Summary of Key Points Overall Market Performance - The performance of the CSI 300 and ChiNext indices over the past year shows a significant decline, with the CSI 300 down by 32% and the ChiNext down by 16% [1]. Industry Performance - The top five performing industries yesterday included textiles and apparel (+1.448%), beauty and personal care (+1.014%), telecommunications (+0.971%), banking (+0.897%), and diversified industries (+0.742%) [1]. - Conversely, the bottom five performing industries were defense and military (-1.17%), non-ferrous metals (-0.866%), utilities (-0.801%), steel (-0.580%), and pharmaceuticals and biology (-0.537%) [1]. Communication Industry - The satellite internet construction in China is gradually taking shape, with significant developments in the commercial aerospace industry [10]. - On April 1, 2025, China successfully launched a satellite for internet technology testing, marking a step towards the integration of satellite and terrestrial networks [12]. - The "Thousand Sails Constellation" plan aims to deploy 648 satellites by the end of 2025 and 1,296 satellites globally by 2027, with a long-term goal of 15,000 satellites by 2030 [13]. Coal Mining Industry - China Jushi (600176.SH) reported a significant increase in Q4 2024 performance, with revenue reaching 42.2 billion yuan, a year-on-year increase of 22.4% and a quarter-on-quarter increase of 8.49% [16]. - The company’s glass fiber yarn sales reached a record high of 3.025 million tons in 2024, driven by structural optimization and market expansion [17]. Real Estate and Construction Industry - China Overseas Development (00688.HK) ranked first in equity sales and land acquisition, with a steady growth in commercial income [21]. - The company reported a revenue of 1,851.5 billion yuan in 2024, a year-on-year decrease of 8.6%, while its equity sales amounted to 3,107 billion yuan, a slight increase of 0.3% [22][23]. Food and Beverage Industry - China Feihe (06186.HK) achieved a revenue of 20.749 billion yuan in 2024, reflecting a year-on-year increase of 6.2%, with a proposed dividend of 0.3264 HKD per share [27]. - The company’s ultra-high-end product series continues to drive growth, with a focus on expanding its market share in the infant formula sector [28]. Chemical Industry - Shengquan Group (605589.SH) reported a revenue of 10.02 billion yuan in 2024, with a year-on-year increase of 9.87% [37]. - The company is expanding its high-frequency and high-speed resin varieties, indicating a robust growth trajectory [38]. Light Industry - Jiayi Co., Ltd. (301004.SZ) achieved a revenue of 2.836 billion yuan in 2024, a year-on-year increase of 59.8%, supported by strong customer relationships [31]. - The company’s overseas revenue growth is a significant driver of its overall performance [32].

证券代码：605589 证券简称：圣泉集团 公告编号：2025-043 济南圣泉集团股份有限公司 关于提前归还用于临时补充流动资金 的闲置募集资金的公告 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。 济南圣泉集团股份有限公司（以下简称"公司"）于 2024 年 4 月 11 日召开第九届董事会第二十五次会议与第九届监事会第二十一次 会议，审议通过了《关于使用部分闲置募集资金临时补充流动资金的 议案》，同意公司使用 18,000.00 万元暂时闲置的募集资金临时补充 流动资金，使用期限为自公司董事会审议通过之日起不超过 12 个月， 本次临时补充流动资金使用的闲置募集资金尚未到期。具体内容详见 公司 2024 年 4 月 13 日在上海证券交易所网站（www.sse.com.cn）披 露的《圣泉集团关于使用部分闲置募集资金临时补充流动资金的公 告》。 2024 年 6 月 4 日，公司已将上述用于临时补充流动资金中的 1,500.00 万元提前归还至募集资金专用账户，并将募集资金的归还 情况及时告知保荐机构中信证券股份有限公司 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's performance in 2024 met expectations, with a revenue of 10.02 billion yuan, a year-on-year increase of 9.87%, and a net profit attributable to shareholders of 868 million yuan, up 9.94% year-on-year. The Q4 revenue was 2.868 billion yuan, showing a year-on-year increase of 18.15% and a quarter-on-quarter increase of 13.55%. The company plans to distribute a cash dividend of 5.50 yuan per 10 shares (including tax) and expects a net profit of 200-215 million yuan in Q1 2025, representing a year-on-year growth of 45.58%-56.49% [6][7]. Financial Summary - The company achieved a revenue of 10.02 billion yuan in 2024, with a year-on-year growth of 9.9%. The net profit attributable to shareholders was 868 million yuan, with a year-on-year increase of 9.9%. The gross margin for 2024 was 23.6%, and the net margin was 8.7% [9][14]. - The projected net profits for 2025, 2026, and 2027 are 1.189 billion yuan, 1.386 billion yuan, and 1.659 billion yuan, respectively, with corresponding EPS of 1.40 yuan, 1.64 yuan, and 1.96 yuan per share. The current stock price corresponds to P/E ratios of 19.9, 17.1, and 14.3 for the years 2025, 2026, and 2027 [6][9]. Business Performance - In 2024, the company sold 69.56 million tons of synthetic resins, with phenolic resin sales at 528,600 tons (up 8.35% year-on-year) and casting resin sales at 174,100 tons (up 10.36% year-on-year). The revenue from synthetic resins was 5.343 billion yuan, with a gross margin of 20.66% [7][12]. - The company is expanding its production capacity for high-frequency and high-speed resins, with plans to start new projects for various types of resins in 2025. The Daqing project has achieved a balance between production and sales by the end of 2024, and the company has plans for further expansion [6][7].

Investment Rating - The report maintains a "Recommended" rating for the company, indicating a potential upside of over 15% relative to the benchmark index [4][5]. Core Insights - The company achieved a revenue of 10.019 billion yuan in 2024, representing a year-on-year growth of 9.87%. The net profit attributable to shareholders was 868 million yuan, up 9.94% year-on-year [1]. - The company forecasts a net profit of 200 to 215 million yuan for Q1 2025, reflecting a significant increase of 45.58% to 56.49% year-on-year [1]. - The traditional resin business, electronic chemicals, and biomass projects are expected to show promising developments from 2025 to 2027, with projected net profits of 1.301 billion yuan, 1.809 billion yuan, and 2.482 billion yuan respectively [4]. Revenue and Profitability - The synthetic resin products generated revenue of 5.343 billion yuan in 2024, with a volume of 695,600 tons, marking an 8.85% increase in sales volume [2]. - Advanced electronic materials and battery materials achieved revenue of 1.242 billion yuan, with a sales volume of 69,000 tons, indicating a 1.06% increase in volume [3]. - The biomass business reported revenue of 956 million yuan, growing by 11.74% year-on-year [4]. Financial Forecasts - The company is projected to achieve revenues of 12.059 billion yuan, 14.296 billion yuan, and 16.995 billion yuan for 2025, 2026, and 2027 respectively, with growth rates of 20.4%, 18.6%, and 18.9% [5][9]. - The earnings per share (EPS) are expected to be 1.54 yuan, 2.14 yuan, and 2.93 yuan for the years 2025, 2026, and 2027 respectively [5][9]. - The price-to-earnings (PE) ratio is projected to decrease from 28x in 2024 to 10x by 2027, indicating an improving valuation [5][9].

Investment Rating - The report maintains an "Outperform" rating for the company [2] Core Views - The company's performance met expectations, with high-frequency and high-speed resin benefiting from AI demand [1][7] - The company reported a revenue of 10.02 billion yuan for 2024, a year-on-year increase of 10%, and a net profit of 868 million yuan, also up 10% year-on-year [7] - The company anticipates a significant increase in net profit for Q1 2025, projecting a growth of 45.58% to 56.49% year-on-year [7] Financial Data and Profit Forecast - Total revenue forecast for 2025 is 11.56 billion yuan, with a year-on-year growth rate of 15.3% [6] - The net profit for 2025 is projected to be 1.225 billion yuan, reflecting a year-on-year increase of 41.1% [6] - The company’s gross margin is expected to improve to 25.0% in 2025, up from 23.6% in 2024 [6] - The return on equity (ROE) is projected to rise to 11.3% in 2025 [6] Sales and Product Performance - The company’s main products, including synthetic resins and advanced electronic materials, showed strong sales growth in 2024, with synthetic resin sales reaching 695,600 tons, up 8.85% year-on-year [7] - The company is expanding its production capacity for high-value products, including a new 1,000 tons/year PPO resin production line [7] - The biomass project in Daqing is expected to gradually achieve profitability, contributing positively to the company's overall performance [7]

济南圣泉集团股份有限公司 关于股份回购实施结果暨股份变动的公告 证券代码：605589 证券简称：圣泉集团 公告编号：2025-042 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： | 回购方案首次披露日 | 2024/12/2 | | --- | --- | | 回购方案实施期限 | 待董事会审议通过后 12 个月 | | 预计回购金额 | 25,000 万元~50,000 万元 | | 回购价格上限 | 32.00 元/股 □减少注册资本 | | 回购用途 | √用于员工持股计划或股权激励 | | | □用于转换公司可转债 | | | □为维护公司价值及股东权益 | | 实际回购股数 | 20,347,989 股 | | 实际回购股数占总股本比例 | 2.40% | | 实际回购金额 | 499,975,081.83 元 | | 实际回购价格区间 | 21.62 元/股~29.63 元/股 | 一、 回购审批情况和回购方案内容 济南圣泉集团股份有限公司（以下简称"公司"）于 2024 年 12 月 1 日 ...

报告期内，公司合成树脂类产品实现营业收入53.43亿元，同比增长4.33%，销量69.56万吨，同比增长 8.85%；公司生物质产业实现营业收入9.56亿元，同比增长11.74%。 其中，在生物质产业方面，公司大庆生产基地"100万吨/年生物质精炼一体化(一期工程)项目"经过升级 改造于2024年6月份复产，截至2024年年底基本实现产销平衡；生物质产业章丘基地木糖和木糖醇产销 大幅提升，同时章丘基地积极完善产业布局，成功将木质素应用到肥料和饲料领域，既丰富了生物质的 产品结构，又增强了生物质产业总体的影响力和竞争力。 本报讯(记者王僖)3月31日晚，济南圣泉集团（605589）股份有限公司(以下简称"圣泉集团")公告2024年 年度报告，报告期内，公司实现营业收入100.2亿元，同比增长9.87%，实现归属于上市公司股东的净利 润8.68亿元，同比增长9.94%。公司确定的2024年度分红预案为拟向全体股东每10股派发现金红利5.50 元(含税)。 年报显示，报告期内，公司持续深化生物质材料与化工新材料领域的技术创新与产业布局，通过传统业 务优化与新业务突破，实现了营收与净利润的双增长，展现出强劲的发展韧性 ...

北京市中伦（上海）律师事务所 关于济南圣泉集团股份有限公司 售及回购注销部分限制性股票 相关事项的法律意见书 二〇二五年三月 北京市中伦（上海）律师事务所 关于济南圣泉集团股份有限公司 《律师事务所证券法律业务执业规则（试行）》等规定及本法律意见书出具日以前已经 发生或者存在的事实，严格履行了法定职责，遵循了勤勉尽责和诚实信用原则，进行了 充分的核查验证，保证本法律意见书所认定的事实真实、准确、完整，所发表的结论性 意见合法、准确，不存在虚假记载、误导性陈述或者重大遗漏，并承担相应法律责任； 依赖有关政府部门、圣泉集团及相关人员出具的证明文件、说明文件或相关专业机构的 报告发表法律意见； 随其他申报材料一同上报或公开披露，并依法对所出具的法律意见承担相应的法律责任； 法律意见书 回购注销部分限制性股票 相关事项的法律意见书 致：济南圣泉集团股份有限公司（圣泉集团） 根据本所与圣泉集团签署的《律师服务合同》，本所根据《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》"）、 中国证券监督管理委员会（以下简称"中国证监会"）发布的《上市公司股权激励管理 办法》（以下 ...

北京市中伦（上海）律师事务所 关于济南圣泉集团股份有限公司 2022 年限制性股票激励计划首次授予部分第二期解除限 售及回购注销部分限制性股票 相关事项的法律意见书 $$\Xi{\bf{\cal{O}}}\!=\!\Xi{\bf{\cal{H}}}\!\Xi\!\Xi\!\Xi$$ 北京市中伦（上海）律师事务所 关于济南圣泉集团股份有限公司 2022 年限制性股票激励计划首次授予部分第二期解除限售及 "中国境内"，为本法律意见书之目的，不包括香港特别行政区、澳门特别行政区和台 湾地区）法律问题发表法律意见，而不对有关会计、审计及资产评估等专业事项发表意 见。本所并未就中国境内以外的其他司法管辖区域的法律事项进行调查，亦不就中国境 内以外的其他司法管辖区域的法律问题发表意见。在本法律意见书中述及有关会计、审 计、资产评估等专业事项或中国境内以外的其他司法管辖区域的法律事项时，均为按照 其他有关专业机构出具的报告或意见引述，本所经办律师对于该等非中国境内法律业务 事项仅履行了普通人一般的注意义务。本所在本法律意见书中对其他有关专业机构出具 的报告或意见中某些数据和结论的引述，并不意味着本所对这些数据和结论的真实性 ...

济南圣泉集团股份有限公司 2024 年度 内部控制审计报告 索引 内部控制审计报告 页码 1-2 - 1 48 1 2 1 2 · 最新 = l BBS & 联系申话 +86 /010) 6551 2028 信永中和会计师事务所 北京市东城区朝阳门北大街 telephone: +86 (010) 6554 2288 8 号宣化十厦 A 应 9 层 ShineWing certified public accountants 内部控制审计报告 XYZH/2025QDAA3B0027 济南圣泉集团股份有限公司 济南圣泉集团股份有限公司全体股东: 按照《企业内部控制审计指引》及中国注册会计师执业准则的相关要求,我们审计 了济南圣泉集团股份有限公司(以下简称圣泉集团公司)2024年12月31日财务报告内 部控制的有效性。 一、企业对内部控制的责任 按照《企业内部控制基本规范》 、《企业内部控制应用指引》 、《企业内部控制 评价指引》的规定,建立健全和有效实施内部控制,并评价其有效性是圣泉集团公司 董事会的责任。 二、注册会计师的责任 我们的责任是在实施审计工作的基础上,对财务报告内部控制的有效性发表审计 意见,并对注 ...