伟星股份 20251125 摘要 公司国内补单明显，海外市场保持增长但增速不高，预计四季度增速优 于三季度，但收入确认存在时间差，需关注 12 月补单情况，对股票交 易策略具有参考价值。 越南工业园虽正常推进，预计 2026 年下半年盈亏平衡或盈利，但目前 生产交付能力和员工技能仍需提升，客户对越南供应链兴趣浓厚，订单 转移需时间，影响未来收益预期。 国内业务毛利稳定，主要依靠老客户增量，新客户订单量小，产品结构 持续变化，整体毛利水平相对稳定，为投资者提供参考。 支贷业务增速良好但仍亏损，预计未来一两年改善，核心驱动力仍为拉 链和纽扣业务，未来三到五年主导增长，投资者需关注。 关税成本由产业链共同承担，辅料端受关税谈判影响小，公司频繁报价 而非一次性谈判，有信心保持毛利率稳定，对投资者有参考价值。 行业国际化共识增强，产业链向东南亚转移加速，海外竞争激烈但带来 更多机会，美国客户验厂交流更频繁，价格竞争和小批量多批次趋势不 变，影响公司全球战略。 越南园区目前主要挑战在于生产交付能力和员工技能熟练度，与国内团队及孟 加拉团队相比还有差距。此外，当地配套设施如辅料供应链效率较低，也影响 了生产进度。但随着时间 ...

财务数据方面，受国际汇率波动影响，公司前三季度录得汇兑净损失2285.85万元。毛利率方面，公司 表示，今年整体毛利率提升主要受产品结构、客户结构优化及智能制造推进等多重因素驱动，未来将遵 循合作共赢原则，不片面追求高毛利，合理的毛利率水平具备可持续性。 竞争优势与关税影响："产品+服务"构建快反能力 关税直接影响有限 针对与国际龙头YKK的竞争差异，公司指出，YKK优势在于品牌知名度、精工制造及国际化运营，而 伟星股份则以"产品+服务"为核心，注重为客户提供"一站全程"服务。在产品端，公司拉链品类在多样 性、时尚性、创新能力及配套能力上形成优势；在服务端，面对行业小批量、多批次、快交期的订单趋 势，公司通过智能制造战略及柔性制造体系提升生产效率，构建了较强的快速响应能力。 关于关税影响，公司表示，其产品主要交付给客户自有或指定的成衣加工企业，直接出口欧美源头国家 的业务量极低，因此终端消费国关税调整对公司业务直接影响有限，但终端消费景气度及国际贸易环境 变化可能对纺织服装行业产生间接影响。 核心调研要点：冬装补单拉动接单改善 海外产能持续爬坡 在互动交流环节，公司首先回应了近期接单情况。据介绍，受益于冬装补 ...

编号：2025-029 投资者关系活动 类别 □特定对象调研 □分析师会议 □媒体采访 □业绩说明会 □新闻发布会 □路演活动 □现场参观 √其他：电话会议 参与单位名称及 人员姓名 人寿养老：崔恒旭 彬元资本：张帆 光大证券：孙未未、朱洁宇、王一茉 时间 2025 年 11 月 21 日 地点 - 上市公司接待人 员姓名 黄志强、郑婷燕 投资者关系活动 主要内容介绍 互动交流环节 1、近期接单情况怎样？ 答：受益于冬装补单，近期公司接单趋势向好，但行业景气度整体趋势有待 进一步观察，特别是后续冬装消费情况。 2、公司海外工业园情况如何？ 答：目前孟加拉和越南两家海外工厂均呈现良性发展态势。今年以来，公司 越南工业园营收快速增长，经营亏损情况改善明显。我们持续看好其未来发展前 景，但产能爬坡仍需要时间。 3、今年公司汇兑情况如何？ 答：受国际汇率影响，公司前三季度为汇兑净损失 2,285.85 万元。 4、海外产能占比有多少？未来规划是怎样的？ 答：目前公司已在正常运营孟加拉和越南两大海外生产基地，截至 2025 年上 半年，公司境外产能占比为 18.48%。未来公司将通过对现有海外园区的技改和生 产的全球化 ...

"当地最低气温可能低至零下几十摄氏度，这批发往东欧的服装需使用耐低温拉链。"在河北省沧州市沧 县沧东经济开发区宏耐达拉链公司检测中心，工程师正对一条拉链开展测试、商讨。两天后，检测报告 显示，经零下40℃冷冻的金属拉链，反复拉动十余次，链齿仍咬合紧密、顺滑无卡顿。拿到报告的服装 厂老板长舒一口气："经此检测，我们这批出口东欧的羽绒服再也不怕拉链冻裂了。" 类似场景每天都在沧东经济开发区上演，对园区服装企业而言，辅料市场近在咫尺，拉链等配件采买检 测可在园区内完成，物流点也设于工厂附近。围绕服装生产，沧东经济开发区已构建涵盖服装设计、原 辅料供应、生产加工、批发零售、商贸物流的全产业链，成为京津冀区域发展的经济新引擎。 新厂房宽敞舒适 沧县服装服饰产业2017年全链条承接自北京，主要集聚于沧东经济开发区明珠国际服装生态新城。作为 京津冀轻工业疏解核心承载区，这里已吸引200余家北京服装企业落户，年产值突破130亿元。 全链聚合 赋能产销高效联动 沧州沧东经济开发区茗朗服饰工厂内，工人们正熟练裁剪、缝制精品女装。裁剪区域，自动裁床与自动 铺布机相连，一名工人通过电脑设定程序后，机器迅速将布料裁剪成设计形状。 沧州 ...

伟星股份 20251123 摘要 伟星股份受益于海外制造产业链回流，2020-2024 年收入复合增长 17%，净利润复合增长 28%，主要得益于智能化水平和个性化订单服 务带来的提效，毛利率显著高于同行，净利润率维持在 15%左右，并保 持高分红比例。 服装辅料行业市场规模庞大但分散，拉链和纽扣单价低，伟星股份通过 增加个性化需求、环保法规实施以及宏观环境变化，市场份额向龙头企 业集中，加速行业整合，实现业绩增长。 全球拉链市场中，YKK 占据主导地位，伟星股份市占率较低，但通过战 略转型和行业整合，业绩显著增长。伟星在中高端市场与 YKK 存在差距， 但其主要竞争对手仍是 YKK，而非其他本土小型企业。 YKK 作为全球拉链龙头，拥有全面的全球市场覆盖、强大的产能布局和 丰富的产品品类及技术创新。伟星股份通过性价比、快速交期和优质客 户服务形成差异化竞争优势，尤其在交期和服务方面优于 YKK。 伟星股份采取跟随产业链转移和客户战略，在全球范围内布局，并加大 东南亚投资。同时，通过提高销售人员薪资和激励措施，提升销售团队 的积极性和效率。 Q&A 伟星股份的基本情况和发展历程是怎样的？ 伟星股份是国内服装辅 ...

新厂房宽敞舒适 沧州明珠国际服装生态新城 "当地最低气温可能低至零下几十摄氏度，这批发往东欧的服装需使用耐低温拉链。"在河北省沧州市沧 县沧东经济开发区宏耐达拉链公司检测中心，工程师正对一条拉链开展测试、商讨。两天后，检测报告 显示，经零下40℃冷冻的金属拉链，反复拉动十余次，链齿仍咬合紧密、顺滑无卡顿。拿到报告的服装 厂老板长舒一口气："经此检测，我们这批出口东欧的羽绒服再也不怕拉链冻裂了。"类似场景每天都在 沧东经济开发区上演，对园区服装企业而言，辅料市场近在咫尺，拉链等配件采买检测可在园区内完 成，物流点也设于工厂附近。围绕服装生产，沧东经济开发区已构建涵盖服装设计、原辅料供应、生产 加工、批发零售、商贸物流的全产业链，成为京津冀区域发展的经济新引擎。沧县服装服饰产业2017年 全链条承接自北京，主要集聚于沧东经济开发区明珠国际服装生态新城。作为京津冀轻工业疏解核心承 载区，这里已吸引200余家北京服装企业落户，年产值突破130亿元。全链聚合赋能产销高效联动沧州沧 东经济开发区茗朗服饰工厂内，工人们正熟练裁剪、缝制精品女装。裁剪区域，自动裁床与自动铺布机 相连，一名工人通过电脑设定程序后，机器迅速将布料 ...

Core Viewpoint - Panasonic Holdings is selling 80% of its subsidiary Panasonic Housing Solutions to YKK Corporation, while retaining a 20% stake, as part of its organizational restructuring efforts aimed at enhancing competitiveness in the housing and building materials market [1][2][3] Group 1: Company Actions - Panasonic Holdings announced the sale of 80% of Panasonic Housing Solutions, with the transaction expected to be finalized by the end of March 2026 [3] - Panasonic Home Technology (Hangzhou) Co., Ltd. was established as an independent entity responsible for the sales of Panasonic's bathroom and housing solutions in China [1][2] - The sale is part of Panasonic's broader organizational restructuring, categorizing Panasonic Housing Solutions as a "rebuilding business" [2] Group 2: YKK Corporation - YKK Corporation, a leading zipper manufacturer, is acquiring Panasonic Housing Solutions, aiming to enhance its product offerings in the building materials and housing equipment market [2] - YKK's business includes not only zippers but also door and window products, materials, and mechanical components, with a significant global market share [2] Group 3: Market Strategy and Goals - The combined business scale of YKK AP and Panasonic Housing Solutions is approximately 1 trillion yen (about 45.68 billion RMB), aiming to establish a leadership position in the building materials and housing equipment market [2] - The long-term goal is to achieve a consolidated sales target of 1.5 trillion yen (approximately 68.52 billion RMB) by 2035 [3]

Core Viewpoint - Panasonic Holdings is selling an 80% stake in its wholly-owned subsidiary Panasonic Housing Solutions to YKK Corporation, while retaining a 20% stake, as part of its organizational restructuring and business reform efforts [1][2]. Group 1: Company Overview - Panasonic Housing Solutions (PHS) is closely linked with Panasonic Housing Technology (Hangzhou) Co., Ltd., which focuses on residential equipment and building materials manufacturing and sales [2]. - PHS is categorized as a "restructuring business" under Panasonic's comprehensive organizational adjustments initiated by CEO Yuki Kusumi [2]. Group 2: Acquisition Details - The acquisition by YKK, a leading zipper manufacturer, aims to combine the strengths of both companies to establish a leadership position in the building materials and residential equipment market [3]. - The total business scale of YKK AP and PHS is approximately 1 trillion yen (about 456.79 billion RMB), providing a wide range of products necessary for construction [3]. Group 3: Future Plans - The transfer agreement is expected to be finalized by the end of March 2026, with operations under the new structure starting in April 2026 [3]. - Panasonic aims to leverage its brand and technological advantages in the Chinese market, focusing on modular reconstruction of space value and developing business content tailored to local needs [3]. - The long-term goal is to achieve a combined sales target of 1.5 trillion yen (approximately 685.19 billion RMB) by 2035 [3].

Group 1: Business Overview - The company's domestic business accounts for 63.03% of its total operations, based on direct delivery locations as per the semi-annual report [2] - The company holds approximately 20% market share in the domestic mid-to-high-end button market, according to industry data and expert estimates [2] Group 2: Competitive Advantages - Compared to YKK, the company emphasizes a "product + service" business model, focusing on high-quality products and comprehensive service [2] - The company has strong competitive advantages in product diversity, fashion, innovation capabilities, and supporting product capabilities, enhancing its responsiveness to small-batch, quick-turnaround orders [2][3] Group 3: Future Plans and Financials - Future capital expenditures will primarily focus on fundraising project-related investments, improvements in smart manufacturing, and overseas capacity expansion [3] - Sales expenses are expected to grow in total due to the company's global strategy, but the sales expense ratio is anticipated to remain stable [3] Group 4: Market Positioning - The average price of the company's zippers is lower than that of YKK, although specific product comparisons are necessary for accurate analysis [3] - The profitability of the Vietnam facility is expected to gradually align with that of domestic facilities, despite regional market differences affecting operational performance [3]

Company Overview - Zhejiang Weixing Industrial Development Co., Ltd. was established in 1988, specializing in the R&D, manufacturing, and sales of various mid-to-high-end apparel and bag accessory products, including buttons, zippers, metal products, plastic products, webbing, ropes, and labels [2][3] - The company was the first in China's button and zipper industry to be listed on the Shenzhen Stock Exchange in 2004, enhancing its competitive strength through capital investment [2][3] Industry Insights - The company maintains a cautious outlook on the short-term recovery of the industry due to the current international trade environment and consumer demand [4] - In the long term, the company aims to become a "global, innovative fashion accessory kingdom" and a strategic partner for many well-known apparel brands within five to ten years [4] Global Expansion - The company has established two overseas production bases in Bangladesh and Vietnam, both showing positive development trends [5] - Revenue from the Vietnam industrial park has seen rapid growth, with operating losses significantly narrowing [5] Market Position - The apparel accessory industry is a sub-sector of the textile and apparel industry, with limited statistical data available; however, the market space for zipper products is considered broad [6] - The company’s market share in the zipper segment is still relatively small [6] Competitive Landscape - The global apparel industry has a mature supply chain, and while competition is intensifying due to tariff conflicts, companies with international capabilities will benefit [7][8] - The company differentiates itself from competitors like YKK and Xunxing by focusing on a "product + service" model, emphasizing quality products and comprehensive service [8] Corporate Culture and Management - The company's core values include "sustainable development" and "steady progress," supported by a well-experienced management team [8] - Ongoing efforts in talent development and training are expected to enhance employee skills and prepare future leaders for key roles within the company [8]