证券简称：健盛集团 证券代码：603558 上海荣正企业咨询服务（集团）股份有限公司 关于 浙江健盛集团股份有限公司 2025年度员工持股计划（草案） 之 独立财务顾问报告 2025 年 4 月 | | | | 一、释义 3 | | --- | | 二、声明 4 | | 三、基本假设 5 | | 四、独立财务顾问对本员工持股计划的核查意见 6 | | （一）对本员工持股计划是否符合政策法规规定的核查意见 6 | | （二）对公司实施本员工持股计划可行性的核查意见 8 | | （三）实施本员工持股计划对公司持续经营能力、是否存在损害上市公司及 | | 全体股东利益的情形的核查意见 9 | | （四）其他应当说明的事项 10 | | 五、备查文件及咨询方式 11 | | （一）备查文件 11 | | （二）咨询方式 11 | 一、释义 本独立财务顾问报告中，除非文义另有所指，下列简称特指如下含义： | 简称 | | 释义 | | --- | --- | --- | | 健盛集团、公司 | 指 | 浙江健盛集团股份有限公司（含全资子公司、控股子公 | | | | 司及分公司） | | 本计划、本员工持股计划、员 工 ...

浙江健盛集团股份有限公司 关于召开 2025 年第二次临时股东大会的通知 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： 证券代码：603558 证券简称：健盛集团 公告编号：2025-034 一、 召开会议的基本情况 召开的日期时间：2025 年 4 月 23 日 14 点 00 分 召开地点：浙江杭州萧山经济技术开发区金一路 111 号，浙江健盛集团股份 股东大会召开日期：2025年4月23日 本次股东大会采用的网络投票系统：上海证券交易所股东大会网络投票 系统 (一) 股东大会类型和届次 2025 年第二次临时股东大会 (二) 股东大会召集人：董事会 (三) 投票方式：本次股东大会所采用的表决方式是现场投票和网络投票相结 合的方式 (四) 现场会议召开的日期、时间和地点 有限公司六楼会议室 (五) 网络投票的系统、起止日期和投票时间。 网络投票系统：上海证券交易所股东大会网络投票系统 网络投票起止时间：自 2025 年 4 月 23 日 至 2025 年 4 月 23 日 采用上海证券交易所网络投票系统， ...

第六届监事会第十四次会议决议公告 本公司监事会及全体监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、监事会议召开情况 证券代码：603558 证券简称：健盛集团 公告编号：2025-032 浙江健盛集团股份有限公司 浙江健盛集团股份有限公司（以下简称"公司"）于 2025 年 3 月 31 日，以 邮件方式向全体监事发出召开第六届监事会第十四次会议的通知。会议于 2025 年 4 月 7 日在公司六楼会议室以现场结合通讯表决方式召开。本次监事会会议应 出席监事 3 名，实际出席监事 3 名,会议的召集和召开符合《中华人民共和国公 司法》和《公司章程》的规定。 会议由监事会主席王希良先生主持，全体监事以记名投票表决方式，审议 通过了以下议案。 二、监事会会议审议情况 （一）审议《关于<浙江健盛集团股份有限公司 2025 年度员工持股计划（草 案）>及其摘要的议案》 表决结果：3 票同意、0 票反对、0 票弃权 公司董事会编制了《浙江健盛集团股份有限公司 2025 年度员工持股计划（草 案）》及其摘要，监事会在认真审阅之后认为： 1、《浙 ...

浙江健盛集团股份有限公司监事会 关于公司 2025年度员工持股计划的审核意见 浙江健盛集团股份有限公司(以下简称"公司")监事会根据《公司法》、《证 券法》、《关于上市公司实施员工持股计划试点的指导意见》(以下简称"指导意 见")等法律、法规的相关规定,认真审阅了《浙江健盛集团股份有限公司 2025 年度员工持股计划(草案)》及其摘要等相关资料,经公司全体监事充分讨论,就 公司 2025 年度员工持股计划相关事项发表如下意见: 一、公司不存在《指导意见》等法律、法规、规范性文件规定的禁止实施员 工持股计划的情形。 浙江健 (以下无正文，为监事会关于公司 2025 年度员工持股计划的审核意见之签章页) 监事签名: 王希良: 20 12 美丽丽: 1920 200 陈冲: 浙江健盛集团股份有限 202 ter size and t and the 二、《公司 2025年度员工持股计划(草案)》的内容符合《指导意见》等法律、 法规、规范性文件的规定,不存在损害公司及全体股东利益的情形,亦不存在摊 派、强行分配等方式强制员工参与的情形。 三、本次员工持股计划由公司自主决定,员工自愿参与,公司审议本次员工 持股计划相关 ...

（三）本次会议于 2025 年 4 月 7 日在公司六楼会议室以现场结合通讯表决 的方式召开。 （四）本次会议应出席董事 7 人，实际出席董事 7 人（其中独立董事 3 人）。 证券代码：603558 证券简称：健盛集团 公告编号：2025-031 浙江健盛集团股份有限公司 第六届董事会第十五次会议决议公告 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 （一）浙江健盛集团股份有限公司（以下简称"公司"）第六届董事会第十 五次会议的召开符合《公司法》《公司章程》及有关法律、法规、规范性文件的 规定，会议合法有效。 （二）本次会议通知于 2025 年 3 月 31 日以邮件方式通知全体董事、监事、 高级管理人员。 （五）本次会议由董事长张茂义先生召集并主持，公司监事和高级管理人员 列席了会议。 二、董事会会议审议情况 （一）审议通过《关于<浙江健盛集团股份有限公司 2025 年度员工持股计 划（草案）>及其摘要的议案》 表决结果：7 票同意、0 票反对、0 票弃权 《浙江健盛集团股份有限公司 202 ...

Investment Rating - The industry investment rating is "Positive" and maintained [8] Core Insights - The brand sector shows steady recovery in Q1 under consumer promotion policies, with most companies achieving positive growth, outperforming expectations. The performance varies across sub-sectors, with mid-to-high-end menswear showing strong growth, sports retail maintaining steady growth, and mass brands also experiencing a rebound. Profitability varies due to differentiated cost control and operational leverage [2][4][16] - The manufacturing sector faces short-term pressure as downstream inventory has reached healthy levels, but demand from major export countries is weakening. In Q1, demand from the US and Japan shows marginal weakening. Most brands and retailers have returned to healthy inventory levels, but weak overseas demand is expected to limit replenishment momentum, affecting order elasticity in the related supply chain [2][4][17] Summary by Relevant Sections Brand Sector - Q1 retail sales of clothing and textiles increased by 3.3% year-on-year, with a month-on-month increase of 3.6 percentage points [20] - Mid-to-high-end menswear brands are leading in retail growth, while the sports sector continues to show steady growth. Mass apparel brands are also experiencing a recovery [20][27] Manufacturing Sector - The manufacturing sector is under short-term pressure due to weak demand from major export markets and healthy inventory levels. The overall order placement is cautious, with expectations of further pressure from tariff forecasts [4][28] Key Company Performance - **Wanjian Medical**: Expected Q1 revenue growth of 30%-40%, driven by non-woven products and strong brand power in sanitary napkins [5][40] - **Zhejiang Natural**: Anticipated Q1 revenue growth of 25%-35%, with net profit expected to increase by 50%-100% [5][40] - **Weixing Co.**: Expected Q1 revenue growth of 10%-15% and double-digit net profit growth [5][40] - **Anta Sports**: Expected Q1 revenue growth in the high single digits, with FILA brand showing mid-to-low single-digit growth [6][20] - **361 Degrees**: Anticipated Q1 revenue growth of 10%-15% for adult apparel and around 15% for children's clothing, with e-commerce growth of about 20% [6][20] Inventory and Demand Trends - The inventory levels of most brands and retailers have returned to a healthy state, with the wholesale inventory destocking nearing completion. However, weak overseas demand is expected to limit replenishment momentum [4][28]

【投资要点】 无缝毛利率修复明显，所得税率大幅提升拖累全年净利率。2024 年公司实现毛利率/归母净利率/扣非归 母净利率28.79%/12.63%/12.48%，分别同比+2.82/+0.77/+0.99pct。毛利率提升明显主要系无缝毛利率修 复明显，24 年棉袜/无缝毛利率分别同比+0.6/+9.0pcts。公司全年费用率相对稳定，2024 年公司销售/管 理/研发/财务费用率分别同比-0.07/+0.4/-0.41/-0.28pct。但公司所得税率同比提升12.59pcts至14.73%，拖 累净利率。23 年的所得税率较低，主要因为23H1 对母公司的未弥补亏损确认了经营所得税资产，冲减 了所得税费用。24 年越南的印染和越南清化的两家公司实现盈利并开始缴税，导致税率上升。预计未 来所得税率将维持现有水平。 公司整体营运表现稳定，存货周转天数小幅降低。2024 年公司应收账款账面价值/ 存货账面价值/ 应付 账款账面价值分别同比+19.09%/+30.24%/+56.51%；应收账款周转天数（含应收票据）/存货周转天数/ 应付账款周转天数（含应付票据）分别同比+2/-6/-3 天。 【投资建议】 公 ...

Core Viewpoint - The recent measures to restore and expand sports consumption have boosted market confidence, positively impacting sports consumption and gradually promoting the recovery of the sports industry [1] Group 1: Financial Performance - The company reported a sales revenue of 2.574 billion yuan, representing a year-on-year increase of 12.81% [1] - The net profit reached 325 million yuan, with a year-on-year growth of 20.15% [1] - The overseas market accounts for a significant portion of the company's revenue [1] Group 2: Market Trends and Opportunities - Certain segments of the domestic market, such as home textiles and outdoor functional apparel, are benefiting from policy support and showing strong recovery potential [1] - The overall quality of industry operations and market confidence is expected to continue improving [1] - The textile export sector is demonstrating resilience amid challenges, with expectations for Chinese textile and apparel companies to maintain a significant global presence by 2025 through optimized overseas capacity and technological innovation [1] Group 3: Strategic Initiatives - The company plans to enhance internal capabilities by utilizing idle production capacity and optimizing product structure to meet market demands [2] - The company has made a financial investment in Hangzhou Chip聚 Semiconductor Co., Ltd., aiming to leverage growth opportunities in the technology innovation sector [3] - This investment is part of a dual-layer strategic framework to ensure stable core business development while allowing for strategic flexibility for future transformation [3]

Investment Rating - The report maintains a "Buy" rating for the company with a target price not specified [5] Core Views - The company is expected to experience a seamless business transition in 2025, with a focus on improving operational efficiency and profitability through various strategic initiatives [2][3] - The company's revenue for 2024 is projected to be 2.6 billion, representing a 13% increase, while the net profit is expected to reach 330 million, a 20% increase [1][4] - The report highlights the strong demand for cotton socks and the potential recovery of the seamless apparel segment, driven by improved orders and overseas production capacity [3] Financial Performance Summary - For Q4 2024, the company reported revenue of 650 million, a 4% year-on-year increase, and a net profit of 60 million, a 12% decrease [1] - The revenue breakdown for 2024 includes 300 million from knitted casual cotton socks (4% increase), 1.6 billion from knitted sports cotton socks (19% increase), and 600 million from seamless sports apparel (17% increase) [1] - The company anticipates EPS of 1.06, 1.20, and 1.39 for 2025-2027, with corresponding P/E ratios of 10, 9, and 7 [3][4] Strategic Focus Areas - The company plans to enhance its management system, focusing on operational efficiency and cost control to achieve new profit breakthroughs [2] - There is a commitment to expanding the sales team to capture new customers and increase market share, particularly in the seamless apparel segment [2] - The production team will concentrate on improving efficiency and quality control to ensure product competitiveness [2]

Investment Rating - The investment rating for the company is "Outperform the Market" [2] Core Views - The company achieved a revenue of 2.574 billion yuan in 2024, representing a year-on-year growth of 12.81%, with a net profit attributable to the parent company of 325 million yuan, up 20.15% year-on-year [7] - The company plans to distribute a dividend of 3.0 yuan per 10 shares (including tax), totaling 106 million yuan, which accounts for 55% of the 2024 net profit, resulting in a dividend yield of 4.8% [7] - The cotton socks business is expected to continue stable growth, with a revenue of 1.84 billion yuan in 2024, a year-on-year increase of 16.0% [7] - The seamless business has recovered, with a revenue of 661 million yuan in 2024, a year-on-year growth of 5.6% [7] - The company aims to strengthen team building and implement incentive mechanisms to enhance employee engagement and performance [7] - The estimated revenue for 2025-2027 is projected to be 2.854 billion, 3.321 billion, and 3.838 billion yuan respectively, with net profits of 382 million, 443 million, and 515 million yuan [7] Financial Data and Forecast - The company's revenue for 2023 was 2.281 billion yuan, with a projected growth of 12.8% in 2024 [6] - The net profit for 2023 was 270 million yuan, with a forecasted increase of 20.2% in 2024 [6] - The gross margin for 2024 is expected to be 28.8%, an increase of 2.82 percentage points year-on-year [7] - The diluted EPS for 2024 is projected to be 0.92 yuan [6] - The return on equity is expected to rise to 13.0% in 2024 [6]