（编辑 姚尧） 证券日报网讯 8月12日晚间，锦泓集团发布公告称，公司于近日收到中信建投证券股份有限公司（简 称"中信建投证券"）出具的《关于变更锦泓时装集团股份有限公司公开发行可转换公司债券持续督导保 荐代表人的函》，中信建投证券为公司公开发行可转换公司债券的保荐机构，原指定刘建亮先生、罗贵 均先生为公司持续督导的保荐代表人。现因罗贵均先生工作变动，为保证后续持续督导工作的顺利进 行，中信建投证券委派许鹏鹏先生接替罗贵均先生担任公司持续督导的保荐代表人，继续履行相关职 责。 ...

现因罗贵均先生工作变动，为保证后续持续督导工作的顺利进行，中信建投 证券委派许鹏鹏先生（简历详见附件）接替罗贵均先生担任公司持续督导的保荐 代表人，继续履行相关职责。 本次保荐代表人变更后，负责公司持续督导工作的保荐代表人为刘建亮先生、 许鹏鹏先生。公司对罗贵均先生在担任持续督导保荐代表人期间所做出的贡献表 示衷心感谢！ 特此公告。 锦泓时装集团股份有限公司董事会 证券代码：603518 证券简称：锦泓集团 公告编号：2025-053 锦泓时装集团股份有限公司 关于变更保荐代表人的公告 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。 锦泓时装集团股份有限公司（以下简称"公司"）于近日收到中信建投证券 股份有限公司（以下简称"中信建投证券"）出具的《关于变更锦泓时装集团股 份有限公司公开发行可转换公司债券持续督导保荐代表人的函》，具体如下： 中信建投证券为公司公开发行可转换公司债券的保荐机构，原指定刘建亮先 生、罗贵均先生为公司持续督导的保荐代表人。公司公开发行可转换公司债券项 目的持续督导期为 2020 年 12 月 3 ...

证券代码：603518 证券简称：锦泓集团 公告编号：2025-053 锦泓时装集团股份有限公司（以下简称"公司"）于近日收到中信建投证券 股份有限公司（以下简称"中信建投证券"）出具的《关于变更锦泓时装集团股 份有限公司公开发行可转换公司债券持续督导保荐代表人的函》，具体如下： 中信建投证券为公司公开发行可转换公司债券的保荐机构，原指定刘建亮先 生、罗贵均先生为公司持续督导的保荐代表人。公司公开发行可转换公司债券项 目的持续督导期为 2020 年 12 月 31 日止。鉴于募集资金尚未使用完毕，中信建 投证券将继续履行对剩余募集资金的持续督导责任。 现因罗贵均先生工作变动，为保证后续持续督导工作的顺利进行，中信建投 证券委派许鹏鹏先生（简历详见附件）接替罗贵均先生担任公司持续督导的保荐 代表人，继续履行相关职责。 本次保荐代表人变更后，负责公司持续督导工作的保荐代表人为刘建亮先生、 许鹏鹏先生。公司对罗贵均先生在担任持续督导保荐代表人期间所做出的贡献表 示衷心感谢！ 特此公告。 锦泓时装集团股份有限公司董事会 2025 年 8 月 13 日 附件: 许鹏鹏先生简历 锦泓时装集团股份有限公司 关于变更保荐代表 ...

Group 1 - The core viewpoint of the news is that Jin Hong Group's recent financial performance shows a decline in revenue and net profit, indicating potential challenges for the company [1] - As of August 11, 2025, Jin Hong Group's stock closed at 10.81 yuan, with a slight increase of 0.19% and a trading volume of 276,000 hands, amounting to 299 million yuan [1] - The company's latest quarterly report indicates total revenue of 1.111 billion yuan, a year-on-year decrease of 3.59%, and a net profit attributable to shareholders of 89.0071 million yuan, down 23.35% year-on-year [1] Group 2 - Jin Hong Group has made investments in 7 external companies and holds 1,578 trademark registrations and 45 patents, along with 15 administrative licenses [2] - The company was established in 2003 and is primarily engaged in the textile and apparel industry, with a registered capital of 3.4535 billion yuan and a paid-in capital of 1.2048 billion yuan [1][2]

Group 1 - The core viewpoint of the news indicates that Jin Hong Group (603518) experienced a slight decline in stock price, closing at 10.79 yuan, down 0.46% as of August 8, 2025 [1] - The trading volume was 521,900 hands with a transaction amount of 561 million yuan, and the turnover rate was 15.17% [1] - The net outflow of main funds was 29.32 million yuan, accounting for 5.23% of the transaction amount, with significant outflows from large orders [1] Group 2 - Jin Hong Group reported total operating revenue of 1.111 billion yuan for the first quarter of 2025, a year-on-year decrease of 3.59% [1] - The net profit attributable to shareholders was 89.0071 million yuan, down 23.35% year-on-year, while the non-recurring net profit was 88.6198 million yuan, also down 23.00% [1] - The company's liquidity ratios were reported as a current ratio of 1.305 and a quick ratio of 0.660, with a debt-to-asset ratio of 32.37% [1] Group 3 - Jin Hong Fashion Group Co., Ltd. was established in 2003 and is located in Nanjing, primarily engaged in the textile and apparel industry [2] - The company has made investments in 7 external enterprises and holds 1,578 trademark registrations and 45 patents [2] - Additionally, the company possesses 15 administrative licenses [2]

Market Overview - The Shanghai Composite Index increased by 0.12% as of the morning close, with a trading volume of 811.67 million shares and a transaction amount of 1,206.179 billion yuan, representing a 12.41% increase compared to the previous trading day [1] Industry Performance - The top-performing industries included: - Beauty and Personal Care: Increased by 1.54% with a transaction amount of 52.39 billion yuan, led by Lafang Jiahua, which rose by 9.98% [1] - Electronics: Increased by 1.19% with a transaction amount of 1,948.73 billion yuan, led by Jinghua Micro, which surged by 20.01% [1] - Textile and Apparel: Increased by 0.83% with a transaction amount of 123.97 billion yuan, led by Jinhong Group, which rose by 10.05% [1] - The worst-performing industries included: - Steel: Decreased by 1.21% with a transaction amount of 95.09 billion yuan, led by Xining Special Steel, which fell by 9.11% [2] - Communication: Decreased by 0.81% with a transaction amount of 598.20 billion yuan, led by Dingtong Technology, which declined by 4.01% [2] - Electric Power Equipment: Decreased by 0.62% with a transaction amount of 775.72 billion yuan, led by Great Wall Electric, which fell by 5.74% [2] Summary of Key Stocks - Lafang Jiahua in the Beauty and Personal Care sector showed significant growth with a 9.98% increase [1] - Jinghua Micro in the Electronics sector demonstrated strong performance with a 20.01% increase [1] - Xining Special Steel in the Steel sector faced a notable decline with a 9.11% decrease [2]

Market Overview - The market experienced fluctuations with mixed performance among the three major indices. The Shanghai Composite Index rose by 0.12% to 3638.40, while the Shenzhen Component Index fell by 0.13% to 11163.36, and the ChiNext Index decreased by 0.52% to 2346.59 [1][2] - The total trading volume in the Shanghai and Shenzhen markets reached 1.19 trillion yuan, an increase of 130.7 billion yuan compared to the previous trading day [1][5] Sector Performance - Chip stocks showed strong performance, with over ten stocks, including Fuman Micro, hitting the daily limit [2] - Medical device stocks also performed well, with companies like Lide Man reaching the daily limit [2] - The IP economy sector rebounded, with Jin Hong Group hitting the daily limit [2] - Conversely, innovative drug stocks faced adjustments, with Qianhong Pharmaceutical hitting the daily limit down [2][3] Market Sentiment - The overall market sentiment was mixed, with over 3100 stocks declining, while 2276 stocks increased and 225 remained unchanged [4] - The market heat index was recorded at 38, indicating a moderate level of activity [5] - The predicted trading volume for the day was estimated at 1.94 trillion yuan, an increase of 207 billion yuan [5]

（文章来源：每日经济新闻） 天风证券8月5日发布研报称，给予锦泓集团（603518.SH，最新价：9.83元）增持评级。评级理由主要 包括：1）公司发布员工持股计划（草案）；2）IP内容矩阵丰富，业绩增长新动能；3）云锦具备核心 稀缺IP独占性，商业化潜力可期。风险提示：行业竞争加剧；财务风险；加盟渠道拓展不及预期；员工 持股计划（草案）能否实施具有不确定性。 ...

Investment Rating - The investment rating for the company is "Accumulate" with a target price not specified [6] Core Viewpoints - The company is implementing an employee stock ownership plan aimed at enhancing the alignment of interests between employees and shareholders, improving corporate governance, and boosting employee morale and creativity for sustainable growth [1] - The company is actively developing its IP assets, particularly the "Little Bear Family" cartoon character, to cater to the aesthetic trends of younger consumers, resulting in significant revenue growth in related product categories, especially home textiles, which saw a 236% year-on-year increase in revenue [2] - The company possesses a unique and scarce cultural IP, "Yunjin," which has been integrated into modern product systems, creating a competitive advantage that is difficult for rivals to replicate [3] - The company maintains its profit forecast, expecting revenues of 4.6 billion, 4.9 billion, and 5.2 billion yuan for 2025-2027, with net profits of 360 million, 430 million, and 500 million yuan respectively [4] Financial Data Summary - The company’s total share capital is 346.20 million shares, with a total market capitalization of approximately 3.4 billion yuan [7] - The earnings per share (EPS) are projected to be 1.03 yuan, 1.24 yuan, and 1.44 yuan for the years 2025, 2026, and 2027 respectively [4][11] - The company’s revenue for 2023 is reported at approximately 4.54 billion yuan, with a projected growth rate of 16.55% [11][13] - The company’s gross margin is expected to remain stable, with a forecasted gross margin of 69.50% for 2025 [14]

Core Viewpoint - The development of recycled polyester staple fiber is rapidly advancing due to increasing global resource shortages and environmental issues, with a projected production increase in China from 2020 to 2024, reaching 4.21 million tons in 2024, a year-on-year growth of 5.8% [1][14]. Industry Overview - Recycled polyester staple fiber is produced from waste polyester bottle flakes and spinning waste through physical or chemical regeneration processes, with lengths typically ranging from 32 to 102 mm and various specifications [3]. - The fiber is widely used in furniture, toys, bedding, and clothing industries due to its low cost and good performance [3]. Industry Policies - The Chinese government has implemented several policies to promote the development of recycled polyester staple fiber, including encouraging textile companies to prioritize the use of green fiber materials and enhancing the standards and certification systems for green products [5][7]. - Specific policies include the 2022 implementation opinions on accelerating the recycling of waste textiles and the 2024 notice on promoting high-quality recycling of waste textiles and bottle flakes [5][7]. Industry Chain - The upstream of the recycled polyester staple fiber industry includes raw materials such as polyester fabrics, waste polyester bottle flakes, and spinning waste, which directly affect production costs and profitability [8]. - The downstream applications primarily include clothing, home textiles, and industrial textiles, with clothing being the largest demand market [8]. Market Demand - China's waste textile recycling volume is projected to grow from 4 million tons in 2019 to 5.15 million tons in 2024, indicating a significant potential for recycled polyester staple fiber as a key application area [10]. - The textile industry in China is expected to achieve a revenue of 48,353.66 billion yuan in 2024, a year-on-year increase of 3.87%, further driving the demand for recycled fibers [12]. Competitive Landscape - Key players in the recycled polyester staple fiber industry include Yangzhou Tianfu Long Group, Youcai Environmental Resources Technology, and Fujian Minrui New Fiber, which possess large production scales and advanced technologies [16][17][19]. - Smaller enterprises are also emerging, offering high-quality and innovative products that appeal to consumers [16]. Development Trends - The demand for recycled polyester staple fiber is expected to continue growing due to stricter global environmental policies and increasing consumer awareness of sustainability [23]. - Differentiated products, such as recycled colored polyester staple fiber, are anticipated to see significant growth due to their low carbon emissions and cost advantages [24]. - Quality improvements and technological innovations will enhance the competitiveness of recycled polyester staple fiber, with a focus on resource efficiency and reduced environmental impact [26].