25Q2 归母净利 1.77-2.37 亿，同增 16%-56%；扣非归母净利润 1.76-2.36 亿， 同增 53%-105%。 公司报告 | 公司点评 百隆东方（601339） 证券研究报告 国内及海外市场订单饱满，整体产能利用率提升 公司发布 25H1 业绩预增公告 公司预计 25H1 归母净利 3.50 至 4.10 亿，同比增长 50%到 76%。2025H1 扣除非经常性损益后归母净利 3.23 至 3.83 亿，同比增长 202%到 258%。 本次业绩预增主要系 2025 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，主营业务利润增加所致。 色纺纱产品推动盈利能力提升 色纺纱产品销量不断增长。公司坚持以创新研发赋能主业发展，在智能制 造、绿色生产等方面进行探索和实践，产品环保性能显著，行业绿色发展 前景可期。2024 年公司色纺纱实现营业收入 40.56 亿，占总营业收入的 55%，毛利率为 11.22%，显示色纺纱是公司的核心盈利产品。24 年以来公 司推出多款新型颜色、新型风格的色纺纱产品以迎合全球各大服装品牌的 采购需求，直接推动全年纱线销量的快速增长。 技术创新打造核心 ...

Core Viewpoint - Bailong Oriental is gradually emerging from the industry's "de-inventory" shadow, with significant improvements in its financial performance and operational efficiency [1][5]. Financial Performance - For the first half of 2025, the company expects a net profit of 350 million to 410 million yuan, representing a year-on-year increase of 50.21% to 75.97%. The non-net profit is projected to be 323 million to 383 million yuan, with a year-on-year growth of 201.87% to 257.94% [2][3]. - In 2024, Bailong Oriental achieved an operating income of 7.941 billion yuan, a year-on-year increase of 14.86%, while net profit decreased by 18.62% to 410 million yuan. However, the non-net profit surged by 1128.03% to 220 million yuan [3]. Market and Production Capacity - The company has a strong order backlog in both domestic and overseas markets, leading to improved overall capacity utilization and increased main business profits [2][3]. - Bailong Oriental is a leading producer of colored spun yarn in China, with its Vietnamese subsidiary accounting for approximately 77% of its total production capacity, which has reached 1.26 million spindles [1][6]. Raw Material Dependency and Risk Management - Raw materials constitute about 70% of the company's operating costs, with cotton being the most significant component. The company has adapted its procurement strategy based on domestic and international production layouts [3]. - Bailong Oriental has engaged in futures trading to hedge against raw material price fluctuations, which has led to significant variations in investment income. In 2022, the company earned 777 million yuan from cotton futures, but this dropped to 127 million yuan in 2023 and further decreased to 76.71 million yuan in 2024 [4][5]. International Expansion and Client Base - Since 2013, Bailong Oriental has been expanding its overseas production capacity, focusing on a "small batch, multiple varieties, and quick response" business model. The company serves both domestic brands like Li Ning and international brands such as Nike and Adidas [6][7]. - In 2024, the company reported overseas revenue of 5.425 billion yuan, accounting for 68.32% of total revenue, with the Vietnamese subsidiary achieving a revenue of 5.997 billion yuan, a year-on-year increase of 13.03% [7].

Core Viewpoint - Bailong Oriental Co., Ltd. expects significant profit growth for the first half of 2025, driven by strong domestic and international orders, improved capacity utilization, and increased main business profits [1] Group 1: Financial Performance - The company anticipates a net profit attributable to shareholders of between 350 million to 410 million yuan for the first half of 2025, representing a year-on-year increase of 50.21% to 75.97% [1] - The expected net profit after deducting non-recurring gains and losses is projected to be between 323 million to 383 million yuan, reflecting a year-on-year growth of 201.87% to 257.94% [1] - In 2024, the revenue from the Vietnam factory reached 5.997 billion yuan, a year-on-year increase of 13.03%, while net profit soared to 504 million yuan, up 299.91% [2] Group 2: Operational Efficiency - The company's performance is notably above the industry average, showcasing its competitive edge as a leading color-spun yarn manufacturer [1] - Bailong Oriental has optimized capacity utilization and operational efficiency, maintaining stable output from its manufacturing side [1] - The Vietnam factory has undergone a biomass fuel conversion for its boiler system, significantly reducing energy costs [2] Group 3: Capacity Expansion and Strategic Positioning - The company has established multiple production bases in Vietnam since 2013, with approximately 1.26 million spindles of spinning capacity, accounting for about 77% of its total capacity [1] - Bailong Oriental is advancing a new round of overseas capacity expansion to enhance global delivery capabilities and risk resilience [2] - The deep layout in Vietnam provides cost advantages in labor, energy, and taxes, while also improving export efficiency through free trade agreements [2] Group 4: Research and Development - In 2024, the company invested 112 million yuan in R&D, focusing on flexible spinning, integrated processing, and AI dyeing technology [3] - Innovations such as cashmere-like yarn and functional fiber dyeing have been accelerated, enhancing product touch and performance [3] - The company aims to empower its main business through continuous innovation and green production, while expanding into diverse markets to increase market share [3]

证券代码：601339 证券简称：百隆东方 公告编号：2025-022 百隆东方股份有限公司关于为控股子公司提供担保 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： （一） 担保的基本情况 近日，本公司之全资子公司淮安新国纺织有限公司（以下简称"淮安新国"） 与中国银行股份有限公司淮安开发区分行签署《授信额度协议》（编号： 150302619E202501 号）。为了担保以上《授信额度协议》项下的债务履行，公 司向债权人中国银行股份有限公司淮安开发区分行提供保证并签署《最高额保证 合同》（编号：2025 年淮开保字 XGFZ001 号），为淮安新国与中国银行发生的 授信业务提供不超过 20,000 万元的连带责任保证担保。 （二） 内部决策程序 担保对象及基本情况 | | 被担保人名称 本次担保金额 | 20,000.00 | 淮安新国纺织有限公司 万元 | | | --- | --- | --- | --- | --- | | 担保对象 | 实际为其提供的担保余额 | 20,000.00 | 万元 ...

Group 1 - Aerospace Science and Technology expects a net profit of 68 million to 95 million yuan for the first half of 2025, representing a growth of 1628.83% to 2315.27% compared to the same period last year [1] - Huaxia Airlines anticipates a net profit of 220 million to 290 million yuan for the first half of 2025, an increase of 741.26% to 1008.93% year-on-year [1] - Shida Group forecasts a net loss of 44 million to 65 million yuan for the first half of 2025, marking a shift from profit to loss [1] Group 2 - Jiaao Environmental Protection expects a net loss of 70 million to 90 million yuan for the first half of 2025 [3] - Haima Automobile predicts a net loss of 60 million to 90 million yuan for the first half of 2025, compared to a loss of 152 million yuan in the same period last year [3] - Huaibei Mining anticipates a net profit of approximately 1.027 billion yuan for the first half of 2025, a decrease of about 65% year-on-year [3] Group 3 - Quanfu Automobile expects a net loss of 155 million to 185 million yuan for the first half of 2025 [5] - Gaode Infrared signed a procurement agreement worth 879 million yuan, which is expected to positively impact its operating performance for the year [5] - Zhongchen Co. won a project from Southern Power Grid worth 379 million yuan, representing 12.26% of its audited revenue for 2024 [5] Group 4 - Daheng Technology anticipates a net loss of 406,000 yuan for the first half of 2025, compared to a loss of 988,250 yuan in the same period last year [6] - Dazhongnan expects a net profit of 6.5 million to 8 million yuan for the first half of 2025, a recovery from a loss of 15.325 million yuan last year [6] - Xianfeng Holdings projects a net profit of 34 million to 42 million yuan for the first half of 2025, a year-on-year increase of 524.58% to 671.53% [7] Group 5 - Shuangxiang Co. expects a net profit of 115 million to 150 million yuan for the first half of 2025, a growth of 128.1% to 197.53% year-on-year [8] - ST Xintong anticipates a net loss of 67 million to 97 million yuan for the first half of 2025 [9] - Jishi Media forecasts a net loss of 187 million to 233 million yuan for the first half of 2025 [10] Group 6 - Suli Co. expects a net profit of 72 million to 86 million yuan for the first half of 2025, a year-on-year increase of 1008.39% to 1223.91% [11] - Wanli Co. anticipates a net loss of 19 million yuan for the first half of 2025, compared to a loss of 12.9238 million yuan last year [12] - Langzi Co. projects a net profit of 22 million to 26 million yuan for the first half of 2025, an increase of 31.74% to 55.69% year-on-year [14] Group 7 - Changjiang Securities expects a net profit of 1.652 billion to 1.81 billion yuan for the first half of 2025, a growth of 110% to 130% [15] - Huahong Technology anticipates a net profit of 70 million to 85 million yuan for the first half of 2025, a year-on-year increase of 3047.48% to 3721.94% [16] - Chenhua Co. plans to invest 30 million yuan in financial products with an expected annual yield of 3.20% [16] Group 8 - Zijing Mining expects a net profit of approximately 23.2 billion yuan for the first half of 2025, a growth of about 54% year-on-year [28] - Limin Co. anticipates a net profit of 26 million to 28 million yuan for the first half of 2025, a year-on-year increase of 719.25% to 782.27% [29] - Huazhong Securities expects a net profit of 1.035 billion yuan for the first half of 2025, a growth of 44.94% year-on-year [30]

Core Viewpoint - The article summarizes significant announcements from various listed companies in the Shanghai and Shenzhen stock markets, highlighting changes in control, major asset acquisitions, and performance forecasts for the first half of 2025. Group 1: Control Changes and Stock Suspension - Yangdian Technology is planning a change in control, leading to a stock suspension starting July 14, 2025, for up to 2 trading days [3] - Yuanli Co. is also planning to acquire control of Fujian Tongsheng New Materials Technology, resulting in a stock suspension starting July 14, 2025, for up to 10 trading days [5] - Kanghua Bio is planning a change in control, with stock suspension starting July 14, 2025, for up to 2 trading days [6] - Fuda Alloy is planning to acquire at least 51% of Guangda Electronics, which constitutes a major asset restructuring but will not change the actual controller [7] Group 2: Performance Forecasts - Limin Co. expects a net profit of 260 million to 280 million yuan for H1 2025, a year-on-year increase of 719.25% to 782.27% due to rising sales and prices [9] - Zijin Mining anticipates a net profit of approximately 23.2 billion yuan for H1 2025, a year-on-year increase of about 54% [10] - Chunqiu Electronics forecasts a net profit of 90 million to 110 million yuan for H1 2025, an increase of 236.05% to 310.72% [11] - Jinqilin expects a net profit of around 106 million yuan for H1 2025, a year-on-year increase of 222.36% [12] - Beihua Co. anticipates a net profit of 98 million to 111 million yuan for H1 2025, a year-on-year increase of 182.72% to 220.23% [14] - Guojin Securities expects a net profit of 1.092 billion to 1.137 billion yuan for H1 2025, a year-on-year increase of 140% to 150% [15] - Jiu Yuan Silver Sea forecasts a net profit of 26.49 million to 32.25 million yuan for H1 2025, a year-on-year increase of 130% to 180% [16] - Lankai Technology expects a net profit of 1.1 billion to 1.2 billion yuan for H1 2025, a year-on-year increase of 85.5% to 102.36% [17] - Changcheng Securities anticipates a net profit of 1.335 billion to 1.407 billion yuan for H1 2025, a year-on-year increase of 85% to 95% [18] - Weilan Lithium Core expects a net profit of 300 million to 360 million yuan for H1 2025, a year-on-year increase of 79.29% to 115.15% [19] - Yinlong Co. forecasts a net profit of 161 million to 181 million yuan for H1 2025, a year-on-year increase of 60% to 80% [21] - Aopumai expects a net profit of approximately 37 million yuan for H1 2025, a year-on-year increase of 53.28% [22] - Bailong Dongfang anticipates a net profit of 350 million to 410 million yuan for H1 2025, a year-on-year increase of 50.21% to 75.97% [23] - Shanghai Electric expects a net profit of 1.754 billion to 2.087 billion yuan for H1 2025, a year-on-year increase of 32.18% to 57.27% [24] - Huazhong Securities expects a net profit of 1.035 billion yuan for H1 2025, a year-on-year increase of 44.94% [25] - Bailong Chuangyuan anticipates a net profit of 171 million yuan for H1 2025, a year-on-year increase of 42.68% [26] - Chengyi Pharmaceutical expects a net profit of 107 million to 119 million yuan for H1 2025, a year-on-year increase of 40% to 55% [27] - Jinhai Biological anticipates a net profit of 127 million to 141 million yuan for H1 2025, a year-on-year increase of 40% to 55% [28] - Kanda New Materials expects a net profit of 50 million to 55 million yuan for H1 2025, turning from loss to profit [29] - China Shenhua expects a net profit of 23.6 billion to 25.6 billion yuan for H1 2025, a year-on-year decrease of 8.6% to 15.7% [30] - ST Songfa anticipates a net profit of 580 million to 700 million yuan for H1 2025, turning from loss to profit [31] - Chengxing Co. expects a net profit of 16 million to 23 million yuan for H1 2025, turning from loss to profit [33] - Ningbo Fubon anticipates a net profit of 8 million to 12 million yuan for H1 2025, turning from loss to profit [34] - ST Yundong expects a loss of 100 million to 150 million yuan for H1 2025, worsening from the previous year [35] - Kairuide expects a loss of 15 million to 22 million yuan for H1 2025, turning from profit to loss [36] Group 3: Shareholding Changes - Defu Technology's shareholders plan to reduce their holdings by up to 4.04% [38] - Jinzhen Co.'s shareholders plan to reduce their holdings by up to 3.04% [39] - Shikong Technology's shareholder plans to reduce their holdings by up to 3% [40] - Qilu Bank's shareholder plans to reduce their holdings by up to 1.1% [41] - Zhongci Electronics' shareholder plans to reduce their holdings by up to 1% [42] - Jiamei Packaging's shareholders plan to reduce their holdings by up to 1% [43] - Saike Xide's shareholder plans to reduce their holdings by up to 1% [44] - Gongda High-tech's general manager plans to reduce their holdings by up to 0.3424% [46] - Qingyuan Co.'s shareholder plans to reduce their holdings by up to 273,800 shares [47] Group 4: Major Contracts - Dashijiang expects to win a procurement project worth 122 million yuan [49] - Robotech signed significant daily operational contracts worth approximately 14.18 million USD [50]

Corporate Announcements - Yangdian Technology is planning a change in control, leading to a suspension of its stock from July 14, 2025, for up to 2 trading days [3] - Degute is planning to acquire 100% of Haowei Technology through a combination of share issuance and cash payment, with stock resuming trading on July 14, 2025 [4] - Yuanli Co. is planning to acquire control of Fujian Tongsheng New Materials Technology, resulting in a stock suspension starting July 14, 2025, for up to 10 trading days [5] - Kanghua Bio is also planning a change in control, with stock suspension from July 14, 2025, for up to 2 trading days [6] - Fuda Alloy is planning to acquire at least 51% of Guangda Electronics, which will constitute a major asset restructuring but will not change the actual controller [7] Performance Forecasts - Limin Co. expects a net profit of 260 million to 280 million yuan for the first half of 2025, a year-on-year increase of 719.25% to 782.27% [9] - Zijin Mining anticipates a net profit of approximately 23.2 billion yuan for the first half of 2025, a year-on-year increase of about 54% [10] - Chunqiu Electronics forecasts a net profit of 9 million to 11 million yuan, an increase of 236.05% to 310.72% year-on-year [12] - Jinqilin expects a net profit of approximately 106 million yuan, a year-on-year increase of 222.36% [13] - Beihua Co. anticipates a net profit of 98 million to 111 million yuan, a year-on-year increase of 182.72% to 220.23% [14] - Guojin Securities expects a net profit of 1.092 billion to 1.137 billion yuan, a year-on-year increase of 140% to 150% [15] - Jiuyuan Silver Sea forecasts a net profit of 26.49 million to 32.25 million yuan, a year-on-year increase of 130% to 180% [16] - Lankai Technology expects a net profit of 1.1 billion to 1.2 billion yuan, a year-on-year increase of 85.5% to 102.36% [17] - Changcheng Securities anticipates a net profit of 1.335 billion to 1.407 billion yuan, a year-on-year increase of 85% to 95% [18] - Weilan Lithium Core expects a net profit of 300 million to 360 million yuan, a year-on-year increase of 79.29% to 115.15% [19] - Yinlong Co. forecasts a net profit of 161 million to 181 million yuan, a year-on-year increase of 60% to 80% [20] - Aopumai expects a net profit of approximately 37 million yuan, a year-on-year increase of 53.28% [22] - Bailong Dongfang anticipates a net profit of 350 million to 410 million yuan, a year-on-year increase of 50.21% to 75.97% [23] - Shanghai Electric expects a net profit of 1.754 billion to 2.087 billion yuan, a year-on-year increase of 32.18% to 57.27% [24] - Huazheng Securities reports a net profit of 1.035 billion yuan, a year-on-year increase of 44.94% [25] - Bailong Chuangyuan expects a net profit of 171 million yuan, a year-on-year increase of 42.68% [26] - Chengyi Pharmaceutical anticipates a net profit of 107 million to 119 million yuan, a year-on-year increase of 40% to 55% [27] - Jinhai Biological expects a net profit of 127 million to 141 million yuan, a year-on-year increase of 40% to 55% [28] - Kangda New Materials forecasts a net profit of 50 million to 55 million yuan, turning from loss to profit [29] - China Shenhua expects a net profit of 23.6 billion to 25.6 billion yuan, a year-on-year decrease of 8.6% to 15.7% [30] - ST Songfa anticipates a net profit of 580 million to 700 million yuan, turning from loss to profit [31] - Chengxing Co. expects a net profit of 16 million to 23 million yuan, turning from loss to profit [32] - Bofubang anticipates a net profit of 8 million to 12 million yuan, turning from loss to profit [33] - ST Yundong expects a loss of 100 million to 150 million yuan, an increase in loss compared to the previous year [34] - Kerryde expects a loss of 15 million to 22 million yuan, turning from profit to loss [35] Shareholding Changes - Defu Technology's shareholders plan to reduce their holdings by up to 4.04% [37] - Jinzhen Co.'s shareholders plan to reduce their holdings by up to 3.04% [38] - Shikong Technology's shareholder plans to reduce their holdings by up to 3% [39] - Qilu Bank's shareholder plans to reduce their holdings by up to 1.1% [40] - Zhongci Electronics' shareholder plans to reduce their holdings by up to 1% [41] - Jiamei Packaging's shareholders plan to reduce their holdings by up to 1% [42] - Saike Xide's shareholder plans to reduce their holdings by up to 1% [43] - Gongda High-Tech's general manager plans to reduce their holdings by up to 0.3424% [44] - Qingyuan Co.'s shareholder plans to reduce their holdings by up to 273,800 shares [45] Major Contracts - Dash Intelligent has been pre-awarded a procurement project worth 122 million yuan [46] - Robotech has signed significant daily operational contracts amounting to approximately 1.418 million USD [48]

Core Viewpoint - The company, Bailong Oriental, expects a significant increase in net profit for the first half of 2025, projecting a growth of 50.21% to 75.97% compared to the same period last year [1][4]. Financial Performance - The estimated net profit for the first half of 2025 is projected to be between 350 million yuan and 410 million yuan, an increase of 117 million yuan to 177 million yuan year-on-year [1][4]. - The net profit attributable to shareholders after deducting non-recurring gains and losses is expected to be between 323 million yuan and 383 million yuan, reflecting a year-on-year increase of 216 million yuan to 276 million yuan, or a growth of 201.87% to 257.94% [2][4]. Reasons for Performance Increase - The primary reason for the performance increase is attributed to full order books in both domestic and overseas markets, leading to improved overall capacity utilization and increased profits from core business operations [3][4].

Group 1 - The core viewpoint of the article is that Bailong Oriental (601339.SH) anticipates a significant increase in net profit for the first half of 2025, projecting a range of 350 million to 410 million yuan, which represents a year-on-year growth of 50.21% to 75.97% [1] - The company attributes this expected performance to a robust order backlog in both domestic and international markets, leading to improved overall capacity utilization and increased profits from its main business operations [1]

[Billion Industrial Holdings Limited 2025 Semi-Annual Performance Forecast Announcement](index=1&type=section&id=%E7%99%BE%E9%9A%86%E4%B8%9C%E6%96%B9%E8%82%A1%E4%BB%BD%E6%9C%89%E9%99%90%E5%85%AC%E5%8F%B8%202025%20%E5%B9%B4%E5%8D%8A%E5%B9%B4%E5%BA%A6%E4%B8%9A%E7%BB%A9%E9%A2%84%E5%A2%9E%E5%85%AC%E5%91%8A) This announcement provides the preliminary performance forecast for Billion Industrial Holdings Limited for the first half of 2025, indicating significant growth in net profit [Current Period Performance Forecast](index=1&type=section&id=%E4%B8%80%E3%80%81%E6%9C%AC%E6%9C%9F%E4%B8%9A%E7%BB%A9%E9%A2%84%E5%91%8A%E6%83%85%E5%86%B5) The company anticipates a significant increase in performance for the first half of 2025, with net profit attributable to shareholders projected to grow by 50.21% to 75.97% 2025 Semi-Annual Performance Forecast | Metric | 2025 Semi-Annual Forecast | 2024 Semi-Annual (Prior Period) | Year-on-Year Growth | | :--- | :--- | :--- | :--- | | **Net Profit Attributable to Parent Company Shareholders** | 350 million yuan - 410 million yuan | 233 million yuan | +50.21% to +75.97% | | **Net Profit Attributable to Parent Company Shareholders After Deducting Non-Recurring Gains and Losses** | 323 million yuan - 383 million yuan | 107 million yuan | +201.87% to +257.94% | [Prior Period Performance](index=1&type=section&id=%E4%BA%8C%E3%80%81%E4%B8%8A%E5%B9%B4%E5%90%8C%E6%9C%9F%E4%B8%9A%E7%BB%A9%E6%83%85%E5%86%B5) The company's net profit attributable to shareholders for the first half of 2024 was 233 million yuan, serving as a benchmark for comparison 2024 Semi-Annual Performance | Metric | 2024 Semi-Annual Performance | | :--- | :--- | | **Net Profit Attributable to Parent Company Shareholders** | 233 million yuan | | **Net Profit Attributable to Parent Company Shareholders After Deducting Non-Recurring Gains and Losses** | 107 million yuan | | **Earnings Per Share** | 0.16 yuan | [Primary Reasons for Performance Increase](index=2&type=section&id=%E4%B8%89%E3%80%81%E6%9C%AC%E6%9C%9F%E4%B8%9A%E7%BB%A9%E9%A2%84%E5%A2%9E%E7%9A%84%E4%B8%BB%E8%A6%81%E5%8E%9F%E5%9B%A0) The core driver for the current period's performance increase stems from the robust performance of the main business - The primary reason for performance growth is the **full order book** from domestic and international markets in the first half of 2025, leading to **increased overall capacity utilization** and a subsequent rise in main business profit[7](index=7&type=chunk) [Risk Warning and Other Disclosures](index=2&type=section&id=%E5%9B%9B%E3%80%81%E9%A3%8E%E9%99%A9%E6%8F%90%E7%A4%BA) The company states that the performance forecast data is preliminary and subject to the officially disclosed 2025 semi-annual report - This performance forecast data is a **preliminary calculation**, unaudited by an accounting firm, with the final data subject to the company's officially disclosed **2025 semi-annual report**[8](index=8&type=chunk)[9](index=9&type=chunk) - The company declares no significant uncertainties exist that would affect the accuracy of this performance forecast[8](index=8&type=chunk)