于回顾期内，随着去年新收购位于越南隆安省生产基地已成熟营运，集团总销售额再创历史新高。中国 大陆、美国及欧洲仍然是集团头三大销售市场，共占集团销售额87.4%(2024年：87.5%)。中国大陆仍为 集团第一大市场，其销售占集团销售额比率53.8%(2024年：56.7%)。美国及欧洲市场分别为集团第二及 第三大市场，其总销售占集团销售额比率33.6%(2024年：30.8%)。现时集团旗下拥有共十个生产基地， 五个位于中国大陆、三个位于越南及两个位于印尼。于中国大陆的生产基地无论生产技术及产能已发展 成熟，能生产高端产品及提供足够稳定的产能应付内销需求。近年持续的中美贸易战加速集团扩充海外 生产基地产能的步伐，有利集团灵活利用各地产能及调动订单，以应付瞬息万变的政治及经济环境。去 年新收购位于越南隆安省的生产基地，于回顾期内已转亏为盈，为集团带来销售及盈利增长。然而近年 日趋严峻的中美贸易战对主要制造业生产国所实施的关税，无可避免影响集团的业务及盈利，客户转嫁 部份成本给制造商，以致集团的利润率下跌。 智通财经APP讯，鹰美(02368)发布截至2025年9月30日止六个月业绩，营业收入33.24亿港元，同 ...

Core Insights - Eagle美 (02368) reported a revenue of HKD 3.324 billion for the six months ending September 30, 2025, representing a year-on-year growth of 11.4% [1] - The profit attributable to the company's owners was HKD 204.5 million, an increase of 11.6% compared to the previous year [1] - Basic earnings per share were HKD 0.3561, with an interim dividend proposed at HKD 0.24 per share [1] Group Performance - The total sales reached a historic high during the review period, driven by the successful operation of the newly acquired production base in Long An Province, Vietnam [2] - Mainland China, the United States, and Europe remain the top three sales markets for the group, accounting for 87.4% of total sales (2024: 87.5%) [2] - Mainland China is the largest market, contributing 53.8% to total sales (2024: 56.7%), while the U.S. and Europe account for 33.6% (2024: 30.8%) [2] Production Capacity and Market Strategy - The group operates ten production bases, with five located in Mainland China, three in Vietnam, and two in Indonesia [2] - The production bases in Mainland China have matured in terms of production technology and capacity, enabling the production of high-end products and stable supply for domestic demand [2] - The ongoing U.S.-China trade war has accelerated the group's expansion of overseas production capacity, allowing for flexible utilization of resources to adapt to changing political and economic conditions [2] Financial Impact and Challenges - The newly acquired production base in Vietnam turned from a loss to profitability during the review period, contributing to sales and profit growth [2] - However, the increasing tariffs imposed due to the U.S.-China trade war have impacted the group's business and profitability, leading to a decline in profit margins as customers pass some costs onto manufacturers [2]

Core Viewpoint - Eagle美 (02368.HK) reported a 11.4% increase in revenue for the six months ending September 30, 2025, reaching HKD 3.3239 billion, while the gross margin decreased from 17.1% to 16.5% compared to the same period in 2024. The profit attributable to shareholders rose by 11.6% to HKD 204.5 million, and an interim dividend of HKD 0.24 per share was declared [1][2]. Group Sales Markets - The three largest sales markets for the group are Mainland China, the United States, and Europe, collectively accounting for 87.4% of total sales. Mainland China remains the largest market, contributing 53.8% to total sales, while the U.S. and Europe account for 33.6% combined [2]. Production Bases - The group operates ten production bases, with five located in Mainland China, three in Vietnam, and two in Indonesia. The production bases in Mainland China have developed mature production technology and capacity, enabling the production of high-end products and stable supply for domestic demand [2]. Impact of Trade Wars - The ongoing U.S.-China trade war has accelerated the group's expansion of overseas production capacity, allowing for flexible utilization of production capabilities and order adjustments in response to changing political and economic conditions. A recently acquired production base in Long An Province, Vietnam, has turned from loss to profit during the review period, contributing to sales and profit growth [2]. Profit Margin Challenges - The increasing tariffs imposed due to the U.S.-China trade war have inevitably impacted the group's business and profitability, leading to a situation where customers have shifted some costs to manufacturers, resulting in a decline in the group's profit margins [2].

Group 1 - The average net income for paid employees in Croatian legal entities in August was €1446, with a nominal month-on-month increase of 0.6% and a real increase of 0.5% [2] - The average total income for the same group was €2015, showing a nominal month-on-month increase of 0.8% and a real increase of 0.7% [2] - Year-on-year, the average net income increased nominally by 9.2% and in real terms by 4.9%, while the average total income saw a nominal increase of 9.6% and a real increase of 5.3% [2] Group 2 - The highest average monthly net income was in the air transport sector at €2430, while the lowest was in the clothing manufacturing sector at €918 [2] - The highest average monthly total income was also in the air transport sector at €3557, with the lowest in clothing manufacturing at €1202 [2] - The median net income in August 2025 was €1245, showing a month-on-month decrease of 0.3% but a year-on-year increase of 9.8% [2]

Core Viewpoint - Dairis International (00333) reported a 25% year-on-year decline in sales for Q1 of the 2026 fiscal year, totaling HKD 236 million, primarily due to weak market demand and inventory control measures by U.S. brands and retailers in response to trade uncertainties [1][2]. Group 1: Financial Performance - The sales in the U.S. market accounted for 74% of total sales, followed by Europe at 10% and other markets at 16% [1]. - The gross profit margin was pressured due to underutilization of capacity leading to fixed costs not being fully absorbed, along with a product mix skewed towards lower-margin products [1]. Group 2: Market Outlook - The company anticipates continued business sluggishness in the short term, influenced by recent changes and instability in U.S. trade policies, which directly impact the market [2]. - Ongoing geopolitical tensions, including the Russia-Ukraine conflict and instability in the Middle East, are expected to exacerbate uncertainties in the operating environment and reshape global trade dynamics [2]. Group 3: Strategic Response - In response to the challenging operating environment, Dairis will continue to strictly control costs and remain vigilant [2]. - The company is encouraged by initial successes in new business development, product innovation, and insights into consumer trends, which are helping to attract new customers [2]. - Dairis is committed to leveraging its established strategies of technological innovation, vertical integration, quality service, and a multinational production network to navigate current challenges and achieve sustainable growth [2][3].

Core Viewpoint - The article highlights the unexpected economic success of Guanyun County in Jiangsu, which has become a leading producer of lingerie, particularly in the niche market of adult products, achieving an annual sales revenue of over 8 billion yuan [8][14]. Group 1: Industry Overview - Guanyun County produces 60-70% of China's adult lingerie, with over 1,000 factories and more than 80% of orders for export [8][23]. - The gross profit margin for adult lingerie is typically over 80%, with low production costs due to simple materials and processes [10][11]. - The domestic market penetration for adult products is 38.5%, with significant growth potential as societal attitudes evolve [13]. Group 2: Historical Development - The adult lingerie industry in Guanyun began in 2006 when a local entrepreneur started selling products online, leading to a surge in local manufacturing [16][18]. - By 2016, Guanyun accounted for over 60% of online sales in the adult lingerie category during major shopping events [20]. - The local government began to recognize the economic potential of the industry and started to support it officially in 2021 [22]. Group 3: Competitive Strategy - Guanyun leveraged its low labor and land costs to compete against established markets like Guangzhou, which faced higher operational costs [28]. - The rise of e-commerce platforms allowed Guanyun's manufacturers to reach a national and global audience, overcoming geographical disadvantages [29]. - The industry has adapted to changing consumer preferences, expanding product lines to include various themed apparel [32]. Group 4: Government Support and Future Outlook - The local government has implemented supportive policies, including funding and the establishment of an industrial park dedicated to adult lingerie [34]. - Training programs for e-commerce professionals are in place to enhance skills and promote industry growth [34]. - Guanyun aims to position itself as a significant player in the global lingerie market, potentially rivaling established brands like Victoria's Secret [35].

Core Insights - The company, Tibet Changrong Naxiu Group Co., Ltd., has established a modern garment manufacturing facility in Naqu City, producing school uniforms and contributing to the dissemination of Tibetan culture [1][2] - Since its inception in 2019, the company has experienced significant growth, with production value increasing from 16 million yuan in 2020 to 115 million yuan last year [1] - The company has implemented advanced technology, including a 5G digital chain smart garment factory, which has increased annual production capacity by 500,000 sets [1] - The company has achieved recognition as a specialized and innovative small and medium-sized enterprise in Naqu City, holding 37 invention patents and 14 copyrights [1] - In October, the company exported a batch of clothing products worth $300,000 to Thailand, marking its highest single export value to date [1] - Cumulatively, the company's export trade value has exceeded $1 million [1] Company Development Strategy - The company aims to maintain a development strategy of "rooted in Tibet, expanding outward," focusing on innovation amidst globalization and digitalization [2]

Investment Rating - The report maintains a "Buy" rating for the company [6] Core Insights - The company reported a revenue of 3.72 billion yuan for the first three quarters of 2025, representing a year-on-year growth of 22.9%. However, the net profit attributable to the parent company decreased by 13.4% to 280 million yuan. The non-recurring net profit increased by 13.8% to 260 million yuan, with an EPS of 1.17 yuan [1][4] - In Q3 2025, the company's revenue growth slowed down sequentially, but profit growth turned positive [1] - The company's B2B revenue accounted for 86.4% of total revenue in the first half of the year, with a year-on-year growth of 37.2%. The B2C revenue, which accounted for 12.6% of total revenue, saw a year-on-year growth of 8.9% [2] Revenue and Profit Analysis - The company's gross margin improved by 1.2 percentage points year-on-year to 24.4% in the first three quarters. The quarterly gross margins for Q1, Q2, and Q3 were 24.7%, 24.6%, and 23.8%, respectively [3] - The operating cash flow for the first three quarters increased by 258.7% to 430 million yuan [4] Financial Forecast and Valuation - The company has adjusted its profit forecasts for 2025-2027, with net profit estimates of 366 million yuan, 438 million yuan, and 513 million yuan, respectively. The corresponding EPS estimates are 1.53 yuan, 1.83 yuan, and 2.14 yuan [4] - The current stock price corresponds to a PE ratio of 16, 13, and 11 for the years 2025, 2026, and 2027, respectively [4]

Core Insights - Nearly half of the country's square dance costumes are produced in Heshan District, Yiyang City, Hunan Province, highlighting the region's significance in this niche market [1][3] - The local government is actively promoting the square dance costume industry by organizing competitions and establishing associations, which has led to an estimated output value of nearly 2 billion yuan [3][6] - The combination of a vibrant square dance culture and a robust manufacturing sector creates a mutually beneficial relationship, enhancing both community engagement and economic growth [3][5] Industry Overview - The square dance costume production in Heshan began in 2010, with 87 registered companies currently operating in the area, producing around 1,000 new styles annually [2][3] - The costumes are designed to cater to various demographics, with considerations for age and regional preferences, resulting in a diverse product range [2][3] - The use of social media and live streaming for marketing new designs has proven effective, with one popular multifunctional costume selling over 1 million units in five years [2][3] Community Engagement - The establishment of "beautiful yards" in villages serves as public spaces for community activities, significantly enhancing participation in square dance [4][5] - Heshan District has built 155 such yards, providing dedicated spaces for practice, teaching, and competitions, which has improved attendance and engagement in square dance activities [5][6] - Local square dance teams have expanded significantly, with over 420 teams now active, doubling the number from 2021, indicating a growing interest in the activity [6][8] Economic Impact - Participation in square dance performances has generated substantial income for local teams, with annual earnings reaching several million yuan, which is reinvested into equipment and costumes [8][9] - The local government supports these initiatives, recognizing the cultural and economic benefits of promoting square dance as a community activity [9]

Core Viewpoint - The company reported a decline in both revenue and net profit for the first three quarters of 2025 compared to the previous year [1] Financial Performance - The company's operating revenue for the first three quarters was 505 million yuan, representing a year-on-year decrease of 5.83% [1] - The net profit attributable to shareholders of the listed company was 41.26 million yuan, down 73.53% year-on-year [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 62.73 million yuan, a decrease of 20.18% year-on-year [1] - The basic earnings per share were 0.1719 yuan [1]