股票简称：航民股份 股票代码：600987 编号：临 2024-021 浙江航民股份有限公司 关于召开 2024 年半年度业绩说明会的公告 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。 重要内容提示： ● 会议召开时间：2024 年 8 月 21 日（星期三）上午 10:00-11:00 ● 会 议 召 开 地 点 ： 上 海 证 券 交 易 所 上 证 路 演 中 心 （ 网 址 ： http://roadshow.sseinfo.com/） ● 会议召开方式：上证路演中心网络互动 ● 投资者可于 2024 年 8 月 14 日（星期三）至 8 月 20 日（星期二）16：00 前登录上证路演中心网站首页点击"提问预征集"栏目或通过公司邮箱 hmgf@hmgf.com 进行提问。公司将在说明会上对投资者普遍关注的问题进行回答。 浙江航民股份有限公司（以下简称"公司"）已于 2024 年 8 月 13 日披露了 公司 2024 年半年度报告。为便于广大投资者更全面深入地了解公司 2024 年半年 度业绩和经营情况，公司计划于 ...

股票简称：航民股份 股票代码：600987 编号：临 2024-020 浙江航民股份有限公司 第九届董事会第十一次会议决议公告 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。 一、董事会会议召开情况 特此公告 浙江航民股份有限公司 董事会 二○二四年八月十三日 浙江航民股份有限公司第九届董事会第十一次会议通知于 2024 年 8 月 1 日 以专人送达、微信、电子邮件等方式发出，会议于 2024 年 8 月 11 日下午以现场 会议结合通讯方式在郑州光华大酒店举行。会议应到董事 9 人，实到董事 9 人， 其中董事陆才平先生、独立董事龚启辉先生、独立董事张佩华女士以通讯方式出 席会议。公司监事和高级管理人员列席了会议，会议由董事长朱重庆先生主持。 会议召开符合《公司法》和《公司章程》的有关规定，会议合法有效。 经与会董事认真审议，会议以投票表决方式逐项通过了下列决议： 1、审议通过公司《2024 年上半年总经理工作报告》 表决结果：9 票同意，0 票反对，0 票弃权。 2、审议通过公司《2024 年半年度报告及摘要》 表决结果 ...

Investment Rating - The investment rating for the company is "Buy" (首次) [1] Core Views - The textile industry is experiencing a recovery, and the company's main business is continuously improving. The company's dyeing revenue has grown from 2.9 billion yuan in 2016 to 4 billion yuan in 2023, with a CAGR of nearly 5% [2] - The company benefits from the optimization of the dyeing industry structure, with its revenue share increasing from approximately 0.74% in 2016 to about 1.34% in 2023 [2] - The company is expanding its gold jewelry business, which is expected to benefit from high consumer demand for gold. The company's gold jewelry revenue reached 5.33 billion yuan in 2023, a year-on-year increase of 6% [2] - The company is expected to achieve revenue of 10.52 billion yuan, 11.70 billion yuan, and 12.44 billion yuan from 2024 to 2026, with corresponding net profits of 755 million yuan, 824 million yuan, and 916 million yuan [2] Summary by Sections Company Overview - The company, established in 1998 and listed in 2004, focuses on "textile dyeing + gold jewelry" as its dual main business. It has expanded its business through acquisitions, becoming a significant player in both industries [9] Textile Industry Development - The textile industry is a pillar of the national economy, with a stable development trend. The dyeing industry has undergone supply-side reforms, leading to the elimination of backward production capacity and an increase in industry concentration [16][18] - The industry is subject to strict environmental regulations, which have raised entry barriers and accelerated the elimination of outdated capacity [26] Company’s Dyeing Business - The company's dyeing business is a core segment, with a processing scale of 1.02 billion meters in 2023, generating revenue of 3.793 billion yuan [9] - The company maintains a gross margin above 20% in its dyeing business, demonstrating strong profitability compared to industry peers [2] Gold Jewelry Business Expansion - The company has been expanding its gold jewelry business since acquiring a 100% stake in Hangmin Baitai in 2018 and a 65% stake in Shenzhen Shangjinyuan in 2023. The gold jewelry business is expected to benefit from rising gold prices and consumer demand [2][9] Financial Projections - The company is projected to achieve significant revenue and profit growth over the next few years, with a PE ratio decreasing from 11.51 in 2022 to 7.86 in 2026, indicating an attractive valuation [3]

Business Operations - The company focuses on dual main businesses: dyeing and gold jewelry, aiming to stabilize volume, improve quality, and increase efficiency through measures like optimizing orders and reducing costs [2][3] - The dyeing industry faces challenges such as overcapacity, environmental regulations, and cost pressures, but the company is enhancing competitiveness through high-end, green, and intelligent production [6] - The company has 6 dyeing enterprises and has been in the dyeing industry for 45 years, while its gold jewelry business, established in 2003, has been part of the listed company since 2018 [7] Financial Performance - Shenzhen Shangjinyuan, a subsidiary, achieved a net profit of 91.88 million yuan last year and is expected to achieve a net profit of at least 60 million yuan in 2024 [5] - The company's fair value change loss of 180 million yuan in the first quarter was due to gold leasing, where market price fluctuations affect both assets and liabilities, but have a minimal impact on total profit [8][9] - Over the past three years, the company's cash dividend payout ratio exceeded 45% of the net profit attributable to shareholders, and it plans to continue providing solid returns to investors [9] Market Trends and Strategies - The dyeing industry is experiencing a trend of "small batches, multiple varieties, and fast delivery," which presents both challenges and opportunities for the company to respond quickly to market demands [3] - The company's gold jewelry business has a diversified customer base, including well-known domestic brands and regional jewelry stores, benefiting from high-quality products and innovative designs [5] - The company is considering the advantages and disadvantages of transferring dyeing production overseas, balancing factors like labor costs and domestic efficiency improvements through digital and intelligent transformation [7] Industry Insights - The dyeing industry's output exceeds 50 billion meters, with overcapacity in low-end production, but the company is focusing on high-end, green, and intelligent production to maintain competitiveness [6] - The company's dyeing business has a high gross margin due to strong R&D, cost control measures, and integrated industrial chain advantages such as thermoelectric and water treatment facilities [6]

Group 1: Company Performance - The company reported growth contributions from the dyeing, thermal power, and gold jewelry sectors in Q1 2024, with the gold jewelry segment benefiting from the acquisition of Shenzhen Shangjinyuan in February [3] - The net profit of Shenzhen Shangjinyuan for the period from January to October last year was 7 million, with a projected net profit of no less than 6 million for 2024 [5] - The company aims to increase its production capacity from over 60 tons to 100 tons through investment attraction, market expansion, and new production lines [4] Group 2: Market Strategy - The company emphasizes long-term investment and value creation, advocating for rational investment and a focus on core businesses in dyeing and gold jewelry [3] - The acquisition of Shenzhen Shangjinyuan has expanded the company's sales network, allowing it to serve a diverse customer base, including well-known domestic jewelry brands and regional jewelers [5] - The company is committed to high-quality development, aiming for a cash dividend ratio exceeding 45% of the net profit attributable to shareholders in the coming years [9] Group 3: Operational Efficiency - The company has improved its dyeing gross margin by enhancing product R&D, controlling costs, and leveraging synergies from its integrated supply chain [6] - The company has established a stable customer base despite external market pressures, becoming a qualified supplier for international brands like M&S, TESCO, and Walmart [6] - The company is focusing on high-end, intelligent, and green upgrades in its dyeing business while exploring suitable external development opportunities [7] Group 4: Shareholder Relations - The controlling shareholder has conducted seven share buybacks since the company's listing, showing confidence in future development [8] - The second shareholder, Hong Kong Huanguan, had previously proposed a share reduction plan but has no current plans to reduce holdings after resolving funding needs [8] - The company is considering gradually reclaiming minority shareholder rights as suggested by investors [9]

证券代码：600987 证券简称：航民股份 公告编号：2024-019 浙江航民股份有限公司 2023 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 0.3 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 | 2024/5/16 | － | 2024/5/17 | 2024/5/17 | 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 3. 分配方案： 本次利润分配以方案实施前的公司总股本 1,050,818,859 股为基数，每股派发现金红利 0.3 元（含税），共计派发现金红利 315,245,657.70 元。 1. 发放年度：2023 年年度 2. 分派对象： 三、 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 | | --- | --- | --- | - ...

| | 获取合理利润。以制度创新虹吸高层次、复合型人才， | | --- | --- | | | 不断完善支撑创新的人才体系建设、激励创新的制度体 | | | 系建设、以及包容创新的企业文化建设。 | | 附件清单（如有） | 无 | | 日期 | 2024 年 5 月 7 日 | 编号：2024-006 投资者关系活动类别 □特定对象调研 □分析师会议 □媒体采访 ■业绩说明会 □新闻发布会 □路演活动 □现场参观 □其他 参与单位名称及 人员姓名 参与公司 2024 年第一季度业绩说明会投资者 时间 2024 年 5 月 7 日 10：00-11：00 地点 上证路演中心网络互动 公司接待人员姓名 董事长朱重庆、独立董事龚启辉、董事会秘书李军晓、财 务负责人沈利文 投资者关系活动主要 内容介绍 公司于 2024 年 5 月 7 日在上海证券交易所上证路 演中心召开了 2024 年第一季度业绩说明会，通过网络 互动的方式与投资者进行了交流，具体问题如下： | 问题 1：印染考不考虑扩张产能？ | | --- | | 答：一直以来，公司坚持聚焦主业，深耕细作，希望通 | | 过外延及内涵增长，把印染做大做强。 ...

编号：2024-006 投资者关系活动类别 □特定对象调研 □分析师会议 □媒体采访 ■业绩说明会 □新闻发布会 □路演活动 □现场参观 □其他 参与单位名称及 人员姓名 参与公司 2024 年第一季度业绩说明会投资者 时间 2024 年 5 月 7 日 10：00-11：00 地点 上证路演中心网络互动 公司接待人员姓名 董事长朱重庆、独立董事龚启辉、董事会秘书李军晓、财 务负责人沈利文 投资者关系活动主要 内容介绍 公司于 2024 年 5 月 7 日在上海证券交易所上证路 演中心召开了 2024 年第一季度业绩说明会，通过网络 互动的方式与投资者进行了交流，具体问题如下： 证券代码：600987 证券简称：航民股份 浙江航民股份有限公司 2024 年第一季度业绩说明会记录表 | 问题 1：印染考不考虑扩张产能？ | | --- | | 答：一直以来，公司坚持聚焦主业，深耕细作，希望通 | | 过外延及内涵增长，把印染做大做强。一方面，公司按 | | 照"稳量提质"的要求，以及"高端化、绿色化、智能 | | 化、高效化"的方向，通过转型升级把现有存量做优， | | 进一步打开内涵式增长的空间；另一方面，随 ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 9.95 CNY per share based on a 13x PE for 2024 [2][3]. Core Insights - The company's profitability continues to improve, with stable period expenses. In 2023, the gross margin, net margin, and net profit margin (excluding non-recurring items) were 13.79%, 8.02%, and 7.30%, respectively, showing year-on-year increases of 0.68, 0.24, and 1.18 percentage points [1]. - The sales, management, R&D, and financial expense ratios were 1.27%, 1.95%, 1.91%, and -0.37%, respectively, with year-on-year changes of +0.05, +0.19, -0.07, and -0.11 percentage points [1]. - In Q4, the company reported a sales gross margin and net margin of 16.11% and 11.41%, respectively, reflecting year-on-year declines of 1.63 and 0.51 percentage points [1]. Financial Performance Summary - In 2023, the company achieved revenue of 9.666 billion CNY, a year-on-year increase of 1.00%, and a net profit attributable to shareholders of 685 million CNY, up 4.13% year-on-year. The net profit excluding non-recurring items was 705 million CNY, representing a 16.42% increase [15]. - The company’s dyeing business generated revenue and total profit of 3.793 billion CNY and 580 million CNY, respectively, with a profit margin of 15.29%, which is 10.63 percentage points higher than the industry average [16]. - The gold jewelry business reported revenue of 5.332 billion CNY and a profit of 130 million CNY, with a sales profit margin of 2.45% [16]. Earnings Forecast - The expected EPS for 2024, 2025, and 2026 are 0.77 CNY, 0.87 CNY, and 1.00 CNY, respectively, with corresponding growth rates of 17.4%, 14.0%, and 14.1% [17].

Financial Performance - The company's operating revenue for Q1 2024 reached ¥3,126,781,470.74, representing a year-on-year increase of 31.83%[7] - The net profit attributable to shareholders of the listed company was ¥128,089,566.02, with a growth of 3.64% compared to the same period last year[7] - The basic earnings per share (EPS) for Q1 2024 was ¥0.122, up by 3.39% from the previous year[7] - The total revenue for Q1 2024 reached ¥3,553,776,855.76, an increase of approximately 45% compared to ¥2,447,084,891.13 in Q1 2023[43] - Net profit for Q1 2024 was ¥146,512,981.75, up from ¥137,891,819.70 in Q1 2023, reflecting a growth of about 6%[41] - Earnings per share for Q1 2024 was ¥0.122, compared to ¥0.118 in Q1 2023, indicating a 3.4% increase[41] Cash Flow - The net cash flow from operating activities amounted to ¥184,027,584.21, reflecting a 21.10% increase year-on-year[7] - Cash flow from operating activities for Q1 2024 was ¥184,027,584.21, compared to ¥151,967,711.56 in Q1 2023, showing an increase of approximately 21%[43] - The company recorded a net cash inflow from investment activities of ¥100,957,331.76, down from ¥713,383,800.42 in the previous year, showing a decline of about 86%[43] - The net cash flow from investing activities was -$270,472,479.21, a decrease from $658,930,573.59 in the previous period[48] - Total cash inflow from financing activities amounted to $501,751,737.38, compared to $345,110,800.00 previously[48] - The net cash flow from financing activities was $43,601,272.63, down from $209,066,282.35 in the prior period[48] - The cash and cash equivalents at the end of the period totaled $3,239,818,681.41, a decrease from $2,522,834,527.43 last year[48] - The net increase in cash and cash equivalents was -$42,828,755.23, contrasting sharply with an increase of $1,019,923,965.36 in the previous period[48] - Cash outflow from investing activities totaled $371,429,810.97, an increase of $54,453,226.83 compared to the last period[48] - Cash paid for financing activities was $458,150,464.75, significantly higher than $136,044,517.65 in the previous period[48] - The impact of exchange rate changes on cash and cash equivalents was $14,867.14, compared to -$40,602.14 previously[48] - The beginning balance of cash and cash equivalents was $3,282,647,436.64, up from $1,502,910,562.07 last year[48] - The company’s cash flow management reflects significant changes in both investing and financing activities compared to the previous period[48] Assets and Liabilities - The total assets at the end of the reporting period were ¥10,737,271,040.57, showing a 20.05% increase from the end of the previous year[27] - The total assets increased to approximately CNY 10.74 billion as of March 31, 2024, compared to CNY 8.94 billion as of December 31, 2023, reflecting a growth of about 20%[35] - Current assets rose to approximately CNY 8.25 billion, up from CNY 6.67 billion, indicating an increase of around 23.5%[35] - The total liabilities increased to ¥3,785,034,197.16 in the latest report, compared to ¥2,098,464,027.16 from the previous year, marking a rise of approximately 80%[38] - The company’s total liabilities increased, with accounts payable reported at CNY 243.79 million, down from CNY 265.81 million, showing a decrease of about 8.3%[37] - The company’s total equity attributable to shareholders was ¥6,304,181,790.73, reflecting a 2.07% increase from the previous year[27] - The company’s total equity attributable to shareholders rose to ¥6,304,181,790.73, up from ¥6,176,092,224.71, which is an increase of about 2%[38] Operating Costs and Expenses - The total operating costs for Q1 2024 were ¥2,795,029,518.42, compared to ¥2,202,950,855.34 in the same period last year[21] - The company recorded a net profit from operating activities of ¥179,006,315.07, an increase from ¥167,008,487.12 in Q1 2023[21] - The company incurred a loss of ¥182,055,596.77 from fair value changes, compared to a loss of ¥14,988,300.88 in the same period last year[21] - The company reported a decrease in other operating expenses to ¥72,812.86 from ¥1,229,670.69, indicating a significant reduction[41] - The cash outflow for purchasing goods and services was ¥3,009,799,728.55, compared to ¥1,959,750,413.04 in the previous year, reflecting an increase of about 53%[43] Inventory and Receivables - Inventory significantly increased to CNY 3.08 billion from CNY 1.80 billion, representing a growth of approximately 71.6%[35] - Accounts receivable grew to CNY 391.08 million, up from CNY 320.63 million, marking an increase of about 22%[35]