编号：2025-010 | 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 | 详见附件一 | | 及人员姓名 | | | 时间 | 2025年4月28日、2025年4月30日 | | 地点 | 线上：腾讯会议 | | 上市公司 接待人员姓名 | 董事会秘书方玲玲 | | | 董事会秘书方玲玲就公司的基本情况进行了介绍： | | | 经营简要情况： | | | 2025 年 1-3 月，实现营业收入人民币 53.53 亿元，同比增长 12.34%；实现归属于上市 | | | 公司股东的净利润人民币 7.62 亿元，同比减少 3.25%. | | | 2025 年 1-3 月，公司销售运动鞋 0.49 亿双，同比增长 8.24%. | | | 毛利率：2025 年第一季度毛利率环比 2024 年第四季度下降 1.19%，主要系 2025 年第 | | | 一季度，新客户订单量同比显著增长，新客户的新增订单主要是由新工厂生产，同时为 | | | 了匹配未来的订单，公司加速了 ...

华利集团公布1Q25 业绩：营业收入53.5 亿元（yoy+12.3%）；归母净利润为7.6 亿元（yoy-3.3%），盈 利能力短期承压主因新工厂产能爬坡影响，我们预计公司后续将受益于产能提升推动业绩释放，其中新 客户的拓展与老客户的份额提升将持续巩固竞争优势，维持"买入"评级。 产品延续量价齐升，导入新客户持续贡献增量 从量价角度来看，1Q25 运动鞋销量0.49 亿双（yoy+8.24%），人民币单价109 元（yoy+3.8%）；我们 认为量表现优于价主因公司战略性拓展新客户阿迪达斯、NewBalance 与On 等持续贡献增量，预计随着 2Q25 旺季到来业绩将实现进一步亮眼增长。 工厂产能爬坡短期拖累盈利能力，1Q25 经营效率稳步改善1Q25 公司净利率同比-2.3pct 至14.2%，毛利 率同比-5.5pct 至22.9%，主要原因为新工厂投产初期效率爬坡，员工人数增至18.4 万人 （yoy+17.0%）。 费用方面，报告期内公司期间费用率同比-2.0pct 至5.4%，其中销售/管理/研发费用率分别同 比-0.1/-1.5/+0.2pct 至0.4%/3.7%/1.8%，管理费用率同比下 ...

部分新客户表现优异销量增长带动收入增长双位数，新厂爬坡拖累毛利率。2025 年第一季度公司实现 营业收入53.53 亿元，同比增长12.3%，主要受阿迪达斯、昂跑、NB 等新客户订单销量增长驱动；归母 净利润7.62 亿元，同比下滑3.2%。毛利率同比下滑5.5 百分点至22.9%，主要受新投产工厂效率爬坡影 响，继2024 年上半年和下半年各投产2 家成品鞋工厂之后，2025年第一季度2 家成品鞋工厂已经投产。 期间费用率同比优化2.0 百分点，其中财务费用率同比下降0.6 百分点至-0.5%，主要受益于汇兑收益增 加，今年Q1 汇兑收益为900 万，去年同期损失1700 万；此外管理费用率同比-1.5百分点至3.7%。在毛 利率承压影响下，营业利润率同比-3.4 百分点至17.6%，归母净利率同比-2.3 百分点至14.2%。 销量保持高个位数快速增长，新老客户结构更加均衡。拆分量价来看，Q1 销售运动鞋0.49 亿双，同比 +8.2%，Asp 约108.4 元人民币，同比+3.8%（美元口径约+2.7%），单价提升预计主要源于高单价品牌 占比提升。分客户看，预计阿迪达斯、昂跑、NB 等新客户订单销量增速 ...

Investment Rating - The investment rating for the company is "Buy" with a target price of 80.82 RMB [7][8]. Core Views - The company reported a revenue of 5.35 billion RMB in Q1 2025, representing a year-over-year increase of 12.3%, while the net profit attributable to the parent company was 760 million RMB, down 3.3% year-over-year. The short-term pressure on profitability is attributed to the ramp-up of new factory capacity. However, the company is expected to benefit from capacity improvements and the expansion of new customers, maintaining its competitive advantage [1][5]. - The company has strategically expanded its customer base, including partnerships with Adidas, New Balance, and On, which have significantly contributed to revenue growth. The company anticipates further impressive growth as the peak season approaches in Q2 2025 [2][5]. - The company's net profit margin decreased by 2.3 percentage points year-over-year to 14.2%, and the gross profit margin fell by 5.5 percentage points to 22.9%, primarily due to the initial efficiency ramp-up of new factories. The workforce increased to 184,000, a 17% year-over-year rise. The company’s inventory was 3.67 billion RMB, up 12.5% year-over-year, and accounts receivable reached 3.31 billion RMB, up 15.3% year-over-year, indicating a focus on stocking for production expansion [3][5]. - The company acquired three Vietnamese shoe companies for a total of approximately 67.4 million RMB to optimize production resources, which are expected to enhance production capacity synergy within 1-2 years, thereby increasing the company's market share in global footwear manufacturing [4][5]. - The profit forecast for 2025-2027 is maintained at 4.32 billion RMB, 4.95 billion RMB, and 5.61 billion RMB, respectively. The company is assigned a PE ratio of 21.8 for 2025, based on a comparable company average PE of 12.7, reflecting its strong customer base and industry leadership [5][6]. Summary by Sections Financial Performance - Q1 2025 revenue was 5.35 billion RMB, a 12.3% increase year-over-year, while net profit was 760 million RMB, a decrease of 3.3% year-over-year [1]. - The company’s net profit margin decreased to 14.2%, and gross profit margin fell to 22.9% due to new factory ramp-up [3]. Customer Expansion - The company has successfully expanded its customer base, notably with Adidas, New Balance, and On, contributing to an 8.24% increase in sneaker sales volume to 49 million pairs in Q1 2025 [2]. Capacity and Acquisitions - The company acquired three Vietnamese shoe companies to enhance production capacity, expected to yield benefits within 1-2 years [4]. Profit Forecast and Valuation - The profit forecast for 2025-2027 is set at 4.32 billion RMB, 4.95 billion RMB, and 5.61 billion RMB, with a target PE ratio of 21.8 for 2025 [5][6].

注3："本年度实现的效益"的计算口径、计算方法应与承诺效益的计算口径、计算方法一致。 附表2： 变更募集资金投资项目情况表 2024年度 编制单位：浙江红蜻蜓鞋业股份有限公司 单位：人民币万元 ■ 注："本年度实现的效益"的计算口径、计算方法应与承诺效益的计算口径、计算方法一致。 证券代码：603116 证券简称：红蜻蜓 公告编号：2025-022 浙江红蜻蜓鞋业股份有限公司关于使用部分闲置募集资金和自有资金进行现金管理的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性承担法律责任。 重要内容提示： 在确保不影响公司的主营业务运营及日常资金流转的资金需求、募集资金项目建设和募集资金使用的情 况下，提高闲置募集资金和自有资金的使用效率，增加公司收益，降低财务成本。 （二）投资金额 董事会在确保不影响募集资金项目建设和募集资金使用的情况下，计划使用不超过人民币21,000万元闲 置募集资金进行现金管理，适时投资安全性高、流动性好的低风险型投资产品（包括但不限于银行固定 收益型或保本浮动收益型的理财产品、协议存款、结构性存款、定期存款、通知存 ...

Market Outlook - The global athletic shoe market is expected to continue its stable growth over the next 5 to 10 years, driven by consumer demand for comfort and health-oriented lifestyles [2][5] - Emerging markets have significant potential for growth in athletic shoe penetration compared to developed regions like the US and Europe [2] Financial Performance - In Q1 2025, the company experienced a significant increase in new customer orders, particularly from brands like Adidas and New Balance, contributing to revenue growth [3][6] - The gross margin has seen a decline due to the initial inefficiencies of new factories and the onboarding of new employees, which is expected to improve as operations stabilize [3][9] Production and Capacity - The company is currently in a production peak season with full order books and no significant cancellations reported [5][9] - New factories are being established in Vietnam and Indonesia, with the latter expected to have a capacity of over 60 million pairs annually, starting production in mid-2024 [8] Strategic Partnerships - The company is actively pursuing partnerships with emerging brands and has already begun collaboration with Asics [3][4] - There is a focus on automating production processes to enhance efficiency and reduce reliance on skilled labor [3][7] Risk Management - The company is monitoring the impact of potential tariff changes on its operations in Southeast Asia and has prepared various response strategies [9] - Despite uncertainties in the global trade environment, the company plans to maintain its investment pace in production capacity in Indonesia and Vietnam [8]

Core Viewpoint - The company reported a revenue of 5.35 billion yuan and a net profit of 760 million yuan for Q1 2025, indicating a year-on-year revenue growth of 12% but a decline in net profit by 3% [1] Financial Performance - Q1 2025 revenue was 5.35 billion yuan, up 12% year-on-year; net profit was 760 million yuan, down 3% year-on-year; and non-recurring net profit was 750 million yuan, also down 3% year-on-year [1] - Q1 2025 gross margin decreased by 5.5 percentage points to 22.9% due to the ramp-up of new factories, with expectations for improvement in Q2 2025 [1][3] - The company’s net profit margin fell by 2.3 percentage points to 14.3% in Q1 2025 [1] Sales and Orders - Q1 2025 saw a significant increase in new customer orders, with stable orders from existing clients [2] - The company maintained deep cooperation with major brands like Nike and Adidas, with expectations for a 15%+ revenue growth in 2025 driven by new customer orders [2][4] Capacity Expansion - The company plans to accelerate capacity expansion, with a total capacity of 229 million pairs and a utilization rate of 97% in 2024 [2] - Four new factories were launched in 2024, with two more in Q1 2025, indicating a potential CAGR of 15% in production from 2025 to 2026 [3] Operational Efficiency - The company has maintained high production management efficiency, with a gross margin of 26.8% in 2024, although recent factory openings have temporarily affected margins [3] - Cash flow management appears stable, with inventory increasing by 12.5% year-on-year to 3.67 billion yuan and accounts receivable turnover days increasing by 2 days to 64.7 days [3] Future Outlook - Revenue is expected to continue expanding rapidly in 2025, with net profit projected to grow in the mid-single digits due to ongoing efficiency improvements in new factories [4] - The company’s net profit forecasts for 2025, 2026, and 2027 are 4.11 billion, 4.76 billion, and 5.49 billion yuan, respectively, with a PE ratio of 16 times for 2025 [4]

一、主要会计数据和财务指标 | 报告期指标 | 2024年年报 | 2023年年报 | 本年比上年增减(%) | 2022年年报 | | --- | --- | --- | --- | --- | | 基本每股收益（元） | -0.1200 | 0.0900 | -233.33 | -0.0700 | | 每股净资产（元） | 4.89 | 5.27 | -7.21 | 5.51 | | 每股公积金(元) | 1.3 | 1.3 | 0 | 1.27 | | 每股未分配利润(元) | 2.43 | 2.75 | -11.64 | 3.04 | | 每股经营现金流(元) | - | - | - | - | | 营业收入(亿元) | 21.42 | 24.69 | -13.24 | 22.51 | | 净利润(亿元) | -0.7 | 0.52 | -234.62 | -0.39 | | 净资产收益率(%) | -2.39 | 1.68 | -242.26 | -1.17 | | 名称 | 持有数量(万股) | 占总股本比例 | 增减情况 | | --- | --- | --- | --- | | | | (%) ...

哈森股份（603958）公告，2025年第一季度营业收入3.57亿元，同比增长57.68%。净利润559.01万元， 同比增长13.41%。 ...

记者来到这家企业时，他们正在给意大利客户赶制一批休闲鞋。让记者意外的是，走进车间，没看到以往制鞋的流水线设备，取而代之的 是一次性成型的3D打印制鞋机。 企业负责人杨紫明这两天刚从欧洲回来，原本他只是去调研市场，但是马德里一家企业了解了他们的3D打印技术后，立即与他们签订了 合同。 卡宾服饰（中国）有限公司董事长杨紫明称："我们用AI的设计到3D的打印，一气呵成，可以说颠覆了整个制鞋的流程，我们速度又快又 便宜，设计又创新，所以他非常看好我们的产品。" 杨紫明告诉记者，就在几年前，他们跟国际大牌合作还是代工模式，国际品牌出创意，中国企业负责生产。但现在，随着新材料、新技 术、新设计的全面领先，让企业跟国际品牌的合作模式发生了根本性转变，主动权已经掌握在了外贸企业自己手中。 央视网消息：在4月28日的新闻发布会上，商务部副部长盛秋平介绍，4月份以来的出口总体延续平稳增长态势。为帮助外贸企业积极应对 外部风险挑战，商务部将坚持目标导向和问题导向，聚焦广大企业需求，及时解决困难问题，以钉钉子精神抓好已经出台的稳外贸政策落地见 效。 福建泉州：苦练内功 赢得市场话语权 近期美国滥施关税，严重破坏全球经贸规则，给我国外 ...