2025年12月31日，山东德信羊绒科技股份有限公司（证券简称：德信羊绒，证券代码： 875033）成功在全国中小企业股份转让系统挂牌，申万宏源承销保荐担任本次推荐挂牌的主办券 商。 德信羊绒本次顺利在新三板完成挂牌，标志着其资本运作进入新阶段，也体现了申万宏源承销保荐对中小企业的精准布局和对实体经济的坚定支持。在挂 牌过程中，申万宏源承销保荐团队紧扣国家创新驱动发展战略，协助公司完成项目申报及挂牌工作，为德信羊绒后续的产业链升级提供了坚实的保障。 来源：申万宏源承销保荐 山东德信羊绒科技股份有限公司成立于2003年，公司自成立以来专注于差异化毛纺纱线业务，围绕山羊绒、桑蚕丝、美利奴羊毛、羊驼毛等天然纤维，形 成丝绒纱线、羊绒纱线、毛绒纱线及天然纤维混纺纱线四大产品系列，覆盖半精纺、花式纱等全工艺体系，产品主要应用于高端时尚女装、休闲针织外套、商 务服装等成衣生产。此外，在能源低碳化、产品绿色化、生产洁净化、资源高效化方面，公司始终坚持绿色环保、节能减排、可持续发展的理念，并通过德州 市绿色工厂认证。 ...

Core Viewpoint - Nanshun Holdings (01982.HK) reported a 1.6% increase in revenue for the six months ending September 30, 2025, reaching HKD 2,830.5 million, driven by sales growth in men's and women's knitted products and fabrics [1] Revenue Performance - Revenue increased from HKD 2,786.2 million for the six months ending September 30, 2024, to HKD 2,830.5 million for the same period in 2025 [1] - The increase in revenue was primarily attributed to a rise in sales of men's and women's knitted products and fabrics, which saw total sales revenue increase by HKD 124.3 million to HKD 2,266.8 million [1] - However, this overall growth was offset by weak sales performance in cashmere yarn, which saw a revenue decline of HKD 227.0 million to HKD 191.5 million [1] Profitability - The company recorded a profit attributable to shareholders of HKD 336 million for the six months ending September 30, 2025, compared to HKD 298 million for the same period in 2024 [1] - The increase in net profit was mainly due to improved performance in the fabric business and sustained strong performance in men's and women's knitted products, leading to higher gross profit [1] - This increase in gross profit was partially offset by rising transportation costs due to increased shipping volumes and higher employee costs resulting from business expansion [1]

Core Points - New Australia Co., Ltd. experienced a stock price decline of 2.06% on November 17, trading at 8.10 yuan per share with a market capitalization of 5.915 billion yuan [1] - The company has seen a year-to-date stock price increase of 20.72%, with a 35.45% rise over the past 60 days [1] - As of September 30, the company reported a revenue of 3.894 billion yuan for the first nine months of 2025, reflecting a year-on-year growth of 0.60% [2] Financial Performance - The company’s main business revenue composition includes: fine wool yarn 56.11%, cashmere 30.77%, wool tops 11.87%, modified processing, dyeing and finishing, and cashmere processing 0.78%, and others 0.48% [1] - The net profit attributable to the parent company for the same period was 377 million yuan, showing a year-on-year increase of 1.98% [2] Shareholder Information - As of September 30, the number of shareholders increased by 8.80% to 16,000, with an average of 44,965 circulating shares per person, a decrease of 8.09% [2] - Since its A-share listing, the company has distributed a total of 1.372 billion yuan in dividends, with 643 million yuan distributed over the past three years [3]

Investment Rating - The investment rating for the company is "Outperform the Market" [5][3]. Core Views - The company has shown steady revenue growth in the third quarter, driven by cashmere sales, with a projected performance boost in the fourth quarter from fine wool products [1][3]. - The company has a significant inventory of low-cost raw materials, which positions it well to benefit from rising wool prices, with a 28% increase noted since June [2][3]. - The company expects to achieve both volume and price increases in its fine wool business in the fourth quarter, supported by a recovery in order intake [2][3]. Summary by Sections Financial Performance - For the first three quarters of 2025, the company reported revenue of 3.894 billion yuan, a year-on-year increase of 0.60%, and a net profit attributable to shareholders of 377 million yuan, up 1.98% year-on-year [1]. - The operating cash flow net amount was 244 million yuan, a decrease of 8.32% year-on-year [1]. - In the third quarter alone, the company achieved revenue of 1.34 billion yuan, a year-on-year increase of 1.90%, with a net profit of 107 million yuan, up 2.76% year-on-year [1]. Market Trends - The company has seen a robust increase in cashmere yarn sales, with double-digit growth driven by volume, while fine wool yarn sales experienced a slight decline due to lower sales volume [2]. - The company’s pricing strategy is expected to reflect the recent increases in raw material costs, with significant order growth noted in September [2]. Profitability Forecast - The company anticipates continued improvement in gross margins due to the favorable pricing environment, with gross margin increasing by 1.1 percentage points to 17.6% year-on-year [1]. - The profit forecast for 2025-2027 has been slightly adjusted upwards, with expected net profits of 460 million, 520 million, and 560 million yuan respectively, reflecting year-on-year growth rates of 7.1%, 12.4%, and 9.5% [3][4]. Valuation - The target price for the company is set between 7.90 and 8.60 yuan, corresponding to a price-to-earnings ratio (PE) of 13-14x for 2025 [3][5]. - The company’s market capitalization is approximately 5.828 billion yuan, with a closing price of 7.98 yuan [5].

Investment Rating - The investment rating for the company is "Outperform the Market" [5][3] Core Views - The company has shown steady revenue growth in the third quarter, driven by cashmere sales, with expectations for performance release in the fourth quarter due to improved margins from wool price increases [1][3] - The company has a significant inventory of low-cost raw materials, which positions it well to benefit from rising wool prices, with a 28% increase noted since June [2][3] - The cashmere yarn segment has experienced double-digit revenue growth, while the wool spinning segment is expected to see a recovery in both volume and pricing in the fourth quarter [2][3] Summary by Sections Financial Performance - For the first three quarters of 2025, the company achieved a revenue of 3.894 billion yuan, a year-on-year increase of 0.60%, and a net profit attributable to shareholders of 377 million yuan, up 1.98% year-on-year [1] - The operating cash flow for the period was 244 million yuan, a decrease of 8.32% year-on-year [1] - In the third quarter alone, the company reported a revenue of 1.34 billion yuan, a year-on-year increase of 1.90%, and a net profit of 107 million yuan, up 2.76% year-on-year [1] Market Trends - The company has seen a significant increase in orders since September, particularly in the wool segment, indicating a positive market response to rising prices [2][3] - The average selling price (ASP) for wool products is expected to increase in the fourth quarter, reflecting the delayed price transmission from the rising wool prices [2][3] Profitability Forecast - The company anticipates continued growth in net profit, with projections for 2025-2027 being 460 million, 520 million, and 560 million yuan respectively, reflecting year-on-year growth rates of 7.1%, 12.4%, and 9.5% [3][4] - The target price for the company's stock is set between 7.90 and 8.60 yuan, corresponding to a price-to-earnings (PE) ratio of 13-14x for 2025 [3][4]

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance in the coming months [4][7]. Core Insights - The company reported a revenue of 3.89 billion yuan for Q1-Q3 2025, reflecting a year-on-year increase of 1%, while the net profit attributable to shareholders was 380 million yuan, up 2% year-on-year [1]. - The gross profit margin improved by 0.9 percentage points to 20.2% for Q1-Q3 2025, indicating enhanced profitability [1]. - The report anticipates that rising wool prices since September 2025 will positively impact the company's order volume and sales in Q4 2025 [2][4]. Summary by Sections Financial Performance - For Q1-Q3 2025, the company's revenue was 3.89 billion yuan, with a net profit of 380 million yuan, and a non-recurring net profit of 370 million yuan, showing a 5% increase year-on-year [1]. - In Q3 alone, revenue reached 1.34 billion yuan, up 2% year-on-year, with a non-recurring net profit of 110 million yuan, reflecting an 11% increase [1]. - The gross profit margin for Q3 improved to 17.6%, a 1.1 percentage point increase year-on-year [1]. Business Segmentation - The report highlights that the cashmere yarn segment saw a year-on-year revenue growth of 10% to 20%, while the fine wool yarn segment experienced a decline in revenue [2]. - The gross profit margins for the fine wool and cashmere yarn segments were reported at 28.8% and 13.5% respectively for H1 2025, indicating steady improvement [2]. Future Outlook - The company is expected to see healthy revenue growth in Q4 2025 due to increased orders driven by rising wool prices and inventory replenishment needs [4]. - The report projects the net profit attributable to shareholders for 2025 to reach 455 million yuan, with further growth expected in subsequent years [4][6]. Capacity Expansion - The company is actively expanding its production capacity to meet growing customer demand, with several projects set to come online in 2025 [3]. - By the end of Q3 2025, the company's inventory increased by 14.7% year-on-year to 2.06 billion yuan, reflecting proactive inventory management [3].

Group 1 - The core point of the news is that Zhejiang Xin'ao Textile Co., Ltd. has seen a stock price increase of 5.04%, reaching 7.92 CNY per share, with a total market capitalization of 5.784 billion CNY [1] - The company was established on September 8, 1995, and went public on December 31, 2014. Its main business involves the research, production, and sales of wool yarn, wool tops, and cashmere yarn [1] - The revenue composition of the company's main business includes: fine wool yarn 56.11%, cashmere 30.77%, wool tops 11.87%, modified processing, dyeing, and cashmere processing 0.78%, and others 0.48% [1] Group 2 - From the perspective of fund holdings, one fund under Galaxy Fund has a significant position in Xin'ao shares. Galaxy Meili Mixed A (519664) reduced its holdings by 468,400 shares in the second quarter, retaining 1.1546 million shares, which accounts for 3.06% of the fund's net value [2] - The fund has achieved a floating profit of approximately 438,700 CNY today [2] - Galaxy Meili Mixed A was established on May 29, 2014, with a current scale of 169 million CNY. Year-to-date returns are 14.04%, ranking 5007 out of 8162 in its category; the one-year return is 14.87%, ranking 4628 out of 8024; and since inception, the return is 140.08% [2]

Summary of Xin'ao Co., Ltd. Conference Call Company Overview - Xin'ao Co., Ltd. is a leading wool spinning enterprise in China, serving renowned fashion brands such as Baosi and Prada. The company has a wool spinning capacity of 17,000 tons and cashmere yarn capacity of 3,300 tons by 2024. [2][3][6] Industry Insights - The cashmere industry is primarily based in China, which accounts for 60% of global production capacity. Xin'ao's integration with Zhongyin Cashmere has increased its cashmere revenue share to 31%, enhancing profitability. The company ranks second domestically and third globally in the cashmere market. [2][6] - The global demand for Merino wool remains stable, with China being the largest exporter. The market share is increasingly concentrated among leading companies, benefiting Xin'ao significantly. The domestic market is expected to grow at a compound annual growth rate (CAGR) of over 4%, driven by outdoor sports and sustainability trends. [2][7] Financial Performance - Xin'ao's revenue growth has slowed since 2023 due to international brand destocking, with projected revenue CAGR for the first half of 2023-2025 expected to be in single digits. Profit growth is also anticipated to slow correspondingly. [2][3] - The company has diversified its customer base, reducing the concentration of its top five customers to around 10%. [2][9] Operational Efficiency - Xin'ao has improved operational efficiency through enhanced marketing channel layouts, sales incentives, and increased production-sales ratios. The production-sales ratio for wool yarn remains above 94%, while cashmere yarn has improved to 99%. [2][9] Strategic Developments - Since implementing the broadband strategy in 2021, Xin'ao has diversified its customer structure and increased its marketing efforts across various regions, leading to a significant reduction in customer concentration. [9] - The company has also increased its R&D investments, launching innovative products such as wool and diacetate blended yarns, which have contributed to a steady increase in gross margins. [9][10] Future Outlook - Xin'ao is expected to maintain a double-digit CAGR over the next two to three years, supported by new capacity from its Vietnam and Ningxia projects. The cashmere business is projected to become a significant profit source, with a 70% increase in revenue and sales since acquiring Zhongyin Cashmere and UK-based Duncan Cashmere. [11][12] - The company’s ability to adapt to market changes, strong production capacity, and innovative R&D will help maintain robust growth and a prominent position in the global market. [12]

Investment Rating - The investment rating for the company is "Outperform the Market" [5][19][25] Core Views - The company has maintained stable performance in the first half of the year, with notable growth in cashmere yarn business, while overall revenue remained flat [1][2] - The company is a leading manufacturer in wool and cashmere spinning, with a slight decrease in revenue of 0.1% year-on-year to 2.55 billion yuan for the first half of 2025, and a net profit increase of 1.7% year-on-year to 270 million yuan [1][19] - The cashmere yarn business has shown rapid growth, benefiting from orders from Japanese companies, with revenue increasing by 16.6% year-on-year to 790 million yuan [2][19] Summary by Sections Financial Performance - The company's gross profit margin improved by 0.8 percentage points to 21.6%, driven by higher margins in fine wool spinning and wool strip businesses [1] - The financial expenses ratio decreased by 0.8 percentage points, mainly due to foreign exchange gains, with a net profit margin increase of 0.2 percentage points to 10.6% [1][19] Business Segments - Revenue from fine wool spinning decreased by 3.1% to 1.43 billion yuan, while cashmere yarn revenue increased by 16.0% to 790 million yuan [2] - The gross margin for fine wool spinning improved by 1.7 percentage points to 28.8%, while cashmere yarn's gross margin slightly decreased by 0.7 percentage points to 13.5% [2] Capacity Expansion - The company is advancing its capacity planning and optimizing its domestic and international production layout, with projects in Vietnam and Yinchuan expected to gradually release capacity in the second half of the year [3][19] - The company aims to enhance its global industrial layout through these initiatives, which are expected to contribute to sustainable development [3][19] Profit Forecast - The company is projected to achieve steady revenue and net profit growth in the first half of 2025, with cashmere business being the main driver of revenue growth [19] - The forecasted net profits for 2025-2027 are 440 million, 490 million, and 560 million yuan, representing year-on-year growth of 3.6%, 11.0%, and 14.3% respectively [19][21]

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance relative to the market index [5][8]. Core Views - The company has demonstrated stable performance in its financial results, with a slight increase in net profit and a steady revenue stream. The revenue for H1 2025 was 2.55 billion yuan, remaining flat year-on-year, while the net profit attributable to shareholders was 270 million yuan, reflecting a 2% increase [1][2]. - The company is expected to see an improvement in order volumes in H2 2025, driven by a recovery in demand for its products, particularly in the wool spinning segment [3][5]. - The company is actively expanding its production capacity and enhancing its international supply chain, which is anticipated to support future growth [4][5]. Financial Performance Summary - For H1 2025, the gross margin improved by 0.8 percentage points to 21.6%, while the net profit margin increased by 0.3 percentage points to 11.2% [1]. - In Q2 2025, the company reported a revenue of 1.45 billion yuan, with net profit also remaining stable at 170 million yuan, indicating consistent performance [2]. - The company’s inventory increased by 20.3% year-on-year to 2.19 billion yuan, with inventory turnover days rising by 24.3 days to 188.1 days, reflecting a strategic approach to raw material and finished goods stocking [4]. Business Segment Analysis - The company’s revenue from various business segments in H1 2025 showed mixed results, with wool spinning yarn revenue declining by 3%, while cashmere yarn revenue increased by 16% [3]. - The company’s vertical integration strategy across multiple production stages is expected to enhance its competitive edge in cost and efficiency [4]. Future Projections - The company is projected to achieve net profits of 441 million yuan, 498 million yuan, and 567 million yuan for the years 2025, 2026, and 2027 respectively, with a stable revenue outlook [5][7]. - The estimated P/E ratio for 2025 is 10 times, indicating a favorable valuation compared to industry peers [5][7].