编号：2025-029 投资者关系活动 类别 □特定对象调研 □分析师会议 □媒体采访 □业绩说明会 □新闻发布会 □路演活动 □现场参观 √其他：电话会议 参与单位名称及 人员姓名 人寿养老：崔恒旭 彬元资本：张帆 光大证券：孙未未、朱洁宇、王一茉 时间 2025 年 11 月 21 日 地点 - 上市公司接待人 员姓名 黄志强、郑婷燕 投资者关系活动 主要内容介绍 互动交流环节 1、近期接单情况怎样？ 答：受益于冬装补单，近期公司接单趋势向好，但行业景气度整体趋势有待 进一步观察，特别是后续冬装消费情况。 2、公司海外工业园情况如何？ 答：目前孟加拉和越南两家海外工厂均呈现良性发展态势。今年以来，公司 越南工业园营收快速增长，经营亏损情况改善明显。我们持续看好其未来发展前 景，但产能爬坡仍需要时间。 3、今年公司汇兑情况如何？ 答：受国际汇率影响，公司前三季度为汇兑净损失 2,285.85 万元。 4、海外产能占比有多少？未来规划是怎样的？ 答：目前公司已在正常运营孟加拉和越南两大海外生产基地，截至 2025 年上 半年，公司境外产能占比为 18.48%。未来公司将通过对现有海外园区的技改和生 产的全球化 ...

Company Overview - Zhejiang Weixing Industrial Development Co., Ltd. was established in 1988, specializing in the R&D, manufacturing, and sales of various mid-to-high-end apparel and bag accessory products, including buttons, zippers, metal products, plastic products, webbing, ropes, and labels [2][3] - The company was the first in China's button and zipper industry to be listed on the Shenzhen Stock Exchange in 2004, enhancing its competitive strength through capital investment [2][3] Industry Insights - The company maintains a cautious outlook on the short-term recovery of the industry due to the current international trade environment and consumer demand [4] - In the long term, the company aims to become a "global, innovative fashion accessory kingdom" and a strategic partner for many well-known apparel brands within five to ten years [4] Global Expansion - The company has established two overseas production bases in Bangladesh and Vietnam, both showing positive development trends [5] - Revenue from the Vietnam industrial park has seen rapid growth, with operating losses significantly narrowing [5] Market Position - The apparel accessory industry is a sub-sector of the textile and apparel industry, with limited statistical data available; however, the market space for zipper products is considered broad [6] - The company’s market share in the zipper segment is still relatively small [6] Competitive Landscape - The global apparel industry has a mature supply chain, and while competition is intensifying due to tariff conflicts, companies with international capabilities will benefit [7][8] - The company differentiates itself from competitors like YKK and Xunxing by focusing on a "product + service" model, emphasizing quality products and comprehensive service [8] Corporate Culture and Management - The company's core values include "sustainable development" and "steady progress," supported by a well-experienced management team [8] - Ongoing efforts in talent development and training are expected to enhance employee skills and prepare future leaders for key roles within the company [8]

Group 1 - The company, Weixing Co., Ltd. (002003.SZ), primarily engages in the production of clothing and bag accessories, including buttons, zippers, metal products, plastic products, webbing, ropes, and labels [1] - The company has clarified that it does not involve itself in military or satellite-related businesses [1]

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]

Investment Rating - The report maintains a "Buy" rating for key companies in the textile and apparel sector, including Anta Sports, Huayi Group, Weixing Co., and others, with projected PE ratios for 2025 ranging from 14 to 23 times [11][29]. Core Insights - Adidas reported a 12% revenue growth in 2024, achieving €23.683 billion, with a significant increase in operating profit to €1.337 billion from €268 million in 2023 [1][15]. - The company expects high single-digit revenue growth for 2025, with double-digit growth anticipated for the Adidas brand across North America, Greater China, emerging markets, and Latin America [2][16]. - The textile and apparel sector is expected to see a recovery in demand in 2024, with leading companies benefiting from improved inventory management and a healthy discount environment [4][27]. Summary by Sections Adidas Performance - In 2024, Adidas' revenue reached €23.683 billion, with a 12% year-on-year increase on a currency-neutral basis, and a 19% increase in Q4 alone [1][15]. - The gross margin improved by 3.3 percentage points to 50.8%, and operating profit surged to €1.337 billion [1][15]. - Yeezy contributed approximately €650 million in revenue for 2024, down from €750 million in 2023, with inventory cleared by Q4 2024 [1][15]. Regional Performance - Europe and North America showed strong growth, with European revenue increasing by 19.8% to €7.551 billion, while North America saw a slight decline of 1.8% to €5.128 billion [2][19]. - Greater China revenue grew by 8.4% to €3.459 billion, maintaining high-quality growth and becoming Adidas' third-largest market globally [3][22]. - Emerging markets and Latin America experienced robust growth, with revenues increasing by 16.2% and 21% respectively [3][23]. Industry Outlook - The textile and apparel sector is projected to recover in 2024, with leading companies expected to outperform the industry due to improved demand and inventory management [4][27]. - Recommendations include Anta Sports, Huayi Group, and Weixing Co., with expected PE ratios for 2025 indicating strong growth potential [4][27]. - The report highlights the importance of maintaining a healthy discount environment and manageable inventory levels for sustained growth in 2025 [4][27].