9月29日，港股上市企业申洲国际集团控股有限公司发布了2025年中期报告。报告显示，公司在截至6月30日的六个月内实现销售收入约149.66亿元，同比 增长15.3%；母公司拥有人应占利润达31.77亿元，同比增长8.4%。这两项数据均创下同期历史新高。 | | 未經審核 | | | --- | --- | --- | | | 截至六月三十日止六個月 | | | | 二零二五年 | 二零二四年 | | | 人民幣千元 | 人民幣千元 | | 销售額 | 14,966,384 | 12,975,971 | | 毛利 | 4,058,018 | 3,761,469 | | 除稅前利潤 | 3,632,120 | 3,249,209 | | 母公司擁有人應佔利潤 | 3,176,836 | 2,931,028 | | 毛利率(%) | 27.1 | 29.0 | | 争利潤率(%) | 21.2 | 22.6 | | 每股盈利(人民幣元) | 2.11 | 1.95 | | | 二零二五年 | 二零二四年 | | | 六月三十日 | 十二月三十一日 | | | 人民幣千元 | 人民幣千元 | | 地圖露 | 56, ...

Investment Rating - The investment rating for the company is "Buy" with a target price not specified [5]. Core Viewpoints - The company reported a revenue of 15 billion RMB for the first half of 2025, representing a year-on-year growth of 15%, and a net profit of 3.177 billion RMB, which is an increase of 8.39% compared to the previous year [1]. - The growth in revenue is attributed to increased demand for sportswear in Europe and the United States, with sportswear sales reaching 10.1 billion RMB, a 10% increase year-on-year. Casual wear saw a significant increase of 37%, reaching 3.8 billion RMB, driven by demand in Japan and Europe [1]. - The company is expanding its production capacity both domestically and internationally, with a new fabric factory in Vietnam nearing completion and a garment factory in Cambodia that began production in March 2025 [2]. - The company is also upgrading its existing domestic production facilities, including a new weaving factory in Ningbo and renovations in its garment factory [2]. - The company is enhancing its internal control systems and optimizing management processes to support its global operations, focusing on standardizing control processes and improving procurement controls [3]. - The revenue forecasts for 2025 to 2027 have been adjusted to 31.9 billion RMB, 35.5 billion RMB, and 39 billion RMB respectively, with net profits projected at 6.6 billion RMB, 7.3 billion RMB, and 8 billion RMB [4]. Summary by Sections Financial Performance - In the first half of 2025, the company achieved a revenue of 15 billion RMB, a 15% increase year-on-year, and a net profit of 3.177 billion RMB, an 8.39% increase [1]. Product Segmentation - Sportswear revenue was 10.1 billion RMB, up 10% year-on-year; casual wear revenue was 3.8 billion RMB, up 37%; underwear revenue was 900 million RMB, up 4%; and other knitted products generated 100 million RMB, up 6% [1]. Production Capacity Expansion - The company is making significant investments in expanding production capacity in Vietnam and Cambodia, with new factories expected to enhance production efficiency [2]. Internal Control and Management - The company is focusing on improving internal controls and management processes to enhance operational efficiency and supplier relationships [3]. Earnings Forecast - Adjusted revenue and net profit forecasts for 2025-2027 reflect a cautious outlook due to tariff uncertainties, with expected revenues of 31.9 billion RMB, 35.5 billion RMB, and 39 billion RMB, and net profits of 6.6 billion RMB, 7.3 billion RMB, and 8 billion RMB respectively [4].

Investment Rating - The report maintains a "Buy-A" rating for the company [2][8] Core Views - In the first half of 2025, the company achieved a revenue of 14.966 billion, representing a year-on-year growth of 15.3%, while the net profit attributable to shareholders was 3.177 billion, up 8.4% year-on-year [2][3] - The company's revenue growth was primarily driven by an increase in sales volume, although the profit growth lagged behind revenue due to a decline in gross margin and an increase in effective tax rate [3][4] - The company has seen a steady growth in sportswear and a remarkable performance in casual wear, with casual wear revenue growing significantly due to demand from markets in Japan, Europe, and other regions [3][4] Revenue Breakdown - Domestic market revenue slightly declined by 2.1%, while overseas markets experienced rapid growth, with revenue from the EU, the US, Japan, and other regions growing by 19.9%, 35.8%, 18.1%, and 18.7% respectively [4] - The company's four core customers accounted for 82.1% of total revenue, with significant growth in revenue from Uniqlo, Nike, Adidas, and Puma [4] Profitability and Costs - The gross margin decreased by 1.9 percentage points to 27.1% due to increased employee costs, while the inventory turnover improved with a decrease in inventory turnover days by 12 days [5][7] - The net profit margin decreased by 1.4 percentage points to 21.2% due to various factors including increased effective tax rate and government subsidies [7] Future Outlook - The company is expected to continue benefiting from its diversified product strategy and enhanced customer service capabilities, with a projected earnings per share of 4.40, 4.92, and 5.45 for 2025, 2026, and 2027 respectively [8][10] - The report anticipates that the negative impact of employee costs on gross margin will diminish in the second half of the year, and the company's vertical integration in fabric and garment production remains a core competitive advantage [8]

Investment Rating - The report maintains a "Buy" rating for the company, Shenzhou International (2313 HK), with a target price adjusted to HKD 84.00, indicating a potential upside of 41.5% from the current price of HKD 59.35 [1][7][12]. Core Insights - The company has shown steady revenue growth in the first half of 2025, with a year-on-year increase of 15.3% to RMB 14.97 billion, primarily driven by volume growth, while the average selling price saw a slight increase of 0.8% [6][7]. - Net profit for the same period rose by 8.4% to RMB 3.18 billion, although the gross margin decreased to 27.1%, down 1.9 percentage points year-on-year, influenced by ongoing employee salary increases [6][7]. - The report highlights a significant growth in leisure products, which surged by 37.4%, while sports products grew by 9.9% in the European and American markets [6][7]. - The company is expanding its overseas production capacity, with a new fabric factory in Vietnam set to begin operations by the end of 2025 and a new garment factory in Cambodia already operational [6][7]. Financial Summary - Revenue projections for the company have been slightly reduced for 2025 and 2026 by 3-4%, with net profit forecasts adjusted down by 16% due to more conservative gross margin assumptions [6][7]. - The expected revenue for 2025 is RMB 32.17 billion, with a projected net profit of RMB 6.55 billion, reflecting a year-on-year growth of 4.9% [5][13]. - The report anticipates a gross margin of 27.2% for 2025, which is a decrease from previous estimates, and a net profit margin of 20.4% [8][14].

Investment Rating - The report maintains a "Buy-A" rating for Shenzhou International (02313.HK) [1] Core Views - In 2024, the company's revenue reached 28.663 billion yuan, a year-on-year increase of 14.8%, while the net profit attributable to shareholders was 6.241 billion yuan, up 36.9% year-on-year [2][3] - The company is expected to continue benefiting from increased production capacity and improved operational efficiency, leading to a significant recovery in profitability [8] Revenue and Profit Analysis - In 2024, the company achieved a revenue of 28.663 billion yuan, with a volume increase of approximately 21% and a decrease in average selling price by 5% due to a shift in product mix towards lower-priced casual wear and underwear [3] - The gross profit margin improved by 3.8 percentage points year-on-year, driven by increased capacity utilization and a decrease in management expense ratio [6][7] Product Performance - Revenue growth in 2024 was led by casual wear and underwear, with respective year-on-year increases of 27.1% and 34.6% [4] - The company’s four core customers accounted for 80.7% of total revenue, with Uniqlo and Adidas showing significant growth [5] Market Performance - The company’s primary market is mainland China, followed by the US and Japan, with respective revenue growth rates of 13.2%, 18.9%, and 31.5% in 2024 [4] Future Projections - Revenue forecasts for 2025-2027 are 31.529 billion, 35.173 billion, and 38.883 billion yuan, with expected year-on-year growth rates of 10.0%, 11.6%, and 10.6% respectively [8][10] - Projected net profits for the same period are 6.520 billion, 7.284 billion, and 8.158 billion yuan, with growth rates of 4.5%, 11.7%, and 12.0% [8][10]