| 当前股价（港元） | 61.65 | | --- | --- | | 总市值（亿港元） | 926.7 | | 总股本（百万股） | 1503.2 | | 流通股本（百万股） | 1503.2 | | 52 周价格范围（港元） | 42.6-74.65 | | 日均成交额（百万港元） | 379.0 | 市场表现 2025 年 08 月 27 日 抗周期能力的再审视，卓越品质锻造行业标杆 买入(首次) 投资要点 分析师：娄倩 S1050524070002 louqian@cfsc.com.cn 基本数据 -30% -20% -10% 0% 10% 20% 30% 40% 申洲国际 资料来源：Wind，华鑫证券研究 —申洲国际（2313.HK）公司深度报告 ▌ 经营韧性再验证：生产复苏与财务稳健 申洲国际短期复苏已然明朗。虽然 2023 年收入承压，全年表 现不佳。但是，2024 年出现积极拐点，收入较上年度增加 14.8%。国内消费需求持续扩大，国外核心客户在结束 2023 年去库存需求后，订单量明显回升。日本市场优衣库订单占 比提升与美国市场运动类产品需求增长，受益于此，公司产 能利用率显著提升，释放出 ...

今年以来，枣庄市市中区税郭镇以"聚力突破、实干争先"为引领，锚定"创一流、打头阵"的战略定位， 聚焦"大抓工业、强镇富民"的目标导向，以培育壮大主导优势产业为核心竞争力，强招引、抓项目、重 技改、促转型，全力推动纺织服装、新型建材、铁精粉深加工、智能制造、仓储物流五大主导产业深度 融合与创新发展，推动镇域经济高质量发展。 纺织服装，全产业链锻造"针织名镇" 擦亮"中国针织服装名镇"金字招牌，税郭镇以产业提档升级和园区提升建设双轮驱动，推动纺织产业提 质增效发展。加快谋划实施工业供排水一体化等项目落地，提升园区承载能力。坚持技改焕新，实施山 东鲁瑞针织智能化高效染整技术改造、富祥针织绣品等技改项目，新上惠帝年产20万套高端服装设计与 加工一体化项目，推动传统纺织产业"机械换人"，加速向自动化、智能化转型，重塑产业竞争优势。1- 7月份，全镇纺织产业完成产值7.5亿元。 目前，全镇纺织服装企业达192家，形成集纺纱、织布、印花、刺绣、漂染、成衣加工为一体的外向型 全产业链条，年产纱线8000吨、针织服装1.75亿件，漂染布产能达3.42万吨，花色品种超200个，产品远 销30余个国家和地区。 智能制造，智能装备赋 ...

Group 1 - The core point of the news is the change of control in Taimushi, with the major shareholder, Xintai Investment, planning to transfer 32.81 million shares (29.99% of total shares) to Guangzhou Light Industry Group for 750 million yuan, at a price of 22.85 yuan per share, which is a discount of approximately 6.89% from the latest stock price [1] - The transfer of shares will result in Guangzhou Light Industry Group becoming the controlling shareholder, with the Guangzhou State-owned Assets Supervision and Administration Commission as the actual controller of the company [1] - The transaction requires approval from the Guangzhou State-owned Assets Supervision and Administration Commission and compliance confirmation from the Shenzhen Stock Exchange, indicating uncertainty regarding the final implementation [1] Group 2 - Taimushi had previously announced the intention to change control in June, with the share transfer and voting rights waiver outlined in a framework agreement, valuing the company at 2.5 billion yuan [2] - Guangzhou Light Industry Group plans to further increase its stake in Taimushi through a directed issuance of shares within three years after the transfer is completed [2] - Taimushi, listed in 2022, specializes in the R&D, production, and sales of knitted fabrics and garments, providing OEM services for well-known brands such as Decathlon and Anta [2] Group 3 - Taimushi's performance has been stable since its listing, with projected revenue of 908 million yuan in 2024, a year-on-year increase of 13.61%, and a net profit of 70.38 million yuan, up 7.96% [3] - The company primarily focuses on the domestic market, with approximately 77% of its revenue coming from domestic sales, while international sales are mainly from Europe, Japan, and South Korea [3] - Taimushi is advancing automation and smart manufacturing initiatives, with plans to continue the development of its smart projects and the construction of a smart factory in Liu'an by 2025 [3]

Core Viewpoint - The company Taimusi is set to transfer its controlling stake to Guangzhou Light Industry Group through a combination of share transfer and voting rights waiver, marking a significant change in ownership structure [1][4]. Group 1: Ownership Changes - Taimusi's controlling shareholder plans to transfer 29.99% of its shares at a total market value of 2.5 billion yuan, with the transfer price set between 90% of the closing price before the agreement and the limits set by regulatory authorities [3]. - After the transfer, the combined shareholding of the current actual controllers, Lu Biao and Yang Min, will decrease from 70.92% to 40.93%, and their voting rights will drop from 70.92% to 19.74%. Guangzhou Light Industry will hold 29.99% of shares and voting rights [4][5]. Group 2: Company Background - Guangzhou Light Industry is a large enterprise group that integrates industry and trade, recognized as one of China's top 100 light industry companies, with a history dating back to 1950 [6]. - Taimusi, established in August 1992 and listed on the Shenzhen Stock Exchange in January 2022, specializes in high-end fabric weaving, dyeing, and garment production, with an annual output of 6,000 tons of knitted fabrics and 20 million knitted garments [6]. - The company provides OEM services for well-known brands such as Decathlon, Anta, and Bosideng, but has not seen significant growth in revenue or profit since its listing, with 2022 revenue at 742 million yuan and a net profit of 76.84 million yuan [6]. Group 3: Stock Performance - Taimusi's stock experienced a notable surge, achieving a six-day consecutive increase from April 10 to April 17, with a total rise of over 100% from a low of 14.66 yuan to a high of 29.70 yuan [7].

Core Viewpoint - The strategic cooperation between Guangzhou Light Industry Group and Taimoshi has garnered significant market attention, with Guangzhou Light Industry Group aiming to enhance Taimoshi's business development through its advantages in channels, branding, and supply chain [2][3]. Group 1: Strategic Cooperation - Guangzhou Light Industry Group's strategic partnership with Taimoshi is a practical implementation of the Guangzhou municipal government's initiative to build a modern industrial system [2]. - Taimoshi will become the only listed platform for Guangzhou Light Industry Group's textile and apparel sector as the cooperation deepens [2]. - The partnership aims to leverage Guangzhou Light Industry Group's extensive sales network to expand Taimoshi's market reach and prioritize business opportunities for Taimoshi [2]. Group 2: Share Transfer Agreement - Taimoshi announced that its controlling shareholder, Rugao Xintai Investment Co., Ltd., plans to transfer 29.99% of its unrestricted circulating shares to Guangzhou Light Industry Group [3]. - If the transaction is successfully completed, Guangzhou Light Industry Group will become the controlling shareholder of Taimoshi, with the Guangzhou municipal government as the actual controller [3]. - The transaction price and key terms are yet to be finalized, indicating significant uncertainty [3]. Group 3: Company Background - Taimoshi, officially known as Jiangsu Taimoshi Knitting Technology Co., Ltd., was established in August 1992 and specializes in the R&D, production, and sales of knitted fabrics and garments [3]. - The company provides OEM services for well-known brands such as Decathlon, Semir, and Anta, among others [3]. - Guangzhou Light Industry Group is the first large-scale enterprise group in Guangzhou that integrates industry and trade, with the Guangzhou municipal government holding 90.03% of its shares [3].

Group 1 - The core point of the news is that Jiangsu Taimushi Textile Technology Co., Ltd. announced a share transfer agreement where its controlling shareholder, Rugao Xintai Investment Co., Ltd., plans to transfer 29.99% of its circulating shares to Guangzhou Light Industry Group, resulting in a change of control [2] - Following the announcement, Taimushi's stock price surged, closing at 24.16 yuan per share, a 10.02% increase, and continued to rise to 25.00 yuan in early trading the next day, marking a 3.48% increase [2] - Taimushi specializes in the research, production, and sales of high-end knitted fabrics and garments, providing OEM services for well-known brands such as Decathlon, Semir, and Anta [2] Group 2 - In the first quarter of this year, Taimushi reported a revenue of 218 million yuan, a year-on-year decrease of 11.12%, and a net profit attributable to shareholders of 21 million yuan, down 29.32% [3] - In the previous year, Taimushi achieved a revenue of 908 million yuan, with a year-on-year growth of 13.61%, and a net profit of 70 million yuan, reflecting a growth of 7.96% [3] - Guangzhou Light Industry Group, the new controlling shareholder, is a large enterprise group that integrates various industries and employs nearly 10,000 people, with a significant stake held by the Guangzhou Municipal Government [3]