健盛集团于1993年成立。2015年在上交所上市，公司的主营业务聚焦于针织运动服饰的生产制造，核心产品包括棉袜和无缝服饰。 公司其他公告显示，2025年1月~9月，公司实现营业收入18.86亿元，归母净利润为3.09亿元，同比增长17.25%。其中，2025年第三季度，单季营收为7.15 亿元，净利润则实现1.67亿元，同比大幅增长71.16%。 ↓↓↓ 1月7日，浙江健盛集团（603558）股份有限公司(下称：健盛集团)发布公告称，宣布终止原定在越南清化投资建设的年产6000万双中高档棉袜和3000万件 服装项目。该项目此前已于2025年9月至10月经公司董事会及股东大会审议通过，计划总投资额为1.8亿元人民币。 公告显示，此次终止投资主要源于合作方出现重大不确定性。项目土地出租方单方面推迟了土地使用权证书的颁发时间，该行为已构成对双方协议核心条 款的实质性违约，导致公司无法按原计划推进后续的设备安装、人员招聘及投产运营等关键环节。 目前，该项目尚处于前期土地租赁阶段，公司未发生实际资金投入。租赁双方已协商一致解除协议，并同意互不追究任何赔偿责任。 健盛集团表示，本次终止事项不会对公司现有生产经营造成重大不 ...

从产能布局来看，目前健盛集团棉袜产品产能约为国内30%、越南70%；无缝产品国内及越南产能占比 分别约60%、40%，预计越南无缝产能在2026年或2027年有望超越国内。 近期，健盛集团扩产动作不断，仅2025年12月就公布了两项大额投资计划。 2025年12月12日，公司宣布拟在埃及伊斯梅利亚西坎塔拉园区投建年产1.8亿双中高档棉袜、1200万件 无缝内衣、18000吨纱线染色和2000吨氨纶包覆纱橡筋线项目，投资额为8.18亿元，建设周期60个月， 预计将于2026年6月开工；同日，公司公告拟在浙江衢州投建江山棉袜智能制造工厂项目，总投资3.5亿 元，将引进一体化袜机、智能传感器、数字化管理系统等先进设备与系统，打造棉袜生产智能工厂，项 目建成后形成年1亿双高档棉袜的生产能力。 1月6日晚间，健盛集团（603558）发布公告，因土地出租方单方面推迟土地使用权证书颁发时间，构成 违约，严重影响公司设备安装、人员招聘及投产运营等关键环节，公司决定终止越南清化年产6000万双 中高档棉袜和3000万件服装项目。 健盛集团表示，该项目尚在前期土地租赁阶段，未发生资金投入，租赁双方已协商一致解除协议，且互 不追究 ...

Core Viewpoint - The winter solstice is a crucial time for health maintenance, emphasizing the importance of "protecting yang and preventing cold" to enhance physical well-being and prevent illness [1][2] Group 1: Health Recommendations - During the winter solstice, it is essential to keep the back and feet warm, suggesting the use of scarves or heating pads to protect the lower back from cold winds [1] - Individuals with cardiovascular issues should avoid exercising outdoors in the early morning when temperatures are lowest, recommending exercise after 10 AM when it is warmer [1] - A suitable winter tonic is recommended, such as "Chestnut Yam Black Chicken Soup," which includes black chicken, yam, chestnuts, and goji berries to nourish qi and blood while supporting the spleen and kidneys [1] Group 2: Home Environment and Lifestyle - It is advised to maintain a home environment that is "warm but not dry, and sheltered but not stuffy," with room temperatures kept between 20 to 22 degrees Celsius [2] - The use of humidifiers or placing water near heating sources is recommended to maintain humidity levels between 40% and 60% to alleviate dryness in the respiratory tract [2] - Gentle and moderate exercise is encouraged during this period, with activities like walking, Tai Chi, and stretching being suitable, while cautioning against vigorous activities in cold weather for those with heart conditions [2]

当各地冬雪初落 凝成冰雪世界时 寒冬里的每一寸 寒意 都在呼唤一抹贴 身的温暖—— 或躲进厚实的棉 被中 或藏在毛绒绒的 毛衣里 寒意渐浓时，用 伽师棉花温暖整 个冬日｜疆品上 新⑫_南方+_南 方plus 或织进柔软的棉 袜中…… 当指尖抚过那些 细腻蓬松的棉制 品 暖意便会透过皮 肤蔓延开来 在众多棉制品中 新疆长绒棉因其 卓越品质脱颖而 出 伽师县 便是新疆长绒棉 的主产地之一 伽师县的棉花， 背后藏着一整片 旷野的风。伽师 县位于塔里木盆 地西侧，是典型 的暖温带大陆性 干旱气候。全年 长，2025年已达 160余万亩，总 产量22万吨以 上。 英买里镇英阿瓦提村，大型采棉机正在有序作业。 伽师棉花产业的 提质增收，得益 于当地的科技投 入。通过与中国 农科院、新疆农 科院等科研机构 合作，当地培育 出 AW05、中棉 所703等优质品 种，其中AW05 品种籽棉亩产最 高达577.44公 斤，纤维达到国 家一级标准，很 好地解决了"高 产难机采、宜机 采难优质"的行 业瓶颈。如今的 伽师棉田早已不 是"人工弯腰采 棉"的旧景象， 从搭载北斗导航 的无人驾驶播种 机进行精准播 种，到应用"干 播湿出" ...

这起案件的核心争议在于：刘某的行为是民事欺诈还是刑事诈骗？浙江五联律师事务所律师张建齐明确 指出，刘某主观上具有非法占有目的，下单时即无支付对价意愿，通过更换快递面单等隐秘手段骗取财 物，且将赃物转卖牟利，符合诈骗罪构成要件。根据《刑法》规定，诈骗公私财物数额较大的（3000元 至1万元以上），处三年以下有期徒刑；数额巨大（3万元至10万元以上）或有其他严重情节的，处三年 以上十年以下有期徒刑。刘某实际犯罪所得远超3万元，若罪名成立，将面临严厉刑事处罚。 近日，广州服装店店主时女士的遭遇引发社会广泛关注。她公开指控山东烟台一名刘姓顾客在半年内利 用6个电商账号，通过"仅退款"规则漏洞实施系统性诈骗，累计调包225单高货值商品，涉案金额超5万 元。随着案件细节逐步披露，这场看似个案的纠纷，实则撕开了电商生态中"仅退款"规则异化、恶意退 款产业化、平台监管滞后等多重病灶。 刘某的诈骗手法堪称"教科书级"：她首先通过多个账号以普通消费者身份下单低价商品，积累账号诚信 记录，降低平台和商家的警惕性。待时机成熟后，她开始同步下单高价商品（如899元的羽绒服）与低 价商品（如39元的棉袜），在快递未签收时，以"拍错款式" ...

格隆汇12月12日丨健盛集团(603558.SH)公布，公司全资子公司浙江健盛集团江山针织有限公司深耕针 织领域多年，在棉袜生产、供应链管理及客户服务等方面积累了深厚的行业经验，为ADIDAS、 PUMA、优衣库等全球知名品牌及零售商提供专业产品与服务，年营收超6亿元。当前消费者对棉袜的 舒适度、时尚感及个性化需求日益提升，同时智能制造已成为纺织行业转型的必然趋势。为满足市场需 求、实现产业升级，公司拟在浙江省衢州市江山市清湖街道创新路18号，投资建设江山棉袜智能制造工 厂项目，项目投资总额35,000万元，所需资金由浙江健盛集团江山针织有限公司以自筹资金出资实施本 项目。 ...

Group 1: Core Trends in the Consumer Market - The current consumer market is characterized by health-consciousness, youthfulness, and emotional engagement [1][2][8] - The health trend is evident in the dairy and beverage sectors, with brands launching products that emphasize "sugar-free," "low-fat," and "added probiotics or dietary fiber" [1][2] - The rise in health awareness is supported by a report indicating a nearly 13% increase in public knowledge of dairy product nutrition compared to the previous year [1] Group 2: Innovations in Dairy and Beverages - The health trend extends to a broader range of beverages, with products like 100% coconut water and "0 additives" soda water attracting young consumers [2] - New categories of drinks, such as plant-based beverages featuring traditional health ingredients, are emerging and gaining popularity among younger demographics [2] Group 3: Youth-Oriented Product Development - Retail products are increasingly targeting the "Z generation," particularly in the alcoholic beverage sector, where brands are focusing on new flavors, packaging, and experiential marketing [2][5] - Interactive experiences, such as on-site cocktail mixing, are drawing significant interest from young consumers [5] Group 4: Emotional Consumption Trends - Products are increasingly seen as vehicles for emotional expression and comfort, reflecting a deeper consumer trend towards "experience-driven" and "self-indulgent" consumption [8] - The retail sector faces challenges such as digital transformation and product homogenization, necessitating a deeper connection with consumer needs for sustainable growth [8]

Investment Rating - The report maintains a "Buy" rating for the company [6]. Core Views - The company is expected to see a recovery in cotton sock sales as it gradually expands its high-quality customer base and depletes existing inventory. The seamless management is also anticipated to improve profitability, with expectations for customer expansion and volume growth to drive an elastic growth curve. Excluding asset disposal gains, the projected net profit attributable to shareholders for 2025-2027 is estimated at 310 million, 360 million, and 400 million yuan, representing year-on-year changes of -4%, +14%, and +12% respectively. The corresponding price-to-earnings ratios are 13, 12, and 11 times, with a dividend yield of 4.5% based on a 60% payout ratio [2][4][11]. Financial Performance Summary - In Q3 2025, the company achieved revenue, net profit attributable to shareholders, and net profit excluding non-recurring gains of 715 million, 167 million, and 102 million yuan, with year-on-year changes of -5.2%, +71.2%, and +7.3% respectively. The increase in non-recurring gains was primarily due to significant gains from the disposal of non-current assets [4][11]. - The report highlights that the gross margin improved by 3.3 percentage points year-on-year and 2.4 percentage points quarter-on-quarter to 31.8% in Q3 2025, driven by improved gross margins in both cotton socks and seamless products. The net profit margin excluding non-recurring gains increased by 1.7 percentage points year-on-year, although the increase was less than that of the gross margin due to a rise in management and sales expense ratios [11][18].

Core Insights - The report from Zheshang Securities indicates that Jian Sheng Group's Q3 revenue is under pressure due to a high base, while asset disposal gains have bolstered net profit [1] - The revenue for cotton socks and seamless apparel is expected to decline in low single digits and low double digits respectively, with a significant increase in cotton sock shipment volume on a quarter-on-quarter basis, aligning with previous annual shipment expectations [1] - The one-time gain from the asset disposal at the Jiangshan base has led to an upward revision of the profit forecast for 2025 [1] - In the medium to long term, the company is expected to see steady growth in cotton sock orders, sufficient production capacity, and significant improvements in the customer structure for seamless products, with profit margins likely to recover as production utilization in Vietnam increases and order structures improve [1] - The company maintains a "buy" rating due to the robust growth in cotton socks, significant elasticity in seamless products, and outstanding shareholder returns [1]

Investment Rating - The investment rating for the company is "Buy" [5] Core Insights - The company reported a revenue of 715 million yuan in Q3 2025, a year-on-year decrease of 5.2%, while the net profit attributable to shareholders increased by 71.2% to 167 million yuan, primarily due to asset disposal gains [1][2] - The gross margin improved to 31.8% in Q3 2025, up 3.3 percentage points year-on-year, reflecting the effectiveness of cost reduction and efficiency enhancement efforts [2] - The company plans to establish a new project in Vietnam with an investment of 180 million yuan, expected to start construction by March 31, 2026, which will enhance production capacity and meet long-term order demands [3] Summary by Sections Financial Performance - In the first three quarters of 2025, the company achieved a total revenue of 1.886 billion yuan, down 1.9% year-on-year, while the net profit attributable to shareholders rose by 17.3% to 309 million yuan [1] - The company’s non-recurring net profit for Q3 2025 was 102 million yuan, a year-on-year increase of 7.3% [1] Margin and Cost Analysis - The company’s non-recurring net profit margin was 14.3% in Q3 2025, an increase of 1.7 percentage points year-on-year, with management expenses rising due to employee salary adjustments [2] Future Outlook - The company expects stable growth in cotton sock orders and sufficient production capacity, with revenue projections for 2025-2027 at 2.613 billion, 2.898 billion, and 3.197 billion yuan, respectively [4] - The forecasted net profit for 2025-2027 is 384 million, 368 million, and 414 million yuan, respectively, with corresponding P/E ratios of 10.5, 10.9, and 9.7 [4]