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]

Financial Performance - The company's operating revenue for the third quarter was ¥265,615,966.12, a decrease of 34.85% compared to the same period last year[4] - The total profit for the third quarter was -¥110,194,801.15, with a year-to-date total profit of -¥220,573,537.76[4] - The net profit attributable to shareholders for the third quarter was -¥109,675,456.01, and -¥218,694,460.17 year-to-date[4] - The basic earnings per share for the third quarter was -¥0.05, with a year-to-date figure of -¥0.10[5] - The weighted average return on equity decreased by 4.59 percentage points to -8.97% year-to-date[5] - The decline in operating revenue was primarily due to a decrease in consumer spending and a cyclical impact on the occupational clothing business, resulting in a revenue drop of ¥142,070,800[8] - Total operating revenue for the first three quarters of 2025 was CNY 1,133,653,793.40, a decrease of 24% compared to CNY 1,489,081,240.89 in the same period of 2024[29] - The net profit for the first three quarters of 2025 was a loss of CNY 218,355,638.40, compared to a profit of CNY 3,956,144.49 in the same period of 2024[30] - Operating profit for the first three quarters of 2025 was a loss of CNY 223,699,924.00, compared to a profit of CNY 18,839,983.04 in 2024[29] Assets and Equity - Total assets at the end of the reporting period were ¥3,688,951,227.70, a decrease of 15.74% from the previous year[5] - The equity attributable to shareholders decreased by 8.31% to ¥2,332,315,513.53 compared to the end of the previous year[5] - The company's total assets decreased to CNY 3,688,951,227.70 in 2025 from CNY 4,377,907,789.50 in 2024, representing a decline of about 16%[26] - The company's equity decreased to CNY 2,391,635,434.31 in 2025 from CNY 2,602,534,511.97 in 2024, a decline of about 8%[26] Cash Flow - The company reported a cash flow from operating activities of ¥27,392,876.19 year-to-date[5] - In the first three quarters of 2025, the net cash flow from operating activities was ¥27,392,876.19, a significant improvement compared to a net outflow of ¥287,503,196.11 in the same period of 2024[32] - Total cash inflow from operating activities decreased to ¥1,357,736,214.09 in 2025 from ¥1,391,439,493.41 in 2024, while cash outflow from operating activities also decreased to ¥1,330,343,337.90 from ¥1,678,942,689.52[32] - The cash flow from investment activities showed a net outflow of ¥3,376,484.34 in 2025, a decline from a net inflow of ¥492,042,857.39 in 2024[33] - Cash inflow from financing activities decreased to ¥356,488,863.48 in 2025 from ¥717,500,951.25 in 2024, while cash outflow from financing activities also decreased to ¥550,027,934.01 from ¥1,156,119,602.76[33] - The ending cash and cash equivalents balance as of September 2025 was ¥824,404,142.22, down from ¥962,647,280.17 in September 2024[33] - The company experienced a net decrease in cash and cash equivalents of ¥169,525,500.51 in 2025, compared to a decrease of ¥234,080,379.20 in 2024[33] Revenue Breakdown - The total revenue for HOdo men's clothing was RMB 78,497.60 million, with a year-on-year decrease of 25.53%[14] - The gross profit margin for HOdo men's clothing was 35.16%, down by 10.42% compared to the previous year[14] - The total revenue from online sales was RMB 22,679.55 million, accounting for 21.17% of total revenue, with a gross margin of 44.67%[20] - The total revenue from offline sales was RMB 84,463.60 million, accounting for 78.83% of total revenue, with a gross margin of 27.58%[20] Shareholder Actions - The company plans to repurchase shares with a total amount not less than RMB 10 million and not exceeding RMB 20 million, at a price not exceeding RMB 3.45 per share[18] - The company has completed the repurchase of 990,500 shares, accounting for 0.04% of the total share capital, with a total payment of RMB 2,167,205.00[18] Investments - The company invested RMB 1 million to acquire 5% equity in Jiangsu Aiyuwen Cheng Elderly Robot Co., Ltd.[19] Current Assets - The company's cash and cash equivalents decreased to RMB 847,224,792.48 from RMB 1,183,562,529.14 in the previous year[24] - The total current assets decreased to RMB 1,506,551,770.10 from RMB 2,121,394,657.94 in the previous year[24]

Core Insights - Red Bean Co., Ltd. plans to acquire the online business assets of "Red Bean Home" for 485 million yuan, marking a strategic shift from men's clothing to a broader range of comfortable apparel [1][2] - The acquired asset group is expected to generate revenue of 839 million yuan and a net profit of 34.95 million yuan in 2024, with commitments for net profits of no less than 36 million yuan, 39 million yuan, and 41 million yuan for the years 2025 to 2027 [1][2] Strategic Upgrade - The company is transitioning from a single men's clothing focus to a multi-category comfortable apparel strategy, consolidating resources to enhance its market position [2] - The acquisition complements existing product lines, including men's shirts and T-shirts, thereby improving the overall product structure [2] AI Empowerment - Red Bean Co., Ltd. is launching an "AI+ (robotics) new retail experience center" in 2025, integrating advanced technologies like AI shopping assistants and AR virtual fitting [3][4] - The company is enhancing its offline channels through digital transformation, with a target of 1,000 stores by the end of 2024 [3] Product Innovation - The "0-sense comfortable shirt" has achieved sales of over 2 million units, showcasing continuous product evolution and technological integration [5][6] - The shirt features advanced materials and design, catering to various scenarios from business to leisure [6][7] Resource Synergy - The acquisition not only expands product categories but also integrates supply chain capabilities and online operational expertise [8] - The company is leveraging partnerships with high-end material suppliers and advancing smart manufacturing to enhance production efficiency [8] Market Positioning - In a critical transition from "scale competition" to "value competition" in the men's clothing industry, Red Bean Co., Ltd. is redefining its valuation logic through a focus on comfort [9]

New Stock Offerings - The offer period for the acquisition of Shangwei New Materials (688585) is from September 29, 2025, to October 28, 2025[1] - The latest announcements for various stocks include BoRui Pharmaceutical (688166) and Nanxin Pharmaceutical (688189) on October 10, 2025[1] - Significant abnormal fluctuations were reported for Nanxin Pharmaceutical (688189) on October 10, 2025[1] Trading Alerts - A total of 30 stocks have trading alerts issued on October 20, 2025, including Anlikang (002940) and ST Baoying (002047)[1] - The trading alerts cover various sectors, indicating potential volatility in the market[1] - The latest announcements for stocks such as YD Holdings (000626) and ST Nanzhi (002305) were made on October 20, 2025[1]

Group 1: Guoguang Chain - Guoguang Chain reported a net profit of 11.49 million yuan for the first three quarters, a year-on-year increase of 40.36% [1] - The company's operating income for the first three quarters was 2.134 billion yuan, up 4.22% year-on-year [1] - In the third quarter, the operating income was 685 million yuan, a decrease of 0.29% year-on-year, with a net loss attributable to shareholders of 8.41 million yuan [1] Group 2: Beijing Lier - Beijing Lier achieved a net profit of 348 million yuan for the first three quarters, a year-on-year increase of 12.2% [2] - The company's operating income for the first three quarters was 5.446 billion yuan, up 9.17% year-on-year [2] - In the third quarter, the operating income was 1.989 billion yuan, with a net profit of 130 million yuan, reflecting a 34.34% increase year-on-year [2] Group 3: Aidi Pharmaceutical - Aidi Pharmaceutical plans to increase capital by 10 million yuan in its subsidiary, Aipu Medical, maintaining a 35% ownership stake [3] - The capital increase aims to facilitate Aipu Medical's acquisition of a 25% stake in Sailian Biology, enhancing its strategic position in HIV testing services [3] Group 4: Neusoft Carrier - Neusoft Carrier's controlling shareholder plans to reduce its stake by up to 1.06%, equating to 4.9126 million shares [5] - The reduction is due to operational needs of the limited partnership involved [5] Group 5: Changrong Co. - Changrong Co. signed a strategic cooperation agreement with Heidelberg, effective from December 1, 2025, for product sales and technical services [6] - The agreement includes exclusive distribution rights for Changrong products in specific regions [6] Group 6: Diao Water Huazhong - Diao Water Huazhong's subsidiary received a quality certification for its ceramic tiles, meeting the highest national standards [7] Group 7: Xinpeng Technology - Xinpeng Technology plans to establish a wholly-owned subsidiary in Singapore with an investment of 1.5 million USD, focusing on the import and export of new energy products [8] Group 8: Shenh Textile A - Shenh Textile A's subsidiary plans to invest 1.334 billion yuan in a new production line for polarizers, with an expected annual output of 18 million square meters [9] - The project will take approximately 23 months to complete [9] Group 9: Shuo Beid - Shuo Beid expects a net profit of 49.53 million to 51.53 million yuan for the first three quarters, a year-on-year increase of 1258.39% to 1313.24% [11] - The anticipated net profit for the third quarter is between 16 million and 18 million yuan, reflecting a growth of 2836.86% to 3203.96% [11] Group 10: Hongdou Co. - Hongdou Co. plans to acquire online business assets for 485 million yuan, including stakes in five subsidiaries and numerous patents [12] - The seller guarantees that the assets will generate a cumulative net profit of no less than 116 million yuan from 2025 to 2027 [12] Group 11: Fuan Energy - Fuan Energy intends to increase capital by 310 million yuan to support the construction of a green methanol project in Foshan, with a total investment of approximately 2.058 billion yuan [14] Group 12: Zhuangzi Island - Zhuangzi Island expects a net loss of 29 million to 35 million yuan for the first three quarters, indicating an increase in losses compared to the previous year [17] Group 13: Sanhao Environmental - Sanhao Environmental announced the termination of its acquisition of 100% of Ruise Environmental due to unmet conditions in the original agreement [18] Group 14: Chip Origin - Chip Origin plans to acquire 97.89% of Zhudian Semiconductor for 930 million yuan, aiming for full control of the company [22]

Core Viewpoint - The company Hongdou Co., Ltd. plans to acquire the online business assets of its subsidiary, aiming to enhance its product matrix and online marketing capabilities, thereby promoting high-quality development of its main business [1][2]. Group 1: Acquisition Details - The acquisition involves purchasing the online business assets from related parties for a transaction price of 484.7682 million yuan, based on an assessed value of 493.39 million yuan [1]. - The assets include research and design, sales, procurement, and online store operations on platforms like Tmall and JD.com, along with 100% equity in five newly established companies [1]. - The transaction has been approved by the board of directors, with related directors abstaining from voting, and it requires shareholder approval [1]. Group 2: Financial Performance - The online business assets maintained stable revenue from 2022 to 2024, with revenues of 905.6178 million yuan in 2022, 931.7669 million yuan in 2023, and 839.3309 million yuan in 2024 [2]. - Net profits for the same years were 63.7814 million yuan in 2022, 33.7876 million yuan in 2023, and 34.9455 million yuan in 2024 [2]. - For the first half of 2025, the online business generated revenue of 284.8910 million yuan and a net profit of 12.1162 million yuan [2]. Group 3: Profit Commitment - Hongdou Co., Ltd. has committed that the net profits from the acquired assets will not be less than 36 million yuan in 2025, 39 million yuan in 2026, and 41 million yuan in 2027, totaling at least 116 million yuan over three years [1].

Group 1 - Military stocks showed strong performance at the beginning of trading, with Tongda Co. and Chengfei Integration hitting the daily limit, while Dongli Source rose over 7% and Qifeng Precision increased by over 6% [1] - Other companies such as AVIC Chengfei, Hongdou Co., Kerun Zhikong, Lijun Co., and Guihang Co. also saw gains exceeding 5% [1] - The Indonesian Defense Minister confirmed the country's intention to purchase Chinese J-10 fighter jets, although he did not disclose specific details regarding the timeline or quantity of the procurement [1]

Core Viewpoint - The A-share market saw a strong performance in military stocks, particularly with companies like Tongda Co. and Chengfei Integration hitting the daily limit, following Indonesia's confirmation of plans to purchase Chinese J-10 fighter jets [1] Group 1: Stock Performance - Tongda Co. (002560) increased by 10.05%, with a total market value of 4.779 billion [2] - Chengfei Integration (002190) rose by 10.00%, with a market capitalization of 16.9 billion [2] - Power Source (600405) gained 7.72%, with a market value of 3.849 billion [2] - Qifeng Precision (920169) saw a rise of 6.60%, with a market cap of 2.759 billion [2] - AVIC Chengfei (302132) increased by 5.92%, with a market value of 243.7 billion [2] - Hongdou Co. (600400) rose by 5.88%, with a market capitalization of 7.012 billion [2] - Kairun Intelligent Control (920062) increased by 5.69%, with a market value of 2.489 billion [2] - Lijun Co. (002651) rose by 5.44%, with a market capitalization of 12.4 billion [2] - Guihang Co. (600523) increased by 5.35%, with a market value of 6.287 billion [2] Group 2: Year-to-Date Performance - Chengfei Integration (002190) has seen a year-to-date increase of 143.54% [2] - Qifeng Precision (920169) has a year-to-date increase of 154.91% [2] - Kairun Intelligent Control (920062) has increased by 72.67% year-to-date [2] - Lijun Co. (002651) has a year-to-date increase of 64.70% [2] - Guihang Co. (600523) has increased by 31.66% year-to-date [2]

Group 1: Company Announcements - Sanhua Intelligent Control denied rumors of receiving a large robot order [1] - Shengfang Textile A's subsidiary plans to invest in a 1.49-meter wide polarizer production line project [1] - Rongji Software's subsidiary signed a contract worth 126 million yuan for the construction of Henan Rongji Software Park [1] - Nar Holdings intends to acquire at least 51% of Shanghai Feilai Testing [1] - Hengmingda plans to repurchase shares worth 200 million to 400 million yuan [1] - Shuo Beid's net profit for the first three quarters is expected to increase by 1258.39% to 1313.24% year-on-year [1] - Huizhiwei's major fund plans to reduce holdings by no more than 4.6684 million shares [1] - Junpu Intelligent plans to raise no more than 1.161 billion yuan through a private placement [1] - Sifang Optoelectronics received a project notification from a client, with a total contract amount expected to be 59 million yuan [1] Group 2: Performance Forecasts - Saifen Technology expects a net profit increase of 65% to 80% year-on-year for the first three quarters [2] - Asia-Pacific Co. anticipates a net profit increase of 97.38% to 113.30% year-on-year for the first three quarters [2] Group 3: Shareholding Changes - Xin Hongze's controlling shareholder plans to reduce holdings by no more than 3% [2] - Ugreen Technology's management and its concerted actions plan to reduce holdings by no more than 1.5% [2] - Sanfeng Intelligent's director and his concerted actions plan to reduce holdings by no more than 2.85% [2] - Huizhiwei's major fund plans to reduce holdings by no more than 4.6684 million shares [2] Group 4: Other Fundraising Activities - Digital Zhengtong plans to raise no more than 1.05 billion yuan through a private placement [2] - Deli Co. plans to raise no more than 720 million yuan through a private placement [2] - Junpu Intelligent plans to raise no more than 1.161 billion yuan through a private placement [2] - Sifang Optoelectronics received a project notification from a client, with a total contract amount expected to be 59 million yuan [2]