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。 ...

Group 1 - In the past month (from July 8 to August 7), 22 companies listed on the Beijing Stock Exchange (BSE) were investigated by institutions, with Minshida being the most notable, receiving attention from 96 institutions [1][2] - The types of institutions conducting the research included 19 brokerages, 9 funds, 8 private equity firms, and 3 insurance companies [1] - The companies that received the most institutional attention were Minshida, Xingtum Control, Taihu Snow, and Yuanhang Precision, with 96, 37, 36, and 23 institutions participating in their investigations, respectively [1][2] Group 2 - The most frequently investigated companies included Xingtum Control, Hanwei Technology, and Hengli Drill Tools, each receiving two rounds of institutional research [2] - Companies that were investigated saw an average stock price increase of 11.57% over the month, with notable gainers including Hengli Drill Tools (up 163.51%), Sanwei Equipment (up 25.42%), and Zhongyu Technology (up 17.16%) [2] - The average market capitalization of all companies on the BSE was 3.185 billion yuan, while the average market capitalization of the investigated companies was 3.671 billion yuan, with leading companies being Xingtum Control, Parallel Technology, and Guangxin Technology [2]

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]

Group 1 - In the past month (from July 6 to August 5), 23 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 20 brokerages, 9 funds, 8 private equity firms, and 3 insurance companies [1] - The companies that received the most institutional attention were Minshida, Xingtum Control, Taihu Snow, and Yuanhang Precision, with 96, 37, 36, and 23 institutions participating in their investigations, respectively [1] Group 2 - The most frequently investigated companies included Xingtum Control, Hanwei Technology, and Hengli Drill Tools, each receiving two rounds of institutional research [2] - Companies that were investigated by institutions saw an average stock price increase of 8.93% over the month, with notable gainers including Hengli Drill Tools (up 172.72%), Guangxin Technology (up 14.15%), and Sanwei Equipment (up 13.68%) [2] - The average market capitalization of all companies on the BSE was 3.136 billion yuan, while the average market capitalization of the companies that received institutional research was 3.609 billion yuan [2] Group 3 - A detailed list of companies investigated includes Minshida, Xingtum Control, Taihu Snow, and others, with their respective number of institutions involved, research frequency, latest closing prices, and percentage changes in stock prices [3] - The highest stock price increase was recorded by Hengli Drill Tools, while other companies like Guangxin Technology and Sanwei Equipment also showed significant gains [3]

Summary of Key Points Core Viewpoint - As of August 5, 95 companies have released their semi-annual reports for 2025, with 63 reporting year-on-year profit growth and 60 reporting revenue growth. Notably, 51 companies experienced simultaneous growth in both profit and revenue, while 23 companies saw declines in both metrics. The company with the highest profit growth was Zhimin Da, with an increase of 2147.93% [1]. Group 1: Company Performance - Zhimin Da reported a net profit of 38.298 million yuan, with a year-on-year increase of 2147.93% and revenue of 294.7564 million yuan, up 84.83% [1]. - Shijia Guangzi achieved a net profit of 216.6475 million yuan, with a year-on-year increase of 1712.00% and revenue of 992.6253 million yuan, up 121.12% [1]. - Tongzhou Electronics reported a net profit of 203.0714 million yuan, with a year-on-year increase of 662.77% and revenue of 539.7695 million yuan, up 606.52% [1]. - Daodaquan reported a net profit of 180.9760 million yuan, with a year-on-year increase of 563.15% and revenue of 2792.4396 million yuan, up 1.16% [1]. - Huakang Clean reported a net profit of 18.6830 million yuan, with a year-on-year increase of 273.48% and revenue of 83.49115 million yuan, up 50.73% [1]. Group 2: Revenue and Profit Trends - 32 companies reported a year-on-year decline in net profit, while 35 companies reported a decline in revenue [1]. - Among the companies with significant profit growth, 15 companies had their profit growth double compared to the previous year [1]. - The overall trend indicates a mixed performance across the companies, with a notable number achieving substantial growth in both revenue and profit, while others faced declines [1].

Market Overview - On August 4, the paper sector rose by 0.12% compared to the previous trading day, with Kane Co. leading the gains [1] - The Shanghai Composite Index closed at 3583.31, up 0.66%, while the Shenzhen Component Index closed at 11041.56, up 0.46% [1] Individual Stock Performance - Kane Co. (002012) closed at 6.31, with a gain of 5.87% and a trading volume of 994,100 shares, amounting to a transaction value of 625 million [1] - ST Morning (000488) closed at 2.05, up 3.02%, with a trading volume of 425,400 shares and a transaction value of 86.34 million [1] - Xianhe Co. (603733) closed at 22.00, increasing by 2.28%, with a trading volume of 40,900 shares and a transaction value of 89.94 million [1] - Other notable stocks include Minfeng Special Paper (600235) with a closing price of 6.57, up 1.23%, and Hengda New Materials (301469) at 27.97, up 1.05% [1] Capital Flow Analysis - The paper sector experienced a net outflow of 81.62 million from institutional investors, while retail investors saw a net inflow of 43.91 million [2] - Notable net inflows from retail investors were observed in ST Morning (000488) with 12.04 million and Xianhe Co. (603733) with 474.99 million [3] - Conversely, significant net outflows were recorded for Sun Paper (002078) with -26.84 million from institutional investors and -34.59 million from retail investors [3]