证券代码：601996 证券简称：丰林集团 公告编号：2025-028 广西丰林木业集团股份有限公司 关于为全资子公司提供担保的公告 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： ● 本次担保金额及已实际为其提供的担保余额： 本次公司为百色丰林担保金额为人民币 1,700 万元。截至本公告披露日，公 司已实际为百色丰林提供的担保余额为人民币 15,200 万元。 ● 本次担保是否有反担保：无； ● 对外担保逾期的累计数量：公司不存在对外担保逾期的情况。 一、担保情况概述 （一） 担保基本情况 为满足子公司日常经营发展的资金需求，公司于 2025 年 8 月 26 日与兴业银 行股份有限公司南宁分行（以下简称"兴业银行南宁分行"）签订《保证合同》， 对百色丰林在 2025 年 8 月 26 日至 2026 年 8 月 25 日期间与兴业银行南宁分行发 生的主债权本金人民币 1,700 万元债务，提供连带责任保证，保证期间为主合同 项下债务履行期限届满之日起三年。上述担保不存在反担保。 （二）内部决策程序 公司于 ...

证券代码：601996 证券简称：丰林集团 公告编号：2025-029 广西丰林木业集团股份有限公司 关于2025年半年度业绩说明会召开情况的公告 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。 广西丰林木业集团股份有限公司（以下简称"公司"）于 2025 年 8 月 26 日 11:00-12:00 在 上 海 证 券 交 易 所 上 证 路 演 中 心 （ 网 址 ： http://roadshow.sseinfo.com/）以网络互动的形式召开了 2025 年半年度业绩说明会。 现将说明会召开情况公告如下： 一、业绩说明会召开情况 公司于 2025 年 8 月 19 日在上海证券交易所网站上披露了《广西丰林木业集 团股份有限公司 2025 年半年度业绩说明会预告公告》（公告编号：2025-027）。 2025 年 8 月 26 日，公司董事、总裁王高峰先生，董事、董事会秘书、财务总监 李红刚先生及独立董事秦媛女士出席了本次业绩说明会，并与投资者进行了交流 和沟通，就投资者普遍关注的问题在信息披露允许的范围内进行了回复。 ...

Group 1: Market Performance - In July, the total retail sales of furniture products in China reached 17 billion yuan, showing a year-on-year growth of 20.6% [1] - From January to July, the cumulative retail sales amounted to 115.9 billion yuan, with a year-on-year increase of 22.6%, indicating a strong market recovery [1] - In contrast, the retail sales of building and decoration materials in July were 13.5 billion yuan, reflecting a year-on-year decline of 0.5% [1] Group 2: Building Materials and Home Furnishing Sales - The sales revenue of large-scale building materials and home furnishing markets in July was 113.8 billion yuan, down 7.56% month-on-month and 12.92% year-on-year [2] - The cumulative sales from January to July were 808.3 billion yuan, showing a year-on-year decrease of 1.29% [2] - The decline in sales is attributed to seasonal factors, extreme weather, and reduced consumer demand due to market conditions [2] Group 3: Corporate Developments - Juran Smart Home appointed Wang Peng as the new vice president to enhance organizational development and management [3] - Fenglin Group reported a net loss of 46.6 million yuan in the first half of the year, with revenue declining by 19% year-on-year [4] - Oppein Home provided a guarantee of 50 million yuan for its wholly-owned subsidiary, with total guarantees amounting to 1.21 billion yuan [5] Group 4: Management Changes - *ST Yazhen announced the resignation of four executives, including the chairman, with some transitioning to other roles within the company [6] Group 5: Industry Initiatives - The Beijing Furniture Industry Association issued a proposal to resist "involution" competition and promote fair market practices, outlining four key action points [7]

Group 1 - The company, Fenglin Group (601996), announced that it will hold a half-year performance briefing on August 26, 2025, from 11:00 to 12:00 [1]

Group 1 - The company, Guangxi Fenglin Wood Industry Group Co., Ltd., will hold a half-year performance briefing on August 26, 2025, from 11:00 to 12:00 [1][2][3] - The briefing will be conducted in an interactive online format, allowing investors to engage with the company regarding its operating results and financial indicators for the first half of 2025 [1][2] - Investors can submit questions for the briefing from August 19 to August 25, 2025, through the Shanghai Stock Exchange Roadshow Center website or via the company's email [2][3] Group 2 - Key participants in the briefing will include the company's President, Wang Gaofeng, and the Financial Director, Li Honggang, among others [1] - The briefing will be accessible via the Shanghai Stock Exchange Roadshow Center website [2][3] - After the briefing, investors can review the main content and outcomes on the same platform [2]

证券代码：601996 证券简称：丰林集团 公告编号：2025-027 广西丰林木业集团股份有限公司 2025年半年度业绩说明会预告公告 （一）会议召开时间：2025 年 8 月 26 日上午 11:00-12:00 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： 广西丰林木业集团股份有限公司（以下简称"公司"）已于 2025 年 8 月 15 日 发布公司 2025 年半年度报告。为便于广大投资者更全面深入地了解公司 2025 年上半年经营成果、财务状况，公司计划于 2025 年 8 月 26 日上午 11:00-12:00 举行 2025 年半年度业绩说明会，就投资者关心的问题进行交流。 一、说明会类型 二、说明会召开的时间、地点 本次投资者说明会以网络互动形式召开，公司将针对 2025 年半年度的经营 成果及财务指标的具体情况与投资者进行互动交流和沟通，在信息披露允许的范 围内就投资者普遍关注的问题进行回答。 （二）会议召开地点：上证路演中心 （三）会议召开方式：上证路演中心网络互动 三、参加人员 会议召 ...

Core Insights - Fenglin Group reported a significant decline in net profit, with a decrease of 763.61% year-on-year, resulting in a net profit of -46.60 million yuan for the first half of 2025 [1] - The company's total operating revenue for the same period was 783 million yuan, down 19.0% compared to the previous year [1] Financial Performance - Total operating revenue decreased from 967 million yuan in 2024 to 783 million yuan in 2025, a decline of 19.0% [1] - The net profit attributable to shareholders fell from 7.02 million yuan to -46.60 million yuan, a drop of 763.61% [1] - The gross profit margin turned negative at -0.17%, a decrease of 103.0% year-on-year [1] - The net profit margin also fell to -5.97%, down 927.64% compared to the previous year [1] - Total expenses (selling, administrative, and financial) amounted to 43.04 million yuan, accounting for 5.5% of revenue, an increase of 17.98% year-on-year [1] Cash Flow and Assets - The company reported a significant increase in cash and cash equivalents, rising by 181.23% to 700 million yuan [1] - Accounts receivable decreased by 24.42% to 223 million yuan [1] - The company’s interest-bearing debt increased by 41.71% to 530 million yuan [1] Other Financial Metrics - Earnings per share dropped from 0.01 yuan to -0.04 yuan, a decrease of 500.0% [1] - Operating cash flow per share improved to 0.14 yuan, an increase of 144.9% year-on-year [1] - The company's net asset value per share decreased by 4.26% to 2.29 yuan [1] Changes in Financial Items - Accounts receivable decreased by 55.99% due to a reduction in discounted bills [3] - Construction in progress increased by 49.69% as project completion progressed [4] - Development expenditures rose by 127.19% due to increased R&D project progress [5] - Accounts payable decreased by 32.61% as due bills were paid [6] - Other payables increased by 80.31% due to receiving supplier bid guarantees [7] - Other current liabilities decreased by 48.44% due to a reduction in customer advance payments [8] - Deferred income increased by 32.59% due to government subsidies received [9] Business Evaluation - The company's historical net profit margin was -5.94%, indicating low added value in products or services [10] - The median Return on Invested Capital (ROIC) over the past decade was 4.48%, reflecting weak investment returns [10] - The worst year for ROIC was 2024, with a value of -3.69%, indicating poor investment performance [11]

1. Report Industry Investment Rating There is no information provided in the report regarding the industry investment rating. 2. Core Viewpoints of the Report - In recent years, the risks of small and medium - sized banks have gradually increased due to economic transformation, regional development differences, and bank risk events. The central government has emphasized the timely disposal of risks in small and medium - sized financial institutions [1][10]. - The business share and profitability of small and medium - sized banks have declined. Their asset quality has also deteriorated during the rapid expansion period, and they are now gradually digesting historical legacy issues [2][33]. - The operations of urban and rural commercial banks across the country have shown differentiation. Underdeveloped regions generally have higher asset - to - total ratios, and there are differences in asset quality, profitability, and business growth rates among different regions [3]. - The core path for resolving the risks of small and medium - sized banks is the reform of the rural credit system, and the reform process of provincial rural credit unions has accelerated significantly in recent years [4]. - In the disposal of major risk events of small and medium - sized banks, a large amount of public funds are often consumed, and the restoration of the subject's qualifications and regional credit usually takes a long time [5]. 3. Summary According to Relevant Catalogs 3.1 Small and Medium - Sized Bank Risk Resolution Background - **Macro - background**: Since 2010, with China's economic transformation, the profitability of the real economy has declined, and the default rate of small and medium - sized enterprises has increased, leading to a rise in the non - performing loan ratio of small and medium - sized banks from 2010 - 2020. After 2020, macro - factors have put pressure on the asset quality and operations of small and medium - sized banks. Regional economic development imbalances and the limited risk - control capabilities of small and medium - sized banks, along with events such as the Baoshang Bank incident in 2019, have attracted more attention to the risk resolution of small and medium - sized banks [1][10]. - **High concentration of rural commercial bank credit risks**: In 2023, rural financial institutions accounted for 95% of the 3936 banking financial institutions rated by the central bank, and high - risk rural financial institutions accounted for 96% of the total high - risk bank institutions [15]. - **Non - redemption of Tier 2 and perpetual bonds concentrated in urban and rural commercial banks**: All cases of non - redemption of Tier 2 and perpetual bonds occurred in urban and rural commercial banks, especially in small and medium - sized banks in Liaoning, Tianjin, Shandong and other places. Since 2023, the non - redemption ratio has continued to decline, which may indicate an improvement in the capital adequacy of small and medium - sized banks in recent years [17]. 3.2 Operating Conditions of Urban and Rural Commercial Banks - **Overview of the fundamentals of urban and rural commercial banks**: Before 2016, small and medium - sized banks rapidly expanded their scale, but since 2019, their market share has continued to decline. During the rapid expansion period, their asset quality deteriorated, and since 2020, they have gradually digested historical legacy issues. Their profitability has also decreased significantly, and there are differences in capital adequacy among different types of banks [28][33][35]. - **Operating conditions of urban and rural commercial banks in different regions**: The market status of urban and rural commercial banks shows a two - tiered differentiation. Underdeveloped regions and Jiangsu, Zhejiang, and Anhui have a high asset - to - total ratio, while developed regions have a low ratio. There are also differences in asset quality, profitability, and business growth rates among different regions. For example, in 2024, the asset quality of urban and rural commercial banks in the three northeastern provinces and the northwest was generally poor, while that in Jiangsu, Zhejiang, Anhui, Beijing, and Shanghai was relatively good [3][38][41]. 3.3 Progress and Plans for the Reform of Provincial Rural Credit Unions in Different Regions - **The reform of the rural credit system is the core path for resolving the risks of small and medium - sized banks**: The reform of provincial rural credit unions is an important part of risk resolution for small and medium - sized banks. Currently, there are two main reform models: the joint - bank model and the unified - legal - person model. The reform process has accelerated significantly in recent years [4][59][62]. - **Cases of rural credit system reform**: Examples include the Zhejiang Rural Commercial United Bank (joint - bank model), Liaoning Rural Commercial Bank (unified - legal - person model), and Henan Rural Commercial Bank (a combination of joint - bank and unified - legal - person models) [64][66]. 3.4 Cases of Risk Disposal of Small and Medium - Sized Banks - **Sources of funds for risk disposal of small and medium - sized banks**: The order of fund use in the financial risk disposal process is the shareholders and actual controllers of the disposed financial institution, market - based funds, the deposit insurance fund, local public resources, and the financial stability protection fund. In recent years, the deposit insurance fund has been widely used in major risk resolution of small and medium - sized banks, and as of July 2025, a total of 530 billion yuan of special bonds for risk resolution of small and medium - sized banks have been issued [69][70][72]. - **Cases of risk disposal of small and medium - sized banks**: After the risk exposure of Baoshang Bank in 2019, risks of small and medium - sized banks in various places broke out concentratedly. Taking Liaoning Rural Commercial Bank and Jinzhou Bank as examples, the causes of risks, disposal plans, and related risks are analyzed [76].

Core Viewpoint - Fenglin Group's financial performance in the first half of 2025 shows significant pressure, with a notable decline in revenue and a substantial net loss compared to the previous year [1][5]. Financial Performance - The company reported a revenue of 783 million yuan, a year-on-year decrease of 19.0% [1]. - The net profit attributable to shareholders was a loss of 47 million yuan, a staggering year-on-year decline of 763.61% [1]. Key Financial Ratios - Key financial metrics such as net profit margin, gross profit margin, and return on equity have reached new lows in recent years [3]. - The net profit margin fell from 0.72% in the first half of 2024 to -5.97% in 2025, a drop of 6.69 percentage points, marking four consecutive years of decline [5]. - The gross profit margin decreased from 5.88% in the first half of 2024 to -0.17% in 2025, a decline of 6.05 percentage points, continuing a five-year downward trend [5]. - The return on equity for the first half of 2025 was -1.80%, down 2.04 percentage points year-on-year, also reflecting a four-year decline [5]. Operational Efficiency - The company faces challenges with inventory turnover efficiency, with inventory turnover days increasing to 154.68 days, up 7.83% from the first half of 2024, indicating worsening inventory accumulation [7]. - The net cash flow from operating activities improved to 153 million yuan, compared to a negative 348 million yuan in the same period of 2024, indicating a positive turnaround [7]. - The debt-to-asset ratio for the first half of 2025 was 26.67%, an increase of 6.62 percentage points year-on-year, suggesting a rise in the company's debt level [7]. Institutional Investment - As of the first half of 2025, the number of institutional investors holding Fenglin Group's stock has decreased to 1, down from 16 in the same period of 2024, indicating weakened confidence among institutional investors [7]. Market Valuation - Fenglin Group's market capitalization peaked at 8.164 billion yuan on June 15, 2015, while the current market cap stands at 2.5 billion yuan, requiring a 226.60% increase in stock price to reach its historical high [7].

Core Viewpoint - The report highlights significant declines in revenue and profit for Guangxi Fenglin Wood Industry Group Co., Ltd. during the first half of 2025, attributed to increased competition and an imbalance in supply and demand within the artificial board industry [2][3]. Company Overview and Financial Indicators - The company reported a total revenue of CNY 782.97 million, a decrease of 19% compared to CNY 966.63 million in the same period last year [2]. - The total profit for the period was a loss of CNY 47.00 million, a significant decline from a profit of CNY 7.10 million in the previous year, marking a 761.93% decrease [2]. - The net profit attributable to shareholders was a loss of CNY 46.60 million, down 763.61% from CNY 7.02 million in the same period last year [2]. - The company's total assets decreased by 6.69% to CNY 3.50 billion from CNY 3.75 billion at the end of the previous year [2]. Industry Context - The artificial board industry is undergoing deep adjustments and structural optimization, facing pressure from reduced downstream market demand, leading to a temporary imbalance in supply and demand [3][4]. - The industry is experiencing a trend of "reducing quantity while improving quality," with a continuous reduction in the number of enterprises and an increase in production efficiency [3][4]. - The competition in the particleboard sector has intensified due to an increase in production capacity that does not match market demand, resulting in higher inventory levels [3][4]. Business Operations - The company operates three major fiberboard production bases and three particleboard manufacturing bases, with a total production capacity of 1.8 million cubic meters [5]. - The company focuses on developing differentiated products such as formaldehyde-free boards and high-precision milling boards, catering to various sectors including furniture and construction [5][6]. - The company has nearly 200,000 acres of proprietary forest land, ensuring a stable supply of raw materials for its production [6]. Strategic Initiatives - The company is implementing a core strategy of "stabilizing the foundation, strengthening innovation, and expanding space" to navigate the challenges posed by the industry [7]. - The company is enhancing its sales strategy by optimizing its marketing approach and expanding into overseas markets, particularly along the "Belt and Road" initiative [7]. - The company is focusing on research and development to improve product performance and meet higher environmental standards, thereby establishing a competitive edge [7][8].