[Table_scodeMsg1] 公司研究丨深度报告丨古麒绒材（001390.SZ） [Table_Title] "织"道系列 11——古麒绒材：国产羽绒材料 龙头，拓产开启增长新篇章 %% %% %% %% research.95579.com 1 丨证券研究报告丨 报告要点 [Table_Summary] 本篇报告针对古麒绒材这一国内高规格羽绒材料供应商龙头进行复盘，公司位于全国羽绒羽毛 材料出口大省安徽，具有显著区位优势，历史上原材料价格传导顺畅。依托强工艺水平，古麒 绒材积极参与多项国家标准制定，于 2017 年直接对接品牌客户后持续拓客&提份额，实现对头 部品牌客户的深度绑定，近年来产品结构优化显著，毛利率及净利率稳步提升，公司 2025 年 上市募资，新产能投放后有望打开更大市场空间。 分析师及联系人 [Table_Author] SAC：S0490518020002 SAC：S0490524110001 SFC：BUU942 于旭辉 柯睿 请阅读最后评级说明和重要声明 2 / 23 %% %% %% %% research.95579.com 2 [Table_scodeMsg2] 古麒绒材（ ...

[Table_scodeMsg1] 公司研究丨深度报告丨古麒绒材（001390.SZ） [Table_Title] "织"道系列 11——古麒绒材：国产羽绒材料 龙头，拓产开启增长新篇章 %% %% %% %% research.95579.com 1 丨证券研究报告丨 2 [Table_scodeMsg2] 古麒绒材（001390.SZ） cjzqdt11111 报告要点 [Table_Summary] 本篇报告针对古麒绒材这一国内高规格羽绒材料供应商龙头进行复盘，公司位于全国羽绒羽毛 材料出口大省安徽，具有显著区位优势，历史上原材料价格传导顺畅。依托强工艺水平，古麒 绒材积极参与多项国家标准制定，于 2017 年直接对接品牌客户后持续拓客&提份额，实现对头 部品牌客户的深度绑定，近年来产品结构优化显著，毛利率及净利率稳步提升，公司 2025 年 上市募资，新产能投放后有望打开更大市场空间。 分析师及联系人 [Table_Author] 于旭辉 柯睿 SAC：S0490518020002 SAC：S0490524110001 SFC：BUU942 请阅读最后评级说明和重要声明 2 / 23 %% %% %% ...

证券日报网讯2月25日，古麒绒材（001390）在互动平台回答投资者提问时表示，2025年度经营业绩相 关情况，请以公司后续披露的年度报告为准，敬请留意公告。 ...

Group 1 - The company, Guqi Down Material (001390.SZ), primarily produces high-specification down materials [1] - The main customers are brand owners and large down product manufacturers [1] - Currently, the company has not launched a down material recycling business for down products [1]

Core Viewpoint - The company, Guqi Wool Material (001390), indicated that its product pricing is influenced by multiple factors including raw material prices, product specifications, order requirements, and market supply and demand [1] Pricing Strategy - The company will adjust product prices based on specific order conditions to ensure stable operations [1]

Core Viewpoint - The company, Guqi Down Materials (001390), is a major supplier of high-end down materials in China and maintains stable production and operations based on market demand and order conditions [1]. Group 1 - The company emphasizes its commitment to organizing production and inventory based on market demand and order status [1]. - The current production and operational situation of the company is stable [1].

Group 1 - The core viewpoint of the article is that the inventory scale of Guqi Rongcai (001390) is closely related to multiple factors, including the company's operational strategy and long-term business objectives [1] Group 2 - The company indicated that specific related data should be referenced from its periodic reports [1]

Core Insights - The stock of Guqi Down Material increased by 0.08% on January 21, with a transaction volume of 86.02 million yuan [1] - The financing buy amount for Guqi Down Material on the same day was 7.82 million yuan, while the financing repayment was 8.12 million yuan, resulting in a net financing outflow of 300,000 yuan [1] - As of January 21, the total balance of margin trading for Guqi Down Material was 90.21 million yuan, accounting for 7.09% of its market capitalization [1] Financing Summary - On January 21, Guqi Down Material had a financing buy amount of 7.82 million yuan, with a current financing balance of 90.21 million yuan [1] - The financing balance represents 7.09% of the company's circulating market value [1] Margin Trading Summary - On January 21, there were no shares repaid or sold in margin trading for Guqi Down Material, resulting in a margin trading balance of 0 [1] Company Overview - Guqi Down Material Co., Ltd. is located in the Economic Development Zone of Nanling County, Wuhu City, Anhui Province, established on October 15, 2001, and listed on May 29, 2025 [1] - The company's main business involves the research, production, and sales of high-specification down products, with revenue composition: duck down products 60.66%, goose down products 38.61%, and others 0.73% [1] Financial Performance - For the period from January to September 2025, Guqi Down Material achieved an operating income of 763 million yuan, a year-on-year increase of 0.30% [1] - The net profit attributable to the parent company was 139 million yuan, reflecting a year-on-year growth of 0.99% [1] - As of September 30, the number of shareholders was 23,300, a decrease of 23.62% from the previous period, while the average circulating shares per person increased by 30.92% to 2,101 shares [1]

Core Viewpoint - The company, Guqi Rongcai, addressed investor inquiries regarding dividend distribution and expressed commitment to adhere to relevant laws and regulations while considering its financial status before making any decisions on dividends [1] Group 1: Dividend Inquiry - Investors expressed a desire for a higher dividend distribution, suggesting options such as a 10-for-5 or 10-for-6 stock split, especially in light of the China Securities Regulatory Commission's encouragement for pre-New Year dividends to boost consumer spending [1] - The company responded that any dividend proposal would require board recommendations and shareholder approval, emphasizing adherence to legal and regulatory frameworks [1]

Group 1 - The company, Guqi Rongcai (001390), emphasizes its commitment to focusing on its core business and enhancing its core competitiveness [1] - The company aims to create long-term stable investment returns for its shareholders while actively fulfilling its social responsibilities [1]