本次交易不构成重大资产重组。 证券代码：920262 证券简称：太湖雪 公告编号：2026-010 苏州太湖雪丝绸股份有限公司 对外投资设立全资子公司并取得营业执照的公告 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。 一、对外投资概述 （一）基本情况 苏州太湖雪丝绸股份有限公司（以下简称"公司"）基于战略布局和业务发 展需要，以自有资金投资设立全资子公司南京太湖雪文化科技有限公司（以下简 称"子公司"），注册资金 100 万元人民币。 近日，子公司已完成相应工商注册登记手续，并取得了南京市鼓楼区政务服 务管理办公室核发的《营业执照》。 （二）是否构成重大资产重组 根据《上市公司重大资产重组管理办法》的相关规定，公司本次对外投资系 新设全资子公司，不构成重大资产重组。 （三）是否构成关联交易 本次交易不构成关联交易。 （四）决策与审议程序 根据《北京证券交易所股票上市规则》以及《公司章程》《股东会议事规则》 《董事会议事规则》《对外投资管理制度》等相关规定，本次投资金额 100 万元 未达到董事会或股东 ...

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [5] Core Views - The company is expected to achieve a 40% year-on-year increase in net profit attributable to shareholders in 2025, driven by enhanced channel strength, product capability, and brand power [5] - The company has reported a projected revenue of 600 million yuan for 2025, representing a year-on-year growth of 16.37%, and a net profit of 39.17 million yuan, reflecting a 39.63% increase [7] - The company has established a comprehensive retail ecosystem centered on consumers, integrating online and offline channels to enhance operational efficiency and customer experience [7] Financial Summary - Revenue projections for the company are as follows: 531 million yuan in 2023, 516 million yuan in 2024, 600 million yuan in 2025, 696 million yuan in 2026, and 803 million yuan in 2027 [6] - The expected net profit for 2025 is 39 million yuan, with a projected growth rate of 39.63% [6] - The company has maintained a leading position in the silk quilt market, being the top-selling brand for six consecutive years from 2019 to 2024 [7]

Investment Rating - The investment rating for the company is "Outperform" (Maintain) [2][5] Core Insights - The company reported a revenue of 600 million yuan for 2025, representing a year-on-year growth of 16.37%, and a net profit attributable to shareholders of 39.17 million yuan, up 39.63% year-on-year. The non-recurring net profit attributable to shareholders was 41.15 million yuan, reflecting a significant increase of 70.45% year-on-year [5] - The company is focusing on enhancing its online and offline integration to improve marketing efficiency and create a new consumer experience. The online channel has become a core growth engine, leveraging live streaming and AI technology to optimize operations and enhance user experience [6] - The company is actively constructing the "Future Factory" project, with a total contract amount of 110 million yuan, scheduled to start on January 28, 2026, and expected to be completed by January 5, 2027 [7] Financial Summary - The total market capitalization of the company is 16.82 billion yuan, with a circulating market capitalization of 7.59 billion yuan. The current stock price is 24.33 yuan, with a 52-week high of 40.80 yuan and a low of 17.13 yuan [2] - The projected earnings per share (EPS) for 2025, 2026, and 2027 are 0.56 yuan, 0.73 yuan, and 0.94 yuan respectively, with corresponding price-to-earnings (P/E) ratios of 43.3, 33.5, and 25.9 [5][8] - The company expects to achieve a revenue of 750 million yuan in 2026 and 907 million yuan in 2027, with net profits projected at 50 million yuan and 65 million yuan respectively [8]

Investment Rating - The investment rating for the company is "Outperform" (maintained) [2][5] Core Insights - The company reported a revenue of 600 million yuan for 2025, representing a year-on-year growth of 16.37%. The net profit attributable to the parent company was 39.17 million yuan, up 39.63% year-on-year, while the net profit excluding non-recurring items was 41.15 million yuan, reflecting a significant increase of 70.45% year-on-year [5][6] - The company is actively enhancing its online and offline integration to improve marketing efficiency and create a new consumer experience. The online channel has become a core growth engine, leveraging live streaming and AI technology to optimize operations and enhance user experience [6][7] - The company is constructing the "Future Factory" project, with a total contract amount of 110 million yuan, expected to start construction on January 28, 2026, and complete by January 5, 2027 [7] Financial Summary - The total revenue for 2023 is projected at 531 million yuan, with a year-on-year growth of 56.1%. For 2024, revenue is expected to decrease to 516 million yuan, followed by a recovery to 600 million yuan in 2025, and further growth to 750 million yuan in 2026 and 907 million yuan in 2027 [8][11] - The net profit attributable to the parent company is forecasted to be 34 million yuan in 2023, decreasing to 28 million yuan in 2024, then increasing to 39 million yuan in 2025, 50 million yuan in 2026, and 65 million yuan in 2027 [8][11] - The company's gross margin is expected to improve from 37.9% in 2023 to 40.8% in 2027, while the net profit margin is projected to rise from 6.5% in 2023 to 7.2% in 2027 [12]

Financial Performance - The company expects to achieve operating revenue of CNY 600,068,310.60, a year-on-year increase of 16.37%[4] - Net profit attributable to shareholders is projected to be CNY 39,172,038.82, reflecting a growth of 39.63% compared to the previous year[4] - The total profit is estimated at CNY 46,597,632.64, marking a significant increase of 57.82% year-on-year[4] - The net profit after deducting non-recurring gains and losses is expected to be CNY 41,147,934.36, up 70.45% from the previous year[5] - Basic earnings per share are projected to be CNY 0.5790, an increase of 38.75% year-on-year[5] - Total assets at the end of the reporting period are expected to be CNY 529,275,160.69, a growth of 7.87% from the beginning of the period[5] - Shareholders' equity attributable to the company is anticipated to reach CNY 359,183,178.35, up 8.72% from the start of the period[5] Marketing Strategy - The company is focusing on online channel breakthroughs and a comprehensive live broadcast operation system to enhance marketing efficiency[6] - The integration of online and offline channels aims to create a seamless consumer experience and improve store operational efficiency[6] - The company is advancing its brand strategy by collaborating with cultural institutions to enhance product differentiation and market appeal[7]

ESG Framework Enhancement - The Beijing Stock Exchange (BSE) has added three new environmental guidelines to its ESG disclosure framework, focusing on pollutant emissions, energy utilization, and water resource management[4] - The updated guidelines aim to provide clearer and more actionable disclosure instructions for listed companies, marking a shift from framework establishment to detailed implementation[4] ESG Ratings and Performance - As of December 31, 2025, there are five companies rated AA, with the highest score being 8.78 for Jiahe Technology[36] - A total of 96 companies saw an increase in their ESG scores, with significant improvements in management practices driving these changes[5] Investment Returns - An ESG portfolio constructed from 39 BSE-listed companies with disclosed ESG reports achieved a cumulative return of 153% from January 1, 2024, to December 31, 2025, significantly outperforming comparable indices[6] - The annual returns for the ESG portfolio were 58.60% in 2024 and 59.52% in 2025, demonstrating strong stability and sustainability in returns[6] Risk Factors - The report highlights potential risks including policy changes, operational risks, and macroeconomic fluctuations that could impact ESG investments[6]

根据《上市公司重大资产重组管理办法》的相关规定，公司本次对外投资系 新设全资子公司，不构成重大资产重组。 证券代码：920262 证券简称：太湖雪 公告编号：2026-008 苏州太湖雪丝绸股份有限公司 对外投资设立全资子公司并取得营业执照的公告 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。 一、对外投资概述 （一）基本情况 为优化供应链、提高产能，苏州太湖雪丝绸股份有限公司（以下简称"公司"） 基于战略布局以自有资金投资设立全资子公司苏州云寐丝绸科技有限公司（以下 简称"子公司"），注册资金 300 万元人民币。 近日，子公司已完成相应工商注册登记手续，并取得了苏州市吴江区数据局 下发的《营业执照》。 （二）是否构成重大资产重组 本次交易不构成重大资产重组。 （三）是否构成关联交易 本次交易不构成关联交易。 （四）决策与审议程序 根据《北京证券交易所股票上市规则》以及《公司章程》《股东会议事规则》 《董事会议事规则》《对外投资管理制度》等相关规定，本次投资金额 300 万元 未达到董事会或股东会审批 ...

证券代码：920262 证券简称：太湖雪 公告编号：2026-007 苏州太湖雪丝绸股份有限公司高级管理人员离任公告 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。 一、高级管理人员离任的基本情况 本公司李威先生，因个人原因辞任，自 2026 年 2 月 4 日起不再担任副总经理。该 人员持有公司股份 0 股，占公司股本的 0%，不是失信联合惩戒对象，离任后不再担任 公司及其控股子公司其它职务，不存在未履行完毕的公开承诺。 二、合规性说明及影响 李威先生离任不会对公司日常的生产、经营活动产生不利影响。公司及董事会对李 威先生任职期间对公司发展所做出的贡献表示衷心的感谢。 三、备查文件 李威先生的《辞职报告》。 苏州太湖雪丝绸股份有限公司 董事会 2026 年 2 月 5 日 （一）人员变动的合规性说明 李威先生未兼任公司董事或其他职务，本次离任符合法律法规、部门规章、业务规 则和公司章程等规定，未导致董事会成员人数低于法定最低人数，未导致公司董事会中 兼任高级管理人员的董事和由职工代表担任的董事，人数总计 ...

Financial Projections - The estimated net profit attributable to shareholders for 2025 is projected to be between ¥3,800.00 million and ¥4,100.00 million, representing a year-on-year increase of 35.45% to 46.14%[3] - The estimated net profit attributable to shareholders after deducting non-recurring gains and losses is expected to be between ¥3,900.00 million and ¥4,200.00 million, indicating a year-on-year growth of 61.55% to 73.98%[3] - The estimated operating revenue for 2025 is projected to be between ¥59,500.00 million and ¥60,500.00 million, reflecting a year-on-year increase of 15.39% to 17.33%[3] Marketing and Sales Strategy - The company is focusing on online channel breakthroughs and has established a comprehensive live streaming operation system to enhance marketing efficiency[4] - The offline channel integration is accelerating, aiming to create a seamless consumer experience and improve store operation efficiency through data linkage and operational collaboration[4] - The company is enhancing its brand strategy by collaborating with cultural institutions to integrate Suzhou silk culture into modern products, thereby enriching brand cultural connotation[5] Product Development - The company is developing a full-cycle silk lifestyle ecosystem, focusing on differentiated product competitiveness and market appeal through various product lines[5] Financial Caution - The financial data presented is preliminary and has not been audited, and investors are advised to exercise caution and consider investment risks[6]

证券代码：920262 证券简称：太湖雪 公告编号：2026-005 苏州太湖雪丝绸股份有限公司 （一）基本情况 因业务发展需要，苏州太湖雪丝绸股份有限公司（以下简称"公司"）以自 有资金投资设立全资子公司昆山太湖雪文化科技有限公司（以下简称"昆山太湖 雪"），注册资本 100 万元人民币。 近日，昆山太湖雪已完成相应工商注册登记手续，类型为有限责任公司，并 取得了昆山市数据局下发的《营业执照》。 （二）是否构成重大资产重组 本次交易不构成重大资产重组。 根据《上市公司重大资产重组管理办法》的相关规定，公司本次对外投资不 构成重大资产重组。 （三）是否构成关联交易 本次交易不构成关联交易。 对外投资设立全资子公司并取得营业执照的公告 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。 一、对外投资概述 注册地址：江苏省苏州市昆山市千灯镇歇马桥村 22 组 17 号-1（农村自建房） 经营范围：一般项目：技术服务、技术开发、技术咨询、技术交流、技术转 让、技术推广；数字文化创意内容应用服务；数字创意产品展览展 ...