Group 1 - The company reported a total revenue of 67.09 billion yuan for 2024, representing a year-on-year increase of 9.1% [1] - The net profit attributable to shareholders for 2024 was 1.1 billion yuan, up 1.3% year-on-year, while the net profit after deducting non-recurring gains and losses was 960 million yuan, an increase of 7.1% year-on-year [1] - In Q4 2024, the company achieved a revenue of 17.89 billion yuan, a year-on-year increase of 3.6% and a quarter-on-quarter decrease of 0.2% [1] Group 2 - The polyester filament industry is experiencing a supply-demand balance, with a projected apparent consumption of 42 million tons in China for 2024, an increase of 8.7% year-on-year [2] - The company completed maintenance on five production units and added one new filament unit in 2024, leading to improved performance metrics across various production lines [2] - The gross profit margin and net profit margin for 2024 are expected to be 5.6% and 1.6%, respectively, showing limited changes compared to the previous year [2] Group 3 - The polyester filament industry is expected to see an upward trend in its economic environment, with a projected decrease in new capacity by 2.3% year-on-year for 2024 [3] - The industry has initiated a "High-Quality Development Initiative" aimed at improving profitability through self-regulation [3] - Despite trade tensions, the impact on the domestic polyester filament industry is expected to be limited due to China's dominant supply position [3]

证券研究报告 公司研究 [Tabl 点评报告 e_ReportType] [Table_StockAndRank] 新凤鸣(603225.SH) | 投资评级 | 买入 | | --- | --- | | 上次评级 | 买入 | [Table_A 左前明 uthor 能源行业首席分析师 ] 执业编号：S1500518070001 联系电话：010-83326712 邮箱：zuoqianming@cindasc.com 刘奕麟 石化行业分析师 执业编号：S1500524040001 联系电话：13261695353 邮箱：liuyilin@cindasc.com 相关研究 [《Table_O 首次覆盖报告：扩张 therReport] 节奏加快，打 造低成本龙头》2021.6.30 《60 万吨聚酯投产，成长性持续强 化》2021.7.5 《单季度业绩创新高，验证龙头盈利 弹性》2021.7.14 《2 季度公司业绩高增，持续布局产 能扩张》2021.8.18 《尽显龙头成本优势，扩张产能迎投 产大年》2021.11.02 《新凤鸣：22Q1 公司业绩承压，但扩 能投产势头强劲》2022.5.12 《新凤鸣：行 ...

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company reported a revenue of 67.09 billion yuan in 2024, representing a year-on-year growth of 9.15%. The net profit attributable to the parent company was 1.10 billion yuan, a growth of 1.32% year-on-year [2] - The first quarter of 2025 showed a revenue of 14.56 billion yuan, with a year-on-year increase of 0.73% [3] - The supply-demand dynamics in the industry are improving, with a notable increase in demand for polyester filament due to a 12.5% growth in retail sales of clothing in 2024 [4] - The company is expected to benefit from the optimization of industry supply structure, with a forecasted net profit of 1.30 billion yuan in 2025, reflecting an 18.3% growth [7] Financial Summary - In 2024, the company achieved a gross profit margin of 5.6%, with a projected increase to 6.3% in 2025 [6] - The earnings per share (EPS) for 2025 is estimated at 0.85 yuan, with a price-to-earnings (P/E) ratio of 12.86 [7] - The company’s total revenue is expected to reach 70.91 billion yuan by 2027, with a modest growth rate of 1.0% [6][9]

一、主要会计数据和财务指标 前十大流通股东累计持有： 100452.73万股，累计占流通股比： 66.45%，较上期变化： -2721.59万股。 | 名称 | 持有数量(万股) | 占总股本比 | 增减情况 | | --- | --- | --- | --- | | | | 例(%) | (万股) | | 庄奎龙 | 33752.18 | 22.33 | 不变 | | 新凤鸣（603225）控股集团有限公司 | 23569.39 | 15.59 | 不变 | | 桐乡市中聚投资有限公司 | 15367.97 | 10.17 | 不变 | | 屈凤琪 | 10171.67 | 6.73 | 不变 | | 上海胜帮私募基金管理有限公司-共青城胜帮凯米投资合 伙企业(有限合伙) | 7295.30 | 4.83 | -980.96 | | 桐乡市尚聚投资有限公司 | 3570.34 | 2.36 | 不变 | | 吴林根 | 2087.41 | 1.38 | 不变 | | 桐乡市诚聚投资有限公司 | 1711.86 | 1.13 | 不变 | | 香港中央结算有限公司 | 1560.32 | 1.03 | -17 ...

| 股票代码：603225 | 股票简称：新凤鸣 | | | 公告编号：2025-049 | | --- | --- | --- | --- | --- | | 转债代码：113623 | 转债简称：凤 | 21 | 转债 | | 新凤鸣集团股份有限公司 2025 年一季度主要经营数据公告 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。 新凤鸣集团股份有限公司（以下简称"公司"）根据《上海证券交易所上市 公司自律监管指引第 3 号行业信息披露：第十三号——化工》要求，现将 2025 年一季度主要经营数据披露如下： 一、主要产品的产量、销量及收入实现情况 | 主要产品 | 2025年1-3月 产量（万吨） | 2025年1-3月 销量（万吨） | 2025年1-3月 营业收入（万元） | | --- | --- | --- | --- | | POY | 129.97 | 97.14 | 620,898.41 | | FDY | 40.22 | 27.08 | 185,414.23 | | DTY | 24.85 | 18 ...

| 股票代码：603225 | 股票简称：新凤鸣 | | | 公告编号：2025-048 | | --- | --- | --- | --- | --- | | 转债代码：113623 | 转债简称：凤 | 21 | 转债 | | 新凤鸣集团股份有限公司 第六届监事会第十九次会议决议公告 本公司监事会及全体监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。 表决结果：3 票同意，0 票反对，0 票弃权。 特此公告。 新凤鸣集团股份有限公司监事会 2025 年 4 月 29 日 二、监事会会议审议情况 会议审议通过了以下议案，并形成了决议： 1、审议通过了《2025 年第一季度报告》 监事会认为：公司 2025 年第一季度报告的编制和审议程序符合法律、法规、 《公司章程》和公司内部规章制度的各项规定；报告的内容和格式符合中国证监 会和证券交易所的各项规定，所包含的信息从各个方面真实地反映出了公司报告 期内的经营管理和财务状况等事项；在提出本意见前，未发现参与 2025 年第一 季度报告编制和审议的人员有违反保密规定的行为。（具体内容详见上交所网 ...

| 股票代码：603225 | 股票简称：新凤鸣 | | | 公告编号：2025-047 | | --- | --- | --- | --- | --- | | 转债代码：113623 | 转债简称：凤 | 21 | 转债 | | 新凤鸣集团股份有限公司 第六届董事会第三十四次会议决议公告 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个别及连带责任。 一、董事会会议召开情况 新凤鸣集团股份有限公司（以下简称"公司"）第六届董事会第三十四次会 议于 2025 年 4 月 28 日以现场表决和通讯表决相结合的方式在公司二十四楼会议 室召开。本次董事会会议通知于 2025 年 4 月 18 日以电话方式发出。会议由董事 长庄耀中先生召集并主持，会议应出席董事 8 名，实际出席董事 8 名，公司监事、 高级管理人员列席了本次会议。本次会议的召开和表决程序符合《公司法》《证 券法》和本公司章程的有关规定，合法有效。 表决结果：8 票同意，0 票反对，0 票弃权。 特此公告。 新凤鸣集团股份有限公司董事会 2025 年 4 月 29 日 1 二、 ...

Financial Performance - The company's operating revenue for Q1 2025 was CNY 14,557,270,380.82, representing a 0.73% increase compared to CNY 14,452,258,268.83 in the same period last year[4]. - Net profit attributable to shareholders was CNY 306,422,925.67, reflecting an 11.35% increase from CNY 275,181,070.96 year-over-year[4]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was CNY 260,343,059.67, up 13.13% from CNY 230,124,213.88 in the previous year[4]. - Basic earnings per share increased to CNY 0.21, a rise of 16.67% from CNY 0.18 in the same quarter last year[5]. - Total operating revenue for Q1 2025 reached ¥14,557,270,380.82, a slight increase from ¥14,452,258,268.83 in Q1 2024, representing a growth of approximately 0.73%[19]. - Net profit for Q1 2025 was ¥306,699,723.38, compared to ¥275,168,348.37 in Q1 2024, reflecting an increase of approximately 11.5%[20]. - Earnings per share for Q1 2025 were ¥0.21, up from ¥0.18 in Q1 2024, marking a growth of 16.67%[21]. Assets and Liabilities - The total assets at the end of the reporting period were CNY 61,414,054,992.01, marking a 15.77% increase from CNY 53,046,230,676.50 at the end of the previous year[5]. - As of March 31, 2025, the total assets of the company reached RMB 61.41 billion, an increase from RMB 53.05 billion as of December 31, 2024, representing a growth of approximately 15.8%[14]. - The company's current assets amounted to RMB 24.20 billion, up from RMB 16.76 billion, indicating a growth of about 44.5%[14]. - The company's total liabilities increased to ¥43,828,808,148.04 in 2025 from ¥35,770,851,643.89 in 2024, representing a rise of approximately 22.5%[17]. - The company’s total liabilities increased, reflecting a strategic approach to leverage for growth opportunities[14]. Cash Flow - The net cash flow from operating activities was negative CNY 4,322,700,854.35, compared to negative CNY 1,712,220,723.63 in the same period last year[4]. - In Q1 2025, the cash inflow from operating activities was approximately ¥15.46 billion, a decrease of 6.04% compared to ¥16.46 billion in Q1 2024[23]. - The net cash outflow from operating activities in Q1 2025 was approximately -¥4.32 billion, worsening from -¥1.71 billion in Q1 2024[24]. - The total cash outflow from operating activities in Q1 2025 was approximately ¥19.79 billion, compared to ¥18.17 billion in Q1 2024, marking an increase of 8.89%[24]. - The cash received from tax refunds in Q1 2025 was approximately ¥259.36 million, down from ¥293.18 million in Q1 2024, a decrease of 11.52%[23]. - The cash paid to employees in Q1 2025 was approximately ¥593.05 million, an increase of 4.06% from ¥569.59 million in Q1 2024[24]. Investments and Financing - The company provided guarantees for credit facilities totaling up to RMB 20 billion for its subsidiary, indicating strategic financial support for expansion[12]. - The cash inflow from investment activities in Q1 2025 was approximately ¥219.50 million, compared to ¥79.56 million in Q1 2024, indicating an increase of 176.06%[24]. - The net cash outflow from investment activities in Q1 2025 was approximately -¥1.98 billion, compared to -¥1.51 billion in Q1 2024, reflecting a decline of 31.06%[24]. - The cash inflow from financing activities in Q1 2025 was approximately ¥19.17 billion, an increase of 11.06% from ¥17.23 billion in Q1 2024[24]. - The net cash inflow from financing activities in Q1 2025 was approximately ¥6.54 billion, up from ¥5.25 billion in Q1 2024, representing a growth of 24.51%[24]. Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 23,906[9]. - The largest shareholder, Zhuang Kuilong, holds 22.14% of the shares, with a total of 337,521,813 shares[9]. Research and Development - Research and development expenses for Q1 2025 were ¥232,911,403.43, down from ¥260,875,111.46 in Q1 2024, indicating a decrease of approximately 10.7%[19]. - The company reported a decrease in financial expenses to ¥100,433,196.22 in Q1 2025 from ¥164,887,918.82 in Q1 2024, a reduction of about 39%[19]. Strategic Focus - The company continues to focus on market expansion and new product development, although specific details were not disclosed in the provided data[22].

丨证券研究报告丨 公司研究丨点评报告丨新凤鸣（603225.SH） [Table_Title] 规模持续提升，业绩延续上行 报告要点 [Table_Summary] 公司发布 2024 年年报，全年实现营业收入 670.9 亿元（同比+9.1%），实现归属净利润 11.0 亿 元（同比+1.3%），实现归属扣非净利润 9.6 亿元（同比+7.1%）。其中 Q4 单季度实现收入 178.9 亿元（同比+3.6%，环比-0.2%），实现归属净利润 3.5 亿元（同比+77.9%，环比+151.8%）， 实现归属扣非净利润 3.3 亿元（同比+100.4%，环比+232.9%）。公司拟每股派发现金红利 0.225 元（含税），合计派发现金红利 3.36 亿元（含税）。 分析师及联系人 [Table_Author] 马太 SAC：S0490516100002 SFC：BUT911 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 新凤鸣（603225.SH） cjzqdt11111 [Table_Title2] 规模持续提升，业绩延续上行 [Table_Summary2] ...

基础化工/化学纤维 新凤鸣（603225.SH） 2025 年 04 月 25 日 投资评级：买入（维持） | 日期 | 2025/4/24 | | --- | --- | | 当前股价(元) | 10.75 | | 一年最高最低(元) | 16.29/9.53 | | 总市值(亿元) | 163.91 | | 流通市值(亿元) | 162.52 | | 总股本(亿股) | 15.25 | | 流通股本(亿股) | 15.12 | | 近 3 个月换手率(%) | 44.8 | 股价走势图 数据来源：聚源 -32% -16% 0% 16% 32% 2024-04 2024-08 2024-12 新凤鸣 沪深300 相关研究报告 《库存损失有所拖累，Q3 业绩环比承 压—公司信息更新报告》-2024.10.29 《Q2 业绩环比增长，看好金九银十长 丝盈利迎来修复—公司信息更新报 告》-2024.8.29 风险提示：油价大幅波动、下游需求疲软、产能投放不及预期、其他风险详见 第三页标注。1 财务摘要和估值指标 | 指标 | 2023A | 2024A | 2025E | 2026E | 2027E | | -- ...