On August 27, 2026, Anhui Korrun Co., Ltd. (300577) announced that it welcomed a delegation of analysts from numerous prominent financial institutions for a research visit. The participating institutions included CICC, Kaiyuan Securities, Huaxi Securities, Guosen Securities, Shanghai Shenzhi Asset, Zheshang Securities, GF Securities, Northeast Securities, Shenwan Research, Fullgoal Fund, Industrial Securities, Guotai Haitong Securities, Minghe Investment, Changjiang Securities, Beijing Xiangguo Asset, Everbright Securities, Cinda Securities, Noah Fund, Shanxi Securities, China Galaxy Securities, Shanghai Wanfeng Youfang, Yimi Fund, Tianfeng Securities, Gengji Investment, Juhe Capital, Huatai Securities, Guosheng Securities, Pengyang Fund, Modern International (Hong Kong), Zhongbing Fortune, CITIC Securities, China Merchants Securities, and Sinolink Securities.
The discussions covered the company's financial performance and strategic developments. Management first presented the results for the first half of 2026. In the OEM manufacturing segment, revenue reached RMB 2.307 billion, a year-on-year increase of 9.99%. Luggage manufacturing generated RMB 1.444 billion, up 1.76% and maintaining steady growth. Garment manufacturing brought in RMB 863.34 million, surging 27.18%, highlighting the strong momentum of the company's second growth curve.
Regarding capacity utilization, the company has deepened its digitalization and lean management efforts to boost operational efficiency across the entire chain. The luggage capacity utilization rate hit 94.55%, up 1.16 percentage points year-on-year. The garment capacity utilization rate reached 60.57%, a significant increase of 9.84 percentage points compared to the same period last year.
During the first half of 2026, Anhui Korrun received numerous awards in R&D and product development. Its wholly-owned subsidiary, Shanghai Jiale, won the "Excellence Award Product" in the China Fashion Trends competition for its "Light Brushed Melange Fabric." Four other fabrics were selected for inclusion in the "2026 Printed and Dyed Fabric Innovation Product Catalog." Shanghai Jiale was also named a partner in the "China Fiber Fashion Trends 2026/2027" program, guided by the Ministry of Industry and Information Technology. Additionally, the company's proprietary brand "90Fen" won the Gold Award at the 2026 MUSE Design Awards in the United States for its "Dundun Box Max" product.
Regarding shareholder returns, the company has proposed an interim dividend plan for the first half of 2026. Based on a share count of 239,045,010 shares, the company intends to distribute RMB 2.65 (tax-inclusive) in cash dividends for every 10 shares, totaling RMB 63.35 million. No share transfers or capital reserve conversions are planned. Should the share capital change between the announcement and implementation, the distribution ratio will be adjusted to maintain the total payout. The proposal is subject to approval by the shareholders' meeting.
Anhui Korrun Co., Ltd. focuses on the R&D, design, production, and sale of casual bags, luggage, business bags, apparel, and related accessories. According to its 2026 interim report, the company posted total revenue of RMB 2.549 billion for the first half, up 5.02% year-on-year. Net profit attributable to shareholders reached RMB 211 million, up 13.06%, while non-GAAP net profit grew 16.29% to RMB 210 million. In the second quarter alone, revenue rose 8.21% year-on-year to RMB 1.292 billion, with attributable net profit up 10.82% to RMB 112 million and non-GAAP net profit up 3.16% to RMB 100 million. The debt-to-asset ratio stood at 62.18%, investment income was RMB -10.52 million, financial expenses were RMB 30.14 million, and the gross margin was 23.76%. Over the last 90 days, six institutions have issued ratings on the stock, including five "Buy" ratings and one "Accumulate" rating, with an average target price of RMB 27.21.