Group 1: Company Performance and Strategy - The company faced pressure in Q2 due to uncertainties from tariff policies and weak end-consumer demand, leading to cautious overall order intake [2] - Over the past decade, the company has focused on internationalization, establishing production bases in Bangladesh and Vietnam, and enhancing product quality through collaboration with brand clients [2] - The company aims to become a "global, innovative fashion accessory kingdom" within 5 to 10 years, focusing on its core business of fashion accessories and increasing international influence [2] Group 2: Competitive Positioning - Compared to YKK, the company emphasizes a "product + service" approach, providing high-quality products along with comprehensive and responsive services, while YKK is known for brand recognition and manufacturing excellence [3] - The global apparel supply chain is mature, making it difficult for new large-scale suppliers to emerge; however, companies with international capabilities will benefit from current tariff changes [4] Group 3: Corporate Culture and Management - The company's core competitiveness lies in its corporate culture and management team, which is characterized by a sustainable development philosophy and a wealth of management experience [5] - The company is actively enhancing its talent development through various training programs and mentorship systems to ensure sustainable growth [6] Group 4: Future Plans - The company plans to implement appropriate incentives for its core team in the future, although there are currently no substantial plans in place [7]

Group 1: Company Performance and Market Position - The overall order intake in Q2 faced pressure due to uncertainties from tariff policies and weak end-consumer demand, compounded by a high base from the previous year [1] - The domestic apparel accessory market is relatively stable, with the company having a higher market share with domestic brands compared to international ones; however, the market share remains low overall [1] - In 2024, domestic business accounted for 66.19% of revenue, while international business made up 33.81%, with international operations showing steady growth in recent years [1] Group 2: Competitive Advantages and Strategies - The company differentiates itself from YKK through its "product + service" business model, focusing on quality products and comprehensive service, while YKK excels in brand recognition and global operations [1] - The company has strong competitive advantages in product diversity, fashion, innovation, and supporting capabilities [1] Group 3: International Expansion and Production - The company plans to continue its international strategy, enhancing production locations to better serve downstream garment manufacturers, with positive growth indicators from its Bangladesh and Vietnam operations [2] - The capacity utilization in Vietnam is expected to increase significantly in 2025, driven by major clients passing factory inspections [2] Group 4: Impact of Tariffs and Future Outlook - The upcoming 35% tariff on Bangladesh products will have limited direct impact on the company, but it may affect the global strategies and order rhythms of brand clients [2] - The company maintains a cautious outlook for 2025 due to increased uncertainties from tariff policies and weak end-consumer demand [2] Group 5: Dividend Policy - The company adheres to a sustainable development philosophy, with an average dividend payout ratio of 79% since its listing, considering annual profits, future development needs, and shareholder interests [2]

Core Viewpoint - The legal opinion letter confirms the legality and validity of the procedures, qualifications of attendees, and voting results of Zhejiang Weixing Industrial Development Co., Ltd.'s 2025 first extraordinary general meeting of shareholders [1][9]. Group 1: Meeting Procedures - The meeting was proposed and convened by the board of directors, with the notice published on June 25, 2025, in designated media and on the Shenzhen Stock Exchange website [2][3]. - The meeting utilized a combination of on-site and online voting methods, with specific time slots for online voting on July 10, 2025 [3][4]. - The meeting was chaired by the company's chairman, and the procedures followed the announced schedule and location [3][4]. Group 2: Attendee Qualifications - Attendees included all registered ordinary shareholders of the Shenzhen branch, who could authorize representatives to attend and vote [4]. - A total of 15 shareholders attended the meeting in person, representing 472,796,661 shares, while 315 shareholders participated via online voting, representing 264,064,111 shares, accounting for 22.5910% of the total voting shares [4][5]. Group 3: Voting Procedures and Results - The voting process adhered to legal and regulatory requirements, combining on-site and online voting, with results announced immediately [5][7]. - The voting results showed a high level of agreement on the proposals, with significant majorities in favor, such as 97.3784% for one of the resolutions [5][6]. - The meeting also included separate voting for small investors, ensuring compliance with relevant regulations [7][9].

Investment Rating - The investment rating for the textile and apparel industry is "Outperform the Market" (maintained) [1] Core Insights - The update on Trump's tariff policy indicates a trade agreement with Vietnam, imposing a 20% tariff on Vietnamese exports, significantly lower than the previous 46% [2] - The determination of "transshipment" by U.S. Customs focuses on the country of origin, with the final decision resting with U.S. Customs [2] - The textile industry in Southeast Asia shows high dependency on fabric imports, with Vietnam's self-sufficiency in textile and footwear materials reported at approximately 40-45% [2][47] Summary by Sections 1. Trump Tariff Policy Update - On July 2, Trump announced a trade agreement with Vietnam, reducing tariffs on Vietnamese exports to 20% from 46% [2][10] - A 40% punitive tariff will be applied to goods transshipped through Vietnam to third countries [2][11] 2. "Transshipment" Determination Rules - U.S. Customs uses the "substantial transformation" principle to determine the country of origin for goods not entirely produced in one country [2][15] - The determination process involves a five-step assessment based on product characteristics and processing operations [2][21] 3. Textile Industry Capacity Distribution and Tariff Risk Exposure - Southeast Asian countries have high fabric import dependency, with Vietnam's dependency exceeding 70% [47] - Companies with less than 20% revenue exposure to the U.S. include Shenzhou International and Jian Sheng Group, while those with significant production in Southeast Asia have over 40% revenue exposure to the U.S. [2] - Companies with double-digit net profit margins include Shenzhou International (20.9%), Rihong (18.0%), and Huayi Group (16.0%) [2] 4. Investment Recommendations - Key recommendations include Shenzhou International, which has low U.S. revenue exposure and high net profit margins, and Huayi Group, which has a strong market position and high capacity in Vietnam [6]

根据《中华人民共和国公司法》（以下简称"《公司法》"）、《公司章程》等有关规定，公 司于2025年7月10日在公司会议室召开职工代表大会。经与会职工代表认真审议，一致同意 选举沈利勇先生为公司第九届董事会职工代表董事，任期自本次职工代表大会选举通过之日 起至公司第九届董事会届满之日止。沈利勇先生简历附后。 证券代码：002003 证券简称：伟星股份 公告编号：2025-032 浙江伟星实业发展股份有限公司 关于选举第九届董事会职工代表董事的公告 浙江伟星实业发展股份有限公司（以下简称"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。 附：沈利勇先生简历 沈利勇先生：中国国籍，1969年8月生，会计学本科学历，具有三十多年的财务管理经 验；曾任浙江伟星拉链配件有限公司董事、浙江伟星进出口有限公司监事，现任公司董事兼 财务总监、伟星集团有限公司监事、浙江伟星光学股份有限公司监事会主席。持有公司0.69% 的股份,持有公司控股股东伟星集团有限公司2.41%的股权。未受过中国证券监督管理委员会 及其他有关部门的处罚和深圳证券交易所的惩戒，不属于"失信被执行人"，与持有 ...

1、本次股东会无新增、变更及否决议案的情况； 2、本次股东会不涉及变更以往股东会已通过决议的情况。 一、会议召开和出席情况 证券代码：002003 证券简称：伟星股份 公告编号：2025-033 浙江伟星实业发展股份有限公司 2025 年第一次临时股东会决议公告 浙江伟星实业发展股份有限公司（以下简称"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。 特别提示： 1、会议召开情况 （1）会议召开时间： 现场会议时间：2025 年 7 月 10 日（星期四）14:30 开始。 网络投票时间：2025 年 7 月 10 日。其中，通过深圳证券交易所（以下简称"深交所"） 交易系统进行网络投票的具体时间为:2025 年 7 月 10 日 9:15-9:25，9:30-11:30， 13:00-15:00；通过深交所互联网投票系统（http://wltp.cninfo.com.cn）进行网络投票 的具体时间为：2025 年 7 月 10 日 9:15-15:00。 （2）会议召开地点：浙江省临海市崇和路 238 号远洲国际大酒店二楼会议厅。 2、会议出席情况 出席本次 ...

证券代码：002003 证券简称：伟星股份 公告编号：2025-034 浙江伟星实业发展股份有限公司 第九届董事会第一次会议决议公告 浙江伟星实业发展股份有限公司（以下简称"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。 一、董事会会议召开情况 公司第九届董事会第一次会议于 2025 年 6 月 25 日以专人或电子邮件送达等方式发出 通知，并于 2025 年 7 月 10 日下午在临海市崇和路 238 号远洲国际大酒店二楼会议厅召开。 会议应出席董事九名，实际现场出席董事九名。经参会董事推选，会议由公司董事蔡礼永 先生主持，其他相关人员列席了会议。本次会议的召集、召开和表决程序符合有关法律法 规和《公司章程》的规定。 二、董事会会议审议情况 经全体董事逐项认真审议，会议以记名投票表决的方式通过了如下议案： 1、会议以9票同意、0票反对、0票弃权的表决结果审议通过了《关于选举董事长、副董 事长和法定代表人的议案》。 会议确定独立董事张永炬先生、张莉女士和董事章卡鹏先生担任公司第九届董事会薪酬 与考核委员会委员，由张永炬先生担任主任委员；前述职务任期三年，自本 ...

法律意见书 浙江天册律师事务所 关于 浙江伟星实业发展股份有限公司 2025 年第一次临时股东会的 法律意见书 浙江省杭州市杭大路 1 号黄龙世纪广场 A 座 11 楼 310007 电话：0571-87901111 传真：0571-87901500 致：浙江伟星实业发展股份有限公司 法律意见书 浙江天册律师事务所 关于浙江伟星实业发展股份有限公司 2025 年第一次临时股东会的 法律意见书 编号：TCYJS2025H1144 号 浙江天册律师事务所（以下简称"本所"）接受浙江伟星实业发展股份有限公 司（以下简称"伟星股份"或"公司"）的委托，指派本所律师傅剑、胡安琪参加 公司 2025 年第一次临时股东会，并根据《中华人民共和国证券法》（以下简称"《证 券法》"）、《中华人民共和国公司法》（以下简称"《公司法》"）和《上市公 司股东会规则》（以下简称"《股东会规则》"）等法律、法规和其他有关规范性 文件的要求出具本法律意见书。 在本法律意见书中，本所律师仅对本次股东会召集、召开程序、出席人员的资 格、召集人的资格、表决程序及表决结果的合法有效性发表意见，不对会议所审议 的议案内容和该等议案中所表述的事实或数 ...

Investment Rating - The report maintains a "Buy" rating for key companies in the textile and apparel sector, including Anta Sports, Bosideng, and Xtep International, among others [10]. Core Insights - The overall performance of the sportswear sector is stable, with a forecasted slowdown in revenue growth for Q2 2025 compared to Q1 2025 due to fluctuations in the consumer environment [1][4]. - The report emphasizes the importance of focusing on companies with strong fundamentals and quality, anticipating performance recovery and valuation increases in 2025 [4]. - The jewelry sector is experiencing significant disparities in performance among companies, influenced by high gold prices and varying consumer demand for gold jewelry [3][29]. Summary by Sections Sportswear Sector - The sportswear companies are expected to maintain a healthy inventory turnover ratio of around 5 as of the end of Q2 2025, despite a forecasted revenue growth slowdown [1][15]. - Anta Sports is projected to achieve over 10% revenue growth in H1 2025, while Li Ning's revenue is expected to remain flat with a 20% decline in net profit [1][18]. - Xtep International is anticipated to see a 5% revenue growth and a 10% increase in net profit for H1 2025 [1][19]. - 361 Degrees is expected to achieve a revenue growth of 10% to 15% and a similar increase in net profit for H1 2025 [1][19]. A-Share Brand Apparel - The A-share brand apparel sector is experiencing stable terminal retail performance, but individual company performance is diverging [2][20]. - Companies like Hailan Home are expected to see a revenue growth of 0% to 5% in Q2 2025, while Steady Medical is projected to grow by 15% to 25% [2][24]. - The report indicates that companies with healthy terminal performance and effective cost management may see year-on-year growth, while those struggling with revenue scale may face pressure [2][20]. Jewelry Sector - The jewelry sector is benefiting from rising gold prices, with retail sales of gold and silver jewelry expected to grow by 12.3% year-on-year in 2025 [3][29]. - Companies like Chow Tai Fook and Chao Hong Ji are highlighted for their strong product differentiation and market competitiveness, with Chow Tai Fook expected to see a 10% increase in operating profit year-on-year [7][29]. - However, companies like Lao Feng Xiang and Zhou Da Sheng are projected to experience revenue declines of 20% to 10% and 15% to 5%, respectively, due to fluctuating consumer demand [3][29]. Apparel Manufacturing - The apparel manufacturing sector is expected to see stable output in finished garments, while upstream textile manufacturing orders are affected by pessimistic expectations [3][6]. - Shenzhou International is projected to achieve a revenue growth of 10% to 15% in H1 2025, while Wei Xing Co. is expected to see a decline in both revenue and net profit by 10% to 15% [3][6]. - The report suggests that leading companies with integrated and international supply chains are likely to outperform the industry in the medium to long term [3][6].

Investment Rating - The industry investment rating is maintained as "Positive" [5] Core Viewpoints - The gradual elimination of uncertainties due to trade friction is expected to create investment opportunities for leading textile manufacturing companies with high-quality overseas production capacity and strong vertical integration [4][8] - The preliminary trade agreement between the US and Vietnam is seen as a positive development, with expected lower tariff rates than previously anticipated, which will benefit textile and apparel export companies [8] - The report emphasizes that the trade friction will not diminish the global competitiveness of China's textile and apparel industry but will instead enhance the risk resistance and global management capabilities of true industry leaders [8] Summary by Sections Investment Suggestions and Targets - The report recommends focusing on leading companies such as Shenzhou International (02313, Buy), Huayi Group (300979, Buy), and Weixing Co., Ltd. (002003, Buy) for investment opportunities in the second half of the year [4] - Other companies to watch include Bailun Oriental (601339, Not Rated), Jingyuan International (02232, Not Rated), and Jiansheng Group (603558, Not Rated) [4] Trade Agreement Insights - The US-Vietnam preliminary trade agreement is expected to result in a 20% tariff on Vietnamese exports, which is better than the previously proposed 46% [8] - Vietnam has become a significant supplier of textiles and apparel to the US, with exports totaling nearly $137 billion last year, making it the largest supplier after China [8] - The report anticipates that other Southeast Asian countries will also benefit from favorable tariff levels, which will enhance their export competitiveness [8] Industry Development Implications - The report highlights the positive implications of reduced trade uncertainties for the normal development of the industry and the timely execution of orders by major clients [8] - Companies that have completed overseas capacity layouts and possess high vertical integration are expected to perform better in the current environment [8]