中国及香港市场日报：Shenzhou Int’l 为世界杯 apparel 确定赢家

HongKong&ChinaMarketDaily 10 June 2026 What’s Hot Today: ►Shenzhou Int’l (2313 HK, HK$43.14, HK$64.8bn): A definitewinner of the FIFA World Cup ShenzhouInternational(SZI)isaleadingglobalplayerinapparelmanufacturing.Ithasestablishedlong-termpartnershipswithrenownedsportsbrandsincludingthe“BigThree”infootballnamelyNike,AdidasandPuma.InFY25,thethreebrandscombinedtoaccountforover53%ofSZI’srevenueatabout23%,20%and10%ofSZI’stotal,respectively. Accordingtorecentonlineimages,37ofthe48teamsparticipatingintheworld’slargestfootball tournament will be wearing products from the“Big Three”brands,includingthetournamentfavorites. InFY25,SZI’srevenuefromsportswearamountedtoalmostRMB21bn(+6%YoY)accountingforabout67.7%ofitstotalrevenue.Withinthissegment,itsfootballapparelhasgainedsignificantmarketrecognitionwithrevenuerising28%YoY.ThisoutperformanceisbelievedtobepartlydrivenbythedemandfromtheupcomingFIFAWorldCup2026.Therefore,webelieveSZIisadefinitewinnerintheapparelpartofthegameregardlessofwhichcountrywilllifttheWorldCupattheend. MorningSnapshot HongKong&ChinaMarketDaily 10 June 2026 Ourviews:SZIisaprudentlymanagedcompany.DespitetheprofitpressureinFY25,therewasimprovementincashflow.Thesectorisexperiencinga"volumeup,pricedown"dynamic,withaverageexportpricesforknittedandwovengarmentsdecliningbyroughly8%and9%,respectively.However,theMgtindicatedthatthecompany'sASPremainedrelativelystable,withearningspressurestemmingprimarilyfromFXmovementsandthesharingofUStariffcosts. WebelieveShenzhou'scorestrengthintheindustryembodiedinitssolidrelationshipwithcustomers,globalproductionfootprint(inCambodiaandVietnam)aswellasitskeencommitmenttoESGandgreenenergyinitiatives.Overthepastdecade,bothrevenueandnetprofithavegrownataCAGRofaround8%. Withkeyvaluationmetricsatrelativelylowlevelscomparedtohistoricalrangesandadividendyieldofaround6%,theupcomingFIFAWorldCupcouldbeacatalysttospursportsweardemand.Thecompanyistradingat9xFY26P/Eand1.4FY26P/B.(ResearchDepartment) So urce: B lo o mberg Phone No.(852) 2283 7307(852) 2283 7306(852) 2283 7618 Disclaimer Thisdocumentisnotanoffertosellorthesolicitationofanoffertobuyorsubscribeforanysecurities.Thesecuritiesreferredtointhisdocumentmaynotbeeligibleforsaleincertainjurisdiction.Neitherthisdocumentnoranyportionhereofmaybetakendistributedortransmitteddirectlyorindirectlyintosuchjurisdictionnortoanyresidentsthereof.Anyfailuretocomplywiththisrestrictionmayconstituteaviolationoftheapplicablelawsandregulationsandpersonsintowhosepossessionthisdocumentcomesshouldinformthemselvesabout,andobserve,anysuchrestrictions.Thisdocumenthasbeenproducedforprivatecirculationandmaynotbecopied,photocopied,duplicated,orredistributed without thepriorwrittenconsent ofKingswayFinancial Services GroupLimited(“KFS”)anditsaffiliatedcompanies(collectively,“KingswayGroup”). ThisreportisdistributedinHongKongSpecialAdministrativeRegionofthePeople’sRepublicofChina(“HongKong”)byKFSwhichisregisteredasalicensedcorporationundertheSecuritiesandFuturesOrdinance(Cap.571ofTheLawsofHongKong)withtheSecuritiesandFuturesCommissionofHongKong(“SFC”)anditsSFCCEnumberisADF346. Theinformationcontainedinthisreporthas been takenfrom sourcesbelievedtobe reliablebut norepresentationor warrantyexpressedorimpliedismadeastotheiraccuracyorcorrectness.Thisreportispublishedfortheassistanceofrecipientsbutisnottoberelieduponasauthoritativeortakeninsubstitutionfortheexerciseofjudgmentbyanyrecipient.Itisnottobeconstruedasanoffer,invitation or solicitation to buy or sell anysecurities of the company or companies covered herein.Anyrecommendationcontainedinthisreportdoesnothaveregardtothespecificinvestmentobjectives,financialsituationandtheparticularneedsofanyspecificaddressee.Allopinionsandestimatesreflectourjudgmentonthedateofthisreportandaresubjecttochangewithoutnotice. KFS,includingitsparent,subsidiariesand/oraffiliates,mayactasleadorco-managerinanofferingofthesecuritiesofanyissuerdiscussedherein,mayfromtimetotimeperformfinancialservicesorotheradvisoryservicesfor,orsolicitfinancialservicesorotherbusinessfrom,anyissuer. Withinthepastyear,KFS,includingitsparent,subsidiariesand/oraffiliates,mayhaveactedasmarketmakerortradedonaprincipalbasisinthefinancialinstrumentsofanyissuerdiscussedhereinandmayactasunderwriter,placementagent,advisororlendertosuchissuer. KFS,includingitsparent,subsidiaries,affiliates,shareholders,officers,directors,andemployeesmayhavelongorshortpositionsin,andbuyorsell,thesecurities,commoditiesorderivatives(includingoptions)oranyotherfinancialinstrumentsthereof,ofanyissuers. AnemployeeofKFS,includingitsparent,subsidiariesand/oraffiliates,mayactasdirector,orberepresentedontheboardsofdirectors,ofanysuchentitiesorissuers. Head Office Affiliated & Overseas Offices Hong KongKingsway Financial Services Group Limited7/F, Tower One, Lippo Centre,89 Queensway, Hong KongTel: 852-2283-7000Fax: 852-2877-2665 Guangdong廣東新華滙富商業保理有限公司601–5, Building 3130JiaoxiRoad, Nansha District,Guangzhou, 511455, PRC