证券研究报告|轻工制造 [Table_Title] 2025 年业绩预告表现平淡，家居用品子板 块预盈率相对较高 [Table_ReportType] ——轻工制造行业 2025 年业绩预告综述[Table_ReportDate] [Table_Summary] 投资要点： 轻工业绩预告表现平淡，预盈率为44%。截至2026年2月13日，轻工制造 行业共计168家A股公司，已有84家发布业绩预告，行业披露率为50%， 在消费八大行业中位列第4，行业预盈率44%，在消费八大行业中排行第 7。分具体业绩预告类型来看，受弱宏观环境、消费需求疲软等不利因 素影响，19%的轻工公司2025年出现预减，同时仍有38%的公司连续两年 持续亏损，相较2024年，比例均有所增加。此外，预增/略增的公司占 比分别为11%/2%，对比2024年，占比均有所下降。 子板块业绩表现分化，家居用品板块预盈率较高。从披露率来看：4个 子板块仅家居用品披露率过半，为53%；造纸披露率为50%，包装印刷披 露率为49%，文娱用品披露率最低，为41%。从预盈率来看：各子板块业 绩分化明显，家居用品板块已披露业绩预告的公司预盈率为53%，在轻 工 ...

证券代码：300651 证券简称：金陵体育 公告编号：2026-005 江苏金陵体育器材股份有限公司 2025 年前三季度权益分派实施公告 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。 江苏金陵体育器材股份有限公司（以下简称"公司"）2025 年前三季度权 益分派方案已获 2026 年 1 月 14 日召开的公司 2026 年第一次临时股东会审议通 过，现将权益分派事宜公告如下： 1、2025 年前三季度利润分配预案的公告（公告编号：2025-104）以截止 2025 年 9 月 30 日的公司总股本 141,209,688 股为基数，向全体股东每 10 股派发 现金股利人民币 1.0 元（含税），合计派发现金股利人民币 14,120,968.80 元（含 税）。 2、本次实施的分配方案与股东会审议通过的分配方案一致。 三、权益分派对象 本次分派对象为：截止 2026 年 3 月 10 日下午深圳证券交易所收市后，在中 国证券登记结算有限责任公司深圳分公司（以下简称"中国结算深圳分公司"） 登记在册的本公司全体股东。 四、权益分派方法 3、本次实施分配方案距 ...

证券代码：300651 证券简称：金陵体育 公告编号：2026-004 江苏金陵体育器材股份有限公司 关于控股子公司获得高新技术企业证书的公告 根据国家对高新技术企业税收优惠政策的相关规定，金陵玻璃自本次通过高 新技术企业认定后，将连续三年享受国家关于高新技术企业的相关优惠政策，即 按 15%的税率缴纳企业所得税。 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。 江苏金陵体育器材股份有限公司(以下简称"公司")控股子公司苏州金陵玻 璃科技有限公司(以下简称"金陵玻璃")于近日收到江苏省科学技术厅、江苏省 财政厅、国家税务总局江苏省税务局联合颁发的《高新技术企业证书》，发证日 期：2025 年 12 月 19 日，证书编号为：GR202532010723，资格有效期三年。 江苏金陵体育器材股份有限公司董事会 2026 年 3 月 3 日 特此公告。 ...

证券日报网讯 2月25日，金陵体育在互动平台回答投资者提问时表示，截至2026年2月13日，公司股东 人数为14783户。 （文章来源：证券日报） ...

Core Viewpoint - The report highlights the growth and competitive landscape of the sports goods manufacturing industry in China, indicating a slight increase in the number of enterprises and their significance within the industrial sector [1]. Industry Summary - As of January to December 2025, the number of enterprises in the cultural, educational, artistic, sports, and entertainment goods manufacturing sector reached 11,056, an increase of 159 enterprises compared to the previous year, representing a year-on-year growth of 1.46% [1]. - This sector accounts for 2.1% of the total number of industrial enterprises in China [1]. Company Summary - The report includes a list of relevant companies in the industry, such as Yuanfei Pet (001222), Zhejiang Zhengte (001238), Sanbai Shuo (001300), and others, indicating a diverse range of players in the market [1]. - The data is sourced from the National Bureau of Statistics and compiled by Zhiyan Consulting, a leading industry consulting firm in China [1].

Core Viewpoint - The rapid aging of society and the increasing popularity of the "Healthy China" and "National Fitness" concepts have led to a surge in demand for basic sports and leisure activities, indicating a significant potential for the sports industry. The construction of sports towns across the country serves as an ideal platform for the development of the sports industry, reflecting the essence of characteristic towns while integrating rich sports cultural resources and industrial clustering functions [1][9]. Summary by Sections 1. Overview of the Sports Town Construction Industry - Sports towns, also known as "sports characteristic towns," are defined as new town forms centered around the sports industry, integrating various sectors such as sports, health management, leisure tourism, event activities, and training education. They typically feature complete sports facilities, rich sports culture, beautiful natural environments, and unique cultural landscapes to meet diverse demands for sports, health management, and leisure tourism [2][3]. 2. Advantages of Sports Towns - Sports towns promote the development and upgrading of the sports industry by attracting top domestic and international events, creating sports culture and tourism brands, and providing specialized sports training and health management services [3][4]. - They contribute to regional economic development by enhancing local visibility and driving related industries such as tourism, hospitality, and dining [3][4]. - The construction and development of sports towns emphasize ecological protection and sustainable development while promoting the dissemination of sports culture [3][4]. 3. Industry Policies Related to Sports Town Construction - The emergence of sports towns is supported by national policies aimed at promoting both characteristic towns and the sports industry. Recent policies have provided strong market growth momentum for sports town construction, such as the 2022 report from the Zhejiang Provincial Government and the 2025 opinion from the State Council on unleashing sports consumption potential [5][6]. 4. Industry Chain of Sports Town Construction - The upstream of the sports town construction industry chain includes manufacturers of sports facilities, sports goods, and venue operators, providing necessary infrastructure and products. The midstream involves planning, design, construction, and operation of sports towns, while the downstream includes promotion platforms, distributors, and consumers [6][7]. 5. Current Development Status of the Sports Town Construction Industry - The sports industry is experiencing unprecedented development opportunities due to rapid economic growth and rising living standards. The total scale of the national sports industry is projected to reach 38,421 billion yuan in 2024, with a value-added of 16,033 billion yuan, accounting for 1.19% of GDP, an increase of 0.04 percentage points from 2023 [7][8]. 6. Competitive Landscape and Key Enterprises in the Sports Town Construction Industry - The competitive landscape of the sports town construction industry is characterized by diversification and complexity, with large sports enterprises, well-known scenic areas, and local governments holding competitive advantages. Key enterprises include companies like Lian Da Sports Town Development Co., Ltd., Hunan Lotus Sports Health Town Development Co., Ltd., and others [10][11]. 7. Development Trends in the Sports Town Construction Industry - Future trends include the integration of content experiences and thematic extensions, with sports towns evolving into "sports + culture + health" destinations. There will be a focus on immersive thematic environments and local cultural integration [14]. - The industry will also see advancements in digitalization and smart services, utilizing IoT, big data, and virtual technologies for refined operations and enhanced user engagement [15]. - Emphasis on ecological sustainability and low-carbon practices will deepen, with a focus on environmental protection and resource recycling in the planning and operation of sports towns [16].

Group 1 - The core point of the article is that Jinling Sports (300651) received a dividend of 4.5 million yuan from its subsidiary, which will help improve the company's cash flow but will not directly impact the consolidated net profit [1] - The company’s chairman, Dai Suping, attended a seminar on the silver economy and announced the launch of the first "Silver Fly Super" league project, which aims to integrate technology, sports, and health care, covering 95 districts and counties in Jiangsu province and expecting to attract over 20,000 participants [1] Group 2 - In the recent stock performance, Jinling Sports' stock price showed volatility over the past week, closing at 25.78 yuan on February 11, down 0.92% with a trading volume of 1.31 billion yuan and a turnover rate of 5.80% [2] - The stock reached a high of 26.54 yuan and a low of 25.00 yuan on February 5, with a cumulative increase of 2.63% over the last five days and a year-to-date increase of 26.50% [2] - On February 6, there was a net outflow of 6.39 million yuan in main funds, but overall trading remained active during the period [2]

Group 1 - The core point of the article is that Jinling Sports announced the receipt of a cash dividend of 4.5 million yuan from its associate company, Jinling Sports Industry Park, which corresponds to 45% of its equity stake [2] - The dividend is derived from the cumulative distributable profits of Jinling Sports Industry Park as of September 30, 2025, and is distributed according to the investment ratio [2] - The company will account for this investment using the equity method, and the dividend will improve cash flow without affecting the consolidated net profit [2]

Core Viewpoint - Jinling Sports (300651.SZ) announced that it received a dividend payment of 4.5 million RMB from its associate company, Zhangjiagang Jinling Sports Industry Park Development Co., Ltd [1] Group 1 - The company received a dividend amounting to 4.5 million RMB [1]

证券代码：300651 证券简称：金陵体育 公告编号：2026-003 江苏金陵体育器材股份有限公司 关于收到参股公司分红的公告 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。 近日江苏金陵体育器材股份有限公司（以下简称"公司"）收到参股公司张 家港金陵体育产业园开发有限公司（以下简称"金陵体育产业园"）分红款项人 民币 4,500,000.00 元。具体情况如下： 根据金陵体育产业园股东会决议，金陵体育产业园按照各位股东在金陵体育 产业园注册资本中的出资比例，对截至 2025 年 9 月 30 日累计可分配利润中的部 分利润进行分配，其中公司持有金陵体育产业园 45%股权，可获得现金分红款人 民币 4,500,000.00 元。截止本公告披露日，公司已收到上述全部现金分红款项。 公司对参股公司的长期股权投资按权益法核算，上述分红款有助于改善公司 现金流，对公司合并报表净利润无影响。公司将根据后续进展情况及时履行信息 披露义务，敬请广大投资者注意投资风险。 特此公告。 江苏金陵体育器材股份有限公司董事会 2026 年 2 月 11 日 ...