Investment Rating - The investment rating for the company is "Outperform" (maintained) [3] Core Views - The company's mid-year performance for 2025 met expectations, with a revenue of 3.104 billion RMB, a year-on-year decrease of 6.1%, and a net profit attributable to shareholders of 289 million RMB, a year-on-year increase of 2.2% [7] - The company aims to build a Chinese luxury brand management group, showcasing strong multi-brand operational capabilities, and is expected to exhibit stronger growth momentum under new positioning and management upgrades [7] Financial Data and Profit Forecast - Revenue and profit forecasts for the company are as follows: - FY2023: Revenue 6,912 million RMB, Net Profit 838 million RMB - FY2024: Revenue 6,589 million RMB, Net Profit 469 million RMB - FY2025E: Revenue 6,360 million RMB, Net Profit 510 million RMB - FY2026E: Revenue 6,678 million RMB, Net Profit 550 million RMB - FY2027E: Revenue 6,999 million RMB, Net Profit 590 million RMB - The company’s revenue growth rates are projected to be -5% for FY2024 and -3% for FY2025E, with a recovery expected in FY2026 and FY2027 at 5% [7][20] Brand Performance - The performance of various brands showed divergence: - Koradior: Revenue of 1.04 billion RMB, down 1.2% year-on-year - NAERSI: Revenue of 655 million RMB, down 10.9% year-on-year - NEXY.CO: Revenue of 484 million RMB, down 4.0% year-on-year - La Koradior: Revenue of 280 million RMB, up 9.7% year-on-year [17] Channel Analysis - E-commerce maintained growth for 12 consecutive years, with online sales increasing by 8.9% to 595 million RMB, accounting for 19.2% of total revenue [7] - Offline store optimization led to a net closure of 74 stores, with a focus on shopping centers, resulting in a 7.7% decrease in direct retail revenue to 2.431 billion RMB [7] Cost Control and Profitability - The company achieved significant cost control, with a stable gross margin of 76.4% and a decrease in selling and administrative expenses [7] - The net cash flow from operating activities for the first half of 2025 was 896 million RMB, a substantial increase of 98.3% year-on-year [7] Valuation Comparison - The company is compared with peers such as Jiangnan Buyi and Jin Hong Group, with an expected PE ratio of 10 times for 2025, indicating a potential upside of 13% from the current market value [7][11]

Market Overview - A-shares exhibited strong performance with major indices collectively rising, including the Shanghai Composite Index up by 0.86% to 3858.59 points, and the Shenzhen Component and ChiNext indices rising by 1.61% and 2.22% respectively [2] - The total market turnover exceeded 2.1 trillion yuan, indicating high participation from investors, with equity ETFs reaching a record high of 4 trillion yuan [2] - The Hong Kong market also saw significant gains, with the Hang Seng Index rising by 2.08% to 25866.49 points, driven by technology and property stocks [2] Industry Highlights and Driving Logic - The A-share market displayed notable sector rotation, with the communication sector leading with a 4.12% increase, supported by digital economy policies [3] - The non-ferrous metals sector rose by 3.72% due to global resource price recovery and economic recovery expectations [3] - The real estate sector rebounded collectively with a 3.47% increase, reflecting positive market response to growth-stabilizing policies [3] - In the Hong Kong market, the raw materials sector surged by 4.29%, and the property sector increased by 4.21%, driven by expectations of global liquidity easing [3] Underperforming Sectors and Driving Logic - The consumer sector in A-shares showed increased internal divergence, with traditional essential consumer areas performing relatively flat [4] - The banking sector lagged behind, aligning with the trend of capital migrating towards high-elasticity stocks [4] - In the Hong Kong market, the healthcare sector faced pressure, with some stocks experiencing volatility due to short-term earnings expectation adjustments [4] Investment Strategy Recommendations - The current market is supported by a positive cycle of policy support and capital inflow, with economic recovery and industrial upgrade logic driving steady market growth [5] - Short-term market characteristics include significant sector rotation, with high-low switching trends within the technology growth sector [5] - It is recommended to strategically invest in quality stocks with policy benefits and technical barriers while being cautious of volatility risks in high-positioned stocks [5]

Market Overview - A-shares continue to reach new highs this week, with daily average trading volume exceeding 20 trillion yuan for two consecutive weeks, reflecting strong market sentiment [2][10] - The bond market experienced a decline, with both interest rate bonds and credit bonds weakening, indicating a potential negative return for pure bond funds [2][29] - Gold prices remain under pressure due to the Federal Reserve's stance on interest rates and positive geopolitical developments, leading to reduced safe-haven demand [3][36] Stock Market Performance - The A-share market's rise is primarily driven by capital inflow and industry catalysts, with significant structural opportunities present [5][10] - Major indices such as the CSI 500 and CSI 300 saw substantial weekly gains, with the STAR 50 index increasing over 10% [10][11] - The trading volume for the two markets increased by 22.62% week-on-week, with the CSI 300 and CSI 500 seeing higher trading volume proportions [12][13] Bond Market Insights - The bond market is expected to remain volatile in the short term, with a focus on coupon strategies as the market dynamics shift [6][29] - The interbank funding environment has tightened, while exchange funding has loosened, contributing to the overall weakness in the bond market [29][30] Commodity Market Analysis - The Nanhua Commodity Index fell by 0.44% this week, with declines in various sectors including black and non-ferrous commodities [36][38] - Gold prices decreased by 0.23%, while crude oil prices increased by 0.81%, indicating mixed trends in the commodity market [38] Industry Performance - In the industry sector, telecommunications, electronics, and comprehensive sectors showed strong performance with weekly gains of 10.84%, 8.95%, and 8.25% respectively [19][21] - The real estate and coal sectors lagged behind, reflecting a divergence in sector performance [19][21]

[Table_IndNameRptType] 轻工纺服 行业周报 长护险推动养老服务多元化，带动产业发展 行业[Table_IndRank] 评级：增 持 报告日期： 2025-08-24 [行业指数与沪深 Table_Chart] 300 走势比较 -15% -10% -5% 0% 5% 10% 15% 20% 轻工制造（申万） 纺织服饰（申万） 沪深300 [分析师：徐 Table_Author] 偲 执业证书号：S0010523120001 邮箱：xucai@hazq.com 分析师：余倩莹 执业证书号：S0010524040004 邮箱：yuqianying@hazq.com [Table_Report] 相关报告 《行业周报：AI 赋能 Keep,引领健身 智能化变革_20250817》 主要观点： ⚫[Table_Summary] 周专题：长护险推动养老服务多元化，带动产业发展 日本推行介护保险，应对老龄少子养老困境。日本于 1997 年正式通 过《介护保险法》，并在 2000 年 4 月将长期护理保险列入社会保险 体系，实行强制性全民护理保险制度，即 "介护保险"。这一制度 的推出并非偶然，彼时 ...

Investment Rating - The report maintains a "Buy" rating for Xin'ao Co., Ltd. (603889) [2] Core Views - The company reported stable revenue and net profit in the face of weak domestic demand and U.S. tariff impacts, demonstrating strong operational resilience [7] - The gross margin for the main business, fine wool yarn, has increased significantly, contributing to an overall improvement in gross profit margin [7] - The company is expanding its global production capacity to mitigate uncertainties in the global trade environment [7] - The rebound in Australian wool prices is expected to provide additional profit elasticity for the company [7] - The company is positioned as a global professional supplier of wool yarn, with a strategy to replicate its competitive advantages globally [7] Financial Data and Profit Forecast - Total revenue for 2025H1 was 2,554 million yuan, showing a year-on-year decrease of 0.1%, while net profit attributable to the parent company was 271 million yuan, up 1.7% year-on-year [6][11] - The gross margin for 2025H1 was 21.6%, an increase of 0.8 percentage points year-on-year [7][10] - The company forecasts total revenue of 5,046 million yuan for 2025, with a year-on-year growth rate of 4.2% [6] - The projected net profit for 2025 is 442 million yuan, reflecting a year-on-year growth of 3.2% [6] - The earnings per share (EPS) for 2025 is estimated at 0.61 yuan [6] Business Performance - The main business segments include: 1. Fine wool yarn: 2025H1 revenue of 1,430 million yuan, down 3.1% year-on-year, with a gross margin of 28.8%, up 1.7 percentage points [7] 2. Cashmere yarn: 2025H1 revenue of 790 million yuan, up 16.0% year-on-year, with a gross margin of 13.5% [7] 3. Wool tops: 2025H1 revenue of 300 million yuan, down 16.0% year-on-year, with a gross margin of 6.2% [7] Global Production Capacity - The company has established production bases in Vietnam and Yinchuan, with plans for further expansion to enhance production capacity [7] - The Vietnam base is expected to ramp up production quickly, with a total capacity of 50,000 spindles planned [7] - The Yinchuan base has completed installation and is expected to gradually release capacity in the second half of 2025 [7] Market Conditions - The Australian wool price has rebounded, which is favorable for the company's profitability [7] - The current price of Australian wool is reported at 804 cents per kilogram, with a year-to-date increase of 10% [7]

Investment Rating - The report maintains a "Buy" rating for Semir Apparel (002563) [2] Core Views - The company reported a revenue recovery with a year-on-year growth of 3.3% in H1 2025, while the net profit decreased by 41.2% [7] - The mid-term cash dividend proposed is 0.15 yuan per share, with a total cash dividend amounting to 404 million yuan, resulting in a high payout ratio of 124% [7] - The company is expected to benefit from domestic fertility promotion policies, indicating potential for a new growth cycle [7] Financial Data and Profit Forecast - Total revenue for 2025 is projected at 15,602 million yuan, with a year-on-year growth rate of 6.7% [6] - The net profit attributable to the parent company is forecasted to be 935 million yuan for 2025, reflecting a decrease of 17.8% year-on-year [6] - The gross profit margin is expected to be 44.1% in 2025, with a return on equity (ROE) of 7.9% [6] Revenue and Profit Analysis - In H1 2025, the company achieved a revenue of 61.5 billion yuan, with a net profit of 3.25 billion yuan [7] - The second quarter of 2025 saw a revenue of 30.7 billion yuan, marking a 9% increase year-on-year, while the net profit for the same period was 1.11 billion yuan, down 46.3% [7] - The company’s inventory at the end of H1 2025 was 33.3 billion yuan, a 16.6% increase year-on-year, with inventory turnover days increasing to 187 days [7] Brand and Channel Performance - The children's clothing brand Balabala generated revenue of 43.1 billion yuan in H1 2025, a 6% increase year-on-year, while the leisure apparel segment saw a decline with revenue of 17.2 billion yuan, down 5% [7] - Online sales performance was stable with revenue of 26.9 billion yuan, while offline direct sales increased by 34.8% to 9.5 billion yuan [7]

公司上市以来历次分配方案一览 两融数据显示，该股最新融资余额为5905.25万元，近5日增加246.17万元，增幅为4.35%。 | 日期 | 分配方案 | 派现金额合计（亿元） | 股息率（%） | | --- | --- | --- | --- | | 2025.06.30 | 10派1元（含税） | 1.17 | 0.80 | | 2024.12.31 | 10派3元（含税） | 3.51 | 2.43 | | 2024.06.30 | 10派2元（含税） | 2.34 | 1.76 | | 2023.12.31 | 10派4.5元（含税） | 5.26 | 4.52 | | 2022.12.31 | 10派3.5元（含税） | 3.63 | 3.01 | | 2021.12.31 | 10转增3派5元（含税） | 3.99 | 5.81 | | 2020.12.31 | 10派4元（含税） | 3.10 | 6.39 | | 2019.12.31 | 10派4元（含税） | 3.03 | 5.66 | | 2018.12.31 | 10派3.5元（含税） | 2.65 | 3.56 | | 2017. ...

Group 1 - The company announced a semi-annual distribution plan for 2025, proposing a cash dividend of 2 yuan per 10 shares, totaling 166.81 million yuan, which represents 89.93% of its net profit, with a dividend yield of 2.36% based on the average trading price [2][3] - The company reported a revenue of 2.181 billion yuan for the first half of 2025, reflecting a year-on-year growth of 3.60%, and a net profit of 185 million yuan, which is a 16.97% increase compared to the previous year [3] - The stock experienced a net outflow of 70,200 yuan in principal funds today, but saw a net inflow of 11.81 million yuan over the past five days [4] Group 2 - The latest margin financing balance for the stock is 165 million yuan, with an increase of 16.92 million yuan over the past five days, representing an 11.42% growth [5] - In the textile and apparel industry, seven companies have announced their semi-annual distribution plans for 2025, with Huali Group leading with a cash distribution of 1.167 billion yuan, followed by Semir Apparel and Bailong Dongfang with distributions of 404 million yuan and 225 million yuan, respectively [5]

Group 1 - The stock price of Jin Yi Culture is reported at 4.11 yuan, down 0.08 yuan from the previous trading day, with an opening price of 4.08 yuan, a high of 4.17 yuan, and a low of 4.06 yuan [1] - The trading volume reached 1.8047 million hands, with a total transaction amount of 740 million yuan [1] - Jin Yi Culture operates in the jewelry industry and is also involved in sectors such as the Beijing market, DeepSeek concept, digital currency, and blockchain [1] Group 2 - The net outflow of main funds for Jin Yi Culture on that day was 49.7297 million yuan, with a cumulative net outflow of 122 million yuan over the past five trading days [1] - In the textile and apparel industry, the stock experienced one of the largest net outflows, amounting to 64.5173 million yuan [1]

证券时报·数据宝统计显示，公司今日公布了半年报，共实现营业收入3.90亿元，同比增长21.82%，实 现净利润1.97亿元，同比增长484.48%，基本每股收益为1.3672元，加权平均净资产收益率为13.61%。 资金面上看，该股今日主力资金净流出1040.55万元，近5日主力资金净流入1191.49万元。 按申万行业统计，真爱美家所属的纺织服饰行业共有6家公司公布了2025半年度分配方案，派现金额最 多的是华利集团，派现金额为11.67亿元，其次是森马服饰、百隆东方，派现金额分别为4.04亿元、2.25 亿元。（数据宝） 8月22日真爱美家发布2025半年度分配预案，拟10派4元（含税），预计派现金额合计为5760.00万元。 派现额占净利润比例为29.26%，这是公司上市以来，累计第5次派现。 公司上市以来历次分配方案一览 | 日期 | 分配方案 | 派现金额合计（亿元） | 股息率（%） | | --- | --- | --- | --- | | 2025.06.30 | 10派4元（含税） | 0.58 | 1.41 | | 2024.12.31 | 10派4元（含税） | 0.58 | 2.44 ...