中山华利实业集团股份有限公司2025年度报告详细解读

一、报告重点摘要

• 主营业务：华利集团是全球领先的运动鞋专业制造商，为Nike、Adidas、Converse、Vans、UGG、HOKA、On、New Balance、Puma、Asics、Under Armour、Reebok、Lululemon等国际知名运动休闲品牌提供产品开发设计与生产服务，产品线覆盖运动休闲鞋、户外靴鞋、运动凉鞋/拖鞋等多种品类，涉足跑步、健步、越野、徒步、篮球、滑板、滑雪等多个运动场景及日常穿搭需求。报告期内主营业务未发生重大变化。
• 利润分配：公司2025年度拟每10股派发现金红利11元（含税），不送红股、不以资本公积金转增股本，红利分配方案稳健，显示公司现金流充裕，有助于增强投资者信心。
• 公司治理：所有董事均出席了本次年度报告审议会议，年度财务报告获得标准无保留意见，显示公司内控规范。

二、经营模式与市场布局

• 开发设计：公司为每位品牌客户设独立开发设计中心，从客户设计图纸到样品鞋交付需12-18个月，并积极采用3D打印、VR等新技术提升开发效率。
• 采购模式：实行“以产定购”，主要原材料由客户指定供应商，橡胶等部分原材料自主采购。材料供应链逐步本地化，越南工厂原材料本地采购比例达57%。
• 生产模式：“以销定产”，订单由贸易子公司分配至越南、印尼等地生产工厂。公司生产工艺复杂，2025年印尼工厂产量达566万双，四川新设工厂已量产出货，进一步扩充产能。
• 销售模式：采用直销，客户为全球运动品牌，收入以境外为主。定价依据材料、人工、制造费用等，客户信用良好，账期30-90天。

三、财务数据与股本结构

主要财务指标（2025 vs 2024 vs 2023）

季度表现：每季度营业收入和净利润较为均衡，全年无明显淡旺季。

四、股东结构与控制关系

• 公司控股股东为俊耀集团有限公司，持股81.85%，实际控制权稳定。
• 前十大流通股东中，保险机构、社保基金、指数基金均有持仓。
• 公司股权高度集中，流通盘较小，潜在股价波动大。

五、潜在影响股价的敏感事项

• 净利润下滑：2025年归母净利润同比下降16.5%，扣非净利润下降13.87%，经营活动现金流同比下降18.93%，公司盈利能力和现金流承压，可能对市场信心和估值产生压力。
• 产能扩张：印尼和四川新工厂投产，产能布局继续东南亚和国内协同，有助于长期成长。
• 高分红政策：维持较高现金分红，显示公司现金流健康，对稳定投资者有正面影响。

六、其他重要事项

• 年度报告无优先股，无表决权差异安排，无重大未披露事项。
• 公司无存续债券，财务结构稳健。

七、投资者需关注的风险提示

• 净利润显著下滑需关注订单结构、成本上升或市场竞争等因素。
• 产能扩张能否带来收入增长及盈利修复仍需观察。
• 大股东高度集中，股价弹性较大，流动性风险需关注。

免责声明：本文基于公司2025年度报告整理，仅供参考，不构成任何投资建议。投资有风险，入市需谨慎。

English Version

Zhongshan Huali Industrial Group Co., Ltd. 2025 Annual Report Detailed Analysis

Key Highlights

• Main Business: Huali Group is a global leader in athletic footwear manufacturing, providing development, design, and production services for top brands such as Nike, Adidas, Converse, Vans, UGG, HOKA, On, New Balance, Puma, Asics, Under Armour, Reebok, and Lululemon. The product range covers sports, outdoor, casual, and fashion shoes, serving diverse sports and daily wear scenarios. No major changes occurred in the main business during the reporting period.
• Profit Distribution: For 2025, the company plans a cash dividend of RMB 11 per 10 shares (pre-tax), with no bonus shares or stock conversion from capital reserve. The solid dividend proposal reflects strong cash flow, supporting investor confidence.
• Corporate Governance: All directors attended the annual board meeting. The annual financial report received an unqualified standard audit opinion, indicating sound internal controls.

Business Model and Market Layout

• Development & Design: Each brand customer has a dedicated design center. The cycle from design to sample shoe delivery is typically 12-18 months. The company actively employs 3D printing and VR technologies to boost efficiency.
• Procurement: The company adopts “production-based procurement,” with most raw materials designated by clients. Rubber and certain other materials are independently sourced, with an increasing shift to local procurement (e.g., 57% of Vietnam factory materials are locally sourced).
• Production: “Sales-driven production,” with orders assigned to factories in Vietnam, Indonesia, etc. The manufacturing process is complex; Indonesia factory output reached 5.66 million pairs in 2025. A new plant in Sichuan, China, has also begun mass production, boosting overall capacity.
• Sales: Direct sales mainly to overseas brand operators, with pricing based on cost plus a reasonable margin. Clients have good credit, with payment terms of 30-90 days.

Financial Data & Shareholding Structure

Main Financial Metrics (2025 vs 2024 vs 2023)

Quarterly Performance: Revenue and profit are steady across quarters, with no significant seasonality.

Shareholding Structure & Control

• Main controlling shareholder: Junyao Group Ltd., holding 81.85%, ensuring stable control.
• Top 10 shareholders include insurance companies, social security funds, and index funds.
• Highly concentrated ownership structure, limited free float, which could increase share price volatility.

Potential Price-Sensitive Issues

• Net Profit Decline: 2025 net profit attributable to shareholders dropped 16.5% YoY; operating cash flow also fell by 18.93%. Profit pressure could affect market sentiment and valuation.
• Capacity Expansion: New factories in Indonesia and Sichuan have commenced mass production, laying the groundwork for long-term growth.
• High Dividend Policy: Consistent high cash dividends reflect healthy cash flows and may support share price stability.

Other Important Matters

• No preference shares, no differential voting rights, and no undisclosed major events.
• No outstanding bonds, indicating a healthy capital structure.

Investor Risks to Watch

• The significant net profit decline warrants attention to order mix, cost pressures, and market competition.
• The effectiveness of capacity expansion in driving revenue/profit recovery needs ongoing observation.
• High ownership concentration poses liquidity and price volatility risks.

Disclaimer: This article is based on the company’s 2025 annual report and is for informational purposes only. It does not constitute investment advice. Investment involves risks. Please exercise caution.

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