Core Viewpoint - Weixing Co., Ltd. is a leading enterprise in the Chinese apparel accessories industry, with strong performance in revenue and net profit, and a significant global presence in production and marketing [1][2]. Group 1: Business Overview - Weixing Co., Ltd. was established on May 11, 1988, and listed on the Shenzhen Stock Exchange on June 25, 2004. The company is headquartered in Zhejiang Province and specializes in the research, manufacturing, and sales of apparel accessories such as buttons, zippers, and metal products, as well as high-end military satellite navigation products [1]. - The company has a global marketing network and production capacity, with products certified by Nike and Adidas [1]. Group 2: Financial Performance - In Q3 2025, Weixing Co., Ltd. achieved a revenue of 3.633 billion yuan, ranking first among four companies in the industry, exceeding the industry average of 1.988 billion yuan and the median of 2.026 billion yuan. The second-ranked company, Xunxing Co., Ltd., reported a revenue of 2.038 billion yuan [2]. - The revenue breakdown includes 1.293 billion yuan from zippers (55.30%), 926 million yuan from buttons (39.61%), and 84.67 million yuan from other apparel accessories (3.62%) [2]. - The net profit for the same period was 587 million yuan, also ranking first in the industry, surpassing the industry average of 211 million yuan and the median of 125 million yuan. Xunxing Co., Ltd. reported a net profit of 167 million yuan [2]. Group 3: Financial Ratios - As of Q3 2025, Weixing Co., Ltd. had a debt-to-asset ratio of 32.86%, lower than the previous year's 34.54% and below the industry average of 35.48% [3]. - The company's gross profit margin was 43.71%, an increase from 42.70% in the previous year and higher than the industry average of 28.37% [3]. Group 4: Shareholder Information - As of September 30, 2025, the number of A-share shareholders increased by 33.64% to 28,200, while the average number of circulating A-shares held per shareholder decreased by 25.17% to 36,100 [5]. - The second-largest circulating shareholder is Hong Kong Central Clearing Limited, holding 32.2412 million shares, an increase of 4.092 million shares from the previous period [5]. Group 5: Competitive Advantages - Weixing Co., Ltd. maintains a competitive edge through product innovation, with over 100 million yuan invested in R&D annually, and has received certifications from major brands [5]. - The company has a leading global sales network with over 1,000 sales personnel and has rapidly expanded its production capacity in Bangladesh and Vietnam [5]. Group 6: Future Outlook - The company is projected to achieve revenues of 4.882 billion yuan, 5.394 billion yuan, and 5.912 billion yuan from 2025 to 2027, with net profits of 691 million yuan, 789 million yuan, and 872 million yuan, respectively [5]. - Analysts expect a compound annual growth rate of 7.2% for net profit from 2026 to 2028, indicating a stable growth outlook [6].

兴业科技成立于1992年12月14日，于2012年5月7日在深圳证券交易所上市，注册地址和办公地址均为福建 省晋江市。它是国内中高档牛头层鞋面革的领先企业，具备全产业链优势，产品定位中高端，为众多海外 品牌供货。 兴业科技从事中高档牛头层鞋面革的开发、生产与销售，所属申万行业为纺织服饰 - 纺织制造 - 辅料，涉 及理想汽车概念、汽车零部件、电子皮肤核聚变、超导概念、核电等概念板块。 经营业绩：营收行业第三，净利润第三 2025年三季度，兴业科技营业收入20.14亿元，行业排名3/4。行业第一名伟星股份营收36.33亿元，第二名 浔兴股份（维权）20.38亿元，行业平均数为19.88亿元，中位数为20.26亿元。主营业务构成中，鞋包带用 皮革8.52亿元占比63.62%，汽车内饰用皮革3.81亿元占比28.47%，二层皮胶原产品原料4949.48万元占比 3.70%，其他用皮革4127.39万元占比3.08%，其他(补充)1518.07万元占比1.13%。当期净利润8266.74万元， 行业排名同样为3/4，行业第一名伟星股份净利润5.87亿元，第二名浔兴股份1.67亿元，行业平均数为2.11 亿元，中位数为 ...