提醒：请将手机调至振动 浙江龙盛集团股份有限公司 2024年年度股东大会 会 议 资 料 二〇二五年五月三十日 | 1、大会会议议程. | | --- | | 2、大会会议须知 | | 13、《关于选举监事的议案》 28 | | --- | 浙江龙盛 2024 年年度股东大会会议资料 浙江龙盛集团股份有限公司 2024年年度股东大会议程 大会召开时间： 现场会议召开时间：2025年5月30日下午13：30时 网络投票时间：2025年5月30日上午9：30-11：30，下午13：00-15：00 大会召开地点：公司办公大楼四楼多功能厅 大会主持人：公司董事长阮伟祥先生 ----大会介绍---- ----会议议案报告---- ----审议、表决---- 第 2页 共 28 页 1、主持人介绍股东到会情况，并宣布大会开始 2、主持人介绍到会董事、监事、高级管理人员及律师情况 3、董事会秘书姚建芳先生宣读大会会议须知 1、审议《2024年度董事会工作报告》 2、审议《2024年度监事会工作报告》 3、审议《2024年度财务决算报告》 4、审议《2025年度财务预算报告》 5、审议《2024年年度报告及其摘要》 6、审 ...

Zhejiang Longsheng's 1Q25 revenue/attributable net profit (NP)/recurring NP were RMB3.24/0.40/0.29bn (-7.2/+100.4/+3.5% yoy, -38.7/-41.5/-57.7% qoq). The 1Q25 attributable NP beat our prior forecast (RMB300mn), mainly driven by its property business. Maintain OVERWEIGHT, considering a demand recovery in dye and intermediate products and continued revenue contributions from property operations. Equity Research Report Zhejiang Longsheng (600352 CH) 1Q25 NP Improved Yoy, Property Business to Contribute Revenue ...

Core Viewpoint - The China Textile Industry Index has shown a mixed performance, with a recent increase but a decline over the year, indicating potential volatility in the textile sector [2]. Group 1: Index Performance - The China Textile Industry Index rose by 4.18% in the last month but has decreased by 4.84% over the past three months and 8.47% year-to-date [2]. - The index is based on a reference date of December 31, 2008, with a base point of 1000.0 [2]. Group 2: Index Composition - The top ten weighted companies in the China Textile Industry Index are: Zhejiang Longsheng (14.92%), Hailan Home (13.52%), Tongkun Co. (13.05%), Youngor (12.54%), Guangwei Composites (12.45%), Huafeng Chemical (9.58%), Wondfo Medical (8.55%), Huali Group (5.85%), Xin Fengming (4.71%), and Semir Apparel (3.37%) [2]. - The index's holdings are primarily from the Shanghai Stock Exchange (60.20%) and the Shenzhen Stock Exchange (39.80%) [2]. Group 3: Industry Breakdown - The industry composition of the index includes: Apparel (29.44%), Spandex and Other Chemical Fibers (23.49%), Nylon and Polyester (17.75%), Dyeing Chemicals (14.92%), Textiles (8.55%), and Footwear and Accessories (5.85%) [2]. Group 4: Index Adjustment - The index samples are adjusted biannually, with adjustments occurring on the next trading day after the second Friday of June and December [3]. - Weight factors are generally fixed until the next scheduled adjustment, with special circumstances allowing for temporary adjustments [3].

Group 1 - The dye concept sector experienced a decline of 1.21%, ranking among the top declines in the concept sectors as of the market close on April 30 [1] - Within the dye sector, companies such as Fuchun Dyeing and Weaving, Runtu Co., and Jihua Group saw significant declines, while 9 stocks within the sector recorded gains, with ST Shilong, Eight Billion Space, and Dawi Co. leading the increases at 3.52%, 1.48%, and 0.88% respectively [1][2] - The dye sector faced a net outflow of 223 million yuan from main funds today, with 21 stocks experiencing net outflows, and 7 stocks seeing outflows exceeding 10 million yuan [2] Group 2 - The top net outflow stock in the dye sector was United Chemical, with a net outflow of 52.6583 million yuan, followed by Qicai Chemical, Annuoqi, and Runtu Co. with net outflows of 37.0741 million yuan, 27.0397 million yuan, and 22.9185 million yuan respectively [2][3] - Conversely, the stocks with the highest net inflow included Hangmin Co., Runhe Materials, and Jihua Group, with net inflows of 5.7905 million yuan, 3.4670 million yuan, and 3.0502 million yuan respectively [2][3]

Group 1 - Company reported Q1 revenue of 3.24 billion yuan, with a year-on-year decline of 7.2% and a quarter-on-quarter decline of 38.7%, while net profit attributable to shareholders was 400 million yuan, exceeding expectations due to the real estate business entering a monetization phase [1] - The dye and intermediate product market is showing signs of recovery, with Q1 sales volumes for dyes, auxiliaries, and intermediates at 56,000 tons, 15,000 tons, and 27,000 tons respectively, reflecting year-on-year increases of 0.8%, 0.3%, and 7.8% [2] - The company’s comprehensive gross margin improved to 28.6% in Q1, driven by a decrease in raw material prices, while the expense ratio decreased to 14.3% [2] Group 2 - The real estate business is entering a monetization phase, with the Huaxing New Town project fully capped and a sales rate exceeding 90% for the "Bay Up" project [3] - Non-recurring gains increased by 180 million yuan year-on-year to 100 million yuan in Q1, primarily due to changes in the fair value of financial assets and liabilities [3] - The company maintains profit forecasts for 2025-2027 at 2.15 billion, 2.36 billion, and 2.47 billion yuan respectively, with a target price of 11.88 yuan based on a 18x PE ratio for 2025 [4]

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expectation that the company's stock will outperform the benchmark index by more than 20% over the next 6-12 months [2][5][7]. Core Views - The company reported a total revenue of RMB 15.88 billion for 2024, a year-on-year increase of 3.79%, with a net profit attributable to shareholders of RMB 2.03 billion, up 32.36% year-on-year. The fourth quarter alone saw a revenue of RMB 5.27 billion, reflecting a 17.90% increase year-on-year and a 44.29% increase quarter-on-quarter [5][10][11]. - The dye industry is expected to recover, and the company is anticipated to benefit from increased sales of various chemical products and ongoing real estate projects, supporting the "Buy" rating [5][7][10]. Financial Summary - The company’s revenue for 2024 was RMB 15,883.86 million, with a growth rate of 3.79% compared to 2023. The EBITDA for 2024 was RMB 2,900 million, and the net profit was RMB 2,354.86 million, marking a 35.88% increase year-on-year [11][15]. - The earnings per share (EPS) for 2024 is projected at RMB 0.62, with a slight adjustment in forecasts for 2025-2026, expecting EPS of RMB 0.63 and RMB 0.71 respectively [7][15]. - The company’s gross margin for 2024 was 27.87%, an increase of 1.74 percentage points year-on-year, indicating improved profitability despite challenges in the dye market [10][11]. Business Segments - The dye and intermediate business showed resilience, with revenue from the dye segment reaching RMB 75.91 billion in 2024, a 0.94% increase year-on-year, despite a 5.81% decline in average price per ton [10][11]. - The real estate segment saw significant growth, with revenue of RMB 24.82 billion, up 87.26% year-on-year, driven by project deliveries [10][11]. - The company has a strong market position in the dye industry, with a production capacity of 300,000 tons per year, and is expanding its intermediate product offerings to enhance its competitive edge [10][11].

Investment Rating - The investment rating for the company is maintained at "Accumulate" with a target price of RMB 11.88 [6][4]. Core Views - The company's Q1 net profit improved year-on-year, primarily due to the realization of revenue from its real estate business, which is entering a monetization phase [1]. - The dye and intermediate product market is showing signs of recovery, contributing positively to the company's performance [2]. - The real estate business is expected to continue generating revenue, with a significant portion of inventory already sold [3]. Summary by Sections Financial Performance - In Q1, the company achieved operating revenue of RMB 3.24 billion, with a year-on-year decline of 7.2% and a quarter-on-quarter decline of 38.7%. The net profit attributable to the parent company was RMB 400 million, exceeding expectations [1]. - The sales volume for dyes, additives, and intermediates in Q1 was 56,000 tons, 15,000 tons, and 27,000 tons respectively, with year-on-year growth of 0.8%, 0.3%, and 7.8% [2]. Cost and Margin Analysis - The company's comprehensive gross margin improved to 28.6%, up 1.5 percentage points year-on-year, due to a decrease in raw material prices [2]. - The company reported a decrease in construction projects in progress, down RMB 260 million year-on-year to RMB 570 million [2]. Real Estate Business - The real estate project "Huaxing New City" has fully topped out, with a sales rate exceeding 90%, indicating strong future revenue potential [3]. - Non-recurring gains increased by RMB 180 million year-on-year to RMB 100 million, primarily due to changes in the fair value of financial assets and liabilities [3]. Profit Forecast and Valuation - The company’s projected net profits for 2025-2027 are RMB 2.15 billion, RMB 2.36 billion, and RMB 2.47 billion respectively, with corresponding EPS of RMB 0.66, RMB 0.72, and RMB 0.76 [4]. - The target price of RMB 11.88 corresponds to an 18x PE for 2025, reflecting the company's leading position in the dye industry and orderly progress in real estate projects [4].

Investment Rating - The investment rating for the company is maintained at "Buy" with a target price of 11.88 RMB [6][7]. Core Views - The company's Q1 net profit improved year-on-year, primarily due to the realization of revenue from its real estate business, which is entering a monetization phase [1]. - The dye and intermediate product markets are showing signs of recovery, contributing positively to the company's performance [2]. - The real estate business is expected to continue generating revenue, with a significant inventory of 291.8 billion RMB as of Q1 [3]. - The company has a strong competitive position in the dye industry, which supports its valuation [4]. Summary by Sections Financial Performance - In Q1, the company achieved an operating income of 3.24 billion RMB, with a year-on-year decline of 7.2% and a quarter-on-quarter decline of 38.7%. The net profit attributable to the parent company was 400 million RMB, exceeding expectations [1]. - The sales volume for dyes, additives, and intermediates in Q1 was 56,000 tons, 15,000 tons, and 27,000 tons respectively, with year-on-year growth of 0.8%, 0.3%, and 7.8% [2]. Real Estate Business - The real estate segment is entering a monetization phase, with the "Bay Up" project achieving over 90% sales rate. The inventory as of Q1 increased by 350 million RMB year-on-year [3]. - Non-recurring gains increased by 180 million RMB to 100 million RMB in Q1, mainly due to fair value changes in financial assets and liabilities [3]. Profit Forecast and Valuation - The forecast for net profit attributable to the parent company for 2025-2027 is 2.15 billion RMB, 2.36 billion RMB, and 2.47 billion RMB, respectively, with corresponding EPS of 0.66 RMB, 0.72 RMB, and 0.76 RMB [4]. - The target price is set at 11.88 RMB, based on a 18x PE ratio for 2025, reflecting the company's leading position in the dye industry and orderly progress in real estate projects [4].

Core Viewpoint - The company has released its first quarter report for 2025, ensuring the accuracy and completeness of the information provided, and has extended the duration of its employee stock ownership plan until May 18, 2030 [1][2][14]. Financial Data Summary - The first quarter financial statements for 2025 have not been audited [3]. - The company reported that there were no significant changes in the net profit from merged entities, with both the current and previous periods showing a net profit of 0.00 yuan [5][6]. Shareholder Information - The total number of shareholders and the situation of the top ten shareholders have not changed significantly [4]. - The company confirmed that the employee stock ownership plan holds 25,000,070 shares, accounting for 0.77% of the total share capital [15]. Board Meeting Details - The ninth board meeting was held on April 25, 2025, with all nine directors present, and the meeting complied with relevant laws and regulations [7]. - The board approved the first quarter report and the extension of the employee stock ownership plan [8][10]. Operational Data - The company disclosed its main operational data for the first quarter of 2025, including production, sales, and revenue figures [16]. - There were no significant impacts on production and operations during the reporting period [17].

证券代码：600352 证券简称：浙江龙盛 公告编号：2025-020 号 浙江龙盛集团股份有限公司 2025 年第一季度主要经营数据公告 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。 根据《上海证券交易所上市公司自律监管指引第 3 号——行业信息披露》要 求，公司 2025 年第一季度主要经营数据披露如下： 一、主要产品的产量、销量及收入实现情况 | 主要产品 | 产量（吨） | 销量（吨） | 营业收入（元） | | --- | --- | --- | --- | | 染料 | 56,405 | 55,910 | 1,772,124,923.54 | | 助剂 | 10,760 | 15,448 | 241,810,199.35 | | 中间体 | 27,353 | 26,503 | 806,829,892.47 | 注：上述产品销量包含了部分外购成品再销售的量。 二、主要产品和原材料的价格变动情况 （一）主要产品价格(不含增值税)波动情况 第 3页 共 4 页 第 4页 共 4 页 第 1页 共 4 页 （二）主要原料 ...