Investment Rating - The investment rating for the company is "Buy" with a 6-month outlook maintained [6]. Core Views - The company is expected to achieve significant profit contributions from its new materials and overseas high-end fabric projects, which are currently ramping up production and are anticipated to contribute to profits by 2026 [2]. - The company has reported a substantial increase in net profit for the first half of 2025, primarily driven by non-recurring gains from the sale of financial assets, with net profit expected to be between 330 million to 370 million yuan, representing a year-on-year increase of 95% to 118% [1]. - The company is actively monitoring tariff developments and is implementing multiple strategies to mitigate potential risks associated with tariffs, particularly for products exported to the U.S. [3]. Financial Performance Summary - The company’s revenue projections for 2025 to 2027 are 6.65 billion, 7.14 billion, and 7.65 billion yuan respectively, with adjusted net profit estimates of 540 million, 530 million, and 590 million yuan [4]. - The earnings per share (EPS) are projected to be 0.66 yuan, 0.65 yuan, and 0.73 yuan for the years 2025 to 2027, with corresponding price-to-earnings (P/E) ratios of 10.59, 10.63, and 9.55 [5][4]. - The company’s total assets are projected to grow from 13.43 billion yuan in 2023 to 14.67 billion yuan by 2027, indicating a steady growth trajectory [11].

Group 1 - The company expects a net profit of 330 million to 370 million yuan in the first half of 2025, representing a growth of 94.62% to 118.21% compared to the same period last year, which was 170 million yuan [1]

[Estimated Current Period Performance](index=1&type=section&id=%E4%B8%80%E3%80%81%E9%A2%84%E8%AE%A1%E7%9A%84%E6%9C%AC%E6%9C%9F%E4%B8%9A%E7%BB%A9%E6%83%85%E5%86%B5) The company projects a significant year-on-year increase in H1 2025 net profit attributable to shareholders, while net profit excluding non-recurring items is expected to decline H1 2025 Performance Forecast | Item | Jan 1, 2025 - Jun 30, 2025 | Prior Period | | :--- | :--- | :--- | | **Net Profit Attributable to Shareholders** | **Profit: 330 million - 370 million yuan** | Profit: 169.56 million yuan | | Year-on-Year Change | Growth: 94.62% - 118.21% | - | | **Net Profit Excluding Non-Recurring Gains/Losses** | **Profit: 225 million - 250 million yuan** | Profit: 263.73 million yuan | | Year-on-Year Change | Decline: 14.69% - 5.21% | - | | **Basic Earnings Per Share** | **Profit: 0.40 - 0.45 yuan/share** | Profit: 0.21 yuan/share | [Communication with Accounting Firm](index=1&type=section&id=%E4%BA%8C%E3%80%81%E4%B8%8E%E4%BC%9A%E8%AE%A1%E5%B8%88%E4%BA%8B%E5%8A%A1%E6%89%80%E6%B2%9F%E9%80%9A%E6%83%85%E5%86%B5) This performance forecast represents preliminary data from the company's finance department and remains unaudited - This performance forecast is a **preliminary estimate** by the company's finance department and has not been **audited**[5](index=5&type=chunk) [Explanation of Performance Change](index=1&type=section&id=%E4%B8%89%E3%80%81%E4%B8%9A%E7%BB%A9%E5%8F%98%E5%8A%A8%E5%8E%9F%E5%9B%A0%E8%AF%B4%E6%98%8E) The substantial increase in H1 2025 net profit is primarily driven by non-recurring gains from financial asset disposals and fair value changes, explaining the divergence from declining non-recurring net profit - The primary reason for the increase in net profit attributable to shareholders is the gain from the sale of financial assets held for trading and fair value changes, which are classified as non-recurring gains and losses, contributing approximately **122 million yuan** to net profit[6](index=6&type=chunk) [Other Relevant Information](index=1&type=section&id=%E5%9B%9B%E3%80%81%E5%85%B6%E4%BB%96%E7%9B%B8%E5%85%B3%E8%AF%B4%E6%98%8E) The company reiterates that this performance forecast is preliminary and unaudited, with final data to be released in the H1 2025 semi-annual report, advising investors of associated risks - Final specific data will be disclosed in detail in the company's **H1 2025 semi-annual report**[7](index=7&type=chunk) - The company reminds investors to be aware of **investment risks**[7](index=7&type=chunk)

| 证券代码：000726 | 200726 | 证券简称：鲁泰A、鲁泰B | 公告编号：2025-047 | | --- | --- | --- | --- | | 债券代码：127016 | | 债券简称：鲁泰转债 | | 鲁泰纺织股份有限公司 2025 年第二季度可转债转股情况的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导 性陈述或重大遗漏。 经深圳证券交易所（以下简称"深交所"）"深证上【2020】360号"文同意，公司14.00亿元可转 换公司债券于2020年5月13日起在深交所挂牌交易，债券简称"鲁泰转债"，债券代码"127016"。 （三）可转换公司债券转股价格调整情况 根据相关法律法规和《鲁泰纺织股份有限公司公开发行A股可转换公司债券募集说明书》（以下简称 "募集说明书"）有关规定，公司本次发行的可转债转股期自可转债发行结束之日（2020年4月15日）起 满6个月后的第一个交易日起至可转债到期日止，即2020年10月15日至2026年4月8日，初始转股价格为9.01 证券代码：000726；证券简称：鲁泰A 债券代码：127016；债券简称：鲁泰转债 转股 ...

| 证券代码：000726、200726 | 证券简称：鲁泰A 鲁泰B 公告编号：2025-046 | | --- | --- | | 债券代码：127016 | 债券简称：鲁泰转债 | 鲁泰纺织股份有限公司 关于使用闲置自有资金进行现金管理的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记 载、误导性陈述或重大遗漏。 重要内容提示： 1．投资种类：银行或其他金融机构的安全性高、流动性好、低风险的国债逆回购或 本金保障型现金管理产品。 2．投资金额：本方案投资期限内使用不超过人民币 6 亿元的闲置自有资金进行现金 管理。 3．特别风险提示：鲁泰纺织股份有限公司（以下简称"公司"）购买安全性高、流动 性好、低风险的国债逆回购或本金保障型现金管理产品属于低风险投资品种，但金融市 场受宏观经济影响，不排除该项投资受到市场波动的影响。提醒投资者充分关注投资风 险。 公司于 2025 年 6 月 30 日召开的第十一届董事会第二次会议审议通过了《关于使用 闲置自有资金进行现金管理的议案》，同意公司及子公司在保证正常经营的情况下，使 用不超过人民币 6 亿元的闲置自有资金进行现金管理，用于购买银 ...

股票代码：000726 200726 股票简称：鲁泰A 鲁泰B 公告编号：2025-045 债券代码：127016 债券简称：鲁泰转债 鲁泰纺织股份有限公司 第十一届董事会第二次会议决议公告 公司及董事会全体成员保证公告内容的真实、准确和完整，对公告的虚假记载、误导性 陈述或者重大遗漏负连带责任。 一、董事会会议召开情况 本次会议审议通过了《关于使用闲置自有资金进行现金管理的议案》。表决结果： 12 票同意， 0 票 反 对 ， 0 票弃权。 具 体 内 容 详 见 公 司 同 日 在 巨 潮 资 讯 网 （www.cninfo.com.cn）披露的《关于使用闲置自有资金进行现金管理的公告》（公告 编号：2025-046）。 三、备查文件 经与会董事签字并加盖董事会印章的董事会决议。 鲁泰纺织股份有限公司董事会 2025 年 7 月 1 日 鲁泰纺织股份有限公司（以下简称"公司"）第十一届董事会第二次会议通知于 2025 年 6 月 27 日以电子邮件方式发出，会议于 2025 年 6 月 30 日上午 10：00 在总公 司一楼会议室召开，本次会议召开方式为现场与通讯表决。本次会议由公司董事长刘 子斌先生主 ...

Core Viewpoint - Lutai A (000726.SZ) has sold financial assets to improve liquidity, with the sale of Rongchang Biotech shares impacting net profit by 81.04 million yuan, exceeding 10% of the company's audited net profit for the last fiscal year [1][3]. Financial Performance - In 2024, Lutai A achieved revenue of 6.091 billion yuan, a year-on-year increase of 2.17%, and a net profit of 410 million yuan, up 1.7% [1][6]. - The company completed a total cash dividend distribution of 204 million yuan for 2024, representing approximately 49.84% of the net profit for the year [1][8]. Shareholding and Asset Management - As of December 31, 2024, Lutai A held 3.918 million shares of Rongchang Biotech, accounting for 0.72% of its total equity, with a book value of 118 million yuan [2][3]. - Following the sale, Lutai A retains 612,600 shares of Rongchang Biotech [2][3]. Market Activity - The stock price of Rongchang Biotech fell by 18.36% on June 26, 2024, closing at 60.7 yuan per share, despite a year-to-date increase of 97.85% [4]. - The current market value of Lutai A's remaining shares in Rongchang Biotech is approximately 37.185 million yuan [4]. Business Operations - Lutai A's textile and apparel segment generated revenue of 5.707 billion yuan in 2024, reflecting a 2.74% increase, with fabric and clothing products contributing 4.335 billion yuan and 1.372 billion yuan, respectively [6]. - The production volumes for fabrics and shirts were 205 million meters and 18.2526 million pieces, showing growth of 1.45% and 3.18% year-on-year [6]. Investment and Capital Management - Lutai A raised 1.4 billion yuan through convertible bonds in 2020, with net proceeds of 1.388 billion yuan allocated to strategic projects [7]. - The company has invested 586 million yuan and 358 million yuan in its functional fabric smart eco-park and overseas high-end fabric product line projects, respectively, with both projects having exceeded their investment targets [7]. Share Buyback and Dividends - In 2024, Lutai A repurchased B-shares for a total of 37.867 million yuan, contributing to a total cash distribution (dividends and buybacks) of 242 million yuan, which is 59.03% of the net profit for the year [8].

Core Viewpoint - The company, Lutai Textile Co., Ltd., plans to sell its shares in Rongchang Biological to improve asset liquidity and efficiency, and to meet operational funding needs. The sale will be conducted through the secondary market at a reasonable price range, with specific details such as timing and transaction amounts remaining uncertain [1][5]. Transaction Overview - The company holds 3,918,265 shares of Rongchang Biological, accounting for 1.25% of its total equity. The sale does not require board approval and does not constitute a related party transaction or a major asset restructuring [2][3]. - The estimated profit from the stock sale is projected to impact the company's net profit by approximately 81.04 million yuan, exceeding 10% of the audited net profit for the last fiscal year, thus meeting disclosure standards [2][3]. Basic Information of the Transaction Target - Rongchang Biological was established on July 4, 2008, and is located in Yantai, Shandong. It focuses on the discovery, development, and commercialization of innovative biopharmaceuticals for major diseases [3]. - As of March 31, 2025, Rongchang Biological's total assets were approximately 5.5 billion yuan, with total liabilities of about 3.5 billion yuan, resulting in a net asset value of approximately 1.99 billion yuan [4]. Purpose and Impact of Asset Sale - The primary goal of selling the shares is to reduce the proportion of financial assets and to meet the company's funding requirements. The proceeds will be used to supplement working capital [5]. - The company currently holds 612,600 shares of Rongchang Biological, and while the sale may affect current profits, the final impact remains uncertain due to market volatility [5].

| | | 鲁泰纺织股份有限公司 关于出售金融资产情况的公告 公司及董事会全体成员保证公告内容的真实、准确和完整，对公告的虚假记载、误导 性陈述或者重大遗漏负连带责任。 特别提示： 1、荣昌生物制药(烟台)股份有限公司（以下简称"荣昌生物"）于 2022 年 3 月 30 日在上海证券交易所科创板上市，鲁泰纺织股份有限公司（以下简称"公司"）截至 2024 年 12 月 31 日持有荣昌生物 391.8265 万股，占其总股本的比例为 0.72%，公司持 有该股权的账面价值为 1.18 亿元，占公司最近一个会计年度经审计净资产的 1.25%。 2、从维护股东及公司利益出发，结合荣昌生物股票二级市场状况等因素，公司决 定在合理的价位区间通过二级市场竞价交易系统择机出售公司所持有的荣昌生物股份。 该股票资产账面价值占公司最近一个会计年度经审计净资产的比例低于 5%，无需提交 公司董事会审议，不构成关联交易，不构成重大资产重组，交易实施不存在重大法律 障碍。 公司截至 2024 年 12 月 31 日持有荣昌生物 391.8265 万股，占其总股本的比例为 0.72%，公司持有该股权的账面价值为 1.18 亿元，占 ...

Core Viewpoint - The company plans to sell 3.9183 million shares of Rongchang Biological through the secondary market starting from March 2025, representing 0.72% of its total share capital, with a book value of 118 million yuan [1] Summary by Relevant Sections Share Sale Details - The sale will be executed through a bidding system in the secondary market, with the timing, transaction price, transaction amount, and counterparties remaining uncertain [1] - The pricing for the sale will be based on market prices [1] Financial Impact - As of June 24, 2025, the profit generated from the sold shares is expected to impact the current net profit by 81.0445 million yuan, accounting for over 10% of the company's audited net profit attributable to shareholders for the most recent fiscal year [1] Regulatory Aspects - The transaction does not require approval from the company's board of directors, does not constitute a related party transaction, and does not qualify as a major asset restructuring [1] - There are no significant legal obstacles to the implementation of the transaction [1]