轻工制造 行 业 及 产 业 2025 年 07 月 20 日 Q2 出口板块个股业绩分化；内需 整体仍存盈利压力，两轮车、黄金 珠宝表现较好 看好 ——轻工造纸行业 2025 年中报业绩前瞻 本期投资提示： 业 研 究 / 行 业 点 评 证券分析师 屠亦婷 A0230512080003 tuyt@swsresearch.com 黄莎 A0230522010002 huangsha@swsresearch.com 庞盈盈 A0230522060003 pangyy@swsresearch.com 研究支持 张海涛 A0230524080003 zhanght@swsresearch.com 张文静 A0230524120005 zhangwj@swsresearch.com 魏雨辰 A0230525010001 weiyc@swsresearch.com 联系人 魏雨辰 (8621)23297818× weiyc@swsresearch.com 本研究报告仅通过邮件提供给 中庚基金 使用。1 行 证 券 研 究 报 告 相关研究 - ⚫ 1）出口：25Q2 业绩存在分化，抗风险突出个股业绩增长稳健。25Q2 ...

Group 1 - A-share football concept stocks have surged again, with Chuangqi Turf hitting the daily limit, and Jinling Sports and Shuangxiang Co. rising over 5% [1] - Other companies such as Yue Media, Kangli Source, Yingpais, Tianfu Cultural Tourism, and Shuhua Sports also experienced gains [1] - Recently, the attendance for the Nanjing team's home match in the Scottish Super League reached 60,396, setting a new record for attendance in amateur football events in China [1]

Group 1 - The core viewpoint of the article highlights the significant stock price increases of several companies in the sports and entertainment sector following a record-breaking attendance at a soccer match [1] - Companies such as Gongchuang Turf, Jinling Sports, and Shuangxiang Co. saw their stock prices rise, with Jinling Sports and Shuangxiang Co. increasing by over 5% [1] - The record attendance of over 60,000 spectators at the July 5 match between Suzhou and Jiangsu teams indicates a growing interest in sports events, which may positively impact related companies [1]

Group 1 - The "Su Super" league has gained significant popularity, breaking attendance records and attracting 60,396 spectators, surpassing previous records for amateur football in China [1][4] - Since its launch on May 10, 2023, the number of sponsors for the "Su Super" league has increased from 6 to 29, indicating a growing interest from various sectors including local businesses and listed companies [2][3] - The league has positively impacted local economies, with over 80% of residents reporting a beneficial effect on their daily lives and consumption, and nearly 90% acknowledging its contribution to economic development [2][5] Group 2 - The "Su Super" league is part of a broader strategy by the Jiangsu government to promote sports as a key economic driver, integrating it with urban renewal and rural revitalization initiatives [4][5] - The sports industry in China is projected to reach a total scale of 5 trillion yuan by 2025, with a significant increase in sports-related consumption and employment opportunities [5][6] - The league's success reflects a trend towards grassroots sports events becoming vital for economic stimulation, as seen with previous successful events like the "Village Super" in Guizhou [5]

共创草坪 20250624 摘要 在足球场地中，大多数使用的是人造草坪，而天然草通常用于正式比赛。一些 训练场、学校及足球公园多采用人造草。例如苏超联赛，其主场馆使用天然草， 越南基地成本低于国内，主要因为人工和能源成本较低，通过减少派驻 员工数量、提高人效、研发投入、产品配方改进及设备改造等措施，有 效降低了成本。 公司仿真草坪业务主要通过批发商和超市进行销售，全部为 ToB 业务。 运动草坪销售给工程商，不直接面对政府项目。休闲草预计今年增长 20%以上，主要来自渗透率提升和应用场景增加。 但训练场则多为人造草。因此，我们近期确实感受到由于体育赛事影响，国内 运动场地的人造草皮订单需求较去年有所提升。 共创草坪终止 IPO 对整个行业竞争格局有何影响？ 共创草坪终止 IPO 对其供应商、客户及企业本身产生了负面影响，并且这种影 响是长期性的。从去年开始，我们公司的市场份额持续提升，根据内部统计口 径，我们去年的市场份额提升了约两个百分点。今年这一趋势仍在延续。从长 期来看，共创 IPO 撤材料将有利于我们进一步提升市场份额，并对价格产生正 面作用。 最近原材料价格变化趋势如何？对订单有何影响？ 四五月份原 ...

证券代码：605099 证券简称：共创草坪 公告编号：2025-027 江苏共创人造草坪股份有限公司（以下简称"公司"）股票价格于 2025 年 6 月 16 日、6 月 17 日和 6 月 18 日连续三个交易日内日收盘价格跌幅偏离值 累计超过 20%。根据上海证券交易所的相关规定，属于股票交易异常波动情形。 经公司自查并通过向控股股东、实际控制人书面发函查证，截至本公告 披露日，公司主营业务未发生变化，经营情况正常，不存在应披露而未披露的重 大事项。 相关风险提示：公司股票价格短期波动较大，敬请广大投资者注意二级 市场交易风险，理性决策，审慎投资。 一、股票交易异常波动的具体情况 公司股票价格于 2025 年 6 月 16 日、6 月 17 日和 6 月 18 日连续三个交易日 内日收盘价格跌幅偏离值累计超过 20%。根据《上海证券交易所交易规则》的相 关规定，属于股票交易异常波动情形。 二、公司关注并核实的相关情况 江苏共创人造草坪股份有限公司 股票交易异常波动公告 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。 ...

关于《江苏共创人造草坪股份有限公司股票交易异常波动 询证函》的回函 （本页无正文，为控股股东、实际控制人《关于<江苏共创人造草坪股份有限公 司股票交易异常波动询证函>的回函》之签署页 > 控股股东、实际控制人: 王强翔 致:江苏共创人造草坪股份有限公司 《江苏共创人造草坪股份有限公司股票交易异常波动询证函》本人已收悉, 作为江苏共创人造草坪股份有限公司的控股股东、实际控制人,现就贵公司询 证事项回复如下: 一、截至目前,本人不存在涉及贵公司的应披露而未披露的重大信息,包 括但不限于重大资产重组、发行股份、上市公司收购、债务重组、业务重组、 资产剥离、资产注入、股份回购、股权激励、破产重整、重大业务合作、引进 战略投资者等重大事项。 二、在本次股票交易异常波动期间,本人不存在买卖贵公司股票的情形。 特此函复。 (以下无正文) t and the state 2025年 6月 18日 . ...

Group 1 - The stock of Gongchuang Turf (605099) fell by 9.56% today, with a turnover rate of 5.08% and a trading volume of 834 million yuan, showing a fluctuation of 9.01% [2] - The stock was listed on the Shanghai Stock Exchange's "Dragon and Tiger List" due to a daily price deviation of -9.90%, with a net sell-off of 14.83 million yuan from the Shanghai-Hong Kong Stock Connect [2] - The top five trading departments on the list had a total transaction amount of 155 million yuan, with a buying amount of 51.62 million yuan and a selling amount of 103 million yuan, resulting in a net sell-off of 51.72 million yuan [2][3] Group 2 - In the past six months, the stock has appeared on the "Dragon and Tiger List" five times, with an average price increase of 5.01% the day after being listed and an average increase of 20.23% in the following five days [3] - The stock experienced a net outflow of 97.77 million yuan in main funds today, with a significant outflow of 84.91 million yuan from large orders and 12.86 million yuan from medium orders, totaling a net outflow of 199 million yuan over the past five days [3] - The company's Q1 report released on April 28 showed a revenue of 793 million yuan, a year-on-year increase of 15.27%, and a net profit of 156 million yuan, a year-on-year increase of 28.73% [3]

Core Viewpoint - The news highlights the contrasting fortunes of the artificial turf industry, with the rise of certain companies like Co-Creation Turf and the failure of Qingdao Qinghe to successfully list on the A-share market, primarily due to financial instability and operational challenges. Group 1: Market Performance - Since the start of the Scottish Super League in May, the football concept stocks have surged, with a cumulative increase of 15.72% in June, while Co-Creation Turf's stock price rose over 80% in the same month [1] - Qingdao Qinghe, the world's second-largest artificial turf company, announced the withdrawal of its IPO application after three years of efforts [1] Group 2: Operational Challenges - Qingdao Qinghe's strategy focused on overseas expansion has led to operational issues and significant debt, resulting in high pressure on its cash flow [2] - The company has faced rising hidden costs in overseas production due to labor cost increases and safety issues, impacting profitability [2] - A fire at Qingdao Qinghe's Mexican factory caused a loss of approximately 59.63 million yuan, equivalent to 43.85% of its net profit for the first half of 2024 [2] Group 3: Financial Performance - Despite continuous revenue growth, Qingdao Qinghe's accounts receivable reached 490 million yuan, accounting for 20.58% of total assets, indicating potential cash flow issues [3] - The company has experienced significant fluctuations in profit due to a consistently low gross profit margin compared to industry averages [3] Group 4: Competitive Position - Qingdao Qinghe has lost a substantial number of clients, with 555 clients exiting compared to only 237 new clients, leading to an 11.81% revenue loss from exiting clients [4] - The company's low research and development investment, at only 1.50%, contributes to its lack of product pricing power despite holding 80 patents as a FIFA supplier [5] Group 5: Funding and Debt Issues - Qingdao Qinghe has increasingly relied on high-interest loans, with borrowing rates reaching as high as 40%, exacerbating its financial strain [6] - The company planned to raise 1.09 billion yuan through its IPO, with a significant portion allocated to its Vietnamese production base and working capital, indicating a need for financial survival rather than growth [8]

Group 1 - The core viewpoint of the article highlights the unsustainable nature of the "Su Super" concept rally, as the fundamental support for the stock price of Gongchuang Turf is lacking [1][4] - Gongchuang Turf's stock price surged over 116% in the past month, driven by speculative trading rather than solid business fundamentals [2][4] - The company's sports turf business only accounts for 20.25% of its revenue, indicating a weak connection to the "Su Super" concept [1][4] Group 2 - The stock experienced extreme volatility, with a daily trading range exceeding 11% on June 11, showcasing the intense tug-of-war between bullish and bearish forces [2][3] - Recent trading data shows a significant increase in trading volume and turnover, with daily turnover reaching 9.92 billion yuan on June 11, a 27-fold increase compared to the previous month [2][3] - Institutional investors have begun to exit, with net sales exceeding 46 million yuan on June 9, signaling a potential shift in market sentiment [3][4] Group 3 - The company's main business is the research, development, manufacturing, and sales of artificial turf, with a significant portion of its revenue coming from international markets [4][7] - The domestic market's contribution to revenue is minimal, with only 11.09% of sales coming from domestic operations, further questioning the sustainability of the stock price rally [4][7] - Despite the hype surrounding the "Su Super" concept, the actual impact on Gongchuang Turf's performance is limited, as indicated by the company's own disclosures [1][8]