Group 1 - The company, Kairun Co., Ltd. (300577), announced on the evening of September 24 that it and its controlling subsidiaries have no overdue external guarantees [1] - There are no guarantees provided for the controlling shareholders, actual controllers, or their related parties [1]

2020 年 11 月，公司与杭州银行股份有限公司合肥科技支行、招商证券股份 有限公司共同签署了《募集资金三方监管协议》，在杭州银行股份有限公司合肥 科技支行开设募集资金专项账户（账号：3401040160000854522）。三方监管协议 与深圳证券交易所三方监管协议范本不存在重大差异，三方监管协议的履行不存 在问题。 2020 年 11 月，公司与徽商银行股份有限公司滁州分行、招商证券股份有限 公司共同签署了《募集资金三方监管协议》，在徽商银行股份有限公司滁州分行 下 辖 的 徽 商 银 行 滁 州 丰 乐 路 支 行 开 设 募 集 资 金 专 项 账 户 （ 账 号 ： 223021088521000002）。三方监管协议与深圳证券交易所三方监管协议范本不存 在重大差异，三方监管协议的履行不存在问题。 2020 年 11 月，公司与全资子公司滁州米润科技有限公司、KORRUN (HK) | 证券代码：300577 | 证券简称：开润股份 | 公告编号：2025-085 | | --- | --- | --- | | 债券代码：123039 | 债券简称：开润转债 | | 安徽开润股份有限公司 关于注销 ...

| | | 债券代码：123039 债券简称：开润转债 安徽开润股份有限公司 关于调剂担保额度暨担保进展的公告 二、本次担保额度调剂情况 为满足子公司业务发展需要，公司在不改变 2024 年第四次临时股东大会和 2024 年度股东大会审议通过的担保额度预计的前提下，在公司为子公司提供担 保的总额度中，将公司全资子公司 PT.Formosa Bag Indonesia（以下简称"印尼宝 岛"）未使用的担保额度 15,000 万元调剂给公司全资子公司滁州米润科技有限 公司（以下简称"滁州米润"）。印尼宝岛与滁州米润资产负债率均在 70%以下。 本次调剂的金额占公司最近一期经审计净资产的 7.00%。调剂后，印尼宝岛可使 用的担保额度预计由 20,000 万元调减为 5,000 万元，滁州米润可使用的担保额度 预计由 35,000 万元调增为 50,000 万元。本次担保额度调剂属于经公司 2024 年第 四次临时股东大会和 2024 年度股东大会授权范围内事项，无需再提交公司董事 会及股东会审议。 三、本次担保进展 公司于近日与交通银行股份有限公司滁州分行签署《保证合同》，同意为滁 州米润提供最高债权本金额人民币 ...

Investment Rating - The report maintains an investment rating of "Synchronize with the market - A" for the textile and apparel industry [1]. Core Insights - The report highlights that Chaohongji plans to go public in Hong Kong, and Xuezhongfei has proposed a strategic initiative of "brand enhancement and innovative breakthroughs" [1][6]. - The jewelry business of Chaohongji achieved a revenue of 392.4 million yuan in the first half of 2025, with a year-on-year growth of 21.2%, while the handbag business saw a decline of 17.4% [17][18]. - The report notes a significant increase in same-store sales for Chaohongji's jewelry business, with self-operated stores growing by 26.5% and franchise stores by 32.0% in the first half of 2025 [18]. Summary by Sections Industry Performance - The textile and apparel sector saw a decline of 0.26% this week, while the light industry manufacturing sector fell by 0.58%. The SW textile and apparel sector outperformed the market by 0.19 percentage points [19]. - The SW textile manufacturing sub-sector increased by 0.76%, and the SW apparel and home textile sub-sector rose by 0.66% [19]. Company Performance - The report lists the top five companies in the textile and apparel sector by weekly performance: Taimushi (+61.05%), Hongdou (+26.14%), Baoxini (+22.51%), Xingye Technology (+19.90%), and Xinhua Jin (+10.39%) [28]. - Conversely, the bottom five performers included Mankalon (-10.80%), Laishen Tongling (-8.78%), Meibang Apparel (-7.48%), Mingpai Jewelry (-7.35%), and Dia Shares (-7.05%) [28]. Industry Data Tracking - The report provides insights into raw material prices, noting that the cotton price index was 15,283 yuan/ton, with a month-on-month increase of 0.2% [33]. - For the first eight months of 2025, China's textile and apparel exports amounted to 94.513 billion and 102.761 billion USD, reflecting a year-on-year growth of 1.6% and a decline of 1.7%, respectively [48]. - In August 2025, the domestic retail sales totaled 3.97 trillion yuan, with a year-on-year growth of 3.4% [55]. Industry News - Skechers has completed its privatization and delisting from the New York Stock Exchange, with a transaction price exceeding 9 billion USD [6][67]. - Xuezhongfei debuted its new ice and snow series at the China International Fashion Week, emphasizing its strategic goal to become the leading brand in China's ice and snow down jackets [68][70]. - VF Corporation announced the sale of its Dickies brand for 600 million USD to Bluestar Alliance, aligning with its strategy to focus on core outdoor brands [71][73].

Core Viewpoint - The acquisition of a 20% stake in Shanghai Jiale by Anhui Kairun Co., Ltd. aims to enhance control and operational efficiency, further integrating the company's fabric and garment business to create a second growth curve [1][2]. Group 1: Acquisition Details - Anhui Kairun's wholly-owned subsidiary, Chuzhou Mirun Technology Co., Ltd., plans to acquire a 20% stake in Shanghai Jiale for 280 million yuan, funded through self-raised or self-owned funds [1]. - After the acquisition, Chuzhou Mirun's ownership in Shanghai Jiale will increase to 71.85%, solidifying control and enhancing integration effects [1]. Group 2: Financial Performance - Shanghai Jiale is projected to achieve a revenue of 1.489 billion yuan in 2024, a year-on-year increase of 15.81%, with a net profit of 48.93 million yuan, marking a turnaround to profitability [2]. - In the first half of 2025, Shanghai Jiale is expected to generate 685 million yuan in revenue, up 6.88% year-on-year, with a net profit of 34.75 million yuan, reflecting a 65.01% increase [2]. - Anhui Kairun's revenue for the first half of 2025 is anticipated to reach 2.427 billion yuan, a 32.53% increase year-on-year, with a net profit attributable to shareholders of 181 million yuan, up 13.98% [2]. - The garment manufacturing segment of Anhui Kairun reported a revenue of 679 million yuan in the first half of this year, a significant increase of 148.25% year-on-year, benefiting from the integration with Shanghai Jiale [2]. Group 3: Strategic Implications - The acquisition is expected to enhance Anhui Kairun's control and management efficiency over Shanghai Jiale, facilitating better strategic alignment and resource integration [2][3]. - A unified management model will be easier to implement post-acquisition, reducing management conflicts and enhancing market competitiveness [3].

Group 1 - The company plans to acquire 20% of "Shanghai Jiale" from "Jiuan Investment" for 280 million yuan, resulting in a post-acquisition holding of 71.8480% in Shanghai Jiale, increasing the total stake from 69.4% to 81.4%, with an expected performance boost in Q4 2025 [1] - The controlling shareholder has terminated the share reduction plan early, which is expected to have a positive impact on the market [2] - The company is projected to see significant profit growth in Q3, driven by improved net margins in Q2 and accelerated revenue growth in the apparel segment [3] Group 2 - The company benefits from a strategic advantage in Indonesia, where 15% of its revenue comes from exports to the US, especially as the US imposes a 19% tariff on Indonesian goods, enhancing the profitability of its 2B bag OEM business [4] - The 2B bag business is expected to achieve double-digit growth in 2025, with net margin recovery driven by improved capacity utilization and reduced foreign exchange impacts [4] - The acquisition of Shanghai Jiale opens up a larger market in apparel manufacturing, creating a second growth curve for the company with potential for margin recovery [4] Group 3 - Revenue forecasts for 2025, 2026, and 2027 have been adjusted from 55.33 billion, 63.14 billion, and 71.42 billion yuan to 52.38 billion, 60.02 billion, and 68.74 billion yuan respectively, with corresponding adjustments in net profit and EPS estimates [5] - The closing price on September 22, 2025, was 24.67 yuan, corresponding to a PE ratio of 14, 10, and 9 for 2025, 2026, and 2027, respectively, maintaining a "buy" rating [5]

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company plans to acquire an additional 20% stake in Shanghai Jiale, increasing its total ownership to 81.4%, which is expected to enhance performance in Q4 2025 [2] - The company has announced the early termination of a share reduction plan by its controlling shareholder, which is seen as a positive market signal [2] - The company is expected to experience significant profit growth in Q3 due to improved net margins and accelerated revenue growth in the second half of the year [3] Financial Projections - Revenue forecasts for 2025, 2026, and 2027 have been adjusted to 52.38 billion, 60.02 billion, and 68.74 billion CNY respectively, down from previous estimates [5] - Net profit forecasts for the same years have been revised to 4.28 billion, 5.73 billion, and 6.92 billion CNY [5] - The earnings per share (EPS) estimates have been adjusted to 1.78, 2.39, and 2.89 CNY for 2025, 2026, and 2027 respectively [5] Business Growth Drivers - The company's 2B bag manufacturing business is projected to achieve double-digit growth in 2025, with net margin recovery expected from improved capacity utilization and reduced foreign exchange impacts [4] - The 2C business is anticipated to benefit from changes in the profit-sharing model with Xiaomi, leading to improved profit margins [4] - The acquisition of Shanghai Jiale opens up a larger market in garment manufacturing, creating a second growth curve for the company [4] Financial Summary - The company reported a revenue of 3,105 million CNY in 2023, with projections of 4,240 million CNY in 2024 and 5,238 million CNY in 2025, reflecting a year-on-year growth of 13.3% and 36.6% respectively [7] - The net profit for 2023 was 116 million CNY, with projections of 381 million CNY in 2024 and 428 million CNY in 2025, indicating a significant year-on-year increase of 146.5% and 12.3% respectively [7] - The gross margin is expected to stabilize around 22.9% in 2024 and 22.8% in 2025 [7]

Core Viewpoint - The acquisition of a 20% stake in Shanghai Jiale by Kairun Co., Ltd. aims to enhance control and operational efficiency, supporting the company's strategy of creating a "fabric + garment" growth curve [1][3]. Group 1: Acquisition Details - Kairun's wholly-owned subsidiary, Chuzhou Mirun Technology Co., Ltd., plans to acquire a 20% stake in Shanghai Jiale for 280 million yuan, funded through self-raised or self-owned funds [1]. - After the acquisition, Chuzhou Mirun's stake in Shanghai Jiale will increase to 71.85%, further consolidating control [1]. Group 2: Shanghai Jiale's Performance - Since being included in Kairun's consolidated financial statements in June 2024, Shanghai Jiale achieved a revenue of 1.489 billion yuan in 2024, a year-on-year increase of 15.81%, and a net profit of 48.93 million yuan, marking a return to profitability [2]. - In the first half of 2025, Shanghai Jiale reported a revenue of 685 million yuan, a year-on-year growth of 6%, and a net profit of 34.75 million yuan, a significant increase of 65.01% [2]. Group 3: Strategic Integration and Synergy - Kairun is actively promoting the integration of Shanghai Jiale's apparel business with its existing bag business, enhancing operational efficiency and performance [2]. - The company is focusing on digitalization and refined operations at Shanghai Jiale, leading to improved management, customer expansion, and innovation [2]. - The acquisition is seen as a critical step in optimizing the industrial layout and enhancing strategic synergy, which is expected to provide broader development opportunities in the apparel sector [3].

Core Viewpoint - Kairun Co., Ltd. plans to further increase its stake in Shanghai Jiale Co., Ltd. to strengthen control and enhance strategic synergy in the textile and garment industry [1][2] Group 1: Acquisition Details - Kairun's wholly-owned subsidiary, Chuzhou Mirun Technology Co., Ltd., intends to acquire an additional 20% stake in Shanghai Jiale for a transaction price of 280 million yuan [1] - Following the acquisition, Kairun's ownership in Shanghai Jiale will rise from 51.85% to 71.85%, solidifying its control [1] - Kairun first invested in Shanghai Jiale in 2020 with a 28.7% stake, which has been increased in subsequent years [1] Group 2: Strategic Rationale - The acquisition is aimed at enhancing overall strategic coordination and resource integration, reducing management costs, and optimizing resource allocation [1] - Kairun views the garment manufacturing industry as closely aligned with its existing bag manufacturing business, with high customer entry barriers [2] Group 3: Performance Metrics - Shanghai Jiale achieved a revenue of 1.489 billion yuan in 2024, a year-on-year increase of 15.81%, and turned a profit with a net income of 48.92 million yuan [2] - In the first half of this year, Shanghai Jiale reported a revenue of 685 million yuan, up 6.88%, and a net profit of 34.75 million yuan, a significant increase of 65.01% [2] - Kairun's overall revenue for the first half of the year reached 2.427 billion yuan, a 32.53% increase, with the garment manufacturing segment growing by 148.25% [3]

Group 1 - The core viewpoint of the article is that Kai Run Co., Ltd. (300577.SZ) is pursuing strategic growth by acquiring a 20% stake in Shanghai Jiale from Jiuan Investment, which aligns with its vision of becoming a respected world-class travel consumer goods company [1] - The acquisition will be funded through the company's own funds or self-raised funds amounting to RMB 280 million [1] - After the completion of this transaction, Kai Run's wholly-owned subsidiary, Chuzhou Mirun, will hold a 71.8480% stake in Shanghai Jiale [1]