百隆东方（601339） 证券研究报告 公司报告 | 半年报点评 越南布局优势逐步显现 公司发布 2025 中报 25Q2，公司实现营收 18.60 亿，同比下降 13.70%；归母净利润 2.17 亿，同 比增长 42.03%；扣非后归母净利润 2.13 亿，同比增长 85.94%； 25H1，公司实现营收 35.91 亿，同比下降 9.99%；归母净利润 3.90 亿，同 比增长 67.53%；扣非后归母净利润 3.60 亿，同比增长 236.33%。 分产品，25H1 色纺纱实现营收 34 亿，同比减少 7.3%，毛利率 14.9%，同 比增长 5.7pct。 分地区，25H1 公司境内收入 8.7 亿，同比下降 12.7%；境外收入 27.2 亿， 同比下降 9.1%。 公司拟每股派发现金红利 0.15 元（含税），现金分红比例为 57.67%。 关税波动显韧性 2025 年上半年，受美国"对等关税"政策的扰动，来自关税政策的不确定 性增加，导致下游客户下单趋向谨慎，观望情绪提升。受此影响销量同比 去年下降 6.73%。在此不利的局面下，公司凭借自身产品质量与服务能力， 依托公司产能布局的优势，灵活调 ...

Group 1 - The core viewpoint of the article highlights the slight increase in the number of textile and apparel enterprises in China, indicating a stable market environment [1] - As of January to July 2025, there are 13,650 textile and apparel enterprises, which is an increase of 9 compared to the same period last year, reflecting a year-on-year growth of 0.07% [1] - The textile and apparel sector accounts for 2.62% of the total industrial enterprises in China, showcasing its significance within the broader industrial landscape [1] Group 2 - The report referenced is from Zhiyan Consulting, which provides in-depth industry research and consulting services, emphasizing its expertise in the textile and apparel sector [1] - The data presented is sourced from the National Bureau of Statistics and organized by Zhiyan Consulting, indicating a reliable foundation for the reported statistics [1] - The article mentions the historical context of the threshold for large-scale industrial enterprises being raised from an annual main business income of 5 million to 20 million yuan since 2011, which may impact the number of reported enterprises [1]

| 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 873527 | 夜光明 | 21.17 | 3.72% | 1.96万 | | 4113.89万 | | 300877 | 金春股份 | 26.88 | 3.70% | 5.20万 | | + 1.39亿 | | 001390 | 古膜绒材 | 26.64 | 3.06% | 10.87万 | | 2.85亿 | | 002098 | 滑兴股份 | 9.29 | 2.43% | 7.41万 | | 6862.42万 | | 665109 | 浙文影业 | 3.68 | 1.94% | 26.66万 | | 9829.26万 | | 663 TO9 | 百隆东方 | 5.42 | 1.88% | 16.21万 | | 8687.38万 | | 603238 | 诺邦股份 | 20.20 | 1.71% | 4.81万 | | 9711.58万 | | 301066 | 万事利 | 15.10 | 1.68% | 6.74万 | | ...

证券之星消息，9月1日纺织制造板块较上一交易日下跌0.57%，诺邦股份领跌。当日上证指数报收于 3875.53，上涨0.46%。深证成指报收于12828.95，上涨1.05%。纺织制造板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 603238 | 诺邦股份 | 21.37 | -6.97% | 10.76万 | 2.35 Z | | 300918 | 南昌都 | 21.62 | -4.55% | 24.52万 | 5.33亿 | | 603558 | XD健盛集 | 9.48 | -2.07% | 6.27万 | 5974.29万 | | 000726 | 鱼泰A | 6.91 | -1.99% | 18.35万 | 1.28亿 | | 300819 | 景杰做纤 | 25.92 | -1.78% | 5.25万 | 1.36亿 | | 601339 | 百隆东方 | 5.29 | -1.67% | 24.99万 | 1.32亿 | | 600156 | रून दिस ...

Group 1 - A-share companies have announced over 800 mid-term cash dividend plans, setting a historical record, with total cash dividends exceeding 639 billion yuan and a cash dividend ratio of 21.36% of total net profits [1] - The banking sector leads in dividend scale, with an expected mid-term cash dividend of 237.54 billion yuan in 2025, followed by industries such as oil and petrochemicals, telecommunications, non-bank financials, coal, and transportation [1] Group 2 - Major companies like China Mobile and Industrial and Commercial Bank of China have cash dividends exceeding 50 billion yuan, while over 20 companies, including Chang'an Automobile and Hengli Petrochemical, are initiating mid-term dividends for the first time [3] - In terms of cash dividend ratios, companies like Shuoshi Biology and Yisheng Shares have exceptionally high ratios, with Shuoshi Biology proposing a cash dividend of 34 yuan per 10 shares, resulting in a cash dividend ratio of 7142.28% [3] - Institutional investors show a clear preference for high dividend yields, with Dongfang Yuhong leading at a yield of 7.87%, and several other companies also exceeding 5% [3][4] Group 3 - Among stocks with dividend yields over 2%, six companies, including Bingchuan Network and Jinneng Technology, reported net profit growth exceeding 50% in the first half of the year [4] - Bingchuan Network achieved a net profit of 336 million yuan, marking a turnaround, with a mid-term dividend yield of 2.3% [4]

Market Overview - The textile manufacturing sector experienced a decline of 2.53% on August 27, with Huasheng Co. leading the drop [1] - The Shanghai Composite Index closed at 3800.35, down 1.76%, while the Shenzhen Component Index closed at 12295.07, down 1.43% [1] Individual Stock Performance - Nanshan Zhishang (300918) saw a price increase of 4.20%, closing at 22.84, with a trading volume of 432,500 shares and a turnover of 979 million yuan [1] - Other notable declines included Hu'an Fashion (002042) down 1.08% to 5.47, and Jinchun Co. (300877) down 1.24% to 26.25 [1] - The largest decline was seen in Runtong Co. (600156), which fell by 7.94% to 8.69, with a trading volume of 453,900 shares and a turnover of 40.9 million yuan [2] Capital Flow Analysis - The textile manufacturing sector experienced a net outflow of 47.22 million yuan from institutional investors, while retail investors saw a net outflow of 6.17 million yuan [2] - Conversely, speculative funds recorded a net inflow of 53.39 million yuan [2] Detailed Capital Flow for Selected Stocks - Nanshan Zhishang (300918) had a net inflow of 89.63 million yuan from institutional investors, while retail investors faced a net outflow of 80.94 million yuan [3] - Jinchun Co. (300877) saw a net inflow of 35.31 million yuan from institutional investors, with retail investors experiencing a net outflow of 42.45 million yuan [3] - Xinye Technology (002674) had a net inflow of 26.44 million yuan from institutional investors, while retail investors faced a net outflow of 17.70 million yuan [3]

本报记者 桂小笋 据《证券日报》记者统计，截至8月26日发稿时，A股有38家纺织行业上市公司发布了2025年上半年业 绩报告。 财报显示，上述38家纺织行业上市公司中，17家上半年营业收入实现了不同程度增长。 中山华利实业集团股份有限公司（以下简称"华利集团"）半年报显示，公司上半年实现营业收入126.61 亿元，同比增长10.36%。华利集团表示，公司持续推进客户多元化战略，动态调整客户结构及产能资 源配置，以满足订单快速增长客户的产能需求。2025年上半年，客户订单表现分化，部分老客户订单有 所下滑，但新客户订单量同比大幅增长。 百隆东方股份有限公司（以下简称"百隆东方"）半年报显示，公司报告期实现营业收入35.91亿元，同 比下降9.99%；实现归属于上市公司股东的净利润3.90亿元，同比增长67.53%。"2025年上半年，公司营 业收入下降而净利润增长，主要是由于今年上半年以来，国内及海外市场订单饱满，整体产能利用率提 升，主营业务利润增加。"在8月25日举办的业绩说明会上，百隆东方董事会秘书周立雯在回复《证券日 报》记者提问时称。 从上市公司中报透露的信息来看，身为行业"领头羊"，企业对于新技术、 ...

Investment Rating - The report maintains a "Positive" outlook on the textile and apparel industry, highlighting the resilience of the sportswear segment and potential growth opportunities in various sub-sectors [2][3]. Core Insights - The textile and apparel sector underperformed the market, with the SW textile and apparel index rising 2.5%, lagging behind the SW All A index by 1.4 percentage points [3][4]. - Recent industry data indicates a 2.9% year-on-year increase in retail sales for clothing, shoes, and textiles, totaling 837.1 billion yuan from January to July 2025 [3][30]. - Exports of textiles and apparel reached 170.74 billion USD in the same period, showing a modest 0.6% increase, while clothing exports declined by 0.3% [3][30]. - Cotton prices have shown a slight decline, with the national cotton price B index at 15,243 yuan/ton, down 0.2% [3][35]. Summary by Sections Textile Sector - Nobon Co. is highlighted for its strong growth potential due to its focus on personal care and new tobacco products, benefiting from low penetration rates and a young consumer base [3][9]. - The report emphasizes the importance of self-owned brands and the potential for breakthroughs in the new tobacco sector, particularly for Nobon [3][9]. - The textile manufacturing sector is expected to recover as the trade environment becomes more favorable for quality manufacturers [10]. Apparel Sector - The sportswear segment demonstrated the best resilience, with companies like Li Ning, Anta, and 361 Degrees showing revenue growth of 3%, 7%, and 11% respectively, despite facing headwinds [11][24]. - Li Ning's mid-year report showed a revenue increase to 14.82 billion yuan, although net profit fell by 11% [11][24]. - The report recommends several companies for investment, including Anta Sports, Li Ning, and 361 Degrees, as they are expected to benefit from improving domestic demand [3][11]. Market Dynamics - The report notes that domestic consumption recovery is a key focus for 2025, with various regions implementing measures to stimulate consumer spending [14]. - The performance of international brands is also discussed, with companies like Deckers and Asics reporting significant growth in their respective markets [16][21]. Key Recommendations - The report suggests investing in high-quality domestic brands and companies with strong growth potential in the textile and apparel sector, particularly in the sportswear and personal care segments [3][10][11].

国浩律师（杭州）事务所 百隆东方 2025 年第一次临时股东会法律意见书 国浩律师（杭州）事务所 关 于 百隆东方股份有限公司 致：百隆东方股份有限公司 （以下简称"《治理准则》" ）等法律、行政法规、 国浩律师（杭州）事务所（以下简称"本所"）接受百隆东方股份有限公司 （以下简称"公司"）委托，指派律师出席公司 2025 年第一次临时股东会（以下 简称"本次股东会"），并依据《中华人民共和国公司法》 （以下简称" 《公司法》" ）、 《中华人民共和国证券法》（以下简称"《证券法》"）、中国证券监督管理委员会 （以下简称"中国证监会"）发布的《上市公司股东会规则》（以下简称" 《股东 会规则》" ）、《上市公司治理准则》 规范性文件及现行有效的《百隆东方股份有限公司章程》（以下简称"《公司章 程》 ） "）、 的规定，就本次股东会的召集、召开程序、出席会议人员资格、召集人资格、会 议的表决程序、表决结果等事宜出具法律意见书。 《百隆东方股份有限公司股东会议事规则》 （以下简称" 《股东会议事规则》" 为出具本法律意见书，本所律师出席了公司本次股东会，审查了公司提供的 本次股东会的有关文件的原件及复印件，包括但 ...

证券代码：601339 证券简称：百隆东方 公告编号：2025-031 百隆东方股份有限公司 第六届董事会第一次会议决议公告 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个别及连带责任。 一、董事会会议召开情况 公司第六届董事会第一次会议于2025年8月22日在公司总部会议室以现场表 决方式召开。公司于2025年8月14日以电子邮件送达方式向全体董事发出会议通 知和会议资料。本次会议应到董事9人，实际到会并参加表决9人。会议召集、召 开及表决方式符合《公司法》及《公司章程》等的有关规定，所形成决议合法有 效。 二、董事会会议审议情况 （一）审议通过《关于选举公司董事长、副董事长的议案》 议项一：选举杨卫新担任公司董事长 表决结果：9 票同意，0 票反对，0 票弃权，0 票回避； 议项二：选举杨卫国担任公司副董事长 表决结果：9 票同意，0 票反对，0 票弃权，0 票回避，。 （二）审议通过《关于聘任公司高级管理人员、证券事务代表的议案》（后 附人员简历） 议项一：聘任杨燿斌担任公司总经理 表决结果：9 票同意，0 票反对，0 票弃权， ...