Group 1: Report Overview - The report is about a research on Zhejiang Natural in the textile and apparel industry on September 26, 2025 [1][2][17] Group 2: Research Basic Information - Research object: Zhejiang Natural [17] - Industry: Textile and apparel [2][17] - Reception time: 2025 - 09 - 26 [17] - Company reception staff: Chairman and General Manager Xia Yonghui, Deputy General Manager, Secretary of the Board, and Director Dong Yimin, Director and Chief Financial Officer Xia Xiuhua, Independent Director Chen Weibo [17] Group 3: Detailed Research Institutions - Reception object: All shareholders [20] - Reception object type: Not specified [20] - Institution - related personnel: Not specified [20] - Others: Not specified [20] Group 4: Main Content 1. Company's Business Performance - In the reporting period, the company achieved an operating income of RMB 685.4795 million, a year - on - year increase of 14.22% compared to the first half of 2024, and a net profit attributable to shareholders of the listed company of RMB 145.5869 million, a year - on - year increase of 44.53% [25] 2. AI Application - The company is currently in the AI application stage, using AI to empower R & D and production, accelerating the implementation of the digital and intelligent strategy, assisting data analysis and simulation, optimizing the product design process, and realizing intelligent allocation of equipment and resources in production scheduling to improve production flexibility and response speed. It will continue to look for AI projects that fit its own industry [26] 3. Moroccan Subsidiary - The construction of the company's Moroccan subsidiary's factory is progressing in an orderly manner, and it is expected to complete all inspections and be put into use within 2026 [28] 4. External Investment Plan - In the reporting period, the company invested in the establishment of Singapore Ripple Private Limited with a shareholding ratio of 65%, which is mainly responsible for the water sports products division project. The company also has an insulation box division and a water sports products division to expand the business of insulation box products and water sports products respectively. Future external investment matters will be disclosed in a timely manner [28] 5. Shareholder Number - As of September 19, 2025, the company's latest number of shareholders is 11,210. The company will disclose the number of shareholders at corresponding time points in regular reports [28]

Group 1 - The 2025 China Cultural Tourism Industry Expo opened in Wuhan, attracting over 2,000 domestic exhibitors and 50 overseas travel merchants, with more than 200,000 visitors expected to attend [1][2] - The expo showcased diverse tourism experiences, including unique travel routes and innovative tourism products, reflecting a shift in consumer preferences towards personalized and immersive travel experiences [1][5] - The event highlighted the rapid development of new tourism formats, such as outdoor camping gear and mobile housing solutions, catering to the growing demand for outdoor and adventure tourism [2][5] Group 2 - The expo featured advanced technologies in tourism, such as vertical take-off and landing vehicles and immersive multimedia experiences, indicating a trend towards integrating technology with cultural tourism [7] - The market is witnessing a shift towards smaller, less conventional travel destinations, with a growing interest in unique experiences that provide emotional and cultural enrichment [5][6] - The emphasis on sustainable development and diverse market demands reflects a broader consensus in the global cultural tourism industry regarding the need for innovation and adaptability [5][6]

Core Viewpoint - The company experienced a revenue growth of 14% year-on-year in the first half of 2025, but faced a decline in gross margin due to changes in product structure and an increase in lower-margin new product categories [1] Group 1: Financial Performance - In the first half of 2025, the company's revenue increased by 14.2% to 690 million yuan, while net profit attributable to shareholders rose by 44.5% to 146 million yuan [1] - The gross margin decreased by 2.1% year-on-year to 35.1%, primarily due to changes in product structure and an increase in overseas production capacity [1] - The operating profit margin increased by 4.3% to 24.5%, and the net profit margin attributable to shareholders rose by 4.5% to 21.2% [1] - In the second quarter, revenue growth slowed to 0.7% year-on-year, totaling 329 million yuan, with net profit declining by 20.1% [2] - The gross margin in the second quarter fell by 5.1% year-on-year to 31.1% due to product structure changes and deferred revenue [2] Group 2: Market Dynamics - Orders returned to normal in the third quarter, with previously delayed orders completed [3] - The company is expanding its market presence by deepening cooperation in the new energy vehicle market and developing new product lines, including inflatable mattresses for automotive camping [3] - The company is also focusing on expanding its water sports products and insulated bags, with production primarily in Vietnam and Cambodia [3] Group 3: Future Outlook - The company anticipates gradual recovery in revenue growth in the second half of the year as inventory issues among downstream brands are resolved [2][3] - Profit forecasts for 2025 to 2027 have been raised, with expected net profits of 250 million, 310 million, and 380 million yuan, representing year-on-year growth of 34.2%, 26.2%, and 22.1% respectively [4] - The target price has been adjusted to 28.1-31.6 yuan, reflecting an increase in profit forecasts and maintaining an "outperform" rating [4]

Investment Rating - The investment rating for the company is "Outperform the Market" [6][34]. Core Views - The company experienced a 14% year-on-year revenue growth in the first half of 2025, with a net profit increase of 44.5% to 146 million yuan. However, the gross margin declined by 2.1% to 35.1% due to changes in product structure and an increase in the proportion of lower-margin new product categories [1][4]. - The second quarter saw a slowdown in revenue growth to 0.7% year-on-year, primarily due to tariff policy disruptions leading to delayed orders and lower production efficiency during the ramp-up of overseas capacity. The gross margin further declined by 5.1% year-on-year to 31.1% [2][3]. - Orders have returned to normal in the third quarter, with new customers and products driving growth. The company is expanding its market presence in the automotive camping sector and enhancing its product lines, particularly in water sports and insulated bags [3][33]. Summary by Sections Financial Performance - In the first half of 2025, revenue reached 690 million yuan, with a net profit of 146 million yuan. The gross margin was 35.1%, reflecting a decline due to product mix changes [1]. - The second quarter revenue was 329 million yuan, with a gross margin of 31.1%, down from previous periods [2]. - The company expects revenue to recover in the second half of the year as inventory issues are resolved [3]. Revenue and Profit Forecast - The company has adjusted its profit forecasts, expecting net profits of 250 million yuan, 310 million yuan, and 380 million yuan for 2025, 2026, and 2027 respectively, reflecting year-on-year growth rates of 34.2%, 26.2%, and 22.1% [4][34]. - Revenue projections for 2025 to 2027 are set at 1.26 billion yuan, 1.64 billion yuan, and 2.10 billion yuan, with expected growth rates of 26%, 30%, and 28% [29][38]. Market Position and Strategy - The company is focusing on stabilizing its core business while expanding into new markets and product lines, particularly in the automotive sector and outdoor products [3][33]. - The target price has been raised to 28.1-31.6 yuan, based on improved profit forecasts, corresponding to a price-to-earnings ratio of 16-18x for 2025 [4][34].

证券研究报告 公司研究 [Table_ReportType] 公司点评报告 [Table_StockAndRank] 浙江自然(605080) 投资评级 上次评级 [Table_Author] 姜文镪 新消费行业首席分析师 执业编号：S1500524120004 邮箱：jiangwenqiang@cindasc.com 信达证券股份有限公司 CINDA SECURITIES CO.,LTD 北京市西城区宣武门西大街甲127号金隅大厦B座 邮编：100031 [Table_Title] 浙江自然：全球产业链布局，引领露营经济 [Table_ReportDate] 2025 年 08 月 27 日 [Table_S 事件：公司发布 ummary] 2025 年半年度业绩报告。2025H1 实现收入 6.85 亿元 （同比+14.2%），归母净利润 1.46 亿元（同比+44.5%），扣非归母净利 润 1.33 亿元（同比+7.2%）；单 Q2 收入 3.29 亿元（同比+0.7%），归母 净利润 0.50 亿元（同比-20.1%），扣非归母净利润 0.47 亿元（同比 -30.9%）。 点评：Q2 受关税影响，我 ...

Core Viewpoint - Zhejiang Natural Outdoor Goods Co., Ltd. reported significant growth in revenue and net profit for the first half of 2025, driven by increased sales and improved operational efficiency [2][6]. Company Overview and Financial Indicators - The company achieved operating revenue of approximately RMB 685.48 million, a year-on-year increase of 14.22% [6]. - The total profit reached approximately RMB 167.09 million, reflecting a 39.40% increase compared to the same period last year [6]. - Net profit attributable to shareholders was approximately RMB 145.59 million, up 44.53% year-on-year [6]. - The net cash flow from operating activities increased by 75.16% to approximately RMB 116.27 million [6]. - The company's total assets grew by 5.49% to approximately RMB 2.48 billion, while net assets increased by 6.11% to approximately RMB 2.16 billion [6]. Industry and Main Business Situation - The global camping equipment market is experiencing robust growth, with exports expected to exceed USD 2.4 billion in 2025 [4]. - The outdoor sports market in China is projected to reach RMB 3 trillion by 2025, driven by increasing consumer interest in outdoor activities [4]. - The company specializes in the research, design, production, and sales of outdoor products such as inflatable mattresses, outdoor bags, and water sports equipment [4][5]. - The company has established a vertically integrated supply chain, enhancing its competitive edge in cost, quality, and delivery [5][6]. Competitive Advantages - The company is recognized as one of the earliest high-tech enterprises in China engaged in the development and production of outdoor inflatable mattresses [6]. - It has developed key technologies such as TPU film and fabric composite technology, polyurethane foam technology, and high-frequency welding technology [5][6]. - The integration of AI in product design and production processes has positioned the company as a leader in innovation within the industry [6][7]. Operational Analysis - The company has maintained stable operations in its inflatable mattress business while expanding into new markets such as luxury camping and water sports [6]. - The increase in research and development expenses by 30.16% reflects the company's commitment to maintaining technological leadership [6]. - The company has optimized its supply chain and production processes to enhance flexibility and responsiveness to market demands [6][7].

Group 1 - The stock price of Zhejiang Natural fell by 5.01% to 29.19 CNY per share, with a trading volume of 141 million CNY and a turnover rate of 3.39%, resulting in a total market capitalization of 4.133 billion CNY [1] - Zhejiang Natural Outdoor Products Co., Ltd. was established on September 4, 2000, and went public on May 6, 2021. The company specializes in the research, design, production, and sales of outdoor sports products, including inflatable mattresses, outdoor bags, and headrest cushions [1] - The main revenue composition of the company includes inflatable mattresses (58.48%), bags (20.37%), other products (13.34%), headrest cushions (6.95%), and supplementary items (0.86%) [1] Group 2 - In the top ten circulating shareholders of Zhejiang Natural, a fund under Invesco Great Wall, specifically the Invesco Great Wall Consumer Select Mixed A (010104), entered the top ten shareholders in the first quarter, holding 870,000 shares, which accounts for 0.61% of the circulating shares [2] - The Invesco Great Wall Consumer Select Mixed A fund was established on September 24, 2020, with a current scale of 1.117 billion CNY. Year-to-date returns are 6.82%, ranking 6149 out of 8259 in its category, while the one-year return is 23.73%, ranking 5102 out of 8023. Since its inception, the fund has experienced a loss of 24.03% [2] Group 3 - The fund manager of Invesco Great Wall Consumer Select Mixed A is Deng Jingdong, who has been in the position for 5 years and 104 days, with a total fund asset size of 1.872 billion CNY. The best fund return during his tenure is 47.9%, while the worst is -25.56% [3] - Liu Su, another fund manager, has been in the position for 13 years and 245 days, managing a total fund asset size of 12.507 billion CNY. The best fund return during his tenure is 129.48%, with the worst being -25.56% [3]

Group 1 - The company has not established a partnership with Yajiang Group for outdoor products as of July 31 [2] - The company has launched a variety of outdoor products since 2022, including bone-free inflatable tents, inflatable sofas, inflatable mattresses, outdoor tables and chairs, and canopies [2] - The company plans to continue monitoring market opportunities and expand its market share in the future [2]

Group 1 - The company has not established a partnership with Yajiang Group for outdoor products [1] - Since 2022, the company has launched a variety of outdoor products, including bone-free inflatable tents, inflatable sofas, inflatable mattresses, outdoor tables and chairs, and canopies [1] - The product range is diverse and applicable to multiple scenarios, with plans to continue monitoring market opportunities and expand market share [1]

Core Viewpoint - The recent price increases at Walmart, a major retail giant in the U.S., have become a significant news topic, with consumers expressing concerns about the impact of government tariff policies on their daily lives [1][3]. Price Increase Phenomenon - Walmart has seen widespread price increases across various products, with notable examples including a Chinese-made toy that rose from $59 to $84 (a 42% increase) and a Star Wars-themed LEGO set that increased from $69.99 to $89.33 (a nearly 28% rise) [2]. - Price tracking software often fails to keep up with actual price changes in stores, as evidenced by a Chinese-made inflatable mattress that was listed at $46.38 in-store, while the software showed a lower price of $44.94 [2]. - Many shelves in Walmart stores are reported to be empty, with price tags remaining for items that are no longer available [2]. Impact of Tariff Policies - Approximately one-third of Walmart's imported goods, primarily from China, Mexico, Canada, Vietnam, and India, are expected to face price increases due to U.S. tariff policies [3]. - Specific products such as bananas, avocados, and coffee are among those that will see price hikes, with bananas imported from Costa Rica already increasing by nearly 10% [3]. - Walmart's CEO noted that the current environment presents unprecedented challenges due to rapid and significant price increases [3]. Consumer Sentiment - Consumers are increasingly vocal about their frustrations regarding rising prices, with many feeling that the government's tariff policies are detrimental to the economy [4]. - Individuals, including retirees and families, express that the rising costs are affecting their ability to afford basic necessities, leading to a more cautious approach to shopping [4]. Corporate Response to Government Criticism - President Trump has publicly criticized Walmart for its price increases, urging the company to absorb tariff costs rather than passing them on to consumers [5]. - Walmart has stated that maintaining low prices is challenging due to thin retail margins, acknowledging that some tariff costs will inevitably be passed on to consumers [5]. - Other retailers, including Target and Temu, have also raised prices on certain products due to tariffs, indicating a broader trend across the retail sector [5].