Group 1 - Nanshan Zhishang's stock price dropped by 5.17% to 21.48 CNY per share, with a trading volume of 249 million CNY and a turnover rate of 2.61%, resulting in a total market capitalization of 10.872 billion CNY [1] - The company, established on April 29, 2007, and listed on December 22, 2020, is located in Yantai, Shandong Province, and primarily engages in the production and sale of fabrics and clothing [1] - The revenue composition of Nanshan Zhishang includes 50.11% from fine woolen fabrics, 37.84% from clothing, 10.90% from ultra-high fiber, and 1.15% from other sources [1] Group 2 - The Oriental Alpha Fund holds a significant position in Nanshan Zhishang, with its Oriental Alpha Preferred Mixed A Fund (007518) owning 2.1265 million shares, accounting for 4.52% of the fund's net value, making it the second-largest holding [2] - The fund has experienced a floating loss of approximately 2.488 million CNY as of the report date [2] - The Oriental Alpha Preferred Mixed A Fund was established on September 12, 2019, with a current size of 101 million CNY, achieving a year-to-date return of 52.72% and a one-year return of 91.84% [2]

Core Viewpoint - Nanshan Zhishang reported a decline in revenue and net profit for the first half of 2025, primarily due to weakened demand in the traditional wool textile and apparel business, while maintaining resilience in profitability through cost control and product optimization [1][2]. Group 1: Financial Performance - In the first half of 2025, the company achieved revenue of 731 million yuan, a year-on-year decrease of 5.80%, and a net profit attributable to shareholders of 75 million yuan, down 8.66% [1]. - The company's gross profit margin for the first half of 2025 was 34.04%, an increase of 0.26 percentage points year-on-year [2]. - The net profit margin for the first half of 2025 was 10.26%, a slight decrease of 0.32 percentage points year-on-year [2]. Group 2: Business Segments - The traditional woolen fabric segment generated revenue of 342 million yuan, down 16.15%, with a capacity utilization rate of 74.37%, but the gross margin improved by 0.53 percentage points to 38.34% [1]. - The apparel business reported revenue of 218 million yuan, a decline of 20.88%, yet the gross margin increased significantly by 4.47 percentage points to 37.41% [1]. - The new materials segment, particularly the ultra-high molecular weight polyethylene fiber, saw revenue of 88 million yuan, a year-on-year increase of 2.61%, with a gross margin rise of 12.98 percentage points to 27.15% [2]. Group 3: Strategic Initiatives - The company plans to invest in a project in Indonesia to build 160,000 sets of apparel production capacity to expand its international market presence [1]. - A strategic partnership was established with Wuhan University and Shouzhihua Innovation to advance research and application in key materials for humanoid robots, which is expected to benefit from the growth of the humanoid robotics industry [3]. - The company aims to build a new materials industry ecosystem with a focus on traditional woolen apparel and new material fibers, targeting a collaborative development model [3].

Market Overview - The Shanghai Composite Index rose by 1.14% on August 28, with 22 out of 28 sectors experiencing gains, led by the communication and electronics sectors, which increased by 7.14% and 5.53% respectively [2] - The coal and agriculture sectors saw the largest declines, with decreases of 0.81% and 0.73% respectively [2] Capital Flow Analysis - The main capital outflow from the two markets totaled 44.343 billion yuan, with five sectors experiencing net inflows [2] - The electronics sector had the highest net inflow of 10.553 billion yuan, while the communication sector followed with a net inflow of 4.998 billion yuan [2] - The computer sector faced the largest net outflow, totaling 11.007 billion yuan, followed by the pharmaceutical and biological sector with an outflow of 7.892 billion yuan [2] Textile and Apparel Sector Performance - The textile and apparel sector declined by 0.47% with a net capital outflow of 372 million yuan [3] - Out of 105 stocks in this sector, 33 stocks rose, including one that hit the daily limit, while 69 stocks fell [3] - The top three stocks with the highest net inflow were Huasheng Co. with 126 million yuan, followed by Nanshan Zhishang and Nuobang Co. with inflows of 81.299 million yuan and 40.945 million yuan respectively [3][4] Notable Stocks in Textile and Apparel Sector - The stocks with significant capital outflows included Jihua Group with an outflow of 54.603 million yuan, followed by Jinhong Group and Jinyi Culture with outflows of 51.062 million yuan and 48.235 million yuan respectively [5] - Other notable stocks with capital outflows included Kute Intelligent and Wanlima, with outflows of 43.708 million yuan and 43.228 million yuan respectively [5][6]

（文章来源：证券日报） 证券日报网讯南山智尚8月28日发布公告，在公司回答调研者提问时表示，2025年上半年，公司超高分 子量聚乙烯纤维产品一等品率持续提高，凭借稳定可靠的品质赢得了客户的广泛认可与信赖，为市场拓 展奠定了坚实基础。与此同时，研发创新工作持续取得突破，通过设备升级与工艺优化，800D产品强 力实现大幅提升，高强产品在整体产品结构中的占比稳步提高，为公司发展提供有力支撑。 ...

证券日报网讯南山智尚8月28日发布公告，在公司回答调研者提问时表示，公司锦纶纤维重点开展"阻 燃""抗紫外线""凉感""抗菌""超细旦"等高性能差别化方向研究，并对上述成果进行专利布局，增强公司 产品的市场竞争力。 （文章来源：证券日报） ...

Group 1 - The company Nanshan Zhishang announced on August 28 that it has developed a competitive advantage in large-scale production of ultra-high molecular weight polyethylene fiber products, covering specifications from 100D to 2400D and 26cN/dtex to 43cN/dtex [2] - The tendon-related products mainly include round ropes with diameters ranging from 0.5mm to 3mm and flat ropes of 4mm, which are suitable for humanoid robot dexterous hands and joints, as well as medical devices [2] - These products meet the demands for small size and high reliability in connection and traction applications [2]

（文章来源：证券日报） 证券日报网讯南山智尚8月28日发布公告，在公司回答调研者提问时表示，在新材料业务领域，公司于 国内外市场均配备专业销售团队，始终以技术研发与客户需求定制为核心，持续开拓销售渠道、扩大市 场份额、提升销售额。国内市场拓展方面，公司聚焦客户需求，提供全方位定制服务，确保产品精准适 配客户使用场景；同时定期回访客户、收集反馈，不断优化产品与服务，由此与众多企业建立起长期稳 定的合作关系，有力推动公司市场份额稳步增长。海外市场拓展方面，公司充分借鉴传统业务在海外市 场积累的销售经验，积极推进新材料海外销售渠道的布局工作。 ...

Core Viewpoint - Nanshan Zhishang announced on August 28 that its market expansion in the ultra-high molecular weight polyethylene fiber business is driven by customer demand, leading to significant growth in export business and an increase in global market share [1] Group 1 - The company emphasizes a customer-centric approach by flexibly adjusting order specifications and optimizing product compatibility to meet diverse customer needs [1] - Strengthening cooperation with upstream and downstream partners is a key strategy for the company [1] - Continuous improvement in product performance and international market recognition has significantly boosted the company's export business [1]

证券日报网讯 南山智尚8月28日发布公告，在公司回答调研者提问时表示，新材料业务上，公司与供应 商建立长期稳定的合作关系，旨在通过优化采购成本提升采购效率。同时，公司强化供应链管理，确保 原材料质量及供应的稳定性，严格保障原材料指标符合相关质量标准。依托公司纺织服装产业链优势， 显著提升了原料采购效率、议价能力和生产响应速度，构筑了强大的核心竞争力。同时积极引入绿色采 购理念，优先选用环保型助剂及可再生资源，以此降低生产环节的碳足迹，为产品的高品质与可持续性 提供坚实保障。 （编辑 袁冠琳） ...

证券日报网讯 南山智尚8月28日发布公告，在公司回答调研者提问时表示，锦纶纤维具有断裂强度高、 耐热性强、耐磨、耐腐蚀等特点，广泛应用在民用领域，如纺织服装行业中的超轻风衣、冲锋衣、羽绒 服、速干衣、防寒服、休闲夹克、运动服、户外帐篷、睡袋、登山包、束身衣、运动内衣等。目前由于 锦纶兼具高强度与轻量化特性，公司将围绕机器人外壳、电子皮肤、织物与传感器的结合等新兴领域研 发拓展。 （编辑 袁冠琳） ...