华利集团(300979) - 300979华利集团投资者关系管理信息20250513

Group 1: Investor Relations Activities - The investor relations activities included specific object research and broker strategy meetings held on May 12-13, 2025, in Zhongshan and Shenzhen [2] - The company engaged with investors regarding the impact of U.S. tariff policies on Southeast Asian countries, indicating no significant changes in order volumes due to tariffs [2][3] - The company maintains a stable production pace with full orders and normal operations across factories [2] Group 2: Order and Revenue Outlook - The company is optimistic about 2025 orders, with most clients showing growth, although some face slower terminal sales [3] - The average selling price is influenced by customer and product mix, with fluctuations based on brand order volumes [4] Group 3: Production Capacity and Expansion - The main production base is in Vietnam, with a new finished shoe factory expected to start production in 2025; the Indonesian base is projected to have a capacity of over 60 million pairs, starting in mid-2024 [5] - New factories typically require 1.5 to 2 years to reach full production capacity [11] - The company plans to maintain active capital expenditure between 1.1 to 1.7 billion RMB annually from 2022 to 2024 for capacity expansion and automation upgrades [13] Group 4: Profitability and Cost Management - The gross margin is expected to be affected by the initial inefficiencies of new factories and the training of new employees [6] - The pricing model for products is based on a cost-plus approach, leading to similar gross and net margins across different price points [7][8] - Labor costs in Indonesia and Vietnam are expected to be comparable, with no significant differences in profit margins anticipated once the Indonesian factory is fully operational [9] Group 5: Industry Trends and Strategic Adjustments - The company is monitoring changes in the international economic environment due to tariff policies and is prepared to adjust its operational strategies accordingly [3] - The footwear industry lacks integrated manufacturers due to the complexity of raw material supply chains, but the company is open to investing in raw material development if industry trends shift [12]