证券代码：833394 证券简称：民士达 公告编号：2025-022 （二）募集资金以前年度使用金额 | 项目 | 金额（元） | | --- | --- | | 一、募集资金总额 | 263,637,500.00 | | 减：发行费用（不含税） | 16,908,773.08 | | 等于：募集资金净额 | 246,728,726.92 | | 加：募集资金账户利息收入 | 2,355,954.89 | | 二、募集资金使用金额（包括置换前期投入） | 52,776,988.04 | | 其中： | | | | --- | --- | --- | | （一）、新型功能纸基材料产业化项目 | 8,172,888.07 | | | （二）、研发中心项目 | 4,474,364.39 | | | （三）、补充流动资金付款 | | 40,129,735.58 | | 三、截至 2023 年 12 月 31 日募集资金余额 | | 196,307,693.77 | （三） 募集资金本年度使用金额及年末余额 烟台民士达特种纸业股份有限公司 募集资金存放与实际使用情况的专项报告 本公司及董事会全体成员保证公告内容的真实、 ...

证券代码：833394 证券简称：民士达 公告编号：2025-031 烟台民士达特种纸业股份有限公司 审计委员会对会计师事务所履行监督职责情况报告 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。 根据《中华人民共和国公司法》、《中华人民共和国证券法》、《上市公司 治理准则》、《国有企业、上市公司选聘会计师事务所管理办法》及烟台民士达 特种纸业股份有限公司（以下简称"公司"）《公司章程》、《董事会专门委员 会工作细则》等规定和要求，董事会审计委员会本着勤勉尽责的原则，恪尽职守， 认真履职。现将董事会审计委员会对会计师事务所履行监督职责情况汇报如下： 一、2024年会计师事务所基本情况 （一）基本情况 信永中和会计师事务所（特殊普通合伙）（以下简称"信永中和"）成立于 2012年3月2日，注册地址为北京市东城区朝阳门北大街8号富华大厦A座8层，首 席合伙人为谭小青先生，2024年度末合伙人数量为259人，注册会计师人数为 1,780人，其中签署过证券服务业务审计报告的注册会计师700人。 （二）聘任会计师事 ...

证券代码：833394 证券简称：民士达 公告编号：2025-029 烟台民士达特种纸业股份有限公司 关于召开 2024 年年度股东大会通知公告（提供网络投票） 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、会议召开基本情况 （一）股东大会届次 本次会议为 2024 年年度股东大会。 （二）召集人 本次股东大会的召集人为董事会。 本次股东大会的召开符合有关法律、行政法规、部门规章、规范性文件和 《公司章程》的规定，除本通知外，会议的召开无需有关部门批准或履行必要 的程序。 （三）会议召开的合法性、合规性 董事会保证本次会议的召集、召集人、召开时间及方式等符合《公司法》 等法律、法规及《公司章程》等公司内部管理制度的规定。本次会议召开不需 要相关部门批准或履行程序。 （四）会议召开方式 本次会议采用现场投票和网络投票相结合方式召开。 登记在册的股东可通过中国证券登记结算有限责任公司（以下简称"中国结 算"）持有人大会网络投票系统对有关议案进行投票表决，为有利于投票意见的 顺利提交，请拟参加网络投票的 ...

证券代码：833394 证券简称：民士达 公告编号：2025-014 烟台民士达特种纸业股份有限公司 第六届监事会第五次会议决议公告 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 1.会议召开时间：2025 年 3 月 18 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.发出监事会会议通知的时间和方式：2025 年 3 月 7 日 以邮件方式发出 5.会议主持人：监事会主席田原女士 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。 （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《2024 年度监事会工作报告》议案 1.议案内容： 以汇报。 2.议案表决结果：同意 3 票；反对 0 票；弃权 0 票。 3.回避表决情况 本议案不涉及回避表决。 本议案尚需提交股东大会审议。 （二）审 ...

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 （一）会议召开情况 1.会议召开时间：2025 年 3 月 18 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 证券代码：833394 证券简称：民士达 公告编号：2025-013 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 3 月 7 日以邮件方式发出 烟台民士达特种纸业股份有限公司 第六届董事会第八次会议决议公告 （一）审议通过《2024 年度总经理工作报告》议案 1.议案内容： 公司按照 "人才引领、创新驱动"的发展战略，提高科技创新能力、加速 产品优化升级、推进项目建设、提升管理效能，各项经营指标均保持了相对快速 的发展势头，同时根据市场环境及公司规划确定了 2025 年的主要工作计划。 5.会议主持人：董事长宋西全先生 6.会议列席人员：董事长宋西全先生 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 ...

证券代码：833394 证券简称：民士达 公告编号：2025-017 烟台民士达特种纸业股份有限公司 2024 年年度权益分派预案公告 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、权益分派预案情况 根据公司 2025 年 3 月 19 日披露的 2024 年年度报告（财务报告已经审计）， 截至 2024 年 12 月 31 日，上市公司合并报表归属于母公司的未分配利润为 242,825,443.40 元，母公司未分配利润为 249,274,338.63 元。 公司本次权益分派预案如下：公司目前总股本为 146,250,000 股，以未分配 利润向全体股东每 10 股派发现金红利 2 元（含税）。本次权益分派共预计派发现 金红利 29,250,000 元。 公司将以权益分派实施时股权登记日应分配股数为基数，如股权登记日应分 配股数与目前预计不一致的，公司将维持分派比例不变，并相应调整分派总额。 实际分派结果以中国证券登记结算有限责任公司北京分公司核算的结果为准。 经审议，监事会认为，本次利润分配预 ...

Financial Performance - In 2024, the company achieved a revenue of CNY 407,945,897.30, representing a 19.82% increase from CNY 340,471,771.32 in 2023[23] - The net profit attributable to shareholders reached CNY 100,522,558.37, up 23.14% from CNY 81,633,866.78 in the previous year[23] - The gross profit margin improved to 37.49% in 2024, compared to 34.00% in 2023[23] - The basic earnings per share increased to CNY 0.69, reflecting an 11.29% growth from CNY 0.62 in 2023[23] - The net profit after deducting non-recurring gains and losses was CNY 92,235,101.36, a significant increase of 49.94% from CNY 61,513,475.16 in 2023[23] - Operating income grew by 19.82% to ¥407,945,897.30 compared to the previous year[26] - Operating profit increased by 20.58 million yuan, a growth of 23.11%, and net profit increased by 15.20 million yuan, a growth of 18.85%[52] Market and Product Development - The company is focused on expanding its market presence and enhancing product development in the specialty paper sector[18] - The European market saw a growth of over 40% year-on-year, while the new energy vehicle sector grew approximately 26%[41] - The company is engaged in significant non-equity investments, with a total actual investment of 120,030,512.48 yuan in various projects, including a new energy vehicle project[70] - The company is in the trial production phase for high-frequency high-voltage electrical insulation materials, aiming to meet technical specifications for high-frequency applications[84] - The company is collaborating with Tianjin University on the development of thermal conductive aramid insulation materials for high-frequency high-voltage electrical devices[86] - The market demand for aramid paper is expanding due to emerging applications in new energy vehicles, wind power, photovoltaic power, 5G communication, and computing power[93] Research and Development - The company's research and development expenses increased by 34.82% to ¥27,019,789.05, accounting for 6.62% of operating revenue[50] - The company was awarded 7 invention patents and 2 utility model patents in 2024, reinforcing its innovation capabilities[41] - The company owns a total of 45 patents, an increase from 36 in the previous period[83] - The number of invention patents held by the company has risen to 27 from 20 in the previous period[83] Financial Position - Total assets increased by 20.71% to ¥980,153,040.30 compared to the end of 2023[25] - Total liabilities rose by 68.23% to ¥244,961,857.94 compared to the end of 2023[25] - The company's cash and cash equivalents decreased by 8.28% to ¥292,574,019.91, down from ¥318,970,420.03 in 2023[45] - Accounts receivable increased by 50.90% to ¥35,828,812.21, primarily due to accelerated revenue growth in the fourth quarter[47] - The company's fixed assets rose by 26.77% to ¥261,546,084.55, attributed to the capitalization of new project facilities[47] Corporate Governance - The board of directors consists of 9 members, with 4 senior management personnel, ensuring a diverse governance structure[139] - The company maintains a robust decision-making process for remuneration, aligning with corporate governance standards[146] - The company has a clear policy for protecting minority shareholders' rights, allowing them to express their opinions and ensuring their interests are safeguarded[136] - The company has established an investor relations management system to improve communication with investors and protect their rights[163] Compliance and Audit - The audit report indicates that the financial statements of Yantai Minshida Special Paper Co., Ltd. fairly reflect its financial position as of December 31, 2024, and its operating results for the year 2024[180] - The audit firm, Xinyong Zhonghe Accounting Firm, provided an unqualified opinion on the financial statements, confirming compliance with accounting standards[179] - The company has established a comprehensive internal control system, which was revised and supplemented during the reporting period, ensuring effective execution[172] Employee and Community Engagement - The company has implemented a comprehensive employee care system, providing RMB 600,000 in interest-free housing loans to support employees in need[90] - The total number of employees increased from 143 to 178, with a net addition of 35 employees during the reporting period[148] - The company implemented a compensation management plan that includes basic salary, performance bonuses, and year-end bonuses based on performance evaluations[149] Risks and Challenges - The company faces risks related to reliance on a single supplier for key raw materials, which account for over 90% of its revenue from aramid paper sales[98] - The competitive landscape is intensifying, with foreign giants dominating the market, prompting the company to enhance R&D and expand production capacity[99] - The company is addressing the risk of product concentration by diversifying applications in high-end sectors like aerospace and new energy[99]

Core Viewpoint - The company Minshida (833394) reported a significant increase in both revenue and net profit for the year 2024, driven by growth in various sectors including aerospace, rail transportation, and the electric vehicle industry [1] Financial Performance - The company achieved an operating revenue of 408 million yuan, representing a year-on-year growth of 19.82% [1] - Net profit reached 101 million yuan, with a year-on-year increase of 23.14% [1] - Basic earnings per share were reported at 0.69 yuan [1] Dividend Distribution - The company plans to distribute a cash dividend of 2 yuan per 10 shares (including tax) [1] Industry Growth Drivers - The rapid development in the aerospace and rail transportation sectors led to a surge in demand for aramid paper honeycomb core materials [1] - The rise of the electric vehicle industry, along with upgrades in European and American power grids and increased demand for computing power, contributed to the expansion of transformer demand [1] - The sales volume of aramid paper for honeycomb applications and electrical insulation saw significant growth, which in turn boosted the company's operating revenue and costs [1]

Investment Rating - The report maintains a "Recommendation" rating for the company [2][8]. Core Viewpoints - The company is a domestic leader in the aramid paper industry, with a global market share of approximately 15%, second only to DuPont [4][51]. - The company has achieved significant revenue growth, with a CAGR of 24% from 2018 to 2024, and a net profit CAGR of 28% during the same period [4][31]. - The aramid paper industry is strategically important in China, receiving government support since the 1970s, and is classified as a key strategic material [4][52]. Summary by Sections Company Overview - The company specializes in the research, production, and sales of aramid paper and its derivatives, having established a comprehensive product system and proprietary technology [14][20]. - It is the first aramid paper manufacturer in China and has broken DuPont's monopoly in the field, making China the second country capable of producing aramid paper [15][52]. Industry Outlook - The aramid paper market is expected to grow significantly, driven by demand in various sectors such as electrical power, aerospace, and new energy [5][48]. - The domestic aramid paper consumption is projected to have a CAGR of 19.63% from 2022 to 2028, with the market size reaching approximately $585 million by 2028 [7][54]. Capacity Expansion and Product Development - The company plans to increase its aramid paper production capacity from 3,000 tons to 4,500 tons through ongoing investment projects, with full capacity expected by 2027 [6][30]. - New product development is underway, including RO membrane substrates and flash-spun non-woven fabrics, with the RO membrane project expected to commence production in the first half of 2026 [7][16]. Financial Projections - Revenue forecasts for 2024-2026 are estimated at 409 million, 503 million, and 628 million RMB, respectively, with year-over-year growth rates of 20.03%, 23.02%, and 24.95% [8][9]. - Net profit projections for the same period are 100 million, 125 million, and 159 million RMB, with corresponding growth rates of 22.86%, 24.94%, and 26.97% [8][9]. Competitive Position - The company has a strong competitive edge with a gross margin improvement from 25.59% in 2020 to 37.53% in the first three quarters of 2024 [5][37]. - The company’s high gross margins are indicative of its strong market position compared to peers [42].

Group 1: Financial Performance - In Q4 2024, the company's revenue increased by 54% year-on-year and 32% quarter-on-quarter [3] - Net profit grew by 157% year-on-year and 28% quarter-on-quarter, driven by three main factors: increased production and sales volume, higher sales of value-added products, and stable orders in the electric vehicle sector [5] Group 2: Investment Projects - The company is investing in a wet-process multifunctional material production line, focusing on two main product directions: - Polyester non-woven fabric (RO membrane substrate) with an annual production capacity of 3,000 tons, serving industries such as electronics, pharmaceuticals, chemicals, and food [6] - Aramid wet non-woven fabric with an annual production capacity of 500 tons, applicable in automotive interiors and aerospace [6] Group 3: Production and Market Strategy - The RO membrane substrate project is in the planning and equipment procurement phase, with an expected construction period of 14 months, aiming for production in the first half of 2026 [7] - The flash-spun non-woven fabric project is under feasibility study, with a highly concentrated market where foreign competitors hold over 95% market share [8] Group 4: Aerospace and International Expansion - The company’s aramid honeycomb core materials are successfully applied by major aircraft manufacturers, with multiple projects in the civil aviation sector progressing as planned [9] - The company plans to enhance its global presence in 2025 by increasing exhibition participation, customer visits, and hiring foreign professionals, expecting faster growth in overseas markets compared to domestic [11]