Market Overview - In February, the A-share market saw the CSI 300 index rise by 1.9%, while the textile and apparel sector increased by 1.3%[13] - The Hong Kong market's Hang Seng Index rose by 3.2%, with the textile and apparel sector index up by 2.9%[13] - The US market experienced a decline, with the S&P 500 index down by 1.4% and the consumer discretionary sector down by 9.4%[13] Brand Performance - In January, outdoor and women's apparel sales on Tmall, JD, and Douyin platforms saw significant growth, with respective year-on-year increases of 56% and 45%[19] - Notable brands such as KOLONSPORT and Bi Yin Le Fen achieved year-on-year sales growth of 81% and 101% respectively[24] - Major brands like Nike and Adidas reported year-on-year sales growth of 21% and 34% respectively on these platforms[24] Manufacturing Insights - Vietnam's textile and footwear exports grew by 3.4% and 2.7% year-on-year in January, despite high base effects[2] - Key Taiwanese manufacturers like Yu Yuan and Zhi Qiang reported over 20% growth in January, with Yu Yuan achieving record revenue for the month[2] - Nanshan Zhishang's stock surged by 81.5% due to its involvement in robotic tendon materials, indicating strong future demand[16] Investment Recommendations - The report recommends focusing on undervalued Hong Kong stocks and brands with new growth potential, such as All Cotton Era and Hai Lan Home[3] - For textile manufacturing, companies like Shenzhou International and Huali Group are highlighted for their strong growth prospects and market share potential[3] Risk Factors - Potential risks include macroeconomic weakness, international political and economic uncertainties, and significant fluctuations in exchange rates and raw material prices[3]

Investment Rating - The report assigns a "Buy" investment rating for the company [2][7]. Core Insights - The company is experiencing growth in its new materials business, particularly in UHMWPE fibers and nylon filament, which are expected to drive future profitability [6][7]. - Despite a slight decline in revenue and net profit in Q3 2024 due to the traditional worsted wool business being impacted by weak performance in end-brand apparel, the company has managed to maintain stable net profit through product structure adjustments [4]. - The company has optimized its expense structure, leading to significant improvements in cash flow, with a net cash flow from operating activities of 0.31 billion yuan in Q3 2024, an increase of 0.52 billion yuan year-on-year [5]. Financial Performance - For the first nine months of 2024, the company achieved total revenue of 1.163 billion yuan, a year-on-year increase of 3.52%, and a net profit attributable to shareholders of 0.125 billion yuan, up 3.83% year-on-year [4]. - The company forecasts net profits of 0.212 billion yuan, 0.265 billion yuan, and 0.326 billion yuan for 2024, 2025, and 2026 respectively, with corresponding EPS of 0.58, 0.69, and 0.85 yuan [7][10]. Business Segments - The new materials segment is entering a rapid growth phase, with the nylon filament project expected to be fully operational by the end of 2024, targeting high-growth markets such as sportswear and sun-protective clothing [6]. - The company has achieved full production capacity of 3,600 tons for UHMWPE, maintaining a balance between production and sales while exploring new applications in robotics and protective materials [6]. Market Position - The company's stock price is currently at 20.67 yuan, with a total market capitalization of 7.9 billion yuan and a 52-week price range of 7.1 to 21 yuan [2].

| 证券代码：300918 | 证券简称：南山智尚 公告编号：2025-007 | | --- | --- | | 债券代码：123191 | 债券简称：智尚转债 | 山东南山智尚科技股份有限公司 关于"智尚转债"转股数额累计达到转股前公司 已发行股份总额 10%的公告 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、截至 2025 年 2 月 26 日收盘，山东南山智尚科技股份有限公司（以下简 称"公司"）公开发行的可转换公司债券（以下简称"可转债"）"智尚转债" 累计转股数量为 36,751,896 股，占可转债开始转股前公司已发行股份总数 360,000,000 股的 10.21%。 2、截至 2025 年 2 月 26 日收盘，公司尚有 3,559,285 张"智尚转债"尚未 转股，占公司可转债发行总量 6,995,800 张的 50.88%。 一、可转债基本情况 1、可转债发行情况 经中国证券监督管理委员会《关于同意山东南山智尚科技股份有限公司向 不特定对象发行可转换公司债券注册的批复》（证监许可〔2023〕266 号）同意 注册，公 ...

| 证券代码：300918 | 证券简称：南山智尚 公告编号：2025-008 | | --- | --- | | 债券代码：123191 | 债券简称：智尚转债 | 1、本次权益变动主要系山东南山智尚科技股份有限公司（以下简称"公司"） 可转换公司债券（以下简称"可转债"）转股使公司总股本增加，导致控股股东 南山集团有限公司（以下简称"南山集团"）持股比例被动稀释触及 1%的整数 倍，不涉及持股数量发生变化。 2、本次权益变动不涉及要约收购，不会导致公司控股股东及实际控制人发 生变化，不会影响公司的治理结构和持续经营。 一、本次权益变动的基本情况 山东南山智尚科技股份有限公司 关于控股股东持股比例因可转换公司债券转股被动 稀释的提示性公告 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： 份后总股本的持股比例由 64.54%（根据剔除截至目前回购专用账户中 5,369,100 股后的总股本 376,513,703 股为基数计算，下同）被动稀释至 62.09%，触及 1% 的整数倍。现将相关情况公告如下： | 1．基本情况 | | | | --- | ...

| 证券代码：300918 | 证券简称：南山智尚 | 公告编号：2025-006 | | --- | --- | --- | | 债券代码：123191 | 债券简称：智尚转债 | | 山东南山智尚科技股份有限公司 股票交易异常波动公告 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。 重要提示： 1、近期山东南山智尚科技股份有限公司（以下简称"公司"）经营情况及 内外部经营环境正常，业务内容和经营情况未发生重大变化。公司关注到近期市 场对于"机器人灵巧手""腱绳"相关概念的关注度较高，公司超高分子量聚乙 烯纤维腱绳产品处于市场开拓阶段，暂未形成相关订单，且下游市场需求存在诸 多的不确定因素，请投资者注意投资风险。 2、公司股价短期波动幅度较大，请广大投资者审慎决策，理性投资，注意 投资风险。 一、股票交易异常波动的具体情况 公司股票于 2025 年 2 月 24 日、2025 年 2 月 25 日、2025 年 2 月 26 日连续 3 个交易日收盘价格涨幅偏离值累计超过 30%，根据《深圳证券交易所交易规则》 等相关规定，属于股票交易异常波动情形。 二、说 ...

| 证券代码：300918 | 证券简称：南山智尚 公告编号：2025-005 | | --- | --- | | 债券代码：123191 | 债券简称：智尚转债 | 山东南山智尚科技股份有限公司 关于"智尚转债"预计触发赎回条件的提示性公告 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： 4、可转债转股价格的调整情况 敬请广大投资者详细了解可转换公司债券（以下简称"可转债"）相关规定， 并及时关注公司后续公告，注意投资风险。 一、可转债基本情况 1、可转债发行情况 经中国证券监督管理委员会《关于同意山东南山智尚科技股份有限公司向 不特定对象发行可转换公司债券注册的批复》（证监许可〔2023〕266 号）同意 注册，公司向不特定对象发行可转换公司债券 699.58 万张，发行价格为每张人 民币 100.00 元，募集资金总额为人民币 699,580,000.00 元，扣除承销保荐费人 民币 5,596,640.00 元（不含税）后实际收到的金额为人民币 693,983,360.00 元。另减除审计费用、律师费用、信息披露费用、资信评级费用和发行手续 ...

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [2]. Core Insights - Nanshan Zhishang is a leading player in the domestic fine woolen fabric market, actively expanding into new material fiber businesses, establishing a dual-core development strategy that integrates traditional woolen clothing and new material fiber [4][9]. - The company has successfully built projects for 3,600 tons of ultra-high molecular weight polyethylene fiber and an annual production of 80,000 tons of high-performance differentiated nylon filament, indicating strong growth potential in both traditional and new material sectors [4][9]. Financial Performance and Forecast - The company’s revenue is projected to grow from 16.51 billion yuan in 2024 to 29.37 billion yuan in 2026, with year-on-year growth rates of 3.15% and 27.28% respectively [4]. - The net profit attributable to the parent company is expected to be 1.93 billion yuan in 2024, increasing to 3.08 billion yuan by 2026, with corresponding year-on-year growth rates of -5% and +26% [4]. - The earnings per share are forecasted to rise from 0.54 yuan in 2024 to 0.85 yuan in 2026 [2]. Business Segments Traditional Business - The traditional woolen and clothing sectors are expected to maintain steady growth, with the wool textile industry in China projected to reach a market size of 8.64 billion yuan in 2023, reflecting a CAGR of 4.7% from 2019 to 2023 [4][5]. - The company has a comprehensive wool textile and clothing production chain, with a fine woolen fabric capacity of 16 million meters and clothing capacities of 750,000 suits and 650,000 shirts [4]. New Materials - The nylon filament sector is experiencing robust demand, with the company’s 80,000-ton differentiated nylon filament capacity gradually being released, contributing significantly to profit [5]. - The ultra-high molecular weight polyethylene (UHMWPE) market is characterized by a supply-demand gap, with the company’s projects in this area expected to enhance revenue and profit as production scales up [4][5]. Market Position and Competitive Advantage - Nanshan Zhishang benefits from strong backing by Nanshan Group, which provides substantial support for its chemical fiber business through its subsidiary, Yulong Petrochemical [4][10]. - The company has established a mature R&D and sales team, enhancing its competitive edge in the nylon and UHMWPE markets [4][5]. Growth Drivers - The report highlights the increasing penetration of nylon in outdoor sports apparel, with the market for PA6 expected to grow significantly, driven by rising consumer demand [26][27]. - The domestic market for PA66 is projected to see a consumption increase of 31.3% in 2024, further stimulating growth in the nylon sector [29].

| 证券代码：300918 | 证券简称：南山智尚 公告编号：2025-004 | | --- | --- | | 债券代码：123191 | 债券简称：智尚转债 | 经深圳证券交易所（以下简称"深交所"）同意，公司本次可转债于 2023 年 4 月 28 日起在深交所挂牌交易，债券简称"智尚转债"，债券代码"123191"， 并于 2023 年 10 月 16 日进入转股期，初始转股价格为人民币 12.33 元/股，最新 转股价格为 9.35 元/股。 山东南山智尚科技股份有限公司 关于控股股东持股比例因可转换公司债券转股被动 稀释的提示性公告 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、本次权益变动主要系山东南山智尚科技股份有限公司（以下简称"公司"） 可转换公司债券（以下简称"可转债"）转股使公司总股本增加，导致控股股东 南山集团有限公司（以下简称"南山集团"）持股比例被动稀释触及 5%的整数 倍，不涉及持股数量发生变化。 2、本次权益变动不涉及要约收购，不会导致公司控股股东及实际控制人发 生变化，不会影响公司的治理结构和持续经营。 ...

| 证券代码：300918 | 证券简称：南山智尚 | 公告编号：2025-003 | | --- | --- | --- | | 债券代码：123191 | 债券简称：智尚转债 | | 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。 一、股票交易异常波动的具体情况 山东南山智尚科技股份有限公司（以下简称"公司"）股票于 2025 年 2 月 17 日、2025 年 2 月 18 日、2025 年 2 月 19 日连续 3 个交易日收盘价格涨幅偏离 值累计超过 30%，根据《深圳证券交易所交易规则》等相关规定，属于股票交易 异常波动情形。 二、说明关注、核实情况 针对公司股票交易异常波动情况，公司董事会对有关事项进行了核实，并就 有关事项询问了公司控股股东、实际控制人及相关人员，现就相关情况说明如下： 1、公司未发现前期披露的信息存在需要更正、补充之处。 2、近期公司经营情况正常，内外部经营环境未发生重大变化。公司主营业 务未发生变动，主要从事精纺呢绒、服装、超高分子量聚乙烯纤维、锦纶长丝产 品的研发、设计、生产和销售。 关于近期部分投资者通过深圳证券交易所" ...

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