证券代码：002003 证券简称：伟星股份 浙江伟星实业发展股份有限公司 投资者关系活动记录表 编号：2025-024 | | □特定对象调研 □分析师会议 | | --- | --- | | 投资者关系活动 | □媒体采访 □业绩说明会 | | 类别 | □新闻发布会 □路演活动 | | | □现场参观 √其他：电话会议 | | | 易方达基金：郭杰、周光远；泰康资产：陈怡；华安基金：马丁、张峦；汇添富 | | | 基金：劳杰男；石锋资产：徐玉露、崔红建；台州市资管：李亚雄；兴全基金： | | | 伍修毅；交银施罗德基金：韩威俊、高逸云；鹏扬基金：吴西燕；人保资产：李 | | | 晴；睿远基金：檀廷钰；中欧基金：吉翔、刘占洋；申万宏源：王立平、求佳峰、 | | | 赵玥；国泰海通：盛开、曹冬青；Janchor Partners：李拓；Lazard Asset：Fisher | | | Xi；大家资产：钱怡；比立弗投资：李文；长城基金：柴程森；长江证券：柯睿； | | | 长信基金：刘亮；晨燕资管：倪耿皓、李树荣；东方阿尔法基金：钱文静；东方 | | | 财富证券：金叶羽；东方基金：梁忻；东方证券：施红梅、殷 ...

Core Viewpoint - The recent financial report of Weixing Co., Ltd. shows a mixed performance with a slight increase in revenue but a significant decline in net profit, indicating potential challenges in the company's operational efficiency and market conditions [1][2]. Financial Performance - The total revenue for the first half of 2025 reached 2.338 billion yuan, a year-on-year increase of 1.8% [1]. - The net profit attributable to shareholders was 369 million yuan, down 11.19% year-on-year [1]. - In Q2 2025, revenue was 1.359 billion yuan, a decrease of 9.18% compared to the same quarter last year [1]. - The gross profit margin improved to 42.89%, up 2.6% year-on-year, while the net profit margin decreased to 15.95%, down 12.68% year-on-year [1]. - Total expenses (selling, administrative, and financial) amounted to 466 million yuan, representing 19.92% of revenue, an increase of 21.04% year-on-year [1]. Accounts Receivable and Cash Flow - Accounts receivable accounted for 85.96% of the latest annual net profit, indicating a significant amount of outstanding payments [1]. - The company reported a cash flow from operations of 0.37 yuan per share, an increase of 10.47% year-on-year [1]. Market and Industry Outlook - The company is cautious about short-term performance due to uncertainties from tariff policies and weak end-consumer demand in the apparel sector [6][7]. - In the medium to long term, the company aims to focus on its core business of fashion accessories, enhancing brand influence and product competitiveness [7]. - The company anticipates a stable profit margin in the future, relying on revenue growth from new projects and production capacity [9]. Investment and Capital Expenditure - The company plans to be prudent with capital expenditures, especially in light of the uncertain international trade environment, while still pursuing necessary upgrades and expansions [11][12]. - The company’s overseas production bases, particularly in Bangladesh and Vietnam, are expected to enhance operational efficiency and meet customer demands [12][13]. Shareholder Engagement - The company maintains a high dividend payout ratio, averaging around 80% since its listing, reflecting its commitment to shareholder returns [13].

Group 1: Company Performance and Market Conditions - The overall industry is cautious due to uncertainties from tariff policies and weak end-consumer demand, impacting the company's second-quarter order intake [2] - The company maintains a prudent short-term outlook but is optimistic about long-term growth, aiming to become a "global, innovative fashion accessory kingdom" over the next five to ten years [2] - The company has observed a slight recovery in the industry entering the second half of the year, although caution remains prevalent [2] Group 2: Product Pricing and Competitive Strategy - The company employs a cost-plus pricing model, with product pricing being one of several factors considered by downstream clients, who prioritize product development capabilities, delivery times, and service [3] - The company will continue to focus on a "product + service" business model to enhance client relationships and support [3] Group 3: Future Profitability and Market Segments - The company expects to maintain stable profitability through revenue growth from new production capacities and projects, without solely pursuing high profit margins [4] - The company sees potential in its zipper business due to its larger market application compared to buttons, which have limited growth potential [5] Group 4: Export and Tariff Impact - Direct exports to the U.S. are minimal, with the company primarily serving regions like Bangladesh and Vietnam, thus limiting the direct impact of U.S. tariff changes [6] - The overall competitive landscape in the fashion accessory industry remains stable, with tariff changes likely intensifying competition but favoring companies with international capabilities [6] Group 5: Capital Expenditure and Global Strategy - The company plans to adjust production capacities in response to international trade conditions, prioritizing risk control and avoiding significant capital expenditures until market clarity improves [7] - The company aims to enhance its global delivery capabilities and brand influence through strategic adjustments in its overseas production bases [7] Group 6: Dividend Policy - The company adheres to a sustainable development philosophy, with an average dividend payout ratio of around 80% since its listing, considering annual profits and future development needs [8]

Group 1: Financial Performance - In Q1 2025, the company achieved a revenue of 979 million, representing a year-on-year growth of 22.32% [4] - The gross profit margin for Q1 2025 was 38.84%, an increase of 0.91 percentage points compared to the previous year [4][5] - The net cash flow from operating activities decreased by 65.58% year-on-year due to increased cash payments for materials and employee bonuses [6] Group 2: Strategic Goals and Market Position - The company plans to achieve a revenue target of 5 billion in 2025, aiming to become a "global, innovative fashion accessory kingdom" over the next 5 to 10 years [8] - The company maintains a cautious outlook due to uncertainties from tariff policies and weak end-consumer demand [8] - The competitive landscape in the fashion accessory industry remains stable, with increased competition due to tariff changes favoring internationally capable companies [9] Group 3: Operational Adjustments and Future Outlook - The company is adjusting its production capacity in response to market conditions and international customer demand [10] - Direct and indirect exports to the U.S. are minimal, limiting the direct impact of tariff changes on the company's business [10] - The overseas production capacity utilization rate was 47.98% in 2024, with expectations for significant improvement in 2025 due to increased orders [11] Group 4: Product Development and Profitability - The ribbon category, a newly developed product line, is expected to improve profitability over time despite initial losses due to high fixed costs [12]

Core Viewpoint - The company aims to achieve a revenue target of 5 billion yuan for 2025, with total operating costs controlled at around 4.25 billion yuan [31]. Group 1: Financial Performance - In 2024, the company reported a revenue of approximately 4.67 billion yuan, representing a year-on-year growth of 19.66% due to improved market demand and global expansion efforts [29]. - The profit distribution plan for 2024 proposes a cash dividend of 3.00 yuan per 10 shares, pending approval at the annual shareholders' meeting [2]. - The company received government subsidies totaling 56.03 million yuan in 2024, with 33.19 million yuan recognized in profit, accounting for 3.92% of total profit [15]. Group 2: Operational Insights - The company’s Vietnam industrial park generated revenue of approximately 32.10 million yuan in 2024 but reported a net loss of about 58.32 million yuan [3]. - The company’s other apparel accessories achieved a revenue of 164 million yuan in 2024, marking a year-on-year increase of 41.92% [53]. - The company’s production efficiency in Vietnam is currently lower than in domestic lines due to local workforce skill levels, indicating a need for further development [2]. Group 3: Market Position and Strategy - The company holds approximately 20% market share in the domestic mid-to-high-end button market, while its zipper products have a smaller market share [14]. - The company’s international business accounted for 33.81% of total revenue in 2024, with significant growth in overseas markets [21]. - The company plans to continue expanding its global production capacity, particularly in Southeast Asia, to meet local demand and enhance service capabilities [36]. Group 4: Future Outlook - The company anticipates a cautious approach to order intake due to overall industry caution influenced by consumer sentiment and international trade conditions [3]. - The company aims to enhance its competitive edge through intelligent manufacturing and improved customer service, focusing on high-end apparel brands [18]. - The company expects to maintain a sustainable growth trajectory, with a projected revenue increase of around 7% in 2025 [50].

Group 1: Business Performance - The company's zipper business achieved a revenue growth of 16% year-on-year, accounting for 53% of total revenue [4] - The button business saw a year-on-year growth of 22%, making up 42% of total revenue [4] - Domestic business revenue reached CNY 30.94 billion, a year-on-year increase of 14.74% [7] - International business revenue was CNY 15.81 billion, reflecting a year-on-year growth of 30.62% [7] Group 2: Future Outlook - The company aims to achieve a revenue target of CNY 5 billion by 2025 [4] - The Vietnam industrial park is expected to significantly increase revenue in 2025 as it enters a ramp-up phase [6] - The company is focused on becoming a "global, innovative fashion accessory leader" over the next five to ten years [4] Group 3: Capacity and Utilization - The overall capacity utilization rate for 2024 was 68.82%, an increase of 2.01 percentage points year-on-year [8] - The company is facing short-term pressure on order intake due to cautious market conditions [4] Group 4: Competitive Landscape - The apparel accessory industry is characterized by high competition, with many small-scale enterprises exiting the market due to stricter regulations [10] - The company believes that its comprehensive competitive strength will allow it to thrive in a market with increasing demand for mid-to-high-end apparel [10] Group 5: Strategic Initiatives - The company plans to implement appropriate measures to incentivize its core team in the future [11] - Capital expenditure will be cautiously managed to ensure it does not adversely affect dividend policies [11]