证券研究报告 | 2025年09月01日 开润股份（300577.SZ） 优于大市 上半年收入增长 33%，盈利能力持续改善 上半收入增长 33%，经营性净利润稳健提升。公司主营业务包括箱包服装 代工和品牌业务。上半年受益于主业稳健增长叠加嘉乐并表贡献，收入同 比+32.5%至 24.3 亿元；归母净利润同比-24.8%至 1.9 亿元，主要系公司去 年同期收购嘉乐产生了一次性投资收益 0.96 亿元，剔除此影响经营性净利 润同比增长约 23%。毛利率同比+0.7%至 24.7%，主要因箱包代工产品和客 户结构优化、服装代工生产效率持续提升。销售费用率同比-1.6 百分点至 3.8%，主要因业务结构变化、代工业务收入占比提升。财务费用率同比+1.1 百分点至 1.8%，主要系上海嘉乐并表导致的本期汇兑损失增加所致；管理、 研发费用率基本保持稳定。所得税率因印尼利润占比提升有所上升；主因 财务费用和所得税率提升，剔除去年一次性收益后的净利率小幅下降 0.7 百分点至 7.7%。上半年每 10 股派发现金股利 1.57 元，分红率约 20%。 第二季度收入增速小幅放缓，盈利能力持续改善。第二季度收入同比+29.5 ...

Summary of KaiRun Co., Ltd. Conference Call Company Overview - **Company**: KaiRun Co., Ltd. - **Date**: August 28, 2025 Key Points Financial Performance - **Revenue**: In the first half of 2025, revenue reached 2.43 billion yuan, a year-on-year increase of 32.5% [2][3] - **Net Profit**: The net profit attributable to shareholders was 187 million yuan, with a year-on-year operational net profit growth of approximately 23% after excluding one-time gains [2][3] - **Segment Performance**: - **ToB Manufacturing**: Revenue of 2.098 billion yuan, up 37.22% [3] - **ToC Business**: Revenue of 310 million yuan, up 8.87% [3] Segment Analysis - **Luggage Segment**: Revenue of 1.42 billion yuan, a 13% increase year-on-year; the growth in the luggage manufacturing segment approached 50% due to new clients like Queens and VF [2][4][5] - **Apparel Segment**: Revenue of 680 million yuan, a significant increase of 148% year-on-year; gross margin improved to approximately 16% due to product structure optimization and efficiency improvements [2][4][6] Operational Improvements - **Production Efficiency**: Efficiency in Indonesian garment factories improved by about 8%, while Chinese factories saw a 6% increase [6] - **Supply Chain Management**: Implementation of SAP systems to enhance supply chain control and management capabilities [6] Capacity Expansion - **Indonesian Production**: Ongoing expansion of the Indonesian Baodao factory, with a projected 40% increase in soft package production lines and around ten new production lines for luggage by 2026 [7][8] - **Employment Impact**: Over 20,000 jobs created in Indonesia, with strong local government partnerships [12] Market Dynamics - **Tariff Impact**: The new U.S. tariff policy has led to a shift in procurement towards Indonesia, with many clients planning to move at least one-third of their supply chains there [12][24] - **Client Performance**: Major clients like Uniqlo and Adidas showed strong growth, while Nike and Decathlon's growth was below average due to their own performance issues [9][17] Future Outlook - **Growth Strategy**: The company plans to continue focusing on efficiency improvements while gradually increasing order intake, with expectations of double-digit growth in the second half of the year [10][18] - **Revenue Projections**: The target revenue for the apparel segment is approximately 1.8 billion yuan for the year, with a focus on maintaining operational efficiency [15][18] Brand Performance - **Brand Revenue**: Brand operations generated 310 million yuan, with Xiaomi contributing over 210 million yuan, reflecting a 25% growth [4][13] - **Profitability**: Brand gross margin was 24.14%, down 1.1 percentage points, but both Xiaomi and 90 Fen brands saw improvements in their respective margins [13][21] Customer Acquisition - **New Client Development**: The company is actively pursuing new clients, particularly in high-margin outdoor brands, while maintaining relationships with existing major clients [16][20] Challenges and Mitigation - **Tariff-Related Pricing Pressure**: The company is addressing pricing pressures from clients due to tariffs by enhancing product margins through operational improvements and new order development [25][26] Conclusion - Overall, KaiRun Co., Ltd. demonstrated strong financial performance in the first half of 2025, with significant growth in both the luggage and apparel segments. The company is strategically expanding its production capacity in Indonesia while navigating challenges posed by new tariff policies. The outlook for the second half of the year remains positive, with expectations for continued growth and efficiency improvements.