新材料打开差异化成长曲线 公司发布 2025 中报 25H1：营收 7 亿，同减 5.8%，归母净利 0.75 亿，同减 8.7%。公司向全体 股东每 10 股派发现金红利 0.4 元（税），送红股 0 股（含税），不以公积金 转增股本。 产品与服务： ①精纺呢绒：营收 3.4 亿，同减 16%；毛利率 38.3%，同比+0.5pp。精纺呢 绒产品优选澳洲美利奴羊毛，质地紧密、织纹清晰，融合意大利设计，注 重功能与实用性，定位中高端市场。 ②服装类：营收 2.2 亿，同减 21%；毛利率 37.4%，同比+4.5pp。服装业务 涵盖职业装、高端定制与外贸三大板块。 ③超高纤维：营收 0.9 亿，同增 2.6%；毛利率 27.2%，同比+13pp。超高分 子量聚乙烯纤维是公司战略新材料核心，年产能 3600 吨，规格齐全，广泛 应用于防弹、海洋及工业等多领域。 公司报告 | 半年报点评 南山智尚（300918） 证券研究报告 ④绵纶纤维：营收 0.7 亿；毛利率 7.9%。锦纶纤维作为公司全新产品以 PA6 与 PA66 为主，年产能 8 万吨，采用进口设备生产细旦多孔差异化产品， 聚焦高端服饰领域，并拓展生物 ...

| 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 002674 | 兴科技 | 15.65 | -4.69% | 13.11万 | 2.07亿 | | 002144 | 宏达高科 | 12.54 | -4.64% | 8.15万 | 1.04亿 | | 681509 | 里是森心 | 15.85 | -3.41% | 6.57万 | 1.05亿 | | 605055 | 迎丰股份 | 10.10 | -3.26% | 1 22.14万 | 2.22亿 | | 300918 | 南山智尚 | 21.94 | -3.18% | 15.56万 | 3.45 Z | | 603889 | 新澳股份 | 6.80 | -2.02% | 46.99万 | 3.23亿 | | 002394 | 联发股份 | 11.14 | -1.94% | 12.32万 | 1.39亿 | | 300819 | 聚杰微纤 | 23.87 | -1.57% | 2.76万 | 6667.59万 | | 301066 | 万事利 ...

证券之星消息，9月29日纺织制造板块较上一交易日上涨0.39%，新澳股份领涨。当日上证指数报收于 3862.53，上涨0.9%。深证成指报收于13479.43，上涨2.05%。纺织制造板块个股涨跌见下表： 从资金流向上来看，当日纺织制造板块主力资金净流出3585.0万元，游资资金净流出7154.82万元，散户 资金净流入1.07亿元。纺织制造板块个股资金流向见下表： | 代码 | 名称 | 主力净流入(元) | 主力净占比 游资净流入 (元) | | 游资净占比 散户净流入(元) | | 散户净占比 | | --- | --- | --- | --- | --- | --- | --- | --- | | 603888 | 新澳股份 | 4219.20万 | 11.98% | -1224.88万 | -3.48% | -2994.32万 | -8.50% | | 603130 | 云中马 | 1725.24万 | 4.67% | -2880.89万 | -7.80% | 1155.65万 | 3.13% | | 605055 迎丰股份 | | 1249.28万 | 3.71% | 627.64万 | 1.86 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative return of over 20% within the next six months [6][16]. Core Views - The company is steadily advancing its globalization strategy, optimizing its production capacity both domestically and internationally. Key projects include the "50,000 spindles high-end ecological yarn spinning and dyeing project" in Vietnam and the "20,000 spindles high-quality wool yarn construction project" in Yinchuan, which are expected to enhance its global industrial layout [2][3]. - The company has initiated a "key customer strategy" to systematically manage high-value clients, aiming to understand their needs better and provide customized solutions, thereby establishing long-term stable partnerships [3]. - The financial performance shows a slight decrease in revenue for Q2 2025, with a revenue of 1.5 billion and a net profit of 170 million, both down by 0.4% year-on-year. However, for the first half of 2025, revenue was 2.6 billion, a slight decrease of 0.08%, while net profit increased by 1.7% to 270 million [1][4]. Financial Summary - The company forecasts revenues of 5.1 billion, 5.6 billion, and 6.2 billion for the years 2025, 2026, and 2027, respectively, with corresponding net profits of 440 million, 490 million, and 540 million [4][5]. - The projected P/E ratios for 2025, 2026, and 2027 are 10, 9, and 9 times, respectively, indicating a stable valuation outlook [4][5]. - The company has a total market capitalization of approximately 4.6 billion, with a current price of 6.31 yuan per share [6][7].

Traditional Dividend Assets - White appliances' cash flow ratio decreased to 26% in Q2 2025, primarily due to increased allocation of financial assets impacting cash flow space[11] - The cash flow ratio for liquor reached 55% in Q2 2025, with a reduction in the allocation of financial assets compared to previous quarters[19] Cash Flow Improvement Assets - Black appliances' cash flow ratio was 24% in Q2 2025, with capital expenditure reduced to a historical low of 0.7, indicating a potential shift to a new high expenditure cycle[24] - Lighting equipment's cash flow ratio improved to 31% in Q2 2025, as financial asset allocation decreased, allowing cash flow to return to positive[33] - Beauty care's cash flow ratio was 47% in Q2 2025, driven by reduced capital expenditure, which fell to a historical low of 1.4[39] Stable Cash Flow Assets - Textile manufacturing maintained a cash flow ratio of 21% in Q2 2025, with stable cash flow generation since 2022[47] - The apparel and home textile sector achieved a cash flow ratio of 52% in Q2 2025, entering a phase of stable cash flow generation due to reduced capital expenditure[51] Assets Under Pressure - Traditional Chinese medicine and beverage sectors are under pressure, with profitability not showing signs of improvement, particularly in the context of centralized procurement affecting traditional Chinese medicine[3] - The non-liquor beverage sector, including beer and wine, continues to face challenges, with profitability remaining under pressure[3]

从资金流向上来看，当日纺织制造板块主力资金净流入1.05亿元，游资资金净流出1.56亿元，散户资金净 流入5110.22万元。纺织制造板块个股资金流向见下表： | 代码 | 名称 | 主力净流入(元) | 主力净占比 游资净流入 (元) | | 游资净占比 散户净流入 (元) | | 散户净占比 | | --- | --- | --- | --- | --- | --- | --- | --- | | 603130 | 云中马 | - 9541.14万 | 20.23% | -6132.16万 | -13.00% | -3408.98万 | -7.23% | | 002394 联发股份 | | 5263.21万 | 18.74% | -2358.10万 | -8.39% | -2905.11万 | -10.34% | | 000850 华茂股份 | | 2396.98万 | 23.29% | 428.02万 | 4.16% | -2825.00万 | -27.45% | | 605189 | 昌春茶社 | 1711.18万 | 10.99% | -1025.17万 | -6.58% | -686.00万 | ...

Investment Rating - The report maintains a "Positive" investment rating for the textile and apparel industry, highlighting the resilience of the sports segment amidst fluctuating demand [2]. Core Insights - Domestic demand is recovering amidst fluctuations, while external demand is weakening. Retail sales in the textile and apparel sector showed a year-on-year growth of 2.9% to 940 billion yuan from January to August 2025, with a recovery trend noted in August [3][12]. - The sportswear segment demonstrates strong demand resilience, with leading brands like Anta and Li Ning outperforming expectations in the first half of 2025 [3][24]. - The textile manufacturing sector is facing challenges due to geopolitical tensions and rising costs, but certain segments, such as non-woven fabric, remain robust [4][5]. Summary by Sections 1. Industry Overview - Domestic retail sales in the textile sector grew by 4.6% year-on-year to 32.4 trillion yuan in the first eight months of 2025, with apparel sales increasing by 2.9% [3][12]. - External demand weakened, with textile exports declining by 5.0% year-on-year to 26.54 billion USD in August 2025, driven by reduced "export grabbing" and order shifts [3][16]. 2. Hong Kong Sports Segment - The sports segment in Hong Kong showed strong performance in H1 2025, with Anta's revenue increasing by 14% to 38.54 billion yuan and Li Ning's revenue growing by 3% to 14.82 billion yuan [3][24]. - The segment's resilience is attributed to effective inventory and discount management strategies [24]. 3. Textile Manufacturing - The midstream manufacturing sector reported stable order intake, with leading companies like Shenzhou International achieving a revenue growth of 15% in H1 2025 [3][4]. - The upstream textile sector faced challenges due to cautious ordering and weak expectations, with companies like Weixing and Xin'ao reporting revenue declines [3][5]. 4. Men's and Women's Apparel - Men's apparel showed stable revenue performance, but profit margins were pressured due to increased marketing and expansion costs [3][21]. - Women's apparel revenue stabilized, with notable performance from brands like Ge Li Si, which saw a 4% increase in comparable revenue [3][21]. 5. Children's Apparel - The children's apparel segment faced pressure on profits due to increased investment, despite stable revenue growth of 3% for brands like Semir and Jiama [3][21]. 6. Home Textiles - The home textiles sector experienced overall performance pressure due to the domestic consumption environment, with companies like Luolai and Mercury reporting mixed results [3][21]. 7. Investment Analysis - The report suggests that consumer promotion policies are expected to boost brand demand, with a focus on selecting resilient segments within the textile industry [3][4]. Recommended stocks include Anta, Li Ning, and Shenzhou International among others [3][4].

证券之星消息，9月25日纺织制造板块较上一交易日下跌1.09%，华孚时尚领跌。当日上证指数报收于 3853.3，下跌0.01%。深证成指报收于13445.9，上涨0.67%。纺织制造板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 605189 | 里星游心 | 15.81 | 4.98% | 9.32万 | 1.46亿 | | 600156 | रून - शिक्स | 8.97 | 1.59% | 23.08万 | 2.10亿 | | 000850 | 华茂股份 | 4.37 | 1.39% | 20.66万 | 9011.19万 | | 000955 | 欣龙控投 | 5.12 | 0.20% | 18.33万 | 9370.53万 | | 001390 | 古麒纽材 | 24.83 | 0.16% | 2.09万 | 5219.58万 | | 600987 | XD航民股 | 7.09 | 0.00% | 7.41万 | 5236.69万 | | 300979 | ...

Group 1 - The textile manufacturing sector increased by 0.34% on September 24, with Yingfeng Co., Ltd. leading the gains [1] - The Shanghai Composite Index closed at 3853.64, up 0.83%, while the Shenzhen Component Index closed at 13356.14, up 1.8% [1] - Key stocks in the textile manufacturing sector showed significant price increases, with Yingfeng Co., Ltd. rising by 10.05% to a closing price of 10.51 [1] Group 2 - The textile manufacturing sector experienced a net outflow of 148 million yuan from main funds, while retail investors saw a net inflow of 149 million yuan [2] - Notable declines were observed in several companies, with Yunzhongma falling by 5.42% to a closing price of 40.46 [2] - The trading volume and turnover for various textile stocks varied, with significant activity noted in companies like Nanshan Zhishang and Xingye Technology [1][2]

Core Viewpoint - The textile and apparel manufacturing sector is expected to continue its growth trend in the first half of 2025 despite tariff disruptions, demonstrating strong operational resilience and increasing concentration among leading companies [1] Group 1: Financial Performance - In the first half of the year, gross and net profit margins of manufacturing factories were slightly pressured due to short-term negative factors such as wage increases and capacity ramp-up [1] - It is anticipated that profit margins will gradually improve by the end of the year as these negative factors dissipate [1] Group 2: Future Outlook - In the second half of 2025, net profits of various manufacturing factories may still be affected by tariff disruptions [1] - In the medium to long term, leading manufacturing companies are expected to benefit from new orders, the alleviation of tariff disruptions, and continuous improvements in smart manufacturing levels, leading to steady annual growth [1] Group 3: Investment Recommendations - The textile manufacturing sector is gradually overcoming the short-term low caused by U.S. tariff disruptions [1] - It is recommended to seize high-certainty opportunities and continuously growing niche leaders after market corrections [1]