证券代码：920394 证券简称：民士达 公告编号：2025-092 烟台民士达特种纸业股份有限公司股票解除限售公告 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、本次股票解除限售数量总额为 359,062 股，占公司总股本 0.25%，可交易时 间为 2025 年 11 月 18 日。 二、本次股票解除限售的明细情况及原因 单位：股 | | | 是否为控 | | | | 本次解 | | | --- | --- | --- | --- | --- | --- | --- | --- | | | 股东姓名 | 股股东、 | | 本次 | 本次解除 | 除限售 | 尚未解除 | | 序号 | | 实际控制 | 任职情况 | 解限 | 限售登记 | 股数占 | 限售的股 | | | 或名称 | | | 售原 | | 公司总 | | | | | 人或其一 | | | 股票数量 | | 票数量 | | | | 致行动人 | | 因 | | 股本比 | | | | | | | | | 例 | | | 1 | ...

Core Insights - In the past month (from October 8 to November 7), 50 companies listed on the Beijing Stock Exchange (BSE) were investigated by institutions, with Minshida being the most notable, attracting 115 participating institutions [1][2] - The average stock price of the companies that received institutional research increased by 4.41% over the month, with 28 stocks showing price increases [2][3] - The total average market capitalization of all BSE companies is 3.254 billion yuan, while the average market capitalization of the companies that were investigated is 4.148 billion yuan [2] Institutional Research Overview - 50 companies received institutional research, with 48 being investigated by brokerages, 44 by funds, 32 by private equity, 30 by insurance companies, and 7 by overseas institutions [1] - Minshida led the research interest with 115 institutions, followed by Guangxin Technology (84), Fujida (83), and Wanyuantong (63) [1] Market Performance - The companies that received institutional research saw an average increase of 4.41% in stock prices, with notable gainers including Litong Technology (up 86.16%), Jinhua New Materials (up 43.36%), and Lingge Technology (up 32.26%) [2] - The average daily turnover rate for the investigated companies was 5.10%, with Jinhua New Materials (28.11%), Lingge Technology (12.11%), and Tonghui Electronics (11.42%) leading in turnover rates [2] Company-Specific Data - Minshida: 115 institutions, 2 research sessions, latest closing price 41.80 yuan, price change 4.45% [2] - Guangxin Technology: 84 institutions, 1 research session, latest closing price 104.13 yuan, price change 12.12% [2] - Fujida: 83 institutions, 2 research sessions, latest closing price 34.90 yuan, price change 21.39% [2] - Wanyuantong: 63 institutions, 1 research session, latest closing price 34.29 yuan, price change -2.03% [2]

Group 1 - In the past month (from October 7 to November 6), 48 companies listed on the Beijing Stock Exchange (BSE) were investigated by institutions, with Minshida being the most notable, receiving attention from 115 institutions [2] - The types of institutions conducting the research included 46 brokerages, 43 funds, 30 insurance companies, 30 private equity firms, and 7 overseas institutions [2] - The companies that received the most institutional attention after Minshida were Guangxin Technology, Fujida, and Wanyuantong, with 84, 83, and 63 institutions participating in their investigations, respectively [2] Group 2 - The average stock price of the companies investigated by institutions increased by 5.34% over the past month, with 27 stocks rising, including Litong Technology, Lingge Technology, and Jinhua New Materials, which saw increases of 81.98%, 39.45%, and 30.98% respectively [3] - The average market capitalization of all companies on the BSE is 3.263 billion yuan, while the average market capitalization of the companies that were investigated is 4.052 billion yuan [3] - The companies with the highest market capitalization among those investigated include Tiangong Co., Guangxin Technology, and Tongli Co. [3] Group 3 - The most frequently investigated companies include Minshida, Fujida, and Yuanhang Precision, each receiving two rounds of institutional research [2] - The industries with the most companies investigated include machinery and equipment, automotive, and pharmaceutical biology, with 8, 7, and 5 companies respectively [2] - The detailed list of companies investigated includes Minshida, Guangxin Technology, Fujida, and others, along with their respective number of institutions involved, research frequency, latest closing prices, and percentage changes [4][5]

Group 1 - In the past month (from October 4 to November 3), 37 companies listed on the Beijing Stock Exchange (BSE) were investigated by institutions, with Minshida being the most notable, receiving attention from 115 institutions [1][2] - The types of institutions conducting the research include 36 brokerages, 33 funds, 26 private equity firms, 24 insurance companies, and 6 overseas institutions [1] - The companies that received the most institutional attention after Minshida are Guangxin Technology, Wanyuantong, and Fujida, with 84, 63, and 60 institutions participating in their investigations, respectively [1] Group 2 - Minshida, Yuanchang Precision, and Shisheng Intelligent received the most frequent institutional investigations, each being investigated twice [2] - Companies that were investigated by institutions saw an average stock price increase of 9.87% over the past month, with notable gainers including Litong Technology (up 81.28%), Lingge Technology (up 46.41%), and Fujida (up 37.01%) [2] - The average market capitalization of all companies on the BSE is 3.34 billion yuan, while the average market capitalization of the companies that were investigated is 4.19 billion yuan [2] Group 3 - The average daily turnover rate for the companies investigated is 5.60%, with the highest turnover rates recorded for Jinhua New Materials (28.66%), Lingge Technology (13.27%), and Tonghui Electronics (12.66%) [2] - The companies with the highest market capitalization among those investigated include Tiangong Co., Guangxin Technology, and Jinhua New Materials [2]

Core Insights - In the past month (October 1 to October 31), 30 companies listed on the Beijing Stock Exchange (BSE) were investigated by institutions, with Minshida being the most notable, attracting 115 participating institutions [2][3] - The average stock price of the companies that received institutional research increased by 12.11% during this period, with 25 stocks rising, including Lituo Technology, Tonghui Electronics, and Lingge Technology, which saw increases of 76.03%, 40.11%, and 39.05% respectively [3][4] Institutional Research Overview - A total of 30 BSE companies were subject to institutional research, with 29 companies investigated by brokerages, 27 by funds, 21 by private equity, 20 by insurance, and 5 by overseas institutions [2] - Minshida led the research interest with 115 institutions, followed by Guangxin Technology (84), Wanyuantong (63), and Fujida (60) [2] Industry Distribution - The companies that received institutional research belong to 13 different industries, with a concentration in machinery equipment, electronics, and basic chemicals, which had 4, 4, and 3 companies respectively [2] Market Performance - The average market capitalization of all BSE companies was 3.314 billion yuan, while the average market capitalization of the companies that received research was 4.040 billion yuan [3] - The companies with the highest market capitalization among those researched included Guangxin Technology, Jinhua New Materials, and Fujida [3]

证券代码：920394 证券简称：民士达 公告编号：2025-091 烟台民士达特种纸业股份有限公司 □媒体采访 □现场参观 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。 一、 投资者关系活动类别 □特定对象调研 √业绩说明会 □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 10 月 29 日 活动地点：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/4imv9v4k 举办的 2025 年第三季度业绩说明会。 参会单位及人员：IGWT Investment、鸿运私募、西部证券、宝蓁投资、长 江证券资管、四海圆通投资、KoneTas Capital、项天实业投资、东吴证券、智 新电子、江岳私募、易米基金、润融私募、太平洋证券、盟洋投资、诺亚控股、 益昶资管、钰田电子、金安私募、理臻投资、青榕资管、尚诚资管、巨鹿投资、 华利安诺基(中国)、益和源资管、华安证券、益理资管、森锦投资 ...

Core Insights - The paper sector experienced a slight increase of 0.01% on October 29, with Minshida leading the gains [1] - The Shanghai Composite Index closed at 4016.33, up 0.7%, while the Shenzhen Component Index closed at 13691.38, up 1.95% [1] Stock Performance Summary - Minshida (920394) closed at 41.63, with a rise of 6.99% and a trading volume of 29,200 lots, amounting to a transaction value of 117 million [1] - Xianhe Co. (603733) closed at 22.90, up 2.92%, with a trading volume of 34,900 lots and a transaction value of approximately 78.84 million [1] - Wuzhou Special Paper (605007) closed at 12.01, increasing by 2.56%, with a trading volume of 36,900 lots and a transaction value of around 43.68 million [1] - Other notable stocks include Songyang Resources (603863) at 20.93 (+2.30%), Huatai Co. (600308) at 3.79 (+1.88%), and Sun Paper (002078) at 14.24 (+0.49%) [1] Capital Flow Analysis - The paper sector saw a net outflow of 198 million from institutional investors, while retail investors contributed a net inflow of 182 million [2] - The overall capital flow indicates a mixed sentiment, with institutional investors withdrawing funds while retail investors increased their positions [2] Individual Stock Capital Flow - Huatai Co. (600308) had a net inflow of 16.33 million from institutional investors, but a net outflow of 15.51 million from retail investors [3] - Xianhe Co. (603733) experienced a net inflow of 2.16 million from retail investors, despite a net outflow from institutional investors [3] - Wuzhou Special Paper (605007) saw a net inflow of 1.77 million from institutional investors and a net inflow of 3.26 million from retail investors [3]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has shown a revenue increase of 21.8% year-on-year for the first three quarters of 2025, reaching 343 million yuan, with a net profit of 91.17 million yuan, up 28.9% year-on-year [3] - The third quarter revenue was 106 million yuan, reflecting a 9.9% year-on-year increase, but the performance was below market expectations [3] - The company is experiencing a slowdown in revenue growth due to changes in the delivery schedule of honeycomb core materials, which impacted overall revenue growth [7] - The company maintains stable gross and net profit margins, with a gross margin of 40.4% for the first three quarters, up 2.8 percentage points year-on-year [7] - The company is in a ramp-up phase for its new production capacity, which is expected to gradually release in the future [7] - The company is positioned as a leading domestic aramid paper manufacturer, with significant potential for domestic substitution and is actively developing a second growth curve to ensure long-term development [7] Financial Forecast - Total revenue is projected to grow from 340.47 million yuan in 2023 to 801.96 million yuan in 2027, with a compound annual growth rate (CAGR) of approximately 24.84% [6] - Net profit is expected to increase from 81.63 million yuan in 2023 to 209.45 million yuan in 2027, with a CAGR of approximately 28.22% [6] - The company’s return on equity (ROE) is forecasted to rise from 12.10% in 2023 to 16.62% in 2027 [6] - The earnings per share (EPS) is projected to grow from 0.56 yuan in 2023 to 1.43 yuan in 2027 [6] Market Data - The current stock price is 39.75 yuan, with a total share capital of 146.25 million shares [1] - The stock has a price-to-earnings (P/E) ratio projected at 44x for 2025, 36x for 2026, and 28x for 2027 [7]

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 10 月 16 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《2025 年第三季度报告》，为加强公司与投资者的沟通和交流，现定于 2025 年 10 月 29 日召开 2025 年第三季度业绩说明会。 二、 说明会召开的时间、地点 （一）会议召开时间：2025 年 10 月 29 日（星期三）15:00-16:00。 证券代码：920394 证券简称：民士达 公告编号：2025-090 烟台民士达特种纸业股份有限公司 2025 年第三季度业绩说明会预告公告 （问题征集专题页面二维码） （参加会议二维码） 电话参会： （二）会议召开地点 本次 2025 年第三季度业绩说明会将采用网络方式召开，投资者可登陆 ...

Market Overview - The paper sector increased by 0.81% on October 23, with Songyang Resources leading the gains [1] - The Shanghai Composite Index closed at 3922.41, up 0.22%, while the Shenzhen Component Index closed at 13025.45, also up 0.22% [1] Individual Stock Performance - Songyang Resources (603863) closed at 19.97, up 10.03% with a trading volume of 138,000 shares and a turnover of 267 million yuan [1] - Yibin Paper (600793) closed at 25.49, up 4.55% with a trading volume of 157,300 shares and a turnover of 396 million yuan [1] - Other notable performers include Qifeng New Materials (002521) up 2.19%, Huatai Co. (600308) up 1.61%, and Kain Co. (002012) up 1.59% [1] Capital Flow Analysis - The paper sector experienced a net outflow of 86.95 million yuan from institutional investors, while retail investors saw a net inflow of 146 million yuan [2] - The overall capital flow indicates a mixed sentiment, with institutional investors withdrawing funds while retail investors are increasing their positions [2] Detailed Capital Flow for Selected Stocks - Yibin Paper had a net inflow of 77.39 million yuan from institutional investors, but a net outflow of 36.71 million yuan from speculative funds [3] - Songyang Resources saw a net inflow of 54.72 million yuan from institutional investors, with a net outflow of 19.35 million yuan from speculative funds [3] - Other stocks like Xianhe Co. (603733) and Kain Co. (002012) also showed varied capital flows, indicating differing investor sentiments across the sector [3]