国浩律师（杭州）事务所 关 于 百隆东方股份有限公司 差异化分红事项 之 专项法律意见书 地址：杭州市上城区老复兴路白塔公园 B 区 2 号、15 号国浩律师楼 邮编：310008 Grandall Building, No.2＆No.15, Block B, Baita Park, Old Fuxing Road, Hangzhou, Zhejiang 310008, China 电话/Tel: (+86)(571) 8577 5888 传真/Fax: (+86)(571) 8577 5643 电子邮箱/Mail：grandallhz@grandall.com.cn 网址/Website：http://www.grandall.com.cn 之 专项法律意见书 致：百隆东方股份有限公司 国浩律师（杭州）事务所接受百隆东方股份有限公司（以下简称"百隆东方" 或"公司"的委托，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》"）、《上海证券交易所股 票上市规则》等有关法律、行政法规和规范性文件以及《百隆东方股份有限公司 章程》（以下简称"《公司章程》"）的 ...

证券代码：601339 证券简称：百隆东方 公告编号：2024-021 百隆东方股份有限公司 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。 差异化分红送转： 是 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 2024 年 5 月 10 日的 2023 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。目前尚存于公司回购 专用证券账户中的公司股份 10,607,004 股，不参与本次利润分配。 3. 差异化分红送转方案： 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 | 2024/6/4 | － | 2024/6/5 | 2024/6/5 | 利润余额，累计未 ...

关 于 百隆东方股份有限公司 国浩律师（杭州）事务所 2023 年年度股东大会 法律意见书 地址：杭州市上城区老复兴路白塔公园 B 区 2 号、15 号国浩律师楼 邮编：310008 Grandall Building, No.2＆No.15, Block B, Baita Park, Old Fuxing Road, Hangzhou, Zhejiang 310008, China 电话/Tel: (+86)(571) 8577 5888 传真/Fax: (+86)(571) 8577 5643 电子邮箱/Mail：grandallhz@grandall.com.cn 网址/Website：http://www.grandall.com.cn 二〇二四年五月 国浩律师（杭州）事务所 百隆东方 2023 年年度股东大会法律意见书 公司已向本所承诺，公司所提供的文件和所作陈述及说明是完整、真实和有 效的，有关原件及其上面的签字和印章是真实的，且一切足以影响本法律意见书 的事实和文件均已向本所披露，无任何隐瞒、疏漏之处。 本所律师仅根据本法律意见书出具日之前存在的事实及有关法律、行政法规、 规范性文件及《公司章程 ...

证券代码：601339 证券简称：百隆东方 公告编号：2024-020 百隆东方股份有限公司 2023 年年度股东大会决议公告 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 | 1、出席会议的股东和代理人人数 | 34 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 1,131,905,529 | | 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（%） | 75.9978 | (四) 表决方式是否符合《公司法》及《公司章程》的规定，大会主持情况等。 本次股东大会由公司董事长杨卫新先生主持。本次股东大会采用现场投票与网络 (一) 股东大会召开的时间：2024 年 5 月 10 日 (二) 股东大会召开的地点：宁波市鄞州区甬江大道 188 号宁波财富中心 4 单 元 8 楼百隆东方股份有限公司会议室 (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： 投票相结合的方式 ...

证券研究报告 | 2024年05月04日 公司经营情况健康，库存改善，现金流充足。第一季度公司实现经营活动现 金流净额 2.8 亿元，自由现金流 2.8 亿元。报表存货同比减少 16%，存货周 转天数同比下降 135 天至 244 天。 第一季度收入增长 23%，毛利率环比提升 展望：近期行业景气度回升，售价有望逐步提升，看好盈利水平修复。随着 海外品牌去库存进入尾声，行业景气度回升，公司在今年春节后逐步上调产 品售价，预计第二季度开始毛利率有望得到较明显改善，下半年盈利水平将 进一步好转。 投资建议：海外纱线产能竞争优势明显，短期关注盈利修复趋势。公司早期 在越南布局纱线产能，形成低成本和低贸易壁垒优势，未来将继续在越南扩 张，巩固竞争力。短期看，公司第一季度毛利率环比提升符合预期，随着行 业景气度好转、价格水平回升，业绩低谷期正逐步过去，今年第二季度开始 业绩有望得到较明显修复。维持盈利预测，预计 2024-2026 年归母净利润为 5.1/7.6/8.4 亿元，同比增长 1%/49%/10%，每股净资产 6.6、6.7、6.9 元。 维持目标价 6.2-6.8 元，对应 2024 年 0.95-1.0x ...

证 券 研 究 报 告 | --- | --- | |------------------------------------|-------------------------------| | 市场数据： | 2024 年 04 月 30 日 | | 收盘价（元） | 5.75 | | 一年内最高/最低（元） | 6.69/4.09 | | 市净率 | 0.9 | | 息率（分红/股价） | | | 流通 A 股市值（百万元） | 8625 | | 上证指数/深证成指 | 3104.83/9587.13 | | 注："息率"以最近一年已公布分红计算 | | 相关研究 财务数据及盈利预测 公司点评 图 2：2024Q1 归母净利润同比下降 4.5% 20 400% 亿元 15.6 300% 15 200% 10 100% 5.0 4.4 5 3.0 0% 0.8 0 -100% 2023 2024Q1 2018 2019 2020 2021 2022 归母净利润 ·YoY (右轴) 资料来源：Wind，申万宏源研究 请务必仔细阅读正文之后的各项信息披露与声明 资料来源：公司公告，申万宏源研究 【投资收益及其 ...

[Table_Title] 百隆东方（601339.SH） 盈利预测： 证券研究报告 [分析师： Table_Author]糜韩杰 [Table_Summary] 核心观点： [Table_Page] 季报点评|纺织制造 [Table_PicQuote] 相对市场表现 SAC 执证号：S0260516020001 SFC CE No. BPH764 mihanjie@gf.com.cn 百隆东方（601339.SH）:23 年保持高分红，看好 24 年业 绩拐点向上 百隆东方（601339.SH）:高 2024-01-30 分红率色纺纱龙头，看好 24 年业绩拐点向上 dongjianfang@gf.com.cn ⚫ 公司 2024Q1 盈利能力环比提升，营运能力改善。根据公司财报，公 司 2024Q1 毛利率/净利率为 5.89%/4.38%，环比 2023Q4 提升 3.11 pct/7.06pct，主要系 2024 年开年以来，海外市场需求逐渐复苏，产品 结构改善，毛利率较高的色纺纱产品占比回升（根据 2023 年报，色纺 纱/坯纱 2023 年毛利率分别为 12.82%/2.41%）。2024Q1 公 ...

2024 年第一季度报告 证券代码：601339 证券简称：百隆东方 2024 年第一季度报告 重要内容提示 公司负责人、主管会计工作负责人及会计机构负责人（会计主管人员）保证季度报告中财务信息 的真实、准确、完整。 □是 √否 (一)主要会计数据和财务指标 1 / 13 | --- | --- | --- | --- | |---------------------------------|-------------------|-------------------|------------------------------| | | | | | | 稀释每股收益（元/股） | | 0.05 | -16.67 | | 加权平均净资产收益率（%） | | 0.82 减少 | 0.02 个百分点 | | | | | 本报告期末 | | | 本报告期末 | 上年度末 | 比上年度末 增减变动幅 度 (%) | | | | | | | 总资产 | 16,321,300,347.97 | 16,084,452,219.32 | 1.47 | | | | | | | 归属于上市公司股东 的所有者权益 | 9,779 ...

Financial Performance - The company's operating revenue for 2023 was ¥6,913,888,269.68, a decrease of 1.08% compared to ¥6,989,064,221.79 in 2022[13] - The net profit attributable to the parent company for 2023 was ¥170,234,297.79, after deducting a statutory surplus reserve of ¥17,023,429.78[25] - The net profit for the third quarter was ¥279,782,597.95, while the fourth quarter showed a loss of ¥48,909,341.41[41] - The company reported a net profit of ¥76,801,092.47 after deducting non-recurring gains and losses in the first quarter[41] - The company reported a net profit of 525,396,991.92 yuan, with a significant increase in non-operating income of 18,024,829.90 yuan[44] - The net profit attributable to shareholders was 504.04 million RMB, representing a decline of 67.75% compared to the previous year[88] - The company's gross profit margin decreased by 18.53 percentage points to 7.47% due to lower product prices throughout the year[106] - The company's total assets at the end of 2023 were 16.08 billion RMB, a decrease of 0.75% from the end of 2022[88] - The net assets attributable to shareholders were 9.79 billion RMB, down 2.58% from the previous year[88] - The company experienced a basic earnings per share drop to -0.01 yuan after excluding non-recurring gains and losses, a decline of 101.85% from 0.54 yuan in 2022[62] - The company reported a basic earnings per share of 0.34 yuan, a decrease of 67.92% compared to 1.06 yuan in 2022[62] - The diluted earnings per share also stood at 0.34 yuan, reflecting a 67.62% decline from 1.05 yuan in the previous year[62] Cash Flow and Investments - The company's cash flow from operating activities showed a net outflow of ¥156,816,962.78 in the first quarter, followed by positive cash flows in subsequent quarters[41] - The net cash flow from operating activities surged by 228.62% to 808.85 million RMB, primarily due to a reduction in operating procurement costs[144] - The company reported a significant increase in investment cash flow by 83.93% to 413.09 million RMB, attributed to a decrease in capital expenditures[154] - The company's operating cash flow decreased due to a reduction in operating procurement expenses year-on-year[119] Product Development and Strategy - The company has intensified the development of new products, particularly focusing on environmentally friendly products to meet the demand from clothing brands[82] - The company aims to enhance its importance in the supply chain through continuous new product development, becoming a primary choice for downstream clothing brands seeking eco-friendly products[84] - The company launched new eco-friendly products, including "NEO-YARN SERIES STARDUST HEATHER" and "ECO-FRIENDLY HEATHER," focusing on green product design[108] - The company has developed high-end colored yarn products, including Eco FRESH Yarn series in collaboration with Dow Chemical, enhancing competitive advantage[178] - The company continues to invest in technological upgrades to enhance quality and efficiency[180] - The company’s strategic focus remains on technological innovation as a core competitive advantage, aiming to be a global leader in the color-spun yarn industry[137] Market and Sales Performance - The sales revenue from cotton yarn in Vietnam reached ¥3.315 billion during the reporting period[15] - The textile and apparel export value from Vietnam in 2023 was $33.33 billion, a year-on-year decrease of 11.4%[18] - In 2023, the company's revenue from its Vietnam operations reached RMB 5.305 billion, an increase of 11.90% year-on-year, while net profit decreased by 81.66% to RMB 126 million[133] - The company adjusted its sales strategy to increase production capacity utilization in response to reduced overseas orders[106] - The company achieved a total sales volume of 216,626.15 tons of yarn in 2023, generating a revenue of 6.914 billion RMB and a net profit of 504 million RMB[141] - The revenue from direct sales was 6.457 billion RMB, with a slight increase of 0.77% year-on-year[147] Operational Challenges and Risks - The company faces risks from macroeconomic fluctuations, high inflation, and geopolitical tensions affecting the textile industry[182] - The company reported a significant impact from rising raw material, energy, and labor costs on profitability[183] - The company has maintained a production model based on sales, with inventory adjustments made during off-peak sales seasons[78] - The company has seen an increase in overseas asset scale, which supports its international production and sales operations[184] Corporate Governance and Meetings - The company has conducted seven board meetings and five supervisory meetings during the reporting period, reviewing 28 and 16 proposals respectively[186][187] - The company plans to submit the profit distribution proposal to the 2023 annual general meeting for approval[26] Shareholder Information - The company plans to distribute a cash dividend of 3 yuan per 10 shares, totaling 446,817,898.80 yuan, based on a total share capital of 1,489,392,996 shares after buyback adjustments[48] - The company’s total share capital is 1,500,000,000 shares, with 10,607,004 shares held in the buyback account[48] - The company’s cumulative undistributed profits amounted to ¥1,481,569,749.34 as of the end of the reporting period[25] Production Capacity - The company’s total production capacity in Vietnam reached 1.26 million spindles by the end of 2023[133] - The company established a large production base in Vietnam, with a capacity of 126,000 spindles, enhancing its overseas order capabilities[140] - The company’s non-public issuance of A-shares to raise up to RMB 1 billion for the expansion of its 390,000 spindle project in Vietnam was not implemented within the approval period, which expired in March 2023[111]

| --- | --- | |----------------------------------------------------------------------|---------------------------| | 百隆东方股份有限公司关于 | 2023 年年度报告的更正公告 | | 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个别及连带责任。 | | 更正前： 2 2024年4月23日 百隆东方股份有限公司（以下简称"公司"）于2024年4月16日在上海证券 交易所网站www.sse.com.cn披露了《百隆东方2023年年度报告》。 | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |-------|------------------|-------|-------|-----------------|-----------------|-------------|-------------|----- ...