晨间快照：香港及中国市场每日

HongKong&ChinaMarketDaily 30 June 2026 What’s Hot Today: ►Regina Miracle (2199 HK, HK$1.73, HK$2.12bn)–VS Chinaturned in strong results VSChinamadeuptheperiod'sgrowth–Attributableprofitex-restructuringcostssurged 46.7%YoY to HK$590mn for FY3/26,thanks to the strongperformanceofVSChina,a49%JVwithVictoriaSecret.VSChina’snetprofitskyrocketed513%YoYaslocalizedproductsandmarketinginitiativespaidoff.ThatnotonlymitigatethedropinoperatingprofitbutcontributingtoalltheYoYprofitgainfortheyear.Thecompanydeclaredafinaldividendof5.3HKcentsbringingthefull-yearpay-outratioto47.6%. Revenueedgeddown1.6%YoYtoHK$7.72bnduringtheperiod,asclientorderssoftenedagainstabackdropofelevatedtariffsandsubduedconsumersentiment.AllproductsegmentssawGPMpressureasblendedGPMcontractedby90bpsto22.5%from23.4%lastyear.Operatingmarginslid1.5pptsto5.3%duetostringentcoststructures. Bondingproducts maintain strong momentum–The two core businesssegments,intimatewearandsportsproducts,togetheraccountedfor94.4%oftotalrevenue(54.4%and40.0%,respectively)andperformedsolidlyoverall.Theintimatewearsegmentsawaslightdeclineduetoreducedclientorders,yetbusinessfromkeyUSclientsmaintaineddouble-digitYoYgrowth.ThesportsproductssegmentrecordedMSDgrowth,drivenprimarilybyBondingproducts(apparelmade using proprietary patented bonding craftsmanship),whichgeneratedHK$1.46bninrevenue,up~25%YoYandrepresenting~19%oftotalrevenue.ManagementexpectsBondingproductstoremainakeygrowthengine,contributingsustainedrevenueexpansionandimprovedoverallprofitability. FY3/27startswithpositiveoutlook–Asthemarketgraduallyabsorbstarifffluctuations,ordervisibilityandstabilityhaveimprovedcomparedwiththeprioryear.ForthefirsthalfofFY27,visibleordersforcorebusinessesareexpectedtodelivermid-to-highsingle-digitYoYgrowth,markingthestrongestmomentuminthepastfouryears,whilethesecondhalfisalsoviewedpositively.Intimatewearordershavereturnedtogrowth,establishingasolidfoundationforthebusiness.Victoria’sSecret,thecompany’slong-termpartner,remainsthelargestclientandakey incremental contributor.Benefiting from the Bonding products trend,sportsproductordersmaintaindouble-digitgrowth,andkeysportswearbrandprojectsareprogressingwell. MorningSnapshot HongKong&ChinaMarketDaily 30 June 2026 Ourview–Giventheupbeatorderoutlookanddiminishingtariffheadwinds,weexpectamid-to-highsingle-digitrevenuerecoveryandmodestprofitimprovementinFY3/27.CoreGPMisexpectedtograduallyimprove,supportedbystabilizingrawmaterialcostsandstrongerpricingpower.Thecompanyplanstoaddanother2,000workers(+6.9%)initsVietnamfacilities,raisingproductioncapacityutilisationfrom80%to90%tomeetrisingdemand.Keyconcernsremain,includingvolatilityinVietnam’senergyandrawmaterialcosts(influencedbyMiddleEastconditions)andcontinuedRMBappreciationagainsttheUSD.Thestockcurrentlytradesat4.7xFY3/27EP/E.(AmeliaDeng) So urce: B lo o mberg Kingsway Research Team 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,mayhaveacteda