广西丰林木业集团 股份有限公司 营业收入扣除情况 专项审核报告 大信专审字[2026]第 29-00020 号 大信会计师事务所（特殊普通合伙） WUYIGE CERTIFIED PUBLIC ACCOUNTANTS LLP. 您可使用手机"扫一扫"或进入"注册会计师行业统一监管平台（http://ac.mof.gov.cn）"进行查 您可 我们接受委托,审计了广西丰林木业集团股份有限公司(以下简称"贵公司")的财务 报表,包括 2025年 12 月 31 日合并及母公司资产负债表、2025年度合并及母公司利润表、 合并及母公司现金流量表、合并及母公司股东权益变动表以及财务报表附注,并于 2026 年 3 月 26 日出具大信审字[2026]第 29-00013 号审计报告。在对上述财务报表审计基础上,我 们审核了贵公司编制的《广西丰林木业集团股份有限公司 2025 年度营业收入扣除情况表》 (以下简称"营业收入扣除情况表")。 一、管理层和治理层的责任 根据上海证券交易所《上海证券交易所上市公司自律监管指南第 2 号 -- 业务办理 (2025 年修订)》、《上海证券交易所股票上市规则(2025年 4 月修 ...

Group 1 - The core viewpoint of the news is that Fenglin Group has experienced a decline in both revenue and net profit, indicating potential challenges in its financial performance [2] - As of January 30, Fenglin Group's stock price increased by 1.68%, with a trading volume of 86.63 million yuan, while the net financing buy was negative at -1.12 million yuan [1] - The financing balance of Fenglin Group is 123 million yuan, which accounts for 4.52% of its market capitalization, indicating a low level compared to the past year [1] Group 2 - For the period from January to September 2025, Fenglin Group reported a revenue of 1.261 billion yuan, a year-on-year decrease of 16.61%, and a net profit attributable to shareholders of -59.35 million yuan, a decrease of 138.77% [2] - The company has distributed a total of 689 million yuan in dividends since its A-share listing, with 135 million yuan distributed in the last three years [3] - As of September 30, 2025, the number of shareholders in Fenglin Group decreased by 5.62% to 26,100, while the average circulating shares per person increased by 5.95% to 42,999 shares [2]

Core Viewpoint - The wood chip recycling industry in China is rapidly developing, driven by environmental policies and the need for resource utilization, with significant market potential projected for the coming years [1][9]. Overview - Wood chips, also known as wood powder or sawdust, are a byproduct of wood processing, primarily composed of cellulose, hemicellulose, and lignin, and are used for fuel, lightweight fillers, and as raw materials for engineered wood products and paper [2][3]. Development History - The wood chip industry in China has evolved from low-value utilization to high-value development, influenced by forestry resource use, downstream demand, and environmental policies, entering a high-quality development phase since 2021 [5][6]. Industry Chain - The wood chip industry chain consists of upstream raw material supply, midstream processing, and downstream applications, transitioning from decentralized collection to centralized processing and high-value applications [6][8]. Current Development - The demand for wood chips in China is expected to reach 40.058 million tons by 2025, with a market size of 15.454 billion yuan, driven by applications in biomass pellets, edible fungus cultivation, paper making, and engineered wood products [1][9]. Competitive Landscape - The wood chip market in China is highly fragmented, with a large number of small enterprises, as over 60% of registered companies have a capital of less than 2 million yuan, while only a small fraction exceeds 50 million yuan [11]. Development Trends - The wood chip industry is expected to see enhanced resource recycling value due to policy support for efficient utilization of forestry waste and wood processing byproducts, leading to a shift towards environmentally compliant processing [13]. - Technological innovations will drive the industry towards high-end product structures, improving production efficiency and expanding high-end application scenarios [14]. - The application of wood chips will diversify, with growth in traditional sectors like biomass energy and emerging fields such as agricultural substrates and environmental restoration materials [15].

Core Viewpoint - Fenglin Group emphasizes its commitment to the artificial board industry, focusing on intelligent upgrades and green manufacturing, while clarifying that the chairman's previous experience at Mitsubishi Electric is a personal career matter [2] Group 1 - The company responded to investor inquiries on January 19, indicating that the chairman, Liu Nian, has a background in the semiconductor division of Mitsubishi Electric [2] - The company remains dedicated to the development of its main business in the artificial board sector [2] - Any significant strategic adjustments in the future will be disclosed in accordance with information disclosure regulations [2]

Core Viewpoint - Fenglin Group emphasizes the importance of shareholder returns and market value management, aiming to enhance intrinsic value through operational efficiency and investor communication [2] Group 1 - The company is committed to optimizing operational efficiency and strengthening information disclosure [2] - Fenglin Group plans to strictly adhere to regulatory requirements and focus on stable development of its core business [2] - The company aims to create long-term value for shareholders [2]

Core Viewpoint - The company, Fenglin Group, anticipates a significant decline in net profit for the year 2025, projecting a loss between 100 million to 148 million yuan, reflecting a year-on-year change of -23.35% to 16.66% [1] Company Summary - The expected net profit attributable to shareholders after deducting non-recurring gains and losses for 2025 is also projected to be between 100 million to 148 million yuan, with a year-on-year change of -18.12% to 20.19% [1] - The company is facing continuous pressure on sales of its man-made board products due to the ongoing adjustment in the domestic real estate market, which has led to weak demand in the downstream decoration and furniture industries [1] - The overall market is experiencing an oversupply situation as new production capacity continues to be released, resulting in a decline in both sales volume and prices of the company's main products compared to the previous year [1] - In response to market changes and to maintain reasonable inventory levels, the company has dynamically adjusted its production plans, which has led to increased downtime and corresponding losses compared to the previous year [1] Industry Summary - The decoration and furniture industries are currently experiencing a prolonged period of weak demand due to the adjustments in the domestic real estate market [1] - The industry is characterized by an imbalance in supply and demand, with a notable oversupply as new production capacities are introduced [1]

Financial Forecast - The company expects a net profit attributable to shareholders for 2025 to be between -100 million yuan and -148 million yuan, representing a year-on-year change of -23.35% to 16.66% compared to the previous year [2]. - The expected net profit after deducting non-recurring gains and losses for 2025 is also projected to be between -100 million yuan and -148 million yuan, with a year-on-year change of -18.12% to 20.19% [3]. - The previous year's net profit attributable to shareholders was -119.99 million yuan, with a net profit after deducting non-recurring gains and losses of -125.30 million yuan [5]. - The company reported a total profit of -120.40 million yuan for the previous year [5]. - The forecast data is preliminary and the final audited financial data will be disclosed in the official 2025 annual report [9]. Market Conditions - The main reason for the expected loss is the continued adjustment in the domestic real estate market, leading to weak demand in the downstream decoration and furniture industry, which has pressured sales of the company's products [7]. - The company has adjusted its production plans to maintain reasonable inventory levels, resulting in increased downtime and corresponding losses compared to the previous year [7]. - The company currently does not foresee any major uncertainties that could affect the accuracy of this earnings forecast [8].

Core Viewpoint - The company, Fenglin Group, expects a significant decline in net profit for the year 2025, projecting a loss between 100 million to 148 million yuan, indicating a potential decrease compared to the previous year [1] Financial Performance - The projected net profit attributable to shareholders for 2025 is expected to be between -100 million yuan and -148 million yuan, which represents a change of -28.01 million yuan to an increase of 19.99 million yuan compared to the previous year, reflecting a year-on-year change of -23.35% to 16.66% [1] - The projected net profit after deducting non-recurring gains and losses for 2025 is also expected to be between -100 million yuan and -148 million yuan, with a change of -22.70 million yuan to an increase of 25.30 million yuan compared to the previous year, indicating a year-on-year change of -18.12% to 20.19% [1]

Core Viewpoint - Fenglin Group (601996) announced a total external guarantee amount of RMB 665 million, which accounts for 25.44% of the company's audited net assets for the fiscal year 2024 [1] Summary by Categories External Guarantees - The total external guarantee amount includes both the approved but unused guarantee limits and the actual guarantee balances [1] - The company provides guarantees to its subsidiaries and allows mutual guarantees among its subsidiaries [1] Financial Ratios - The total guarantees provided by the listed company to its controlling subsidiaries also amount to RMB 665 million, representing 25.44% of the company's audited net assets for 2024 [1] Risk Management - The company does not provide guarantees to its controlling shareholders, actual controllers, or their related parties [1] - There are no overdue guarantees reported by the company [1]

Group 1 - The core point of the article is that Fenglin Group announced a total external guarantee amount of RMB 665 million, which accounts for 25.44% of the company's audited net assets for the fiscal year 2024 [1] Group 2 - The total guarantee provided by the listed company to its controlling subsidiary is also RMB 665 million, representing the same percentage of 25.44% of the audited net assets for 2024 [1]