Investment Rating - The industry investment rating is "Positive" and maintained [8] Core Insights - The brand sector shows steady recovery in Q1 under consumer promotion policies, with most companies achieving positive growth, outperforming expectations. The performance varies across sub-sectors, with mid-to-high-end menswear showing strong growth, sports retail maintaining steady growth, and mass brands also experiencing a rebound. Profitability varies due to differentiated cost control and operational leverage [2][4][16] - The manufacturing sector faces short-term pressure as downstream inventory has reached healthy levels, but demand from major export countries is weakening. In Q1, demand from the US and Japan shows marginal weakening. Most brands and retailers have returned to healthy inventory levels, but weak overseas demand is expected to limit replenishment momentum, affecting order elasticity in the related supply chain [2][4][17] Summary by Relevant Sections Brand Sector - Q1 retail sales of clothing and textiles increased by 3.3% year-on-year, with a month-on-month increase of 3.6 percentage points [20] - Mid-to-high-end menswear brands are leading in retail growth, while the sports sector continues to show steady growth. Mass apparel brands are also experiencing a recovery [20][27] Manufacturing Sector - The manufacturing sector is under short-term pressure due to weak demand from major export markets and healthy inventory levels. The overall order placement is cautious, with expectations of further pressure from tariff forecasts [4][28] Key Company Performance - **Wanjian Medical**: Expected Q1 revenue growth of 30%-40%, driven by non-woven products and strong brand power in sanitary napkins [5][40] - **Zhejiang Natural**: Anticipated Q1 revenue growth of 25%-35%, with net profit expected to increase by 50%-100% [5][40] - **Weixing Co.**: Expected Q1 revenue growth of 10%-15% and double-digit net profit growth [5][40] - **Anta Sports**: Expected Q1 revenue growth in the high single digits, with FILA brand showing mid-to-low single-digit growth [6][20] - **361 Degrees**: Anticipated Q1 revenue growth of 10%-15% for adult apparel and around 15% for children's clothing, with e-commerce growth of about 20% [6][20] Inventory and Demand Trends - The inventory levels of most brands and retailers have returned to a healthy state, with the wholesale inventory destocking nearing completion. However, weak overseas demand is expected to limit replenishment momentum [4][28]

Group 1 - The Shanghai Composite Index decreased by 0.46%, while the CSI All-Share Leisure Equipment and Supplies Index reported at 3414.80 points [1] - The CSI All-Share Leisure Equipment and Supplies Index has increased by 6.08% in the past month, 10.78% in the past three months, and 15.73% year-to-date [1] - The index is categorized into 11 primary industries, 35 secondary industries, over 90 tertiary industries, and more than 200 quaternary industries, with a base date of December 31, 2004, set at 1000.0 points [1] Group 2 - The top ten weights in the CSI All-Share Leisure Equipment and Supplies Index are: Nine Company (19.5%), Aofei Entertainment (14.79%), Zhonglu Co. (6.31%), Gaole Co. (5.12%), Huali Technology (4.75%), Yingpais (4.53%), Shifeng Culture (4.47%), Chuangyuan Co. (4.29%), Zhejiang Nature (4.28%), and Xinlong Health (4.15%) [1] - The market segments of the CSI All-Share Leisure Equipment and Supplies Index show that the Shenzhen Stock Exchange accounts for 59.62%, while the Shanghai Stock Exchange accounts for 40.38% [1] Group 3 - The sample of the CSI All-Share Leisure Equipment and Supplies Index consists entirely of leisure equipment and supplies [2] - The index sample is adjusted every six months, with adjustments implemented on the next trading day following the second Friday of June and December each year [2] - Temporary adjustments to the index sample will occur if there are special events affecting the industry classification of sample companies, and companies that are delisted will be removed from the index sample [2]

浙江大自然户外用品股份有限公司 关于使用部分闲置募集资金进行现金管理提前赎回的公告 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。 证券代码：605080 证券简称：浙江自然 公告编号：2025-014 单位：万元 | 受托机构 | 产品 | 产品名称 | 金额 | 预计年化 收益率 | 产品期限 | 收益起算 | 到期日 | 赎回本金 | 实际收益 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 类型 | | | （%） | | 日 | | | | | 中国农业银 | | | | | 三年（公司根据 | | | | | | 行股份有限 | 银行理 | 对公大额 | 3,000 | 3.10 | 实际资金需求安 | 2023 年 | 2026 年 | 3,000 | 53.475000 | | 公司天台县 | 财产品 | 存单 | | | 排，持有不超过 | 1 月 1 日 | 1 月 1 日 | | | | 支行 | | | | | 12 ...

● 履行的审议程序：浙江大自然户外用品股份有限公司（以下简称"公司"） 于 2024 年 3 月 23 日以现场结合通讯的表决方式召开公司第二届董事会第十五次 会议、第二届监事会第十二次会议，审议通过了《关于使用部分暂时闲置募集资 金及自有资金进行现金管理的议案》，同意公司在保证不影响募集资金投资项目 实施、确保募集资金安全的前提下，使用最高不超过人民币 2.5 亿元的暂时闲置 募集资金及最高不超过人民币 6 亿元的自有资金进行现金管理，使用闲置募集资 金用于购买投资安全性高、流动性好的保本型理财产品，使用自有资金购买低风 险的理财产品。自第二届董事会第十五次会议审议通过之日起 12 个月内有效。在 前述额度及期限范围内，公司可以循环滚动使用。具体内容见公司 2024 年 3 月 26 日披露的《浙江自然关于使用部分暂时闲置募集资金及自有资金进行现金管理 的公告》（公告编号：2024-012）。 一、本次使用闲置募集资金进行现金管理提前赎回情况 1、公司以部分闲置募集资金人民币 1,000 万元购买中国工商银行 2024 年第 4 期公司客户大额存单（36 个月）产品，具体内容详见公司 2024 年 6 月 ...

● 赎回理财产品名称：单位人民币三年 CD-13； ● 本次赎回金额：共计人民币 4,000 万元； 益 62.334408 万元。 证券代码：605080 证券简称：浙江自然 公告编号：2025-012 浙江大自然户外用品股份有限公司 关于使用部分闲置募集资金进行现金管理提前赎回的公告 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。 ● 履行的审议程序：浙江大自然户外用品股份有限公司（以下简称"公司"） 于 2024 年 3 月 23 日以现场结合通讯的表决方式召开公司第二届董事会第十五次 会议、第二届监事会第十二次会议，审议通过了《关于使用部分暂时闲置募集资金 及自有资金进行现金管理的议案》，同意公司在保证不影响募集资金投资项目实施、 确保募集资金安全的前提下，使用最高不超过人民币 2.5 亿元的暂时闲置募集资金 及最高不超过人民币 6 亿元的自有资金进行现金管理，使用闲置募集资金用于购买 投资安全性高、流动性好的保本型理财产品，使用自有资金购买低风险的理财产品。 自第二届董事会第十五次会议审议通过之日起 12 个月内有效 ...

证券代码：605080 证券简称：浙江自然 公告编号：2025-011 浙江大自然户外用品股份有限公司 关于使用部分闲置募集资金进行现金管理提前赎回的公告 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。 单位：万元 ● 履行的审议程序：浙江大自然户外用品股份有限公司（以下简称"公司"） 于 2024 年 3 月 23 日以现场结合通讯的表决方式召开公司第二届董事会第十五次 会议、第二届监事会第十二次会议，审议通过了《关于使用部分暂时闲置募集资金 及自有资金进行现金管理的议案》，同意公司在保证不影响募集资金投资项目实施、 确保募集资金安全的前提下，使用最高不超过人民币 2.5 亿元的暂时闲置募集资金 及最高不超过人民币 6 亿元的自有资金进行现金管理，使用闲置募集资金用于购买 投资安全性高、流动性好的保本型理财产品，使用自有资金购买低风险的理财产品。 自第二届董事会第十五次会议审议通过之日起 12 个月内有效。在前述额度及期限 范围内，公司可以循环滚动使用。具体内容见公司 2024 年 3 月 26 日披露的《浙江 自然关于使用 ...

Summary of Zhejiang Natural Conference Call Company Overview - Zhejiang Natural demonstrates a solid fundamental performance with ample net cash and good operating cash flow, maintaining a net profit margin around 20%, which is outstanding in the manufacturing sector, indicating long-term investment value [2][4] Core Business Insights - The company primarily operates on an ODM (Original Design Manufacturer) model, with a well-integrated supply chain and strong R&D capabilities, which supports its sustained high net profit margins [2][4] - The inflatable mattress industry has completed its destocking phase and is returning to growth, benefiting from a cyclical turnaround and new customer expansions, such as in the electric vehicle sector, leading to growth rates above the industry average [2][5] New Business Lines - Zhejiang Natural is actively expanding into new business lines such as water sports projects and outdoor bags, which are expected to create additional growth curves. Initial capital expenditures are entering a harvest phase, and increased order volumes will enhance turnover efficiency [2][6] Risks and Strategic Adjustments - There is a need to monitor the potential risk of declining marginal profits due to increased orders, as well as the impact of the macroeconomic environment on consumer demand, necessitating timely strategic adjustments [2][6] Financial Performance and Valuation - The company has a strong financial position with net cash of 1 billion and a clean balance sheet, maintaining a high net profit margin of around 20%, which is rare in the industry [4] - The current valuation is attractive, estimated at around 16-17 times based on the 2025 equity incentive plan, indicating continued investment potential despite recent stock price increases [2][7] Outdoor Market Trends - The outdoor market is experiencing rapid penetration, with good overall market conditions. Specific segments like fishing and camping are seeing significant growth, supported by data from platforms like Xiaohongshu [9] - Manufacturers and OEMs are playing a crucial role in this outdoor boom, with high-quality manufacturing and supply chain capabilities becoming increasingly scarce and valuable [9] Seasonal Performance Expectations - The company exhibits seasonal characteristics, with the first half of the year typically being a peak season. The base for the first half of 2024 is low, while the second half has a higher base, making the first half of 2025 particularly promising in terms of operational momentum and performance [10]

二、限制性股票首次授予激励对象名单 | 序号 | 姓名 | 职务 | | --- | --- | --- | | 1 | 黄*吉 | 核心技术（业务）人员 | | 2 | 吴*兵 | 核心技术（业务）人员 | | 3 | 周*娟 | 核心技术（业务）人员 | | 4 | 简*霞 | 核心技术（业务）人员 | | 5 | 孙*泽 | 核心技术（业务）人员 | | 6 | 曹*泰 | 核心技术（业务）人员 | | 7 | 朱* | 核心技术（业务）人员 | | 8 | 龙* | 核心技术（业务）人员 | | 9 | 张*杰 | 核心技术（业务）人员 | | 10 | 邓* | 核心技术（业务）人员 | | 11 | 庞*霞 | 核心技术（业务）人员 | | 12 | 郭* | 核心技术（业务）人员 | | 13 | 许*良 | 核心技术（业务）人员 | | 14 | 潘*旺 | 核心技术（业务）人员 | | 15 | 王*攀 | 核心技术（业务）人员 | | 16 | 陈 * | 核心技术（业务）人员 | | --- | --- | --- | | 17 | 曹 * 良 | 核心技术（业务）人员 | | 18 | ...

证券代码：605080 证券简称：浙江自然 公告编号：2025-010 浙江大自然户外用品股份有限公司 关于向公司2024年限制性股票激励计划激励对象 首次授予限制性股票的公告 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： 浙江大自然户外用品股份有限公司（以下简称"公司"或"浙江自然"）2024 年 限制性股票激励计划（以下简称"本激励计划"）规定的限制性股票首次授予条件已 经成就，根据公司 2025 年第一次临时股东大会授权，公司于 2025 年 3 月 3 日召开第 三届董事会第五次会议、第三届监事会第五次会议，审议通过了《关于向公司 2024 年限制性股票激励计划激励对象首次授予限制性股票的议案》，确定股权激励权益的 首次授予日为 2025 年 3 月 18 日，向符合条件的 61 名激励对象授予限制性股票 1,221,840 股，授予价格为 10.62 元/股。现将有关事项说明如下： 一、本激励计划首次授予情况 （一）已履行的决策程序和信息披露情况 1、2024 年 12 月 27 日，公司召开第三届 ...

上海锦天城(杭州)律师事务所 关于浙江大自然户外用品股份有限公司 2024 年限制性股票激励计划首次授予相关事项的 法律意见书 锦 天 城 律师事务 所 ALLBRIGHT LAW OFFICES 地址:杭州市上城区华成国际发展大厦 11、12 层 传真: 0571-89838099 电话:0571-89838088 邮编: 310020 上海锦天城(杭州)律师事务所 法律意见书 上海锦天城(杭州)律师事务所 关于浙江大自然户外用品股份有限公司 2024 年限制性股票激励计划首次授予相关事项的 法律意见书 上锦杭 2025 法意字第 40303 号 致:浙江大自然户外用品股份有限公司 上海锦天城(杭州)律师事务所(以下简称"锦天城"或"本所")接受浙江大 自然户外用品股份有限公司(以下简称"公司"或"浙江自然")的委托,担任公司 2024 年限制性股票激励计划(以下简称"本次激励计划")的法律顾问,根据《中 华人民共和国公司法》(以下简称"《公司法》")、《中华人民共和国证券法》 (以下简称"《证券法》")、《上市公司股权激励管理办法》(以下简称"《管 理办法》")《上海证券交易所股票上市规则》(以下简称"《 ...