Core Viewpoint - Zhejiang Xin'ao Textile Co., Ltd. is implementing a partial repurchase and cancellation of restricted stocks as part of its 2023 incentive plan, which complies with relevant laws and regulations [2][7]. Group 1: Repurchase Cancellation Details - The repurchase cancellation is based on the incentive plan's provisions, allowing the company to repurchase stocks from individuals who do not meet performance criteria [4][5]. - A total of 8 individuals are involved in this repurchase cancellation, with the stocks expected to be repurchased by September 5, 2025 [5]. - The company has opened a dedicated securities account for the repurchase and submitted the necessary applications to the China Securities Depository and Clearing Corporation [5]. Group 2: Legal Compliance and Procedures - The legal opinion confirms that the repurchase cancellation adheres to the Company Law, Securities Law, and relevant regulations, and that necessary procedures have been followed [6][7]. - The company has fulfilled its information disclosure obligations regarding the repurchase, in accordance with legal requirements [6][7]. - The company must still complete the capital reduction and stock cancellation procedures as per the Company Law and its articles of association [7].

Group 1 - The company announced the repurchase and cancellation of 193,500 restricted stocks due to the disqualification of 6 incentive targets from the 2023 stock incentive plan because of retirement and 2 others failing to meet personal performance assessments [2] - The cancellation date for the repurchased stocks is set for September 5, 2025 [2]

证券代码：603889 证券简称：新澳股份 公告编号：2025-036 | 回购股份数量 | 注销股份数量 | | 注销日期 | | | | --- | --- | --- | --- | --- | --- | | 193,500 | 193,500 | 2025 | 年 9 | 月 | 5 日 | 一、 本次限制性股票回购注销的决策与信息披露 1、2025 年 6 月 17 日，公司召开第六届董事会第二十次会议，审议通过了 《关于调整限制性股票回购价格及回购注销部分限制性股票的议案》。该议案已 经薪酬与考核委员会审议通过。 2、2025 年 7 月 4 日，公司召开 2025 年第一次临时股东会，审议并通过了 《关于调整限制性股票回购价格及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 2025 年 7 月 5 日在上海证券交易所网站 （www.sse.com.cn）披露的《新澳股份关于回购注销部分限制性股票减少注册资 本暨通知债权人的公告》（公告编号：2025-032）。截至公示期 ...

国浩律师（杭州）事务所 关于 浙江新澳纺织股份有限公司 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 2023 年限制性股票激励计划 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 国浩律师（杭州）事务所 Grandall Building, No.2＆No.15, Block B, Baita Park, Old Fuxing Road, Hangzhou, Zhejiang 310008, China 关于 电话/Tel: (+86)(571) 8577 5888 传真/Fax: (+86)(571) 8577 5643 浙江新澳纺织股份有限公司 部分限制性股票回购注销实施 之 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， ...

Summary of Key Points Core Viewpoint - The recent announcement by Xin'ao Co., Ltd. regarding the repurchase and cancellation of restricted stock under its 2023 incentive plan has attracted market attention, raising questions about the reasons behind this decision and its potential impact on the company. Group 1: Reasons for Repurchase and Cancellation - The repurchase and cancellation of restricted stock is due to the failure of certain incentive recipients to meet personal performance assessments or their retirement or departure from the company without meeting the conditions for lifting restrictions. A total of 193,500 shares will be repurchased from 8 individuals [1]. - After the repurchase, the remaining restricted stock under the incentive plan will amount to 9,638,700 shares [1]. Group 2: Repurchase Arrangement - The company has opened a dedicated repurchase securities account with China Securities Depository and Clearing Corporation Limited, Shanghai Branch, and has submitted the necessary application for the repurchase and cancellation [2]. - The completion of the repurchase is expected by September 5, 2025, after which the company will proceed with the required business registration changes [2]. Group 3: Compliance with Procedures - On June 17, 2025, the company held its 20th meeting of the sixth board of directors, where it approved the proposal to adjust the repurchase price and cancel part of the restricted stock. This proposal was reviewed and approved by the Compensation and Assessment Committee [3]. - A temporary shareholders' meeting was convened on July 4, 2025, to review and approve related proposals [3]. Group 4: Information Disclosure - The company disclosed relevant resolutions and announcements on June 18 and July 5, 2025, ensuring compliance with information disclosure obligations [4]. - As of the date of the legal opinion, the disclosure period has been completed for 45 days, during which no creditors have requested early debt repayment or guarantees [4]. - The legal firm Guohao (Hangzhou) believes that the repurchase and cancellation comply with relevant laws and regulations, and the necessary procedures and information disclosures have been fulfilled [4].

Investment Rating - The report maintains an "Outperform" rating for the outdoor apparel and footwear industry [1] Core Insights - The outdoor footwear and apparel market in China is a trillion-yuan industry, experiencing double-digit growth, outpacing the global outdoor market growth [6][27] - The growth is driven by increased penetration of outdoor sports participants and high-end brands like Arc'teryx breaking into mainstream fashion, leading to a rise in affordable alternatives [6][29] - The industry is seeing a continuous increase in concentration, with the top ten outdoor brands expected to hold approximately 29% market share by 2024 [6][15] - E-commerce channels are becoming increasingly dominant, with the top ten brands in this space accounting for 40% of sales [6][15] Industry Overview - The outdoor footwear and apparel market in China is projected to reach 416 billion yuan by 2024, with a compound annual growth rate (CAGR) of 23.3% for apparel and 17.0% for footwear [29] - The market is characterized by a shift from professional outdoor gear to more casual and fashionable outdoor apparel, appealing to a broader consumer base [6][15] - The fastest-growing product categories include soft and hard shell jackets, which account for 40% of sales, and are expected to maintain double-digit growth [6][37] Brand Competitiveness - High-end and professional brands have advantages in technology, materials, and craftsmanship, allowing them to command higher prices [6][10] - Domestic brands are gaining market share, particularly in e-commerce, where they offer competitive pricing and functionality [6][10] - The report highlights key brands such as Anta Sports, Tabo, Bosideng, and others as significant players in the market [10][11] Product Analysis - High-end brands focus on technical barriers and product matrices, while mass-market brands emphasize multifunctionality and cost-effectiveness [6][10] - The report notes that the three-in-one jacket category constitutes about 40% of sales, highlighting its versatility for daily and light outdoor use [6][10] - The sales of outdoor footwear, particularly trail running shoes, are expected to see significant growth, with a projected CAGR of 94.5% [51] Supply Chain Insights - The high-end market is dominated by international suppliers, while domestic manufacturers benefit from the industry's overall growth [6][10] - The report indicates a trend of "international technology monopoly and accelerated domestic substitution" in the supply chain [10][11]

Core Viewpoint - The company reported stable revenue and improved profitability in H1 2025 despite a complex external environment, driven by moderate wool price increases and foreign exchange gains [1][3]. Financial Performance - H1 2025 revenue was 2.554 billion yuan, a slight decrease of 0.08% year-on-year, while net profit attributable to shareholders was 271 million yuan, an increase of 1.67% year-on-year [1]. - Quarterly breakdown shows Q1 revenue increased by 0.29% year-on-year, while Q2 revenue decreased by 0.35% year-on-year [1]. - Gross profit margin improved to 21.6%, up 0.75 percentage points year-on-year, due to effective cost control and an increase in high-end yarn orders [2]. Product Performance - Revenue from fine wool yarn, cashmere, and wool tops in H1 2025 was 1.433 billion yuan, 786 million yuan, and 303 million yuan, respectively, with year-on-year changes of -3.1%, +16%, and -16% [1]. - Cashmere sales volume was approximately 1,370 tons, up 16.6% year-on-year, benefiting from new capacity release and deepened cooperation with key customers [2]. Regional Performance - Domestic and foreign sales revenue in H1 2025 were 1.650 billion yuan and 904 million yuan, respectively, with year-on-year changes of -1.3% and +2.2% [2]. Cost and Expense Management - The company managed to reduce its expense ratio to 7.42%, down 0.25 percentage points year-on-year, despite increases in sales and management expenses due to higher employee compensation [2]. Future Outlook - The company is progressing with new projects, including a high-end fine wool yarn project in Vietnam and a high-quality fine wool yarn project in Yinchuan, which are expected to gradually release capacity in the second half of the year [3]. - Profit forecasts for 2025-2026 have been adjusted downwards due to low domestic and foreign demand, with net profit estimates of 449 million yuan and 494 million yuan, respectively [3].

证券代码：603889 证券简称：新澳股份 公告编号：2025-035 本次投资者说明会以网络互动形式召开，公司将针对 2025 年半年度的经营 成果及财务指标的具体情况与投资者进行互动交流和沟通，在信息披露允许的范 围内就投资者普遍关注的问题进行回答。 浙江新澳纺织股份有限公司 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。 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 09 月 01 日（星期一）至 09 月 05 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 xinao@xinaotex.com 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。 浙江新澳纺织股份有限公司（以下简称"公司"）已于 2025 年 8 月 23 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 ...

Group 1: Automotive Industry Insights - The automotive industry is experiencing a significant shift towards intelligent driving technologies, with companies like HUAWEI and Horizon leading the way in advanced driver assistance systems [13][14]. - The penetration rate of L2 and above autonomous driving features in passenger vehicles reached 29.7% as of June 2025, reflecting a year-on-year increase of 13 percentage points [14]. - Investment recommendations include companies such as Xpeng Motors, Leap Motor, and Geely for complete vehicles, and suppliers like Suoteng Technology and Hesai Technology for components [15]. Group 2: Pharmaceutical Sector Developments - The pharmaceutical sector showed weaker performance compared to the overall market, with the biopharmaceutical segment rising only 1.05% [16]. - The World Lung Cancer Conference (WCLC) in September 2025 will showcase innovative research from Chinese pharmaceutical companies, highlighting the growing competitiveness of domestic products [16][17]. - Investment focus is recommended on companies presenting at major conferences like ESMO and WCLC, particularly those with promising clinical data [17]. Group 3: Mining and Metals Performance - Luoyang Molybdenum's net profit for H1 2025 increased by 60% to CNY 8.67 billion, driven by rising copper and cobalt prices alongside increased production [18][19]. - Zijin Mining reported a 54.41% year-on-year increase in net profit for H1 2025, attributed to a significant rise in gold production and prices [22][23]. - Cloud Aluminum's net profit for H1 2025 grew by 10%, with a strong performance in aluminum production and a proposed cash dividend of CNY 3.2 per share [20][21]. Group 4: Real Estate and Property Management - Poly Property's revenue for H1 2025 reached CNY 8.4 billion, with a net profit increase of 5%, indicating steady growth in property management services [31][32]. - Greentown China reported a significant decline in net profit by 89.7% for H1 2025, primarily due to uneven revenue recognition and asset impairment provisions [33][34]. - The company maintained a strong sales performance, with total sales area down only 10% compared to the industry average, reflecting resilience in a challenging market [34].

Investment Rating - The investment rating for the company is "Outperform the Market" [5][19][25] Core Views - The company has maintained stable performance in the first half of the year, with notable growth in cashmere yarn business, while overall revenue remained flat [1][2] - The company is a leading manufacturer in wool and cashmere spinning, with a slight decrease in revenue of 0.1% year-on-year to 2.55 billion yuan for the first half of 2025, and a net profit increase of 1.7% year-on-year to 270 million yuan [1][19] - The cashmere yarn business has shown rapid growth, benefiting from orders from Japanese companies, with revenue increasing by 16.6% year-on-year to 790 million yuan [2][19] Summary by Sections Financial Performance - The company's gross profit margin improved by 0.8 percentage points to 21.6%, driven by higher margins in fine wool spinning and wool strip businesses [1] - The financial expenses ratio decreased by 0.8 percentage points, mainly due to foreign exchange gains, with a net profit margin increase of 0.2 percentage points to 10.6% [1][19] Business Segments - Revenue from fine wool spinning decreased by 3.1% to 1.43 billion yuan, while cashmere yarn revenue increased by 16.0% to 790 million yuan [2] - The gross margin for fine wool spinning improved by 1.7 percentage points to 28.8%, while cashmere yarn's gross margin slightly decreased by 0.7 percentage points to 13.5% [2] Capacity Expansion - The company is advancing its capacity planning and optimizing its domestic and international production layout, with projects in Vietnam and Yinchuan expected to gradually release capacity in the second half of the year [3][19] - The company aims to enhance its global industrial layout through these initiatives, which are expected to contribute to sustainable development [3][19] Profit Forecast - The company is projected to achieve steady revenue and net profit growth in the first half of 2025, with cashmere business being the main driver of revenue growth [19] - The forecasted net profits for 2025-2027 are 440 million, 490 million, and 560 million yuan, representing year-on-year growth of 3.6%, 11.0%, and 14.3% respectively [19][21]