每经头条（nbdtoutiao）——灌水21万亿，高市早苗1.7万亿强化国防！日本负债率已远超债务危机时的 希腊，对美巨额投资致大规模资本外流，"卖出日元成国际趋势" 每经AI快讯，伟星股份（SZ 002003，最新价：10.8元）发布公告称，2025年11月24日，伟星股份接受 广发基金调研，公司黄志强、郑婷燕参与接待，并回答了投资者提出的问题。 2025年1至6月份，伟星股份的营业收入构成为：其他制造业占比100.0%。 （记者 王瀚黎） ...

人民财讯11月27日电，伟星股份（002003）11月25日在机构调研中表示，受益于冬装补单，近期公司接 单趋势向好，但行业景气度整体趋势有待进一步观察，特别是后续冬装消费情况。 ...

| | √特定对象调研 | □分析师会议 | | --- | --- | --- | | 投资者关系活动 类别 | □媒体采访 | □业绩说明会 | | | □新闻发布会 | □路演活动 | | | √现场参观 | □其他： | | 参与单位名称及 人员姓名 | 山西证券：孙萌、沈一心；爱建证券：蔡培；海富通基金：陈涛；中金资管：韩 婧；海创私募基金：施沙宁；国泰基金：戴计辉；太保资管：罗荣；汇添富基金： | | | | 费海墅、方心诣；中银资管：王瑾；长江证券：柯睿 | | | 时间 | 2025 年 11 月 25 日 | | | 地点 | 临海 | | | 上市公司接待人 员姓名 | 黄志强、郑婷燕 | | | | 互动环节 | | | | 1、近期接单情况怎样？ | | | | 答：受益于冬装补单，近期公司接单趋势向好，但行业景气度整体趋势有待 | | | | 进一步观察，特别是后续冬装消费情况。 | | | | 2、公司产品研发模式是怎样的？ | | | | 答：公司和客户的合作模式主要是以下形式：一是公司设计师根据市场潮流 | | | | 开发出新品供客户进行选择；二是公司设计师根据客户的服装风格 ...

证券代码：002003 证券简称：伟星股份 浙江伟星实业发展股份有限公司 投资者关系活动记录表 编号：2025-030 | | √特定对象调研 | □分析师会议 | | --- | --- | --- | | 投资者关系活动 类别 | □媒体采访 | □业绩说明会 | | | □新闻发布会 | □路演活动 | | | √现场参观 | √其他：电话会议 | | | 广发基金：陈樱子、杨松霖 | | | 参与单位名称及 人员姓名 | 工银瑞信：万力实 | | | | 长江证券：魏杏梓 | | | 时间 | 2025 年 11 月 24 日 | | | 地点 | 临海 | | | 上市公司接待人 员姓名 | 黄志强、郑婷燕 | | | | 互动环节 | | | | 1、近期接单情况怎样？ | | | | 答：受益于冬装补单，近期公司接单趋势向好，但行业景气度整体趋势有待 | | | | 进一步观察，特别是后续冬装消费情况。 | | | | 2、目前海外产能布局情况如何？ | | | | 答：目前公司已在正常运营孟加拉和越南两大海外生产基地，截至 2025 年上 | | | | 半年，公司境外产能占比为 | 18.4 ...

Company and Industry Summary Company: 伟星股份 (Weixing Co., Ltd.) Key Points - **Domestic and Overseas Market Performance** - Domestic replenishment orders are significantly noticeable, while overseas markets maintain growth but at a slower pace. The fourth quarter is expected to outperform the third quarter, but revenue recognition may have timing discrepancies, necessitating attention to December's replenishment situation [2][6][7] - **Vietnam Industrial Park Development** - The Vietnam industrial park is progressing normally, with expectations of breakeven or profitability by the second half of 2026. However, production delivery capabilities and employee skills need improvement. There is strong customer interest in the Vietnam supply chain, but order transfers will take time, impacting future revenue expectations [2][5][8] - **Domestic Business Margins** - Domestic business gross margins remain stable, primarily relying on incremental orders from existing customers rather than new customer acquisition. The product structure is continuously changing, but overall gross margin levels are relatively stable, providing reference for investors [2][9] - **Credit Business Performance** - The credit business shows good growth but is still operating at a loss, with expectations for improvement in the next one to two years. The core drivers remain in the zipper and button business, which are expected to dominate growth in the next three to five years [2][10] - **Tariff Impact** - Tariff costs are shared across the supply chain, with minimal impact on auxiliary materials. The company frequently quotes prices rather than engaging in one-time negotiations, maintaining confidence in stable gross margins, which is valuable for investors [2][11][12] - **Internationalization Trends** - There is an increasing consensus on internationalization within the industry, with accelerated shifts of the supply chain to Southeast Asia. Although overseas competition is intensifying, it also presents more opportunities. Engagement with U.S. clients has increased, with ongoing price competition and small-batch trends remaining unchanged [2][13] - **Competitive Pricing and Market Position** - The company has a clear advantage in the supply chain, with prices lower than major competitor YK. However, significant price adjustments from suppliers are rare. The overall market is expected to face considerable pressure next year, with stable but slower growth anticipated due to the maturity of the apparel accessory industry [3][15][14] - **Future Demand and Growth Outlook** - The company remains optimistic about future demand, although it acknowledges potential pressures from consumer sentiment and investments in the Vietnam project. The apparel accessory industry is expected to grow steadily but at a slower rate than in previous years [15] - **Overseas Expansion Focus** - Future overseas expansion will focus on Vietnam and other Southeast Asian regions, with key clients including Nike, Adidas, and Uniqlo, although the depth of cooperation varies [16] - **Impact of Automation** - Automation is expected to positively influence overall operational quality but is unlikely to significantly enhance gross margins, as the company already operates at a high margin level [17] - **Employee Composition and Training in Vietnam** - The Vietnam factory currently employs around 600 people, primarily local staff, with a few key personnel dispatched from the domestic team. Improving local employee skills is crucial for future operational success [18][20][21] - **Order Fulfillment and Trends** - Recent order fulfillment timelines remain stable, with replenishment typically taking around ten days. Winter orders are expected to dominate until January, with some spring orders already received, albeit in smaller quantities [22][23] - **Taxation and Currency Impact** - The company benefits from a 15% tax incentive, while other operations are subject to a standard 25% tax rate. The Vietnamese operations enjoy tax incentives as well. Currency fluctuations have not significantly impacted the company [25] - **Challenges in Vietnam Operations** - The Vietnam operations face challenges in production delivery capabilities and employee skill levels compared to domestic and Bangladeshi teams. Local supply chain efficiency also needs improvement, but these issues are expected to gradually resolve over time [8][20] - **Financial Performance and Losses** - The Vietnam base incurred a loss of approximately 16 million yuan in the first half of the year, primarily due to exchange losses. The total annual loss is projected to be around 20 million yuan, but operational losses are expected to decrease as orders increase [27] - **Inventory and Sales Impact** - Last year's warm winter led to inventory buildup, affecting sales. The company has a short order cycle of about half a month to a month, and while feedback for the upcoming year is increasing, it remains modest. Overall market sentiment appears more positive than before [28]

Core Viewpoint - The company, Zhejiang Weixing Industrial Development Co., Ltd., reported improved order intake driven by winter clothing replenishment, while maintaining a cautious outlook on overall industry demand [1] Group 1: Order Intake and Production Capacity - Recent order intake has improved due to increased demand for winter clothing replenishment, although the overall industry sentiment requires further observation of winter clothing consumption performance [1] - The company operates overseas production bases in Bangladesh and Vietnam, both showing positive development. The Vietnam industrial park has seen rapid revenue growth and significant improvement in operating losses, although capacity ramp-up will take time. As of the first half of 2025, overseas production capacity accounted for 18.48% of total capacity, with plans for further enhancement through technological upgrades and global production layout [1] Group 2: Financial Performance - The company recorded a foreign exchange net loss of 22.8585 million yuan in the first three quarters, influenced by international exchange rate fluctuations. The overall gross margin has improved this year due to product and customer structure optimization and advancements in smart manufacturing [2] Group 3: Competitive Advantages and Tariff Impact - The company differentiates itself from international leader YKK by focusing on a "product + service" model, emphasizing comprehensive service for clients. It has developed advantages in product diversity, fashion, innovation, and supporting capabilities, while enhancing production efficiency through smart and flexible manufacturing systems to respond quickly to market demands [3] - The direct impact of tariffs on the company is limited, as its products are primarily delivered to clients' own or designated garment processing enterprises, with minimal direct exports to Europe and the U.S. However, changes in end-consumer country tariffs and the international trade environment may indirectly affect the textile and apparel industry [3]

编号：2025-029 投资者关系活动 类别 □特定对象调研 □分析师会议 □媒体采访 □业绩说明会 □新闻发布会 □路演活动 □现场参观 √其他：电话会议 参与单位名称及 人员姓名 人寿养老：崔恒旭 彬元资本：张帆 光大证券：孙未未、朱洁宇、王一茉 时间 2025 年 11 月 21 日 地点 - 上市公司接待人 员姓名 黄志强、郑婷燕 投资者关系活动 主要内容介绍 互动交流环节 1、近期接单情况怎样？ 答：受益于冬装补单，近期公司接单趋势向好，但行业景气度整体趋势有待 进一步观察，特别是后续冬装消费情况。 2、公司海外工业园情况如何？ 答：目前孟加拉和越南两家海外工厂均呈现良性发展态势。今年以来，公司 越南工业园营收快速增长，经营亏损情况改善明显。我们持续看好其未来发展前 景，但产能爬坡仍需要时间。 3、今年公司汇兑情况如何？ 答：受国际汇率影响，公司前三季度为汇兑净损失 2,285.85 万元。 4、海外产能占比有多少？未来规划是怎样的？ 答：目前公司已在正常运营孟加拉和越南两大海外生产基地，截至 2025 年上 半年，公司境外产能占比为 18.48%。未来公司将通过对现有海外园区的技改和生 产的全球化 ...

伟星股份 20251123 摘要 伟星股份受益于海外制造产业链回流，2020-2024 年收入复合增长 17%，净利润复合增长 28%，主要得益于智能化水平和个性化订单服 务带来的提效，毛利率显著高于同行，净利润率维持在 15%左右，并保 持高分红比例。 服装辅料行业市场规模庞大但分散，拉链和纽扣单价低，伟星股份通过 增加个性化需求、环保法规实施以及宏观环境变化，市场份额向龙头企 业集中，加速行业整合，实现业绩增长。 全球拉链市场中，YKK 占据主导地位，伟星股份市占率较低，但通过战 略转型和行业整合，业绩显著增长。伟星在中高端市场与 YKK 存在差距， 但其主要竞争对手仍是 YKK，而非其他本土小型企业。 YKK 作为全球拉链龙头，拥有全面的全球市场覆盖、强大的产能布局和 丰富的产品品类及技术创新。伟星股份通过性价比、快速交期和优质客 户服务形成差异化竞争优势，尤其在交期和服务方面优于 YKK。 伟星股份采取跟随产业链转移和客户战略，在全球范围内布局，并加大 东南亚投资。同时，通过提高销售人员薪资和激励措施，提升销售团队 的积极性和效率。 Q&A 伟星股份的基本情况和发展历程是怎样的？ 伟星股份是国内服装辅 ...

Core Insights - The report emphasizes the potential for investment opportunities in the textile and apparel sector, particularly focusing on new consumption trends and global manufacturing recovery [3][16][18]. Industry Performance - The textile and apparel sector outperformed the market during the week of November 17 to November 21, with the SW textile and apparel index declining by 4.8%, which was 0.3 percentage points better than the SW All A index [4][10]. - Recent industry data shows that from January to October, the total retail sales of clothing, shoes, and textiles reached 1,205.3 billion yuan, reflecting a year-on-year growth of 3.5% [3][34]. Textile Sector Insights - The Australian wool price index stabilized at 983 cents per kilogram as of November 20, 2025, with a year-on-year increase of 32.3% and a monthly increase of 5.4%, indicating a bullish trend in wool prices [10][50]. - The report suggests that the current price increase in Australian wool is in its early stages, driven by supply constraints and new demand from sports wool yarns, presenting investment opportunities [10][18]. Apparel Sector Insights - Amer Sports reported a 30% increase in revenue to $1.76 billion for Q3 2025, with a net profit increase of 161% to $190 million, exceeding previous guidance and indicating strong growth in the outdoor segment [13][15]. - The report recommends focusing on outdoor sports brands such as Bosideng, which is expected to benefit from seasonal sales and a favorable market environment [15][18]. Investment Strategy for 2026 - The investment strategy for the textile and apparel industry in 2026 focuses on consolidating positions and exploring new consumption trends, particularly targeting younger consumer demographics [16][17]. - The report highlights the importance of the global tariff landscape stabilizing, which is expected to enhance the competitiveness of core manufacturing [18]. Key Recommendations - Recommended companies in the outdoor sports segment include Anta, Bosideng, and 361 Degrees, with a focus on brands that are well-positioned to capitalize on the upcoming winter season and the Milan Winter Olympics [17][18]. - The report also identifies potential in discount retail and personal care sectors, suggesting companies like Hailan Home and Nobon Co., which are expected to benefit from changing consumer behaviors [17][18].

Investment Strategy Overview - The report emphasizes the stabilization of global tariff negotiations, which does not alter the core competitiveness of global manufacturing, and highlights optimism towards two major industrial chains and a price increase cycle [3][4]. Industry Performance Review - As of November 14, 2025, the SW textile and apparel index has increased by 16.9%, ranking 17th in relative performance across the market. The manufacturing sector shows higher certainty compared to brands still in recovery [4][8]. - Domestic demand is at a low point in 2025 but is expected to recover in 2026-2027, focusing on the characteristics of young consumer groups to explore high-growth areas in new consumption [4][21]. New Consumption Trends - High-performance outdoor apparel is identified as a growth area with low penetration and high potential, with the market size projected to reach 102.7 billion yuan in 2024, growing by 17% year-on-year [4][33]. - Discount retail is highlighted as a scarce high-growth area within the consumption sector, with rapid expansion in urban outlets and hard discount specialty stores [4][46]. - The personal care and cleaning market, particularly wet wipes, is noted for its rapid growth and increasing necessity among young consumers, with a market size in China expected to reach 100 billion yuan [4][62]. - The sleep economy is emerging as a significant market, with explosive growth in household textile products, driven by young consumers' acceptance [4][20]. - The report discusses Nike's innovation cycle, which is expected to benefit from inventory replenishment and product innovation, similar to Adidas's recovery cycle [4][20]. - The Australian wool price increase cycle is anticipated due to supply contraction and demand highlights, with potential market space comparable to previous high points in 2011 and 2018 [4][20]. - The healthcare material upgrade cycle presents broad replacement opportunities for overseas non-woven fabrics [4][20]. Global Manufacturing Insights - The report notes that the resolution of tariff variables is expected to lead to a new growth phase for leading companies [4][27]. - The textile industry has undergone a pressure test for external demand, with recent tariff negotiations expected to boost export chain expectations for 2026 [4][26]. Investment Recommendations - The report suggests focusing on high-growth new consumption areas and the competitive strength of global manufacturing as key investment strategies [4][27].