证券日报网讯开润股份9月3日在互动平台回答投资者提问时表示，截至2025年8月29日，公司股东总人 数为8，744户。 （文章来源：证券日报） ...

小米业务收入高增，"90 分"拓展渠道提升影响力：品牌经营业务方面，公司25H1 实现营业收入3.11 亿 元，同比增长8.87%，其中以小米为代表的分销渠道收入达2.5 亿，同比增长28.28%。自有品牌"90 分"持续优化传统线上渠道运营效率，线上销售渠道收入约5548.6 万元， 同时逐步深化与沃尔玛、麦德 龙等KA 渠道，增加海外分销渠道，入驻线下商场，开启线上新品众筹多种方式，提升"90 分" 在海外 影响力。 公司发布2025 年中期业绩，营收持续增长：公司2025H1 实现营业收入24.27 亿，同比增长32.53%，归 母净利润1.87 亿，同比减少24.77%，主要受24H1 公司收购嘉乐并表产生投资收益的基数扰动，剔除该 影响，经营性归母净利润同比增速为23.28%，扣非归母净利润1.81 亿， 同比增长13.98%。 单季度来看，Q2 实现营业收入11.94 亿，同比增长29.54%，归母净利润1.01亿，同比减少42.78%，扣非 后净利润0.97 亿元（yoy+21.12%）。 箱包代工经营稳健，新客户助力订单增长：2025H1 公司箱包代工制造业务实现收入14.19 亿元，同比增 ...

| 证券代码：300577 | 证券简称：开润股份 | 公告编号：2025-077 | | --- | --- | --- | | 债券代码：123039 | 债券简称：开润转债 | | 安徽开润股份有限公司 2、钟治国先生本次减持的股份来源于首次公开发行前已发行的股份（包括 关于部分董事减持股份计划实施完毕的公告 占剔除公司回购 专用证券账户股 公司董事、高级管理人员钟治国先生和高晓敏女士保证向本公司提供的信息 内容真实、准确、完整，没有虚假记载、误导性陈述或重大遗漏。 本公司及董事会全体成员保证公告内容与信息披露义务人提供的信息一致。 安徽开润股份有限公司（以下简称"公司"）于 2025 年 5 月 14 日披露了《关 于部分董事、高级管理人员减持股份的预披露公告》（公告编号：2025-036）。近 日，公司收到董事、高级管理人员钟治国先生和高晓敏女士分别出具的《关于股 份减持计划实施完毕的告知函》，其股份减持计划实施完毕，减持股份总数未超 过计划减持股份数量。现将相关情况公告如下： | （一）股东减持股份情况 | | | | | | | | | --- | --- | --- | --- | --- | ...

Macro and Strategy - The report discusses the internal tension between investment and consumption in China's economy, highlighting that the concentration of capital income among high-income groups leads to a low marginal propensity to consume, which is a primary source of investment [10][11] - It emphasizes that the imbalance between capital income and consumption demand has resulted in a continuous rise in China's capital-output ratio and a decline in capital return rates, making investment-driven growth unsustainable [10][11] Industry and Company - The automotive industry saw a 12% year-on-year increase in wholesale sales of passenger vehicles from August 1 to 24, 2025, with the collaboration between Huawei and SAIC for the H5 model opening for pre-orders [14][15] - The media and internet sector reported a 2.99% increase in industry performance, with OpenAI launching the GPT-Realtime voice model and the summer box office surpassing 11.8 billion yuan [18][21] - The public utility and environmental protection sector is focusing on the ongoing construction of a national carbon market, which is expected to drive urban green and low-carbon transformation [22][23] - The fluorochemical industry is experiencing a price increase in mainstream refrigerants, with R32 and R134a expected to see stable price growth due to limited supply and strong demand [25][29] - Yili Group reported a 5.9% year-on-year increase in revenue for Q2 2025, with improvements in profitability driven by a decrease in raw milk prices and better cost management [31][33] - Huadian International's revenue decreased by 8.98% in H1 2025 due to lower electricity prices and generation, but net profit increased by 13.15% due to reduced fuel costs [34]

证券研究报告 | 2025年09月01日 开润股份（300577.SZ） 优于大市 上半年收入增长 33%，盈利能力持续改善 上半收入增长 33%，经营性净利润稳健提升。公司主营业务包括箱包服装 代工和品牌业务。上半年受益于主业稳健增长叠加嘉乐并表贡献，收入同 比+32.5%至 24.3 亿元；归母净利润同比-24.8%至 1.9 亿元，主要系公司去 年同期收购嘉乐产生了一次性投资收益 0.96 亿元，剔除此影响经营性净利 润同比增长约 23%。毛利率同比+0.7%至 24.7%，主要因箱包代工产品和客 户结构优化、服装代工生产效率持续提升。销售费用率同比-1.6 百分点至 3.8%，主要因业务结构变化、代工业务收入占比提升。财务费用率同比+1.1 百分点至 1.8%，主要系上海嘉乐并表导致的本期汇兑损失增加所致；管理、 研发费用率基本保持稳定。所得税率因印尼利润占比提升有所上升；主因 财务费用和所得税率提升，剔除去年一次性收益后的净利率小幅下降 0.7 百分点至 7.7%。上半年每 10 股派发现金股利 1.57 元，分红率约 20%。 第二季度收入增速小幅放缓，盈利能力持续改善。第二季度收入同比+29.5 ...

上 市 公 司 纺织服饰 2025 年 08 月 29 日 开润股份 (300577) —— 25Q2 扣非净利润超预期，盈利改善趋势显著 报告原因：有业绩公布需要点评 增持（维持） | 市场数据： | 2025 年 08 月 28 日 | | --- | --- | | 收盘价（元） | 22.60 | | 一年内最高/最低（元） | 30.99/15.20 | | 市净率 | 2.5 | | 股息率%（分红/股价） | 1.49 | | 流通 A 股市值（百万元） | 3,169 | | 上证指数/深证成指 | 3,843.60/12,571.37 | | 注："股息率"以最近一年已公布分红计算 | | | 基础数据: | 2025 年 06 月 30 日 | | --- | --- | | 每股净资产（元） | 9.18 | | 资产负债率% | 52.03 | | 总股本/流通 A 股（百万） | 240/140 | | 流通 B 股/H 股（百万） | -/- | 一年内股价与大盘对比走势： 08-28 09-28 10-28 11-28 12-28 01-28 02-28 03-31 04-30 ...

根据市场公开信息及8月28日披露的机构调研信息，知名私募合晟资产近期对2家上市公司进行了调研， 相关名单如下： 1）温氏股份 （合晟资产参与公司电话会议） 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成投资建议。 调研纪要：温氏股份上半年养猪成本大幅改善，主要得益于畜禽大生产稳定、疫病防控效果好、肉猪上 市率提升、种猪育种投入加大及饲料配方优化。公司积极推进'强技提质'三年大行动，推广精细化管 理，推进'猪苗降本'和'肉猪降本'专项行动，加强科技创新。肉猪养殖小区成本表现较好，与'公司+农 户'模式成本基本持平。上半年猪料中豆粕占比约3%，其他蛋白需求通过杂粕等原料替代满足。公司尚 未确定2026年肉猪出栏量具体规划。仔猪作为独立品类集中销售，根据利润水平动态调整销售策略，外 销仔猪均重约7公斤。合作农户总量约4.4万户，养猪业务合作农户1.6万户。6月末资产负债率降至 50.6%，目标降至45%左右。上半年固定资产累计投资约20亿元，主要投向生猪养殖小区、种鸡场、屠 宰场和蛋鸡场等建设及设备设施升级改造。 调研纪要：2025年上半年，公司实现 ...

据证券之星公开数据整理，近期开润股份（300577）发布2025年中报。截至本报告期末，公司营业总收 入24.27亿元，同比上升32.53%，归母净利润1.87亿元，同比下降24.77%。按单季度数据看，第二季度 营业总收入11.94亿元，同比上升29.54%，第二季度归母净利润1.01亿元，同比下降42.78%。本报告期 开润股份公司应收账款体量较大，当期应收账款占最新年报归母净利润比达258.37%。 本次财报公布的各项数据指标表现一般。其中，毛利率24.66%，同比增3.02%，净利率8.66%，同比减 36.19%，销售费用、管理费用、财务费用总计2.77亿元，三费占营收比11.43%，同比减5.05%，每股净 资产9.18元，同比增11.3%，每股经营性现金流1.0元，同比增3843.33%，每股收益0.78元，同比减 24.27% | 项目 | 2024年中报 | 2025年中报 | 同比增幅 | | --- | --- | --- | --- | | 营业总收入(元) | 18.31亿 | 24.27亿 | 32.53% | | 归母净利润(元) | 2.48 Z | 1.87 Z | -24. ...

Summary of KaiRun Co., Ltd. Conference Call Company Overview - **Company**: KaiRun Co., Ltd. - **Date**: August 28, 2025 Key Points Financial Performance - **Revenue**: In the first half of 2025, revenue reached 2.43 billion yuan, a year-on-year increase of 32.5% [2][3] - **Net Profit**: The net profit attributable to shareholders was 187 million yuan, with a year-on-year operational net profit growth of approximately 23% after excluding one-time gains [2][3] - **Segment Performance**: - **ToB Manufacturing**: Revenue of 2.098 billion yuan, up 37.22% [3] - **ToC Business**: Revenue of 310 million yuan, up 8.87% [3] Segment Analysis - **Luggage Segment**: Revenue of 1.42 billion yuan, a 13% increase year-on-year; the growth in the luggage manufacturing segment approached 50% due to new clients like Queens and VF [2][4][5] - **Apparel Segment**: Revenue of 680 million yuan, a significant increase of 148% year-on-year; gross margin improved to approximately 16% due to product structure optimization and efficiency improvements [2][4][6] Operational Improvements - **Production Efficiency**: Efficiency in Indonesian garment factories improved by about 8%, while Chinese factories saw a 6% increase [6] - **Supply Chain Management**: Implementation of SAP systems to enhance supply chain control and management capabilities [6] Capacity Expansion - **Indonesian Production**: Ongoing expansion of the Indonesian Baodao factory, with a projected 40% increase in soft package production lines and around ten new production lines for luggage by 2026 [7][8] - **Employment Impact**: Over 20,000 jobs created in Indonesia, with strong local government partnerships [12] Market Dynamics - **Tariff Impact**: The new U.S. tariff policy has led to a shift in procurement towards Indonesia, with many clients planning to move at least one-third of their supply chains there [12][24] - **Client Performance**: Major clients like Uniqlo and Adidas showed strong growth, while Nike and Decathlon's growth was below average due to their own performance issues [9][17] Future Outlook - **Growth Strategy**: The company plans to continue focusing on efficiency improvements while gradually increasing order intake, with expectations of double-digit growth in the second half of the year [10][18] - **Revenue Projections**: The target revenue for the apparel segment is approximately 1.8 billion yuan for the year, with a focus on maintaining operational efficiency [15][18] Brand Performance - **Brand Revenue**: Brand operations generated 310 million yuan, with Xiaomi contributing over 210 million yuan, reflecting a 25% growth [4][13] - **Profitability**: Brand gross margin was 24.14%, down 1.1 percentage points, but both Xiaomi and 90 Fen brands saw improvements in their respective margins [13][21] Customer Acquisition - **New Client Development**: The company is actively pursuing new clients, particularly in high-margin outdoor brands, while maintaining relationships with existing major clients [16][20] Challenges and Mitigation - **Tariff-Related Pricing Pressure**: The company is addressing pricing pressures from clients due to tariffs by enhancing product margins through operational improvements and new order development [25][26] Conclusion - Overall, KaiRun Co., Ltd. demonstrated strong financial performance in the first half of 2025, with significant growth in both the luggage and apparel segments. The company is strategically expanding its production capacity in Indonesia while navigating challenges posed by new tariff policies. The outlook for the second half of the year remains positive, with expectations for continued growth and efficiency improvements.

Core Viewpoint - Anhui Kairun Co., Ltd. reported a mixed performance for the first half of 2025, with significant revenue growth but a decline in net profit due to a high base effect from the previous year [2][3]. Group 1: Financial Performance - In the first half of 2025, the company achieved operating revenue of 2,427.34 million yuan, representing a year-on-year increase of 32.53% [2]. - The net profit attributable to shareholders was 186.68 million yuan, a decrease of 24.77% year-on-year, primarily due to a one-time investment gain from acquiring control of Shanghai Jiale in the previous year [2]. - The net profit excluding non-recurring gains was 180.68 million yuan, reflecting a year-on-year growth of 13.98% [2]. Group 2: Business Segments - The OEM manufacturing business generated revenue of 2,097.57 million yuan, up 37.22% year-on-year, driven by a core strategy focused on major clients and digital transformation [3]. - The brand management segment saw improvements, with the Xiaomi brand gaining momentum through crowdfunding initiatives and enhanced collaboration with Xiaomi's promotional channels [3]. - Shanghai Jiale, after its acquisition, reported revenue of 685 million yuan and a net profit of 34.75 million yuan, with a net profit margin of 5.08%, an increase of 1.79 percentage points year-on-year [3]. Group 3: Dividend Plan - The company's board proposed a cash dividend of 1.57 yuan per 10 shares, totaling 37.35 million yuan, subject to approval at the upcoming extraordinary general meeting [3].