Investment Rating - The investment rating for the company is "Outperform the Market" [6][4][35] Core Views - The company is expected to achieve a revenue growth of 15% in 2024, with a non-recurring net profit turning positive, reaching 2.20 billion yuan compared to a loss of 0.21 billion yuan in 2023 [1][4] - The company is the second-largest color-spun yarn manufacturer globally, benefiting from an increase in color-spun yarn sales and improved capacity utilization in Vietnam [1][4] - The gross margin is projected to improve by 1.55 percentage points to 10.20% in 2024, driven by order recovery and a higher proportion of color-spun yarn [1][4] Summary by Sections Financial Performance - In 2024, the company is expected to generate operating revenue of 79.41 billion yuan, an increase of 14.9%, with yarn sales reaching 242,300 tons, up 11.8% [1][4] - The gross profit margin is anticipated to rise to 10.20%, with a significant reduction in expense ratio by 2.01 percentage points to 7.05% [1][4] - The company plans to distribute a dividend of 2.6 yuan per 10 shares, with a payout ratio of 95.05% [1] Quarterly Performance - In Q4, the revenue was 1.867 billion yuan, a 2.5% increase year-on-year, but the gross margin decreased due to additional wage provisions for the Vietnam factory [2] - The net profit for Q4 was a loss of 2.49 million yuan, although the loss was narrower compared to previous periods [2] Business Segments - Color-spun yarn revenue increased by 29.1% to 40.56 billion yuan, accounting for 55% of total revenue, while gross margin for this segment was 11.22% [3] - The Vietnam base contributed significantly, with revenue of 59.97 billion yuan and a net profit of 5.04 billion yuan, reflecting a 299.9% increase [3] Future Outlook - The company expects continued improvement in profitability due to higher color-spun yarn sales and operational efficiency in Vietnam, despite potential short-term disruptions from tariff uncertainties [4][35] - The profit forecast for 2025-2027 has been adjusted to 4.6 billion, 5.4 billion, and 6.4 billion yuan respectively, reflecting a growth of 12.8%, 16.7%, and 19.1% [4][35]

Summary of Baolong Oriental Conference Call Company Overview - Baolong Oriental achieved a record yarn sales volume of 242,000 tons in 2024, but the net profit attributable to shareholders decreased by 18.62% to 410 million yuan, primarily due to the impact of subsidiary equity transfer gains, leading to pressure on core business profits [2][3][4] - The company reported a revenue of 7.941 billion yuan, a year-on-year increase of 14.86% [3] Financial Performance - The net profit after deducting non-recurring items was 220 million yuan, indicating a turnaround from losses, with the Vietnamese factory showing significant recovery in profitability [2][3] - The domestic sales gross margin was only 2.29%, while the overseas sales gross margin reached 11.6% [3] - The gross margin for colored yarn was 16.67%, and for grey fabric, it was 6.6% [3] Impact of Tariffs - The U.S. tariffs imposed in April significantly affected Baolong Oriental's order intake, with a cautious approach from downstream garment factories, limiting orders to essential needs [5][6] - 77% of the company's production capacity is located in Vietnam's bonded zone, minimizing direct tariff impacts, but U.S. market exports remain affected [5][6] - Downstream garment factories are seeking orders from Europe and Japan to compensate for potential losses in the U.S. market, leading to increased competition in these regions [6][7][8] Market Conditions - The textile and apparel industry in Vietnam is experiencing weak order feedback for Q2, with heavy customer hesitation [9] - If a trade agreement is reached between Vietnam and the U.S., average tariffs may stabilize around 10%, potentially releasing blocked orders [9] - The company anticipates that cost pressures will normalize based on commercial negotiations, with pricing power dependent on order saturation [12] Future Outlook - The company holds a bearish outlook on cotton prices, expecting a decline due to reduced imports of U.S. cotton in China [22] - The company plans to maintain a high cash dividend payout ratio of 95% and has announced additional interim dividends [22] - The company is also focused on optimizing domestic production capacity due to the uncertain tariff environment, potentially leading to further adjustments in domestic operations [15][16] Production and Capacity - The Vietnamese factory's production capacity is expected to remain at 1.26 million spindles by the end of 2024, with potential increases if orders normalize in 2025 [23][24] - The domestic colored yarn business is underperforming, with gross margins between 2% and 3%, while the Vietnamese subsidiary reported profits of 500 million yuan [4][14] Recommendations for Industry Development - The management suggests that improving domestic demand and consumption capacity is crucial for enhancing the overall industry landscape, especially in light of the significant impact of U.S. tariffs on global markets [26]

Investment Rating - The investment rating for the company has been adjusted from "Buy" to "Outperform" [2][7][22] Core Insights - The company's 2024 revenue reached 7.94 billion yuan, a year-on-year increase of 14.9%, while the net profit attributable to shareholders was 410 million yuan, a decline of 18.6% year-on-year [7][8] - The company has seen a significant divergence in profitability between domestic and overseas operations, with overseas capacity accounting for 77% of total capacity by the end of 2024 [7] - The company is actively reducing its debt ratio and maintaining a high dividend payout, with a proposed cash dividend of 0.26 yuan per share, resulting in a cash dividend ratio of 95% [7] Financial Data and Profit Forecast - Total revenue forecast for 2025 is 7.67 billion yuan, with a projected net profit of 500 million yuan, reflecting a year-on-year growth of 22% [6][17] - The gross profit margin for 2024 was 10.2%, with a significant difference between domestic (2.3%) and overseas (11.6%) operations [7][10] - The company’s operating cash flow for 2024 was 1.38 billion yuan, a 71% increase year-on-year, indicating strong cash generation capabilities [7] Market Comparison - The company's current market capitalization is approximately 7.8 billion yuan, with a target market value of 8.7 billion yuan, indicating an upside potential of 11% [7][13] - The projected price-to-earnings (PE) ratios for 2025, 2026, and 2027 are 16, 14, and 12 respectively, with a compound annual growth rate (CAGR) of approximately 15% expected over the next three years [7][13]

Group 1 - Bailong Oriental (601339.SH) released its 2024 annual report on April 16, 2025, indicating that as of April 15, 2025, 71 institutional investors disclosed holding shares, totaling 777 million shares, which accounts for 51.83% of the total share capital [1] - The top ten institutional investors collectively hold 51.66% of the shares, with a decrease of 2.96 percentage points compared to the previous quarter [1] Group 2 - In the public fund sector, one fund, Huatai-PB SSE Dividend ETF, increased its holdings by 0.85% compared to the previous period [2] - Three public funds reduced their holdings, including Xingquan Business Model Mixed (LOF) A, Xingquan New Vision Regular Open Mixed, and Pengyang Jingze One-Year Holding Mixed A, with a total reduction of 2.20% [2] - A total of 63 new public funds were disclosed this period, including Huabai S&P China A-Share Dividend Opportunity ETF and Guotai Junan Blue Chip Value Mixed [2]

4月15日百隆东方发布2024年度分配预案，拟10派2.6元（含税），预计派现金额合计为3.90亿元。派现 额占净利润比例为95.05%，以该股2024年度成交均价计算，股息率为4.80%。这是公司上市以来，累计 第14次派现。 公司上市以来历次分配方案一览 | 日期 | 分配方案 | 派现金额合计（亿元） | 股息率（%） | | --- | --- | --- | --- | | 2024.12.31 | 10派2.6元（含税） | 3.90 | 4.80 | | 2023.12.31 | 10派3元（含税） | 4.47 | 4.97 | | 2022.12.31 | 10派5元（含税） | 7.41 | 8.39 | | 2021.12.31 | 10派5元（含税） | 7.37 | 9.08 | | 2020.12.31 | 10派2元（含税） | 2.95 | 4.81 | | 2019.12.31 | 10派0.6元（含税） | 0.90 | 1.29 | | 2018.12.31 | 10派0.88元（含税） | 1.32 | 1.64 | | 2017.12.31 | 10派1元（含税） | ...

目 录 | 一、审计报告……………………………………………………… | 第 | 1—6 | | 页 | | --- | --- | --- | --- | --- | | 二、财务报表……………………………………………………… | 第 | 7—14 | | 页 | | （一）合并资产负债表…………………………………………… | | 第 | 7 | 页 | | （二）母公司资产负债表………………………………………… | | 第 | 8 | 页 | | （三）合并利润表………………………………………………… | | 第 | 9 | 页 | | （四）母公司利润表………………………………………………第 | | 10 | | 页 | | （五）合并现金流量表……………………………………………第 | | 11 | | 页 | | （六）母公司现金流量表…………………………………………第 | | 12 | | 页 | | （七）合并所有者权益变动表……………………………………第 | | 13 | | 页 | | （八）母公司所有者权益变动表…………………………………第 | | 14 | | 页 | | 三、财务报表附注… ...

| | | | | | | 二、附件……………………………………………………………… 第 | 3—7 | 页 | | --- | --- | --- | | （一）本所营业执照复印件……………………………………… | 第 | 3 页 | | （二）本所会计师事务所执业证书复印件……………………… | 第 | 4 页 | | （三）本所从事证券服务业务备案完备证明材料……………… | 第 | 5 页 | | （四）本所注册会计师证书复印件……………………………第 | 6—7 | 页 | 内部控制审计报告 天健审〔2025〕4906 号 百隆东方股份有限公司全体股东： 按照《企业内部控制审计指引》及中国注册会计师执业准则的相关要求，我 们审计了百隆东方股份有限公司（以下简称百隆东方公司）2024 年 12 月 31 日 的财务报告内部控制的有效性。 一、企业对内部控制的责任 按照《企业内部控制基本规范》《企业内部控制应用指引》以及《企业内部 控制评价指引》的规定，建立健全和有效实施内部控制，并评价其有效性是百隆 东方公司董事会的责任。 二、注册会计师的责任 我们的责任是在实施审计工作的基础上，对财务报告内部控制的 ...

百隆东方股份有限公司 股东会议事规则 二零二五年四月 1 | 第一章 | 总 则 | | 3 | | --- | --- | --- | --- | | 第二章 | 股东会的召集 | | 4 | | 第三章 | 股东会的提案与通知 | | 5 | | 第四章 | 股东会的召开 | | 6 | | 第五章 | 附 则 | | 12 | 百隆东方股份有限公司 股东会议事规则 （2025 年 4 月修订） 第一章 总 则 第一条 为规范公司行为，保证公司股东会依法行使职权，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》），参照《上市公司股东会规则》（以下简称《股东会规则》）等相关规定， 制定本规则。 第二条 公司严格按照法律、行政法规、《股东会规则》及《百隆东方股份 有限公司章程》（以下简称《公司章程》）的相关规定召开股东会，保证股东能够 依法行使权利。 公司董事会应当切实履行职责，认真、按时组织股东会。公司全体董事应当 勤勉尽责，确保股东会正常召开和依法行使职权。 第三条 股东会在《公司法》和《公司章程》规定的范围内行使职权。 第四条 股东会分为年度股东会和临 ...

百隆东方股份有限公司 2024 年度独立董事述职报告 —盖永久 本人盖永久，作为百隆东方股份有限公司（以下简称"公司"）的独立董事， 本人严格按照《公司法》、《证券法》、《上市公司独立董事管理办法》、《上 市公司独立董事规则》等相关法律、法规和《公司章程》的规定，忠实履行职责， 积极出席会议，认真审议董事会各项议案，对公司重大事项发表了独立意见，较 好地维护了中小投资者的合法权益。现将2024年度履职情况汇报如下： 一、基本情况 （一）独立董事个人工作履历、专业背景及兼职情况 盖永久 先生，1964 年 5 月出生，中国国籍，无境外永久居留权，中共党员， 大专学历，经济师职称。先后历任烟台市供销社常务理事；山东省棉麻公司副总 经理；中华棉花集团有限公司 副总裁等职。2021 年 8 月起内退。 （二）是否存在影响独立性的情况说明 作为公司的独立董事，本人未在公司担任除独立董事之外的任何职务，不受 公司主要股东、实际控制人、或者其他与公司存在利害关系的单位或个人的影响。 本报告期内，本人担任公司第五届董事会薪酬与考核委员会主任委员及战略决策 委员会委员。本人的任职资格符合《公司法》《证券法》等相关法律法规及《公 ...

百隆东方股份有限公司 百隆东方股份有限公司 章 程 （草 案） | 第一章 | 总则 3 | | --- | --- | | 第二章 | 经营宗旨和范围 4 | | 第三章 | 份 股 5 | | 第一节 | 股份发行 5 | | 第二节 | 股份增减和回购 6 | | 第三节 | 股份转让 7 | | 第四章 | 股东和股东会 8 | | 第一节 | 股东的一般规定 8 | | 第二节 | 控股股东和实际控制人 11 | | 第三节 | 股东会的一般规定 12 | | 第四节 | 股东会的召集 15 | | 第五节 | 股东会的提案与通知 16 | | 第六节 | 股东会的召开 18 | | 第七节 | 股东会的表决和决议 21 | | 第五章 | 董事和董事会 26 | | 第一节 | 董事的一般规定 26 | | 第二节 | 董事会 29 | | 第三节 | 独立董事 33 | | 第四节 | 董事会专门委员会 36 | | 第六章 | 高级管理人员 38 | | 第七章 | 财务会计制度、利润分配和审计 40 | | 第一节 | 财务会计制度 40 | | 第二节 | 内部审计 43 | | 第三节 ...