开润股份 20251128 摘要 开润股份箱包业务受益于 VF、优衣库等次新客户的增长，抵消了部分海 外关税影响，预计全年箱包收入增速保持稳定，并积极拓展阿迪达斯等 新客户，同时计划扩建印尼产能以支持未来订单增长。 服装板块通过控股佳乐，受益于印尼作为全球纺织制造中心的崛起和未 来关税政策优势，客户需求迅猛增长，目前产能利用率 50-60%，未来 两年将侧重提升现有产能效率。 箱包业务核心客户 Nike 和迪卡侬 2025 年增速放缓，但预计 2026 年将 显著恢复；VF 客户实现双位数增长，成为重要增长点。印浆板块受益于 印尼产业园运营提效，2025 年增速达 30%-50%，预计 2026 年仍保 持良好增长态势。 IT 类客户收入占比不到 20%，增速较低，但液体、Tuler、克劳威、优 衣库等小客户增速可观。服装板块大客户包括优衣库（占比 40%- 50%）、阿迪达斯（约 30%）、PUMA 和 MUJI。 新客户拓展标准明确，规模体量和毛利水平需高于现有平均水平，新引 入的户外及知名运动休闲品牌毛利率相对较高，有望带动整体毛利率提 升。 Q&A 请介绍一下开润公司在 2025 年第三季度的接单情况 ...

随着这起历时逾一年的并购交易最终折戟，华康股份将如何提振自身持续承压的盈利能力也成为业界关注的重点。 据财报数据，近年来华康股份业绩出现增收不增利，2024年，华康股份营收为28.08亿元，同比微增0.93%；归母净利润为2.68亿元，同比下降27.72%。2025 年前三季度，公司实现营收29.59亿元，同比增长40.52%；归母净利润为1.68亿元，同比下降9.91%。 业内人士猜测，公司未来的增长重心或将更依赖于自有产能的释放与消化，以此寻求业绩的内生动力。公开信息显示，华康股份正持续推进其在浙江舟山建 设的"200万吨玉米精深加工健康食品配料项目"，其中，一期项目"100万吨玉米精深加工健康食品配料项目"第一阶段基本建设已于年内完成，处于产能逐步 爬坡、生产效率逐步提升阶段，第二阶段规划的各个产品线也将择机投入建设，其中阿洛酮糖部分产能正在建设中。该项目全部建成后，公司将形成功能性 糖醇、淀粉糖及其他健康食品配料生产能力105.38万吨。 詹军豪表示，华康股份押注产能扩张或难以缓解短期盈利压力，新增产能投产初期的折旧摊销、产能利用率不足等问题可能进一步拉低利润率，长期来看， 若产品契合健康食品配料市场 ...

华泰期货研究 2026 年期货市场展望 单边中性。2026 年丙烯自身基本面承压格局难有改观，价格或持续震荡偏弱，炼厂利润仍偏收缩，同时 PDH 利润亦逐步收缩，短期下 行空间亦有限，仍需通过利润缩减倒逼开工下降以实现供需新平衡；丙烯 2026 年下游投产换算丙烯需求增量大于丙烯自身投产量级，但 多集中于 Q4 季度投产，上半年丙烯供需宽松格局预期不变，库存压力持续下关注 PL03-05 跨期反套机会，等待下半年下游投产高峰兑 现。 下游投产节奏放缓，供应宽松格局持续 Chemical Research 化工板块研究 本期分析研究员 从业资格号：F3056198 投资咨询号：Z0015616 陈莉 从业资格号：F0233775 投资咨询号：Z0000421 联系人 华泰期货研究院化工板块研究 2025 年 11 月 30 日 梁宗泰 杨露露 从业资格号：F03128371 刘启展 从业资格号：F03140168 梁琦 从业资格号：F03148380 期货研究报告 | 丙烯年报 2025-11-30 （3）进出口格局方面，2025 年中国丙烯进口量大体上呈现减少趋势，进 口依存度逐步降低。2025 年 1-10 ...

科大智能公告，公司第六届董事会第八次会议审议通过了关于公司发行H股股票并于香港联合交易所有 限公司主板上市的议案。本次发行的H股股票将申请在香港联交所主板挂牌上市，发行方式为香港公开 发售及国际配售相结合。发行规模不超过公司总股本的15%，并可根据市场情况行使超额配售权。募集 资金将用于公司业务发展，包括全球化战略、技术研发、产能扩张等。本次发行上市相关事项尚需公司 股东会审议。 ...

| | 倒计时20天 | | | --- | --- | --- | | | 2025（第十届）起点锂电行业年会暨锂电金鼎奖颁奖典礼 | | | | &起点研究十周年庆典 | | | | 2025起点用户侧储能及电池技术论坛 | | | 活动主题： | 新周期 新生态 | 新技术 | | 活动时间： | 2025年12月18-19日 | | | 活动地址： | 深圳市维纳斯皇家酒店（深圳国际会展中心京基百纳店）二楼维纳斯厅（深圳市宝安区沙井 | | | 镇沙井路118号） | | | | 主办单位： | 起点锂电、起点固态电池、起点储能、起点研究院SPIR | | 活动规模： 线下1200+，在线直播观看30000+ 2025 年上半年宁德时代电池系统产能利用率达 89.86% ， 10 月进一步提升至接近满产状态。部分产线甚至达到 110% 的超负荷运转，但 仍无法满足订单需求。 此前就有报道称，数家中国车企的采购人士集中到宁德时代总部的销售办公室 "堵门"，以期在新能源车购置税补贴退坡前的最后一个销售季 度，锁定宁德时代电池产能。 为满足市场需求， 2025 年至今宁德时代开启 大 扩张模式。 11 月 ...

投资者关系活动记录表 编号：2025-10 证券代码：002714 证券简称：牧原股份 牧原食品股份有限公司 三、公司如何做好今年冬季的疫病防控？ 在冬季疫病高发期来临前，公司对往年的防控经验进行总结，提前部署整 体疫病防控工作。当前公司已建立起全方位的防控体系，对各项疫病实现常态 化的防控管理。第一，在硬件装备上，公司构筑了坚实的物理屏障，猪舍均配 备了空气过滤系统，通过四级过滤系统从源头阻断病毒传播。同时，场区配套 的智能洗澡间、车辆智能洗消中心等设施，确保了人员与物资入场的安全，极 大地降低了外部输入风险；第二，在技术应用上，公司依托智能化手段实现精 准预警与高效处置，通过在猪舍内部署的巡检机器人、声音采集器等各项智能 装备，全天不间断地监测猪只健康状况，能够在疫病发生的早期及时预警；第 三，在管理优化上，公司推行疫病防控标准化流程并强化执行保障，已建立了 从人员入场、物资配送到场内操作的全流程标准化制度，对生产全员进行培训 赋能、认证提升，并且成立了专业的疫病防控专项团队，确保快速响应与处置， 同时通过对激励方式的优化有效激发全员的主动防控意识。公司会努力做好今 年冬季的疫病防控，保持整体生产情况的稳 ...

Core Viewpoint - The battery industry is increasingly focusing on upstream investments to secure key resources, with companies like Ningde Times and Tianhua New Energy forming strategic partnerships to enhance supply chain stability and meet growing market demand [1][2][3]. Group 1: Company Transactions and Partnerships - Tianhua New Energy announced a transfer of 108 million unrestricted shares to Ningde Times for a total price of 2.635 billion yuan, which represents 12.95% of Tianhua's total shares [1]. - After the transaction, Ningde Times will hold 13.54% of Tianhua New Energy, becoming a significant strategic shareholder [1]. - This is not the first collaboration between the two companies; Ningde Times previously held 0.59% of Tianhua and has been involved in joint ventures such as Tianyi Lithium Industry, focusing on lithium hydroxide production [2]. Group 2: Industry Trends and Capacity Expansion - Major battery manufacturers, including Ningde Times, are actively expanding their upstream resource integration to ensure stable supply chains amid increasing demand for lithium resources [4]. - Ningde Times is expanding its production capacity across multiple locations, with significant expansions planned in Jining, Guangdong, and other regions, including an expected addition of over 100 GWh of energy storage capacity by 2026 in Jining [5]. - The lithium market has seen a price recovery, with lithium carbonate prices rising from around 60,000 yuan/ton to over 70,000 yuan/ton since the second half of the year [7]. Group 3: Future Market Outlook - Analysts predict that global lithium carbonate production could reach approximately 1.37 million tons by 2025, with China contributing about 70% of this output [7]. - The demand for energy storage and power batteries is expected to grow significantly due to favorable policies and market conditions, leading to a sustained high demand for lithium resources [7]. - The lithium supply-demand balance is anticipated to shift towards tight equilibrium between 2025 and 2028, with lithium prices expected to stabilize between 80,000 and 100,000 yuan/ton by 2026 [7].

Investment Rating - The report maintains a "Buy" rating for the company, indicating a strong performance relative to the market [8]. Core Insights - The company has signed an agreement to acquire 100% equity of Shandong Energy Equipment Group's high-end support manufacturing company for an assessed value of 345 million yuan, which is expected to enhance its integrated layout in the equipment manufacturing sector and reduce procurement costs [6]. - For the first three quarters of 2025, the company reported total revenue of 104.96 billion yuan, a year-on-year decrease of 11.64%, and a net profit attributable to shareholders of 7.59 billion yuan, down 39.15% year-on-year [8]. - The company’s coal production and sales volume increased year-on-year, while coal prices decreased. In the first three quarters of 2025, the production of commercial coal reached 135.89 million tons, up 6.94% year-on-year, and sales volume was 126.44 million tons, up 2.64% year-on-year [8]. - The company completed the acquisition of a 51% stake in Northwest Mining, which is expected to add significant coal resources and further expand production capacity [8]. Financial Summary - The company’s projected total revenue for 2025 is 144.96 billion yuan, with a year-on-year growth rate of 4.2% [7]. - The estimated net profit for 2025 is 10.16 billion yuan, reflecting a year-on-year decrease of 32.5% [7]. - The earnings per share (EPS) for 2025 is projected to be 1.01 yuan, with a gross profit margin of 29.3% [7]. - The company’s return on equity (ROE) is expected to be 12.4% in 2025 [7].

Core Insights - The company, Yabo Xuan, is experiencing rapid growth in its performance, with a saturated production capacity and plans to release new capacity ahead of schedule [4][5][6] Financial Performance - In the first three quarters of 2025, the company achieved operating revenue of 419 million yuan, a year-on-year increase of 55.9%, and a net profit attributable to shareholders of 48.72 million yuan, up 36.59% [5] - The third quarter alone saw operating revenue of 169 million yuan, representing an 86.75% year-on-year increase and a 10.38% quarter-on-quarter increase [5] - The significant growth in performance is attributed to the rapid increase in automotive electronics orders and deepened cooperation in the industrial control sector [5][6] Production Capacity and Expansion - The company has been operating at full capacity and is constructing a new factory that is more than twice the size of the old one, with over 100 million yuan invested in construction [5][6] - The new factory is expected to be operational by the end of this year, which will enhance manufacturing capabilities and allow for a shift from standardized production to customized services [6] Research and Development - The company has consistently increased its R&D expenses for seven consecutive years, with a year-on-year growth of over 35% in the latest quarter [6] - Yabo Xuan holds a total of 54 patents, including 15 invention patents and 39 utility model patents, with 16 new patents added this year [6] Market Position and Strategic Development - The company has successfully entered the supply chains of leading automotive manufacturers and deepened collaborations in the industrial control sector following its listing [10] - Since its listing, Yabo Xuan has maintained a high dividend payout ratio exceeding 70%, significantly above the industry average [10] - The company plans to continue optimizing its dividend strategy while ensuring capacity expansion and R&D investment [10]

Group 1: Investor Relations Activities - The investor relations activity was conducted on November 27, 2025, with participation from various financial institutions and analysts [2] - The meeting was held online via Tencent Meeting and offline in Zhongshan [2] Group 2: Impact of Tariff Policies - The increase in U.S. import tariffs will raise costs for customers exporting to the U.S., but will not affect exports to non-U.S. regions [2] - Historically, tariffs have been borne by brand customers (importers), ultimately passed on to consumers [2] - The company is focused on cost optimization across the supply chain in response to tariff impacts [2] Group 3: Factory Operations and Profitability - The first factory in Indonesia achieved profitability in Q3 2025, with management confident in its future performance [2][3] - The company is adjusting management practices to leverage Indonesia's advantages in labor supply and cost [2][3] - The company has three out of four new factories achieving profitability targets in Q3 2025 [3][5] Group 4: Capacity Utilization and Planning - The company maintains flexible capacity utilization, adjusting based on order demand and factory stages [4] - Future capacity expansion is planned, with a focus on new factories in Indonesia [5] - The company aims to keep capacity utilization high by managing production schedules and workforce [4][5] Group 5: Average Selling Price and Revenue - Average selling price fluctuations are influenced by customer and product mix changes [6] - The company employs a diversified brand strategy to optimize customer and product structures, impacting average selling prices [6] Group 6: Dividend Policy - The company has a strong focus on shareholder returns, with cash dividends in 2021 accounting for approximately 89% of net profit [7] - In 2023, cash dividends represented about 44% of net profit, with a projected 70% for 2024 [7] - The company has accumulated significant undistributed profits (approximately 9 billion RMB as of September 2025) and aims to maintain or increase dividend payouts [7]