Investment Rating - Investment advice is to outperform the market, with a focus on specific companies such as Huali Industrial Group, Stella International Holdings, Shenzhou International, and Best Pacific International [40][16]. Core Insights - October Swiss watch exports to China increased by 12.6% year-on-year, marking two consecutive months of double-digit growth. The overall Swiss watch exports showed a global decline of 4.4% [40][4]. - The report highlights a clearer recovery logic for the export manufacturing sector in 2026, driven by three main factors: clarity in US tariff policies, reduced tariff pressure with brands, and improved production efficiency [40][4]. - The North American luxury market is showing leading growth, supported by expectations of interest rate cuts, although Q4 performance needs to be monitored due to high base effects [40][4]. Industry Data Tracking - In October 2025, China's retail sales of clothing increased by 6.8%, while textile and apparel exports fell by 12.6% [17][19]. - Cumulative textile and apparel exports from January to October 2025 amounted to approximately $243.94 billion, reflecting a year-on-year decline of 1.79% [19][19]. - The report notes that the export of textiles and clothing in October 2025 was approximately $22.26 billion, down 12.64% year-on-year [19][19]. Recommended Stocks and Valuation - Recommended stocks include Huali Group, Stella International, Shenzhou International, and Best Pacific International, all rated as outperforming the market [16][40]. - The report provides earnings forecasts for these companies, indicating a positive outlook for their performance in the coming years [16][40].

Summary of the Conference Call for Fuanna Company Overview - **Company**: Fuanna - **Industry**: Home textiles Key Points and Arguments Sales Performance - Offline sales experienced a double-digit decline year-on-year, while e-commerce sales maintained double-digit growth, contributing to overall performance improvement [2][3] - In October, offline channels saw single-digit growth, with direct sales outperforming franchise channels, while e-commerce continued to show double-digit growth [3] - November saw a return to double-digit decline in offline sales, but e-commerce remained strong [3] E-commerce Strategy - E-commerce accounted for approximately 40% of total sales, primarily through platforms like JD.com and Tmall, with annual sales expected to reach several billion yuan [2][4][6] - The company plans to enhance direct store management and support franchisees, while also expanding into untapped markets [2][6] Product Strategy - Fuanna is focusing on high-end bedding products offline while developing mid-to-low-end products online to increase market share [2][7] - The company is introducing functional products to meet changing consumer preferences, including high-end artist bedding and mid-range items [5][13] Market Trends - The wedding market accounted for about 35% of home textile sales before 2024, with a replacement rate of approximately 40% [9] - The wedding market is expected to recover in the first half of 2025, with growth projected at 30%-40% after a nearly 50% decline in 2024 [10] Inventory and Franchise Management - In 2025, the company did not set excessive purchase targets for franchisees, focusing instead on inventory adjustments [11] - An inventory review in August indicated sufficient stock clearance, returning to historical levels, with positive data in September and October [11] Financial Outlook - The company anticipates a slight decline in gross margin and net profit due to price adjustments in the franchise channel and strategic changes in the e-commerce channel [5][17] - E-commerce expenses are expected to impact profit margins, but overall gross and net profits are projected to remain stable [19] Store Expansion - As of October 2025, Fuanna opened over 130 new stores, with future expansion plans to be determined in a management meeting in December [16] Supply Chain Management - The company has a production ratio of approximately 50% in-house and 40% outsourced, aiming to reduce inventory pressure and production risks [23] Profitability Metrics - Online ROI is approximately 7, which is considered high within the industry [7] - Offline average transaction value ranges from 3,000 to 5,000 yuan, while online transaction values are lower [8] - Gross margins for direct sales and e-commerce are comparable, while franchise channels have slightly higher margins [22] Dividend Policy - The company's dividend policy remains unchanged, with any future adjustments to be communicated promptly [20] Product Category Structure - The product category structure is not expected to change significantly, with a continued focus on core products like bedding sets [21] Additional Insights - The impact of the real estate market on the home textile industry is relatively minor, especially with the rise of e-commerce [10] - Emerging brands are influencing traditional companies to adapt to changing consumer demands, particularly in functional and technological products [14]

富安娜 FUANNA 深圳市富安娜家居用品股份有限公司 证券代码：002327 证券简称：富安娜 公告编号：2025-062 深圳市富安娜家居用品股份有限公司 关于回购注销部分第六期限制性股票暨通知债权人的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有 虚假记载、误导性陈述或重大遗漏。 深圳市富安娜家居用品股份有限公司（以下简称"公司"）于 2025 年 11 月 4 日召开第六届董事会第十次会议及第六届监事会第九次会议，审议通过了《关 于回购注销第六期限制性股票激励计划已不符合激励条件激励对象已获授但尚 未解锁的限制性股票的议案》。具体内容详见公司刊登在《证券时报》《证券日 报》和巨潮资讯网（http://www.cninfo.com.cn）上的相关公告。 根据公司《第六期限制性股票激励计划（草案修订稿）》的规定： 鉴于第六期限制性股票激励计划首次授予部分激励对象 6 人、预留授予部分 激励对象 1 人因个人原因离职，失去第六期限制性股票激励资格，故对上述激励 对象已授予但尚未解锁的第六期限制性股票激励计划首次授予部分限制性股票 206,500 股、预留授予部分限制性股票 50,000 ...

富安娜 FUANNA 深圳市富安娜家居用品股份有限公司 证券代码：002327 证券简称：富安娜 公告编号：2025-061 深圳市富安娜家居用品股份有限公司 关于非独立董事辞职暨选举职工董事的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 一、非独立董事辞职情况 深圳市富安娜家居用品股份有限公司（以下简称"公司"）董事会于近日收 到非独立董事林汉凯先生的书面辞职报告，因公司治理结构调整，林汉凯先生申 请辞去公司第六届董事会非独立董事职务，辞任后仍担任公司其他职务。林汉凯 先生担任公司第六届董事会非独立董事的原定任期为 2024 年 10 月 14 日至 2027 年 10 月 13 日。截至本公告披露日，林汉凯先生持有公司股份 899,040 股，不存 在应履行而未履行完毕的公开承诺。 根据《中华人民共和国公司法》（以下简称《公司法》）、《公司章程》等 相关规定，林汉凯先生的辞任不会导致公司董事会人数低于法定的最低人数要求， 不会影响公司董事会的正常运营，亦不会对公司的日常经营产生不利影响，其书 面辞职报告自送达公司之日起生效。 1 富安娜 FUANN ...

။ | 君泽君律师事务所 | JunZeJun Law Offices 北京市君泽君(深圳)律师事务所 关于深圳市富安娜家居用品股份有限公司 2025 年第三次临时股东会的 (2025) 君深意字第 486 号 法律意见书 北京市君泽君(深圳)律师事务所 广东省深圳市福田区金田路 4028 号荣超经贸中心 28 层、29 层 电话: 0755-33988188 传真:0755-33988199 北京市君泽君(深圳)律师事务所 关于深圳市富安娜家居用品股份有限公司 2025 年第三次临时股东会的 法律意见书 致:深圳市富安娜家居用品股份有限公司 根据《中华人民共和国公司法》(以下简称"《公司法》")以及中国证券监 智管理委员会(以下简称"中国证监会")发布的《上市公司股东会规则》(以下 简称"《股东会规则》")的有关规定,北京市君泽君(深圳)律师事务所(以下 简称"本所")受深圳市富安娜家居用品股份有限公司(以下简称"公司")委托, 指派律师出席公司 2025年第三次临时股东会(以下简称"本次股东会"),并就 本次股东会的召集和召开程序、召集人资格、出席和列席会议人员资格、表决程序 及表决结果等事宜发表如下法律 ...

富安娜 FUANNA 深圳市富安娜家居用品股份有限公司 证券代码：002327 证券简称：富安娜 公告编号：2025-060 深圳市富安娜家居用品股份有限公司 2025年第三次临时股东会决议公告 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、误导性陈述或者重大遗漏。 特别提示: 1、本次股东会未出现否决议案的情形。 2、本次股东会未涉及变更以往股东会已通过的决议。 一、会议召开和出席情况 （一）会议召开时间： 现场会议召开时间：2025年11月20日（星期四）14:00； 网络投票时间：通过深圳证券交易所交易系统进行网络投票的具体时间为： 2025年11月20日9:15－9:25，9:30－11:30和13:00－15:00；通过深圳证券交易所 互联网投票系统进行网络投票的具体时间为：2025年11月20日9:15至15:00期间的 任意时间。 （二）现场会议召开地点：深圳市龙华区清丽路2号富安娜龙华总部大厦深 圳市富安娜家居用品股份有限公司综合楼一楼2号会议室 （三）召开方式：本次股东会采取现场投票和网络投票相结合的方式。 （四）会议召集人：公司董事会 （五）会议主持人：董事长林 ...

Investment Rating - Investment advice: Short-term pressure on October export data, Q4 overseas consumption needs observation. By 2026, export manufacturing sector recovery is clearer due to several factors [39]. Core Insights - October 2025, China's textile/apparel exports down 9.0%/16.0% YoY, slower than September. The decline is attributed to a high base from last year's brand restocking [39][18]. - The Lyst Q3 list shows a preference for affordable luxury brands, with YSL, Miu Miu, COS, THE ROW, and COACH dominating the top five positions [39]. - COACH's growth accelerates, with FY26Q1 revenue of $1.70 billion, up 13.1% YoY, driven by strong performance in North America and Greater China [39]. Summary by Sections 1. Market Review - The textile and apparel sector saw a 0.80% increase in A-share market performance, with the textile manufacturing sector up 0.96% and apparel/home textiles up 2.23% [6]. - PE valuation for the textile and apparel sector is currently at 20.11 times, below the historical average of 24.76 times [10]. 2. Industry Data Tracking - In September 2025, China's clothing retail grew by 3.6%, while textile exports in October fell by 12.6% [16][18]. - October 2025 textile exports amounted to approximately $22.26 billion, with a year-on-year decline of 12.64% [18]. 3. Key Announcements and News - Tapestry's FY26Q1 revenue was $1.70 billion, exceeding expectations, with a significant contribution from COACH [39]. - Canada Goose reported a revenue of C$273 million for FY25Q2, down 1.8% YoY, primarily due to increased expenses [39].

Group 1 - On November 5, a total of 50 companies announced 51 stock repurchase-related updates [1] - One company proposed a stock repurchase plan, while two companies disclosed their repurchase plans for the first time [1] - 33 companies reported progress on their stock repurchase implementations, and 15 companies completed their repurchase plans [1] Group 2 - The shareholder of Qingyue Technology proposed to repurchase shares not exceeding 20 million yuan [1] - Huaron Co. and Fuanna plan to repurchase shares not exceeding 80 million yuan and 849,800 yuan, respectively [1] - Midea Group, Runze Technology, and China National Foreign Trade Transportation Group reported the highest repurchase amounts, with 8.065 billion yuan, 558 million yuan, and 475 million yuan, respectively [1] Group 3 - Xueda Education, Jack Technology, and Jinjing Technology completed the highest repurchase amounts, totaling 149 million yuan, 131 million yuan, and 100 million yuan, respectively [1]

Core Points - The company announced that it will hold the sixth board meeting and the ninth supervisory board meeting on November 4, 2025 [2] - The meetings will review the proposal to repurchase and cancel the sixth phase of the restricted stock incentive plan that no longer meets the incentive conditions for the granted but not yet unlocked restricted stocks [2] Summary by Category - **Company Actions** - The company is set to convene important meetings to discuss the repurchase and cancellation of restricted stocks [2] - **Incentive Plan Adjustments** - The proposal involves addressing the restricted stock incentive plan that has not met the necessary conditions for certain granted stocks [2]

Core Viewpoint - Shenzhen Fuanna Home Furnishings Co., Ltd. announced the repurchase and cancellation of part of the restricted stock from its sixth restricted stock incentive plan, which has been approved by the Compensation and Assessment Committee [1][2]. Group 1: Company Actions - The Compensation and Assessment Committee conducted a special review of the repurchase and cancellation of restricted stocks, ensuring compliance with relevant laws and regulations [1]. - The committee confirmed that the repurchase and cancellation process is legal and does not harm the interests of the company and all shareholders [1]. - Specific details regarding the number of stocks to be repurchased and the repurchase price will be disclosed in future announcements [1]. Group 2: Market Analysis - The repurchase and cancellation of restricted stocks that do not meet the release conditions or are due to the departure of incentive targets is a common practice to maintain the integrity of incentive plans and ensure the stability of the company's equity structure [2]. - The company has not yet disclosed the specific scale of the repurchase and its impact on financial indicators, and further developments will be announced later [2].