Investment Rating - The report maintains a "Buy" rating for Anta Sports [4][5][13] Core Viewpoints - Anta Sports is focusing on enhancing its product lines, particularly the Kyrie series, while also introducing the PG7 technology aimed at the general public for running shoes [1][2] - The company is expected to benefit from the growing sports and outdoor market, with projected revenues of RMB 78.6 billion, RMB 88.3 billion, and RMB 101.1 billion for the years 2025 to 2027 [4] - The report highlights the innovative features of the PG7 technology, including a G value of 7.8 for shock absorption and a design tailored for East Asian foot shapes, which has led to global sales of over 3 million pairs by March 2025 [2][3] Summary by Sections Product Development - Anta has launched the Kyrie 2, featuring high-quality leather, nitrogen technology insoles, and a lightweight exoskeleton material for enhanced performance [1] - The PG7 technology, designed for the general public, emphasizes shock absorption and comfort, with a price point around RMB 300, making it accessible [2][3] Financial Projections - The report forecasts net profits of RMB 13.5 billion, RMB 15.7 billion, and RMB 17.9 billion for the years 2025 to 2027, with EPS expected to be RMB 4.82, RMB 5.60, and RMB 6.39 respectively [4] - The PE ratios are projected to be 18, 15, and 13 for the same period [4] Market Position - Anta Sports is positioned as a leading player in the non-essential consumer goods sector, particularly in textiles and apparel, benefiting from a robust brand matrix [4][5]

Company Overview - Moiselle International Group Limited is primarily engaged in the design, manufacturing, retailing, and wholesaling of fashion apparel and accessories, established in 1997 as an international high-end fashion brand known for its unique designs and high-quality craftsmanship [2]. Financial Performance - As of September 30, 2024, Moiselle International reported total revenue of 45.6044 million HKD, a year-on-year decrease of 21.74% [1]. - The company recorded a net profit attributable to shareholders of -21.2868 million HKD, reflecting a year-on-year decline of 54.45% [1]. - The gross profit margin stood at 82.21%, with a debt-to-asset ratio of 33.74% [1]. Stock Performance - On May 14, the stock price of Moiselle International closed at 0.156 HKD per share, marking an increase of 18.18% with a trading volume of 222,000 shares and a turnover of 33,800 HKD [1]. - Over the past month, the stock has experienced a cumulative decline of 12%, while year-to-date, it has seen a cumulative increase of 9.09%, underperforming the Hang Seng Index by 15.2% [1]. Industry Valuation - The average price-to-earnings (P/E) ratio for the textile and apparel industry is -7.67 times, with a median of -0.29 times [1]. - Moiselle International's P/E ratio is -0.67 times, ranking 114th in the industry [1]. - Comparatively, other companies in the industry have P/E ratios such as FAST RETAIL-DRS at 0.37 times, Zhejiang Yong'an at 1.34 times, Urban Beauty at 3.8 times, Shanshan Brand at 3.84 times, and Qihua Industrial Group at 3.96 times [1].

Group 1 - The Hang Seng Index rose by 2.98% to close at 23,549.46 points on May 12 [1] - China Environmental Energy (00986.HK) closed at HKD 0.079 per share, up 27.42%, with a trading volume of 18.81 million shares and a turnover of HKD 1.5532 million, showing a volatility of 46.77% [1] - Over the past month, China Environmental Energy has seen a cumulative decline of 11.43%, while year-to-date it has increased by 5.08%, underperforming the Hang Seng Index by 14% [1] Group 2 - As of September 30, 2024, China Environmental Energy reported total revenue of HKD 24.6748 million, a year-on-year decrease of 15.38%, and a net profit attributable to shareholders of HKD 9.8827 million, a year-on-year increase of 2096.19% [1] - The gross profit margin for China Environmental Energy stands at 60.64%, with a debt-to-asset ratio of 15.78% [1] - Currently, there are no institutional investment ratings for China Environmental Energy [2] Group 3 - The textile and apparel industry has an average price-to-earnings (P/E) ratio (TTM) of -6.67 times, with a median of -0.29 times [2] - China Environmental Energy has a P/E ratio of -9.97 times, ranking 82nd in the industry [2] - Other companies in the industry include FAST RETAIL-DRS (06288.HK) with a P/E of 0.36 times, Zhejiang Yong'an (08211.HK) at 1.34 times, and others with higher P/E ratios [2]

Company Overview - 汇成国际控股有限公司 is a rapidly developing company engaged in the design, production, marketing, and sales of clothing, focusing primarily on men's apparel [3] - The company operates multiple internationally recognized brands, targeting middle to high-income male consumers with a variety of casual wear, including gentleman's leisure, outdoor leisure, and casual clothing [3] - The company has a vast sales network consisting of self-operated and third-party retail points across 244 cities in China, with a significant presence in major cities like Beijing, Shanghai, Chengdu, and Shenzhen [3] Financial Performance - As of December 31, 2024, 汇成国际控股 reported total revenue of 156 million yuan, a year-on-year decrease of 24.84% [1] - The company recorded a net profit attributable to shareholders of -109 million yuan, representing a year-on-year increase of 23.23% [1] - The gross profit margin stood at 51.97%, while the debt-to-asset ratio was 16.34% [1] Market Position and Valuation - Currently, there are no institutional investment ratings for 汇成国际控股 [2] - The company's price-to-earnings (P/E) ratio is -1.52, ranking 109th in the textile and apparel industry, which has an average P/E ratio of -6.37 [2] - Competitors in the industry include FAST RETAIL-DRS with a P/E of 0.36, 浙江永安 at 1.34, and 大人国际 at 3.59, among others [2]

李宁关注门店的运营效能，有序关闭低效的门店，使渠道布局更合理，提 升渠道整体效率。 港股公司报告 | 公司点评 李宁（02331） 证券研究报告 2025 稳健开局 公司发布 25 年第一季度运营状况 整体零售流水（不含李宁 YOUNG）同比低单位数增长，线下渠道中零售（直 营）低单位数下降，批发（特许）低单位数增长；电商增长 10%-20%低段。 中国区李宁销售点（不含李宁 YOUNG）净减少 29 个至 6088 个（零售净减 6 个，批发净减 23 个）；李宁 YOUNG 销售点净减 15 个至 1453 个。 纵向深耕核心品类，横向拓展新品类 "单品牌、多品类、多渠道"的战略下，李宁正在通过核心品类的纵向深耕， 和横向灵活的新兴品类拓展，完成更多市场空间的挖掘。 品类维度，营收来源主要来自跑步、篮球、综训、羽毛球、乒乓球、运动 生活等，24 年跑步零售流水增长 25%，继续领涨。跑步、篮球、综训三大 核心品类的零售流水占比达到 64%。 产品维度，24 年李宁专业产品收入占比接近 60%，2024 年李宁鞋产品收入 同比增长 7%，鞋收入占比达到 50%。其中跑鞋核心 IP 全年量突破 1060 万 ...

行业估值方面，纺织及服饰行业市盈率（TTM）平均值为-5.95倍，行业中值-0.42倍。恒伟集团控股市 盈率-1.83倍，行业排名第105位；其他FAST RETAIL-DRS（06288.HK）为0.36倍、浙江永安 （08211.HK）为1.34倍、大人国际（01957.HK）为3.06倍、杉杉品牌（01749.HK）为3.5倍、其利工业 集团（01731.HK）为3.63倍。 5月2日，截至港股收盘，恒生指数上涨1.74%，报22504.68点。恒伟集团控股（08219.HK）收报0.19港 元/股，上涨33.8%，成交量289万股，成交额55.24万港元，振幅32.39%。 最近一个月来，恒伟集团控股累计跌幅47.41%，今年来累计涨幅19.33%，跑赢恒生指数10.27%的涨 幅。 财务数据显示，截至2024年12月31日，恒伟集团控股实现营业总收入1.28亿元，同比减少25.3%；归母 净利润-1780.68万元，同比增长2.71%；毛利率29.67%，资产负债率92.44%。 机构评级方面，目前暂无机构对该股做出投资评级建议。 资料显示，恒伟集团控股有限公司是成立于1986年的手表制造商,总部位 ...

财务数据显示，截至2024年12月31日，中联发展控股实现营业总收入2033.68万元，同比减少27.52%； 归母净利润-1580.01万元，同比增长38.87%；毛利率30.06%，资产负债率670.15%。 机构评级方面，目前暂无机构对该股做出投资评级建议。 4月10日，截至港股收盘，恒生指数上涨2.06%，报20681.78点。中联发展控股（00264.HK）收报2.04港 元/股，上涨12.09%，成交量413.6万股，成交额825.65万港元，振幅11.54%。 最近一个月来，中联发展控股累计跌幅27.49%，今年来累计涨幅16.67%，跑赢恒生指数1.02%的涨幅。 资料显示，中联发展控股集团有限公司(前称中玺国际控股有限公司"本公司"),经过二十多年不断积极拓 展业务,成功在品牌皮革配饰品设计及生产方面奠定重要地位。其经验丰富之管理层,成功带领本公司由 一间小型企业发展成为享誉国际的皮革产品公司,专门设计、生产及出口皮带及其他小型皮具如钱包、 记事簿、匙扣等。透过将产品售予美国、欧洲及亚洲等地的着名服装零售商,本公司为多个知名的国际 品牌创制皮革配饰品,备受全球各地崇尚打扮、讲究品质的人士所爱 ...

Investment Rating - The investment rating for the company is "Buy" with a target price not specified [6]. Core Views - The company has reported a revenue of 28.7 billion RMB for 2024, representing a 15% year-on-year increase, driven by growth in demand from the mainland China and US sports brands [1]. - The gross profit margin for 2024 is 28.1%, an increase of 3.8 percentage points, with net profit rising by 37% to 6.2 billion RMB [1]. - The company is optimistic about its future growth, having emerged from a low point in operations and is focusing on enhancing core competitiveness and long-term development [4]. Summary by Sections Financial Performance - Revenue breakdown: Sports products account for 69% of total revenue with a 10% increase, leisure products 25% with a 27% increase, and underwear 5% with a 35% increase [1]. - Major clients: Client A generated 8 billion RMB (up 33%), Client B 7.4 billion RMB (down 4%), and Client C 5 billion RMB (up 35%) [1]. - The company plans to maintain a dividend payout ratio of approximately 56% [1]. Operational Efficiency - The company has restored its production capacity utilization to normal levels, with increased employee numbers and improved production efficiency [2][3]. - New factories in Cambodia and Vietnam are expected to enhance production capacity, with the Cambodian factory projected to employ around 6,000 workers [2]. Market Strategy - The company is focusing on diversifying its product offerings and enhancing supply chain management to improve competitiveness [2][5]. - Plans to increase market demand through new product development and optimizing production allocation based on customer needs are in place [5]. Future Outlook - The company anticipates continued growth despite challenges such as market demand weakness and rising manufacturing costs [4]. - It aims to leverage artificial intelligence and automation to enhance production processes and respond quickly to customer demands [4].

Investment Rating - The report maintains a "Buy" rating for Anta Sports, with a target price yet to be specified [4]. Core Insights - Anta Sports reported a revenue of 70.8 billion RMB for the year 2024, representing a 14% year-on-year increase. The Anta brand achieved a revenue of 33.5 billion RMB, up 11%, while FILA generated 26.6 billion RMB, a 6% increase. Other brands, primarily Descente and KOLON SPORT, saw a significant revenue growth of 54%, totaling 10.7 billion RMB [1]. - The company's gross profit margin for 2024 was 62%, a slight decrease of 0.4 percentage points. Operating profit margin (OPM) was 23%, down 1.2 percentage points, with Anta's OPM at 21% and FILA's at 25.3% [1]. - The net profit attributable to shareholders, excluding one-time gains, was 11.9 billion RMB, reflecting a 17% increase year-on-year [1]. Brand Performance - Anta is focusing on differentiated retail strategies, moving away from a uniform approach to more targeted new retail formats, such as Anta Arena, Anta Hall, and Super Anta stores, which have shown significantly better performance than traditional stores [2]. - The Super Anta stores have achieved store efficiency three times that of traditional stores, with a customer base that includes 30-40% families and over 50% female shoppers [2]. - The new "Anta CAMPUS" stores are designed to cater to young consumers, achieving store efficiency twice that of traditional children's stores, indicating strong growth potential [2]. Multi-Brand Strategy - Descente has strengthened its brand leadership in high-end skiing and golf, achieving the top brand position in these segments. The brand is focusing on high-end retail models and plans to enhance its brand image through a large store upgrade strategy [3]. - KOLON SPORT is committed to a high-end outdoor lifestyle brand positioning, focusing on camping and hiking, and has expanded its presence in southern China, with plans for further national expansion [3]. Financial Projections - The report updates the revenue forecast for Anta Sports, projecting revenues of 78.6 billion RMB, 88.3 billion RMB, and 101.1 billion RMB for 2025 to 2027, respectively. The net profit attributable to shareholders is expected to be 13.5 billion RMB, 15.7 billion RMB, and 17.9 billion RMB for the same period [4][8].