Core Viewpoint - The stock price of Dream Lily has shown significant growth this year, with a notable increase in trading activity and institutional interest, indicating a positive market sentiment towards the company [2][3]. Stock Performance - As of October 22, Dream Lily's stock price increased by 2.08% to 9.83 CNY per share, with a trading volume of 1.17 billion CNY and a turnover rate of 2.12%, resulting in a total market capitalization of 56.09 billion CNY [1]. - Year-to-date, Dream Lily's stock price has risen by 46.72%, with a 15.24% increase over the last five trading days, 14.04% over the last 20 days, and 14.70% over the last 60 days [2]. Trading Activity - Dream Lily has appeared on the "Dragon and Tiger List" twice this year, with the most recent instance on October 17, where it recorded a net purchase of 37.19 million CNY, accounting for 28.31% of total trading volume [2]. - The net inflow of main funds was 3.07 million CNY, with large orders accounting for 17.25% of purchases and 13.30% of sales [1]. Financial Performance - For the first half of 2025, Dream Lily reported a revenue of 4.316 billion CNY, representing a year-on-year growth of 9.35%, and a net profit attributable to shareholders of 115 million CNY, which is a significant increase of 117.82% [3]. Shareholder Information - As of June 30, 2025, Dream Lily had 24,200 shareholders, a decrease of 1.33% from the previous period, with an average of 23,611 circulating shares per shareholder, an increase of 1.34% [3]. - The company has distributed a total of 546 million CNY in dividends since its A-share listing, with 28.53 million CNY distributed over the last three years [4]. Institutional Holdings - Notable new institutional shareholders include Hua'an Ankang Flexible Allocation Mixed A, which is the fourth largest shareholder with 9.83 million shares, and several other funds that have recently entered the top ten shareholders list [4].

Core Viewpoint - The Fourth Shandong Cross-Border E-Commerce Trade Fair will be held from October 24 to 26, 2025, in Yantai, aiming to implement the Shandong Province Cross-Border E-Commerce Leap Development Action Plan [1] Group 1: Event Overview - The Shandong Cross-Border E-Commerce Trade Fair is the first provincial-level professional exhibition in northern China, successfully held three times since its inception in 2022, with a cumulative exhibition area exceeding 72,000 square meters and over 110,000 participants, generating an intended transaction amount of nearly 820 million USD [3] - The upcoming fair will feature a theme of "Selecting Products from Shandong, Connecting Globally," with an exhibition area exceeding 20,000 square meters and an expected participation of over 800 enterprises and 60,000 visitors [3] Group 2: Participating Entities and Products - The trade fair will invite over 100 characteristic industrial belt workstations from 16 cities, showcasing a diverse range of products including home goods, small appliances, pet supplies, toys, fashion accessories, and more, highlighting the depth and innovation of Shandong's manufacturing industry [4] - Notable global cross-border e-commerce platforms and leading service providers such as Amazon Global Store, eBay, Alibaba International Station, and Shopee will participate, covering essential nodes in the cross-border e-commerce supply chain [3][4] Group 3: Additional Activities - The event will host various forums and discussions, including the Shandong Cross-Border E-Commerce Industry Development Forum, specialized sessions for Amazon and Alibaba, and a high-end dinner event, aimed at fostering collaboration and knowledge sharing among participants [4] - The trade fair is positioned to play a significant role in reshaping international trade links amid profound changes in the global trade landscape, with predictions indicating that global e-commerce penetration will exceed 25% by 2025, unlocking trillion-dollar market opportunities [4]

Market Overview - The home goods sector increased by 1.09% on October 21, with Lianxiang Co., Ltd. leading the gains [1] - The Shanghai Composite Index closed at 3916.33, up 1.36%, while the Shenzhen Component Index closed at 13077.32, up 2.06% [1] Top Performers - Lianxiang Co., Ltd. (603272) closed at 20.07, up 6.30% with a trading volume of 28,000 shares [1] - Tianzhen Co., Ltd. (301356) closed at 24.45, up 6.17% with a trading volume of 60,000 shares [1] - ST Yazhen (603389) closed at 40.73, up 5.00% with a trading volume of 51,100 shares [1] - Other notable gainers include Zhang Xiaoqin (301055) and Yuma Technology (300993) with increases of 4.67% and 4.33% respectively [1] Underperformers - Delixi Co., Ltd. (002571) saw a decline of 3.17%, closing at 8.24 with a trading volume of 378,400 shares [2] - Longzhu Technology (920445) decreased by 2.82%, closing at 12.05 with a trading volume of 55,400 shares [2] - Other notable decliners include Seagull Construction (002084) and Del Future (002631) with declines of 2.63% and 1.23% respectively [2] Capital Flow - The home goods sector experienced a net outflow of 220 million yuan from institutional investors, while retail investors saw a net inflow of 268 million yuan [2] - The capital flow data indicates that retail investors are more active in the market compared to institutional investors [2] Individual Stock Capital Flow - Filinger (603226) had a net inflow of 26.92 million yuan from institutional investors, while retail investors experienced a net outflow of 29.88 million yuan [3] - Tianan New Materials (603725) saw a net inflow of 17.57 million yuan from institutional investors, with retail investors also experiencing a net outflow [3] - Other stocks like Yuma Technology (300993) and ST Songfa (603268) showed mixed capital flows, with varying levels of institutional and retail investor activity [3]

Core Viewpoint - Qu Mei Home's stock price has shown a significant increase of 45.59% year-to-date, despite recent fluctuations in the short term [2] Group 1: Stock Performance - On October 21, Qu Mei Home's stock rose by 2.06%, reaching a price of 3.96 yuan per share, with a trading volume of 22.99 million yuan and a turnover rate of 0.86% [1] - Year-to-date, Qu Mei Home's stock has increased by 45.59%, with a 3.13% rise over the last five trading days, a 3.65% decline over the last 20 days, and a 13.73% drop over the last 60 days [2] Group 2: Financial Performance - For the first half of 2025, Qu Mei Home reported a revenue of 1.731 billion yuan, a year-on-year decrease of 3.97%, while the net profit attributable to shareholders was -46.86 million yuan, reflecting a year-on-year increase of 62.39% [2] - Since its A-share listing, Qu Mei Home has distributed a total of 124 million yuan in dividends, with 13.78 million yuan distributed over the past three years [3] Group 3: Shareholder Information - As of June 30, 2025, Qu Mei Home had 25,800 shareholders, an increase of 0.16% from the previous period, with an average of 26,565 circulating shares per shareholder, a decrease of 0.16% [2] - The top ten circulating shareholders of Qu Mei Home saw a change, with Jin Yuan Shun An Yuan Qi Flexible Allocation Mixed Fund (004685) exiting the list [3]

Core Points - On October 20, Taily Technology's stock increased by 0.46% with a trading volume of 23.08 million yuan [1] - The company experienced a net financing outflow of 6.96 million yuan on the same day, with a total financing balance of 105 million yuan, accounting for 11.61% of its market capitalization [1] - As of June 30, the number of shareholders decreased by 43.72% to 16,300, while the average circulating shares per person increased by 77.69% to 1,418 shares [2] - For the first half of 2025, Taily Technology reported a revenue of 577 million yuan, a year-on-year increase of 6.21%, while the net profit attributable to shareholders decreased by 21.86% to 40.46 million yuan [2] - The company has distributed a total of 27.07 million yuan in dividends since its A-share listing [3] Financing and Trading Data - On October 20, Taily Technology had a financing buy-in of 1.77 million yuan and a financing repayment of 8.72 million yuan, resulting in a net financing buy-in of -6.96 million yuan [1] - The company had no short-selling activity on October 20, with zero shares sold or repaid [1] Business Overview - Taily Technology, established on April 24, 2003, is located in Zhongshan City, Guangdong Province, and specializes in the research, production, and sales of various home storage products and related functional materials [1] - The main revenue sources for the company include vacuum packaging (41.98%), flexible connections (22.65%), home living (16.14%), safety protection (8.19%), outdoor equipment (5.35%), biological preservation (4.68%), and other (1.00%) [1]

Core Viewpoint - BMSMILE Co.Ltd's subsidiary in China, Bumei Shimei (Shanghai) Brand Management Co., Ltd., faced administrative penalties for false advertising on multiple e-commerce platforms [1][4][6] Administrative Penalty Information - The administrative penalty was issued by the Shanghai Minhang District Market Supervision Administration, with the decision number 沪市监闵处(2025)122025004035号 [2] - The company was fined 5,000 RMB for violating advertising laws by publishing false advertisements [2][6] - The penalty was issued on September 26, 2025 [2] Product and Advertising Issues - The brands "PETHROOM" and "wiggle wiggle" were found to have misleading promotional language on platforms like Tmall, Douyin, and Xiaohongshu [4][6] - Specific examples include claims such as "soothing skin irritation" and "blocks 99% of UV rays," for which the company could not provide valid evidence [4][5] - A product, "pet shower," was noted for not displaying the required water efficiency label and remains available for sale despite the penalty [6][7] Company Background - Bumei Shimei (Shanghai) Brand Management Co., Ltd. was established in 2018 and is part of the Korean company BMSMILE Co.Ltd, which operates in various sectors including pet products and lifestyle brands [10][12] - BMSMILE has expanded its business significantly, achieving over 600 million RMB in sales by 2023 and securing investment from SK Networks [12][14] - The company aims to establish a strong presence in Shanghai and other cities with plans for physical store openings [14]

Market Overview - The home goods sector increased by 0.23% on October 20, with Seagull Housing leading the gains [1] - The Shanghai Composite Index closed at 3863.89, up 0.63%, while the Shenzhen Component Index closed at 12813.21, up 0.98% [1] Top Performers - Seagull Housing (002084) closed at 4.57, up 10.12% with a trading volume of 1.1506 million shares and a transaction value of 499 million [1] - Filinger (603226) closed at 42.70, up 5.93% with a trading volume of 104,500 shares [1] - Wenfenda (301575) closed at 58.38, up 5.38% with a trading volume of 46,700 shares and a transaction value of 267 million [1] Underperformers - Delixi Co. (002571) closed at 8.51, down 9.76% with a trading volume of 572,200 shares and a transaction value of 503 million [2] - ST Yazhen (603389) closed at 38.79, down 5.00% with a trading volume of 9,111 shares [2] - Yuma Technology (300993) closed at 17.54, down 3.84% with a trading volume of 171,400 shares and a transaction value of 305 million [2] Capital Flow - The home goods sector experienced a net outflow of 21.5487 million from institutional investors, while retail investors saw a net outflow of 20.806 million [2] - Speculative funds had a net inflow of 42.3547 million [2] Individual Stock Capital Flow - Seagull Housing had a net inflow of 73.8906 million from institutional investors, while it saw a net outflow of 42.7574 million from retail investors [3] - Dream Lily (603313) had a net inflow of 22.8649 million from institutional investors, but a net outflow of 68.9523 million from retail investors [3] - Delixi Co. had a net outflow of 31.132 million from speculative funds [3]

Core Viewpoint - The company, Zhiyou Technology, is benefiting from various economic trends including the camping economy, influencer economy, cross-border e-commerce, and the pet economy, with a significant portion of its revenue coming from overseas due to the depreciation of the RMB [2][3]. Company Overview - Zhiyou Technology, established on January 8, 2010, is located in Zhengzhou, Henan Province, and was listed on June 21, 2023. The company focuses on the research, design, and sales of its own brand home products, with 99.09% of its revenue coming from cross-border e-commerce [7]. - As of June 30, 2023, the company had 11,300 shareholders, an increase of 26.05% from the previous period, with an average of 17,072 circulating shares per person, a decrease of 20.35% [8]. Financial Performance - For the first half of 2025, Zhiyou Technology achieved a revenue of 4.044 billion yuan, representing a year-on-year growth of 8.68%, and a net profit attributable to shareholders of 190 million yuan, up 11.03% year-on-year [8]. - The company has distributed a total of 321 million yuan in dividends since its A-share listing [8]. Product and Market Strategy - The company's product lines include outdoor and pet-related items, with a focus on creating differentiated products for various usage scenarios. The pet product line includes cat trees, pet beds, and other furniture [2][3]. - Zhiyou Technology has established a cross-border e-commerce logistics system with self-operated warehouses in Germany and the United States, enhancing operational efficiency and customer satisfaction [2][3]. Market Trends and Influencer Collaborations - The company is leveraging influencer marketing by collaborating with social media personalities to promote its products, although current sales contributions from these efforts are relatively small [2]. - The company’s overseas revenue accounted for 98.88% of total revenue, benefiting from the depreciation of the RMB [3].

Investment Rating - The report maintains an investment rating of "A" for the textile and apparel industry [1]. Core Insights - The textile and apparel industry has shown a mixed performance in exports, with China's textile and apparel exports for January to September 2025 amounting to $106.48 billion and $115.21 billion respectively, reflecting a year-on-year growth of 2.1% and a decline of 2.5% [3][19]. - Vietnam's textile and apparel exports for the same period have shown a cumulative year-on-year growth of 8.77% [4][19]. - The report highlights strong retail performance for brands like 361 Degrees and Tebu International, with 361 Degrees achieving healthy growth in retail sales [2][12]. Summary by Sections Weekly Observation - Major Taiwanese textile manufacturers reported September 2025 revenue data, with notable performances including: - Yuanyuan Group: September revenue down 3.8%, but a 2.3% increase year-to-date [20]. - Fengtai Enterprises: September revenue down 0.87%, with a 4.29% decline year-to-date [5]. - Laiyi Industry: September revenue up 0.65%, with an 8.16% increase year-to-date [6]. - Juyang Industrial: September revenue down 28.22%, with a 0.99% decline year-to-date [7]. - Ruhong: September revenue up 1.59%, with a 5.39% increase year-to-date [8]. Market Performance - The SW textile and apparel sector saw a decline of 0.31% in the week, while the SW light industry sector fell by 2.22% [11][23]. - The SW textile manufacturing sub-sector dropped by 2.73%, while the SW apparel and home textile sector rose by 0.41% [11][23]. Industry Data Tracking - China's textile and apparel exports for January to September 2025 were $106.48 billion and $115.21 billion, with year-on-year changes of 2.1% and -2.5% respectively [19][48]. - Vietnam's textile and apparel exports showed a cumulative year-on-year growth of 8.77% for the same period [4][19]. Industry News - MUJI's parent company reported a global revenue increase of 18.6% for the last fiscal year, with significant growth in the Chinese market [63][64]. - LVMH reported a 4% decline in total revenue for the first nine months of 2025, but noted a return to growth in the Chinese market [68][69]. - Lao Feng Xiang announced a $24 million investment to acquire a 20% stake in Maybach Luxury Asia Pacific, aiming to enhance its high-end product offerings [70][71].

Core Viewpoint - Gujia Home's stock price has experienced fluctuations, with a recent decline of 2.08% and a year-to-date increase of 12.94% [1] Group 1: Stock Performance - As of October 20, Gujia Home's stock price was 29.59 yuan per share, with a market capitalization of 24.307 billion yuan [1] - The stock has seen a 1.23% decline over the last five trading days and a 1.79% decline over the last twenty days, while it has increased by 19.36% over the last sixty days [1] Group 2: Financial Performance - For the first half of 2025, Gujia Home reported a revenue of 9.801 billion yuan, representing a year-on-year growth of 10.02%, and a net profit attributable to shareholders of 1.021 billion yuan, up 13.89% year-on-year [2] - Since its A-share listing, Gujia Home has distributed a total of 6.339 billion yuan in dividends, with 3.173 billion yuan distributed over the last three years [2] Group 3: Shareholder Information - As of June 30, 2025, the number of shareholders for Gujia Home increased by 14.88% to 23,500, while the average circulating shares per person decreased by 12.95% to 34,547 shares [2] - The top ten circulating shareholders include notable entities such as China Europe Pension Mixed A and Hong Kong Central Clearing Limited, with changes in their holdings noted [2]