| | √特定对象调研 | □分析师会议 | | --- | --- | --- | | 投资者关系活动 类别 | □媒体采访 | □业绩说明会 | | | □新闻发布会 | □路演活动 | | | √现场参观 | □其他： | | 参与单位名称及 人员姓名 | 山西证券：孙萌、沈一心；爱建证券：蔡培；海富通基金：陈涛；中金资管：韩 婧；海创私募基金：施沙宁；国泰基金：戴计辉；太保资管：罗荣；汇添富基金： | | | | 费海墅、方心诣；中银资管：王瑾；长江证券：柯睿 | | | 时间 | 2025 年 11 月 25 日 | | | 地点 | 临海 | | | 上市公司接待人 员姓名 | 黄志强、郑婷燕 | | | | 互动环节 | | | | 1、近期接单情况怎样？ | | | | 答：受益于冬装补单，近期公司接单趋势向好，但行业景气度整体趋势有待 | | | | 进一步观察，特别是后续冬装消费情况。 | | | | 2、公司产品研发模式是怎样的？ | | | | 答：公司和客户的合作模式主要是以下形式：一是公司设计师根据市场潮流 | | | | 开发出新品供客户进行选择；二是公司设计师根据客户的服装风格 ...

Investment Rating - The investment rating for the company is "Buy" with a target price not specified [5] Core Views - The company reported a stable revenue growth of 2% year-on-year, achieving a revenue of 2.34 billion yuan in H1 2025, while the net profit attributable to shareholders decreased by 11% to 370 million yuan [1] - The international business has shown significant growth, with a 14% increase in revenue to 860 million yuan, contributing to 37% of total revenue, while domestic revenue decreased by 4% [2] - The company maintains a high gross margin of 42.9% in H1 2025, with the zipper business being the main revenue driver [1][2] Financial Performance - In Q2 2025, the company experienced a revenue decline of 9% year-on-year to 1.36 billion yuan and a net profit drop of 20% to 270 million yuan [1] - The gross margin for zippers and buttons was reported at 43.3% and 43.5% respectively, indicating slight improvements [1] - The company has adjusted its revenue forecast for 2025-2027, expecting revenues of 5 billion, 5.5 billion, and 6.2 billion yuan respectively, with net profits projected at 670 million, 740 million, and 820 million yuan [4] Market Position and Strategy - The company is focusing on enhancing its international marketing network and leveraging local manufacturing advantages in overseas parks to boost brand recognition [3] - The changing tariff landscape is expected to accelerate industry consolidation, favoring companies with international capabilities [3] - The company aims to strengthen its market competitiveness through improved customer service and expanding its product offerings in the accessory segment [3]

Core Insights - The company reported a revenue growth of 1.8% in H1 2025, reaching 2.34 billion yuan, but experienced a decline in net profit attributable to shareholders by 11.2% to 370 million yuan [1] - The company plans to distribute a cash dividend of 1 yuan per 10 shares, with a payout ratio of 32% [1] Financial Performance - In Q2 2025, the company saw a revenue decline of 9.2% to 1.36 billion yuan and a net profit decrease of 20.4% to 269 million yuan [1] - The gross profit margin improved by 1.1 percentage points to 42.9% in H1 2025, while the net profit margin decreased by 2.3 percentage points to 15.8% [1] Product Category Analysis - Sales of zippers and buttons remained stable, with revenues of 1.29 billion yuan and 930 million yuan, respectively, while other apparel accessory businesses grew by 11.2% to 80 million yuan [2] - The gross margin for the button business increased by 1.39 percentage points to 43.48%, and for the zipper business, it rose by 0.43 percentage points to 43.32% [2] Regional Performance - Domestic revenue decreased by 4.09% to 1.47 billion yuan, while international revenue grew by 13.72% to 860 million yuan [3] - The gross margin for domestic operations improved by 0.92 percentage points to 42.2%, and for international operations, it increased by 1.21 percentage points to 44.06% [3] Capacity Expansion - The company has increased its button production capacity to 6.3 billion pieces and zipper capacity to 485 million meters as of H1 2025 [4] - The Vietnam industrial park, which started operations in March 2024, has seen a rapid increase in capacity utilization, contributing positively to order trends [4] Future Outlook - The company expects a revenue growth of 3.8% to 4.85 billion yuan in 2025, with a projected net profit decline of 4.4% to 669 million yuan [4] - The company is positioned as a leading global supplier with enhanced product development capabilities and improved manufacturing efficiency [5]

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance relative to the benchmark index [6]. Core Views - The company experienced a revenue growth of 1.8% year-on-year in H1 2025, reaching 2.34 billion yuan, while the net profit attributable to shareholders decreased by 11.2% to 370 million yuan due to weak order intake and foreign exchange losses [1][3]. - The company is focusing on enhancing its global market share through a globalization strategy, which has led to a 13.72% increase in international revenue, while domestic revenue declined by 4.09% [2][3]. - The company is expanding its production capacity with ongoing upgrades in its factories in Bangladesh and Vietnam, which is expected to support long-term growth and meet customer demands for overseas production [3]. Summary by Sections Financial Performance - In H1 2025, the company's gross margin improved by 1.1 percentage points to 42.9%, while the net profit margin decreased by 2.3 percentage points to 15.8% due to foreign exchange losses [1]. - For Q2 2025, revenue fell by 9.2% year-on-year to 1.36 billion yuan, and net profit dropped by 20.4% to 269 million yuan, reflecting weak order intake and adverse foreign exchange impacts [1]. Product Segmentation - Sales of zippers and buttons remained stable, with revenues of 1.29 billion yuan and 930 million yuan respectively, while other apparel accessory businesses grew by 11.2% to 80 million yuan [1]. - The company’s strategic focus on "large accessory strategy" is expected to drive growth in other accessory segments, leveraging existing customer relationships [1]. Regional Performance - Domestic revenue decreased by 4.09% to 1.47 billion yuan, while international revenue increased by 13.72% to 860 million yuan, with both domestic and international gross margins showing improvements [2]. Capacity Expansion - As of H1 2025, the company’s button production capacity reached 6.3 billion pieces, and zipper capacity was 485 million meters, reflecting ongoing capacity expansion efforts [3]. - The Vietnam factory, which commenced operations in March 2024, is seeing a rapid increase in capacity utilization, contributing positively to order trends [3]. Profit Forecast - The company is projected to experience a 4.4% decline in net profit for 2025, with expected revenue growth of 3.8% to 4.85 billion yuan [3][4]. - Forecasted net profits for 2025-2027 are 669 million yuan, 760 million yuan, and 846 million yuan respectively, with a PE ratio of 20 times for 2025 [4].