Investment Rating - The report indicates a positive outlook for the home furnishing sector, driven by domestic consumption stimulus and the gradual recovery of retail channels [1]. Core Insights - The report highlights that the domestic consumption stimulus is beginning to show effects, with a notable recovery in retail channels, while export conditions are experiencing marginal declines [1][3]. - The performance of leading companies in the home furnishing sector is improving, particularly in the context of national subsidies and strategic adjustments [1][3]. Summary by Sections 1. Home Furnishing - Domestic sales show signs of recovery with a year-on-year revenue change of -12.44% in Q4 2024 and +1.75% in Q1 2025, while net profit for the same periods changed from -54.11% to +7.07% [13]. - Export performance for the furniture sector saw a cumulative year-on-year increase of +5.8% for 2024 but a decline of -8.0% in Q1 2025, indicating a downward trend in export conditions [13]. - The report anticipates that the domestic market will continue to recover in the short term due to national subsidy policies, while the export market may face ongoing pressures [13]. 1.1 Domestic - Custom Home Furnishing - Retail channels are showing marginal improvements, while bulk channels remain under pressure, with leading companies like Oppein and Sophia experiencing reduced revenue declines in Q1 2025 compared to previous quarters [20]. - The profitability of leading companies is improving, with a focus on cost control and product development, while second and third-tier brands may struggle to maintain performance [26]. - Prepayment and cash flow indicators show improvements for some leading companies, suggesting a gradual recovery in demand [38]. 1.2 Domestic - Soft Home Furnishing - The soft home furnishing sector is under pressure due to real estate downturns and changing consumer spending patterns, but companies like Kuka and Mengbaihe are showing signs of recovery [39]. - Profit margins are improving in Q1 2025 compared to 2024, with notable changes in gross and net profit margins across leading companies [44]. - Prepayment figures for soft home furnishing companies are showing positive growth, indicating a recovery in domestic demand [46]. 1.3 Export Home Furnishing - The overall export climate is declining, with a significant drop in cumulative export value in Q1 2025, reflecting challenges in the international market [51][53]. - Despite the overall decline, leading companies are still managing to perform well, showcasing resilience and strategic advantages [51].

证券代码：600235 证券简称：民丰特纸 公告编号：2025-014 民丰特种纸股份有限公司2024年年度权益分派实施公告 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。 重要内容提示： 每股分配比例 A 股每股现金红利0.017元 相关日期 | 股份类别 | 股权登记日 | 最后交易日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | --- | --- | | Ａ股 | 2025/5/8 | － | 2025/5/9 | 2025/5/9 | 差异化分红送转： 否 一、 通过分配方案的股东大会届次和日期 本次利润分配方案经公司2025 年 4 月 17 日的2024年年度股东大会审议通过。 二、 分配方案 截至股权登记日下午上海证券交易所收市后，在中国证券登记结算有限责任公司上海分 公司（以下简称"中国结算上海分公司"）登记在册的本公司全体股东。 3. 分配方案： 本次利润分配以方案实施前的公司总股本351,300,000股为基数，每股派发现金红利 0.017元（含税），共计派发现金红利5 ...

Financial Performance - The company's operating revenue for Q1 2025 was CNY 300,421,567.06, a decrease of 20.56% compared to CNY 378,162,190.96 in the same period last year[3] - Net profit attributable to shareholders was CNY 5,102,213.58, down 84.27% from CNY 32,435,831.81 year-on-year[3] - Basic earnings per share decreased by 83.70% to CNY 0.015 from CNY 0.092 in the previous year[3] - The net profit for the first quarter of 2025 is CNY 5,102,213.58, a decrease of 84.24% compared to CNY 32,435,831.81 in the first quarter of 2024[15] - Operating profit for Q1 2025 was CNY 5,102,453.44, a decline of 84.3% from CNY 32,422,167.02 in Q1 2024[14] - Total operating revenue for Q1 2025 was CNY 300,421,567.06, a decrease of 20.6% compared to CNY 378,162,190.96 in Q1 2024[14] Cash Flow - The net cash flow from operating activities was CNY 6,810,842.67, a decline of 82.70% compared to CNY 39,363,113.88 in the same period last year[3] - Cash flow from operating activities for Q1 2025 is CNY 6,810,842.67, a decrease of 82.68% from CNY 39,363,113.88 in Q1 2024[17] - Total cash inflow from operating activities in Q1 2025 is CNY 315,497,451.48, down 20.77% from CNY 398,034,079.12 in Q1 2024[17] - Cash outflow from operating activities in Q1 2025 is CNY 308,686,608.81, a decrease of 13.93% compared to CNY 358,670,965.24 in Q1 2024[17] - Cash flow from investing activities in Q1 2025 shows a net outflow of CNY 83,973,100.53, compared to a net outflow of CNY 147,469,993.40 in Q1 2024[18] - Cash flow from financing activities in Q1 2025 is CNY 19,002,520.44, a decrease of 86.06% from CNY 136,904,239.80 in Q1 2024[18] - The ending cash and cash equivalents balance for Q1 2025 is CNY 83,285,907.30, down 48.36% from CNY 161,446,219.85 at the end of Q1 2024[18] Assets and Liabilities - The total assets at the end of the reporting period were CNY 3,053,546,214.29, a slight decrease of 0.99% from CNY 3,083,951,976.52 at the end of the previous year[4] - Total assets decreased to CNY 3,053,546,214.29 from CNY 3,083,951,976.52, a decline of 1.0%[10] - Total liabilities decreased to CNY 1,547,873,030.80 from CNY 1,583,381,006.61, a decline of 2.2%[11] - Shareholders' equity increased to CNY 1,505,673,183.49 from CNY 1,500,570,969.91, an increase of 0.3%[11] - Fixed assets increased by 59.99% to CNY 1,413,418,308.45, attributed to the commissioning of new production lines[4] Operational Challenges - The decline in net profit was primarily due to the shutdown of two paper machines, PM20 and PM22, which affected overall production and sales volume[3] - The weighted average return on equity decreased by 1.87 percentage points to 0.34% from 2.21% in the previous year[3] Shareholder Actions - The company plans to repurchase between 3 million and 6 million shares, with a total investment of CNY 20 million to CNY 40 million, as part of its shareholding increase plan[7] Other Information - The company reported non-recurring gains and losses totaling CNY 41,130.80, which included other operating income and expenses[5] - The company has not reported any new product or technology developments in the current earnings call[15] - There are no updates on market expansion or mergers and acquisitions mentioned in the earnings call[15]

Financial Performance - The company reported a basic earnings per share of 0.0150 yuan for Q1 2025, a decrease of 83.7% compared to 0.0920 yuan in Q1 2024 [1] - The net profit for Q1 2025 was 0.05 billion yuan, down 84.38% from 0.32 billion yuan in Q1 2024 [1] - The operating revenue for Q1 2025 was 3 billion yuan, a decline of 20.63% from 3.78 billion yuan in Q1 2024 [1] - The return on equity (ROE) for Q1 2025 was 0.34%, a significant drop of 84.62% from 2.21% in Q1 2024 [1] Shareholder Structure - The top ten unrestricted shareholders hold a total of 15,291 million shares, accounting for 43.52% of the circulating shares, with an increase of 2.1731 million shares compared to the previous period [1] - The largest shareholder, Jiaxing Minfeng Group Co., Ltd., holds 12,750 million shares, representing 36.29% of the total share capital, with an increase of 62,000 shares [2] - Other notable shareholders include Hu Zhiping with 700.41 million shares (1.99%) and Wang Zhengdong with 332.55 million shares (0.95%), with Wang's holdings increasing by 149.40 million shares [2] Dividend Policy - The company has announced that it will not distribute dividends or transfer shares this time [3]

Core Viewpoint - Minfeng Special Paper (600235) reported a significant increase in net profit for 2024, driven by lower raw material costs and other income from advanced manufacturing [1] Group 1: Financial Performance - The company achieved a net profit of 72 million yuan for 2024, representing a year-on-year growth of 54.09% [1] - Both production and sales volumes decreased compared to the previous year [1] Group 2: Project Developments - After the completion of the first and second phase projects, the company's Haiyan plant is expected to have a production capacity of 140,000 tons [2] - The first phase project, including new PM8 and PM20 upgrades, was put into production by the end of March 2025, with PM8 capable of producing 15,000 tons of tracing paper and PM20 producing 21,000 tons of cigarette paper [2] - The second phase project, which will produce 70,000 tons of specialty coated paper, is expected to officially start production by the end of June 2025 [2] Group 3: Product Innovation and Market Strategy - The company is actively developing new products in response to market demands, focusing on cigarette paper, transparent paper, and coated paper [2][3] - New cigarette paper products have been recognized by users and are being applied in 15 cigarette brands, indicating strong growth potential [3] - The company is also conducting research on the characteristics of semi-transparent paper and developing eco-friendly paper bag products [3] - Minfeng Special Paper aims to enhance its international market presence through a "go out, invite in" strategy, striving to improve competitiveness and brand influence [3] Group 4: Competitive Advantages - The company emphasizes its differentiated competitive advantages in technology, equipment, location, and system [3] - Minfeng Special Paper is recognized as a high-tech enterprise and has participated in setting multiple national or industry standards, showcasing its long-standing history in the paper manufacturing sector [3]

ZHEJIANG SHENGWEN LAW FIRM 浙江圣文律师事务所 浙江圣文律师事务所 关于 民丰特种纸股份有限公司 2024年年度股东会之 律师见证法律意见书 浙圣（2025）法字02号 致：民丰特种纸股份有限公司 浙江圣文律师事务所（以下简称"本所"）接受民丰特种纸股份有限公司（以 下简称"民丰特纸"或"公司"）的委托，指派本所律师列席了于2025年4月17 日下午在嘉兴市甪里街70号民丰特纸大楼会议室举行的公司2024年年度股东会 （以下简称"本次股东会"）。根据《中华人民共和国公司法》（以下简称《公司 法》）、《中华人民共和国证券法》（以下简称《证券法》）、《上市公司股东会规则》 （以下简称《股东会规则》）等法律、法规及《民丰特种纸股份有限公司章程》 （以下简称《公司章程》）的有关规定，本所律师就本次股东会召集和召开程序 的合法性、参加会议人员的资格合法性、会议表决程序和表决结果的合法有效性 进行见证并发表意见。本所律师不对本次股东会所审议的议案内容以及议案中所 表述的事实与数据的真实性与准确性发表意见。 所网站http://www.sse.com.cn刊登了《民丰特纸关于召开2024年年度股东 ...

证券代码：600235 证券简称：民丰特纸 公告编号：2025-013 民丰特种纸股份有限公司 2024 年年度股东会决议公告 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。 重要内容提示： 本次会议是否有否决议案：无 一、 会议召开和出席情况 (四) 表决方式是否符合《公司法》及《公司章程》的规定，会议主持情况等。 (三) 出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： 1、出席会议的股东和代理人人数 132 2、出席会议的股东所持有表决权的股份总数（股） 130,937,711 3、出席会议的股东所持有表决权股份数占公司有表决权股 份总数的比例（%） 37.2723 (一) 股东会召开的时间：2025 年 4 月 17 日 (二) 股东会召开的地点：浙江省嘉兴市甪里街 70 号民丰特纸办公楼一楼会议 室 (五) 公司董事、监事和董事会秘书的出席情况 1、公司在任董事 9 人，出席 9 人； 二、 议案审议情况 (一) 非累积投票议案 1、 议案名称：2024 年度董事会工作报告 审议结果：通过 表决情况： ...

Core Viewpoint - The company experienced a decrease in production and sales volume in 2024, leading to a decline in revenue, but a significant increase in net profit due to lower raw material costs and operational efficiencies [2][9]. Operational Performance - In 2024, the company's revenue was 1.447 billion yuan, a decrease of 9.98% year-on-year, while net profit attributable to shareholders was 72 million yuan, an increase of 54.09% [2][9]. - The decline in production was primarily due to the suspension of two paper machines, resulting in a reduction of approximately 21,000 tons in annual output [2]. - The average selling price and average cost of products both decreased in 2024, with the decline in costs being slightly greater than that of prices, leading to an increase in gross margin [2]. Market Trends - The price of pulp has shown historical volatility, with a downward trend starting in early 2023, followed by a recovery until May 2024, and then a subsequent adjustment phase [2]. - The likelihood of a significant increase in pulp prices in 2025 is low, with future price movements influenced by geopolitical factors, supply-demand changes, and macroeconomic conditions [3]. Project Developments - The company’s first-phase projects, including the new PM8 and upgraded PM20, commenced production at the end of March 2025, with PM8 expected to produce 15,000 tons of translucent paper and PM20 expected to produce 21,000 tons of cigarette paper [3]. - The second-phase project, which will produce 70,000 tons of specialty coated paper, is expected to officially commence production by the end of June 2025 [3]. Competitive Landscape - The barriers to entry in the specialty paper industry are primarily in technology, capital, market presence, and environmental regulations [5][6]. - The company’s competitive advantages include technological innovation, brand reputation, modern production facilities, and strategic location in a vibrant economic region [8][9]. Financial Overview - The company reported a total revenue of 1.459 billion yuan for 2024, a year-on-year decrease of 9.82%, while net profit attributable to shareholders was 72 million yuan, an increase of 54.09% [9]. - The company’s debt ratio stood at 51.34%, with financial expenses amounting to 11.9 million yuan and an investment loss of 156,700 yuan [9].

2024 年年度股东会 会 议 材 料 2025 年 4 月 17 日 目 录 6、关于拟续聘中汇会计师事务所（特殊普通合伙）为公司 2025 年度会计师 事务所的议案 一、会议议程 二、会议规则 三、会议议案 1、2024 年度董事会工作报告 2、2024 年度监事会工作报告 3、2024 年度财务决算报告 4、关于 2024 年度利润分配方案的议案 5、关于公司董事、独立董事 2024 年度薪酬的议案 7、关于 2025 年度向银行申请授信额度的议案 8、《2024 年年度报告》及摘要 民丰特种纸股份有限公司 2024 年年度股东会会议议程 现场会议时间：2025 年 4 月 17 日（星期四）14:00 网络投票起止时间：自 2025 年 4 月 17 日至 2025 年 4 月 17 日 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间为 股东会召开当日的交易时间段，即 9:15-9:25,9:30-11:30，13:00-15:00；通过 互联网投票平台的投票时间为股东会召开当日的 9:15-15:00。 现场会议地点：公司办公大楼会议室 主持人：董事长 曹继华 序号 内 容 1 宣布 ...

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个别及连带责任。 由于上述项目达到设计产能尚需一定时间，且项目投产后相关产品的市场、价格以及主要原料的价格受 市场供需结构变化可能存在不确定性，进而影响公司的营业收入和盈利水平。敬请广大投资者谨慎决 策，注意投资风险。 特此公告。 民丰特种纸股份有限公司董事会 2025年4月1日 一、项目基本情况 民丰特种纸股份有限公司（以下简称"公司"）公司分别于2021年1月5日、2021年1月22日召开了第八届 董事会第六次会议以及2021年第一次临时股东大会，审议通过了《关于新8号机和新20号机升级技改项 目的议案》。公司分别于2023年3月29日、2023年4月25日召开了第八届董事会十八次会议和2022年年度 股东大会，审议通过《关于变更新8号机和新20号机升级技改项目投资总额等内容的议案》。公司分别 于2024年6月3日、2024年6月19日召开了第九届董事会十次会议和2024年第二次临时股东大会，审议通 过了《关于调增在建项目（新8号机和新20号机升级技改项目）投资总额的议案》。（详见公告： ...