智通财经APP获悉，申洲国际(02313)涨超4%，截至发稿，涨4.6%，报65.9港元，成交额2亿港元。 该行续指，申洲国际管理层近期已给予保守预期，料2025年下半年销量增长放缓至中单位数，低于该行 先前预期的高单位数。该行认为，管理层预测已大致反映耐克谨慎前景所带来的影响。不过，该行预期 耐克对申洲国际2026年的销售订单将持平，而非下跌。基于四大客户的订单能见度，申洲国际在2026年 仍有望实现高单位数销量增长。 消息面上，近日，据市场媒体报道，鞋材大厂日胜化年前(2025年)法说会上指出，随下半年Nike等国际 大厂鞋材订单回温，加上新产品今年陆续发酵，营收、获利均看正向。花旗此前表示，耐克指引2026财 年第三季收入将有低单位数下跌，符合市场预期的下跌1%。在第二财季业绩中，北美市场呈现强劲复 苏，收入上升9%，主要由批发业务增长24%带动，但增长很大程度上被大中华区收入下跌16%所抵消。 该行认为若申洲国际股价因耐克的谨慎展望而出现回调，将会是更好的买入机会。 ...

Group 1 - The company maintains a close partnership with Nike, which will upgrade to a strategic partnership in January 2025, and is progressing with product development and delivery as planned [1] - Nike is an important client for the company, contributing positively to its operating performance [1] - The company has achieved a certain scale of mass production orders with Adidas since 2025, currently in a foundational and capacity-building phase, with a favorable cooperation trend [1] Group 2 - Investors have inquired about the conversion of core customer orders, specifically whether new development projects with Nike have entered mass production and if the scale of Adidas orders has increased compared to the first half of the year [3] - There is interest in understanding the substantial contribution of business growth from both major clients to the Q3 performance [3]