Investment Rating - The investment rating for the company is maintained as "Buy" with a target price of RMB 39.51 [1][5][7] Core Insights - The company reported a revenue of RMB 1.682 billion for H1 2025, representing a year-over-year increase of 11.43%, and a net profit of RMB 345 million, up 21.69% year-over-year [1] - The company has seen strong overseas sales, particularly in the leisure grass segment, which grew by 11.23% in revenue year-over-year [2] - The company is expanding its production capacity with new facilities in Vietnam and Indonesia, aiming for a total annual production capacity of 176 million square meters of artificial turf [4] Financial Performance - For H1 2025, the company achieved a comprehensive gross margin of 33.24%, an increase of 2.31 percentage points year-over-year, attributed to lower raw material prices [2] - The operating cash flow for H1 2025 improved significantly, reaching RMB 278 million, an increase of RMB 261 million year-over-year [3] - The company’s net profit forecast for 2025 has been adjusted upwards to RMB 634.83 million, reflecting a growth of 24.17% compared to 2024 [10] Production Capacity and Expansion - The company is in the process of expanding its production capabilities, with the Vietnam facility expected to produce 40 million square meters annually once operational [4] - The Indonesian facility is also under development, projected to add another 4 million square meters of production capacity [4] Valuation and Earnings Forecast - The earnings per share (EPS) forecast for 2025 is set at RMB 1.58, with a projected PE ratio of 20.14 [10] - The target price has been revised to RMB 39.51, based on a PE valuation of 25 times the expected earnings for 2025 [5][10]

Core Viewpoint - The company, Co-Creation Turf (605099.SH), reported its mid-year financial results for 2025, showing significant revenue and profit figures, alongside changes in financial ratios and shareholder structure [1]. Financial Performance - The company's total revenue reached 1.682 billion yuan, with a net profit attributable to shareholders of 345 million yuan. The net cash inflow from operating activities was 278 million yuan [2]. - The latest gross profit margin stood at 33.24%, while the return on equity (ROE) was recorded at 12.16% [5]. Financial Ratios - The current asset-liability ratio is 22.81%, which has increased by 2.70 percentage points from the previous quarter and by 8.30 percentage points compared to the same period last year [4]. - The diluted earnings per share (EPS) amounted to 0.86 yuan. The total asset turnover ratio was 0.48 times, reflecting a decrease of 0.02 times or 3.08% year-on-year. The inventory turnover ratio was 2.12 times [6]. Shareholder Structure - The number of shareholders is 21,900, with the top eight shareholders holding a total of 357 million shares, accounting for 88.80% of the total share capital. The largest shareholder, Wang Qiangxiang, holds 54.65% of the shares [6].

Core Viewpoint - The company reported a strong performance in the first half of the year, with significant growth in both revenue and net profit [1] Financial Performance - The company achieved an operating revenue of 1.682 billion yuan, representing a year-on-year increase of 11.43% [1] - The net profit attributable to shareholders reached 345 million yuan, reflecting a year-on-year growth of 21.69% [1] - The basic earnings per share were reported at 0.86 yuan per share [1]

证券代码：605099 证券简称：共创草坪 公告编号：2025-043 江苏共创人造草坪股份有限公司 关于召开2025年第一次临时股东大会的通知 (二)股东大会召集人：董事会 (三)投票方式：本次股东大会所采用的表决方式是现场投票和网络投票相结合的 方式 (四)现场会议召开的日期、时间和地点 召开的日期时间：2025 年 9 月 19 日 10 点 00 分 召开地点：南京市华侨路 56 号大地建设大厦 20 楼会议室 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： 一、 召开会议的基本情况 (一)股东大会类型和届次 2025年第一次临时股东大会 (五)网络投票的系统、起止日期和投票时间。 股东大会召开日期：2025 年 9 月 19 日 本次股东大会采用的网络投票系统：上海证券交易所股东大会网络投票 系统 网络投票系统：上海证券交易所股东大会网络投票系统 网络投票起止时间：自2025 年 9 月 19 日 至2025 年 9 月 19 日 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间为股 东 ...

证券代码：605099 证券简称：共创草坪 公告编号：2025-041 江苏共创人造草坪股份有限公司 第三届监事会第十次会议决议公告 本公司监事会及全体监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、监事会会议召开情况 江苏共创人造草坪股份有限公司（以下简称"公司"）于 2025 年 8 月 18 日向全体监 事发出通知，召开公司第三届监事会第十次会议。会议于 2025 年 8 月 28 日以现场方式 召开，应出席监事 3 名，实际出席监事 3 名，会议由监事会主席杨波先生主持。本次会 议的召集、召开符合《中华人民共和国公司法》《公司章程》等的有关规定，会议决议 合法、有效。副总裁、财务总监兼董事会秘书姜世毅先生列席了本次会议。 二、监事会会议审议情况 （一）审议通过《关于公司 2025 年半年度报告及其摘要的议案》 监事会认为： 1、公司 2025 年半年度报告的编制和审议程序符合《公司法》《公司章程》和其他 有关制度的各项规定； 2、公司 2025 年半年度报告的内容和格式符合中国证监会和上海证券交易所的各项 规定，所包含的信息能 ...

证券代码：605099 证券简称：共创草坪 公告编号：2025-040 江苏共创人造草坪股份有限公司 第三届董事会第十次会议决议公告 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个别及连带责任。 一、董事会会议召开情况 江苏共创人造草坪股份有限公司（以下简称"公司"）于 2025 年 8 月 18 日向全体董 事发出通知，召开公司第三届董事会第十次会议。会议于 2025 年 8 月 28 日以通讯方式 召开，应出席董事 7 名，实际出席董事 7 名，由董事长王强翔先生主持。本次会议的召 集、召开符合《中华人民共和国公司法》《公司章程》等的有关规定，会议决议合法、 有效。 二、董事会会议审议情况 （一）审议通过《关于公司 2025 年半年度报告及其摘要的议案》 第三届董事会审计委员会第五次会议已事前审议通过本议案，并同意将其提交本次 董事会审议。 批准报送《江苏共创人造草坪股份有限公司 2025 年半年度报告》及《江苏共创人 造草坪股份有限公司 2025 年半年度报告摘要》。具体内容详见公司同日于上海证券交 易所网站（www.sse.c ...

Financial Performance - The company's operating revenue for the first half of 2025 reached ¥1,681,783,813.28, representing an increase of 11.43% compared to ¥1,509,334,418.89 in the same period last year[22]. - Total profit for the period was ¥381,694,670.75, up 23.12% from ¥310,012,396.01 year-on-year[22]. - Net profit attributable to shareholders was ¥344,629,427.05, reflecting a growth of 21.69% compared to ¥283,200,087.18 in the previous year[22]. - Basic earnings per share for the reporting period increased to CNY 0.86, up 21.13% from CNY 0.71 in the same period last year[23]. - Diluted earnings per share also rose to CNY 0.86, reflecting the same percentage increase of 21.13%[23]. - The total comprehensive income for the first half of 2025 was ¥321,340,484.45, compared to ¥246,452,656.77 in the first half of 2024[104]. - The company reported a net profit of -257,050,880 for the current period, reflecting a significant loss compared to previous periods[117]. - The net profit for the period shows a significant loss of 216,048,600.00 RMB, indicating a challenging financial environment[122]. Cash Flow and Assets - The net cash flow from operating activities significantly increased to ¥278,155,895.60, a rise of 1,566.43% from ¥16,691,710.69 in the same period last year[22]. - Cash inflow from operating activities was 278.16 million yuan, a significant increase of 1566.43% year-on-year[38]. - Cash flow from investment activities showed a net outflow of ¥403,859,233.53, compared to a net inflow of ¥60,126,660.93 in the first half of 2024[110]. - Total assets of the company at the end of the reporting period were ¥3,671,406,499.16, which is a 10.99% increase from ¥3,307,786,816.39 at the end of the previous year[22]. - The company's total current assets amounted to approximately ¥2.58 billion, an increase from ¥2.34 billion as of December 31, 2024, representing a growth of about 10.4%[95]. - The company's cash flow from operations shows a significant decrease, with a reported amount of 10,150,523 for the current period[116]. Market Position and Industry Insights - The global demand for artificial turf is projected to reach 393 million square meters in 2023, with sales amounting to €3.219 billion, expected to grow to €4.141 billion by 2027, reflecting a CAGR of 6.50%[29]. - The EMEA region remains the largest market for artificial turf, while the Asia-Pacific region, led by China, holds the second position in terms of market share[30]. - The company holds a 16.7% global market share in the artificial turf industry, with a production volume of 75.6 million square meters in 2023[37]. - The company is positioned to benefit from the increasing investment in sports infrastructure and urbanization in China, indicating potential growth in the artificial turf market[32]. - The company is one of the eight global preferred suppliers of artificial turf for FIFA, indicating its strong industry position[36]. Research and Development - The increase in research and development expenses to ¥45,372,814.93 reflects the company's commitment to innovation and product differentiation[48]. - The company invested CNY 45.3728 million in R&D, accounting for 2.70% of its revenue during the reporting period[63]. - Future product development and technological advancements are a focus area, with ongoing investments expected to drive growth[1]. Risks and Challenges - The company has outlined potential risks in its management discussion and analysis section, advising investors to be aware of investment risks[7]. - The company faces risks from intensified market competition and potential slowdown in demand for artificial turf products[60]. - The company is exposed to risks from political and economic instability in key import markets, which could affect its overseas revenue[62]. - The company faces risks from fluctuations in raw material prices, particularly due to their dependence on petrochemical products[64]. Shareholder Information - The total number of ordinary shareholders as of the end of the reporting period was 21,874[85]. - The largest shareholder, Wang Qiangxiang, holds 54.65% of the shares, totaling 219,517,200 shares[87]. - The top ten shareholders collectively hold a significant portion of the company's shares, with no shares under pledge or freeze reported[87]. Corporate Governance and Compliance - The company has committed to ensuring that no financial assistance, including loans or guarantees, will be provided to incentive plan participants[75]. - The company has promised to maintain the legitimate rights and interests of all shareholders and to act diligently in its responsibilities[73]. - The company has established measures to ensure that executive compensation is linked to the execution of performance recovery measures[73]. - The company has not engaged in any business activities that compete with its subsidiaries as of the date of the commitment letter[73]. Financial Reporting and Accounting Policies - The company’s financial statements are prepared based on the assumption of going concern, with no significant doubts about its ability to continue operations for the next 12 months[133]. - The company’s accounting policies are in compliance with the enterprise accounting standards, ensuring accurate reflection of financial conditions and results[135]. - The company has established specific accounting policies for financial instruments, fixed asset depreciation, and revenue recognition based on its operational characteristics[134].

江苏共创人造草坪股份有限公司 总裁工作细则 （2025 年 8 月修订） 第一章 总则 第一条 为进一步提高江苏共创人造草坪股份有限公司（以下简称"公司"） 管理效率和科学管理水平，根据《中华人民共和国公司法》（以下简称"《公司法》"） 等法律、法规、规章和规范性文件以及《江苏共创人造草坪股份有限公司章程》（以 下简称"《公司章程》"），特制定本细则。 第二章 经理机构 第四条 公司设总裁 1 名，副总裁若干名，财务总监 1 名。公司可以根据生产 经营发展的需要，增设其他高级管理人员。 第五条 总裁任职应当具备下列条件： （一）具有较丰富的经济理论知识、管理知识及实践经验，具有较强的经营管 理能力； （二）具有调动职工积极性、建立合理的组织机构、协调各方面内外关系和统 揽全局的能力； （三）具有一定年限的企业管理或经济工作经历，精通业务，熟悉多种行业的 生产经营业务和掌握国家有关政策、法律、法规； （四）诚信勤勉，廉洁奉公； （五）年富力强，有较强的使命感和积极开拓的进取精神。 第二条 总裁是董事会领导下的公司日常经营管理负责人，负责贯彻落实董事 会决议，主持公司的生产经营和日常管理工作，对董事会负责，并接受 ...

（2025 年 8 月修订） 第一章 总则 第一条 为了进一步规范江苏共创人造草坪股份有限公司（下称"公司"）董事会 的议事方式和决策程序，促使董事和董事会有效地履行其职责，提高董事会规范运 作和科学决策水平，根据《中华人民共和国公司法》（下称"《公司法》"）、《中 华人民共和国证券法》（下称"《证券法》"）、《上市公司治理准则》《上海证券 交易所股票上市规则》等相关规定及《江苏共创人造草坪股份有限公司章程》（下 称"《公司章程》"），特制订本规则。 第二条 董事会应认真履行有关法律、法规和《公司章程》规定的职责，确保 公司遵守法律、法规和《公司章程》的规定，公平对待所有股东，并关注其他利益 相关者的利益。 第二章 董事会的组成与职权 江苏共创人造草坪股份有限公司 第三条 董事会由 7 名董事组成，其中独立董事 3 名，董事会设董事长 1 名， 职工代表董事 1 名。 董事会议事规则 第四条 董事会下设董事会办公室，处理董事会日常事务。董事会秘书可兼任 董事会办公室负责人，保管董事会和董事会办公室印章。 第五条 董事会行使下列职权： （五） 制订公司增加或者减少注册资本、发行债券或其他证券及上市方案； （六） ...

江苏共创人造草坪股份有限公司 独立董事制度 （2025 年 8 月修订） 第一章 总 则 第一条 为进一步完善江苏共创人造草坪股份有限公司（以下简称"公司"）的法 人治理结构，促进公司的规范运作，维护公司整体利益，保障全体股东特别是中小 股东的合法权益不受侵害，根据《中华人民共和国公司法》《中华人民共和国证券 法》《上市公司独立董事管理办法》《上海证券交易所股票上市规则》《上海证券 交易所上市公司自律监管指引第 1 号——规范运作》《上市公司独立董事履职指引》 等法律法规及部门规章、规范性文件等的要求以及《江苏共创人造草坪股份有限公 司章程》（以下简称"《公司章程》"）的规定，制订本制度。 第二条 独立董事是指不在公司担任除董事以外的其他职务，并与公司及其主要 股东、实际控制人不存在直接或者间接利害关系，或者其他可能妨碍其进行独立客 观判断的关系的董事。 第三条 独立董事对上市公司及全体股东负有忠实与勤勉义务，应当按照法律、 行政法规、中国证券监督管理委员会（以下简称"中国证监会"）规定、证券交易所 业务规则和《公司章程》的规定，认真履行职责，在董事会中发挥参与决策、监督 制衡、专业咨询作用，维护上市公司整体 ...