证券研究报告 | 半年报点评 gszqdatemark 2025 11 28 年 月 日 波司登（03998.HK） 中期业绩稳健，期待旺季销售带动 FY2026 亮眼表现 FY2026H1 公司收入同比+1.4%/归母净利润同比+5.3%。1）公司发布 FY2026H1（截 至 2025/9/30 的 6 个月）业绩公告：主营业务收入/归母净利润分别同比增长 1.4%/5.3%至 89.3/11.9 亿元,宣派中期股息每股普通股 6.3 港仙。2）盈利质量方面：FY2026H1 公司毛利 率+0.1pcts 至 50.0%；销售/管理费用率同比分别+1.7pcts/-1.5pcts 至 27.5%/7.2%，归母 净利率同比+0.5pcts 至 13.3%。 分业务：品牌羽绒服同比+8%（主要系波司登主品牌带动增长），OEM 业务同比-12%。 1、品牌羽绒服业务：FY2026H1 收入同比+8%至 65.7 亿元，加盟增速略快于直营，业务毛 利率同比-2.0pcts 至 59.1%（我们判断主要系渠道结构变化影响）。 2、OEM 业务：FY2026H1-12收入%至同比20.4 亿元，销售占比 23%，毛 ...

Core Points - The stock price of Taiping Bird increased by 2.03% on November 28, reaching 16.06 CNY per share, with a market capitalization of 7.565 billion CNY [1] - Year-to-date, Taiping Bird's stock price has risen by 11.51%, with a 12.15% increase over the past 20 days [1] - The company has reported a decrease in revenue and net profit for the first nine months of 2025, with revenue of 4.217 billion CNY, down 7.15% year-on-year, and a net profit of 28.259 million CNY, down 73.79% year-on-year [2] Financial Performance - As of September 30, 2025, Taiping Bird had 11,900 shareholders, an increase of 2.93% from the previous period [2] - The average number of circulating shares per shareholder decreased by 2.85% to 39,545 shares [2] - Cumulatively, the company has distributed 2.581 billion CNY in dividends since its A-share listing, with 541 million CNY distributed over the last three years [3] Shareholder Structure - As of September 30, 2025, Hong Kong Central Clearing Limited has exited the list of the top ten circulating shareholders of Taiping Bird [3]

中新社北京11月27日电 (记者 刘育英)"老百姓想要什么、喜欢什么，政策就引导鼓励企业琢磨什么、生 产什么。"针对消费领域的"供需错配"问题，中国工业和信息化部副部长谢远生说。 27日，谢远生解读《关于增强消费品供需适配性进一步促进消费的实施方案》(下称《实施方案》)时表 示，适配，就是消费品生产供给端主动适应消费趋势变化，从产品设计开始就精准匹配多元消费需求， 实现供给和需求的双向奔赴，在质量、结构、效用等方面动态匹配。 当前，中国消费市场规模持续扩大，已成为全球第二大消费市场。数据显示，中国消费品品种总量已达 到2.3亿种，家电、家具、文体用品、服装家纺等100多个品类产量全球第一。 谢远生介绍，《实施方案》聚焦供需错配的主要领域和堵点环节，部署了五方面重点举措：拓展增量， 加速新技术新模式创新应用；深挖存量，扩大特色和新型产品供给；细分市场，精准匹配不同人群需 求；场景赋能，培育消费新场景新业态；优化环境，营造良好发展条件。 工业和信息化部作为牵头部门，还将推动人工智能等新技术与消费品产业深度融合。 中国国家发展和改革委员会就业收入分配和消费司司长吴越涛表示，国家发改委将从三方面发力：加强 技术引领， ...

Group 1 - The company, China Anshun Energy (02399.HK), has signed a non-binding memorandum of understanding with Guo Heng Group Pte. Ltd. for potential strategic cooperation [1] - The collaboration may involve Guo Heng subscribing to new shares of the company or other securities permitted under the Hong Kong Stock Exchange listing rules, aimed at further investment and participation in energy-related projects, such as the development of new energy power stations and research in energy storage technology [1] - As of November 27, 2025, the stock price of China Anshun Energy closed at HKD 0.73, reflecting an increase of 8.96% with a trading volume of 34.95 million shares and a turnover of HKD 25.1752 million [1] Group 2 - The market capitalization of China Anshun Energy is HKD 2.041 billion, ranking 18th in the apparel and home textile industry [1] - Key financial metrics for China Anshun Energy compared to the industry average are as follows: ROE at -77.85% (industry average -2.96%), revenue at HKD 278 million (industry average HKD 3.856 billion), net profit margin at -246.08% (industry average -14.23%), gross profit margin at 24.5% (industry average 36.81%), and debt ratio at 72.85% (industry average 47.56%) [1]

Core Viewpoint - The company, Kairun Co., Ltd., is experiencing growth in its business segments, particularly in the fitness equipment sector and cross-border e-commerce, benefiting from the depreciation of the RMB and collaborations with various IPs and Xiaomi [2][3]. Group 1: Business Expansion - The company has entered the fitness equipment market, launching its first product, a treadmill, which has received positive feedback [2]. - The brand "90 Points" is expanding its global presence through online cross-border e-commerce and offline distribution channels, having established a presence on Amazon in the U.S. [2]. - The company has collaborated with various IPs, including Marvel and the "Tomb Raider" series, to launch unique products under its brand [2]. Group 2: Financial Performance - For the period from January to September 2025, the company reported revenue of 3.719 billion yuan, a year-on-year increase of 22.94%, while net profit attributable to shareholders decreased by 13.38% to 278 million yuan [8]. - The company's overseas revenue accounted for 75.61% of total revenue, benefiting from the depreciation of the RMB [3]. Group 3: Shareholder and Market Activity - As of November 20, 2025, the number of shareholders increased by 4.63% to 7,842, while the average circulating shares per person decreased by 4.42% to 17,816 shares [7]. - The stock has a current market capitalization of 5.769 billion yuan, with a trading volume of 32.7719 million yuan and a turnover rate of 0.97% [1].

Group 1: Key Insights on Light Industry and Textile Apparel - The潮玩 (trendy toys) industry has a promising outlook, with a projected CAGR of 23.2% from 2019 to 2024, expecting to reach 213.3 billion yuan by 2030, driven by the Z generation's pursuit of personalization and cultural value [2] - The pet industry is expected to grow to 404.2 billion yuan by 2027, supported by factors such as family size reduction and the aging population, with the pet food sector projected to reach 158.5 billion yuan in 2024 [2] - The metal packaging sector is experiencing revenue and profit improvements, with a shift towards a "value war" and increased overseas business development, enhancing long-term profitability [2] - The textile manufacturing sector is seeing a gradual recovery in orders as tariff risks diminish, with Q1/Q2/Q3 revenue changes of +1.44%, -0.75%, and -1.03% respectively [3] - The domestic clothing market is showing weak performance, but policies aimed at expanding domestic demand are expected to boost the sports apparel market, projected to reach 408.9 billion yuan in 2024 [3] - Investment strategies highlight the ongoing consumer focus on emotional value, benefiting industries like trendy toys and pets, while the textile sector is poised for recovery due to stable tariff risks and supportive policies [3] Group 2: Key Insights on Machinery Equipment - In October, China's engineering machinery import and export trade reached 4.844 billion USD, a slight increase of 0.07% year-on-year, with an average operating rate of 45.56% for the industry [6] - The engineering machinery sector is experiencing a recovery in demand, with excavator and loader sales maintaining growth, supported by ongoing infrastructure projects and a favorable domestic investment strategy [6] - The industry maintains a "positive" rating, with specific companies like 中联重科 (Zoomlion) and 恒立液压 (Hengli Hydraulic) recommended for "increase" ratings [7] Group 3: Key Insights on Metal Industry - Gold prices are expected to rise due to potential interest rate cuts by the Federal Reserve, with a projected demand increase from global ETFs and stable industrial demand [8] - Copper supply is anticipated to turn short in 2026, driven by increasing demand from renewable energy sectors and technological advancements, which may support copper prices [8] - Tungsten's strategic value is highlighted by strong demand in high-tech and defense sectors, with supply constraints expected to keep prices elevated [9] - Cobalt supply is projected to face significant shortfalls due to export restrictions from the Democratic Republic of Congo, with demand from the electric vehicle battery sector expected to rise [9]

他表示，我国消费品供给已进入优质优价新发展阶段，基本满足了人民美好生活需要，但部分领域供需 结构性错配问题依然存在。有望用5年左右时间推动供需在更高水平实现动态均衡，让老百姓畅享更优 质的产品和服务。 （文章来源：新华财经） 新华财经北京11月27日电（记者丁雅雯、刘旭阳）工业和信息化部副部长谢远生27日表示，目前我国消 费品品种总量已达到2.3亿种，家电、家具、文体用品、服装家纺等100多个品类产量全球第一。 他是在国务院新闻办召开的政策吹风会上作出上述表述的。 谢远生说，我国日用消费品抽检合格率总体保持较高水平。主要消费品国内外标准一致性程度超过 96%。国产高端化、品质化产品日益受到青睐，4K超高清智能电视机市场渗透率达85%，节能变频型空 调销量占比提升至98%。 ...

Market Overview - The apparel and home textile sector increased by 0.63% compared to the previous trading day, with Qipilong leading the gains [1] - The Shanghai Composite Index closed at 3864.18, down 0.15%, while the Shenzhen Component Index closed at 12907.83, up 1.02% [1] Top Performers - Qipilong (002029) closed at 10.76, up 10.02% with a trading volume of 494,600 shares and a turnover of 511 million yuan [1] - Mengjie Co., Ltd. (002397) closed at 4.41, up 9.98% with a trading volume of 267,200 shares and a turnover of 113 million yuan [1] - Jialinjie (002486) closed at 3.31, up 9.97% with a trading volume of 429,700 shares [1] Underperformers - Jiumuwang (601566) closed at 13.10, down 8.39% with a trading volume of 676,100 shares and a turnover of 889 million yuan [2] - Taicaoshi (001234) closed at 29.48, down 6.08% with a trading volume of 63,800 shares [2] - Kangfengda (603665) closed at 31.39, down 3.39% with a trading volume of 39,800 shares [2] Capital Flow - The apparel and home textile sector saw a net inflow of 340 million yuan from institutional investors, while retail investors experienced a net outflow of 233 million yuan [2][3] - Qipilong had a net inflow of 108 million yuan from institutional investors, representing 21.21% of its total trading volume [3] - Red Bean Co. (600400) had a net inflow of approximately 99.7 million yuan from institutional investors, accounting for 19.00% of its trading volume [3]

日播时尚公告称，公司拟发行股份及支付现金购买四川茵地乐材料科技集团有限公司71%股权并募集配 套资金。2025年11月25日，公司召开第五届董事会第六次会议，审议通过调整发行股份购买资产并募集 配套资金暨关联交易方案，且本次方案调整不构成重大调整。26日，公司披露草案（三次修订稿），相 较二次修订稿，对交易概况、交易对方情况、发行股份情况等多章节内容进行修订。 ...

| 指标 | 旭日企业 | 服装家纺 行业平均 | 行业排名 | | --- | --- | --- | --- | | ROE | 2.53% | -2.96% | 31 70 | | 港股流通市值 | 20.25 乙 | 82.84 7, | 18 70 | | 营业收入 | 8.7亿 | 38.56亿 | 33 70 | | 净利率 | 6.82% | -14.23% | 22 70 | | 毛利率 | 23.24% | 36.81% | 43 70 | | 负债率 | 20.67% | 47.56% | 13 70 | 香港联交所最新资料显示，11月21日，董事长杨振鑫增持旭日企业(00393.HK)4万股，每股作价1.35港 元，总金额为5.4万港元。增持后最新持股数目约为9.56亿股，最新持股比例63.74%。 截至2025年11月24日收盘，旭日企业(00393.HK)报收于1.36港元，上涨0.74%，成交量16.8万股，成交额 22.64万港元。投行对该股关注度不高，90天内无投行对其给出评级。 旭日企业港股市值20.25亿港元，在服装家纺行业中排名第18。主要指标见下表： 以上内容为证券之 ...