Tianfeng research reports indicate that this year Huali Group (300979.SZ) has already put into production 3 finished shoe factories and 1 shoe material factory. In the next 3-5 years, the company will build several new factories in Indonesia and Vietnam and put them into production as soon as possible. The company's production capacity can be adjusted through constructing new factories, updating equipment, controlling the number of employees, and overtime hours for flexibility. Specific annual capacity allocation will be adjusted based on that year's order situation. From the performance guidance disclosed by the company's clients, most clients have maintained growth. At the same time, brands also desire to collaborate with quality manufacturers. The company values shareholder investment returns, having completed two dividend distributions in 2021, with cash dividends accounting for approximately 89% of the total annual net income; 2022 annual cash dividends accounted for 43% of net income; and 2023 annual cash dividends accounted for about 44% of net income. The profit forecast is maintained, along with the "buy" rating.