格隆汇12月4日丨南山智尚(300918.SZ)在投资者互动平台表示，公司的超高分子量聚乙烯纤维定位高 端，可广泛应用于军工领域和民用领域，包括400D、800D及以上军用防护系列纤维、1000D-1600D海 洋绳网系列纤维、色丝、细旦丝等全品类产品。在军事装备领域，超高纤维是重要的材料，尤其在防弹 衣、防弹头盔和防护装甲制造中，其具有高耐磨性和韧性等特性，使其成为首选材料。超高材料可应用 于电池隔膜领域，公司在技术与材料方面具备相关生产能力，未来将持续关注相关行业动态，若遇适宜 市场契机将稳步推进相关业务布局。 ...

格隆汇12月4日丨南山智尚(300918.SZ)在投资者互动平台表示，公司的超高分子量聚乙烯纤维定位高 端，可广泛应用于军工领域和民用领域，包括400D、800D及以上军用防护系列纤维、1000D-1600D海 洋绳网系列纤维、色丝、细旦丝等全品类产品。在军事装备领域，超高纤维是重要的材料，尤其在防弹 衣、防弹头盔和防护装甲制造中，其具有高耐磨性和韧性等特性，使其成为首选材料。超高材料可应用 于电池隔膜领域，公司在技术与材料方面具备相关生产能力，未来将持续关注相关行业动态，若遇适宜 市场契机将稳步推进相关业务布局。 ...

Core Insights - Nanshan Zhishang has been recognized as a benchmark case in the first national list of excellent supply chain enterprises in the textile and apparel industry due to its innovative "Five Transformations" business model and outstanding supply chain management capabilities [1][5] Group 1: Supply Chain Advantages - The supply chain advantage of Nanshan Zhishang stems from its over 20 years of building an integrated "fabric and clothing" industry chain and a data-driven "end-to-end collaborative system" [3] - The company has established a closed-loop process from raw material procurement to final delivery, achieving an annual production capacity of 16 million meters of fine woolen fabric and 750,000 high-end suits, serving both international luxury brands and customized production for key industries [3] Group 2: Five Transformations Business Model - The "Five Transformations" business model includes marketing precision, design collaboration, supply agility, flexible manufacturing, and lifelong service, which enhances supply chain digital transformation and achieves data integration and collaboration across all business links [5][9] - This model allows for a closed-loop supply chain management system that is precise, efficient, flexible, and sustainable, addressing industry pain points and providing a basis for quality improvement [11] Group 3: Sustainability and ESG Integration - Nanshan Zhishang implements green supply chain management to ensure raw material traceability, energy conservation, emission reduction, and product recycling, incorporating ESG (Environmental, Social, and Governance) criteria into its supplier evaluation system [11] - This approach not only helps the company expand high-end collaborations but also encourages other enterprises to accelerate their digital, intelligent, and green transformations, promoting a stronger position for the Chinese textile and apparel industry in the global supply chain [11]

Market Overview - The textile manufacturing sector experienced a decline of 0.54% on December 2, with Nanshan Zhishang leading the drop [1] - The Shanghai Composite Index closed at 3897.71, down 0.42%, while the Shenzhen Component Index closed at 13056.7, down 0.68% [1] Stock Performance - Notable gainers in the textile manufacturing sector included: - Xinlong Holdings (Code: 000955) with a closing price of 7.17, up 4.06% and a trading volume of 573,900 shares [1] - Jujie Microfiber (Code: 300819) closed at 25.44, up 3.54% with a trading volume of 38,000 shares [1] - Fengzhu Textile (Code: 600493) closed at 7.77, up 3.32% with a trading volume of 201,300 shares [1] - Conversely, Nanshan Zhishang (Code: 300918) saw a significant decline of 3.66%, closing at 17.90 with a trading volume of 68,900 shares [2] Capital Flow - The textile manufacturing sector experienced a net outflow of 83.73 million yuan from institutional investors, while retail investors saw a net inflow of 34.07 million yuan [2] - The overall capital flow indicates a mixed sentiment, with institutional investors withdrawing funds while retail investors continued to invest [2] Individual Stock Capital Flow - Xinlong Holdings had a net inflow of 18.73 million yuan from institutional investors, while retail investors experienced a net outflow of 29.24 million yuan [3] - Jujie Microfiber saw a net inflow of 5.42 million yuan from institutional investors, but retail investors had a net outflow of 14.26 million yuan [3] - Nanshan Zhishang had a net outflow of 12.4 million yuan from institutional investors, indicating a lack of confidence among larger investors [3]

Core Viewpoint - Nanshan Zhishang reported that as of November 20, 2025, the number of shareholders is 26,037 [2] Summary by Category - Company Information - Nanshan Zhishang has 26,037 shareholders as of the specified date [2]

Core Viewpoint - Shandong Province has announced the list of leading enterprises in the new materials sector for 2025, with Nanshan Aluminum and Nanshan Zhishang being recognized for their technological advancements and industry leadership in new materials [1][12]. Group 1: Company Achievements - Nanshan Aluminum has been included in the Shandong Province's new materials leading enterprise cultivation list and has retained its position in the "Top 50 Leading New Materials Enterprises" [1]. - The company focuses on high-quality aluminum alloy new materials, including automotive sheets, aerospace plates, and battery foil, and is a key supplier for major manufacturers like COMAC, Airbus, and Boeing [2]. - Nanshan Zhishang has made significant strides in new materials, particularly in ultra-high molecular weight polyethylene fibers and nylon fibers, achieving large-scale production and international performance standards [4]. Group 2: Industry Context - The new materials industry is recognized globally as a crucial and rapidly developing high-tech sector, essential for gaining competitive advantages and is a key focus area for Shandong Province [1]. - The cultivation list aims to support enterprises in increasing R&D investment, promoting technological innovation, and expanding industrial scale, thereby enhancing the core competitiveness of Shandong's new materials industry [12]. Group 3: Future Directions - Both Nanshan Aluminum and Nanshan Zhishang plan to leverage provincial resources to deepen collaborative innovation in production, education, and research, aiming to solidify their technological leadership and contribute to the development of a strong manufacturing province [11].

Group 1 - The company has achieved full production capacity for its 3,600 tons of ultra-high molecular weight polyethylene products, resulting in a balance between production and sales [2] - The 80,000 tons nylon project is currently in a critical stage of capacity ramp-up, with related capacity being steadily released as planned [2] - The company encourages stakeholders to pay attention to its regular reports and announcements for further updates on progress [2]

Group 1 - The company has achieved full production capacity for its 3,600 tons of ultra-high molecular weight polyethylene products, resulting in a balance between production and sales [1] - The 80,000 tons nylon project is currently in a critical stage of capacity ramp-up, with related capacity being steadily released as planned [1]

Core Viewpoint - Nanshan Zhishang has not yet established any cooperative communication with Xiaopeng as of November 11, and the company will continue to actively seek potential partners for future collaborations [2] Company Summary - Nanshan Zhishang is currently in the process of exploring potential partnerships and is committed to advancing cooperation opportunities [2]

Investment Rating - The report maintains a "Buy" rating for the company, with a target price not specified [7][5]. Core Insights - The company achieved a revenue of 500 million in Q3 2025, representing a year-on-year growth of 28%, while the net profit attributable to shareholders decreased by 38.1% to 42 million [1]. - For the first three quarters of 2025, the company reported a total revenue of 1.2 billion, a 5% increase year-on-year, but the net profit attributable to shareholders fell by 6% to 117 million [1]. - The company has strategically positioned itself in the emerging robotics sector, becoming the first domestic company to secure small batch orders for tendon products, with strategic partnerships established with Junsheng Electronics and others [2]. - The company has built production lines capable of supplying high-durability and high-reliability materials for humanoid robots, meeting future production demands of up to one million units [2]. - The company’s nylon product lines have achieved significant production capacities, with 44,000 tons for PA6 and 36,000 tons for PA66, focusing on differentiated functional fibers for new consumer markets and humanoid robot applications [3]. - A new employee stock ownership plan has been announced to attract and retain core talent, particularly in the robotics business, enhancing the sustainable development of the company's new materials business [4]. Financial Performance Summary - The company’s revenue is projected to grow from 1.6 billion in 2023 to 2.2 billion by 2027, with a compound annual growth rate of approximately 17.12% [11]. - The net profit attributable to shareholders is expected to increase from 202.65 million in 2023 to 282.04 million by 2027, reflecting a growth rate of 20.81% [11]. - The company’s earnings per share (EPS) is forecasted to rise from 0.45 in 2023 to 0.56 in 2027 [11]. - The price-to-earnings (P/E) ratio is projected to decrease from 44.16 in 2023 to 35.66 by 2027, indicating a potential increase in valuation attractiveness [11].