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 | | ...

2025年09月02日 证券研究报告 | 纺服新消费研究：户外行业专题 专业驱动增长，品牌分层竞逐，国产加速崛起 行业研究 · 行业专题 纺织服饰 投资评级：优于大市（维持） 证券分析师：丁诗洁 证券分析师：刘佳琪 0755-81981391 010-88005446 dingshijie@guosen.com.cn liujiaqi@guosen.com.cn S0980520040004 S0980523070003 请务必阅读正文之后的免责声明及其项下所有内容 目录 01 行业概览：从专业到破圈，从高端到下沉，高景气增长持续 02 品牌竞争力梳理：品牌分层竞逐，龙头品牌各具优势 品牌大单品梳理：高端品牌产品矩阵完善，电商品牌爆品策 略明显 03 产业链梳理：国际龙头供应商垄断高端市场，国内制造商受 益于行业景气增长 04 05 风险提示和投资建议 请务必阅读正文之后的免责声明及其项下所有内容 核心观点 请务必阅读正文之后的免责声明及其项下所有内容 • 行业概览：从专业到破圈，从高端到下沉，高景气增长持续。中国户外鞋服市场千亿级规模，近年来保持双位数增长，高于全球整体户 外市场增速；快速增长的动力一方面基 ...

Core Viewpoint - The nylon industry is experiencing weakened supply and demand, leading to pressure on the performance of Taihua New Materials in the second quarter of 2025 [1][3]. Financial Performance - In the first half of 2025, Taihua New Materials achieved operating revenue of 3.126 billion yuan, a year-on-year decrease of 8.58% [2]. - The net profit attributable to shareholders was 325 million yuan, down 23.31% year-on-year, with a non-recurring net profit of 205 million yuan, down 44.71% year-on-year [2]. - In Q2 2025, the company reported operating revenue of 1.647 billion yuan, a year-on-year decline of 15.36% but a quarter-on-quarter increase of 11.46% [2]. - The net profit attributable to shareholders in Q2 was 162 million yuan, down 40.92% year-on-year and 0.73% quarter-on-quarter [2]. Industry Analysis - The nylon industry is facing significant market pressure due to a temporary imbalance in supply and demand after previous growth and capacity expansion [3]. - The average Brent crude oil price in the first half of 2025 was $71 per barrel, a year-on-year decrease of 15%, impacting raw material prices [3]. - Prices for key raw materials, caprolactam and nylon chips, fell by 26.01% and 15.18% year-on-year, respectively, while the price of nylon filament decreased by 10.28% [3]. Competitive Position - Taihua New Materials has a strong competitive edge with its integrated production capacity across the nylon industry chain, including recycling, polymerization, spinning, and weaving [4]. - The company is investing $100 million to establish a new production base in Vietnam, which is expected to enhance global supply capabilities and market share [4]. - The company’s export revenue in the first half of 2025 was 457 million yuan, a year-on-year increase of nearly 20% [4]. Profit Forecast - The forecasted net profits for Taihua New Materials from 2025 to 2027 are 756 million yuan, 977 million yuan, and 1.230 billion yuan, with year-on-year growth rates of 4.2%, 29.2%, and 25.9%, respectively [4]. - The estimated earnings per share (EPS) for the same period are projected to be 0.85 yuan, 1.10 yuan, and 1.38 yuan, with corresponding price-to-earnings (PE) ratios of 11.16, 8.64, and 6.86 times [4].

证券研究报告 公司研究 [Table_ReportType] 公司点评报告 [Table_StockAndRank] 台华新材(603055.SH) | 买入 | | --- | | 投资评级 | 上次评级 买入 [Table_Author] 姜文镪 新消费行业首席分析师 执业编号：S1500524120004 邮箱：jiangwenqiang@cindasc.com 刘红光 石化行业联席首席分析师 执业编号：S1500525060002 邮箱：liuhongguang@cindasc.com 刘奕麟 石化行业分析师 执业编号：S1500524040001 联系电话：13261695353 邮箱：liuyilin@cindasc.com 其中，第二季度公司实现营业收入 16.47 亿元，同比下降 15.36%，环比增 长 11.46%；实现归母净利润 1.62 亿元，同比下降 40.92%，环比下降 0.73%； 实现扣非后归母净利润为 1.01 亿元，同比下降 57.34%，环比下降 3.62%； 实现基本每股收益 0.18 元，同比下降 41.94%，环比持平。 点评： ➢ 锦纶行业供需走弱，上半年公司业 ...

Core Viewpoint - The recent financial report of Taihua New Materials (603055) indicates a decline in both revenue and net profit for the first half of 2025 compared to the previous year, raising concerns about the company's financial health and operational efficiency [1][3]. Financial Performance - The total revenue for the first half of 2025 was 3.126 billion yuan, a decrease of 8.58% year-on-year [1]. - The net profit attributable to shareholders was 325 million yuan, down 23.31% year-on-year [1]. - In Q2 2025, total revenue was 1.647 billion yuan, reflecting a 15.36% decline year-on-year, while net profit for the quarter was 162 million yuan, a significant drop of 40.92% [1]. - The gross margin was 22.14%, down 8.09% year-on-year, and the net margin was 10.6%, a decrease of 14.52% [1]. - Total expenses (selling, administrative, and financial) amounted to 232 million yuan, representing 7.42% of revenue, an increase of 42.18% year-on-year [1]. Balance Sheet and Cash Flow - The company reported a significant accounts receivable level, with accounts receivable accounting for 146.36% of the latest annual net profit [1]. - Cash and cash equivalents decreased to 796 million yuan, down 9.27% year-on-year [1]. - The company’s interest-bearing debt increased to 4.905 billion yuan, a rise of 13.73% [1]. - The operating cash flow per share was 0.29 yuan, an increase of 135.05% year-on-year [1]. Investment Metrics - The company's return on invested capital (ROIC) was 9.71%, indicating average capital returns [3]. - The historical median ROIC since the company went public is 7.52%, suggesting generally average investment returns [3]. - The company’s debt situation is concerning, with an interest-bearing asset-liability ratio of 41.63% [4]. Market Position and Fund Holdings - The largest fund holding Taihua New Materials is Xinwo Innovation Leading Mixed A, which holds 146,500 shares and has recently entered the top ten holdings [5]. - The fund has shown a significant increase of 42.7% over the past year, indicating potential investor confidence despite the company's recent performance [5].

证券代码：603055 证券简称：台华新材 公告编号：2025-064 本议案已经审计委员会审议通过，并同意提交公司董事会审议。 具体内容详见同日刊载在上海证券交易所网站（www.sse.com.cn）的《2025 年半年度报告》及《2025 年半年度报告摘要》。 表决结果：9 票同意，0 票反对，0 票弃权。 （二）审议通过了《关于 2025 年"提质增效重回报"行动方案的半年度评 估报告》 浙江台华新材料集团股份有限公司 第五届董事会第二十一次会议决议公告 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 浙江台华新材料集团股份有限公司（以下简称"公司"）第五届董事会第二 十一次会议通知于 2025 年 8 月 17 日以专人送达、电话通知等方式发出，于 2025 年 8 月 27 日上午在公司会议室以现场结合通讯方式召开。会议应到董事 9 人， 实到董事 9 人，会议由董事长施清岛先生主持，公司监事和高级管理人员列席会 议。会议的召集及召开程序符合《公司法》和《公司章程》的有关规定。 二、董事 ...

从资金流向上来看，当日纺织制造板块主力资金净流出2.52亿元，游资资金净流入1.07亿元，散户资金净 流入1.45亿元。纺织制造板块个股资金流向见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 603238 | 诺邦股份 | 22.97 | 4.84% | 12.78万 | | 2.89亿 | | 600156 | रून में दिस् | 9.96 | 4.18% | 98.55万 | | 10.10亿 | | 300819 | 聚杰微纤 | 26.39 | 2.29% | 1 6.86万 | | 1.77亿 | | 300877 | 金春股份 | 26.10 | 1.28% | 2.90万 | 7593.88万 | | | 603130 | 云中马 | 38.89 | 0.80% | 2.77万 | | 1.08亿 | | 600493 | 凤竹纺织 | 6.54 | 0.62% | 6.35万 | 4139.34万 | | | 300979 | 华利集团 | 5 ...

每经AI快讯，台华新材（SH 603055，收盘价：9.83元）8月29日发布公告称，公司第五届第二十一次董 事会会议于2025年8月27日在公司会议室以现场结合通讯方式召开。会议审议了《关于2025年"提质增效 重回报"行动方案的半年度评估报告》等文件。 每经头条（nbdtoutiao）——申请超2万份，已开出41家，加盟海底捞，你要准备多少钱？1000万元不算 多，真实"账单"公布 （记者 张喜威） 2024年1至12月份，台华新材的营业收入构成为：工业占比98.83%，其他业务占比1.17%。 ...

Core Insights - The company reported a revenue of 3,125,542,765.58 yuan for the first half of 2025, representing a year-on-year decline of 8.58% [1] - The net profit attributable to shareholders of the listed company was 325,122,382.14 yuan, showing a year-on-year decrease of 23.31% [1] Financial Performance - Revenue for the first half of 2025: 3,125,542,765.58 yuan, down 8.58% year-on-year [1] - Net profit for the first half of 2025: 325,122,382.14 yuan, down 23.31% year-on-year [1]