华纺股份有限公司（简称"公司"）于 2025年10月09日(星期四)上午 09:00-10:00 在上海证券交易所上证路演中心（网址：http://roadshow.sseinfo.com/），采用网 络互动方式召开了2025年半年度业绩说明会。关于本次业绩说明会的召开事项，公司 已于2025年09月18日在《上海证券报》、《证券时报》、《证券日报》、《中国证券 报》及上海证券交易所网站(http://www.sse.com.cn)发布了《关于召开2025年半年 度业绩说明会的公告》（公告编号：2025-025）。现将有关事项公告如下： 一、本次说明会召开情况 2025 年 10 月 09 日，公司董事长盛守祥、总经理闫英山、独立董事钟志刚、董事 会秘书丁泽涛、总会计师刘水超出席了本次业绩说明会。公司就投资者关心的问题与 投资者在信息披露允许的范围内进行了互动交流和沟通。 二、本次会议投资者提出的主要问题及公司的回复情况 公司在说明会上就投资者关心的问题给予了回答，主要问题及答复整理如下: 问题 1：请问如何看待行业未来的发展前景？ 证券代码：600448 证券简称：华纺股份 公告编号：2025-026 华纺 ...

证券代码：600448 证券简称：华纺股份 公告编号：2025-025 关于召开 2025 年半年度业绩说明会的公告 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： 会议召开时间：2025 年 10 月 09 日(星期四) 09:00-10:00 会议召开地点：上海证券交易所上证路演中心（网址： 华纺股份有限公司 https://roadshow.sseinfo.com/） 会议召开方式：上证路演中心网络互动 投资者可于 2025 年 09 月 24 日(星期三) 至 09 月 30 日(星期二)16:00 前登 录上证路演中心网站首页点击"提问预征集"栏目或通过公司邮箱 hfzqb@hfyr.cn 进行提问。公司将在说明会上对投资者普遍关注的问题进行回 答。 华纺股份有限公司（以下简称"公司"）已于 2025 年 8 月 26 日发布《公司 2025 年半年度报告》，为便于广大投资者更全面深入地了解公司 2025 年半年度经营成果、 财务状况，公司计划于 2025 年 10 月 09 日 （星期四） 09:0 ...

资金流向方面，今日该股主力资金净流入7421.42万元，其中，特大单净流入5697.82万元，大单资金净 流入1723.60万元。近5日主力资金净流入7360.34万元。 融资融券数据显示，该股最新（9月15日）两融余额为9430.95万元，其中，融资余额为9406.93万元，融 券余额为24.02万元。近5日融资余额合计增加9.70万元，增幅为0.10%。融券余额合计增加0.43万元，增 幅1.83%。 8月26日公司发布的半年报数据显示，上半年公司共实现营业收入15.25亿元，同比增长8.25%，实现净 利润-3467.77万元。（数据宝） 华纺股份9月16日交易公开信息 | 买/ | 会员营业部名称 | 买入金额（万 | 卖出金额（万 | | --- | --- | --- | --- | | 卖 | | 元） | 元） | | 买一 | 摩根大通证券(中国)有限公司上海银城中路证券营业部 | 2149.42 | | | 买二 | 国泰海通证券股份有限公司总部 | 2069.81 | | | 买三 | 中信证券股份有限公司上海分公司 | 1848.49 | | | 买四 | 华泰证券股份有限公司总部 | ...

格隆汇9月16日丨华纺股份(600448.SH)在投资者互动平台表示，公司可以生产军用防红外迷彩面料，尚 未产生效益。 ...

Market Performance - The textile manufacturing sector increased by 1.38% on September 16, with Nanshan Zhishang leading the gains [1] - The Shanghai Composite Index closed at 3861.87, up 0.04%, while the Shenzhen Component Index closed at 13063.97, up 0.45% [1] Key Stocks in Textile Manufacturing - Nanshan Zhishang (300918) closed at 26.20, up 10.92%, with a trading volume of 607,000 shares and a turnover of 1.568 billion yuan [1] - Wanshili (301066) closed at 15.85, up 8.04%, with a trading volume of 173,600 shares and a turnover of 275 million yuan [1] - Huafang Co. (600448) closed at 3.79, up 5.87%, with a trading volume of 1.6036 million shares and a turnover of 607 million yuan [1] Capital Flow Analysis - The textile manufacturing sector saw a net inflow of 97.28 million yuan from institutional investors, while retail investors experienced a net outflow of 15.15 million yuan [2] - Major stocks like Huafang Co. had a net inflow of 83.19 million yuan from institutional investors, indicating strong institutional interest [3] Individual Stock Performance - Huafang Co. (600448) had a significant institutional net inflow of 83.19 million yuan, while retail investors showed a net outflow of 63.01 million yuan [3] - Wanshili (301066) experienced a net inflow of 26.97 million yuan from institutional investors, but also saw a net outflow of 1.80 million yuan from retail investors [3]

Market Overview - The textile manufacturing sector experienced a decline of 0.48% on September 15, with Fu Chun Dyeing and Weaving leading the drop [1] - The Shanghai Composite Index closed at 3860.5, down 0.26%, while the Shenzhen Component Index closed at 13005.77, up 0.63% [1] Stock Performance - Notable gainers in the textile manufacturing sector included: - Yingfeng Co., Ltd. (605055) with a closing price of 9.24, up 6.45% and a trading volume of 369,000 shares, totaling 338 million yuan [1] - Hualong Co., Ltd. (600156) with a closing price of 8.87, up 3.02% and a trading volume of 223,500 shares, totaling 195 million yuan [1] - Huafang Co., Ltd. (600448) with a closing price of 3.58, up 1.99% and a trading volume of 533,600 shares, totaling 191 million yuan [1] Capital Flow - The textile manufacturing sector saw a net outflow of 122 million yuan from institutional investors, while retail investors contributed a net inflow of 100 million yuan [2] - The sector's capital flow indicated that: - Yingfeng Co., Ltd. had a net outflow of 28.43 million yuan from institutional investors [3] - Hualong Co., Ltd. experienced a net inflow of 17.89 million yuan from institutional investors [3] - Huafang Co., Ltd. had a net inflow of 15.51 million yuan from institutional investors [3]

截至2025年8月29日收盘，华纺股份（600448）报收于3.34元，较上周的3.52元下跌5.11%。本周，华纺 股份8月27日盘中最高价报3.6元。8月28日盘中最低价报3.27元。华纺股份当前最新总市值21.04亿元， 在纺织制造板块市值排名30/31，在两市A股市值排名4993/5152。 本周关注点 股本股东变化股东户数变动 截至2025年6月30日，公司股东户数为6.29万户，较3月31日增加3.48万户，增幅123.69%。户均持股数 量由上期的2.24万股减少至1.0万股，户均持股市值为3.49万元。 业绩披露要点财务报告 2025年中报显示，公司主营收入15.25亿元，同比上升8.25%；归母净利润-3467.77万元，同比下降 4247.62%；扣非净利润-3542.74万元，同比下降25947.77%。2025年第二季度单季度主营收入7.68亿元， 同比上升2.73%；单季度归母净利润-3515.23万元，同比下降32045.96%；单季度扣非净利润-3588.18万 元，同比下降25209.29%。负债率68.0%，财务费用3920.86万元，毛利率9.58%。 公司公告汇总华纺股份 ...

Core Insights - The company reported a total revenue of 1.525 billion yuan for the first half of 2025, an increase of 8.25% year-on-year, but the net profit attributable to shareholders was -34.68 million yuan, a significant decline of 4247.62% compared to the previous year [1][3] Financial Performance - Total revenue for the second quarter was 768 million yuan, up 2.73% year-on-year, while the net profit attributable to shareholders for the same period was -35.15 million yuan, a drastic decrease of 32045.96% [1] - The gross profit margin decreased to 9.58%, down 14.45% year-on-year, and the net profit margin was -2.27%, a decline of 2533.58% [1] - The company’s short-term debt pressure increased, with a current ratio of 0.88 [1][9] - Total expenses (selling, administrative, and financial) amounted to 94.34 million yuan, accounting for 6.18% of revenue, a slight increase of 0.95% year-on-year [1] Cash Flow and Debt - Operating cash flow per share was 0.04 yuan, an increase of 27.06% year-on-year, indicating improved cash generation from operations [1][6] - The company’s cash flow from financing activities saw a dramatic increase of 1604.66%, attributed to a rise in loans compared to the previous year [7] Cost and Expense Analysis - Operating costs increased by 10.23%, driven by higher sales volume [4] - Selling expenses rose by 3.25% due to normal operational changes [5] - Management expenses decreased by 6.43% as a result of better cost control [6] Investment and Returns - The company's return on invested capital (ROIC) was 0.55%, indicating weak capital returns, with a historical median ROIC of 2.06% over the past decade [8] - The company has reported losses in 7 out of 23 annual reports since its listing, suggesting a generally poor financial performance [8] Business Model and Recommendations - The company relies heavily on research and development for its performance, necessitating a thorough examination of the underlying drivers [9] - Attention is advised on the company's cash flow situation, with a cash to current liabilities ratio of only 26.9% [9] - The company’s debt situation is concerning, with a debt-to-asset ratio of 40.44% and a current ratio of only 0.88 [9]

Core Viewpoint - The company reported a significant decline in net profit for the first half of 2025, with a net loss of approximately 34.68 million yuan, compared to a profit of 0.84 million yuan in the same period last year, indicating challenges in the textile industry amidst a complex economic environment [2][3][4]. Company Overview and Financial Indicators - The company’s total revenue for the first half of 2025 was approximately 1.53 billion yuan, reflecting an increase of 8.25% compared to 1.41 billion yuan in the same period last year [2]. - The total assets of the company at the end of the reporting period were approximately 3.67 billion yuan, a slight increase of 0.33% from the previous year [2]. - The net assets attributable to shareholders decreased by 2.88% to approximately 1.17 billion yuan [2]. Industry Analysis - The textile industry maintained a stable production environment, with a capacity utilization rate of 77.8% for the textile sector and 86% for the chemical fiber sector, both above the national average [3][4]. - Domestic sales of textile products showed moderate growth, with a 2.1% increase in per capita clothing consumption and a 3.1% increase in retail sales of clothing and related products [3][4]. - The export of textile products faced challenges, with a total export value of 143.98 billion USD, a year-on-year increase of 0.8%, while clothing exports decreased by 0.2% to 73.46 billion USD [3][4]. Financial Performance - The company’s gross profit margin was under pressure, with a profit margin of 3% for large-scale textile enterprises, down from the previous year [4]. - The company’s operating cash flow increased by 27.06% to approximately 23.71 million yuan, indicating improved cash generation from operations [2][3]. - The company’s research and development expenses rose by 33.44% to approximately 77.92 million yuan, reflecting a commitment to innovation despite financial challenges [2][3]. Strategic Initiatives - The company is focusing on technological innovation and digital transformation, establishing a 5G smart green industrial park and enhancing its production processes through digital management systems [9][12]. - The company aims to strengthen its market position by collaborating with upstream and downstream partners to optimize the supply chain and improve product competitiveness [9][10]. - The company is actively expanding its e-commerce presence, utilizing various online platforms to enhance sales and customer engagement [15].

Core Viewpoint - The report highlights the financial challenges faced by Huafang Co., with significant losses in net profit and a need for improved asset liquidity and operational efficiency [1][4]. Financial Performance - Total assets at the end of the reporting period amounted to approximately 3.67 billion RMB, showing a slight increase of 0.33% compared to the previous year [1]. - Operating revenue reached approximately 1.53 billion RMB, reflecting an increase of 8.25% year-on-year [1]. - The total profit was a loss of approximately 34.49 million RMB, a significant decline compared to a profit of 1.39 million RMB in the same period last year, marking a decrease of 2,577.96% [1]. - The net profit attributable to shareholders was a loss of approximately 34.68 million RMB, down 4,247.62% from the previous year [1]. - The basic earnings per share were -0.0549 RMB, indicating a decrease of 2,600% compared to the previous year [1]. Operational Challenges - The company faced pressure on economic indicators due to ongoing trade tariffs and domestic consumption downgrades, leading to a 9.70% increase in sales volume of printed fabrics but only an 8.68% increase in revenue, with a 0.93% decrease in sales prices [4]. - The company reported a net profit loss of approximately 34.60 million RMB for the first half of 2025, with total assets of approximately 36.70 billion RMB and high levels of liabilities [4]. Asset Quality and Economic Contribution - The company has a high debt characteristic in its asset structure, with significant fixed assets impacting liquidity [4]. - The asset turnover quality and realization capability are weak, leading to a notable decline in economic efficiency and tax contributions due to the overall loss [4]. Strategic Initiatives - The company emphasizes technological innovation as a core driver for development, investing in R&D and establishing multiple research platforms to enhance competitiveness [5]. - A digital transformation initiative is underway, aiming to create a "Digital Huafang" with smart manufacturing processes and improved operational efficiency [5]. - The company focuses on industrial collaboration, integrating upstream and downstream resources to optimize supply chains and enhance product competitiveness [6].