Core Insights - Haining Leather City experienced a trading volume of 55.90 million yuan on November 11, with a financing net buy of -3.18 million yuan, indicating a higher level of financing activity compared to the past year [1] - The company reported a revenue of 735 million yuan for the first nine months of 2025, a year-on-year decrease of 2.59%, and a net profit of 59.73 million yuan, down 17.18% year-on-year [2] Financing and Margin Trading - On November 11, Haining Leather City had a financing buy amount of 8.45 million yuan, with a total financing balance of 294 million yuan, representing 4.77% of its market capitalization [1] - The financing balance is above the 70th percentile of the past year, indicating a relatively high level of financing [1] - The company had a margin trading balance of 343,000 yuan with a short selling volume of 71,300 shares, which is above the 90th percentile of the past year [1] Shareholder and Dividend Information - As of September 30, 2025, the number of shareholders decreased by 8.06% to 34,300, while the average circulating shares per person increased by 8.77% to 37,411 shares [2] - Since its A-share listing, Haining Leather City has distributed a total of 1.339 billion yuan in dividends, with 162 million yuan distributed over the past three years [3] - The fifth largest circulating shareholder, Hong Kong Central Clearing Limited, reduced its holdings by 4.5713 million shares to 5.782 million shares as of September 30, 2025 [3]

Core Insights - The 27th China International Down Expo will be held from November 4 to 6, 2025, in Changshu, Jiangsu, focusing on the theme "Gathering Global Down to Promote Consumption" [1] - Haining China Leather City is showcasing its strategic expansion into the down apparel sector, highlighting its achievements and future vision in high-end goose down clothing [1] Industry Overview - Haining has been a leader in the leather industry for over 30 years and is now expanding into the down apparel market, marking down as a key area of focus alongside leather and fur [1] - The presence of over 1,000 apparel companies in Haining's leather city indicates a strong commitment to the down category, showcasing the region's industrial foundation [1] Exhibition Highlights - The Haining exhibition group features four cross-border styles: "Leather-Fur-Down Splicing," "National Style Down," "Silk Down," and "Trendy Brand Down," emphasizing a blend of design concepts rather than mere category overlap [1] - The exhibition includes a diverse range of brands such as Xuebao, Yizhi, U8, and Shenglong, representing Haining's capability to integrate traditional manufacturing with modern trends [2] Supply Chain and Design Capabilities - The raw materials display area features companies like Hongchang Down and New Friend International, showcasing a complete supply chain from premium down fillings to innovative fabrics [2] - Haining's design base has a strong output, with the capacity to develop 15,000 down clothing designs annually, supported by a team of top designers [2] Strategic Partnerships - Haining's cross-industry collaboration was highlighted in May 2025, where 30 companies and 45 designers engaged with high-quality fabric enterprises, resulting in significant orders [3] - This collaboration enhances Haining's potential in the down industry by leveraging resources and expertise from various sectors [3] Financial Performance - Haining Leather City reported stable operations, with a third-quarter revenue of approximately 238 million yuan, and a net profit increase of 4.65% year-on-year, reaching about 13.42 million yuan [4] - The company's strategic shift from an "industrial base" to a "creative source" is a significant move to showcase a more mature and confident Chinese fashion industry [4]

Core Insights - Haining Leather City, established in 1999 and listed in 2010, is a leading player in the domestic leather market with a full industry chain advantage, indicating high investment value [1] Financial Performance - For Q3 2025, Haining Leather City reported revenue of 707 million yuan, ranking 11th among 14 companies in the industry, while the industry leader, Yuyuan Group, had revenue of 28.4 billion yuan [2] - The net profit for the same period was 86.41 million yuan, placing it 8th in the industry, with the top performer, Xiaogoods City, achieving a net profit of 3.465 billion yuan [2] Financial Ratios - As of Q3 2025, the company's debt-to-asset ratio was 33.13%, down from 34.54% year-on-year and below the industry average of 47.61% [3] - The gross profit margin for Q3 2025 was 32.14%, slightly below the industry average of 33.69%, but up from 31.50% in the previous year [3] Leadership Changes - Huang Zheng became the chairman of Haining Leather City in May 2025, with a background in various governmental roles in Haining [4] Shareholder Information - As of September 30, 2025, the number of A-share shareholders decreased by 8.06% to 34,300, while the average number of shares held per shareholder increased by 8.77% to 37,400 [5]

Group 1 - The "潮玩钰鑫微醺嘉年华" event successfully showcased the commercial potential of the Haining Leather City Fashion Plaza, boosting confidence in its招商 efforts [1][3] - The event attracted significant foot traffic and demonstrated strong consumer spending willingness, providing persuasive data support for future招商 initiatives [3] - The Haining Leather City has been operating for over 20 years and is undergoing a comprehensive upgrade to enhance its business model, leveraging the event as an opportunity for renewal [5] Group 2 - The Haining Leather City is a key commercial project in the Jiugongmiao business district, and its transformation is crucial for promoting the integration of commerce and cultural tourism in the Dadu District [7] - The project aims to become a vibrant showcase of the Dadu District's urban image and commercial vitality, contributing to the innovative commercial landscape of Chongqing [7]

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。 2025 年 10 月 23 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十四次会议，本次会议以通讯方式召开。会议 通知及会议材料已于 2025 年 10 月 13 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。本次会议召开程序符合《中华人民共和国公司法》等有关法律、行政法规、 部门规章、规范性文件和公司章程的规定。与会董事以传真等方式通过以下议案： | 证券代码：002344 | 证券简称：海宁皮城 | | | 公告编号：2025－037 | | --- | --- | --- | --- | --- | | 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 第六届董事会第十四次会议决议公告 董 事 会 2025 年 10 月 25 日 一、审议通过《关于审议公司 2025 年第三季度报告的议案》。 1、公司第六届董事会第十四 ...

Financial Performance - The company's operating revenue for Q3 2025 was ¥237,880,054.37, a decrease of 0.17% compared to the same period last year[6]. - Net profit attributable to shareholders for Q3 2025 was ¥13,418,809.65, an increase of 4.65% year-on-year[6]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥19,680,670.41, a significant increase of 71.40% compared to the previous year[6]. - Total operating revenue for the current period was ¥735,064,697.16, a decrease of 2.0% from ¥754,575,091.24 in the previous period[21]. - Net profit for the current period was ¥86,412,973.48, down 19.7% from ¥107,722,221.41 in the previous period[22]. - The company reported a basic earnings per share of ¥0.05, unchanged from the previous period[23]. Cash Flow - Cash flow from operating activities showed a drastic decline, with a net amount of ¥7,249,844.52, down 97.34% year-to-date[6]. - The net cash flow from operating activities for the first nine months of 2025 was ¥7,249,844.52, a decrease of 97.34% compared to the same period in 2024[12]. - Operating cash inflow totaled $1,589,701,547.52, a decrease of 23.7% from $2,080,791,171.72 in the previous period[24]. - Net cash flow from operating activities was $7,249,844.52, significantly down from $272,216,551.14 in the prior period[24]. - Cash paid for operating activities totaled $1,582,451,703.00, a decrease of 12.5% from $1,808,574,620.58[24]. Investment and Financing Activities - The net cash flow from investing activities was -¥73,896,219.79, reflecting a 72.72% reduction in equity investment expenditures year-on-year[12]. - Cash outflow from investing activities was $465,489,414.13, down 37.0% from $739,503,315.21 year-over-year[26]. - Cash inflow from financing activities was $806,962,245.00, a decrease of 60.4% compared to $2,035,990,000.00 last year[26]. - Net cash flow from financing activities decreased by 271.26% to -¥193,573,023.52, primarily due to a reduction in borrowings compared to the previous year[12]. - Net cash flow from financing activities was -$193,573,023.52, contrasting with a positive $113,030,725.32 in the prior period[26]. Assets and Liabilities - Total assets at the end of Q3 2025 were ¥12,955,138,408.35, a decrease of 2.45% from the end of the previous year[6]. - Total assets decreased to ¥12,955,138,408.35 from ¥13,280,806,368.13, reflecting a decline of 2.4%[20]. - Total liabilities decreased to ¥4,292,439,499.71 from ¥4,575,376,812.32, a reduction of 6.2%[20]. - The total non-current assets were valued at ¥9,080,000,000.00, reflecting a slight decrease from the previous period[18]. - As of September 30, 2025, total current assets amounted to ¥2,806,064,294.86, down from ¥2,971,296,027.28 at the beginning of the period[18]. Shareholder Information - The total number of common shareholders at the end of the reporting period was 34,253[14]. - The largest shareholder, Haining Chaosheng Technology Industry Investment Group Co., Ltd., holds a 30.36% stake, amounting to 389,452,835 shares[14]. Research and Development - Research and development expenses decreased significantly by 82.50%, totaling ¥1,541,058.27[11]. - The company reported a decrease in research and development expenses to ¥1,541,058.27, down 82.5% from ¥8,803,951.74 in the previous period[21]. Other Financial Metrics - The company's weighted average return on net assets was 0.16%, a slight increase of 0.01% compared to the previous year[6]. - The company reported a long-term receivables balance of ¥1,346,350,682.95, an increase from ¥1,263,164,863.43 at the beginning of the period[18]. - Other comprehensive income after tax for the parent company was reported at -¥63,256,088.49, indicating a significant loss compared to the previous period[22]. - The company's investment income increased by 34.67% year-on-year, reaching ¥71,250,513.00[11]. - The company’s investment income increased to ¥71,250,513.00, up from ¥52,908,934.68 in the previous period, representing a growth of 34.8%[21].

Core Viewpoint - Haining Leather City experienced a slight decline in stock price and significant changes in financing activities, indicating a high level of market activity and potential investor interest [1][2]. Financing Activities - On October 16, Haining Leather City saw a financing buy-in of 7.89 million yuan and a financing repayment of 10.61 million yuan, resulting in a net financing outflow of 2.73 million yuan [1]. - The total financing and securities balance reached 318 million yuan, with the financing balance accounting for 5.60% of the circulating market value, indicating a high level compared to the past year [1]. - The company had a securities lending balance of 309,800 yuan, with a lending volume of 70,100 shares, also reflecting a high level compared to the past year [1]. Financial Performance - For the first half of 2025, Haining Leather City reported an operating income of 490 million yuan, a year-on-year decrease of 2.44%, and a net profit attributable to shareholders of 46.31 million yuan, down 21.90% year-on-year [2]. - Cumulative cash dividends since the company's A-share listing reached 1.339 billion yuan, with 162 million yuan distributed over the past three years [3]. Shareholder Information - As of June 30, 2025, the number of shareholders decreased by 5.70% to 37,300, while the average circulating shares per person increased by 6.04% to 34,394 shares [2]. - The fifth largest circulating shareholder, Hong Kong Central Clearing Limited, held 10.3533 million shares, a decrease of 1.5986 million shares compared to the previous period [3].

Core Insights - Haining Leather City is advancing its strategy from "product export" to "model export," marking a significant shift in its global approach to the fashion industry [1][2] - The recent European tour, highlighted by the 2025 China-Italy Fashion Summit in Milan, emphasizes the importance of open collaboration in the evolving global market [1][4] Group 1: Strategic Developments - The collaboration with the China National Garment Association and participation in major fashion events in Milan and Paris showcase Haining's commitment to international engagement [1][2] - Haining Leather City aims to build a global value system for Chinese fashion through a diversified product matrix and open industrial collaboration [1][4] Group 2: Product and Market Expansion - Haining Leather City has expanded its product offerings from traditional leather goods to include cashmere coats and down jackets, catering to a wider demographic and evolving consumer preferences [2][3] - The brand's participation in fashion weeks demonstrates its ongoing investment in design and international vision, merging Eastern aesthetics with contemporary creativity [2][3] Group 3: International Collaborations - Haining Leather City has established strategic agreements with organizations like LINEAPELLE to facilitate resource exchange between Asia and Europe [3] - The creation of partnerships with various international showrooms aims to enhance Haining's global channels and provide a bridge for global brands entering the Chinese market [3] Group 4: Long-term Strategy and Sustainability - The company focuses on long-term strategies rather than short-term explosive growth, emphasizing design incubation, supply chain optimization, and brand cultivation [4] - Haining Leather City is committed to integrating new materials, technologies, and international brands into its ecosystem, enhancing its influence in the global fashion industry [3][4]

Core Viewpoint - Haining Leather City experienced a stock price increase of 2.61% on September 17, with a trading volume of 189 million yuan, indicating positive market sentiment towards the company [1]. Financing Summary - On September 17, Haining Leather City had a financing buy-in amount of 20.39 million yuan and a financing repayment of 19.36 million yuan, resulting in a net financing buy of 1.02 million yuan [1]. - The total financing and securities balance for Haining Leather City reached 288 million yuan, accounting for 4.76% of its market capitalization, which is above the 80th percentile of the past year [1]. - The company had no shares repaid in securities lending on September 17, with 100 shares sold, amounting to 471 yuan at the closing price, and a securities lending balance of 340,100 yuan, also above the 90th percentile of the past year [1]. Business Performance - As of June 30, Haining Leather City reported a total of 37,300 shareholders, a decrease of 5.70% from the previous period, while the average circulating shares per person increased by 6.04% to 34,394 shares [2]. - For the first half of 2025, the company achieved an operating income of 490 million yuan, a year-on-year decrease of 2.44%, and a net profit attributable to shareholders of 46.31 million yuan, down 21.90% year-on-year [2]. Dividend and Shareholding Information - Since its A-share listing, Haining Leather City has distributed a total of 1.339 billion yuan in dividends, with 162 million yuan distributed over the past three years [3]. - As of June 30, 2025, Hong Kong Central Clearing Limited was the fifth-largest circulating shareholder, holding 10.35 million shares, a decrease of 1.5986 million shares from the previous period [3].

Group 1 - The company Haining Picheng (SZ 002344) held its 13th meeting of the 6th Board of Directors on September 12, 2025, to review various proposals including the confirmation of the Audit Committee members and the convener [1] - For the first half of 2025, the company's revenue composition was as follows: market development and operation accounted for 64.79%, financial services for 15.58%, health care services for 7.11%, commodity circulation for 5.82%, and hotel services for 1.38% [1] - As of the report date, Haining Picheng's market capitalization was 5.8 billion [1]