编号：2025-034 | | √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： | | 参与单位名称及 | 兴全基金：徐留明 | | 人员姓名 | | | 时间 | 2025 年 12 月 17 日 | | 地点 | 临海 | | 上市公司接待人 员姓名 | 黄志强、郑婷燕、邱逸远 | | | 1、当前快反订单占比有多少？公司的举措？ | | | 答：随着经济的发展，人民生活水平的不断提升，消费者对于服装个性化的 | | | 需求日益凸显；此外品牌客户为了降低库存风险，提高运营质量，受前述原因综 | | | 合影响，服装品牌客户对于快反的需求越来越明显。 | | | 针对小批量、多批次、快交期的行业订单趋势，公司除了增强服务意识之外， | | | 还不断通过智能制造和柔性制造体系的打造来保障生产效率，多方面的举措形成 | | | 了公司较强的快反能力。 | | | 2、公司海外工业园情况如何？未来规划？ | | 投资者关系活动 | 答：目前孟加拉和越南两家海外工厂均呈现 ...

Group 1: Company Strategy and Development - The company has established two overseas production bases in Bangladesh and Vietnam to enhance its international strategy and cope with rising labor costs and intensified competition in the textile and apparel industry [2] - The company is focusing on automation and digital management to ensure sustainable business development and has achieved significant growth in recent years [2] - The company aims to maintain its core business in apparel accessories and is optimistic about its future development prospects [2] Group 2: Competitive Advantages - The company's core competitive advantage lies in its strong corporate culture and experienced management team, which emphasizes sustainable development and innovation [2] - Compared to YKK, the company offers a "product + service" business model, focusing on high-quality products and comprehensive service, which enhances its competitive edge [4] - The company has developed strong capabilities in product diversity, fashion, innovation, and responsiveness to market demands [4] Group 3: Market Dynamics and Pricing - The apparel accessories industry is characterized by a stable competitive landscape, with a shift towards increased concentration among leading companies due to accelerated international order migration [3] - The company employs a cost-plus pricing model, with product pricing being one of several factors considered by downstream customers, who prioritize product development capabilities and service [5] - The company anticipates maintaining a reasonable profit margin while focusing on revenue growth to sustain profitability [6] Group 4: Product Range and Future Outlook - The company specializes in a variety of products, including buttons, zippers, metal and plastic products, and labels, which are widely used in mid to high-end apparel [8] - The company expects zippers to have a broader application range and better growth prospects compared to buttons in the future [8] - The company adheres to a sustainable development and win-win philosophy in its dividend policy, considering annual profits and future development needs [8]

Group 1: Recent Business Performance - The company has seen a positive trend in order intake due to winter clothing replenishment, although overall industry sentiment remains to be observed, particularly regarding future winter clothing consumption [2] - The company reported a foreign exchange net loss of CNY 22.8585 million in the first three quarters of the year due to international exchange rate fluctuations [3] - The overseas production capacity accounted for 18.48% as of the first half of 2025, with plans to enhance global manufacturing capabilities through technological upgrades and global production layout [3] Group 2: Overseas Operations - The company’s factories in Bangladesh and Vietnam are developing positively, with significant revenue growth and improved operating losses reported in the Vietnam industrial park [2] - The company aims to continue improving its overseas production bases to enhance global manufacturing assurance [3] Group 3: Product Development and Market Strategy - The company is focusing on increasing resource investment in both sales and production for its small-scale webbing business, with expectations for gradual improvement [3] - The company serves a diverse range of mid-to-high-end apparel and accessory clients, offering products such as buttons, zippers, and webbing, applicable in various sectors including clothing, footwear, and outdoor goods [4] Group 4: Competitive Advantages - Compared to YKK, the company emphasizes a "product + service" business model, providing comprehensive service alongside quality products, while also maintaining strong competitive advantages in product diversity, fashion, and innovation [5] - The company is enhancing production efficiency through smart manufacturing strategies and flexible manufacturing systems to meet the trend of small batch, multiple orders, and quick delivery [5] Group 5: Impact of Tariffs and Profit Margins - The direct impact of increased tariffs on the company is limited, as the volume of products exported directly to major markets like Europe and the U.S. is low; however, changes in consumer market conditions and international trade environments could affect the textile and apparel industry [7] - The overall gross margin has improved due to factors such as product structure, customer composition, and smart manufacturing, with a commitment to sustainable profit margins rather than solely pursuing high margins [8]

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].