证券日报网讯 2月25日，泉阳泉发布公告称，截至本公告披露日，2026年2月以闲置自有资金分两笔合 计约1.01亿元买入GC028国债逆回购，其中5034.3万元已于2月24日到期，获收益79693.66元；5042.2万 元新购产品将于3月24日到期，年化收益率1.54%。 （文章来源：证券日报） ...

证券代码：600189 证券简称：泉阳泉 公告编号： 临 2026—008 吉林泉阳泉股份有限公司 关于使用暂时闲置募集资金进行现金管理 到期收回的公告 本公司及董事会全体成员保证公告内容不存在任何虚假记载、误导性陈述或 者重大遗漏，并对其内容的真实、准确和完整承担法律责任。 吉林泉阳泉股份有限公司（以下简称"公司"）于 2025 年 12 月 12 日利用 中国建设银行股份有限公司长春西安大路支行募集资金专户资金 6,000.00 万元 购买的"单位结构性存款"已到期，公司现将使用暂时闲置募集资金进行现金管 理情况及到期收回情况公告如下： 二、公司使用闲置募集资金进行现金管理到期收回的情况 公司于 2025 年 12 月 12 日利用中国建设银行股份有限公司长春西安大路支 行募集资金专户资金 6,000.00 万元购买了"单位结构性存款"（详见公司公告： 临 2025-073），产品信息如下： （一）吉林泉阳泉股份有限公司募集资金专户购买产品情况 1、产品名称：中国建设银行单位人民币定制型结构性存款 2、产品类型：保本浮动收益型产品 3、产品风险水平：无风险或风险极低 4、产品预期年化收益率：0.8%至 2 ...

本公司及董事会全体成员保证公告内容不存在任何虚假记载、误导性陈述或 者重大遗漏，并对其内容的真实、准确和完整承担法律责任。 2025 年 3 月 28 日，吉林泉阳泉股份有限公司（以下简称"公司"）第九届 董事会会议、第九届监事会会议审议通过了《关于使用暂时闲置自有流动资金购 买国债逆回购产品的议案》，同意公司及控股子公司在保证日常经营所需资金及 资金安全的前提下，使用单日余额不超过 3 亿元人民币（在上述额度及决议有效 期内可循环使用）的暂时闲置自有流动资金购买上海证券交易所、深圳证券交易 所挂牌交易的国债逆回购产品；投资期限自公司董事会审议通过之日起 12 个月 内；在决议有效期和额度范围内，董事会授权公司董事长及其授权人员行使该项 投资决策权并签署相关合同文件，由公司财务部负责组织具体实施和管理，授权 期限自 2025 年 3 月 28 日至 2026 年 3 月 27 日内有效。 证券代码：600189 证券简称：泉阳泉 公告编号：临 2026-009 吉林泉阳泉股份有限公司 关于使用暂时闲置自有资金购买国债逆回购的 进展公告 特此公告。 吉林泉阳泉股份有限公司 二〇二六年二月二十六日 截至本公告披露 ...

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [8][10]. Core Insights - The company, relying on the Long White Mountain as a premium water source, is positioned to enhance its brand influence as the region's mineral water representative. The company is expected to improve its profitability following the divestiture of loss-making assets starting January 2026 [3][5][6]. - The mineral water market in China is projected to grow, with the company aiming to expand its market share in Northeast China, particularly in Liaoning and Heilongjiang provinces, where significant sales growth is anticipated [7][8][84]. Summary by Sections Company Overview - Established in 1998, the company originally focused on timber-related industries before transitioning to mineral water production. It underwent significant restructuring in 2017, integrating its mineral water and landscaping businesses, and officially rebranded in 2020 [6][18][24]. Market Position - The company holds a leading position in the mineral water market in Jilin Province, with a projected market share of 30% by 2025. Approximately 76% of its revenue is generated from the Northeast market, indicating strong regional dominance [7][8][84]. Growth Strategy - The company is actively developing markets in Liaoning and Heilongjiang, with expected sales growth rates of 26% and 101% respectively by 2024. The expansion strategy includes enhancing brand visibility through advertising and partnerships with e-commerce platforms [8][84]. Financial Projections - The company anticipates a net profit of 0.15 billion, 0.8 billion, and 1.9 billion yuan for the years 2025, 2026, and 2027 respectively, with corresponding earnings per share (EPS) of 0.02, 0.12, and 0.27 yuan [8][84]. Product Quality and Competitive Edge - The company benefits from high-quality water sourced from five locations in Long White Mountain, which is recognized as one of the world's premier natural water sources. Its product offerings emphasize affordability and quality, appealing to consumer preferences [62][67].

近年来，泉阳泉持续优化资产结构，剥离非主营资产。聚焦主业的战略正在为泉阳泉带来回报，2024 年，泉阳泉扭亏为盈，实现营业收入约11.98亿元，归属于上市公司股东的净利润约614.12万元，较2023 年-4.57亿元的亏损情况显著改善。 2025年的预增公告则显示增长提速，预计归属于上市公司股东的净利润为1522.36万元，同比增长 147.89%。 负债总额约13亿，泉阳泉拟剥离园区园林 2月12日，泉阳泉公布拟预挂牌转让子公司100%股权的进展，近日取得上级国资监管单位暨公司间接控 股股东吉林长白山森工集团有限公司的同意批复文件；2月11日，泉阳泉向吉林长春产权交易中心递交 本次股权转让事项的预挂牌（预披露）申请文件。 泉阳泉持续优化资产结构的战略再落一子。 最新公告显示，对于拟预挂牌转让子公司园区园林100%股权一事，泉阳泉已取得上级国资监管单位暨 公司间接控股股东吉林长白山森工集团有限公司的同意批复文件；2月11日，泉阳泉向吉林长春产权交 易中心递交本次股权转让事项的预挂牌（预披露）申请文件。 2023年底，吉林森工集团投资有限公司的总资产为570262.78万元，总负债为492798.15万元，净 ...

Company Events - The company plans to publicly transfer 100% equity of its wholly-owned subsidiary "Suzhou Industrial Park Landscaping Engineering Co., Ltd." to divest loss-making assets and focus on its core mineral water business, with the announcement made on February 11, 2026 [1] Related Transactions - The company’s subsidiary "Jilin Forest Industry Group Qianyuan Spring Beverage Co., Ltd." intends to purchase property for 25.0064 million yuan from its related party "Jilin Forest Industry Group Financial Co., Ltd." to consolidate office space, with the transaction approved by the board and funded by its own resources [2] Recent Performance - The company forecasts a net profit attributable to shareholders of 15.2236 million yuan for 2025, representing a year-on-year increase of 147.89%, driven by a 33.84% rise in mineral water sales; however, the non-recurring net profit remains a loss of 15.7603 million yuan, indicating that the landscaping segment is dragging down overall performance [3]

Core Viewpoint - The packaging water industry is expected to continue its steady expansion driven by health consumption demand, with an anticipated market size exceeding 300 billion yuan by 2028, and structural opportunities emerging among leading companies [1][2]. Group 1: Market Growth and Trends - The core driver of growth in the packaging water sector is the upgrade in health awareness among consumers, leading to a shift from sugary beverages to healthier hydration options [2]. - The market size of packaging water has grown from 152.6 billion yuan in 2018 to 215 billion yuan in 2023, with a compound annual growth rate (CAGR) of 7.1% [2]. - The industry is projected to maintain a mid-to-high single-digit growth rate in the medium to long term, with expectations to surpass 300 billion yuan by 2028 [2]. Group 2: Competitive Landscape - The packaging water industry is characterized by multi-dimensional competition involving price, channels, brands, and water sources, with a high concentration of market share among leading companies [3]. - The CR5 market share of the industry reached nearly 60% in 2023, indicating a strong position for top players [3]. - Future competition is expected to shift from price wars to value wars, benefiting leading companies that leverage their resources, channels, brands, and production capacity [3]. Group 3: Product Innovation and Market Segmentation - Product innovation and market segmentation are becoming crucial growth drivers in the packaging water industry, responding to diverse and refined consumer demands [4]. - Two main trends in product development are emerging: quality upgrades with a focus on mineral and natural spring waters, and innovations in packaging formats such as small portable sizes for outdoor and office use [4]. - The segmentation of consumption scenarios is also evolving, with products tailored for specific needs like maternal and infant water, sports water, and tea pairing water rapidly gaining traction [4].

Group 1 - The company aims to optimize its asset structure by gradually divesting non-core assets and focusing on the natural mineral water sector within the forest health industry [2] - The board of directors approved the proposal for the pre-listing public transfer of 100% equity of a subsidiary on January 16, 2026 [2] - The company has received approval from its indirect controlling shareholder, Jilin Changbai Mountain Forest Industry Group Co., Ltd., for the equity transfer [2] Group 2 - The company submitted a pre-listing application for the equity transfer to the Jilin Changchun Property Rights Exchange on February 11, 2026 [2] - The pre-listing phase is currently in the information disclosure stage, and the final listing price has not yet been determined [3] - There are uncertainties regarding the collection of potential buyers and the timeline for the formal listing [3]

Investment Rating - The industry investment rating is "Overweight" (maintained) [1] Core Insights - The report indicates a clear recovery trend in the industry, with optimistic expectations for the sector [3] - The packaging water industry is experiencing steady growth driven by an upgrade in health awareness among consumers, with market size expected to exceed 300 billion by 2028 [5] - The competitive landscape of the packaging water industry is evolving, with a shift from price wars to value competition, benefiting leading companies [6] - Product innovation and segmentation are accelerating, with a focus on quality upgrades and tailored products for specific consumption scenarios [7] - Structural opportunities are emerging in the industry, particularly for high-quality leading companies such as Nongfu Spring, China Resources Beverage, and Quanyuan Spring [8] Summary by Sections Industry Overview - The packaging water market size grew from 152.6 billion in 2018 to 215 billion in 2023, with a compound annual growth rate (CAGR) of 7.1% [5] - The industry is expected to maintain a mid-to-high single-digit growth rate in the medium to long term [5] Competitive Landscape - The industry is characterized by high concentration, with the top five companies holding nearly 60% market share as of 2023 [6] - Future competition is anticipated to focus on value rather than price, favoring established brands with strong resources and market presence [6] Product Development - There is a notable trend towards product innovation, with leading companies investing in high-quality mineral water and convenient packaging options [7] - New product categories targeting specific consumer needs, such as maternal and infant water and sports water, are emerging [7] Investment Opportunities - The report highlights the potential for structural opportunities in the packaging water sector, particularly for companies with strong competitive advantages [8] - Nongfu Spring is noted for its recovery in performance and market confidence, while China Resources Beverage is expected to benefit from strategic adjustments under new management [8] - Quanyuan Spring is focusing on its core mineral water business, which has shown significant sales growth [8]

Core Viewpoint - The company, Quan Yang Quan, is focusing on optimizing its asset structure by gradually divesting non-core assets and concentrating on the forest health industry, primarily centered around natural mineral water [1] Group 1: Company Actions - On January 16, 2026, the company held a temporary board meeting where it approved a proposal to publicly transfer 100% equity of a subsidiary [1] - The company has received approval from its indirect controlling shareholder, Jilin Changbai Mountain Forest Industry Group Co., Ltd., regarding the equity transfer [1] - On February 11, 2026, the company submitted a pre-listing application for the equity transfer to the Jilin Changchun Property Rights Exchange Center [1] Group 2: Current Status and Future Steps - The current progress is only a pre-disclosure of information and does not constitute a transaction [1] - The pre-listing phase will require auditing and evaluation work, and the listing base price has not yet been determined [1] - There is uncertainty regarding whether potential buyers will be found during the pre-listing period and the timing of the formal listing [1]