Core Viewpoint - Red Bean Co., Ltd. (600400.SH) is under scrutiny from the Shanghai Stock Exchange regarding its proposed acquisition of online business assets from its controlling shareholder, due to a significant discrepancy between the historical performance decline of the target assets and optimistic future profit forecasts [1] Group 1: Financial Performance - The target assets reported a net profit of 63.78 million yuan in 2022, which is projected to decline to 34.95 million yuan by 2024, indicating a drop of over 45% from 2022 to 2024 [1] - The profit forecast in the acquisition proposal predicts a gradual increase in net profit from 38.85 million yuan in 2026 to 42.46 million yuan in 2028, which contrasts sharply with the historical downward trend [1] Group 2: Company Response - Red Bean Co., Ltd. attributes the historical performance decline to temporary factors such as insufficient working capital, inadequate product supply, and increased investment in the Douyin platform [2] - The company believes that post-transaction, the liquidity of the target assets will improve under unified capital management [2] - The divergence in profit forecasts is explained by three factors: expected stable gross margin, stable expense ratio, and a projected tax rate of 25%, as opposed to the higher effective tax rate experienced recently due to excessive advertising and promotional expenses [2] Group 3: Competitive Dynamics - After the transaction, the target assets will focus on online sales, potentially creating competition with the offline business retained within the Red Bean system [2] - The controlling shareholder has committed to resolving this competitive issue within 60 months post-transaction [2]

股票代码：600400 股票简称：红豆股份 编号：临2025-057 江苏红豆实业股份有限公司 关于上海证券交易所对公司购买红豆居家线上业务资产组 暨关联交易相关事项的监管工作函的回复公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、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法律责任。 风险提示： 1、无锡红豆居家服饰有限公司（以下简称红豆居家）对红豆居家线上业务资 产组（以下简称标的资产组或标的资产）的业绩承诺和补偿措施，以及控股股东红 豆集团有限公司（以下简称红豆集团）及其第一大股东周海江对上述补偿义务承担 连带保证责任的承诺是根据标的资产组及红豆居家当前经营状况、未来发展规划及 行业前景趋势等因素制定。若未来宏观经济、产业政策、市场需求、经营管理等不 及预期，则业绩完成及补偿履行存在不确定风险。 2、根据公司与红豆集团及其第一大股东周海江拟签署的《商标使用许可协 议》，红豆集团无限期无偿许可公司使用的 33 项商标是非独占性的。如后续出现 注册商标被撤销、宣告无效、所有权发生变动等任何影响该等注册商标状态的情形， 或者注册商标被质押、冻结、拍卖、变卖等任何导致公司无法依 ...

Core Insights - The apparel and home textile sector experienced a slight increase of 0.03% on November 14, with Sanfu Outdoor leading the gains [1] - The Shanghai Composite Index closed at 3990.49, down 0.97%, while the Shenzhen Component Index closed at 13216.03, down 1.93% [1] Stock Performance - Sanfu Outdoor (002780) saw a closing price of 19.20, with a significant increase of 10.03% and a trading volume of 547,600 shares, amounting to a transaction value of 1.028 billion [1] - Other notable performers included Zhenyaomeijia (003041) with a 10.00% increase, closing at 41.02, and Jiuwang (601566) with a 9.97% increase, closing at 12.58 [1] - The overall performance of the apparel and home textile sector showed mixed results, with several stocks experiencing gains while others faced declines [2] Capital Flow - The apparel and home textile sector experienced a net outflow of 270 million from institutional investors, while retail investors saw a net inflow of 364 million [2][3] - The capital flow data indicates that while institutional investors withdrew funds, retail investors were actively buying into the sector [2][3] Individual Stock Capital Flow - Meibang Apparel (002269) had a net inflow of 97.50 million from institutional investors, but faced a net outflow of 71.73 million from speculative funds [3] - Jiuwang (601566) also saw a significant net inflow of 84.38 million from institutional investors, with a net outflow of 37.59 million from speculative funds [3] - The data reflects a trend where institutional investors are more engaged in certain stocks, while speculative funds are withdrawing [3]

1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report The report focuses on the historical cases of subordinated debt non - redemption, analyzes the characteristics, subsequent progress, and credit risk outlook of non - redemption, aiming to help investors better understand the credit risk characteristics of subordinated debt. Since the non - redemption announcement of "22 Hongdou MTN003" by Hongdou Group in October 2025, the risk of subordinated debt non - redemption has attracted attention. The report suggests paying more attention to subordinated debt of insurance companies and industrial entities with operational pressure and weak shareholder support in the future [2][11][54]. 3. Summary According to Relevant Catalogs 3.1 Subordinated Debt Concept and Classification - Subordinated bonds are debt instruments with repayment priority after general liabilities but before common stock equity, featuring high risk and high return. As of November 10, 2025, the scale of outstanding subordinated debt was about 10.7 trillion yuan, with the financial industry accounting for about 8.5 trillion yuan [3][12]. - Most subordinated debts have a call option, and issuers usually have a strong incentive to call. The call motivation is mainly based on the interest rate jump - up mechanism and the "decreasing" nature of capital. Non - financial enterprise subordinated debts are mostly used to repay interest - bearing debts and supplement working capital, while financial institution subordinated debts are mostly used for capital replenishment [19]. - For non - perpetual subordinated debts (mainly 5 + 5), there is a "decreasing" nature of capital, and insurance companies have a stronger call motivation due to the interest rate jump - up mechanism. For perpetual subordinated debts (mainly 5 + N), most securities companies and non - financial enterprises set an interest rate jump - up mechanism [20][21]. - For non - financial enterprises, perpetual bonds are not necessarily subordinated debts. For financial enterprises, perpetual bonds are all subordinated debts. If an issuer announces non - redemption, it may indicate fundamental pressure and difficulties in rolling over subordinated debt, posing risks such as duration mismatch and investment losses for investors [25]. 3.2 Historical Case Review of Subordinated Debt Non - Redemption - As of November 10, 2025, 70 entities with 88 subordinated debts had non - redemption events, involving a bond scale of about 76.5 billion yuan. Non - redemption mainly occurred in commercial bank secondary capital bonds, concentrated in weak - qualified banks in Liaoning Province, and was common in low - rated subordinated debts [4][27][37]. - In terms of industry type, non - redemption mainly occurred in banks and insurance companies, with 74 and 7 non - redeemed bonds respectively, accounting for 84% and 8% of the total number of non - redeemed subordinated debts, and involving scales of 45.5 billion yuan and 17.6 billion yuan, accounting for 59% and 23% respectively [27]. - In terms of enterprise nature, non - redemption mainly occurred in public enterprises, but the number of non - redemption events among private enterprises has increased since 2024 [5][37]. 3.3 Subsequent Progress of Subordinated Debt Non - Redemption - After 88 subordinated debts were not redeemed, 1 bond defaulted, 1 was extended, 65 continued to exist normally, and 21 were fully redeemed at or before maturity. Only a few entities could successfully issue subordinated debt again after non - redemption, and the issuance had non - market - oriented characteristics. Some weak - qualified entities may continue to not redeem subordinated debt [6][45][49]. 3.4 Credit Risk Outlook of Subordinated Debt Non - Redemption - In the past, the risk of subordinated debt non - redemption was mainly concentrated in banks, but recently, risks of insurance companies and industrial entities have gradually emerged. In the future, when analyzing the risk of subordinated debt non - redemption, it is recommended to pay more attention to insurance companies and industrial entity subordinated debts with operational pressure and weak shareholder support [7][54].

Market Overview - The apparel and home textile sector increased by 0.12% compared to the previous trading day, with Wanlima leading the gains [1] - The Shanghai Composite Index closed at 4002.76, down 0.39%, while the Shenzhen Component Index closed at 13289.0, down 1.03% [1] Top Gainers - Wanlima (300591) closed at 12.42, up 7.35% with a trading volume of 1.5044 million shares and a transaction value of 1.87 billion [1] - Tanuo (300005) closed at 10.59, up 6.54% with a trading volume of 719,000 shares and a transaction value of 750 million [1] - Sanfu Outdoor (002780) closed at 16.05, up 6.43% with a trading volume of 163,300 shares and a transaction value of 257 million [1] Top Losers - Bingshi Co. (001209) closed at 26.11, down 9.97% with a trading volume of 291,600 shares [2] - ST Erya (600107) closed at 6.58, down 5.05% with a trading volume of 202,600 shares [2] - Zhongyin Fashion (300901) closed at 17.20, down 3.04% with a trading volume of 43,100 shares [2] Capital Flow - The apparel and home textile sector experienced a net outflow of 151 million from institutional investors, while retail investors saw a net inflow of 1.28 billion [2][3] - The top stock, Wanlima, had a net inflow of 15.1 million from institutional investors but a net outflow of 97.94 million from retail investors [3] - Tanuo had a net inflow of 21.34 million from institutional investors and a net outflow of 67.56 million from retail investors [3]

Core Viewpoint - Hongdou Co., Ltd. has announced a share buyback plan, having repurchased a total of 1,090,500 shares, which represents 0.05% of the company's total share capital as of the end of October 2025 [1] Summary by Category - **Company Actions** - The company has completed a share buyback of 1,090,500 shares [1] - The repurchased shares account for 0.05% of the total share capital [1]

Group 1 - The company, Hongdou Co., Ltd. (stock code: 600400.SH), announced a share repurchase plan, having repurchased a total of 1.0905 million shares as of the end of October 2025, which represents 0.05% of the company's total share capital [1] - The highest purchase price for the repurchased shares was 2.56 yuan per share, while the lowest purchase price was 2.17 yuan per share [1] - The total amount paid for the repurchased shares was 2.4232 million yuan, excluding commissions and transfer fees [1]

Group 1 - The company, Hongdou Co., announced on November 3 that as of the end of October 2025, it has repurchased approximately 1.09 million shares, accounting for 0.05% of the total share capital [1] - The highest purchase price for the repurchased shares was 2.56 yuan per share, while the lowest was 2.17 yuan per share [1] - The total amount spent on the share repurchase was approximately 2.42 million yuan [1]

江苏红豆实业股份有限公司（以下简称"公司"）于 2025 年 4 月 28 日召开 第九届董事会第二十一次会议，审议通过了《关于以集中竞价交易方式回购股份 方案的议案》，同意公司使用自有资金以集中竞价交易方式回购公司股份，回购资 金总额不低于人民币 1,000 万元（含）且不超过人民币 2,000 万元（含），回购股 份价格不超过人民币 3.45 元/股（含），回购股份期限为自公司董事会审议通过回 购方案之日起不超过 12 个月。本次回购的股份将用于公司股权激励计划。具体内 容详见公司于 2025 年 5 月 6 日在上海证券交易所网站（www.sse.com.cn）及《上 海证券报》上刊登的《江苏红豆实业股份有限公司关于以集中竞价交易方式回购 股份的回购报告书》（公告编号：临 2025-031）。 二、 回购股份的进展情况 关于以集中竞价交易方式回购股份的进展公告 证券代码：600400 证券简称：红豆股份 公告编号：临 2025-056 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、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法律责任。 | 回购方案首次披露日 | 2025/ ...

Core Insights - The company reported a revenue of 1.134 billion in the first nine months of 2025, with a strong performance from its "Comfort" product line, setting a solid foundation for the peak season in Q4 [1] - The "Comfort" series products have shown robust performance during the recent "Double 11" sales event, indicating a strong alignment with consumer trends and product structure [3] - The company's strategic focus on "Comfort" has allowed it to navigate challenges in the apparel industry, such as inventory pressure and homogenization [5] Product Development - The company has significantly increased its investment in comfort technology, which has been systematically applied in product iterations, exemplified by the "0感舒适衬衫" series, which has sold over 2 million units [7] - The "0感舒适衬衫" integrates advanced technologies and has won multiple international awards, enhancing the brand's recognition in the international market [7] - The launch of the "0感户外系列" demonstrates the company's ability to expand its product offerings into high-intensity outdoor scenarios, reflecting a structural upgrade in functional and experiential apparel [9] Channel Strategy - The company has been optimizing its store network and enhancing brand experience through the "舒适红豆" stores, focusing on prime shopping areas to increase brand visibility and customer traffic [11] - The store design emphasizes an immersive comfort experience, effectively increasing customer dwell time and conversion rates through engaging product displays [13] - The company's approach to creating a "product-experience-word-of-mouth" loop is particularly valuable in the current rational consumption era, leveraging real customer experiences to drive sales [13]