证券研究报告 | 2025年08月27日 新澳股份（603889.SH） 优于大市 上半年业绩保持平稳，羊绒纱线业务表现亮眼 资料来源：Wind、国信证券经济研究所预测 注：摊薄每股收益按最新总股本计算 上半年收入基本持平，毛利率及汇兑收益提升。公司是羊毛和羊绒纺纱龙 头制造商。2025 上半年收入同比-0.1%至 25.5 亿元，归母净利润同比 +1.7%至 2.7 亿元；扣非归母净利润同比+3.2%至 2.7 亿元。分业务看， 羊绒纱线收入上涨，毛精纺纱和毛条收入下滑。毛利率同比提升 0.8 百 分点至 21.6%，主要受益于毛精纺业务和羊毛毛条业务毛利率提升；受 职工薪酬同比增加、子公司新澳越南及新澳银川逐步投产前期管理成本 增加等影响，销售/管理费用率分别同比+0.2/0.4 百分点；财务费用率 同比-0.8 百分点，主要受汇兑损益影响，去年同期汇兑亏损 0.09 亿， 今年收益 0.16 亿元。归母净利率同比+0.2 百分点至 10.6%。 羊绒纱线业务表现亮眼。上半年毛精纺纱/羊绒纱/毛条/改性处理及染整收 入分别-3.1%/+16.0%/-16.0%/-11.4%至 14.3/7.9/3.0/0 ...

General Information - Zhejiang Xinao Textiles Inc. is a joint-stock company established in accordance with the Company Law of the People's Republic of China, with independent accounting and self-management [1][2] - The company was approved by the China Securities Regulatory Commission for its initial public offering of 26.68 million shares on December 10, 2014, and was listed on the Shanghai Stock Exchange on December 31, 2014 [1][2] - The registered capital of the company is RMB 730,297,443 [1] Corporate Governance - The legal representative of the company is elected by the board of directors and is responsible for executing company affairs [2] - The company is liable for civil activities conducted by the legal representative, and can seek compensation from the representative if damages occur due to negligence [2] - The company’s articles of association are legally binding for the company, shareholders, directors, and senior management [2][3] Business Objectives and Scope - The company's business objective is to focus on woolen products, leverage its advantages, innovate its operating mechanisms, and establish a modern corporate image [3] - The business scope includes the production and sale of wool tops and yarns, wholesale and retail of textile raw materials and products, export of self-produced wool yarns and fabrics, and import of necessary materials and equipment for production [3] Share Capital - The company issues shares in the form of stocks, with each share having a par value of RMB 1 [4][5] - The total number of shares issued by the company is 73,029,744, with all shares being ordinary shares [5][6] - The company’s founding shareholders include Zhejiang Longchen Industrial Co., Ltd. and 47 individuals, who contributed their net assets to establish the company [5][6] Shareholder Rights and Responsibilities - Shareholders have rights to dividends and other benefits proportional to their shareholdings, and can request meetings, supervise operations, and transfer their shares [10][11] - Shareholders are obligated to comply with laws and the company’s articles of association, and cannot withdraw their capital except as legally permitted [15][16] - The company’s articles stipulate that shareholders who abuse their rights may be held liable for damages [15] Shareholder Meetings - The company holds annual and extraordinary shareholder meetings, with the annual meeting occurring within six months after the end of the fiscal year [20] - Shareholder meetings can be conducted in person or via electronic communication, and all shareholders have the right to attend and vote [20][21] - Proposals for shareholder meetings must be submitted in writing and must comply with legal and regulatory requirements [25][26] Financial Assistance and Transactions - The company cannot provide financial assistance for acquiring its own shares, except under specific conditions approved by the board of directors [5][6] - Any significant transactions, such as asset purchases or sales exceeding 30% of the company's total assets, must be approved by the board and submitted to the shareholders for approval [49][50]

Group 1 - The zero-tariff policy initiated on December 1 last year has led to an import value of $21.42 billion from the least developed countries in Africa, marking a year-on-year increase of 15.2% [2][4] - The Chinese government plans to implement a 100% zero-tariff policy for all products from 53 African countries, enhancing export convenience for these nations [3][4] - The scope of products eligible for zero-tariff treatment has expanded from 98% to 100%, reflecting China's commitment to promoting multilateral trade liberalization and enhancing global supply chain resilience [3][4] Group 2 - In the first quarter of 2025, imports of coffee from Africa increased by 70.4%, and cocoa beans rose by 56.8%, indicating a growing demand for African agricultural products in China [4] - China has maintained its position as Africa's largest trading partner for 16 consecutive years, with trade volume expected to exceed 2 trillion yuan in 2024 [4][6] - The Chinese government aims to support the least developed countries in Africa to fully utilize the zero-tariff policy, thereby expanding the scale and variety of exports to China [6]