资金流向方面，主力资金净流出2119.36万元，特大单买入499.85万元，占比2.45%，卖出1091.13万元， 占比5.36%；大单买入2703.53万元，占比13.28%，卖出4231.62万元，占比20.78%。 万里马今年以来股价涨144.04%，近5个交易日跌12.78%，近20日跌13.53%，近60日跌21.02%。 9月30日，万里马盘中下跌2.05%，截至13:56，报10.03元/股，成交2.04亿元，换手率5.67%，总市值 40.69亿元。 今年以来万里马已经7次登上龙虎榜，最近一次登上龙虎榜为8月7日，当日龙虎榜净买入-921.57万元； 买入总计1.92亿元 ，占总成交额比8.03%；卖出总计2.01亿元 ，占总成交额比8.42%。 分红方面，万里马A股上市后累计派现2558.48万元。近三年，累计派现0.00元。 责任编辑：小浪快报 万里马所属申万行业为：纺织服饰-服装家纺-鞋帽及其他。所属概念板块包括：消防概念、军民融合、 航天军工、网红经济、跨境电商等。 截至6月30日，万里马股东户数7.79万，较上期增加244.18%；人均流通股4498股，较上期减少70.96%。 2 ...

Group 1 - The core viewpoint of the news is that Wanlima's stock has experienced fluctuations, with a notable decline in recent trading days despite a significant increase in price year-to-date [1] - As of September 17, Wanlima's stock price was 9.86 CNY per share, with a market capitalization of 4 billion CNY and a trading volume of 177 million CNY [1] - Year-to-date, Wanlima's stock has risen by 139.90%, but it has seen a decline of 0.50% over the last five trading days and a 24.90% drop over the last 20 days [1] Group 2 - Wanlima, established on April 19, 2002, and listed on January 10, 2017, is primarily engaged in the research, design, production, and marketing of leather products [2] - The company's revenue composition includes leather and textile products (54.06%), skincare and beauty products (24.26%), fast-moving consumer goods (12.75%), online brand marketing services (8.80%), and others (0.13%) [2] - As of June 30, the number of Wanlima's shareholders increased by 244.18% to 77,900, while the average circulating shares per person decreased by 70.96% to 4,498 shares [2] Group 3 - For the first half of 2025, Wanlima reported a revenue of 221 million CNY, a year-on-year decrease of 17.18%, and a net profit attributable to shareholders of -35.88 million CNY, down 39.64% year-on-year [2] - Since its A-share listing, Wanlima has distributed a total of 25.58 million CNY in dividends, with no dividends paid in the last three years [2]

Company Overview - Wanlima is located in Haizhu District, Guangzhou, Guangdong Province, and was established on April 19, 2002. The company was listed on January 10, 2017. Its main business includes the research, design, production, brand operation, and market sales of leather products [1] - The revenue composition of Wanlima includes: leather and textile products 54.06%, skincare and beauty 24.26%, fast-moving consumer goods 12.75%, online brand marketing services 8.80%, and others 0.13% [1] Stock Performance - On September 16, Wanlima's stock price increased by 2.38%, reaching 9.89 CNY per share, with a trading volume of 34.27 million CNY and a turnover rate of 1.00%. The total market capitalization is 4.012 billion CNY [1] - Year-to-date, Wanlima's stock price has risen by 140.63%. In the last five trading days, it increased by 1.54%, while it decreased by 26.85% over the last 20 days and increased by 42.51% over the last 60 days [1] Financial Performance - For the first half of 2025, Wanlima reported operating revenue of 221 million CNY, a year-on-year decrease of 17.18%. The net profit attributable to the parent company was -35.88 million CNY, a year-on-year decrease of 39.64% [2] - Since its A-share listing, Wanlima has distributed a total of 25.58 million CNY in dividends, with no dividends distributed in the last three years [3] Shareholder Information - As of June 30, Wanlima had 77,900 shareholders, an increase of 244.18% compared to the previous period. The average number of circulating shares per person is 4,498, a decrease of 70.96% from the previous period [2] Industry Classification - Wanlima belongs to the Shenwan industry classification of textiles and apparel, specifically in the footwear and other categories. It is associated with concepts such as firefighting, military-civil integration, aerospace and military industry, internet celebrity economy, and small-cap stocks [2]

Group 1 - The stock price of Wanlima as of August 27, 2025, is 11.56 yuan, down 0.75 yuan or 6.09% from the previous trading day [1] - The opening price for the day was 12.15 yuan, with a high of 12.21 yuan and a low of 11.56 yuan, and the trading volume reached 601,694 hands with a transaction amount of 715 million yuan [1] - The textile and apparel industry, which Wanlima belongs to, also involves cross-border e-commerce and internet celebrity economy concepts [1] Group 2 - The net outflow of main funds for Wanlima on that day was 118 million yuan, accounting for 2.9% of the circulating market value [1] - Over the past five trading days, the cumulative net outflow of funds reached 308 million yuan, representing 7.6% of the circulating market value [1] - A rapid rebound was observed at 13:52, with a price increase of over 2% within five minutes, bringing the stock price back to 11.9 yuan, during which the transaction amount was 573 million yuan [1]

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [5] Core Views - The company has shown significant profit growth in Q2, and the brand's potential is expected to continue to thrive [5][7] - The company achieved a revenue of 4.102 billion yuan in H1 2025, representing a year-on-year growth of 19.54%, and a net profit of 331 million yuan, up 44.34% year-on-year [7] - The company is expanding its franchise stores and exploring international markets, with a total of 1,540 stores by the end of June 2025, including 1,340 franchise stores [7] - The product line is being enriched to attract younger consumers, with over 20 million members, and a significant portion of the consumer base being from the post-80s, 90s, and 00s generations [7] Financial Performance Summary - Revenue projections for the company are as follows: - 2023: 5.9 billion yuan - 2024: 6.518 billion yuan (growth of 10.48%) - 2025E: 7.727 billion yuan (growth of 18.55%) - 2026E: 9.121 billion yuan (growth of 18.04%) - 2027E: 10.611 billion yuan (growth of 16.35%) [6] - Net profit projections are as follows: - 2023: 333 million yuan - 2024: 194 million yuan (decline of 41.91%) - 2025E: 472 million yuan (growth of 143.96%) - 2026E: 557 million yuan (growth of 17.99%) - 2027E: 652 million yuan (growth of 16.92%) [6] - The company's gross margin is expected to remain stable, with a slight increase in the gross margin of traditional gold products due to rising gold prices [7]

Core Viewpoint - The article highlights the significant decline in the company's performance, particularly in its group purchasing business, and the alarming trend of major shareholders liquidating their holdings, suggesting a "clearance sale" mentality regarding the company [1][45][56]. Company Overview - Wanlima (300591.SZ) was established in 2002 and went public in 2017, focusing on leather goods and personal protective products, primarily through an ODM model for international brands [4]. - The company operates through three proprietary brands and multiple agency brands, utilizing five main sales channels: group purchasing, direct sales, e-commerce, wholesale agents, and ODM [6]. Sales Channels and Clientele - Group purchasing is the core channel, primarily serving military, police systems, and state-owned enterprises, with products including shoes, belts, and protective gear [7][11]. - The top five clients accounted for 81% of sales in 2024, with the PLA's logistics department being the largest customer [11][12]. Financial Performance - The group purchasing channel has seen fluctuating revenues, with a notable decline from 2019 to 2021, followed by a recovery in 2022 and 2023, but still not reaching pre-pandemic levels [15][16]. - In 2024, the company's revenue was 590 million yuan, a year-on-year decline of 5.1%, with a significant drop of 32.5% in the first quarter of 2025 [19][28]. Profitability Challenges - The company has faced declining gross margins, with the gross margin for the group purchasing channel dropping to 3.4% in 2024 due to high production costs and limited pricing power [28][30]. - Cumulative net losses since 2020 have reached 750 million yuan, indicating a severe lack of profitability [34]. Shareholder Actions - Major shareholders have significantly reduced their holdings, with the controlling shareholders' stake dropping from 63.33% in 2017 to 21.09% by the end of 2024, raising concerns about the company's future [43][45]. - The total amount cashed out by shareholders through various means is approximately 5.9 billion yuan, indicating a lack of confidence in the company's prospects [55][56]. Industry Context - The leather goods industry is experiencing a phase of stagnant growth and declining profit margins, with companies like Aokang International and Red Dragonfly also reporting revenue declines [25]. - The market is characterized by intense competition, particularly in the mid to low-end segments, where Wanlima operates [23].