浙江伟星实业发展股份有限公司 独立董事 2024 年度述职报告 各位股东及股东代表： 2、是否存在影响独立性的情况说明 2024 年，本人不存在影响《管理办法》第六条规定的独立性要求的情形。 二、年度履职概况 1、出席董事会及投票情况 2024 年度，公司共召开了六次董事会会议，本人均亲自出席。相关议案审议时，本人 都会仔细审阅资料并结合自身专业能力进行审慎判断；历次会议本人均投出赞成票，没有 反对或弃权的情况。具体会议出席情况如下： 自担任浙江伟星实业发展股份有限公司（以下简称"公司"）独立董事以来，本人始 终秉持高度的责任感与敬业精神，严格遵循《上市公司独立董事管理办法》（以下简称"《管 理办法》"）等法律法规的要求，积极出席公司的各类会议，对各项议案独立判断、审慎 决策，切实发挥独立董事的监督职能，推动公司稳健运营，全力保障公司及全体股东的合 法权益不受侵害。现将本人2024年的履职情况汇报如下： 一、本人基本情况 1、个人工作履历、专业背景以及兼职情况 本人周岳江，出生于 1969 年 8 月，工商管理硕士，高级会计师、注册会计师、税务师、 资产评估师。曾任浙江正裕工业股份有限公司独立董事、浙江永强集 ...

Financial Performance - The company's operating revenue for 2024 reached ¥4,674,423,150.74, representing a 19.66% increase compared to ¥3,906,516,069.15 in 2023[23]. - The net profit attributable to shareholders for 2024 was ¥700,334,527.42, up 25.48% from ¥558,105,046.28 in 2023[23]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥688,494,912.79, reflecting a 29.09% increase from ¥533,324,901.77 in 2023[23]. - The net cash flow from operating activities increased by 58.50% to ¥1,089,909,099.97, compared to ¥687,641,862.72 in 2023[24]. - Basic earnings per share for 2024 were ¥0.60, a 13.21% increase from ¥0.53 in 2023[24]. - Total assets at the end of 2024 amounted to ¥6,290,303,928.28, a 4.32% increase from ¥6,029,679,625.58 at the end of 2023[24]. - The net assets attributable to shareholders at the end of 2024 were ¥4,354,358,631.63, showing a slight increase of 0.12% from ¥4,349,140,948.63 at the end of 2023[24]. Market Strategy and Expansion - The company is focusing on expanding its market presence in the mid-to-high-end apparel sector, driven by increasing consumer demand for quality and environmentally friendly products[7]. - International business revenue grew by over 30% year-on-year, driven by the company's global strategy[44]. - Revenue from other apparel accessories increased by 41.92% year-on-year, primarily due to rapid growth in webbing and other product sales[50]. - The company is actively seeking new market opportunities to mitigate the impact of economic challenges[109]. - The company is planning to expand its overseas production capacity, focusing on its operations in Bangladesh and Vietnam[67]. Challenges and Risks - The company acknowledges risks from macroeconomic conditions, international trade uncertainties, and rising production costs, which may impact future performance[7]. - The company is facing challenges due to weak terminal demand and intensified competition in the accessories market, particularly in the mid-to-low-end product segment[31]. - Rising production costs due to high raw material prices and labor costs pose a significant risk to the company's operations[108]. - The company anticipates risks from macroeconomic downturns affecting consumer demand, particularly in the apparel and accessories sectors[107]. Research and Development - R&D investment increased by 13.04% to ¥180,635,486.86 in 2024, accounting for 3.86% of operating revenue[76]. - The number of R&D personnel increased by 1.98% to 720, with a notable rise in master's degree holders by 42.86%[75]. - The company completed several key R&D projects, including the development of high-performance water-based coatings and flexible coatings, enhancing product competitiveness[74]. - The company is committed to enhancing its core competitiveness and risk resilience through improved R&D and smart manufacturing capabilities[109]. Environmental Compliance - The company is classified as a key pollutant discharge unit by environmental protection authorities[190]. - The company complies with multiple environmental protection laws and regulations, including the Environmental Protection Law and the Air Pollution Prevention and Control Law, among others[190]. - The company has implemented various environmental protection standards, such as the Comprehensive Wastewater Discharge Standard and the Atmospheric Pollutants Comprehensive Discharge Standard[192]. - The company has established a management plan for hazardous waste and maintains a monitoring system for environmental compliance[192]. - The company invested approximately 26.6992 million yuan in environmental governance and protection in 2024[199]. Corporate Governance - The company has established a sound corporate governance structure that operates independently from its controlling shareholders[123]. - The company has an independent financial department with a complete accounting system and does not share accounts with its controlling shareholders[122]. - The company has established a market value management system to protect the interests of investors and stakeholders[116]. - The company has maintained a consistent and stable profit distribution policy, ensuring that minority shareholders have opportunities to express their opinions and that their rights are protected[162]. Dividend Policy - The company plans to distribute a cash dividend of ¥3.00 per 10 shares, based on a total share capital of 1,168,889,653 shares[8]. - The total cash dividend for 2024 is proposed to be 3.00 CNY (including tax) for every 10 shares, with a total cash dividend amounting to 350,666,895.90 CNY, which represents 83.46% of the net profit attributable to shareholders for the year[168]. - The company has a sustainable profit distribution policy that considers profitability, operational needs, and reasonable returns to investors[160]. Employee Engagement and Compensation - The total number of employees at the end of the reporting period is 10,055, with 6,014 in the parent company and 4,041 in major subsidiaries[152][155]. - The company has established a performance evaluation and compensation management system, adhering to principles of merit-based rewards and differentiated compensation policies[156]. - The total remuneration for directors, supervisors, and senior management in 2023 amounted to CNY 13.26 million[141]. - The company has implemented a long-term incentive mechanism through phased stock option plans to enhance employee motivation and creativity[156]. Future Outlook - The company plans to achieve an operating income of CNY 5.00 billion in 2025, with total operating costs controlled at around CNY 4.25 billion[105]. - Future guidance suggests a strong outlook for growth, driven by new product launches and technological advancements[113]. - The company is exploring strategic mergers and acquisitions to bolster its competitive advantage in the market[113].

Investment Rating - The report maintains an "Outperform" rating for the textile and apparel industry [1][4]. Core Insights - The retail sales of clothing in January-February 2025 showed a year-on-year growth of 3.3%, significantly improving compared to the decline in November-December 2024 [2][13]. - E-commerce platforms such as Tmall, JD, and Douyin reported strong growth in outdoor, women's wear, and home textiles, with sales growth rates of +48%, +31%, and +15% respectively in January-February 2025 [2][16]. - Vietnam's textile and footwear exports increased by 16.2% and 20.8% year-on-year in February, indicating a recovery in the export market [2][12]. Summary by Sections Market Review - The textile and apparel sector in A-shares and Hong Kong has outperformed the broader market since February, with notable stock price increases for companies like 361 Degrees (+18.67%) and TBOC (+16.02%) [1][12]. Brand Apparel Insights - Key brands such as KOLON, Biem.l.fdlkk, and Semir experienced sales growth exceeding 50% in January-February 2025, while brands like Salomon and HLA saw growth rates above 30% [2][17]. - The report highlights a positive trend in brand performance, with several companies expected to show improved revenue growth in the first quarter of 2025 [3]. Textile Manufacturing Insights - The report indicates that while the first quarter of 2024 had a high base, most manufacturing companies expect revenue growth in the high single to double digits for the first quarter of 2025 [3]. - Companies like Rihong and Juyuan are expanding their production capabilities, with Rihong's revenue in February 2025 up by 20.73% year-on-year [2][3]. Investment Recommendations - The report suggests focusing on brands with new growth drivers, such as Purcotton and HLA, and recommends companies with strong market share growth potential like Shenzhou International and Huayi Group [4][5].

Investment Rating - The investment rating for the company is "Outperform the Market" [2][4]. Core Views - The company reported a revenue of 4.672 billion yuan for 2024, representing a year-on-year growth of 19.6%. The net profit attributable to the parent company was 698 million yuan, reflecting a growth of 25% [3][4]. - The company is focusing on sustainable development and is actively adapting to industry trends, which has led to significant revenue growth in the first half of 2024 [4]. - The acquisition of land for production capacity optimization is a strategic move to enhance manufacturing capabilities and reduce costs [4]. - The company is expanding its global footprint, with ongoing projects in Vietnam and other regions, which supports its internationalization strategy [4]. - Profit forecasts for 2024-2026 indicate a net profit of 6.98 billion yuan in 2024, 7.97 billion yuan in 2025, and 9.40 billion yuan in 2026, with a target price range of 13.64 to 17.05 yuan for 2025 [4]. Financial Data and Forecasts - Key financial data for the company includes: - Revenue: 3.907 billion yuan in 2023, projected to grow to 4.672 billion yuan in 2024, 5.289 billion yuan in 2025, and 6.129 billion yuan in 2026 [3][8]. - Net Profit: 558 million yuan in 2023, expected to rise to 698 million yuan in 2024, 797 million yuan in 2025, and 940 million yuan in 2026 [3][8]. - EPS: Expected to increase from 0.48 yuan in 2023 to 0.60 yuan in 2024, 0.68 yuan in 2025, and 0.80 yuan in 2026 [3][8]. - Gross Margin: Projected to improve from 40.9% in 2023 to 42.5% in 2026 [3][8]. - Return on Equity: Expected to rise from 12.8% in 2023 to 19.8% in 2026 [3][8].

Investment Rating - The investment rating for the company is "Buy" and is maintained [5]. Core Views - The company reported a revenue of 4.67 billion yuan for 2024, representing a year-on-year increase of 19.6%, and a net profit attributable to shareholders of 710 million yuan, up 26.4% year-on-year. In Q4 alone, revenue reached 1.09 billion yuan, a 9% increase year-on-year, with net profit soaring by 218% to 80 million yuan [3][4]. - The company continues to see strong order performance, with a near double-digit growth in orders from January 2025 to date. The overseas orders are expected to perform better than domestic ones due to weaker domestic demand and a high base from the previous year [8][9]. - Looking ahead, the company anticipates a strong performance in Q1 despite a high base, with expectations of a front-loaded order performance in the first half of 2025 and accelerated growth in the second half. The company is focused on enhancing automation and expanding overseas, with projected net profits of 810 million yuan and 920 million yuan for 2025 and 2026, respectively, reflecting year-on-year growth of 15% and 13% [8][9]. Financial Summary - For 2024, the company expects total revenue of 4.672 billion yuan, with a gross profit margin of approximately 41%. The net profit attributable to shareholders is projected to be 705 million yuan for 2024, with earnings per share (EPS) of 0.60 yuan [12]. - The financial forecasts for 2025 and 2026 indicate revenues of 5.249 billion yuan and 5.901 billion yuan, respectively, with corresponding net profits of 811 million yuan and 916 million yuan [12].

Market Overview - In February, the A-share market saw the CSI 300 index rise by 1.9%, while the textile and apparel sector increased by 1.3%[13] - The Hong Kong market's Hang Seng Index rose by 3.2%, with the textile and apparel sector index up by 2.9%[13] - The US market experienced a decline, with the S&P 500 index down by 1.4% and the consumer discretionary sector down by 9.4%[13] Brand Performance - In January, outdoor and women's apparel sales on Tmall, JD, and Douyin platforms saw significant growth, with respective year-on-year increases of 56% and 45%[19] - Notable brands such as KOLONSPORT and Bi Yin Le Fen achieved year-on-year sales growth of 81% and 101% respectively[24] - Major brands like Nike and Adidas reported year-on-year sales growth of 21% and 34% respectively on these platforms[24] Manufacturing Insights - Vietnam's textile and footwear exports grew by 3.4% and 2.7% year-on-year in January, despite high base effects[2] - Key Taiwanese manufacturers like Yu Yuan and Zhi Qiang reported over 20% growth in January, with Yu Yuan achieving record revenue for the month[2] - Nanshan Zhishang's stock surged by 81.5% due to its involvement in robotic tendon materials, indicating strong future demand[16] Investment Recommendations - The report recommends focusing on undervalued Hong Kong stocks and brands with new growth potential, such as All Cotton Era and Hai Lan Home[3] - For textile manufacturing, companies like Shenzhou International and Huali Group are highlighted for their strong growth prospects and market share potential[3] Risk Factors - Potential risks include macroeconomic weakness, international political and economic uncertainties, and significant fluctuations in exchange rates and raw material prices[3]

纺织服饰/纺织制造 伟星股份（002003.SZ） 业绩快报符合预期，费用计提改变导致 Q4 利润高增 2025 年 03 月 2 日 | 日期 | 2025/2/28 | | --- | --- | | 当前股价(元) | 12.97 | | 一年最高最低(元) | 15.28/10.09 | | 总市值(亿元) | 151.60 | | 流通市值(亿元) | 132.07 | | 总股本(亿股) | 11.69 | | 流通股本(亿股) | 10.18 | | 近 3 个月换手率(%) | 68.88 | 股价走势图 数据来源：聚源 -16% 0% 16% 32% 48% 2024-02 2024-06 2024-10 2025-02 伟星股份 沪深300 相关研究报告 《费用计提阶段性影响业绩，国际化 成长逻辑持续演绎—公司信息更新报 告》-2024.10.30 《2024H1 业绩超预期，看好长期成长 逻辑持续兑现—公司信息更新报告》 -2024.8.15 《2023 年业绩逐季向好，看好越南产 能有序落地—公司信息更新报告》 -2024.4.19 ——公司信息更新报告 | 吕明（分析师） | 周嘉乐 ...

纺织服饰/纺织制造 伟星股份（002003.SZ） 业绩快报符合预期，费用计提改变导致 Q4 利润高增 2025 年 03 月 2 日 投资评级：买入（维持） 数据来源：聚源 -16% 0% 16% 32% 48% 2024-02 2024-06 2024-10 2025-02 伟星股份 沪深300 相关研究报告 《费用计提阶段性影响业绩，国际化 成长逻辑持续演绎—公司信息更新报 告》-2024.10.30 《2024H1 业绩超预期，看好长期成长 逻辑持续兑现—公司信息更新报告》 -2024.8.15 《2023 年业绩逐季向好，看好越南产 能有序落地—公司信息更新报告》 -2024.4.19 ——公司信息更新报告 | 吕明（分析师） | 周嘉乐（分析师） | 张霜凝（分析师） | | --- | --- | --- | | lvming@kysec.cn | zhoujiale@kysec.cn | zhangshuangning@kysec.cn | | 证书编号：S0790520030002 | 证书编号：S0790522030002 | 证书编号：S0790524070006 | 业绩快报符合预期， ...

Investment Rating - The investment rating for the company is "Buy" with a target price indicating a potential return of over 20% within the next six months [6][16]. Core Views - The company has reported a revenue of 1.09 billion yuan for Q4 2024, representing a year-on-year increase of 9%, and a net profit attributable to the parent company of 80 million yuan, up 215% year-on-year [1]. - For the full year 2024, the company expects a revenue of 4.67 billion yuan, a growth of 19.6%, and a net profit of 710 million yuan, reflecting a 26.4% increase year-on-year [1]. - The company is focusing on sustainable development, transformation, and upgrading, while accelerating its global strategy and enhancing its comprehensive service capabilities and core competitiveness [1][2]. - The company has strong competitive advantages in product diversity, innovation, and market responsiveness, which align with current industry trends and customer demands [2]. Financial Performance Summary - The company’s revenue for 2022 was 3.63 billion yuan, with a growth rate of 8.12%, and is projected to reach 6.73 billion yuan by 2026, with a growth rate of 20.20% [5][11]. - The net profit attributable to the parent company was 488.89 million yuan in 2022, with an expected increase to 1.06 billion yuan by 2026, reflecting a growth rate of 22.35% [5][11]. - The earnings per share (EPS) are projected to increase from 0.42 yuan in 2022 to 0.91 yuan in 2026 [5][11]. Strategic Developments - The company plans to purchase the land and buildings of the Shaojia Du Industrial Park from its controlling shareholder, which will enhance its production capabilities [3]. - The company has increased capital expenditures to improve its production capacity through expansion, technological upgrades, and process optimization [3].

Investment Rating - The investment rating for the company is "Buy" with a target price indicating a potential return of over 20% within the next six months [6][16]. Core Views - The company has reported a revenue of 1.09 billion yuan for Q4 2024, representing a year-on-year increase of 9%, and a net profit attributable to shareholders of 80 million yuan, up 215% year-on-year [1]. - For the full year 2024, the company expects a revenue of 4.67 billion yuan, a growth of 19.6%, and a net profit of 710 million yuan, reflecting a 26.4% increase [1]. - The company is focusing on sustainable development, transformation, and upgrading, while accelerating its global strategy and enhancing its comprehensive service capabilities [1]. - The company has established strong competitive advantages in product diversity, innovation, and market responsiveness, which align with current industry trends and customer demands [2]. Financial Performance Summary - The company’s revenue for 2022 was 3.63 billion yuan, with a growth rate of 8.12%. The projected revenue for 2024 is 4.67 billion yuan, with a growth rate of 19.59% [5]. - The net profit attributable to shareholders for 2022 was 488.89 million yuan, with a growth rate of 8.97%. The projected net profit for 2024 is 705.66 million yuan, reflecting a growth rate of 26.44% [5]. - The earnings per share (EPS) for 2024 is projected to be 0.60 yuan, with further increases expected in subsequent years [4][5]. Strategic Developments - The company plans to purchase the land and buildings of the Shaojia Du Industrial Park from its controlling shareholder, which will enhance its production capabilities [3]. - The company has been increasing capital expenditures to improve its production capacity through expansion and technological upgrades [3].