Investment Rating - The investment rating for the company is "Accumulate" (maintained) [5] Core Views - For Q1-Q3 2025, the company achieved a revenue of 402 million yuan, representing a year-on-year increase of 19%, and a net profit attributable to the parent company of 23.16 million yuan, up 57% year-on-year [6] - The gross profit margin was 43.4%, an increase of 2.9 percentage points year-on-year, while the sales expense ratio decreased by 0.8 percentage points to 25.25% [6] - The company has successfully built an online and offline integrated sales ecosystem, with live e-commerce platforms becoming a significant growth driver [6] - The company has maintained its position as the top-selling brand of silk quilts in China for six consecutive years, focusing on brand strength and product innovation [6] Summary by Sections Market Performance - The closing price as of October 23, 2025, was 27.00 yuan, with a market capitalization of 1,866.08 million yuan and a circulating market value of 842.01 million yuan [3] Financial Data - For Q1-Q3 2025, the company reported a revenue of 402 million yuan and a net profit of 23.16 million yuan, with a gross margin of 43.4% [6] - The company expects net profits for 2025-2027 to be 40 million, 56 million, and 73 million yuan respectively, with corresponding P/E ratios of 46.65, 33.56, and 25.46 [7] Profitability and Valuation - The company has a projected revenue growth rate of 18.26% for 2025, with a net profit growth rate of 42.57% [7] - The company’s return on equity (ROE) is expected to increase from 11.35% in 2025 to 17.58% in 2027 [7] Strategic Initiatives - The company is leveraging cultural tourism consumption recovery and tax refund policies to enhance its offline sales channels, achieving a 5.4% year-on-year growth in offline revenue [6] - Online sales channels saw a significant growth of 35.45% year-on-year, driven by refined operations and a comprehensive "live broadcast" marketing system [6]

证券代码：920262 证券简称：太湖雪 公告编号：2025-132 除以上变更外，太湖雪电子商务和湖之锦文化传媒的《营业执照》所记载其 他工商登记事项均未发生变更，两家公司均已完成报关单位备案。 三、本次变更对公司的影响 关于全资子公司完成工商变更登记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、基本情况 苏州太湖雪丝绸股份有限公司（以下简称"公司"）全资子公司苏州太湖雪 电子商务有限公司（以下简称"太湖雪电子商务"）和全资子公司苏州湖之锦文 化传媒有限公司（以下简称"湖之锦文化传媒"）因业务发展需要，对其经营范 围进行了变更。 二、本次变更情况 近期，太湖雪电子商务和湖之锦文化传媒均已完成工商变更登记手续，并取 得了由苏州市吴江区数据局换发的《营业执照》，具体变更内容如下： | 公司名称 | 变更项目 | 变更前 一般项目：互联网销售 | 变更后 一般项目：互联网销售（除 | | --- | --- | --- | --- | | | | （除销售需要许可的商 品）；软件 ...

一、会议召开和出席情况 （一）会议召开情况 1.会议召开时间：2025 年 10 月 21 日 2.会议召开地点：江苏省苏州市姑苏区人民路 1558 号太湖雪丝绸大厦公司 会议室 3.会议召开方式：现场召开 4.发出董事会会议通知的时间和方式：2025 年 10 月 11 日以书面及通讯方式 发出 证券代码：920262 证券简称：太湖雪 公告编号：2025-130 苏州太湖雪丝绸股份有限公司 第四届董事会第七次会议决议公告 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。 根据《公司法》《证券法》《北京证券交易所股票上市规则》及《公司章程》 等法律、法规、规范性文件、制度的相关规定和要求，公司结合 2025 年第三季 度实际经营情况，编制了《2025 年第三季度报告》。 具体内容详见公司于 2025 年 10 月 23 日在北京证券交易所信息披露平台 （www.bse.cn）披露的《苏州太湖雪丝绸股份有限公司 2025 年第三季度报告》 （公告编号：2025-131）。 2.议案表决结果：同意 9 票； ...

Core Insights - Taihu Snow (920262) reported a net financing purchase of 416,800 yuan on October 22, 2025, with a total financing balance of 7,592,200 yuan, indicating a continuous net purchase over the last three trading days totaling 1,386,200 yuan [1][2]. Financing Activity Summary - On October 22, 2025, the net financing purchase was 416,800 yuan, with a financing balance of 7,592,200 yuan, representing 0.89% of the circulating market value [2]. - The financing balance increased by 5.81% from the previous day, reflecting a consistent upward trend in financing activity over the past few days [3]. - The financing net purchases for the previous trading days were as follows: - October 21: 485,500 yuan - October 20: 483,900 yuan - October 17: 575,100 yuan - October 16: -153,200 yuan [2][3]. Margin Trading Knowledge - Current requirements for individual investors to participate in margin trading include having at least six months of trading experience and an average account asset of 500,000 yuan over the previous 20 trading days [4]. - The number of margin trading stocks on the Shanghai Stock Exchange is set to increase from 800 to 1,000, while the Shenzhen Stock Exchange will expand its eligible stocks from 800 to 1,200 [4].