Core Viewpoint - Red Bean Group is committed to high-quality development through continuous reform and innovation, aiming to transform and upgrade its operations while maintaining its competitive edge in the market [1][3]. Reform Initiatives - The company has launched a "Ten Major Reforms" initiative targeting core areas such as governance, management, and operations, demonstrating a proactive approach to self-evolution [4]. - Key measures include improving corporate governance structures, optimizing leadership effectiveness, implementing a partnership mechanism, and enhancing financial risk control systems [4]. Execution and Efficiency - Red Bean Group emphasizes the importance of execution, requiring managers to arrive early and maintain a proactive attitude to seize market opportunities [6]. - The company believes that unified execution across all levels is crucial for navigating market challenges [6]. Talent Management - The company views talent as its primary resource, implementing performance-based incentives to reward those who contribute effectively [7]. - The partnership reform allows eligible employees to participate in equity incentives, fostering a culture of meritocracy and encouraging growth among all staff [7]. Platform Strategy - Red Bean Group's platform strategy focuses on dual development: expanding into new markets while revitalizing existing businesses [8]. - New ventures include the establishment of companies in sportswear and smart wearables, while existing brands are being leveraged to explore new market segments [8]. Innovation and Technology - The company prioritizes technological innovation as a key driver of product development, increasing R&D investment to integrate technology with fashion [9]. - Notable achievements include a 105% year-on-year profit increase for a popular bra product and the successful launch of a sun-protective fabric shirt [9].

Core Insights - The shirt market is a significant segment of the apparel industry, with a projected market size of approximately 1.1 trillion yuan in 2024 and an expected growth to 1.15 trillion yuan in 2025 [6][8] - The industry is primarily divided into men's shirts and women's shirts, with men's shirts focusing on comfort and practicality, while women's shirts emphasize fashion and variety [8][12] - The competitive landscape of the shirt industry in China is intense, with major players including Youngor, Hongdou, HLA, Seven Wolves, and Jiumuwang [12][14] Market Overview - The shirt industry has evolved from a single-function garment to a comprehensive carrier of functionality and cultural symbolism, reflecting basic functionality, fashion expression, and sustainable consumption [4][10] - In 2024, the market share for men's shirts is expected to be 59%, while women's shirts will account for 29% [8] Industry Classification - The shirt industry can be categorized by gender and age (men's, women's, children's), material (cotton, silk, linen), wearing scenarios (business, casual, fashion, workwear, formal), and functionality (wrinkle-resistant, quick-dry, antibacterial, smart shirts) [10][12] Industry Chain - The upstream of the shirt industry includes natural fibers, chemical fibers, and emerging eco-friendly materials, along with sewing threads, buttons, and related production equipment. The midstream involves shirt production, design, manufacturing, and sales, while the downstream focuses on sales channels, including offline stores and online platforms like Tmall and JD.com [10][12] Competitive Landscape - The Chinese shirt industry is characterized by fierce competition, with both domestic and international brands entering the market, intensifying the competition [12][14] - Major companies in the industry have reported significant production volumes for 2024, with HLA producing 16.75 million shirts, Youngor 4.43 million, Hongdou 3.68 million, Jiumuwang 1.72 million, and Taiping Bird 1.36 million [14] Fabric Development Direction - The future direction of shirt fabric development includes diversification of fibers, processes, and styles, with a focus on health protection, green low-carbon characteristics, and diverse styles [16]

Group 1 - The core viewpoint emphasizes that Hongdou Co., Ltd. is leveraging innovation as a driving force for high-quality development, aligning with the call for enhanced innovation vitality and optimized resource allocation from the Yangtze River Delta Integration Development Forum [1][9] - Hongdou Co., Ltd. has established a comprehensive innovation system, integrating industry chain resources and advancing into cutting-edge fields like AI, thereby creating an innovation ecosystem that supports high-quality development [2][9] - The company has significantly enhanced its innovation capabilities, accumulating 128 comfort patents and participating in the formulation of various national and industry standards, which positions it as a leader in driving the textile and apparel industry towards high-end and intelligent development [4][9] Group 2 - The launch of the "Zero-Sense Comfort Shirt" represents a breakthrough in the shirt category, addressing traditional discomfort issues and achieving sales of 2 million units, making it a phenomenon in the market [5][7] - The Zero-Sense Comfort Shirt incorporates advanced technology for intelligent temperature control, allowing for automatic switching between breathability and heat retention, thus maintaining optimal comfort for the wearer [7] - Following the success of the Zero-Sense shirt, the company is further innovating with the 3.0 version, which features ergonomic designs and enhanced fabric softness, achieving a 38% increase in softness and a silk-like touch [7][9]

[Current Period Performance Forecast](index=1&type=section&id=I.%20Current%20Period%20Performance%20Forecast) The company anticipates a net loss for the first half of 2025, with attributable net profit projected between -95 million and -135 million yuan, based on unaudited preliminary figures 2025 Semi-Annual Performance Forecast | Item | Estimated Amount (RMB) | | :--- | :--- | | Net Profit Attributable to Shareholders | -95 million to -135 million yuan | | Net Profit Attributable to Shareholders Excluding Non-Recurring Items | -100 million to -140 million yuan | - This performance forecast has not been audited by a certified public accountant[3](index=3&type=chunk) [Prior Period Performance Overview](index=1&type=section&id=II.%20Prior%20Period%20Performance%20Overview) In the same period of 2024, the company achieved a net profit of **44.22 million yuan** attributable to shareholders, with basic EPS of **0.02 yuan** 2024 Semi-Annual Performance Review | Item | Amount (RMB) | | :--- | :--- | | Total Profit | 60.66 million yuan | | Net Profit Attributable to Shareholders | 44.22 million yuan | | Net Profit Attributable to Shareholders Excluding Non-Recurring Items | 22.28 million yuan | | Earnings Per Share | 0.02 yuan/share | [Primary Reasons for Current Period Loss Forecast](index=1&type=section&id=III.%20Primary%20Reasons%20for%20Current%20Period%20Loss%20Forecast) The projected loss primarily stems from a significant decline in apparel sales and gross margin, resulting in a **148 million yuan** reduction in gross profit, partially offset by expense savings - The macroeconomic backdrop for the performance decline includes intense competition in the apparel industry and insufficient consumer spending[3](index=3&type=chunk) Performance Change Attribution Analysis (Year-over-Year) | Impact Item | Change Direction | Approximate Change Amount (RMB) | | :--- | :--- | :--- | | Sales Performance | Decrease | 210 million yuan (approx. 20%) | | Gross Margin | Decrease | 6 percentage points | | **Gross Profit** | **Decrease** | **148 million yuan** | | Equity Investment Income | Decrease | 29 million yuan | | Credit Impairment Loss | Increase | 16 million yuan | | Total Expenses | Decrease | 51 million yuan | [Risk Warning](index=2&type=section&id=IV.%20Risk%20Warning) The company confirms no significant uncertainties exist that could affect the accuracy of this performance forecast - The company states no significant uncertain factors exist that would impact the accuracy of this performance forecast[4](index=4&type=chunk) [Other Explanatory Notes](index=2&type=section&id=V.%20Other%20Explanatory%20Notes) Investors are reminded that the disclosed data is preliminary, and final accurate financial figures will be based on the company's official 2025 semi-annual report - Current forecast data is preliminary, with final figures subject to the official 2025 semi-annual report[4](index=4&type=chunk)

红豆股份（600400）公告，公司预计2025年半年度归属于上市公司股东的净利润为-9500万元到-1.35亿 元，预计2025年半年度归属于上市公司股东的扣除非经常性损益的净利润为-1亿元到-1.4亿元。报告期 内，因服装行业竞争激烈、终端消费意愿不足，公司销售业绩同比下降约20%、下降金额约2.1亿元， 毛利率同比下降约6%，导致毛利额同比减少约1.48亿元。另外，公司权益性投资收益同比减少约2900 万元，信用减值损失同比增加约1600万元，税金及附加、销售费用、管理费用、研发费用、财务费用同 比减少约5100万元。 ...

关于以集中竞价交易方式回购股份的进展公告 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。 重要内容提示： | 回购方案首次披露日 | 2025/4/30 | | | | | | | --- | --- | --- | --- | --- | --- | --- | | 回购方案实施期限 | 年 月 2025 4 4 | 28 | 日~2026 | 年 | 月 | 日 27 | | 预计回购金额 | 1,000万元~2,000万元 | | | | | | | 回购用途 | □减少注册资本 √用于员工持股计划或股权激励 | | | | | | | | □用于转换公司可转债 □为维护公司价值及股东权益 | | | | | | | 累计已回购股数 | 11.00万股 | | | | | | | 累计已回购股数占总股本比例 | 0.005% | | | | | | | 累计已回购金额 | 23.87万元 | | | | | | | 实际回购价格区间 | 2.17元/股~2.17元/股 | | | | | | 一、 回购股份的基本情况 江 ...

Core Viewpoint - Red Bean Co., Ltd. has shown a positive stock performance with a recent increase in share price and has undertaken significant stock repurchase actions to optimize its capital structure [1][2][3]. Group 1: Stock Performance - As of June 27, 2025, Red Bean Co., Ltd. closed at 2.21 yuan, reflecting a 3.76% increase from the previous week's closing price of 2.13 yuan [1]. - The stock reached a peak price of 2.25 yuan on June 27, 2025, and a low of 2.05 yuan on June 23, 2025 [1]. - The company's current total market capitalization is 5.064 billion yuan, ranking 14th out of 60 in the apparel and home textile sector and 2938th out of 5151 in the A-share market [1]. Group 2: Stock Repurchase Actions - Red Bean Co., Ltd. completed the repurchase and cancellation of 5.2 million restricted shares, following the termination of the 2021 restricted stock incentive plan [2]. - The repurchase and cancellation were approved in board meetings held on March 4 and March 20, 2025, with the cancellation completed on June 23, 2025 [2]. - Post-cancellation, the company's share structure changed, with restricted shares reduced to 0 and total shares decreasing from 2,296,571,852 to 2,291,371,852 [2]. Group 3: Share Buyback Program - The company initiated a share buyback program on April 28, 2025, with a total funding of no less than 10 million yuan and no more than 20 million yuan, at a maximum price of 3.45 yuan per share [3]. - On June 26, 2025, Red Bean Co., Ltd. executed its first buyback, acquiring 110,000 shares at a price of 2.17 yuan per share, amounting to a total expenditure of 238,700 yuan [3].

Group 1 - The company announced a share repurchase plan with a total expected amount between 10 million and 20 million RMB [1] - The repurchase period is set from April 28, 2025, to April 27, 2026 [1] - The repurchased shares will be used for employee stock ownership plans or equity incentives [1] Group 2 - As of the announcement, the company has repurchased a total of 110,000 shares, representing 0.005% of the total share capital [2] - The actual repurchase price was 2.17 RMB per share [2] - The company will continue to make repurchase decisions based on market conditions and will fulfill information disclosure obligations [2]

证券代码：600400 证券简称：红豆股份 公告编号：临 2025-039 江苏红豆实业股份有限公司 关于以集中竞价交易方式首次回购公司股份的公告 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。 重要内容提示： | 回购方案首次披露日 | 2025/4/30 | | | | | | | --- | --- | --- | --- | --- | --- | --- | | 回购方案实施期限 | 年 月 2025 4 4 | 28 | 日~2026 | 年 | 月 | 日 27 | | 预计回购金额 | 1,000万元~2,000万元 | | | | | | | 回购用途 | □减少注册资本 √用于员工持股计划或股权激励 | | | | | | | | □用于转换公司可转债 | | | | | | | | □为维护公司价值及股东权益 | | | | | | | 累计已回购股数 | 11.00万股 | | | | | | | 累计已回购股数占总股本比例 | 0.005% | | | | | | | 累计已回购金额 | 23.87万 ...

Group 1 - The company has decided to terminate the 2021 restricted stock incentive plan and repurchase a total of 5.2 million shares of restricted stock that have been granted but not yet released from restrictions [1][2] - The repurchase and cancellation of restricted stock will lead to a reduction in the company's total share capital, and the company has fulfilled the creditor notification procedures as required by relevant laws [2] - The repurchase of restricted stock has been completed, with the shares transferred to the company's repurchase account and officially canceled on June 23, 2025 [2][3] Group 2 - After the repurchase and cancellation of restricted stock, the company's share structure will change as follows: - Restricted shares before: 5,200,000; after: 0 - Unrestricted shares before: 2,291,371,852; after: 2,291,371,852 - Total shares before: 2,296,571,852; after: 2,291,371,852 [3]