安徽开润股份有限公司 投资者关系活动记录表 编号：2025-005 证券代码：300577 证券简称：开润股份 | | ■特定对象调研 □分析师会议 | | --- | --- | | | □媒体采访 □业绩说明会 | | 投资者关系 活动类别 | □新闻发布会 □路演活动 | | | □现场参观 | | | □其他 | | 参与单位名 | 银河证券：郝帅、艾菲拉；彭扬基金：袁天娇；西部利得：陈保国；国 | | | 金基金：董广达；金鹰基金：汪达；华夏基金：林瑶；国泰基金：谢佳 | | 称及人员 | 怡；太平基金：雍晗 | | 时间 | 年 月 日 13:30-14:30 2025 8 28 | | 地点 | 上海市松江区中心路 1158 号 21B 幢 16 楼 | | 上市公司接 待人员 | IR 总监 庄慧慧 | | | 一、介绍公司 2025 年半年度业绩情况 | | | 2025 年上半年，公司实现营业收入 242,733.63 万元，同比增长 | | | 32.53%；实现归属于上市公司股东的净利润 18,667.70 万元，同比下降 | | | 24.77%，主要系去年同期取得上海嘉乐控制权时， ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected investment return that will outperform the market benchmark by over 15% in the next 6-12 months [9]. Core Viewpoints - The company reported a significant revenue growth of 32.53% year-on-year for H1 2025, achieving a total revenue of 2.427 billion yuan. However, the net profit attributable to shareholders decreased by 24.77% to 187 million yuan, primarily due to a high base effect from one-time investment gains in the previous year [5][6]. - The company's OEM business continues to grow robustly, with revenue from manufacturing reaching 2.098 billion yuan, a year-on-year increase of 37.22%. The apparel manufacturing segment saw a remarkable growth of 148.25% [6]. - The gross margin improved to 24.66%, up 0.72 percentage points year-on-year, driven by product structure optimization and enhanced production efficiency [7]. Summary by Sections Financial Performance - For H1 2025, the company achieved a revenue of 2.427 billion yuan, with a net profit of 187 million yuan, and a non-GAAP net profit of 181 million yuan, reflecting a 13.98% increase [5]. - The second quarter of 2025 saw a revenue of 1.194 billion yuan, with a net profit of 101 million yuan, marking a 42.78% decline year-on-year [5]. Business Segments - The OEM manufacturing business generated 2.098 billion yuan in revenue, with the apparel segment growing by 148.25% to 679 million yuan [6]. - The brand management segment reported a revenue of 306 million yuan, an 8.87% increase, supported by collaborations with Xiaomi [6]. Cost and Margin Analysis - The overall gross margin for H1 2025 was 24.66%, with a slight increase in the OEM business margin to 24.67% [7]. - The company’s expense ratios for sales, management, R&D, and finance were 3.83%, 5.76%, 2.19%, and 1.84%, respectively, showing a decrease in sales and management expenses [7]. Future Outlook - The company is expected to achieve revenues of 5.234 billion yuan, 6.140 billion yuan, and 7.055 billion yuan for 2025, 2026, and 2027, respectively, with corresponding net profits of 367 million yuan, 459 million yuan, and 557 million yuan [11]. - The projected EPS for 2025, 2026, and 2027 are 1.53 yuan, 1.91 yuan, and 2.32 yuan, with P/E ratios of 14.96, 11.98, and 9.87 [11].

事件概述 公司25H1 收入/归母净利/扣非归母净利/经营性现金流分别为24.3/1.87/1.81/2.39 亿元、同比增长 32.53%/-24.77%/13.98%/3843.34%。归母下滑主要由于24H1 存在并表上海嘉乐时股权按照公允价值计量 产生的收益0.96 亿元；经营性现金流高于归母净利主要由于经营性应收项目减少、应付增加。 分析判断: 2B 箱包代工25H 双位数增长，产能利用率提升带动净利率提升。1）箱包代工收入分别为14.19 亿元， 同比增长13.03%，公司积极与Nike、ADIDAS、优衣库、PUMA、迪卡侬、VF 集团等全球顶尖品牌客 户保持高频次、深层次的战略沟通，就关税政策调整等重大议题共同探讨应对策略，确保了订单的稳定 与高质量，实现了订单结构的持续优化。从产能来看，25H1 公司箱包总产能2207.33 万件、同比增长 3.6%，产能利用率同比上升2.15PCT 至93.4%，箱包国内/海外（印度、印尼）产能占比分别为 29%/71%，产能利用率分别为95%/93%，同比增加1.51/2.66PCT。2）2B 毛利率为24.67%，同比提升 0.96PCT，主要由于产品 ...

今年上半年，开润股份不断提升产品设计研发及生产制造能力，加大自动化、数字化投入，上线自主开 发的PLM(产品生命周期管理)系统，通过数字化流程管控，提升管理效率，打造高标准的订单交付水平 和交付品质。2025年上半年，公司国内外多个工厂通过Nike、PUMA、VB、YETI等客户验厂审核，取 得SLCP认证、FEM认证、GRS和RCS联合认证等多项证书。 在品牌经营业务上，今年上半年，在小米不断提升的品牌势能下，开润股份通过众筹等多种方式持续推 出了米家斜挎包、米家前开盖旅行箱等多款新品，加强与小米宣传矩阵合作，有效提升了箱包品类关注 度和影响力，为公司品牌经营业务增长打下扎实基础。在自有品牌「90分」方面，持续优化淘宝、京东 等传统线上渠道运营效率的同时，逐步深化与沃尔玛、麦德龙等KA渠道合作，增加海外分销渠道，入 驻线下商场，开启线上新品众筹等多种方式，提升「90分」在海外影响力，为未来发展积蓄能量。2025 年2月「90分」受邀亮相德国奥芬巴赫ILM国际箱包皮具展，正式进军欧洲出行消费品市场。2025年 「618」电商活动期间，小米行李箱、双肩包获得京东平台各自类目销量/销额双料冠军。 围绕「同一品类延 ...

Core Insights - The company is focusing on a core strategy of major clients and accelerating data-driven lean production and digital transformation to enhance operational efficiency [1] - The company has maintained strategic communication with top global brands like Nike, ADIDAS, and Uniqlo to ensure stable and high-quality orders amidst complex external environments [1] Financial Performance - In the first half of 2025, the company achieved a main business revenue of 240,392.56 million RMB, a year-on-year increase of 32.81% [4] - The net profit attributable to shareholders decreased by 24.77% to 18,667.70 million RMB, primarily due to a high base effect from one-time investment income in the previous year [4] - The net profit excluding non-recurring gains increased by 13.98% to 18,068.38 million RMB [4] Business Segments - The bag manufacturing business generated revenue of 141,875.52 million RMB, up 13.03%, while the apparel manufacturing business saw a significant increase of 148.25% to 67,881.21 million RMB [1] - The company is enhancing product design and manufacturing capabilities through increased automation and digital investment, including the launch of a self-developed PLM system [2] Brand Development - The company has launched new products in collaboration with Xiaomi, enhancing brand visibility and sales in the bag category [3] - The self-owned brand "90分" is optimizing online channel operations and expanding into overseas markets, including participation in the ILM international luggage exhibition in Germany [3] Operational Efficiency - Following the acquisition of Shanghai Jiale, the company is integrating its operations to improve efficiency, with Shanghai Jiale achieving a revenue of 685 million RMB and a net profit of 34.75 million RMB in the first half of 2025 [2]