Group 1: Report Overview - The report is about a research on Zhejiang Natural in the textile and apparel industry on September 26, 2025 [1][2][17] Group 2: Research Basic Information - Research object: Zhejiang Natural [17] - Industry: Textile and apparel [2][17] - Reception time: 2025 - 09 - 26 [17] - Company reception staff: Chairman and General Manager Xia Yonghui, Deputy General Manager, Secretary of the Board, and Director Dong Yimin, Director and Chief Financial Officer Xia Xiuhua, Independent Director Chen Weibo [17] Group 3: Detailed Research Institutions - Reception object: All shareholders [20] - Reception object type: Not specified [20] - Institution - related personnel: Not specified [20] - Others: Not specified [20] Group 4: Main Content 1. Company's Business Performance - In the reporting period, the company achieved an operating income of RMB 685.4795 million, a year - on - year increase of 14.22% compared to the first half of 2024, and a net profit attributable to shareholders of the listed company of RMB 145.5869 million, a year - on - year increase of 44.53% [25] 2. AI Application - The company is currently in the AI application stage, using AI to empower R & D and production, accelerating the implementation of the digital and intelligent strategy, assisting data analysis and simulation, optimizing the product design process, and realizing intelligent allocation of equipment and resources in production scheduling to improve production flexibility and response speed. It will continue to look for AI projects that fit its own industry [26] 3. Moroccan Subsidiary - The construction of the company's Moroccan subsidiary's factory is progressing in an orderly manner, and it is expected to complete all inspections and be put into use within 2026 [28] 4. External Investment Plan - In the reporting period, the company invested in the establishment of Singapore Ripple Private Limited with a shareholding ratio of 65%, which is mainly responsible for the water sports products division project. The company also has an insulation box division and a water sports products division to expand the business of insulation box products and water sports products respectively. Future external investment matters will be disclosed in a timely manner [28] 5. Shareholder Number - As of September 19, 2025, the company's latest number of shareholders is 11,210. The company will disclose the number of shareholders at corresponding time points in regular reports [28]

Core Viewpoint - Zhejiang Natural reported a net profit of 150 million in H1 2025, representing a 45% year-on-year increase, while Q2 2025 net profit was 50 million, showing a 20% quarter-on-quarter decrease [1] Group 1: Financial Performance - The company achieved a net profit of 150 million in H1 2025, which is a 45% increase compared to the previous year [1] - In Q2 2025, the net profit was 50 million, reflecting a 20% decrease from the previous quarter [1] Group 2: Strategic Initiatives - The company is focusing on both internal improvements and external expansion, actively seeking new clients and breaking customer boundaries to enhance its development path [1] - Key technologies mastered by the company include TPU film production, composite fabric technology, polyurethane soft foam technology, high-frequency welding technology, and thermal pressing technology [1] Group 3: Future Development Plans - The company plans to establish a core focus on outdoor sports products, leveraging TPU composite fabrics and welding processing technology [1] - Future expansion will include a gradual move into various categories such as household inflatable mattresses, high-end insulated bags, and water sports products, supported by quality clients [1] Group 4: Market Outlook - The company has adjusted its profit forecast based on H1 2025 performance, considering the impact of international tariff policy changes, and maintains a "buy" rating [1]

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 26.66 CNY [4]. Core Insights - The company reported a revenue of 300 million CNY in Q2 2025, a year-on-year increase of 1%, while the net profit attributable to the parent company was 50 million CNY, a decrease of 20%. For the first half of 2025, revenue reached 700 million CNY, up 14% year-on-year, and net profit attributable to the parent company was 150 million CNY, an increase of 45% [1]. - The company is focusing on internal improvements by leveraging AI to enhance research and production, optimizing product design processes, and increasing production flexibility. Additionally, it is expanding overseas production capacity to better respond to international market changes and customer demands [1][2]. - The company is also expanding its market presence by diversifying its product offerings from traditional outdoor mattresses to include high-end camping gear and water products, aligning with the growing camping economy and consumer trends [1][2]. Financial Data and Valuation - The adjusted profit forecast for the company is as follows: for 2025, 250 million CNY; for 2026, 330 million CNY; and for 2027, 410 million CNY, with corresponding PE ratios of 15, 11, and 9 times [3]. - Projected revenue for the years 2023 to 2027 is as follows: 823.32 million CNY, 1,002.35 million CNY, 1,349.11 million CNY, 1,848.94 million CNY, and 2,357.51 million CNY, with growth rates of -12.95%, 21.75%, 34.60%, 37.05%, and 27.51% respectively [3][9]. - The company has established a vertically integrated supply chain, controlling the entire production process from raw materials to finished products, which enhances cost efficiency and quality control [2].

Investment Rating - The investment rating for the company is "Buy" (maintained) [6] Core Views - The company reported a revenue of 685 million yuan for H1 2025, a year-on-year increase of 14.22%, and a net profit attributable to shareholders of 146 million yuan, up 44.53% year-on-year. However, Q2 showed revenue of 329 million yuan, a slight increase of 0.67%, with net profit down 20.12% year-on-year [1] - The company is effectively diversifying its product categories, with significant contributions from new business lines such as water sports products and insulated bags, which are becoming strong growth drivers [2] - The global production capacity is being enhanced through bases in Vietnam, Cambodia, and Morocco, significantly improving supply chain resilience [3] - Despite short-term profit pressures, the overall expense ratio remains stable, with a gross margin of 35.12% for H1 2025, down 2.1 percentage points year-on-year [4] - Revenue projections for 2025-2027 are 1.27 billion, 1.87 billion, and 2.40 billion yuan, respectively, with corresponding net profits of 250 million, 380 million, and 490 million yuan, indicating strong growth potential [5] Summary by Sections Financial Performance - For H1 2025, the company achieved a revenue of 685 million yuan, a 14.22% increase year-on-year, and a net profit of 146 million yuan, up 44.53% year-on-year. Q2 revenue was 329 million yuan, with a net profit of 50 million yuan, reflecting a decline of 20.12% year-on-year [1] - The gross margin for H1 2025 was 35.12%, down 2.1 percentage points year-on-year, while the expense ratio was 10.02%, a slight increase of 0.11 percentage points [4] Business Development - The company is expanding its product lines, particularly in water sports and insulated bags, which are becoming significant contributors to growth. The water sports segment benefits from production in Vietnam, avoiding trade barriers and enjoying tariff advantages [2] - The insulated bag segment targets the outdoor camping and fishing markets, leveraging partnerships with leading industry clients to rapidly capture market share [2] Global Expansion - The company has established a robust supply chain network through its production bases in Vietnam, Cambodia, and Morocco, enhancing its global capacity and resilience [3] - The Vietnam base primarily produces water sports products and is expected to show strong profitability as global demand for outdoor sports increases [3] Future Outlook - Revenue forecasts for 2025-2027 are 1.27 billion, 1.87 billion, and 2.40 billion yuan, with net profits projected at 250 million, 380 million, and 490 million yuan, respectively, indicating a strong growth trajectory [5]

Investment Rating - The investment rating for the company is "Buy" and it is maintained [6]. Core Views - In the first half of 2025, the company achieved a revenue of 690 million yuan, representing a year-on-year increase of 14.2%, and a net profit attributable to the parent company of 150 million yuan, up 44.5% year-on-year. In Q2 alone, the revenue was 330 million yuan, with a slight year-on-year increase of 0.7%, while the net profit attributable to the parent company decreased by 20.1% to 50 million yuan [2][4]. Summary by Sections Financial Performance - The company reported a total revenue of 690 million yuan for 2025H1, with a year-on-year growth of 14.2%. The net profit attributable to the parent company was 150 million yuan, reflecting a year-on-year increase of 44.5%. For Q2, the revenue was 330 million yuan, showing a modest growth of 0.7%, while the net profit decreased by 20.1% to 50 million yuan [2][4]. Future Outlook - The company anticipates a gradual recovery in its mattress business as the impact of tariffs diminishes. New business segments, including insulated boxes and water sports products, are expected to regain strong growth as production capacity in Vietnam and Cambodia is released. The company has set ambitious targets for 2025, requiring a year-on-year increase of 75% in revenue and 200% in net profit attributable to the parent company for the second half of the year [10]. Projections for net profit attributable to the parent company for 2025-2027 are 250 million, 320 million, and 380 million yuan, respectively, with corresponding valuations of 15X, 12X, and 10X [10].

证券研究报告 公司研究 [Table_ReportType] 公司点评报告 [Table_StockAndRank] 浙江自然(605080) 投资评级 上次评级 [Table_Author] 姜文镪 新消费行业首席分析师 执业编号：S1500524120004 邮箱：jiangwenqiang@cindasc.com 信达证券股份有限公司 CINDA SECURITIES CO.,LTD 北京市西城区宣武门西大街甲127号金隅大厦B座 邮编：100031 [Table_Title] 浙江自然：全球产业链布局，引领露营经济 [Table_ReportDate] 2025 年 08 月 27 日 [Table_S 事件：公司发布 ummary] 2025 年半年度业绩报告。2025H1 实现收入 6.85 亿元 （同比+14.2%），归母净利润 1.46 亿元（同比+44.5%），扣非归母净利 润 1.33 亿元（同比+7.2%）；单 Q2 收入 3.29 亿元（同比+0.7%），归母 净利润 0.50 亿元（同比-20.1%），扣非归母净利润 0.47 亿元（同比 -30.9%）。 点评：Q2 受关税影响，我 ...

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].

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] 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 a strategic focus on three core business areas: inflatable mattresses, waterproof/thermal bags, and water sports products, with expectations for stable growth and new market expansions [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 forecasts revenues of 1.38 billion yuan in 2025, 2.01 billion yuan in 2026, and 2.57 billion yuan in 2027, with corresponding net profits of 270 million yuan, 380 million yuan, and 494 million yuan respectively [9][10] Operational Highlights - The company has shown significant improvement in its operational capabilities, with inventory turnover days reduced by 5.9 days to 112 days, and accounts receivable turnover days increased by 5.5 days to 63 days [6] - The gross profit margin for Q1 2025 improved to 38.8%, indicating enhanced profitability from operational efficiencies [6] Market Position and Growth Potential - The company is recognized for its technological strength and industry barriers, with a favorable outlook for continued growth in the outdoor sports supply chain [7] - The strategic expansion of production capacity in overseas locations such as Cambodia and Vietnam is expected to enhance profitability as orders increase [7]

Core Viewpoint - Zhejiang Natural reported strong financial results for 2024 and Q1 2025, with significant year-on-year growth in revenue and net profit, indicating robust operational performance and effective cost management [1][2]. Financial Performance - In 2024, the company achieved revenue of 1 billion yuan, a year-on-year increase of 21.7%, and a net profit attributable to shareholders of 190 million yuan, up 41.7% year-on-year [1]. - For Q4 2024, revenue reached 210 million yuan, reflecting a 39.4% year-on-year growth, with a net profit of 20 million yuan, reversing a loss of 30 million yuan from the previous year [1]. - In Q1 2025, revenue was 360 million yuan, a 30.4% increase year-on-year, with a net profit of 100 million yuan, up 148.3% year-on-year [1][2]. Business Segments - The revenue growth in Q1 2025 was primarily driven by strong orders in the mattress, thermal box, and water sports products segments [2]. - The company is experiencing stable growth in new business areas, although short-term mattress orders are pressured by tariffs [2]. Future Outlook - Short-term domestic mattress orders are expected to remain under pressure, but with the gradual implementation of tariffs and capacity migration to Southeast Asia, the mattress segment is anticipated to recover steadily [2]. - The company forecasts net profits of 270 million yuan, 340 million yuan, and 410 million yuan for 2025, 2026, and 2027, respectively, with corresponding valuations of 13X, 11X, and 9X [2].

Investment Rating - The report does not provide a specific investment rating for the company Zhejiang Natural (605080) [1] Core Views - The company reported a revenue of 1.002 billion yuan in 2024, representing a year-on-year increase of 21.8%, and a net profit attributable to shareholders of 185 million yuan, up 41.7% year-on-year [1] - The company is expected to optimize its product structure and increase market share, leading to steady revenue growth, while overseas bases are accelerating their development [1][2] - The company’s overseas bases are entering a harvest period, with limited impact from tariffs, and profitability is expected to improve in 2025 [3] Summary by Sections Financial Performance - In Q1 2025, the company achieved a revenue of 357 million yuan, a year-on-year increase of 30.4%, and a net profit of 96 million yuan, up 148.3% year-on-year [1] - The company’s gross profit margin in Q1 2025 was 38.8%, an increase of 0.5 percentage points year-on-year, with a net profit margin of 26.9%, up 12.8 percentage points year-on-year [3] Product Structure and Growth - The revenue from air beds, bags, pillows, and other businesses in 2024 was 586 million, 204 million, 70 million, and 134 million yuan respectively, with year-on-year growth rates of 13.9%, 30.9%, 15.7%, and 48.0% [2] - The company is expanding its customer base in the new energy vehicle market and enhancing its product offerings in the camping sector [2] Overseas Expansion - The company has three main overseas bases in Vietnam, Cambodia, and Morocco, which are all developing simultaneously and are expected to enhance the company's global supply chain share [3] - The profitability of these overseas bases is anticipated to recover in 2025, reaching a stable level by 2026 [3] Cash Flow and Operational Efficiency - The operating cash flow for Q1 2025 was 13 million yuan, with inventory turnover days at 112.08 days, a decrease of 5.91 days year-on-year [4] - The company is managing expenses effectively, with a total expense ratio of 7.98% in Q1 2025, down 4.0 percentage points year-on-year [3]