证券代码：605099 证券简称：共创草坪 公告编号：2026-006 江苏共创人造草坪股份有限公司 关于 2024 年股票期权与限制性股票激励计划 2026 年第一季度自主行权结果暨股份变动的公告 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： 本次行权数量 江苏共创人造草坪股份有限公司（以下简称"公司"）2024 年股票期权与限 制性股票激励计划（以下简称"本激励计划"或"激励计划"）首次授予第一个 行权期行权条件已成就，自 2025 年 8 月 29 日起相关激励对象可正式实施行权。 2026 年第一季度，本激励计划首次授予相关激励对象行权且完成过户登记的股 份数量合计为 6,970 股。 公司激励计划预留部分第一次授予的第一个行权期行权条件已成就，自 2025 年 11 月 5 日起相关激励对象可正式实施行权。2026 年第一季度，本激励计划预 留部分第一次授予的激励对象行权且完成过户登记的股份数量合计为 598 股。 本次行权股票上市流通时间 本次行权采用自主行权模式，激励对象行权所得股票于行权 ...

证券代码：605099 证券简称：共创草坪 公告编号：2026-005 截至本公告披露日，江苏共创人造草坪股份有限公司（以下简称"公司"）股 东淮安创享创业投资中心（有限合伙）（以下简称"创享投资"）持有公司无限售 流通股 4,455,000 股，占公司总股本的 1.11%，为 IPO 前取得的股份。王强众先 生持有公司无限售流通股 9,499,100 股，占公司总股本的 2.36%，为 IPO 前取得 的股份。 创享投资为公司控股股东、实际控制人王强翔先生实际控制的企业，王强众 先生为王强翔先生之长兄，均为公司控股股东、实际控制人王强翔先生之一致行 动人，合计持有 13,954,100 股，占公司目前总股本的 3.47%。 减持计划的主要内容 创享投资、王强众拟通过上海证券交易所交易系统以集中竞价、大宗交易的 方式分别减持股份不超过 2,000,000 股，即各自减持股份不超过公司股份总数的 0.50%。 减持价格按照减持实施时的市场价格来确定。减持期间公司若实施送股、资 本公积转增股本、配股、注销等导致公司总股本发生变动的事项，减持股份数量 将根据公司届时最新的总股本数量及减持计划比例进行相应调整。 1 ...

Company and Industry Summary Company Overview - The company operates in the artificial turf industry, focusing on leisure grass and simulation plant businesses. It has experienced significant growth and is adjusting its pricing strategy due to rising raw material costs. Key Points Industry Dynamics - The artificial turf industry is experiencing a strong demand growth, with global penetration rates for leisure grass at only 3%-5%, indicating substantial room for expansion. The industry sales growth rate is expected to maintain between 10%-20% annually [2][21][22]. Financial Performance - In the first two months of 2026, the company achieved double-digit revenue growth compared to the same period in 2025. The company anticipates that order and shipment growth in the first half of 2026 will outperform the same period in 2025 [2][8]. - The company has initiated a price adjustment mechanism in response to a more than 10% increase in raw material costs due to oil price fluctuations. New orders will reflect these price changes starting from late March 2026 [2][4]. Cost Management - The company’s raw material inventory turnover is approximately 1.5 months, and the markup for leisure grass products at the end-user level is around 2 to 3 times [5]. - There is a lag effect in cost transmission, which is expected to impact the gross margin in Q2 2026. However, the company believes that the price adjustments will mitigate most of this impact [6][8]. Capacity and Production - The company is adjusting its capacity layout, with a new 40 million square meter facility in Vietnam expected to start production in Q4 2025. The utilization rate for this facility in 2026 is projected to be between 30%-50% [2][12]. - The company has decided to terminate its factory plans in Mexico due to high production costs, which are estimated to be 30%-50% higher than in Vietnam [2][13]. Currency and Tariff Impacts - Tariffs on exports from China and Vietnam to the U.S. have decreased by 10 percentage points, which has a minimal impact on the company's profits due to the FOB pricing model [2][10]. - The company has faced some foreign exchange losses due to a 3%-4% appreciation of the RMB, but it has adjusted its USD pricing to hedge against these losses [2][10]. Business Diversification - The simulation plant business has a compound annual growth rate of over 30%, outpacing the core turf business. The sports turf segment is also benefiting from increased demand driven by sporting events, contributing approximately 25% to total revenue [2][24]. Capital Expenditure and Shareholder Returns - The company is entering a stable period for capital expenditures, with no major investment projects planned for 2026-2027. It aims to maintain a 50% dividend payout ratio [3][16][17]. Competitive Landscape - The competitive landscape remains stable, with the primary competition coming from Chinese companies. The company’s market share is expected to continue increasing [2][23]. Future Outlook - The company is optimistic about the growth of the sports turf market, particularly due to upcoming international sporting events in 2026. However, the overall contribution of the sports turf segment to total revenue is limited, accounting for about 25% [19]. - The company plans to explore new capacity expansions beyond Vietnam in the future, considering other Southeast Asian countries and regions [14]. Conclusion - The company is well-positioned in the artificial turf industry, with strong growth prospects driven by increasing demand and strategic adjustments in pricing and capacity. The focus on cost management and diversification into simulation plants further enhances its competitive edge.

Investment Rating - The report maintains a positive outlook on the light industry and paper sector, anticipating performance improvements in 2025 [3][4]. Core Insights - The report highlights an acceleration in industry consolidation, with leading companies demonstrating resilience and a wait for demand recovery in 2026 [2][3]. - It predicts that the paper prices will continue to rise due to cost-driven factors, increased demand, and alleviated supply pressures, leading to improved profitability in Q4 2025 [4]. - The packaging and printing sector is expected to see a rise in profitability for leading companies, while some may experience declines due to optimization and potential impairments [4][9]. - The export sector shows a mixed performance, with companies having global supply chain advantages expected to maintain steady growth [4][12]. - The home furnishing sector is under pressure from policy changes, with soft furniture performing better than custom furniture [4][14]. - The light consumer goods sector is facing overall demand pressure, but individual companies are showing structural highlights [4][16]. Summary by Sections Paper Industry - The report forecasts improved profitability for companies like Sun Paper and BoHui Paper in Q4 2025, with expected net profits of 7.58 billion and 1.11 billion respectively, showing significant year-on-year growth [6][8]. - Companies like ShanYing International are expected to incur losses, with a projected net profit of -6.50 billion [8]. Packaging and Printing - YuTong Technology is expected to achieve a net profit of 4.23 billion in Q4 2025, reflecting a 44% year-on-year increase [9][10]. - Companies like HeXing Packaging are projected to face losses, with a net profit of -0.25 billion [10]. Export Sector - Co-Creation Turf is expected to see a revenue increase of 24% year-on-year, reaching 8.59 billion, with a net profit of 1.64 billion [12][13]. - Companies like JiaYi Co. are projected to experience a decline in profits, with a net profit of 1.43 billion, down 29% year-on-year [12][13]. Home Furnishing - Companies like Gujia Home are expected to see a revenue of 48.62 billion in Q4 2025, with a net profit of 3.18 billion, reflecting a significant increase [14][15]. - Companies like Oppein Home are projected to face a 20% decline in net profit, estimated at 4.55 billion [15][17]. Light Consumer Goods - Companies like Guangbo are expected to achieve a net profit of 0.52 billion, reflecting a 12% year-on-year increase [16][19]. - Companies like Bull Group are projected to see a decline in net profit, estimated at 9.58 billion, down 5% year-on-year [19][20].

Company and Industry Summary Company Overview - The company focuses on the leisure grass segment, which is expected to maintain stable growth over the next 3-10 years, with a current market share of 18%, leading the industry. The leisure grass currently accounts for 75% of sales compared to 25% for sports grass [2][19][44]. Key Points Industry Dynamics - The leisure grass segment is projected to grow at an average rate of 15% over the past decade, while the sports grass segment has grown at about 8% [21]. - The penetration rate of leisure grass remains low, indicating potential for continued growth as it has not yet reached maturity [21]. Production Capacity and Strategy - The company plans to release an additional 40 million square meters of capacity from its Vietnam Phase III project in 2026, with expected shipments of 70-80 million square meters [2][8]. - The company is closing its Mexican factory due to high costs, which are 30%-50% higher than in Vietnam [7][26]. Financial Performance - The company has demonstrated robust financial performance, with profit growth outpacing revenue growth, and a stable dividend payout ratio of 50% [2][29]. - The gross margin is expected to improve despite price reductions due to economies of scale and internal efficiency improvements [2][6]. Pricing and Cost Management - The company employs a cost-plus pricing model, with nearly 90% of sales covered by this pricing strategy, allowing effective transmission of raw material cost fluctuations [2][10]. - The gross margin is expected to increase post-price reductions in 2025, reflecting the company's ability to manage costs effectively [6][34]. Product Development - The company is focusing on developing 100% recyclable and infill-free products, which currently represent a low single-digit percentage of sales due to high costs [2][15][17]. - New product introductions are expected to contribute approximately 10%-15% to annual revenue growth [17]. Market Expansion and Customer Base - The company has a diversified market presence, with a balanced distribution across Europe, America, and Asia-Pacific, each accounting for about one-third of sales [10][22]. - The company maintains a stable customer base, particularly in the leisure grass segment, with low customer turnover and a concentration of sales through major retailers [10][28]. Competitive Advantages - The company’s competitive edge lies in its cost leadership, strong brand recognition as a FIFA preferred supplier, and significant investment in R&D [6][12][44]. - The company has a relatively low concentration of sales among its top five customers, which mitigates risks associated with customer dependency [28]. Environmental Considerations - The company is actively developing environmentally friendly products, with higher acceptance in developed markets like Europe and North America [18][46]. - The main barrier to widespread adoption of eco-friendly products is their higher cost compared to traditional options [18]. Future Outlook - The company anticipates continued growth driven by both industry expansion and market share gains, with a focus on enhancing customer channels and product offerings [49]. - The company does not plan to enter the cross-border e-commerce space due to low product penetration and the customized nature of its offerings [27]. Risks and Challenges - The company faces challenges related to raw material price volatility, which can impact profitability despite its pricing strategies [10][33]. - The domestic market's growth is constrained by reliance on government funding for sports infrastructure projects [37]. This summary encapsulates the key insights from the conference call, highlighting the company's strategic direction, market dynamics, and financial health.

Company and Industry Summary Company Overview - The company operates in the turf industry, focusing on the production of leisure grass, sports grass, and artificial plants. The company has a significant presence in the U.S. market, with production primarily based in Vietnam. Key Points Industry Demand and Growth - Orders visibility for 2026 is approximately 1-2 months, with growth observed in Europe, North America, and the Asia-Pacific region. Leisure grass is the core driver, while sports grass is expected to benefit from the 2026 sports events. The new artificial plant business is growing faster than the turf segment [2][5][14]. Production Capacity and Cost Structure - The company’s total production capacity reached 100 million square meters with the launch of the third phase in Vietnam, which is expected to reach full capacity within two years. Manufacturing costs in Vietnam are projected to be lower than domestic costs starting in 2024, with labor efficiency at about 80-90% of domestic levels and wages around 2,000 RMB [2][8][11]. Tariff Changes and Export Dynamics - The U.S. import tariff on the company’s products has been reduced from 26.5% to 16.5%. The company’s products are primarily produced in Vietnam, and the tariff reduction may stimulate demand through lower end prices. If tariffs increase again, the company expects to pass costs onto distributors [2][6][7]. Raw Material Price Impact - The price of raw materials, particularly plastic particles, has increased due to geopolitical tensions in the Middle East. The company is negotiating with clients to pass on some of these costs, but full transfer is challenging. In Q1 2026, sales volume growth outpaced price growth, leading to a significant year-on-year decline in average prices [2][10][12][13]. Domestic Market Opportunities - Domestic business currently accounts for about 10% of total revenue, primarily from sports grass. The company anticipates optimistic sales growth driven by national sports policies. The company plans to leverage its position as a leading supplier to secure more orders through bidding processes [2][6][14]. Competitive Landscape - The competitive intensity in the industry has decreased, particularly with a competitor's pricing strategy becoming more aligned with the market. This trend is expected to support the company’s long-term market share growth [3][9]. Currency and Economic Factors - The company faces challenges from a 3-4% appreciation of the RMB against the USD since November 2025. The company is working to mitigate the impact of currency fluctuations by negotiating with distributors to pass on some of the cost pressures [4][15]. Future Outlook - The company aims to capitalize on the rapid growth phase of the industry to expand its market share and improve performance. The artificial plant segment, while smaller, is expected to grow and could account for about 10% of total revenue in the next 3-5 years [2][14][16]. Additional Insights - The company’s new factory in Indonesia is primarily aimed at serving the local market due to high tariff barriers for imports. The scale of this factory is small and will not significantly impact overall production capacity [8][15]. This summary encapsulates the key insights from the conference call, highlighting the company's strategic positioning, market dynamics, and future growth prospects.

Investment Rating - The report assigns an "Accumulate" rating for the company for the first time [1]. Core Viewpoints - The company is a global leader in artificial turf, with a stable shareholding structure and robust employee incentives, showing steady performance growth. The company primarily engages in the research, production, and sales of artificial turf, exporting to over 140 countries and regions [3][4]. - The artificial turf market is experiencing high demand, with Chinese manufacturers increasing their global presence, leading to higher industry concentration. The global artificial turf market size is projected to grow from 24.7 billion yuan in 2023 to 31.7 billion yuan by 2027, with a CAGR of 6.5% [3][4]. - The company has a competitive edge due to its comprehensive certifications from authoritative organizations, excellent profit margins, and accelerated overseas capacity expansion, which enhances its market share [4][6]. Summary by Relevant Sections Basic Information - The company has a total market capitalization of 18,093.80 million yuan and a circulating market capitalization of 18,044.97 million yuan. The stock has seen a 52-week high of 45.67 yuan and a low of 17.25 yuan, with a 52-week increase of 160.58% [3]. - The company’s revenue grew from 1.086 billion yuan in 2016 to 2.952 billion yuan in 2024, with a CAGR of 13.31%. The net profit attributable to the parent company increased from 228 million yuan to 511 million yuan during the same period, with a CAGR of 10.61% [3][32]. Industry Analysis - The global artificial turf market is expected to grow significantly, driven by the cost and water-saving advantages of artificial turf compared to natural grass. The demand is particularly strong in regions with high labor costs and water scarcity [4][12]. - The supply side shows that the concentration of the industry is increasing, with Chinese companies rapidly expanding in the leisure turf market. By 2023, four of the top ten global manufacturers of artificial turf are Chinese, contributing to 37% of global production [3][4]. Company Highlights - The company is recognized as one of the preferred suppliers by FIFA, World Rugby, and FIH, which enhances its brand value and allows for premium pricing. The company has maintained a leading profit margin compared to its peers due to effective cost control [4][6]. - The company’s overseas production capacity exceeds 50%, and with ongoing projects, this is expected to increase, allowing the company to mitigate trade friction impacts and enhance market share [4][6]. Profit Forecast and Investment Recommendations - The company is projected to achieve revenues of 3.33 billion yuan, 3.82 billion yuan, and 4.24 billion yuan for 2025, 2026, and 2027, respectively, with year-on-year growth rates of 12.76%, 14.64%, and 11.17%. The net profit attributable to the parent company is expected to be 655 million yuan, 737 million yuan, and 847 million yuan for the same years, with growth rates of 28.05%, 12.54%, and 14.96% [6][7].

Investment Rating - The report assigns an "Accumulate" rating for the company for the first time [1]. Core Insights - The company is a global leader in artificial turf, with a stable shareholding structure and robust employee incentives, showing steady performance growth. The company primarily engages in the research, production, and sales of artificial turf, exporting to over 140 countries and regions [3][4]. - The artificial turf market is experiencing high demand, with Chinese manufacturers increasing their global presence, leading to higher industry concentration. The global artificial turf market size is projected to grow from 24.7 billion yuan in 2023 to 31.7 billion yuan by 2027, with a CAGR of 6.5% [3][4]. - The company has a significant market share of 18.5% in the global artificial turf production, supported by its competitive advantages in cost efficiency and brand recognition [4][12]. Summary by Sections 1. Basic Information - The company was established in 2004 and has become a leader in the artificial turf industry, achieving a market share of 10% by 2011 and maintaining the top position globally since then. It has three major production bases in Jiangsu, Vietnam, and Indonesia, with a total production capacity of 116 million square meters as of H1 2025 [18][23]. 2. Industry Analysis - The global artificial turf market is expected to expand significantly, driven by the cost and water-saving advantages of artificial turf compared to natural grass. The demand is particularly strong in regions with high labor costs and water scarcity [12][18]. - The supply side is seeing increased concentration, with Chinese manufacturers rapidly expanding their market share. The top five manufacturers now account for 41.1% of the market, with four of the top ten producers being Chinese [3][4]. 3. Company Highlights - The company holds certifications from major international sports organizations, enhancing its brand value and allowing for premium pricing. It has also effectively controlled costs, resulting in superior profit margins compared to competitors [4][12]. - The company is accelerating its overseas production capacity, with over 50% of its capacity located abroad, which helps mitigate trade friction impacts and enhances market share [4][12]. 4. Profit Forecast and Investment Recommendations - The company is expected to achieve revenues of 3.33 billion yuan in 2025, 3.82 billion yuan in 2026, and 4.24 billion yuan in 2027, with corresponding net profits of 655 million yuan, 737 million yuan, and 847 million yuan. The report suggests a significant growth potential due to the company's expanding overseas capacity [6][7].

1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - The prices of petrochemical products are highly correlated with oil prices, and the gross margins of companies in the packaging, light - industry export, and personal care sectors are affected by oil price fluctuations. However, companies can end the negative correlation between gross margin and oil price through price - conduction mechanisms, cost - control optimization, and product - structure upgrading. There are significant differences in the performance of different companies in terms of gross margin and stock price [4][11]. 3. Summary by Relevant Catalogs 3.1 Petrochemical Raw Materials in Different Sectors - In the packaging sector, companies like New Giant Hand, Yongxin Co., Ltd., Jialian Technology Co., Ltd., Gongchuang Lawn Co., Ltd., and Tianzhen Co., Ltd. use polyethylene, PE film, PP, etc. as raw materials, with the proportion of petrochemical raw materials in operating costs ranging from 20% to 64% [3]. - In the light - industry export sector, companies such as Haixiang New Materials Co., Ltd., Aili Home Co., Ltd., Mengbaihe Co., Ltd., Yuma Sunshade Co., Ltd., and Zhejiang Natural Co., Ltd. use PVC resin powder, ether, TDI, etc., with the proportion of petrochemical raw materials in operating costs ranging from 22% to 36% [3]. - In the personal care sector, companies including Baiya Co., Ltd., Yiyi Co., Ltd., Keao Co., Ltd., and Mengyue Care Co., Ltd. use non - woven fabrics, PE film, SAP, etc., with the proportion of petrochemical raw materials in operating costs ranging from 39% to 48% [3]. 3.2 Oil Price Fluctuations and Company Gross Margins - The two recent periods of unilateral upward oil prices were from 2016Q2 - 2018Q3 and 2020Q3 - 2022Q3. In the second cycle, from 2020Q3 - 2022Q3, Brent crude oil rose by $71.1 per barrel, a 195% increase. The gross margin differentiation of relevant companies was more obvious than in the first cycle. For example, the gross margin declines of Yongxin Co., Ltd., Jialian Technology Co., Ltd., and Yuma Sunshade Co., Ltd. were significantly lower than those of other companies, and Baiya Co., Ltd. achieved an increase in gross margin [6][12]. - In 2020, due to the global pandemic and the price war among oil - producing countries, oil prices were at a historical low, but the profitability of the sector did not increase collectively. One reason was that most companies implemented the new revenue standard, including transportation, customs clearance, and port charges in costs. In addition, the appreciation of the RMB also had a negative impact on gross margin. From 2021 - 2022, with economic stimulus policies and high inflation, oil prices were high. In 2021, the profitability of the sector continued to be under pressure. In 2022, although oil prices continued to rise, thanks to price increases and the company's own management efforts, the overall profit - margin fluctuations began to narrow, and the profit margins of some companies started to reverse [9]. - From 2020Q3 - 2021Q4, the gross margins of relevant companies were affected by oil prices and declined unilaterally for multiple consecutive quarters. In 2022, although oil prices continued to rise in the first and second quarters, companies' gross margins generally improved quarter - on - quarter through price - conduction mechanisms, cost - control optimization, and product - structure upgrading, ending the negative correlation in advance [11]. 3.3 Raw Material Procurement and Product Pricing Mechanisms - Different companies have different raw - material procurement and product - pricing mechanisms. For example, New Giant Hand uses spot procurement with a short inventory cycle and determines prices with major customers at the end of each year; Yongxin Co., Ltd. purchases raw materials at market prices and adjusts product prices according to raw - material price ranges; Jialian Technology Co., Ltd. uses centralized procurement and determines prices through order negotiation [20]. 3.4 Companies with Stronger Profit - Margin Resilience - Yongxin Co., Ltd., Yuma Sunshade Co., Ltd., Zhejiang Natural Co., Ltd., and Baiya Co., Ltd. showed better profit - margin resilience. Yongxin Co., Ltd. extended its industrial chain and had pricing power; Yuma Sunshade Co., Ltd. had a large number of SKUs and strong pricing power for new products; Zhejiang Natural Co., Ltd. customized products and considered multiple factors for pricing; Baiya Co., Ltd. had stable profits in the consumer - goods model [24].

Company and Industry Summary Company Overview - The company operates in the turf industry, focusing on the production and export of turf products, particularly to the U.S. market. Key Points Industry Dynamics - Vietnam's export tariff to the U.S. has decreased from 26% to 16%, which is expected to stimulate end-demand and significantly increase shipments in the Asia-Pacific, Middle East, and Africa regions, reversing previous declines. Europe is projected to grow faster than North America [2][3] - The overall market is experiencing a trend of increasing concentration, with smaller turf companies exiting the market, which may lead to changes in market share that will be monitored through AMI data expected in April-May [4][12] Financial Performance - In early 2026, sales growth (20%-30%) is significantly outpacing revenue growth (10%-15%), primarily due to previous price reductions and the appreciation of the RMB, indicating a "volume increase with price decrease" trend that is expected to continue [2][5] - The gross margin is maintained within the 30%-35% range, although there is pressure from exchange rate fluctuations and slight increases in domestic raw material prices [2][8][9] - The company aims to achieve its revenue and profit targets, with profit growth largely dependent on the extent of RMB appreciation [2][9] Currency Impact - The appreciation of the RMB has two main financial impacts: foreign exchange losses on USD assets and temporary pressure on gross margins. In January, the exchange loss was in the millions, and the company is adjusting its pricing system monthly to mitigate these effects [2][5][6][7] Regional Growth Insights - The company anticipates balanced growth across three major regions, with Asia-Pacific and Africa expected to exceed average growth rates. The primary growth driver is leisure turf, while domestic sports turf demand is expected to grow over 10% in the short term [10][12] - The Asia-Pacific region's recovery in early 2026 is showing stronger performance than the overall sales growth rate of 20%-30% [10] Production Capacity - The company’s production capacity in Vietnam is fully utilized in the first two phases, with the third phase set to meet new order demands. The expected production growth for 2026 is 20%-30%, reaching approximately 70-80 million square meters [4][13] Tax and Cost Structure - The company has received recognition as a technology enterprise in Vietnam, allowing it to benefit from significant tax incentives, potentially reducing tax liabilities by 60%-70% [4][18][21] - The cost structure in Vietnam is lower than in China, primarily due to lower labor and energy costs, despite higher raw material costs due to transportation [20] Competitive Landscape - The competitive intensity in the turf industry has eased since the second half of 2025, with no significant structural changes in market share observed. The company maintains a market share of approximately 18%, compared to a competitor's 12% [20] Future Outlook - The company is optimistic about the long-term demand for sports turf driven by increased sports events and infrastructure development, although short-term impacts on revenue remain limited [16] - The company plans to continue monitoring raw material prices and exchange rate impacts closely, as these factors are critical for future profitability [9][17]