证券代码：603889 证券简称：新澳股份 公告编号：2026-007 浙江新澳纺织股份有限公司 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。 浙江新澳纺织股份有限公司（以下简称"公司"）于 2025 年 12 月 5 日、2026 年 1 月 16 日分别召开了第六届董事会第二十五次会议与 2026 年第一次临时股东 会，审议通过了《关于变更注册资本并修订<公司章程>的议案》，同意公司因回 购注销部分限制性股票事宜，对公司注册资本及股份总数进行变更。同意公司注 册资本由人民币 730,241,443 元变更为人民币 730,157,443 元，公司股份总数由 730,241,443 股变更为 730,157,443 股。同意对《公司章程》相应条款进行修订。 具体内容详见公司在上海证券交易所网站（www.sse.com.cn）及指定媒体上披露 的《关于变更注册资本并修订<公司章程>的公告》（2025-053）。 公司已于 2026 年 3 月 16 日在中国证券登记结算有限责任 ...

| 分析师： [Tabl | 糜韩杰 | 分析师： | 左琴琴 | 分析师： | 董建芳 | | --- | --- | --- | --- | --- | --- | | e_Author] | SAC 执证号：S0260516020001 | | SAC 执证号：S0260521050001 | | SAC 执证号：S0260525060002 | | | SFC CE.no: BPH764 | | SFC CE.no: BSE791 | | | | | 021-38003650 | | 021-38003540 | | | | | mihanjie@gf.com.cn | | zuoqinqin@gf.com.cn | | dongjianfang@gf.com.cn | | | 请注意，董建芳并非香港证券及期货事务监察委员会的注册持牌人，不可在香港从事受监管活动。 | | | | | [Table_Summary] 核心观点： 相关研究 [Table_Report ： ] [Table_Page] 行业专题研究|纺织服饰 2026 年 3 月 20 日 证券研究报告 [Table_Title] 纺织服 ...

Market Review - The A-share textile and apparel index has underperformed the broader market since March, with brand apparel performing better than textile manufacturing, showing declines of -1.8% and -3.2% respectively. The Hong Kong textile and apparel index has dropped by 10.9% during the same period [1][14]. Brand Apparel Insights - Retail sales of clothing in January-February grew by 10.4% year-on-year, with a notable acceleration in growth compared to previous months. The strong performance in February was attributed to the Spring Festival season, with sports retailer BaoSheng International reporting an 81.5% increase in operating income [2]. - International brand forecasts indicate Adidas expects high single-digit revenue growth by 2026, while PUMA anticipates a mid-single-digit decline. Bloomberg's projections for Nike suggest a 2.2% revenue increase, while Converse and Vans are expected to decline by 13.6% and 0.5% respectively. HOKA and UGG are projected to grow by 11.8% and 3.1%, while Uniqlo expects a 13.5% increase [2]. - E-commerce growth rebounded in January-February, driven by strong consumer demand during the Spring Festival. Outdoor apparel led growth with categories like sportswear, outdoor wear, and leisurewear showing year-on-year increases of 11%, 25%, and 10% respectively [2]. - The fan growth on Xiaohongshu for sports and outdoor brands is notable, with Adidas, Li Ning, and Anta leading with growth rates of 27.0%, 22.6%, and 18.8% respectively [2]. Textile Manufacturing Insights - On a macro level, Vietnam's textile exports increased by 1.2% year-on-year in January-February, while China's textile, apparel, and footwear exports rose by 20.5%, 14.8%, and 6.1% respectively. The PMI for Indonesia, India, and Vietnam has also shown increases [3]. - Domestic cotton prices have risen by 8.5% to 16,884 RMB/ton, while foreign cotton prices have decreased by 0.1% to 12,962 RMB/ton. Wool prices have surged by 24.6% to 12.72 USD/kg, marking a significant increase from last year's lows [3]. - In February, Taiwanese companies faced revenue pressure due to reduced working days during the Lunar New Year, but the outlook remains optimistic with clear growth momentum. Companies like Zhiqiang and Ruhong reported revenue declines of 24.9% and 7.4% respectively, while others like Weihong and Yuqi showed positive growth [4]. Investment Recommendations - The report recommends focusing on brands with high domestic demand and high dividend yields, particularly in the sports and outdoor segments. Brands like Anta Sports and Li Ning are highlighted for their strong sales recovery in Q1, while home textile leader Luolai Life and luxury brand Jiangnan Buyi are also recommended [7]. - In textile manufacturing, attention is drawn to companies benefiting from rising raw material prices and high order visibility. Companies like Bailong Oriental and Xin'ao are expected to perform well due to their strong order books and low-cost raw material inventories [8].

Core Insights - The textile and apparel industry is experiencing a positive trend with a 1.88% increase in the SW index during the period from March 7 to March 13, 2026, ranking 9th among 31 primary industries [11] - Key companies to watch include Haimin Co., benefiting from rising dyeing costs and inventory appreciation, and New Australia Co., which is expected to benefit from favorable wool supply and demand dynamics [5] - The report highlights the potential for recovery in home furnishing consumption due to improved real estate policies and marginally better home decoration demand [5] Industry Performance Review - The Shanghai Composite Index rose by 0.75%, while the ChiNext Index increased by 2.55% during the same period [11] - The textile and apparel sector's performance is ranked 10th among 31 primary industries, while the light industry sector is ranked 13th [11] - The textile and apparel industry has a current PE ratio of 20.57X, with historical highs and lows of 57.80X and 14.44X, respectively [14][15] Data Tracking in Textile and Apparel - Prices for PA66 and PA6 have increased by 3.09% and 24.52% year-on-year, respectively, with significant month-on-month increases of 13.56% and 30.11% [5] - The average cotton price index in China from November 2025 to March 2026 was 15,570 [5] - Exports of textiles and apparel from China increased by 20.5% and 14.8% year-on-year in January and February 2026, respectively [5] Light Industry Performance Review - The home furnishing sector is expected to recover as real estate policies improve, with leading companies likely to benefit from their channel and brand advantages [5] - The paper packaging industry is in an upward cycle, with improving profitability expected due to ongoing supply optimization [5] - The light industry export sector shows resilience, with potential for recovery following previous demand disruptions [5] Key Company Valuation and Financial Analysis - Companies such as Mercury Home Textiles and Fuanna are rated as "Buy," with expected EPS growth and favorable PE ratios for 2025 and 2026 [6] - The report includes detailed financial metrics for various companies, indicating their market performance and potential for investment [6] - Notable companies include Anta Sports, with a current price of HKD 84.10 and a target value of HKD 102.91, reflecting a strong investment outlook [6]

证券代码：603889 证券简称：新澳股份 公告编号：2026-006 浙江新澳纺织股份有限公司 关于股权激励限制性股票回购注销实施公告 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个别及连带责任。 重要内容提示： | 回购股份数量 | 注销股份数量 | | 注销日期 | | | | --- | --- | --- | --- | --- | --- | | 84,000 | 84,000 | 2026 | 年 3 | 月 | 16 日 | 一、本次限制性股票回购注销的决策与信息披露 1、2025 年 12 月 5 日，公司召开第六届董事会第二十五次会议，审议通过 了《关于回购注销部分限制性股票的议案》。上述议案已经薪酬与考核委员会审 议通过。 2、2026 年 1 月 16 日，公司召开 2026 年第一次临时股东会，审议并通过了 《关于回购注销部分限制性股票的议案》《关于变更注册资本并修订<公司章程> 的议案》。 公司同时根据法律法规的规定就本次股份回购注销事项履行了债权人通知 程序，具体内容详见公司于 2026 年 1 月 17 ...

国浩律师（杭州）事务所 关于 2023 年限制性股票激励计划 部分限制性股票回购注销实施 之 法律意见书 地址：杭州市上城区老复兴路白塔公园 B 区 2 号、15 号国浩律师楼 邮编：310008 Grandall Building, No.2＆No.15, Block B, Baita Park, Old Fuxing Road, Hangzhou, Zhejiang 310008, China 电话/Tel: (+86)(571) 8577 5888 传真/Fax: (+86)(571) 8577 5643 电子邮箱/Mail：grandallhz@grandall.com.cn 网址/Website：http://www.grandall.com.cn 国浩律师（杭州）事务所 法律意见书 浙江新澳纺织股份有限公司 关于 法律意见书 致：浙江新澳纺织股份有限公司 根据浙江新澳纺织股份有限公司（以下简称"新澳股份"或"公司"）与国 浩律师（杭州）事务所（以下简称"本所"）签订的法律服务委托协议，本所接 受新澳股份的委托，担任公司 2023 年限制性股票激励计划（以下简称"本激励 计划"）的专项法律顾问。 本 ...

Core Insights - The textile and apparel industry is currently rated as "Buy" with a focus on price increases in upstream textile manufacturing and potential growth in downstream apparel and home textile sectors [2][5]. Textile and Apparel Industry Overview - The textile and apparel sector experienced a decline of 2.96% during the period from February 28 to March 6, ranking 17th among 31 primary industries [11]. - The Shanghai Composite Index fell by 0.93%, while the ChiNext Index dropped by 3.21% during the same period [11]. Upstream Textile Manufacturing Insights - Key companies to watch include: - Hangmin Co., benefiting from rising printing and dyeing fees and low-cost dye inventory appreciation. - Xin'ao Co., optimistic about the Australian wool market's supply-demand dynamics. - Bailong Dongfang, which may benefit from a rebound in foreign cotton prices. - Taihua New Materials, expected to see price increases in nylon 6 products due to rising crude oil prices [5]. Downstream Apparel and Home Textile Insights - Companies to focus on include: - Li Ning, which is expected to leverage the Los Angeles Olympic cycle for brand and performance enhancement. - Leading home textile brands like Luolai Life, Mercury Home Textile, and Fuanna, which are capitalizing on the rise of the sleep economy [5]. - Jin Hong Group and Hailan Home, which are seeing a recovery in traditional businesses and high growth in new consumer segments [5]. Light Industry Manufacturing Overview - The light industry export fundamentals remain relatively strong, with potential improvements in external environments such as U.S. real estate transactions. Key companies include: - Jiangxin Home, Yuanfei Pet, and Yiyi Co. [5]. - The new consumer segment in light industry is experiencing a high valuation correction, with companies like Baiya Co., Simor International, and Dengkang Dental continuing to show growth potential [5]. Industry Data Tracking - As of March 6, 2026, the price of dispersed black was 25.00 CNY/kg, up 47.06% year-on-year, while Vietnam's footwear exports in February amounted to 1.414 billion USD, down 10.02% year-on-year [5]. - The cotton price difference in China was 3413.58 CNY/ton, and the Australian wool price was 1716 AUD/kg, reflecting a 43.6% year-on-year increase [5]. Company Valuation and Financial Analysis - The textile and apparel industry has a current PE ratio of 20.59X, with historical highs of 57.80X and lows of 14.44X [14]. - Notable companies and their valuations include: - Mercury Home Textile (20.42 CNY, Buy, target price 23.08 CNY) - Fuanna (6.94 CNY, Buy, target price 8.17 CNY) - Semir Apparel (5.48 CNY, Buy, target price 8.02 CNY) [6].

Core Insights - The textile and apparel industry is rated as "Buy" with a previous rating of "Buy" as well, indicating a consistent positive outlook [2] - The report highlights potential investment opportunities in both upstream textile manufacturing and downstream apparel sectors, emphasizing price increases and market dynamics [4] Textile and Apparel Industry Overview - The textile and apparel sector experienced a decline of 2.96% during the period from February 28 to March 6, ranking 17th among 31 primary industries [10] - Key companies to watch include: - **Haimin Co.**: Benefiting from rising dyeing costs and inventory appreciation [4] - **New Australia Co.**: Optimistic price outlook due to tight supply-demand dynamics in the Australian wool market [4] - **Bailong Dongfang**: Expected to benefit from inventory appreciation if foreign cotton prices recover [4] - **Li Ning**: Anticipated to leverage the Los Angeles Olympic cycle for brand and performance growth [4] Light Industry Manufacturing Insights - The light industry export fundamentals remain relatively strong, with potential improvements in external environments such as U.S. real estate transactions [4] - Notable companies include: - **Jiangxin Home**: High growth potential due to new product launches and team reforms [4] - **Jiu Long Paper** and **Sun Paper**: Focus on improving fundamentals amid supply-side changes [4] Market Performance Tracking - As of March 6, 2026, the price of disperse black was reported at 25.00 CNY/kg, reflecting a year-on-year increase of 47.06% [31] - Vietnam's footwear exports amounted to 1.414 billion USD in February 2026, showing a year-on-year decline of 10.02% [4] - The cotton price difference in China was recorded at 3413.58 CNY/ton on March 4, 2026 [4] Company Valuation and Financial Analysis - The report provides a detailed valuation table for key companies, indicating their latest stock prices, target values, and financial metrics such as EPS and PE ratios [5] - For instance, **Water Mercury Home** has a current price of 20.42 CNY with a target value of 23.08 CNY, reflecting a "Buy" rating [5] Sector-Specific Performance - The textile footwear manufacturing sector saw a decline of 0.94%, while the sports apparel sector decreased by 1.37% during the reporting period [16] - The report identifies top-performing stocks such as **Tian Chuang Fashion** and **Bi Yin Le Fen**, which increased by 8.60% and 6.50% respectively [17]

Group 1 - The report from China Galaxy Securities indicates that the rising cycle of upstream raw material prices presents clear profit recovery opportunities for leading textile yarn companies due to a contraction in wool supply and a recovery in demand, alongside fluctuating cotton prices and a supportive inventory-consumption ratio [2] - The wool market is entering a new price increase cycle starting from July 2025, with prices rising from 1208 AUD cents/kg to 1716 AUD cents/kg by February 2026, marking a 45% year-on-year increase [3] - The Australian wool production is expected to decline by 12.6% to 245,000 tons in the 2025/26 season, influenced by a significant reduction in the number of sheared sheep and a decrease in the average wool yield per sheep [4] Group 2 - The global cotton production and consumption have remained stable, with the 2025/26 market year production projected at 26 million tons, reflecting a minimal growth of 0.81%, while consumption is expected to remain steady at 25.89 million tons [5] - The inventory-consumption ratio for cotton is projected to be 62% for the 2024/25 season, which is at a lower level compared to the past decade, supporting domestic cotton prices amid expectations of reduced production in Xinjiang [5] - The cost of chemical fiber raw materials is rising due to Brent crude oil prices increasing from 61 USD/barrel to around 84 USD/barrel, establishing a cost center shift and profit recovery logic within the chemical fiber industry [6] Group 3 - The rising wool prices typically lead to increased profit margins for fine wool spinning companies, as they adopt a cost-plus pricing model, allowing for higher product prices during periods of rising wool prices [7] - Cotton is a core cost item for yarn companies, accounting for approximately 70% of raw material costs, and the profit margins of leading yarn companies are positively correlated with cotton prices [7] - The nylon business of leading chemical fiber company Taihua New Materials is expected to see profit margins increase as the price difference between nylon and caprolactam widens, indicating a potential for profit recovery in the chemical fiber industry [7]

Group 1 - The report from China Galaxy Securities indicates that the rising cycle of upstream raw material prices presents clear profit recovery opportunities for leading textile yarn companies, driven by a contraction in wool supply and a recovery in demand, alongside rising cotton prices and stable inventory-consumption ratios [1] - The wool market is entering a new price increase cycle, with prices rising from 1208 AUD cents/kg to 1716 AUD cents/kg, a 45% year-on-year increase, due to a predicted 12.6% decrease in Australian wool production for the 2025/26 season [2] - Global cotton production and consumption remain stable, with the 2025/26 market year production expected to reach 26 million tons, a slight increase of 0.81%, while the inventory-consumption ratio is projected to remain at 62%, supporting domestic cotton prices [3] Group 2 - The chemical fiber industry is experiencing a cost-driven price increase, with Brent crude oil prices rising from 61 USD/barrel to around 84 USD/barrel, leading to a recovery in processing margins for polyester and nylon products [4] - Companies like Xin'ao Co. and Bailong Oriental are expected to benefit from the rising wool prices, as their pricing models are based on cost-plus strategies, which enhance profit margins during periods of rising raw material costs [5] - The nylon segment, particularly for leading companies like Taihua New Materials, is anticipated to see profit margins increase as the price gap between nylon and caprolactam widens, indicating potential for further price recovery [6]