Core Insights - Guangzhou Yesheng Hardware Accessories Co., Ltd. has been established with a registered capital of 10,000 RMB [1] Company Overview - The company is engaged in a wide range of business activities including import and export of goods, technology import and export, bag manufacturing, leather tanning and processing, fabric textile processing, and retail of hardware products [1] - Additional business activities include sales of leather, plastic products, rubber products, synthetic fibers, clothing and accessories, hair accessories, jewelry, gifts and flowers, and various wholesale and retail operations [1]

Group 1 - The company, Xinyi Technology (002674), is focusing on expanding its leather business for shoes and bags, which includes clients involved in military supplies [1]

Core Viewpoint - Amway Co., Ltd. maintains a close partnership with Zhejiang Dadi Shoe Industry, receiving multiple awards for its strategic collaboration and quality supply [2] Group 1 - The company has been awarded the "Strategic Partner Award," "Strategic Supplier Award," "Quality Outstanding Supplier Award," and "Most Valuable Supplier" by Dadi [2] - Current business operations are progressing in an orderly manner, indicating a positive collaboration status [2] - Future plans include leveraging each other's strengths to enhance communication and expand cooperation opportunities [2]

Core Viewpoint - The company emphasizes its commitment to innovation and self-reliance in technology and key raw materials, asserting that it does not depend on Japanese enterprises for core technologies or materials [1]. Group 1: Technology and Innovation - The company has no reliance on Japanese companies for core technologies, as all patents are independently developed [1]. - The company annually advances its patent applications, showcasing a strong focus on self-driven innovation [1]. Group 2: Raw Materials and Production - The polyurethane resin used by the company is primarily produced by its subsidiary, Hefei Anli Polyurethane New Materials Co., Ltd., with approximately 90% of the resin being self-produced [1]. - The company claims to have significant advantages in integrated research and production, with strong collaborative innovation capabilities [1]. Group 3: Sustainability and Development - The company asserts that it has full control over core technologies and key raw materials, which effectively ensures its sustainable development [1].

Core Viewpoint - The company has approved a proposal to provide a cumulative guarantee limit of up to 1.43 billion yuan for its subsidiaries, indicating a strategic move to support its business operations and financial stability [1] Summary by Relevant Sections - **Guarantee Amounts** The company has approved a total guarantee limit of 1.43 billion yuan for its subsidiaries, with specific guarantees already issued: 50 million yuan to Baotai Leather and 40 million yuan to Hongxing Automotive Leather [1] - **Current Guarantee Status** As of now, the company's total external guarantee amount stands at 1.18 billion yuan, which represents 49.04% of the audited net assets attributable to the listed company for the year 2024 and 26.28% of the total assets [1] - **No Overdue Guarantees** The company reports that there are no overdue guarantees, reflecting a stable financial position regarding its commitments [1]

Core Viewpoint - The company announced the recovery of 80 million yuan of raised funds from cash management products, yielding a profit of 932,600 yuan, which has been returned to the designated fund account [1] Group 1: Fund Management - The company plans to use 40 million yuan of idle raised funds to purchase structured deposit products from Bank of China, with a term of 60 days and an expected annual yield of 0.60% or 1.85% [1] - As of the announcement date, the company has a total of 125 million yuan in temporarily idle raised funds for cash management, including the current transaction [1]

Group 1 - The core viewpoint of the article highlights the decline in the number of enterprises in the leather, fur, feather, and footwear industry, indicating a slight contraction in the market [1] - As of January to September 2025, there are 8,742 enterprises in the leather, fur, feather, and footwear industry, which is a decrease of 65 compared to the same period last year, representing a year-on-year decline of 0.74% [1] - The proportion of these enterprises in the total industrial enterprises stands at 1.67% [1] Group 2 - The report referenced is the "2026-2032 China Footwear Industry Market Deep Analysis and Future Trend Forecast Report" published by Zhiyan Consulting [1] - Zhiyan Consulting is recognized as a leading industry consulting firm in China, specializing in in-depth industry research reports, business plans, feasibility studies, and customized services [1] - The article emphasizes the importance of market insights and comprehensive industry solutions to empower investment decisions [1]

相关报告：智研咨询发布的《2025-2031年中国皮革行业市场现状分析及产业趋势研判报告》 根据中国海关数据显示：2025年9月中国牛皮革及马皮革进口数量为4.26万吨，同比下降1.1%，进口金 额为0.9亿美元，同比下降13.1%。 数据来源：中国海关，智研咨询整理 知前沿，问智研。智研咨询是中国一流产业咨询机构，十数年持续深耕产业研究领域，提供深度产业研 究报告、商业计划书、可行性研究报告及定制服务等一站式产业咨询服务。专业的角度、品质化的服 务、敏锐的市场洞察力，专注于提供完善的产业解决方案，为您的投资决策赋能。 近一年中国牛皮革及马皮革进口情况统计图 ...

Investment Rating - The report maintains a "Buy" rating for the company [6] Core Views - In the short term, the company's performance is expected to be under pressure, but there is potential for recovery in 2026 due to the release of overseas production capacity and growth in automotive leather demand [2][10] - The company has entered the supply chains of global sports brands like Adidas and VF, which could open up growth and valuation opportunities in the long term [2][10] - New businesses such as Hongxing and Baotai are in a high growth phase, driven by platform advantages and a favorable industry environment, contributing to the company's expected growth [2][10] Financial Summary - For the first three quarters of 2025, the company achieved revenue of 2.01 billion yuan, a slight increase of 0.01% year-on-year, but the net profit attributable to the parent company decreased by 64% to 40 million yuan [4][10] - In Q3 2025, the company reported revenue of 670 million yuan, a decrease of 10% year-on-year, with net profit attributable to the parent company dropping by 84% to 8 million yuan [4][10] - The projected net profits for 2025 to 2027 are 80 million yuan, 130 million yuan, and 150 million yuan, respectively, with year-on-year changes of -44%, +62%, and +15% [2][10]

Core Viewpoint - The major shareholder of Xingye Technology (002674.SZ), Fujian Chunhong Equity Investment Partnership, plans to reduce its stake by up to 8,866,500 shares, representing 3% of the total share capital, over the next three months, which may raise approximately 126 million yuan based on the current share price [1]. Shareholding Structure - Fujian Wanjing Equity Investment Partnership holds 28.67% of the shares, amounting to 84,744,000 shares, with 41,696,000 shares pledged [2]. - Wu Guoshi, an individual shareholder, owns 13.42% of the shares, totaling 39,666,886 shares, with 18,600,000 shares pledged [2]. - Fujian Chunhong Equity Investment Partnership holds 10.65% of the shares, equating to 31,464,000 shares [2]. Financial Performance - For the first three quarters of 2025, the company reported revenue of 2.014 billion yuan, a slight increase of 0.01% year-on-year, while net profit attributable to shareholders decreased by 63.86% to 39.66 million yuan [2]. - The net cash flow from operating activities increased by 60.64% to 273 million yuan [2]. - In 2024, the company achieved revenue of 2.951 billion yuan, a year-on-year growth of 9.32%, but net profit decreased by 23.97% to 141.64 million yuan [4].