二、 补助的类型及其对上市公司的影响 根据《企业会计准则第 16 号——政府补助》等有关规定，公司此次获得的政 府补助与收益相关，共计人民币 1120 万元，计入与收益相关的会计核算科目。 证券代码：600235 股票简称：民丰特纸 编号：2025-024 民丰特种纸股份有限公司 关于获得政府补助的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或 者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 一、 获得补助的基本情况 民丰特种纸股份有限公司（以下简称"公司"）于 2025 年 9 月 3 日获得嘉兴市 生态环境局海盐分局拨付的中央大气污染防治资金人民币 1008 万元及配套县级资 金人民币 112 万元，合计人民币 1120 万元。此次补助金额占公司最近一个会计年度 经审计净利润的 15.56%，属于与收益相关的政府补助。 上述政府补助预计将对公司 2025 年度利润产生一定的积极影响，以上数据未经 审计，具体的会计处理以及对公司当年损益的影响情况仍须以审计机构年度审计确 认后的结果为准，敬请广大投资者注意投资风险。 特此公告。 民丰特种纸股份有限公司 董事会 202 ...

Core Viewpoint - Minfeng Special Paper Co., Ltd. received a total of 11.2 million yuan in government subsidies, which is expected to positively impact the company's profits for the fiscal year 2025 [1] Financial Impact - The total subsidy consists of 10.08 million yuan from the central air pollution prevention fund and 1.12 million yuan from county-level matching funds, representing 15.56% of the company's most recent audited net profit [1] - The subsidy will be accounted for in the income-related accounting category according to relevant accounting standards [1] Future Expectations - The subsidy is anticipated to have a positive effect on the company's profits for the fiscal year 2025, although the specific accounting treatment and impact on the annual profit and loss will be confirmed by the auditing institution [1]

Group 1 - The paper sector experienced a rise of 0.94% on August 25, with Songyang Resources leading the gains [1] - The Shanghai Composite Index closed at 3883.56, up 1.51%, while the Shenzhen Component Index closed at 12441.07, up 2.26% [1] - Notable stock performances included Songyang Resources with a closing price of 19.69, up 6.89%, and Hengfeng Paper with a closing price of 9.79, up 5.50% [1] Group 2 - The paper sector saw a net outflow of 60.37 million yuan from institutional funds and 34.82 million yuan from speculative funds, while retail investors contributed a net inflow of 95.19 million yuan [3]

Group 1 - The latest stock price of Minfeng Special Paper is 6.63 yuan, an increase of 0.09 yuan compared to the previous trading day [1] - The stock opened at 6.54 yuan, reached a high of 6.68 yuan, and a low of 6.49 yuan, with a total trading volume of 78,900 hands and a transaction amount of 52 million yuan [1] - Minfeng Special Paper is primarily engaged in the research, production, and sales of specialty paper, covering areas such as cigarette packaging paper and industrial supporting paper [1] Group 2 - On August 20, Minfeng Special Paper experienced a rapid rebound, with a rise of over 2% within five minutes [1] - As of 9:35 AM, the stock was priced at 6.64 yuan, with a transaction amount of 9.6585 million yuan [1] - In terms of capital flow, there was a net outflow of 2.7364 million yuan on that day, while the cumulative net inflow over the past five trading days was 9.7087 million yuan [1]

Core Viewpoint - The paper industry sector experienced a 0.5% increase on August 20, with Annie Co. leading the gains, while the overall market indices also showed positive performance [1]. Group 1: Market Performance - The Shanghai Composite Index closed at 3766.21, up 1.04% [1]. - The Shenzhen Component Index closed at 11926.74, up 0.89% [1]. Group 2: Individual Stock Performance - Annie Co. (002235) closed at 9.04, with a rise of 4.15%, and a trading volume of 1.4162 million shares, totaling a transaction value of 1.258 billion [1]. - BoHui Paper (600966) closed at 5.31, up 3.31%, with a trading volume of 204,000 shares, totaling 106 million [1]. - QiFeng New Materials (002521) closed at 9.07, increasing by 2.14%, with a trading volume of 114,200 shares, totaling 104 million [1]. - Forest Packaging (605500) closed at 10.24, up 1.69%, with a trading volume of 147,300 shares, totaling 150 million [1]. - Hengfeng Paper (600356) closed at 9.28, increasing by 1.64%, with a trading volume of 49,900 shares, totaling 45.9795 million [1]. - Minfeng Special Paper (600235) closed at 6.63, up 1.38%, with a trading volume of 78,900 shares, totaling 52.0111 million [1]. - Yibin Paper (600793) closed at 25.59, increasing by 1.35%, with a trading volume of 69,800 shares, totaling 178 million [1]. - Qingshan Paper (600103) closed at 2.36, up 1.29%, with a trading volume of 489,200 shares, totaling 1.15 billion [1]. - Rongsheng Environmental Protection (603165) closed at 12.55, increasing by 1.13%, with a trading volume of 36,600 shares, totaling 45.8246 million [1]. - Guanmeng High-tech (600433) closed at 3.17, up 0.96%, with a trading volume of 185,600 shares, totaling 58.3962 million [1]. Group 3: Capital Flow - The paper sector saw a net inflow of 101 million from main funds, while retail funds experienced a net outflow of 11.7049 million [2].

报告显示，民丰特纸公司上半年营业收入为6.01亿元，同比下降23.21%；归母净利润为1507.37万元，同比下降68.88%；扣非归母净利润为1503.93万元，同 比下降68.92%；基本每股收益0.04元。 2025年上半年，民丰特纸公司毛利率为16.89%，同比上升1.64个百分点；净利率为2.51%，较上年同期下降3.68个百分点。 民丰特纸上半年公司期间费用为8865.23万元，较上年同期增加560.29万元；期间费用率为14.74%，较上年同期上升4.14个百分点。其中，销售费用同比增长 4.28%，管理费用同比增长7.27%，研发费用同比减少11.37%，财务费用同比增长80.01%。 瑞财经 钟鸣辰8月15日，民丰特纸(SH600235)发布2025年半年报，上半年同比营收利润双降。 | | | | 单位:元币种:人民币 | | --- | --- | --- | --- | | 主要会计数据 | 本报告期 | 上年同期 | 本报告期比上 | | | (1-6月) | | 年同期增减(%) | | 营业收入 | 601. 447. 256. 25 | 783.216. 400. 35 | - ...

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]

Core Viewpoint - The financial performance of Minfeng Special Paper (600235) for the first half of 2025 shows significant declines in revenue and net profit compared to the previous year, indicating operational challenges and increased costs [1]. Financial Performance Summary - Total revenue for the first half of 2025 was 601 million yuan, a decrease of 23.21% year-on-year [1]. - Net profit attributable to shareholders was 15.07 million yuan, down 68.88% from the previous year [1]. - The gross margin improved to 16.89%, an increase of 10.73% year-on-year, while the net margin fell to 2.51%, a decrease of 59.47% [1]. - The total of selling, administrative, and financial expenses reached 69.50 million yuan, accounting for 11.56% of total revenue, which is an increase of 47.3% year-on-year [1]. Cash Flow and Asset Management - Cash and cash equivalents decreased by 60.73% to 111 million yuan, primarily due to a reduction in bank acceptance deposits [3]. - Accounts receivable fell by 24.75% to 187 million yuan, indicating a decrease in sales [3]. - The company’s operating cash flow per share dropped by 86.2% to 0.05 yuan, reflecting reduced cash receipts from sales [1][5]. Cost Structure and Operational Challenges - The company experienced a 24.69% decrease in operating costs, attributed to lower sales volumes [4]. - Financial expenses surged by 80.01%, mainly due to reduced interest income [5]. - The company reported a significant increase in employee compensation liabilities, up 87.81%, indicating rising labor costs [4]. Investment and Return Metrics - The company's return on invested capital (ROIC) was 3.34%, indicating weak capital returns [6]. - Historical data shows a median ROIC of 2.5% over the past decade, with a notable low of -5.92% in 2015 [6]. - The company has faced challenges in maintaining a strong investment return, with only one loss year since its IPO [6]. Debt and Liquidity Concerns - The company’s debt-to-asset ratio reached 41.06%, raising concerns about its financial leverage [7]. - The ratio of accounts receivable to profit stood at 259.07%, suggesting potential issues with cash collection [7].

2025年8月16日，民丰特纸(600235.SH)发布2025年中报。 公司最新资产负债率为50.06%，较上季度资产负债率减少0.63个百分点，较去年同期资产负债率增加 3.64个百分点。 公司最新毛利率为16.89%，较上季度毛利率增加0.68个百分点，较去年同期毛利率增加1.64个百分点， 实现2年连续上涨。最新ROE为1.00%，较去年同期ROE减少2.25个百分点。 公司摊薄每股收益为0.04元，较去年同报告期摊薄每股收益减少0.10元，同比较去年同期下降68.84%。 公司营业总收入为6.01亿元，较去年同报告期营业总收入减少1.82亿元，同比较去年同期下降23.21%。 归母净利润为1507.37万元，较去年同报告期归母净利润减少3335.76万元，同比较去年同期下降 68.88%。经营活动现金净流入为1645.99万元，较去年同报告期经营活动现金净流入减少1.03亿元，同 比较去年同期下降86.20%。 公司最新总资产周转率为0.20次，较去年同期总资产周转率减少0.10次，同比较去年同期下降34.40%。 最新存货周转率为1.35次，较去年同期存货周转率减少0.27次，同比较去年同期下降1 ...

Group 1 - The company will hold a half-year performance briefing on August 26, 2025, from 10:00 to 11:00 AM [3][5] - The briefing will take place at the Shanghai Stock Exchange Roadshow Center and will be conducted in an interactive online format [4][5] - Investors can submit questions from August 19 to August 25, 2025, and the company will address common concerns during the briefing [3][4] Group 2 - The company assures that the content of the announcement is truthful, accurate, and complete, with no false records or significant omissions [2] - The board of directors and all directors attended the board meeting where the report was approved [1] - The half-year report has not been audited [1]