轻工制造 行 业 及 产 业 2025 年 07 月 20 日 Q2 出口板块个股业绩分化；内需 整体仍存盈利压力，两轮车、黄金 珠宝表现较好 看好 ——轻工造纸行业 2025 年中报业绩前瞻 本期投资提示： 业 研 究 / 行 业 点 评 证券分析师 屠亦婷 A0230512080003 tuyt@swsresearch.com 黄莎 A0230522010002 huangsha@swsresearch.com 庞盈盈 A0230522060003 pangyy@swsresearch.com 研究支持 张海涛 A0230524080003 zhanght@swsresearch.com 张文静 A0230524120005 zhangwj@swsresearch.com 魏雨辰 A0230525010001 weiyc@swsresearch.com 联系人 魏雨辰 (8621)23297818× weiyc@swsresearch.com 本研究报告仅通过邮件提供给 中庚基金 使用。1 行 证 券 研 究 报 告 相关研究 - ⚫ 1）出口：25Q2 业绩存在分化，抗风险突出个股业绩增长稳健。25Q2 ...

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： 担保对象及基本情况 | | 被担保人名称 | 佛山石湾鹰牌陶瓷有限公司（以下简称"石 湾鹰牌"） | | | --- | --- | --- | --- | | | | 广东天安新材料股份有限公司（以下简称 "公司"）提供最高限额 万元的担保； 6,336 | | | | 本次担保金额 | 控股子公司河源市东源鹰牌陶瓷有限公司 | | | 担保 | | （以下简称"东源鹰牌"）提供最高限额 | | | 对象 | | 万元的担保。 9,600 | | | | 实际为其提供的担保余额 | 万元 10,457.55 | | | | （不含本次担保金额） | | | | | 是否在前期预计额度内 | 是 □不适用：_________ | □否 | | | 本次担保是否有反担保 | □是 □不适用：_________ | 否 | 证券代码：603725 证券简称：天安新材 公告编号：2025-032 广东天安新材料股份有限公司 关于公司及子公司为控股子公司 佛山石湾鹰牌 ...

Investment Rating - The investment rating for Tianan New Materials (603725) is "Buy" (maintained) [1] Core Views - The company is actively expanding its robotics electronic skin business, leveraging its supply chain advantages in reusable materials to extend its growth curve [6] - The building ceramics segment is steadily increasing its market share, with gross margins rising against the trend, benefiting from a light-asset outsourcing model and improved internal management [6] - The polymer business is steadily growing, showcasing comprehensive advantages, particularly in the context of increasing penetration of new energy vehicles [6] - The company is advancing its pan-home business development through acquisitions, enhancing its industry ecosystem [6] - Long-term strategic planning focuses on steady transformation, optimizing product innovation capabilities, and improving supply chain efficiency [6] - The acquisition of Eagle Brand Ceramics is expected to drive profit margin improvements and open up growth opportunities in the assembly-style interior decoration market [6] Financial Data and Profit Forecast - Total revenue is projected to be 3,309 million in 2025, with a year-on-year growth rate of 6.7% [5] - Net profit attributable to the parent company is expected to reach 122 million in 2025, reflecting a year-on-year increase of 21.0% [5] - Earnings per share are forecasted to be 0.40 yuan per share in 2025, with a projected PE ratio of 21 [5] - The gross margin is expected to remain stable at around 22.6% in 2025 [5]

Core Viewpoint - The company, Guangdong Tianan New Materials Co., Ltd., has concluded the execution of a significant lawsuit involving its subsidiary, Foshan Shiwai Yingpai Ceramics Co., Ltd., against Shenzhen Evergrande Material Equipment Co., Ltd. for a total claim of RMB 158,021,125, which includes a principal amount of RMB 130,000,000 and related fees [1][2][3] Summary by Sections Case Background - The lawsuit was initiated on January 28, 2022, by the subsidiary Shiwai Yingpai against the defendant for the return of a deposit and interest [1][2] - The total amount claimed in the lawsuit is RMB 158,021,125, with the principal being RMB 130,000,000 [1][2] Execution Status - The recent court ruling determined that there were no assets available for execution, leading to the termination of the execution process [3] - The defendant is still obligated to fulfill the debt to the plaintiff, and the plaintiff can reapply for execution if new assets are discovered [3] Financial Impact - The company has already made a 95.9% provision for credit impairment related to the receivables from Evergrande Group, indicating that the conclusion of this execution will not significantly impact the company's current or future profits [1][4]

Core Viewpoint - The company is involved in a significant legal dispute with Shenzhen Evergrande Material Equipment Co., Ltd. regarding a contract dispute, with a claim amounting to RMB 158,021,125 [1][2]. Legal Proceedings - The company’s subsidiary, Shiwang Yingpai, filed a civil lawsuit on January 28, 2022, seeking the return of a deposit and interest from the defendant [1]. - A civil judgment was issued, ordering the defendant to return the principal amount of RMB 130,000,000 and pay the case acceptance fee of RMB 831,905.63, along with interest until actual payment [2]. - Recently, the company received an execution ruling stating that no executable assets were found for the defendant, thus terminating the execution process [2][4]. Financial Implications - The total amount involved in ongoing litigation and arbitration matters, as of the announcement date, is RMB 32,131.27 million [2]. - The company has previously made significant provisions for receivables related to the Evergrande Group, amounting to a 95.9% credit impairment provision, indicating a cautious approach to potential financial impacts from these legal matters [12]. Other Legal Matters - The company is currently involved in multiple other lawsuits and arbitration cases, with a total amount of RMB 1,871.04 million as the plaintiff and RMB 91.48 million as the defendant [12]. - The company has disclosed ongoing litigation cases involving amounts over RMB 1 million, with various stages of progress, including judgments and appeals [3][5].

证券代码：603725 证券简称：天安新材 公告编号：2025-031 广东天安新材料股份有限公司 关于重大诉讼的进展公告 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： 一、本次重大诉讼的基本情况 公司控股子公司石湾鹰牌与深圳恒大材料设备有限公司（以下简称"被告一"） 存在合同纠纷，石湾鹰牌于 2022 年 1 月 28 日向广东省广州市中级人民法院提起 民事诉讼申请网上立案，诉请判令被告一向石湾鹰牌返还保证金及支付相应利息 等款项合计人民币 158,021,125 元，同时请求深圳恒大材料物流集团有限公司（以 下简称"被告二"）承担连带责任。具体详见公司于 2022 年 2 月 8 日在上海证 1 案件所处的诉讼阶段：终结本次执行 上市公司所处的当事人地位：广东天安新材料股份有限公司（以下简称 "公司"、"天安新材"）的控股子公司佛山石湾鹰牌陶瓷有限公司（以 下简称"石湾鹰牌"）为案件原告 涉案金额：本金人民币 130,000,000 元、案件受理费人民币 831,905.63 元及至实际清偿之日的利 ...

Core Viewpoint - Tianan New Materials has announced a total guarantee amount of 260 million yuan for its subsidiaries, raising concerns about its high guarantee ratio and potential financial risks [2][3]. Group 1: Guarantee Details - The guarantees provided by Tianan New Materials include a maximum of 50 million yuan for Anhui Tianan, 20 million yuan for Tianan High Polymer, and 5.52 million yuan for Shiwanyingpai, among others [3]. - The total amount of external guarantees by Tianan New Materials and its subsidiaries has reached 800 million yuan, which is 105.32% of the company's audited net assets for 2024 [2]. Group 2: Financial Performance - The company reported a net cash flow from operating activities of -35.82 million yuan in the first quarter, a significant decline of 418.42% year-on-year [3][6]. - Tianan New Materials' total liabilities are on the rise, with subsidiaries like Tianan High Polymer and Shiwanyingpai exceeding a 70% debt-to-asset ratio [4]. Group 3: Cash Flow and Debt Structure - The company's current liabilities account for 83.87% of its total liabilities, indicating a pressing need to improve short-term debt repayment capabilities [4]. - Despite stable or growing revenue from 2022 to 2024, the net cash flow from operating activities has been declining, with figures of 274 million yuan, 191 million yuan, and 166 million yuan respectively [6].

证券代码：603725 证券简称：天安新材 公告编号：2025-030 广东天安新材料股份有限公司 关于为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： 1 被担保人名称：安徽天安新材料有限公司（以下简称"安徽天安"） 、广东 天安高分子科技有限公司（以下简称"天安高分子"）、佛山石湾鹰牌陶瓷 有限公司（以下简称"石湾鹰牌"） 本次担保金额：广东天安新材料股份有限公司（以下简称"公司"）为安徽 天安向中国银行股份有限公司滁州分行（以下简称"中国银行滁州分行"） 申请贷款等业务提供连带责任保证担保，担保本金最高额为人民币 5,000 万元； 为天安高分子向交通银行股份有限公司佛山分行（以下简称"交通银行佛山 分行"）签订的《快易付业务合作协议》提供连带责任保证担保，担保本金 最高额为人民币 5,000 万元；为天安高分子向中国邮政储蓄银行股份有限公司 佛山市分行（以下简称"邮储银行佛山分行"）申请贷款等业务提供连带责 任保证担保，担保本金最高额为人民币 2,000 万元；为石湾鹰牌向交通银行 ...

上海市锦天城律师事务所 关于广东天安新材料股份有限公司 差异化权益分派事项的 法律意见书 地址：上海市浦东新区银城中路 501 号上海中心大厦 9/11/12 层 电话：021-20511000 传真：021-20511999 邮编：200120 上海市锦天城律师事务所 法律意见书 上海市锦天城律师事务所 关于广东天安新材料股份有限公司 差异化权益分派事项的法律意见书 致：广东天安新材料股份有限公司 上海市锦天城律师事务所（以下简称本所）接受广东天安新材料股份有限公 司（以下简称公司）委托，根据《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》"）、《上市公 司股份回购规则》（以下简称"《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》（以下简称"《监管指引第 7 号》"）、 《<上海证券交易所上市公司自律监管指南第 2 号—业务办理>之第五号—权益 分派》（以下简称"《<业务办理>之第五号—权益分派》"） 等有关法律、行 政法规和规范性文件以及《广东天安新材料股份有限公司章程》（以下简称"《公 司章程》"）的相关规定，就天安新材 ...

证券代码：603725 证券简称：天安新材 公告编号：2025-029 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责任公司上海分 公司（以下简称"中国结算上海分公司"）登记在册的本公司全体股东。 广东天安新材料股份有限公司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0.10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 | 2025/5/27 | － | 2025/5/28 | 2025/5/28 | 差异化分红送转： 是 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广东天安新材料股份有限公司（以下简称"公司"）2025 年 5 月 8 日的2024年年度股东会审议通过。 二、 分配方案 根据《上海证券交易所上市公司自律监管指引第 7 号——回购股份》等有关规定，公司 存放于回购专用证券 ...