公司发布的三季报数据显示，前三季公司共实现营业收入186.80亿元，同比增长6.67%，实现净利润 24.35亿元，同比下降14.34%，基本每股收益为2.0900元，加权平均净资产收益率14.13%。 机构评级来看，近一个月该股获27家机构买入评级。预计目标价最高的是国泰海通，11月11日国泰海通 发布的研报给予公司目标价75.48元。（数据宝） （文章来源：证券时报网） 华利集团11月24日披露，截至11月20日公司股东户数为10400户，较上期（11月10日）减少600户，环比 降幅为5.45%。 证券时报·数据宝统计，截至发稿，华利集团收盘价为59.39元，上涨1.07%，本期筹码集中以来股价累 计下跌2.40%。具体到各交易日，5次上涨，5次下跌。 融资融券数据显示，该股最新（11月21日）两融余额为6529.14万元，其中，融资余额为6371.66万元， 本期筹码集中以来融资余额合计减少1419.12万元，降幅为18.22%。 ...

华利集团 20251120 华利集团凭借 40 年行业经验，通过深耕核心客户（如匡威、万斯）及 产能转移（从中国台湾到越南），奠定了上市基础，并在上市后引入 On、锐步、阿迪达斯等大客户，提升了耐克份额，实现了快速增长。 2018-2024 年，华利集团收入复合增长率达 12%，利润复合增长率 17%，净利润率从 11%提升至 16%。尽管 2025 年受新厂扩张及大客 户销售承压影响，毛利率和净利润率有所回落，但收入仍保持个位数增 长。 华利集团主要代工运动休闲鞋和硫化鞋，通过优化产品结构，提升运动 休闲鞋占比至 70%，推动了单价与毛利的提升。客户集中度方面，前五 大客户占比下降至 70%左右，客户包括耐克、DUNKS、VF、标码及 UA，美国市场销售占比约 40%。 尽管 2025 年面临盈利压力，华利集团仍具备增长潜力，通过积极进行 产能规划、优化产品结构与提升优质客户份额，有望改善毛利与净利润。 公司现金流稳健，高分红政策保障股东回报。 Q&A 华利集团的发展历程和管理架构是怎样的？ 华利集团成立于 1989 年，其前身是新风出售业务后由张董收购而来。张董自 1990 年起在良兴实业负责鞋履代工业务 ...

Core Insights - The company conducted a specific investor meeting on November 20, 2025, discussing key issues such as the impact of U.S. tariffs, operations in Indonesia, product pricing, customer expansion, and dividend policies with six participating institutions [1] Group 1: Tariff Impact and Cost Management - The company indicated that the increase in U.S. tariffs will directly raise the customs costs for brand clients selling to the U.S. market, while shipments to non-U.S. regions will remain unaffected [2] - Historically, tariff costs have been primarily borne by brand clients (importers) and ultimately passed on to end consumers. The company is currently collaborating with brand clients and material suppliers to explore cost optimization strategies across various stages of the supply chain [2] Group 2: Indonesian Factory Progress - The Indonesian factory's operational progress was a focal point of the meeting, with the company revealing that its first factory in Indonesia achieved its interim assessment goals and became profitable by Q3 2025 [3] - Despite cultural and experiential differences between Indonesia and Vietnam, the company believes that Indonesia has advantages in labor supply and employment costs. The management team is confident that once the factory matures, its profitability will be comparable to that of the Vietnamese factory [3] Group 3: Business Strategy and Financial Indicators - The company noted that average product pricing is significantly influenced by customer and product mix variations, with fluctuations in brand and product category proportions potentially affecting pricing, although this metric shows little correlation with revenue and gross margin trends [4] - The company continues to pursue a moderately diversified customer strategy, having initiated cooperation with Adidas last year, and has seen a significant increase in revenue contributions from new clients in the first half of this year [4] - The company emphasizes shareholder returns, with cash dividends amounting to approximately 70% of net profit for both 2024 and the first half of 2025. As of September 30, 2025, the company reported undistributed profits of about 9 billion RMB [4] - Despite being in a capital expenditure peak period, the company aims to increase dividend ratios while balancing shareholder interests and long-term development [4]

Group 1: Tariff Impact and Cost Management - The increase in U.S. import tariffs will raise the cost for customers selling to the U.S. market, while non-U.S. sales remain unaffected. Historically, tariffs have been borne by brand customers (importers) and ultimately passed on to consumers [2] - The company emphasizes cost control and will closely monitor tariff policy changes, maintaining communication with customers and suppliers to explore cost optimization strategies across various aspects of the supply chain [2] Group 2: Factory Operations and Profitability - The company's first factory in Indonesia has achieved its phase assessment goals and is expected to be profitable by the end of 2025. Indonesia offers advantages in labor supply and costs compared to Vietnam, and the management team is confident in the factory's future profitability [2] - The production ramp-up for new Adidas factories in Vietnam, Indonesia, and China is proceeding as planned, with no significant anomalies reported in order fulfillment [3] Group 3: Average Selling Price and Customer Strategy - Changes in average selling price are influenced by customer and product mix variations. The company employs a diversified brand strategy, continuously introducing new clients while optimizing its customer and product structure, which affects average selling price fluctuations [4] - The company plans to maintain its strategy of adding 1-2 new clients annually, with significant revenue contributions from new clients observed in the first half of the year [5] Group 4: 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% of net profit, respectively. The 2024 dividend is projected to be around 70% of net profit, with a mid-year dividend introduced in 2025 [6] - As of September 2025, the company has accumulated approximately 9 billion RMB in undistributed profits, indicating strong cash flow and a commitment to maximizing dividends while balancing capital expenditures and operational needs [6]

每经AI快讯，奥康国际（SH 603001，收盘价：8.86元）11月20日晚间发布公告称，浙江奥康鞋业股份 有限公司控股股东奥康投资控股有限公司持有公司股份约1.11亿股，占公司总股本的27.73%。本次解除 质押后，奥康投资持有公司股份累计质押数量约7711万股，占其持股数量比例为69.36%。奥康投资及 其一致行动人王振滔先生合计持有公司股份约1.72亿股，占公司总股本的42.83%。奥康投资及其一致行 动人王振滔先生持有公司股份累计质押数量约1.37亿股，占其持股数量比例为79.84%。 2024年1至12月份，奥康国际的营业收入构成为：制鞋业占比98.25%，其他业务占比1.75%。 每经头条（nbdtoutiao）——展望"十五五" | 专访黄群慧：既要重视AI赋能千行百业，也要考量其对就业 的替代效应和带来的收入极化 （记者 曾健辉） 截至发稿，奥康国际市值为36亿元。 ...

Group 1 - The core point of the article is that Aokang International's major shareholder, Aokang Investment Holding Co., Ltd., has had 13.5 million shares frozen, which represents 12.14% of its holdings and 3.37% of the company's total shares, with the freeze period extended until November 9, 2028 [1][1][1] - As of the announcement date, Aokang Investment has a total of 111 million shares in Aokang International, accounting for 27.73% of the company's total equity [1][1][1] - Aokang International's revenue composition for the year 2024 is heavily weighted towards the footwear industry, which constitutes 98.25% of its total revenue, while other businesses account for only 1.75% [1][1][1] Group 2 - The current market capitalization of Aokang International is 3.6 billion yuan [1][1][1]

天眼查App显示，近日，江西润锋鞋业有限公司成立，法定代表人为钟万英，注册资本10万人民币，经 营范围为一般项目：鞋制造，鞋帽批发，鞋帽零售，针纺织品及原料销售，产业用纺织制成品销售，服 装服饰批发，服装服饰零售，针纺织品销售，互联网销售（除销售需要许可的商品），家居用品销售， 制鞋原辅材料销售，皮革销售，鞋和皮革修理（除依法须经批准的项目外，凭营业执照依法自主开展经 营活动）。 ...

Core Viewpoint - The article highlights the performance of Huali Group, a leading domestic sports shoe manufacturer, emphasizing its revenue growth despite facing pressure on profit margins due to new factory ramp-ups. Group 1: Company Overview - Huali Group (300979.SZ) is a leading domestic sports shoe OEM, producing a range of products including sports casual shoes, outdoor boots, sports sandals, and slippers, serving well-known global brands such as Nike, Adidas, and Puma [4]. - In the first three quarters of 2025, Huali Group achieved operating revenue of 18.68 billion yuan, representing a year-on-year growth of 6.67%. During the same period, the sales volume of sports shoes reached 168 million pairs, an increase of 3.04% year-on-year, indicating continuous expansion of the company's core business [4]. Group 2: Profitability Challenges - However, the company is facing pressure on profitability, with an overall gross margin of 21.83% in the first half of 2025, a significant decline of 6.38 percentage points year-on-year. This decline is attributed to several new factories, such as those in Vietnam, Indonesia, and Sichuan, China, being in the ramp-up phase, which has lowered the overall gross margin [6]. - There was a marginal improvement in the situation during the third quarter, suggesting potential recovery in profitability [8].

Core Insights - Zhengzhou Zuyun Footwear Co., Ltd. has been established with a registered capital of 500,000 RMB [1] - The company is engaged in various business activities including wholesale and retail of shoes and hats, shoe manufacturing, leather goods sales, and more [1] Company Overview - The legal representative of the company is Wang Yuanyuan [1] - The business scope includes general projects such as shoe and hat wholesale, shoe manufacturing, leather repair, and sales of daily necessities [1] Business Activities - The company is involved in the wholesale and retail of clothing and accessories, textile sales, and bag sales [1] - It also provides enterprise management consulting, marketing planning, and information consulting services [1] - Internet sales are part of the business model, excluding items that require special licenses [1]

天眼查App显示，近日，望都县博航鞋业有限公司成立，法定代表人为王胜纳，注册资本5万人民币， 经营范围为一般项目：鞋制造;鞋帽零售;食用农产品零售;化妆品零售;服装服饰零售;箱包销售;玩具销售; 针纺织品及原料销售;家具销售;体育用品及器材零售;办公用品销售;工艺美术品及收藏品零售（象牙及 其制品除外）;日用木制品销售;五金产品批发;电子产品销售;通讯设备销售;互联网销售（除销售需要许 可的商品）;普通货物仓储服务（不含危险化学品等需许可审批的项目）;装卸搬运;制鞋原辅材料销售; 包装服务;技术服务、技术开发、技术咨询、技术交流、技术转让、技术推广;科普宣传服务;新材料技术 推广服务;市场营销策划;广告设计、代理（除依法须经批准的项目外，凭营业执照依法自主开展经营活 动）。 ...