证券代码：001209 证券简称：洪兴股份 公告编号：2025-028 广东洪兴实业股份有限公司 表决结果：同意 9 票，反对 0 票，弃权 0 票。 （二）关于《2025 年半年度募集资金存放与使用情况的专项报告》的议案 第三届董事会第四次会议决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 广东洪兴实业股份有限公司(下称"公司")第三届董事会第四次会议于 2025 年 8 月 28 日下午 14:00 在广州市白云区鹤龙街道鹤瑞路 6 号洪兴大厦 9 楼 会议室召开。本次董事会会议采用现场表决结合通讯表决方式召开。会议通知已 于 2025 年 8 月 18 日通过书面、电话、电子邮件等方式送达各位董事。本次会议 由公司董事长郭梧文先生召集和主持。公司董事应出席 9 名，实际出席现场会议 的董事 5 名，董事周德茂、柯国民、郭静君、刘少波以通讯方式参与表决。公司 监事、高管人员列席了本次会议。本次董事会的召开程序符合《公司法》、《证 券法》等法律、法规及《公司章程》的规定，会议合法有效。 一、会议采用记名投票的方式进行表决，经与会的董事表决，审议通过 ...

[Important Notice, Table of Contents, and Definitions](index=2&type=section&id=Important%20Notice%2C%20Table%20of%20Contents%2C%20and%20Definitions) This section provides essential preliminary information, including key notices, the report's structure, and definitions of terms [Important Notice](index=2&type=section&id=Important%20Notice) The company's Board of Directors, Supervisory Board, and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report, and declare the financial report is true, accurate, and complete - The company's Board of Directors, Supervisory Board, and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report, with no false records, misleading statements, or major omissions, and assume individual and joint legal liabilities[4](index=4&type=chunk) - The company's responsible person, chief financial officer, and head of accounting department declare that the financial report in this semi-annual report is true, accurate, and complete[4](index=4&type=chunk) - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital[4](index=4&type=chunk) [Table of Contents](index=3&type=section&id=Table%20of%20Contents) This report's clear table of contents lists nine main chapters, covering company profile, financial indicators, management discussion and analysis, corporate governance, significant matters, share changes, bond information, financial reports, and other submitted data, providing comprehensive information navigation for investors - The report contains nine main chapters, from company profile to financial reports and other submitted data, with a clear structure[6](index=6&type=chunk) [Definitions](index=5&type=section&id=Definitions) This section defines common terms used in the report, including company names, major subsidiaries, partners, accounting firms, reporting period, and industry-related concepts (e.g., IP, ODM), ensuring accurate understanding of the report's content - Key terms such as "Hongxing Shares", "Fenteng Apparel", "Reporting Period", and "ODM" are clearly defined in the report to ensure accuracy of information disclosure and reader comprehension[12](index=12&type=chunk) [Company Profile and Key Financial Indicators](index=6&type=section&id=Company%20Profile%20and%20Key%20Financial%20Indicators) This section details the company's basic information, contact details, and presents key accounting data and financial indicators for the reporting period [Company Profile](index=6&type=section&id=Company%20Profile) Guangdong Hongxing Industrial Co., Ltd. is listed on the Shenzhen Stock Exchange under the stock abbreviation "Hongxing Shares" and stock code 001209, with Guo Wenguo as its legal representative Company Basic Information | Indicator | Content | | :--- | :--- | | Stock Abbreviation | Hongxing Shares | | Stock Code | 001209 | | Listing Exchange | Shenzhen Stock Exchange | | Legal Representative | Guo Wenguo | [Contact Persons and Information](index=6&type=section&id=Contact%20Persons%20and%20Information) Liu Genxiang is the company's Board Secretary, and Huang Danni is the Securities Affairs Representative, both located at No. 6 Herui Road, Helong Street, Baiyun District, Guangzhou, with identical phone and fax numbers, and email gdhx@hongxingmail.com Company Contact Information | Position | Name | Contact Address | Phone | Fax | Email | | :--- | :--- | :--- | :--- | :--- | :--- | | Board Secretary | Liu Genxiang | No. 6 Herui Road, Helong Street, Baiyun District, Guangzhou | 0754-87818668 | 0754-87818668 | gdhx@hongxingmail.com | | Securities Affairs Representative | Huang Danni | No. 6 Herui Road, Helong Street, Baiyun District, Guangzhou | 0754-87818668 | 0754-87818668 | gdhx@hongxingmail.com | [Other Information](index=6&type=section&id=Other%20Information) During the reporting period, there were no changes in the company's registered address, office address, website, email, information disclosure, and document storage locations, with specific details available in the 2024 annual report - The company's registered address, office address, website, and email remained unchanged during the reporting period, with details available in the 2024 annual report[17](index=17&type=chunk) - Information disclosure and document storage locations remained unchanged during the reporting period, with details available in the 2024 annual report[18](index=18&type=chunk) [Key Accounting Data and Financial Indicators](index=7&type=section&id=Key%20Accounting%20Data%20and%20Financial%20Indicators) In the first half of 2025, the company's operating revenue increased by 8.09% to **823 million CNY**, but net profit attributable to shareholders significantly decreased by 81.70% to **11.48 million CNY**, with non-recurring net profit and net cash flow from operating activities also declining significantly; total assets and net assets attributable to shareholders slightly decreased 2025 Semi-Annual Key Accounting Data and Financial Indicators | Indicator | Current Reporting Period (CNY) | Prior Year Period (CNY) | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Operating Revenue | 822,734,868.52 | 761,185,462.02 | 8.09% | | Net Profit Attributable to Shareholders of Listed Company | 11,482,718.54 | 62,762,059.95 | -81.70% | | Net Profit Attributable to Shareholders of Listed Company Excluding Non-recurring Gains and Losses | 8,402,739.34 | 26,861,993.61 | -68.72% | | Net Cash Flow from Operating Activities | -1,120,866.51 | 28,409,521.42 | -103.95% | | Basic Earnings Per Share (CNY/share) | 0.09 | 0.48 | -81.25% | | Diluted Earnings Per Share (CNY/share) | 0.09 | 0.48 | -81.25% | | Weighted Average Return on Net Assets | 0.88% | 4.92% | -4.04% | | Indicator | End of Current Reporting Period (CNY) | End of Prior Year (CNY) | Change from End of Prior Year | | :--- | :--- | :--- | :--- | | Total Assets | 1,956,553,957.56 | 2,001,012,248.66 | -2.22% | | Net Assets Attributable to Shareholders of Listed Company | 1,279,099,616.96 | 1,293,335,854.42 | -1.10% | [Differences in Accounting Data under Domestic and Overseas Accounting Standards](index=7&type=section&id=Differences%20in%20Accounting%20Data%20under%20Domestic%20and%20Overseas%20Accounting%20Standards) During the reporting period, the company reported no differences in net profit and net assets between financial statements prepared under International Accounting Standards or overseas accounting standards and those under Chinese Accounting Standards - The company reported no differences in net profit and net assets between financial statements disclosed under International Accounting Standards and Chinese Accounting Standards during the reporting period[21](index=21&type=chunk) - The company reported no differences in net profit and net assets between financial statements disclosed under overseas accounting standards and Chinese Accounting Standards during the reporting period[22](index=22&type=chunk) [Non-recurring Gains and Losses Items and Amounts](index=7&type=section&id=Non-recurring%20Gains%20and%20Losses%20Items%20and%20Amounts) During the reporting period, the company's total non-recurring gains and losses amounted to **3.08 million CNY**, primarily from government grants, investment income from entrusted investments, and other non-operating income, after deducting non-current asset disposal gains/losses and income tax impact Non-recurring Gains and Losses Items and Amounts | Item | Amount (CNY) | Explanation | | :--- | :--- | :--- | | Gains/losses from disposal of non-current assets | -22,522.62 | See Notes 73, 75 in Section VIII Financial Report "VII. Notes to Consolidated Financial Statement Items" | | Government grants included in current profit and loss | 1,706,186.21 | See Notes 67, 74 in Section VIII Financial Report "VII. Notes to Consolidated Financial Statement Items" | | Gains/losses from entrusted investments or asset management | 822,893.67 | See Note 70 in Section VIII Financial Report "VII. Notes to Consolidated Financial Statement Items" | | Other non-operating income and expenses apart from the above | 1,209,718.62 | See Notes 74, 75 in Section VIII Financial Report "VII. Notes to Consolidated Financial Statement Items" | | Less: Income tax impact | 636,296.68 | | | Total | 3,079,979.20 | | - The company has no other profit and loss items that meet the definition of non-recurring gains and losses, nor does it classify non-recurring gains and losses as recurring gains and losses[25](index=25&type=chunk) [Management Discussion and Analysis](index=9&type=section&id=Management%20Discussion%20and%20Analysis) This section offers an in-depth review of the company's main business, core competencies, financial performance, and strategic outlook [Company's Main Business Activities During the Reporting Period](index=9&type=section&id=Company%27s%20Main%20Business%20Activities%20During%20the%20Reporting%20Period) The company focuses on R&D, design, production, and sales of home apparel, with a multi-brand matrix and omni-channel sales, advancing its five-year strategy to enhance supply chain efficiency, digitalization, brand diversification, and R&D investment, while actively rewarding investors and fulfilling social responsibilities [(I) Company Business and Main Products](index=9&type=section&id=(I)Company%20Business%20and%20Main%20Products) The company specializes in the R&D, design, production, and sales of home apparel, with multiple brands like "Fenteng", "Manza", "Fenteng Care", and "Qianxianyi", precisely targeting different consumer groups to provide high-quality home apparel and full-category underwear products - The company focuses on R&D, design, production, and sales of home apparel, aiming to lead industry trends and provide a pleasant home living experience[27](index=27&type=chunk) - The company owns brands such as "Fenteng", "Manza", "Fenteng Care", and "Qianxianyi", forming a multi-brand matrix to precisely target different consumer groups[27](index=27&type=chunk)[28](index=28&type=chunk)[29](index=29&type=chunk) - Fenteng, as the core brand, participates in the formulation of "High-Quality Home Apparel" group standards, offering skin-friendly, comfortable, breathable, durable, and environmentally friendly home apparel and full-category underwear products[27](index=27&type=chunk) [(II) Company Business Model](index=9&type=section&id=(II)Company%20Business%20Model) The company employs a diversified business model, including a procurement model with robust supplier management, a production model combining self-production, outsourced processing, and finished product customization, and an omni-channel sales model integrating online direct sales, consignment, distribution, and offline direct sales, distribution, consignment, and brand licensing, supported by an independent R&D and design team for product innovation - The company's procurement model includes comprehensive supplier access and management systems, evaluating supplier qualifications, product quality, production capacity, and financial strength[30](index=30&type=chunk) - The production model includes self-production (Shantou, Ruijin production bases), outsourced processing, and finished product customization to enhance efficiency and meet customized demands[30](index=30&type=chunk) - The sales model covers both online (direct sales, consignment, distribution, wholesale) and offline (direct sales, wholesale, consignment) channels, as well as brand licensing business[31](index=31&type=chunk)[32](index=32&type=chunk) - The R&D model is centered on independent R&D and design teams for each brand, empowering product innovation through "professional design, IP collaboration, and technological R&D"[32](index=32&type=chunk) [(III) Key Operating Performance During the Reporting Period](index=11&type=section&id=(III)Key%20Operating%20Performance%20During%20the%20Reporting%20Period) During the reporting period, the company implemented its "Five-Year Strategy," enhancing supply chain efficiency and management through digitalization, building a multi-brand matrix centered on Fenteng, accelerating omni-channel development, signing Fan Chengcheng to boost brand value, and increasing investment in fabric R&D; the company actively rewarded investors with cumulative cash dividends of **138 million CNY** and completed a share repurchase of 2,927,940 shares totaling **41.92 million CNY** for equity incentives or employee stock ownership plans, while also fulfilling social responsibilities through public welfare activities - The company implemented its "Five-Year Strategy," enhancing supply chain efficiency through digitalized production processes and modernized warehousing and logistics, promoting cost reduction and efficiency improvement[34](index=34&type=chunk)[35](index=35&type=chunk) - The company is building a business structure with the Fenteng brand at its core and rapid development of multiple brands, achieving "one strong, many specialized" in categories and brands, and expanding its vision to the broader underwear industry[36](index=36&type=chunk) - The company accelerated omni-channel development, consolidating advantages on traditional e-commerce platforms, increasing investment in live streaming, Douyin, Xiaohongshu, and other social e-commerce, opening direct stores in high-end shopping malls in first and second-tier cities, and introducing instant retail channels[37](index=37&type=chunk) - The company signed Fan Chengcheng as the Fenteng brand ambassador, launched fashionable and youthful single items, created popular products, and enhanced brand value and market competitiveness[39](index=39&type=chunk) - The company developed smart temperature control products through Fenteng Kefa fabric innovation technology, increasing investment in fabric R&D to enhance product added value[40](index=40&type=chunk) - Since its listing, the company has distributed cumulative cash dividends of **138 million CNY** and completed a share repurchase of 2,927,940 shares totaling **41.92 million CNY** during the reporting period, intended for equity incentives or employee stock ownership plans[42](index=42&type=chunk)[43](index=43&type=chunk) [(IV) Industry Development Status of the Company](index=14&type=section&id=(IV)Industry%20Development%20Status%20of%20the%20Company) The company operates in the textile and apparel industry (C18), which benefits from national policies to expand domestic demand and promote consumption, leading to moderate growth in domestic sales and a positive growth rate in online sales; AI technology is deeply penetrating the apparel industry, empowering creative design, production, and marketing, while the integration of online and offline channels and digital transformation continue to deepen - The company belongs to the "Textile, Apparel, and Garment Industry (C18)," benefiting from national policies to expand domestic demand and promote consumption, leading to consumption upgrades in the home apparel industry[44](index=44&type=chunk) Apparel Domestic Sales Market Data | Indicator | January-June 2025 | | :--- | :--- | | Retail Sales of Apparel Commodities by Enterprises Above Designated Size | 534.13 billion CNY, up 2.5% year-on-year | | Online Retail Sales of Apparel Products | Up 1.4% year-on-year | - AI technology is deeply penetrating the apparel industry, empowering creative design, fashion trend forecasting, smart styling recommendations, production, and marketing, enabling small-batch flexible production and precise marketing[46](index=46&type=chunk)[47](index=47&type=chunk) - The integration of online and offline channels, along with private domain marketing (enterprise WeChat, official accounts, video accounts, mini-programs, private domain live streaming), has become a significant driver for brand apparel e-commerce growth[48](index=48&type=chunk) - Digital transformation is driving profound changes in enterprise production methods and business models, enhancing operational efficiency through intelligent production, flexible production, digital design, and consumer data platforms[49](index=49&type=chunk) [Analysis of Core Competencies](index=15&type=section&id=Analysis%20of%20Core%20Competencies) The company's core competencies lie in its digital operations, differentiated product positioning in niche markets, integrated online and offline sales channels, industry-leading design and R&D capabilities, and efficient supply chain management, collectively supporting its leading position in intense market competition and continuous innovation and market expansion [(I) Digital Operations Advantage](index=15&type=section&id=(I)Digital%20Operations%20Advantage) The company possesses over a decade of online business experience, having established a scaled marketing network covering traditional e-commerce and new retail channels, supported by information systems and a talent team for digital operations, continuously enhancing its digital capabilities through technological innovation and external collaborations - The company's online business channels cover traditional e-commerce platforms like Taobao, Vipshop, JD.com, and Pinduoduo, and actively expands into new retail channels such as live streaming e-commerce, social e-commerce, and cross-border e-commerce[50](index=50&type=chunk) - The company has accumulated rich industry experience, equipped itself with information systems and talent teams, and introduced technological innovations across various links of the industrial chain for digital upgrades[50](index=50&type=chunk) [(II) Focus on Niche Markets, Differentiated Product Positioning](index=15&type=section&id=(II)Focus%20on%20Niche%20Markets%2C%20Differentiated%20Product%20Positioning) The company deeply cultivates the home apparel niche market, building a multi-level, multi-dimensional brand matrix with its four major brands: "Fenteng", "Manza", "Fenteng Care", and "Qianxianyi", achieving comprehensive product coverage for different customer groups and meticulously managing production capacity structure based on market demand - The company deeply cultivates the home apparel niche market, driven by independent brand innovation and development, building a multi-level and multi-dimensional brand presence[52](index=52&type=chunk) - The company has formed a brand matrix comprising four consumer brands: "Fenteng", "Manza", "Fenteng Care", and "Qianxianyi", achieving comprehensive product coverage for different customer groups[52](index=52&type=chunk) [(III) Sales Channel Advantage, Online and Offline Integrated Development](index=16&type=section&id=(III)Sales%20Channel%20Advantage%2C%20Online%20and%20Offline%20Integrated%20Development) The company has established a scaled omni-channel marketing network, covering major online e-commerce platforms and over four thousand offline sales terminals and high-end department store direct stores, utilizing online data analysis for precise marketing, strengthening cooperation with distributors, and building proprietary channels to promote integrated online and offline development - The company's sales network covers traditional e-commerce platforms like Taobao/Tmall, JD.com, Vipshop, and Pinduoduo, new retail platforms such as Douyin, Kuaishou, Xiaohongshu, and Bilibili, as well as over four thousand offline sales terminals and high-end department store direct stores nationwide[53](index=53&type=chunk) - Leveraging online business data to analyze customer preferences for precise advertising and brand promotion, while covering sinking markets through distributor channels and strengthening proprietary channel construction to achieve integrated online and offline development[53](index=53&type=chunk) [(IV) Industry-Leading Design and R&D Advantage](index=16&type=section&id=(IV)Industry-Leading%20Design%20and%20R%26D%20Advantage) The company boasts an experienced and innovative R&D and design team, fostering talent through a combination of internal cultivation and external recruitment, implementing "five-good" standards in product R&D, and successfully launching the "Fenteng Deep Sleep Cotton" series - The company's R&D and design team possesses years of experience in China's apparel design industry, maintaining stability and strong innovation capabilities, implementing a talent development mechanism that combines internal cultivation with extensive external recruitment[54](index=54&type=chunk) - The company actively implements "five-good" standards in product production and R&D, launching the "Fenteng Deep Sleep Cotton" series in September 2022, which meets these standards[54](index=54&type=chunk) [(V) Supply Chain Advantage](index=16&type=section&id=(V)Supply%20Chain%20Advantage) The company's supply chain advantage is characterized by efficient responsiveness and industrial cluster benefits, achieving integrated production and sales through information systems, with new products moving from design to warehousing in as fast as 5 working days; leveraging the industrial cluster advantage of Shantou Chaonan, "China's Underwear and Home Apparel City," the company efficiently allocates resources, reduces operating costs, and builds a high-quality industrial ecosystem - The company has established an accurate and effective information system, initially building a market-driven supply model that integrates production and sales, enabling new products to go from design planning to finished product warehousing in as fast as 5 working days[55](index=55&type=chunk)[56](index=56&type=chunk) - Leveraging the industrial cluster advantage of Shantou Chaonan, "China's Underwear and Home Apparel City," the company efficiently allocates resources, utilizes the synergistic relationship between its own factories and upstream suppliers, improves supply chain operational efficiency, and reduces costs[56](index=56&type=chunk) [Main Business Analysis](index=17&type=section&id=Main%20Business%20Analysis) The company's main business is textile and apparel, with operating revenue increasing by 8.09% during the reporting period, but total profit and net cash flow from operating activities significantly decreased; home apparel revenue slightly declined, while underwear, accessories, and fabric revenues all grew; the domestic market contributed the vast majority of revenue, and overall gross profit margin declined; the number of company-owned stores decreased, and store efficiency declined [Overview](index=17&type=section&id=Overview) This section provides an overview of the company's main business activities during the reporting period, with specific details available in the "I. Company's Main Business Activities During the Reporting Period" section - The company's main business situation refers to the relevant content in "I. Company's Main Business Activities During the Reporting Period"[57](index=57&type=chunk) [Year-on-Year Changes in Key Financial Data](index=17&type=section&id=Year-on-Year%20Changes%20in%20Key%20Financial%20Data) During the reporting period, the company's operating revenue increased by 8.09%, but net profit attributable to shareholders and net cash flow from operating activities significantly decreased by 81.70% and 103.95%, respectively; financial expenses increased by 139.04% due to the capitalization of borrowing interest, and income tax expenses decreased by 58.64% due to reduced pre-tax profit; asset impairment losses increased by 35.57% due to increased inventory depreciation provisions Key Financial Data Year-on-Year Changes | Indicator | Current Reporting Period (CNY) | Prior Year Period (CNY) | Year-on-Year Change | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 822,734,868.52 | 761,185,462.02 | 8.09% | | | Net Profit Attributable to Shareholders of Listed Company | 11,482,718.54 | 62,762,059.95 | -81.70% | | | Net Cash Flow from Operating Activities | -1,120,866.51 | 28,409,521.42 | -103.95% | Primarily due to insurance compensation received in the prior period | | Financial Expenses | 1,888,603.89 | 790,064.42 | 139.04% | Primarily due to capitalization of borrowing interest in the current period | | Income Tax Expenses | 10,027,529.14 | 24,243,152.30 | -58.64% | Primarily due to reduced pre-tax profit in the current period | | Asset Impairment Losses | -29,242,484.86 | -21,569,880.23 | 35.57% | Primarily due to increased provision for inventory depreciation in the current period | - The company's profit composition or sources of profit did not undergo significant changes during the reporting period[57](index=57&type=chunk) [Composition of Operating Revenue](index=17&type=section&id=Composition%20of%20Operating%20Revenue) During the reporting period, the company's total operating revenue was **823 million CNY**, an 8.09% year-on-year increase; textile and apparel business accounted for 97.06%, growing by 8.31%; by product, home apparel revenue decreased by 4.63%, while underwear, accessories and other, and fabric revenues increased by 21.85%, 73.22%, and 34.84% respectively; domestic revenue accounted for 99.64%, increasing by 8.11% Operating Revenue Composition (by Industry, Product, Region) | Category | Item | Current Reporting Period Amount (CNY) | Proportion of Operating Revenue | Prior Year Period Amount (CNY) | Proportion of Operating Revenue | Year-on-Year Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | **By Industry** | Textile and Apparel | 798,580,672.24 | 97.06% | 737,336,937.36 | 96.87% | 8.31% | | | Other Businesses | 24,154,196.28 | 2.94% | 23,848,524.66 | 3.13% | 1.28% | | **By Product** | Home Apparel | 409,354,927.50 | 49.76% | 429,241,183.23 | 56.39% | -4.63% | | | Underwear | 308,266,550.76 | 37.47% | 252,990,213.86 | 33.24% | 21.85% | | | Accessories and Other | 30,040,827.34 | 3.65% | 17,342,871.25 | 2.28% | 73.22% | | | Fabrics | 50,918,366.64 | 6.19% | 37,762,669.02 | 4.96% | 34.84% | | **By Region** | Domestic | 819,774,267.08 | 99.64% | 758,266,382.99 | 99.62% | 8.11% | | | International | 2,960,601.44 | 0.36% | 2,919,079.03 | 0.38% | 1.42% | [Industries, Products, or Regions Accounting for Over 10% of Operating Revenue or Operating Profit](index=18&type=section&id=Industries%2C%20Products%2C%20or%20Regions%20Accounting%20for%20Over%2010%25%20of%20Operating%20Revenue%20or%20Operating%20Profit) Textile and apparel business revenue was **799 million CNY**, with a gross profit margin of 30.60%, a year-on-year decrease of 1.89%; home apparel revenue was **409 million CNY**, with a gross profit margin of 39.53%, a slight decrease; underwear revenue was **308 million CNY**, with a gross profit margin of 24.68%, a slight increase; domestic market revenue was **820 million CNY**, with a gross profit margin of 31.94%, a year-on-year decrease of 2.13% Main Business Gross Profit Margin | Category | Item | Operating Revenue (CNY) | Operating Cost (CNY) | Gross Profit Margin | Year-on-Year Change in Operating Revenue | Year-on-Year Change in Operating Cost | Year-on-Year Change in Gross Profit Margin | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | **By Industry** | Textile and Apparel | 798,580,672.24 | 554,176,270.15 | 30.60% | 8.31% | 11.33% | -1.89% | | **By Product** | Home Apparel | 409,354,927.50 | 247,540,313.34 | 39.53% | -4.63% | -4.09% | -0.34% | | | Underwear | 308,266,550.76 | 232,177,469.40 | 24.68% | 21.85% | 21.48% | 0.23% | | **By Region** | Domestic | 819,774,267.08 | 557,968,147.00 | 31.94% | 8.11% | 11.60% | -2.13% | [Does the Company Have Physical Store Sales Terminals](index=19&type=section&id=Does%20the%20Company%20Have%20Physical%20Store%20Sales%20Terminals) The company operates physical store sales terminals, with 26 offline direct stores totaling 2,978.01 square meters as of June 30, 2025, generating **6.091 million CNY** in sales during the reporting period, a year-on-year decrease of **1.6537 million CNY**; the average sales per store for those open for more than 12 months decreased by 9.43% year-on-year - The company operates physical store sales terminals, with a total of 26 offline direct stores and a total store area of 2,978.01 square meters as of June 30, 2025[63](index=63&type=chunk)[64](index=64&type=chunk) Direct Store Sales Performance | Indicator | Amount/Quantity | | :--- | :--- | | Sales Amount for the Reporting Period | 6.091 million CNY | | Year-on-Year Change | Decrease of 1.6537 million CNY | | Number of Direct Stores Open for More Than 12 Months | 25 stores | | Average Sales Per Store | 0.2372 million CNY | | Year-on-Year Decrease in Average Sales Per Store | 9.43% | [Other Information Required by Disclosure Guidelines for Textile and Apparel Industry](index=19&type=section&id=Other%20Information%20Required%20by%20Disclosure%20Guidelines%20for%20Textile%20and%20Apparel%20Industry) The company's own production capacity is 9.1324 million sets, with a capacity utilization rate of 105.35%; sales primarily rely on omni-channel online and offline, with online sales accounting for over 30%; selling expenses increased due to business promotion and e-commerce platform service fees; inventory balance increased by 16.32% year-on-year, and inventory depreciation provisions increased; the company owns four brands including "Fenteng" and licenses brands like "LINE FRIENDS", with order fair amounts decreasing by 34.65% year-on-year during the reporting period [1、Capacity Situation](index=19&type=section&id=1%E3%80%81Capacity%20Situation) The company's own production capacity is 9.1324 million sets, with a capacity utilization rate of 105.35%, a slight decrease from 110.65% in the prior year, but still operating at overcapacity; there was no overseas capacity during the reporting period Company's Own Capacity Status | Indicator | Current Reporting Period | Prior Year Period | | :--- | :--- | :--- | | Total Capacity | 9.1324 million sets | 7.8307 million sets | | Capacity Utilization Rate | 105.35% | 110.65% | - The year-on-year change in capacity utilization rate did not exceed 10%[65](index=65&type=chunk) - The company has no overseas capacity[65](index=65&type=chunk) [2、Sales Model and Channel Situation](index=19&type=section&id=2%E3%80%81Sales%20Model%20and%20Channel%20Situation) The company's sales model primarily relies on two major categories of channels: online (direct sales, consignment, distribution, wholesale) and offline (direct sales, wholesale, consignment), as well as brand licensing business; online sales revenue was **629 million CNY**, an 11.24% year-on-year increase, with a gross profit margin of 33.06%; offline direct sales revenue was **6.9954 million CNY**, an 18.34% year-on-year decrease - The company's sales model primarily relies on two major categories of sales channels: online (online direct sales, online consignment, online distribution, online wholesale) and offline (offline direct sales, offline wholesale, offline consignment), as well as brand licensing business[67](index=67&type=chunk) Sales Channel Financial Data | Sales Channel | Operating Revenue (CNY) | Operating Cost (CNY) | Gross Profit Margin | Year-on-Year Change in Operating Revenue (%) | Year-on-Year Change in Operating Cost (%) | Year-on-Year Change in Gross Profit Margin (%) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Online Sales | 628,903,620.19 | 420,977,189.85 | 33.06% | 11.24% | 12.80% | -0.92% | | Offline Direct Sales | 6,995,390.65 | 2,979,379.00 | 57.41% | -18.34% | -23.46% | 2.85% | | Offline Wholesale | 108,466,435.42 | 77,173,112.52 | 28.85% | -10.43% | -5.59% | -3.65% | | Offline Direct Sales (Other) | 3,296,859.34 | 5,255,901.47 | -59.42% | -32.79% | -14.24% | -34.48% | | Offline Consignment | 0.00 | 0.00 | 0.00% | -100.00% | -100.00% | 62.91% | | Fabric Sales | 50,918,366.64 | 47,790,687.31 | 6.14% | 36.13% | 45.81% | -6.23% | | Other Businesses | 24,154,196.28 | 6,073,930.42 | 74.80% | 1.28% | 53.77% | -8.58% | [3、Selling Expenses and Composition](index=21&type=section&id=3%E3%80%81Selling%20Expenses%20and%20Composition) During the reporting period, the company's total selling expenses were **155 million CNY**, a 3.72% year-on-year increase; business promotion and advertising fees increased by 11.50%, e-commerce platform sales service fees increased by 21.50%, and depreciation and amortization significantly increased by 207.68% due to the capitalization of construction projects; order fair expenses significantly decreased by 78.72% year-on-year, mainly due to a large national conference held in the prior year Selling Expenses Composition | Item | January-June 2025 (CNY) | January-June 2024 (CNY) | Year-on-Year Change | Explanation for Significant Change | | :--- | :--- | :--- | :--- | :--- | | Business Promotion and Advertising Fees | 76,428,525.58 | 68,545,539.35 | 11.50% | | | Employee Compensation | 31,338,990.37 | 31,748,771.03 | -1.29% | | | Warehousing and Transportation Fees | 19,019,888.01 | 22,554,903.58 | -15.67% | | | E-commerce Platform Sales Service Fees | 16,603,196.89 | 13,665,341.16 | 21.50% | | | Office Expenses | 3,912,822.09 | 3,228,081.01 | 21.21% | | | Order Fair Expenses | 972,642.60 | 4,569,930.40 | -78.72% | Primarily due to a large national conference held in the prior year | | Depreciation and Amortization | 2,409,858.71 | 783,231.57 | 207.68% | Primarily due to capitalization of construction projects, leading to increased depreciation | | Total | 154,552,832.46 | 149,010,351.02 | 3.72% | | [4、Franchising, Distribution](index=21&type=section&id=4%E3%80%81Franchising%2C%20Distribution) During the reporting period, sales revenue generated by the company's franchisees and distributors did not exceed 30% - Sales revenue generated by franchisees and distributors did not exceed 30%[71](index=71&type=chunk) [5、Online Sales](index=21&type=section&id=5%E3%80%81Online%20Sales) The company's online sales revenue accounted for over 30%, reaching **629 million CNY**, an 11.24% year-on-year increase; online consignment accounted for 54.46%, and online direct sales accounted for 41.25%; the company collaborates with third-party sales platforms such as Taobao/Tmall and Vipshop, with Vipshop having the highest transaction amount and a lower return rate - Online sales revenue accounted for over 30%[71](index=71&type=chunk) Online Sales Composition | Item | January-June 2025 Amount (CNY) | Proportion | January-June 2024 Amount (CNY) | Proportion | | :--- | :--- | :--- | :--- | :--- | | Online Direct Sales | 259,418,542.45 | 41.25% | 239,048,084.60 | 42.28% | | Online Consignment | 342,532,332.23 | 54.46% | 305,517,954.50 | 54.04% | | Other | 26,952,745.51 | 4.29% | 20,787,994.95 | 3.68% | | Total | 628,903,620.19 | 100.00% | 565,354,034.05 | 100.00% | - The company collaborates with third-party sales platforms, primarily Taobao/Tmall and Vipshop[71](index=71&type=chunk) Major Online Sales Platform Transaction Performance | Platform Name | Transaction Amount During Reporting Period (CNY) | Return Rate | | :--- | :--- | :--- | | Taobao/Tmall | 143,712,719.78 | 1.58% | | Vipshop | 306,526,571.49 | 0.41% | [6、Agency Operation Model](index=22&type=section&id=6%E3%80%81Agency%20Operation%20Model) During the reporting period, the company was not involved in any agency operation models - The company was not involved in any agency operation models[73](index=73&type=chunk) [7、Inventory Situation](index=22&type=section&id=7%E3%80%81Inventory%20Situation) At the end of the reporting period, the company's inventory balance increased by 16.32% year-on-year to **531 million CNY**, with inventory turnover days at 179 days; total inventory depreciation provisions amounted to **57.7842 million CNY**, with **29.2425 million CNY** provided in the current period, mainly due to increased provisions for inventory depreciation Inventory Situation | Indicator | Balance at End of Reporting Period | | :--- | :--- | | Inventory Balance | 531.1454 million CNY, up 16.32% year-on-year | | Inventory Turnover Days | 179 days | | Inventory within 1 year | 74.2113 million CNY | | Inventory 1-2 years | 88.1485 million CNY | | Inventory 2-3 years | 13.4583 million CNY | | Inventory over 3 years | 9.6007 million CNY | Inventory Depreciation Provision Accrual | Item | Beginning Balance (CNY) | Amount Accrued in Current Period (CNY) | Amount Reduced in Current Period (CNY) | Ending Balance (CNY) | | :--- | :--- | :--- | :--- | :--- | | Raw Materials | 1,576,329.72 | 2,966,215.47 | 1,576,329.72 | 2,966,215.47 | | Finished Goods | 43,059,993.05 | 25,658,035.49 | 14,518,269.28 | 54,199,759.26 | | Goods in Transit | 587,665.04 | 618,233.90 | 587,665.04 | 618,233.90 | | Total | 45,223,987.81 | 29,242,484.86 | 16,682,264.04 | 57,784,208.63 | [8、Brand Building Situation](index=22&type=section&id=8%E3%80%81Brand%20Building%20Situation) The company is engaged in the production and sales of branded apparel, clothing, and home textile products, owning four proprietary brands: "Fenteng", "Manza", "Fenteng Care", and "Qianxianyi", covering home apparel, underwear, children's wear, and other categories, targeting a wide range of customer groups with diverse price points; additionally, the company licenses IP brands such as "LINE FRIENDS", "STARTILOU", "little bear tribe", and "miiiiichan" to expand product categories and sales channels - The company is involved in the production and sales of branded apparel, clothing, and home textile products[77](index=77&type=chunk) Proprietary Brand Information | Brand Name | Trademark Name | Main Product Types | Features | Target Customer Group | Main Product Price Range | Main Sales Regions | City Tiers | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Fenteng | FENTENG 芬腾 | Home apparel, underwear | High quality, professional design, IP collaboration, technological R&D | All consumption levels and age groups | Home apparel: 39-2849 CNY/set; Underwear: 59-859 CNY/set; Briefs: 68-399 CNY/box | Nationwide, e-commerce platforms | 1-5 tier cities | | Manza | MANZA 玛伦萨 | Home apparel | Artistic home living, exquisite sleepwear, self-pleasure and life enjoyment | Middle-class women | Home apparel: 59-1669 CNY/set | Nationwide, e-commerce platforms | 1-5 tier cities | | Fenteng Care | Fenteng care 芬腾可安 | Underwear, briefs | Technological, balance of comfort and nature, seamless trend | Young demographic pursuing comfort and minimalist style | Underwear: 69-799 CNY/set; Briefs: 23-399 CNY/box | Nationwide, e-commerce platforms | 1-5 tier cities | | Qianxianyi | QIAN XIAN YI 千线艺 | Children's home apparel, underwear | Children's wear core, love at home, enjoy childhood, comfortable and fun, IP elements | Children aged 7-16 | Home apparel: 69-1598 CNY/set; Briefs: 68-349 CNY/box | Nationwide, e-commerce platforms | 1-5 tier cities | Licensed Brand Information | Brand Name | Trademark Name | Main Product Types | Features | Target Customer Group | Main Product Price Range | Main Sales Regions | City Tiers | Licensor | License Period | Exclusive License | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | LINE FRIENDS | LINE FRIENDS | Home apparel sets, nightgowns | Cute and fun life | All consumption levels and age groups | Home apparel: 99-1299 CNY/set | Nationwide, e-commerce platforms | 1-5 tier cities | LINE (Shanghai) Trading Co., Ltd. | January 1, 2021 to March 31, 2027 | Yes | | STARTILOU | 粉黛兔 STARTILOU | Bras, adult home apparel, children's home apparel, thermal underwear, briefs, socks | Cute and charming, Year of the Rabbit elements | Young women and children who prefer cute and sweet apparel | Home apparel: 159-798 CNY/set | Nationwide, e-commerce platforms | 1-5 tier cities | Hangzhou Zhuoxi Culture Media Co., Ltd. | September 25, 2022 to December 24, 2025 | No | | little bear tribe | 小熊部落 little bear tribe | Bras, adult home apparel, children's home apparel, thermal underwear, briefs, socks | Cute and charming, healing | All consumption levels and age groups | Home apparel: 159-798 CNY/set | Nationwide, e-commerce platforms | 1-5 tier cities | Hangzhou Zhuoxi Culture Media Co., Ltd. | September 25, 2022 to December 24, 2025 | No | | miiiiichan | miiiiichan | Children's home apparel | Cute, heartwarming | Children aged 7-16 | Home apparel: 69-1598 CNY/set; Briefs: 68-349 CNY/box | Nationwide, e-commerce platforms | 1-5 tier cities | Saiyi (Shanghai) Trading Co., Ltd. | December 16, 2024 - March 15, 2026 | Yes | [9、Other](index=25&type=section&id=9%E3%80%81Other) The company is engaged in apparel design-related businesses and held an order fair from February to April 2025, with an order amount of **111 million CNY**, a year-on-year decrease of 34.65% - The company is engaged in apparel design-related businesses[80](index=80&type=chunk) Order Fair Information | Number of Order Fairs Held | Date | Order Amount (CNY) | Year-on-Year Change | Execution Rate of Prior Year's Order Fair | | :--- | :--- | :--- | :--- | :--- | | 1 | February to April 2025 | 111,399,995.50 | Prior year's order amount was 170,463,260.50 CNY, a year-on-year decrease of 34.65% | 100.00% | [Non-Core Business Analysis](index=25&type=section&id=Non-Core%20Business%20Analysis) During the reporting period, the company's non-core businesses significantly impacted total profit; investment income, primarily from bank wealth management products, is sustainable; asset impairment, due to inventory depreciation provisions, had a negative impact but is sustainable; non-operating income and other income, mainly government grants, are not sustainable; credit impairment losses, due to bad debt provisions, are sustainable Impact of Non-Core Businesses on Total Profit | Item | Amount (CNY) | Proportion of Total Profit | Explanation of Formation | Sustainability | | :--- | :--- | :--- | :--- | :--- | | Investment Income | 822,893.67 | 3.86% | Income from purchasing bank wealth management products | Yes | | Asset Impairment | -29,242,484.86 | -137.10% | Due to provision for inventory depreciation | Yes | | Non-Operating Income | 1,436,687.72 | 6.74% | Primarily government grants | No | | Non-Operating Expenses | 371,631.76 | 1.74% | Primarily donation expenses | No | | Credit Impairment Losses | 2,695,195.86 | 12.64% | Due to provision for bad debts | Yes | | Other Income | 1,828,419.69 | 8.57% | Primarily government grants | No | | Fair Value Change Gains | 0.00 | 0.00% | No wealth management products at the end of the current period | Yes | [Analysis of Assets and Liabilities](index=26&type=section&id=Analysis%20of%20Assets%20and%20Liabilities) At the end of the reporting period, the company's total assets and net assets attributable to shareholders slightly decreased; significant changes in asset composition included a 13.19% increase in fixed assets due to the capitalization of construction projects, with a corresponding 11.80% decrease in construction in progress; monetary funds decreased due to negative operating cash flow; on the liability side, non-current liabilities due within one year significantly increased due to the reclassification of long-term borrowings; the company's assets and liabilities measured at fair value primarily consisted of accounts receivable financing; intangible assets and fixed assets were pledged for bank borrowings at period-end [1、Significant Changes in Asset Composition](index=26&type=section&id=1%E3%80%81Significant%20Changes%20in%20Asset%20Composition) At the end of the reporting period, the company's monetary funds decreased by 2.91%, mainly due to negative net cash flow from operating activities; inventory increased by 2.51%, mainly due to expanded business scale; fixed assets significantly increased by 13.19%, and construction in progress correspondingly decreased by 11.80%, mainly due to the capitalization of construction projects; non-current liabilities due within one year increased by 1.27%, mainly due to the reclassification of long-term borrowings due within one year Significant Changes in Asset Composition | Item | Amount at End of Current Reporting Period (CNY) | Proportion of Total Assets | Amount at End of Prior Year (CNY) | Proportion of Total Assets | Change in Proportion | Explanation for Significant Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Monetary Funds | 230,267,467.03 | 11.77% | 293,821,942.98 | 14.68% | -2.91% | Primarily due to negative net cash flow from operating activities in the current period | | Inventory | 570,631,531.17 | 29.17% | 533,434,127.38 | 26.66% | 2.51% | Primarily due to expanded business scale in the current period | | Fixed Assets | 564,575,395.77 | 28.86% | 313,592,074.44 | 15.67% | 13.19% | Primarily due to capitalization of construction projects in the current period | | Construction in Progress | 6,668,674.85 | 0.34% | 243,021,473.43 | 12.14% | -11.80% | Primarily due to capitalization of construction projects in the current period | | Non-current Liabilities Due Within One Year | 33,286,503.60 | 1.70% | 8,671,682.41 | 0.43% | 1.27% | Primarily due to reclassification of long-term borrowings due within one year | [2、Major Overseas Assets](index=26&type=section&id=2%E3%80%81Major%20Overseas%20Assets) During the reporting period, the company had no major overseas assets - The company had no major overseas assets during the reporting period[86](index=86&type=chunk) [3、Assets and Liabilities Measured at Fair Value](index=26&type=section&id=3%E3%80%81Assets%20and%20Liabilities%20Measured%20at%20Fair%20Value) At the end of the reporting period, the company's total assets measured at fair value on a recurring basis amounted to **13.4856 million CNY**, primarily accounts receivable financing, classified as Level 3 fair value measurement; the carrying amount of financial assets and liabilities not measured at fair value differed minimally from their fair value; during the reporting period, there were no transfers between fair value levels or changes in valuation techniques Assets and Liabilities Measured at Fair Value | Item | Level 3 Fair Value Measurement (CNY) | Total (CNY) | | :--- | :--- | :--- | | **Financial Assets** | | | | 1. Financial assets held for trading (excluding derivative financial assets) | | | | 2. Accounts receivable financing | 13,485,627.96 | 13,485,627.96 | | Total above | 13,485,627.96 | 13,485,627.96 | | **Financial Liabilities** | | | - The carrying amount of financial assets and liabilities not measured at fair value differed minimally from their fair value[88](index=88&type=chunk) - During the reporting period, there were no transfers between fair value levels for recurring fair value measurement items[87](index=87&type=chunk) [4、Asset Restrictions as of the End of the Reporting Period](index=27&type=section&id=4%E3%80%81Asset%20Restrictions%20as%20of%20the%20End%20of%20the%20Reporting%20Period) At the end of the reporting period, the company's restricted assets primarily consisted of intangible assets, with a book balance of **234 million CNY** and a book value of **220 million CNY**, pledged for bank borrowings; at the beginning of the period, **2.8 million CNY** in monetary funds were restricted as construction project guarantees, but this item no longer existed at period-end Asset Restrictions | Item | Ending Book Balance (CNY) | Ending Book Value (CNY) | Restriction Type | Restriction Details | Beginning Book Balance (CNY) | Beginning Book Value (CNY) | Restriction Type | Restriction Details | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Monetary Funds | | | | | 2,800,000.00 | 2,800,000.00 | Guarantee | Project guarantee | | Intangible Assets | 234,325,000.00 | 220,265,499.88 | Pledge | Bank loan pledge | 234,325,000.00 | 222,608,749.90 | Pledge | Bank loan pledge | | Total | 234,325,000.00 | 220,265,499.88 | | | 237,125,000.00 | 225,408,749.90 | | | [Investment Status Analysis](index=27&type=section&id=Investment%20Status%20Analysis) During the reporting period, the company's investment amounted to **42.9477 million CNY**, a 37.02% year-on-year decrease; the company had no significant equity investments, non-equity investments, securities investments, or derivative investments; the overall utilization rate of raised funds was 95.10%, with the "Annual Production of 9 Million Sets of Home Apparel Industrialization Project" concluded and its remaining raised funds permanently used to supplement working capital, and some raised investment projects completed and capitalized, though some projects do not directly generate profits [1、Overall Situation](index=27&type=section&id=1%E3%80%81Overall%20Situation) During the reporting period, the company's investment amounted to **42.9477 million CNY**, a 37.02% decrease compared to **68.1963 million CNY** in the prior year Reporting Period Investment Amount | Indicator | Amount (CNY) | | :--- | :--- | | Investment Amount for the Reporting Period | 42,947,727.28 | | Investment Amount for the Prior Year Period | 68,196,293.39 | | Change Percentage | -37.02% | [2、Significant Equity Investments Acquired During the Reporting Period](index=27&type=section&id=2%E3%80%81Significant%20Equity%20Investments%20Acquired%20During%20the%20Reporting%20Period) During the reporting period, the company did not acquire any significant equity investments - The company had no securities investments during the reporting period[92](index=92&type=chunk) [3、Significant Non-Equity Investments in Progress During the Reporting Period](index=27&type=section&id=3%E3%80%81Significant%20Non-Equity%20Investments%20in%20Progress%20During%20the%20Reporting%20Period) During the reporting period, the company had no significant non-equity investments in progress - The company had no derivative investments during the reporting period[93](index=93&type=chunk) [4、Financial Asset Investments](index=28&type=section&id=4%E3%80%81Financial%20Asset%20Investments) During the reporting period, the company had no securities investments or derivative investments - The company had no securities investments during the reporting period[92](index=92&type=chunk) - The company had no derivative investments during the reporting period[93](index=93&type=chunk) [5、Use of Raised Funds](index=28&type=section&id=5%E3%80%81Use%20of%20Raised%20Funds) As of June 30, 2025, the company had cumulatively invested **609 million CNY** of its initial public offering raised funds into investment projects, with an overall utilization rate of 95.10%; the "Annual Production of 9 Million Sets of Home Apparel Industrialization Project" has been concluded, and its remaining raised funds will permanently supplement working capital; some raised investment projects have been completed and capitalized as fixed assets, but some projects do not directly generate profits Overall Use of Raised Funds | Fundraising Year | Fundraising Method | Net Raised Funds (million CNY) | Total Raised Funds Cumulatively Used (million CNY) | Utilization Rate at Period-End (%) | Total Unused Raised Funds (million CNY) | | :--- | :--- | :--- | :--- | :--- | :--- | | 2021 | Initial Public Offering of A-shares | 640.9007 | 609.4724 | 95.10% | 13.6277 | - As of June 30, 2025, the company had cumulatively invested **609.4724 million CNY** of its initial public offering raised funds directly into investment projects, with cumulative net interest income of **10.9239 million CNY**; the total unused raised funds of **13.6277 million CNY** are all deposited in special accounts for raised funds[95](index=95&type=chunk) - The "Annual Production of 9 Million Sets of Home Apparel Industrialization Project" has been concluded, and the remaining raised funds of **28.7245 million CNY** (including net interest income) will permanently supplement working capital[98](index=98&type=chunk) - The "Information Management System and Logistics Center Construction Project" and the "Guangdong-Hong Kong-Macao Greater Bay Area Digital Creative Design Industrial Park (Hongxing Shares Digital Creative Design Headquarters Base) Project" are information system, warehousing, or headquarters office base projects, which do not directly generate profits[97](index=97&type=chunk)[100](index=100&type=chunk) [Significant Asset and Equity Sales](index=32&type=section&id=Significant%20Asset%20and%20Equity%20Sales) During the reporting period, the company did not sell any significant assets or equity - The company did not sell any significant assets during the reporting period[101](index=101&type=chunk) - The company did not sell any significant equity during the reporting period[102](index=102&type=chunk) [Analysis of Major Holding and Participating Companies](index=32&type=section&id=Analysis%20of%20Major%20Holding%20and%20Participating%20Companies) The company's major subsidiaries include Shantou Fenteng Apparel Co., Ltd., Hongxing (Ruijin) Industrial Co., Ltd., Guangzhou Lianhe E-commerce Co., Ltd., Guangdong Fenteng E-commerce Co., Ltd., Guangzhou Hongxing Apparel Co., Ltd., and Guangzhou Jushi Network Technology Co., Ltd., which contributed the majority of operating revenue and net profit in apparel sales, production, and digital creative fields Major Subsidiary Financial Data | Company Name | Company Type | Main Business | Registered Capital (CNY) | Total Assets (CNY) | Net Assets (CNY) | Operating Revenue (CNY) | Operating Profit (CNY) | Net Profit (CNY) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Shantou Fenteng Apparel Co., Ltd. | Wholly-owned subsidiary | Apparel sales | 10,880,000.00 | 274,748,277.30 | 213,504,946.04 | 210,935,094.30 | 17,677,700.92 | 13,250,469.11 | | Hongxing (Ruijin) Industrial Co., Ltd. | Wholly-owned subsidiary | Apparel sales | 100,000,000.00 | 280,417,492.95 | 198,476,047.60 | 144,542,386.60 | 13,618,598.87 | 12,436,588.41 | | Guangzhou Lianhe E-commerce Co., Ltd. | Wholly-owned subsidiary | Apparel sales | 6,000,000.00 | 228,568,834.09 | 45,385,105.73 | 216,433,123.14 | 20,060,988.89 | 14,967,735.24 | | Guangdong Fenteng E-commerce Co., Ltd. | Wholly-owned subsidiary | Apparel sales | 10,880,000.00 | 211,816,496.58 | 117,960,960.41 | 213,490,067.03 | 8,017,505.89 | 6,004,690.81 | | Guangzhou Hongxing Apparel Co., Ltd. | Wholly-owned subsidiary | Apparel sales | 10,000,000.00 | 237,087,966.44 | 56,056,677.75 | 103,044,719.16 | -7,401,950.30 | -6,950,609.82 | | Guangzhou Jushi Network Technology Co., Ltd. | Wholly-owned subsidiary | Digital creative | 96,000,000.00 | 477,442,760.28 | 247,785,543.33 | 0.00 | -8,438,771.04 | -8,423,972.77 | - The company did not acquire or dispose of any subsidiaries during the reporting period[103](index=103&type=chunk) [Structured Entities Controlled by the Company](index=32&type=section&id=Structured%20Entities%20Controlled%20by%20the%20Company) During the reporting period, the company did not control any structured entities - The company did not control any structured entities during the reporting period[104](index=104&type=chunk) [Risks Faced by the Company and Countermeasures](index=33&type=section&id=Risks%20Faced%20by%20the%20Company%20and%20Countermeasures) The company faces risks such as intensified industry competition, outsourced processing, brand counterfeiting, and inventory depreciation; to mitigate these, the company will deepen its supply chain enhancement strategy, enrich its brand matrix, strengthen omni-channel development, increase R&D investment for fabric innovation, improve information systems for digital transformation, and leverage its listed company platform to drive high-quality development - The company faces risks such as intensified industry competition, outsourced processing, brand counterfeiting, and inventory depreciation[105](index=105&type=chunk)[106](index=106&type=chunk)[107](index=107&type=chunk)[108](index=108&type=chunk) - Countermeasures include: leveraging supply chain advantages, deepening the supply chain enhancement strategy, and improving efficiency and responsiveness through digitalization[111](index=111&type=chunk) - Countermeasures include: enriching the brand matrix, implementing brand positioning, and enhancing brand influence, such as signing Fan Chengcheng as the Fenteng brand ambassador[112](index=112&type=chunk) - Countermeasures include: deepening online channels, expanding offline presence, consolidating traditional e-commerce advantages, developing social e-commerce and live streaming channels, and expanding into high-end department store counters and distributor terminals in lower-tier markets[112](index=112&type=chunk) - Countermeasures include: increasing R&D investment, innovating fabrics, and developing smart temperature control products and healthy sleep underwear systems[114](index=114&type=chunk) - Countermeasures include: continuously improving information systems, promoting digital transformation, and building a flexible and efficient supply chain and a digital business insight and operational decision-making system[114](index=114&type=chunk)[115](index=115&type=chunk) - Countermeasures include: fully leveraging the listed company platform, utilizing capital market financing functions, strengthening corporate governance, and sharing growth benefits with investors and the team[115](index=115&type=chunk)[116](index=116&type=chunk) [Formulation and Implementation of Market Value Management System and Valuation Enhancement Plan](index=36&type=section&id=Formulation%20and%20Implementation%20of%20Market%20Value%20Management%20System%20and%20Valuation%20Enhancement%20Plan) The company has not formulated a market value management system nor disclosed a valuation enhancement plan - The company has not formulated a market value management system[117](index=117&type=chunk) - The company has not disclosed a valuation enhancement plan[117](index=117&type=chunk) [Implementation of the "Dual Improvement in Quality and Returns" Action Plan](index=36&type=section&id=Implementation%20of%20the%20%22Dual%20Improvement%20in%20Quality%20and%20Returns%22%20Action%20Plan) The company has not disclosed an announcement regarding the "Dual Improvement in Quality and Returns" action plan - The company has not disclosed an announcement regarding the "Dual Improvement in Quality and Returns" action plan[117](index=117&type=chunk) [Corporate Governance, Environment, and Society](index=37&type=section&id=Corporate%20Governance%2C%20Environment%2C%20and%20Society) This section covers changes in governance, profit distribution, employee incentives, environmental disclosures, and social responsibility initiatives [Changes in Directors, Supervisors, and Senior Management](index=37&type=section&id=Changes%20in%20Directors%2C%20Supervisors%2C%20and%20Senior%20Management) During the reporting period, independent director Lin Feng resigned due to the expiration of his term, and Zhu Shaobo was elected as an independent director, with the change attributed to a board re-election Changes in Directors, Supervisors, and Senior Management | Name | Position | Type | Date | Reason | | :--- | :--- | :--- | :--- | :--- | | Lin Feng | Independent Director | Term expired, resigned | February 21, 2025 | Re-election | | Zhu Shaobo | Independent Director | Elected | February 21, 2025 | Re-election | [Profit Distribution and Capital Reserve Conversion to Share Capital in the Current Reporting Period](index=37&type=section&id=Profit%20Distribution%20and%20Capital%20Reserve%20Conversion%20to%20Share%20Capital%20in%20the%20Current%20Reporting%20Period) The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital for the semi-annual period - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital for the semi-annual period[120](index=120&type=chunk) [Implementation of Company Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures](index=37&type=section&id=Implementation%20of%20Company%20Equity%20Incentive%20Plans%2C%20Employee%20Stock%20Ownership%20Plans%2C%20or%20Other%20Employee%20Incentive%20Measures) During the reporting period, the company had no equity incentive plans, employee stock ownership plans, or other employee incentive measures, nor any implementation thereof - The company had no equity incentive plans, employee stock ownership plans, or other employee incentive measures, nor any implementation thereof during the reporting period[121](index=121&type=chunk) [Environmental Information Disclosure](index=37&type=section&id=Environmental%20Information%20Disclosure) The company and its major subsidiaries are not included in the list of enterprises required to disclose environmental information by law, and no environmental accidents occurred during the reporting period - The listed company and its major subsidiaries are not included in the list of enterprises required to disclose environmental information by law[122](index=122&type=chunk) - No environmental accidents occurred at the listed company during the reporting period[122](index=122&type=chunk) [Social Responsibility](index=37&type=section&id=Social%20Responsibility) The company actively fulfills its social responsibilities by establishing sound internal management systems to protect the rights and interests of shareholders and creditors, prioritizing returns to small and medium shareholders, and distributing **25.719 million CNY** in cash dividends in June 2025; the company respects and protects employee rights, improves human resource systems, and focuses on protecting the rights and interests of suppliers, customers, and consumers by selecting green and environmentally friendly partners; additionally, the company actively responds to national dual-carbon policies, increases R&D in environmentally friendly fabrics, promotes a green value chain, and practices ESG development principles - The company actively fulfills its social responsibilities, strengthening communication and interaction with various stakeholders to achieve harmonious development[122](index=122&type=chunk) - The company strictly adheres to laws and regulations to establish and improve internal management and control systems, safeguarding the legitimate rights and interests of all shareholders and creditors[123](index=123&type=chunk) - According to the 2024 profit distribution plan, the company distributed a cash dividend of 2.00 CNY per 10 shares (tax inclusive) to all shareholders in June 2025, totaling **25,718,956.00 CNY** (tax inclusive)[124](index=124&type=chunk) - The company respects and protects employee rights, improves human resource systems, provides benefits, and focuses on employee growth and development[125](index=125&type=chunk) - The company maintains sound supplier management systems to ensure raw material quality, prioritizes green and environmentally friendly partners, and provides healthy, comfortable, and environmentally friendly home apparel products to consumers[125](index=125&type=chunk) - The company actively responds to national dual-carbon policies, prioritizes environmental protection and energy conservation, increases R&D in environmentally friendly fabrics, promotes a green value chain, and practices ESG development principles[126](index=126&type=chunk) [Significant Matters](index=39&type=section&id=Significant%20Matters) This section addresses significant events, including commitments, related party transactions, litigation, and other material disclosures [Commitments Fulfilled and Overdue Unfulfilled by Actual Controller, Shareholders, Related Parties, Acquirers, and the Company During and as of the End of the Reporting Period](index=39&type=section&id=Commitments%20Fulfilled%20and%20Overdue%20Unfulfilled%20by%20Actual%20Controller%2C%20Shareholders%2C%20Related%20Parties%2C%20Acquirers%2C%20and%20the%20Company%20During%20and%20as%20of%20the%20End%20of%20the%20Reporting%20Period) During the reporting period, there were no commitments fulfilled or overdue unfulfilled by the company's actual controller, shareholders, related parties, acquirers, or the company itself - During the reporting period, there were no commitments fulfilled or overdue unfulfilled by the company's actual controller, shareholders, related parties, acquirers, or the company itself[128](index=128&type=chunk) [Non-Operating Funds Occupied by Controlling Shareholders and Other Related Parties from the Listed Company](index=39&type=section&id=Non-Operating%20Funds%20Occupied%20by%20Controlling%20Shareholders%20and%20Other%20Related%20Parties%20from%20the%20Listed%20Company) During the reporting period, there were no non-operating funds occupied by controlling shareholders or other related parties from the listed company - During the reporting period, there were no non-operating funds occupied by controlling shareholders or

Group 1 - The core point of the article is that Hongxing Co., Ltd. experienced a decline in stock price and significant net outflow of funds on August 13, indicating potential market challenges [1] - On August 13, Hongxing Co., Ltd. closed at 18.36 yuan, down 1.18% from the previous trading day, with a trading volume of 20,104 hands and a transaction amount of 0.37 million yuan [1] - The company is located in Guangdong and specializes in the research, production, and sales of home apparel products [1] Group 2 - On the same day, the company announced a change of its office address to 6 Helong Road, Helong Street, Baiyun District, Guangzhou [1] - The net outflow of main funds on August 13 was 329.16 thousand yuan, with a cumulative net outflow of 1,063.08 thousand yuan over the past five trading days [1]

证券日报网讯8月13日晚间，洪兴股份（001209）发布公告称，公司办公地址发生变更。变更后办公地 址为广州市白云区鹤龙街道鹤瑞路6号洪兴大厦，邮政编码为510440。 ...

Core Viewpoint - Guangdong Hongxing Industrial Co., Ltd. has relocated its office address to better meet operational management needs [1] Company Information - Previous office address: 4th Floor, Yue Neng Building, 45 Tianhe Road, Yuexiu District, Guangzhou; Postal Code 510030 [1] - New office address: Hongxing Building, 6 Helong Street, Helui Road, Baiyun District, Guangzhou; Postal Code 510440 [1] - Other contact information, including registered address, investor contact phone number, fax number, investor email, and company website, remains unchanged [1]

证券代码：001209 证券简称：洪兴股份 公告编号：2025-027 广东洪兴实业股份有限公司 变更后办公地址： 广州市白云区鹤龙街道鹤瑞路 6 号洪兴大厦；邮政编码 510440 除上述变更事项外，公司注册地址、公司投资者联系电话、传真号码、投资者邮 箱、公司网址等其他联系方式保持不变，敬请广大投资者注意。 特此公告。 广东洪兴实业股份有限公司 关于公司办公地址变更的公告 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有虚假记载、 误导性陈述或重大遗漏。 广东洪兴实业股份有限公司（以下简称"公司"）因实际运营管理需要，于近日 搬迁至新办公地址，现将公司新办公地址变更情况公告如下： 变更前办公地址： 广州市越秀区天河路 45 号粤能大厦 4 楼；邮政编码 510030 董事会 2025 年 8 月 13 日 ...

Core Viewpoint - The apparel industry is shifting from low-price competition to value creation, with companies like Hongxing Co., Ltd. leading the way through brand upgrades and digital transformation [2][3]. Group 1: Company Overview - Hongxing Co., Ltd. is the first homewear listed company in A-shares and ranks 243rd in the 2024 Guangdong Manufacturing 500 [2]. - The company focuses on brand upgrading and digital tools to enhance competitiveness across the entire process from design to sales [2][3]. Group 2: Digital Transformation - The company has completed a digital upgrade of its backend systems, reducing the time from design to inventory to as little as 5 working days, with regular production cycles cut to under two weeks [3]. - The logistics center, operational by June 2024, has improved logistics efficiency, reducing the time for equivalent workloads from 15 days to 3 days, achieving a 99.9% accuracy rate in inventory checks [3][4]. Group 3: Brand Strategy - Hongxing Co., Ltd. is upgrading its main brand, Fenteng, to target younger consumers, launching a comprehensive brand upgrade and a new product line that emphasizes comfort and safety [5][6]. - The brand's marketing strategy includes a partnership with a popular drama to resonate emotionally with consumers, reinforcing its mission to enhance home living experiences [6]. Group 4: Supply Chain and Channel Integration - The company is building a flexible supply chain to respond quickly to market demands, utilizing advanced production management systems for efficient order-to-production transitions [8]. - Hongxing Co., Ltd. is integrating online and offline channels to enhance consumer experience, with significant growth in sales through traditional e-commerce and social media platforms [7][8]. Group 5: International Expansion - As domestic market growth slows, the company is pursuing international expansion through a systematic approach, leveraging platforms while establishing a foothold in overseas markets [9]. - Hongxing Co., Ltd. has already entered cross-border e-commerce platforms and is exploring partnerships to penetrate markets in Europe, North America, and the Middle East [9].

Core Viewpoint - The apparel industry is shifting from low-price competition to value creation, with companies like Hongxing Co., Ltd. leading the way through brand upgrades and digital transformation [1][2]. Group 1: Digital Transformation and Supply Chain Efficiency - Hongxing Co., Ltd. focuses on digital upgrades and brand building post-IPO, avoiding inefficient capacity expansion [2]. - The company has achieved significant automation in its production processes, reducing the time from design to inventory to as little as 5 working days, with a regular production cycle of under two weeks [2]. - The implementation of a centralized information management system and logistics center in 2024 has drastically improved logistics efficiency, reducing the time for inventory tasks from 15 days to just 3 days, with an inventory accuracy rate of 99.9% [2][4]. Group 2: Brand Upgrade and Market Positioning - Hongxing Co., Ltd. is enhancing its brand to break through market homogenization, with its main brand, Fenteng, targeting younger consumers through strategic endorsements and a comprehensive brand upgrade [4]. - The company has identified and capitalized on the "relaxed self-care" consumer trend, promoting the brand message "Wear Fenteng When Not at Work" [4]. - The introduction of innovative products like the smart temperature control series "Fenteng 26°C" showcases the company's technological capabilities [4]. Group 3: Channel Integration and Consumer Experience - The company is reconstructing consumer experiences through an OMO (Online-Merge-Offline) model, breaking down barriers between online and offline channels [5][6]. - Hongxing Co., Ltd. has seen significant growth in online sales during major shopping events and is expanding its presence in live-streaming and social media channels [6]. - The company is also enhancing offline experiences by opening flagship stores in high-end malls and integrating instant retail channels [6]. Group 4: International Expansion Strategy - As domestic market growth slows, Hongxing Co., Ltd. is pursuing international expansion as a key strategy, focusing on establishing a presence in overseas markets without over-reliance on platforms [8]. - The company has already made strides in cross-border e-commerce, with products being sold in markets such as Europe, North America, and Southeast Asia [8]. - At the 2025 Spring Canton Fair, Hongxing Co., Ltd. will showcase its full-service model, emphasizing innovative products to attract international buyers [8].

7月30日，雪祺电气大宗交易成交80.6万股，成交额1063.92万元，占当日总成交额的10.86%，成交价 13.2元，较市场收盘价14.43元折价8.52%。 ...

Summary of Key Points Core Viewpoint - The report highlights the significant role of CFOs in A-share listed companies, emphasizing their influence on financial health, strategic decision-making, and overall company performance. The total compensation for CFOs in A-shares reached 4.243 billion yuan, with an average salary of 760,300 yuan [1]. Group 1: CFO Compensation - The highest annual salary for a CFO in the A-share market is 2.3533 million yuan, while the lowest is 81,600 yuan, with the industry average exceeding 500,000 yuan [1]. - A total of 15 listed companies have CFOs earning over 1 million yuan, including companies like Taiping Bird, Baoxini Bird, and Dizuo Fashion, with salaries of 2.3533 million yuan, 1.5866 million yuan, and 1.5221 million yuan respectively [1]. Group 2: CFO Demographics - The majority of CFOs in the industry hold a bachelor's degree, but among the 15 CFOs earning over 1 million yuan, most have a master's degree. Only 5 have a diploma or bachelor's degree [4]. - The average age of CFOs is over 40, with the youngest being Lin Guixian from ST Jinbi, born in 1991, making him 34 years old. The youngest among the high-earning CFOs is Hu Xinyan from Huali Group, born in 1989, at 36 years old [4]. Group 3: Company Performance - Among the companies paying over 1 million yuan in CFO salaries, only 5 experienced a decline in revenue, with year-on-year decreases of 21.18% for Shengtai Group, 3.29% for Jinhong Group, 16.23% for Dizuo Fashion, 1.91% for Baoxini Bird, and 12.7% for Taiping Bird [4].