Core Points - The company announced a cash dividend of 0.26 CNY per share for the fiscal year 2024, totaling approximately 389.89 million CNY to be distributed to shareholders [1][2] - The dividend distribution plan was approved at the annual shareholders' meeting held on May 9, 2025 [1] - The record date for the dividend is set for May 29, 2025, with the last trading day and ex-dividend date on May 30, 2025 [2] Dividend Distribution Details - The total number of shares for the dividend calculation is 1,499,569,000 [2] - The cash dividend will be distributed through the China Securities Depository and Clearing Corporation Limited Shanghai Branch to shareholders registered by the end of the trading day on the record date [2] - Shareholders who have not completed designated trading will have their dividends held by the clearing company until the trading is completed [2] Taxation Information - For individual shareholders and securities investment funds, the company will not withhold personal income tax at the time of dividend distribution, with the actual cash dividend being 0.26 CNY per share [3] - The tax burden for individual shareholders varies based on the holding period, with a maximum tax rate of 20% for holdings of one month or less, and a reduced rate of 10% for holdings between one month and one year [3] - For Qualified Foreign Institutional Investors (QFII), a 10% corporate income tax will be withheld, resulting in a net dividend of 0.234 CNY per share [4][5]

证券代码：601339 证券简称：百隆东方 公告编号：2025-017 百隆东方股份有限公司2024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0.26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 | 2025/5/29 | － | 2025/5/30 | 2025/5/30 | 差异化分红送转： 否 一、 通过分配方案的股东会届次和日期 本次利润分配方案经公司2025 年 5 月 9 日的2024年年度股东会审议通过。 二、 分配方案 本次利润分配以方案实施前的公司总股本1,499,569,000股为基数，每股派发 现金红利0.26元（含税），共计派发现金红利389,887,940.00元。 1 三、 相关日期 1. 发放年度：2024年年度 2. 分派对象： 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 ...

Group 1: Cost Structure Analysis - In the textile industry, direct material costs constitute the primary component of production costs, accounting for approximately 70%-85% of total costs, which significantly impacts pricing and profitability [1][4] - Fluctuations in raw material prices have a notable effect on cost control and profitability, leading companies to adopt strategies such as centralized purchasing, hedging, and advance stocking to mitigate risks [1] Group 2: Price Transmission Mechanism - The textile industry operates through a supply, manufacturing, and sales chain, where costs from the supply side, including raw materials and labor, are transmitted to the manufacturing side as production costs, which then influence consumer pricing through demand elasticity [4] Group 3: Value Distribution in the Textile Industry - Sales represent the most critical segment of the textile value chain, with downstream apparel and home textile brands holding significant bargaining power, while upstream suppliers have limited negotiation capabilities, resulting in intense price competition and low profitability for textile manufacturers [6] Group 4: Industry Operating Efficiency - From 2015 to 2023, the total profit of China's textile industry has shown a downward trend, indicating weakened profitability; however, in 2024, the total profit for textile enterprises (excluding apparel and chemical fiber) is projected to reach 86.87 billion yuan, reflecting a year-on-year increase of 3.5% after two consecutive years of decline [10] Group 5: Profitability of Textile Enterprises - The gross profit margin in the textile industry exhibits significant quarterly cyclicality, typically fluctuating between 10% and 12%, with November generally showing higher margins above 11%, while May and August tend to have lower margins due to seasonal production and sales factors [11]

智通财经5月19日电，百隆东方董事长兼总经理杨卫新在今天下午举行的2024年度暨2025年第一季度业 绩说明会上表示，"根据公司在手订单的生产排期，目前公司下属国内及越南工厂的产能利用率均接近 或达到满产水平。近三年，公司没有对美直接出口业务，此次美国的对等关税政策对公司没有直接影 响。但因美国加征关税会对全球纺织服装供应链造成较大影响，公司作为纺织服装供应链的上游企业， 会受到一定的间接影响。"（智通财经记者 汪斌） 百隆东方：公司国内外的产能利用率均接近或达到满产水平 ...

Textile Industry Overview - The textile industry in China has a wide range of products, with import and export statistics categorized under the HS codes specified by the World Customs Organization [1] - The total import and export value of the textile industry in China has shown significant fluctuations from 2015 to 2024, with a notable decline in trade scale in 2023 [2] Import Situation - From 2015 to 2024, the import value of China's textile industry fluctuated between 21 billion to 28 billion USD, peaking at 27.73 billion USD in 2021, a 20.2% increase year-on-year [4] - The textile imports have been on a downward trend from 2022 to 2024, with a significant drop of 58.1% in the first two months of 2025 compared to the same period last year [4] Export Situation - The export scale of China's textile industry has remained substantial, consistently around 300 billion USD over the past decade, increasing from 262.87 billion USD in 2016 to 323.34 billion USD in 2022, with a compound annual growth rate of 3.51% [8] - In 2023, exports to major markets such as the US, EU, and Japan decreased by 9.2%, but are projected to rebound to 301.10 billion USD in 2024, a 2.5% increase year-on-year [11] - The export value in the first two months of 2025 was 42.88 billion USD, reflecting a 4.9% decline compared to the same period in 2024 [11] Price Trends - The price index for imported textile products has shown fluctuations, with a maximum variation of less than 10% from 2015 to 2024, and a 2.47% decrease in 2024 compared to the previous year [6] - The export price index for textile products has also experienced volatility, with a notable increase of 10.27% in December 2022, while the index for 2024 was recorded at 94.03, indicating a decline for two consecutive years [12]

Core Viewpoint - The legal opinion letter confirms that the procedures for convening and holding the 2024 annual general meeting of Baolong Oriental Co., Ltd. comply with relevant laws and regulations, ensuring the legitimacy and effectiveness of the meeting and its resolutions [1][7]. Group 1: Meeting Procedures - The board of directors published a notice regarding the 2024 annual general meeting on April 16, 2025, detailing the meeting's time, location, and voting methods [3][4]. - The meeting was held on May 9, 2025, at 14:00, presided over by the chairman, Yang Weixin [4]. - The voting process included both on-site and online voting, with specific timeframes and procedures outlined in the meeting notice [4][5]. Group 2: Attendance and Qualifications - Eligible attendees included all shareholders registered with the China Securities Depository and Clearing Corporation as of May 6, 2025, along with the company's directors, supervisors, senior management, and appointed lawyers [5]. - A total of 309 attendees participated, representing 1,164,753,499 shares, which accounted for 77.6725% of the total shares with voting rights [5]. Group 3: Voting Procedures and Results - The meeting utilized a combination of on-site and online voting for the proposed resolutions, with results being counted and announced immediately after voting concluded [6]. - All proposed resolutions were approved, and the voting results were consistent with the stipulations of the company's articles of association [7]. - The legal opinion confirms that the voting procedures and results adhered to the relevant legal and regulatory requirements [7].

国浩律师（杭州）事务所 百隆东方 2024 年年度股东大会法律意见书 国浩律师（杭州）事务所 关 于 百隆东方股份有限公司 2024 年年度股东大会 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（以下简称"本所"）接受百隆东方股份有限公司 （以下简称"公司"）委托，指派律师出席公司 2024 年年度股东大会（以下简称 "本次股东大会"），并依据《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》"）、中国证券监督管理委员会 （以下简称"中国证监会"）发布的《上市公司股东会规则》（以下简称"《股东 会规则》"）、《上市公司治理准则》（以下简称"《治理准则》"）等法律、行政法规、 规范性文件及现行有效的《百隆东方股份有限公司章程》（以下简称"《公司章 程》"）、《百隆东方股份有限公司股东大会议事规则》（以下简称"《股东大会议事 规则》"）的规定，就本次股东大会的召集、召开程序、出席会议人员资格、召集 人资格、会议的表决程序、表决结果等事宜出具法律意见书。 为出具本法律意见书，本所律师出席了公司本次股东大会，审查了公司提供 的本次股东大会的有关文件的原 ...

证券代码：601339 证券简称：百隆东方 公告编号：2025-016 百隆东方股份有限公司 2024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 (一)股东大会召开的时间：2025 年 5 月 9 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： | 1、出席会议的股东和代理人人数 | 309 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 1,164,753,499 | | 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（%） | 77.6725 | (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 投票相结合的方式召开。本次股 ...

Industry Overview - The toy and baby products industry is a significant part of the light industry, playing a crucial role in nurturing children and meeting family expectations [1][3] - The industry is experiencing growth, with the domestic toy retail sales expected to reach CNY 97.85 billion in 2024, a year-on-year increase of 7.9% [1][13] - The retail sales of children's strollers are projected to be CNY 16.98 billion, growing by 17.5%, while children's safety seats and bottles are expected to see increases of 13.2% and 8.1% respectively [1][13] Policy Support - The Chinese government has implemented various policies to support high-quality development and regulation in the toy and baby products sector [5][6] - Key policies include the "Guiding Opinions on Accelerating the Transformation and Upgrading of Traditional Manufacturing" and the approval of national standards for baby products [5][6] Market Dynamics - The industry is characterized by a diverse supply chain, including raw material suppliers, manufacturers, wholesalers, and retailers [7] - The macroeconomic environment, consumer disposable income, and preferences significantly influence demand for baby products [7] Export Performance - China is the largest toy producer and exporter globally, with toy exports (excluding games) projected to reach USD 39.87 billion in 2024 [9][10] - The United States remains the primary export destination, accounting for 26.39% of toy exports in early 2025 [10] Quality Control - The number of recalls for Chinese-made toys in the U.S. decreased by 6.4% in 2024, while the EU saw a 34.1% increase in recalls [15][17] - The Chinese government reported 1,121 batches of non-compliant products in 2024, reflecting increased regulatory scrutiny [17] Key Players - Major global players include Mattel, Hasbro, Bandai, and LEGO, while domestic companies like Aofei Entertainment and Pop Mart are significant in the Chinese market [19][21] - Aofei Entertainment reported a 4.85% increase in baby product revenue, while Pop Mart's revenue surged by 106.92% in 2024 [21][23] Future Trends - The integration of technology in toys is expected to accelerate, with a growing demand for smart toys and educational products [25] - Environmental concerns are driving the use of sustainable materials, with a focus on safety and compliance with international standards [26] - Personalization and IP collaborations are becoming key drivers for consumer engagement and product differentiation [27][28]

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company's Q1 performance exceeded market expectations, with revenue, net profit attributable to shareholders, and operating cash flow showing significant changes. Revenue was 1.731 billion, a year-on-year decrease of 5.63%, while net profit attributable to shareholders increased by 115.95% to 173 million [2] - The improvement in profitability is attributed to the sustained growth in Vietnam's profitability, the domestic turnaround due to the disposal of loss-making factories, and an increase in fair value changes from financial assets and liabilities [2] - The company is expected to benefit from a potential increase in order share if lower tariffs are agreed upon between Vietnam and the US, alongside a gradual end to inventory reduction impacts from previous years [5] Financial Summary - For Q1 2025, the gross margin was 14.86%, up 8.97 percentage points year-on-year, while the net margin was 10.0%, an increase of 5.6 percentage points [3] - The company forecasts revenue for 2025-2027 to be 8.144 billion, 8.648 billion, and 9.158 billion respectively, with net profit predictions of 595 million, 698 million, and 824 million [7][10] - The earnings per share (EPS) for 2025-2027 are projected to be 0.40, 0.47, and 0.55 respectively, with corresponding price-to-earnings (PE) ratios of 12, 10, and 9 [5][10] Inventory and Receivables - As of Q1 2025, inventory increased to 4.764 billion, a year-on-year growth of 2.8%, with inventory turnover days rising to 75 days, an increase of 31 days [4] - Accounts receivable stood at 668 million, with turnover days increasing by 4 days to 35 days [4]