Core Viewpoint - The company, Xingye Technology, has signed a strategic cooperation agreement with Suzhou Nengsida Electronic Technology Co., Ltd. to jointly develop flexible electronic skin based on natural leather and bio-based materials [1] Group 1: Strategic Cooperation - The collaboration aims to promote the application of technologically advanced fabrics in key components of humanoid robots, automotive seats, steering wheels, consumer electronics, smart wearable devices, footwear, and leather goods [1]

证券代码：002674 证券简称：兴业科技 公告编号：2025-051 兴业皮革科技股份有限公司 关于签署战略合作协议的自愿性信息披露公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假 公司名称：苏州能斯达电子科技有限公司 统一社会信用代码：9132059407637579XF 记载、误导性陈述或重大遗漏。 特别提示： 1、本次合作的业务是公司新的业务领域，相关技术还处于研发阶段，且该 业务领域市场尚未成熟，下游需求存在不确定性，后续对公司业绩的影响存在不 确定性。 2、本次签署的战略合作协议属于框架性协议，具体合作内容、相关业务实 施进度等事宜尚存在不确定性，不会对公司当期业绩产生重大影响。 3、公司将根据协议后续进展情况，按照有关规定履行相应的信息披露义务。 敬请广大投资者谨慎决策，注意投资风险。 一、签订战略合作协议概况 近日，兴业皮革科技股份有限公司（以下简称"公司"或"兴业科技"）与 苏州能斯达电子科技有限公司（以下简称"苏州能斯达"）签署《战略合作协议》， 拟共同研发基于天然皮革、生物基础材料的柔性电子皮肤。 根据《深圳证券交易所股票上市规则》及《公司章程》的规定，本次战略合 ...

Core Viewpoint - The company has signed a strategic cooperation agreement with Suzhou Nengsida Electronic Technology Co., Ltd. to jointly develop flexible electronic skin based on natural leather and bio-based materials [1] Group 1: Company Overview - The company focuses on the entire industry chain of natural leather, high-bio-based regenerated leather, and the development and application of environmentally friendly materials [1] - The collaboration aims to incubate flexible electronic skin products, enhancing the company's development in high-end new energy vehicle interior components, footwear, and luggage sectors [1] Group 2: Industry Implications - The partnership is expected to drive material innovation, providing downstream customers with more functional products [1] - The agreement is a framework document and will not have a significant impact on the company's current performance, but it is anticipated to positively influence the company's operating results in future years [1]

Group 1 - The textile manufacturing sector saw a slight increase of 0.07% on September 17, with Lianfa Co., Ltd. leading the gains [1] - The Shanghai Composite Index closed at 3876.34, up 0.37%, while the Shenzhen Component Index closed at 13215.46, up 1.16% [1] - Key stocks in the textile manufacturing sector included Lianfa Co., Ltd. with a closing price of 11.14, up 5.09%, and Huayi Group with a closing price of 54.66, up 3.72% [1] Group 2 - The textile manufacturing sector experienced a net outflow of 108 million yuan from main funds, while retail investors saw a net inflow of approximately 90.79 million yuan [2] - Notable stocks with significant fund flows included Lianfa Co., Ltd. with a main fund net inflow of 29.73 million yuan, and Wanshili with a net outflow of 29.57 million yuan from speculative funds [3] - The overall market sentiment showed a mixed trend, with some stocks like Lianfa Co., Ltd. attracting main fund interest while others faced outflows [3]

Market Overview - The textile manufacturing sector experienced a decline of 0.55% on September 12, with Xingye Technology leading the drop [1] - The Shanghai Composite Index closed at 3883.69, up 0.22%, while the Shenzhen Component Index closed at 12996.38, up 0.13% [1] Stock Performance - Notable gainers in the textile manufacturing sector included: - Baosheng Fashion (002042) with a closing price of 5.58, up 10.06% and a trading volume of 1.1243 million shares, totaling 610 million yuan [1] - Lixing Youxin (605189) closed at 15.25, up 4.17% with a trading volume of 54,600 shares, totaling 82.2744 million yuan [1] - Other stocks with minor gains included Xinlong Holdings (000955) at 4.90, up 1.45%, and Jiangnan High Fiber (600527) at 2.29, up 1.33% [1] Capital Flow - The textile manufacturing sector saw a net outflow of 42.4332 million yuan from institutional investors, while retail investors contributed a net inflow of 65.4528 million yuan [2] - The overall capital flow indicates a mixed sentiment, with institutional investors withdrawing funds while retail investors increased their positions [2] Individual Stock Capital Flow - Baosheng Fashion (002042) had a net inflow of 122 million yuan from institutional investors, while it faced a net outflow of 63.3103 million yuan from speculative funds [3] - Other stocks like Bailong Oriental (601339) and Weixing Co. (002003) also experienced varying degrees of net inflows and outflows from different investor categories [3]

Group 1 - The core viewpoint of the article highlights that Xingye Technology's subsidiary, Hongxing Automotive Leather, is currently a supplier for several major car manufacturers including Ideal, NIO, Jianghuai, and Chery [1] - With the arrival of the peak sales season for automobiles in the second half of the year, an increase in sales volume for multiple designated supply vehicle models is anticipated [1] - New designated supply vehicle models such as the Zun Jie S800 and the new NIO ES8 are expected to maintain strong market interest, which will likely lead to an increase in orders for Hongxing Automotive [1]

Group 1 - The core viewpoint is that the automotive sector is expected to perform well in the third and fourth quarters, driven by increased sales during the peak season [2] - The subsidiary, Hongxing Automotive Leather, is currently a supplier for several car manufacturers including Ideal, NIO, Jianghuai, and Chery, indicating a strong market presence [2] - The introduction of new designated supply models such as the Zun Jie S800 and the new NIO ES8 is anticipated to maintain market interest and contribute to sales growth [2] Group 2 - The increase in sales of designated supply models is expected to lead to a rise in orders for Hongxing Automotive [2]

Market Performance - The textile manufacturing sector increased by 1.86% on September 5, with Xingye Technology leading the gains [1] - The Shanghai Composite Index closed at 3812.51, up 1.24%, while the Shenzhen Component Index closed at 12590.56, up 3.89% [1] Key Stocks in Textile Manufacturing - Xingye Technology (002674) closed at 13.49, up 10.03% with a trading volume of 128,000 shares and a turnover of 167 million yuan [1] - Yeguangming (873527) closed at 22.20, up 4.87% with a trading volume of 60,800 shares and a turnover of 141 million yuan [1] - Nanshan Zhishang (300918) closed at 21.31, up 4.21% with a trading volume of 187,500 shares and a turnover of 39.5 million yuan [1] - Huazhong Fashion (002042) closed at 5.25, up 4.17% with a trading volume of 595,800 shares and a turnover of 308 million yuan [1] Capital Flow Analysis - The textile manufacturing sector saw a net inflow of 37.76 million yuan from institutional investors, while retail investors experienced a net outflow of 13.20 million yuan [2] - The main stocks with significant net inflows included Huazhong Fashion (2885.24 million yuan) and Xingye Technology (2417.08 million yuan) [3] Individual Stock Performance - Huazhong Fashion had a net inflow of 2885.24 million yuan, accounting for 9.37% of the total [3] - Xingye Technology experienced a net inflow of 2417.08 million yuan, representing 14.46% of the total [3] - Jin Chun Co. (300877) had a net inflow of 1786.58 million yuan, making up 11.36% of the total [3]

Market Overview - The textile manufacturing sector rose by 0.19% on September 4, while the Shanghai Composite Index fell by 1.25% to close at 3765.88 [1] - The Shenzhen Component Index decreased by 2.83% to close at 12118.7 [1] Top Performers - Night Light (夜光明) led the gains with a closing price of 21.17, up by 3.72% with a trading volume of 19,600 lots and a transaction value of 41.14 million [1] - Jin Chun Co., Ltd. (金春股份) followed closely with a closing price of 26.88, up by 3.70% and a trading volume of 52,000 lots, totaling a transaction value of 139 million [1] - Gu Mo Rong Material (古膜绒材) also performed well, closing at 26.64, up by 3.06% with a trading volume of 108,700 lots and a transaction value of 285 million [1] Underperformers - Yingfeng Co., Ltd. (迎丰股份) saw the largest decline, closing at 7.54, down by 9.59% with a trading volume of 331,100 lots and a transaction value of 252 million [2] - Nanshan Zhishang (南山智尚) decreased by 5.93%, closing at 20.45 with a trading volume of 199,800 lots and a transaction value of 425 million [2] - Ju Jie Microfiber (聚杰微纤) fell by 3.81%, closing at 24.24 with a trading volume of 40,700 lots and a transaction value of 102 million [2] Capital Flow - The textile manufacturing sector experienced a net outflow of 179 million from institutional investors, while retail investors saw a net inflow of 105 million [2] - Speculative funds had a net inflow of 73.85 million into the sector [2] Individual Stock Capital Flow - Gu Mo Rong Material (古膜绒材) had a net inflow of 8.63 million from institutional investors, while it faced a net outflow of 852.23 million from retail investors [3] - Jin Chun Co., Ltd. (金春股份) saw a net inflow of 6.17 million from institutional investors but a net outflow of 626.66 million from retail investors [3] - Notably, Nobon Co., Ltd. (诺邦股份) had a net inflow of 15.52 million from institutional investors, but retail investors experienced a net outflow of 1.50 million [3]

Investment Rating - The investment rating for the company is "Buy" with a target of outperforming the industry index by more than 15% over the next six months [4][17]. Core Viewpoints - The automotive interior leather business continues to grow rapidly, with a nearly 30% increase in the first half of the year. The company achieved a revenue of 1.339 billion yuan in the first half of 2025, representing a year-on-year growth of 6.16%, while the net profit attributable to the parent company was 31 million yuan, a decline of 45.32% [1][2]. - The company has established partnerships with several domestic automotive brands, including Li Auto, NIO, Chery, Geely, and Jianghuai, supplying various models [8]. - The company is leveraging opportunities in the new energy vehicle sector, with expectations for rapid growth in its automotive interior leather segment, which is anticipated to become a second growth curve for the company [8]. Financial Summary - Revenue is projected to grow from 2.7 billion yuan in 2023 to 3.738 billion yuan in 2027, with a compound annual growth rate (CAGR) of approximately 10.4% [1]. - The net profit attributable to the parent company is expected to decline from 186 million yuan in 2023 to 216 million yuan in 2027, with a notable drop in 2024 and 2025 [1]. - The company's return on equity (ROE) is forecasted to improve from 8.9% in 2023 to 9.6% in 2027 [1]. - The earnings per share (EPS) is expected to increase from 0.63 yuan in 2023 to 0.73 yuan in 2027 [1]. Margin and Cost Analysis - The gross margin for the company was stable at 20.49% in the first half of 2025, with a slight year-on-year increase of 0.13 percentage points. However, the net profit margin decreased to 4.76%, down 1.61 percentage points year-on-year due to rising expense ratios [2]. - The automotive interior leather segment showed a gross margin of 34.63%, an increase of 3.22 percentage points year-on-year, while the leather for shoes and bags had a gross margin of 15.68%, a decrease of 2.19 percentage points [2]. Production Capacity and Competitive Advantage - The company has a well-established production capacity with multiple manufacturing bases, including subsidiaries and joint ventures, which allows for effective resource integration and cost control [3]. - The diversified product matrix and sales channels enable the company to maintain a competitive edge in the leather industry, ensuring balanced consumption of raw materials and reducing fixed costs [3].