Core Viewpoint - The report outlines the issuance of A-share convertible bonds by Sheng Tai Intelligent Manufacturing Group Co., Ltd., detailing the approval process, issuance terms, and financial implications for the company. Section 1: Bond Issuance Details - The issuance of A-share convertible bonds was approved by the company's board on April 15, 2022, and by the shareholders on May 9, 2022 [2] - The total amount of convertible bonds issued is RMB 701.18 million, with a face value of RMB 100 per bond, and a maturity of six years [3][4] - The actual funds received after deducting underwriting fees amounted to RMB 683.845 million, which was deposited into a dedicated account [3] Section 2: Key Terms of the Issuance - The bonds are convertible into the company's A-shares, with an initial conversion price set at RMB 10.90 per share [8] - The coupon rates are 0.30% for the first year, 0.50% for the second year, and 1.00% for the third year, with annual interest payments [4][5] - The conversion period for the bonds is from May 11, 2023, to November 6, 2028 [7] Section 3: Financial Performance - For the fiscal year ending December 31, 2024, the company reported a revenue of RMB 366.62 million, a decrease of 21.18% year-on-year [19][20] - The net profit attributable to shareholders was RMB 46.65 million, down 55.31% compared to the previous year [19][20] - The company achieved a net profit of RMB 40.45 million after excluding non-recurring items, reflecting a 53.13% increase year-on-year [19] Section 4: Use of Proceeds - The proceeds from the bond issuance will be used for projects including a high-end knitted fabric dyeing production line and a distributed photovoltaic power station [17] - The total investment for these projects is RMB 923.47 million, with the bond proceeds covering RMB 701.18 million, while the remaining funds will be sourced from the company [17] - As of December 31, 2024, the company had utilized RMB 630.88 million of the raised funds, with RMB 429.78 million specifically allocated to project investments [21]

Core Insights - Bosideng International Holdings Limited reported a revenue of 25.902 billion yuan for the fiscal year ending March 31, 2025, representing a year-on-year growth of 11.58% [2] - The net profit attributable to equity shareholders was 3.514 billion yuan, an increase of 14.31% year-on-year, with a proposed final dividend of 0.22 HKD per share [2] - Despite challenges such as a warm winter and a tough consumer environment, Bosideng achieved record highs in revenue and net profit for eight consecutive years, with operating profit growth outpacing revenue growth [2] Business Segments - The brand down jacket business remains the largest revenue source, generating approximately 21.668 billion yuan, accounting for 83.7% of total revenue, with a year-on-year growth of 11.0% [2] - The OEM management business recorded revenue of about 3.373 billion yuan, representing 13.0% of total revenue, with a year-on-year increase of 26.4% [2] - Women's clothing revenue was approximately 651 million yuan, accounting for 2.5% of total revenue, showing a decline of 20.6% year-on-year [2] - Diversified clothing business generated about 209 million yuan, making up 0.8% of total revenue, with a year-on-year increase of 2.8% [2] Strategic Focus - Bosideng is focusing on a "dual focus" strategy on down jackets and fashionable functional apparel, aiming to enhance its product offerings, including lightweight down jackets and extreme cold series [3] - The brand is also working on building the "China Good Down" IP and launching city brand collaborations [3] - The "Xuezhongfei" brand is enhancing its online business and focusing on category value innovation and core resource integration [3] Operational Efficiency - The company employs a pull replenishment and small batch quick response mechanism, achieving efficient inventory turnover with an inventory turnover period of 118 days, slightly up by 3 days year-on-year [3][6] - The gross profit margin decreased by 2.3 percentage points to 57.3%, attributed to changes in product category structure and rising costs of down jackets [6] Market Challenges - The overall performance of the textile and apparel industry is experiencing a slowdown in growth rates due to low consumer confidence and market saturation, leading to increased marketing costs and inventory pressures [6] - Bosideng faces challenges in high-end transformation, internationalization, and operational efficiency, with a need to target younger consumer segments and enhance brand positioning [6]

Core Insights - The profits of industrial enterprises above designated size in China decreased by 1.1% year-on-year from January to May 2025, with a significant drop of 9.1% in May alone, marking the largest decline since October of the previous year [2][3] Group 1: Profit Trends - The manufacturing sector's profit growth rate increased by 5.4% year-on-year from January to May, outperforming the overall profit growth rate of industrial enterprises by 6.5 percentage points [2] - State-owned enterprises experienced a profit decline of 7.4%, while private enterprises saw a profit increase of 3.4% during the same period [4] Group 2: Factors Influencing Profitability - The decline in profits is attributed to external environmental shocks, continuous decreases in the Producer Price Index (PPI), and insufficient domestic demand [3] - The average collection period for accounts receivable exceeded 70 days, indicating significant asset turnover pressure within the industrial sector [3] Group 3: Impact of Tariffs - State-owned enterprises were more adversely affected by tariffs compared to private enterprises, with state-owned profits declining by 18.1% in May [3][4] - The rising costs due to tariffs have eroded profits, as some enterprises bear the tariff costs themselves, while others face supply chain adjustment costs [6] Group 4: Sector-Specific Performance - The profits of the large equipment manufacturing sector surged by 60%-120%, driven by new production capabilities and supportive policies [2] - Downstream industries such as entertainment products, textiles, and food manufacturing faced significant profit declines of -27.0%, -18.3%, and -7.0% respectively in May [6]

Core Viewpoint - Hua Mao Co., Ltd. experienced a significant decline of 7.56% in its stock price, with a trading volume of 5.51 billion yuan and a turnover rate of 12.98% on the day of reporting [2]. Trading Activity - The stock was listed on the Shenzhen Stock Exchange due to a daily price deviation of -7.94%, with institutional investors net buying 28.32 million yuan [2]. - The top five trading departments had a total transaction volume of 112 million yuan, with buying transactions amounting to 55.16 million yuan and selling transactions totaling 57.12 million yuan, resulting in a net selling of 1.97 million yuan [2]. - Among the trading departments, three institutional special seats were involved, with a total buying amount of 31.04 million yuan and selling amount of 2.71 million yuan, leading to a net buying of 28.32 million yuan [2]. Fund Flow - The stock saw a net outflow of 23.16 million yuan from main funds, including a net outflow of 4.70 million yuan from large orders and 18.46 million yuan from major funds [2]. - Over the past five days, the main funds have seen a net inflow of 58.32 million yuan [2]. Margin Trading Data - As of June 26, the margin trading balance for the stock was 133 million yuan, with a financing balance of 133 million yuan and a securities lending balance of 0.22 million yuan [3]. - Over the past five days, the financing balance decreased by 21.98 million yuan, representing a decline of 14.17%, while the securities lending balance increased by 0.035 million yuan, reflecting an increase of 18.87% [3]. Trading Details - On June 27, the top buying and selling activities were recorded, with institutional special seats leading in buying, including amounts of 13.94 million yuan, 13.33 million yuan, and 10.36 million yuan [3]. - The top selling activities were dominated by various securities firms, with significant selling amounts recorded [3].

Core Viewpoint - The textile industry is facing significant challenges and opportunities in its transition to a low-carbon economy, driven by climate change and regulatory pressures, with a focus on sustainable practices and renewable energy usage. Group 1: Climate Change Impact - The year 2024 is projected to be the hottest on record globally, exacerbated by global warming and El Niño events, leading to extreme weather events in China [1] - The textile and apparel industry accounts for 10% of global carbon emissions, surpassing the combined emissions of international aviation and shipping [1] Group 2: Industry Initiatives and Achievements - China's textile industry has reduced greenhouse gas emissions intensity by over 60% from 2005 to 2022, with a further 14% decrease in the last two years [1] - By the end of 2024, the percentage of textile and apparel companies setting climate goals has increased from 83% to 90%, with 67% of companies having processes to identify and assess climate risks [1] - Renewable energy usage in the textile sector reached 36% of total energy consumption in 2024, with 86% of this being biomass energy [2] Group 3: Challenges for SMEs - The textile industry has a high proportion of small and medium-sized enterprises (SMEs), which face challenges in carbon reduction capabilities and high costs of renewable energy [2] - A survey of 105 specialized enterprises revealed that while 91% have engaged in green investments, only 40% conduct carbon audits, indicating a lack of planning in low-carbon transitions [3] Group 4: Regulatory Pressures and Recommendations - The EU's Sustainable Product Ecodesign Regulation (ESPR) will come into effect in 2024, expanding ecological design requirements across product lifecycles, pushing for improvements in environmental performance [3] - Recommendations for the industry include enhancing green governance systems, fostering collaborative innovation, and promoting global cooperation for sustainable development [4]

Trade Situation - The US has initiated a full-fledged trade war, imposing a 130% tariff on Chinese imports, raising the global import tariff rate to 25.5%, the highest since the 1890s [1][10][13] - Global export losses due to the trade war are projected to reach $480 billion by 2025, significantly impacting major economies like China and the EU [1][14][16] Global Economic Outlook - Global GDP growth is expected to decline to 2.3% in 2025, the lowest since the pandemic, with the US and Eurozone both forecasted to grow at 0.8% [2][17][32] - Emerging markets, excluding China, are projected to grow at 3.5%, with some countries benefiting from trade agreements and import diversification [2][4] Inflation and Monetary Policy - Inflation in the US is anticipated to peak at 4.3% in 2025, prompting the Federal Reserve to maintain interest rates until October before cutting them to 4% by year-end [3][41][50] - The European Central Bank is expected to lower rates to 1.5% as inflation pressures ease, contrasting with the US's inflationary challenges [3][51] Corporate Strategies - Companies are adopting short-term strategies such as frontloading imports and diversifying supply chains to mitigate tariff impacts, with about two-thirds of US firms likely to pass tariff costs onto consumers [4][11][24] - Global corporate bankruptcies are projected to rise by 7% in 2025, with significant increases in the US and Western Europe [4][11] Capital Markets - Capital markets have reacted negatively to the trade war, with expectations of further declines in bond yields and volatility in equity markets [5][11][12] - The mispricing of Trump's second term policies has led to a risk-off sentiment in the markets, although a recovery is anticipated by year-end [5][11][12] Regional Economic Projections - The US is expected to experience a mild recession in 2025, with GDP growth rebounding to 2.2% in 2026 due to policy support [6][28] - The Eurozone's growth is projected at 0.8% in 2025, with Germany's fiscal stimulus partially offsetting trade war impacts [6][28]

Core Viewpoint - Lutai A (000726.SZ) has sold financial assets to improve liquidity, with the sale of Rongchang Biotech shares impacting net profit by 81.04 million yuan, exceeding 10% of the company's audited net profit for the last fiscal year [1][3]. Financial Performance - In 2024, Lutai A achieved revenue of 6.091 billion yuan, a year-on-year increase of 2.17%, and a net profit of 410 million yuan, up 1.7% [1][6]. - The company completed a total cash dividend distribution of 204 million yuan for 2024, representing approximately 49.84% of the net profit for the year [1][8]. Shareholding and Asset Management - As of December 31, 2024, Lutai A held 3.918 million shares of Rongchang Biotech, accounting for 0.72% of its total equity, with a book value of 118 million yuan [2][3]. - Following the sale, Lutai A retains 612,600 shares of Rongchang Biotech [2][3]. Market Activity - The stock price of Rongchang Biotech fell by 18.36% on June 26, 2024, closing at 60.7 yuan per share, despite a year-to-date increase of 97.85% [4]. - The current market value of Lutai A's remaining shares in Rongchang Biotech is approximately 37.185 million yuan [4]. Business Operations - Lutai A's textile and apparel segment generated revenue of 5.707 billion yuan in 2024, reflecting a 2.74% increase, with fabric and clothing products contributing 4.335 billion yuan and 1.372 billion yuan, respectively [6]. - The production volumes for fabrics and shirts were 205 million meters and 18.2526 million pieces, showing growth of 1.45% and 3.18% year-on-year [6]. Investment and Capital Management - Lutai A raised 1.4 billion yuan through convertible bonds in 2020, with net proceeds of 1.388 billion yuan allocated to strategic projects [7]. - The company has invested 586 million yuan and 358 million yuan in its functional fabric smart eco-park and overseas high-end fabric product line projects, respectively, with both projects having exceeded their investment targets [7]. Share Buyback and Dividends - In 2024, Lutai A repurchased B-shares for a total of 37.867 million yuan, contributing to a total cash distribution (dividends and buybacks) of 242 million yuan, which is 59.03% of the net profit for the year [8].

Core Viewpoint - Brand building is a significant indicator of high-quality development and a reflection of new productive forces, with Jiangsu province emphasizing the cultivation of independent brands and improving brand quality, leading to a notable increase in the number and value of various brands nationwide [1] Group 1: Brand Development and Innovation - Jiangsu is leveraging innovation as a driving force to reshape the competitiveness of "Su" brands through technological iterations and model innovations, with over 57,000 high-tech enterprises cultivated in the province, ranking first in the country for new unicorns and potential unicorns [2] - The traditional industry is revitalizing through the integration of cultural heritage and technological vitality, exemplified by the transformation of Song brocade into a modern cultural brand through advanced manufacturing techniques [2] - The home appliance industry in Wuxi is undergoing a digital revolution, with Little Swan washing machines utilizing a complete smart manufacturing system that has reduced product development cycles by 27% and defect rates by 21% [3] Group 2: Core Competitiveness and Technological Breakthroughs - Jiangsu is enhancing the core competitiveness of "Su" brands through continuous technological innovation and quality improvement, with a focus on increasing R&D investment and overcoming key technological bottlenecks [4] - XCMG's XGC88000 crane, the world's largest crawler crane, showcases Jiangsu's strength in heavy machinery, achieving multiple international firsts and breaking foreign monopolies in the super-large tonnage crane sector [4] - NARI Technology has achieved a 100% localization rate in ultra-high voltage direct current transmission technology, significantly contributing to national energy strategies and reducing carbon emissions by over 12 million tons annually [5][6] Group 3: Green Transformation and Sustainable Development - Jiangsu is promoting green transformation as a key to brand development, encouraging enterprises to adopt eco-friendly materials and technologies, leading to a dual win in economic and ecological benefits [7] - Shagang Group has invested over 5 billion yuan in ultra-low emission transformations, becoming a national-level green factory with a 15% reduction in energy consumption per ton of steel and a 78% reduction in sulfur dioxide emissions [8] - By 2024, Jiangsu is expected to have 638 green factories and 40 green industrial parks, contributing to the high-quality development of "Su" brands through green initiatives [8] Group 4: Social Responsibility and Community Engagement - "Su" brands are not only excelling in market competition but also demonstrating social responsibility, with local brands actively participating in community welfare and enhancing public well-being [9] - Yixing has developed multiple well-known rice brands, creating new agricultural business entities that provide employment for over 60 local farmers, thereby strengthening community ties and promoting agricultural brand development [9] - Bosideng has been recognized as one of China's 500 most valuable brands for ten consecutive years, with a brand value of 116.156 billion yuan in 2025, and has engaged in various social welfare initiatives, including disaster relief efforts [10] Group 5: Future Directions and Brand Promotion - Jiangsu is set to launch the "Jiangsu Intelligent Manufacturing, Moving Forward" project, focusing on promoting advanced manufacturing clusters and enhancing the visibility and reputation of "Su" brands [11] - The provincial government aims to further cultivate "Su" brands and expand the content and format of Jiangsu's brand activities, showcasing the province's achievements in brand building and high-quality economic development [11]

Core Viewpoint - Guangzhou's textile and apparel industry is leveraging cross-border e-commerce to enhance its global presence and drive industry transformation, supported by government policies and collaboration with major e-commerce platforms [1][3][9]. Group 1: Industry Overview - Guangzhou's textile and apparel industry has over 30,000 enterprises, forming one of the most complete industrial chains in China, and is recognized as one of the four major apparel manufacturing clusters in the country [3]. - The Haizhu District is the core area for the textile and apparel industry in Guangzhou, housing 61 professional wholesale markets and nearly 16,000 businesses, with an annual transaction volume of approximately 200 billion yuan [5]. Group 2: Policy Support - The Guangzhou Municipal Bureau of Commerce has implemented a work plan to support high-quality development in cross-border e-commerce, optimizing customs, tax, and foreign exchange regulations [3]. - The Haizhu District has introduced measures to promote digital marketing, focusing on innovation, rental support, and talent incentives to help traditional brands transition to global markets [3][5]. Group 3: Collaboration with E-commerce Platforms - Major global cross-border e-commerce platforms like SHEIN, Amazon, and AliExpress are establishing partnerships with the textile and apparel industry to create cooperative channels [5][6]. - The collaboration aims to provide low-threshold, high-empowerment solutions for small and medium-sized enterprises, facilitating their entry into international markets [6]. Group 4: Practical Solutions for Transformation - The event organized by the Guangzhou Municipal Bureau of Commerce provided a platform for successful sellers and service providers to share practical solutions for overcoming operational challenges in cross-border e-commerce [8]. - Insights from industry experts and successful enterprises highlighted strategies for product selection, compliance, and channel layout, essential for navigating the complexities of cross-border operations [8]. Group 5: Future Directions - The Guangzhou Municipal Bureau of Commerce plans to strengthen connections between production and sales, industry and trade, and supply and service sectors to enhance the effectiveness of cross-border e-commerce [9]. - The goal is to create a fashion consumption supply chain that is innovative, demand-driven, and internationally aligned, promoting "Guangzhou custom" fashion to global consumers [9].

报告导读： ① 投资链： 6 月以来铜、铝、铅、锡、白银价格上升。②消费链：社消额累 计同比增速抬升，汽车销量当月同比增速上升。③出口链：对美国、日本、东盟出口金额 当月同比增速下降，对欧盟出口金额当月同比增速上升。④价格链： 6 月油价上升、猪价 有所下降 。 扫码关注 星标不迷路 国泰海通证券研究所官方公众号 海量研报 | 热门活动 | 视听 内容 价格链： 6 月油价上升、猪价有所下降。 WTI ： 2025 年 6 月 24 日上升至 64.37 美元 / 桶。 2025 年 6 月秦皇岛煤价下降。 PVC ： 2025 年 6 月 20 日现货价格下降为 4680 元 / 吨。 MDI ：： 2025 年 6 月 20 日纯 MDI 价格下降至 17100 元 / 吨，聚合 MDI 价格下降至 16200 元 / 吨。 22025 年 6 月棉花价格上升，白砂糖价格下降；猪肉价格 2025 年 6 月 11 日下降至 14.45 元 / 公斤；国产尿素 2025 年 5 月价格较 2025 年 4 月下降。 2025 年 5 月新增信贷增加至 6200 亿元； 2025 年 4 月寿 险保费收入累计 ...