本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 特别提示： 1、截至 2025 年 4 月 7 日，安徽开润股份有限公司（以下简称"公司"）股 票已出现任意连续三十个交易日中至少有十五个交易日的收盘价低于当期转股 价格 85%的情形，已触发"开润转债"转股价格的向下修正条款。 | 证券代码：300577 | 证券简称：开润股份 | 公告编号：2025-017 | | --- | --- | --- | | 债券代码：123039 | 债券简称：开润转债 | | 安徽开润股份有限公司 关于不向下修正"开润转债"转股价格的公告 2、公司于 2025 年 4 月 7 日召开第四届董事会第二十三次会议，审议通过 了《关于不向下修正"开润转债"转股价格的议案》，公司董事会决定本次不向 下修正"开润转债"转股价格，且自董事会审议通过次日起未来两个月内（即 2025 年 4 月 8 日至 2025 年 6 月 7 日），如再次触发"开润转债"转股价格向下修正 条款，亦不提出向下修正方案。下一触发转股价格修正条件的期间从 2025 年 6 月 8 日重新起算，若再次触发"开润 ...

| 证券代码：300577 | 证券简称：开润股份 | 公告编号：2025-016 | | --- | --- | --- | | 债券代码：123039 | 债券简称：开润转债 | | 安徽开润股份有限公司 第四届董事会第二十三次会议决议公告 安徽开润股份有限公司（以下简称"公司""本公司"）第四届董事会第二 十三次会议通知于 2025 年 4 月 3 日以电子邮件、微信信息等方式发出，会议于 2025 年 4 月 7 日下午以通讯表决方式召开，本次会议应出席董事 7 人，实际出 席董事 7 人，会议由董事长范劲松先生主持，公司部分高级管理人员列席本次会 议。本次会议的召集召开及程序符合《中华人民共和国公司法》《公司章程》等 有关规定，会议合法有效。经与会董事审议并表决，形成决议如下： 一、审议通过《关于不向下修正"开润转债"转股价格的议案》 公司董事会决定本次不向下修正"开润转债"转股价格，且自董事会审议通 过次日起未来两个月内（即 2025 年 4 月 8 日至 2025 年 6 月 7 日），如再次触发 "开润转债"转股价格向下修正条款，亦不提出向下修正方案。 具体内容详见同日在巨潮资讯网 www.c ...

| 证券代码：300577 | 证券简称：开润股份 | 公告编号：2025-015 | | --- | --- | --- | | 债券代码：123039 | 债券简称：开润转债 | | 安徽开润股份有限公司 2025 年第一季度可转换公司债券转股情况公告 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。 特别提示： 1、开润转债（债券代码：123039）转股期限为 2020 年 7 月 2 日至 2025 年 12 月 25 日，最新有效的转股价格为人民币 29.50 元/股。 2、2025 年第一季度，共有 0 张"开润转债"完成转股（票面金额共计 0 元人民币）， 合计转为 0 股"开润股份"股票（股票代码：300577）。 3、截止 2025 年第一季度末，公司剩余可转换公司债券为 2,216,249 张，剩余票面 总金额为人民币 221,624,900 元。 根据《深圳证券交易所创业板股票上市规则》和《深圳证券交易所上市公司自律监 管指引第 15 号——可转换公司债券》的有关规定，安徽开润股份有限公司（以下简称 "公司"）现将 2025 年第一季度可转 ...

| 证券代码：300577 | 证券简称：开润股份 | 公告编号：2025-014 | | --- | --- | --- | | 债券代码：123039 | 债券简称：开润转债 | | 安徽开润股份有限公司 关于预计触发转股价格向下修正条件的提示性公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 特别提示： 1、证券代码：300577 证券简称：开润股份 2、债券代码：123039 债券简称：开润转债 3、转股价格：29.50 元/股 4、转股期限：2020 年 7 月 2 日至 2025 年 12 月 25 日 5、自 2025 年 3 月 15 日至 2025 年 3 月 28 日，公司股票已有 10 个交易日 的收盘价低于当期转股价格的 85%。若后续公司股票收盘价格继续低于当期转 股价格的 85%，预计将有可能触发转股价格向下修正条件。若触发条件，公司 将于触发条件当日召开董事会审议决定是否修正转股价格，并及时履行信息披 露义务。敬请广大投资者注意投资风险。 一、可转换公司债券基本情况 （一）可转换公司债券发行情况 经中国证券监督管理委员会（以下 ...

证券代码：300577 证券简称：开润股份 公告编号：2025-013 债券代码：123039 债券简称：开润转债 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 公司于近日与中国农业银行股份有限公司上海金山支行签署《最高额保证合 同》，同意为上海润米提供最高债权本金额人民币 3,600 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，公司为上海润米提供担保的情况如下： 单位：万人民币 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 ...

Investment Rating - The report maintains an "Outperform" rating for the textile and apparel industry [1][4]. Core Insights - The retail sales of clothing in January-February 2025 showed a year-on-year growth of 3.3%, significantly improving compared to the decline in November-December 2024 [2][13]. - E-commerce platforms such as Tmall, JD, and Douyin reported strong growth in outdoor, women's wear, and home textiles, with sales growth rates of +48%, +31%, and +15% respectively in January-February 2025 [2][16]. - Vietnam's textile and footwear exports increased by 16.2% and 20.8% year-on-year in February, indicating a recovery in the export market [2][12]. Summary by Sections Market Review - The textile and apparel sector in A-shares and Hong Kong has outperformed the broader market since February, with notable stock price increases for companies like 361 Degrees (+18.67%) and TBOC (+16.02%) [1][12]. Brand Apparel Insights - Key brands such as KOLON, Biem.l.fdlkk, and Semir experienced sales growth exceeding 50% in January-February 2025, while brands like Salomon and HLA saw growth rates above 30% [2][17]. - The report highlights a positive trend in brand performance, with several companies expected to show improved revenue growth in the first quarter of 2025 [3]. Textile Manufacturing Insights - The report indicates that while the first quarter of 2024 had a high base, most manufacturing companies expect revenue growth in the high single to double digits for the first quarter of 2025 [3]. - Companies like Rihong and Juyuan are expanding their production capabilities, with Rihong's revenue in February 2025 up by 20.73% year-on-year [2][3]. Investment Recommendations - The report suggests focusing on brands with new growth drivers, such as Purcotton and HLA, and recommends companies with strong market share growth potential like Shenzhou International and Huayi Group [4][5].

Investment Rating - The industry rating is "Buy" [6] Core Views - The report highlights the advantages of the company's operations in Indonesia, particularly in the 2B bag manufacturing business, which is expected to see high double-digit growth in 2024. The net profit margin is anticipated to have recovery potential due to improved capacity utilization and reduced foreign exchange impacts. The company is also expected to benefit from inventory replenishment and expansion of both existing and new customer bases [2][21] - The 2C business is driven by changes in the profit-sharing model with Xiaomi, which is expected to enhance profitability. The acquisition of Shanghai Jiale opens up a larger market in garment manufacturing, providing a second growth curve for the company [2][21] - Revenue forecasts for 2024, 2025, and 2026 are projected at 4.298 billion, 6.069 billion, and 6.970 billion yuan respectively, with net profits of 414 million, 461 million, and 565 million yuan, corresponding to EPS of 1.73, 1.92, and 2.36 yuan [2][21] Summary by Sections Industry Performance - The textile and apparel sector saw a 4.24% increase, outperforming the Shanghai Composite Index by 2.85%. The apparel and home textile segments rose by 4.63% and 11.38% respectively, while the textile manufacturing segment declined by 0.49% [26] - The top-performing stocks included Xunlong Health, which surged by 61.01%, while Nanshan Zhishang fell by 7.97% [26][32] Material Data - As of March 14, the China Cotton 3128B Index was 14,904 yuan/ton, with a year-to-date increase of 1.32%. The medium import cotton price index was 13,416 yuan/ton, showing a 0.71% increase [40] - The USDA forecasts a 7.24% year-on-year increase in global cotton production for the 2024/2025 season, with total production expected to reach 26.336 million tons [52] Consumer Data - In February 2025, sales growth for various categories on Douyin showed significant increases, with sports apparel growing by 68.8% year-on-year. On Taobao and Tmall, children's clothing and sportswear also saw positive growth [10][11] - The retail sales of major retail enterprises in China decreased by 4.3% year-on-year in 2024, indicating challenges in the consumer market [11]

证券研究报告|公司动态报告 [Table_Date] 2025 [Table_Date] 年2025 03 月年1003日月 10 日 [Table_Title] 印尼优势凸显，期待嘉乐助力新增长 [Table_Title2] 开润股份(300577) [Table_Summary] ►投资建议 站在目前时点，我们认为公司的印尼先发布局优势愈发 凸显，构成目前主要贡献点的 2B 箱包代工业务仍有利润弹性 空间，嘉乐成长性刚刚开启，2C 端运营主导权的变化带来盈 利提升空间。（1）根据我们测算，24 年 2B 业务有望实现高 双位数增长、且净利率 25 年依然存在修复空间，主要来自产 能利用率修复和汇兑影响减弱，公司 2B 业务核心优势来自印 尼布局，核心驱动在于净利率修复、下游补库存、公司老客 户份额有望提升以及新客户拓展存在空间。（2）根据我们测 算，2C 业务核心驱动在于小米业务分成模式变化带来的利润 率提升。（3）收购上海嘉乐进入服装代工更大赛道，打开公 司第二增长曲线，且净利率仍存在修复空间。维持盈利预测, 预计 24/25/26 年收入为 42.98/60.69/69.70 亿元；预计 24/25/ ...

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" [2][8]. - The company anticipates significant revenue growth, with projections of 32.04% in 2024 and 29.82% in 2025, alongside a substantial increase in net profit [8][12]. Financial Forecasts - Revenue (in million yuan): - 2023A: 3104.90 - 2024E: 4099.86 - 2025E: 5322.46 - 2026E: 6099.15 - Revenue Growth Rate (%): - 2023A: 13.28 - 2024E: 32.04 - 2025E: 29.82 - 2026E: 14.59 - Net Profit (in million yuan): - 2023A: 115.62 - 2024E: 390.46 - 2025E: 372.71 - 2026E: 452.66 - EPS (in yuan): - 2024E: 1.63 - 2025E: 1.55 - 2026E: 1.89 - PE Ratio: - 2024E: 13.96 - 2025E: 14.62 - 2026E: 12.04 [3][4][8]. Business Model and Strategy - The company operates under a dual business model, focusing on both B2B and B2C segments. The B2B segment includes OEM and ODM operations, while the B2C segment emphasizes direct sales through its own brands [12][48]. - The company has successfully diversified its operations, expanding from traditional IT bag manufacturing to include sports and leisure bags, as well as garment manufacturing [22][51]. Market Overview - The domestic bag market is experiencing a recovery, with a retail scale of 2349.2 billion yuan in 2023, reflecting a growth of 12.60% compared to 2022. The international market also shows signs of recovery, with a retail scale of 1551.5 billion USD [35][40]. - The report highlights the potential for domestic brands to capture market share, as the current market is dominated by foreign luxury brands [40][41]. Management and Governance - The company's ownership structure is stable, with the founder holding 51.23% of the shares, ensuring strong control and strategic direction [24]. - The management team is experienced, with backgrounds in leading IT companies, which enhances operational efficiency and competitive advantage [24]. Conclusion - The report indicates a positive outlook for the company, driven by robust growth in both B2B and B2C segments, strategic partnerships, and a favorable market environment [2][8][12].

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].