Market Performance - The home goods sector increased by 0.5% on August 12, with Qisheng Technology leading the gains [1] - The Shanghai Composite Index closed at 3665.92, up 0.5%, while the Shenzhen Component Index closed at 11351.63, up 0.53% [1] Top Gainers - Qisheng Technology (603610) closed at 14.40, up 10.01% with a trading volume of 513,300 shares and a transaction value of 724 million [1] - Jiangxin Home (301061) closed at 104.00, up 4.93% with a trading volume of 16,600 shares and a transaction value of 171 million [1] - Tianan New Materials (603725) closed at 10.79, up 4.76% with a trading volume of 233,700 shares and a transaction value of 252 million [1] Notable Decliners - Meng Tian Home (603216) closed at 14.22, down 4.37% with a trading volume of 202,800 shares and a transaction value of 300 million [2] - Yuma Technology (300993) closed at 18.39, down 3.67% with a trading volume of 352,600 shares and a transaction value of 653 million [2] - Songyun Technology (603992) closed at 29.11, down 2.54% with a trading volume of 101,000 shares and a transaction value of 293 million [2] Capital Flow - The home goods sector saw a net inflow of 2.9085 million from institutional investors, while retail investors experienced a net outflow of 5.96732 million [2] - Speculative funds had a net inflow of 56.7647 million into the sector [2]

Core Viewpoint - The company, Haotaitai, has seen a slight increase in stock price and is actively managing its idle funds through low-risk financial products to enhance investment returns [1] Group 1: Stock Performance - As of August 1, 2025, Haotaitai's stock closed at 17.56 yuan, up 0.46% from the previous week [1] - The stock reached a nearly one-year high of 19.23 yuan on July 28, 2025, and a low of 17.23 yuan on July 31, 2025 [1] - The company's current market capitalization is 7.066 billion yuan, ranking 17th out of 71 in the home goods sector and 2355th out of 5149 in the A-share market [1] Group 2: Financial Management - The company announced the use of up to 1 billion yuan of idle funds to purchase high-safety, liquid financial products [1] - The total amount allocated for financial products is 100 million yuan, divided into two products: a gold-linked structured deposit of 50 million yuan with a floating yield of 1.00%-2.03% and a euro-to-dollar exchange rate-linked structured deposit of 50 million yuan with a floating yield of 1.00%-1.84% [1] - The trustee for these financial products is China Minsheng Bank, and the investment aims to improve fund utilization efficiency and increase investment returns while ensuring operational normalcy [1]

7月30日，好太太的资金流向情况如下：主力资金净流出389.36万元，占总成交额的4.07%；游资资金净 流出450.39万元，占总成交额的4.71%；散户资金净流入839.74万元，占总成交额的8.78%。 公司公告汇总 截至2025年7月30日收盘，好太太(603848)报收于17.57元，下跌2.66%，换手率1.34%，成交量5.38万 手，成交额9566.08万元。 当日关注点 交易信息汇总 广东好太太科技集团股份有限公司发布了关于使用部分闲置自有资金购买理财产品的公告。根据公司第 三届董事会第二十次会议、第三届监事会第二十次会议以及2024年年度股东大会决议，同意公司使用不 超过100,000万元的闲置自有资金购买安全性高、流动性好的理财产品。此次，公司选择了两个理财产 品进行投资，总金额为10,000万元。具体包括：- 聚赢黄金-挂钩黄金Au9999看涨三元结构性存款，投资 金额5,000万元，浮动收益率1.00%-2.03%，期限从2025年7月28日至2025年10月28日；- 聚赢汇率-挂钩 欧元对美元汇率看涨二元结构性存款，投资金额5,000万元，浮动收益率1.00%-1.84%，期限从 ...

Core Points - The company has approved the use of idle self-owned funds for cash management, aiming to enhance asset value and ensure normal operations are not affected [3][7] - The total amount for the entrusted financial management is RMB 100 million, with specific products linked to gold and euro to USD exchange rates [2][4] - The investment period for the financial products is from July 28, 2025, to October 31, 2025 [6] Summary by Sections 1. Overview of Entrusted Financial Management - The purpose of the entrusted financial management is to prevent risks and enhance asset value while ensuring normal operations are not affected [3] - The total amount for the financial products purchased is RMB 100 million [4] - The funds used for this investment are derived from idle self-owned funds generated from business activities [5] 2. Approval Process - The company held meetings on April 24, 2025, and May 16, 2025, to approve the cash management proposal, allowing the use of idle funds for financial products [7][8] 3. Risk Analysis and Control Measures - The financial products selected are of high safety and liquidity, categorized as medium to low risk, but still carry potential market, liquidity, and credit risks [9] - The management will adhere to prudent investment principles, selecting reputable and capable issuers for the financial products [10] - Independent directors and the audit committee will supervise the use of funds, with the option to hire professional auditors if necessary [11] 4. Impact on the Company - The cash management strategy will not affect the company's main business operations and is expected to improve the efficiency of idle funds while generating investment returns [12] - The company will follow relevant accounting standards for the cash management activities and ensure timely information disclosure [13] 5. Recent Financial Management Activities - The company has engaged in entrusted financial management activities over the past twelve months, with specific amounts detailed in the announcement [14]

Group 1 - The stock price of Haotaitai closed at 18.05 yuan on July 29, 2025, down 2.11% from the previous trading day [1] - The stock experienced significant volatility, with a minimum of 17.63 yuan and a maximum of 18.76 yuan, resulting in a fluctuation of 6.13% [1] - There was a rapid rebound in the morning, with a gain of over 2% within 5 minutes at 9:35 AM [1] Group 2 - Haotaitai is primarily engaged in the research, production, and sales of household light industrial products, including drying racks and smart home products [1] - The company is headquartered in Guangdong and is a significant player in the domestic household goods sector [1] Group 3 - On July 29, the net outflow of main funds for Haotaitai was 2.7168 million yuan, accounting for 0.04% of the circulating market value [1] - The trading volume for the day was 89,700 hands, with a transaction amount of 163 million yuan [1]

Core Viewpoint - The company, Guangdong Haotaitai Technology Group Co., Ltd., has announced the use of idle self-owned funds to purchase financial products, aiming to enhance asset value and improve fund utilization efficiency [1][3]. Group 1: Overview of the Financial Management - The purpose of the entrusted financial management is to prevent risks and ensure asset appreciation while not affecting the company's normal operations [3]. - The total amount for the financial products purchased is RMB 100 million [4]. - The funds used for this investment are derived from idle self-owned funds generated from the company's operating activities [5]. Group 2: Details of the Financial Products - The financial products include "Juying Gold - Linked to Gold Au9999 Bullish Three-Element Structured Deposit" and "Juying Exchange Rate - Linked to Euro to US Dollar Bullish Two-Element Structured Deposit" [2]. - The investment period for the gold-linked product is from July 28, 2025, to October 28, 2025, while the euro-linked product's investment period is from July 28, 2025, to October 31, 2025 [6]. Group 3: Approval Process - The financial management proposal was approved in the 20th meeting of the third board of directors and the 20th meeting of the third supervisory board, as well as at the 2024 annual shareholders' meeting [8]. Group 4: Risk Analysis and Control Measures - The financial products purchased are categorized as high safety and liquidity, with medium to low risk, but may still face market, liquidity, and credit risks [9]. - The company management adheres to prudent investment principles, selecting reputable and capable institutions for issuing the products [10]. - Independent directors and the audit committee have the authority to supervise and inspect the use of funds, and the company will fulfill its information disclosure obligations in a timely manner [11]. Group 5: Impact on the Company - The company aims to enhance the efficiency of idle self-owned funds and generate investment returns without affecting its main business operations [12]. - The company will conduct accounting treatment for cash management in accordance with relevant accounting standards [13].

证券代码：603848 证券简称：好太太 公告编号：2025-040 广东好太太科技集团股份有限公司 关于使用部分闲置自有资金购买理财产品的公告 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。 重要内容提示： 一、委托理财情况概述 （一）委托理财目的 公司坚持规范运作，防范风险，为实现资产的保值增值，确保不影响公司正 常运营的前提下，使用闲置自有资金购买理财产品，有利于盘活闲置资金，提高 资金使用效率，降低财务成本，增加投资收益，为公司及股东谋取更多的投资回 报。 （二）委托理财金额 （四）委托理财基本情况 委托理财受托方：中国民生银行股份有限公司 本次委托理财金额：10,000.00 万元 委托理财产品名称：聚赢黄金-挂钩黄金 Au9999 看涨三元结构性存款 （SDGA252243V）；聚赢汇率-挂钩欧元对美元汇率看涨二元结构性存款 （SDGA252236V） 履行的审议程序：广东好太太科技集团股份有限公司（以下简称"公司"）第三 届董事会第二十次会议、第三届监事会第二十次会议及 2024 年年度股东大会 分别审议通 ...

Investment Rating - The report maintains a positive outlook on the light industry and paper-making sector for the mid-2025 earnings forecast, indicating a favorable investment rating for these industries [1]. Core Insights - The report highlights a divergence in performance within the export sector for Q2 2025, with companies that have a global supply chain showing resilience against external tariff disruptions. Notable performers include Jiangxin Home, Jiayi Co., and Tianzhen Co. [4][5]. - The two-wheeler segment is expected to benefit from government subsidies and new standards, with companies like Yadi Holdings and Aima Technology showing strong growth potential [4]. - The light consumer goods sector is characterized by a robust domestic demand, particularly in personal care products, with companies like Baiya Co. and Dengkang Oral Care expected to perform well [4]. - The packaging industry is undergoing consolidation, with leading companies experiencing a slowdown in capital expenditure, indicating a shift towards a harvest phase [4]. - The home furnishing sector is facing short-term order impacts due to the pause in government subsidies, but long-term growth is anticipated through market integration and new product categories [4]. - The paper-making sector is expected to see stable profitability due to low raw material costs and improved supply-demand dynamics [4]. Summary by Sections Export Sector - Q2 2025 shows performance divergence due to increased external disruptions, with companies like Jiangxin Home expected to see a 40%+ growth in net profit [5][6]. - Jiayi Co. anticipates a 30%+ revenue increase, while Tianzhen Co. is expected to recover orders significantly [4][5]. Two-Wheeler Sector - Companies like Aima Technology and Ninebot are projected to grow by 20% and 50% respectively in Q2 2025, driven by new product launches and market demand [8][9]. Light Consumer Goods - The sector is expected to show resilience, with companies like Chaohongji and Baiya Co. projected to grow by 20% and 2% respectively in revenue [10][11]. Packaging Industry - The report notes a continued consolidation trend, with companies like Yutong Technology and Baosteel Packaging expected to maintain stable revenue growth [12][14]. Home Furnishing Sector - The sector is facing challenges due to subsidy pauses, but companies like Mousse and Zhizhong Home are expected to adapt and show growth in the long term [13][15]. Paper-Making Sector - The report indicates stable profitability for the paper-making sector, with companies like Sun Paper and Huawang Technology expected to benefit from improved market conditions [17].

证券代码：603848 证券简称：好太太 公告编号：2025-039 广东好太太科技集团股份有限公司 关于完成工商变更登记并换发营业执照的公告 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。 一、基本情况 广东好太太科技集团股份有限公司（以下简称"公司"）于 2025 年 4 月 24 日召 开了公司第三届董事会第二十次会议，于 2025 年 5 月 16 日召开了公司 2024 年年 度股东大会，审议通过了《关于变更公司注册资本并修订<公司章程>的议案》。具 体内容详见公司于 2025 年 4 月 26 日披露在上海证券交易所网站（www.sse.com.cn） 上的《广东好太太科技集团股份有限公司关于变更公司注册资本并修订<公司章 程>的公告》（公告编号：2025-020）。 除上述信息变更登记外，《营业执照》其他登记项目未发生变更，《营业执照》 其他信息如下： 1、名称：广东好太太科技集团股份有限公司 2、统一社会信用代码：91440101770197284B 3、类型：股份有限公司（上市、自然人投资或控股） 4、 ...

Group 1: Stablecoin Regulation in Hong Kong - Hong Kong plans to issue limited stablecoin licenses by the end of 2025, with the initial number expected to be in the "single digits" [1] - The regulatory sandbox initially focused on stablecoins pegged to the Hong Kong dollar, but there is growing interest in offshore stablecoins pegged to the Chinese yuan, driven by major tech companies like JD.com and Ant Group [1] - The Hong Kong Monetary Authority (HKMA) has established new regulations requiring stablecoin issuers to maintain sufficient asset reserves and segregate customer assets [1] - The new stablecoin policy in Hong Kong sets a global benchmark through full reserve backing, strict redemption guarantees, and oversight by the HKMA, reinforcing its status as a regulated digital finance hub [1] Group 2: Tariff Impact on Supply Chains - The U.S. has reduced tariffs on Vietnam from 46% to 20%, although this remains significantly higher than historical levels [2] - Tariff options are still not fully eliminated for key industries such as pharmaceuticals, automotive, and semiconductors, affecting various Asian economies reliant on exports [2] - China is shifting its policy focus towards stimulating domestic demand through reforms and regulatory adjustments, rather than large-scale interventions [2] Group 3: Home Furnishing Sector Valuation - The home furnishing sector's price-to-earnings (PE) ratio is at 22.39, which is at the 34.82% percentile of the past five years, indicating significant room for valuation recovery [3] - Major home furnishing companies like Sophia and Oppein are at historical low valuations, with potential for upward valuation adjustments and high safety margins [3] - The market share of leading custom home furnishing companies is expected to increase due to the inability of white-label brands to participate in subsidies, with companies like Oppein and Sophia showing substantial growth potential [3] - The rise in smart home penetration, driven by technology and policy incentives, is expected to promote industry growth, with companies like Mousse, Haotaitai, and Qushui Technology showing potential [3] Group 4: Electric Vehicle Industry Insights - Despite claims of "zero emissions," the production and recycling of batteries for electric vehicles pose significant environmental challenges, highlighting battery pollution as a future concern [4] - The competition between traditional automotive companies and emerging electric vehicle firms is not on the same track, as their goals and rules differ, making the notion of "overtaking" misleading [4] Group 5: Power Outage in Europe - A large-scale power outage occurred in the Czech Republic on July 4, 2025, lasting approximately nine hours, revealing structural vulnerabilities in modern power systems [5] - The outage led to severe consequences, including the paralysis of railway systems, subway operations, public transport, and communication networks [5] - Increasing extreme weather events add pressure to power systems, particularly affecting transmission lines and increasing grid vulnerability [5] - Historical power outages have demonstrated the risks of single faults leading to widespread system failures, emphasizing the need for upgrades and better monitoring systems in core transmission channels [5]