证券代码： 301055 证券简称：张小泉 | 投资者关系活动 ☑ | 特定对象调研 □ 分析师会议 | | --- | --- | | 类别 □ | 媒体采访 □ 业绩说明会 | | □ | 新闻发布会 路演活动 □ | | □ | 现场参观 | | □ | 其他 （请文字说明其他活动内容） | | 参与单位名称及 | 申万菱信基金：付娟、游彤煦 | | 人员姓名 | 华福证券：田鑫雨 | | 时间 2025 | 年 12 月 25 日 (周四) 10:00-12:00 | | 地点 | 张小泉办公 14 层会议室 | | 上市公司接待人 | 1、董事、副总经理、董事会秘书（代行） 夏乾良 | | 员姓名 | 2、证券投资部总监兼证券事务代表 平燕娜 | | | 3、证券投资部投资者关系经理 王思琪 | | | 2025 年 12 月 25 日采用线下调研方式举行了投资者关系活动，简单 | | | 介绍公司基本情况后展开充分交流。 | | | 主要交流内容如下： | | | 1、张小泉未来三到五年的战略布局？ | | | 答：公司会继续围绕"刃具以及金属制品为主"的战略主轴，落实"圈 | | 投资者关系活动 ...

12月23日，张小泉涨0.05%，成交额4525.34万元。两融数据显示，当日张小泉获融资买入额490.31万 元，融资偿还234.64万元，融资净买入255.67万元。截至12月23日，张小泉融资融券余额合计8646.83万 元。 融资方面，张小泉当日融资买入490.31万元。当前融资余额8624.65万元，占流通市值的2.82%，融资余 额低于近一年40%分位水平，处于较低位。 融券方面，张小泉12月23日融券偿还0.00股，融券卖出4500.00股，按当日收盘价计算，卖出金额8.83万 元；融券余量1.13万股，融券余额22.18万元，超过近一年90%分位水平，处于高位。 截至9月30日，张小泉股东户数7262.00，较上期减少7.63%；人均流通股21481股，较上期增加8.26%。 2025年1月-9月，张小泉实现营业收入7.26亿元，同比增长14.11%；归母净利润3797.60万元，同比增长 120.78%。 分红方面，张小泉A股上市后累计派现1.58亿元。近三年，累计派现7988.55万元。 责任编辑：小浪快报 资料显示，张小泉股份有限公司位于浙江省杭州市富阳区东洲街道明星路9号运通网城园区5 ...

12月18日，21财经·南财快讯记者获悉，一个名为"（破）杭州张小泉集团有限公司名下小型轿车"的标的，将于12月23日10:00再次拍卖。这是继前两次流拍 后的第三次拍卖，起拍价也由60万降至38.4万。 | 12 5 3 缔造有远见的商业传奇 | 杭州张小泉集团有限公司 发时间相思想小学因分 100 | | × 音一下 | | ー 応用 ▼ 一个小中心 | 0 1 | | --- | --- | --- | --- | --- | --- | --- | | 其本信息 168 | 流鲜雨认 55 | 经营风险 14 | 经营信息 59 | 企业发展 348 | 知识产权 100 | 历 | | 司法相委6 | | | 类型不限 = | 轮次不限 ▼ | 结果不限 ▼ Q 点击讲行搜索 | 페 클래 | | 序号 | 标题 | 案号 | 起拍价(元) ÷ | 评估价(元) | 拍卖时间 ÷ | 处置单位 | | 1 | (破) 杭州张小泉集团有限公司名下车牌号为 浙AE39G6小型轿车 | | 384.000.00 | 600.000.00 | 2025年12月23日10时 全 | 富春控股集团有 | | | ...

12月18日，张小泉涨5.08%，截至发稿，报19.66元/股，成交2005.65万元，换手率0.67%，总市值30.67 亿元。 资料显示，张小泉股份有限公司位于浙江省杭州市富阳区东洲街道明星路9号运通网城园区5号楼12-13 层，成立日期2008年9月10日，上市日期2021年9月6日，公司主营业务涉及现代生活五金用品的设计、 研发、生产及销售。主营业务收入构成为：刀剪具70.93%，厨房五金19.69%，家居五金9.15%，其他 0.23%。 从基金十大重仓股角度 天治转型升级混合（007084）成立日期2019年5月21日，最新规模286.66万。今年以来收益3.38%，同类 排名7044/8100；近一年收益2.09%，同类排名7352/8065；成立以来亏损21.98%。 天治转型升级混合（007084）基金经理为李申。 截至发稿，李申累计任职时间4年249天，现任基金资产总规模4.27亿元，任职期间最佳基金回报 0.13%， 任职期间最差基金回报-44.73%。 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任 ...

Core Viewpoint - Zhang Xiaoqin's stock experienced a decline of 1.31% on November 11, with a trading volume of 21.83 million yuan, indicating a potential concern in market sentiment towards the company [1]. Financing Summary - On November 11, Zhang Xiaoqin had a financing buy-in amount of 1.34 million yuan, while the financing repayment was 2.71 million yuan, resulting in a net financing outflow of 1.37 million yuan [1]. - The total financing and securities balance for Zhang Xiaoqin reached 10.7 million yuan, accounting for 3.38% of its circulating market value, which is above the 50th percentile level over the past year, indicating a relatively high financing balance [1]. - There were no shares sold or repaid in the securities lending market on November 11, with the securities lending balance also at zero, placing it at the 90th percentile level over the past year, suggesting a high position in terms of lending activity [1]. Financial Performance Summary - As of September 30, Zhang Xiaoqin reported a total of 7,262 shareholders, a decrease of 7.63% from the previous period, while the average circulating shares per person increased by 8.26% to 21,481 shares [2]. - For the period from January to September 2025, Zhang Xiaoqin achieved an operating income of 726 million yuan, representing a year-on-year growth of 14.11%, and a net profit attributable to shareholders of 37.98 million yuan, which is a significant increase of 120.78% year-on-year [2]. Dividend Summary - Since its A-share listing, Zhang Xiaoqin has distributed a total of 158 million yuan in dividends, with 79.89 million yuan distributed over the past three years [3].

Core Insights - Zhang Xiaoqin's stock price decreased by 0.10% on November 6, with a trading volume of 29.68 million yuan [1] - The company reported a significant increase in revenue and net profit for the first nine months of 2025, indicating strong financial performance [2] Financing and Margin Trading - On November 6, Zhang Xiaoqin had a financing buy-in of 3.03 million yuan and a financing repayment of 4.89 million yuan, resulting in a net financing buy of -1.86 million yuan [1] - The total financing and margin trading balance reached 10.9 million yuan, accounting for 3.34% of the circulating market value, which is above the 60th percentile of the past year [1] - The company had no short selling activity on November 6, with a short selling balance of 0.00 shares, indicating a high level of short selling availability [1] Shareholder Information - As of September 30, the number of shareholders for Zhang Xiaoqin was 7,262, a decrease of 7.63% from the previous period [2] - The average number of circulating shares per shareholder increased by 8.26% to 21,481 shares [2] Financial Performance - For the period from January to September 2025, Zhang Xiaoqin achieved a revenue of 726 million yuan, representing a year-on-year growth of 14.11% [2] - The net profit attributable to the parent company was 37.98 million yuan, showing a substantial increase of 120.78% year-on-year [2] Dividend Distribution - Since its A-share listing, Zhang Xiaoqin has distributed a total of 158 million yuan in dividends, with 79.89 million yuan distributed over the past three years [3]

Group 1 - Zhang Xiaoqin's stock price decreased by 5.02%, currently trading at 20.83 CNY per share, with a total market capitalization of 3.249 billion CNY [1] - The company specializes in the design, research and development, production, and sales of modern hardware products, with main revenue sources being scissors (70.93%), kitchen hardware (19.69%), and home hardware (9.15%) [1] Group 2 - Tianzhi Fund has a significant holding in Zhang Xiaoqin, with its Tianzhi Transformation Upgrade Mixed Fund (007084) holding 4,000 shares, representing 2.95% of the fund's net value [2] - The fund has experienced a year-to-date return of 6.96% and a one-year return of 7.67%, ranking 6517 out of 8152 and 6375 out of 8038 respectively [2] Group 3 - The fund manager of Tianzhi Transformation Upgrade Mixed Fund is Li Shen, who has been in the position for 4 years and 200 days, with the fund's total asset size at 427 million CNY [3] - During Li Shen's tenure, the best fund return was 3.29%, while the worst return was -42.48% [3]

Core Insights - Zhang Xiaoqin reported a significant increase in revenue and profit for the first three quarters of 2025, with revenue reaching 726 million yuan, a year-on-year growth of 14.11%, and net profit of 38 million yuan, up 120.78% [1] - The company has successfully transformed its strategy and improved operational efficiency, as evidenced by a 554.70% increase in net cash flow from operating activities [1] Group 1: Financial Performance - The company achieved a revenue of 726 million yuan in the first three quarters of 2025, reflecting a year-on-year growth of 14.11% [1] - Net profit reached 38 million yuan, marking a substantial increase of 120.78% compared to the previous year [1] - The net profit excluding non-recurring items was 36 million yuan, with a year-on-year growth of 126.07% [1] - The net cash flow from operating activities was 41 million yuan, showing a remarkable increase of 554.70% [1] Group 2: Product and Market Strategy - The company has diversified its product matrix around kitchen and home scenarios, focusing on a range of hardware products [1] - Zhang Xiaoqin has established a comprehensive distribution network covering various sales channels, including e-commerce platforms and physical retail stores, enhancing product penetration [1] - The brand has maintained a strong presence in traditional e-commerce platforms while actively exploring emerging platforms like Douyin and Kuaishou, achieving positive results [2] Group 3: Brand and Innovation - As a historic brand in the knife and scissors industry, Zhang Xiaoqin has built a strong reputation for product performance and service quality, fostering consumer trust [2] - The company has developed a systematic brand visual system and cultural content, enhancing user engagement through activities like free sharpening and product trials [2] - Zhang Xiaoqin has a strong technical foundation with 144 valid patents, including 8 invention patents, showcasing its commitment to innovation and research [3]

Core Viewpoint - The recent personnel changes at Zhang Xiaoqin Co., including the demotion of former General Manager Xia Qianliang, highlight the company's struggles with debt, brand trust issues, and control changes amid the aftermath of the "Garlic Crushing Incident" [1][5][8]. Company Background - Zhang Xiaoqin is a well-known century-old brand in China, founded in 1628, and became the first knife and scissors stock on the A-share market in September 2021 [2][5]. - The company faced a significant public relations crisis in July 2022 when a consumer reported a broken knife after using it to crush garlic, leading to a controversial response from customer service [2][3]. Financial Performance - In 2022, Zhang Xiaoqin's revenue decreased by 1.82% to 811 million yuan, with net profit dropping by 39.48% to 25.12 million yuan [5][6]. - In 2024, the company reported an 11.87% increase in revenue to 908 million yuan, but net profit slightly decreased by 0.30% to 25.04 million yuan, marking three consecutive years of negative growth [6]. - The first half of 2025 showed a recovery, with revenue reaching 472 million yuan, up 9.80%, and net profit increasing by 124.29% to 27.50 million yuan, although this was influenced by a low base from the previous year [6][7]. Product Categories - Zhang Xiaoqin's products are primarily categorized into three segments: knife and scissors, kitchen hardware, and home hardware, with knife and scissors accounting for about 70% of revenue from 2021 to 2024 [6][7]. - In the first half of 2025, kitchen hardware generated 92.63 million yuan in revenue, a 13.44% increase, while knife and scissors revenue was 334 million yuan, a 10.54% increase, indicating a decline in growth rate compared to previous years [7]. Brand Strategy and Market Position - Experts suggest that Zhang Xiaoqin needs to modernize its brand positioning and improve communication regarding product functionality to align with consumer perceptions [5][7]. - The company is advised to focus on user education and clearly define product uses to avoid misinterpretations of quality [7]. Control and Governance Issues - The company has experienced frequent changes in leadership and ownership, raising concerns about control stability [8][9]. - Significant portions of shares held by Zhang Xiaoqin Group have been pledged, with nearly all shares frozen or under judicial auction, indicating financial distress [9][10]. - Recent share transactions have led to new stakeholders, including a major player in the e-commerce sector, which may influence the company's strategic direction [9][10]. Market Performance - As of September 30, the stock price of Zhang Xiaoqin was 21.13 yuan per share, reflecting a 1.99% decline, with a total market capitalization of 3.296 billion yuan [11].

Core Insights - Zhang Xiaoqin's stock price decreased by 2.68% on September 15, with a trading volume of 57.01 million yuan [1] - The company achieved a revenue of 472 million yuan in the first half of 2025, representing a year-on-year growth of 9.80% [2] - The net profit attributable to shareholders for the same period was 27.50 million yuan, showing a significant increase of 124.29% year-on-year [2] Financing and Margin Trading - On September 15, Zhang Xiaoqin had a financing buy-in amount of 6.13 million yuan, with a net financing purchase of 1.26 million yuan [1] - The total margin trading balance as of September 15 was 116 million yuan, accounting for 3.19% of the circulating market value, which is above the 80th percentile of the past year [1] - There were no short-selling activities on September 15, with a short-selling balance of 0.00 shares, indicating a high level of short-selling activity over the past year [1] Shareholder Information - As of June 30, the number of shareholders for Zhang Xiaoqin was 7,862, a decrease of 17.22% from the previous period [2] - The average circulating shares per shareholder increased by 20.81% to 19,842 shares [2] Business Overview - Zhang Xiaoqin specializes in the design, research and development, production, and sales of modern hardware products, with a revenue composition of 70.93% from cutting tools, 19.69% from kitchen hardware, and 9.15% from home hardware [1] - Since its A-share listing, the company has distributed a total of 158 million yuan in dividends, with 79.89 million yuan distributed over the past three years [2]