Market Overview - The paper sector increased by 0.57% on August 18, with Hengda New Materials leading the gains [1] - The Shanghai Composite Index closed at 3728.03, up 0.85%, while the Shenzhen Component Index closed at 11835.57, up 1.73% [1] Individual Stock Performance - Hengda New Materials (301469) closed at 31.69, up 5.95% with a trading volume of 50,600 and a turnover of 158 million [1] - ST Morning (000488) closed at 2.30, up 3.60% with a trading volume of 477,500 and a turnover of 109 million [1] - BoHui Paper (600966) closed at 5.17, up 2.78% with a trading volume of 315,500 and a turnover of 164 million [1] - Other notable performers include Minshida (833394) up 2.67%, Huawang Technology (605377) up 2.58%, and Hengfeng Paper (600356) up 2.46% [1] Capital Flow Analysis - The paper sector experienced a net outflow of 57.59 million from institutional investors and 13.46 million from speculative funds, while retail investors saw a net inflow of 71.05 million [2] - Notable net inflows from retail investors were observed in Sun Paper (002078) with 49.32 million, and Hengfeng Paper (600356) with 14.96 million [3] - Conversely, significant net outflows from institutional investors were noted in Sun Paper (-36.67 million) and Hengda New Materials (-28.62 million) [3]

Group 1: Market Developments - The Beijing Stock Exchange (BSE) is approaching the full implementation of the "920" code era, with the first nationwide test for stock code switching scheduled for August 16, 2025[1] - As of August 15, 2025, 26 companies listed on the BSE reported positive revenue growth, with 23 companies showing year-on-year revenue growth and 19 companies reporting positive net profit growth[7] - The BSE 50 Index increased by 2.40% this week, with the average daily trading volume rising to 261 billion yuan[9] Group 2: Financial Performance - Among the 26 companies, the median revenue growth rate was 17%, while the median net profit growth rate was 27%[7] - Seven companies, including JINBO Biology and MINSHIDA, reported revenue and net profit growth rates exceeding 20%[7] - The overall price-to-earnings (PE) ratio for BSE A-shares is currently at 52X, reflecting a slight increase from 51.64X[12] Group 3: New Listings and IPOs - A total of 32 companies have been newly listed on the BSE from January 1, 2024, to August 15, 2025, with the average issuance PE ratio being 14.51X[18] - One new company, Zhigao Machinery, was listed this week, while two companies have passed the review process[27] - The average first-day price fluctuation for newly listed companies is 248%, with a median fluctuation of 236%[24]

Group 1 - In the past month (from July 16 to August 15), 21 companies listed on the Beijing Stock Exchange (BSE) were investigated by institutions, with Minshida being the most notable, attracting 96 participating institutions [1][2] - The types of institutions conducting the research included 17 brokerages, 10 funds, 10 private equity firms, 4 insurance companies, and 2 overseas institutions [1] - The companies that received the most attention after Minshida were Tonghui Electronics, Huami New Materials, and Haineng Technology, with 65, 55, and 46 participating institutions respectively [1] Group 2 - The most frequently investigated companies included Taihu Snow, Hanwei Technology, and Hengli Drilling Tools, each receiving two rounds of institutional research [2] - On average, the companies that were investigated saw an increase of 18.33% in their stock prices over the month, with 14 companies experiencing price increases [2] - The top performers in terms of stock price increase were Hengli Drilling Tools (up 145.00%), Huami New Materials (up 67.22%), and Haineng Technology (up 57.15%) [2] Group 3 - The average market capitalization of all companies on the BSE was 3.183 billion yuan, while the average market capitalization of the companies that were investigated was 4.029 billion yuan [2] - The companies with the highest market capitalization among those investigated included Xingtum Measurement and Control, Parallel Technology, and Guangxin Technology [2] - The average daily turnover rate for the investigated companies was 7.28%, with Hengli Drilling Tools, Wanyuantong, and Guangxin Technology leading in turnover rates at 22.25%, 17.17%, and 14.47% respectively [2]

Group 1 - In the past month (from July 15 to August 14), 20 companies listed on the Beijing Stock Exchange (BSE) were investigated by institutions, with Minshida being the most notable, attracting 96 participating institutions [1][2] - The types of institutions conducting the research included 16 brokerages, 9 funds, 9 private equity firms, 3 insurance companies, and 2 overseas institutions [1] - The companies that received the most attention after Minshida were Tonghui Electronics, Huami New Materials, and Taihu Snow, with 65, 55, and 40 participating institutions respectively [1] Group 2 - The most frequently investigated companies included Taihu Snow, Hanwei Technology, and Hengli Drilling Tools, each receiving two rounds of institutional research [2] - On average, the companies that were investigated saw an increase of 11.22% in their stock prices over the month, with Hengli Drilling Tools, Huami New Materials, and Guangxin Technology leading the gains at 139.87%, 56.60%, and 31.30% respectively [2] - The average market capitalization of all companies on the BSE was 3.092 billion yuan, while the average market capitalization of the investigated companies was 3.988 billion yuan [2] Group 3 - The average daily turnover rate for the investigated companies was 7.40%, with Hengli Drilling Tools, Wanyuantong, and Guangxin Technology having the highest turnover rates at 21.71%, 16.81%, and 14.96% respectively [2] - A detailed list of investigated companies includes Minshida, Tonghui Electronics, Huami New Materials, and others, with their respective stock prices and percentage changes noted [2][3]

Group 1 - In the past month (from July 13 to August 12), 20 companies listed on the Beijing Stock Exchange (BSE) were investigated by institutions, with Minshida being the most notable, receiving attention from 96 institutions [1] - The types of institutions conducting the research included 16 brokerages, 9 funds, 8 private equity firms, 2 insurance companies, and 1 overseas institution [1] - The companies that received the most institutional attention after Minshida were Tonghui Electronics, Taihu Snow, and Huaguang Yuanhai, with 65, 36, and 20 institutions participating in their investigations, respectively [1] Group 2 - The average stock price of the investigated BSE companies increased by 12.10% over the past month, with 13 stocks rising, notably Hengli Drilling, Guangxin Technology, and Sanwei Equipment, which saw increases of 144.04%, 42.69%, and 18.62% respectively [2] - The average daily turnover rate for the investigated companies was 7.26%, with Hengli Drilling, Wanyuantong, and Guangxin Technology leading at 21.64%, 16.25%, and 15.26% respectively [2] - As of August 12, the average market capitalization of all companies on the BSE was 3.159 billion yuan, while the average market capitalization of the investigated companies was 3.927 billion yuan, with the largest market caps belonging to Xingtum Kexun, Guangxin Technology, and Binhang Technology [2] Group 3 - The table of investigated companies includes details such as the number of institutions involved, the number of investigations, latest closing prices, percentage changes, and industry classifications [2][3] - Notable companies in the table include Minshida, Tonghui Electronics, and Hengli Drilling, with respective closing prices of 43.28 yuan, 26.06 yuan, and 48.71 yuan, and percentage changes of -2.30%, 2.96%, and 144.04% [2][3]

Core Viewpoint - Minshida (833394.BJ) reported strong revenue and profit growth in the first half of 2025, but faces significant cash flow and operational efficiency challenges [1][2][3] Financial Performance - In H1 2025, Minshida achieved revenue of 237 million yuan, a year-on-year increase of 27.91% [1] - The net profit attributable to shareholders was 63.03 million yuan, up 42.28% year-on-year [1] - The net profit after deducting non-recurring gains and losses reached 61.12 million yuan, reflecting a 55.70% increase [1] Product and Market Position - Minshida's core products, aramid paper and honeycomb core materials, are critical components in domestic C919 aircraft and military stealth materials [1] - The company has seen over 40% sales growth in the new energy vehicle sector, with its products increasingly replacing imports in various emerging fields [1] Innovation and Patents - The company secured 7 new invention patents in H1 2025, with its "aramid paper for aerospace honeycomb core materials" recognized as a key product in Shandong Province [1] - "Meta-aramid paper" was awarded the status of a nationally patent-intensive product [1] Cash Flow and Operational Challenges - Minshida's operating cash flow net amount fell by 78.31% year-on-year in Q3 2024, with cash reserves decreasing from 319 million yuan at the end of 2023 to 278 million yuan [2] - As of H1 2025, the ratio of operating cash flow to net profit was only 0.716, indicating poor conversion of accounting profits into actual cash flow [2] - The inventory turnover rate dropped to 1.26 times, suggesting heavy inventory accumulation and low asset realization efficiency [2] Accounts Receivable Issues - Accounts receivable increased by 72.23%, significantly outpacing the revenue growth of 27.91% [3] - Minshida's inventory and accounts receivable turnover rates lag behind industry averages, raising concerns about the sustainability of its growth model [3] Market Dependency and Future Challenges - The company's performance is highly dependent on downstream market demand, with potential threats from emerging insulating materials like nano-dielectric materials and high-temperature ceramic base paper [3] - Industry commentary suggests that while Minshida has a promising future due to its technological barriers and positioning in high-growth sectors, balancing expansion with financial health and improving cash flow will be crucial for realizing long-term growth potential [3]

Core Insights - The report highlights the significant role of company secretaries (董秘) in connecting investors and listed companies, with a total salary of 4.086 billion yuan for A-share listed companies in 2024, averaging 700,000 yuan per secretary [1] Group 1: Salary and Compensation - In 2024, the average salary for company secretaries in the paper industry is 542,100 yuan, which is lower than the average salary of 676,300 yuan for the light manufacturing industry, representing a year-on-year decrease of 4.1% [3] - The median salary for company secretaries in the paper industry is 500,400 yuan, with the highest salary being 1,008,100 yuan and the lowest for those with over one year of service being significantly lower [3] Group 2: Demographics and Education - The average age of company secretaries in the paper industry is 45.42 years, with 45.8% aged between 40-50 years and 29.2% over 50 years [1] - Among the 25 company secretaries in the paper industry, 72% hold a bachelor's degree while 28% have a master's degree [2] Group 3: Tenure and Experience - The majority of company secretaries in the paper industry have a tenure of 5-10 years, accounting for approximately 60%, while those with 3-5 years of experience make up about 20% [2] - There have been instances of frequent changes in the position, with one company changing its secretary three times within a short period [2] Group 4: Engagement and Compliance - Approximately 40% of company secretaries in the paper industry conducted fewer than 10 investor meetings in 2024, with some having zero engagements [3] - There was one reported case of a company secretary violating disclosure obligations related to related party transactions in 2024 [3]

二、发现的问题及采取的措施 | | 事项 | 存在的问题 | 采取的措施 | | --- | --- | --- | --- | | 1.信息披露 | | 无 | 不适用 | 中泰证券股份有限公司 关于烟台民士达特种纸业股份有限公司 2025 年半年度持续督导跟踪报告 根据《证券发行上市保荐业务管理办法》《北京证券交 易所股票上市规则》等有关法律法规、规范性文件的规定， 中泰证券股份有限公司（以下简称"中泰证券"或"保荐机构"） 作为烟台民士达特种纸业股份有限公司（以下简称"民士达" 或"公司"）的保荐机构，负责民士达的持续督导工作，并 出具 2025 年半年度持续督导跟踪报告。 1 四、其他事项 2 | 报告事项 | 说明 | | --- | --- | | | 主要原材料依赖关联方的风险：目前公司主要原材料芳纶 短切纤维和沉析纤维的全球供应竞争不充分，全球具备芳纶 | | | 纤维产能生产能力的生产企业大多不对外销售制纸级纤维， | | | 因此在成熟的市场上，难以购买到完全符合技术要求的制纸 | | | 级纤维；公司原料目前大部分采购自公司控股股东泰和新 | | | 材，其持有公司 66.23%的股权。 ...

根据调研日期截止日统计，近一个月（7月8日至8月7日），共有22家北交所公司获机构调研，其中，民 士达最受关注，参与调研的机构有96家。 证券时报·数据宝统计显示，近一个月共有22家北交所公司获机构调研，调研机构类型显示，券商共对 19家公司进行调研；基金调研9家；阳光私募调研8家；保险调研3家。 机构调研榜单中，民士达参与调研的机构合计达96家，最受关注；其次是星图测控、太湖雪、远航精 密，参与调研的机构分别有37家、36家、23家。 按申万行业分类，获机构调研的北交所公司分属于10个行业，电力设备、计算机、基础化工等行业较为 集中，分别有6家、5家、4家公司上榜。 机构调研次数来看，星图测控、汉维科技、恒立钻具等机构调研最为密集，均获机构2次调研。 市场表现方面，获机构调研的北交所公司近一个月平均上涨11.57%。其间股价上涨的有17只，涨幅居 前的有恒立钻具、三维装备、中裕科技等，分别上涨163.51%、25.42%、17.16%；从换手率来看，获调 研的北交所公司中，近一个月日均换手率平均值为6.50%，日均换手率居前的有恒立钻具、广信科技、 万源通等，日均换手率分别为18.31%、16.11%、15 ...

Core Insights - The report highlights the significant role of CFOs in listed companies, with the total salary of CFOs in A-share companies reaching 4.27 billion yuan in 2024, averaging 814,800 yuan per year [1] Group 1: CFO Salary and Demographics - The average salary of CFOs in the paper industry is 577,700 yuan, which is lower than the average salary of 722,900 yuan in the light manufacturing sector, showing a year-on-year decrease of 4.8% [8] - The age structure of CFOs in the paper industry shows a trend towards older demographics, with an average age of 51.06 years; 66.7% are over 50 years old [1][3] - Male CFOs dominate the industry, comprising 73.7% of the total, with an average age of 51.92 years, while female CFOs account for 26.3% with an average age of 48.80 years [1] Group 2: Tenure and Education - The majority of CFOs in the paper industry have a tenure of 5-10 years, accounting for 47.4% of the total; those with 1-3 years and over 10 years of experience represent 26.3% and 15.8%, respectively [3] - Approximately 63.2% of CFOs in the paper industry hold a bachelor's degree, while both associate and master's degrees account for about 15.8% each [6] Group 3: Salary Disparities and Changes - The highest-paid CFO is Wei Tongqiu from Bohui Paper, earning 1.4967 million yuan, which is 1.69 times the salary of the second-highest, Sheng Xiaoying from Jingxing Paper [9][10] - There were 10 CFOs who experienced salary cuts, while 8 saw salary increases; the largest salary decrease was 784,200 yuan for Dong Lianming from ST Chenming [9] - The average salary for male CFOs is 622,800 yuan, while female CFOs earn an average of 451,400 yuan [9]