安正时尚9月3日晚间公告，公司股票连续两个交易日（2025年9月2日、9月3日）收盘价格涨幅偏离值累 计超过20%，属于股票交易异常波动情形。经公司自查，公司目前生产经营情况正常，内外部经营环境 未发生重大变化，不存在应披露而未披露的重大信息。截至本公告披露日，公司、控股股东及实际控制 人不存在影响公司股票交易价格异常波动的重大事项，不存在涉及公司应披露而未披露的重大信息，包 括但不限于重大资产重组、股份发行、重大交易类事项、业务重组、股份回购、股权激励、破产重整、 重大业务合作、引进战略投资者等重大事项。经公司自查，截至本公告披露日，除公司已披露的信息 外，未发现对公司股票交易价格可能产生较大影响的媒体报道或市场传闻，亦未涉及市场热点概念的事 项。 ...

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 09 月 03 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 | 02 日 | 09 | 2025 | 月 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 收盘价（元） | | | | | 13.99 | | | | | 一 年 内 最 低 | 最 | 高 | / | | 16.00/8.59 | | | | | （元） | | | | | | | | | | 总市值（百万元） | | | | | 2,204.65 | | | | | 流通市值（百万元） | | | | | 1,827.83 | | | | | 总股本（百万股） | | | | | 157.59 | | | | | 资产负债率（%） | | | | | 43.59 | | | | | 每股净资产（元/股） ...

安正时尚公告，公司股票连续两个交易日（2025年9月2日、9月3日）收盘价格涨幅偏离值累计超过 20%，根据《上海证券交易所交易规则》的有关规定，属于股票交易异常波动情形。经公司自查并向控 股股东、实际控制人书面征询核实、确认，截至本公告披露日，公司及控股股东、实际控制人不存在应 披露而未披露的重大事项。公司股票基本面未发生重大变化，敬请广大投资者注意二级市场交易风险， 理性决策，审慎投资。 ...

Group 1 - Shengtun Mining plans to repurchase shares worth between 500 million and 600 million yuan, with a maximum repurchase price of 11.82 yuan per share, aimed at employee stock ownership plans or equity incentives [1] - Kangnbei received a drug registration certificate for Linggui Shugan Granules, which is derived from traditional Chinese medicine and is used for treating phlegm and dampness due to Yang deficiency [2] - Zhangjiang Hi-Tech intends to publicly transfer 100% equity and related debts of Shanghai Jixin Rui Construction Technology Co., Ltd. with a total price not less than 151 million yuan [3] Group 2 - Shankai Intelligent won a bid for a metering device procurement project worth 13.318 million yuan from Hohhot Water Supply Company [4] - Hason Co. plans to jointly establish a supply chain company with a registered capital of 10 million yuan, in which Hason will hold a 10% stake [5] - Pudong Construction's subsidiaries won multiple major projects with a total amount of 1.271 billion yuan [6] Group 3 - Jinling Pharmaceutical received approval for the Phase III clinical trial of Olaratogrel tablets, which are used for treating moderate to severe pain associated with endometriosis [8] - Menohua's subsidiary obtained a drug registration certificate for Mosapride Citrate Tablets, aimed at improving gastrointestinal symptoms [10] - Shapuaisi's major shareholder plans to reduce holdings by up to 2% of the company's shares due to personal financial needs [11] Group 4 - Changyuan Power reported an August electricity generation of 3.771 billion kWh, a year-on-year decrease of 6.03% [15][16] - Xibu Livestock's August fresh milk production increased by 4.8% month-on-month but decreased by 7.27% year-on-year [19] - Yong'an Pharmaceutical's actual controller and chairman had their detention lifted, allowing them to resume normal duties [20] Group 5 - Jinkai Intelligent's director resigned due to work adjustments [22] - Xinhua Medical received a Class II medical device registration for an endoscope cleaning workstation [23] - Haishi Science and Technology's innovative drug HSK47388 received approval for a new indication clinical trial [25] Group 6 - Baotai Co. plans to participate in a land use rights auction in Baoji City with a starting price of 57.34 million yuan [26] - Minfeng Special Paper received a government subsidy totaling 11.2 million yuan [27] - Jiuchang Bio obtained a medical device registration for a heparin-binding protein assay kit [29] Group 7 - Jingao Technology plans to repurchase shares worth between 200 million and 400 million yuan, with a maximum price of 17.36 yuan per share [31] - Youxunda won a bid for a metering equipment project from China Southern Power Grid worth approximately 161 million yuan [32] - Qianli Technology reported an August vehicle sales increase of 168.55% year-on-year [32] Group 8 - Guangzhou Port expects an August container throughput increase of 1.2% year-on-year [32] - Kexing Pharmaceutical's GB08 injection completed the first subject enrollment for Phase II clinical trials [33] - Wu Ming Pharmaceutical plans to transfer 98.9% of its subsidiary's shares to a newly established wholly-owned subsidiary [34] Group 9 - Shanghai Electric's acquisition of K-Electric Limited shares has not yet completed the transfer [35] - Fulai New Materials plans to raise no more than 710 million yuan through a private placement [36] - Huaren Health's drug registration application for a new type of potassium ion competitive acid blocker has been accepted [37]

Market Overview - The apparel and home textile sector declined by 0.61% on September 3, with Henghui Security leading the drop [1] - The Shanghai Composite Index closed at 3813.56, down 1.16%, while the Shenzhen Component Index closed at 12472.0, down 0.65% [1] Top Performers - Meibang Fashion (002269) saw a significant increase of 10.05%, closing at 2.41 with a trading volume of 3.6262 million shares and a turnover of 848 million [1] - Anzheng Fashion (603839) rose by 9.98%, closing at 9.48 with a trading volume of 54,000 shares and a turnover of 51.1622 million [1] - Taicaoshi (001234) increased by 6.16%, closing at 25.84 with a trading volume of 158,300 shares and a turnover of 407 million [1] Notable Decliners - Henghui Security (300952) experienced a decline of 7.06%, closing at 26.86 with a trading volume of 76,200 shares and a turnover of 210 million [2] - Jihua Group (601718) fell by 5.73%, closing at 3.62 with a trading volume of 1.6634 million shares and a turnover of 61.5 million [2] - Sanfu Outdoor (002780) decreased by 5.22%, closing at 13.26 with a trading volume of 62,700 shares and a turnover of 84.8624 million [2] Capital Flow - The apparel and home textile sector saw a net inflow of 320 million from main funds, while retail funds experienced a net outflow of 128 million [2] - Speculative funds had a net outflow of 192 million [2]

Investment Rating - The investment rating for the company is "Buy" [6] Core Views - The company reported a revenue of $780 million in H1 2025, a year-on-year increase of 0.7%, while the net profit attributable to the parent company was $78.63 million, down 14.5% year-on-year. Excluding the impact of the early shipment of 1 million pairs of shoes for the Paris Olympics, revenue increased by 4.5% year-on-year, and net profit decreased by 6.3% [1][4] - The revenue from the sports category increased by 8.2% year-on-year, accounting for 48.5% of total revenue, while the fashion category decreased by 2.6%, luxury by 6.2%, and leisure by 9.2%. The growth in the sports category is driven by the expansion of key customers and new client acquisitions [1][2] - The company has a strong order backlog and is expanding its production capacity, particularly in Southeast Asia, with new factories in Indonesia and Bangladesh expected to contribute significantly to future growth [3][4] Summary by Sections Financial Performance - In H1 2025, the company shipped 27.5 million pairs of shoes, a year-on-year increase of 3.8%, with an average selling price (ASP) of $27.4, down 3.2% year-on-year due to a higher proportion of lower-priced sports products [2] - The gross margin decreased by 3.2 percentage points to 22.6%, primarily due to the ramp-up inefficiencies of new factories and employee training [4] Capacity Expansion - The production distribution for footwear in H1 2025 was 52% in Vietnam, 25% in China, and 23% in other Asian regions. New production capacity is expected to be added in Indonesia and Bangladesh, with a total of 20 million pairs of new capacity planned over the next three years [3] Profitability Forecast - The company is projected to achieve revenues of $1.6 billion, $1.7 billion, and $1.9 billion for 2025, 2026, and 2027, respectively, with year-on-year growth rates of 5%, 7%, and 7%. The net profit attributable to the parent company is expected to be $165 million, $185 million, and $204 million for the same years, with corresponding growth rates of -3%, +12%, and +10% [4][5]

Macro and Strategy - The macroeconomic data for August 2025 indicates a steady growth momentum, with CPI expected to be around 0.1% month-on-month and a year-on-year decline to -0.3% [9] - The PPI is anticipated to rebound to -2.5% year-on-year, while industrial added value is projected to slightly increase to 6.0% year-on-year [9] - The retail sales of consumer goods are expected to rise to 4.5% year-on-year, and fixed asset investment is likely to decrease to 1.3% year-on-year [9] Textile and Apparel Industry - The outdoor apparel market in China is expected to maintain double-digit growth, driven by increased penetration of outdoor sports and the rise of high-end brands [10][11] - The market share of the top ten outdoor brands is projected to reach approximately 29% by 2024, with e-commerce channels accounting for 40% of the market [10] - The competition among brands is intensifying, with high-end brands leveraging technology and materials to command premium pricing, while domestic brands focus on cost-effectiveness and fashion [11] Chemical Industry - In August 2025, Brent crude oil averaged $67.3 per barrel, down $2.1 from the previous month, while WTI averaged $64.0 per barrel, down $3.1 [14] - OPEC+ is expected to increase production by 547,000 barrels per day in September, with a long-term plan to extend production cuts until 2026 [15] - Global oil demand is projected to grow by 680,000 to 1.29 million barrels per day in 2025, indicating a positive outlook for the oil market [16] Junsheng Electronics - In Q2 2025, Junsheng Electronics reported a net profit of 370 million yuan, a year-on-year increase of 11%, with revenue reaching 15.771 billion yuan, up 14.27% [18] - The company’s gross margin improved to 18.4%, reflecting a year-on-year increase of 2.7 percentage points [18] - The order book remains strong, with new orders in the automotive sector accounting for over 66% of total new orders [19] Keshun Co., Ltd. - Keshun Co., Ltd. reported a revenue of 3.22 billion yuan in H1 2025, a year-on-year decrease of 7.2%, primarily due to reduced demand [20] - The gross margin improved to 24.7%, with a notable increase in the gross margin of waterproof coatings [21] - The company is focusing on optimizing its revenue structure and reducing costs to improve profitability [22] Binjiang Group - Binjiang Group achieved a net profit of 1.85 billion yuan in H1 2025, a year-on-year increase of 59%, driven by increased delivery scale [23] - The company actively acquired land in Hangzhou, with 88% of new land reserves located in the city [24] - Financially, the company maintains a strong position with a cash balance of 29.5 billion yuan and a net debt ratio of 7% [24] Construction Bank - Construction Bank reported a revenue of 394.273 billion yuan and a net profit of 162.076 billion yuan in H1 2025, with a year-on-year growth of 2.15% and a decline of 1.37% respectively [26] - The bank's total assets grew by 10.27% year-on-year, reaching 44.43 trillion yuan [26] - The net interest margin was reported at 1.40%, reflecting a decrease due to pressure on asset yields [27] Anta Sports - Anta Sports is positioned as a leading multi-brand sports company, with a projected revenue of 70.8 billion yuan in 2024 and a gross margin of 62% [32] - The company is expanding its brand matrix through acquisitions and partnerships, enhancing its global presence [32] - The brand strategy focuses on meeting diverse consumer needs, with a strong emphasis on professional and outdoor segments [33]

Summary of Conference Call Notes Industry Overview - The conference call discusses the supply-side reform across various industries, highlighting a slower capacity reduction compared to previous reforms. The overall capacity and inventory cycles for non-financial enterprises in the second quarter remain at the bottom, indicating a need for time and policy accumulation for recovery [3][4]. Key Points and Arguments - **Supply Capacity Assessment**: Analysts evaluate supply capacity using three dimensions: current supply capacity (capacity utilization rate and inventory), future supply changes (expansionary capital expenditure), and industry profitability (gross margin and proportion of loss-making enterprises) [4][5]. - **Manufacturing Sector**: - Industries such as construction, chemicals, and coke are categorized as "three lows" (low capacity utilization, low inventory, low expansionary capital expenditure), indicating low production willingness and limited future production capacity, accelerating capacity clearance [6]. - In contrast, cyclical products like textile chemicals, glass fiber, and fluorochemicals show profit growth, particularly fluorochemicals [6]. - Manufacturing areas like inverters, silicon materials, and silicon wafers are performing well, while lithium batteries and photovoltaic cell components are at the left-side bottom [6]. - **Consumer Goods Sector**: Chemical pharmaceuticals and clothing/home textiles are performing well, while traditional Chinese medicine is positioned in the middle to later stages of the left side [6]. - **TMT Sector**: Electronic chemicals, integrated circuit manufacturing, and security equipment are in relatively good positions, with no observed left-side bottom industries [2][6]. Additional Important Insights - The current supply-side framework is based on listed company data, reflecting the latest industry conditions as of the second quarter. The introduction of anti-involution policies has led to some positive factors across industries, but the overall situation remains at the bottom, requiring further time and policy efforts for noticeable changes [3]. - The assessment of supply capacity includes measuring capacity utilization through fixed asset turnover ratios and inventory through cumulative year-on-year comparisons over the past decade [4][5]. - Continuous tracking of data across different sectors is essential for making accurate judgments regarding potential investment opportunities and risks [6].

Market Overview - The apparel and home textile sector declined by 0.64% on September 2, with Sheng Tai Group leading the drop [1] - The Shanghai Composite Index closed at 3858.13, down 0.45%, while the Shenzhen Component Index closed at 12553.84, down 2.14% [1] Stock Performance - Notable gainers included: - Anzheng Fashion: closed at 8.62, up 9.95% with a trading volume of 230,600 shares and a turnover of 192 million yuan [1] - Hongdou Co.: closed at 2.66, up 9.92% with a trading volume of 1,374,600 shares and a turnover of 362 million yuan [1] - Major decliners included: - Sheng Tai Group: closed at 8.30, down 8.59% with a trading volume of 230,900 shares [2] - Zhen Ai Mei Jia: closed at 22.43, down 3.73% with a trading volume of 84,500 shares and a turnover of 192 million yuan [2] Capital Flow - The apparel and home textile sector experienced a net outflow of 199 million yuan from institutional investors and 120 million yuan from retail investors, while individual investors saw a net inflow of 319 million yuan [2] - Key stocks in terms of capital flow included: - Hongdou Co.: net inflow of 15.4 million yuan from institutional investors, but a net outflow of 74.41 million yuan from retail investors [3] - Anzheng Fashion: net inflow of 36.13 million yuan from institutional investors, with a net outflow of 14.70 million yuan from retail investors [3]

Investment Rating - The investment rating for the company is "Outperform the Market" [6] Core Views - The report emphasizes that Anta Sports has a well-structured brand matrix that aligns with industry trends, enabling gradual growth [2] - The company is positioned to benefit from the diversification of the Chinese sports market and the potential for global expansion, which could lead to significant long-term growth opportunities [4][9] Industry Trends - The Chinese sports market is diversifying, with the sports footwear and apparel market reaching approximately 400 billion yuan, and a pre-pandemic compound annual growth rate (CAGR) of 17% [1][18] - The penetration rate of the sports market is expected to rise from 7.3% in 2010 to 15.3% by 2024, indicating a strong growth trajectory [1][18] - The industry has experienced three growth cycles, with the current phase focusing on professional and outdoor sports [1][21] Company Overview - Anta Sports is projected to achieve revenues of 70.8 billion yuan in 2024, with a gross margin of 62% [2] - The company operates a multi-brand strategy with three main brand groups: professional, outdoor, and fashion, which are all growing in synergy [2] - Recent acquisitions, such as MAIA ACTIVE and Wolf Claw, have expanded the brand matrix and enhanced global competitiveness [2] Competitive Strengths - Anta Sports is capitalizing on the trend of integrating sports with leisure and social activities, with each brand catering to specific consumer needs [3] - The main brand focuses on affordable professional sports products, while high-end brands like FILA leverage design and celebrity endorsements to capture market share [3] Growth Potential - The brand matrix is expected to stimulate incremental demand, with global operations likely to yield significant growth opportunities [4] - The report forecasts that the company's net profit will grow from over 1 billion yuan this year to more than 2 billion yuan in three years, driven by strong brand performance [5][9] Financial Forecast - The company is expected to achieve a net profit of 13.48 billion yuan in 2025, with a comparable profit growth of 13.0% [9][10] - Revenue projections for the next three years indicate a steady increase, with expected revenues of 80.83 billion yuan in 2025 [10]