Core Viewpoint - The China Leather Association is conducting research to formulate the "14th Five-Year" development plan for the leather industry, aiming to promote high-quality development amidst challenges and opportunities in the current market environment [1][5]. Group 1: Research and Planning - The research includes field investigations and discussions with government departments, industry organizations, and enterprises to ensure the plan's scientific and feasible nature [1][4]. - The focus of the "14th Five-Year" plan is on building a modern industrial system, fostering new productive forces, and improving the industrial ecosystem [1][4]. Group 2: Regional Insights - The first research stop was in Wenzhou, known as "China's Shoe Capital," where the association engaged with local government and industry representatives to understand the shoe manufacturing sector's characteristics and challenges [2][3]. - Wenzhou's shoe industry has a foundation in smart manufacturing, green production, and brand operation, with enterprises aiming to accelerate high-end, digital, and cluster development to enhance global competitiveness [2][3]. Group 3: Challenges in the Fur Industry - In Yuyao, a significant fur industry base, the sector faces challenges such as international market fluctuations and declining traditional sales channels, despite having over 2,000 enterprises and processing 8.5 million pieces of fur annually [3][4]. - The local government is committed to optimizing the business environment and supporting leading enterprises in international cooperation and high-end exhibitions [3][4]. Group 4: Future Directions - The association emphasizes the need for the fur industry to align with international trends and domestic transformation, focusing on brand enhancement, new productive force cultivation, and sustainable development [4][5]. - There is a consensus among local governments, industry associations, and enterprises on the importance of top-level design, clear development goals, and strong measures to enhance industry competitiveness, with a focus on digital transformation, green manufacturing, and international development [4][5].

Core Viewpoint - The traditional leather industry in Haining is undergoing significant changes due to the impact of e-commerce, tariff disputes, and a slowdown in consumer spending, necessitating a shift towards online sales and regulatory frameworks [3][7]. Group 1: Industry Transformation - Haining China Leather City is the largest leather market in China, with a total operating area of 3.2 million square meters and over 11,200 operating entities, accounting for 80% of the national leather clothing transaction volume [2]. - Over 60% of new leather garments in China originate from Haining, indicating its pivotal role in the leather fashion industry [3]. - The market is experiencing a slowdown in consumer demand, with a noticeable decline in sales of mid-to-high-end autumn and winter clothing, leading to reduced foot traffic and lower average transaction values [3][7]. Group 2: E-commerce and Live Streaming - The rise of live streaming e-commerce has prompted many Haining merchants to explore new sales channels, with a notable example being a live stream that generated 200 million yuan in sales [6]. - However, the industry faced challenges, such as a failed attempt to sell 120,000 parka jackets, resulting in a significant inventory surplus, highlighting the need for better regulation and contract management in the live streaming space [7]. - Haining Leather City has established a comprehensive e-commerce industrial base, covering 213,000 square meters, to support live streaming, quality control, and logistics, aiming for a total transaction volume exceeding 20 billion yuan in 2024 [8]. Group 3: Design and Innovation - Haining Leather City is enhancing its design capabilities by establishing a design base with an area of 218,000 square meters, housing 200 design firms and over 1,200 professional designers [11]. - The city is actively collaborating with international markets, including Russia and Japan, to promote trade and design exchanges [11]. - A focus on intellectual property rights has led to a significant increase in patent applications, with 9,025 applications filed and 6,968 granted, reflecting a shift towards innovation and brand protection [12].

股票简称：古麒绒材 股票代码：001390 安徽古麒绒材股份有限公司 Anhui Guqi Down & Feather Textile Incorporated （安徽省芜湖市南陵县经济开发区） 特别提示 首次公开发行股票并在主板上市 之 上市公告书 保荐人（主承销商） 安徽古麒绒材股份有限公司（以下简称"古麒绒材""公司""本公司"或"发行 人"）股票将于 2025 年 5 月 29 日在深圳证券交易所主板上市。 本公司提醒投资者应充分了解股票市场风险及本公司披露的风险因素，在 新股上市初期切忌盲目跟风"炒新"，应当审慎决策、理性投资。 如无特别说明，本上市公告书中的简称或名词的释义与本公司首次公开发 行股票并在主板上市招股说明书中的相同。如本上市公告书中合计数与各加数 直接相加之和在尾数上存在差异，系四舍五入所致。 本上市公告书"报告期"指：2022 年度、2023 年度和 2024 年度。 1 （深圳市罗湖区红岭中路1012号国信证券大厦十六层至二十六层） 二〇二五年五月 第一节 重要声明与提示 一、重要声明与提示 本公司及全体董事、监事、高级管理人员保证上市公告书的真实性、准确 性、完整性，承诺上市 ...

安徽古麒绒材股份有限公司 首次公开发行股票并在主板上市之 上市公告书提示性公告 经深圳证券交易所审核同意，安徽古麒绒材股份有限公司（以下简称"古麒 绒材"、"发行人"或"公司"）发行的人民币普通股股票将于2025年5月29日在深圳 证券交易所主板上市，上市公告书全文和首次公开发行股票的招股说明书全文披 露于巨潮资讯网（www.cninfo.com.cn）、证券时报网（www.stcn.com）、中证网 （www.cs.com.cn）、中国证券网（www.cnstock.com）、证券日报网（www.zqrb.cn）、 经济参考网（www.jjckb.cn）、中国金融新闻网（www.financialnews.com.cn）、 中国日报网（cn.chinadaily.com.cn），供投资者查阅。 具体而言，上市初期的风险包括但不限于以下几种： 1 （一）股票简称：古麒绒材 （二）股票代码：001390 （三）首次公开发行后总股本：20,000万股 所属网页二维码：巨潮资讯网 一、上市概况 （四）首次公开发行股票数量：5,000万股，本次发行全部为新股，无老股转 让。 二、风险提示 本公司提醒广大投资者注意首次 ...

Core Viewpoint - The company has established a three-year shareholder dividend return plan for 2025-2027 to enhance the transparency and operability of its profit distribution policy, ensuring a stable return for shareholders while considering sustainable development [1][2]. Factors Considered in the Plan - The plan takes into account the company's long-term sustainable development, operational strategies, shareholder expectations, social capital costs, external financing environment, current and future profitability, cash flow, investment needs, and bank credit conditions [1][2]. Principles for Developing the Plan - The plan aligns with relevant laws, regulations, and the company's articles of association, considering the actual operational situation, reasonable returns for shareholders, and cash flow [2][3]. Dividend Return Plan for 2025-2027 - The company will implement a continuous and stable profit distribution policy, prioritizing cash dividends while also considering stock dividends and other legal methods [2][3]. - The company aims to distribute cash dividends at least once a year, with the board able to propose mid-term cash dividends based on profitability and funding needs [2][3]. Conditions for Cash Dividends - Cash dividends will be distributed if the company has positive distributable profits, sufficient cash flow, and no major investment plans or cash expenditures [3][4]. - The minimum cash dividend will be at least 10% of the distributable profits for the year, with a cumulative minimum of 30% over the last three years [3][4]. Differentiated Cash Dividend Policy - The cash dividend proportion will vary based on the company's development stage and funding needs, with specific minimum percentages set for mature and growth stages [4][5]. Decision-Making Process for Dividend Distribution - The board will carefully consider the timing, conditions, and minimum ratios for cash dividends, requiring a majority vote for approval before submission to the shareholders' meeting [4][5]. Communication with Shareholders - The company will engage with shareholders, especially minority shareholders, to gather opinions and address concerns regarding dividend policies [5][6]. Review and Adjustment of the Plan - The dividend return plan will be reviewed every three years, with adjustments made based on operational conditions and shareholder feedback [6].

Core Viewpoint - Haining China Leather City is facing significant challenges, including declining performance and a major turnover in its executive team, which reflects broader market difficulties and internal operational issues [2][3][4]. Group 1: Executive Changes - Three senior executives, including the chairman and general manager, have resigned due to organizational restructuring, indicating instability within the leadership [3]. - New candidates for the board include individuals with local government and financial management experience, suggesting a potential shift in strategic direction [3]. Group 2: Financial Performance - In 2024, Haining Leather City reported revenue of 1.037 billion yuan, a year-on-year decline of 14.98%, and a net profit of 89 million yuan, down 49.95% from the previous year [2][4]. - The company's revenue has decreased significantly compared to its peak in 2013, where revenue was 2.933 billion yuan, representing a decline of approximately 64.64% [5]. Group 3: Business Segments - The market development and operation revenue for 2024 was 733 million yuan, accounting for 70.70% of total revenue but down 22.24% year-on-year, indicating a primary source of revenue decline [4]. - Sales from shops and supporting properties fell to 80 million yuan, a staggering drop of 74.26%, primarily due to reduced sales from the Chengdu Leather City project [4]. Group 4: Market Challenges - The company faces challenges from insufficient domestic and international market demand, increased competition, and a slowdown in consumer spending, which have all contributed to the decline in performance [4][6]. - Retail sales of clothing in China showed minimal growth in 2024, with a total of 1.07 trillion yuan, reflecting a slowdown of 15.3 percentage points compared to the previous year [4]. Group 5: Strategic Transformation - Haining Leather City is shifting its focus towards a "big fashion" strategy, aiming to diversify its offerings beyond leather products to include a wider range of high-end apparel [6][7]. - The company plans to enhance its operational capabilities by integrating design, exhibition, and marketing resources, while also fostering partnerships with emerging fashion brands [7]. Group 6: R&D and Talent Issues - R&D investment has significantly decreased, with 2024 expenditures at 5.607 million yuan, representing only 0.54% of revenue, down from 1.18% in 2023 [8]. - The number of R&D personnel has dropped from 117 in 2023 to 35 in 2024, a decline of 70.09%, raising concerns about the company's capacity for innovation and adaptation [8].

Investment Rating - The report maintains a "Buy" rating for the company [2][7]. Core Views - Short-term performance is expected to improve due to the release of overseas production capacity and new customer growth in the automotive leather segment, indicating potential earnings elasticity. Long-term, the company is expanding its export business into the sports industry, having entered the supply chains of global sports brands like Adidas and VF, which could enhance growth and valuation prospects. New businesses, such as Hongxing and Baotai, are positioned for high growth due to industry demand, contributing to the company's overall growth outlook. The projected net profit for the company from 2025 to 2027 is estimated at 170 million, 190 million, and 210 million yuan, representing year-on-year growth of 20%, 13%, and 11%, with corresponding P/E ratios of 16, 14, and 13 times [2][4][6]. Financial Performance Summary - In 2024, the company achieved revenue of 2.951 billion yuan, with a net profit attributable to the parent company of 142 million yuan, reflecting a year-on-year revenue increase of 9% but a decline in net profit by 24%. In Q4 2024, the company reported revenue of 937 million yuan and a net profit of 32 million yuan, showing significant growth compared to the previous year. For Q1 2025, revenue was 627 million yuan, with a net profit of 19 million yuan, indicating a year-on-year revenue increase of 5% but a decline in net profit by 45% [4][5][6]. Business Segment Analysis - The main business segment, focused on footwear and bags, is expected to see a slight decline in revenue due to a weak domestic consumption environment affecting the internal sales portion. Conversely, the automotive leather segment is projected to grow by 20% to 720 million yuan, driven by strong sales from core customers. The second-layer leather business is also expected to see significant revenue growth due to a resurgence in demand for retro styles, although profit margins may be impacted by raw material price fluctuations [5][6]. Profitability Insights - The overall gross margin for 2024 remained stable at 21.4%, with a slight increase of 0.02 percentage points year-on-year. However, asset impairment losses significantly impacted net profit, leading to a decline in net profit margin to 4.8%. In Q1 2025, the gross margin improved to 20.7%, but net profit margin decreased to 3.0% due to increased financial expenses and asset impairment losses [6][4].

证券代码：300591 证券简称：万里马 编号：2025-001 | 投资者关系活动类别 | □特定对象调研 □分析师会议 | | --- | --- | | | □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 | 线上参与公司2024年度网上业绩说明会的全体投资者 | | 时间 | 2025年05月13日 15:00-17:00 | | 地点 | 价值在线（https://www.ir-online.cn/）网络互动 | | 上市公司接待人员姓名 | 董事长 林大洲 | | | 财务总监 许晓敏 | | | 独立董事 孔祥婷 | | | 董事会秘书 苏继祥 保荐代表人 方军 | | | 1.管理层如何解释连续三年亏损？2025年扭亏的具体措施及量化目 | | | 标是什么？ | | | 答：尊敬的投资者您好，感谢您对公司的关注。近年来业绩亏损主 | | | 要是受超预期因素影响以及在消费需求不足的背景下，行业竞争加 | | | 剧致主营业务收入下降，固定成本费用抵减利润。2025年，公司在 | | | 聚焦单兵单警防护产品的同时 ...

哈森商贸（中国）股份有限公司 会议资料 哈森商贸（中国）股份有限公司 2024 年年度股东大会会议资料 哈森商贸（中国）股份有限公司 会议议程： 目 录 宣读表决结果 哈森商贸（中国）股份有限公司 2024 年年度股东大会会议资料 哈森商贸（中国）股份有限公司 为了维护全体股东的合法权益，确保股东大会的正常秩序和议事效率，保证大会的顺利 进行，根据公司《股东大会议事规则》及公司《章程》的规定，特制定本须知。 一、会议期间全体参会人员应以维护股东的合法权益，确保大会的正常秩序和议事效率 为原则，自觉履行法定义务。 二、为保证本次大会的严肃性和正常秩序，除依法出席会议的公司股东（或其授权代表） 董事、监事、公司高级管理人员、公司聘任的律师和董事会邀请参会的人员外，公司有权依 法拒绝其他人员入场。 三、出席会议的股东（或其授权代表）务必在会议召开前到达会场，并持如下文件办理 会议签到手续： 委托代理人办理时,须持有双方身份证原件及复印件、授权委托书（见附件 1）、委托人股票 账户卡原件及复印件。 位营业执照复印件、股票账户卡原件及复印件；委托代理人办理时,须持有出席人身份证原 件及复印件、营业执照复印件、授权委托书 ...

Summary of Key Points from Conference Call Records Industry or Company Involved - The discussion primarily revolves around the impact of tariff policies on the Chinese employment market and the broader economic implications. Core Points and Arguments - **Tariff Impact on Employment**: The estimated impact of tariff policies on China's employment market is between 1% to 1.5%, which is lower than the initial expectation of 3%. The actual employment reduction is estimated to be between 6 million to 10 million jobs [1][3] - **Export Contribution to Economy**: Exports contribute more to the economy than their share of employment due to rising labor productivity, a shift towards capital and technology-intensive industries, and the creation of new job opportunities in emerging sectors [1][4] - **Simplified Tariff Impact Assessment**: Key assumptions for assessing the impact of tariffs include that tariffs only affect goods trade, with manufacturing exports accounting for over 90%, and a baseline tariff level of an additional 34% [1][6] - **Non-Significant Employment Impact**: The non-significant impact of exports on employment is noted, with estimates suggesting a reduction of only 0.16% to 0.2% in employment due to tariffs, indicating that current employment pressures are not as severe as portrayed by some media [1][7] - **Sector-Specific Effects**: Light industries such as leather, wood furniture, and electronics are significantly affected by tariffs, especially those reliant on U.S. revenue. However, their overall impact on total employment is relatively small due to their low share in domestic employment [1][7] - **Economic Environment and Employment**: The slowing GDP growth in China has led to rising unemployment rates, with a structural contradiction arising from industries with high external circulation having stronger job absorption capabilities compared to those with high internal circulation [1][8] Other Important but Possibly Overlooked Content - **Challenges in Service Industry Development**: The service industry faces challenges such as demand hierarchy, non-linear growth, and regional disparities, necessitating policy support and structural adjustments to increase its share in the economy [2][9] - **Artificial Intelligence Impact**: The development of artificial intelligence is changing employment demand, with some jobs being replaced, while a significant number of job seekers, particularly youth, face high unemployment rates [11] - **Labor Market Supply Changes**: Changes in labor market supply are influenced by generational wealth transfer, rising educational levels, and a preference for stable jobs, leading to mismatches in the job market [12] - **Policy Measures for Employment Stability**: Current policies to stabilize growth and employment include economic development, service industry enhancement, education reform, and improved job matching through information platforms [13] - **Pathways for Service Industry Development**: The service industry can develop through deregulation, allowing outstanding companies to thrive, while addressing potential structural unemployment among traditional industry workers [14]