"此次升级不仅聚焦文化氛围营造，更着力提升出行与消费的衔接效率。"浙江交通集团海宁运营公司相 关负责人介绍，"乘客到站后就可根据指引直达海宁中国皮革城各大场馆，想买什么货就走哪个最近的 出口，而借助杭海城际列车，从杭州市区前往海宁皮革城最快仅需40分钟，相较于自驾出行，有效规避 了新春期间的交通拥堵，实现'即到即逛、即买即走'的高效扫货体验。" 据了解，今年以来，海宁中国皮革城实体市场成交额同比增长超25%，其中不少顾客是通过杭海城际前 来的杭州及周边旅客。（记者 张帆 通讯员 吕雪滢） 更暖的是，车站同步延续杭海城际暖冬服务模式，全域开启制暖、设置妈咪小屋等，为带娃家庭、老年 旅客等群体提供暖心保障，让新春出行更具温度。 "以前来海宁买皮革，总担心堵车和停车问题，现在坐杭海城际过来，一个小时就到，车站里都是皮革 文化布置，还能逛一逛，出站后直接进皮革城扫货，买完再坐车回去，太方便了！"刚从皮革城扫货归 来准备乘车的杭州乘客陈女士拎着两袋皮衣说道。 焕新升级后的站厅以棕色皮革色调为主基调，立柱上精心布置了皮革装饰画，生动展现海宁城市地标风 貌；专门设置的皮革知识科普区，系统介绍了皮革种类、制作工艺等内容；出入 ...

Group 1 - The recent decline in Hai Ning Pi Cheng's stock price contrasts with its valuation enhancement plan, influenced by market conditions, fundamentals, and execution expectations [1] - The retail sector overall dropped by 1.46%, affecting the company's stock price due to industry sentiment, despite the valuation enhancement plan being approved on February 10 [2] - The company's Q3 2025 revenue was 735 million yuan, with a net profit of 59.73 million yuan, indicating no significant improvement in profitability; the current P/E ratio is 83.55, significantly higher than the industry average, while the P/B ratio is only 0.76, reflecting low market recognition of its net asset value [3] Group 2 - The valuation enhancement plan focuses on creating an experiential market and digital transformation through seven key initiatives, but the effectiveness will require time to validate; new businesses like cross-border e-commerce and healthcare are growing quickly but still represent a small portion of total revenue, making it difficult to quickly reverse the weakness in the main business [4] - On the funding side, there was a net inflow of 2.7 million yuan from institutional investors, while retail investors showed a net outflow, indicating a lack of confidence among retail investors; the stock price is currently in a volatile range, with technical adjustments competing against favorable policies [5] - The short-term stock price decline reflects a discrepancy between market expectations regarding industry conditions, company fundamentals, and long-term transformation plans; the valuation enhancement plan aims to reshape value through long-term strategies, but short-term performance pressures and sector sentiment amplify volatility [5]

Core Viewpoint - Haining China Leather City Co., Ltd. has initiated a systematic and multi-dimensional valuation enhancement plan, marking a strategic shift from "scale expansion" to "value creation" and "high-quality development" [1] Group 1: Valuation Enhancement Plan - The plan aims to fundamentally enhance the company's intrinsic value and achieve a rational return in market valuation through solid measures such as strengthening the core business, optimizing governance structure, and deepening market communication [1][4] - The two main pillars of the plan are "industrial renewal" and "governance optimization" [1] Group 2: Industrial Focus - The company focuses on its leather core business by creating an experiential, intelligent, and integrated domestic and international trade modern market, aiming to build competitive barriers and growth momentum under the new development pattern of "dual circulation" [1][2] - The plan prioritizes "deepening the main market for high-quality sustainable development" and aims to upgrade the market comprehensively through digital transformation and integrated domestic and foreign trade [1] Group 3: Market Development Strategies - In creating an experiential market, the company will deepen the integration of "business area + scenic area," optimize spatial layout, and initiate the construction of the sixth-generation market to reshape consumer shopping routes [2] - The intelligent market strategy includes promoting deep integration of digital intelligence with the industry, constructing a "community" for the clothing industry, and exploring high-end raw material trading platforms [2] - The integrated domestic and foreign trade market will be developed through a one-stop foreign trade service complex and overseas display centers, aiming to cultivate new momentum for dual circulation [2] Group 4: Governance and Shareholder Returns - The company is committed to improving modern corporate governance, strengthening incentive and restraint mechanisms, and maintaining a stable high cash dividend policy to reward shareholder trust [3] - The company has reiterated its commitment to a cash dividend that exceeded 50% of the net profit attributable to shareholders in the previous year and aims to enhance the dividend decision-making mechanism to boost investor confidence [3] - The company plans to improve information disclosure quality and establish diversified investor communication channels to strengthen interaction with the capital market, aiming to eliminate information asymmetry and achieve a virtuous cycle between industrial operations and capital markets [3]

Market Performance - On February 11, the Zhejiang state-owned enterprise reform sector rose by 0.34% compared to the previous trading day, with Haining Picheng leading the gains [1] - The Shanghai Composite Index closed at 4131.98, up 0.09%, while the Shenzhen Component Index closed at 14160.93, down 0.35% [1] Individual Stock Performance - Haining Picheng (002344) closed at 5.16, up 4.45% with a trading volume of 518,800 shares and a transaction value of 265 million [1] - ST Shuyuan (000909) closed at 5.75, up 4.17% with a trading volume of 51,000 shares and a transaction value of 29.09 million [1] - Hangang Co. (600126) closed at 9.24, up 2.33% with a trading volume of 1,065,100 shares and a transaction value of 976 million [1] - Other notable stocks include Yunda Co. (300772) up 2.07%, Wuchan Jinlun (002722) up 1.44%, and Haizheng Shengcai (688203) up 1.34% [1] Capital Flow Analysis - The Zhejiang state-owned enterprise reform sector experienced a net outflow of 1.54 billion in main funds, while retail investors saw a net inflow of 1.476 billion [2] - The main capital flow for Huashu Media (000156) showed a net inflow of 71.00 million, while it faced a net outflow of 89.85 million from retail investors [3] - Hangang Co. (600126) had a net inflow of 53.54 million from main funds but a net outflow of 611,490 from retail investors [3]

| 证券代码：002344 | 证券简称：海宁皮城 | | 公告编号：2026－003 | | --- | --- | --- | --- | | 债券代码：524046.SZ | 债券简称：24 | 皮城 01 | | 海宁中国皮革城股份有限公司 估值提升计划 本公司及董事会全体成员保证公告内容的真实、准确和完整，并对公告中 的虚假记载、误导性陈述或者重大遗漏负连带责任。 一、触及情形及审议程序 1、触及情形 根据《上市公司监管指引第 10 号—市值管理》，股票连续 12 个月每个交易 日的收盘价均低于其最近一个会计年度经审计的每股归属于普通股股东的净资 产的上市公司，应当制定估值提升计划，并经董事会审议后披露。 自 2025 年 1 月 1 日至 2025 年 12 月 31 日，海宁中国皮革城股份有限公司（以 下简称"公司"或"本公司"）股票已连续 12 个月每个交易日收盘价均低于最 近一个会计年度经审计的每股归属于上市公司股东的净资产，即 2025 年 1 月 1 日至 2025 年 4 月 10 日前每个交易日收盘价均低于 2023 年度经审计每股净资产 6.53 元，2025 年 4 月 10 日 ...

一、审议通过《关于审议<公司估值提升计划>的议案》。 根据《上市公司监管指引第 10 号——市值管理》等相关规定，为维护公司 全体股东利益、增强投资者信心、促进公司高质量可持续发展，结合公司发展战 略、经营管理情况，公司制定了《海宁中国皮革城股份有限公司估值提升计划》。 | 证券代码：002344 | 证券简称：海宁皮城 | | | 公告编号：2026－002 | | --- | --- | --- | --- | --- | | 债券代码：524046.SZ | 债券简称：24 | 皮城 | 01 | | 海宁中国皮革城股份有限公司 第六届董事会第十五次会议决议公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，并对公告中 的虚假记载、误导性陈述或者重大遗漏负连带责任。 2026 年 2 月 10 日，海宁中国皮革城股份有限公司（以下简称"公司"）在 公司会议室举行第六届董事会第十五次会议，本次会议以通讯方式召开。会议通 知及会议材料已于 2026 年 2 月 1 日以电话和电子邮件相结合的方式送达各位董 事。本次会议应到董事 9 名，实到董事 9 名。会议由董事长黄征先生召集并主持。 本次会议召开 ...

Core Viewpoint - The 2026 Spring Festival will see a revitalization of the national consumer market, driven by the "2026 'Shopping New Year' Special Activity Plan" issued by the Ministry of Commerce and other departments, aiming to create a comprehensive consumption feast through the integration of commerce, travel, culture, sports, and health [1] Group 1: Business Strategy - Haining China Leather City is responding to the national consumption promotion call with a dual-driven strategy of "policy + scenario," showcasing resilience and innovative vitality during the Spring Festival consumption peak [1][5] - The operational plan for the Spring Festival is not a one-size-fits-all approach but a refined strategy tailored to different customer needs and business characteristics, reflecting the company's "scenario-driven" strategy [2] Group 2: Operational Details - Core retail shopping areas will have extended operating hours from the 28th day of the twelfth lunar month to the seventh day of the first lunar month, with only a slight reduction on New Year's Eve, ensuring convenient shopping throughout the holiday [2] - The new e-commerce and live streaming areas will operate year-round, with only minor adjustments during the holiday, aligning with the call to encourage online reservations and offline experiences [3] Group 3: Market Positioning - The Spring Festival strategy emphasizes the integration of cultural and tourism elements, with Haining China Leather City being recommended by travel platforms as a key destination, enhancing its appeal as a shopping and tourism hub [4] - The company is evolving from a professional procurement site to a comprehensive destination for shopping, tourism, and experiential activities, enriching the market's connotation and expanding its consumer base [4] Group 4: Long-term Strategy - The Spring Festival strategy reflects the company's long-term vision, optimizing its business structure and strategically investing in emerging sectors like healthcare and industrial services [4] - The "non-stop" operation during the Spring Festival is expected to enhance property rental value, increase merchant sales, and ultimately boost rental income, while attracting diverse customer traffic through e-commerce and varied business formats [4][5]

Group 1 - The A-share retail sector experienced a rise in the afternoon, with Xinhua Department Store hitting the daily limit up [1] - Sanjiang Shopping surged over 9%, indicating strong market performance [1] - Other stocks such as Maoye Commercial, Dongbai Group, Liren Lizhuang, and Haining Leather City also saw gains [1]

Group 1 - The A-share retail sector saw an afternoon rise, with Xinhua Department Store hitting the daily limit, and Sanjiang Shopping increasing by over 9% [1] - Other stocks such as Maoye Commercial, Dongbai Group, Liren Lizhuang, and Haining Leather City also experienced gains [1] - The rise in the retail sector is attributed to the announcement of the "2026 'Legou New Spring' Special Activity Plan" by nine departments, which aims to promote consumer spending during the Spring Festival through various integrated activities [1]

Investment Rating - The report maintains an "Accumulate" rating for the industry [5] Core Insights - The retail sector is expected to show varied performance in Q4 2025, with significant growth in certain segments like gold and jewelry, while others like supermarkets and department stores are projected to decline [1][2][4] - The report highlights the importance of the upcoming Spring Festival season, suggesting that sectors with performance elasticity, such as duty-free shops and certain tourist attractions, should be closely monitored [9] - The report emphasizes the potential of AI applications in enhancing e-commerce marketing, indicating a shift towards new retail strategies [9] Summary by Relevant Sections Retail Sector Outlook - Gold and Jewelry: - Lao Feng Xiang: Expected net profit growth of -15% to 5% in Q4 2025 - Zhou Da Sheng: Expected net profit growth of 15% to 30% in Q4 2025 - Chao Hong Ji: Forecasted net profit of 1.2 to 2.2 billion, with a year-on-year increase of 125% to 175% - Cai Bai Co.: Expected net profit growth of 150% to 254% in Q4 2025 - Yu Garden Co.: Forecasted loss of 4.312 billion in Q4 2025, compared to a loss of 1.03 billion in the same period last year [1] - Trendy Toys: - Miniso: Expected revenue growth of 25% to 30% in Q4 2025, with adjusted net profit growth of 10% to 20% [1] Supermarkets and Department Stores - Chongqing Department Store: Expected net profit of 1.021 billion, a decline of 22.4% year-on-year, with a projected drop of 92.5% in Q4 2025 - Wangfujing: Expected net profit loss of 0.45 to 0.23 billion, with a growth rate of -6.6% to 7.3% in Q4 2025 - Yonghui Supermarket: Expected loss of 2.14 billion, with a net profit growth rate of -3.1% in Q4 2025 - Home Home Joy: Expected net profit of 198 to 228 million, with a growth rate of 50.1% to 72.8% in Q4 2025 [2] Cross-Border and E-commerce - Small Commodity City: Expected net profit growth of 5% to 15% in Q4 2025 - Anker Innovation: Expected net profit growth of 10% to 20% in Q4 2025 - Su Mei Da: Expected net profit of 1.355 billion, with a growth rate of 70.8% in Q4 2025 [3] Social Services Sector Outlook - Duty-Free: China Duty-Free Group: Expected net profit growth of 29% to 173% in Q4 2025 - Tourism: - Songcheng Performance: Expected net profit growth of -204% to 294% in Q4 2025 - Jiuhua Tourism: Expected net profit growth of 0% to 15% in Q4 2025 [4] Investment Recommendations - The report recommends focusing on sectors with performance elasticity during the Spring Festival, including duty-free, certain tourist attractions, and gold and jewelry [9] - For 2026, the report suggests looking at service consumption and product consumption, particularly in duty-free and travel chains, as well as undervalued segments with improving fundamentals [9]