Group 1: General Principles of Investor Relations Management - The purpose of the management measures is to enhance communication between the company and investors, promoting understanding and maximizing shareholder interests [1] - Investor relations management is based on compliance with laws and regulations, ensuring equal treatment of all investors, especially small and medium-sized investors [2][3] - The management principles include compliance, equality, proactivity, and integrity [2] Group 2: Objectives of Investor Relations Management - The main objectives include improving investor understanding and recognition of the company, enhancing corporate credibility, and establishing a good relationship with investors [2] - The ultimate goal is to maximize company value and shareholder interests [2] Group 3: Responsibilities and Structure - The Chairman is the primary responsible person for investor relations activities, including major events like shareholder meetings and press conferences [3] - The Board Secretary oversees the overall coordination and arrangement of investor relations management [3][4] - The Board Office serves as the functional department for daily investor relations management and communication [4] Group 4: Communication Methods and Content - Communication methods include announcements, shareholder meetings, company websites, analyst meetings, and one-on-one communications [7] - Key communication content covers the company's development strategy, operational information, financial status, and major events [8] Group 5: Information Disclosure and Training - The company must ensure timely and accurate information disclosure, adhering to the established information disclosure management system [9][26] - Training for management and relevant personnel on investor relations management is essential to maintain effective communication [9] Group 6: Crisis Management and Apologies - In case of significant crises, the company must propose effective handling plans and communicate promptly with investors [5][28] - The company is required to publicly apologize under specific circumstances, such as administrative penalties or poor information disclosure evaluations [10]

| 股票代码：603225 | 股票简称：新凤鸣 | 公告编号：2024-112 | | --- | --- | --- | | 转债代码：113623 | 转债简称：凤 21 | 转债 | 新凤鸣集团股份有限公司 关于全资子公司中维化纤向其控股子公司增资的公告 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个别及连带责任。 重要内容提示： 增资标的名称：桐乡市鸿益热电有限公司 增资金额：桐乡市鸿益热电有限公司（以下简称"鸿益热电"）新增 10,000 万元人民币注册资本，新增注册资本后鸿益热电注册资本变更为 15,000 万元。公司全资子公司桐乡市中维化纤有限公司（以下简称"中维化纤"）和 桐乡市临杭经济区新市镇开发建设有限公司（以下简称"临杭新市开发建设"） 按持股比例进行增资。其中，中维化纤增资人民币 9,500 万元，仍占鸿益热电 注册资本的 95%；临杭新市开发建设增资人民币 500 万元，仍占鸿益热电注册 资本的 5%。 本次增资事项不构成关联交易和上市公司重大资产重组事项 本次增资事项已经公司第六届董事会第二十四次会议审议 ...

| 股票代码：603225 | 股票简称：新凤鸣 | 公告编号：2024-111 | | --- | --- | --- | | 转债代码：113623 | 转债简称：凤 21 | 转债 | 新凤鸣集团股份有限公司 关于不向下修正"凤21转债"转股价格的公告 经上海证券交易所自律监管决定书[2021]181号文同意，公司25.00亿元可转 换公司债券于2021年5月7日起在上海证券交易所挂牌交易，债券简称"凤21转 1 债"，债券代码"113623"。 根据《上海证券交易所股票上市规则》有关规定及《新凤鸣集团股份有限公 司公开发行可转换公司债券募集说明书》（以下简称"《募集说明书》"）的约 定，公司该次发行的"凤21转债"自可转换公司债券发行结束之日起满六个月后 的第一个交易日，即2021年10月14日起可转换为公司A股普通股，初始转股价格 为16.60元/股。2021年6月17日为公司2020年度利润分配的除息日，"凤21转债" 的转股价格调整为16.47元/股，具体内容请详见公司于2021年6月10日披露的 《关于权益分派引起的公司可转债转股价格调整的公告》（公告编号2021-081）。 2022年6月2 ...

新凤鸣集团股份有限公司 第六届董事会第二十四次会议决议公告 | 股票代码：603225 | 股票简称：新凤鸣 | 公告编号：2024-114 | | --- | --- | --- | | 转债代码：113623 | 转债简称：凤 转债 21 | | 表决结果：8 票同意，0 票反对，0 票弃权。 2、审议通过了《关于全资子公司中维化纤向其控股子公司增资的议案》 董事会同意公司全资子公司桐乡市中维化纤有限公司（以下简称"中维化 纤"）根据公司战略发展目标和需要和桐乡市临杭经济区新市镇开发建设有限公 司（以下简称"临杭新市开发建设"）按持股比例共同以自有资金向鸿益热电新 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"）第六届董事会第二十四次会 议于 2024 年 9 月 18 日以现场表决和通讯表决相结合的方式在公司五楼一号会议 室召开。本次董事会会议通知于 2024 年 9 月 13 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 ...

Group 1: Company Overview - New Feng Ming Group Co., Ltd. announced the establishment of the "Investor Relations Management Measures" on September 18, 2024 [1] - The board of directors confirmed the announcement's content is free from false records, misleading statements, or significant omissions [1] Group 2: Regulatory Compliance - The decision to create the investor relations measures complies with the latest regulations of the Company Law, Securities Law, and Shanghai Stock Exchange listing rules [1] - The measures aim to enhance operational standards and improve corporate governance structure [1] Group 3: Implementation Details - The company conducted a comprehensive review of relevant governance systems and developed the measures based on self-assessment and actual operational needs [1] - The detailed content of the "Investor Relations Management Measures" is available on the Shanghai Stock Exchange website [1]

Investment Rating - The report maintains a "Strong Buy" rating for the company, indicating an expectation to outperform the benchmark index by over 20% in the next six months [1][4][15]. Core Views - The company reported a revenue of 31.27 billion yuan for H1 2024, a year-on-year increase of 10.96%, and a net profit attributable to shareholders of 605 million yuan, up 26.17% year-on-year. Q2 2024 saw revenues of 16.82 billion yuan, with a year-on-year growth of 7.32% and a quarter-on-quarter growth of 16.38% [1]. - The polyester filament industry is experiencing improved profitability, with expectations for continued recovery as the peak season approaches in Q3 2024. The domestic downstream demand for polyester filament has been strong, with sales volume in H1 2024 reaching 3.39 million tons, a 6.7% increase year-on-year [1]. - The company has demonstrated strong cost control capabilities, with a decrease in sales expense ratio and an increase in R&D expense ratio. The sales expense ratio for H1 2024 was 0.14%, down 0.03 percentage points year-on-year [1]. - The company is steadily expanding its production capacity, with a total filament capacity of 7.4 million tons and plans to add 400,000 tons in 2024 and 650,000 tons in 2025. The company also has a PTA capacity of 5 million tons, with plans to increase it to 5.4 million tons [1]. - The investment suggestion includes a downward revision of profit expectations for 2024-2026, with projected net profits of 1.527 billion yuan, 2.069 billion yuan, and 2.705 billion yuan respectively. The target price is set at 15 yuan, corresponding to a PE ratio of 15x for 2024 [1][2]. Financial Summary - For 2024E, the main revenue is projected at 62.07 billion yuan, with a year-on-year growth rate of 1.0%. The net profit attributable to shareholders is expected to be 1.527 billion yuan, reflecting a growth rate of 40.6% [2]. - The earnings per share (EPS) for 2024E is estimated at 1.00 yuan, with a PE ratio of 10x [2][5]. - The company’s total assets are projected to reach 48.52 billion yuan by 2024E, with a debt-to-asset ratio of 63.0% [8].

Investment Rating - The report maintains an "Accumulate" rating for the company [1][6] Core Views - The company has shown significant improvement in performance, with a revenue increase of 10.96% year-on-year in the first half of 2024, reaching 31.27 billion yuan, and a net profit of 6.04 billion yuan, up 26.17% year-on-year [4][5] - The company is well-positioned in the domestic polyester filament industry, holding the second-largest market share, and is expanding its PTA production capacity to enhance operational efficiency [4][5] - The stock price target for 2024 is set between 11.30 and 14.69 yuan per share, based on a price-to-earnings ratio of 10-13 times [5][6] Financial Summary - The company's main revenue is projected to grow from 614.69 billion yuan in 2023 to 665.15 billion yuan in 2024, with net profit expected to rise from 10.86 billion yuan to 17.23 billion yuan in the same period [3][7] - Earnings per share (EPS) are forecasted to increase from 0.71 yuan in 2023 to 1.13 yuan in 2024, reflecting a positive trend in profitability [3][7] - The company has a solid financial structure, with a projected return on equity (ROE) of 9.45% by 2026, indicating strong profitability potential [7]

| 股票代码：603225 | 股票简称：新凤鸣 | | 公告编号：2024-110 | | --- | --- | --- | --- | | 转债代码：113623 | 转债简称：凤 21 | 转债 | | 新凤鸣集团股份有限公司 关于"凤21转债"预计满足转股价格修正条件的提示性公告 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。 重要内容提示： 本次触发转股价格修正条件的期间从 2024 年 8 月 27 日起算，截至 2024 年 9 月 9 日收盘，公司股票已有连续十个交易日的收盘价低于"凤 21 转债"当期转 股价格的 85%（即 13.60 元/股）的情形，预计将触发"凤 21 转债"转股价格的 向下修正条款。若未来触发转股价格向下修正条款，即公司股票在未来二十个交 易日内有五个交易日的收盘价格继续低于当期转股价格的 85%，公司将于触发条 件当日及时召开董事会审议是否行使"凤 21 转债"转股价格向下修正权利，并 及时履行信息披露义务。敬请广大投资者了解相关规定，并关注公司后续公告， 注意投资风险。 一 ...

新凤鸣集团股份有限公司 关于以集中竞价交易方式回购公司股份比例达到 1% 暨股份回购进展公告 证券代码：603225 证券简称：新凤鸣 公告编号：2024-109 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： | 回购方案首次披露日 | 2024/2/1 | | --- | --- | | 回购方案实施期限 | 待董事会审议通过后 个月 12 | | 预计回购金额 | 万元 25,000 万元~50,000 | | 回购用途 | □减少注册资本 √用于员工持股计划或股权激励 | | | □用于转换公司可转债 | | | □为维护公司价值及股东权益 | | 累计已回购股数 | 1,963.37 万股 | | 累计已回购股数占总股本比例 | 1.29% | | 累计已回购金额 | 23,569.6836 万元 | | 实际回购价格区间 | 10.04 元/股~14.85 元/股 | 一、 回购股份的基本情况 公司将严格按照《上市公司股份回购规则》《上海证券交易所上市公司自律监 管指引第 7 号——回购股份》等相关 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 15% relative to the industry index within the next six months [13]. Core Views - The company has shown significant profit growth in the first half of 2024, with a year-on-year increase in revenue of 10.96% and a net profit increase of 26.17% [1][2]. - The growth in performance is attributed to favorable demand in the polyester filament industry, rising product prices, and the continuous release of production capacity [2][6]. - The company is a leading player in the domestic polyester filament market, with a production capacity of 7.4 million tons and a market share exceeding 12% [2][6]. Financial Performance Summary - For the first half of 2024, the company reported revenue of 31.272 billion yuan and a net profit of 605 million yuan, with a net profit margin of 1.93%, an increase of 0.23 percentage points year-on-year [1][2]. - The average selling prices of key products such as POY, FDY, and DTY increased by 1.99%, 3.01%, and 4.80% respectively, contributing to the overall revenue growth [6]. - The company’s operating cash flow was negative at -660 million yuan, a decline of 202.89% year-on-year, primarily due to reduced sales efficiency and increased inventory [2][6]. Industry Context - The domestic polyester industry is mature and stable, with significant growth potential driven by the increasing demand for differentiated and functional polyester fibers [2][6]. - The company is expanding its upstream PTA production capacity, which is expected to reach 10 million tons by the end of 2025, enhancing its supply chain stability and cost control [6][7]. - The report anticipates continued revenue growth for the company, projecting revenues of 67.119 billion yuan, 72.637 billion yuan, and 76.706 billion yuan for 2024, 2025, and 2026 respectively [7].