浙江新澳纺织股份有限公司 股东会议事规则 第一章 总 则 第一条 为规范公司行为，保证股东会依法行使职权，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》）、《上市公司股东会规则》的规定，制定本规则。 第二条 公司股东会的召集、提案、通知、召开等事项适用本规则。 第三条 公司应当严格按照法律、行政法规、本规则及公司章程的相关规定 召开股东会，保证股东依法行使权利。公司董事会应当切实履行职责，认真、按 时组织股东会。公司全体董事应当勤勉尽责，确保股东会正常召开和依法行使职 权。 第四条 股东会应当在《公司法》和公司章程规定的范围内行使职权。 第五条 股东会分为年度股东会和临时股东会。年度股东会每年召开一次， 应当于上一会计年度结束后的 6 个月内举行。临时股东会不定期召开，出现《公 司法》第一百一十三条规定的应当召开临时股东会的情形时，临时股东会应当在 2 个月内召开。公司在上述期限内不能召开股东会的，应当报告中国证监会浙江 监管局和上海证券交易所，说明原因并公告。 第六条 公司召开股东会，应当聘请律师对以下问题出具法律意见并公告： （一）会议的召集、召开程序 ...

国浩律师（杭州）事务所 关 于 浙江新澳纺织股份有限公司 2024 年年度股东会之 法律意见书 地址：杭州市上城区老复兴路白塔公园 B 区 2 号、15 号国浩律师楼 邮编：310008 Grandall Building, No.2＆No.15, Block B, Baita Park, Old Fuxing Road, Hangzhou, Zhejiang 310008, China 电话/Tel: (+86)(571) 8577 5888 传真/Fax: (+86)(571) 8577 5643 电子邮箱/Mail：grandallhz@grandall.com.cn 网址/Website：http://www.grandall.com.cn 国浩律师（杭州）事务所 法律意见书 国浩律师（杭州）事务所 公司已向本所承诺，公司所提供的文件和所作陈述及说明是完整的、真实和 有效的，有关原件及其上面的签字和印章是真实的，且一切足以影响本法律意见 书的事实和文件均已向本所披露，无任何隐瞒、疏漏之处。 本所律师仅根据本法律意见书出具日以前发生或存在的事实及有关法律、行 政法规、规范性文件、上海证券交易所业务规则及 ...

证券代码：603889 证券简称：新澳股份 公告编号：2025-021 浙江新澳纺织股份有限公司 2024年年度股东会决议公告 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法律责任。 重要内容提示： 本次会议是否有否决议案：无 一、 会议召开和出席情况 (一)股东会召开的时间：2025 年 5 月 13 日 (二)股东会召开的地点：浙江省桐乡市崇福镇观庄桥浙江新澳纺织股份有限公司 会议室 | 1、出席会议的股东和代理人人数 | 163 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 413,757,640 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股 | | | 份总数的比例（%） | 56.6410 | (四)表决方式是否符合《公司法》及《公司章程》的规定，股东会主持情况等。 本次股东会由董事会召集，由董事长沈建华先生主持，采用现场投票与网络投票 相结合的方式召开。本次股东会的召开以及表决方式符合《中华人民共和国公司 法》、《上市公司股东会规则》等法律法规和本公司章程的有关规定 ...

Industry Overview - The toy and baby products industry is a significant part of the light industry, playing a crucial role in nurturing children and meeting family expectations [1][3] - The industry is experiencing growth, with the domestic toy retail sales expected to reach CNY 97.85 billion in 2024, a year-on-year increase of 7.9% [1][13] - The retail sales of children's strollers are projected to be CNY 16.98 billion, growing by 17.5%, while children's safety seats and bottles are expected to see increases of 13.2% and 8.1% respectively [1][13] Policy Support - The Chinese government has implemented various policies to support high-quality development and regulation in the toy and baby products sector [5][6] - Key policies include the "Guiding Opinions on Accelerating the Transformation and Upgrading of Traditional Manufacturing" and the approval of national standards for baby products [5][6] Market Dynamics - The industry is characterized by a diverse supply chain, including raw material suppliers, manufacturers, wholesalers, and retailers [7] - The macroeconomic environment, consumer disposable income, and preferences significantly influence demand for baby products [7] Export Performance - China is the largest toy producer and exporter globally, with toy exports (excluding games) projected to reach USD 39.87 billion in 2024 [9][10] - The United States remains the primary export destination, accounting for 26.39% of toy exports in early 2025 [10] Quality Control - The number of recalls for Chinese-made toys in the U.S. decreased by 6.4% in 2024, while the EU saw a 34.1% increase in recalls [15][17] - The Chinese government reported 1,121 batches of non-compliant products in 2024, reflecting increased regulatory scrutiny [17] Key Players - Major global players include Mattel, Hasbro, Bandai, and LEGO, while domestic companies like Aofei Entertainment and Pop Mart are significant in the Chinese market [19][21] - Aofei Entertainment reported a 4.85% increase in baby product revenue, while Pop Mart's revenue surged by 106.92% in 2024 [21][23] Future Trends - The integration of technology in toys is expected to accelerate, with a growing demand for smart toys and educational products [25] - Environmental concerns are driving the use of sustainable materials, with a focus on safety and compliance with international standards [26] - Personalization and IP collaborations are becoming key drivers for consumer engagement and product differentiation [27][28]

新澳股份 2024 年年度股东会会议材料 浙江新澳纺织股份有限公司 二○二四年年度股东会 会议材料 2025年5月13日·浙江桐乡 | 4 | 1 | R | | --- | --- | --- | | 1 | . | | | 2024 | 年年度股东会会议须知 4 | | --- | --- | | 议案一 | 关于公司 2024 年度董事会工作报告的议案 6 | | 议案二 | 关于公司 2024 年度监事会工作报告的议案 7 | | 议案三 | 公司 2024 年年度报告及其摘要 8 | | 议案四 | 关于公司 2024 年度财务决算报告的议案 9 | | 议案五 | 关于公司 年度财务预算报告的议案 14 2025 | | 议案六 | 关于公司 2024 年度利润分配的议案 16 | | 议案七 | 关于授权公司及子公司 年度融资授信总额度的议案 17 2025 | | 议案八 | 关于公司与子公司、子公司之间 2025 年预计担保的议案 18 | | | 案 19 | | 议案十 | 关于 2024 年度董事、监事薪酬的议案 20 | | 议案十一 | 关于非独立董事薪酬方案的议案 21 | | ...

Investment Rating - The report maintains a "Buy" rating for the company [2][7] Core Insights - The company's Q1 2025 report shows a revenue of 1.1 billion yuan, a year-on-year increase of 0.3%, and a net profit attributable to shareholders of 100 million yuan, up 5.4% year-on-year, indicating performance in line with expectations [5] - The revenue growth was slightly impacted by the毛条 (wool tops) business, while the羊绒 (cashmere) business maintained strong double-digit growth momentum [6] - The company is expanding its production capacity and product lines, with new projects in Vietnam and Yinchuan expected to contribute to future growth [6] Financial Performance Summary - For 2024, the company is projected to achieve a revenue of 4.841 billion yuan, with a growth rate of 9.07% [9] - The net profit attributable to shareholders is expected to be 428.3 million yuan in 2024, reflecting a growth rate of 5.96% [9] - The company's gross margin is projected to improve slightly, reaching 19.0% in 2024 [10]

证券代码：603889 证券简称：新澳股份 公告编号：2025-020 浙江新澳纺织股份有限公司 关于召开 2024 年度暨 2025 年第一季度业绩说明会的 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： https://roadshow.sseinfo.com/） 会议召开方式：上证路演中心视频录播和网络互动 投资者可于 2025 年 04 月 30 日（星期三）至 05 月 09 日（星期 五）16:00 前登录上证路演中心网站首页点击"提问预征集"栏目或 通过公司邮箱 xinao@xinaotex.com 进行提问。公司将在说明会上对 投资者普遍关注的问题进行回答。 浙江新澳纺织股份有限公司（以下简称"公司"）已于 2025 年 4 月 18 日、2025 年 4 月 26 日发布公司 2024 年度报告和 2025 年第一 季度报告，为便于广大投资者更全面深入地了解公司 2024 年度及 2025 年第一季度经营成果、财务状况，公司计划于 2025 年 05 月 12 日 （星期一） 15:00 ...

Core Viewpoint - The company reported stable revenue and a slight increase in net profit for Q1 2025, indicating resilience in its financial performance despite market fluctuations [1] Financial Performance - Q1 2025 revenue was CNY 1.1 billion, unchanged year-on-year, while net profit attributable to shareholders was CNY 100 million, up 5% year-on-year [1] - The company's gross margin improved by 0.9 percentage points to 20.8%, with net profit margin increasing by 0.5 percentage points to 9.6% [1] Sales and Orders - Short-term fluctuations in domestic orders were noted, with yarn shipments performing better than orders [2] - Sales revenue for wool yarn is estimated to remain stable, while cashmere yarn sales are expected to grow by 15% to 20% year-on-year [2] - The company anticipates a decline in sales for wool tops due to other business demand conditions [2] Capacity Expansion - The company is continuing its capacity expansion plans, with production expected to increase across various yarn types [3] - By 2024, the company plans to produce 16,800 tons of wool yarn, a 17% increase year-on-year, and is actively working on global capacity layout [3] - Inventory levels increased by 20.7% year-on-year to CNY 2.26 billion, impacting short-term cash flow [3] Long-term Outlook - The company is focused on long-term asset construction, with stable performance expected in 2025 and ongoing competitive strength improvements [4] - Revenue and net profit are projected to grow steadily in 2025, with net profits estimated at CNY 433 million, CNY 487 million, and CNY 555 million for 2025 to 2027 [4]

Core Insights - The company experienced a revenue growth of 9% in 2024, driven by the rapid expansion of cashmere yarn business and steady growth in wool processing and wool tops [1] - The net profit for 2024 was 428 million yuan, reflecting a year-on-year increase of 5.96% [1] - The company’s gross margin improved to 18.98%, up by 0.36 percentage points, mainly due to the enhanced gross margin in wool processing and wool tops [1] Financial Performance - In 2024, the company achieved operating revenue of 4.841 billion yuan, a year-on-year increase of 9.07% [1] - The net profit attributable to shareholders was 428 million yuan, up 5.96% year-on-year, while the net profit excluding non-recurring items was 409 million yuan, an increase of 5.23% [1] - The net cash flow from operating activities decreased by 33.03% to 370 million yuan, primarily due to increased payments for goods and services [1] Business Segment Analysis - The wool processing business generated revenue of 2.543 billion yuan, with a gross margin of 26.78%, reflecting a 1.72 percentage point increase [3] - The cashmere yarn business saw revenue of 1.548 billion yuan, a significant increase of 26.65%, although the gross margin decreased to 11.13% [3] - The wool tops business reported revenue of 666 million yuan, with a gross margin of 5.22%, up by 1.63 percentage points [3] Capacity Expansion and Strategic Moves - The company is progressing with its "60,000 spindles high-end worsted ecological yarn project," with 15,000 spindles now fully operational [4] - The subsidiary in Vietnam is advancing its "50,000 spindles high-end worsted ecological yarn textile dyeing project," with the first production line entering trial production in November 2024 [4] - The introduction of Chanel's BARRIE as a strategic investor in the UK subsidiary is expected to enhance brand image and profitability [3] Market Outlook and Investment Recommendations - The company is expected to see a gradual release of capacity over the next two years, which may enhance market share [5] - Despite a slowdown in revenue growth in recent quarters, the company is projected to achieve net profits of 440 million yuan, 490 million yuan, and 560 million yuan for 2025-2027, reflecting growth rates of 3.6%, 11.0%, and 14.3% respectively [5] - The target price is set between 7.9 and 8.6 yuan, corresponding to a PE ratio of 13-14x for 2025, maintaining an "outperform" rating [5]

Investment Rating - The investment rating for the company is "Outperform the Market" [4][6][31] Core Views - The company achieved a revenue growth of 9.07% year-on-year in 2024, with total revenue reaching 4.841 billion yuan and a net profit of 428 million yuan, reflecting a growth of 5.96% [1][6] - The growth in revenue is primarily driven by the rapid expansion of the cashmere yarn business and stable growth in fine wool and wool tops [1] - The company has a gross margin of 18.98%, which has improved by 0.36 percentage points year-on-year, mainly due to the increase in gross margin from fine wool and wool tops [1] - The company plans to gradually release production capacity over the next two years, which is expected to enhance market share [4][31] Summary by Sections Financial Performance - In 2024, the company reported a revenue of 4.841 billion yuan, a year-on-year increase of 9.07%, and a net profit of 428 million yuan, up 5.96% [1][7] - The gross margin for the year was 18.98%, with a net profit margin of 9.34%, down 0.36 percentage points from the previous year [1][7] - The cash flow from operating activities decreased by 33.03% to 370 million yuan, mainly due to increased payments for goods and services [1] Business Segments - Fine wool yarn business generated revenue of 2.543 billion yuan, with a gross margin of 26.78%, reflecting a 1.72 percentage point increase [3] - Cashmere yarn business revenue reached 1.548 billion yuan, growing by 26.65%, but the gross margin decreased by 1.55 percentage points to 11.13% [3] - Wool tops business revenue was 666 million yuan, with a gross margin of 5.22%, up 1.63 percentage points [3] Capacity Expansion - The company has completed the production of 15,000 spindles for its high-end fine wool yarn project and is progressing with its Vietnam project, which is expected to meet overseas demand [4][31] - The company plans to launch additional production lines in Vietnam in 2025, which will further enhance its production capacity [4] Market Outlook - The company is expected to maintain a stable operation in 2024, with continued growth in the cashmere business and a gradual release of production capacity [31] - The forecast for net profit from 2025 to 2027 is 444 million yuan, 493 million yuan, and 563 million yuan, respectively, indicating a growth rate of 3.6%, 11.0%, and 14.3% [6][31]