天眼查App显示，近日，保定卯祥箱包有限公司成立，法定代表人为苟莉莎，注册资本30万人民币，经 营范围为一般项目：箱包制造;玩具制造;箱包销售;皮革销售;皮革制品销售;塑料制品销售;橡胶制品销售; 五金产品零售;针纺织品销售;针纺织品及原料销售;海绵制品销售;互联网销售（除销售需要许可的商 品）;服装服饰零售;鞋帽零售;母婴用品销售;珠宝首饰零售;化妆品零售;玩具销售;日用品销售;日用杂品 销售;办公用品销售;文具用品零售;日用木制品销售;纸制品销售;户外用品销售;劳动保护用品销售;家居用 品销售;汽车装饰用品销售;日用口罩（非医用）销售;家具零配件销售;厨具卫具及日用杂品零售;照明器 具销售;卫生洁具销售;棉、麻销售;染料销售;颜料销售;金属材料销售（除依法须经批准的项目外，凭营 业执照依法自主开展经营活动）。 ...

天眼查App显示，近日，羽袋（保定）箱包制造有限公司成立，法定代表人为王潇阳，注册资本50万人 民币，经营范围为一般项目：箱包制造;箱包销售;互联网销售（除销售需要许可的商品）;汽车装饰用品 销售;日用木制品销售;玩具销售;日用杂品销售;五金产品零售;保温材料销售;皮革制品销售;塑料制品销 售;针纺织品销售;服装辅料销售;缝制机械销售;货物进出口;旧货销售;网络设备销售;信息技术咨询服务 （除依法须经批准的项目外，凭营业执照依法自主开展经营活动）。 ...

天眼查App显示，近日，邯郸市悦万佳箱包有限公司成立，法定代表人为郅奇，注册资本10万人民币， 经营范围为一般项目：箱包制造;箱包销售;互联网销售（除销售需要许可的商品）;产业用纺织制成品销 售;箱包修理服务;技术服务、技术开发、技术咨询、技术交流、技术转让、技术推广;新材料技术推广服 务;货物进出口;技术进出口;日用产品修理（除依法须经批准的项目外，凭营业执照依法自主开展经营活 动）。 ...

Company Overview - Dongguan Chengtai Bag Co., Ltd. has been established with a registered capital of 500,000 RMB [1] - The legal representative of the company is Zhou Liqiong [1] Business Scope - The company engages in various manufacturing and sales activities, including bag manufacturing, home textile products, toy manufacturing, leather products, and clothing [1] - Additional business activities include the wholesale and retail of sports equipment, agricultural products, electronic products, and stationery [1] - The company is authorized to operate independently within the scope of its business license, excluding projects that require approval [1]

天眼查App显示，近日，高碑店市新城梓沐箱包厂（个体工商户）成立，法定代表人为路彬，注册资本 1万人民币，经营范围为一般项目：箱包制造；箱包销售；互联网销售（除销售需要许可的商品）；鞋 帽零售；服装服饰批发；皮革制品销售；体育用品及器材零售；针纺织品销售（除依法须经批准的项目 外，凭营业执照依法自主开展经营活动）。 ...

Core Insights - Baigou, a town in Hebei Province, has become a global hub for luggage production, with an annual output value exceeding 40 billion yuan and a market share of nearly 30% in China [1][3][5] - The town has over 35,000 enterprises involved in the luggage industry, employing more than 3 million people and exporting products to 195 countries and regions [1][3] - The transformation from basic, utilitarian bags to high-quality, branded products has been driven by rising consumer demands and the establishment of over 1,400 independent brands in just five years [3][5] Industry Development - The luggage industry in Baigou has evolved from small-scale, low-cost production to a comprehensive industrial chain that includes raw material supply, product design, manufacturing, and sales [5][7] - The introduction of fashion elements and innovative designs has diversified the product range, catering to various consumer segments, including outdoor enthusiasts and business travelers [5][7] - Digital transformation in production processes has improved efficiency and transparency, with a raw material utilization rate of 94% and dynamic order management capabilities [7] Market Trends - Baigou has adapted to market trends by expanding its sales channels, including online platforms and cross-border e-commerce, while hosting trade fairs to connect with international buyers [5][7] - The focus on high-end, branded products has positioned Baigou as a competitive player in the global luggage market, moving away from mere OEM production to brand development and value creation [7]

Group 1 - The company reported a revenue of 2.427 billion in H1 2025, representing a year-on-year growth of 32.53%, while the net profit attributable to shareholders was 187 million, a decrease of 24.77% due to the impact of investment income from the acquisition of Jiale in H1 2024 [1] - The operational net profit growth rate, excluding the aforementioned impact, was 23.28%, with a non-recurring net profit of 181 million, an increase of 13.98% year-on-year [1] - In Q2 2025, the company achieved a revenue of 1.194 billion, a year-on-year increase of 29.54%, while the net profit attributable to shareholders was 101 million, a decrease of 42.78% [1] Group 2 - The bag manufacturing business generated a revenue of 1.419 billion in H1 2025, reflecting a year-on-year growth of 13.03%, supported by a core strategy targeting major clients [1] - The company’s production capacity for bags reached 22.0733 million units, a year-on-year increase of 3.55%, with a capacity utilization rate of 93.39%, up 2.15 percentage points [1] - The company has established a global supply chain advantage with clients including Nike, ADIDAS, Uniqlo, and others, with approximately 71% of production capacity located overseas, mainly in Indonesia and India [1] Group 3 - The apparel manufacturing segment reported a revenue of 678 million, a significant year-on-year increase of 148.25%, indicating effective implementation of the vertical integration strategy [2] - The subsidiary Shanghai Jiale achieved a revenue of 685 million in H1 2025, with a net profit margin of 5.08%, an increase of 1.8 percentage points year-on-year [2] - The company’s clothing production capacity was 30.0143 million units, with a utilization rate of 50.73%, and approximately 80% of production capacity located overseas, primarily in Indonesia [2] Group 4 - The brand management business generated a revenue of 311 million in H1 2025, a year-on-year increase of 8.87%, with distribution channel revenue from Xiaomi reaching 250 million, up 28.28% [2] - The self-owned brand "90 Points" has optimized its online channel operations, with online sales revenue of approximately 55.486 million, while also expanding into offline channels [2] Group 5 - The overall gross margin for H1 2025 was 24.66%, an increase of 0.72 percentage points, primarily due to improvements in the gross margin of the OEM business [3] - The company reported a significant increase in operating cash flow, reaching 239 million, a year-on-year growth of 3843%, indicating improved operational quality [3] - Inventory amounted to 861 million, a year-on-year increase of 19.33%, with an inventory turnover period of 85 days, an increase of 6 days year-on-year [3]

Company Overview - A new company named Xingan County Dingjiang Bag Co., Ltd. has been established with a registered capital of 1 million RMB [1] - The legal representative of the company is Yao Xiaobo [1] Business Scope - The company is engaged in various manufacturing and sales activities, including bag manufacturing, leather product manufacturing, and plastic product manufacturing [1] - It also involves internet sales (excluding items requiring permits), hardware product manufacturing, and retail [1] - Additional activities include the sale of baby products, clothing, daily necessities, and household appliances [1] - The company is authorized to conduct domestic trade agency activities, except for projects that require approval [1]

Group 1 - A new company, Baoding Mopai Bag Manufacturing Co., Ltd., has been established with a registered capital of 500,000 RMB [1] - The legal representative of the company is Hu Yunxia [1] - The business scope includes bag manufacturing, bag sales, retail of shoes and hats, wholesale of clothing and accessories, leather product sales, retail of sports goods and equipment, textile sales, and internet sales (excluding items that require permits) [1]

Group 1 - A new company named Baoding Manyou Creative Bag Manufacturing Co., Ltd. has been established with a registered capital of 100,000 RMB [1] - The legal representative of the company is Yang Yan [1] - The business scope includes various activities such as bag manufacturing, sales of leather products, hardware wholesale and retail, and internet sales among others [1] Group 2 - The company is involved in a wide range of sectors including toys, clothing, and daily necessities [1] - It also engages in import and export activities, as well as technology import and export [1] - The company operates under the general project category, which allows for a broad range of business activities without needing specific licenses for most items [1]