百隆东方（SH 601339，收盘价：5.59元）8月14日晚间发布半年度业绩报告称，2025年上半年营业收入 约35.91亿元，同比减少9.99%；归属于上市公司股东的净利润约3.9亿元，同比增加67.53%；基本每股 收益0.26元，同比增加62.5%。 （文章来源：每日经济新闻） ...

百隆东方股份有限公司2025 年半年度报告 公司代码：601339 公司简称：百隆东方 百隆东方股份有限公司 2025 年半年度报告 1 / 122 百隆东方股份有限公司2025 年半年度报告 重要提示 一、 本公司董事会及董事、高级管理人员保证半年度报告内容的真实性、准确性、完整性，不 存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 二、 公司全体董事出席董事会会议。 三、 本半年度报告未经审计。 四、 公司负责人杨卫新、主管会计工作负责人董奇涵及会计机构负责人（会计主管人员）董奇 涵声明：保证半年度报告中财务报告的真实、准确、完整。 五、 董事会决议通过的本报告期利润分配预案或公积金转增股本预案 根据公司2025年半年度报告，截至2025年6月30日，母公司累计未分配利润为671,732,136.56 元（未经审计）。 经公司第五届董事会第十八次会议审议通过《关于2025年度中期分红的议案》。根据《公司 法》及《公司章程》规定，公司决定以实施权益分派股权登记日登记的总股本为基数，每股派发 现金红利0.15元（含税）。截至审议本次利润分配方案的董事会召开日，公司总股本为 1,499,569 ...

证券代码：601339 证券简称：百隆东方 公告编号：2025-028 百隆东方股份有限公司 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： 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 08 月 18 日 （星期一） 至 08 月 22 日 （星期五）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 broseastern@bros.com.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。 百隆东方股份有限公司（以下简称"公司"）已于 2025 年 8 月 15 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 08 月 25 日 （星期一） 15:00-16:00 举行 2025 年半年度业绩说明会，就投资者关心的问题进行交流。 一、 说明会类型 本次 ...

百隆东方股份有限公司 2025 年第一次临时股东会会议资料 百隆东方股份有限公司 二〇二五年第一次临时股东会 会议资料 二〇二五年八月 百隆东方股份有限公司 2025 年第一次临时股东会会议资料 2025 年第一次临时股东会会议须知 为了维护全体股东的合法权益，确保百隆东方股份有限公司（以下简称"公 司"）2025 年第一次临时股东会的正常秩序和议事效率，保证本次会议的顺利进行， 根据中国证监会发布的《上市公司股东会规则》，《公司章程》和公司《股东会议 事规则》的规定，特制定本须知。 一、出席本次会议的股东或股东代表应准时到场签到并参加会议，应以维护全 体股东的合法权益和议事效率为原则，认真履行法定职责，自觉遵守大会纪律，不 得侵犯其他股东权益，以确保会议的正常秩序。 二、股东会召开期间，只接受股东或股东代表发言或提问。股东或股东代表要 求在股东会上发言的，应当在办理会议登记时向公司证券部登记，明确发言的主题， 并填写后附的《股东发言申请表》。 三、未在规定时间内完成登记的在册股东或股东代表，可列席会议，但不享有 本次会议的发言权和表决权。 四、本次股东会安排股东或股东代表发言时间不超过半小时。股东或股东代表 ...

报告期内，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，灵活调整销售策略，积极开拓新兴市场客户，努力确保国内外市场的订单饱满，维 持国内与越南工厂相对较高的产能利用率，使得主营业务利润得到持续改善。 百隆东方(601339.SH)发布2025年半年度报告，报告期内，公司实现营业收入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3.9亿元，同比增长67.53%。实现归属于上市公司股东的扣除 非经常性损益的净利润3.6亿元，同比增长236.33%。基本每股收益0.26元。 ...

Group 1 - The company reported a revenue of 3.591 billion yuan for the first half of 2025, representing a year-on-year decrease of 9.99% [1] - The net profit attributable to shareholders increased to 390 million yuan, showing a year-on-year growth of 67.53% [1] - The basic earnings per share were reported at 0.26 yuan [1] Group 2 - The company proposed a cash dividend of 1.5 yuan per 10 shares (including tax) [1]

格隆汇8月14日丨百隆东方(601339.SH)公布半年度报告，报告期内，公司完成营业收入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%;归属于上市公司股东的扣除 非经常性损益的净利润3.60亿元，同比增长236.33%。每股派发现金红利0.15元。 ...

Macro - The July CPI data indicates that the transmission of tariffs on core goods inflation remains slow, reinforcing market expectations for the Federal Reserve to cut interest rates in September. However, the current market's expectation of three rate cuts this year may be overly optimistic, as immigration and tariff policies will continue to impact inflation in the second half of the year [2][5]. - In July, the US CPI year-on-year was 2.7% (previous value 2.7%, market expectation 2.8%). The core CPI increased by 0.2 percentage points to 3.1%. The month-on-month CPI growth rate fell by 0.1 percentage points to 0.2% (market expectation 0.2%), while the core CPI month-on-month was 0.3% (previous value 0.2%), in line with market expectations [3][16]. Financial Engineering - A multi-factor model suitable for the CSI 300 index component stocks, combined with a small-cap high-growth satellite strategy, can stabilize and improve the performance of the CSI 300 enhanced strategy. With a 30% domestic and 10% foreign satellite allocation, the annualized excess return of the CSI 300 enhanced strategy since 2016 is 12.6%, with a tracking error of 5.2% [2][7]. - The internal component stock returns are relatively ordinary, which may be related to the differing performance of internal and external factors of the CSI 300 index component stocks. The backtesting results show that the model's stock selection robustness for internal components is superior to that of the all-A multi-factor model [6][7]. Beauty Industry - Yiwang Yichuang - Yiwang Yichuang is a leading e-commerce operator in China, focusing on beauty and personal care products. The company is actively optimizing its business structure and investing in research and development, with a forward-looking application of AI to enhance brand operations, which is expected to help reduce costs and expand business [9][10]. - The company emphasizes R&D and digital construction, with plans to deploy large models and AI systems by 2024, which are expected to empower its agency operations. The company’s core business involves providing online services for brand image shaping and operational modules, with many areas that can be optimized through AI [10][11]. - In 2025, the company launched a stock incentive plan, which is expected to lead to a turning point in performance. The plan involves granting up to 2 million restricted shares to 34 executives and core technical personnel, with performance targets set for revenue and profit growth over the next three years [11].

Core Viewpoint - The cotton fiber industry in China is undergoing a critical transformation, driven by policies promoting intelligent, green, and high-value upgrades, with a focus on domestic demand recovery and export resilience despite import restrictions [1][4][14]. Group 1: Industry Overview - Cotton fiber, a natural seed fiber primarily composed of cellulose, is essential in the textile industry due to its unique structure, which provides softness and moisture absorption [2]. - The industry is categorized into three types based on botanical varieties: short-staple cotton, long-staple cotton, and coarse cotton, and further classified by processing methods and quality indicators [2]. Group 2: Development Background - China has established a systematic policy framework to support the cotton fiber industry, including various development guidelines aimed at technological innovation, green manufacturing, and digital empowerment [4]. - Xinjiang, as a major cotton-producing region, has implemented policies to enhance the cotton and textile industry through subsidies and support for intelligent and green upgrades [4]. Group 3: Current Industry Status - The cotton textile industry in China is experiencing a recovery, with a June 2025 industry prosperity index reaching 50.3%, indicating a return to growth driven by improved domestic consumption and macroeconomic signals [7]. - The domestic cotton market is projected to see an increase in production to 6.664 million tons in the 2024/25 season, while consumption is expected to decrease to 7.8 million tons, leading to a "production increase, demand decrease" scenario [14]. Group 4: Industry Chain Analysis - The cotton fiber industry chain is characterized by upstream large-scale planting, midstream intelligent processing, and downstream diversified applications, with Xinjiang accounting for 90% of national production [9]. - The downstream sector is expanding into high-value areas such as medical cotton products and biodegradable fibers, while the export sector is transitioning towards ODM/OBM models [9][11]. Group 5: Competitive Landscape - The competitive landscape of the cotton fiber industry is marked by a "dual tower" structure, with leading companies like Weiqiao Textile and Huafu Fashion dominating the market through comprehensive industry chain layouts and technological innovation [18][20]. - The industry is witnessing a trend towards increased concentration, with a significant number of small and medium enterprises seeking breakthroughs through equipment upgrades and market repositioning [18]. Group 6: Future Trends - The industry is moving towards intelligent and green transformations, with advancements in biotechnology and digital technology reshaping traditional planting and processing methods [23][24]. - There is a growing emphasis on sustainable development and circular economy practices, with organic cotton production expanding and new biomanufacturing techniques emerging [25][26].

Investment Rating - The report assigns a rating of "Buy" for the company [7]. Core Views - The company is a global leader in colored yarn production, maintaining high dividends and showcasing significant advantages in capacity, customer base, and procurement under the current tariff environment, which supports long-term stable growth [3][13]. - The company has a strong focus on shareholder returns, with a historical commitment to high dividend payouts, expected to continue in the future [17][31]. Summary by Sections Company Overview - The company has been a leader in the colored yarn industry for over 30 years, focusing on R&D, production, and sales of differentiated colored yarns using modern dyeing techniques [17]. - The actual controller holds over 70% of the shares, ensuring a stable and concentrated ownership structure [28]. Industry Analysis - The colored yarn market has shown steady growth, with a CAGR of 8% from 2010 to 2021, increasing its share of the total yarn market from 4.5% in 2009 to 15% in 2020 [13][41]. - The industry has high entry barriers due to experience, management capabilities, technology, capital requirements, and environmental regulations [44]. Competitive Advantages - The company has a significant capacity advantage, with nearly 80% of its production located in Vietnam, which provides a tariff advantage compared to competitors [13][45]. - The company has established strong relationships with major clients, including top garment manufacturers and global brands, ensuring a diversified customer base and good receivables turnover [13][45]. - The procurement strategy allows the company to manage costs effectively, even with rising raw material prices, due to its large purchasing scale and quality customer base [13][45]. Financial Forecast and Valuation - The company is expected to achieve net profits of 6.27 billion, 6.81 billion, and 7.55 billion yuan from 2025 to 2027, reflecting year-on-year growth rates of 52.7%, 8.8%, and 10.8% respectively [13]. - The target price for the stock is set at 7.06 yuan, based on a combination of PE and DCF valuation methods [13].