Group 1: Investor Relations Activities - The investor relations activity included a specific research meeting with representatives from various investment firms on May 20-21, 2025, both offline in Shenzhen and online via Zoom [2] - The company’s board secretary, Fang Lingling, was present to address investor inquiries [2] Group 2: Impact of Tariff Policies - The company is monitoring the developments of the U.S. tariff policies on Southeast Asian countries, particularly Vietnam and Indonesia, but has not seen significant order cancellations due to tariffs [2] - The company has prepared different response plans based on potential tariff increases and maintains close communication with clients [2] Group 3: Order Outlook for 2025 - The company has a diverse client base, with most clients being publicly listed companies, and expects stable order growth in 2025 based on clients' performance guidance [2] - The company is confident about its 2025 performance, although it acknowledges increased uncertainty in the international economic environment due to recent tariff policies [2] Group 4: Average Selling Price and Gross Margin - Changes in average selling price are influenced by customer and product mix, with fluctuations in brand order volumes affecting overall pricing [3] - The gross margin is currently impacted by the ramp-up phase of new factories and the training of new employees, but efficiency is expected to improve as operations stabilize [4] Group 5: Production Capacity and Utilization - The company’s production capacity is primarily located in Vietnam, with new factories in Indonesia and Sichuan still in the early stages of production [6] - The company is actively investing in new capacity to meet order demands, with a flexible capacity allocation based on annual order volumes [6] Group 6: Automation and Efficiency - Full automation in sneaker production is challenging due to the variety of styles and materials, but the company is continuously improving automation levels [7] - In 2024, the company introduced over 500 intelligent cutting machines and 4 automated molding lines to enhance production efficiency [7] Group 7: Dividend Policy - The company has a strong commitment to shareholder returns, with cash dividends in 2021 accounting for approximately 89% of net profit, and 2022 and 2023 dividends at 43% and 44% of net profit, respectively [8] - The company plans to maintain a reasonable dividend policy while balancing capital expenditures and operational needs, with a significant retained earnings balance of approximately 10.4 billion RMB by the end of 2024 [8]
华利集团(300979) - 300979华利集团投资者关系管理信息20250521