北京商报讯（记者 张君花）11月13日，华孚时尚在投资者互动平台回答投资者提问时表示，公司阿克 苏城市公共算力平台项目的设备与服务采购按已签署的框架协议执行，公司业务团队始终与生态合作伙 伴保持积极联系。根据框架协议规定，具体购买事项以双方签署的订单为准，分批执行，单个订单金额 根据买方实际需求确定。 ...

（编辑 袁冠琳） 证券日报网讯 华孚时尚11月13日在互动平台回答投资者提问时表示，为充分调动公司中高层管理人员 及核心员工的积极性，公司已实施第四期员工持股计划，正在积极推动过户事宜。公司依法合规经营， 严格遵守关联交易审批程序，不存在因关联交易而损害上市公司利益的情形。公司股权结构规范，符合 上市公司治理要求。股价波动受市场环境、投资者预期等多重因素影响，与公司控股股东的股权结构没 有必然的因果关系。 ...

（编辑 王雪儿） 证券日报网讯 华孚时尚11月13日在互动平台回答投资者提问时表示，公司阿克苏城市公共算力平台项 目的设备与服务采购按已签署的框架协议执行，公司业务团队始终与生态合作伙伴保持积极联系。根据 框架协议规定，具体购买事项以双方签署的订单为准，分批执行，单个订单金额根据买方实际需求确 定。 ...

Core Viewpoint - The company is currently in the structural construction phase of the Aksu City Public Computing Power Platform project and is planning to manage the work schedule to mitigate weather-related impacts [2] Project Progress - The Aksu City Public Computing Power Platform project is under structural construction [2] - The company will adjust the work schedule based on the winter break period to minimize the impact of weather on construction [2] - The company commits to timely information disclosure in accordance with project progress [2]

Core Viewpoint - 华孚时尚's stock has experienced fluctuations, with a recent decline in share price and mixed financial performance indicators, highlighting potential investment considerations in the textile manufacturing sector [1][2]. Financial Performance - For the period from January to September 2025, 华孚时尚 reported revenue of 8.873 billion yuan, a year-on-year decrease of 4.86% [2]. - The company achieved a net profit attributable to shareholders of 52.319 million yuan, reflecting a year-on-year increase of 9.51% [2]. - Cumulative cash dividends since the company's A-share listing amount to 2.176 billion yuan, with 49.7613 million yuan distributed over the past three years [3]. Stock Market Activity - As of November 4, 华孚时尚's stock price was 4.74 yuan per share, with a market capitalization of 8.061 billion yuan [1]. - The stock has seen a year-to-date increase of 5.33%, but has declined by 0.21% over the last five trading days and by 10.90% over the last 20 days [1]. - The company has appeared on the龙虎榜 once this year, with a net buy of -64.8801 million yuan on May 8 [1]. Shareholder Information - As of September 30, 2025, the number of shareholders increased by 17.65% to 39,400, while the average number of circulating shares per person decreased by 15.00% to 43,208 shares [2]. - Hong Kong Central Clearing Limited is the sixth-largest circulating shareholder, holding 16.5009 million shares, an increase of 3.0781 million shares from the previous period [3]. Business Overview - 华孚时尚 is primarily engaged in the production and sale of colored spun yarn, with revenue contributions from yarn (54.77%), cotton (42.03%), socks (1.91%), and other segments [1].

Core Insights - Huafu Fashion achieved a net profit attributable to shareholders of 0.52 billion yuan in the first three quarters of 2025, representing a year-on-year increase of 9.51% [1] - In the third quarter of 2025, the company reported a net profit of 0.27 billion yuan, showing a significant year-on-year growth of 815.86% [1] - The company is focusing on a comprehensive computing service system, leveraging its own computing power and scheduling capabilities to become a leading service provider in the sector [1] Financial Performance - The expense ratio remains stable, and profitability has improved year-on-year [1] - The main business of yarn production serves as a solid foundation, with an increasing proportion of high-value-added colored yarn expected to enhance product pricing and profitability [1] Strategic Initiatives - The company is implementing a strategy of "sticking to the main business, sharing the industry, and developing new businesses" [1] - The first phase of the Xiangyu project, with a capacity of 800P, was completed and put into operation in July 2024 [1] - The Xinjiang Aksu urban public computing power platform project is currently under construction and progressing normally [1] Industry Development - The shared industry integrates cotton planting, processing, warehousing, logistics, and flower yarn trading, aiming to build the world's largest sock supply chain platform [1] - The new business actively explores the application of artificial intelligence in the textile and apparel sector, which is expected to contribute to performance growth [1] Rating - The company maintains an "overweight" rating [1]

Group 1 - The core viewpoint of the report is that Huafu Fashion (002042.SZ) is rated as "Accumulate" due to its stable expense ratio and improved profitability year-on-year [1] - The company has entered the smart computing field and is continuously exploring the application of textiles and artificial intelligence [1] - The report highlights the release of the company's Q3 2025 report, indicating ongoing operational transparency and performance tracking [1] Group 2 - The report notes that the company's profitability has improved compared to the previous year, suggesting effective cost management and operational efficiency [1] - The stable expense ratio indicates that the company is managing its costs effectively, which is crucial for maintaining profitability in a competitive market [1] - The exploration of new technologies, such as artificial intelligence, may provide the company with a competitive edge in the textile industry [1]

Core Viewpoint - Huafu Fashion is a leading supplier and manufacturer of colored spun yarn globally, with a strong competitive edge in the industry due to its complete supply chain and advanced production technology [1] Group 1: Business Performance - In Q3 2025, Huafu Fashion achieved a revenue of 8.873 billion yuan, ranking first in the industry, significantly higher than the industry average of 3.854 billion yuan and the median of 3.407 billion yuan [2] - The main business composition includes yarn sales of 3.261 billion yuan (54.77%), cotton business of 2.502 billion yuan (42.03%), and sock business of 114 million yuan (1.91%) [2] - The net profit for the same period was 609.925 million yuan, ranking seventh in the industry, below the industry average of 271 million yuan and the median of 276 million yuan [2] Group 2: Financial Ratios - As of Q3 2025, the company's debt-to-asset ratio was 63.20%, slightly down from 63.55% year-on-year but still significantly above the industry average of 37.75% [3] - The gross profit margin for Q3 2025 was 5.64%, an increase from 5.08% year-on-year, yet still below the industry average of 17.04% [3] Group 3: Management and Shareholder Information - The chairman, Sun Weiting, has a salary of 2 million yuan for 2024, unchanged from the previous year [4] - The total number of A-share shareholders increased by 17.65% to 39,400 as of September 30, 2025 [5] Group 4: Future Outlook - Huafu Fashion aims for performance growth by focusing on its core business, enhancing high-value colored spun yarn production, and expanding market share through new capacity [6] - Revenue projections for 2025, 2026, and 2027 are 11.545 billion yuan, 12.773 billion yuan, and 14.118 billion yuan, respectively, with expected year-on-year growth rates of 7.3%, 10.6%, and 10.5% [6] - Expected net profits for the same years are 98 million yuan, 224 million yuan, and 354 million yuan, with significant year-on-year growth rates of 147.1%, 129.0%, and 58.3% [6]

Group 1 - The company Huafu Fashion reported a revenue of approximately 8.873 billion yuan for the first three quarters of 2025, representing a year-on-year decrease of 4.86% [1] - The net profit attributable to shareholders of the listed company was approximately 52.32 million yuan, showing a year-on-year increase of 9.51% [1] - The basic earnings per share remained unchanged at 0.04 yuan compared to the previous year [1]

Financial Performance - The company's operating revenue for Q3 2025 was CNY 2,919,464,112.63, representing a 4.11% increase year-over-year, while the revenue for the year-to-date period decreased by 4.86% to CNY 8,873,354,167.25[5] - Net profit attributable to shareholders for Q3 2025 was CNY 27,221,276.17, a significant increase of 815.86% compared to the same period last year, with a year-to-date net profit of CNY 52,319,047.46, up 9.51%[5] - The net profit attributable to shareholders after deducting non-recurring gains and losses was CNY -41,893,985.61, a decrease of 19.08% year-over-year, with a year-to-date figure of CNY -96,336,518.59, down 58.56%[5] - Total operating revenue decreased to ¥8,873,354,167.25 from ¥9,327,003,257.67, representing a decline of approximately 4.86% year-over-year[21] - Net profit for the period was ¥60,992,526.44, slightly up from ¥60,797,880.99, indicating a marginal increase of 0.32% year-over-year[22] - Operating profit increased to ¥73,295,933.39 from ¥54,513,731.18, showing a growth of approximately 34.3% year-over-year[22] - Total comprehensive income for the period was -14,042,521.81, compared to 4,295,544.18 in the previous period, indicating a significant decline[23] Assets and Liabilities - The company's total assets at the end of the reporting period were CNY 16,511,434,520.71, a decrease of 3.89% from the end of the previous year[5] - The total assets decreased to ¥16,511,434,520.71 from ¥17,179,238,619.93, a decline of approximately 3.88%[19] - Total liabilities decreased to ¥10,435,896,851.59 from ¥11,105,198,269.00, reflecting a reduction of about 6.02%[19] - Long-term borrowings increased to ¥1,031,573,254.67 from ¥818,855,854.27, representing a rise of approximately 26%[19] Cash Flow - The cash flow from operating activities for the year-to-date period was CNY 1,622,971,720.11, reflecting an increase of 28.18%[5] - Net cash flow from operating activities was 1,622,971,720.11, an increase from 1,266,154,569.87 in the previous period[25] - Cash inflow from financing activities totaled 8,709,429,947.15, compared to 8,484,513,219.11 in the previous period[25] - Net cash flow from investing activities was -609,743,825.52, an improvement from -717,958,308.01 in the previous period[25] - The company reported a decrease in other cash received related to operating activities to 1,191,925,660.13 from 1,083,274,045.21 in the previous period[24] Shareholder Information - The total number of common shareholders at the end of the reporting period is 39,360[12] - Huafu Holdings Limited holds 23.60% of shares, totaling 401,315,662 shares[12] - The third largest shareholder, after the transfer, is the Xingjian Qilong Private Securities Investment Fund, holding 100,340,200 shares[15] - The company completed a share transfer agreement on September 27, 2024, transferring 100,340,200 shares (5.90% of total shares) at a price of 3.42 CNY per share, totaling 343,163,484 CNY[14] Inventory and Financial Assets - The company's trading financial assets increased by 263.09% to CNY 839,436,737.01, primarily due to an increase in futures and wealth management products[8] - Inventory decreased by 33.84% to CNY 3,150,740,333.86, mainly due to increased inventory turnover[8] - Trading financial assets increased to 839,436,737.01 CNY from 231,193,994.30 CNY[17] - Accounts receivable decreased to 1,335,061,703.68 CNY from 1,457,626,076.42 CNY[17] - Prepayments increased to 1,198,815,459.29 CNY from 796,363,179.47 CNY[17] Other Financial Metrics - The weighted average return on net assets was 0.47%, a slight increase from 0.42% in the previous period[5] - The company reported a basic and diluted earnings per share of 0.04, unchanged from the previous period[23] - Other comprehensive income after tax showed a negative value of -¥75,035,048.25, worsening from -¥56,502,336.81 in the previous period[22] - The company received cash from sales of goods and services amounting to 9,619,649,320.94, down from 10,176,830,418.06 in the previous period[24] - Total cash outflow from operating activities was 9,212,485,230.95, compared to 10,004,102,477.54 in the previous period[25] Project Updates - The Akesu Urban Public Computing Power Platform project is currently under construction and progressing normally[16]