证券代码：838262 证券简称：太湖雪 公告编号：2025-127 苏州太湖雪丝绸股份有限公司 关于使用部分闲置自有资金委托理财进展的公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连 带法律责任。 （三）本次披露的标准 根据《北京证券交易所股票上市规则》相关规定，交易的成交金额占上市公 司最近一期经审计净资产的 10%以上且超过 1,000 万元的，应当予以披露；上市 公司连续 12 个月滚动发生委托理财的，以该期间最高余额为成交额，适用上述 标准。 公司本次以闲置自有资金购买的理财产品金额为 4,000.00 万元，截至本公 告日，公司使用闲置自有资金购买理财产品未到期余额为 6,000.00 万元（含本 次购买的理财产品），占公司 2024 年度经审计的归属于上市公司股东的净资产的 18.16%，达到上述披露标准，现予以披露。 二、 本次委托理财情况 （一） 本次委托理财产品的基本情况 一、 授权委托理财情况 （一）审议情况 苏州太湖雪丝绸股份有限公司（以下简称"公司"）于 2025 年 3 月 31 日召 ...

Investment Rating - The report assigns an "Accumulate" rating for the company, marking its first coverage [5][7]. Core Viewpoints - The company is positioned as a leading brand in the new national silk market, integrating intangible cultural heritage into its development strategy [5][9]. - The company has maintained its status as the top-selling brand of silk quilts in China for six consecutive years, focusing on product design and brand operation [6][9]. - The rise of the "Guochao" economy presents new growth opportunities for the company, particularly through the integration of silk products with cultural elements [9][40]. Summary by Sections 1. Industry Leadership and Business Overview - The company has been deeply engaged in the silk industry for 19 years, focusing on high-value-added business development through research and design, brand promotion, and sales [14][17]. - The main revenue source is silk quilts, which accounted for 54.97% of total revenue in 2024, despite a year-on-year revenue decline of 9.46% [17][21]. 2. Market Dynamics and Growth Drivers - The home textile market is large and fragmented, providing opportunities for leading brands. The domestic market for home textiles reached 1,427.58 billion yuan in 2021 [38][40]. - The silk industry is expected to grow, with a projected market size of approximately 260 billion yuan for silk quilts in 2024, reflecting a 10% year-on-year increase [51][52]. 3. Brand Strength and Sales Strategy - The company has established a robust brand presence, successfully implementing a brand strategy that positions it as the go-to choice for silk quilts [9][34]. - The sales network is comprehensive, with a balanced approach to online and offline channels, and online sales are expected to account for about 50% of total sales in 2024 [6][9]. 4. Financial Projections and Valuation - The company forecasts a net profit of 0.40 billion yuan in 2025, with corresponding P/E ratios of 47.0, 33.2, and 25.0 for 2025-2027 [5][7]. - Revenue projections for 2023-2027 indicate a steady growth trajectory, with expected revenues of 594 million yuan in 2025, reflecting a 15.11% year-on-year increase [5][7].

Investment Rating - The report maintains an "Accumulate" rating for the company [5][11] Core Views - The company has shown significant growth in Q2 2025, with revenue reaching 281 million yuan, a year-on-year increase of 17.75%, and a net profit attributable to shareholders of 18.98 million yuan, up 69.77% year-on-year [6] - The company is positioned as the first silk stock in the North Exchange, with expectations of further market share growth in the domestic market and potential performance contributions from overseas markets [11] Financial Performance Summary - **Revenue and Profit Forecasts**: - 2023A: Revenue of 531 million yuan, net profit of 34 million yuan - 2024A: Revenue of 516 million yuan, net profit of 28 million yuan - 2025E: Revenue of 604 million yuan, net profit of 45 million yuan - 2026E: Revenue of 702 million yuan, net profit of 54 million yuan - 2027E: Revenue of 830 million yuan, net profit of 64 million yuan [5][11] - **Growth Rates**: - Revenue growth rates: 2023A: 56%, 2024A: -3%, 2025E: 17%, 2026E: 16%, 2027E: 18% [5] - Net profit growth rates: 2023A: 9%, 2024A: -18%, 2025E: 61%, 2026E: 19%, 2027E: 18% [5] Business Segment Performance - **Silk Comforters**: - H1 2025 revenue of 157 million yuan, up 22.73%, accounting for 56% of total revenue [9] - Gross margin of 38.26%, up 4.39 percentage points [9] - **Bedding Sets**: - H1 2025 revenue of 70.46 million yuan, up 2.73%, accounting for 25% of total revenue [9] - Gross margin of 43.92%, up 1.73 percentage points [9] - **Silk Accessories**: - H1 2025 revenue of 39.05 million yuan, up 26.29%, accounting for 14% of total revenue [9] - Gross margin of 59.38%, down 3.12 percentage points [9] Market and Channel Analysis - **Domestic Market**: - H1 2025 revenue of 242 million yuan, up 20.96%, with a gross margin of 43.31% [9] - **Online Channels**: - H1 2025 revenue of 149 million yuan, up 29.18%, with a gross margin of 44.17% [10] - **Offline Channels**: - H1 2025 revenue of 130 million yuan, up 6.6%, with a gross margin of 41.99% [10] Operational Efficiency - The company has improved its cash flow from operating activities, turning from -4.39 million yuan in the previous year to 42.06 million yuan in H1 2025, indicating a significant enhancement in operational quality [6] - Inventory turnover days decreased by 37 days compared to the previous year, reflecting improved operational efficiency [10]

Group 1 - In the past month (from July 15 to August 14), 20 companies listed on the Beijing Stock Exchange (BSE) were investigated by institutions, with Minshida being the most notable, attracting 96 participating institutions [1][2] - The types of institutions conducting the research included 16 brokerages, 9 funds, 9 private equity firms, 3 insurance companies, and 2 overseas institutions [1] - The companies that received the most attention after Minshida were Tonghui Electronics, Huami New Materials, and Taihu Snow, with 65, 55, and 40 participating institutions respectively [1] Group 2 - The most frequently investigated companies included Taihu Snow, Hanwei Technology, and Hengli Drilling Tools, each receiving two rounds of institutional research [2] - On average, the companies that were investigated saw an increase of 11.22% in their stock prices over the month, with Hengli Drilling Tools, Huami New Materials, and Guangxin Technology leading the gains at 139.87%, 56.60%, and 31.30% respectively [2] - The average market capitalization of all companies on the BSE was 3.092 billion yuan, while the average market capitalization of the investigated companies was 3.988 billion yuan [2] Group 3 - The average daily turnover rate for the investigated companies was 7.40%, with Hengli Drilling Tools, Wanyuantong, and Guangxin Technology having the highest turnover rates at 21.71%, 16.81%, and 14.96% respectively [2] - A detailed list of investigated companies includes Minshida, Tonghui Electronics, Huami New Materials, and others, with their respective stock prices and percentage changes noted [2][3]

证券代码：838262 证券简称：太湖雪 公告编号：2025-126 苏州太湖雪丝绸股份有限公司 投资者关系活动记录表 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连 带法律责任。 一、 投资者关系活动类别 √特定对象调研 √现场参观 □新闻发布会 □分析师会议 □路演活动 □其他 二、 投资者关系活动情况 活动时间：2025 年 8 月 12 日 活动地点：苏州太湖雪丝绸股份有限公司展厅、会议室 参会单位及人员：申万宏源、中庚基金、混沌投资、华鑫证券、复胜资产 □业绩说明会 □媒体采访 回答：目前公司海外业务市场主要为欧美市场，公司海外市场亚马逊平台 2025 年半年度较同期增长 15.82%，呈现稳健增长潜力。当前海外推广策略主旨 为本地化营销深化，即采用海外主流宣传模式及内容本土化，在欧美市场合作家 居 KOL 和 KOC 展示"丝绸生活美学"，获取更多高净值用户群体。 问题 3：线下渠道扩张策略及高端酒店布局情况？ 上市公司接待人员：董事、副总经理、董事会秘书代艳先生，证券事务代表 张保静女士 三、 投资者关 ...

Group 1 - In the past month (from July 13 to August 12), 20 companies listed on the Beijing Stock Exchange (BSE) were investigated by institutions, with Minshida being the most notable, receiving attention from 96 institutions [1] - The types of institutions conducting the research included 16 brokerages, 9 funds, 8 private equity firms, 2 insurance companies, and 1 overseas institution [1] - The companies that received the most institutional attention after Minshida were Tonghui Electronics, Taihu Snow, and Huaguang Yuanhai, with 65, 36, and 20 institutions participating in their investigations, respectively [1] Group 2 - The average stock price of the investigated BSE companies increased by 12.10% over the past month, with 13 stocks rising, notably Hengli Drilling, Guangxin Technology, and Sanwei Equipment, which saw increases of 144.04%, 42.69%, and 18.62% respectively [2] - The average daily turnover rate for the investigated companies was 7.26%, with Hengli Drilling, Wanyuantong, and Guangxin Technology leading at 21.64%, 16.25%, and 15.26% respectively [2] - As of August 12, the average market capitalization of all companies on the BSE was 3.159 billion yuan, while the average market capitalization of the investigated companies was 3.927 billion yuan, with the largest market caps belonging to Xingtum Kexun, Guangxin Technology, and Binhang Technology [2] Group 3 - The table of investigated companies includes details such as the number of institutions involved, the number of investigations, latest closing prices, percentage changes, and industry classifications [2][3] - Notable companies in the table include Minshida, Tonghui Electronics, and Hengli Drilling, with respective closing prices of 43.28 yuan, 26.06 yuan, and 48.71 yuan, and percentage changes of -2.30%, 2.96%, and 144.04% [2][3]

Group 1 - The core viewpoint of the news is that Taihu Snow has been awarded the "ESG Corporate Governance Pioneer Award" for its outstanding practices in governance, highlighting its commitment to integrating economic efficiency with social responsibility [1] - The award is established by Securities Star in collaboration with professional institutions like Miaoying Technology, aiming to recognize companies that excel in governance practices such as compliance management and risk prevention [1] - Taihu Snow views governance as a cornerstone for steady progress, continuously refining its governance mechanisms and adhering to business ethics to lay a solid foundation for long-term development [3] Group 2 - In 2024, the company will establish an Environmental, Social, and Governance (ESG) Committee within its board to oversee sustainable development matters, responding better to the expectations of investors, customers, and other stakeholders [3] - Taihu Snow is optimizing its risk management mechanisms by considering market risks and uncertainties, enhancing its risk identification, evaluation, warning, and control processes to improve risk prediction and handling capabilities [4] - By the end of 2024, the company will have developed specific procedures for risk management and quality risk identification to strictly control potential risks and enhance the effectiveness of risk prevention [4]

东吴证券股份有限公司 关于苏州太湖雪丝绸股份有限公司 2025 年上半年度持续督导跟踪报告 根据《证券发行上市保荐业务管理办法》《北京证券交易所股票上市规则》 （以下简称《上市规则》）等有关法律法规、规范性文件等的规定，东吴证券股 份有限公司（以下简称"东吴证券""保荐机构"）作为苏州太湖雪丝绸股份有 限公司（以下简称"太湖雪""公司"）的保荐机构，负责太湖雪的持续督导工 作，并出具 2025 年上半年度持续督导跟踪报告。 | 项目 | 工作内容 | | --- | --- | | 1、公司信息披露审阅情况 | 保荐机构及时审阅了公司信息披露文件。 | | 2、督导公司建立健全并有效执行 | 保荐机构督导公司建立健全规则制度（包括但不限 | | | 于根据新《公司法》及《上市规则》的规定，修改 | | 规则制度的情况 | 完善公司治理制度，本督导期内，太湖雪有效执行 | | | 了规则制度。 | | 3、募集资金使用监督情况 | 保荐机构定期查阅公司募集资金账户对账单，核查 | | | 公司募集资金使用情况；前往公司现场核查募集资 | | | 金使用情况。本督导期内，太湖雪募集资金存放与 | | | 使用符合 ...

根据调研日期截止日统计，近一个月（7月8日至8月7日），共有22家北交所公司获机构调研，其中，民 士达最受关注，参与调研的机构有96家。 证券时报·数据宝统计显示，近一个月共有22家北交所公司获机构调研，调研机构类型显示，券商共对 19家公司进行调研；基金调研9家；阳光私募调研8家；保险调研3家。 机构调研榜单中，民士达参与调研的机构合计达96家，最受关注；其次是星图测控、太湖雪、远航精 密，参与调研的机构分别有37家、36家、23家。 按申万行业分类，获机构调研的北交所公司分属于10个行业，电力设备、计算机、基础化工等行业较为 集中，分别有6家、5家、4家公司上榜。 机构调研次数来看，星图测控、汉维科技、恒立钻具等机构调研最为密集，均获机构2次调研。 市场表现方面，获机构调研的北交所公司近一个月平均上涨11.57%。其间股价上涨的有17只，涨幅居 前的有恒立钻具、三维装备、中裕科技等，分别上涨163.51%、25.42%、17.16%；从换手率来看，获调 研的北交所公司中，近一个月日均换手率平均值为6.50%，日均换手率居前的有恒立钻具、广信科技、 万源通等，日均换手率分别为18.31%、16.11%、15 ...

Summary of Key Points Core Viewpoint - As of August 7, 115 companies have released their semi-annual reports for 2025, with 81 reporting a year-on-year increase in net profit, while 34 reported a decline. Additionally, 78 companies saw an increase in operating revenue, and 37 experienced a decrease. A total of 68 companies reported simultaneous growth in both net profit and operating revenue, while 24 companies saw declines in both metrics. Notably, 18 companies achieved a net profit growth rate exceeding 100%, with Zhimin Da leading at a staggering 2147.93% [1]. Company Performance - Zhimin Da (688636) reported earnings per share of 0.2284, with a net profit of 38.298 million and a year-on-year increase of 2147.93%. Its operating revenue reached 294.7564 million, reflecting an 84.83% increase [1]. - Shijia Guangzi (688313) achieved a net profit of 216.6475 million, marking a year-on-year increase of 1712.00%, with operating revenue of 992.6253 million, up 121.12% [1]. - Nanji Guang (300940) reported a net profit of 72.891 million, with a year-on-year increase of 982.43%, and operating revenue of 397.5085 million, up 244.67% [1]. - Tongzhou Electronics (002052) had a net profit of 203.0714 million, a year-on-year increase of 662.77%, with operating revenue of 539.7695 million, up 606.52% [1]. - Daodaquan (002852) reported a net profit of 180.9760 million, with a year-on-year increase of 563.15%, and operating revenue of 2792.4396 million, reflecting a slight increase of 1.16% [1]. Additional Company Insights - Huakang Jieneng (301235) reported a net profit of 18.6830 million, with a year-on-year increase of 273.48%, and operating revenue of 83.49115 million, up 50.73% [1]. - Chengxing Co. (600078) had a net profit of 18.5612 million, with a year-on-year increase of 211.08%, and operating revenue of 177.61177 million, up 9.85% [1]. - Kaimeite (002549) reported a net profit of 55.8461 million, with a year-on-year increase of 199.82%, and operating revenue of 31.03616 million, up 10.52% [1]. - Dong'an Power (600178) had a net profit of 3.9212 million, with a year-on-year increase of 157.75%, and operating revenue of 247.91147 million, up 25.72% [1]. Overall Market Trends - The overall trend indicates a strong performance among the majority of companies, with a significant number achieving substantial growth in both net profit and operating revenue, reflecting a positive outlook for the market [1][2].