Core Points - New Australia Co., Ltd. experienced a stock price decline of 2.06% on November 17, trading at 8.10 yuan per share with a market capitalization of 5.915 billion yuan [1] - The company has seen a year-to-date stock price increase of 20.72%, with a 35.45% rise over the past 60 days [1] - As of September 30, the company reported a revenue of 3.894 billion yuan for the first nine months of 2025, reflecting a year-on-year growth of 0.60% [2] Financial Performance - The company’s main business revenue composition includes: fine wool yarn 56.11%, cashmere 30.77%, wool tops 11.87%, modified processing, dyeing and finishing, and cashmere processing 0.78%, and others 0.48% [1] - The net profit attributable to the parent company for the same period was 377 million yuan, showing a year-on-year increase of 1.98% [2] Shareholder Information - As of September 30, the number of shareholders increased by 8.80% to 16,000, with an average of 44,965 circulating shares per person, a decrease of 8.09% [2] - Since its A-share listing, the company has distributed a total of 1.372 billion yuan in dividends, with 643 million yuan distributed over the past three years [3]

Core Insights - The report emphasizes the importance of value as an anchor in the textile and apparel industry, suggesting a shift towards innovative strategies to break through competitive pressures [1][3]. Group 1: 2025 Review - The textile and apparel index underperformed the broader market, with brand performance under pressure and manufacturing showing a high-to-low trend [4][9]. - Retail sales growth for apparel remained stable, with online channels outperforming offline, particularly in the second and third quarters [18][19]. - The overall performance of the textile manufacturing sector showed a decline in exports due to tariff impacts, with a notable slowdown in growth rates [28][30]. Group 2: 2026 Main Lines - The report identifies three main investment themes for 2026: 1. The outdoor sports segment is expected to thrive, focusing on niche positioning and technological innovation [3][5]. 2. High-quality products are anticipated to drive new demand, with opportunities in the trillion-yuan market for breakthrough players [3][5]. 3. Trade stability is expected, favoring leading manufacturers with improving market share and efficiency [3][5]. Group 3: Investment Recommendations - Investors are advised to focus on three key areas: outdoor sports, quality manufacturing, and brand innovation, with specific companies highlighted for their growth potential [5][6]. - Notable companies include Anta Sports, Li Ning, and Shenzhou International, which are positioned well for future growth [5][6]. Group 4: Company Performance - The report provides detailed earnings forecasts and investment ratings for key companies, indicating a generally positive outlook for the sector despite recent challenges [6][7]. - Companies like Anta Sports and Li Ning are projected to maintain strong earnings per share (EPS) growth, with respective forecasts of 5.42 and 1.09 for 2026 [6].

Group 1 - The core viewpoint of the report indicates a moderate recovery in the domestic apparel industry in 2025, with retail sales of clothing, shoes, and knitted products increasing by 3.1% year-on-year to 1.1 trillion yuan, although still lagging behind the overall retail performance of consumer goods, which grew by 4.5% [1][12] - The report highlights that the gap in retail sales growth between clothing and overall consumer goods has narrowed significantly compared to 2024, where clothing sales only grew by 0.3% [1][12] - The report notes that the textile and apparel index has shown a fluctuating upward trend, with the A-share textile and apparel sector rising by 11.3% in 2025, underperforming the CSI 300 index, which increased by 20.6% [2][28] Group 2 - The textile manufacturing sector is expected to see performance and valuation recovery in 2026, driven by the diminishing impact of reciprocal tariffs and improvements in Nike's operational status [3][28] - The report anticipates that clothing consumption will continue to experience a volatile recovery in 2026, with functional and mass-market clothing expected to outperform the broader market [3][28] - The home textile sector is entering a new replacement cycle, supported by subsidy policies, with recommendations to focus on companies like Luolai Life and Mercury Home Textile [3][28] Group 3 - The report provides investment recommendations, suggesting a focus on companies such as Huayi Group, Shenzhou International, and Crystal International in the textile manufacturing sector, and Anta Sports and 361 Degrees in the apparel sector [3][28] - The report emphasizes that the performance of the brand apparel sector has shown gradual improvement, with key companies maintaining healthy inventory levels and experiencing a slight increase in gross margins [46][50] - The textile manufacturing sector has faced revenue pressure due to reciprocal tariffs, with a noted decline in net profit for key companies in the first three quarters of 2025 [61][62]

Market Overview - In October, the A-share textile and apparel sector outperformed the broader market, with textile manufacturing performing better than branded apparel. Since November, the sector has continued to show strong performance, with branded apparel increasing by 3.4% and textile manufacturing by 2.9% [1][12] - The Hong Kong textile and apparel index fell by 4.9% in October but has since turned positive in November [1][19] Brand Apparel Insights - Retail sales of clothing in September grew by 4.7% year-on-year, with a month-on-month increase of 1.6 percentage points [1][21] - E-commerce showed strong performance in October, with all categories experiencing month-on-month growth. Outdoor apparel led year-on-year growth, with sportswear, outdoor wear, leisure wear, home textiles, and personal care products showing growth rates of 0%, +19%, 0%, +1%, and +2% respectively [1][21] - Leading brands in sportswear included Lululemon (+88%), Asics (+47%), and Descente (+35%). In outdoor brands, Kailas (+55%), Berghaus (+41%), and Camel (+39%) showed strong growth. In leisure wear, Dazzle (+93%), Li Ning (+85%), and Xuezhongfei (+49%) experienced rapid growth [1][21] Textile Manufacturing Insights - On a macro level, the textile export growth in October was impacted by high base effects from the previous year, with Vietnam's textile exports declining by 1.0% year-on-year and China's textile exports down by 9.1% [1][21] - Cotton prices showed slight increases in October (+0.7%) while wool prices decreased significantly (-20.9% month-on-month) [1][21] - On a micro level, Taiwanese companies reported mixed revenue performances in October, but outlooks remain optimistic. Companies like Ju Hong expect revenue recovery in Q4, while Wei Hong has strong demand driven by the upcoming World Cup [1][21] Investment Recommendations - Focus on textile manufacturing rebound and consumer innovation opportunities. The fourth-quarter orders in textile manufacturing are expected to recover, suggesting a potential turnaround for companies facing difficulties [3][6] - Key companies to watch include Shenzhou International, which benefits from tariff reductions and Nike's recovery, and Huayi Group, which is seeing continuous improvement in profitability [6][7] Key Company Performance Predictions - Shenzhou International: Maintain "Outperform" rating with an estimated EPS of 4.37 in 2025 and 4.96 in 2026 [7] - Huayi Group: Maintain "Outperform" rating with an estimated EPS of 2.85 in 2025 and 3.48 in 2026 [7] - Kai Run Co.: Maintain "Outperform" rating with an estimated EPS of 1.52 in 2025 and 1.78 in 2026 [7] - New Australia Co.: Maintain "Outperform" rating with an estimated EPS of 0.63 in 2025 and 0.71 in 2026 [7]

Market Overview - In October, the A-share textile and apparel sector outperformed the broader market, with textile manufacturing performing better than branded apparel. Since November, the sector has continued to show strong performance, with branded apparel increasing by 3.4% and textile manufacturing by 2.9% [1][12] - The Hong Kong textile and apparel index fell by 4.9% in October but has since turned positive in November [1][19] Brand Apparel Insights - Retail sales of clothing in September grew by 4.7% year-on-year, with a month-on-month increase of 1.6 percentage points [1][21] - E-commerce showed strong performance in October, with all categories experiencing month-on-month growth. Outdoor apparel led year-on-year growth, with sportswear, outdoor wear, leisure wear, home textiles, and personal care products showing growth rates of 0%, 19%, 0%, 1%, and 2% respectively [1][21] - Leading brands in sportswear included Lululemon (88%), Asics (47%), and Descente (35%). In outdoor brands, Kailas (55%), Berghaus (41%), and Camel (39%) showed strong growth [1][21] Textile Manufacturing Insights - On a macro level, the textile export growth in October was negatively impacted by high base effects from the previous year, with Vietnam's textile exports declining by 1.0% year-on-year and China's textile exports down by 9.1% [1][21] - Cotton prices showed slight increases in October, while wool prices decreased significantly, down 20.9% month-on-month and 6.8% year-on-year [1][21] - Taiwanese companies in the textile sector are optimistic about future revenue, with several companies expecting a recovery in orders and revenue in the fourth quarter [1][6] Investment Recommendations - Focus on textile manufacturing rebound and consumer innovation opportunities. The fourth quarter is expected to see a recovery in orders, with diminishing tariff impacts and stabilizing order placements [3][6] - Key companies to watch include Shenzhou International, Huayi Group, and Kai Run Co., which are expected to benefit from improved order visibility and market demand [3][6][7] - In branded apparel, the report recommends focusing on high-end segments and brands in the sports and outdoor categories, highlighting Anta Sports, Li Ning, and Tebu International as key players [3][6]

Market Overview - In October, the A-share textile and apparel sector outperformed the broader market, with textile manufacturing performing better than branded apparel. Since November, the sector has continued to show strong performance, with branded apparel increasing by 3.4% and textile manufacturing by 2.9% [1][12] - The Hong Kong textile and apparel index fell by 4.9% in October but has since turned positive in November [1][19] Brand Apparel Insights - Retail sales of clothing in September grew by 4.7% year-on-year, with a month-on-month increase of 1.6 percentage points [1][21] - E-commerce showed strong performance in October, with all categories experiencing month-on-month growth. Outdoor apparel led year-on-year growth, with sportswear, outdoor wear, leisure wear, home textiles, and personal care products growing by 0%, 19%, 0%, 1%, and 2% respectively [1][21] - Leading brands in sportswear included Lululemon (88%), Asics (47%), and Descente (35%). In outdoor brands, Kailas (55%), Berghaus (41%), and Camel (39%) showed strong growth. In leisure wear, brands like Dazzle (93%), Li Ning (85%), and Snow Flying (49%) experienced rapid growth [1][21] Textile Manufacturing Insights - On a macro level, the textile export growth in October was impacted by high base effects from the previous year, with Vietnam's textile exports declining by 1.0% year-on-year and China's textile exports down by 9.1% [1][21] - Cotton prices showed slight increases and decreases in October, with domestic cotton prices up by 0.7% and imported cotton prices down by 0.9%. Wool prices decreased significantly, down 20.9% month-on-month and 6.8% year-on-year [1][21] - On a micro level, Taiwanese companies showed varied revenue performance in October, with optimistic future outlooks. Companies like Ju Hong and Wei Hong reported strong order visibility and expected revenue recovery in the upcoming quarters [1][21] Investment Recommendations - Focus on textile manufacturing rebound and consumer innovation opportunities. The fourth quarter is expected to see order recovery, with diminishing tariff impacts and stabilizing order placements [3][6] - Key companies to watch include Shenzhou International, which benefits from tariff reductions and Nike's recovery, and Huayi Group, which is seeing continuous improvement in profitability [6][7]

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 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 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 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， ...

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 证券代码：603889 证券简称：新澳股份 公告编号：2025-047 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 | | --- | --- | --- | | 56,000 | 56,000 | 2025 年 11 月 13 日 | 一、本次限制性股票回购注销的决策与信息披露 1、2025 年 9 月 5 日，公司召开第六届董事会第二十三次会议，审议通过了 《关于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 9 月 22 日，公司召开 2025 年第二次临时股东会，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 2025 年 9 月 23 日在上海证券交易所网站 （www.sse.com.cn）披露 ...

Core Insights - New Australia Co., Ltd. (新澳股份) has seen a stock price increase of 17.29% year-to-date, with a recent price of 7.87 CNY per share and a market capitalization of 5.747 billion CNY [1] - The company operates in the textile manufacturing sector, focusing on wool yarn and cashmere yarn production, with a revenue composition heavily weighted towards fine wool yarn at 56.11% [1][2] - For the first nine months of 2025, the company reported a revenue of 3.894 billion CNY, reflecting a year-on-year growth of 0.60%, and a net profit of 377 million CNY, up 1.98% [2] Financial Performance - As of September 30, the number of shareholders increased by 8.80% to 16,000, while the average number of tradable shares per person decreased by 8.09% to 44,965 shares [2] - The company has distributed a total of 1.372 billion CNY in dividends since its A-share listing, with 643 million CNY distributed over the past three years [3] Market Activity - The stock experienced a net outflow of 506,800 CNY in principal funds, with significant buying and selling activity noted in large orders [1] - The company has appeared on the trading leaderboard once this year, with a net buy of -50.8695 million CNY on October 10 [1]

Group 1 - The core viewpoint of the article highlights the slight decline in the number of textile and apparel enterprises in China, with a total of 13,673 companies reported for the period from January to September 2025, reflecting a decrease of 1 company or 0.01% year-on-year [1] - The textile and apparel industry accounts for 2.62% of the total industrial enterprises in China, indicating its significance within the broader industrial landscape [1] - The data presented is sourced from the National Bureau of Statistics and compiled by Zhiyan Consulting, a leading industry consulting firm in China [1] Group 2 - The report mentions that the threshold for scale industrial enterprises has been raised from an annual main business income of 5 million yuan to 20 million yuan since 2011, which may impact the number of reported enterprises [1] - Zhiyan Consulting has been engaged in industry research for over a decade, providing comprehensive industry research reports, business plans, feasibility studies, and customized consulting services [1] - The article emphasizes the importance of market insights and quality services in supporting investment decisions within the textile and apparel sector [1]