Group 1: Market and Economic Impact - The company is monitoring the evolving tariff policies between the U.S. and Southeast Asian countries, particularly Vietnam, and has not yet seen significant order cancellations due to tariffs [2] - Approximately 40% of the company's sales revenue comes from the U.S. market, which is the largest consumer market for athletic shoes [2] - The company has developed various response plans based on potential tariff increases on imports from Vietnam and Indonesia, maintaining close communication with clients [2] Group 2: Production and Operational Efficiency - The company is currently in a production peak season with full order books and normal production across all factories [2] - New factories in Vietnam and Indonesia are under construction, with the pace of development aligned with order demand [2][3] - The initial phase of new factory operations has led to a temporary decline in overall gross margin due to the inexperience of new employees and the need for process optimization [3] Group 3: Supply Chain and Material Sourcing - In 2024, over 50% of the raw materials for the Vietnam factory will be sourced locally, while the share from mainland China has decreased to about 30% [4] - The Vietnam factory operates on a processing model, where it receives raw materials from the Hong Kong subsidiary and charges only for processing, benefiting from tax exemptions on imported materials [4] Group 4: Future Orders and Capacity Planning - The company is optimistic about 2025 orders, with most clients showing growth, although some face challenges in terminal sales [5] - New production facilities in Vietnam and a planned capacity of over 60 million pairs in Indonesia are expected to come online, with the Indonesian factory projected to start production in mid-2024 [6] - The company has also established a finished shoe factory in Sichuan, which began production in Q1 2025 [6] Group 5: Shareholder Relations - The controlling shareholder has not yet reduced their stake, aiming to optimize the shareholder structure and welcoming long-term investors [7]
华利集团(300979) - 300979华利集团投资者关系管理信息20250605