WanLian Securities research report points out that HLIG is a global leader in athletic shoe manufacturing, maintaining close cooperation with several well-known sports brands downstream. The customer resources are of high quality and stability, creating a high switching cost moat. With the expansion of new customers and the production of new factories, production and sales are expected to maintain rapid growth. It is estimated that the company's net profit attributable to the parent will be 4.21 billion, 4.838 billion, and 5.504 billion yuan for 2025-2027, corresponding to PE ratios of 15, 13, and 11 times based on the closing price on June 10, 2025. Based on a dividend payout ratio of 70%, the corresponding dividend yield for 2025 is 4.83%. Although the tariffs imposed by the U.S. on various countries are still under negotiation, the current stock price has reflected the pessimistic expectations of the previous tariff increases. If the U.S. tariff policy towards Vietnam eases in the future, the stock price is expected to recover. At the same time, considering HLIG's leading position in the global athletic shoe manufacturing industry, along with multiple advantages in customer resources, production capacity, labor costs, production efficiency, and management efficiency, as well as abundant cash flow and high cash dividend ratio, the initial coverage gives a "buy" rating