Investment Rating - The report assigns a "Buy" rating for Jiangsu Guotai with a target price of 10.21 CNY over the next six months, compared to the current price of 7.76 CNY [1]. Core Insights - Jiangsu Guotai is a leading foreign trade supply chain service company, with a significant portion of its revenue derived from overseas sales, which accounted for 79% in the first half of 2024. The company has established production bases in countries like Myanmar, Vietnam, Cambodia, and Bangladesh, allowing for flexibility in trade and effective avoidance of trade barriers [5][11]. - The company plans to continue expanding its production entities and overseas institutions to enhance its supply chain integration and adapt to global market changes [5][11]. - The financial health of Jiangsu Guotai is strong, with cash and cash equivalents totaling approximately 226.6 billion CNY, which is 1.8 times its current market capitalization. The company has a debt-to-asset ratio of 50.15% [5][11]. Summary by Sections Company Overview - Jiangsu Guotai, established in May 1998, is headquartered in Zhangjiagang, Jiangsu Province. It focuses on supply chain services and chemical new energy, integrating R&D, production, and financial investment [9]. Industry Analysis - The report highlights a rising demand for textile and apparel products in overseas markets, driven by inventory replenishment after previous stock reductions. China's textile and apparel exports are expected to grow, particularly in emerging markets [21][23]. Business Model - Jiangsu Guotai is transitioning from "China supply chain integration" to "global supply chain integration," with a focus on expanding its market presence in the U.S., EU, and Southeast Asia. The company reported a 9% increase in total import and export volume in the first half of 2024 [36]. Financial Highlights - In 2023, the company's total revenue was 371.9 billion CNY, a decrease of 13.2% year-on-year. However, the gross profit margin slightly increased due to favorable currency exchange rates. The company plans to implement a mid-term dividend in 2024, reflecting its strong cash position [48][53]. Earnings Forecast and Valuation - The report forecasts Jiangsu Guotai's net profit for 2024-2026 to be 11.1 billion CNY, 12.4 billion CNY, and 13.5 billion CNY, respectively. The estimated book value per share (BPS) for 2025 is projected to be 10.21 CNY, corresponding to a price-to-book (PB) ratio of 0.8 [5][64].

Investment Rating - The report assigns a "Buy" rating for Jiangsu Guotai with a target price of 10.21 CNY over the next six months, compared to the current price of 7.76 CNY [1]. Core Insights - Jiangsu Guotai's overseas sales accounted for 79% of total revenue in the first half of 2024, supported by a diversified production base in countries like Myanmar, Vietnam, Cambodia, and Bangladesh, which enhances trade flexibility and mitigates trade barriers [1][11]. - As of the end of Q3 2024, the company's cash and financial assets totaled approximately 226.6 billion CNY, which is 1.8 times its market capitalization, with a debt-to-asset ratio of 50.15% [1][53]. - The projected net asset value per share for 2025 is 10.21 CNY, corresponding to a price-to-book (PB) ratio of 0.8, which is within the historical 25th percentile [1]. Summary by Sections Company Overview - Jiangsu Guotai, established in May 1998 and headquartered in Zhangjiagang, Jiangsu, is a leading foreign trade supply chain service company, primarily engaged in the import and export of consumer goods such as textiles and toys [9]. Industry Analysis - The report highlights a steady recovery in overseas markets, with a positive growth trend in textile and apparel demand as inventory replenishment progresses in 2024 [21][23]. - Emerging markets are identified as significant growth drivers for textile exports, with a notable increase in exports to ASEAN countries [23]. Business Model - Jiangsu Guotai is transitioning from "China supply chain integration" to "global supply chain integration," with a focus on expanding production bases and enhancing supply chain management [36][11]. - The company employs a sales-driven production model, ensuring flexibility and responsiveness to market demands [36]. Financial Highlights - In 2023, the total revenue was 371.9 billion CNY, reflecting a 13.2% decline, primarily due to challenges in the textile and chemical sectors [48]. - The company plans to implement a mid-term dividend in 2024, with a cash dividend of 0.1 CNY per share, indicating a commitment to shareholder returns [60]. Earnings Forecast and Valuation - The report forecasts net profits for 2024-2026 to be 11.1 billion CNY, 12.4 billion CNY, and 13.5 billion CNY, respectively, with corresponding PB ratios of 0.8, 0.8, and 0.7 [1][64].

| 证券代码：002091 | 证券简称：江苏国泰 | 公告编号：2025-07 | | --- | --- | --- | | 转债代码：127040 | 转债简称：国泰转债 | | 江苏国泰国际集团股份有限公司 关于使用暂时闲置募集资金进行现金管理的进展公告 本公司及董事会全体成员保证信息披露内容的真实、准确、完整，没有虚假记载、误导 性陈述或重大遗漏。 根据上述决议，公司全资子公司江苏国泰紫金科技发展有限公司（以下简称"紫金科技"） 向中信银行股份有限公司南京城南支行购买了326.00万元共赢智信汇率挂钩人民币结构性 存款21145期。 江苏国泰国际集团股份有限公司（以下简称"公司"）于2024年9月11日召开2024年第二 次临时股东大会，审议通过《关于使用暂时闲置募集资金进行现金管理的议案》，同意公司 （含子公司）在不影响募集资金投资项目建设及正常经营的前提下，使用不超过人民币2.5亿 元（含本数）的暂时闲置募集资金（含利息）进行现金管理，资金自股东大会审议通过之日 起12个月内滚动使用，期限内任一时点的现金管理金额（含前述投资的收益进行再投资的相 关金额）不超过2.5亿元。详细内容见2024年8月 ...

Financial Performance - Total revenue for 2024 reached ¥38,938,728,833.03, an increase of 4.71% compared to the previous year[5] - Operating profit decreased by 26.35% to ¥2,548,975,095.48, while total profit fell by 26.30% to ¥2,560,909,982.99[5] - Net profit attributable to shareholders was ¥1,114,725,523.57, down 30.50% year-on-year[5] - The net profit after deducting non-recurring gains and losses was ¥1,056,521,029.37, a decrease of 30.18%[5] - Basic earnings per share dropped by 31.31% to ¥0.68[5] Assets and Equity - Total assets at the end of the reporting period were ¥44,591,371,321.43, reflecting a 3.37% increase from the beginning of the period[6] - Shareholders' equity attributable to the parent company increased by 3.00% to ¥15,700,447,526.53[6] Challenges and Strategies - The decline in profitability was primarily due to adverse impacts on the new energy sector from raw material costs and industry competition[6] - The company is accelerating its global expansion and increasing the construction of overseas factories to mitigate geopolitical and trade protectionism impacts[6] - The company reported a steady growth in the supply chain services sector, with sufficient orders despite rising operational costs[6]

Core Viewpoint - Recently, Henan Hantai Clothing Co., Ltd. was established with a registered capital of 10 million yuan, indicating a new player in the clothing and textile industry [1] Company Summary - The legal representative of Henan Hantai Clothing Co., Ltd. is Yu Min [1] - The company is fully owned by Jiangsu Guotai Huasheng Industrial Co., Ltd., a subsidiary of Jiangsu Guotai (002091) [1] Business Scope - The business scope of Henan Hantai includes embroidery processing, manufacturing of clothing accessories, clothing manufacturing, apparel manufacturing, production of labor protection products, spinning processing, fabric textile processing, leather products manufacturing, and toy sales [1]

| 证券代码：002091 | 证券简称：江苏国泰 | 公告编号：2025-05 | | --- | --- | --- | | 转债代码：127040 | 转债简称：国泰转债 | | 根据上述决议，公司向中信证券股份有限公司张家港人民中路证券营业部购 买了300万元中信证券股份有限公司安享信取系列2477期收益凭证。 江苏国泰国际集团股份有限公司 关于使用暂时闲置的公开发行可转换公司债券募集资金 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 江苏国泰国际集团股份有限公司（以下简称"公司"）于2024年9月11日召开 2024年第二次临时股东大会，审议通过《关于使用暂时闲置的公开发行可转换公 司债券募集资金进行现金管理的议案》，同意公司使用不超过人民币37亿元（含 本数）的暂时闲置的公开发行可转换公司债券募集资金（含收益）进行现金管理， 在上述额度内，资金可以在股东大会审议通过之日起12个月内滚动使用，期限内 任一时点的现金管理金额（含前述投资的收益进行再投资的相关金额）不超过审 议额度，单个产品使用期限不超过12个月。详细内容见2024年8月24日公司指定 ...

| 证券代码：002091 | 证券简称：江苏国泰 | 公告编号：2025-03 | | --- | --- | --- | | 转债代码：127040 | 转债简称：国泰转债 | | 江苏国泰国际集团股份有限公司 关于使用暂时闲置的公开发行可转换公司债券募集资金 进行现金管理的进展公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 江苏国泰国际集团股份有限公司（以下简称"公司"）于2024年9月11日召开 2024年第二次临时股东大会，审议通过《关于使用暂时闲置的公开发行可转换公 司债券募集资金进行现金管理的议案》，同意公司使用不超过人民币37亿元（含 本数）的暂时闲置的公开发行可转换公司债券募集资金（含收益）进行现金管理， 在上述额度内，资金可以在股东大会审议通过之日起12个月内滚动使用，期限内 任一时点的现金管理金额（含前述投资的收益进行再投资的相关金额）不超过审 议额度，单个产品使用期限不超过12个月。详细内容见2024年8月24日公司指定 信 息 披 露 报 纸 《 证 券 时 报 》 和 指 定 信 息 披 露 网 站 巨 潮 资 讯 网 htt ...

江苏国泰国际集团股份有限公司（以下简称"公司"）于2024年9月11日召开2024年第二 次临时股东大会，审议通过《关于使用暂时闲置募集资金进行现金管理的议案》，同意公司 （含子公司）在不影响募集资金投资项目建设及正常经营的前提下，使用不超过人民币2.5亿 元（含本数）的暂时闲置募集资金（含利息）进行现金管理，资金自股东大会审议通过之日 起12个月内滚动使用，期限内任一时点的现金管理金额（含前述投资的收益进行再投资的相 关金额）不超过2.5亿元。详细内容见2024年8月24日公司指定信息披露报纸《证券时报》和 指定信息披露网站巨潮资讯网http://www.cninfo.com.cn《江苏国泰：关于使用暂时闲置募集 资金进行现金管理的公告》。 根据上述决议，公司全资子公司上海漫越国际贸易有限公司（以下简称"漫越国际"） 向交通银行上海江桥支行购买了2,700.00万元交通银行蕴通财富定期型结构性存款103天（挂 钩汇率看跌）。 | 证券代码：002091 | 证券简称：江苏国泰 | 公告编号：2025-04 | | --- | --- | --- | | 转债代码：127040 | 转债简称：国泰转债 | | ...

Group 1: Company Performance and Strategy - The company achieved a revenue of ¥29,007,037,114.01 from January to September 2024, representing a year-on-year increase of 2.18% [3] - The net profit attributable to shareholders for the same period was ¥887,791,670.67, showing a year-on-year decrease of 26.12% [3] - The company focuses on supply chain services and chemical new energy, aiming to provide comprehensive value-added services [4] Group 2: Risk Management and Compliance - The company closely monitors international market conditions and trade regulations, adjusting its operational strategies accordingly [2] - It emphasizes the construction of overseas production bases to mitigate risks associated with international trade [2] - The company has implemented measures for cost management and internal risk control to enhance profitability and risk resistance [2] Group 3: Corporate Governance and Shareholder Returns - Compensation for directors, supervisors, and senior management is based on a dual structure of basic and performance-based pay, linked to annual performance evaluations [2] - The company is committed to shareholder returns and will continue to develop profit distribution plans considering investor feedback and actual conditions [2] - Future plans for share buybacks will be disclosed in accordance with legal obligations [4] Group 4: Expansion and Development Plans - The company is focused on strengthening its core supply chain services and enhancing operational capabilities for sustainable development [4] - The Myanmar industrial park projects have been completed and are in operation, with cautious advancement due to the complex political situation [4] - Other convertible bond fundraising projects are progressing smoothly [5] Group 5: Currency and Supply Chain Management - The company primarily conducts trade settlements in USD, and currency fluctuations can impact trade scale and profitability [6] - It has adopted forward foreign exchange contracts and adjusts operational strategies to manage currency risk [6] - The company is expanding its sourcing bases internationally, particularly in Southeast Asia and Africa, to enhance its supply chain capabilities [6]

| | | 证券代码：002091 证券简称：江苏国泰 公告编号：2025-01 转债代码：127040 转债简称：国泰转债 江苏国泰国际集团股份有限公司 关于2024年第四季度可转换公司债券转股情况公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，不存在虚假记 载、误导性陈述或者重大遗漏。 特别提示： 可转债代码：127040 可转债简称：国泰转债 转股价格：人民币8.12元/股 转股时间：2022年1月13日至2027年7月6日 根据《深圳证券交易所股票上市规则》、《深圳证券交易所可转换公司债券交 易实施细则》的有关规定，江苏国泰国际集团股份有限公司（以下简称"公司" 或"江苏国泰"）现将2024年第四季度可转换公司债券（以下简称"可转债"）转 股及公司股份变动情况公告如下： 一、 可转债发行上市情况 经中国证券监督管理委员会"证监许可〔2021〕1181号"文《关于核准江苏 国泰国际集团股份有限公司公开发行可转换公司债券的批复》的核准，公司于 2021年7月7日公开发行了45,574,186张可转债，每张面值100元，发行总额为人民 币455,741.86万元，期限6年。 经深圳证券交易所（以 ...