2025 年净利 4.34 亿（+20%），全年派息 0.1 元/股，分红率近 50%；Q4 受价格战影响增收不增利，PVA 价格一度跌至 8,000 元/吨。 2026 年 3 月行业反转，PVA17 系价格由年初万元以下跳涨至 1.5-1.8 万元；美伊冲突推升乙烯成本，电石法成本优势凸显，公司订单饱满、 库存仅 2 天。 江苏盐城基地（20 万吨 PVA/36 万吨醋酸乙烯）加速赶工，力争 2026 年 10 月投产；内蒙高强高模 PVA 纤维项目预计 2026 年上半年建成。 PVB 胶片 2026 年目标销量 2 万吨，汽车级占比拟升至 50%；2000 万 平米光伏胶膜项目因国产核心设备大辊子缺陷返修，待消缺后即可投产。 皖维集团 30 亿定增由大股东全额认购（6.42 元/股）；集团重组杉杉股 份预计 4 月中旬出结果，海螺集团重组皖维集团预计 5-6 月完成。 出口业务高增，2025 年出口 5 万吨（+20%），2026 年目标 6-7 万 吨；已进入日本可乐丽代工体系，并获日本积水、欧洲圣戈班订单。 Q&A 皖维高新 20260320 摘要 请介绍一下公司 2025 年的整体经营业绩、利润 ...

Group 1 - Crystal Optoelectronics is a core component enterprise in the optical optoelectronics field, focusing on optical components, thin-film optical panels, semiconductor optics, automotive electronics (AR+), and reflective materials [1] - The company provides infrared cutoff filters and micro-prisms to leading brands in the consumer electronics sector, leading in the share of periscope lens matching [1] - The automotive optical layout includes AR-HUD and laser radar window pieces, benefiting from the increasing penetration rate of smart cockpits [1] Group 2 - O-Film has over 20 years of experience in the optical optoelectronics field, establishing a business system in smartphones, smart cars, and new fields, and is a core supplier of optical modules and imaging systems [2] - The company focuses on high-pixel camera modules, optical lenses, under-display fingerprint sensors, and 3D ToF products, successfully entering the supply chain of domestic flagship models [2] - The smart automotive business is rapidly growing, with multiple car manufacturers designating the company for vehicle-mounted cameras and laser radar optical solutions [2] Group 3 - Singsun has formed a dual main business structure of lithium battery anode materials and display polarizers, with its subsidiary being a global leader in polarizers [3] - The company has the largest market share in large-size LCD polarizers globally, with rapid breakthroughs in high-value-added products for automotive and OLED applications [3] - The dual business model supports strong performance resilience, benefiting from the high-endization of display panels and the growth of new energy materials [3] Group 4 - Fuzhijian Technology is a global leader in optical crystals and precision optical components, with products widely used in lasers, optical communications, semiconductors, AR/VR, and scientific instruments [4] - The company leads in the global market share of nonlinear optical crystals and has a strong gross margin level [4] - Fuzhijian focuses on high-end optical materials and devices, driven by research and development, with long-term support for performance and valuation [4] Group 5 - Rainbow Holdings is one of the few companies in China to achieve an integrated layout of "liquid crystal panels + substrate glass," focusing on G8.5+ high-generation substrate glass and large-size TFT-LCD panels [5] - The company has broken through overseas technical barriers and achieved self-control of the overflow method process, supplying products in bulk to leading panel manufacturers [5] - Rainbow's business structure optimization and high-value product ratio increase are supported by national new display strategy projects [5] Group 6 - Helitai focuses on display modules and electronic paper, being an important supplier of display devices in the optical optoelectronics field [6] - The company has a leading global market share in electronic paper, covering electronic price tags, readers, and smart retail [6] - Helitai's car display business has broken into the supply chain of leading car manufacturers, with rapid order growth [6] Group 7 - Kangguan Technology is a leader in smart display terminals, with a global leading shipment volume of smart interactive panels covering education and office scenarios [7] - The company has a strong presence in professional displays, including e-sports monitors and medical displays, with a leading domestic market share [7] - Kangguan's product structure is shifting towards high-margin and intelligent upgrades, benefiting from nearly 30 years of manufacturing experience [7] Group 8 - Opple Lighting is a domestic leader in LED lighting and smart optics, with a high revenue share from LED light sources and fixtures [8] - The company is advancing smart lighting upgrades and has a strong presence in commercial lighting solutions [8] - Opple's product structure is optimizing, with a steady gross margin and a strong brand presence in the market [8] Group 9 - Yongxin Optical is a leader in high-end optical instruments and precision optical components, covering multiple scenarios including research, industry, automotive, and medical [9] - The company has a strong market position in high-end microscopes and laser radar optical components, benefiting from the popularity of autonomous driving [9] - Yongxin's products are characterized by high-endization and accelerated import substitution, supported by nearly 80 years of optical expertise [9] Group 10 - Dongtian Micro focuses on precision optical thin-film components, covering imaging optics and communication optics, serving as a core component supplier in the optical optoelectronics upstream [10] - The company has a strong presence in the mobile phone camera market and is expanding into automotive optical layouts [10] - Dongtian's optical communication business is growing rapidly, becoming a major contributor to its performance [10]

证券代码：600884 证券简称：杉杉股份 公告编号：2026-011 宁波杉杉股份有限公司 关于控股股东重整的进展公告 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。 宁波杉杉股份有限公司（下称"公司"）的控股股东杉杉集团有限公司（下 称"杉杉集团"）及其全资子公司宁波朋泽贸易有限公司（下称"朋泽贸易"，与 杉杉集团合称"债务人"）于 2025 年 3 月 20 日被浙江省宁波市鄞州区人民法院 （下称"鄞州法院"）裁定进行实质合并重整，并于 2026 年 2 月 6 日与法院指定 的管理人以及重整投资人签署了《重整投资协议》。现将最新重整进展情况公告 如下： 一、控股股东重整进展情况 2026 年 3 月 3 日，公司收到管理人的通知，管理人于 2026 年 2 月 28 日向 债权人会议提交《杉杉集团有限公司和宁波朋泽贸易有限公司重整计划（草案）》 （下称"《重整计划（草案）》"，其核心内容摘要详见附件）；杉杉集团和朋泽贸 易合并破产重整案第四次债权人会议于 2026 年 3 月 2 日 15 时召开，表决期截至 2026 ...

证券代码：600884 证券简称：杉杉股份 公告编号：2026-010 宁波杉杉股份有限公司 关于控股股东一致行动人部分股份解除标记和冻结的公告 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。 宁波杉杉股份有限公司（下称"公司"）于 2025 年 1 月 24 日在上海证券交 易所网站发布了《关于控股股东一致行动人部分股份被标记和冻结的公告》（公 告编号：临 2025-005），披露了控股股东一致行动人宁波朋泽贸易有限公司（下 称"朋泽贸易"）所持公司部分股份被浙江省宁波市中级人民法院标记和冻结的 情况。 公司于近日获悉，浙江省宁波市中级人民法院已于 2026 年 3 月 2 日解除对 相关股份的标记和冻结，现将有关事项公告如下： 二、其他相关说明 浙江省宁波市鄞州区人民法院已于 2025 年 3 月 20 日裁定杉杉集团有限公司 1 （下称"杉杉集团"）及其下属全资子公司朋泽贸易进行实质合并重整，并指定 管理人。本次解除标记和冻结系因管理人依照《中华人民共和国企业破产法》第 十九条向相关法院申请解除对朋泽贸易的财产保全措施， ...

证券代码：600884 证券简称：杉杉股份 公告编号：2026-008 经公司于 2026 年 1 月 27 日召开的第十一届董事会第二十二次会议审议通过， 公司计划自 2026 年 2 月 26 日至 2026 年 5 月 25 日期间，通过集中竞价交易方式减 持前期已回购股份不超过 22,494,128 股（即不超过公司总股本的 1%），减持价格 按照市场价格确定。减持期间公司若有送股、资本公积金转增股本、股份回购注销 等导致公司股本数量变动的情形，减持数量将相应调整。减持股份所得资金将用于 补充公司日常经营所需流动资金。（详见公司于 2026 年 1 月 28 日披露的《关于已 回购股份集中竞价减持计划的公告》） 宁波杉杉股份有限公司 关于已回购股份集中竞价减持的进展公告 本公司董事会、全体董事及相关股东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： 回购股份的基本情况 为维护公司价值及股东权益，宁波杉杉股份有限公司（下称"公司"）分别于 2024 年 2 月至 2024 年 4 月、2024 年 6 月至 2024 年 8 ...

1 证券代码：600884 证券简称：杉杉股份 公告编号：2026-009 宁波杉杉股份有限公司 关于间接控股股东部分股份将被司法拍卖的提示性公告 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： 本次将被司法拍卖的股份为宁波杉杉股份有限公司（下称"公司"）间接 控股股东杉杉控股有限公司（下称"杉杉控股"）持有的公司无限售流通股 140,000 股，占其持有公司股份总数的 0.43%，占公司总股本的 0.01%。目前上 述股份处于冻结状态。 目前，公司控股股东及其一致行动人合计持有公司股份 525,724,326 股， 占公司总股本的 23.37%。如本次拍卖全部成交，公司控股股东及其一致行动人 的持股将降至 525,584,326 股，占公司总股本的 23.37%，预计不会导致公司控 制权发生变化。 本次拍卖事项尚在公示阶段，后续将可能涉及竞拍、缴款、股权变更过 户等环节，拍卖结果尚存在不确定性。公司将持续关注上述事项的进展，严格按 照相关法律、法规及规范性文件的要求及时履行信息披露义务，敬请广大投资者 理性投 ...

Core Viewpoint - Shanshan Co., Ltd. is transitioning into a mixed-ownership model with state-owned capital as Anhui provincial state-owned enterprises plan to take control, marking a significant governance change for the company [1] Group 1: Strategic Direction - The company’s chairman, Zhou Ting, emphasized three key themes for the future: "breakthrough," "refinement," and "win-win" in her New Year message, outlining a development path towards 2026 [1][2] - "Breakthrough" focuses on market expansion, with an emphasis on not just surviving but thriving, particularly in key markets [1] - "Refinement" highlights the importance of technological capabilities, with a focus on high-value products in the polarizer business and maintaining competitiveness in an evolving lithium battery materials market [2] Group 2: Internal Governance - "Win-win" pertains to internal governance, addressing past internal fluctuations due to the founder's passing and control transitions, with a commitment to rewarding contributors and stabilizing team expectations [2] - The anticipated entry of state-owned capital is expected to clarify governance structures, reducing uncertainties and providing a more stable environment for business development [2][3] Group 3: Financial Performance - The company projects a net profit of 900 million to 1.1 billion yuan for its two main businesses—negative electrode materials and polarizers—indicating a turnaround in overall performance [3] - Record-high shipment volumes in negative electrode materials and ongoing capacity releases from integrated bases in Inner Mongolia, Sichuan, and Yunnan are contributing to this positive outlook [3] - The polarizer business is expanding into the OLED sector while maintaining its position in the large-size LCD market, reflecting a strategic focus on core operations and cost optimization [3]

Core Viewpoint - The company, Ningbo Shanshan Co., Ltd., is actively engaging in share repurchase and reduction plans to maintain company value and shareholder rights, with specific timelines and conditions outlined for both activities [2][3]. Share Repurchase Details - The company plans to repurchase a total of 53,483,803 shares, which represents 2.38% of the current total share capital, during two periods: from February to April 2024 and from June to August 2024 [2]. - The repurchased shares will be sold through centralized bidding within 12 months after the announcement of the repurchase results, and must be completed within three years; any unsold shares will be canceled [2]. Reduction Plan Progress - The company intends to reduce up to 22,494,128 shares (1% of total share capital) from February 26 to May 25, 2026, at market prices [3]. - On February 26, 2026, the company executed its first reduction, selling 10,035,800 shares (0.45% of total share capital) for a total of 150.2 million yuan, with an average price of approximately 14.97 yuan per share [3]. Background on Reduction Entities - The shares being reduced were initially repurchased for maintaining company value and for employee stock incentives, with 53,483,803 shares for value maintenance and 47,735,691 shares for incentives [4]. Implementation Progress of Reduction Plan - The reduction plan is consistent with previously disclosed plans and commitments, with no significant corporate actions like stock splits or mergers planned during the reduction period [6].

证券代码：600884 证券简称：杉杉股份 公告编号：2026-007 宁波杉杉股份有限公司 关于已回购股份首次集中竞价减持的进展公告 本公司董事会、全体董事及相关股东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： 回购股份的基本情况 为维护公司价值及股东权益，宁波杉杉股份有限公司（下称"公司"）分别于 2024 年 2 月至 2024 年 4 月、2024 年 6 月至 2024 年 8 月期间，通过集中竞价交易 方式回购公司股份合计 53,483,803 股，占公司当前总股本的 2.38%。根据公司前 期披露的相关回购股份方案，前述回购的股份将在披露回购结果暨股份变动公告 12 个月后采用集中竞价交易方式出售，并在披露回购结果暨股份变动公告 3 年内 完成出售，若公司未能在上述期限内完成出售，未实施出售部分股份将履行相关程 序予以注销。 减持计划的进展情况 2026 年 2 月 26 日，公司通过集中竞价交易方式首次减持已回购股份 1,003.58 万股，占公司总股本的 0.45%，成交总额为 15,020 万元（未扣除交易费用 ...

Group 1 - The company, Shanshan Co., announced a share reduction through centralized bidding on February 26, 2026, involving 10.0358 million shares, which represents 0.45% of the total share capital [2] - The total transaction amount for the share reduction was 150.2 million yuan, excluding transaction fees and taxes [2]