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Contract manufacturer (ODM) of athletic and casual footwear for global sports brands, with factories across Asia.
Contract manufacturer (ODM) of athletic and casual footwear for global sports brands, with factories across Asia.
Makes footwear to the designs and specifications of sportswear brands and is paid per pair, so orders from a handful of big brands drive its volume. Factories in China, Vietnam and Indonesia let the brands shift production when tariffs or costs change.
In one line: China's Pou Chen/Feng Tay (Nike/Adidas shoe manufacturer).
Moat: narrow (scale, process know-how, customer qualification). Deep brand qualification and manufacturing scale across low-cost Asian factory locations.
Headquarters: Putian, China · Founded: 1995 · Employees: 185,551
Size Huali Industrial (300979.SZ) is a China Consumer Discretionary company (Apparel/Footwear) with a market value of $7.09B, the 353rd largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥40.50 on 6 Nov 2026.
Performance Over six months the shares gained 6.2%, against +3.7% for the median peer and -16.4% for the China market (cap-weighted) — 8th highest of 21 in its peer set.
Growth Revenue fell 9.7% over the last twelve months (peer median +6.4%); the operating margin is 13.6% (peer median 14.3%).
Valuation It trades at 19.7× forward earnings against a peer median of 14.3× (6th most expensive of 20).
Price implies For today's price to make sense, revenue must grow about -4% a year for seven years (Req g). Recent delivered growth is +12%, so the hurdle is -17 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 21.6 points above its cost of capital (5.1% WACC).
Next results Next results expected around 9 Apr 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CN¥22.7B | CN¥25.0B | CN¥24.0B | CN¥20.1B | CN¥20.6B |
| Revenue growth | — | +4% | +19% | -2% | — |
| Gross profit | CN¥5.29B | CN¥5.33B | CN¥6.31B | CN¥5.02B | CN¥5.22B |
| EBITDA | n/a | CN¥5.23B | CN¥5.66B | CN¥4.80B | CN¥4.69B |
| Net income | CN¥2.34B | CN¥3.21B | CN¥3.84B | CN¥3.20B | CN¥3.23B |
| Free cash flow | CN¥46.6M | CN¥1.17B | CN¥3.08B | CN¥2.65B | CN¥1.94B |
| Capital expenditure | CN¥2.29B | CN¥2.69B | CN¥1.70B | CN¥1.16B | CN¥1.69B |
| Total debt | CN¥2.07B | CN¥2.20B | CN¥531M | CN¥909M | CN¥855M |
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 |
|---|---|---|---|---|---|---|
| Huali Industrial 300979.SZ | $7.09B | +6% | -10% | 14% | 19.7× | -4.4% |
| Pou Chen 9904.TW | $2.29B | 0% | -7% | 3% | 7.3× | 5.9% |
| Feng Tay Enterprise 9910.TW | $2.08B | 0% | -4% | 7% | 15.0× | -5.9% |
| Yue Yuen Industrial (Holdings) 0551.HK | $2.75B | -7% | -3% | 3% | 13.6× | 2.4% |
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 | 300979.SZ | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +23.1% | +11.2% | 5th highest of 21 |
| 6-month return | +6.2% | +3.7% | 8th highest of 21 |
| Distance from 52-week high | -37.1% | -14.4% | 3rd lowest of 21 |
| Revenue growth (TTM) | -9.7% | +6.4% | 2nd lowest of 21 |
| Operating margin | 13.6% | 14.3% | 11th highest of 21 |
| Forward P/E | 19.7× | 14.3× | 6th most expensive of 20 |
| Growth the price implies (Req g, 7 yrs) | -4.4% | 6.5% | 6th least demanding of 20 |
| Growth delivered (Del g) | +12.4% | +11.4% | 10th highest of 20 |
| Hurdle (Req g minus delivered) | -16.8 pp | -7.2 pp | 7th least demanding of 20 |
| ROIC minus cost of capital | +21.6 pp | +7.4 pp | 4th highest of 21 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| 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% |
| V.F VFC | United States | $8.01B | +7% | -2% | 8% | 16.6× | 11.1% | +0.8% |
| Shenzhou Intl 2313.HK | Hong Kong | $8.08B | -7% | +2% | 16% | 11.8× | -4.5% | +5.4% |
| Ermenegildo Zegna ZGN | United States | $5.96B | +7% | +11% | 9% | 31.1× | 20.3% | +11.3% |
| Levi Strauss & LEVI | United States | $8.77B | +1% | +5% | 13% | 14.6× | 5.2% | +7.1% |
| Youngor Fashion 600177.SS | China | $5.69B | +10% | -5% | -3% | 12.8× | 23.3% | +0.1% |
| Burberry BRBY.L | United Kingdom | $5.38B | -4% | -2% | 7% | 28.8× | 19.1% | +0.6% |
| Li Ning 2331.HK | Hong Kong | $5.10B | -21% | +7% | 13% | 14.4× | -5.4% | +14.6% |
| 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% |
| 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 |
| Deckers Brands DECK | United States | $11.6B | -14% | +6% | 23% | 11.0× | -3.3% | +16.5% |
| Page Industries PAGEIND.NS | India | $4.22B | -4% | +8% | 19% | 46.8× | 27.7% | +13.1% |
| Kontoor Brands KTB | United States | $4.21B | +5% | +16% | 13% | 13.2× | 1.1% | +8.5% |
| K.P.R. Mill KPRMILL.NS | India | $4.21B | +19% | +6% | 18% | 34.8× | 29.9% | +13.3% |