金融界消息 截至2025年7月30日收盘，松炀资源（603863）报收于16.01元，上涨4.03%，换手率 11.13%，成交量22.77万手，成交金额3.71亿元。 通过天眼查大数据分析，广东松炀再生资源股份有限公司共对外投资了6家企业，参与招投标项目5次， 知识产权方面有商标信息34条，专利信息49条，此外企业还拥有行政许可26个。 资金流向方面，今日主力资金净流入1326.84万元，占比成交额3.57%。其中，超大单净流入162.89万 元、占成交额0.44%，大单净流入1163.95万元、占成交额3.13%，中单净流出流入756.27万元、占成交 额2.04%，小单净流出2083.11万元、占成交额5.61%。 来源：金融界 松炀资源最新一期业绩显示，截至2025一季报，公司营业总收入1.02亿元、同比减少28.28%，归属净利 润1800.98万元，同比增长19.93%，扣非净利润1818.67万元，同比增长21.57%，流动比率0.265、速动比 率0.132、资产负债率65.01%。 天眼查商业履历信息显示，广东松炀再生资源股份有限公司，成立于2008年，位于汕头市，是一家以从 事造纸和纸制品 ...

Group 1 - The company expects a net profit attributable to shareholders for the first half of 2025 to be between -52 million yuan and -40 million yuan [1] - The expected net profit attributable to shareholders, excluding non-recurring gains and losses, is also projected to be between -52 million yuan and -40 million yuan [1] - The preliminary financial data is based on the company's internal calculations and has not been audited by an accounting firm [1] Group 2 - In the same period of the previous year (2024), the net profit attributable to shareholders was -60.0184 million yuan, and the net profit excluding non-recurring gains and losses was -61.5039 million yuan [2] - The basic earnings per share for the previous year was -0.29 yuan [2] - The main reasons for the expected loss include intense competition in the industry, continued price inversions for products, and negative sales gross margin [2]

[Guangdong Songyang Renewable Resources Co., Ltd. 2025 H1 Earnings Forecast](index=1&type=section&id=%E5%B9%BF%E4%B8%9C%E6%9D%BE%E7%82%80%E5%86%8D%E7%94%9F%E8%B5%84%E6%BA%90%E8%82%A1%E4%BB%BD%E6%9C%89%E9%99%90%E5%85%AC%E5%8F%B8%202025%20%E5%B9%B4%E5%8D%8A%E5%B9%B4%E5%BA%A6%E4%B8%9A%E7%BB%A9%E9%A2%84%E5%91%8A) [Current Period Earnings Forecast](index=1&type=section&id=%E4%B8%80%E3%80%81%E6%9C%AC%E6%9C%9F%E4%B8%9A%E7%BB%A9%E9%A2%84%E5%91%8A%E6%83%85%E5%86%B5) The company anticipates a net loss attributable to shareholders between -40.00 and -52.00 million RMB for H1 2025 2025 H1 Earnings Forecast | Metric | Projected Amount (RMB) | | :--- | :--- | | Net Profit Attributable to Shareholders | -52.00 million to -40.00 million | | Net Profit After Non-recurring Items | -52.00 million to -40.00 million | - This earnings forecast is based on **preliminary calculations** by the finance department and **has not been audited**[5](index=5&type=chunk) [Prior Year Period Operating Performance](index=1&type=section&id=%E4%BA%8C%E3%80%81%E4%B8%8A%E5%B9%B4%E5%90%8C%E6%9C%9F%E7%BB%8F%E8%90%A5%E4%B8%9A%E7%BB%A9%E5%92%8C%E8%B4%A2%E5%8A%A1%E6%83%85%E5%86%B5) The company's projected loss for H1 2025 shows a narrowing compared to the -60.02 million RMB loss in H1 2024 2024 H1 Performance Review | Metric | Amount (RMB) | | :--- | :--- | | Net Profit Attributable to Shareholders | -60.02 million | | Net Profit After Non-recurring Items | -61.50 million | | Basic Earnings Per Share | -0.29 | [Reasons for the Projected Loss](index=2&type=section&id=%E4%B8%89%E3%80%81%E6%9C%AC%E6%9C%9F%E4%B8%9A%E7%BB%A9%E9%A2%84%E4%BA%8F%E7%9A%84%E4%B8%BB%E8%A6%81%E5%8E%9F%E5%9B%A0) The projected loss is driven by weak demand, intense competition, and negative gross margins from price inversion - Core reasons for the loss include **continued weak downstream demand**, **intense industry competition**, and a **negative gross profit margin** due to product price inversion[8](index=8&type=chunk) [Risk Warning](index=2&type=section&id=%E5%9B%9B%E3%80%81%E9%A3%8E%E9%99%A9%E6%8F%90%E7%A4%BA) The preliminary earnings forecast is unaudited, though no major uncertainties affecting its accuracy are identified - The forecast data is **preliminary and unaudited**, but the company confirms **no material uncertainties** exist that would affect its accuracy[9](index=9&type=chunk) [Other Matters](index=2&type=section&id=%E4%BA%94%E3%80%81%E5%85%B6%E4%BB%96%E8%AF%B4%E6%98%8E%E4%BA%8B%E9%A1%B9) Final financial data will be detailed in the official 2025 H1 report, and investors should be aware of risks - The definitive financial data will be disclosed in the company's **official 2025 H1 report**[10](index=10&type=chunk)

Group 1 - The paper industry is experiencing a rise, with Yibin Paper (600793) hitting the daily limit increase [1] - Forest Packaging (605500) previously reached the limit, while Jingxing Paper (002067), Hengda New Materials (301469), and Songyang Resources (603863) also saw gains [1]

Core Viewpoint - The financial disclosure inquiry regarding Guangdong Songyang Recycling Resources Co., Ltd. highlights the company's revenue growth, product performance, customer and supplier relationships, and liquidity issues, alongside significant asset impairment provisions. Group 1: Main Business Performance - In 2024, the company achieved operating revenue of 727 million yuan, a year-on-year increase, with a gross profit margin of -6.55%, which is an increase of 6.02 percentage points compared to 2023 and 13.64 percentage points compared to 2022 [1][2] - The revenue contributions from high-strength corrugated paper, gray bottom coated whiteboard paper, and specialty paper were 62.27%, with direct sales and distribution income at 509 million yuan and 211 million yuan respectively, where distribution income grew by 21.19% year-on-year [1][2] - The top five customers accounted for 311 million yuan, representing 43.25% of total sales, while the top five suppliers accounted for 282 million yuan, or 35.12% of total purchases [2] Group 2: Financial and Liquidity Analysis - As of the end of the reporting period, the company had cash and cash equivalents of 62 million yuan and interest-bearing liabilities of 435 million yuan, with a debt-to-asset ratio increasing from 43.35% to 64.03% over three years [15][17] - The liquidity ratios showed a decline, with the current ratio dropping from 0.38 to 0.25 and the quick ratio from 0.19 to 0.14 [15] - The company’s cash flow primarily supports operational and financing activities, with no restricted cash or other limitations reported [22] Group 3: Asset Impairment - The company reported a fixed asset balance of 719 million yuan at the end of the reporting period, with an asset impairment provision of 78 million yuan, marking a year-on-year increase of 323.66% [22][23] - The impairment provisions included 25 million yuan for the coated whiteboard paper production line, 30 million yuan for the high-strength corrugated paper production line, and 6.43 million yuan for specialty paper inventory [22][23] - The impairment testing process involved professional evaluations, with cash flow projections used to determine recoverable amounts for various asset groups [23][24]

广东松炀再生资源股份有限公司 《关于广东松炀再生资源股份有限公 司 2024 年年度报告的信息披露监管问询 函》中有关财务事项的说明 大华核字[2025]0011007218 号 大 华 会 计 师 事 务 所 (特 殊 普 通 合 伙 ) Da Hua Certified PublicAccountants（Special General Partnership） 广东松炀再生资源股份有限公司 《关于广东松炀再生资源股份有限公司 2024 年年度报 告的信息披露监管问询函》 上海证券交易所： 贵单位《关于广东松炀再生资源股份有限公司 2024 年年度报告 的信息披露监管问询函》上证公函【2025】0812 号文件奉悉，我们 已对文件中所提及的广东松炀再生资源股份有限公司（以下简称"松 炀资源"或"公司"）财务事项进行了审慎核查，现汇报如下： 中有关财务事项的说明 目 录 页 ⼤华会计师事务所（特殊普通合伙） 北京市海淀区⻄四环中路 16 号院 7 号楼 12 层 [100039] 电话：86 (10) 5835 0011 传真：86 (10) 5835 0006 www.dahua-cpa.com 次 广 ...

证券代码：603863 证券简称：松炀资源 公告编号：2025-035 广东松炀再生资源股份有限公司 关于上海证券交易所对公司 2024 年年度报告的信息披露 监管问询函的回复公告 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。 广东松炀再生资源股份有限公司（以下简称"公司"或"松炀资源"）于近 期收到上海证券交易所《关于广东松炀再生资源股份有限公司 2024 年年度报告 的信息披露监管问询函》（上证公函〔2025〕0812 号）（以下简称"《问询函》"）， 公司收到《问询函》后，高度重视，立即组织有关部门和相关中介机构共同对《问 询函》所述问题进行逐项落实并回复。现对《问询函》所述问题回复公告如下： 一、关于主营业务情况。 年报显示，公司2024年度实现营业收入7.27亿元，同比增长 9.23%；实现 归母净利润-2.36亿元，已连续三年出现亏损；主营业务毛利率-6.55%，较2023 年增加6.02个百分点,较2022年增加13.64个百分点。分产品看，高强瓦楞纸、灰 底涂布白板纸、特种纸三类产品收入占比分别为62. ...

Core Viewpoint - The announcement details the extension of share pledges by a significant shareholder of Guangdong Songyang Resource Co., Ltd., indicating ongoing financial maneuvers and potential implications for the company's capital structure and governance [1][4]. Group 1: Shareholder Information - The controlling shareholder, Mr. Wang Zhuangpeng, along with his concerted action party, holds a total of 61,521,500 shares, representing 30.06% of the company's total equity [1][3]. - Shenzhen Qianhai Jinxingyang Investment Co., Ltd. holds 10,366,000 shares, accounting for 5.07% of the total share capital, with a total of 10,000,000 shares pledged after the extension [1][3]. Group 2: Pledge Details - As of the announcement date, Mr. Wang and his concerted action parties have pledged a total of 48,860,000 shares, which is 79.42% of their holdings [3][4]. - The pledged shares include 5,000,000 shares with a pledge expiration date of June 6, 2025, and 2,500,000 shares with a pledge expiration date of December 26, 2025 [2][3]. Group 3: Financial Implications - The controlling shareholder's financial condition is reported to be stable, with the ability to repay the pledged shares through operational income, dividends, and other funding sources [3][4]. - The risk of forced liquidation or changes in control due to the pledges is deemed manageable, with measures in place to address potential risks [4].

证券代码：603863 证券简称：松炀资源 公告编号：2025-034 广东松炀再生资源股份有限公司 关于控股股东、实际控制人之一致行动人 部分股权质押展期的公告 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： 广东松炀再生资源股份有限公司（以下简称："公司"）控股股东、实 际控制人王壮鹏先生之一致行动人深圳市前海金兴阳投资有限公司（以下简称 "金兴阳"）持有公司股份 10,366,000 股，占公司总股本的 5.07%；本次股份质 押展期后，金兴阳累计质押股份数量为 10,000,000 股, 占其持股数量比例为 96.47%。 王壮鹏先生及其一致行动人合计持有公司股份数量为 61,521,500 股， 占公司总股本 30.06%。截至本公告日，王壮鹏先生及其一致行动人累计质押公 司股份为 48,860,000 股，占王壮鹏先生及其一致行动人持有公司总股本的 79.42%。 一、上市公司股份质押 公司于 2025 年 7 月 7 日接到公司控股股东、实际控制人王壮鹏 先生之一致行动人金兴阳的通知，获悉其 ...

Group 1 - Recent changes in control rights among A-share companies have been frequently observed, with some companies terminating their plans for various reasons [1] - Three listed companies have officially announced the termination of control right changes since June, attracting widespread market attention [1] - The market reaction to the termination of control right changes has been mixed, with stock price movements varying among the affected companies [1] Group 2 - Songyang Resources announced the termination of its control right change plan due to the inability to reach an agreement on key terms between the controlling shareholder and the counterparty [3] - Following the announcement, Songyang Resources' stock price fell by 6.48% after resuming trading, with a maximum drop of 9.55% during the session [3] - The company reported a revenue of 727 million yuan for 2024, a year-on-year increase of 9.23%, but faced a net loss of 236 million yuan, marking the third consecutive year of losses [3] Group 3 - Haiwang Bio announced the termination of its control right change plan after reaching an agreement with its controlling shareholder, resulting in a slight initial drop in stock price followed by a rebound [4] - Kede Education also terminated its control right change plan, with its stock price rising by 1.45% in the following trading session after the announcement [4] - The increase in control right change plans among listed companies contrasts with the terminations, indicating a complex and uncertain operational environment for shareholders [4]