| --- | --- | --- | |-------------------------------------------|--------------|--------------| | | 2024 年 | 2023 年 | | | 千 港 元 | 千 港 元 | | 合 約 負 債 — 預 收 款 項 | 28,142 | 12,623 | | --- | --- | --- | |-------------------------------------------------------------------------------|--------------|--------------| | | 2024 年 | 2023 年 | | | 千 港 元 | 千 港 元 | | 計 入 年 初 合 約 負 債 結 餘 的 已 確 認 收 益 | 4,243 | 8,257 | 附 註： 物 業 要 價 貼 現： 40% 銷 售 物 業 的 代 理 成 本： 5% 機 器 報 廢 價 值： 機 器 成 本 的10% 由 於 近 年 在 緬 甸 發 生 的 社 會 動 盪 及 軍 事 衝 突， ...

Investment Rating - Trading Sell [2][14][30] Core Insights - The company experienced a sales drop of 12% YoY in 1HFY24, primarily due to a decrease in average selling price (ASP) by 12.9% in HKD terms, although sales volume remained resilient at approximately 19 million pieces, reflecting a 1.7% YoY increase [1][10] - Management anticipates a better performance in 2HFY24, driven by fast orders from Japanese clients, with an expected sales volume growth in FY24E at mid-single digits YoY, a revision from previous guidance of a mid-single digit drop [1][12] - The net gearing ratio improved significantly, declining to approximately 3.0% in 1HFY24 from 13.0% in FY23, allowing the company to raise its payout ratio to 75% in 1HFY24 [11][12] Financial Performance - The company's core net profit for FY24E is projected to reach HK$350 million, supported by volume growth and gross profit margin (GPM) expansion due to lower production costs [4] - The company is currently trading at a FY24E PE valuation of 4.7x, which is about a 54% discount compared to its HK-listed textile peers [4] - The target price for the company is set at HK$0.87, indicating a potential upside of 21.1% from the current price of HK$0.72 [14] Operational Developments - The company is expanding its production capacity in Vietnam to reduce lead times and meet client demand, with expectations that Vietnam will account for approximately two-thirds of its total knitwear capacity [12][13] - The largest customer, Uniqlo, accounted for about 48% of the company's revenue in 1HFY24, and as apparel retailers begin to restock, sales are expected to increase significantly in 2HFY24 [12][13] Market Position - Nameson is recognized as one of the leading knitwear manufacturers in China, providing a comprehensive range of services from raw material development to timely delivery [2][10] - The company has diversified its clientele, supplying to internationally renowned brands such as UNIQLO, Tommy Hilfiger, Under Armour, and Lululemon [2][10]

| RESEARCH 6 May, 2024 Nameson (01982.HK) Current Price HK$ 0.69 HKD, mn 2019/ Absolute 27.8% 38.0% 91.3% 63.3% TARGET PRICE HK$ - Expansion of cashmere yarn business: Nameson (01982.HK) entered into a JV agreement with its largest cashmere supplier, Hebei Yuteng, to engage in the manufacturing of cashmere yarn in Vietnam, the total production capacity per annum is designed to be 500 - 550 tonnes. Given the >80% utilization rate of cashmere yarn in Hebei, an increase in production capacity in Vietnam suppor ...

West Bull Securities 是一家专门的中小型股票经纪公司。找到我们的研究 ： 彭博社 ， factset. com ， Capital IQ ， Refinitiv ， Wind ， Choice ， Hibor 和同花順 投资者应假设西牛证券正在寻求或将寻求与本报告中的公司的投资银行或其他相关业务。 免责声明: 版权所有 © 西牛证券有限公司。保留所有权利。 西牛证券的评级 ： 强劲买入 ： 未来 12 个月绝对上行 > 50% 买入 ： 未来 12 个月绝对上行 > 10% 持有 ： 未来 12 个月绝对回报率为 - 10% 至 + 10% 卖出 ： 未来 12 个月绝对下行 > 10% 强劲卖出 ： 未来 12 个月绝对下行 > 50% 分析师证明 ： 本报告所表达的观点准确地反映了分析师对标的证券的个人观点 ， 分析师没有收到也不会收到直接或间接的报酬 ， 以换取在本报告中表 达具体建议或观点。 本研究报告并非任何证券的出售要约或购买或认购要约。本报告中提及的证券在某些司法管辖区可能没有资格出售。本报告中包含的信息由西牛证券有限 公司研究部 （ "西牛证券 " ） 根据其认为可靠的来源 ...

Share Capital and Securities - As of September 30, 2023, the total number of issued ordinary shares was 2,279,392,000[11]. - The company did not purchase, sell, or redeem any of its listed securities during the six months ended September 30, 2023[6]. - The shareholding structure indicates that Mr. Wang Tingzhen holds 1,500,000,000 shares, representing approximately 65.81% of the issued share capital[186]. - Major shareholders include South Spin Investment Limited and Ting Huai Asset Limited, each holding 1,500,000,000 shares, representing 65.81% of the issued share capital[195]. - As of September 30, 2023, the number of share options available for grant under the share option scheme is 110,600,000, representing approximately 4.85% of the issued share capital[36]. - No share options were granted under the share option scheme for the six months ended September 30, 2023[36]. Financial Performance - Adjusted net profit for the six months ended September 30, 2023, decreased by 15.7% to HKD 289.1 million[66]. - Total revenue for the six months ended September 30, 2023, was HKD 3,099.4 million, reflecting a slight increase of 1.6% in sales volume compared to the same period in 2022[64][58]. - The company reported a 19.8% increase in net profit to HKD 305.6 million for the six months ended September 30, 2023[66]. - The group's revenue for the six months ended September 30, 2023, decreased by 12.0% to HKD 2,726.4 million from HKD 3,099.4 million for the same period in 2022[93]. - The net profit attributable to the company's owners for the six months ended September 30, 2023, was HKD 289.1 million, an increase from HKD 232.8 million for the same period in 2022[119]. - The effective tax rate for the group was 12.5% for the six months ended September 30, 2023, compared to 16.6% for the same period in 2022[118]. Revenue Breakdown - Total sales revenue from men's and women's knitted products decreased by HKD 292.2 million to HKD 2,255.0 million, while cashmere yarn sales revenue increased by HKD 49.1 million to HKD 330.0 million[93]. - Revenue from Japan was HKD 764,182,000, down 17.7% from HKD 928,368,000 year-over-year[199]. - North America revenue decreased by 18.5% to HKD 423,311,000 from HKD 519,238,000[199]. - Europe revenue fell by 19.2% to HKD 511,823,000 compared to HKD 633,759,000 in the previous year[199]. - Revenue from Mainland China was HKD 524,447,000, a slight decrease of 4% from HKD 546,430,000[199]. - Other countries generated revenue of HKD 502,619,000, an increase of 6.6% from HKD 471,572,000[199]. Loans and Financial Obligations - The company has a loan agreement dated June 27, 2023, for a maximum of HKD 200 million with a three-year term[21]. - The company has a loan agreement dated March 8, 2023, for a maximum of HKD 150 million with a three-year term[21]. - The company has a loan agreement dated December 15, 2022, for a maximum of HKD 130 million with a three-year term[21]. - The company has a loan agreement dated September 21, 2021, for a maximum of HKD 250 million with a three-year term[21]. - The company has a loan agreement dated August 11, 2021, for a maximum of HKD 300 million with a three-year term[21]. - The group's total bank borrowings and lease liabilities as of September 30, 2023, amounted to HKD 1,208.5 million, with repayment due within one year being HKD 721.1 million[133]. Operational Insights - The company has increased production capacity in Vietnam to meet customer demand amid weak consumer sentiment[64]. - The company is expanding its operations in Vietnam, enhancing marketing, customer service, and production capabilities[68]. - The company is focusing on high-margin orders despite a decrease in cashmere sweater sales[64]. - The company plans to balance production capacity in mainland China with the demand for quick-turn orders[87]. - The company faced challenges in its Myanmar manufacturing operations due to political considerations affecting brand clients[81]. - The textile market is experiencing weak demand due to global inflation and high inventory levels among fashion retailers[83]. Expenses and Cost Management - Sales cost for the first half amounted to HKD 2,228.4 million, primarily driven by inventory and direct labor costs[82]. - Gross profit declined by 3.6% to HKD 497.994 million, with a gross margin increase from 16.7% to 18.3%[78]. - General and administrative expenses decreased by HKD 6.2 million to HKD 162.2 million, attributed to ongoing cost control measures[100]. - Selling and distribution expenses decreased by HKD 5.9 million to HKD 17.8 million, mainly due to reduced transportation costs[99]. Cash Flow and Investments - The group's net cash generated from operating activities for the six months ended September 30, 2023, was HKD 383.6 million, compared to HKD 168.4 million for the same period in 2022[122]. - The group's total cash and cash equivalents increased by HKD 402.5 million, reaching HKD 1,120.7 million as of September 30, 2023, up from HKD 717.0 million as of March 31, 2023[130]. - The net cash used in investing activities for the six months ended September 30, 2023, was HKD 34.1 million, mainly due to the acquisition of property, plant, and equipment[129]. - Capital expenditures for the six months ended September 30, 2023, amounted to approximately HKD 118.9 million, mainly related to machinery procurement and the construction of a new production facility in Vietnam[135]. Corporate Governance and Compliance - The company has adopted corporate governance practices that comply with the mandatory provisions of the corporate governance code, maintaining high standards of governance[182]. - The company is required to maintain that the Wang family remains the major shareholder and retains management control[21]. - The company has established policies to ensure credit sales are only made to customers with appropriate credit records, and no significant impairments from trade receivables are expected[162]. - The group maintains bank balances and deposits primarily with major financial institutions in Hong Kong, mainland China, and Vietnam, which are considered to have high credit quality, with no anticipated losses from these institutions[162]. Employee and Compensation - As of September 30, 2023, the group employed approximately 15,100 full-time employees across China, Vietnam, Hong Kong, and Myanmar, with total employee costs amounting to HKD 534.2 million for the six months ended September 30, 2023[164]. - The group’s compensation policy is based on individual performance and aligns with salary trends in mainland China, Vietnam, Hong Kong, and Myanmar[180].

香 港 交 易 及 結 算 所 有 限 公 司 及 香 港 聯 合 交 易 所 有 限 公 司 對 本 公 告 的 內 容 概 不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示，概 不 就 因 本 公 告 全 部 或 任 何 部 分 內 容 而 產 生 或 因 依 賴 該 等 內 容 而 引 致 的 任 何 損 失 承 擔 任 何 責 任。 截 至2023年9月30日 止 六 個 月 的 未 經 審 核 綜 合 中 期 業 績 公 告 – 1 – | --- | --- | --- | --- | |---------------------------------------------------------------------------------------------------------------------|---------|-------------------------------------------------------------|-------------------------------------------- ...

南旋控股有限公司 Nameson Holdings Limited (於開曼群島註冊成立之有限公司) 股份代號 : 1982 and the station of the subject of 公司資料 管理層討論及分析 20 43 獨立核數師報告 117 119 綜合現金流量表 財務摘要 公司資料 附註： 自2022年4月12日起辭任董事 自2022年4月12日起不再擔任主席 自2022年4月12日起調任為主席 自2022年4月12日起不再擔任成員 自2022年4月12日起獲委任為成員 執行委員會 王槐裕先生(主席) 文宇軒先生 王庭真先生 李寶聲先生 總部及香港主要營業地點 香港 新界大埔 汀角路 57 號 太平工業中心 1 座 21 樓 A 至 C 室 3 香港證券登記處 我們靈活應對瞬息萬變的經濟狀況， 本人謹代表南旋控股有限公司([本公司])董事會([董事會｣)欣然提呈本公司及其附属公司([[本集團])截至2023年3月31 日止年度([2023年財年])的全年業績。 於2023年財年下半年,全球訂單疲弱亦影響越南的紡織品及服裝出口值,其於2023年財年上半年增長強勁,惟於下半年 下跌 12.9%。 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容 概不負責，對其準確性或完整性亦不發表任何聲明，並明確表示，概不就 因本公告全部或任何部分內容而產生或因依賴該等內容而引致的任何損 失承擔任何責任。 （於開曼群島註冊成立的有限公司） （股份代號：1982） 截 至2023年3月31日 止 年 度 的 全 年 業 績 公 告 財務摘要 截至3月31日止年度 2023年 2022年 變動 百萬港元 百萬港元 收益 4,602.3 4,040.5 +13.9% 毛利 745.5 706.1 +5.6% 毛利率 16.2% 17.5% -1.3個 百分點 純利 158.3 275.6 -42.6% 本公司擁有人應佔溢利 134.8 263.3 -48.8% 經調整純利（附註） 379.3 261.1 +45.3% ...

Financial Performance - For the first half of the fiscal year 2023, the company reported revenue of HKD 3,099.4 million, reflecting a growth of 11.0% compared to the previous year[12]. - The gross profit for the same period was HKD 527.6 million, with a gross margin of 17.4%[15]. - The profit attributable to the owners of the company was HKD 270.9 million, representing an increase of 18% year-on-year[16]. - The adjusted net profit for the first half of the fiscal year was HKD 342.9 million, with an adjusted net profit margin of 11.1%[17]. - The company's revenue for the first half of the 2023 fiscal year increased by 26.4% to HKD 3,099.4 million compared to the same period in 2022[23]. - Net profit rose by 25.6% to HKD 255.1 million, while adjusted net profit surged by 78.9% to HKD 342.9 million, with an adjusted net profit margin increasing from 7.8% to 11.1%[27]. - Revenue for the six months ended September 30, 2022, was HKD 3,099,367, an increase of 26.4% compared to HKD 2,452,469 in 2021[180]. - Gross profit for the same period was HKD 516,400, representing a gross margin of 16.7%[180]. - Operating profit increased to HKD 320,470, up 31.5% from HKD 243,659 in the previous year[180]. - The company reported a profit attributable to owners of HKD 232,848,000 for the period, compared to HKD 203,075,000 in the previous year, marking an increase of about 14.6%[197]. Market Conditions - The company experienced a temporary rebound in consumer sentiment due to the easing of social distancing measures in key markets such as Japan, the United States, and Europe[21]. - The ongoing geopolitical tensions and inflationary pressures have impacted global economic conditions, affecting consumer spending[21]. - The company anticipates continued uncertainty in the global market due to rising interest rates and fluctuating raw material prices, prompting a cautious approach[28]. Manufacturing and Operations - The company’s manufacturing facility in Vietnam has fully resumed production, allowing it to meet customer demands during lockdowns in various cities in mainland China[21]. - The company aims to diversify risks by maintaining manufacturing capabilities in both mainland China and Vietnam[21]. - The company plans to enhance productivity at its Vietnam manufacturing base and expand customer service functions in response to increasing demand[28]. - The company is focused on integrating renewable energy into its production facilities to improve energy efficiency and support environmental protection initiatives[31]. - The company aims to increase its overseas production ratio to adapt to changing customer procurement preferences, particularly in light of trade tensions between China and the U.S.[31]. Sales and Pricing - The average selling price of men's and women's knitted products rose by 23.3% to HKD 136.2 per piece, with total sales volume increasing to 18.7 million pieces[23]. - Sales of men's and women's knitted products rose by 4.5% in volume from 17.9 million pieces to 18.7 million pieces, with the average selling price increasing by 23.3% from HKD 110.5 to HKD 136.2 per piece[40]. Income and Expenses - The company has experienced a significant increase in other income, primarily from the sale of upgraded machinery and foreign exchange gains[26]. - Other income rose from HKD 13.1 million to HKD 29.6 million, mainly due to an increase in insurance claims and government subsidies[44]. - Selling and distribution expenses slightly increased from HKD 23.3 million to HKD 23.7 million, mainly due to rising transportation costs[46]. - General and administrative expenses decreased from HKD 169.9 million to HKD 168.4 million, reflecting ongoing cost control measures despite business expansion[47]. Impairment and Valuation - The impairment loss for the Myanmar production base amounted to HKD 109.0 million due to a reassessment of business development prospects amid economic challenges[48]. - The company engaged an independent valuation firm to assess the recoverable amount of the Myanmar cash-generating unit, leading to the recognition of the impairment loss[52]. - The company’s valuation as of September 30, 2022, using the income approach, was HKD 298.4 million, down from HKD 429.6 million as of March 31, 2022[54]. Cash Flow and Financing - The net cash generated from operating activities for the six months ended September 30, 2022, was HKD 168.4 million, compared to a net cash used of HKD 166.9 million for the same period in 2021[73]. - The company’s investment activities generated a net cash inflow of HKD 28.9 million, primarily from the sale of properties, plants, and equipment[74]. - As of September 30, 2022, the net cash used in financing activities was HKD 26.8 million, primarily due to dividend payments of HKD 34.2 million, partially offset by an increase in bank borrowings and lease liabilities of HKD 6.2 million[75]. - The company incurred a net cash outflow from investing activities of HKD 28,876,000, a significant improvement from HKD 56,569,000 in the prior year, indicating better capital management[200]. Shareholder Information - The company declared an interim dividend of HKD 0.051 per share for the six months ended September 30, 2022, compared to HKD 0.042 per share in 2021, representing a 21.4% increase[108]. - Major shareholder South旋 Investment Limited holds 1,500,000,000 shares, accounting for 65.81% of the issued share capital[131]. - The total number of ordinary shares issued as of September 30, 2022, is 2,279,392,000 shares[125]. Governance and Compliance - The board of directors emphasizes high-quality governance and compliance with corporate governance codes, maintaining adherence to all mandatory provisions as of September 30, 2022[109]. - The company’s audit committee consists of three independent non-executive directors, responsible for overseeing financial reporting and internal controls[112].

南旋控股有限公司 Nameson Holdings Limited (於開曼群島註冊成立之有限公司) 股份代號：1982 기 年報 I ITITA ADDITI xtin (313) 關於南旋 南旋集團於1990年成立，為中國領先針織品製造商之一。我們為客戶提供的一站式服務 涵蓋原材料開發與採購、產品設計、樣品生產、優質生產、質量控制及準時產品配送。 過去多年，我們已建立優良商譽，並為UNIQLO、Tommy Hilfiger及Lands' End等多個國際 知名服裝品牌提供優質針織產品。 關於年報封面設計 2022財年是充滿各種挑戰的一年。年報設計描繪我們與客户及供應商的緊密協作，我們 尤其是與在商業道德、財務健康方面處於同等水平的客户及供應商合作，並與夥伴靈活 地共同適應快速變化的市況。所有持份者的利益均須被考慮，方可達至行業的可持續及 健康發展。彼等持份者包括但不限於客户、供應商、僱員及社區參與者。我們攜手建立 穩固的基礎，於未來共同成長。 目錄 | --- | --- | |-------------------------------------|-------| | | | | 公 司 資 料 | ...