Group 1 - The company Zhejiang Jiansheng Group Co., Ltd. will hold a half-year performance briefing on August 25, 2025, from 15:00 to 16:00 [1][2] - The briefing will be conducted in an interactive online format via the Shanghai Stock Exchange Roadshow Center [2][3] - Key personnel attending the briefing include the Chairman and President Mr. Zhang Maoyi, Secretary of the Board and Vice President Mr. Zhang Wangwang, and Financial Officer Ms. Chen Yan [2] Group 2 - Investors can submit questions for the briefing from August 19, 2025, to August 22, 2025, through the Shanghai Stock Exchange Roadshow Center or via the company's email [2][3] - After the briefing, investors can access the main content and details of the event on the Shanghai Stock Exchange Roadshow Center [3]

重要内容提示： https://roadshow.sseinfo.com/） 会议召开方式：上证路演中心网络互动 投资者可于 2025 年 08 月 19 日 （星期二） 至 08 月 22 日 （星期五）16:00 前登录上证路演中心网站首页点击"提问预征集"栏目或通过公司邮箱 jasan@jasangroup.com.cn 进行提问。公司将在说明会上对投资者普遍关注的问 题进行回答。 浙江健盛集团股份有限公司（以下简称"公司"）已于 2025 年 8 月 8 日发布 公司 2025 年半年度报告，为便于广大投资者更全面深入地了解公司 2025 年半年 度经营成果、财务状况，公司计划于 2025 年 08 月 25 日（星期一）15:00-16:00 举行 2025 年半年度业绩说明会，就投资者关心的问题进行交流。 一、 说明会类型 证券代码：603558 证券简称：健盛集团 公告编号：2025-069 浙江健盛集团股份有限公司 关于召开 2025 年半年度业绩说明会的公告 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法律责任。 （ ...

Investment Rating - The investment rating for the company is "Buy" with a target price not specified [4]. Core Viewpoints - The company aims to stabilize sales amidst global consumption fatigue and complex U.S. trade policies by adjusting orders between production bases to maintain a competitive edge of "high quality, low cost, and short delivery time" [2]. - The company is focusing on cost reduction and efficiency improvement by solidifying basic management practices and enhancing control over subsidiaries through internal audits and information processes [2]. - The company is accelerating its information and intelligent construction, particularly through the Jiangshan Industrial Park smart factory project, which aims to create a highly efficient and intelligent manufacturing environment [2]. - The company is committed to maintaining a "fighting" spirit and a "practical" approach, focusing on core business areas and optimizing global production layouts for deeper integration of the industrial chain [2]. Financial Performance Summary - In Q2 2025, the company reported a revenue of 611 million, a decrease of 1.52% year-on-year, and a net profit attributable to shareholders of 82 million, down 2.23% year-on-year [1]. - For the first half of 2025, the company achieved a revenue of 1.171 billion, an increase of 0.19% year-on-year, while the net profit attributable to shareholders decreased by 14.46% to 142 million [1]. - The company plans to distribute a cash dividend of 0.25 yuan per share (including tax) based on a total share capital of 353,183,149 shares, excluding treasury shares [1]. Adjusted Profit Forecast - The profit forecast for 2025-2027 has been adjusted, with expected revenues of 2.8 billion, 3.0 billion, and 3.3 billion respectively, and net profits of 340 million, 380 million, and 420 million respectively [3]. - The corresponding price-to-earnings ratios are projected to be 10x, 9x, and 8x for the respective years [3].

Core Viewpoint - Dongwu Securities report indicates that Jian Sheng Group's Q2 net profit decline has narrowed sequentially, and the cotton sock business is expected to improve in the second half of the year [1] Group 1: Financial Performance - The company has maintained its existing customer base while actively seeking new clients [1] - The decline in profit is primarily due to increased costs and related expenses from early capacity and personnel reserves in anticipation of expected growth [1] - The interim dividend is set at 0.25 CNY per share, with a payout ratio of 61% [1] Group 2: Future Outlook - For the second half of the year, core customer Uniqlo's orders are expected to be released in a concentrated manner [1] - The company has successfully developed new clients such as Brooks, NB, Aritzia, and UA, and is in the development phase with brands like Lululemon, UGG, and HOKA [1] - Orders in the second half are anticipated to improve sequentially [1] Group 3: Management Confidence - The company continues to offer high dividends and buy back shares, with management increasing their holdings, reflecting confidence in future development [1] - The new client development in the cotton sock business and the clear trend of order recovery in the second half are noted [1] - The forecasted net profit attributable to shareholders for 2025-2027 is expected to be 312 million, 354 million, and 403 million CNY, respectively, with corresponding PE ratios of 11, 10, and 9 times [1]

Investment Rating - The report maintains a "Buy" rating for the company [2][6]. Core Views - In the short term, the cotton sock business is expected to see better orders in H2 2025 compared to H1 due to changes in customer ordering patterns. The seamless segment is anticipated to improve further with increased production capacity in Vietnam and new customer acquisitions. Long-term prospects remain positive with a focus on key customers, strong R&D, and cost reduction efforts, leading to stable growth in cotton socks and potential for the seamless segment to become a growth driver [2][5][6]. - The company is projected to achieve net profits of 300 million, 330 million, and 370 million yuan for 2025, 2026, and 2027 respectively, reflecting a year-on-year change of -6%, +7%, and +13%. The corresponding price-to-earnings ratios are expected to be 11, 11, and 9 times, with a dividend yield of 5.3% based on a 60% payout ratio [2][6]. Summary by Sections Financial Performance - For H1 2025, the company reported revenues of 1.17 billion yuan, a year-on-year increase of 0.2%. However, the net profit attributable to the parent company decreased by 14.5% to 142 million yuan. In Q2 alone, revenues were 610 million yuan, with a net profit of 82 million yuan, reflecting a decline of 1.5% and 2.2% year-on-year respectively. The dividend payout ratio for H1 reached 61% [4][5]. Business Segments - **Cotton Socks**: Revenue is expected to remain stable, with profit margins anticipated to improve sequentially. The demand is steady, but the timing of orders from key customers has impacted revenue growth. H2 is expected to see better performance due to the peak ordering season and improved order certainty from some customers [5][6]. - **Seamless Segment**: Revenue is projected to grow steadily, supported by effective management and high-priced product shipments. The profitability is expected to improve as the Vietnamese production base stabilizes and customer structure optimizes [5][6].

Macro Strategy - The report highlights that government bonds support the improvement of social financing, while an active stock market boosts M2 growth, downplaying the negative growth in monthly loans [1][16] - In July 2025, new social financing reached 1.16 trillion yuan, an increase of 389.3 billion yuan year-on-year, with government bond financing being a major contributor [16][17] - The M2 growth rate increased by 0.5 percentage points to 8.8% in July 2025, driven by an active stock market and improved fiscal spending [16][17] Fixed Income Analysis - The report discusses the comparative value of non-ETF component bonds in the sci-tech bond market, suggesting a shift towards these bonds for better liquidity and potential inclusion in ETF [1][18] - The analysis indicates that the credit spreads of non-ETF component bonds are generally higher than those of ETF component bonds, suggesting a larger selection of bonds with compression potential [1][19] - The report emphasizes the importance of monitoring the performance of sci-tech bonds in the context of market fluctuations and the potential for future inclusion in ETFs [1][19] Industry Insights - The "anti-involution" policy is compared to the supply-side reform, indicating a shift in focus towards new industries such as renewable energy, semiconductors, and high-end equipment [2][22] - The report notes that the current economic environment shows signs of structural and institutional overcapacity, particularly in emerging industries like photovoltaics and lithium batteries [2][22] - The analysis suggests that the "anti-involution" policy aims to enhance quality development rather than merely reducing capacity, with a focus on market-driven measures [2][22] Company Recommendations - Jinlang Technology is projected to benefit from increased demand in Europe and Asia, with a forecasted net profit growth of 68% in 2025 [8] - Upme Holdings is expected to achieve significant profit growth through its multi-brand strategy, with a projected net profit increase of 42.3% in 2025 [9] - Nasda is recognized as a leading domestic printer manufacturer, with a focus on enhancing competitiveness through R&D investments [10]

Core Viewpoint - On August 14, 2023, brokerage firms provided target prices for listed companies, with notable increases in target prices for companies such as Haishike, Wancheng Group, and Weixing New Materials, indicating strong potential in the chemical pharmaceuticals, leisure food, and decoration materials industries [1][2]. Target Price Increases - The companies with the highest target price increases were: - Haishike with a target price increase of 48.00% [2] - Wancheng Group with a target price increase of 41.16% [2] - Weixing New Materials with a target price increase of 38.89% [2] - Other notable companies included: - China Unicom with a target price increase of 31.97% [2] - Kweichow Moutai with a target price increase of 31.81% [2] Brokerage Recommendations - A total of 52 listed companies received brokerage recommendations on August 14, with Weixing New Materials receiving the highest number of recommendations at 5 [3]. - Satellite Chemical received 3 recommendations, while Wanhua Chemical also received 3 [3]. Rating Adjustments - Two companies had their ratings raised: - Shuanghui Development's rating was upgraded from "Hold" to "Buy" by Kaiyuan Securities [4] - United Imaging Healthcare's rating was upgraded from "Hold" to "Buy" by Cinda Securities [4] Rating Downgrades - Two companies had their ratings lowered: - Jian Sheng Group's rating was downgraded from "Buy" to "Hold" by Dongwu Securities [5] - Aisheng Co.'s rating was downgraded from "Buy" to "Hold" by Zhongtai Securities [5] First-Time Coverage - On August 14, 10 companies received first-time coverage from brokerages, including: - Baoneng New Energy with a "Buy" rating from Huatai Securities [6] - Beiqi Blue Valley with an "Increase" rating from Western Securities [6] - Jian Sheng Group with an "Increase" rating from Dongwu Securities [6] - Emei Mountain A with a "Buy" rating from Huaxin Securities [6] - Jingxin Pharmaceutical with a "Recommended" rating from Huachuang Securities [6]

Group 1 - The core viewpoint of the articles highlights the target price adjustments and recommendations made by brokerages for various listed companies on August 14, with notable increases in target prices for companies in the chemical pharmaceutical, leisure food, and decoration materials industries [1] Group 2 - On August 14, the companies with the highest target price increases were Haishike (48.00%), Wancheng Group (41.16%), and Weixing New Materials (38.89%) [1] - A total of 52 listed companies received brokerage recommendations on August 14, with Weixing New Materials receiving 5 recommendations, Satellite Chemical receiving 3, and Wanhua Chemical also receiving 3 [1] Group 3 - Two companies had their ratings upgraded on August 14, including Dongfang Securities upgrading Shuanghui Development from "Hold" to "Buy" and Xinda Securities upgrading United Imaging Healthcare from "Hold" to "Buy" [1] - Two companies had their ratings downgraded on August 14, with Dongwu Securities downgrading Jiansheng Group from "Buy" to "Hold" and Zhongtai Securities downgrading Aisxu Co. from "Buy" to "Hold" [1] Group 4 - On August 14, brokerages provided 10 instances of initial coverage, with notable ratings including Baoneng New Energy receiving a "Buy" rating from Huatai Securities, Beiqi Blue Valley receiving an "Accumulate" rating from Western Securities, and Jiansheng Group receiving an "Accumulate" rating from Dongwu Securities [1]

Investment Rating - The report assigns an "Accumulate" rating for the company, marking the first coverage of the stock [6]. Core Views - The company has shown a narrowing decline in net profit in Q2 compared to Q1, with expectations for improvement in the cotton sock business in the second half of the year [6]. - The company is actively expanding its customer base while maintaining existing clients amidst global consumption challenges and fluctuating trade policies [6]. - The management's confidence is reflected in high dividend payouts and share buybacks, indicating a positive outlook for future performance [6]. Financial Performance Summary - For the first half of 2025, the company reported total revenue of 1.171 billion yuan, a year-on-year increase of 0.19%, while net profit was 142 million yuan, down 14.46% year-on-year [6]. - The cotton sock business faced short-term pressure, with revenue of 839 million yuan, a decrease of 0.7% year-on-year, and net profit of 109 million yuan, down 19% year-on-year [6]. - The seamless business showed stable growth, with revenue of 332 million yuan, up 2.6% year-on-year, and net profit of 32 million yuan, up 6% year-on-year [6]. - The gross profit margin for the first half of 2025 was 28.17%, a decrease of 0.72 percentage points year-on-year, primarily due to increased labor costs [6]. - The report forecasts total revenue for 2025 to be 2.66 billion yuan, with a projected net profit of 311.59 million yuan, reflecting a year-on-year decrease of 4.10% [6]. Earnings Forecast and Valuation - The company is expected to maintain a high dividend payout ratio of 61% and has plans for share repurchases [6]. - The projected earnings per share (EPS) for 2025 is 0.88 yuan, with a price-to-earnings (P/E) ratio of 11.06 based on the current price [6]. - The report anticipates net profits of 312 million yuan, 354 million yuan, and 403 million yuan for the years 2025, 2026, and 2027, respectively, with corresponding P/E ratios of 11, 10, and 9 [6].

Core Insights - The report highlights that Jian Sheng Group (603558) has shown a slight revenue increase in H1 2025, but net profit has decreased significantly year-on-year, indicating challenges in the current market environment [1][2]. Financial Performance - For H1 2025, the company reported revenue of 1.171 billion yuan, a year-on-year increase of 0.19%, while the net profit attributable to shareholders was 142 million yuan, down 14.46% year-on-year [1]. - Quarterly breakdown shows Q1 revenue at 560 million yuan (+2.12% YoY) and Q2 revenue at 611 million yuan (-1.52% YoY), with net profits of 60.12 million yuan (-26.88% YoY) in Q1 and 81.62 million yuan (-2.23% YoY) in Q2 [1]. - The company maintained a mid-term dividend of 0.25 yuan per share, with a payout ratio of 61% [1]. Business Segments - Cotton sock business faced short-term pressure with H1 revenue at 839 million yuan (-0.7% YoY) and net profit at 109 million yuan (-19% YoY), primarily due to increased labor costs and lower-than-expected order growth [2]. - Seamless business showed resilience with H1 revenue of 332 million yuan (+2.6% YoY) and net profit of 32 million yuan (+6% YoY), driven by new client Tefron, which saw a revenue increase of over 50% YoY to 60 million yuan [2]. Profitability Metrics - The gross margin for H1 2025 was 28.17%, a decrease of 0.72 percentage points year-on-year, attributed to increased labor costs at the Vietnam facility [3]. - The expense ratios for sales, management, R&D, and financial costs were 3.24%, 8.87%, 1.57%, and -0.29%, respectively, with management expenses rising significantly due to the hiring of three vice presidents [3]. - The net profit margin for H1 2025 decreased by 2.07 percentage points to 12.11% [3]. Future Outlook - The management remains confident in the company's growth potential, with expectations for improved orders in the second half of the year, particularly from key clients like Uniqlo and new clients such as Brooks and New Balance [2][3]. - Profit forecasts for 2025-2027 are projected at 312 million, 354 million, and 403 million yuan, respectively, with corresponding price-to-earnings ratios of 11, 10, and 9 times [3].