Core Viewpoint - The company announced the recovery of 80 million yuan of raised funds from cash management products, yielding a profit of 932,600 yuan, which has been returned to the designated fund account [1] Group 1: Fund Management - The company plans to use 40 million yuan of idle raised funds to purchase structured deposit products from Bank of China, with a term of 60 days and an expected annual yield of 0.60% or 1.85% [1] - As of the announcement date, the company has a total of 125 million yuan in temporarily idle raised funds for cash management, including the current transaction [1]

Group 1 - The core viewpoint of the article highlights the decline in the number of enterprises in the leather, fur, feather, and footwear industry, indicating a slight contraction in the market [1] - As of January to September 2025, there are 8,742 enterprises in the leather, fur, feather, and footwear industry, which is a decrease of 65 compared to the same period last year, representing a year-on-year decline of 0.74% [1] - The proportion of these enterprises in the total industrial enterprises stands at 1.67% [1] Group 2 - The report referenced is the "2026-2032 China Footwear Industry Market Deep Analysis and Future Trend Forecast Report" published by Zhiyan Consulting [1] - Zhiyan Consulting is recognized as a leading industry consulting firm in China, specializing in in-depth industry research reports, business plans, feasibility studies, and customized services [1] - The article emphasizes the importance of market insights and comprehensive industry solutions to empower investment decisions [1]

相关报告：智研咨询发布的《2025-2031年中国皮革行业市场现状分析及产业趋势研判报告》 根据中国海关数据显示：2025年9月中国牛皮革及马皮革进口数量为4.26万吨，同比下降1.1%，进口金 额为0.9亿美元，同比下降13.1%。 数据来源：中国海关，智研咨询整理 知前沿，问智研。智研咨询是中国一流产业咨询机构，十数年持续深耕产业研究领域，提供深度产业研 究报告、商业计划书、可行性研究报告及定制服务等一站式产业咨询服务。专业的角度、品质化的服 务、敏锐的市场洞察力，专注于提供完善的产业解决方案，为您的投资决策赋能。 近一年中国牛皮革及马皮革进口情况统计图 ...

Investment Rating - The report maintains a "Buy" rating for the company [6] Core Views - In the short term, the company's performance is expected to be under pressure, but there is potential for recovery in 2026 due to the release of overseas production capacity and growth in automotive leather demand [2][10] - The company has entered the supply chains of global sports brands like Adidas and VF, which could open up growth and valuation opportunities in the long term [2][10] - New businesses such as Hongxing and Baotai are in a high growth phase, driven by platform advantages and a favorable industry environment, contributing to the company's expected growth [2][10] Financial Summary - For the first three quarters of 2025, the company achieved revenue of 2.01 billion yuan, a slight increase of 0.01% year-on-year, but the net profit attributable to the parent company decreased by 64% to 40 million yuan [4][10] - In Q3 2025, the company reported revenue of 670 million yuan, a decrease of 10% year-on-year, with net profit attributable to the parent company dropping by 84% to 8 million yuan [4][10] - The projected net profits for 2025 to 2027 are 80 million yuan, 130 million yuan, and 150 million yuan, respectively, with year-on-year changes of -44%, +62%, and +15% [2][10]

Core Viewpoint - The major shareholder of Xingye Technology (002674.SZ), Fujian Chunhong Equity Investment Partnership, plans to reduce its stake by up to 8,866,500 shares, representing 3% of the total share capital, over the next three months, which may raise approximately 126 million yuan based on the current share price [1]. Shareholding Structure - Fujian Wanjing Equity Investment Partnership holds 28.67% of the shares, amounting to 84,744,000 shares, with 41,696,000 shares pledged [2]. - Wu Guoshi, an individual shareholder, owns 13.42% of the shares, totaling 39,666,886 shares, with 18,600,000 shares pledged [2]. - Fujian Chunhong Equity Investment Partnership holds 10.65% of the shares, equating to 31,464,000 shares [2]. Financial Performance - For the first three quarters of 2025, the company reported revenue of 2.014 billion yuan, a slight increase of 0.01% year-on-year, while net profit attributable to shareholders decreased by 63.86% to 39.66 million yuan [2]. - The net cash flow from operating activities increased by 60.64% to 273 million yuan [2]. - In 2024, the company achieved revenue of 2.951 billion yuan, a year-on-year growth of 9.32%, but net profit decreased by 23.97% to 141.64 million yuan [4].

《皮革色牢度试验试验通则》《皮革色牢度试验颜色迁移到聚合物上的色牢度》2项国家标准，为皮革 色牢度试验确立了统一规范与指导原则，确保所有试验在一致环境下开展，大幅提升试验结果的可比性 与准确性。同时，明确皮革颜色迁移到聚合物上的色牢度测试方法，有效评估皮革在长期使用中表面颜 色向聚合物配件迁移的风险，保障皮革产品的外观质量与色彩稳定性。 （文章来源：央视新闻） 记者今天了解到，市场监管总局批准发布7项皮革领域国家标准。这些标准紧密结合皮革行业生产实际 与质量控制核心需求，从原料质量、物理性能、色牢度测试三个方面提出明确要求，旨在进一步提升皮 革产品品质，推动行业健康有序高质量发展。 《皮革绵羊蓝湿革规范》《皮革山羊蓝湿革规范》2项国家标准，分别对绵羊蓝湿革、山羊蓝湿革的产 品质量作出规范，明确原料选用、感官质量、收缩温度、有害物质含量等关键指标及试验方法，从源头 严格把控原料品质，确保蓝湿革能精准匹配后续各类皮革产品的加工需求，为下游生产环节奠定可靠基 础。 《皮革耐折牢度的测定第1部分：挠度仪法》《皮革物理和机械试验抗张强度和伸长率的测定》《皮革 沾污性能的测定第2部分：马丁代尔摩擦法》3项国家标准，规定了 ...

Core Viewpoint - Sichuan Yaomu Technology Co., Ltd. has been established with a registered capital of 200,000 RMB, indicating a new player in the footwear and leather products industry [1] Company Summary - The legal representative of Sichuan Yaomu Technology Co., Ltd. is Lin Hu [1] - The company has a registered capital of 200,000 RMB [1] - The business scope includes manufacturing and sales of shoes and leather products, as well as various related activities such as import and export, wholesale and retail of footwear and apparel [1] Industry Summary - The company operates in the footwear and leather products sector, which encompasses a wide range of activities including manufacturing, sales, and repair services [1] - The business activities also extend to the sale of machinery and hardware products, indicating a diversified approach within the industry [1]

Core Insights - The 27th China International Down Expo will be held from November 4 to 6, 2025, in Changshu, Jiangsu, focusing on the theme "Gathering Global Down to Promote Consumption" [1] - Haining China Leather City is showcasing its strategic expansion into the down apparel sector, highlighting its achievements and future vision in high-end goose down clothing [1] Industry Overview - Haining has been a leader in the leather industry for over 30 years and is now expanding into the down apparel market, marking down as a key area of focus alongside leather and fur [1] - The presence of over 1,000 apparel companies in Haining's leather city indicates a strong commitment to the down category, showcasing the region's industrial foundation [1] Exhibition Highlights - The Haining exhibition group features four cross-border styles: "Leather-Fur-Down Splicing," "National Style Down," "Silk Down," and "Trendy Brand Down," emphasizing a blend of design concepts rather than mere category overlap [1] - The exhibition includes a diverse range of brands such as Xuebao, Yizhi, U8, and Shenglong, representing Haining's capability to integrate traditional manufacturing with modern trends [2] Supply Chain and Design Capabilities - The raw materials display area features companies like Hongchang Down and New Friend International, showcasing a complete supply chain from premium down fillings to innovative fabrics [2] - Haining's design base has a strong output, with the capacity to develop 15,000 down clothing designs annually, supported by a team of top designers [2] Strategic Partnerships - Haining's cross-industry collaboration was highlighted in May 2025, where 30 companies and 45 designers engaged with high-quality fabric enterprises, resulting in significant orders [3] - This collaboration enhances Haining's potential in the down industry by leveraging resources and expertise from various sectors [3] Financial Performance - Haining Leather City reported stable operations, with a third-quarter revenue of approximately 238 million yuan, and a net profit increase of 4.65% year-on-year, reaching about 13.42 million yuan [4] - The company's strategic shift from an "industrial base" to a "creative source" is a significant move to showcase a more mature and confident Chinese fashion industry [4]

Core Viewpoint - The company does not have any direct cooperation with the Scottish Premier League in football, despite having a range of sports products including football leather, basketball leather, and volleyball leather [1]. Company Summary - The company, 双象股份, offers various sports-related products, including leather for football, basketball, and volleyball [1]. - There is currently no collaboration or partnership with the Scottish Premier League in the football sector [1].

Core Viewpoint - The report highlights a decline in the export value of China's leather, fur, feather, and footwear industries, indicating potential challenges for companies in this sector [1] Industry Summary - In September 2025, the export value of leather, fur, feather, and footwear products reached 14.82 billion yuan, representing a year-on-year decrease of 9% [1] - From January to September 2025, the cumulative export value for these industries was 135.7 billion yuan, showing a year-on-year decline of 4.7% [1] - The report provides a comprehensive analysis of the footwear industry in China from 2026 to 2032, focusing on market trends and future predictions [1] Company Summary - Listed companies mentioned include Wanlima (300591), Zhongyin Fashion (300901), Henghui Security (300952), ST Aokang (603001), Red Dragonfly (603116), ST Qibu (603557), Jiansheng Group (603558), Tianchuang Fashion (603608), Kanglongda (603665), Mugao Di (603908), Harsen Co. (603958), and Yangzhou Jinqiu (603307) [1]