Investment Rating - The report gives a "Buy" rating for the company [4]. Core Views - The company is positioned as a leading manufacturer in the bag industry, leveraging both B2B and B2C business models to drive growth. The B2B segment includes partnerships with renowned brands like Nike and Uniqlo, while the B2C segment focuses on its own brands, "90 Points" and "Xiaomi" [8][12]. - The company anticipates significant revenue growth, with projections of 32.05% to 38.49% for 2024, and a substantial increase in net profit, expected to grow by 220.01% to 263.25% [12][22]. - The company is expanding its overseas production capacity, with 65.13% of its production based outside China, particularly in Indonesia and India, to capitalize on lower labor costs and market opportunities [12][22]. Financial Forecasts - Revenue projections for 2023 to 2026 are as follows: - 2023: 3,104.90 million CNY - 2024: 4,099.86 million CNY (growth of 32.04%) - 2025: 5,322.46 million CNY (growth of 29.82%) - 2026: 6,099.15 million CNY (growth of 14.59%) [3]. - Net profit forecasts are: - 2023: 115.62 million CNY - 2024: 390.46 million CNY (growth of 237.70%) - 2025: 372.71 million CNY (decline of 4.55%) - 2026: 452.66 million CNY (growth of 21.45%) [3]. - The company’s EPS for 2024, 2025, and 2026 are projected to be 1.63 CNY, 1.55 CNY, and 1.89 CNY respectively, with corresponding PE ratios of 13.96, 14.62, and 12.04 [3][12]. Business Model and Market Position - The company operates under a dual business model, focusing on both OEM and ODM production, with a strong emphasis on ODM, which allows for greater design flexibility and innovation [48][51]. - The B2B segment has shown robust growth, with revenue increasing from 445 million CNY in 2015 to 2,444 million CNY in 2023, reflecting a CAGR of 23.73% [26][28]. - The B2C segment, while impacted by the pandemic, is recovering with strategic adjustments, including cost reduction and efficiency improvements [12][22]. Market Trends - The overall bag market in China is experiencing a recovery, with a retail scale growth of 12.60% in 2023 compared to 2022, reaching 234.92 billion CNY [35][40]. - The domestic tourism market is also rebounding, which is expected to drive demand for bags, as travel-related spending increases [44][45]. Management and Governance - The company has a concentrated and stable shareholding structure, with the founder holding 51.23% of the shares, ensuring strong control and strategic direction [24][25]. - The management team is experienced, with backgrounds in leading IT companies, enhancing operational efficiency and strategic execution [24].

证券代码：300577 证券简称：开润股份 公告编号：2025-012 债券代码：123039 债券简称：开润转债 安徽开润股份有限公司 关于控股股东、实际控制人 部分股份解除质押及质押延期购回的公告 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。 安徽开润股份有限公司（以下简称"公司""本公司"）于近日收到公司控 股股东、实际控制人范劲松先生的通知，获悉其将所持有的部分本公司股份办理 了解除质押及质押延期购回业务，具体事项如下： | | 是否为 控股股 | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 股东名 | 东或第 | 本次解除质 | 占其所持 | 占公司总 | 质押起始 | | | | | | 称 | 一大股 | 押数量 | 股份比例 | 股本比例 | 日 | | | 解除日期 | 质权人 | | | 东及其 | （股） | | | | | | | | | | 一致行 | | | | | | | | | | | 动人 | | | | | ...

证券代码：300577 证券简称：开润股份 公告编号：2025-011 债券代码：123039 债券简称：开润转债 安徽开润股份有限公司 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、担保情况概述 安徽开润股份有限公司（以下简称 "公司""本公司"）于 2024 年 12 月 6 日召开第四届董事会第二十一次会议，并于 2024 年 12 月 23 日召开 2024 年第 四次临时股东大会，审议通过了《关于对外担保额度预计的议案》，预计公司及 控股子公司为子公司提供担保的总额度为人民币 373,600 万元（含等值外币）， 其中为滁州米润科技有限公司（以下简称"滁州米润"）提供担保额度人民币 35,000 万元，具体内容详见巨潮资讯网 www.cninfo.com.cn（2024-141）。 二、本次担保进展 公司于近日与平安银行股份有限公司合肥分行签署《最高额保证担保合同》， 同意为滁州米润提供最高债权本金额人民币 2,000 万元的连带责任保证，保证期 间为债务人债务履行期限届满之日起三年。 本次提供担保后，公司为滁州米润提供担保的情况如下： 单位： ...

证券代码：300577 证券简称：开润股份 公告编号：2025-010 债券代码：123039 债券简称：开润转债 安徽开润股份有限公司 关于对外担保的进展公告 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、担保情况概述 安徽开润股份有限公司（以下简称 "公司""本公司"）于 2024 年 12 月 6 日召开第四届董事会第二十一次会议，并于 2024 年 12 月 23 日召开 2024 年第 四次临时股东大会，审议通过了《关于对外担保额度预计的议案》，预计公司及 控股子公司为子公司提供担保的总额度为人民币 373,600 万元（含等值外币）， 其中为上海嘉乐股份有限公司（以下简称"上海嘉乐"）提供担保额度人民币 80,000 万元，为上海润米科技有限公司（以下简称"上海润米"）提供担保额度 人民币 80,000 万元，具体内容详见巨潮资讯网 www.cninfo.com.cn（2024-141）。 二、本次担保进展 公司于近日与平安银行股份有限公司合肥分行签署《最高额保证担保合同》， 同意为上海嘉乐提供最高债权本金额人民币 7,000 万元的连带责任 ...

| 证券代码：300577 | 证券简称：开润股份 公告编号：2025-009 | | --- | --- | | 债券代码：123039 | 债券简称：开润转债 | | 股东名 | 是否为 控股股 东或第 | 本次解除质 | 占其所持 | 占公司总 | 质押起始 | | 解除日 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 称 | 一大股 东及其 | 押数量 （股） | 股份比例 | 股本比例 | 日 | | 期 | 质权人 | | | 一致行 | | | | | | | | | | 动人 | | | | | | | | | | | | | | 2023 | 年 2 | 年 2025 | 国泰君安 | | 范劲松 | 是 | 1,000,000 | 0.81% | 0.42% | | | 2 月 7 | 证券股份 | | | | | | | 月 15 | 日 | | | | | | | | | | | 日 | 有限公司 | | 合计 | - | 1,000,000 | 0.81% | 0.42% | | — | — | — | 一 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price not specified [6]. Core Views - The company is expected to achieve significant revenue growth in 2024, with projected revenue between 4.1 to 4.3 billion yuan, representing a year-on-year increase of 32.05% to 38.49% [1]. - The forecasted net profit for 2024 is between 370 to 420 million yuan, indicating a substantial growth of 220.01% to 263.25% compared to the previous year [1]. - The company is optimizing its customer and order structure post-acquisition of Shanghai Jiale, enhancing its competitive position in the market [3]. Financial Performance Summary - Revenue for 2022 was approximately 2.74 billion yuan, with a growth rate of 19.75%. For 2023, revenue is expected to reach about 3.10 billion yuan, growing by 13.28% [5]. - The projected EBITDA for 2024 is around 603.83 million yuan, showing a significant increase from 331.79 million yuan in 2023 [5]. - The net profit attributable to the parent company is forecasted to be 405.21 million yuan in 2024, a dramatic increase from 115.62 million yuan in 2023 [5]. Business Strategy and Operations - The company is focusing on enhancing production efficiency through automation, digitization, and lean management, which is expected to solidify its market position [3]. - The company is expanding its client base in the apparel sector while maintaining its competitive edge in the bag category, leveraging its global layout and advanced manufacturing capabilities [2]. - The brand management business is concentrating on the "Xiaomi" and "90 Points" brands, aiming to introduce differentiated products across various channels [3].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is expected to achieve a revenue range of 4.1 to 4.3 billion yuan in 2024, representing a year-on-year growth of 32.05% to 38.49%. The forecasted net profit attributable to shareholders is between 370 to 420 million yuan, indicating a significant increase of 220.01% to 263.25% year-on-year [6] - The company is expanding its OEM categories from bags to the more profitable apparel sector, with a strong order sustainability expected due to differentiated production capacity in Indonesia. The forecasted net profit for 2024-2026 is adjusted to 390 million, 366 million, and 459 million yuan respectively [6] Summary by Sections Financial Performance - The company reported a total revenue of 2.741 billion yuan in 2022, with a projected increase to 4.138 billion yuan in 2024, reflecting a year-on-year growth of 33.3%. The net profit attributable to shareholders is expected to rise from 47 million yuan in 2022 to 390 million yuan in 2024 [9] - The gross margin is projected to be 22.8% in 2024, with a net margin of 9.4% [9] Business Segments - In the bag OEM segment, revenue is expected to reach 2.3 to 2.4 billion yuan in 2024, with a growth rate of around 20%. The net profit margin for this segment is anticipated to improve significantly due to enhanced efficiency and optimized product structure [7] - The apparel OEM segment, driven by the consolidation of Shanghai Jiale, is projected to generate revenue of 1.4 to 1.5 billion yuan in 2024, with a growth rate of over 25% expected in 2025 [7] Capacity Expansion - The company plans to expand its bag production capacity in Indonesia by 50% to 60% from 2025 to 2026. For apparel, the production capacity is expected to grow by approximately 30% annually during the same period [7]

Core Viewpoint - KaiRun Co., Ltd. (300577) expects a significant increase in net profit attributable to shareholders for 2024, projecting between 370 million to 420 million yuan, representing a year-on-year growth of 220.01% to 263.25% [1] Group 1: Business Performance - The company's OEM manufacturing business is witnessing a recovery as clients gradually overcome inventory destocking challenges, leading to a steady increase in demand for finished products from suppliers [1] - The company is leveraging its global layout advantages and advanced manufacturing capabilities to strengthen its competitive edge in the bag category while actively expanding its garment OEM business [1] - Sales revenue and profit are expected to grow year-on-year due to the optimization of production and operational efficiency, alongside the enhancement of market share with both new and existing clients [1] Group 2: Strategic Developments - In June 2024, the company acquired control of Shanghai Jiale, a core supplier for Uniqlo's knitted garments, which will be included in the company's consolidated financial statements, contributing to the anticipated growth in sales revenue and profit [1]

Financial Projections - The estimated operating revenue for 2024 is projected to be between 4.1 billion and 4.3 billion CNY, representing a year-on-year growth of 32.05% to 38.49%[4] - The net profit attributable to shareholders is expected to be between 370 million and 420 million CNY, indicating a year-on-year increase of 220.01% to 263.25%[4] - The net profit after deducting non-recurring gains and losses is forecasted to be between 280 million and 310 million CNY, reflecting a growth of 101.71% to 123.32% compared to the previous year[4] Acquisition Impact - The acquisition of Shanghai Jiale Co., a core supplier for Uniqlo, is expected to contribute to revenue and profit growth due to its inclusion in the consolidated financial statements[7] - Non-recurring gains and losses are estimated to impact the net profit attributable to shareholders by approximately 80 million to 100 million CNY, primarily from the fair value measurement of equity during the acquisition of Shanghai Jiale[7] Business Performance - The company has successfully expanded its garment OEM business while maintaining its competitive advantage in the bag category, leading to increased sales and profit[7] Financial Reporting - The financial data in the performance forecast is preliminary and has not been audited by an accounting firm[8] - The specific financial data for the 2024 fiscal year will be disclosed in the company's annual report[8] - The company has communicated with the accounting firm regarding the performance forecast, and there are no discrepancies[5] Investment Advisory - Investors are advised to make cautious decisions and be aware of investment risks[8]

安徽开润股份有限公司 舆情管理制度 安徽开润股份有限公司 舆情管理制度 （一）报刊、电视、网络等媒体对公司进行的负面报道； （二）社会上存在的已经或将给公司造成不良影响的传言或信息； （三）可能或者已经影响社会公众投资者投资取向，造成股价异常波动的信息； （四）其他涉及公司信息披露且可能对公司股票及其衍生品交易价格产生较大影响的事 件信息。 第三条 舆情信息的分类如下： （一）重大舆情：指传播范围较广，严重影响公司公众形象或正常经营活动，使公司已 经或可能遭受损失，已经或可能造成公司股票及其衍生品种交易价格变动的负面舆情； 第一章 总则 第一条 为规范安徽开润股份有限公司（以下简称"公司"或"本公司"）应对各类舆 情的能力，建立快速反应和应急处置机制，及时、妥善处理各类舆情对公司股价、商业信誉 及正常生产经营活动造成的影响，切实保护投资者合法权益，根据《中华人民共和国公司法》 《深圳证券交易所创业板股票上市规则》等相关法律法规和《安徽开润股份有限公司章程》 （以下简称"《公司章程》"）的有关规定，结合公司实际情况，制定本制度。 第二条 本制度所称"舆情"包括： （二）一般舆情：指除重大舆情之外的其他舆情。 第 ...