Market Overview - The apparel and home textile sector increased by 0.4% compared to the previous trading day, with Jiumuwang leading the gains [1] - The Shanghai Composite Index closed at 3972.03, down 0.46%, while the Shenzhen Component Index closed at 13202.0, down 0.11% [1] Stock Performance - Jiumuwang (601566) closed at 13.84, up 10.02% with a trading volume of 201,900 shares and a turnover of 278 million yuan [1] - Zhenyaomeijia (003041) also saw a significant increase, closing at 45.12, up 10.00% with a trading volume of 94,700 shares and a turnover of 426 million yuan [1] - Other notable performers included Qipilong (002029) with a 3.00% increase, closing at 10.63, and Xinhe Co. (003016) with a 2.57% increase, closing at 9.58 [1] Capital Flow - The apparel and home textile sector experienced a net outflow of 478 million yuan from institutional investors, while retail investors saw a net inflow of 373 million yuan [2] - The sector's overall capital flow indicates a mixed sentiment, with institutional investors pulling back while retail investors are more active [2] Individual Stock Capital Flow - Jiumuwang (601566) had a net inflow of 24.68 million yuan from institutional investors, but a net outflow from retail investors of 10.54 million yuan [3] - Qipilong (002029) experienced a net inflow of 26.74 million yuan from institutional investors, but a net outflow of 32.07 million yuan from retail investors [3] - Other stocks like Senma (002563) and Aokang International (603001) also showed similar patterns of mixed capital flows [3]

Core Viewpoint - Aokang International's stock has shown significant fluctuations in recent trading sessions, with a year-to-date increase of 36.80% and a recent uptick of 2.05% on November 13, 2023, indicating potential investor interest despite recent financial challenges [1][2]. Financial Performance - For the period from January to September 2025, Aokang International reported a revenue of 1.479 billion yuan, reflecting a year-on-year decrease of 21.65%. The net profit attributable to the parent company was -209 million yuan, a decline of 54.02% compared to the previous year [2]. - The company has cumulatively distributed 2.091 billion yuan in dividends since its A-share listing, with 108 million yuan distributed over the past three years [3]. Stock Market Activity - As of November 13, 2023, Aokang International's stock price was 9.48 yuan per share, with a market capitalization of 3.801 billion yuan. The stock has experienced a trading volume of 43.7859 million yuan and a turnover rate of 1.18% [1]. - The stock has appeared on the "龙虎榜" (Dragon and Tiger List) six times this year, with the most recent appearance on August 6, 2023, where it recorded a net buy of -29.0469 million yuan [1]. Shareholder Information - As of September 30, 2023, Aokang International had 11,200 shareholders, a decrease of 2.78% from the previous period. The average number of circulating shares per shareholder increased by 2.86% to 35,671 shares [2]. Business Overview - Aokang International, established in November 2001 and listed in April 2012, is primarily engaged in the research, production, distribution, and retail of men's and women's leather shoes and leather goods. The revenue composition includes men's shoes (58.28%), women's shoes (31.16%), leather goods (7.45%), and other products (3.10%) [1]. - The company operates within the textile and apparel industry, specifically in the footwear sector, and is associated with various concepts such as C2M, small-cap stocks, sports industry, cross-border e-commerce, and electronic commerce [2].

Core Viewpoint - The independence of auditors is a cornerstone of the capital market, and recent violations have raised concerns about the integrity of audit practices [1][6]. Group 1: Violation Details - Auditor Zhang Mouci, responsible for the 2024 audit report of Zhejiang Aokang Footwear Co., Ltd., was found to have illegally traded Aokang International stocks, violating Article 42 of the Securities Law [2][5]. - The Securities Law prohibits auditors from trading the securities of companies they are auditing during the underwriting period and for six months thereafter [2][5]. - Zhang Mouci has a long history in the profession, having obtained his CPA qualification in 2009 and previously issued a non-standard audit opinion for Aokang International's 2022 report, leading to risk warnings for the company [2][4]. Group 2: Market Impact - Following the removal of the non-standard audit opinion on June 26, 2024, Aokang International lifted its risk warning, changing its stock trading limit from 5% to 10% and its name from "ST Aokang" to "Aokang International" [3]. - Aokang International's stock price reached 8.87 yuan per share, reflecting a 28% increase this year, with a notable rise from 4.27 yuan on April 9 to a peak of 10.63 yuan in August [4]. Group 3: Industry Implications - The incident highlights the critical importance of auditor independence in maintaining audit quality and the health of the capital market [6]. - Experts emphasize that auditors must strictly adhere to regulations prohibiting stock ownership in audited companies to avoid conflicts of interest [6][7]. - Similar cases of auditor independence violations have occurred, indicating a broader issue within the industry regarding compliance with independence regulations [7].

Core Viewpoint - Aokang International's stock has shown volatility with a year-to-date increase of 28.28%, but recent trends indicate a decline in the short term, raising concerns about its financial performance and market position [2]. Financial Performance - For the period from January to September 2025, Aokang International reported a revenue of 1.479 billion yuan, representing a year-on-year decrease of 21.65%. The net profit attributable to shareholders was -209 million yuan, a decline of 54.02% compared to the previous year [2]. - Cumulative cash dividends since Aokang International's A-share listing amount to 2.091 billion yuan, with 108 million yuan distributed over the past three years [3]. Stock Market Activity - As of November 11, Aokang International's stock price was 8.89 yuan per share, with a market capitalization of 3.565 billion yuan. The stock experienced a 2.07% increase during the trading session [1]. - The stock has been active on the "龙虎榜" (Dragon and Tiger List) six times this year, with the most recent appearance on August 6, where it recorded a net buy of -29.0469 million yuan [2]. Shareholder Information - As of September 30, the number of shareholders for Aokang International was 11,200, a decrease of 2.78% from the previous period. The average number of circulating shares per shareholder increased by 2.86% to 35,671 shares [2]. Business Overview - Aokang International, established in November 2001 and listed in April 2012, is primarily engaged in the research, production, distribution, and retail of men's and women's leather shoes and leather goods. The revenue composition includes men's shoes (58.28%), women's shoes (31.16%), leather goods (7.45%), and others (3.10%) [2]. - The company operates within the textile and apparel industry, specifically in the footwear sector, and is associated with various concepts such as small-cap stocks, C2M, sports industry, cross-border e-commerce, and electronic commerce [2].

Core Viewpoint - The report highlights a decline in the export value of China's leather, fur, feather, and footwear industries, indicating potential challenges for companies in this sector [1] Industry Summary - In September 2025, the export value of leather, fur, feather, and footwear products reached 14.82 billion yuan, representing a year-on-year decrease of 9% [1] - From January to September 2025, the cumulative export value for these industries was 135.7 billion yuan, showing a year-on-year decline of 4.7% [1] - The report provides a comprehensive analysis of the footwear industry in China from 2026 to 2032, focusing on market trends and future predictions [1] Company Summary - Listed companies mentioned include Wanlima (300591), Zhongyin Fashion (300901), Henghui Security (300952), ST Aokang (603001), Red Dragonfly (603116), ST Qibu (603557), Jiansheng Group (603558), Tianchuang Fashion (603608), Kanglongda (603665), Mugao Di (603908), Harsen Co. (603958), and Yangzhou Jinqiu (603307) [1]

Core Insights - The apparel and home textile sector increased by 0.93% on October 31, with Aokang International leading the gains [1] - The Shanghai Composite Index closed at 3954.79, down 0.81%, while the Shenzhen Component Index closed at 13378.21, down 1.14% [1] Stock Performance - Aokang International (603001) closed at 9.01, up 10.01% with a trading volume of 233,400 shares and a transaction value of 205 million yuan [1] - Other notable gainers included: - Jialinjie (002486) at 3.02, up 5.59% [1] - Kute Intelligent (300840) at 19.02, up 4.74% [1] - Bangjie Co. (002634) at 5.08, up 4.10% [1] - Conversely, Meibang Fashion (002269) saw a significant decline of 10.16%, closing at 2.21 with a trading volume of 3,501,900 shares and a transaction value of 780 million yuan [2] Capital Flow - The apparel and home textile sector experienced a net outflow of 101 million yuan from institutional investors and 137 million yuan from speculative funds, while retail investors contributed a net inflow of 239 million yuan [2] - Notable capital flows included: - Langzi Co. (002612) had a net inflow of 51.68 million yuan from institutional investors [3] - Jialinjie (002486) saw a net inflow of 32.02 million yuan from institutional investors [3] - Aokang International (603001) had a net inflow of 28.18 million yuan from institutional investors [3]

Core Insights - Aokang International (603001.SH) released its Q3 2025 report on October 31, 2025, indicating a total institutional holding of 111 million shares, representing 27.73% of the company's total equity [1] - The institutional holding ratio decreased by 0.06 percentage points compared to the previous quarter [1] - Three public funds were disclosed in this period, including Guojin Quantitative Multi-Factor A, Guojin Quantitative Selected A, and Morgan Dividend Preferred Stock A, which were not reported in the previous quarter [1] Institutional Holdings - As of October 30, 2025, there is one institutional investor holding shares in Aokang International, which is Aokang Investment Holdings Limited [1] - The total institutional holding represents a significant portion of the company's equity, although it has seen a slight decline [1] Public Fund Disclosure - The report highlights the presence of three public funds that were not previously disclosed, indicating potential changes in investment strategies or interest in Aokang International [1]

Core Viewpoint - Aokang International (603001.SH) reported a significant decline in revenue and an increase in net loss for the first three quarters of 2025 compared to the previous year [1] Financial Performance - The company achieved a total operating revenue of 1.479 billion yuan, representing a year-on-year decrease of 21.65% [1] - The net profit attributable to shareholders of the parent company was -209 million yuan, which is a loss increase of 73.45 million yuan compared to the same period last year [1] - The basic earnings per share were -0.5222 yuan [1]

证券代码：603001 证券简称：奥康国际 公告编号：临 2025-029 浙江奥康鞋业股份有限公司 关于召开 2025 年第三季度网上业绩说明会的公告 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个别及连带责任。 重要内容提示 ●会议召开时间：2025 年 11 月 05 日(星期三)下午 16:00-17:00 ●会议召开地点：上海证券交易所上证路演中心（网址： http://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 10 月 29 日（星期三）至 11 月 04 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 aks@aokang.com 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。 本次投资者说明会以网络互动形式召开，公司将针对 2025 年第三季度的经 营成果及财务指标的具体情况与投资者进行互动交流和沟通，在信息披露允许的 范围内就投资者普遍关注的问题进行回答。 二、说明会召开的时间、地点 会议召开时间 ...

Financial Performance - The company's operating revenue for Q3 2025 was ¥398,564,017.22, a decrease of 22.32% compared to the same period last year[3]. - The total profit for the period was a loss of ¥127,215,080.98, with a year-to-date total profit loss of ¥224,667,934.42[3]. - The net profit attributable to shareholders was a loss of ¥117,363,823.40 for the quarter, and a loss of ¥209,408,671.78 year-to-date[3]. - The total revenue for the company was approximately CNY 1,432,101,677.13, a decrease of 22.67% compared to the previous year[12]. - The company reported a significant decrease in profit due to a decline in sales revenue and gross margin[7]. - The total profit (loss) for the period was -224,667,934.42 RMB, compared to -127,236,705.57 RMB in the previous period, indicating a significant increase in losses[25]. - The net profit (loss) attributable to shareholders of the parent company was -209,408,671.78 RMB, worsening from -135,958,397.35 RMB year-over-year[25]. - Basic and diluted earnings per share were both -0.5222 RMB, compared to -0.3391 RMB in the previous period, reflecting a decline in profitability[26]. - The company experienced a decrease in sales revenue from 2,015,744,227.21 RMB to 1,546,866,882.55 RMB, reflecting a decline in operational performance[27]. Cash Flow and Investments - The net cash flow from operating activities for the year-to-date period was ¥152,270,872.35, an increase of 168.61% compared to the previous year[3]. - Cash flow from operating activities generated a net inflow of 152,270,872.35 RMB, an increase from 56,687,804.49 RMB in the prior year[27]. - Cash flow from investing activities resulted in a net outflow of -17,414,026.90 RMB, an improvement from -77,288,565.42 RMB year-over-year[28]. - Cash flow from financing activities showed a net outflow of -112,853,493.92 RMB, compared to -230,581,630.87 RMB in the previous period, indicating reduced cash outflow[28]. - The company reported cash and cash equivalents at the end of the period amounting to 294,272,155.02 RMB, up from 132,375,166.00 RMB in the previous year[28]. - The company utilized its own funds to invest in various bank financial products, with a total investment amount of CNY 3,400,000[11]. Assets and Liabilities - Total assets at the end of the reporting period were ¥3,124,924,607.18, down 11.63% from the end of the previous year[4]. - Shareholders' equity attributable to the parent company was ¥2,378,219,513.28, a decrease of 10.21% from the previous year[4]. - Cash and cash equivalents increased to CNY 443,386,165.96 as of September 30, 2025, up from CNY 419,942,504.59 at the end of 2024[20]. - Accounts receivable decreased to CNY 766,172,028.12 as of September 30, 2025, from CNY 822,345,942.63 at the end of 2024, representing a decline of 6.8%[20]. - Inventory decreased significantly to CNY 437,210,457.25 as of September 30, 2025, down 35.1% from CNY 673,354,985.25 at the end of 2024[20]. - Total non-current assets decreased to CNY 1,281,606,420.71 as of September 30, 2025, from CNY 1,422,067,055.87 at the end of 2024[21]. - Total liabilities decreased to CNY 745,274,771.26 as of September 30, 2025, from CNY 883,574,545.34 at the end of 2024[22]. - The company's total assets were CNY 3,124,924,607.18 as of September 30, 2025, down from CNY 3,536,155,626.98 at the end of 2024[22]. - The company's retained earnings showed a significant decline, with a negative balance of CNY -118,574,516.24 as of September 30, 2025, compared to a positive balance of CNY 150,981,155.54 at the end of 2024[22]. Sales and Revenue Breakdown - The gross profit margin decreased by 5.42 percentage points to 34.74%[12]. - Online sales generated CNY 297,538,378.62, with a gross margin of 36.34%, showing an increase of 1.01 percentage points year-over-year[16]. - The company reported a significant decrease in revenue from the "Kanglong" brand, with a revenue of CNY 82,246,693.08, down 48.46% year-over-year[12]. - The revenue from export sales was CNY 1,232,938.32, which decreased by 81.71% compared to the previous year, but the gross margin increased by 5.72 percentage points[14]. - The revenue from independent stores was CNY 547,452,314.22, with a gross margin of 49.50%, down 4.18 percentage points year-over-year[14]. - The total operating revenue for the first three quarters of 2025 was CNY 1,479,171,357.91, a decrease of 21.6% compared to CNY 1,887,806,909.70 in the same period of 2024[24]. - Total operating costs for the first three quarters of 2025 were CNY 1,678,015,698.32, down 18.5% from CNY 2,059,262,479.22 in 2024[24]. - Operating profit for the first three quarters of 2025 was a loss of CNY 225,866,024.45, compared to a loss of CNY 127,522,002.36 in the same period of 2024[24]. - The total operating cost was CNY 934,650,126.29, a decrease of 15.67% compared to the previous year[12]. Shareholder Information - The number of ordinary shareholders at the end of the reporting period was 11,241[10]. - The number of direct-operated stores for the brand "Aokang" decreased from 683 to 678, with 44 new openings and 49 closures during the third quarter[17]. - The company has 14 dealerships in Vietnam and 1 in Laos as of September 30, 2025[18]. Accounting Standards - The company did not apply new accounting standards for the current reporting period[29].