Investment Rating - The report maintains a "Buy" rating for the company [6]. Core Views - In Q1 2025, the company reported revenue of 560 million yuan, a year-on-year increase of 2%, while net profit attributable to the parent company was 60 million yuan, a decrease of 27% year-on-year, indicating stable revenue but lower-than-expected performance [4][10]. - Short-term outlook suggests that the cotton sock business will see better orders in H2 2025 compared to H1 due to changes in customer ordering patterns, while seamless products are expected to improve with increased production capacity in Vietnam [2][10]. - Long-term prospects indicate that with a focus on key customers, strong R&D, and cost reduction, the cotton sock business is expected to maintain steady growth, while seamless products may become a flexible growth curve [2][10]. - The company forecasts net profits attributable to the parent company of 350 million, 420 million, and 500 million yuan for 2025, 2026, and 2027 respectively, representing year-on-year growth of 8%, 20%, and 18% [2][10]. Financial Summary - For Q1 2025, the company reported total revenue of 560 million yuan, with a gross profit margin of 26.8%, down 2.5 percentage points year-on-year [4][10]. - The company expects a decline in gross margins due to high base effects and changes in customer ordering patterns, with net profit margin decreasing by 4.3 percentage points to 10.7% [10]. - The projected PE ratios for 2025, 2026, and 2027 are 9, 7, and 6 respectively, with an estimated dividend yield of approximately 7% based on a 60% payout ratio [2][10].

证券代码：603558 证券简称：健盛集团 公告编号：2025-045 根据市场监督管理部门关于工商变更的相关要求，现将上述公告中"需债权 人知晓的相关信息"部分补充内容如下（加粗部分为本次补充披露内容）：由于 公司本次注销已回购股份涉及减少公司注册资本，公司本次注销回购股份 15,817,400 股后，公司注册资本将由 369,000,549 元变更为 353,183,149 元， 公司总股本将由 369,000,549 股变更为 353,183,149 股。 除上述补充内容外，原公告其他内容均保持不变。 特此公告。 浙江健盛集团股份有限公司 董事会 2025 年 5 月 7 日 1 浙江健盛集团股份有限公司 关于注销回购股份减少注册资本通知债权人的补充公告 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。 浙江健盛集团股份有限公司（以下简称"公司"）于 2025 年 3 月 20 日在上 海交易所网站（http://www.sse.com.cn）、《证券时报》披露了《关于注销回 购股份减少注册资本通知债权人》（公告编号 ...

Revenue and Profit - The company achieved total revenue of 560 million yuan in Q1 2025, representing a year-on-year increase of 2.12% [2] - However, the net profit attributable to shareholders was 60.12 million yuan, a year-on-year decrease of 26.88%, and the net profit after deducting non-recurring items was 61.29 million yuan, down 23.45% year-on-year [2] Profitability - The company's gross margin was 26.84%, a decrease of 8.53 percentage points compared to the same period last year [3] - The net profit margin was 10.73%, which represents a year-on-year decline of 28.4%, indicating pressure on cost control [3] Expense Situation - Total selling, administrative, and financial expenses reached 72.66 million yuan, accounting for 12.97% of revenue, which is a year-on-year increase of 24.66% [4] - The increase in expenses may be one of the reasons for the decline in profit [4] Assets and Liabilities - As of the end of the reporting period, the company's cash and cash equivalents amounted to 524 million yuan, a year-on-year increase of 56.97% [5] - Accounts receivable rose to 467 million yuan, up 10.87% year-on-year, with accounts receivable accounting for 143.76% of the latest annual net profit, indicating potential recovery risks [5] - Interest-bearing liabilities were 1.061 billion yuan, a year-on-year increase of 47.03%, with an interest-bearing asset-liability ratio of 27.28%, reflecting some debt pressure [5] Cash Flow and Dividends - The operating cash flow per share was 0.56 yuan, a year-on-year increase of 37.16%, indicating an improvement in cash flow from operating activities [6] - Since its listing, the company has raised a total of 2.275 billion yuan and distributed dividends of 807 million yuan, resulting in a dividend-to-financing ratio of 0.35 and an estimated dividend yield of 6.23% [6] Overall Summary - Overall, the company's performance in Q1 2025 was relatively flat, with slight revenue growth but a significant decline in profit, particularly in net profit margin [7] - The company needs to closely monitor cash flow and debt conditions, especially the management of accounts receivable and the increase in interest-bearing liabilities [7]

Investment Rating - The report maintains a "Buy" rating for the company [4][6]. Core Views - The company reported a stable revenue growth of 2% year-on-year in Q1 2025, but the net profit attributable to the parent company decreased by 27% year-on-year [1]. - The company is expected to see healthy growth in orders for cotton socks in 2025, despite a slight decline in Q1 2025 due to customer order shipment schedules [2]. - The company is expanding its overseas integrated production capacity, which is anticipated to enhance its competitive strength in the medium to long term [3]. Financial Performance - In Q1 2025, the company's revenue was 560 million yuan, with a net profit of 60 million yuan, reflecting a decrease in net profit margin by 4.3 percentage points to 10.7% [1]. - The gross profit margin decreased by 2.5 percentage points to 26.8% in Q1 2025 [1]. - The company expects net profits for 2025, 2026, and 2027 to be 340 million, 388 million, and 441 million yuan respectively, with a corresponding P/E ratio of 9 times for 2025 [4][5]. Business Outlook - The company is focusing on matching production capacity with orders, particularly in the cotton socks and seamless apparel segments, with expectations of improved profitability in the seamless apparel business [2]. - The company is actively expanding its production capacity in Vietnam, with projects expected to be completed in 2024, which will further enhance its production capabilities [3]. - The company has a solid cash flow management strategy, with a net operating cash flow of 200 million yuan in Q1 2025, approximately 3.3 times the net profit for the same period [3].

证券代码：603558 证券简称：健盛集团 公告编号：2025-044 浙江健盛集团股份有限公司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： 差异化分红送转： 否 每股分配比例 相关日期 一、 通过分配方案的股东大会届次和日期 A 股每股现金红利0.30元 | 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 | 2025/5/8 | － | 2025/5/9 | 2025/5/9 | 本次利润分配方案经公司2025 年 4 月 15 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353,183,149股为基数，每股派发现金红利0.30 元（含税），共计派发现金红利10 ...

Financial Performance - The company's operating revenue for Q1 2025 was CNY 560,146,032.98, representing a 2.12% increase compared to CNY 548,536,755.66 in the same period last year[5]. - Net profit attributable to shareholders decreased by 26.88% to CNY 60,122,262.38 from CNY 82,224,877.64 year-on-year[5]. - Basic and diluted earnings per share fell by 22.73% to CNY 0.17 from CNY 0.22 in the previous year[6]. - Total operating revenue for Q1 2025 reached ¥560,146,032.98, an increase of 2.8% compared to ¥548,536,755.66 in Q1 2024[28]. - Net profit for Q1 2025 was ¥60,122,262.38, a decrease of 26.9% from ¥82,224,877.64 in Q1 2024[29]. - Earnings per share for Q1 2025 were ¥0.17, down from ¥0.22 in Q1 2024[30]. - The company reported a decrease in comprehensive income for Q1 2025, totaling ¥44,768,752.87 compared to ¥43,272,738.17 in Q1 2024[30]. Cash Flow and Liquidity - The net cash flow from operating activities increased by 31.26% to CNY 196,590,943.13, attributed to a significant increase in accounts receivable collections[6][11]. - Cash inflow from operating activities in Q1 2025 totaled ¥816,141,270.49, compared to ¥732,046,558.84 in Q1 2024, reflecting a growth of 11.5%[33]. - The net cash flow from operating activities increased to $196,590,943.13, up from $149,777,371.33, representing a growth of approximately 31.2%[34]. - The total cash and cash equivalents at the end of the period reached $484,152,006.62, up from $317,419,906.27, marking an increase of approximately 52.5%[35]. - The company reported a significant increase in cash reserves, which may enhance its ability to invest in new technologies and market expansion[22]. Assets and Liabilities - Total assets at the end of the reporting period were CNY 3,888,792,501.41, a decrease of 0.41% from CNY 3,904,700,947.98 at the end of the previous year[6]. - Current liabilities totaled RMB 1,366,953,013.75, down from RMB 1,397,173,790.49, reflecting a decrease of about 2.2%[24]. - Total liabilities as of the end of the reporting period were ¥1,377,129,107.76, slightly down from ¥1,407,774,663.49 in the previous year[25]. Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 12,927[13]. - The largest shareholder, Zhang Maoyi, holds 37.43% of the shares, totaling 132,212,262 shares[14]. Government Support and Subsidies - The company received government subsidies amounting to CNY 702,851.25, which are closely related to its normal business operations[7]. Employee Stock Ownership Plan - The company plans to repurchase shares with a total fund not exceeding RMB 100 million and not less than RMB 50 million, at a price not exceeding RMB 15.33 per share, within a 12-month period[17]. - The employee stock ownership plan is set to have a scale not exceeding RMB 14 million, aimed at incentivizing middle management and core technical personnel[19]. - The company has not engaged in any financing or lending arrangements for the employee stock ownership plan, ensuring financial independence for participants[19]. - The board approved the employee stock ownership plan to align the interests of employees with the company's long-term growth strategy[18]. Operational Costs - Total operating costs for Q1 2025 were ¥496,476,515.36, up 7.8% from ¥460,347,423.33 in Q1 2024[28]. Financial Management - The financial expenses for Q1 2025 were ¥177,937.99, a significant improvement from a financial income of -¥3,534,145.74 in Q1 2024[28]. - The company plans to implement new accounting standards starting in 2025, which may affect the financial statements[35]. - The company’s cash flow management strategies have led to a significant increase in cash reserves, enhancing liquidity for future investments and operations[35].

Financial Performance - The company reported a basic earnings per share of 0.1700 yuan for Q1 2025, a decrease of 22.73% compared to 0.2200 yuan in Q1 2024 [1] - The net profit for Q1 2025 was 0.6 billion yuan, down 26.83% from 0.82 billion yuan in Q1 2024 [1] - The operating revenue for Q1 2025 was 5.6 billion yuan, reflecting a 2% increase from 5.49 billion yuan in Q1 2024 [1] - The return on equity (ROE) decreased to 2.40% in Q1 2025 from 3.34% in Q1 2024, a decline of 28.14% [1] Shareholder Structure - The top ten unrestricted shareholders hold a total of 21,801.03 million shares, accounting for 61.74% of the circulating shares, with a decrease of 268.63 million shares compared to the previous period [1] - Zhang Maoyi remains the largest shareholder with 13,221.23 million shares, representing 37.43% of the total share capital, with no change [2] - The previous top ten shareholders included Zhongou Jinqian Flexible Allocation Mixed A, which has exited the list [2] Dividend Policy - The company has announced that it will not distribute dividends or transfer shares this time [3]

证券代码：603558 证券简称：健盛集团 公告编号：2025-043 浙江健盛集团股份有限公司 2025年第二次临时股东大会决议公告 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法律责任。 重要内容提示： 本次会议是否有否决议案：无 一、 会议召开和出席情况 (一)股东大会召开的时间：2025 年 4 月 23 日 (二)股东大会召开的地点：浙江杭州萧山经济技术开发区金一路 111 号，浙江健 盛集团股份有限公司六楼会议室 (三)出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： | 1、出席会议的股东和代理人人数 | 133 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 151,697,012 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股 | | | 份总数的比例（%） | 42.9513 | (四)表决方式是否符合《公司法》及《公司章程》的规定，大会主持情况等。 本次会议由董事会召集，董事长张茂义主持。本次会议采取现场投票和网络 投票相结合的表决方式，符合《公 ...

法律意见书 浙江天册律师事务所 关于 浙江健盛集团股份有限公司 2025 年第二次临时股东大会的 法律意见书 浙江省杭州市杭大路 1 号黄龙世纪广场 A 座 11 楼 310007 电话：0571-87901111 传真：0571-87901500 浙江天册律师事务所 关于浙江健盛集团股份有限公司 2025 年第二次临时股东大会的 法律意见书 编号：TCYJS2025H0467 号 致：浙江健盛集团股份有限公司 浙江天册律师事务所（以下简称"本所"）接受浙江健盛集团股份有限公司（以 下简称"健盛集团"或"公司"）的委托，指派本所律师参加公司 2025 年第二次 临时股东大会（以下简称"本次股东大会"），并根据《中华人民共和国证券法》 （以下简称"《证券法》"）、《中华人民共和国公司法》（以下简称"《公司法》"） 和《上市公司股东会规则》（以下简称"《股东会规则》"）等法律、法规和其他 有关规范性文件的要求出具本法律意见书。 在本法律意见书中，本所律师仅对本次股东大会召集、召开程序、出席人员的 资格、召集人的资格、表决程序及表决结果的合法有效性发表意见，不对本次股东 大会所审议的议案内容和该等议案中所表述的事实 ...

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 rhythm. The seamless segment is anticipated to improve further with the increase in new customer volume and higher operational rates in Vietnam. Long-term, with a focus on customer relationships, strong R&D, and cost reduction, the cotton sock segment is expected to maintain stable growth, while the seamless segment is projected to become a flexible growth curve. The company’s net profit for 2025-2027 is forecasted to be 370 million, 440 million, and 520 million yuan respectively, representing year-on-year growth of 14%, 19%, and 17%, with corresponding PE ratios of 9, 8, and 6 [2][4][6]. Financial Performance - For 2024, the company achieved revenue of 2.57 billion yuan, a year-on-year increase of 12.8%. The net profit attributable to the parent company was 320 million yuan, up 20.2% year-on-year. The company declared a total dividend of 180 million yuan for the year, resulting in a dividend yield of 5.5% [4][6]. - In Q4 2024, the company reported revenue of 650 million yuan, with a net profit of 62 million yuan, reflecting a year-on-year change of +4.4% for revenue and -11.6% for net profit [4][6]. Business Segments - The cotton sock segment is expected to see low single-digit revenue growth in Q4 2024, with a full-year revenue increase driven by strong orders from quality existing customers. The seamless segment is projected to achieve low single-digit growth in Q4 2024, with a full-year revenue increase of 5% to 660 million yuan [8][6]. - The gross margin for the cotton sock segment is expected to remain stable, while the seamless segment is anticipated to see significant improvement in gross margin due to better order fulfillment and management improvements in the Vietnam factory [8][6].