得益于合理的订单排期，在海外原材料价格全年走低的不利局面下，越南工厂的毛利率仍呈现逐级修 复。2024 年，越南百隆完成营业收入59.97 亿元，同比增长13.03%；实现净利润5.04 亿元，同比增长 299.91%。截至2024年底，越南工厂产能约占集团总产能的77%。 2024 年毛利率同比回升，净利率有所下降。公司2024 年毛利率为10.20%，同比上升1.55pct。2024 年期 间费用率为 7.05%，同比下降2.01pct，其中，销售费用率0.47%，同比-0.12pct；管理费用率3.70%，同 比-1.09pct；财务费用率1.47%，同比-0.76pct；研发费用率1.41%，同比-0.04pct。公司净利率为5.16%， 同比下降2.13pct。 投资建议：公司作为国内领先的色纺纱生产企业之一，主营业务为色纺纱的研发、生产和销售。深耕色 纺纱行业30 余年，已形成特有的"小批量、多品种、快速反应"经营模式，致力于向客户提供全系列、 多品种、质量可靠的以纯棉品种为主的色纺纱线。预测公司2025-2027 年EPS 分别为0.33 元、0.37 元、 0.40 元，对应PE 分别为14. ...

一、主要会计数据和财务指标 | 报告期指标 | 2024年年报 | 2023年年报 | 本年比上年增减(%) | 2022年年报 | | --- | --- | --- | --- | --- | | 基本每股收益（元） | -2.2065 | -2.3870 | 7.56 | -3.1760 | | 每股净资产（元） | 2.55 | 4.76 | -46.43 | 7.14 | | 每股公积金(元) | 6.37 | 6.22 | 2.41 | 6.22 | | 每股未分配利润(元) | -5.16 | -2.80 | -84.29 | -0.42 | | 每股经营现金流(元) | - | - | - | - | | 营业收入(亿元) | 4.49 | 3.84 | 16.93 | 5.92 | | 净利润(亿元) | -5.77 | -6.25 | 7.68 | -8.31 | | 净资产收益率(%) | -60.41 | -40.13 | -50.54 | -36.34 | 数据四舍五入，查看更多财务数据>> 二、前10名无限售条件股东持股情况 前十大流通股东累计持有： 9654.47万股，累计占流通 ...

Economic Overview - In 2021, China's GDP reached 114.4 trillion yuan, growing by 8.1% year-on-year, equivalent to approximately 17.7 trillion USD, accounting for over 18% of the global economy, solidifying its position as the second-largest economy in the world [1] - The historical context highlights that during the Song Dynasty, China accounted for 60% of the world's GDP, and even during the Qing Dynasty, it held 35% before being surpassed by Western countries due to the Industrial Revolution [1] Historical Context - The establishment of a unified state in China began with the Qin Dynasty, followed by the Han Dynasty, which defined the Chinese nation. Population growth was significant during stable periods, with the Han population increasing from 18 million to 60 million in about 200 years [3] - The Ming Dynasty saw a population increase from under 60 million to over 200 million by the early 17th century, while the Qing Dynasty's population grew from 120 million to over 430 million by the 19th century due to stable agricultural conditions [3] European Context - In contrast, Europe was fragmented into numerous feudal states post-1453, leading to frequent wars and a smaller population due to the instability of the "Dark Ages" [5] - The rise of the Ottoman Empire disrupted trade routes, increasing costs for Western nations, which relied heavily on trade with China for resources [5] Industrial Revolution - The search for new trade routes led to the Age of Exploration, with European nations seeking maritime paths to Asia, culminating in the discovery of the Americas by Columbus in 1492 [7] - The need for labor to process the vast resources from colonies prompted European countries to innovate and develop machinery, marking the beginning of the Industrial Revolution [7][10] - By the late 18th century, the introduction of the spinning jenny and the steam engine revolutionized production, leading to the mechanization of the textile industry in Britain [10][12] - The transition from hand production to machine-based manufacturing in the cotton industry was largely completed by 1830, establishing Britain as the first industrialized nation [14] Conclusion - The Industrial Revolution represented a significant leap in productivity and wealth creation, enabling Britain to become a dominant global power, often referred to as the "empire on which the sun never sets" [14] - The conditions that led to the Industrial Revolution were unique to Britain, as other nations lacked the necessary preconditions to replicate this transformation [14]

一、主要会计数据和财务指标 | 报告期指标 | 2025年一季报 | 2024年一季报 | 本年比上年增减(%) | 2023年一季报 | | --- | --- | --- | --- | --- | | 基本每股收益（元） | -0.0311 | -0.0316 | 1.58 | 0.0395 | | 每股净资产（元） | 1 | 1.12 | -10.71 | 1.14 | | 每股公积金(元) | 0.37 | 0.37 | 0 | 0.37 | | 每股未分配利润(元) | -0.46 | -0.34 | -35.29 | -0.32 | | 每股经营现金流(元) | - | - | - | - | | 营业收入(亿元) | 2.14 | 1.87 | 14.44 | 1.61 | | 净利润(亿元) | -0.13 | -0.13 | 0 | 0.16 | | 净资产收益率(%) | -3.06 | -2.78 | -10.07 | 3.52 | 数据四舍五入，查看更多财务数据>> | 名称 | 持有数量(万股) | 占总股本比例(%) | 增减情况(万股) | | --- | --- | --- ...

股票代码：002394 股票简称：联发股份 江苏联发纺织股份有限公司投资者关系活动记录表 编号：20250428 | 投资者关系活动类 | □特定对象调研 □分析师会议 | | | --- | --- | --- | | 别 | □媒体采访 √业绩说明会 | | | | □新闻发布会 □路演活动 | | | | □现场参观 | | | | □其他 （请文字说明其他活动内容） | | | 参与单位名称及人 | 线上参与联发股份 2024 年度报告业绩说明会的投资者 | | | 员姓名 | | | | 时间 | 2025 年 04 28 日（星期一）下午 15:00-17:00 | 月 | | 地点 | "联发股份投资者关系"微信小程序 | | | 上市公司接待人员 | 董事长：潘志刚先生 | | | 姓名 | 独立董事：赵曙明先生 | | | | 财务总监兼董事会秘书：张洪梅女士 | | | | 1、问：净利润大幅增长的原因？ | | | | 答：您好！净利润增加，主要是因为本期基金产品的投 | | | | 资收益增加所致。 | | | | 2、问：公司的竞争优势体现在哪些方面？未来公司将如 | | | | 何 ...

证券代码：300993 证券简称：玉马科技 山东玉马遮阳科技股份有限公司 投资者关系活动记录表 编号：2025-003 | 投资者关系活 | □ 特定对象调研 | □ 分析师会议 | □ 媒体采访 | | | --- | --- | --- | --- | --- | | 动类别 | √业绩说明会 | □ 新闻发布会 | □ 路演活动 | | | | □ 现场参观 | □ 其他-电话采访 | | | | | 中信证券 | 孙明新、肖昊、 施佳斌、周光裕 | 天风证券 | 张彤、徐杉 | | | 交银施罗德基金 | 谢欣怡 | 申万宏源 | 张海涛 | | | 东方证券 | 王树娟 | 国投证券 | 罗乾生 | | | 长江证券 | 仲敏丽 | 北京枫瑞私募基金 | 吴蕊 | | 参与人员姓名 | 国海证券 | 赵兰亭、孙馨 竹、林昕宇 | 国泰君安证券资产 | 黎思言 | | 及单位名称 | | | | | | | 中金公司 | 柳政甫 | 深圳市尚诚资产 | 黄向前 | | | 西部证券 | 谭鹭 | 上海混沌投资 | 黎晓楠 | | | 华西证券 | 唐爽爽 | 北京源乐晟资产 | 卢二毛 | | | 信 ...

光期研究 见微知著 棉 花 策 略 月 报 2 0 2 5 年 0 5 月 1 光大证券 2020 年 半 年 度 业 绩 E V E R B R I G H T S E C U R I T I E S 棉花：新棉播种期宏观扰动持续，棉价存有支撑 p 2 棉花：新棉播种期宏观扰动持续，棉价存有支撑 总 结 供应端：国内新棉播种进入尾声，预计种植面积同比小幅增加，但增幅或低于此前市场预期，美棉播种进度加速，目前看干旱影响未完全消失，预计新年度中美棉花产 量均同比下降。 1、USDA3月末种植意向报告显示，预计2025年美棉播种面积为986.7万英亩，同比下降近12%，基本符合市场预期，但由于弃种率预计下调，因此最终产量预计变化不 大。我们认为美棉产量高估。2、截止4月20日，美国棉花播种进度11%，持平往年同期水平。3、国内新棉播种中，新疆大部分地区已经播种完毕，东疆和南疆部分棉区 已经出苗。4、据中国棉花市场监测系统，2025年我国棉花意向种植面积4376.3万亩，同比增加1.5%，增幅较上次预测环比下降0.3个百分点；其中新疆地区棉花意向种 植面积3890.4万亩，同比增加2.6%。 需求端：国内纺织企业开 ...

消费升级背后：谁在出局？ 纺织业大洗牌：谁在狂欢？谁在哭泣？ 化纤产量飙升，库存却爆仓？纺织业到底怎么了？城乡居民衣着消费支出增长 2.8%，但服装企业数量 反而减少 647 家，行业洗牌加速。RCEP 订单大增，欧美市场却凉了？RCEP 成员国订单占外贸总额 30.9%，但圣诞季欧美订单恢复不及预期，面料商库存周转天数同比增加 15 天。成本线失守，环保纤 维却逆势狂飙？涤纶长丝价格跌破成本线，但莱赛尔纤维因环保政策支持产量暴增 138.3%，两极分化 严重。更魔幻的是，桐昆股份用一体化装置把成本砍到行业最低，而中小厂只能靠代加工勉强维生。生 死局已定，纺织业如何突围？说到底，这不是简单的市场波动，而是行业从'规模竞争'转向'价值竞 争'的生死局。 涤纶长丝价格跌破成本线，中小厂生存艰难，而莱赛尔纤维因环保政策支持产量暴增 138.3%。桐昆股 份通过一体化装置将成本降至行业最低，而代工厂则陷入价格战泥潭。这波行情倒逼企业必须过'三 关'：质量关、成本关、渠道关。 说到底，纺织业的困境不是技术问题，不是资金问题，而是转型速度跟不上市场变化的问题。1 年内紧 盯政策红利（如工信部《重点新材料目录》），3 年布 ...

Core Viewpoint - Jiangsu's foreign trade exports reached 904.99 billion yuan in the first quarter, showing a year-on-year growth of 9.6%, reflecting the province's resilience amid complex international trade conditions [1] Group 1: Trade Performance - Jiangsu's foreign trade growth of 9.6% in the first quarter is notable against the backdrop of rising trade protectionism and de-globalization [1] - The province's performance is indicative of China's foreign trade transformation and upgrading, supported by policy tools and enterprise innovation [1] Group 2: Policy Support - In 2024, China has optimized foreign trade foreign exchange processes and introduced six policy measures to facilitate trade, including simplifying customs procedures for special regulatory areas [2] - Jiangsu's imports and exports to ASEAN increased by 22.3% year-on-year, driven by the benefits of free trade agreements [2] Group 3: Innovation and Competitiveness - Jiangsu enterprises have demonstrated remarkable innovation capabilities, with examples such as Moteng Sports capturing niche markets and Changzhou Guangyang Motor enhancing electric vehicles with smart systems [3] - Traditional industries are adapting by shortening delivery cycles to under one week, exemplifying a shift from price competition to value-driven strategies [3] Group 4: Dual Circulation Strategy - The implementation of the dual circulation strategy is evident in practices like the mixed loading of domestic and foreign trade containers, which has reduced logistics costs by over 10% [4] - Innovations such as the "same package, same vehicle" model by Jinling Customs have further lowered transaction costs, enhancing the resilience of the supply chain [4]

转自：前瞻产业研究院 行业主要上市公司：新澳股份(603889)、恒力石化(600346)、东方盛虹(000301)、浙文影业(601599)、恒 逸石化(000703)、百隆东方(601339)、华孚时尚(002042)、凤竹纺织(600493)、金鹰股份(600232)、华升 股份(600156)、嘉欣丝绸(002404)、彩蝶实业(603073)、华纺股份(600448)等 本文核心数据：企业竞争格局;区域竞争格局;行业竞争力评价 1、中国纺织行业整体竞争梯队 按纺织行业企业纺织业务营收规模来看，100亿元以上的企业有华孚时尚等等，营收在10亿元-100亿元 之间的企业有新澳股份、浙文影业、百隆东方和嘉欣丝绸等，营收在1-10亿元之间的企业有凤竹纺织、 金鹰股份、华升股份、彩蝶实业和宏达高科等。 2、中国纺织行业细分市场竞争格局 从细分领域来看，棉纺织领域以魏桥创业、天虹国际、华孚时尚、百隆东方等企业为主;麻纺织领域以 金鹰股份、华升股份和金达控股等企业为主;毛纺织领域以新澳股份、中鼎纺织和浙文影业等企业为主; 丝纺织领域以嘉欣丝绸、达利丝绸和金富春等企业为主;化纤纺织业有彩蝶实业、宏达高科和台华新材 ...