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 ...

二. 内部控制评价结论 1. 公司于内部控制评价报告基准日，是否存在财务报告内部控制重大缺陷 公司代码：605589 公司简称：圣泉集团 济南圣泉集团股份有限公司 2024 年度内部控制评价报告 济南圣泉集团股份有限公司全体股东： 根据《企业内部控制基本规范》及其配套指引的规定和其他内部控制监管要求（以下简称企业内 部控制规范体系），结合本公司（以下简称公司）内部控制制度和评价办法，在内部控制日常监督和专 项监督的基础上，我们对公司2024年12月31日（内部控制评价报告基准日）的内部控制有效性进行了 评价。 一. 重要声明 按照企业内部控制规范体系的规定，建立健全和有效实施内部控制，评价其有效性，并如实披露 内部控制评价报告是公司董事会的责任。监事会对董事会建立和实施内部控制进行监督。经理层负责 组织领导企业内部控制的日常运行。公司董事会、监事会及董事、监事、高级管理人员保证本报告内 容不存在任何虚假记载、误导性陈述或重大遗漏，并对报告内容的真实性、准确性和完整性承担个别 及连带法律责任。 公司内部控制的目标是合理保证经营管理合法合规、资产安全、财务报告及相关信息真实完整， 提高经营效率和效果，促进实现发展 ...

2025年4月1日，圣泉集团(605589.SH)发布2024年年度报告。截至2025年3月31日，共有232个机构投资 者披露持有圣泉集团A股股份，合计持股量达1.04亿股，占圣泉集团总股本的12.23%。其中，前十大机 构投资者包括全国社保基金一一一组合、济南汇山投资合伙企业(有限合伙)、香港中央结算有限公司、 全国社保基金一零七组合、上海浦东发展银行股份有限公司-长信金利趋势混合型证券投资基金、南方 中证1000ETF、广发多因子混合、广发稳健回报混合A、华夏中证1000ETF、广发中证1000ETF，前十 大机构投资者合计持股比例达7.90%。相较于上一季度，前十大机构持股比例合计下跌了3.31个百分 点。 公募基金方面，本期较上一期持股增加的公募基金共计2个，包括广发核心竞争力混合A、汇添富中证 1000指数增强A，持股增加占比小幅上涨。本期较上一季度持股减少的公募基金共计12个，主要包括南 方中证1000ETF、华安文体健康灵活配置混合A、华安产业精选混合A、华安品质甄选混合A、宝盈基础 产业混合A等，持股减少占比达0.88%。本期较上一季度新披露的公募基金共计212个，主要包括长信金 利趋势混合 ...

Group 1: Xiangyuan Cultural Tourism - Xiangyuan Cultural Tourism has successfully created a "cultural IP + tourism + technology" full industry chain layout through asset restructuring and strategic transformation, promoting deep integration and innovation in the cultural tourism industry [2][11] - The company faced challenges in its animation business from 2019 to 2020, resulting in a 45.02% revenue decline in 2020. However, it leveraged its rich animation IP resources to achieve a strategic transformation and enhance profitability, with 2023 revenue reaching 722 million yuan, a year-on-year increase of 55.81% [2][11] - The company has expanded its tourism assets across regions such as "Daxiangxi," "Dahuangshan," "Dachengyu," and "Danangling," forming a national chain of scenic spots and enhancing brand value through diversified offerings [3][11] Group 2: Lexin Technology - Lexin Technology is a small but robust IoT chip design manufacturer with a stable operating team and a concentrated shareholding structure, which enhances team motivation and operational stability [4][11] - The company has established a competitive advantage by developing low-power, high-performance chips based on the open-source RISC-V architecture, which better meets the needs of AI devices at the edge [4][12] - Lexin's ecosystem includes a rich developer community of over 3 million global developers, supporting mainstream IoT applications and creating a platform effect that drives growth [12] Group 3: Tonghua Jinma - Tonghua Jinma has shifted from relying on mergers and acquisitions to innovation-driven high-quality development, focusing on R&D breakthroughs and asset optimization [17][19] - The company is advancing a new drug for Alzheimer's treatment, with a projected peak sales potential of around 7 billion yuan, addressing a significant market need for new therapies [17][19] - The company has a target market capitalization of 22.2 billion yuan, indicating a potential upside of 26% from its current market value, with a "buy" rating assigned [19] Group 4: China Duty Free Group - China Duty Free Group reported a 16.38% decline in revenue for 2024, with net profit down 36.4%, reflecting challenges in the duty-free market [21] - The company is expanding its city duty-free store projects in response to policy changes, aiming to enhance its market presence [21][24] - Despite the challenges, the company is focusing on digital transformation and member engagement to improve customer experience and retention [24]

Core Viewpoint - The company has successfully utilized the funds raised from its stock issuance for various projects, with a focus on enhancing production capabilities and meeting market demands, while also planning for future investments in advanced materials [1][2][3][4][5][6][7][8]. Fund Utilization Summary - As of December 31, 2024, the company has allocated RMB 165 million of idle funds to supplement working capital [1]. - The company has completed the high-end electronic chemicals project with a total fund usage of RMB 54.41 million, and the remaining funds have been redirected to new projects [3][6]. - The company has adjusted the funding for the ceramic filter project from RMB 144.14 million to RMB 17.15 million, reallocating the difference to the production of functionalized polyphenylene ether and functional sugar projects [4][6]. Project Completion and Future Plans - The functionalized polyphenylene ether project is expected to be completed by September 2024, with a total investment of approximately RMB 160.53 million [4]. - The functional sugar project is anticipated to be completed by April 2024, with the remaining funds also being redirected to the advanced materials innovation base project [5][7]. - The company has announced plans to invest RMB 500 million into the headquarters innovation center project, with a construction period of 30 months [6][7]. Performance Forecast - For the first quarter of 2025, the company expects a net profit of RMB 200 million to RMB 215 million, representing a year-on-year increase of 45.58% to 56.49% [9][12]. - The anticipated increase in profit is attributed to the growing demand for advanced materials driven by developments in AI computing, high-frequency communication, and semiconductor packaging [12][13]. - The company has successfully ramped up production capacity in its new porous carbon production lines, meeting the demand in consumer electronics and power battery sectors [13].