证券代码：002003 证券简称：伟星股份 浙江伟星实业发展股份有限公司 投资者关系活动记录表 编号：2025-024 | | □特定对象调研 □分析师会议 | | --- | --- | | 投资者关系活动 | □媒体采访 □业绩说明会 | | 类别 | □新闻发布会 □路演活动 | | | □现场参观 √其他：电话会议 | | | 易方达基金：郭杰、周光远；泰康资产：陈怡；华安基金：马丁、张峦；汇添富 | | | 基金：劳杰男；石锋资产：徐玉露、崔红建；台州市资管：李亚雄；兴全基金： | | | 伍修毅；交银施罗德基金：韩威俊、高逸云；鹏扬基金：吴西燕；人保资产：李 | | | 晴；睿远基金：檀廷钰；中欧基金：吉翔、刘占洋；申万宏源：王立平、求佳峰、 | | | 赵玥；国泰海通：盛开、曹冬青；Janchor Partners：李拓；Lazard Asset：Fisher | | | Xi；大家资产：钱怡；比立弗投资：李文；长城基金：柴程森；长江证券：柯睿； | | | 长信基金：刘亮；晨燕资管：倪耿皓、李树荣；东方阿尔法基金：钱文静；东方 | | | 财富证券：金叶羽；东方基金：梁忻；东方证券：施红梅、殷 ...

每经头条（nbdtoutiao）——能给主人"打电话"的宠物智能手机也来了！宠物产业3000亿元市场大爆 发，行业上市公司"涨"声一片 （记者 胡玲） 免责声明：本文内容与数据仅供参考，不构成投资建议，使用前请核实。据此操作，风险自担。 每日经济新闻 每经AI快讯，华源证券8月25日发布研报称，给予伟星股份（002003.SZ，最新价：11.3元）买入评级。 评级理由主要包括：1）外部环境扰动下公司25H1营收同比+1.80%；2）分产品看，拉链主业稳健，其 他服饰辅料业务快速增长；3）分地区看，国际地区营收占比及毛利率同比均提升。风险提示：消费者 消费意愿修复不及预期风险；国际关税政策变动风险；全球经济下行风险。 ...

2025 年 8 月 26 日 公司研究 Q2 需求扰动致业绩下滑，越南工业园加快爬坡 ——伟星股份（002003.SZ）2025 年中报点评 买入（维持） 当前价：11.18 元 作者 分析师：姜浩 执业证书编号：S0930522010001 021-52523680 jianghao@ebscn.com 分析师：孙未未 执业证书编号：S0930517080001 021-52523672 sunww@ebscn.com 分析师：朱洁宇 执业证书编号：S0930523070004 021-52523842 zhujieyu@ebscn.com 单季度收入保持双位数增长，Q3 费用计提 带来阶段性影响——伟星股份（002003.SZ） 2024 年三季报点评（2024-10-29） 要点 事件： 市场数据 | 总股本(亿股) | 11.69 | | --- | --- | | 总市值(亿元)： | 130.68 | | 一年最低/最高(元)： | 10.14/14.89 | | 近 3 月换手率： | 38.74% | 股价相对走势 -14% -2% 9% 21% 32% 08/24 11/24 02/25 ...

Core Viewpoint - The recent financial report of Weixing Co., Ltd. shows a mixed performance with a slight increase in revenue but a significant decline in net profit, indicating potential challenges in the company's operational efficiency and market conditions [1][2]. Financial Performance - The total revenue for the first half of 2025 reached 2.338 billion yuan, a year-on-year increase of 1.8% [1]. - The net profit attributable to shareholders was 369 million yuan, down 11.19% year-on-year [1]. - In Q2 2025, revenue was 1.359 billion yuan, a decrease of 9.18% compared to the same quarter last year [1]. - The gross profit margin improved to 42.89%, up 2.6% year-on-year, while the net profit margin decreased to 15.95%, down 12.68% year-on-year [1]. - Total expenses (selling, administrative, and financial) amounted to 466 million yuan, representing 19.92% of revenue, an increase of 21.04% year-on-year [1]. Accounts Receivable and Cash Flow - Accounts receivable accounted for 85.96% of the latest annual net profit, indicating a significant amount of outstanding payments [1]. - The company reported a cash flow from operations of 0.37 yuan per share, an increase of 10.47% year-on-year [1]. Market and Industry Outlook - The company is cautious about short-term performance due to uncertainties from tariff policies and weak end-consumer demand in the apparel sector [6][7]. - In the medium to long term, the company aims to focus on its core business of fashion accessories, enhancing brand influence and product competitiveness [7]. - The company anticipates a stable profit margin in the future, relying on revenue growth from new projects and production capacity [9]. Investment and Capital Expenditure - The company plans to be prudent with capital expenditures, especially in light of the uncertain international trade environment, while still pursuing necessary upgrades and expansions [11][12]. - The company’s overseas production bases, particularly in Bangladesh and Vietnam, are expected to enhance operational efficiency and meet customer demands [12][13]. Shareholder Engagement - The company maintains a high dividend payout ratio, averaging around 80% since its listing, reflecting its commitment to shareholder returns [13].

2025 年 08 月 24 日 伟星股份 (002003) ——费用先行投入暂压制利润表现，产能加码保障成长性 报告原因：有业绩公布需要点评 买入（维持） | 市场数据： | 2025 年 08 月 22 日 | | --- | --- | | 收盘价（元） | 11.45 | | 一年内最高/最低（元） | 15.28/10.41 | | 市净率 | 3.0 | | 股息率%（分红/股价） | 4.37 | | 流通 A 股市值（百万元） | 11,640 | | 上证指数/深证成指 | 3,825.76/12,166.06 | | 注："股息率"以最近一年已公布分红计算 | | 上 市 公 司 纺织服饰 | 基础数据: | 2025 年 06 月 30 日 | | | --- | --- | --- | | 每股净资产（元） | | 3.76 | | 资产负债率% | | 36.14 | | 总股本/流通 A 股（百万） | | 1,169/1,017 | | 流通 B 股/H 股（百万） | | -/- | 年内股价与大盘对比走势： 08-22 09-22 10-22 11-22 12-22 01-2 ...

公司2025H1 营收增长1.8%，归母净利润下降11.2%，短期接单较弱。公司2025H1 营收同比增长1.8%至 23.4 亿元，毛利率同比提升1.1pcts 至42.9%，销售费用率同比提升0.8pcts 至8.8%，管理费用率同比提升 0.9pcts 至10%，综合考虑期内的汇兑损失后（2025H1 汇兑净损失1041 万元，2024H1 汇兑净收益1353 万元），公司上半年归母净利率同比下降2.3pcts 至15.8%，归母净利润同比下降11.2%至3.7 亿元，扣非 后归母净利润同比下降9.71%至3.6 亿元。分红方面，上半年公司拟每10 股派发现金股利1 元，股利支 付率为32%（2024H1 为56%）。 单Q2 来看，公司营收同比下降9.2%至13.6 亿元，归母净利润同比下降20.4%至2.69 亿元，扣非后归母 净利润同比下降18.81%至2.64 亿元，Q2公司接单情况较弱，同时汇兑损失也对公司业绩造成负面压 力。 展望2025 年，我们预计公司归母净利润下降4.4%。上半年由于公司接单较弱导致基本面承压，综合考 虑消费环境的不确定性，我们预计公司2025 年收入增长3.8%至48 ...

据证券之星公开数据整理，近期伟星股份(002003)发布2025年中报。截至本报告期末，公司营业总收入 23.38亿元，同比上升1.8%，归母净利润3.69亿元，同比下降11.19%。按单季度数据看，第二季度营业 总收入13.59亿元，同比下降9.18%，第二季度归母净利润2.69亿元，同比下降20.4%。本报告期伟星股 份公司应收账款体量较大，当期应收账款占最新年报归母净利润比达85.96%。 证券之星价投圈财报分析工具显示：业务评价：公司去年的ROIC为13.74%，资本回报率强。去年的净 利率为15.12%，算上全部成本后，公司产品或服务的附加值高。从历史年报数据统计来看，公司近10 年来中位数ROIC为13.81%，中位投资回报一般，其中最惨年份2019年的ROIC为10.51%，投资回报也较 好。公司历史上的财报相对良好。 财报体检工具显示：建议关注公司现金流状况(货币资金/流动负债仅为79.54%)建议关注公司债务状况 (有息资产负债率已达20.29%)建议关注公司应收账款状况(应收账款/利润已达85.96%) 分析师工具显示：证券研究员普遍预期2025年业绩在7.71亿元，每股收益均值在0.66 ...

证券代码：002003 证券简称：伟星股份 公告编号：2025-041 浙江伟星实业发展股份有限公司 2025 年半年度报告全文 公司董事会及董事、高级管理人员保证半年度报告内容的真实、准确、完整，不存在 虚假记载、误导性陈述或者重大遗漏，并承担个别和连带的法律责任。 公司负责人蔡礼永先生、主管会计工作负责人沈利勇先生及会计机构负责人林娜女士 声明：保证本半年度报告中财务报告的真实、准确、完整。 除下列董事外，其他董事亲自出席了审议本次半年报的董事会会议 未亲自出席董事姓名 未亲自出席董事职务 未亲自出席会议原因 被委托人姓名 张莉 独立董事 工作原因 张永炬 公司需遵守《深圳证券交易所上市公司自律监管指引第 3 号——行业信息披露》中的 "纺织服装相关业务"的披露要求。 境不确定性增加和生产要素成本持续上升等风险，已在本报告"第三节 管理层讨论与分析" 之"十一、公司面临的风险和应对措施"进行了具体阐述，敬请广大投资者查阅并注意投 资风险。 公司经本次董事会审议通过的利润分配预案为：以总股本 1,168,889,653 股为基数， 向全体股东每 10 股派发现金红利 1.00 元（含税），送红股 0 股（含 ...

Group 1: Company Performance and Market Conditions - The company faced pressure in Q2 2025 due to uncertainties from tariff policies and weak end-consumer demand, leading to cautious order intake [2] - The company maintains a prudent short-term outlook but aims to focus on its core business of fashion accessories and enhance brand influence and product competitiveness in the long term [2] - The company’s top five customers accounted for 9.04% of total sales in 2024, indicating a low customer concentration [3] Group 2: Competitive Positioning - The company differentiates itself from YKK through a "product + service" business model, emphasizing quality products and comprehensive service, while YKK relies on brand recognition and global operational capabilities [4] - The company has developed strong competitive advantages in product diversity, fashionability, innovation, and supporting capabilities, which are increasingly demanded by downstream apparel brands [4] Group 3: Sales and Pricing Strategy - The company employs a direct sales model through subsidiaries and offices, selling to global apparel brands and their designated factories [5] - While product prices are a consideration for downstream clients, factors such as product development capabilities, delivery times, and service quality are more critical in supplier selection [5] Group 4: Profitability and Investment Outlook - The company has achieved strong operational results through innovation and smart manufacturing, but future profitability will depend on revenue growth from new production capacities [6] - The company plans to be cautious with capital expenditures due to uncertainties in trade policies and will prioritize risk control in investment decisions [7] Group 5: Dividend and Incentive Policies - The company has maintained an average dividend payout ratio of around 80% since its listing, reflecting its commitment to sustainable development and shareholder returns [7] - There are no current substantial plans for a new equity incentive program, but the company may consider it at an appropriate time in the future [7] Group 6: Talent Development - The company is focused on strengthening its talent pipeline through various training programs and mentorship initiatives to enhance employee skills and support sustainable development [7]

Group 1: Macro Economic Insights - The core viewpoint indicates that the monetary policy is shifting towards substantial easing, with expectations of further interest rate cuts and reserve requirement ratio reductions in the second half of 2025 [9][12][29] - The financial data for June 2025 shows a significant increase in M1 and M2, with M1 growing by 4.6% and M2 by 8.3%, indicating improved liquidity in the market [2][31] - The social financing (社融) data reveals a year-on-year increase of 900.8 billion yuan in June, with total social financing reaching 4.2 trillion yuan, suggesting a recovery in financing demand from both residents and enterprises [6][29] Group 2: Industry and Company Analysis - The report highlights the structural opportunities in the technology sector, particularly in AI computing, robotics, and semiconductors, driven by policy support and industrial upgrades [12][13] - Weixing Co., Ltd. (伟星股份) is identified as a leading player in the apparel accessories industry, with a projected net profit growth of 25.48% in 2024, supported by strong product innovation and international capacity expansion [24][27] - Kangguan Technology (康冠科技) is recognized as a leader in the smart display supply chain, with expected revenue growth driven by the increasing sales of smart TVs in emerging markets and a projected recovery in panel prices starting in the second half of 2025 [19][20][21]