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Major vertically integrated garment manufacturer, making apparel for Nike, Adidas, Uniqlo and Puma.
Major vertically integrated garment manufacturer, making apparel for Nike, Adidas, Uniqlo and Puma.
Is paid per garment as a contract manufacturer, with a few sports and casual brands accounting for most sales, so losing any one account matters. Knitting its own fabric lets it respond quickly, and it has shifted part of production from China to Vietnam and Cambodia to ease cost and tariff pressure.
In one line: A Chinese Hanesbrands-scale contract apparel manufacturer.
Moat: narrow (scale, process know-how, customer qualification). Vertically integrated fabric-to-garment production and long-standing brand partnerships create switching costs.
Headquarters: Ningbo, China · Founded: 1990 · Employees: 108,680
Size Shenzhou Intl (2313.HK) is a Hong Kong Consumer Discretionary company (Apparel/Footwear) with a market value of $8.08B, the 193rd largest of 891 Hong Kong companies the cockpit tracks. Shares closed at HK$42.12 on 6 Nov 2026.
Performance Over six months the shares fell 6.7%, against +3.7% for the median peer and -13.4% for the Hong Kong market (cap-weighted) — 6th lowest of 21 in its peer set.
Growth Revenue grew 1.9% over the last twelve months (peer median +4.7%); the operating margin is 16.4% (peer median 13.7%).
Valuation It trades at 11.8× forward earnings against a peer median of 14.4× (5th cheapest of 20).
Price implies For today's price to make sense, revenue must grow about -5% a year for seven years (Req g). Recent delivered growth is +5%, so the hurdle is -10 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 8.1 points above its cost of capital (8.2% WACC).
Next results Next results expected around 30 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | HK$33.7B | HK$33.6B | HK$31.1B | HK$27.6B | HK$32.3B |
| Revenue growth | — | +8% | +13% | -15% | — |
| Gross profit | HK$8.14B | HK$8.86B | HK$8.73B | HK$6.70B | HK$7.12B |
| EBITDA | HK$7.19B | HK$7.93B | HK$7.98B | HK$6.06B | HK$6.24B |
| Net income | HK$5.07B | HK$6.32B | HK$6.77B | HK$5.04B | HK$5.31B |
| Free cash flow | HK$4.60B | HK$4.62B | HK$4.58B | HK$5.45B | HK$3.93B |
| Capital expenditure | HK$2.54B | HK$2.97B | HK$2.03B | HK$1.21B | HK$1.80B |
| Total debt | n/a | HK$16.6B | HK$13.8B | HK$13.5B | HK$10.5B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Shenzhou Intl 2313.HK | $8.08B | -7% | +2% | 16% | 11.8× | -4.5% |
| Eclat Textile 1476.TW | $2.88B | +3% | 0% | 20% | 13.7× | -8.9% |
| Makalot Industrial 1477.TW | $1.59B | +1% | -2% | 14% | 12.8× | -8.0% |
| Crystal International 2232.HK | $2.92B | +23% | +4% | 10% | 11.4× | -5.3% |
| Texhong International 2678.HK | $587M | -32% | +6% | 8% | 3.0× | -20.5% |
| Youngone 111770.KS | $2.27B | -13% | +15% | 14% | 5.5× | n/a |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | 2313.HK | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +24.0% | +11.2% | 4th highest of 21 |
| 6-month return | -6.7% | +3.7% | 6th lowest of 21 |
| Distance from 52-week high | -40.7% | -17.0% | 3rd lowest of 21 |
| Revenue growth (TTM) | +1.9% | +4.7% | 9th lowest of 21 |
| Operating margin | 16.4% | 13.7% | 9th highest of 21 |
| Forward P/E | 11.8× | 14.4× | 5th cheapest of 20 |
| Growth the price implies (Req g, 7 yrs) | -4.5% | 6.5% | 6th least demanding of 20 |
| Growth delivered (Del g) | +5.4% | +13.7% | 6th lowest of 20 |
| Hurdle (Req g minus delivered) | -9.9 pp | -12.5 pp | 10th most demanding of 20 |
| ROIC minus cost of capital | +8.1 pp | +5.6 pp | 10th highest of 21 |
| EV / EBITDA | 6.7× | 9.4× | 4th cheapest of 17 |
| Net debt / EBITDA | -2.1× | 1.5× | 3rd least indebted of 17 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Shenzhou Intl 2313.HK | Hong Kong | $8.08B | -7% | +2% | 16% | 11.8× | -4.5% | +5.4% |
| V.F VFC | United States | $8.01B | +7% | -2% | 8% | 16.6× | 11.1% | +0.8% |
| Levi Strauss & LEVI | United States | $8.77B | +1% | +5% | 13% | 14.6× | 5.2% | +7.1% |
| Huali Industrial 300979.SZ | China | $7.09B | +6% | -10% | 14% | 19.7× | -4.4% | +12.4% |
| Crocs CROX | United States | $6.94B | +47% | +1% | 23% | 9.6× | 1.1% | +23.9% |
| Bosideng International 3998.HK | Hong Kong | $6.64B | +3% | +8% | 18% | 10.3× | -10.8% | +14.2% |
| Birkenstock BIRK | United States | $6.64B | -5% | +20% | 24% | 13.9× | 7.4% | +19.9% |
| Brunello Cucinelli BC.MI | Italy | $6.61B | +4% | +10% | 18% | 37.8× | 20.6% | +20.9% |
| Gildan Activewear GIL.TO | Canada | $6.48B | -40% | +40% | 15% | 6.8× | 6.5% | +13.7% |
| Ermenegildo Zegna ZGN | United States | $5.96B | +7% | +11% | 9% | 31.1× | 20.3% | +11.3% |
| Youngor Fashion 600177.SS | China | $5.69B | +10% | -5% | -3% | 12.8× | 23.3% | +0.1% |
| Deckers Brands DECK | United States | $11.6B | -14% | +6% | 23% | 11.0× | -3.3% | +16.5% |
| Burberry BRBY.L | United Kingdom | $5.38B | -4% | -2% | 7% | 28.8× | 19.1% | +0.6% |
| On Holding AG Class A ONON | United States | $12.3B | +6% | +29% | 14% | 20.0× | 22.0% | +51.6% |
| Li Ning 2331.HK | Hong Kong | $5.10B | -21% | +7% | 13% | 14.4× | -5.4% | +14.6% |
| Lululemon Athletica LULU | United States | $12.8B | -16% | +2% | 18% | 13.4× | -8.9% | +20.3% |
| Abc-mart 2670.T | Japan | $5.03B | +20% | +4% | 17% | 16.2× | -10.0% | +11.4% |
| Fosun International 0656.HK | Hong Kong | $4.82B | +11% | -1% | 3% | 12.9× | 10.6% | +4.1% |
| Moncler MONC.MI | Italy | $13.8B | -11% | +3% | 29% | 19.5× | 10.8% | +16.8% |
| HLA 600398.SS | China | $4.47B | -6% | +7% | 11% | 14.3× | -13.1% | +3.8% |
| Puma PUM.DE | Germany | $4.42B | +4% | -19% | -6% | n/a | n/a | n/a |