瑞财经 吴文婷12月17日，广东龙行天下科技股份有限公司（以下简称"龙行天下"）启动IPO，拟冲刺上 交所主板。 本次IPO的辅导机构招商证券股份有限公司，律师事务所为北京国枫律师事务所，会计师事务所为立信 会计师事务所(特殊普通合伙)。 | 辅导协议 签署时间 | 2025 年 12月 12 日 | | --- | --- | | 辅导机构 | 招商证券股份有限公司 | | 律师事务 - 所 | 北京国枫律师事务所 | | 会计师事 务 所 | 立信会计师事务所(特殊普通合伙) | 龙行天下主要从事运动鞋履的开发设计、生产与销售，是中国本土背景具有规模优势、品牌影响力和市 场竞争力的运动鞋履专业制造商。 业绩方面，2023年-2024年，龙行天下实现营收分别为42.11亿元、55.88亿元；归母净利润分别为2.07亿 元、2.78亿元。 | 项目 | 2024 年度 | 2023 年度 | | --- | --- | --- | | 营业收入(万元) | 558,771.51 | complex of and research and any and 421,056.29 | | 净利润(万元) | 27, ...

Core Insights - The process for obtaining Bureau of Indian Standards (BIS) certification for Nepali products has significantly improved, facilitating exports to India [1] - This improvement is a result of a consensus reached in January between the Nepal-India Joint Commission, where India agreed to expedite the BIS certification process for Nepali products [1] Industry Impact - The certification delays had previously been a major bottleneck for various industries in Nepal, including plywood, sanitary napkins, diapers, footwear, and cement [1] - The Nepal Plywood Manufacturers Association reported that the industry faced severe delays over the past eight months, but in the last month, companies have been able to receive certificates on time [1] - Currently, all 52 companies that applied for certification are expected to receive it, benefiting from the proactive efforts of Nepal's Finance Minister and Ambassador to India [1] Export Data - In the last fiscal year, Nepal's exports to India included plywood worth 7.09 billion rupees, footwear worth 2.04 billion rupees, cement worth 2.21 billion rupees, and sanitary napkins and diapers worth 356 million rupees [1] - The total bilateral trade between Nepal and India reached 12.9 trillion rupees [1]

Core Viewpoint - Vietnam has become the sixth largest exporter to the U.S., with exports valued at $136.5 billion, primarily from factories operated by U.S. companies and foreign multinationals [1] Group 1: Impact of U.S. Tariffs - The imposition of a 20% tariff on Vietnamese goods could lead to a long-term decline in exports to the U.S. by over $25 billion, nearly one-fifth of Vietnam's total exports to the U.S. [1] - Vietnam's exports to the U.S. decreased by 2% in August compared to July, with a notable 5.5% drop in footwear exports, despite being the second-largest global supplier of shoes [2] - The World Bank has downgraded Vietnam's economic growth forecast following the implementation of U.S. tariffs [2] Group 2: Regional Comparisons - Vietnam's potential export decline to the U.S. is estimated at 19.2%, which is nearly double the average expected decline of 9.7% for Southeast Asia [3] - Other Southeast Asian countries are also expected to see declines, with Thailand at 12.7%, Malaysia at 10.4%, and Indonesia at 6.4% [3] Group 3: Economic Consequences - The decline in exports could result in a GDP reduction of approximately 5% for Vietnam [3] - The full impact of the tariffs may take years to manifest, but factors such as exporters absorbing some costs and Vietnam diversifying its export markets could mitigate the effects [3] Group 4: Additional Considerations - The estimates from the United Nations Development Programme assume that tariffs will be fully passed on to U.S. consumers, which has not yet occurred [5] - Potential additional tariffs on foreign components in exported goods could have devastating effects, as Vietnam's exports heavily rely on Chinese supply chains [6] - Current exemptions on tariffs for consumer electronics, which account for about 28% of Vietnam's exports to the U.S., are not included in the estimates, but even with these exemptions, exports could still decrease by $18 billion [6]

Group 1 - The independent directors of Hason Trading (China) Co., Ltd. held their third special meeting on September 2, 2025, via communication methods [1] - The meeting was convened and presided over by independent director Ms. Guo Chunran, with all independent directors present [1] - The independent directors reviewed and approved the proposal regarding the investment in a joint venture with related parties, concluding that the transaction complies with relevant laws and regulations, and is fair and reasonable [1] Group 2 - The independent directors unanimously agreed to submit the proposal for board review, with a voting result of 3 votes in favor, 0 votes against, and 0 abstentions [2]

Core Viewpoint - The company, Chuangxin International (00676.HK), reported a significant decline in revenue and a shift from profit to loss in its latest financial results, primarily due to external factors affecting its operations as a footwear export manufacturer [1]. Financial Performance - Revenue for the six months ending June 30, 2025, was $1.481 million, representing a 54.2% decrease year-on-year [1]. - The company recorded a pre-tax loss of $204,000, compared to a pre-tax profit of $152,000 for the same period in the previous year [1]. - Basic loss per share was $0.0003, in contrast to a basic earnings per share of $0.0002 for the prior year [1]. Industry Impact - The footwear export manufacturing sector is facing severe challenges, particularly due to fluctuating U.S. tariff policies, which have deterred overseas clients from taking on significant risks [1]. - The company's export activities nearly reached zero in the reported period, highlighting the adverse effects of the external environment on its business operations [1]. - Despite these challenges, the company has managed to maintain stable overall operations, partly due to efforts from various teams and benefits from its diversified leasing business developed in earlier years [1].

Group 1 - The board of directors of Hason Commerce (China) Co., Ltd. held its 18th meeting of the 5th board on August 26, 2025, with all 9 directors present, confirming the legality and validity of the meeting and resolutions [1][2] - The board approved the asset impairment provision, which aligns with the company's actual situation and reflects a more accurate representation of the company's asset status and operating results [2] - The resolutions from the board meeting, including the half-year report and the asset impairment provision announcement, are available on the Shanghai Stock Exchange website [1][2] Group 2 - The voting results for the asset impairment provision were unanimous, with 9 votes in favor, 0 against, and 0 abstentions [2] - The board's decisions were reviewed and approved by the audit committee prior to the meeting [1]

Core Viewpoint - Goldman Sachs reports that Yue Yuen Industrial Holdings Limited (00551) and its subsidiary Pou Chen Corporation (03813) exceeded market expectations for net profit in Q2 2025 by 16% and 49% respectively, primarily due to non-operating income and tax benefits exceeding expectations [1][2] Group 1: Financial Performance - Yue Yuen's Q2 2025 net profit increased by 13% year-on-year, surpassing market consensus by 16%, driven by higher-than-expected non-operating income and lower tax expenses [2][5] - The group's total revenue for Q2 2025 was reported at $2.03 billion, a 1% year-on-year increase, with OEM sales growing by 6.5% [4] - Pou Chen's Q2 2025 revenue decreased by 12% year-on-year, aligning with expectations, while net profit fell by 69% year-on-year but exceeded market expectations by 49% [2][6] Group 2: Operational Insights - OEM business sales showed steady growth, but gross margins were under pressure due to uneven production levels and rising labor costs [2][4] - Inventory levels increased by 4.6% year-on-year, with inventory turnover days at 146, up from 138 in Q1 2025 [8] - The company announced a change in CFO, with Chau Chi Ming taking over the position [2][3] Group 3: Market Focus Areas - Investors should focus on the OEM business, including updates on order outlook for H2 2025 and the impact of tariff changes [3] - In the retail segment (Pou Chen), attention should be given to recent sales trends, inventory status, and performance by brand and product category [3]

Core Viewpoint - Morgan Stanley's report indicates that Yue Yuen Industrial Holdings Limited (00551) maintains a cautious outlook for the second half of the year due to macroeconomic uncertainties, but believes that its commitment to shareholder returns will provide downside support for the stock price [1] Group 1: Financial Outlook - The target price for Yue Yuen has been raised from HKD 12.5 to HKD 13.5, while maintaining a "Market Perform" rating [1] - Management expects a high single-digit year-on-year decline in manufacturing orders for Q3 due to a high base effect, with gross margins also expected to decline year-on-year for the same reason [1] - For Q4, an increase in shipment volume is anticipated, which is expected to be the highest level for the year [1] Group 2: Customer and Market Dynamics - Shoe manufacturing clients are cautious in their order arrangements, waiting for clearer visibility on the impact of tariffs on end markets [1] - Four clients, accounting for approximately 50% of manufacturing sales, have requested to share the burden of tariffs [1] Group 3: Sales Performance - The average selling price of the manufacturing business is expected to increase year-on-year due to product mix improvements, with an overall expected low single-digit year-on-year growth in average selling price for the year [1] - Retail business continues to face discount pressure due to weak consumer demand in China, with sales performance in July and August being weak [1]

Core Viewpoint - Morgan Stanley's report indicates that Yue Yuen Industrial Holdings Limited (00551) maintains a cautious outlook for the second half of the year due to macroeconomic uncertainties, but believes that its commitment to shareholder returns will provide downside support for the stock price. The target price has been raised from HKD 12.5 to HKD 13.5, while maintaining a "Market Perform" rating [1]. Group 1: Company Performance - The management of Yue Yuen stated during an analyst briefing that footwear manufacturing clients are cautious in their order arrangements, waiting for clearer visibility on the impact of tariffs on the end market. Four clients, accounting for approximately 50% of manufacturing sales, have requested to share the tariff burden [1]. - The company expects a year-on-year decline in manufacturing orders in the third quarter due to a high base effect, with gross margins also anticipated to decline year-on-year. However, a quarter-on-quarter increase in shipment volume is expected in the fourth quarter, which will be the highest level for the year [1]. Group 2: Sales and Pricing - For the second half of the year, the report cites management's comments that due to an improved product mix, the average selling price of the manufacturing business is still expected to increase year-on-year, with an overall average selling price projected to grow in the low single digits year-on-year [1]. - The retail business continues to face discount pressure due to weak consumer demand in China, with sales performance in July and August being sluggish [1].

Core Viewpoint - Morgan Stanley's report indicates that Yue Yuen Industrial Holdings maintains a cautious outlook for the second half of the year due to macroeconomic uncertainties, but believes its commitment to shareholder returns will provide downside support for the stock price. The target price has been raised from HKD 12.5 to HKD 13.5, while maintaining a "Market Perform" rating [1]. Group 1 - The management of Yue Yuen stated during an analyst briefing that footwear manufacturing clients are cautious in their order arrangements, awaiting clearer visibility on the impact of tariffs on the end market [1]. - Four clients, accounting for approximately 50% of the manufacturing business's sales, have requested to share the burden of tariff costs [1]. - The company expects a year-on-year decline in manufacturing orders in the third quarter due to a high base, and a year-on-year decrease in gross margin is also anticipated for the same reason [1]. Group 2 - However, it is expected that the shipment volume in the fourth quarter will increase quarter-on-quarter, reaching the highest level for the year [1].