| 证券代码：300577 | 证券简称：开润股份 | 公告编号：2025-041 | | --- | --- | --- | | 债券代码：123039 | 债券简称：开润转债 | | 安徽开润股份有限公司 关于可转换公司债券转股价格调整的公告 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： 一、关于可转换公司债券转股价格调整的相关规定 经中国证券监督管理委员会《关于核准安徽开润股份有限公司公开发行可转 换公司债券的批复》（证监许可[2019]2577 号）核准，安徽开润股份有限公司（以 下简称"公司"）于 2019 年 12 月 26 日公开发行可转换公司债券 2,230,000 张。根 据《安徽开润股份有限公司创业板公开发行可转换公司债券募集说明书》（以下 简称"募集说明书"），在本次发行之后，当公司发生派送股票股利、转增股本、 增发新股或配股、派送现金股利等情况（不包括因本次发行的可转债转股而增加 的股本）使公司股份发生变化时，将按下述公式进行转股价格的调整（保留小数 点后两位，最后一位四舍五入）： 派送股票股利或转增股本：P1= P0/（ ...

Investment Rating - The industry rating is "Recommended" [4] Core Insights - The report highlights that Tmall and Taobao platforms experienced negative growth in various categories in April 2025, with the highest growth seen in Jin Hong Group [7] - Deckers reported a 16.3% revenue increase to $4.986 billion for FY2025, with operating profit rising by 27.1% to $1.179 billion, and a gross margin increase of 2.3 percentage points to 57.9% [15] - VF Corporation's revenue decreased by 4% to $9.504 billion for FY2025, with a net loss of $190 million, although the loss narrowed compared to the previous year [16] Summary by Sections Company Performance - Tmall and Taobao platforms saw negative growth across categories in April 2025, with Jin Hong Group showing the highest growth [7] - Deckers' FY2025 revenue grew by 16.3% to $4.986 billion, with operating profit increasing by 27.1% to $1.179 billion, and a gross margin of 57.9% [15] - VF Corporation's revenue fell by 4% to $9.504 billion, with a net loss of $190 million, but the loss was less than the previous year [16] - Amphenol's Q1 2025 revenue was $1.473 billion, with a net profit increase of 2539.22% [17] Market Trends - The textile and apparel industry saw a decline in stock performance, with the SW textile and apparel sector down 1.31% [20] - The cotton price index in China increased by 0.29% as of May 23, 2025, while the medium import cotton price index rose by 1.06% [30] - The USDA forecasts a 2.7% decrease in global cotton production for the 2025/2026 season [40] Investment Recommendations - The report suggests short-term recommendations for companies with high U.S. revenue exposure and significant prior declines, while mid-term recommendations focus on companies with high overseas exposure [18][19] - Long-term recommendations include companies with growth potential, such as Zhejiang Natural and Kai Run Co., which have favorable market positions [19]

根据市场公开信息及5月22日披露的机构调研信息，知名私募仁桥资产近期对1家上市公司进行了调研， 相关名单如下： 1）开润股份 （仁桥资产参与公司分析师会议） 调研纪要：开润股份在2024年和2025年一季度实现了显著的业绩增长，营业收入和净利润均创历史新 高。公司所处的箱包和服装行业规模持续增长，中国箱包和服装市场分散但集中度有望提升。公司业绩 增长得益于全球化产能布局和精益管理，特别是在印尼、中国、印度等地的生产基地中推进精益管理、 数字化信息化以及ESG建设。未来，公司将继续拓展优质客户，提升代工制造和品牌经营业务，特别是 在针织面料及服装新品类的探索布局，并通过科学敏锐的消费者洞察推出好产品，提升品牌美誉度。 机构简介： 仁桥（北京）资产管理有限公司成立于2017年5月，中国证券投资基金业协会登记备案的仁桥（北京） 资产管理有限公司成立于2017年5月，由原诺安基金事业部投资总监夏俊杰先生创立。"仁桥"即通往仁 心的桥梁。"仁"是我们的长期愿景，是需要不断为之奋斗的目标；"桥"是人与水的完美融合，代表对财 富的态度，本质上是一种取之于社会用之于社会的态度。仁桥资产的核心团队均来自国内大型商业银 行、公募 ...

一、与专业投资机构共同投资情况概述 安徽开润股份有限公司（以下简称"公司""本公司"）全资子公司宁波浦润 投资合伙企业（有限合伙）（以下简称"宁波浦润"）于 2024 年 8 月 2 日与专业 投资机构天津砺思企业管理咨询有限公司及其他有限合伙人签署了《天津砺思星 棠海河创业投资合伙企业（有限合伙）合伙协议》，宁波浦润拟作为有限合伙人， 使用自有资金 2,000 万元参与投资天津砺思星棠海河创业投资合伙企业（有限合 伙）（以下简称"砺思星棠海河"）。具体内容详见巨潮资讯网 www.cninfo.com.cn （2024-093）。 2024 年 9 月 3 日，宁波浦润收到砺思星棠海河普通合伙人天津砺思企业管 理咨询有限公司的通知，砺思星棠海河已完成工商变更手续，并取得天津市南开 区市场监督管理局颁发的营业执照。2024 年 9 月 4 日，宁波浦润根据《天津砺 思星棠海河创业投资合伙企业（有限合伙）合伙协议》及天津砺思企业管理咨询 有限公司出具的《天津砺思星棠海河创业投资合伙企业（有限合伙）缴款通知书》 要求，完成第一期认缴出资额 800 万元的实缴。具体内容详见巨潮资讯网 www.cninfo.com.c ...

Industry Overview - The company operates in the bag and apparel sector, part of the textile industry. In 2024, China's total retail sales of consumer goods are projected to reach CNY 483.345 billion, a growth of 3.5% year-on-year [2] - The global bag market is expected to reach USD 170.2 billion in 2025, growing by 6.1%, while the Chinese bag market is projected to reach CNY 232.7 billion, with a year-on-year increase of 5.9% [2] - The global apparel market is anticipated to reach USD 1,509.9 billion in 2025, growing by 4.1%, and the global sportswear market is expected to reach USD 431.6 billion, with a growth of 5.9% [2] Company Performance - In 2024, the company achieved a revenue of CNY 4.24 billion, a year-on-year increase of 36.56%, and a net profit attributable to shareholders of CNY 381 million, up by 229.52% [3] - For Q1 2025, the company reported a revenue of CNY 1.234 billion, a growth of 35.57%, and a net profit of CNY 85 million, increasing by 20.12% [4] Growth Drivers - The company has focused on lean management, digitalization, and ESG initiatives across its global production bases, enhancing its competitive edge in the bag category while expanding its apparel manufacturing business [4] - The global production layout in countries like Indonesia, China, and India has allowed the company to optimize production efficiency and increase market share among new and existing clients [4] Future Strategy - The company plans to continue its focus on high-quality client strategies, expanding its key customer base, and exploring new categories in knitted fabrics and apparel [5] - It aims to enhance its order delivery capabilities and quality through a robust global production system, while also accelerating digital transformation and improving management efficiency [5] - The brand management strategy will focus on consumer insights, product innovation, and enhancing brand reputation, particularly in the luggage and bag categories [6]

Market Trends - The domestic market indices showed positive performance with the Shanghai Composite Index closing at 3,380.48, up by 0.38% [4] - The Shenzhen Component Index closed at 10,249.17, reflecting a 0.77% increase [4] Industry Commentary: Home Appliances - In April 2025, the retail sales of home appliances and audio-visual equipment reached 914 billion yuan, marking a year-on-year growth of 38.8%, the highest among all categories [6] - The overall retail sales in April 2025 totaled 37,174 billion yuan, with a year-on-year increase of 5.1% [6] - The growth in home appliance sales is attributed to policy stimuli and a recovery in housing sales, indicating a strong upward trend in industry sentiment [6][7] - The "green appliance subsidy" and promotional activities from e-commerce platforms have significantly boosted short-term demand [6] - Online retail sales of home appliances grew by 21.8% in April, with standout performances in categories like vacuum robots and electric heaters, which saw increases of 80.6% and 174.9% respectively [6] Industry Commentary: Electric Equipment and New Energy - Huawei and Ubtech signed a comprehensive cooperation agreement focusing on humanoid robots and intelligent applications [11] - The price of polysilicon has decreased by 5.1% to 37.0 yuan/kg, driven by high inventory levels and declining downstream product prices [9][12] - The solar industry is experiencing price declines across the supply chain, with significant drops in silicon wafer and battery prices due to weak demand [13] Industry Commentary: Basic Chemicals - The price of polyester has surged due to cost and macroeconomic changes, with a long-term positive outlook for tire companies with global layouts [13] - The average price of N-type battery cells has decreased by 1.9%, reflecting ongoing price competition in the solar component market [13] Company Commentary: Huichuan Technology - Huichuan Technology reported a revenue of 37.041 billion yuan for 2024, a year-on-year increase of 21.77%, while net profit decreased by 9.62% [21] - The company aims for a revenue growth of 10%-30% and net profit growth of 5%-25% in 2025, driven by the expansion of its new energy vehicle business [21] - The company holds a leading market share in various automation products, with a focus on enhancing its capabilities in the process industry [21] Company Commentary: Bichu Electronics - Bichu Electronics achieved a revenue of 1.735 billion yuan in 2024, with a year-on-year growth of 23.33% and a net profit increase of 21.10% [22] - The company is focusing on expanding its intelligent welding business, which is expected to see significant growth [22][26]

| 证券代码：300577 | 证券简称：开润股份 | 公告编号：2025-039 | | --- | --- | --- | | 债券代码：123039 | 债券简称：开润转债 | | 恢复转股时间：公司 2024 年度权益分派股权登记日后的第一个交易日 鉴于安徽开润股份有限公司（以下简称"公司"）将于近日实施公司 2024 年度权益分派，根据《安徽开润股份有限公司创业板公开发行可转换公司债券募 集说明书》中"转股价格的调整方式及计算公式"条款的规定（详见附件），自 2025 年 5 月 21 日起至本次权益分派股权登记日止，公司可转换公司债券（债券 简称：开润转债；债券代码：123039）将暂停转股，本次权益分派股权登记日后 的第一个交易日起恢复转股。在上述期间，公司可转换公司债券正常交易，敬请 公司可转换公司债券持有人注意。 特此公告。 安徽开润股份有限公司 董 事 会 2025 年 5 月 20 日 安徽开润股份有限公司 关于实施权益分派期间"开润转债"暂停转股的公告 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： 债券代码：123039 ...

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。 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）。含 公司为子公司提供担保的总额度为人民币 370,000 万元，及控股子公司为子公司 提供担保的总额度为人民币 3,600 万元。具体内容详见 2024 年 12 月 7 日于巨潮 资讯网 www.cninfo.com.cn 披露的《关于对外担保额度预计的公告》（2024-141）。 | 证券代码：300577 | 证券简称：开润股份 | 公告编号：2025-038 | | --- | --- | --- | | 债券代码：123039 | 债券简称：开润转债 | | 安徽开润股份有限公司 关于对外担保的进展公告 公司于 2025 年 4 月 25 日召开第四届董事会第二十 ...

Investment Rating - The report maintains an investment rating of "Synchronize with the market" for the textile and apparel industry [2][26]. Core Viewpoints - The textile and apparel sector shows steady demand with a low single-digit growth in retail sales, while sports and entertainment products continue to grow rapidly [7]. - In April 2025, the retail sales of gold and silver jewelry increased by 25.3%, indicating strong consumer interest [6][7]. - The report highlights the performance of online channels, which outperformed overall retail sales, with a 5.8% year-on-year growth in physical goods online retail [5]. Summary by Sections Market Performance - In April 2025, the total retail sales in China reached 3.72 trillion yuan, growing by 5.1% year-on-year, which was below market expectations [4]. - The consumer confidence index in March 2025 was 87.5, reflecting a 0.9% decline month-on-month [4]. Channel Performance - Online channels showed a year-on-year growth of 5.8% in physical goods retail, while offline channels like department stores and brand specialty stores performed weakly [5]. Category Performance - In April 2025, the retail sales of textiles and apparel grew by 2.2% year-on-year, while sports and entertainment products saw a growth of 23.3% [6]. - The report notes that during the "May Day" holiday, clothing retail sales showed a slight increase, with sportswear and children's clothing performing particularly well [7]. Investment Recommendations - The report recommends focusing on sports brands such as Anta Sports and 361 Degrees, as well as home textile companies benefiting from government subsidies like Luolai Life and Mercury Home Textile [7]. - For textile manufacturing, companies like Shenzhou International and Yuyuan Group are suggested due to their low valuations and growth potential [9].

Group 1: Fund Research - The stock market indices mostly rose last week, with the Shanghai Composite Index and CSI 300 showing significant gains. Among 31 industry sectors, 22 experienced increases, with the top five being beauty care, non-bank financials, automotive, transportation, and chemicals. The bottom five sectors included computer, defense, media, electronics, and leisure services [2][3] - The net outflow of stock ETFs increased significantly, totaling 30.651 billion yuan, with the CSI 300 index experiencing the largest outflow of 5.153 billion yuan. The average daily trading volume for ETFs reached 246.616 billion yuan [3][4] - The average net value of equity funds rose by 0.56%, while bond funds showed mixed performance. The average net value of mixed bond funds increased by 0.03%, with a positive return ratio of 57.14% [3][4] Group 2: Industry Research - In April, retail sales of furniture increased by 26.9% year-on-year, driven by the domestic replacement policy, although the growth rate slowed compared to March. The contract liabilities of the customized home furnishing sector grew by 60.5% year-on-year, indicating potential improvement in company performance [5][6] - The easing of US-China tariff tensions has led to a decrease in costs for fluff pulp, benefiting the sanitary products industry. However, challenges remain for companies like Under Armour, which is undergoing a transformation [5][6] - The light industry manufacturing sector underperformed the CSI 300 index by 0.25 percentage points, while the textile and apparel sector lagged by 0.10 percentage points during the period from May 12 to May 16 [6][7]