申洲國際：完善競爭力應對內外部變化

公司發佈2025中報

25H1，公司實現營收150億，同比增長15%; 歸母凈利潤31.77億，同比增長8.39%。

分產品，25H1運動類實現營收101億，同比增長10%，主要系銷售於歐洲市場和美國市場之運動服裝需求上升所致。

休閒類實現營收38億，同比增長37%，主要系銷售於日本市場、歐洲市場以及其他市場之休閒服裝需求上升所致。 

內衣類實現營收9億，同比增長4%，主要系銷售於日本市場和歐洲市場之內衣服裝需求上升所致。

其他針織品實現營收1億，同比增長6%. 

25H1公司毛利率為27%，同比下降1.9pct，主因公司於二零二四年之下半年對一線員工進行了漲薪，期內生產工 人之平均薪酬明顯高於上年同期，使得生產成本中的人工支出占銷售收入之比例上升。

董事會擬派發中期股息每股1.38港元。

擴充國內外產能

公司越南第二面料工廠項目進展順利，除通過股權收購獲得生產用地之外，還向所在工業區購買了約50公頃的土地使用權。 目前工廠大部分土建工程已接近完工，並將陸續開始設備之安裝調試，預期在本年度年底前可逐步投產。 此外，公司於柬埔寨之新建成衣工廠，已於二零二五年三月份開始投產，目前已聘用員工約4,000名，隨著員工人數的增加和生產效率的上升，將進一步增加在柬埔寨的成衣生產規模。

公司於海外擴充生產規模的同時，正在推進國內基地現有產能的升級改造。 寧波基地剛建成建築面積約167,000平方米的新織布工廠，並將對部分織布設備進行更新。 寧波制衣工廠亦完成了全面的維修翻新，並對部分制衣工廠的流水線進行了整合、重排，管理人員更加精簡、資源佔用更加節約。 此外，安徽成衣基地也將通過更新改造來提升生產的自動化水準。 

完善內控制度

完善內控制度、優化管理流程對公司的全球化運營尤為重要。 公司進一步推動控制流程的標準化和線上化，提高業務審核的自動化程度，加強了採購環節的內部控制和原物料的耗用管控。 公司擁有一批優質並長期合作的供應商，重視對供應商的利益保護，並視供應商為產業鏈競爭力的重要一環，但為達成更公平的經營環境，公司亦加強了對供應商的准入和評估，進一步完善了採購的內控制度。

While Shenzhou performed well in H1 amid international demand growth, cognizance of US tariff headwinds fueled measures to hone its competitiveness through management process upgrades and production capacity expansion. We maintain our BUY rating on the stock.

The gist: BUY

• 25H1E results: revenue rose 15% yoy on demand growth; net profit up 8.4%

• Production capacities: expanding global network; upgrading domestic bases

• Systemic improvements: management processes and supplier evaluations

25H1E results: revenue rose 15% yoy on demand growth; net profit up 8.4%

Top line: Shenzhou International posted unaudited results for 25H1E with a 15% yoy rise in revenue to RMB15.0bn as demand for its products increased across all categories.

Bottom line: Net profit grew to RMB3.18bn in H1E, up 8.39% yoy. However, gross margin narrowed slightly yoy by 1.9ppt to 27%, mainly because the company had raised salaries for frontline staff in 24H2, which led to a much higher average compensation for production workers in 25H1 yoy; consequently, labor cost expanded yoy as a proportion of sales revenue. 

Product categories:

• Sportswear: Revenue rose 10% yoy to RMB10.1bn, due largely to increased demand in the European and American markets. 

• Leisure wear: This segment saw sales reach RMB3.8bn, up 37% yoy, as demand grew in the Japanese, European and other markets. 

• Underwear: Stronger demand in the Japanese and European markets improved takings by 4% yoy to RMB940m. 

• Knitwear: Revenue rose to RMB105m, up 6% yoy.

DPS: The board proposed an interim dividend of HKD1.38 per share.

Production capacities: expanding the global network; upgrading domestic bases

International facilities: Shenzhou proceeded with plans to boost production capacities in lower-cost countries to boost product competitiveness:

• Vietnam: Its second fabric factory project in the Southeast Asian country is ramping up smoothly. The company not only bought land through equity acquisition, but also purchased the land use rights to a parcel of about 50ha in the industrial zone where the factory is located. Most of the plant’s civil engineering work is nearing completion, and equipment installation and commissioning is set to commence. The company expects production to roll out by the year end. 

• Cambodia: Shenzhou’s new garment factory commenced production in March 2025 with about 4,000 employees. We expect garment production capacity in this Southeast Asian facility will expand as staff numbers increase and production efficiency rises over time.

China: The company is upgrading production facilities in the domestic market as well: 

• Ningbo: 

• New weaving factory: Shenzhou recently completed the construction of a new weaving facility with a construction area of about 167,000 sq m, with plans to upgrade some of the weaving equipment. 

• Garment factory: The garment factory in Ningbo completed a comprehensive renovation and integration project. Major improvements included the reorganization of production lines to streamline management team operations and better resource utilization. 

• Anhui garment factory: It plans to renovate this facility to enhance production automation.

Systemic improvements: management controls and supplier evaluations

• Management operations: Shenzhou optimized its control systems and management processes, which play a major role in its global operations. Plans to boost online management include the standardization and digitalization of control processes, as well as further automation of business audits. It strengthened internal controls over procurements and processes for raw material consumption. 

• Supplier evaluations: The company has a pool of long-time quality suppliers and it prioritizes their interests, viewing them as a vital component driving competitiveness in the supply chain. To ensure a more equitable operating environment, it tightened supplier admission and evaluation criteria, which refined its internal control systems for procurements.

本文件由天風國際證券集團有限公司, 天風國際證券與期貨有限公司（證監會中央編號：BAV573）及天風國際資產管理有限公司（證監會中央編號：ASF056）（合稱“天風國際集團”）編制，所載資料可能以若干假設為基礎，僅供作非商業用途及參考之用途，會因經濟、市場及其他情況而隨時更改而毋須另行通知。任何媒體、網站或個人未經授權不得轉載、連結、轉貼或以其他方式複製發表本檔及任何內容。已獲授權者，在使用本檔或任何內容時必須注明稿件來源於天風國際集團，並承諾遵守相關法例及一切使用的國際慣例，不為任何非法目的或以任何非法方式使用本檔，違者將依法追究相關法律責任。本檔所引用之資料或資料可能得自協力廠商，天風國際集團將盡可能確認資料來源之可靠性，但天風國際集團並不對協力廠商所提供資料或資料之準確性負責。且天風國際集團不會就本檔所載任何資料、預測及／或意見的公平性、準確性、時限性、完整性或正確性，以及任何該等預測及／或意見所依據的基準作出任何明文或暗示的保證、陳述、擔保或承諾而負責或承擔任何法律責任。本檔中如有類似前瞻性陳述之內容，此等內容或陳述不得視為對任何將來表現之保證，且應注意實際情況或發展可能與該等陳述有重大落差。本檔並非及不應被視為邀約、招攬、邀請、建議買賣任何投資產品或投資決策之依據，亦不應被詮釋為專業意見。閱覽本文件的人士或在作出任何投資決策前，應完全瞭解其風險以及有關法律、賦稅及會計的特點及後果，並根據個人的情況決定投資是否切合個人的投資目標，以及能否承擔有關風險，必要時應尋求適當的專業意見。投資涉及風險。敬請投資者注意，證券及投資的價值可升亦可跌，過往的表現不一定可以預示日後的表現。在若干國家，傳閱及分派本檔的方式可能受法律或規例所限制。獲取本檔的人士須知悉及遵守該等限制。