Core Viewpoint - The company has been operating in Vietnam for over a decade, with its cotton socks, seamless products, and auxiliary materials factories performing well in terms of capacity construction, production management, and operational efficiency [1] Investment and Expansion Plans - To meet future customer order demands and enhance production scale, the company plans to invest in a project in the Quang Tri Industrial Park, aiming for an annual production capacity of 60 million pairs of mid-to-high-end cotton socks and 30 million pieces of clothing [1] - The total investment for the project is 180 million yuan (including 25.18 million USD), with fixed asset investment around 150 million yuan (including 20.98 million USD) and working capital of 30 million yuan (including 4.2 million USD) [1] - The funding for this project will be provided by the company's subsidiary, Jian Sheng Vietnam Textile Dyeing Co., Ltd. [1] Production Capacity and Market Competitiveness - The existing production capacity in Vietnam is expected to gradually reach saturation with the commencement of the Quang Tri Phase II project and the project in Nam Dinh Province [1] - The investment aims to leverage the advantages of the Vietnamese factories in international trade, customer import tariffs, and environmentally friendly dyeing processes to enhance the company's competitiveness in the international market [1]

Core Viewpoint - The company plans to invest in a project in Vietnam to produce 60 million pairs of mid-to-high-end cotton socks and 30 million pieces of clothing, with a total investment of 180 million yuan (including 25.18 million USD) [1] Investment Details - The total investment includes approximately 150 million yuan (including 20.98 million USD) for fixed assets and 30 million yuan (including 4.2 million USD) for working capital [1] - The funding for the project will be provided by the company's subsidiary, Jian Sheng Vietnam Textile Printing and Dyeing Co., Ltd [1] Project Timeline and Financial Projections - The construction period for the project is set for two years, with an expected completion date of March 31, 2026 [1] - Once operational, the project is projected to generate an annual profit of 77.11 million yuan, with a net profit after tax of 61.688 million yuan [1] Approval Process - The investment plan has been approved by the board of directors and is pending approval from the shareholders' meeting [1]

Core Viewpoint - The company has been operating in Vietnam for over a decade, with its cotton socks, seamless products, and auxiliary materials factories performing well in terms of capacity construction, production management, and operational efficiency [1] Investment and Expansion Plans - To meet future customer order demands and enhance production scale, the company plans to invest in a project in the Quang Hoa Industrial Park, Vietnam, which will produce 60 million pairs of mid-to-high-end cotton socks and 30 million pieces of clothing annually [1] - The total investment for the project is 180 million yuan (approximately 25.18 million USD), with fixed asset investment around 150 million yuan (approximately 20.98 million USD) and working capital of 30 million yuan (approximately 4.20 million USD) [1] - The funding for this project will be provided by the company's subsidiary, Jian Sheng Vietnam Textile Printing and Dyeing Co., Ltd. [1] Production Capacity and Market Competitiveness - The existing production capacity in Vietnam is expected to gradually reach saturation with the commencement of the Quang Hoa Phase II project and the project in Nam Dinh Province [1] - The investment aims to leverage the advantages of the Vietnamese factories in international trade, customer import tariffs, and environmentally friendly dyeing processes to enhance the company's competitiveness in the international market [1]

Group 1 - On September 17, seven listed companies repurchased their own shares [1] - Wanfu Biology had the highest repurchase amount of 166 million yuan, buying back 13.34 million shares [1] - Jian Sheng Group repurchased shares worth 29.91 million yuan, totaling 3.05 million shares [1] - Zhongbai Group repurchased shares amounting to 22.73 million yuan, with a total of 7.4 million shares bought back [1]

Investment Rating - The investment rating for the textile and apparel industry is "Outperform the Market" [2] Core Insights - The textile manufacturing sector shows growth while the apparel and home textile sectors face performance pressure. In the first half of 2025, textile manufacturing and apparel/home textile revenues grew by 7.8% and declined by 6.4% year-on-year, respectively. The gross margin for textile manufacturing remained stable at 19.4%, with a net margin increase of 2.2% to 8.5%. In contrast, the apparel/home textile sector saw a slight gross margin increase of 0.1% to 46.1%, but a net margin decline of 1.1% to 8.5% [3][12][15] Summary by Sections 1. Sector Summary: Textile Manufacturing Growth, Apparel/Home Textile Performance Pressure - In the first half of 2025, textile manufacturing revenue increased by 7.8% while apparel/home textile revenue decreased by 6.4%. The gross margin for textile manufacturing was 19.4%, and the net margin improved to 8.5%. The apparel/home textile sector's gross margin was 46.1%, with a net margin of 8.5% [3][12][15] 2. Sports Apparel: Industry Maintains Growth, Brand Differentiation - Sports brands continued to see revenue growth around 10%, while non-sports apparel brands mostly experienced revenue declines. The online channel outperformed offline, with some brands maintaining growth in direct sales [3][5] 3. Casual Home Textiles: Demand Under Pressure, Online Channels and New Business Models Leading Growth - The casual home textile sector continues to face demand pressure, but online channels and new business models are driving some growth [3][5] 4. Contract Manufacturing: Revenue Steady Amid Tariff Policy Impact, Profitability Stable - The textile manufacturing sector maintained steady revenue growth despite tariff policy disruptions. Major contract manufacturers like Huayi and Shenzhou reported full orders, with revenue growth exceeding 10% [3][5][20] 5. Textile Materials: Tariff Policy Affects Client Order Caution, Profitability Varies - The textile materials sector is experiencing varied profitability due to cautious ordering from clients influenced by tariff policies [3][5] 6. Q3 Report Outlook: Brand Trends Stabilizing, Manufacturing Order and Shipment Improvement - The apparel/home textile sector is expected to see improved revenue growth in Q3 compared to Q2, while the textile manufacturing sector anticipates better order and shipment performance following tariff policy stabilization [3][5] 7. Investment Recommendations - Focus on fundamentally sound, undervalued leaders in the market. For sports apparel, brands like Anta Sports, Xtep International, Li Ning, and 361 Degrees are recommended. In textile manufacturing, companies like Shenzhou International and Huayi Group are highlighted for their resilience and potential for profit improvement [5][6]

（文章来源：证券日报） 证券日报网讯 9月16日晚间，健盛集团发布公告称，2025年9月15日，公司完成了本次回购，公司实际 回购股份10，545，100股，占公司总股本的2.99%。 ...

Core Viewpoint - Jian Sheng Group (603558.SH) has announced the relocation and asset management plan for its subsidiary, Jiangshan Knitting Co., Ltd., focusing on core business development and effective asset revitalization [1] Group 1 - The company has approved the transfer of land use rights and related assets located at No. 55-7, Shili Pai, He Village, Jiangshan City, Zhejiang Province, to Jiangshan Shanhai Construction Investment Co., Ltd. [1] - The agreed compensation amount for the asset transfer is 258,986,858.93 RMB [1] - The company plans to sign a compensation agreement for the acquisition of state-owned land and has authorized its management to handle the related matters according to relevant regulations [1]

Core Viewpoint - The company, Jian Sheng Group, has completed a share buyback program, indicating a strategic move to enhance shareholder value and confidence in its stock performance [1] Summary by Categories Share Buyback Details - The company repurchased a total of 10.5451 million shares, which represents 2.99% of its total share capital [1] - The highest price paid for the shares was 9.98 yuan per share, while the lowest price was 8.78 yuan per share, with an average repurchase price of 9.48 yuan per share [1] - The total amount of funds used for the buyback was 100 million yuan [1]

Core Viewpoint - The company, Jian Sheng Group, has completed a share buyback program, indicating a strategic move to enhance shareholder value and confidence in its stock performance [1] Summary by Relevant Categories Share Buyback Details - The company repurchased a total of 10.5451 million shares, which represents 2.99% of its total share capital [1] - The highest price paid for the shares was 9.98 yuan per share, while the lowest price was 8.78 yuan per share, with an average repurchase price of 9.48 yuan per share [1] - The total amount of funds used for the buyback was 100 million yuan [1]

Core Viewpoint - Jian Sheng Group (603558.SH) has announced the decision to transfer certain land use rights and assets to promote the organic renewal and enhancement of the Jianghe Economic Corridor, focusing on core business development and effective asset revitalization [1] Group 1 - The company’s wholly-owned subsidiary, Zhejiang Jian Sheng Group Jiangshan Knitting Co., Ltd. (referred to as "Jiangshan Knitting"), will transfer its land use rights and related assets located at No. 55-7, Shili Pai, He Village, Jiangshan City, Quzhou, Zhejiang Province [1] - The transfer of the assets is based on an asset evaluation result, with the agreed compensation amount for the transfer set at 258,986,858.93 yuan (approximately 258.99 million yuan) [1] - The company plans to sign a compensation agreement for the acquisition of state-owned land and buildings as part of the Jianghe Economic Corridor project and has authorized its management to handle the related matters according to relevant regulations [1]