SHEIN's IPO Plans - SHEIN is reportedly planning to shift its IPO focus to Hong Kong, aiming to submit an application to the Hong Kong Stock Exchange soon and complete the IPO within the year [2] - The company's IPO journey has faced multiple setbacks since 2020, including a failed attempt to go public in the U.S. due to geopolitical changes and subsequent adjustments to its corporate structure [2][3] - In 2024, SHEIN's sales are projected to increase by nearly 40% to approximately $10 billion, with overall revenue growth expected to reach 19% to $38 billion, although profits are anticipated to be significantly lower than the company's expectations [3] Birkenstock's Price Increase - Birkenstock plans to raise global prices to offset the impact of a 10% tariff on EU goods imposed by the U.S., with some styles seeing price increases close to 10% [4] - The company reported a revenue of €574.3 million in Q2 2025, a 19% year-over-year increase, with the Americas market growing by 23% [5] - Birkenstock is expanding its presence in Asia, particularly in China, India, and the Middle East, with a focus on online retail [5] Walmart's Restructuring and Layoffs - Walmart plans to lay off approximately 1,500 employees as part of a restructuring effort to simplify operations and reduce costs, primarily affecting its global tech department and e-commerce fulfillment operations [6] - The company will raise prices on certain products starting at the end of May due to increased costs from tariffs, with CEO Doug McMillon stating that the company cannot absorb all tariff pressures [6] - This marks the second round of layoffs for Walmart in 2023, following earlier job cuts in February [6][7] Jacquemus Group Formation - French designer brand Jacquemus has established a holding company, Jacquemus La Maison Mère, marking its transition to a group structure [18] - The new company has an overall valuation of €576.1 million, following a strategic partnership with L'Oréal, which acquired a 10% minority stake in Jacquemus [18][19] Dior's Creative Director Resignation - Maria Grazia Chiuri has resigned as the artistic director of Dior's women's wear, ending speculation about her future [21] - Under her leadership, Dior's sales grew from €2.2 billion in 2017 to €9 billion in 2023, making it one of the fastest-growing brands in the luxury fashion sector [21] ELF Beauty's Acquisition - ELF Beauty announced the acquisition of Hailey Bieber's skincare brand, Rhode, for a total of $1 billion, marking the largest acquisition in ELF's 18-year history [24] - The deal will involve an initial payment of $800 million, with the remaining $200 million contingent on Rhode meeting specific revenue targets from 2025 to 2027 [25] POLA Group's Exit from China - POLA Group has announced the dissolution and liquidation of its wholly-owned subsidiary in China, raising concerns about the potential exit of its ORBIS brand from the Chinese market [26] - The subsidiary has experienced continuous declines in operating and net profits from 2022 to 2024, with 2024 revenue estimated at only 40 million RMB [26]

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） 二零二五年四月之每月收益公告 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。 1 月份：二零二五年四月 承董事會命 主席 邱暉堯 香港，二零二五年五月十二日 於本公告日期，董事會成員包括： 非執行董事 邱暉堯先生（主席）、蔡佩君女士及李義男先生 執行董事 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 ...

Group 1 - The junk bond market is experiencing a resurgence after a period of stagnation due to U.S. President Donald Trump's tariff policies, with companies like Golden Goose and Motel One issuing bonds again [1] - Investment activity is primarily increasing in Europe, driven by expectations of quicker interest rate declines and U.S. investors seeking diversification due to tariff impacts [1] - High-risk transaction types, such as dividend recapitalizations and payment-in-kind notes, indicate rising investor demand [1] Group 2 - The high-yield bond market has made a strong comeback, with last week being the busiest of the year, supported by ample market liquidity [2] - European pharmaceutical company Zentiva raised over €500 million (approximately $550 million) for dividend payments, part of a trend among borrowers engaging in similar transactions [2] - Major transactions are in the pipeline, including JPMorgan leading a $6.5 billion debt financing for 3G Capital's acquisition of Skechers [2] Group 3 - Sunoco LP's acquisition of Parkland Corp. will receive $2.65 billion in loan support, while KKR seeks $3.1 billion for its acquisition of OSTTRA [3] - Some market participants remain cautious, recognizing that not all upcoming projects will succeed despite the current wave of activity [3]

Investment Rating - The report maintains a "Buy" rating for the company, anticipating a net profit growth of 44.23 billion, 50.74 billion, and 57.92 billion RMB for the years 2025 to 2027, corresponding to P/E ratios of 15, 13, and 11 respectively [5] Core Insights - The company reported a revenue of 5.353 billion RMB in Q1 2025, a year-on-year increase of 12.34%, while the net profit attributable to the parent company was 762 million RMB, a decrease of 3.25% [2] - The company is experiencing stable orders with short-term profit margins affected by the ramp-up of new factories, but overall performance is in line with expectations [2] - The company has successfully launched new factories in Vietnam, Indonesia, and China to meet the growing demand, with two new shoe factories already operational in Q1 2025 [3] - The gross margin for Q1 2025 was 22.90%, down 5.47 percentage points year-on-year, primarily due to the efficiency ramp-up of new factories [3] - The company is expected to gradually restore its profitability as new factories improve operational efficiency through optimized training mechanisms and the deployment of smart production equipment [3] Summary by Sections Performance Review - In Q1 2025, the company achieved a revenue of 5.353 billion RMB, reflecting a 12.34% year-on-year growth, while the net profit attributable to the parent company was 762 million RMB, down 3.25% [2] Operational Analysis - The company sold 49 million pairs of sports shoes in Q1 2025, marking an 8.24% year-on-year increase, with a slight growth in average selling price (ASP) [3] - The company’s gross margin was impacted by new factory ramp-ups, but the net profit margin was 14.26%, down 2.30 percentage points year-on-year [3] Market and Client Dynamics - The company is less affected by tariffs due to its Southeast Asian factories using a processing model and local sourcing of over 50% of raw materials in Vietnam [4] - The company is expected to benefit from new client orders, particularly from Adidas, as it continues to expand its customer base despite slower growth from major clients like Nike [4] Profit Forecast and Valuation - The company is projected to achieve net profits of 44.23 billion, 50.74 billion, and 57.92 billion RMB from 2025 to 2027, with corresponding P/E ratios of 15, 13, and 11 [5]

Investment Rating - The report maintains a "Buy" rating for the company, anticipating a net profit growth of 44.23 billion, 50.74 billion, and 57.92 billion RMB for the years 2025 to 2027, corresponding to PE ratios of 15, 13, and 11 times respectively [5] Core Views - The company reported a revenue of 5.353 billion RMB in Q1 2025, a year-on-year increase of 12.34%, while the net profit attributable to the parent company was 762 million RMB, a decrease of 3.25% [2] - The company is experiencing stable orders with short-term profit margins affected by the ramp-up of new factories, but overall performance is in line with expectations [2] - The company is benefiting from a strong customer base, particularly with new clients like Adidas, which is expected to drive growth despite challenges in the broader market [4] Summary by Sections Performance Review - In Q1 2025, the company achieved a revenue of 5.353 billion RMB, reflecting a 12.34% year-on-year growth. The net profit attributable to the parent company was 762 million RMB, down 3.25% year-on-year, while the non-recurring net profit was 751 million RMB, also down 3.35% [2] Operational Analysis - The company sold 49 million pairs of sports shoes in Q1 2025, an increase of 8.24% year-on-year, with an increase in average selling price (ASP) contributing to order growth. New customer orders have significantly increased, particularly following the partnership with Adidas that began in Q4 2024 [3] - The gross margin for Q1 2025 was 22.90%, a decrease of 5.47 percentage points year-on-year, primarily due to the efficiency ramp-up of new factories. The company plans to enhance operational efficiency through training and the deployment of smart production equipment [3] Market and Client Dynamics - The company is minimally affected by tariffs due to its Southeast Asia factories operating under a processing model, with over 50% of raw materials sourced locally in Vietnam. The company’s production capacity is concentrated in Vietnam and Cambodia, which mitigates the impact of tariff increases announced by the U.S. [4] - The growth strategy relies heavily on new clients like Adidas and On, with strong order momentum expected to continue. The company’s customer acquisition capabilities are highlighted as a key strength, allowing it to achieve rapid growth even as major clients like Nike experience slower growth [4]

Core Insights - Adidas has launched a new Climacool shoe utilizing advanced 3D printing technology, expanding its availability from a limited release on the Confirmed platform to the global market [1] - The shoe is manufactured using additive manufacturing techniques, marking a significant innovation in the footwear industry [1] - The Climacool shoe features a unique lattice structure that provides lightweight breathability and essential performance characteristics, setting it apart in the athletic footwear market [2] Summary by Categories Product Innovation - The Climacool shoe represents a leap in manufacturing technology, moving beyond previous attempts with the Futurecraft 4D shoe, which utilized continuous liquid interface production [1] - The shoe's design can be easily modified through 3D modeling, enhancing design efficiency and flexibility, although personalized customization is not currently offered [1][2] Market Positioning - Priced at $140 (approximately 1021 RMB), the Climacool shoe is positioned as an affordable option within the high-tech footwear segment [2] - With the global release of the Climacool shoe, Adidas aims to set a new benchmark in the footwear manufacturing sector, steering the industry towards more intelligent and personalized solutions [2]