千里沃野，抢进度、抢时间，热潮同向涌动。宿迁市宿城区江苏箭鹿毛纺股份有限公司车间内，机 器轰鸣、生产线全速运转。"我们正月初五就陆续复工，目前员工全部到岗，正赶制发往意大利的海外 订单。"生产部负责人陈文娟介绍，企业全线满负荷生产，毛纱、针织面料等产品源源不断下线，以实 干为全年发展筑牢根基。 助企服务"马上就办"，护航"开门红" 复工复产，人力先行、服务靠前。23日，满载200余名务工人员的返岗专车抵达昆山，工作人员早 早等候，递上早餐与暖心礼包。"这是我第二年坐'点对点'专车返岗，贴心服务让我们干劲更足！"河南 员工于高锋笑着说。 昆山人力资源市场内，"红马甲"志愿者与驻场干部忙碌不停，提前对接重点企业，梳理出3000余个 紧缺岗位。现场设立政策咨询台，一站式解疑答惑。"一季度业务增长迅猛，急需专业人才补充，所以 我们带来250多个工程师、技术员岗位。"昆山科森科技副总裁刘元亮说。为保障企业用工，昆山节前赴 多地开展劳务协作，节后组织30余家重点企业，分7条线路奔赴5省19地跨省招工，把招聘会开到务工人 员"家门口"。 在南通市崇川区，企业服务专员刘相良开工首日直奔江苏泰昌鸿新材料科技有限公司，不仅带来上 ...

老字号承载着人民情感、城市文脉和国家记忆。天津是国家历史文化名城，也是近代中国民族工业的发 祥地之一，拥有津门老字号213个，其中中华老字号72个，主要分布在食品、餐饮、轻工、医药等多个 行业。振兴老字号，是发展自主品牌、弘扬优秀文化、促进消费升级的重要抓手。系列纪录片《老字号 共潮生》共三季，每季30集，每集时长8分钟。 该片每集聚焦一个老字号，从人文故事、品牌工艺、地域文化等不同角度切入，结合权威专家解读和珍 贵档案资料，精彩呈现老字号在近代百年的时代浪潮中，以"振兴商务""实业救国"为理想，心中有家 国，敢为天下先，谱写爱国与奋进的交响；也生动讲述老字号在新时代如何创新发展、勇立"潮"头。 《老字号 共潮生》第一季荣获国家广播电视总局2024年度全国优秀纪录片优秀系列短片。 本季《老字号 共潮生》内容涵盖仁立毛纺、大桥焊材、津宝乐器的铮铮风骨、创新不止，始终与时代 共潮起，与城市共生息；呈现第六中药厂以速效救心丸为起点，在中医药现代化道路上的不断突破，熠 熠生辉；"唱红'中国'，中国唱红"——中国大戏院，不仅是名角的试金石，更承载着一代代人的集体记 忆，星光熠熠，冠绝一时；同时，燕春楼、真素诚、康乐、利 ...

Group 1 - The core business of the company is in film and woolen textile industries [1] - The controlling shareholder, Zhejiang Cultural Investment, is actively investing in the digital cultural industry [1]

Group 1 - The company, Xin'ao Co., has established a European technology development and sales center in Italy [2] - The company operates a high-end cashmere production base in Duncan, Scotland [2] - Local offices and marketing teams are set up in markets such as Germany and France to serve global customers [2]

国盛证券研报指出，毛价上涨趋势持续，新澳股份短期业绩有望受益。据中国羊毛信息网数据，2026年 1月末澳大利亚羊毛交易所东部市场综合指数达到1177美分/公斤，自2025年11月以来持续呈现上涨态势 （11月以来涨幅约25%~30%）。根据行业情况判断2026年以来毛精纺纱线订单同比增长双位数、羊绒 业务订单预计持续快速增长，与此同时预计毛价上涨带来的盈利质量提升将主要在2026H1持续体现， 期待全年靓丽业绩逐步释放，预计2026全年收入增长超过10%/归母净利润预计同比快速增长。公司是 羊毛精纺纱线龙头，坚持长期产能建设，考虑当前行业及公司业务情况，调整盈利预测，估计 2025~2027年归母净利润分别4.47/5.54/6.02亿元，对应2026年PE为12倍，维持"买入"评级。 ...

Summary of Company and Industry Insights Company: 新澳股份 (New Australia Co., Ltd.) Key Points - **Current Market Situation**: The stock price of New Australia Co., Ltd. has experienced a significant drop, primarily influenced by the cyclical commodity sector [1]. - **Positive Fundamentals**: The company's fundamentals remain strong, benefiting from a substantial increase in wool prices and the timing of the Chinese New Year, leading to a notable surge in orders [1][2]. - **Order and Sales Growth**: In January, the company saw a significant increase in wool orders and sales, with a higher growth rate in orders and sales for cashmere due to a relatively small base [1]. - **Wool Price Increase**: As of January 29, the price of Australian wool reached 1177 cents per kilogram, marking a month-on-month increase of 15.3% and a year-on-year increase of over 50% [1][2]. - **Supply and Demand Dynamics**: The company anticipates that the clear contraction in supply combined with increasing demand will support the price increase cycle for Australian wool [2]. - **Future Outlook**: There is optimism regarding the continuation of the upward price trend, contingent on new positive catalysts from both supply and demand sides [2]. Additional Important Insights - **Investment Opportunity**: The company reiterates that the current price drop presents a buying opportunity, emphasizing the potential for recovery and growth in the wool market [1][2].

丨证券研究报告丨 行业研究丨专题报告丨纺织品、服装与奢侈品 [Table_Title] 毛价周期再起，纺企盈利弹性如何演绎？— —长江纺服周专题 26W04 报告要点 [Table_Summary] 近期，纺织服装行业部分原材料价格呈现分化走势，其中羽绒及羊毛价格明显回升，而外棉和 涤纶价格仍处低位震荡。我国作为全球主要羊毛消费国，对澳大利亚进口依赖较高，澳毛价格 波动对国内毛纺企业盈利及股价影响显著。通过复盘澳毛价格走势可以发现毛价上涨通常受需 求修复与供给收缩共同驱动，周期多为 4-6 年。在当前供给偏紧、需求边际改善的背景下，毛 价具备稳中向上的基础，并有望通过低价库存消化与顺价能力改善毛纺企业盈利能力，进一步 对相关公司的对股价形成积极催化。 分析师及联系人 [Table_Author] 于旭辉 魏杏梓 陈信志 SAC：S0490518020002 SAC：S0490524020003 SFC：BUU942 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 纺织品、服装与奢侈品 cjzqdt11111 [Table_Title 毛价周期再起，纺企盈利弹性如 ...

Summary of Conference Call for Xin'ao Co., Ltd. Industry Overview - The textile and wool industry is experiencing a significant increase in orders, particularly in the chemical fiber fabric, fur market, and hair industry, with domestic prices rising in line with wool prices [2][3] - Wool prices are expected to maintain an upward trend, potentially reaching levels that are difficult to procure, with a projected increase of 30%-50% throughout 2026 [2][8] Key Points and Arguments - **Order Growth**: High order growth is anticipated for Q4 2025 and January 2026, driven by a recovery in the textile and apparel industry, with a notable 40% increase in wool prices [3][4] - **Production Capacity**: Current lead times are approximately 45 days, with new projects in Ningxia and Vietnam expected to increase production capacity by over 20%. The first and second phases of a 30,000 spindle workshop are under construction, with plans for additional capacity in 2027 [2][5] - **Revenue Growth**: An estimated revenue growth of around 20% is expected due to increased orders and price hikes, although profit growth may not fully align with revenue due to fixed pricing agreements with some foreign trade brands [6][7] - **Wool Price Dynamics**: Wool prices have risen approximately 40% from their lows, and while some cost advantages from previous lower-priced materials exist, new orders will reflect current higher prices. It is expected that over half of the price increase benefits can be converted into company profits [7][9] - **Market Restructuring**: The domestic wool spinning supply chain is the largest in China and the second largest globally. The industry is expected to undergo restructuring, with smaller, less efficient companies exiting the market, leading to increased market share for leading firms [4][19] Additional Important Insights - **Future Outlook**: The company expresses greater confidence for 2026 compared to the past three to four years, aiming for a growth target of around 20% [5][19] - **Impact of Exchange Rates**: Fluctuations in the RMB exchange rate may introduce uncertainties in profit margins, as orders are calculated based on current exchange rates [12] - **Dividends**: While specific dividend amounts are not yet determined, it is expected that the total will not be less than previous years and may increase [14] - **Acquisition Strategy**: The company is considering acquisitions of firms with advanced equipment and lower costs than expanding its own production capacity. The focus is on maintaining a high production capacity utilization rate [20] - **Wool Supply Response**: The supply response from Australian farms to rising wool prices will take at least two years, indicating a sustained upward trend in wool prices for 2026 and 2027 [22] This summary encapsulates the key insights and projections from the conference call, highlighting the positive outlook for Xin'ao Co., Ltd. and the broader wool industry.

Investment Rating - The report maintains a "Buy" rating for the company [6] Core Views - The company is positioned as a leader in the wool spinning industry, benefiting from both wool and cashmere businesses, which drive growth [14] - The company has implemented a sustainable broadband strategy and global expansion, supporting new growth opportunities [20] - The company is expected to benefit from rising wool prices starting September 2025, which will positively impact product pricing and profitability [5] Summary by Sections Company Overview - The company has over 30 years of experience in the wool spinning industry, focusing on wool yarn, cashmere yarn, and wool tops, with a strong market presence both domestically and internationally [14] - The company has a market share of 1st in domestic and 2nd in international for fine wool yarn, and 2nd in domestic and 3rd in international for coarse cashmere yarn [14] Industry Analysis - The global supply of wool is limited in the short to medium term, with Australia, the largest wool producer, expected to see an 8.4% decrease in production for the 2025-2026 fiscal year [5] - The application of wool is expanding beyond clothing to outdoor, home textiles, and craft sectors, supporting price stability [5] Competitive Position - The company has maintained a leading market share in both domestic and international markets, with competitors primarily being German firms in the wool yarn sector [5] - The cashmere yarn market is seeing a concentration of competition, with the company's market share expected to grow as it expands into high-end markets [5] Financial Performance - The company’s revenue and net profit are projected to grow steadily, with expected revenues of 50.0 billion, 55.3 billion, and 60.5 billion for 2025E, 2026E, and 2027E respectively, reflecting growth rates of 3.3%, 10.7%, and 9.3% [6] - The company’s net profit is expected to reach 4.52 billion, 5.43 billion, and 5.90 billion for the same years, with growth rates of 5.5%, 20.2%, and 8.6% [6] Future Outlook - The company is set to benefit from the expansion of wool yarn production and the enhancement of cashmere yarn quality, leading to potential revenue and profit growth [5] - The company is actively exploring high-value applications and enhancing its product offerings, which is expected to improve its competitive edge [5]

公 司 研 究 / 纺 织 服 饰 / 证 券 研 究 报 新澳股份（603889）深度研究 宽带战略助力品类及海外扩张，毛价上 升周期或迎新机遇 2026 年 01 月 27 日 【投资要点】 挖掘价值 投资成长 增持（维持） 东方财富证券研究所 证券分析师：赵树理 证书编号：S1160524090003 联系人：金叶羽 相对指数表现 《25H1 业绩相对稳定，新产能陆续释放》 2025.08.31 《24 年羊绒表现亮眼，整体盈利能力稳 定》 2025.04.28 告 毛纺纱线龙头，羊毛及羊绒业务双驱动。公司深耕毛纺行业 30 余年， 前期以毛纺产品为主，2019 年后再切入羊绒纱线领域，目前主要产品 包括羊毛纱线、羊绒纱线及羊毛毛条，同时配套有改性、染整等完整 产业链。2019 年至今，公司借助可持续宽带战略与全球化布局，支撑 新成长，近年多个新产能项目陆续投产，后续仍有新产能待释放。2024 年公司营收/归母净利润分别 48.4/4.3 亿元，同比+9.1%/+6.0%， 2021-2024 年公司营收/归母净利润 CAGR 分别达+12.0%/+12.8%。 2025Q1-Q3 公司营收/归母净利润 ...