Group 1 - The core viewpoint of the article highlights the financial performance of Xingye Technology, which reported a slight increase in revenue but a significant decrease in net profit for the third quarter of 2025 [1] - Xingye Technology's revenue for the first three quarters of 2025 was approximately 2.014 billion yuan, reflecting a year-on-year increase of 0.01% [1] - The net profit attributable to shareholders of the listed company was approximately 39.66 million yuan, showing a year-on-year decrease of 63.86% [1] Group 2 - As of the report, Xingye Technology's market capitalization stands at 4.5 billion yuan [1] - The article also notes a broader market trend, indicating that the A-share market has surpassed 4,000 points, marking a significant resurgence after a decade of stagnation, with technology stocks leading the market [1]

Company Overview - Xingye Technology (SZ 002674) announced its sixth board meeting on October 27, 2025, to review the third quarter report for 2025 [1] - For the first half of 2025, the company's revenue composition was 98.87% from the cowhide leather industry and 1.13% from other businesses [1] - As of the report, Xingye Technology has a market capitalization of 4.5 billion yuan [1] Industry Context - The A-share market has surpassed 4,000 points, marking a significant resurgence after a decade of stagnation, with technology leading the market's transformation [1] - A new "slow bull" market pattern is emerging, indicating a shift in market dynamics [1]

Financial Performance - The company's operating revenue for the third quarter was ¥674,929,119.77, a decrease of 10.30% compared to the same period last year[3] - Net profit attributable to shareholders was ¥8,404,975.29, down 84.02% year-on-year, while the net profit after deducting non-recurring gains and losses was ¥6,681,694.32, a decrease of 86.44%[3] - Basic earnings per share were ¥0.0284, reflecting an 84.22% decline compared to the previous year[4] - Net profit for the current period was ¥82,667,365.26, down from ¥155,116,257.12, indicating a decline of about 46.8%[28] - Earnings per share decreased to ¥0.1341 from ¥0.3760, representing a decline of approximately 64.3%[29] - The total comprehensive income for the current period was ¥75,907,257.38, down from ¥160,854,082.41, indicating a decrease of about 52.8%[29] Assets and Liabilities - Total assets increased by 6.29% to ¥4,770,564,595.15 compared to the end of the previous year[4] - Total assets reached ¥4,770,564,595.15, up from ¥4,488,448,415.51, indicating an increase of approximately 6.3%[23] - The company reported a significant increase in short-term borrowings, which rose by 33.07% to ¥938,917,476.40, attributed to increased bank loans[9] - Non-current liabilities include long-term borrowings of ¥338,843,256.90, significantly up from ¥74,661,050.23[24] - The company reported a total current liabilities of ¥1,638,358,855.52, slightly down from ¥1,659,252,714.90[24] - The total liabilities increased to ¥2,049,550,978.46 from ¥1,805,991,433.90, marking an increase of approximately 13.5%[25] Cash Flow - Cash flow from operating activities for the year-to-date was ¥272,561,651.31, up 60.64% year-on-year, primarily due to increased cash receipts from sales[14] - Cash flow from operating activities generated a net amount of ¥272,561,651.31, an increase from ¥169,667,887.16 in the previous period[32] - Cash inflow from investment activities totaled $1,833,727,361.60, a decrease from $1,997,082,774.38 in the previous period[33] - Cash outflow for investment activities was $1,883,885,637.21, compared to $1,955,821,462.21 last year, resulting in a net cash flow from investment activities of -$50,158,275.61, down from $41,261,312.17[33] - Cash inflow from financing activities reached $1,285,456,922.70, significantly higher than $779,193,694.16 in the prior period[33] - Cash outflow for financing activities was $1,203,346,162.02, compared to $770,018,174.82 last year, leading to a net cash flow from financing activities of $82,110,760.68, up from $9,175,519.34[33] - The net increase in cash and cash equivalents was $300,790,129.20, compared to $213,346,972.06 in the previous period[34] - The ending balance of cash and cash equivalents stood at $1,032,237,228.41, an increase from $742,404,147.76 last year[34] Shareholder Information - Total number of common shareholders at the end of the reporting period is 16,595[16] - The largest shareholder, Fujian Wanxing Equity Investment Partnership, holds 28.67% of shares, totaling 84,744,000 shares[16] Other Financial Metrics - Financial expenses rose by 85.70% to ¥31,463,484.36, mainly due to reduced interest income and increased exchange losses[12] - The company reported a 70.04% decrease in income tax expenses to ¥6,634,806.24, reflecting a decline in profits[12] - Research and development expenses rose to ¥58,000,363.78 from ¥47,260,413.80, reflecting an increase of about 22.7%[27] - Deferred income decreased to ¥31,970,444.63 from ¥33,371,936.54, a decline of approximately 4.2%[25] - The company experienced a negative impact of -$3,724,007.18 from foreign exchange rate changes on cash and cash equivalents[34] Inventory and Receivables - Accounts receivable decreased to ¥415,315,802.58 from ¥562,453,259.56, a decline of approximately 26%[22] - Inventory increased to ¥1,470,046,997.67 from ¥1,310,229,682.21, reflecting a rise of about 12%[22] Audit Status - The third quarter financial report remains unaudited as of October 27, 2025[36]

证券代码：002674 证券简称：兴业科技 公告编号：2025-065 兴业皮革科技股份有限公司 关于增加 2025 年日常关联交易预计的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 一、日常关联交易的基本情况 1、日常关联交易概述 兴业皮革科技股份有限公司（以下简称 "公司"）于 2025 年 4 月 24 日召开 第六届董事会第十次会议，审议通过了《关于 2025 年度日常关联交易预计的议 案》，该事项于 2025 年 5 月 19 日经公司 2024 年度股东大会审议通过。公司及子 公司，2025 年度根据生产经营需要将与关联方发生日常关联交易金额预计为 21933 万元。具体内容详见公司于 2025 年 4 月 26 日披露的《兴业皮革科技股份 有限公司关于 2025 年度日常关联交易预计的公告》（公告编号 2025-020）。 公司于 2025 年 10 月 27 日召开第六届董事会第十二次会议，审议通过了《关 于增加 2025 年日常关联交易预计的议案》，关联董事吴华春先生回避表决。同意 增加公司及子公司 2025 年日常关联交易预计 60 ...

证券代码：002674 证券简称：兴业科技 公告编号：2025-064 公司向中国工商银行股份有限公司晋江分行（以下简称"工商银行晋江分 行"）申请 39,500 万元的综合授信，自工商银行晋江分行批准之日起，授信期 间一年，由董事长吴华春先生及其配偶孙婉玉女士为该笔授信中的 30,000 万元 提供个人连带责任担保。 公司向中国农业银行股份有限公司晋江市支行（以下简称"农业银行晋江支 行"）申请 15,000 万元的综合授信，自农业银行晋江支行批准之日起，授信期间 一年，由董事长吴华春先生及其配偶孙婉玉女士共同为该笔授信提供个人连带责 任担保。 2、关联关系 兴业皮革科技股份有限公司 关于公司向银行申请授信并由关联方提供担保的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 兴业皮革科技股份有限公司（以下简称"公司"）于 2025 年 10 月 27 日召开 第六届董事会第十二次会议，会议审议通过了《关于公司向银行申请授信并由关 联方提供担保的议案》。现将相关事项公告如下： 一、关联交易情况概述 1、关联交易 吴华春先生为公司董事长,是公司董事、总裁孙辉 ...

Core Points - The Shanghai Composite Index closed at 3988.22 points, slightly below the five-day moving average with a change of -0.22% [1] - The total trading volume of A-shares reached 216.53 billion yuan, with 468 A-shares breaking above the five-day moving average [1] Summary by Category Stock Performance - Notable stocks with significant deviation from the five-day moving average include: - China Shipbuilding Industry Corporation (中船特气) with a deviation rate of 10.63% and a daily increase of 15.71% [1] - Haitong Development (海通发展) with a deviation rate of 8.36% and a daily increase of 10.04% [1] - Tietuo Machinery (铁拓机械) with a deviation rate of 8.15% and a daily increase of 11.69% [1] Trading Activity - The trading turnover rate for the top stocks breaking the five-day moving average varied, with: - Haitong Development showing a turnover rate of 19.72% [1] - Tietuo Machinery at 34.60% [1] - Other stocks like Tax Friend (税友股份) and Chengxing Shares (澄星股份) also showed notable trading activity [1] Market Trends - The overall market trend indicates a mixed performance with some stocks significantly outperforming the market average, while others are just above the five-day moving average [1]

Core Points - The Shanghai Composite Index is at 3990.98 points, slightly down by 0.15%, and remains above the five-day moving average [1] - The total trading volume of A-shares today is 17965.50 billion yuan, with 436 A-shares breaking through the five-day moving average [1] Summary by Category Stock Performance - Notable stocks with significant deviation from the five-day moving average include: - Tietuo Machinery (铁拓机械) with a deviation rate of 10.47% and a daily increase of 14.76% [1] - Haitong Development (海通发展) with a deviation rate of 8.36% and a daily increase of 10.04% [1] - Tax Friend Co. (税友股份) with a deviation rate of 8.10% and a daily increase of 10.00% [1] Trading Activity - The trading turnover rates for the top stocks with significant deviations are as follows: - Tietuo Machinery at 29.80% [1] - Haitong Development at 19.42% [1] - Tax Friend Co. at 1.78% [1] Additional Stocks - Other stocks with notable performance include: - Chengxing Co. (澄星股份) with a 10.06% increase and a deviation rate of 8.08% [1] - Helitai (合力泰) with a 10.16% increase and a deviation rate of 7.83% [1] - Zhejiang Meida (浙江美大) with a 9.99% increase and a deviation rate of 7.72% [1]

证券代码：002674 证券简称：兴业科技 公告编号：2025-061 兴业皮革科技股份有限公司 关于控股股东及其一致行动人部分股份质押、解除质押 1、本次股份质押的情况 | 23 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | | 年 | | | | | | | | 月 13.11% 1.76% 0 | 否 | 否 | 月 10 日 | 2026 10 日 | | | | | | | | | 23 | | | | | | | | | 融资 | | 5,200,00 | | | 2025 | | 年 | | 2、本次解除质押的情况 | 是否为控股 | 股东或第一 | 本次解除质押 | 占其所持 | 占公司总 | | | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 股东名称 | 质押起始日 | 解押日期 | 质权人 | 大股东及其 | 数量 ...

Investment Rating - The report maintains an "Overweight" rating for the industry [4] Core Views - The report emphasizes the importance of valuation switching logic in the new consumption sector, highlighting stable operational performance in the sports brand sector for Q3 [6][4] - It suggests a focus on high-growth tracks in new consumption and the valuation switching logic within the sector, particularly in the collectible toy segment [6][4] - The report identifies several companies with strong growth potential and suggests monitoring their performance closely [6][4] Summary by Sections Industry Overview - The industry consists of 175 listed companies with a total market value of 10,672.79 billion and a circulating market value of 8,623.31 billion [2] Market Performance - The Shanghai Composite Index decreased by 1.47%, while the Shenzhen Component Index fell by 4.99% during the week of October 13-17, 2025 [6][11] - The light industry manufacturing index dropped by 2.22%, ranking 13th among 28 Shenwan industries, while the textile and apparel index decreased by 0.31%, ranking 5th [6][11] Key Company Insights - Companies such as Bubble Mart are expected to release Q3 operational data, with new product launches anticipated to drive performance in Q4 [6] - 361 Degrees reported a stable performance with a 10% increase in offline and children's clothing sales, and a 20% increase in e-commerce sales [6] - Anta Sports, Li Ning, and other functional apparel brands are highlighted for their growth potential [6] Investment Opportunities - The report suggests focusing on the acceleration of the Chinese consumption supply chain going overseas, particularly in non-woven fabric manufacturing [6][7] - Companies like Yanjiang Co. are recommended for their advanced production techniques and global supply chain capabilities [7] - The pet supplies sector is also highlighted, with companies like Yuanfei Pet expected to benefit from growth in both OEM and OBM businesses [6][7] Sector Recommendations - The report recommends monitoring companies in the home furnishing sector, such as Xilinmen and Gujia Home, for potential recovery in performance and valuation [6] - In the paper industry, Sun Paper is recommended due to its integrated advantages and expected improvement in profitability [6][7] - The textile manufacturing sector suggests a focus on companies like Jingyuan International for their market share growth potential [6][7]

Core Points - In 2025, the company will provide a cumulative guarantee limit of up to 1.43 billion yuan for its subsidiaries, including 150 million yuan for Xingning Leather [1] - Laishang Bank Suining Branch has approved a comprehensive credit of 20 million yuan to Xingning Leather, with a one-year term, and the company will assume joint guarantee responsibility [1] - Xingning Leather is a wholly-owned subsidiary of the company, with asset-liability ratios of 59.65% for 2024 and 59.97% for the first half of 2025 [1] - As of now, the company's external guarantee limit is 1,179.5179 million yuan, accounting for 49.04% of the audited net assets attributable to the listed company for 2024 and 26.28% of total assets, with no overdue guarantees [1]