江苏威腾体育产业股份有限公司是一家集人造草坪草丝研发、生产、销售、施工及售后为一体的综合型 企业，是国际足联FIFA场地认证供应商、国际足联FIP创新计划项目成员、国际曲联FIH场地认证供应 商、国际网联ITF场地认证供应商，亚运会、大运会、全运会、亚洲杯、国家奥体中心人造草供应商， 国家体育总局手曲棒垒球运动管理中心战略合作伙伴，中国棒球协会人造草供应商。作为国内人造草坪 行业领先企业，全球铺设的免填充运动人造草坪已超500万平方米，经济效益与生态效益显著，并在行 业内率先推出VRG可回收免填充人造草坪系统。 中国资环绿纤公司精准对接区域资源循环利用发展需求，以威腾体育为切入点，聚焦废旧纺织品高值化 利用，通过并购整合快速切入人造草坪赛道，推动废纺回收到绿色产品制造的全产业链闭环，既破解了 废纺处理难题，又为缓解石油资源依赖、推动"双碳"目标落地提供了切实可行的方案。 完成并购后，威腾体育可依托中国资环绿纤公司的央企平台优势，获取稳定、低成本的废旧纺织原料， 增强供应链韧性。中国资环绿纤公司则可借助威腾体育深厚的技术积累、成熟的产品体系和国际销售网 络，快速建立绿色纤维在体育场景下的应用示范，形成废纺循环利 ...

登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：605099 证券简称：共创草坪 公告编号：2025-070 江苏共创人造草坪股份有限公司 关于使用部分闲置自有资金进行现金管理的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性承担个别及连带责任。 重要内容提示： ● 投资种类：金融机构发行的安全性高、流动性好、低风险的理财产品。 ● 投资金额：单日最高余额不超过人民币12亿元（含12亿元），额度内可滚动使用。 ● 已履行的审议程序：2025年12月30日，公司召开第三届董事会第十四次会议、第三届审计委员会第八 次会议，均审议通过《关于使用部分闲置自有资金进行现金管理的议案》。本次预计使用自有资金进行 现金管理的额度在公司董事会决策权限范围内，无需提交公司股东会审议。 ● 特别风险提示：尽管公司拟购买的产品为低风险投资品种，风险总体可控，但宏观经济形势、政策变 动、市场变化、人员操作等风险因素带来的不确定性仍然存在。公司将根据经济形势以及金融市场的变 化适时调整投资投入，但不排除公司投资产品受到上述风险影响的可能，因此投资的实 ...

晨会纪要（2025/12/22） 编辑人 022-28451618 SAC NO：S1150511010016 cuijian@bhzq.com 崔健 渤海证券研究所晨会纪要（2025.12.22） 宏观及策略研究 数据密集披露，等待政策反应——宏观经济周报 固定收益研究 短债利率下行，超长债波动幅度较大——利率债周报 公司研究 全球人造草坪龙头，海外产能扩张稳固领先优势——共创草坪（605099）公 司深度报告 请务必阅读正文之后的声明 渤海证券股份有限公司具备证券投资咨询业务资格 1 of 7 晨会纪要（2025/12/22） 行业研究 证 全国医疗保障工作会议召开，部署 2026 年重点工作——医药生物行业周报 券 研 究 报 告 晨 会 纪 要 宏观及策略研究 数据密集披露，等待政策反应——宏观经济周报 周 喜（证券分析师，SAC NO：S1150511010017） 宋亦威（证券分析师，SAC NO：S1150514080001） 严佩佩（证券分析师，SAC NO：S1150520110001） 靳沛芃（研究助理，SAC NO：S1150124030005） 1、外围环境而言 美国方面，10 月和 ...

Core Viewpoint - The company reported a decrease in the number of shareholders and a slight decline in stock price, while showing positive growth in revenue and net profit for the first three quarters of the year [2] Group 1: Shareholder and Stock Performance - As of December 10, the number of shareholders for the company was 9,199, a decrease of 921 from the previous period (November 30), representing a decline of 9.10% [2] - The closing price of the company's stock was 36.40 yuan, down 2.54%, with a cumulative increase of 0.41% since the concentration of shares began [2] - The stock experienced 4 days of increase and 5 days of decrease during the reporting period [2] Group 2: Financial Performance - For the first three quarters, the company achieved a total revenue of 2.474 billion yuan, reflecting a year-on-year growth of 9.52% [2] - The net profit for the same period was 515 million yuan, marking a year-on-year increase of 30.89% [2] - The basic earnings per share were reported at 1.2800 yuan, with a weighted average return on equity of 17.84% [2]

Summary of Key Points Core Viewpoint - The announcement details the completion of a share reduction plan by Chuangxiang Investment and its concerted party Wang Qiangzhong, resulting in a total reduction of 1.6871 million shares, which represents 0.42% of the company's total share capital [1] Group 1: Share Reduction Details - Chuangxiang Investment reduced its holdings by 1.485 million shares at prices ranging from 35.52 to 39.61 yuan per share [1] - Wang Qiangzhong reduced his holdings by 202,100 shares at prices between 36.5 and 38.72 yuan per share [1] - Post-reduction, Chuangxiang Investment holds 4.455 million shares, accounting for 1.11% of the total shares, while Wang Qiangzhong holds 9.4991 million shares, representing 2.36% [1]

Core Viewpoint - The company announced the completion of the repurchase and cancellation of restricted stock incentives, impacting its registered capital and total share capital [1] Group 1: Stock Repurchase Details - The company disclosed the repurchase and cancellation of 61 shares of restricted stock that had been granted but not yet released from restrictions [1] - The repurchase was processed through a dedicated securities account opened at China Securities Depository and Clearing Corporation Limited, Shanghai Branch [1] - The cancellation of the restricted stock was completed on November 25, 2025, and the company will proceed with the necessary business registration changes [1] Group 2: Capital Changes - Following the completion of the stock repurchase and cancellation, the company's registered capital will change to 402,522,083.00 yuan, and the total share capital will also adjust to 402,522,083 shares [1]

Summary of Conference Call for Company "共创草坪" Industry Overview - The company operates in the turf industry, focusing on leisure grass products and related services. The industry is expected to benefit from favorable sports policies and increasing demand for sports facilities, particularly in China. Key Points and Arguments 1. **Revenue and Profit Growth Projections** The company anticipates a revenue growth of at least 15% and profit growth of over 20% in 2026, driven by enhanced competitive strength and optimistic industry demand forecasts as a leading player in the market [2][3] 2. **Gross Margin Performance** In Q3 2025, the company achieved a gross margin exceeding 35%, benefiting from low raw material prices and a cost-plus pricing model. This trend is expected to continue into Q4 2025 [2][5] 3. **Cost Reduction Measures** The company is implementing several cost-reduction strategies, including optimizing formulas through R&D, energy-saving production processes, establishing an upstream supply chain, and reducing procurement costs. These measures are expected to enhance profitability in 2026 [2][7] 4. **Regional Performance** The leisure grass business performed well across various regions in 2025, with significant improvements in profitability. Prices remained stable in the Americas and Europe, while slight declines were noted in the Asia-Pacific and Africa regions [2][8] 5. **Impact of Raw Material Prices** Current low raw material prices support profit margins, although the company does not fully pass on price reductions to customers due to a lag in the pricing mechanism. The pricing strategy is primarily cost-plus, which limits the impact on profit margins [5][10] 6. **Future Profit Margin Trends** The company expects profit margins in 2026 to fluctuate slightly around the current levels, with raw material prices anticipated to remain stable [6] 7. **Vietnam Factory Efficiency** The Vietnam factory has a slight cost advantage over domestic operations due to lower labor and energy costs, contributing to higher net profit margins. The company is confident in further cost reductions through local raw material production [4][12] 8. **Domestic Market Growth Drivers** The domestic market is projected to grow by 1 to 2 billion RMB in 2026, driven by government initiatives in sports infrastructure, particularly in school football fields and community sports facilities [4][14] 9. **Market Share and Competition** The company holds approximately 30% market share in the domestic sports turf market, with expectations of gaining more orders as demand increases. The competitive landscape is evolving, with a noted increase in market share against competitors [11][15] 10. **Global Market Outlook** The company expects balanced growth across global regions in 2026, with the U.S. and European markets projected to maintain strong growth rates [16][17] 11. **Emerging Product Lines** New product lines, such as artificial plants and ceramic products, are expected to grow by 30% to 40% in 2025, contributing positively to the company's future development [18] Additional Important Insights - The company has a significant order backlog with double-digit growth in orders noted in Q3 2025, indicating strong demand and operational performance [3] - The inventory turnover cycle is approximately one month, which may influence profitability trends [10]

Core Viewpoint - The company has experienced a decline in the number of shareholders for the second consecutive period, indicating potential concerns regarding investor confidence and stock performance [2] Shareholder Information - As of November 20, the number of shareholders for the company is 9,465, a decrease of 1,884 from the previous period (November 10), representing a 16.60% decline [2] Stock Performance - The closing price of the company's stock is 35.52 yuan, down 0.92%, with a cumulative decline of 1.96% since the concentration of shares began [2] - The stock has seen 4 days of increases and 5 days of decreases over the reporting period [2] Financial Performance - For the first three quarters, the company achieved a revenue of 2.474 billion yuan, reflecting a year-on-year growth of 9.52% [2] - The net profit for the same period is 515 million yuan, showing a year-on-year increase of 30.89% [2] - The basic earnings per share stand at 1.2800 yuan, with a weighted average return on equity of 17.84% [2] Analyst Ratings - In the past month, the stock has received buy ratings from 7 institutions [2] - The highest target price set by an institution is 47.18 yuan, as reported by Guotai Junan on November 6 [2]

Core Insights - The company reported a decrease in the number of shareholders, with a total of 11,349 shareholders as of November 10, down by 1,828 from the previous period, representing a decline of 13.87% [2] - The closing price of the company's stock was 35.62 yuan, down 1.68%, but the stock has seen a cumulative increase of 2.33% since the concentration of shares began [2] - The company's third-quarter report indicated a revenue of 2.474 billion yuan, a year-on-year increase of 9.52%, and a net profit of 515 million yuan, reflecting a year-on-year growth of 30.89% [2] - The basic earnings per share were reported at 1.2800 yuan, with a weighted average return on equity of 17.84% [2] - In terms of institutional ratings, the stock received buy ratings from seven institutions in the past month, with the highest target price set at 47.18 yuan by Guotai Junan on November 6 [2]

Investment Rating - The report maintains a "Buy" rating for the company, indicating a strong performance relative to the market [6]. Core Insights - The company reported impressive profit performance in Q3 2025, with revenue reaching 2.474 billion yuan, a year-on-year increase of 9.5%, and net profit of 515 million yuan, up 30.9% year-on-year [6]. - The company benefits from increasing penetration of artificial turf, with a stable growth in sales driven by improved orders from various regions [6]. - The global multi-base layout helps mitigate trade risks, with significant production capacity in Vietnam and Mexico, enhancing profitability [6]. Financial Data and Profit Forecast - Total revenue projections for 2025 are estimated at 3.441 billion yuan, with a year-on-year growth rate of 16.6% [2]. - The net profit for 2025 is forecasted to be 677 million yuan, reflecting a growth rate of 32.3% [2]. - The company’s gross margin is expected to be 32.3% in 2025, with a return on equity (ROE) of 21.3% [2]. Market Data - As of October 31, 2025, the closing price of the stock is 34.81 yuan, with a market capitalization of 13.973 billion yuan [3]. - The stock has a price-to-earnings (PE) ratio of 27, which is projected to decrease to 21 in 2025 [2][3]. Profitability and Cost Management - The company has shown continuous improvement in profitability, with a net profit margin of 20.8% in Q1-Q3 2025, up 3.4 percentage points year-on-year [6]. - The gross margin for Q3 2025 was reported at 35.7%, an increase of 7.1 percentage points year-on-year, attributed to cost reduction and efficiency improvements [6]. Global Expansion and Competitive Position - The company is recognized as a leading player in the global artificial turf industry, supported by certifications from international sports organizations [6]. - The strategic location of production bases in Vietnam and Mexico provides tax advantages and helps in managing trade risks effectively [6].