Core Viewpoint - The company, Kairun Co., Ltd. (300577.SZ), is expanding its production bases in Indonesia, China, and India, with significant capacity utilization rates in both domestic and overseas markets [1] Production Capacity Summary - For luggage production, domestic capacity accounts for 29.13% with a utilization rate of 95.10%, while overseas capacity (in Indonesia and India) makes up 70.87% with a utilization rate of 92.69% [1] - In the apparel segment, domestic capacity represents 20.04% with a utilization rate of 61.04%, whereas overseas capacity (in Indonesia) constitutes 79.96% with a utilization rate of 48.14% [1]

答：公司于 2025 年 9 月 8 日披露了《关于股东回馈活动的自愿性信息披 露公告》（公告编号：2025-078），公司将开展"开润股份 2025 年股东 回馈"活动，活动具体内容请浏览公司公告。未来公司将结合业务特点 及股东需求，积极探索多样化形式以增强股东参与感。 4、面对目前国际贸易环境变化，公司有什么应对措施？ 投资者关系活动记录表 编号：2025-006 投资者关系 活动类别 □特定对象调研 □分析师会议 □媒体采访 ☑ 业绩说明会 □新闻发布会 □路演活动 □现场参观 □其他 参与单位名 称及人员 线上参与开润股份 2025 年半年度网上业绩说明会的投资者 时间 2025 年 9 月 9 日下午 15:30-17:00 地点 深圳证券交易所"互动易"平台"云访谈"栏目 上市公司接 待人员 董事长、总经理: 范劲松先生 副总经理、董事会秘书: 徐耘女士 财务总监: 刘凯先生 独立董事: 文东华先生 投资者关系 活动主要内 容介绍 1、公司全球产能布局涵盖哪些区域？各区域在箱包和服装产能上的占 比、利用率如何？这种布局为公司带来了哪些竞争优势？ 答：公司目前在印尼、中国、印度建设有生产基地。其中箱 ...

Group 1 - The company announces the launch of the "Kairun Co., Ltd. 2025 Shareholder Return" initiative to establish a long-term and diverse shareholder return mechanism [1] - Shareholders registered by the close of trading on September 9, 2025, can upload their shareholder proof to apply for exclusive discount coupons [1] - The discount coupons can be used at the Tmall "90 Points Flagship Store" for deductions on specified products [1] Group 2 - The application period for the coupons is set from September 10 to September 14, 2025 [1]

二、活动内容 | 证券代码：300577 | 证券简称：开润股份 | 公告编号：2025-078 | | --- | --- | --- | | 债券代码：123039 | 债券简称：开润转债 | | 安徽开润股份有限公司 关于股东回馈活动的自愿性信息披露公告 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。 为建立长效、多样的股东回报机制，感谢广大股东长期以来对安徽开润股份 有限公司（以下简称"公司"或"开润股份"）的关心与支持，同时让股东更好地 了解公司和体验公司产品，提高投资者对公司内在价值的理解与认识，公司将开 展"开润股份 2025 年股东回馈"活动，现将活动内容公告如下： 一、参加活动股东范围 截至 2025 年 9 月 9 日（公司 2025 年第一次临时股东大会股权登记日）下午 收市后，当日在中国证券登记结算有限责任公司深圳分公司登记在册的持有公司 股份的股东，可以参与本次活动。 截至 2025 年 9 月 9 日下午收市后登记在册的股东，上传股东证明资料（详 见本公告"四、活动申领登记方式"），可以申请领取公司股东专属优惠券，该优 惠券可在天猫 ...

Market Overview - A-shares experienced a significant rebound on September 5, with the Shanghai Composite Index returning to 3,800 points and the ChiNext Index surging by 6.55%, marking a new high since January 2022 [1][2] - The total trading volume in the Shanghai and Shenzhen markets reached 2.3 trillion yuan, a decrease of 239.6 billion yuan compared to the previous trading day, with over 4,800 stocks rising and fewer than 500 declining [2] Sector Performance - The new energy sector saw a surge, particularly in solid-state battery stocks, with companies like Paton achieving a 30% limit-up and others like Jin Yinhe and Xian Dao Intelligent also hitting 20% limit-up [2] - The photovoltaic and wind power sectors were active, with Jinlang Technology gaining 20% and several other companies seeing increases of over 10% [3] - The sports sector also showed strength, with companies like Lisheng Sports hitting the limit-up, supported by government policies aimed at enhancing sports consumption and industry growth [4] Future Outlook - Multiple brokerage firms believe that the logic supporting the A-share market's rise remains unchanged, with reasonable market valuations and no signs of excessive speculation [1][5] - Analysts suggest that the market may continue a slow upward trend in September, with growth stocks likely to outperform, driven by new positive factors such as potential interest rate cuts by the Federal Reserve [6][5] - The overall market sentiment is expected to remain active, with continued support from capital flows and policy expectations, indicating an upward trend for A-shares [6][5]

Market Performance - The primary economic sector increased by 1.6% compared to the previous trading day, with Kai Run Co., Ltd. leading the gains [1] - The Shanghai Composite Index closed at 3812.51, up 1.24%, while the Shenzhen Component Index closed at 12590.56, up 3.89% [1] Top Gainers - Kai Run Co., Ltd. (300577) closed at 23.80, up 6.77% with a trading volume of 66,200 shares and a transaction value of 156 million [1] - Da Feng Industrial (603081) closed at 13.03, up 5.08% with a trading volume of 205,000 shares and a transaction value of 265 million [1] - Feng Shang Culture (300860) closed at 29.03, up 4.12% with a trading volume of 48,400 shares and a transaction value of 2.66 million [1] Market Capital Flow - The primary economic sector saw a net inflow of 56.27 million from main funds, while retail funds experienced a net outflow of 30.30 million [2] - The main funds' net inflow for Li Ya De (300296) was 63.49 million, while retail funds had a net outflow of 44.87 million [3] Individual Stock Performance - Li Ya De (300296) had a main fund net inflow of 63.49 million, representing 5.27% of its total trading volume [3] - Kai Run Co., Ltd. (300577) experienced a main fund net inflow of 19.48 million, accounting for 12.50% of its trading volume [3] - Da Feng Industrial (603081) had a main fund net inflow of 13.34 million, which is 5.04% of its trading volume [3]

Core Insights - The apparel and home textile sector experienced a rise of 0.81% on September 5, with Anzheng Fashion leading the gains [1] - The Shanghai Composite Index closed at 3812.51, up 1.24%, while the Shenzhen Component Index closed at 12590.56, up 3.89% [1] Sector Performance - Anzheng Fashion (603839) saw a closing price of 11.47, with a significant increase of 9.97% and a trading volume of 108,900 shares, resulting in a transaction value of 125 million [1] - Other notable performers included: - Kairun Co. (300577) with a closing price of 23.80, up 6.77% [1] - Aokang International (603001) at 9.39, up 6.70% [1] - Zhongyin Fashion (300901) at 17.17, up 4.25% [1] - Kanglongda (603665) at 29.15, up 4.11% [1] Capital Flow - The apparel and home textile sector saw a net outflow of 49.28 million from institutional investors, while retail investors experienced a net outflow of 57.74 million [2] - Conversely, speculative funds recorded a net inflow of 107 million [2] Individual Stock Capital Flow - Anzheng Fashion had a net inflow of 21.60 million from institutional investors, but a net outflow of 11.15 million from speculative funds and 10.45 million from retail investors [3] - Kairun Co. reported a net inflow of 19.48 million from institutional investors, with net outflows from both speculative and retail investors [3] - Aokang International had a net inflow of 18.20 million from institutional investors, but faced significant outflows from retail investors [3]

Core Viewpoint - The company, Kairun Co., reported that as of August 29, 2025, the total number of shareholders is 8,744 [2] Company Summary - Kairun Co. has engaged with investors through an interactive platform to provide updates on shareholder numbers [2] - The total number of shareholders indicates a stable investor base, which may reflect investor confidence in the company's future prospects [2]

Group 1 - The company reported a revenue of 2.427 billion in H1 2025, representing a year-on-year growth of 32.53%, while the net profit attributable to shareholders was 187 million, a decrease of 24.77% due to the impact of investment income from the acquisition of Jiale in H1 2024 [1] - The operational net profit growth rate, excluding the aforementioned impact, was 23.28%, with a non-recurring net profit of 181 million, an increase of 13.98% year-on-year [1] - In Q2 2025, the company achieved a revenue of 1.194 billion, a year-on-year increase of 29.54%, while the net profit attributable to shareholders was 101 million, a decrease of 42.78% [1] Group 2 - The bag manufacturing business generated a revenue of 1.419 billion in H1 2025, reflecting a year-on-year growth of 13.03%, supported by a core strategy targeting major clients [1] - The company’s production capacity for bags reached 22.0733 million units, a year-on-year increase of 3.55%, with a capacity utilization rate of 93.39%, up 2.15 percentage points [1] - The company has established a global supply chain advantage with clients including Nike, ADIDAS, Uniqlo, and others, with approximately 71% of production capacity located overseas, mainly in Indonesia and India [1] Group 3 - The apparel manufacturing segment reported a revenue of 678 million, a significant year-on-year increase of 148.25%, indicating effective implementation of the vertical integration strategy [2] - The subsidiary Shanghai Jiale achieved a revenue of 685 million in H1 2025, with a net profit margin of 5.08%, an increase of 1.8 percentage points year-on-year [2] - The company’s clothing production capacity was 30.0143 million units, with a utilization rate of 50.73%, and approximately 80% of production capacity located overseas, primarily in Indonesia [2] Group 4 - The brand management business generated a revenue of 311 million in H1 2025, a year-on-year increase of 8.87%, with distribution channel revenue from Xiaomi reaching 250 million, up 28.28% [2] - The self-owned brand "90 Points" has optimized its online channel operations, with online sales revenue of approximately 55.486 million, while also expanding into offline channels [2] Group 5 - The overall gross margin for H1 2025 was 24.66%, an increase of 0.72 percentage points, primarily due to improvements in the gross margin of the OEM business [3] - The company reported a significant increase in operating cash flow, reaching 239 million, a year-on-year growth of 3843%, indicating improved operational quality [3] - Inventory amounted to 861 million, a year-on-year increase of 19.33%, with an inventory turnover period of 85 days, an increase of 6 days year-on-year [3]

| 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 | | | | | | | | | --- | --- | --- | --- | --- | ...