Investment Rating - The report maintains a "Positive" outlook on the textile and apparel industry, highlighting the potential for growth driven by domestic demand recovery and new growth directions [2]. Core Insights - The textile and apparel sector has shown a mild recovery in domestic consumption, with expectations for acceleration in the second half of 2025. The report emphasizes the importance of adapting to new consumer trends and market dynamics [11][13]. - Recent trade agreements, particularly between the US and Vietnam, are expected to impact the competitive landscape, favoring manufacturers with strong local supply chains [9][10]. - The report identifies key investment opportunities in various segments, including sports and outdoor brands, home textiles, and children's apparel, suggesting a focus on companies that can leverage e-commerce and brand strength [11][12]. Summary by Sections Industry Performance - From July 4 to July 11, the SW textile and apparel index increased by 1.6%, aligning with the SW All A index. The SW apparel and home textiles index rose by 1.7%, while the SW textile manufacturing index saw a 2.3% increase [3][4]. Recent Industry Data - Retail sales for clothing, shoes, and textiles totaled 613.8 billion yuan from January to May, reflecting a year-on-year growth of 3.3%. Textile and apparel exports reached 116.67 billion USD during the same period, marking a 1.0% increase year-on-year [3][32]. - Cotton prices have shown mixed trends, with domestic cotton prices rising slightly while international prices have decreased [34]. Market Trends - The report notes a significant disparity in textile exports between Vietnam and China, with Vietnam's textile exports growing by 13.5% year-on-year in June, indicating a potential shift in market dynamics [9][11]. - The apparel market is experiencing a K-shaped recovery, with high-end and cost-effective segments performing well, while many brands in the children's and women's apparel categories continue to face challenges [11][12]. Investment Recommendations - The report recommends focusing on companies with strong brand recognition and e-commerce capabilities, such as Anta Sports, Bosideng, and others in the textile manufacturing sector like Shenzhou International and Huayi Group [11][12].

Investment Rating - The report gives an "Overweight" rating for the textile and apparel industry, indicating a positive outlook compared to the overall market performance [2][10]. Core Insights - Domestic demand is showing a mild recovery, which is expected to accelerate, while external demand is impacted by tariff shocks, leading to a divergence in industry performance [2]. - The sportswear segment is experiencing strong demand, particularly in high-performance outdoor products, with significant market growth potential [2]. - The report highlights the resilience of certain brands in the men's and women's apparel sectors, while children's clothing brands are still under pressure [2]. - The home textile sector is benefiting from government subsidies, leading to better performance for key players [2]. - The personal care and household cleaning segment is in a growth phase, driven by diversification and quality upgrades [2]. - The textile manufacturing sector faces challenges from tariff impacts but maintains global competitiveness among leading manufacturers [2]. Summary by Sections Domestic Demand - Retail sales of clothing, shoes, and textiles reached 613.8 billion yuan from January to May, with a year-on-year growth of 3.3% [2]. - The report anticipates an acceleration in retail growth due to low base effects from the previous year [2]. External Demand - Textile and apparel exports totaled 116.7 billion USD from January to May, with a year-on-year increase of 1% [2]. - Vietnam's textile exports grew by 12%, indicating a shift in supply chains due to tariff policies [2]. Sportswear Segment - The sportswear sector is leading in market performance, with brands like Anta and FILA expected to see significant revenue growth [2]. - The report predicts a 40% increase in revenue for outdoor brands in Q2 2025 [3]. Apparel Sector - Men's apparel brands like HLA are expected to show modest growth, while high-end brands may face profit declines [2]. - Women's apparel brand Geli Si is projected to outperform peers, with a significant rebound in profits [2]. Home Textiles - Key players like Luolai and Mercury are expected to see revenue growth of 3% and 15%, respectively, in Q2 2025 [3]. - The report notes that Fuanna is still undergoing operational adjustments, with expected declines in revenue and profit [2]. Personal Care and Household Cleaning - Companies like Nobon and Weijian are projected to achieve revenue growth of 28% and 20%, respectively, in Q2 2025 [2]. Textile Manufacturing - Major manufacturers like Shenzhou International are expected to see revenue growth of 15% in H1 2025, despite short-term profit pressures [2]. - The report highlights that upstream textile companies are facing order declines due to tariff impacts [2]. Investment Recommendations - The report recommends focusing on sectors with recovery potential, such as sportswear, discount retail, personal care, and home textiles [2]. - Specific stock recommendations include Anta Sports, HLA, and Luolai [2][5].

海澜之家下半年的业绩趋势如何？ 海澜之家下半年的业绩趋势预期向好。二季度业绩表现相对其他品牌较为出色， 而三季度净利率预计为 8%，四季度则接近 4%，均为过去五六年中单季最差水 平。在当前稳健的零售环境和低基数效应下，公司经营杠杆弹性较大，下半年 华利集团质地优良，成长性明确且业绩弹性大。一季度净利润触底，新 厂产能释放预计二季度小幅改善。尽管下半年存在关税不确定性，但新 客户放量预计整体利润仍可增长，目前估值处于上市以来底部。 诺邦股份作为小型制造公司，业绩弹性优异且基本面强劲，上半年收入 和利润表现出色，通过优化客户和品类结构提升利润率，二季度业绩弹 性较强，新兴业务如口含烟业务拓展将在下半年迎来兑现周期。 利润增速有望大幅提升。此外，二季度整体业绩处于底部周期，一旦三季度零 售边际改善和业绩弹性显现，公司有望迎来弱 Beta 的改善。 海澜之家 20250708 摘要 海澜之家上半年开店数量未达预期，但预计下半年加速，全年门店数有 望超 50 家。二季度业绩相对出色，三、四季度净利率虽为近年低点， 但低基数效应下，下半年利润增速预期大幅提升，具备弱 Beta 改善潜 力。 海澜之家目前估值约 14-1 ...

重要内容提示： 证券代码：603238 证券简称：诺邦股份 公告编号：2025-015 杭州诺邦无纺股份有限公司 部分董事、监事、高管减持股份结果公告 本公司董事会、全体董事及相关股东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。 董监高持股的基本情况 本次减持计划实施前，杭州诺邦无纺股份有限公司（以下简称"公司"）董 事、总经理龚金瑞持有公司股份 1,523,950 股，占公司总股本的 0.8585%；公司 董事王刚持有公司股份 870,000 股，占公司总股本的 0.4901%；公司监事会主席 陆年芬持有公司股份 101,500 股，占公司总股本的 0.0572%；公司财务总监张长 春持有公司股份 71,050 股，占公司总股本的 0.0400%。 减持计划的实施结果情况 公司于 2025 年 6 月 13 日披露了《诺邦股份部分董事、监事、高管减持股份 计划公告》（公告编号：2025-014）。因个人资金需求，龚金瑞、王刚、陆年芬、 张长春拟自本公告披露之日起 15 个交易日后的 3 个月内，通过集中竞价交易方 式分别减持其所持有的公司股份不 ...

证券代码：603238 证券简称：诺邦股份 公告编号：2025-014 杭州诺邦无纺股份有限公司 部分董事、监事、高管减持股份计划公告 本公司董事会、全体董事及相关股东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： 董监高持股的基本情况 截至本公告披露日，杭州诺邦无纺股份有限公司（以下简称"公司"）董事、 总经理龚金瑞持有公司股份 1,523,950 股，占公司总股本的 0.8585%；公司董事 王刚持有公司股份 870,000 股，占公司总股本的 0.4901%；公司监事会主席陆年 芬持有公司股份 101,500 股，占公司总股本的 0.0572%；公司财务总监张长春持 有公司股份 71,050 股，占公司总股本的 0.0400%。 减持计划的主要内容 因个人资金需求，龚金瑞、王刚、陆年芬、张长春拟自本公告披露之日起 15 个交易日后的 3 个月内，通过集中竞价交易方式分别减持其所持有的公司股 份不超过 380,900 股、217,500 股、25,300 股、17,700 股，均未超过其持股总 数的 25%。减持价格按照减持实施 ...

Group 1 - The company Nobon Co., Ltd. (603238) announced that several key executives plan to reduce their shareholdings due to personal financial needs [1] - The executives involved include the general manager Gong Jinrui, director Wang Gang, chairman of the supervisory board Lu Nianfen, and financial director Zhang Changchun [1] - The planned share reductions will occur within three months after the announcement, starting 15 trading days from the disclosure date, with specific limits on the number of shares each executive can sell [1] Group 2 - Gong Jinrui plans to reduce his holdings by up to 380,900 shares, Wang Gang by 217,500 shares, Lu Nianfen by 25,300 shares, and Zhang Changchun by 17,700 shares [1] - None of the reductions will exceed 25% of their respective total shareholdings [1] - The selling price will be determined based on market conditions [1]

上 市 公 司 美容护理 2025 年 06 月 04 日 诺邦股份 (603238) ——个护家清行业机遇期，高端水刺无纺布打开成长空间 报告原因：首次覆盖 买入（首次评级） | 市场数据： | 2025 年 06 月 03 日 | | --- | --- | | 收盘价（元） | 16.05 | | 一年内最高/最低（元） | 20.61/8.70 | | 市净率 | 2.0 | | 股息率%（分红/股价） | 1.87 | | 流通 A 股市值（百万元） | 2,849 | | 上证指数/深证成指 | 3,361.98/10,057.17 | 注："股息率"以最近一年已公布分红计算 | 基础数据: | 2025 年 03 月 31 日 | | --- | --- | | 每股净资产（元） | 8.06 | | 资产负债率% | 41.11 | | 总股本/流通 A 股（百万） | 178/178 | | 流通 B 股/H 股（百万） | -/- | 一年内股价与大盘对比走势： 06-03 07-03 08-03 09-03 10-03 11-03 12-03 01-03 02-03 03-03 04-0 ...

Group 1 - The core viewpoint of the article highlights a significant rise in beauty and personal care stocks, with Nobon Co., Ltd. hitting the daily limit up, indicating strong market interest and investor confidence in this sector [1] - Other companies in the beauty care sector, such as Jieya Co., Ltd., Shuiyang Co., Ltd., and Huaye Fragrance, also experienced notable gains, with increases exceeding 10% [1] - The National Bureau of Statistics reported that the total retail sales of consumer goods in April grew by 5.7% year-on-year, accelerating by 0.5 percentage points compared to March, indicating a positive trend in consumer spending [1] Group 2 - The retail sales of cosmetics specifically increased by 9.8%, significantly outpacing the overall growth rate of consumer goods, suggesting a robust demand for beauty products [1]

Core Points - The company announced a cash dividend of 0.3 yuan per share for its A shares, totaling 53,252,700 yuan based on a total share capital of 177,509,000 shares [1][2][3] - The profit distribution plan was approved at the annual general meeting held on May 16, 2025 [2] - Key dates include the record date on May 30, 2025, the last trading day on June 3, 2025, and the ex-dividend date also on June 3, 2025 [2] Distribution Plan - The cash dividend will be distributed to shareholders registered with the China Securities Depository and Clearing Corporation Limited, Shanghai Branch, after the market closes on the record date [2][3] - Shareholders who have completed designated transactions can receive their cash dividends on the distribution date, while those who have not will have their dividends held by the clearing company until they complete the necessary transactions [3][4] Taxation Details - For individual shareholders, the actual cash dividend received will be 0.3 yuan per share, with tax implications based on the holding period: 20% for holdings of 1 month or less, 10% for holdings between 1 month and 1 year, and no tax for holdings over 1 year [4][5] - Qualified Foreign Institutional Investors (QFII) will have a 10% withholding tax applied, resulting in a net dividend of 0.27 yuan per share [5] - For Hong Kong Stock Exchange investors, the same 10% withholding tax applies, leading to a net dividend of 0.27 yuan per share as well [5]

证券代码：603238 证券简称：诺邦股份 公告编号：2025-013 杭州诺邦无纺股份有限公司2024年年度权益分派实施公告 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： 每股分配比例 A 股每股现金红利0.3元 相关日期 | 股份类别 | 股权登记日 | 最后交易日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | --- | --- | | Ａ股 | 2025/5/30 | － | 2025/6/3 | 2025/6/3 | 差异化分红送转： 否 一、 通过分配方案的股东大会届次和日期 本次利润分配方案经公司2025 年 5 月 16 日的2024年年度股东大会审议通过。 二、 分配方案 截至股权登记日下午上海证券交易所收市后，在中国证券登记结算有限责任公司上海分 公司（以下简称"中国结算上海分公司"）登记在册的本公司全体股东。 3. 分配方案： 本次利润分配以方案实施前的公司总股本177,509,000股为基数，每股派发现金红利0.3 元（含税），共计派发现金红利53, ...