证券代码：833394 证券简称：民士达 公告编号：2025-037 烟台民士达特种纸业股份有限公司 第六届监事会第六次会议决议公告 本公司及监事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连 带法律责任。 一、会议召开和出席情况 （一）会议召开情况 3.会议召开方式：现场方式 5.会议主持人：监事会主席田原女士 1.会议召开时间：2025 年 4 月 10 日 2.会议召开地点：烟台经济技术开发区太原路 3 号民士达会议室 4.发出监事会会议通知的时间和方式：2025 年 4 月 7 日 以邮件方式发出 6.召开情况合法、合规、合章程性说明： 本次会议的召集、召开、议案审查表决程序符合法律、法规和《公司章程》 的规定。 本议案不涉及回避表决。 本议案无需提交股东大会审议。 三、备查文件目录 《烟台民士达特种纸业股份有限公司第六届监事会第六次会议决议》 （二）会议出席情况 会议应出席监事 3 人，出席和授权出席监事 3 人。 二、议案审议情况 （一）审议通过《关于审议 2025 年第一季度报告》议案 1.议案内容： 公司根据北京 ...

（一）会议召开情况 证券代码：833394 证券简称：民士达 公告编号：2025-036 烟台民士达特种纸业股份有限公司 第六届董事会第九次会议决议公告 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，没有虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连 带法律责任。 一、会议召开和出席情况 1.会议召开时间：2025 年 4 月 10 日 2.会议召开地点：烟台经济技术开发区太原路 3 号民士达会议室 3.会议召开方式：现场方式 4.发出董事会会议通知的时间和方式：2025 年 4 月 7 日以邮件方式发出 5.会议主持人：董事长宋西全先生 6.会议列席人员：公司监事及其他高级管理人员 7.召开情况合法、合规、合章程性说明： 本次会议的召集、召开、议案审查表决程序符合法律、法规和《公司章程》 的规定。 （二）会议出席情况 会议应出席董事 9 人，出席和授权出席董事 9 人。 本议案无需提交股东大会审议。 二、议案审议情况 （一）审议通过《关于审议 2025 年第一季度报告》议案 1.议案内容： 公司根据北京证券交易所的《北京证券交易所上市公司业务办理指南第 6 号 — ...

Financial Performance - Net profit attributable to shareholders for Q1 2025 was CNY 30,550,526.07, representing a year-on-year increase of 49.92%[9] - Operating revenue for Q1 2025 was CNY 115,085,499.96, reflecting a growth of 27.43% compared to the same period last year[9] - The company reported a non-recurring profit of CNY 713,358.21 for the period, after accounting for tax effects[14] - Total operating revenue for Q1 2025 reached ¥115,085,499.96, a significant increase from ¥90,316,261.10 in Q1 2024, representing a growth of approximately 27.5%[35] - Net profit for Q1 2025 was ¥30,258,724.63, up from ¥18,998,534.03 in Q1 2024, indicating a growth of approximately 59.5%[36] - The company’s total comprehensive income for Q1 2025 was ¥30,258,724.63, compared to ¥18,998,534.03 in Q1 2024, reflecting an increase of approximately 59.5%[36] Cash Flow - The company's cash flow from operating activities increased by 18.22% to CNY 28,289,433.74 in Q1 2025[9] - Cash received from sales of goods and services increased by 56.20% to CNY 70,227,275.06 in Q1 2025[11] - Cash inflow from operating activities for Q1 2025 reached ¥71,930,116.21, a 45.8% increase from ¥49,365,063.92 in Q1 2024[41] - Net cash flow from operating activities for Q1 2025 was ¥28,289,433.74, compared to ¥23,930,089.41 in Q1 2024, reflecting a 18.5% growth[41] - Cash inflow from operating activities for the parent company in Q1 2025 was ¥70,796,698.66, up from ¥49,271,828.22 in Q1 2024, marking a 43.7% increase[43] - Net cash flow from operating activities for the parent company in Q1 2025 was ¥33,582,957.58, compared to ¥30,034,453.21 in Q1 2024, showing a 8.6% increase[44] Assets and Liabilities - Total assets as of March 31, 2025, reached CNY 990,753,584.46, an increase of 1.08% compared to the end of 2024[9] - The accounts receivable increased by 73.08% to CNY 62,012,536.02, driven by higher sales revenue[10] - The company's debt-to-asset ratio decreased to 21.78% for the parent company and 22.71% for the consolidated entity, down from 24.29% and 24.99% respectively[9] - Total liabilities decreased to ¥225,049,433.71 from ¥244,961,857.94, a reduction of about 8.14%[31] - Shareholders' equity rose to ¥765,704,150.75, compared to ¥735,191,182.36, reflecting an increase of approximately 4.14%[31] - Total current assets increased to 572,204,936.71 CNY from 560,670,501.07 CNY[29] Shareholder Information - The total share capital is 146,250,000 shares, with 4,907 common shareholders[17] - The largest shareholder, Taihe New Material Group Co., Ltd., holds 96,860,000 shares, representing 66.23% of total shares[19] - There are no pledged or judicially frozen shares among the top ten shareholders[20] Investment Activities - Investment cash outflows increased by 44.44% to CNY 65,000,000.00, indicating ongoing investment activities[11] - The company has a projected amount of 400,000,000 CNY for purchasing raw materials and services in 2025[23] - Total cash outflow from investment activities in Q1 2025 was ¥66,657,951.75, significantly higher than ¥55,147,048.73 in Q1 2024[42] - Net cash flow from investment activities for Q1 2025 was -¥58,647,869.56, compared to -¥5,024,923.16 in Q1 2024, indicating increased investment expenditures[42] Expenses - Total operating costs for Q1 2025 were ¥79,341,084.53, compared to ¥69,302,630.39 in Q1 2024, reflecting an increase of about 14.5%[35] - Research and development expenses for Q1 2025 were ¥5,420,261.28, slightly down from ¥5,795,010.18 in Q1 2024, showing a decrease of about 6.5%[35] - The company reported a decrease in sales expenses, which were ¥2,474,049.01 in Q1 2025, compared to ¥2,242,691.87 in Q1 2024, indicating a rise of about 10.3%[35] Other Information - The company has no major litigation or arbitration matters reported during the period[22] - The company has committed to timely disclosure of related party transactions, with a total of 37,000,000 CNY projected for sales of products and services in 2025[23] - The company has 36,206,110.50 CNY in frozen cash, accounting for 3.65% of total assets[25]

Financial Performance - The company reported a basic earnings per share of 0.2100 yuan for Q1 2025, representing a 50% increase compared to 0.1400 yuan in Q1 2024 [1] - Net profit for Q1 2025 was 0.31 billion yuan, up 55% from 0.20 billion yuan in Q1 2024 [1] - Operating revenue reached 1.15 billion yuan, a 27.78% increase from 0.90 billion yuan in the same period last year [1] - The return on equity (ROE) improved to 4.18% in Q1 2025, up 33.97% from 3.12% in Q1 2024 [1] Shareholder Structure - The top ten unrestricted shareholders collectively hold 847.4 million shares, accounting for 17.67% of the circulating shares, with an increase of 246.88 million shares compared to the previous period [1] - Key shareholders include Kaiyuan Securities Co., Ltd. with 160.03 million shares (3.34% of total shares) and a 5.51 million share increase [2] - New entrants among the top shareholders include Zhou Jian with 122.26 million shares (2.55% of total shares) [2] Dividend Policy - The company has announced that it will not distribute dividends or transfer shares in the current period [1]

Investment Rating - The investment rating for the company is "Buy" (maintained) with a current price of 28.46 yuan [2] Core Views - The company reported a revenue of 408 million yuan for 2024, representing a year-on-year growth of 19.82%, and a net profit attributable to the parent company of 101 million yuan, up 23.14% year-on-year [5][8] - The company is experiencing strong growth in high-end product categories, particularly in the honeycomb core material sector, which saw over 50% growth year-on-year [8] - The company is targeting three key growth areas: new energy, low-altitude economy, and aerospace, which are expected to drive demand for its aramid paper products [8] - The company maintains a positive long-term growth outlook, with projected net profits of 134 million, 162 million, and 199 million yuan for 2025, 2026, and 2027, respectively [8] Financial Summary - Total revenue is forecasted to grow from 340.47 million yuan in 2023 to 775.39 million yuan in 2027, with a compound annual growth rate (CAGR) of approximately 20.46% [7] - The net profit attributable to the parent company is expected to increase from 81.63 million yuan in 2023 to 198.92 million yuan in 2027, reflecting a CAGR of about 23.06% [7] - The company's return on equity (ROE) is projected to improve from 12.10% in 2023 to 15.92% in 2027 [7] - The earnings per share (EPS) is expected to rise from 0.56 yuan in 2023 to 1.36 yuan in 2027 [7] Market Performance - The company's stock has shown strong relative performance, with a 12-month relative return of 28.83% compared to the North China 50 index [4] - The stock price has fluctuated between a high of 31.88 yuan and a low of 11.00 yuan over the past 12 months [2]

Investment Rating - The investment rating for the company is upgraded to "Buy" [5] Core Views - The company is experiencing significant growth in the honeycomb core material sector, with a year-on-year increase of over 50%, establishing a dual platform of "technological moat + innovation incubator" [5] - The company is accelerating domestic substitution in its core business, with a forward-looking layout in flash-spun non-woven fabrics, RO membrane substrates, and wet multifunctional materials, which are expected to contribute to a second growth curve [6] - The company has increased its R&D expenditure to 27.02 million yuan in 2024, accounting for 6.6% of revenue, reflecting a year-on-year increase of 35% [6] - The company aims to become a global leader in high-performance functional paper-based materials through the development of new products [6] Financial Performance - In 2024, the company achieved an operating income of 408 million yuan, a year-on-year increase of 20%, and a net profit attributable to shareholders of 101 million yuan, up 23% year-on-year [7] - The company’s revenue from aramid paper reached 397 million yuan in 2024, with a year-on-year growth of 17% [7] - The company’s gross margin improved by 4.93 percentage points to 39% due to business structure optimization [7] - The projected net profits for 2025, 2026, and 2027 are 130 million yuan, 169 million yuan, and 209 million yuan, respectively, with corresponding EPS of 0.89 yuan, 1.16 yuan, and 1.43 yuan per share [8] Market Position - The company has successfully broken DuPont's global monopoly in aramid paper, becoming the first domestic manufacturer with a market share of 1st in China and 2nd globally [7] - The company’s products are widely used in aerospace, rail transportation, and new energy vehicles, with significant growth expected in these sectors [7] - The honeycomb core material sector is projected to grow over 50% year-on-year, driven by demand in new energy vehicles and electrical insulation applications [7]

一、 投资者关系活动类别 √特定对象调研 证券代码：833394 证券简称：民士达 公告编号：2025-034 烟台民士达特种纸业股份有限公司 投资者关系活动记录表 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，没有虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连 带法律责任。 √业绩说明会 □媒体采访 √现场参观 □新闻发布会 □分析师会议 □路演活动 □其他 二、 投资者关系活动情况 活动时间：2025 年 3 月 27 日至 2025 年 3 月 28 日 活动地点：公司会议室、烟台民士达特种纸业股份有限公司（以下简称"公 司"）在进门财经（https://s.comein.cn/ys2j2phz）举办 2024 年年度报告业绩 说明会。 参会单位及人员：东北证券股份有限公司、开源证券股份有限公司、汇添富 基金管理股份有限公司、中海基金管理有限公司、中信建投证券股份有限公司、 浙商证券股份有限公司、方正证券股份有限公司、粤开证券股份有限公司、东莞 证券股份有限公司、长江证券股份有限公司、国投证券股份有限公司、国金证券 股份有限公司、国联民生证券股份有限公司、国信 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is expected to benefit from increased production capacity targets for domestic large aircraft and new products that will open a second growth curve [1] - The revenue for 2024 is projected to be 408 million yuan, representing a year-on-year increase of 19.82%, with a net profit attributable to the parent company of 101 million yuan, up 23.14% [1] - The company has adjusted its profit forecasts for 2025-2026 and added a forecast for 2027, expecting net profits of 133 million yuan, 164 million yuan, and 192 million yuan respectively [1] Financial Summary - Revenue and profit projections for the company are as follows: - 2024: Revenue of 408 million yuan (+19.82%), net profit of 101 million yuan (+23.14%) - 2025: Revenue of 525 million yuan (+28.6%), net profit of 133 million yuan (+32.7%) - 2026: Revenue of 655 million yuan (+24.9%), net profit of 164 million yuan (+23.1%) - 2027: Revenue of 772 million yuan (+17.8%), net profit of 192 million yuan (+17.1%) [3][6] - The gross margin for 2024 is expected to be 37.49%, an increase of 3.49 percentage points [1] - The company’s earnings per share (EPS) for 2025-2027 are projected to be 0.91 yuan, 1.12 yuan, and 1.31 yuan respectively, with corresponding price-to-earnings (P/E) ratios of 30.0, 24.4, and 20.8 [1][3] Industry Insights - The demand for aramid paper honeycomb core materials is expected to surge due to rapid development in aerospace, rail transportation, and the rise of the new energy vehicle industry [2] - The C919 aircraft production capacity is planned to increase significantly, with a target of 50 aircraft in 2025, up from the previously stated 50 aircraft [2] - The company is also expanding its production capabilities with a new 1500-ton production line expected to be completed by mid-2025 [3]

二、 说明会召开的时间、地点 证券代码：833394 证券简称：民士达 公告编号：2025-033 烟台民士达特种纸业股份有限公司 2024 年年度报告业绩说明会预告公告 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，没有虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连 带法律责任。 一、 说明会类型 烟台民士达特种纸业股份有限公司（以下简称"公司"）于 2025 年 3 月 19 日在北京证券交易所官网（www.bse.cn）、中国证券报 www.cs.com.cn、上海证 券报 www.cnstock.com、证券日报网 www.zqrb.cn、证券时报 www.stcn.com 披 露了公司《2024 年年度报告》，为加强公司与投资者的沟通和交流，现定于 2025 年 3 月 28 日召开 2024 年年度报告业绩说明会。 电话参会： （+86）4001510269（中国） （一）会议召开时间：2025 年 3 月 28 日（星期五）15:00-16:30。 （二）会议召开地点 本次 2024 年年度报告业绩说明会将采用网络方式召开，投资者可登陆进门 财经（ht ...