《方案》从加速新技术新模式创新应用、扩大特色和新型产品供给、精准匹配不同人群需求、培育消费新场景新业态、营造良好发展环境5方面部署了19项 重点任务。 加速新技术新模式创新应用方面，明确指出加快布局新领域新赛道。聚焦智能网联新能源汽车、智能家居、消费电子、现代纺织、食品、绿色建材等重点行 业，开展双百典型创新应用专项活动，打造百个标志性产品、百家创新企业和一批可体验可推广的新产品首用场景样板。围绕高性能纤维、绿色印染、造 纸、家电、电池、日化、生物医药、生物制造等消费品工业领域，建设一批中试验证平台。 扩大特色和新型产品供给方面，明确指出大力发展休闲和运动产品。面向赛事经济、户外经济、冰雪经济等新需求，加强多功能智能化体育健身器材、冰雪 和户外运动装备等优质产品供给，发布体育优品推广目录。 推动健康产品创新发展。支持企业加强保健食品、特殊医学用途配方食品等特殊膳食食品研发。培育认定一批优势传统食品产区和地方特色食品产业。 11月26日消息，工业和信息化部、国家发展改革委、商务部、文化和旅游部、中国人民银行、市场监管总局印发《关于增强消费品供需适配性进一步促进消 费的实施方案》（以下简称《方案》）。 《方案》指 ...

Core Viewpoint - Zhejiang Natural is a leading outdoor sports goods manufacturer with a strong vertical integration advantage, focusing on inflatable mattresses and outdoor bags, and has shown impressive financial performance in the industry [1][2]. Financial Performance - In Q3 2025, Zhejiang Natural reported revenue of 818 million yuan, ranking 7th in the industry, while the top competitor, Tianyuan Pet, achieved 2.323 billion yuan [2]. - The net profit for the same period was 183 million yuan, leading the industry, with the second-place competitor, Yuanfei Pet, at 158 million yuan [2]. Financial Ratios - The company's debt-to-asset ratio stood at 10.80% in Q3 2025, down from 15.70% year-on-year and significantly lower than the industry average of 30.49% [3]. - The gross profit margin was 34.00%, slightly down from 35.30% year-on-year but still above the industry average of 23.75% [3]. Shareholder Information - As of September 30, 2025, the number of A-share shareholders decreased by 1.60% to 11,000, while the average number of shares held per shareholder increased by 1.62% to 12,700 [5]. - New significant shareholders include Huatai PineBridge Value Selection Mixed Fund and Agricultural Bank Research Selection Mixed Fund, while some previous major shareholders exited [5]. Management Compensation - The chairman and general manager, Xia Yonghui, received a salary of 913,400 yuan in 2024, an increase of 206,400 yuan from 2023 [4]. Future Outlook - Tianfeng Securities projects net profits for 2025-2027 to be 250 million, 330 million, and 410 million yuan, with corresponding P/E ratios of 15, 11, and 9 times, maintaining a "buy" rating [5]. - Zheshang Securities anticipates revenues of 1.27 billion, 1.87 billion, and 2.40 billion yuan for the same period, with net profits of 250 million, 380 million, and 490 million yuan, maintaining a "buy" rating as well [6].

Group 1 - The stock of Zhejiang Natural increased by 5.08% on October 15, reaching a price of 25.86 CNY per share, with a trading volume of 51.34 million CNY and a turnover rate of 1.45%, resulting in a total market capitalization of 3.661 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, with 100% of its revenue coming from product sales [1] Group 2 - According to data from the top ten holdings of funds, one fund under Western Li De has a significant position in Zhejiang Natural. The Western Li De Quantitative Preferred One-Year Holding Mixed A Fund (010779) held 50,700 shares in the second quarter, accounting for 0.46% of the fund's net value, ranking as the eighth largest holding. The estimated floating profit today is approximately 63,400 CNY [2] - The Western Li De Quantitative Preferred One-Year Holding Mixed A Fund (010779) was established on January 19, 2021, with a current scale of 227 million CNY. Year-to-date returns are 40.6%, ranking 1374 out of 8161 in its category; the one-year return is 55.35%, ranking 574 out of 8015; and since inception, the return is 48.97% [2]

Group 1 - Zhejiang Natural's stock price increased by 5.08% to 25.86 CNY per share, with a trading volume of 51.34 million CNY and a turnover rate of 1.45%, resulting in a total market capitalization of 3.661 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, with 100% of its revenue coming from product sales [1] Group 2 - Among the top ten circulating shareholders of Zhejiang Natural, Hai Fu Tong Fund's Hai Fu Tong Reform Driven Mixed Fund (519133) entered the list in the second quarter, holding 458,500 shares, which accounts for 0.33% of the circulating shares. The estimated floating profit today is approximately 573,100 CNY [2] - Hai Fu Tong Reform Driven Mixed Fund (519133) was established on April 28, 2016, with a latest scale of 2.914 billion CNY. Year-to-date returns are 42.54%, ranking 1180 out of 8161 in its category; the one-year return is 33.13%, ranking 2090 out of 8015; and since inception, the return is 303.87% [2]

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].

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]

Investment Rating - The report maintains a "Buy" rating for the company Zhejiang Natural (605080) with a target price based on the last closing price of 31.97 [1][7]. Core Insights - The company's Q1 performance exceeded expectations, driven by new product launches and capacity releases, with a revenue of 3.6 billion yuan, representing a year-on-year growth of 30.4%, and a net profit of 0.96 billion yuan, up 148.3% year-on-year [4][7]. - The outdoor sports industry is experiencing rapid growth, with the company positioned to benefit from the increasing penetration of TPU materials over PVC products and the emergence of new product categories [7]. - The company has established three core business segments: inflatable mattresses, waterproof/thermal bags, and water sports products, with a focus on expanding into new markets and customer bases [7]. Financial Performance Summary - In 2024, the company reported a revenue of 1 billion yuan, a year-on-year increase of 21.7%, and a net profit of 190 million yuan, up 41.7% year-on-year [4][9]. - The gross margin for 2024 was 33.7%, with a net profit margin of 18.5%, reflecting significant improvements in profitability due to effective cost control and operational efficiency [6][9]. - The company expects continued growth in net profit, projecting 270 million yuan in 2025, 380 million yuan in 2026, and 494 million yuan in 2027, with corresponding PE ratios of 17, 12, and 9 [7][9].

Investment Rating - The report assigns a "Hold" rating for the company, Zhejiang Natural [1] Core Views - The company has shown strong performance with a continuous expansion of its product matrix, achieving a revenue of 1 billion yuan in 2024, a year-on-year increase of 21.7%, and a net profit of 190 million yuan, up 41.7% year-on-year [6][17] - The company is actively expanding its market share and optimizing its product structure, with significant growth in overseas production capacity [6][30] - The outdoor equipment market is expected to grow steadily, providing ample opportunities for the company [16] Financial Performance Summary - Revenue projections for 2024A, 2025E, 2026E, and 2027E are 1002.35 million yuan, 1380.00 million yuan, 2009.16 million yuan, and 2439.80 million yuan respectively, with growth rates of 21.75%, 37.68%, 45.59%, and 21.43% [2] - The net profit attributable to the parent company is projected to be 185.13 million yuan in 2024A, increasing to 471.49 million yuan by 2027E, with growth rates of 41.67%, 51.24%, 37.55%, and 22.43% [2] - The earnings per share (EPS) is expected to rise from 1.31 yuan in 2024A to 3.33 yuan in 2027E [2] Product and Market Insights - The company has a diverse product matrix, with significant revenue contributions from inflatable mattresses, outdoor bags, and other main businesses, achieving respective revenue growth rates of 13.9%, 30.9%, and 48.0% in 2024 [6][27] - The company has established long-term stable partnerships with over 200 global brands, including Decathlon and REI, enhancing its market presence [7][18] - The overseas sales accounted for 79.8% of total revenue in 2024, reflecting the company's strong international market position [18] Growth Strategy and Outlook - The company is focusing on expanding its overseas production capacity, particularly in Cambodia and Vietnam, which is expected to contribute significantly to revenue and profit in the coming years [29][30] - The outdoor equipment market is projected to grow from approximately 26.29 billion USD in 2024 to 34.9 billion USD by 2029, indicating a favorable market environment for the company [16][19] - The company aims to maintain high growth rates in its key product categories, with expectations of continued revenue and profit increases driven by its global expansion strategy [30][47]