董秘回答(上海三毛SH600689)： 您好，公司曾于2009年投资设立全资子公司上海嘉懿创业投资有限公司，并于2015年通过该公司作为有 限合伙人参与合作设立合伙企业。因该公司长期无生产经营活动，为推动公司精简层级、提高决策效 率，经公司第十一届董事会2025年第二次临时会议审议通过后，已向法院申请对其实施破产清算，并将 依照相关法律规定处置该公司的对外投资事项。截至目前，事项尚在进展中。（关于嘉懿创投的具体情 况敬请在上海证券交易所网站查阅公司相关公告） 除前述事项外，公司无其他创投业务。敬请投资者 理性投资，注意投资风险。查看更多董秘问答>> 免责声明：本信息由新浪财经从公开信息中摘录，不构成任何投资建议；新浪财经不保证数据的准确 性，内容仅供参考。 投资者提问： 董秘您好，请问公司是否有创投相关业务？ ...

Core Viewpoint - The establishment of the Egypt garment production base project by Soho Fashion marks a significant step in the company's strategy for professionalization and internationalization, responding to the "Belt and Road" initiative and enhancing its global supply chain in the textile and apparel industry [1][2] Group 1: Project Overview - The Egypt garment production base project officially commenced on October 27 in the Suez Canal Economic Zone, with participation from the China Textile Import and Export Chamber [1] - The project aims to create a modern production base that includes workshops for clothing and home textile products, exhibition halls, office spaces, and supporting facilities, expected to be operational by Q3 2026 [2] Group 2: Strategic Importance - The project is a key initiative for Soho Fashion to solidify and expand its global supply chain, leveraging Egypt's unique position as the only fully vertically integrated textile industry in the MENA region [1] - The Suez Canal Economic Zone is highlighted as a critical node for Chinese enterprises looking to establish a presence in the Middle East and African markets under the "Belt and Road" framework [1] Group 3: Collaboration and Future Plans - The project management services will be provided by Soho Asset Operation Group, which is part of the Soho Holding Group, utilizing its extensive experience in project construction and management [2] - The collaboration aims to create a new model for resource complementarity and integrated development among the subsidiaries of Soho Holding Group, supporting the group's global expansion [2]

Core Insights - Hason Co., Ltd. (603958.SH) released its Q3 2025 report on October 28, 2025, indicating that institutional investors hold a total of 142 million shares, accounting for 64.56% of the total share capital [1] Institutional Holdings - A total of four institutional investors disclosed their holdings in Hason Co., Ltd., with a combined holding of 142 million shares, representing 64.56% of the total share capital [1] - The institutional holding percentage decreased by 0.98 percentage points compared to the previous quarter [1] Public Fund Activity - Eight public funds were disclosed in this period, including Xinao New Energy Industry Stock A, Xinao Zhiyuan Three-Year Holding Period Mixed A, Xinao Leading Smart Selection Mixed, Xinao Research Preferred Mixed A, and Xinao Core Technology Mixed [1] Foreign Investment Trends - One foreign fund, Hong Kong Xinrong Investment Co., Ltd., reduced its holdings compared to the previous quarter, showing a slight decline [1] - A new foreign institution, AMAZING NINGBO LIMITED, was disclosed in this period [1]

Macroeconomic Insights - The Federal Reserve is expected to lower interest rates in October due to weaker-than-expected inflation data, with the September CPI rising to 3.0% year-on-year, slightly below the 3.1% forecast[5][12] - The 10-year U.S. Treasury yield remains stable at 4.02%, while the domestic 10Y government bond futures price decreased by 0.3%[6] Market Performance - Major stock indices showed positive performance, with the Hang Seng Index and Nikkei 225 both up by 3.6%, and the Shanghai Composite Index rising by 2.9%[6] - The S&P 500 Index increased by 1.9%, while emerging market stocks outperformed developed markets with a 2.2% rise[6] Commodity Trends - IPE Brent crude futures rose by 7.1% due to supply concerns from sanctions on Russia, while the S&P-Goldman Commodity Index increased by 3.7%[5] - COMEX copper prices saw a 2.4% increase, contrasting with a 3.3% decline in London gold prices[5] Investment and Consumption Trends - Consumer spending shows a divergence, with strong performance in goods like automobiles and textiles, while services such as urban travel and movie ticket sales are declining[10] - Investment in infrastructure is improving, with special bond issuance exceeding 90% completion and cement shipment rates increasing[10] Foreign Investment Activity - Northbound capital saw a net inflow of approximately 10 billion CNY in the last week, reversing a previous outflow of 11.3 billion CNY[35] - In Hong Kong, foreign capital inflow reached 9.5 billion HKD, with significant investments in software services and ETFs[36] Policy and Economic Outlook - The Chinese government emphasizes the importance of domestic demand and plans to enhance consumer spending and investment in social welfare sectors[30] - The upcoming economic stimulus plan from Japan's new Prime Minister is expected to exceed 13.9 trillion JPY, aimed at supporting economic recovery[7]

Group 1 - Southbound funds increased their holdings in Shenzhou International (02313.HK) by 463,300 shares on October 27, 2025, marking a 0.47% increase [1][2] - Over the past five trading days, southbound funds have increased their holdings for four days, with a total net increase of 1,497,300 shares [1][2] - In the last 20 trading days, there have been 13 days of net increases in holdings by southbound funds, totaling 4,963,700 shares [1][2] Group 2 - As of October 27, 2025, southbound funds hold a total of 98,410,200 shares of Shenzhou International, representing 6.54% of the company's issued ordinary shares [1][2] - Shenzhou International Group Holdings Limited primarily engages in the production and sale of knitted apparel products, utilizing a combination of OEM and ODM manufacturing methods [2] - The company's product categories include sportswear, casual wear, underwear, and other knitted products, and it also engages in trading and property management through its subsidiaries [2]

Group 1: Research Basic Information - Research object: Jieya Co., Ltd. [16] - Industry: Textile and Apparel [16] - Reception time: October 27, 2025 [16] - Listed company reception staff: Deputy General Manager and Secretary of the Board Hu Nenghua, Securities Affairs Representative Xu Wenli [16] Group 2: Detailed Research Institutions - Zheshang Securities (Securities Company), related personnel: Shi Fanke, Cao Xinming, Chen Sinuo, Guo Zeyi, Shan Laijuan [17] - Huashang Fund (Fund Management Company), related personnel: Huang Can, Cui Zhipeng, Shang Jining [17] - China Life Pension (Life Insurance Company), related personnel: Cui Hengxu [17] - Huatai-PineBridge Fund (Fund Management Company), related personnel: Xu Yizhou, Yang Tao, Fang Xinyi [17] Group 3: Main Content Company Profile - Jieya Co., Ltd. was established in 1999, focusing on R & D, production and sales of wet wipes. It went public on the ChiNext of Shenzhen Stock Exchange on December 3, 2021, and its fundraising projects are advancing steadily. In the first three quarters of 2025, its operating income was 565 million yuan, and the net profit was 67.9031 million yuan [23]. Q&A - **Overall business in 2025 and future performance outlook**: In the first three quarters of 2025, the company achieved an operating income of 565 million yuan and a net profit of 67.9031 million yuan. The growth is due to increased orders from foreign customers, economies of scale, and continuous optimization of product structure [23]. - **Core business drivers in the future**: Rely on two engines: deepening cooperation with existing international brand customers to expand product categories and sales regions; new market space and local supply advantages brought by the completion and operation of the US factory [23]. - **Progress in expanding new customers**: Since the second quarter of 2025, the company's wet wipe business has sufficient orders, stable orders from existing customers, and has undertaken some new business of key customers in the European market. It is also actively expanding business in other regional markets of international brand customers [23][25]. - **Cooperation stickiness with customers**: The company's main customers are well - known global enterprises, with strong cooperation stability. These customers have high requirements for product quality and complex supplier certification systems, and rarely change certified suppliers [25]. - **Price adjustment mechanism**: The company has a corresponding price adjustment mechanism with customers, which will be triggered when raw material prices and exchange rates fluctuate [25]. - **Advantages compared with the industry**: Through years of development in the wet wipe market, the company has formed significant core competitive advantages in technology R & D, production technology, quality control, customer resources, and product variety [25]. - **Progress and future planning of the US factory**: The US factory is under construction, expected to be put into operation in 2026, and will focus on serving the North American market [25]. - **Current capacity utilization and future capital expenditure plan**: The current capacity utilization rate is maintained above 80%, and the construction period of new capacity is expected to be 3 - 6 months [26]. - **Independent brand construction**: The effect of the self - owned brand incubated through the fund in the early stage did not meet expectations. The company is still promoting it but has significantly reduced investment [26]. - **Dividend policy in recent years**: The company adheres to the principle of both rewarding shareholders and supporting development, and will formulate a reasonable dividend plan based on actual business conditions and future capital needs [26].

Group 1: General Information - The research was conducted on October 27, 2025, with Fuanna as the research object in the textile and apparel industry [1][16] - The listed company's reception staff included the deputy general manager and the secretary of the board, Li Yan [16] Group 2: Research Institutions - Participating research institutions included Dongwu Securities, Orient Securities, Changsheng, Changjiang Securities (Shanghai), Industrial Securities, etc [2] - A detailed list of institutions and their related personnel was provided, including various types such as securities companies, fund management companies, and insurance asset management companies [17][18][19] Group 3: Company's 2025 Q3 Operating Conditions - In Q3 2025, the company achieved an operating income of 535 million yuan, a year - on - year decrease of 7.58%; the net profit attributable to shareholders of the listed company was 53.57 million yuan, a year - on - year decrease of 28.74%; the net profit attributable to shareholders of the listed company after deducting non - recurring gains and losses was 52.54 million yuan, a year - on - year decrease of 22.77% [25] - Despite the decline in performance, the company adjusted actively, optimized internal management processes, and increased product innovation and market development efforts [25] - The Q3 operating conditions improved quarter - on - quarter compared to Q2, in line with the company's expectations [25] Group 4: Investor Q&A - **Gross Margin**: The increase in Q3 single - quarter gross margin quarter - on - quarter compared to Q2 but the year - on - year decline was mainly due to inventory clearance [25] - **Management Expenses**: The significant decline in Q3 single - quarter management expenses was because the company strictly controlled inefficient expenses and actively thought about cost - reduction and efficiency - improvement measures, and there was a large drop in water and electricity costs due to a previous water leakage issue [25][26] - **Other Income (Government Subsidies)**: The decrease in other income in Q3 single - quarter and the cumulative decrease in the first three quarters compared to last year were mainly due to the expiration of the VAT additional deduction for advanced manufacturing, and the company would continue to pay attention to and apply for eligible government subsidy projects in Q4 [27] - **Operating Cash Flow**: The significant increase in Q3 operating cash flow net amount was due to the reduction of raw material reserves and payment for goods [27] - **Terminal Retail**: Since the National Day, terminal retail has been stable, with "pressure on offline channels and strong growth in online and innovative channels." The start of this year's Double Eleven on the e - commerce channel was good, with growth in traditional platforms and live - streaming, and a much lower return rate than last year [27] - **New Product Launch**: At the order fair in September, the company developed more new products in new materials such as cool - feeling and knitted fabrics in addition to traditional artist textile sets [27] - **Dividend Policy**: The company will maintain a stable and continuous dividend policy, following the previous practice of implementing the dividend ratio [27]

Report Industry Investment Rating - No relevant information provided Core View of the Report - In 2025, the company's overall operation is stable, with a year - on - year increase in revenue, but a decline in net profit due to reduced government subsidies and external factors. The company is taking multiple measures to enhance its operating and risk - resistance capabilities, and various projects are progressing steadily [23] Summary by Directory 01.调研基本情况 - The research object is Henghui Safety Protection, belonging to the textile and apparel industry. The reception time was on October 27, 2025. The listed company's reception staff included the chairman and general manager Wang Xianhua, deputy general manager and board secretary Zhang Wufen, financial controller Zhu Xiaoning, independent director Pu Minmin, and continuous supervision sponsor representative Ding Lubin [16] 02.详细调研机构 - The reception objects were all investors who participated in the company's Q3 2025 performance briefing online, and the type was "others" [19] 03.调研机构占比 - No relevant information provided 04.主要内容资料 Business Performance - From January to September 2025, the company's total operating revenue was 880 million yuan, a year - on - year increase of 0.97%. The net profit after deducting non - recurring items was 72.3064 million yuan, a year - on - year decrease of 2.52%, and the net profit was 81.9796 million yuan, a year - on - year decrease of 12.85%. The significant year - on - year decline in the net profit attributable to the parent company in Q3 was mainly due to the reduction in government subsidies compared to the same period last year. External factors such as the uncertainty of US tariff policies on Chinese products and customers' wait - and - see attitude also affected the short - term business performance [23] Product Sales - From January to September 2025, glove sales revenue was 850 million yuan, accounting for 96.6% of the total revenue, while the sales revenue of ultra - high - molecular weight polyethylene fiber was 30 million yuan, accounting for 3.4% and increasing by 94% year - on - year [26] Domestic and Overseas Sales - From January to September 2025, overseas sales revenue was 780 million yuan, accounting for 88.6% of the total revenue, and domestic sales revenue was 96.208 million yuan, accounting for 11.4%. In overseas sales, North America accounted for about 35% (the US less than 30%), Europe about 34%, and Japan, South Korea and other emerging markets about 18% [26] Vietnam Factory - The "Annual Production of 16 million dozen functional safety gloves project" in Vietnam has been put into operation, and the production capacity is ramping up as planned. It is expected to reach full design capacity in 1 - 2 years if the progress is smooth [27] Orders - Since Q3, orders in the US market have recovered, and those in non - US markets have been stable. The company's current orders are increasing, and it is expected to continue to improve in Q4 [27] Biodegradable Polyester Rubber Project - The "Annual Production of 110,000 tons of biodegradable polyester rubber project" is being advanced in three phases. The first - phase 10,000 - ton project started in August 2024 and is in the process of auxiliary project construction and core equipment installation. The company is in communication with potential customers [28] Ultra - high - molecular weight Polyethylene Fiber Project - The 4,800 - ton project funded by convertible bonds has entered the production line linkage commissioning stage. In the first three quarters, the 3,000 - ton production of ultra - high - molecular weight polyethylene fiber by the subsidiary was operating well, with an operating income of 30 million yuan, a 94% year - on - year increase [30] Embodied Intelligent Robot Core Component and Protective Part Development Center - The center was established as an important strategic layout. Some protective parts have been commercially delivered, and products such as tendon ropes are in the sampling and technical communication stage [31] 72 million dozen Gloves Project - In the first three quarters, the project contributed 6.5 million dozen of production capacity, and the company aims to exceed 10 million dozen this year. It is expected to fully release production capacity and adapt to the market in 3 - 5 years after full operation [33] Market Value Management - The company will focus on main business operations, use various capital operation means, and strengthen investor relations to promote market value management [36] Shareholder Information - As of October 20, 2025, the total number of shareholders was 17,151 [37]

Group 1 - The core point of the article is that Hason Co., Ltd. (603958.SH) reported significant revenue growth in its Q3 2025 financial results, with total operating income reaching 1.058 billion yuan, representing an 86.36% year-on-year increase [1] - The net profit attributable to shareholders of the parent company was a loss of 18.4744 million yuan, which is an improvement of 22.9603 million yuan compared to the same period last year [1] - The basic earnings per share for the company was reported at -0.084 yuan [1]

Core Insights - Sheng Tai Group (605138.SH) reported a total operating revenue of 2.468 billion yuan for the first three quarters of 2025, representing a year-on-year decline of 7.09% [1] - The net profit attributable to shareholders of the parent company was 38.8781 million yuan, down 2.29% year-on-year [1] - The basic earnings per share stood at 0.07 yuan [1]