Media OutReach
Stella’s 2024 Net Profit Up 21%, Exceeding Targets of Three-Year Plan Once Again
Full-Year Dividend Rises to HK171 Cents, Inclusive of Special Dividend of HK56 Cents Distributed under Excess Cash Return Program
Highlights:
- Shipment volumes increased by 8.2%
- Operating profit increased by 15.7% to US$184.5 million
- Operating profit margin increased to 11.9%, from 10.7% last year
- Net profit increased by 21.2% to US$170.1 million
- Solid net cash position of US$417.6 million, representing an increase of 45.3% compared to US$287.4 million as at 31 December 2023
- Recommended payment of final dividend of HK50 cents per share and an additional special dividend of HK56 cents per share under our Excess Cash Return Program. Total dividend for full-year 2024 is HK171 cents
HONG KONG SAR – Media OutReach Newswire – 20 March 2025 – Stella International Holdings Limited (“Stella” or the “Group”; SEHK: 1836), a leading developer and manufacturer of quality footwear and leather goods products, today announced its annual results for the year ended 31 December 2024.
Three-Year Plan (2023-2025) Delivering Strong Returns and Significant Value
In 2024, for the second consecutive year, we surpassed the dual targets of our Three-Year Plan – achieving a 10% operating margin and delivering low-teens annualized growth in profit after tax.
Revenue and shipment volumes increased by 3.5% and 8.2% respectively to US$1,545.1 million and 53 million pairs, driven by our Sports and Fashion categories. The average selling price (“ASP”) of our footwear products decreased year-on-year, due to a higher proportion of Sports products, which have a lower ASP, as well as raw material price deflation.
Margin Expansion Driven by Enhanced Customer Mix and Optimisation of Capacity Allocation
Our operating margin for the full-year expanded to 11.9% (before changes in fair value of financial instruments), compared to 10.7% in 2023. We accomplished this by executing our strategic initiatives focused on attracting and growing with our new customers, which allowed us to expand and diversify our customer portfolio and optimise the reallocation of our production capacity. The margin expansion was also attributable to enhanced operating leverage and efficiency improvement.
Due to the factors outlined above, the Group’s net profit increased by 21.2% to US$170.1 million. Excluding a net fair value change from its investment in Lanvin Group, the Group recorded an adjusted net profit of US$171.2 million (2023: US$147.6 million). Our adjusted net profit margin was 11.1% (2023: 9.9%).
Working Capital Optimisation Delivers Significant ROIC Improvement
In 2024, we delivered a Return on Invested Capital (ROIC) of 21.6%, more than a double of the 10% ROIC achieved in 2019. This success was driven by our strong working capital optimisation and efficiency, as well as our disciplined approach to capital expenditure and investments focused on maximising returns.
Solid Net Cash Position
We maintained our strong focus on managing our working capital usage and cash flow. As of 31 December 2024, our net cash position was US$417.6 million, an increase of 45.3% compared to a net cash position of US$287.4 million as at 31 December 2023. About US$100 million of the cash is reserved for completing our upcoming new sports footwear factory in Indonesia, and US$180 million is reserved for our Excess Cash Return Program for shareholders announced in August 2024. Therefore, the Group’s net gearing ratio was -37.4% as at 31 December 2024, compared to -26.9% as at 31 December 2023.
Final Dividend in Line With Normal Payout Ratio, With Additional Special Dividend of HK56 Cents Under Excess Cash Return Program
After considering the Group’s free cash flow situation, strong cash level, and pre-funded capital expenditure projects, the Board has resolved to recommend payment of a final dividend of HK50 cents per ordinary share. Combined with the interim dividend of HK65 cents per ordinary share, this maintains the Company’s normal payout ratio of approximately 71% set against our adjusted net profit.
We are also delighted to announce a special dividend of HK56 cents per ordinary share. This special dividend fulfils our promise to return US$60 million annually to our shareholders from 2024 to 2026, as we announced in our Excess Cash Return Program in August 2024, in addition to our normal payout ratio of about 70%.
As a result, the full-year dividend for the year ended 31 December 2024 is HK171 cents per ordinary share.
HSCI Inclusion and Stock Connect Unlock New Avenues for Global Investor Access and Liquidity
2024 marked several milestones that enhanced our market position and investor appeal. We became a constituent of the Hang Seng Composite Index (HSCI), a testament to our growing stature in the market. Additionally, we qualified for the Shanghai-Hong Kong and Shenzhen-Hong Kong Stock Connect programs, unlocking direct access for our mainland Chinese shareholders and broadening liquidity opportunities.
Outlook: Prioritising Maintaining High Product Quality Levels Through Controlled Expansion
We will likely face some macroeconomic headwinds and geopolitical uncertainties in 2025. Some of these will be partially offset as we ramp up shipments to out-performing customers in the high-end Fashion segment and begin shipments to new customers in the Sports segment, which should support a modest increase in overall shipment volumes in 2025. We will continue to optimise our production allocation between our Luxury and high-end Fashion categories and our non-Sports manufacturing facilities will continue to operate at close to full utilisation.
Our primary focus in 2025 will be maintaining high product quality levels as we gradually ramp up our new facilities in Solo, Indonesia, and Bangladesh. This controlled expansion aligns with our long-term strategy of ensuring quality growth, while increasing our capacity for higher-margin product orders. While we anticipate a moderation in the pace of our profit growth, we are confident about once again meeting our targets of a 10% operating margin and low-teens CAGR in profit after tax as set out under our Three-Year Plan.
Mr. Chi Lo-Jen, Chief Executive Officer of the Group, said, “Despite softening consumer sentiment, we are expanding production capacity to meet solid demand from our diversified customer base. While increased U.S. trade tariffs on China may present challenges to the market, most of our customers are leveraging our diversified production base to produce in multiple countries and adopting ‘China-for-China’ production strategies, which will help mitigate potential material impacts on our business.”
Mr. Lawrence Chen, Chairman of the Group, said, “Having largely achieved the objectives outlined in the Three-Year Plan, including enhancing our category mix, improving working capital, and strengthening cost efficiency, our primary objective in 2025 is to ensure quality growth. We remain fully committed to delivering value for our shareholders and all other stakeholders.”
Hashtag: #StellaInternational
The issuer is solely responsible for the content of this announcement.
About Stella International Holdings Limited
Stella International (SEHK: 1836) is a leading developer and manufacturer of quality footwear and leather goods. A trusted partner to many of the world’s most sought-after brands, it offers a unique proposition of unparalleled craftsmanship, production flexibility, and strong speed-to-market and commercialization capability, supported by a broad, diverse and proven manufacturing base across China and Southeast Asia.
Stella International was listed on the Hong Kong Stock Exchange in 2007. It is a constituent of the Hang Seng Composite Index and the MSCI Hong Kong Small Cap Index, and eligible to be traded on the Shanghai-Hong Kong Stock Connect and Shenzhen-Hong Kong Stock Connect.
Media OutReach
CyCraft Named a Sample Provider in the Gartner® Latest AI Reasoning Models Report—The Only Taiwan-Based Cybersecurity Provider Listed
Dr. Benson Wu, CEO and Co-Founder of CyCraft, stated: “We believe, being listed as a Sample Providerin the Gartner report demonstrates that the global market now views AI security as the next battlefield for AI commercialization. From day one, CyCraft has developed proprietary models, simultaneously deploying AI reasoning capabilities across three core pillars: cybersecurity defense, AI governance, and unmanned vehicle reconnaissance. Technical leadership is our starting point, not the destination. Our goal is to translate this leadership into rapid growth driven by strategic deployment and disciplined execution. Launched this year, our AI Red Teaming and AI Guardrail solutions have already been productized and commercially shipped, seeing active deployment in sectors like semiconductors and sovereign AI.”
AI Reasoning Models Drive Up Operating Costs, Restructuring Profit Logic
As AI transitions from “training models” to “reasoning models,” the industry officially moves from the research and development phase into commercial application. Reasoning models possess logical deduction, self-reflection, and complex problem-solving capabilities. However, these advanced capabilities have caused AI operational costs to skyrocket, forcing the tech industry to redefine its expectations of AI as a tool for massive cost reduction and profit maximization.
CyCraft’s XCockpit Threat Exposure Management Platform features built-in AI reasoning models that triage thousands of alerts in real time, automatically providing mitigation recommendations and effectively eliminating alert fatigue. From overall security posture scoring to specific actionable tickets for individual alerts, XCockpit transforms defensive benefits—which were historically difficult to define—into concrete, quantifiable technical metrics. This embodies CyCraft’s pragmatic philosophy: the value of defense must be visible, and it must be measurable.
Standing at the Frontier of AI Security, CyCraft Advances Commercial Implementation with Profound R&D Momentum
Deeply integrating AI with cybersecurity, CyCraft has launched XecGuard and XecART—two major AI security products deployable across both cloud and on-premises environments, both featured on the OWASP AI Security Map. These solutions directly address the core pain points of Agentic AI, LLM, and GenAI applications. XecART utilizes Agentic Red Teaming to run multi-round stress tests on models, identifying risks and generating compliance reports that adhere to international standards. Meanwhile, XecGuard acts as a real-time Guardrail for LLMs and AI Agents, intercepting anomalous inputs and outputs. One solves “how to stress-test AI,” while the other solves “how to protect AI,” providing the fundamental AI governance for enterprises.
CyCraft’s research achievements are equally outstanding. The CyCraft research team recently presented at the International Conference on Machine Learning (ICML), one of the world’s top three prestigious academic conferences for AI and machine learning. The research focused on Retrieval-Augmented Generation (RAG) Data Poisoning. Utilizing their self-developed “Eyes-on-Me” attack framework, the team proved that attacks can simultaneously breach both the retrieval and generation phases. The end-to-end average attack success rate surged from 21.9% to 57.8%. This breakthrough exposed a long-neglected vulnerable attack surface existing between “attention focus” and “model output.”
In 2025, the CyCraft research team was also selected for NeurIPS, one of the most iconic academic sanctuaries in the AI field. The team proposed an innovative “unified supervision framework” that embeds verifiable checkers into synthesized instruction-conflict instances, enabling self-supervised learning without requiring oracle labels or reasoning traces. This framework not only applies to different models but also significantly enhances both safety robustness and instruction adherence.
CyCraft believes that as AI moves from R&D to commercial deployment, the barrier for enterprises is no longer “whether they can use AI,” but “whether they can use AI responsibly.” Once Agentic AI enters financial transactions, government services, or critical infrastructure, every autonomous decision must leave a traceable path, accept auditing, and allow for real-time human intervention when necessary. This is true AI governance. It is not a compliance document, but a complete control chain stretching from pre-launch to runtime, and onto post-incident traceability.
CyCraft deconstructs this control chain into three actionable phases: XecART stress-tests model risks before deployment; XecGuard safeguards inputs and outputs during runtime; XCockpit quantifies the overall risk posture into traceable metrics. Interlocking these three components ensures that every step AI takes is visible, manageable, and auditable. CyCraft’s objective is clear: make AI behavior measurable before its value can be priced. Ultimate technical leadership must be converted into commercial resilience that is governable, auditable, and open to investor scrutiny.
The technological revolution of AI Reasoning Models and Agentic AI is an undeniable reality. The ultimate challenge lies in whether enterprises can implement “controllable, auditable, and highly transparent” AI governance within real-world commercial environments. From being recognized in international research reports to taking the stage at top-tier academic conferences, CyCraft continues to prove that from visionary R&D to product commercialization, Taiwan’s AI cybersecurity prowess helps herald the future of a secure, trusted, and prosperous AI era.
Reports
Gartner, Emerging Tech: AI Vendor Race: Reasoning Models Reshape Providers’ Approaches to AI Pricing, 5 June 2026.
Disclaimer
Gartner does not endorse any company, vendor, product or service depicted in its publications, and does not advise technology users to select only those vendors with the highest ratings or other designation. Gartner publications consist of the opinions of Gartner’s business and technology insights organization and should not be construed as statements of fact. Gartner disclaims all warranties, expressed or implied, with respect to this publication, including any warranties of merchantability or fitness for a particular purpose. GARTNER is a trademark of Gartner, Inc. and its affiliates.
Hashtag: #CyCraftTechnology
The issuer is solely responsible for the content of this announcement.
About CyCraft
Media OutReach
Enshi Suobuya Stone Forest in China Launches Rich Cultural Experiences to Welcome Southeast Asian Tourists
Geological Wonder: Exploring an Ancient Underwater World from 460 Million Years Ago
Located in Taiyanghe Township in the northwest of Enshi City, Suobuya Stone Forest is approximately a one-hour drive from the city center. The scenic area was formed during the Ordovician Period 460 million years ago. Originally covered by an ancient ocean, it gradually evolved through geological transformations over hundreds of millions of years into the extraordinary stone forest landscape seen today. Covering a total area of 21 square kilometers, the area features towering stone peaks surrounded by lush greenery, resembling a vast “underwater labyrinth.” As a “crowned stone forest” with one of the highest vegetation coverage rates in China, the scenic area enjoys a cool and pleasant average summer temperature, making it an ideal destination for summer retreats and nature-based relaxation.
The four major scenic areas currently open to visitors each have their own unique appeal. Qinglongtai serves as the highest point of the scenic area, offering panoramic views of the entire stone forest from above. Lianhuazhai features the breathtaking “Xiniugou” secret landscape, where towering cliffs on both sides and changing light and shadows create a dreamlike atmosphere. Mozigou is rich in ancient biological fossils, allowing visitors to touch traces of life from the Ordovician Period with their own hands. Jiulonghui features circular rock walls and groups of waterfalls, with stone peaks rising dramatically from the ground to create a magnificent landscape. The scenic area also features the 5D theater “Shanhaijing,” where visitors can enjoy an immersive experience of the evolution of the Ordovician ocean world. With gentle walking trails and an easy travel route, the area is suitable for families and nature exploration enthusiasts.
Cultural Feast: Immersive Experiences of Tujia Folk Traditions
Suobuya Stone Forest is not only a treasure trove of geological wonders but also an important carrier of Tujia culture. The Tujia ethnic group is one of the major ethnic minorities in the Enshi region, with a long history and distinctive cultural traditions. The “Baishou Dance” is one of the most representative folk dances of the Tujia people and has been listed as a National Intangible Cultural Heritage. The dance movements often imitate scenes such as hunting, farming, and warfare, featuring a lively rhythm. Visitors can personally participate in this cultural experience at the Tiejiazhai Square and Duigetai Stage.
The Tujia Girls’ Festival is one of Enshi’s most distinctive traditional folk festivals and has been held at Suobuya Stone Forest during the seventh month of the lunar calendar for many consecutive years. The festival is a traditional social activity where young Tujia men and women use songs as a medium for communication and dances to express emotions. It carries the unique marriage customs and collective memories of the Tujia people and has been recognized as a provincial-level intangible cultural heritage of Hubei Province and one of the “Top Ten Most Charming Festivals in China.” During the festival, the scenic area hosts a variety of activities, including matchmaking through folk songs, traditional cultural parades, and traditional handicraft exhibitions, allowing visitors to experience the rich ethnic culture amid the stone forests and mountain scenery. Suobuya Stone Forest has therefore also been recognized as the “Hometown of Chinese Folk Art” and the “Hometown of Mountain Folk Songs.”
Since 2026, the scenic area has continued to enhance its tourism products and cultural experiences. During the May Day holiday, it launched the “Exploring Wonders on Horseback · Fun in the Million-Year Stone Sea” folk culture series, featuring interactive programs such as folk song and dance flash mobs, the “Nature Guardians” activity where visitors exchange collected litter for cultural souvenirs, the immersive intangible cultural heritage experience “Stone Workers’ Chant,” and the outdoor role-playing game “Stone Forest Secret Order · Pursuing the Shadow of Rocks.” These activities allow visitors to explore the ancient stone sea while deeply engaging with Tujia cultural traditions.
Improved Transportation: Easier Access to Enshi for Southeast Asian Tourists
Since the opening of Enshi Xujiaping International Airport’s aviation port, the international flight network has continued to improve. In 2026, the Enshi–Hong Kong route achieved year-round regular operation, while flights between Enshi and Vietnam’s Ho Chi Minh City and Hanoi have resumed successively, creating a dual-route network connecting Vietnam’s two major cities in the north and south. According to the development plan of the Enshi aviation port, new routes to Singapore, Kuala Lumpur in Malaysia, and other destinations will be steadily promoted in the future, further strengthening the Southeast Asian aviation network. Tourists from major Southeast Asian cities can fly directly to Enshi and reach this 460-million-year-old underwater world after only a one-hour drive. Hidden deep within the Wuling Mountains, this ancient stone forest wonderland is welcoming visitors from around the world with a more open and international approach.
Hashtag: #SuobuyaCulturalTourism
The issuer is solely responsible for the content of this announcement.
Media OutReach
When a Stay Goes Beyond Check-out: Amari Unveils “Ari Service” to Deepen Guest Connections with Every Destination
As ONYX Hospitality Group celebrates its 60th anniversary, the company is entering a new chapter of growth through the continued evolution of its brand portfolio. As part of this journey, Amari has been revitalised with a refreshed brand positioning centred on authentic local connections and warm Thai hospitality. Bringing this vision to life is the introduction of “Ari Service”, a new signature brand touchpoint designed to deepen the relationship between guests and the destinations they visit. Through thoughtful, locally inspired interactions and personalised service, Ari Service encourages guests to discover the character, culture and people of each location, creating meaningful experiences that extend well beyond check-out and reinforcing Amari’s promise of creating lasting memories.
As travel today is no longer simply about changing places, but about taking time for oneself, being with loved ones and creating meaningful moments, Amari believes that the best journeys continue long after check-out. Every stay is designed to leave guests with feelings and experiences they can carry home, from the first warm welcome upon arrival and a local dish that brings back memories of a destination, to moments shared with loved ones and thoughtful details that make guests feel truly understood and cared for.
Beyond thoughtful service, Amari connects guests with the unique character of each destination through locally inspired design, food and ingredients that reflect the identity of each place, and experiences that connect guests with local communities, culture and ways of life. From beachfront escapes surrounded by nature to vibrant city stays, every Amari destination reflects its own sense of place, offering experiences that are warm, lively and memorable.
At Amari Phuket, guests can experience a relaxing seaside escape along the Andaman coast, where the island’s natural beauty, local culture, cuisine and heritage come together. From unwinding at Breeze Spa, an open-air spa experience complemented by the sound of the waves, to discovering Phuket’s local flavours, historic Old Town and coastal lifestyle, every moment offers a deeper connection with the rhythm of the island.
Amari Vogue Krabi offers a tranquil retreat at Tubkaek Beach, one of Krabi’s most scenic coastal destinations. Surrounded by nature and overlooking the Andaman Sea, guests can enjoy peaceful moments by the beach, breathtaking sunsets and the simplicity of coastal life, making it an ideal destination to reconnect with themselves and loved ones away from the pace of everyday life.
For travellers seeking a more vibrant seaside escape, Amari Pattaya combines relaxation with the energy of one of Thailand’s most dynamic coastal cities. Guests can begin their day with moments of relaxation and holistic well-being at maai spa before exploring Pattaya’s cafés, restaurants, seaside activities and lifestyle experiences. With its balance of comfort and liveliness, Amari Pattaya offers a welcoming destination for families, couples and leisure travellers.
In the heart of Bangkok, Amari Bangkok combines the convenience of a city location with a warm and relaxing atmosphere where guests can unwind amidst the energy of the capital. With easy access to shopping, lifestyle destinations, cultural attractions, restaurants and key city landmarks, the hotel serves as both a gateway to discovering Bangkok from a new perspective and a welcoming place to return to for comfort and thoughtful care.
For Amari, a memorable journey does not end when guests leave the hotel. It continues through the feelings, connections and experiences they take home. By bringing each destination’s unique character to life through Ari Service, authentic local experiences and genuine Thai hospitality, Amari creates meaningful moments that become lasting memories. These are the “Endless Memories” that Amari strives to create at every destination, making every journey even more meaningful.
For more information on Amari please visit: www.amari.com
Hashtag: #ONYXHospitalityGroup
The issuer is solely responsible for the content of this announcement.
About ONYX Hospitality Group
ONYX Hospitality Group, a reputable force in the Asia-Pacific hospitality industry, operates a collection of comprehensive yet complementary brands – Amari, OZO, Shama and Oriental Residence – catering to the distinctive needs of discerning business and leisure travellers across the region where it has deep expertise. In addition to its brand portfolio, ONYX Hospitality Group also operates additional hospitality services across spa and food & beverage. With six decades of management experience, the company extends its innovative solutions throughout the region, upholding internationally recognised standards and ensuring optimal operational manoeuvrability. By fostering enduring relationships with like-minded business partners, ONYX Hospitality Group delivers unparalleled experiences in a dynamic and competitive market, meeting the ever-evolving demands of travellers.
More information: www.onyx-hospitality.com
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