证券代码：605080 证券简称：浙江自然 公告编号：2025-037 浙江大自然户外用品股份有限公司 关于回购注销 2024 年限制性股票激励计划 部分限制性股票的公告 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： ● 限制性股票回购注销原因及数量：鉴于公司 2024 年限制性股票激励计划 首次授予的部分激励对象因辞职已不符合激励计划规定的条件，公司对其已获授 但尚未解除限售的全部限制性股票 32,200 股进行回购注销。 5、2025 年 2 月 26 日，公司于上海证券交易所网站披露了《浙江大自然户 外用品股份有限公司关于 2024 年限制性股票激励计划内幕信息知情人及激励对 象买卖公司股票情况的自查报告》。经核查，在本次激励计划草案公开披露前六 个月内,未发现本次激励计划的内幕信息知情人利用本次激励计划有关内幕信息 进行股票买卖的行为或泄露本次激励计划有关内幕信息的情形。 6、2025 年 3 月 3 日,公司召开第三届董事会薪酬与考核委员会第二次会议， 审议通过了《关于向公司 2024 年限制性股票 ...

回购注销 2024 年限制性股票激励计划部分限制性股票通知 债权人的公告 证券代码：605080 证券简称：浙江自然 公告编号：2025-038 浙江大自然户外用品股份有限公司 2、申报地址：浙江省台州市天台县平桥镇下曹村 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。 一、通知债权人的原由 浙江大自然户外用品股份有限公司（以下简称"公司"）于 2025 年 8 月 22 日召开了第三届董事会第七次会议和第三届监事会第七次会议，审议通过了《关 于回购注销 2024 年限制性股票激励计划部分限制性股票的议案》，鉴于公司 2024 年限制性股票激励计划首次授予的部分激励对象，因个人原因主动辞职，与公司 解除劳动关系，已不符合激励计划规定的条件，公司对其已获授但尚未解除限售 的全部限制性股票 32,200 股进行回购注销。根据公司 2025 年第一次临时股东大 会的授权，本次回购注销属于授权范围内事项，经公司董事会审议通过后实施， 无 需 提 交 股 东 大 会 审 议 。 具 体 内 容 详 见 公 司 于 同 日 在 上 海 证 ...

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回购注销部分限制性股票的 地址: 浙江省杭州市上城区富春路 308 号华成国际发展大厦 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回购注销部分限制性股票的 法律意见书 法律意见书 锦 天 城 律师事务 所 ALLBRIGHT LAW OFFICES 了勤勉尽责和诚实信用的原则,进行了充分的核查验证,保证本法律意见书所认 定的事实真实、准确、完整、所发表的结论性意见合法、准确、不存在虚假记载、 误导性陈述或者重大遗漏，并承担相应的法律责任。 上锦杭 2025 法意字第 40822 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 ...

公司代码：605080 公司简称：浙江自然 浙江大自然户外用品股份有限公司 浙江大自然户外用品股份有限公司2025 年半年度报告 1 / 167 2025 年半年度报告 四、 公司负责人夏永辉、主管会计工作负责人夏秀华及会计机构负责人（会计主管人员）宋玉 华声明：保证半年度报告中财务报告的真实、准确、完整。 五、 董事会决议通过的本报告期利润分配预案或公积金转增股本预案 无 六、 前瞻性陈述的风险声明 浙江大自然户外用品股份有限公司2025 年半年度报告 重要提示 一、 本公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容的真实性、准确 性、完整性，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 二、 公司全体董事出席董事会会议。 三、 本半年度报告未经审计。 √适用 □不适用 本报告所涉及的公司未来计划、发展战略等前瞻性陈述，不构成公司对投资者的实质性承诺 ，请投资者注意投资风险。 七、 是否存在被控股股东及其他关联方非经营性占用资金情况 否 八、 是否存在违反规定决策程序对外提供担保的情况 否 九、 是否存在半数以上董事无法保证公司所披露半年度报告的真实性、准确性和完整性 ...

Summary of Conference Call Records Industry Overview - The focus is on the furniture industry, particularly in the context of U.S. import tariffs and the impact of Federal Reserve interest rate expectations on market dynamics [1][4][5]. Key Points and Arguments 1. **Interest Rate Expectations**: - Market expectations for a Federal Reserve rate cut have significantly increased, with a 94% probability for a September cut and an expectation of 2.2 cuts within the year [1][2]. - By the end of 2026, the anticipated number of cuts has risen to 5.3 [2]. 2. **Impact of Tariff Investigations**: - The Trump administration announced a tariff investigation on imported furniture to boost domestic manufacturing, which initially caused stock price declines for U.S. furniture companies reliant on imports [4]. - Despite this, the expectation of interest rate cuts has mitigated some negative impacts, with some companies' stock prices recovering above pre-announcement levels [4]. 3. **Chinese Manufacturers' Competitive Edge**: - U.S. dependence on furniture imports remains high, particularly in labor-intensive segments, allowing Chinese manufacturers to maintain a competitive advantage due to cost-effectiveness [5]. - A potential surge in exports is expected in the next 50 days as companies rush to ship products before potential tariffs take effect [5]. 4. **Investment Opportunities**: - Companies with domestic production capabilities, such as Mengbaihe and Aili Home, are expected to benefit from potential tariff advantages [1][6]. - Firms with strong alpha characteristics and low valuations, like Jiangxin Home, are also recommended for investment [1][6]. 5. **Export Chain Recovery Logic**: - The recovery logic for the export chain includes product differentiation, valuation recovery due to reduced tariff risks, and new business opportunities [3][8]. - Export leaders are projected to achieve a PEG valuation of 1 to 1.5 times, indicating a potential upside of over 30% for some companies [3][9]. 6. **High Growth Companies**: - Companies like Jieja Co. and Nobon Co. have shown significant growth despite industry pressures, indicating a potential turning point in performance [10]. - Future growth is anticipated for companies such as Zhejiang Nature and Jieya Co. due to optimistic growth forecasts [11]. 7. **New Drivers for Valuation Improvement**: - New factors such as the development of proprietary brands and merger/acquisition expectations are expected to enhance company valuations [12]. - Companies in stable sectors, like pet products, are highlighted for their growth potential post-tariff pressures [12]. 8. **Main Lines of Recent Recovery**: - The recent recovery in the export sector is driven by reasonable PEG valuations, high growth opportunities following performance turning points, and new drivers from brand development and acquisitions [13]. Other Important Insights - The furniture industry is facing a critical period with potential tariff impacts, but the long-term competitive landscape for Chinese manufacturers remains strong due to their cost advantages and product development capabilities [5][7]. - The overall sentiment suggests that while short-term challenges exist, the long-term outlook for companies with strong fundamentals and innovative capabilities remains positive [13].

8月25日，浙江自然跌5.01%，截至发稿，报29.19元/股，成交1.41亿元，换手率3.39%，总市值41.33亿 元。 资料显示，浙江大自然户外用品股份有限公司位于浙江省台州市天台县平桥镇下曹村，成立日期2000年 9月4日，上市日期2021年5月6日，公司主营业务涉及充气床垫、户外箱包、头枕坐垫等户外运动用品的 研发、设计、生产和销售。主营业务收入构成为：气床58.48%，箱包20.37%，其他13.34%，枕头坐垫 6.95%，其他(补充)0.86%。 景顺长城消费精选混合A类（010104）基金经理为邓敬东、刘苏。 截至发稿，邓敬东累计任职时间5年104天，现任基金资产总规模18.72亿元，任职期间最佳基金回报 47.9%， 任职期间最差基金回报-25.56%。 刘苏累计任职时间13年245天，现任基金资产总规模125.07亿元，任职期间最佳基金回报129.48%， 任 职期间最差基金回报-25.56%。 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 议。 责任编 ...

Investment Rating - The report maintains a "Positive" outlook on the textile and apparel industry, highlighting the resilience of the sportswear segment and potential growth opportunities in various sub-sectors [2][3]. Core Insights - The textile and apparel sector underperformed the market, with the SW textile and apparel index rising 2.5%, lagging behind the SW All A index by 1.4 percentage points [3][4]. - Recent industry data indicates a 2.9% year-on-year increase in retail sales for clothing, shoes, and textiles, totaling 837.1 billion yuan from January to July 2025 [3][30]. - Exports of textiles and apparel reached 170.74 billion USD in the same period, showing a modest 0.6% increase, while clothing exports declined by 0.3% [3][30]. - Cotton prices have shown a slight decline, with the national cotton price B index at 15,243 yuan/ton, down 0.2% [3][35]. Summary by Sections Textile Sector - Nobon Co. is highlighted for its strong growth potential due to its focus on personal care and new tobacco products, benefiting from low penetration rates and a young consumer base [3][9]. - The report emphasizes the importance of self-owned brands and the potential for breakthroughs in the new tobacco sector, particularly for Nobon [3][9]. - The textile manufacturing sector is expected to recover as the trade environment becomes more favorable for quality manufacturers [10]. Apparel Sector - The sportswear segment demonstrated the best resilience, with companies like Li Ning, Anta, and 361 Degrees showing revenue growth of 3%, 7%, and 11% respectively, despite facing headwinds [11][24]. - Li Ning's mid-year report showed a revenue increase to 14.82 billion yuan, although net profit fell by 11% [11][24]. - The report recommends several companies for investment, including Anta Sports, Li Ning, and 361 Degrees, as they are expected to benefit from improving domestic demand [3][11]. Market Dynamics - The report notes that domestic consumption recovery is a key focus for 2025, with various regions implementing measures to stimulate consumer spending [14]. - The performance of international brands is also discussed, with companies like Deckers and Asics reporting significant growth in their respective markets [16][21]. Key Recommendations - The report suggests investing in high-quality domestic brands and companies with strong growth potential in the textile and apparel sector, particularly in the sportswear and personal care segments [3][10][11].

Market Performance - The entertainment products sector increased by 0.85% on August 22, with Qunxing Toys leading the gains [1] - The Shanghai Composite Index closed at 3825.76, up 1.45%, while the Shenzhen Component Index closed at 12166.06, up 2.07% [1] Individual Stock Performance - Qunxing Toys (002575) closed at 9.32, rising by 10.04% with a trading volume of 1.26 million shares and a transaction value of 1.167 billion [1] - Shifeng Culture (002862) closed at 21.24, up 4.84%, with a trading volume of 195,500 shares and a transaction value of 411 million [1] - Helen Piano (300329) closed at 12.28, increasing by 2.50%, with a trading volume of 136,500 shares and a transaction value of 165 million [1] - Other notable stocks include Zhejiang Natural (605080) at 30.73 (+2.19%), Jinling Sports (300651) at 24.86 (+1.47%), and Mingyue Lens (301101) at 49.00 (+1.20%) [1] Fund Flow Analysis - The entertainment products sector saw a net inflow of 86.11 million from institutional investors, while retail investors contributed a net inflow of 80.85 million [2] - The sector experienced a net outflow of 167 million from speculative funds [2] Detailed Fund Flow for Selected Stocks - Qunxing Toys had a net inflow of 192.1 million from institutional investors, but a net outflow of 122 million from speculative funds [3] - Shifeng Culture saw a net inflow of 34.62 million from institutional investors, with a net outflow of 31.82 million from speculative funds [3] - Zhejiang Natural experienced a net inflow of 22.99 million from institutional investors, while speculative funds had a net outflow of 3.35 million [3]

Core Viewpoint - The company is a leading outdoor inflatable mattress manufacturer with solid profitability, driving growth through expanding existing product lines and accelerating new product categories, resulting in better-than-expected performance [1] Group 1: Revenue and Profit Forecast - The company is projected to achieve revenue of 1 billion and net profit of 185 million in 2024, with expectations of returning to growth after inventory depletion and successfully onboarding large clients in the new energy sector [2] - The company anticipates a compound annual growth rate (CAGR) of over 30% in revenue from 2025 to 2027, driven by both existing product line expansion and new product category growth [2] Group 2: Domestic Factory Performance - The company holds a significant market share in the inflatable mattress category, with expectations for steady growth following inventory depletion in the first half of 2023 and a recovery in the second half of 2024 [3] - Continuous customer expansion efforts, alongside the ramp-up of new energy vehicles, are expected to contribute positively to traditional product growth, exceeding market expectations [3] Group 3: International Factory Developments - The company is expanding into new categories such as insulated hard cases and surfboards, leveraging its existing customer base and the scarcity of overseas production capacity [4] - The company has established strong customer relationships, particularly in Vietnam and Cambodia, which are expected to facilitate order growth despite concerns over tariffs affecting U.S. orders [4] Group 4: Performance Indicators and Catalysts - Key performance indicators include financial reports and order outlooks, with catalysts being better-than-expected performance and order forecasts in the second half of 2025 [7][8] Group 5: Profitability and Valuation - Revenue projections for 2025-2027 are 1.27 billion, 1.87 billion, and 2.4 billion respectively, with year-on-year growth rates of 27%, 47%, and 29% [9] - The company is expected to maintain strong profitability compared to peers, with a projected price-to-earnings ratio of 16.1, 10.7, and 8.3 for the respective years [9]

Core Viewpoint - The sports industry is emerging as a new highlight for economic growth, with significant potential in event-driven economies and increased market attention on sports concept stocks [5]. Group 1: Sports Concept Stocks with Low Price-to-Earnings Ratios - Seven sports concept stocks have rolling price-to-earnings ratios below 20 times, including companies like 双象股份 (10.02), 健盛集团 (11.55), and 奥瑞金 (12.15) [12][13]. - 双象股份 is noted for having the lowest rolling price-to-earnings ratio at 10.02 times, with an expected net profit of 1.15 billion to 1.5 billion yuan for the first half of the year, representing a year-on-year growth of 128.1% to 197.53% [13]. Group 2: Institutional Ratings and Earnings Forecasts - 华利集团 has the highest institutional attention, with 38 institutions issuing reports on the stock, followed by 森马服饰, 致欧科技, and others [13]. - The earnings forecast for the first half of the year indicates that nine companies are expected to be profitable, with 华利集团 reporting a net profit of 1.664 billion yuan, despite a year-on-year decline of 11.42% [12][13]. Group 3: Growth of Sports Events and Consumption - The launch of various city football leagues across multiple regions, such as the 江苏省城市足球联赛, is expected to stimulate local consumption and economic activity [6][7][8][9]. - The sports industry has seen an average annual growth rate of over 10% in total scale during the "14th Five-Year Plan" period, with events like "苏超" significantly boosting local economies [10][11]. Group 4: Future Potential of the Sports Industry - The sports industry is anticipated to have substantial growth potential, driven by both demand-side initiatives and supply-side reforms [11]. - The integration of sports consumption with tourism, culture, and entertainment is expected to further enhance consumer engagement and spending [11].