公司本次回购注销部分第六期限制性股票符合《上市公司股权激励管理办 法》及公司《第六期限制性股票激励计划（草案修订稿）》的规定和要求，董事 会薪酬与考核委员会对拟回购注销的部分限制性股票数量、回购价格及回购人 员名单进行了核查，认为董事会就本次回购注销事项符合《上市公司股权激励 管理办法》等相关法律、法规及公司第六期限制性股票激励计划的有关规定， 注销程序符合相关法律法规的要求，合法有效，亦不存在损害公司及全体股东 利益的情形。 深圳市富安娜家居用品股份有限公司 董事会薪酬与考核委员会关于回购注销部分第六期 限制性股票的核查意见 根据《深圳证券交易所股票上市规则》《上市公司股权激励管理办法》等有 关规定，深圳市富安娜家居用品股份有限公司（以下简称"公司"）董事会薪酬 与考核委员会对公司第六期限制性股票激励计划回购注销相关事项进行了核查， 并发表核查意见如下： 因此，董事会薪酬与考核委员会一致同意公司本次回购注销部分已获授予 但尚未解除限售的限制性股票的事宜。 董事会薪酬与考核委员会委员：张燃、林国芳、林立 2025 年 11 月 5 日 ...

Core Viewpoint - The A-share apparel sector has shown a positive revenue growth in Q3 2025, with significant net profit growth, primarily due to a lower base in Q3 2024. The home textile segment performed particularly well, while the textile manufacturing sector saw a narrowing decline in both revenue and profit [1][3]. Industry Review - Demand Side: - Online retail sales of clothing in China from January to September increased by 2.8% year-on-year, accelerating compared to the previous months [2]. - In the U.S., retail sales of clothing and accessories rose by 8.3% year-on-year in August, marking an acceleration from July, with continuous month-on-month growth since May [2]. - Export Side: - China's textile and apparel exports in September decreased by 1.5% year-on-year, with textile exports up by 6% and garment exports down by 8% [2]. - Vietnam's textile and footwear exports in September increased by 9% year-on-year, showing an acceleration compared to August [2]. Apparel Sector Q3 2025 Summary - Performance Review: - The A-share apparel sector's revenue growth turned positive in Q3 2025, with a net profit increase of 10.6% compared to a decline of 22.0% in Q2 [3]. - The home textile segment, particularly brands like Luolai and Mercury, showed significant revenue and profit growth [3]. - Operational Efficiency: - Most brands experienced an increase in inventory turnover days year-on-year, except for Ge Li Si, Youngor, Luolai Life, and Mercury Home Textile, which saw a decrease [3]. Textile Manufacturing Q3 2025 Summary - Performance Review: - The revenue decline in the A-share textile manufacturing sector narrowed in Q3 2025, with a decrease of 0.4% compared to 1.9% in Q2 [5]. - Profit decline also narrowed, with a decrease of 11.2% in Q3 compared to 20.4% in Q2, with companies like Nanshan Zhishang and Fuchun Dyeing leading in growth [5]. - Future Outlook: - The impact of short-term tariffs is expected to end by year-end, with future order demand being a key variable. Most overseas brands completed price increases in Q3, making Q4 U.S. consumption trends an important observation [5]. - The concentration of orders and capacity advantages for midstream OEMs with mature overseas production capabilities will become more prominent [5]. - The efficiency of new production capacity and the pace of improvement need to be monitored, with a balanced production line allocation mechanism being crucial [5]. Investment Recommendations - For 2026, the performance recovery logic for the export manufacturing sector appears clearer, driven by the implementation of U.S. tariff policies, reduced pressure on brands, and ongoing efficiency improvements [6]. - Recommended stocks include: - For home textiles: Luolai Life, Mercury Home Textile, and Fuanna [6]. - For light luxury: Prada and Samsonite [6]. - For undervalued high-dividend stocks: Bosideng, Jiangnan Buyi, and Taobo [6].

Group 1 - The core viewpoint of the articles highlights the recent movements of large private equity firms in the stock market, particularly focusing on their significant holdings in various sectors such as computers, food and beverages, and electronics [1] - As of October 31, 35 large private equity firms have reported holdings in 203 stocks, with a total market value exceeding 700 billion yuan [1] - Gao Yi Asset, led by Qiu Guolu, has significant positions in 18 companies, with Hikvision (002415) being the largest holding valued at 8.826 billion yuan, despite a reduction of 58 million shares in the third quarter [1] - Another firm, Zhongyang Investment, maintained its position in Xinhecheng (002001) with 61.1781 million shares, valued at 1.458 billion yuan, while also entering new positions in several other stocks [1] Group 2 - Some large private equity firms have announced a suspension of new investments, such as Ningquan Asset, which will stop accepting new subscriptions from October 30, while existing investors can still make additional purchases [2] - In the third quarter, Ningquan Asset increased its holdings in Zhuming Technology (300232) by 6.5721 million shares and made new investments in Fuanna (002327) with 605.12 thousand shares [2] - Starstone Investment believes that the market still has internal driving forces, with short-term uncertainties affecting risk appetite, while medium-term uncertainties are expected to ease, indicating a potential continuation of a bull market [2]

Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - The company's performance in the first three quarters of 2025 met expectations, with revenue of 1.63 billion yuan, a year-on-year decrease of 13.8%, and a net profit attributable to shareholders of 160 million yuan, down 45.5% year-on-year [2][4]. - The third quarter alone saw revenue of 540 million yuan, a decline of 7.6% year-on-year, and a net profit of 50 million yuan, down 28.7% year-on-year [2][4]. - The company is expected to gradually recover after inventory clearance, with projected net profits of 370 million yuan, 400 million yuan, and 440 million yuan for 2025, 2026, and 2027 respectively, corresponding to price-to-earnings ratios of 16, 15, and 14 times [9]. Summary by Sections Financial Performance - For the first three quarters of 2025, the company achieved a revenue of 1.63 billion yuan, down 13.8% year-on-year, and a net profit of 160 million yuan, down 45.5% year-on-year [2][4]. - In Q3 2025, revenue was 540 million yuan, a decrease of 7.6% year-on-year, with a net profit of 50 million yuan, down 28.7% year-on-year [2][4]. Market and Operational Insights - The company is experiencing pressure in channel operations, with e-commerce expected to perform better while franchise channels continue to clear inventory [9]. - The gross margin in Q3 2025 decreased by 2.1 percentage points to 53.4%, affecting the net profit margin, which fell by 3.0 percentage points to 10.0% [9]. Future Outlook - The company is anticipated to benefit from a recovery in the home textile industry, with strong competitive advantages in differentiated products and branding [9]. - The projected net profits for the years 2025 to 2027 are 370 million yuan, 400 million yuan, and 440 million yuan, respectively, indicating a potential for performance recovery [9].

Core Viewpoint - The recent quarterly reports from listed companies reveal a significant shift in investment strategies among prominent private equity managers, with an increased focus on cyclical industries and a need to monitor fundamental developments, policy benefits, and industrial upgrades as core themes [1][4]. Private Equity Holdings - Gao Yi Asset's Feng Liu significantly reduced holdings in Hikvision by 58 million shares, retaining 280 million shares valued at 8.826 billion yuan, making it the fourth-largest shareholder [1]. - Renqiao Asset's Xia Junjie maintained positions in several stocks while slightly reducing holdings in Xingfu Electronics and increasing stakes in Beijing Renli [1]. - Ningquan Asset's Yang Dong entered as the eighth-largest shareholder in Fuanna with 6.0512 million shares valued at 4.2 million yuan [2]. - Ruijun Asset's funds became top shareholders in Dinglong Co., while also increasing stakes in other companies [2]. Increased Focus on Cyclical Industries - Gao Yi Asset's Deng Xiaofeng reduced holdings in Zijin Mining by approximately 18.6 million shares, still holding 180 million shares valued at 5.3 billion yuan, with a significant gain of about 1.5 billion yuan from the position [3]. - The same fund also reduced its stake in Yun Aluminum, holding 28.5 million shares valued at 1.164 billion yuan [3]. Policy Benefits and Industrial Upgrades - The Shanghai Composite Index surpassed 4,000 points, reflecting improved market sentiment and recognition of the value reassessment cycle in Chinese equity assets [4]. - Fengjing Capital noted that economic data remains resilient, with expectations for moderate improvement in fixed investment growth due to policy initiatives [4]. - Ning Shui Capital emphasized the importance of policy benefits and industrial upgrades as core investment themes while advising caution regarding high valuations [4].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 9.53 CNY [3][5]. Core Insights - The company is expected to see gradual improvement in operations starting from 2026, following a period of inventory clearance in 2025. The cautious mindset of franchisees is reflected in the financial statements, particularly impacting franchise business performance [2][10]. - The third quarter showed a narrowing decline in revenue and profit compared to previous quarters, with expectations of slight improvements across various sales channels [10]. - The company has consistently maintained a high dividend payout ratio of over 90% since 2021, indicating strong financial health and commitment to returning value to shareholders [10]. Financial Performance Summary - **Revenue Forecast**: The company’s revenue is projected to decline from 3,030 million CNY in 2023 to 2,665 million CNY in 2025, before recovering to 3,115 million CNY by 2027 [4]. - **Net Profit**: The net profit attributable to the parent company is expected to decrease from 572 million CNY in 2023 to 371 million CNY in 2025, with a recovery to 479 million CNY by 2027 [4]. - **Earnings Per Share (EPS)**: EPS is forecasted to drop from 0.68 CNY in 2023 to 0.44 CNY in 2025, with a gradual increase to 0.57 CNY by 2027 [4][11]. - **Gross Margin**: The gross margin is expected to remain stable around 55.5% to 56.1% over the forecast period [4]. - **Net Margin**: The net margin is projected to decline from 18.9% in 2023 to 13.9% in 2025, before improving to 15.4% by 2027 [4]. Market Performance - The company's stock price as of October 28, 2025, was 7.16 CNY, with a 52-week high of 9.29 CNY and a low of 6.99 CNY [5].

Group 1 - The core viewpoint of the article highlights the significant target price increases for certain companies, with notable mentions being Xueda Education, Dong'e Ejiao, and China Automotive Technology Research Center, which saw target price increases of 75.33%, 64.38%, and 58.15% respectively [1] Group 2 - On October 28, a total of 182 target price adjustments were made by brokerages for listed companies, indicating active market engagement [1] - Six companies had their ratings downgraded on the same day, including Everbright Securities lowering the rating for Baoxiniao from "Buy" to "Hold," and China Galaxy Securities downgrading the rating for Outsourcing Holdings from "Recommended" to "Cautious Recommended" [1] - Tianfeng Securities also downgraded the rating for Fuanna from "Buy" to "Hold," reflecting a cautious outlook on these companies [1]

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：2025-052 深圳市富安娜家居用品股份有限公司 2025年员工持股计划第一次持有人会议决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确、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"）2025 年员工持股 计划第一次持有人会议于 2025 年 10 月 27 日以通讯表决方式召开。本次会议由副 总经理、董事会秘书李艳女士召集和主持。本次会议应出席持有人 205 人，实际 出席持有人 205 人，代表员工持股计划份额 79,574,883.15 份，占公司员工持股计 划有表决权份额总数的 100%。本次会议的召集、召开和表决程序符合相关法律 法规、规范性文件和《深圳市富安娜家居用品股份有限公司 2025 年员工持股计划》 （以下简称《2025 年员工持股计划》）和《深圳市富安娜家居用品股份有限公司 2025 年员工持股计划管理办法》（以下简称《2025 年员工持股计划管理办法》） 的相关规定，会议合法有效。 本次会议审议通过了如下议案： 一 ...

Market Overview - The apparel and home textile sector increased by 0.03% compared to the previous trading day, with Luolai Life leading the gains [1] - The Shanghai Composite Index closed at 3988.22, down 0.22%, while the Shenzhen Component Index closed at 13430.1, down 0.44% [1] Top Performers - Luolai Life (002293) closed at 9.40, up 5.86% with a trading volume of 356,400 shares and a turnover of 339 million yuan [1] - Shengtai Group (605138) closed at 7.91, up 4.91% with a trading volume of 165,300 shares and a turnover of 132 million yuan [1] - Xinhe Shares (003016) closed at 8.84, up 4.49% with a trading volume of 289,500 shares and a turnover of 254 million yuan [1] Underperformers - ST Erya (600107) closed at 8.77, down 4.98% with a trading volume of 160,200 shares and a turnover of 144 million yuan [2] - Ribo Fashion (603196) closed at 23.12, down 4.93% with a trading volume of 60,300 shares and a turnover of 141 million yuan [2] - Anzheng Fashion (603839) closed at 8.91, down 3.47% with a trading volume of 117,000 shares and a turnover of 106 million yuan [2] Capital Flow - The apparel and home textile sector experienced a net outflow of 147 million yuan from institutional investors, while retail investors saw a net inflow of 125 million yuan [2] - The sector's overall capital flow indicates a mixed sentiment, with institutional investors withdrawing funds while retail investors are actively buying [2][3] Individual Stock Capital Flow - Wanlima (300591) had a net inflow of 29.27 million yuan from institutional investors, while it saw a net outflow of 2.39 million yuan from retail investors [3] - Shengtai Group (605138) experienced a net inflow of 15.85 million yuan from institutional investors, but a net outflow of 23.59 million yuan from retail investors [3] - Seven Wolves (002029) had a net inflow of 18.53 million yuan from institutional investors, with a net outflow of 1.03 million yuan from retail investors [3]

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：2025-053 深圳市富安娜家居用品股份有限公司 关于2025年员工持股计划非交易过户完成 暨回购股份处理完成的公告 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 7 月 31 日召开第六届董事会第七次会议和第六届监事会第六次会议，并于 2025 年 8 月 18 日召开 2025 年第二次临时股东会，审议通过了《关于<深圳市富安娜家居用品 股份有限公司 2025 年员工持股计划（草案）>及其摘要的议案》《关于<深圳市 富安娜家居用品股份有限公司 2025 年员工持股计划管理办法>的议案》等相关议 案，同意公司实施 2025 年员工持股计划并授权董事会办理相关事宜。具体内容详 见公司于 2025 年 8 月 1 日、2025 年 8 月 19 日在指定信息披露媒体《证券时报》 《证券日报》和巨潮资讯网（www.cninfo.com.cn）上披露的相关公告。 根据《关于上市公司实施员 ...