Core Viewpoint - Nanshan Zhishang (300918.SZ) reported a year-on-year increase in operating revenue for Q3 2025, but a slight decline in net profit attributable to shareholders [1] Financial Performance - Operating revenue reached 494 million yuan, representing a year-on-year increase of 27.86% [1] - Net profit attributable to shareholders was 42.19 million yuan, showing a year-on-year decrease of 0.26% [1] - Net profit attributable to shareholders after deducting non-recurring gains and losses was 40.57 million yuan, down 4.17% year-on-year [1]

Core Insights - Nanshan Zhishang reported Q3 revenue of 494 million yuan, representing a year-on-year increase of 27.86% [1] - The net profit for Q3 was 42.19 million yuan, showing a slight decline of 0.26% year-on-year [1] - For the first three quarters, the total revenue reached 1.226 billion yuan, up 5.39% compared to the same period last year [1] - The net profit for the first three quarters was 117 million yuan, reflecting a decrease of 5.81% year-on-year [1]

山东南山智尚科技股份有限公司 关于调整公司 2025 年员工持股计划购买价格的公告 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。 山东南山智尚科技股份有限公司（以下简称"公司"）于2025年10月23日召 开第三届董事会第十七次会议，审议通过了《关于调整公司2025年员工持股计划 购买价格的议案》，同意根据相关规定对公司2025年员工持股计划（以下简称"本 员工持股计划"）购买回购股份的价格进行调整。现将有关情况公告如下： 证券代码：300918 证券简称：南山智尚 公告编号：2025-097 三、本次调整对公司的影响 公司本次调整员工持股计划购买价格事项符合相关法律法规及公司《2025 年员工持股计划（草案）》《2025 年员工持股计划管理办法》的有关规定，本次 调整不会对公司的财务状况和经营成果产生实质性影响。 四、董事会薪酬与考核委员会意见 一、本员工持股计划已履行的决策程序和批准情况 1、公司于 2025 年 9 月 23 日召开第三届董事会第十六次会议，并于 2025 年 10 月 10 日召开了 2025 年第二次临时股东会，审议通过了《关于公司 ...

证券代码：300918 证券简称：南山智尚 公告编号：2025-098 山东南山智尚科技股份有限公司 关于部分募集资金专户注销完成的公告 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。 一、募集资金基本情况 公司上述签署的《募集资金三方监管协议》《募集资金四方监管协议》与深 圳证券交易所监管协议范本不存在重大差异，监管协议的履行不存在问题。 | 截至本公告披露日，公司募集资金专户开立情况如下： | | --- | | 序号 | 开户银行 | 银行账号 | 募集资金用途 | 账户状态 | | --- | --- | --- | --- | --- | | 1 | 兴业银行股份有限公 | 378040100100089125 | 精纺毛料生产线智能升 | 本次注销 | | | 司烟台龙口支行 | | 级项目 | | | 2 | 烟台银行股份有限公 司龙口支行 | 81601080801421006370 | 研发中心升级建设项目 | 已注销 | | 3 | 中国工商银行股份有 限公司龙口支行 | 1606036829200051253 | 服装智能制造升级项目 | ...

北京国枫律师事务所 关于山东南山智尚科技股份有限公司 2025 年员工持股计划调整事项的 法律意见书 国枫律证字[2025]AN172-2 号 北京国枫律师事务所 Grandway Law Offices 北京市东城区建国门内大街 26 号新闻大厦 7、8 层 邮编：100005 电话(Tel)：010-88004488/66090088 传真(Fax)：010-66090016 北京国枫律师事务所 关于山东南山智尚科技股份有限公司 2025 年员工持股计划调整事项的 法律意见书 国枫律证字[2025]AN172-2号 致：山东南山智尚科技股份有限公司 根据北京国枫律师事务所（以下简称"本所"）与山东南山智尚科技股份有 限公司（以下简称"公司"）签订的《法律服务协议》，本所担任公司2025年员 工持股计划（以下简称"本次员工持股计划"）的专项法律顾问。 本所律师根据《中华人民共和国公司法》《中华人民共和国证券法》《关于 上市公司实施员工持股计划试点的指导意见（2025修订）》（以下简称"《试点 指导意见》"）、《深圳证券交易所上市公司自律监管指引第2号——创业板上 市公司规范运作（2025年修订）》（以下简称 ...

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。 山东南山智尚科技股份有限公司（以下简称"公司"）于 2025 年 10 月 24 日在巨潮资讯网（http://www.cninfo.com.cn）上披露了《2025 年第三季度报 告》，为了让广大投资者更深入全面地了解公司经营管理、发展战略、行业前景 等情况，公司定于 2025 年 10 月 31 日在中国证券报·中证路演中心举行 2025 年第三季度业绩说明会，具体安排如下： 证券代码：300918 证券简称：南山智尚 公告编号：2025-099 山东南山智尚科技股份有限公司 关于举行 2025 年第三季度业绩说明会的公告 山东南山智尚科技股份有限公司董事会 二、问题征集 为充分尊重投资者，提升公司与投资者之间的交流效率和针对性，公司就 2025 年第三季度业绩说明会提前向投资者公开征集问题，广泛听取投资者的意 见和建议。投资者可于 2025 年 10 月 31 日（星期五）上午 9:00 前，将关注的问 题通过邮件的形式发送至公司电子邮箱：zhaohoujie@nanshan.com.cn，公司将 在本次业 ...

证券代码：300918 证券简称：南山智尚 公告编号：2025-095 山东南山智尚科技股份有限公司 第三届董事会第十七次会议决议公告 本次会议的召集、召开和表决程序符合《中华人民共和国公司法》等法律 法规和《公司章程》《董事会议事规则》的有关规定，所作决议合法有效。 二、董事会会议审议情况 会议在保证所有董事充分发表意见的前提下，以投票表决方式通过了以下议 案： （一）审议通过了《关于公司〈2025年第三季度报告〉的议案》 经审核，董事会认为：公司严格按照相关法律、行政法规和中国证监会的规 定，编制了公司2025年第三季度报告，报告内容真实、准确、完整地反映了公司 2025年第三季度的实际情况，不存在任何虚假记载、误导性陈述或者重大遗漏。 具体内容详见公司同日披露于巨潮资讯网（http://www.cninfo.com.cn）的 《山东南山智尚科技股份有限公司2025年第三季度报告》（公告编号：2025-096 ）。 公司董事会审计委员会已审议通过了该议案中的财务报表及财务信息。 表决结果：9票同意，0票反对，0票弃权。 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 ...

Financial Performance - The company's revenue for Q3 2025 reached ¥494,317,509.28, representing a year-on-year increase of 27.86%[5] - The net profit attributable to shareholders was ¥42,194,656.50, showing a slight decrease of 0.26% compared to the same period last year[5] - The net profit after deducting non-recurring gains and losses was ¥40,572,860.39, down 4.17% year-on-year[5] - Total operating revenue for the period reached ¥1,225,773,916.58, an increase of 5.3% compared to ¥1,163,087,186.04 in the previous period[16] - Net profit for the period was ¥117,235,112.96, a decrease of 5.1% from ¥124,410,603.75 in the previous period[17] - Total comprehensive income for the period was CNY 113,848,648.72, a decrease from CNY 123,027,906.74 in the previous period[18] - Basic earnings per share decreased to CNY 0.27 from CNY 0.35, while diluted earnings per share decreased to CNY 0.27 from CNY 0.33[18] Assets and Equity - The total assets at the end of the reporting period amounted to ¥5,053,101,208.23, an increase of 9.32% from the end of the previous year[5] - The equity attributable to shareholders increased by 73.04% to ¥3,798,902,569.90 compared to the previous year[5] - The company's total assets increased to ¥5,053,101,208.23, compared to ¥4,622,464,777.81 at the beginning of the period, marking a growth of 9.3%[14] - The company's equity attributable to shareholders increased to ¥3,798,902,569.90, up from ¥2,195,352,569.40, representing a growth of 73%[14] Cash Flow - The company's cash flow from operating activities showed a significant decline, with a net outflow of ¥178,246,428.69, a decrease of 667.97%[5] - Net cash flow from operating activities was negative at CNY -178,246,428.69, compared to a positive CNY 31,383,242.82 in the previous period[21] - Cash inflow from operating activities totaled CNY 1,073,876,010.72, slightly up from CNY 1,063,131,767.55[20] - Cash outflow from operating activities increased to CNY 1,252,122,439.41 from CNY 1,031,748,524.73[21] - Cash flow from investing activities was negative at CNY -192,649,425.57, an improvement from CNY -562,757,634.26 in the previous period[21] - Cash inflow from financing activities was CNY 1,424,999,994.00, compared to CNY 803,610,966.62 in the previous period[21] - Net cash flow from financing activities decreased to CNY 180,248,291.79 from CNY 453,195,288.17[21] - The ending cash and cash equivalents balance was CNY 325,757,672.80, down from CNY 421,592,286.29[21] - The company received CNY 999,999,994.00 from investment absorption during the period[21] Shareholder Information - The total number of common shareholders at the end of the reporting period is 28,977[10] - Nanshan Group Co., Ltd. holds 48.01% of shares, totaling 243,000,000 shares[10] - The top 10 shareholders collectively hold 5,369,100 shares, representing 1.06% of the total share capital[11] - The company has 14,571,428 shares that will be released from restrictions on December 10, 2025, held by Caitong Fund Management Co., Ltd.[11] - The company plans to release 9,728,571 shares from restrictions on December 10, 2025, held by Nord Fund Management Co., Ltd.[11] - The total number of restricted shares at the end of the period is 71,428,571 shares[11] - The largest individual shareholder, Guo Weisong, holds 1.40% of shares, totaling 7,100,004 shares[10] - The company has no preferred shareholders or changes in preferred shareholder status[11] - There are no known relationships or concerted actions among the top shareholders[10] Operational Metrics - The company's cash flow from operating activities showed a significant decline, with a net outflow of ¥178,246,428.69, a decrease of 667.97%[5] - The company reported a 97.74% increase in accounts receivable, totaling ¥410,191,105.99, due to sales receivables not yet due[8] - The company has seen a 309.57% increase in prepayments, amounting to ¥29,963,192.82, attributed to increased advance payments for materials[8] - Research and development expenses were reported at ¥47,844,109.72, slightly up from ¥44,201,538.86, indicating a growth of 6%[17] - The company reported a decrease in financial expenses to ¥9,850,692.17 from ¥26,051,147.44, a reduction of 62.1%[17] - Inventory levels rose to ¥874,094,070.79, compared to ¥678,349,579.24, reflecting an increase of 28.9%[12] - Short-term borrowings decreased significantly to ¥234,542,013.89 from ¥500,554,027.77, a reduction of 53.1%[13] - The weighted average return on net assets was 1.05%, down 1.00% from the previous year[5] - The company plans to continue expanding its production capacity with the ongoing launch of the 80,000-ton nylon filament project[8]

Investment Rating - The report maintains an "Overweight" rating for the industry [4] Core Views - The report emphasizes the importance of valuation switching logic in the new consumption sector, highlighting stable operational performance in the sports brand sector for Q3 [6][4] - It suggests a focus on high-growth tracks in new consumption and the valuation switching logic within the sector, particularly in the collectible toy segment [6][4] - The report identifies several companies with strong growth potential and suggests monitoring their performance closely [6][4] Summary by Sections Industry Overview - The industry consists of 175 listed companies with a total market value of 10,672.79 billion and a circulating market value of 8,623.31 billion [2] Market Performance - The Shanghai Composite Index decreased by 1.47%, while the Shenzhen Component Index fell by 4.99% during the week of October 13-17, 2025 [6][11] - The light industry manufacturing index dropped by 2.22%, ranking 13th among 28 Shenwan industries, while the textile and apparel index decreased by 0.31%, ranking 5th [6][11] Key Company Insights - Companies such as Bubble Mart are expected to release Q3 operational data, with new product launches anticipated to drive performance in Q4 [6] - 361 Degrees reported a stable performance with a 10% increase in offline and children's clothing sales, and a 20% increase in e-commerce sales [6] - Anta Sports, Li Ning, and other functional apparel brands are highlighted for their growth potential [6] Investment Opportunities - The report suggests focusing on the acceleration of the Chinese consumption supply chain going overseas, particularly in non-woven fabric manufacturing [6][7] - Companies like Yanjiang Co. are recommended for their advanced production techniques and global supply chain capabilities [7] - The pet supplies sector is also highlighted, with companies like Yuanfei Pet expected to benefit from growth in both OEM and OBM businesses [6][7] Sector Recommendations - The report recommends monitoring companies in the home furnishing sector, such as Xilinmen and Gujia Home, for potential recovery in performance and valuation [6] - In the paper industry, Sun Paper is recommended due to its integrated advantages and expected improvement in profitability [6][7] - The textile manufacturing sector suggests a focus on companies like Jingyuan International for their market share growth potential [6][7]

Group 1 - The company Nanshan Zhishang (300918) reported that as of October 10, 2025, the number of shareholders is 29,340 [1]