该行称，由于低基数效应，预期新秀丽第三季收入跌幅将收窄至1.4%，符合管理层指引。该行亦预期 Tumi整体表现会有改善，而American Tourister则仍是表现最疲弱的品牌。 由于区域结构变化与营运去杠杆，该行预期经调整EBITDA利润率仍将承压;料第三季毛利率及经调整 EBITDA利润率分别同比跌0.7及0.6个百分点，至58.6%及17%。对于印度业务在2026年的转机，该行持 审慎乐观态度，因当地主要竞争对手完成重大重组后，市场竞争可望趋向理性。该行亦相信美国双重上 市计划仍在推进中，但最早或要到2026年中才能落实。 智通财经APP获悉，大和发布研报称，将新秀丽(01910)2025年每股盈利预测下调2%，但基于亚洲与北 美市场复苏可能更强劲，将2026年每股盈利预测上调3%;维持"持有"评级，因目前缺乏催化剂且能见度 仍然偏低。不过，该行认为在全球旅游需求持续支持下，2026年有望迎来更强劲复苏;目标价由15港元 微升至16港元。 ...

Investment Rating - The report does not specify a clear investment rating for Samsonite, but it discusses the company's performance and outlook in detail, indicating a cautious but optimistic long-term view from management [5][12]. Core Insights - Samsonite's revenue and profit declined in 1H25, with net sales at USD 1.662 billion, down 6.0% YoY, primarily due to weak demand in North America and Asia [2][8]. - Gross profit was USD 984 million, with a gross margin of 59.2%, down 1.0 percentage point YoY, affected by lower sales from higher-margin regions and increased promotions [2][8]. - Adjusted EBITDA decreased by 19.4% YoY to USD 269 million, with an adjusted EBITDA margin of 16.2% [2][8]. - Management remains optimistic about long-term consumption demand despite short-term pressures from trade policy changes and macroeconomic uncertainties [11][12]. Summary by Sections Financial Performance - In 1H25, net sales were USD 1.662 billion, down 6.0% YoY, with gross profit at USD 984 million, down 7.6% YoY, and adjusted net profit at USD 123 million, down 29.1% YoY [2][8]. - The adjusted free cash flow was USD 11.5 million, a decrease of USD 70 million YoY, with net debt increasing to USD 1.162 billion [2][8]. Regional Performance - Revenue in Asia was USD 626 million, down 7.3% YoY, with significant declines in China, South Korea, and Hong Kong [3][9]. - North America saw revenue of USD 561 million, down 7.7% YoY, with all brands declining, particularly American Tourister [3][9]. - Europe experienced modest growth, with revenue at USD 379 million, up 1.6% YoY, driven by strong performance in Germany [3][9]. Channel Performance - The DTC channel share rose to 39.6%, with e-commerce accounting for 11.3% and offline retail at 28.3% [4][10]. - Wholesale revenue fell 7.4% YoY, primarily due to cautious procurement by wholesale customers amid economic uncertainty [4][10]. Strategic Initiatives - The company is addressing tariff impacts through price increases and supplier negotiations, aiming to offset negative effects in North America [5][11]. - Management plans to enhance brand competitiveness through product innovation and expansion of the Tumi brand [5][11]. Management Outlook - Management expects improvement in the Chinese and Indian markets in the second half of 2025, with a generally stronger performance in the second half compared to the first [12].

Core Viewpoint - Samsonite reported a decline in both revenue and net profit for Q1 2025, leading to a significant drop in stock price and market capitalization [1][3][11]. Financial Performance - The company's Q1 2025 sales revenue was $797 million, down 7.3% from $860 million in Q1 2024 [4][6]. - Net profit for Q1 2025 was $48.2 million, a decrease of 42.6% compared to $83.9 million in the same period last year [4][6]. - Operating profit fell to $110 million, down 26.9% year-over-year [4][6]. - Adjusted net income was $52 million, a reduction of 40.3% from $87 million in Q1 2024 [4][6]. - Gross margin decreased to 59.4%, down 1 percentage point from the previous year [4][6]. Cash Flow - Operating cash flow dropped significantly from $55 million to $8.5 million [5]. - Free cash flow turned negative at -$41.2 million [5]. Regional Sales Performance - Sales in Asia decreased by 9.7%, with a 7.0% decline when adjusted for constant currency, primarily due to macroeconomic uncertainties [6][8]. - North American sales fell by 8.3%, with a similar decline of 8.0% in constant currency, attributed to decreased consumer confidence [7][10]. - European sales remained flat, but grew by 4.4% in constant currency, driven by sales growth in the American Tourister and TUMI brands [8][10]. - Latin American sales declined by 10.3%, with constant currency sales remaining flat, influenced by reduced consumer confidence in Mexico [9][10]. Market Reaction - Following the earnings report, the company's stock price dropped nearly 10%, closing at 14 HKD, with a market capitalization of less than 20 billion HKD [1][11]. - Year-to-date, the stock has fallen over 35% [1]. Institutional Holdings - The company was previously a significant holding in the E Fund managed by Zhang Kun, but has since been reduced in the fund's top holdings [12][14]. - In the latest reports, Samsonite did not appear in the top ten holdings of the fund [11][14]. Analyst Ratings - Multiple financial institutions have downgraded their target prices for Samsonite, with estimates ranging from 16.3 HKD to 25.35 HKD [16][17]. - Goldman Sachs lowered its target price to 22 HKD and revised down its earnings forecast for the year [17].

Core Viewpoint - Samsonite reported a decline in financial performance for the three months ending March 31, 2025, with net sales decreasing by 7.3% year-on-year, primarily due to a drop in sales from the Asia region [2][6]. Financial Performance Summary - Net sales for the period were $796.6 million, down from $859.6 million in the same period of 2024, representing a decrease of 7.3% (4.5% decline on a constant currency basis) [2][6]. - Gross profit was $473.1 million, with a gross margin of 59.4%, down from 60.4% year-on-year, attributed to changes in the sales mix [2][6]. - Operating profit was reported at $109.5 million, a decrease of 26.9% compared to the previous year [2][6]. - Net profit for the period was $55.2 million, down 39.7% from $91.5 million in 2024 [2][6]. - Adjusted net income was $52.0 million, reflecting a 40.3% decrease year-on-year [2][6]. - Profit attributable to equity holders was $48.2 million, a decline of 42.6% compared to the same period last year [3][6]. Sales Performance Factors - The decline in net sales was influenced by reduced sales in Asia, decreased consumer confidence in North America, and timing changes in wholesale channel sales that negatively impacted the first quarter of 2025 [2][6]. - However, this decline was partially offset by growth in sales from the American Tourister and TUMI brands in Europe [2][6]. Market Reaction - As of the report date, Samsonite's stock was trading at HKD 14.14, reflecting a decline of 8.06%, with a market capitalization of HKD 20.678 billion [7].

Financial Data and Key Metrics Changes - Sales for Q1 were approximately $797 million, representing a decrease of 4.5% compared to the previous year [9][48] - Gross margin decreased slightly to 59.4% from 60.4% in the prior year [12][49] - Adjusted EBITDA was $128 million with an EBITDA margin of 16%, down from a record Q1 of the previous year [13][49] - Adjusted net income was $52 million, down from $87 million in the previous year [50] Business Line Data and Key Metrics Changes - Samsonite brand sales decreased by 2.6% when adjusted for a wholesale customer pulling orders into Q4 [11][23] - Tumi sales were down 2%, but showed growth in regions outside North America [11][23] - American Tourister sales decreased by nearly 11%, impacted by cautious buying from wholesale customers [11][23] Market Data and Key Metrics Changes - North America sales were down 8%, with a slight adjustment indicating a 5% decrease when accounting for order pull-ins [15][20] - Asia sales decreased by 7%, with a noted improvement expected in Q2 [14][17] - Europe experienced growth of 4.4% in Q1, with expectations for continued strong performance [16][22] - Latin America was flat in Q1 but is expected to return to double-digit growth in Q2 [17][22] Company Strategy and Development Direction - The company is focused on profitable, sustainable growth while maintaining cost discipline and strategic investments [8][76] - There is a strong emphasis on product innovation and development, particularly in the non-travel segment, which now accounts for 34% of sales [37][63] - The company is navigating tariff impacts by diversifying sourcing and implementing price adjustments [29][55] Management's Comments on Operating Environment and Future Outlook - Management noted a macroeconomic environment with softened consumer sentiment, particularly in North America [3][5] - Travel demand is expected to remain robust, with a projected growth of 4% to 5% for the year [6][40] - The company anticipates a similar performance in Q2 compared to Q1, with slight improvements in certain regions [70][72] Other Important Information - The company has opened 64 net new stores in the past year, maintaining flat SG&A expenses [12][56] - There is a focus on maintaining a strong balance sheet, with net debt at approximately $1.2 billion and liquidity of nearly $1.4 billion [60][66] - The company is preparing for a potential dual listing, monitoring market conditions closely [79][80] Q&A Session Summary Question: Clarification on Q2 performance expectations - Management indicated that Q2 is expected to be similar to Q1, with slight improvements in Asia and Latin America [84][86] Question: Correlation between travel trends and sales growth - Management confirmed that travel trends are expected to remain correlated with sales growth, despite current consumer sentiment challenges [87][88] Question: Pricing strategies in response to tariffs - Management stated that pricing actions are being taken to offset tariff impacts, primarily focused on the U.S. market [90][91]

Financial Data and Key Metrics Changes - The company reported Q1 sales of approximately $797 million, a decrease of 4.5% compared to the previous year, which was a record Q1 for the business [9][49] - Gross margin for Q1 was 59.4%, down from 60.4% in the previous year, attributed to a geographic mix with lower sales in higher-margin regions [12][49] - Adjusted EBITDA for Q1 was $128 million, with an EBITDA margin of 16%, down from the record number in Q1 of the previous year [13][49] - Adjusted net income for Q1 was $52 million, compared to $87 million in the previous year [49] Business Line Data and Key Metrics Changes - The largest core brands, Samsonite and Tumi, experienced declines of 2.6% and 2% respectively, while American Tourister saw a decline of nearly 11% due to softer consumer sentiment [11][22] - Non-travel sales accounted for 34% of total sales, showing growth opportunities in this underpenetrated market [37] Market Data and Key Metrics Changes - North America sales were down 8% in Q1, with a slight adjustment indicating a 5% decline when accounting for a wholesale customer pulling orders [15][19] - Europe showed strong growth of 4.4% in Q1, with expectations for continued growth in Q2 [16][21] - Latin America was flat in Q1 but is expected to return to double-digit growth in Q2 [17][21] - Asia saw a decline of 7% in Q1, with some markets like India showing positive growth, while South Korea faced significant challenges [14][18] Company Strategy and Development Direction - The company is focused on profitable, sustainable growth while maintaining cost discipline and strategic investments for long-term growth [8][78] - There is a strong emphasis on product innovation and development, with new collections launching in Q2 and Q3 [41][46] - The company is taking decisive actions to mitigate the impact of tariffs, including diversifying sourcing and implementing price increases [27][29] Management's Comments on Operating Environment and Future Outlook - Management noted that while consumer sentiment is softening, travel remains a priority for consumer spending, with a projected growth of 4% to 5% in travel for the year [6][67] - The macroeconomic environment remains uncertain, but the company is confident in its ability to navigate challenges and expects to come out stronger post-tariff adjustments [4][68] - The outlook for Q2 is expected to be similar to Q1, with potential slight improvements in certain markets [70][72] Other Important Information - The company is closely monitoring the dual listing preparations amid current market uncertainties [79] - The company maintains a healthy balance sheet with net debt of approximately $1.2 billion and liquidity of nearly $1.4 billion [58][64] Q&A Session Summary Question: Clarification on Q2 trading and travel trends correlation - Management indicated that Q2 is expected to be similar to Q1, with slight improvements in Asia and Latin America returning to trend [86][87] - The correlation between travel trends and sales growth is expected to remain strong, with potential benefits in the back half of the year [88][89] Question: Pricing strategies and impacts - Management is taking actions to offset tariff impacts through pricing adjustments, primarily in the U.S., but not providing specific numbers at this time [91][92]