2025年8月27日，乔治白(002687.SZ)发布2025年半年度报告。截至2025年8月26日，共有2个机构投资者 披露持有乔治白A股股份，合计持股量达334.32万股，占乔治白总股本的0.66%。其中，机构投资者包 括BARCLAYS BANK PLC、创金合信启富优选股票发起A，机构投资者合计持股比例达0.66%。相较于 上一季度，机构持股比例合计上涨了0.66个百分点。 外资态度来看，本期较上一季度新披露的外资机构有 1 家 ，即BARCLAYS BANK PLC。 公募基金方面，本期较上一季度新披露的公募基金共计1个，即创金合信启富优选股票发起A。 ...

Investment Rating - The investment rating for the company is "Buy" [6] Core Views - The company, Kairun Co., is a bag and apparel manufacturer deeply rooted in Indonesia, benefiting from scarce production capacity and dual business synergy, which is expected to lead to superior growth rates in the sector [1] - The revenue growth of the OEM business is anticipated to exceed expectations due to the company's ability to increase its share among major clients like Nike and Decathlon, despite market concerns about their slowing growth [2] - The net profit margin for apparel OEM is expected to improve beyond expectations as the company has moved past its adjustment phase, with a projected net margin of 3.3% in 2024 [3] Summary by Sections Revenue Growth - The OEM business revenue is projected to maintain double-digit growth, driven by the company's production capacity in Indonesia and an expanded product range [2] - The company’s overseas production capacity, primarily in Indonesia, exceeds 70%, providing a competitive edge over peers focused on Vietnam [2] Profitability Improvement - The apparel OEM has seen a significant recovery, with profit margins expected to improve annually as production capacity utilization increases [3] - The company has optimized its client structure and production capacity since investing in Shanghai Jiale in 2020, leading to a recovery from losses [3] Growth Drivers - Increased procurement share from major clients in bags and the extension into apparel categories are expected to drive revenue growth beyond expectations [4] - Improved apparel production capacity utilization and order structure are anticipated to enhance profit margins [4] Earnings Forecast - Revenue is expected to reach 5.16 billion, 5.92 billion, and 6.78 billion yuan in 2025, 2026, and 2027 respectively, with year-on-year growth rates of 21.8%, 14.6%, and 14.5% [4] - The net profit for the same years is forecasted at 372.6 million, 459.3 million, and 557.2 million yuan, with growth rates of -2.2%, 23.3%, and 21.3% [4] Valuation Analysis - The company is expected to maintain double-digit revenue growth while improving net profit margins, leading to a compound annual growth rate of over 20% in operating net profit [5] - A target price of 31.05 yuan per share is set, corresponding to a market capitalization of approximately 75 billion yuan, indicating a potential upside of 38% from the current price [5]

Group 1 - The apparel and home textile sector increased by 1.03% on August 26, with Sheng Tai Group leading the gains [1] - The Shanghai Composite Index closed at 3868.38, down 0.39%, while the Shenzhen Component Index closed at 12473.17, up 0.26% [1] - Notable gainers in the sector included Sheng Tai Group, which rose by 10.01% to a closing price of 8.68, and Tanluo Group, which increased by 7.24% to 9.78 [1] Group 2 - The apparel and home textile sector experienced a net outflow of 187 million yuan from institutional funds, while retail investors contributed a net inflow of 310 million yuan [2] - Key stocks with significant net inflows from retail investors included Jin Hong Group and Senma Clothing, while major outflows were observed in Aokang International and Tian Chuang Fashion [3] - The overall trading volume for the sector was substantial, with notable transactions in stocks like Tanluo Group and Jin Hong Group, indicating active market participation [2][3]

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance in the near term [6]. Core Views - The company has demonstrated stable performance with a revenue of 3.1 billion and a net profit of 290 million for the first half of 2025, reflecting a year-on-year change of -6% and +2% respectively [1]. - The company is positioned as a leading player in the domestic mid-to-high-end women's fashion market, with expectations for continued growth driven by product efficiency improvements [4]. Financial Performance - For the first half of 2025, the company's gross margin increased by 0.1 percentage points to 76.4%, while the net profit margin rose by 0.8 percentage points to 9.3% [1]. - The company's revenue from its main brands showed mixed results, with La Koradior growing by 10% to 280 million, while NAERSI declined by 11% to 650 million [2]. - The company's inventory increased by 17% year-on-year to 1.49 billion, with inventory turnover days rising by 97 days to 376 days, indicating a slowdown in inventory turnover efficiency [3]. Future Outlook - The company anticipates a stable growth in net profit for the full year of 2025, despite a potential decline in revenue due to current consumer traffic environment changes [4]. - The projected net profits for 2025, 2026, and 2027 are estimated at 497 million, 559 million, and 624 million respectively, with a corresponding PE ratio of 10 times for 2025 [5].

Investment Rating - The investment rating for the company is "Outperform the Market" [5][34]. Core Insights - The company achieved a revenue growth of 31.3% year-on-year in the first half of 2025, reaching 5.3 billion yuan, with a net profit increase of 28.1% to 490 million yuan [9][34]. - The medical segment saw a significant revenue increase of 46.4% to 2.52 billion yuan, while the consumer goods segment grew by 20.3% to 2.75 billion yuan [9][10]. - The company is focusing on integrating its medical business and expanding its market share, supported by strong cash flow and a good dividend level [34]. Summary by Sections Financial Performance - In the first half of 2025, the company's revenue increased by 31.3% to 5.3 billion yuan, and net profit rose by 28.1% to 490 million yuan [9][34]. - The gross profit margin remained stable overall, with the medical business's gross margin decreasing by 0.7 percentage points to 37.4%, while the consumer goods segment's gross margin improved by 1.7 percentage points to 58.6% [20][34]. Medical Segment - The medical segment's revenue for the first half of 2025 was 2.52 billion yuan, a year-on-year increase of 46.4%. Excluding the contribution from the newly acquired GRI, the revenue grew by 13.2% to 1.95 billion yuan [9][30]. - Key growth drivers included surgical consumables, which surged by 193.5% to 740 million yuan, and stable growth in high-end dressings and health personal care products [3][30]. Consumer Goods Segment - The consumer goods segment reported a revenue increase of 20.3% to 2.75 billion yuan, with core products like sanitary napkins leading the growth, achieving a 67.6% increase to 530 million yuan [10][34]. - The company experienced a decline in the number of stores, closing three to a total of 484, while online sales grew by 23.6% to 1.71 billion yuan [10][34]. Future Outlook - The company has slightly adjusted its profit forecast for 2025-2027, expecting net profits of 1.01 billion, 1.17 billion, and 1.35 billion yuan respectively, with growth rates of 44.7%, 16.1%, and 15.5% [34]. - The target price has been revised to 48-52 yuan, corresponding to a PE ratio of 24-26x for 2026 [34].

Investment Rating - The investment rating for the company is "Buy" [6] Core Views - The company reported a revenue growth of 3.6% year-on-year to 2.18 billion yuan in H1 2025, with a net profit attributable to shareholders increasing by 17% to 190 million yuan [1] - The home textile business showed improved profitability, while the furniture business continues to face short-term fluctuations [1] - The company declared a cash dividend of 2 yuan per 10 shares, maintaining a high payout ratio of 90% [1] Revenue Breakdown - Direct Sales Channel: Revenue from direct sales increased by 5.14% year-on-year to 190 million yuan in H1 2025, with a net reduction of 30 stores, resulting in an average monthly revenue growth of 14.93% for stores open for more than 12 months [1] - Franchise Channel: Revenue from franchise operations decreased by 8.65% year-on-year to 600 million yuan in H1 2025, primarily due to a reduction in the number of stores [2] - E-commerce Channel: E-commerce revenue grew significantly by 18.32% year-on-year to 740 million yuan in H1 2025, with an improved gross margin of 54.75% [2] International Operations - The company's U.S. operations reported a loss of 28.75 million yuan in H1 2025, with revenue declining by 7.81% to 390 million yuan [3] - The decline in U.S. operations is attributed to high loan rates and a significant drop in new and existing home sales [3] Financial Outlook - For the full year of 2025, the company expects a revenue growth of 5.1% to 4.793 billion yuan and a net profit growth of 17.7% to 510 million yuan [3] - The company has shown a healthy inventory quality with a 17.9% year-on-year decrease in inventory amounting to 1.05 billion yuan as of H1 2025 [3]

Core Insights - The main revenue of the company for the first half of 2025 is 141 million yuan, a year-on-year decrease of 4.41% [1] - The net profit attributable to shareholders is 10.54 million yuan, an increase of 22.7% year-on-year [1] - The non-recurring net profit is 10.85 million yuan, up 35.17% year-on-year [1] Financial Performance - In Q2 2025, the company's single-quarter revenue is 76.84 million yuan, a slight increase of 0.48% year-on-year [1] - The single-quarter net profit attributable to shareholders is 1.22 million yuan, a significant decrease of 68.19% year-on-year [1] - The single-quarter non-recurring net profit is 1.53 million yuan, down 64.47% year-on-year [1] Profitability Metrics - The company's debt ratio stands at 21.99% [1] - Investment income is 0.14 million yuan, while financial expenses are -10.00 million yuan [1] - The gross profit margin is 27.3%, reflecting a year-on-year increase of 45.32% [7] Earnings Per Share - Earnings per share (EPS) is 0.11 yuan, an increase of 22.72% year-on-year [7] - The operating cash flow per share is -0.11 yuan, showing a year-on-year improvement of 56.82% [7] Shareholder Information - The largest shareholder is Langsha Holdings Group Co., Ltd., holding 42.89% of shares [11] - Other significant shareholders include Tibet Giant Wave Technology Co., Ltd. with 13.97% and Shenzhen Energy Group Co., Ltd. with 1.11% [11]

Investment Rating - The investment rating for the company is "Buy" [5] Core Insights - The company's H1 2025 results exceeded expectations, with retail revenue increasing by 2% year-on-year, driven by a 15% increase in both running and training categories, while basketball and leisure categories saw declines of 20% and 7% respectively [1] - The company has signed a formal partnership with the Chinese Olympic Committee, becoming the official sportswear partner for the Chinese Olympic team from 2025 to 2028, with marketing efforts expected to ramp up in the second half of 2025 [4] - The company anticipates revenue growth of 2.0%, 4.6%, and 3.7% for the years 2025, 2026, and 2027 respectively, with net profit projections of 24.2 billion, 28.1 billion, and 32.7 billion, reflecting a significant recovery in profitability [4] Financial Summary - For H1 2025, the company reported revenue of 14.82 billion, a 3.3% increase year-on-year, with e-commerce growth leading at 7.4% [1] - The gross margin for H1 2025 was 50.0%, a slight decrease of 0.4 percentage points year-on-year, attributed to a decrease in DTC (Direct-to-Consumer) sales proportion and deeper discounts in direct sales [2] - The net profit for H1 2025 was 1.74 billion, down 11.0% year-on-year, with a net profit margin of 11.7%, a decrease of 1.9 percentage points [2] Inventory Management - The company's inventory turnover and age structure remained stable, with channel inventory at 4.0 months, slightly up from 3.9 months year-on-year, and 82% of inventory being new products aged under 6 months [3] Future Outlook - The company plans to increase investments in professional research and development, sports sponsorships, and marketing exposure to enhance its competitive positioning in the long term [4] - The company is expected to see a gradual increase in marketing activities related to the Olympics, with new product launches and sponsorships in various sports categories [4]

Group 1 - The core viewpoint of the article highlights the financial performance of *ST Bosen, indicating a significant decline in revenue and an increase in net loss for the first half of 2025 compared to the same period in 2024 [1] - For the first half of 2025, the company's operating revenue is approximately 51.95 million yuan, a year-on-year decrease of 25.19% [1] - The net profit attributable to shareholders for the same period is a loss of approximately 10.46 million yuan, with basic earnings per share showing a loss of 0.0726 yuan [1] Group 2 - In comparison, the operating revenue for the first half of 2024 was approximately 69.44 million yuan, with a net profit loss of about 6.27 million yuan and basic earnings per share loss of 0.04 yuan [1] - As of the report's release, *ST Bosen has a market capitalization of 1.4 billion yuan [1]

证券研究报告 纺织服饰 | 服装家纺 非金融|公司点评报告 hyzqdatemark 2025 年 08 月 25 日 证券分析师 丁一 SAC：S1350524040003 dingyi@huayuanstock.com 周宸宇 zhouchenyu@huayuanstock.com 市场表现： | 基本数据 | | | 年 | 月 22 | 08 | 日 | | 2025 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 收盘价（元） | | | | 5.55 | | | | | | 最 / 低 | 高 | 最 | | 7.48/4.34 | | | 内 | | | （元） | | | | | | | | | | 总市值（百万元） | | | | 14,952.20 | | | | | | 流通市值（百万元） | | | | 12,256.85 | | | | | | 总股本（百万股） | | | | 2,694.09 | | | | | | 资产负债率（%） | | | | 34.47 | | | | | | 每股净资产（元/股） | ...