Summary of Kaerun Co., Ltd. Conference Call Company Overview - **Company**: Kaerun Co., Ltd. - **Industry**: Bag and Apparel Manufacturing Key Points Bag Business Performance - The bag business benefits from growth in new clients such as VF and Uniqlo, offsetting some impacts from overseas tariffs, with expected stable revenue growth for the year [2][3] - Core clients Nike and Decathlon are expected to see a slowdown in growth in 2025, but significant recovery is anticipated in 2026 [2][5] - The bag segment achieved a 13% growth in the first half of 2025, with high single-digit growth expected in the second half [3] - New client acquisition includes Adidas, with plans to expand production capacity in Indonesia to support future order growth [2][3] Apparel Segment Insights - The apparel segment operates through a controlling stake in Jiale, benefiting from Indonesia's rise as a global textile manufacturing hub [2][3] - Current capacity utilization for the apparel segment is around 50%, with a focus on improving efficiency over the next two years [3][4] - Major clients in the apparel segment include Uniqlo (40%-50% share), Adidas (30%), PUMA, and MUJI [8] Growth Projections - The printing paste segment is expected to grow by 30%-50% in 2025, with continued strong growth anticipated in 2026 due to operational efficiencies in Indonesia [6] - IT clients account for less than 20% of revenue, with low growth rates, while smaller clients like Liquid, Tuler, and Uniqlo show significant growth potential [7] Client Dynamics - Nike and Decathlon, the top two clients in the bag business, account for nearly half of the bag revenue, with low single-digit growth expected in 2025 but a strong recovery forecasted for 2026 [5] - VF has shown double-digit growth, becoming a significant contributor to revenue [5] Capacity Utilization and Management - Bag capacity utilization exceeds 90%, while apparel capacity is around 50% due to multi-SKU order impacts [10] - Future strategies include lean management to enhance efficiency without rushing into new capacity investments [10] Margin and Cost Management - Most clients have agreed on tariff cost-sharing, with only a few requesting price reductions, leading to a minor impact on margins [11] - Overall margin is expected to improve through optimized factory management and increased production efficiency [11] R&D and Product Development - The company is focusing on fabric R&D, particularly in sports synthetic fibers, with plans to enhance capabilities in this area [12] Xiaomi Collaboration - Issues with Xiaomi's bag sales on JD.com have been resolved, with expectations for at least single-digit growth in the To C business in the upcoming quarters [13][14] - Xiaomi plans to launch higher-end flagship products, which may enhance market position [13] Brand Development - The 90 Points brand faced revenue declines due to external factors, but operational performance remains stable [15] - Future efforts will focus on product development and expanding overseas markets to drive growth [15] Sales Channel Insights - The 90 Points brand has a total volume of less than 200 million, with online sales accounting for about half of total sales [16] - Offline channels are expected to grow faster than online, reflecting better performance in the current market environment [16]

公司报告 | 年报点评报告 开润股份（300577） 证券研究报告 嘉乐成长可期 公司发布年报及一季报 25Q1 公司营收 12 亿，同增 36%。归母净利 0.9 亿，同增 20%；扣非后归 母净利 0.8 亿，同增 7%；营收增长系服装及箱包收入增加，本期财务费用 0.3 亿，24Q1 为 686 万元，系并购企业并表后未实现汇兑损益增加所致。 24 年公司营收 42 亿，同增 37%。归母净利 3.8 亿，同增 229.5%。扣非后 归母净利 2.9 亿，同增 109.7%。 目前，开润美国业务主要为箱包及服装代工制造，占公司收入约 15%，由 印尼生产并出口。公司与客户主要采用 FOB，该模式下由客户承担货物装 运上船后的运费并自行清关支付关税。 包括印尼在内东南亚国家是继中国之后，当下全球纺织制造产品最主要生 产和出口国，美国消费市场及美国纺服品牌客户对其产能依赖度很高。东 南亚国家因其人口基数和人力成本优势，成为诸如箱包、鞋、服生产等劳 动密集型行业的重要产能地，而美国人力成本显著高于东南亚，通过关税 政策倒逼纺服制造行业回流至美国本土的可能性较低。 公司通过在中国、印尼、印度等多地建厂布局全球化 ...