | 215,294.46 | 244,672.88 | -12.01% | | | | 归属于上市公司股东的净利润 | | 166,381.77 | 187,834.78 | -11.42% | | | 扣除非经常性损益后的归属于上市公司股 | ...

Investment Rating - The report initiates coverage with a "Buy" rating for the company [4][13][15]. Core Views - Yuanyuan Group is the world's largest sports shoe manufacturer, with a diversified brand client portfolio and production bases. The company is expected to achieve sustainable growth in its manufacturing business following the end of the overseas destocking cycle and diversified capacity layout. The retail business is anticipated to grow steadily through vertical market development and new brand contributions. The projected net profits for 2025-2027 are $390 million, $430 million, and $480 million, respectively, with corresponding PE ratios of 6X, 6X, and 5X, indicating a low valuation level [4][13][20]. Company Overview - Yuanyuan Group, established in 1988, operates in OEM/ODM shoe manufacturing and sports apparel retail. In 2024, the revenue and net profit contributions from manufacturing and retail are expected to be 69%/84% and 31%/16%, respectively, with total revenue of $8.18 billion and net profit of $390 million. The company has established long-term partnerships with international brands such as Nike, Adidas, Asics, and New Balance, with production bases in Vietnam, Indonesia, and China [4][10][20]. Manufacturing Business - The manufacturing segment has a revenue scale superior to comparable companies, but its growth rate has been relatively poor, with a CAGR of -1.3% from 2019 to 2024. However, improvements are expected in 2024 due to normalized orders and capacity expansion in India. The company has room for cost improvement, as its net profit margin remains lower than peers despite recent operational optimizations [11][12][51]. Retail Business - The retail segment shows performance disparities, with 宝胜国际 and 滔搏 facing challenges. In 2024, 宝胜国际's revenue is projected to decline by 8% to $2.845 billion, while its net profit margin is expected to improve slightly to 2.7%. The company is focusing on stabilizing retail discounts and improving profit margins to achieve quality profit growth [11][12][51]. Market Outlook - The sports shoe and apparel market is experiencing high demand, driven by increased awareness of physical fitness and the development of sports initiatives. The industry is characterized by high concentration, with market share gradually shifting towards leading brands. The manufacturing side benefits from high entry barriers, while the retail side is expected to grow steadily through multi-channel operations and brand matrix expansion [12][20][41].

Group 1: Impact of Tariff Policies - The details of the latest U.S. tariff policies on Vietnam and Indonesia are not fully clarified, and the company will closely monitor these developments [2] - Historically, tariffs have been borne by brand clients (importers), ultimately affecting consumer prices; clients evaluate cost optimization across various dimensions if retail price increases impact competitiveness [2] - Since the announcement of the "reciprocal tariff" policy in April, many clients have not discussed the cost implications with the company [2] Group 2: Supply Chain and Material Sourcing - In 2024, over 50% of the raw materials needed by the company's Vietnam factory will be sourced locally, while the proportion from mainland China has decreased to about 30% [3] - The company has seen a gradual shift of raw material manufacturers to Southeast Asian countries, with many Chinese manufacturers also establishing factories in Vietnam [2][3] Group 3: Sales Distribution and Market Performance - The U.S. market accounts for approximately 40% of the company's sales revenue, as reported in the annual report [4] - There are noticeable differences in sales performance across regions, with some brands having a higher market share in the U.S. while others perform better in Europe [5] Group 4: Profit Margins and Operational Efficiency - The gross profit margin declined in Q1 2025 due to the rapid increase in new customer orders and the need for new factory setups, which affected overall efficiency [6] - The company expects operational efficiency to improve as new employees become more skilled and factory processes are optimized [6] Group 5: Capital Expenditure and Future Investments - The company plans to maintain an active capacity expansion strategy, with capital expenditures projected to be between 1.1 billion to 1.7 billion RMB annually from 2022 to 2024 [9] - New factories will be established in Indonesia and Vietnam, with accelerated automation upgrades [9] Group 6: Dividend Policy and Shareholder Returns - The company has a strong focus on shareholder returns, with cash dividends in 2021 accounting for approximately 89% of net profit, and 2022 and 2023 dividends at 43% and 44% respectively [10] - By the end of 2024, the company expects to have accumulated approximately 10.4 billion RMB in undistributed profits, allowing for potential increased dividends while meeting capital expenditure needs [10]

Group 1: Financial Performance - The company's gross profit margin is positively influenced by customer and product structure adjustments, lean production measures, and improved factory operational efficiency [2] - In 2021, cash dividends accounted for approximately 89% of the annual net profit; in 2022, this ratio was 43%; in 2023, it was about 44%; and for 2024, it is projected to be around 70% [5] - As of the end of 2024, the company's undistributed profits amount to approximately 10.4 billion RMB [5] Group 2: Production Capacity and Expansion - The main production base is located in Vietnam, with a new finished shoe factory expected to commence production this year; the Indonesian base is projected to have a capacity of over 60 million pairs, starting production in the first half of 2024 [2] - A finished shoe factory in Sichuan will begin production in the first quarter of 2025 through leased facilities [2] Group 3: Market Competition and Industry Dynamics - The sports shoe manufacturing industry is primarily dominated by Taiwanese and South Korean enterprises, with significant historical investment in mainland China [3] - The industry has high barriers to entry due to the lengthy development cycles and complex production processes, requiring substantial technical experience and innovation [3] Group 4: Shareholder Relations - The controlling shareholder has not yet reduced their stake, aiming to optimize the shareholder structure and welcome long-term investors [4]

Group 1: Investor Relations Activity - The investor relations activity included a factory visit at the Adidas factory in Emei, Sichuan on May 29-30, 2025, attended by the company's chairman and management team [2] - Investors signed a commitment letter as per Shenzhen Stock Exchange regulations before participating in the factory tour [2] Group 2: Production and Operational Insights - The company is currently in a production peak season with a full order book, ensuring timely deliveries [2] - The first quarter of 2025 saw a decline in gross margin due to the ramp-up phase of new factories and the hiring of new employees, which affected operational efficiency [3] - The company plans to optimize training and enhance automation to improve operational efficiency in the new factories [3][7] Group 3: Market and Pricing Strategy - The company is monitoring the impact of U.S. tariff policies on Southeast Asian countries, with no significant changes in order volumes reported so far [2] - Average selling price fluctuations are influenced by customer and product mix changes, with a diversified brand strategy in place [5] Group 4: Automation and Cost Management - The company is investing in automation to reduce reliance on skilled labor and improve production efficiency, with over 500 intelligent cutting machines introduced in 2024 [6][7] - The procurement model is based on "production-driven purchasing," allowing for timely raw material procurement and minimizing waste [8] Group 5: Expansion and Management Efficiency - The company is expanding operations in Indonesia and China, with a focus on optimizing management processes to maintain operational efficiency across multiple locations [9] - The management team is experienced in the Indonesian market, and the company is confident in achieving operational targets as the new factories mature [4] Group 6: Financial Performance and Shareholder Returns - The company has a strong track record of cash dividends, with 2021 cash dividends accounting for approximately 89% of net profit, and 2023 dividends around 44% [12] - The company aims to balance shareholder returns with capital expenditure needs, with a significant amount of undistributed profits available for future dividends [12]

Investment Rating - The report maintains a "Buy" rating for the company [1][5]. Core Views - The company reported Q1 2025 revenue and net profit attributable to shareholders of $202.9 million and $7.6 million, respectively, showing a year-on-year growth of 1.3% and a decline of 24.2%, which was below market expectations [2]. - The decline in net profit was primarily due to uneven capacity utilization across manufacturing plants, inefficiencies in production, and rising labor costs due to increased hiring and wage inflation [2][3]. - The manufacturing ASP (Average Selling Price) turned positive after five consecutive quarters of decline, with Q1 2025 manufacturing revenue and net profit at $132.8 million and $6.4 million, respectively, reflecting a year-on-year increase of 5.9% and a decline of 24.6% [3]. - The retail business saw a further decline in revenue in April 2025, with Q1 retail revenue and net profit at $51.07 million and $1.38 million, respectively, down 5.4% and 20.7% year-on-year [4]. Summary by Sections Financial Performance - Q1 2025 manufacturing gross margin, operating net margin, and net margin attributable to shareholders were 17.7%, 5.7%, and 4.8%, respectively, down 2.6, 2.7, and 2.0 percentage points year-on-year [3]. - The company expects to maintain revenue forecasts for 2025-2027 at $8.69 billion, $9.09 billion, and $9.43 billion, while lowering net profit forecasts for the same period to $460 million, $520 million, and $560 million [5][7]. Market Position and Outlook - The company is positioned as a global leader in athletic shoe manufacturing, benefiting from a strong market share among top global sports brands and a vertically integrated supply chain [5]. - The company exports 29% to the U.S. and can cover tariffs through increased production capacity in Vietnam and Indonesia, with expectations of maintaining low to mid-single-digit growth in orders for the year [5]. - The report anticipates that despite short-term challenges from tariffs and inflation affecting consumer confidence, the company is likely to see growth driven by production expansion and positive price momentum [5].

Investment Rating - The report maintains a "Buy" rating for the company [2] Core Views - The company's Q1 2025 revenue met expectations, while profit fell short due to initial inefficiencies in new factory operations. The new factories are expected to provide growth opportunities in the medium term as they ramp up efficiency [7][6] - The company is experiencing significant growth in new brand orders, particularly from Adidas, which is expected to enhance revenue streams. The company is now one of the few manufacturers capable of producing for both Nike and Adidas [7] - The company's core competitiveness is strengthening through diversified production locations and technological advancements, including breakthroughs in midsole technology and automation [7] Financial Data and Profit Forecast - Total revenue for 2025 is projected at 27,608 million yuan, with a year-on-year growth rate of 15.0%. The net profit attributable to the parent company is expected to be 4,148 million yuan, reflecting an 8.0% increase [6] - The gross margin is forecasted to stabilize at 25.7% in 2025, with a return on equity (ROE) of 22.0% [6] - The company has adjusted its revenue forecasts for 2025-2027 to 27,608 million, 31,762 million, and 36,301 million yuan respectively, while slightly lowering profit forecasts due to new factory efficiency issues [7]

Core Viewpoint - The company reported a solid performance in Q1 2025, with revenue growth driven by strategic customer expansion and new factory operations, despite a slight decline in net profit attributable to shareholders [1][4]. Group 1: Financial Performance - Q1 2025 revenue reached 5.4 billion, representing a 12% year-on-year increase, while net profit attributable to shareholders was 760 million, down 3% year-on-year [1]. - The company’s net profit after deducting non-recurring items was 750 million, also a 3% decrease compared to the previous year [1]. Group 2: Customer and Market Strategy - The company has diversified its customer base, with most clients being publicly listed companies, which has contributed to stable revenue growth [2]. - New customer orders have significantly increased year-on-year, indicating strong demand and competitive positioning within the supply chain [2]. Group 3: Production and Operational Efficiency - The company is accelerating the construction and production pace of new factories, having launched two finished shoe factories in Q1 2025, following the establishment of four factories in 2024 [1]. - The initial phase of new factory operations is experiencing a learning curve due to employee training, impacting overall gross margin; however, the company plans to enhance operational efficiency through optimized training and smart production systems [1]. Group 4: Strategic Adjustments - The company is adjusting its production strategy in response to changing tariff policies, with manufacturing primarily in Vietnam and plans to increase capacity in Indonesia [3]. - The company’s product sales are directed by customer instructions, and any changes in tariff policies will influence supply chain decisions and production layout [3]. Group 5: Earnings Forecast - Based on Q1 2025 performance, the company has revised its profit forecasts, expecting net profits of 4 billion, 4.7 billion, and 5.5 billion for 2025-2027, respectively [4]. - The expected earnings per share (EPS) for the same period are projected to be 3.41, 3.99, and 4.68, with corresponding price-to-earnings (PE) ratios of 20, 17, and 14 times [4].

国科嘉和已率先通过前瞻性布局围绕新质生产力展开了系统性投资。 作者丨簪竹 来源丨投中网 随着政策春风吹来，创业投资前所未有地站到了舞台中央。 新"国九条"明确畅通"募投管退"循环，强调科创投资对于科技创新的支持；中央经济工作会议力倡以 科技创新引领新质生产力发展，壮大耐心资本...... 在加快发展新质生产力的新形势下，如何答好科技创新"时代命题",也考验着创投机构的智慧。 将投中网设为"星标⭐"，第一时间收获最新推送 作为投身硬科技投资领域十余载的老兵， 国科嘉和一直致力于推动优质科技成果进行市场化、产业 化发展，在其累计投资的百余家优秀科技企业里，近30家已成功IPO、已过会和已申报IPO，50余家 企业荣获国家级专精特新"小巨人"。 这也意味着，当众多投资机构纷纷转向硬科技赛道时，国科嘉和已率先通过前瞻性布局围绕新质生产 力展开了系统性投资。 技术资本助推高质量科创产业项目落地 在民营资本投资意愿减弱等大背景下，以政府引导基金、政府投资基金为代表的国资基金成为国内创 投市场的"白衣骑士"，为国内创投及私募股权市场注入了稳定资金。 据CVSource投中数据显示，2024年，政府机构及国资控股机构LP出资 ...

Investment Rating - The report maintains a "Buy" rating for several companies, including Century Internet, Huayi Group, and 361 Degrees, indicating a positive outlook for their future performance [19][25][31]. Core Insights - The report highlights significant growth in capital expenditure for Century Internet, projecting a 101-141% increase in 2025, driven by strong demand in the AIDC sector [15]. - The AI and cloud computing sectors are experiencing increased investment from both domestic and international giants, which is expected to accelerate AI application deployment [16]. - The report emphasizes the robust growth potential in the AIDC cloud computing market, with recommendations for various companies across different segments [17]. - Huayi Group is expected to see a revenue increase of 19.4% in 2024, with a focus on expanding production capacity and optimizing customer structure [19]. - 361 Degrees anticipates breaking the 10 billion yuan revenue mark in 2024, with a strong emphasis on exploring new retail formats [25]. - The report notes that the toy market, particularly in the building block segment, is rapidly growing, with a projected increase in market size from 773.1 billion yuan in 2023 to 993.7 billion yuan by 2028 [32]. - Shandong Pharmaceutical Glass is positioned to benefit from the increasing demand for borosilicate glass, with projected net profits growing significantly over the next few years [36][37]. Summary by Sections Technology Sector - The report discusses the trading congestion indicators for the technology sector, suggesting that high trading volumes may indicate a risk of price corrections [3]. - Relative valuation metrics show that technology growth stocks are not at historical extremes but are also not particularly cheap, with TMT and robotics sectors at high percentiles [4][5]. Communication Sector - Century Internet's capital expenditure is expected to reach 100-120 billion yuan in 2025, reflecting a strong growth trajectory in the AIDC market [15]. - The demand for AIDC services is anticipated to accelerate, supported by significant contracts from major clients [15]. Consumer Goods Sector - Huayi Group's new factory efficiency is expected to impact Q4 earnings positively, with optimistic projections for Adidas orders [19]. - 361 Degrees is actively exploring new retail formats and anticipates a revenue increase of 19.6% in 2024 [25]. Toy Industry - The report highlights the rapid growth of the building block toy market, with a significant market share held by companies like Bluko, which is leveraging a strong IP portfolio [31][32]. Pharmaceutical Glass Industry - Shandong Pharmaceutical Glass is expected to see substantial growth in net profits due to the increasing adoption of borosilicate glass in the pharmaceutical sector [36][37].