Investment Rating - The report indicates a positive outlook for the home furnishing sector, driven by domestic consumption stimulus and the gradual recovery of retail channels [1]. Core Insights - The report highlights that the domestic consumption stimulus is beginning to show effects, with a notable recovery in retail channels, while export conditions are experiencing marginal declines [1][3]. - The performance of leading companies in the home furnishing sector is improving, particularly in the context of national subsidies and strategic adjustments [1][3]. Summary by Sections 1. Home Furnishing - Domestic sales show signs of recovery with a year-on-year revenue change of -12.44% in Q4 2024 and +1.75% in Q1 2025, while net profit for the same periods changed from -54.11% to +7.07% [13]. - Export performance for the furniture sector saw a cumulative year-on-year increase of +5.8% for 2024 but a decline of -8.0% in Q1 2025, indicating a downward trend in export conditions [13]. - The report anticipates that the domestic market will continue to recover in the short term due to national subsidy policies, while the export market may face ongoing pressures [13]. 1.1 Domestic - Custom Home Furnishing - Retail channels are showing marginal improvements, while bulk channels remain under pressure, with leading companies like Oppein and Sophia experiencing reduced revenue declines in Q1 2025 compared to previous quarters [20]. - The profitability of leading companies is improving, with a focus on cost control and product development, while second and third-tier brands may struggle to maintain performance [26]. - Prepayment and cash flow indicators show improvements for some leading companies, suggesting a gradual recovery in demand [38]. 1.2 Domestic - Soft Home Furnishing - The soft home furnishing sector is under pressure due to real estate downturns and changing consumer spending patterns, but companies like Kuka and Mengbaihe are showing signs of recovery [39]. - Profit margins are improving in Q1 2025 compared to 2024, with notable changes in gross and net profit margins across leading companies [44]. - Prepayment figures for soft home furnishing companies are showing positive growth, indicating a recovery in domestic demand [46]. 1.3 Export Home Furnishing - The overall export climate is declining, with a significant drop in cumulative export value in Q1 2025, reflecting challenges in the international market [51][53]. - Despite the overall decline, leading companies are still managing to perform well, showcasing resilience and strategic advantages [51].

登录新浪财经APP 搜索【信披】查看更多考评等级 □是 √否 一、主要财务数据 （一） 主要会计数据和财务指标 公司是否需追溯调整或重述以前年度会计数据 证券代码：002012 证券简称：凯恩股份 公告编号：2025-030 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导性陈述或重大遗 漏。 重要内容提示： 1.董事会、监事会及董事、监事、高级管理人员保证季度报告的真实、准确、完整，不存在虚假记载、 误导性陈述或重大遗漏，并承担个别和连带的法律责任。 2.公司负责人、主管会计工作负责人及会计机构负责人(会计主管人员)声明：保证季度报告中财务信息 的真实、准确、完整。 3.第一季度报告是否经审计 □是 √否 ■ （二） 非经常性损益项目和金额 √适用 □不适用 单位：元 ■ 其他符合非经常性损益定义的损益项目的具体情况 □适用 √不适用 公司不存在其他符合非经常性损益定义的损益项目的具体情况。 将《公开发行证券的公司信息披露解释性公告第1号一一非经常性损益》中列举的非经常性损益项目界 定为经常性损益项目的情况说明 □适用 √不适用 √适用 □不适用 ■ 二、股东信息 （一） 普通股 ...

Financial Performance - The company reported a basic earnings per share of 0.0100 yuan for Q1 2025, unchanged from Q1 2024, but a significant decrease from 0.1100 yuan in Q1 2023 [1] - The net profit for Q1 2025 was 0.05 billion yuan, down 16.67% from 0.06 billion yuan in Q1 2024 and a substantial decline from 0.49 billion yuan in Q1 2023 [1] - The return on equity (ROE) decreased to 0.33% in Q1 2025 from 0.39% in Q1 2024 and significantly down from 3.25% in Q1 2023 [1] Shareholder Structure - The top ten unrestricted shareholders hold a total of 13,731.65 million shares, accounting for 29.43% of the circulating shares, with an increase of 1.87 million shares compared to the previous period [1] - Zhejiang Kairong Special Paper Co., Ltd. remains the largest shareholder with 10,246.79 million shares, representing 21.96% of the total share capital [2] - New entrants to the top ten shareholders include Xiao Yongfu with 693.50 million shares and Wang Qiuling with 255.79 million shares [2] Dividend Policy - The company has announced that it will not distribute dividends or allocate bonus shares this time [3]

证券代码：002012 证券简称：凯恩股份 公告编号：2025-029 浙江凯恩特种材料股份有限公司 关于控股子公司拟申请在全国中小企业股份转让 系统终止挂牌的公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记 载、误导性陈述或者重大遗漏。 浙江凯恩特种材料股份有限公司（以下简称"公司"）于2025年4月28日召 开第十届董事会第三次会议，会议审议通过了《关于控股子公司拟申请在全国中 小企业股份转让系统终止挂牌的议案》，公司控股子公司浙江凯丰新材料股份有 限公司（以下简称"凯丰新材"）拟主动申请其股票在全国中小企业股份转让系 统终止挂牌。该事项尚需全国中小企业股份转让系统有限责任公司审批。现将具 体情况公告如下： 一、凯丰新材的基本情况 1、成立时间：2003 年 8 月 28 日 2、法定代表人：计皓 3、注册资本：人民币 5,800 万元 4、经营范围：新型高分子材料研发；机制纸、加工纸制造、销售，机械加 工、销售，造纸原料、化工产品（不含危险品）的销售；货物进出口（法律法规 限制的除外，应当取得许可证的凭许可证经营）。 5、公司住所：浙江省衢州市龙游县工业园区金星大道 30 号 6、 ...

浙江凯恩特种材料股份有限公司 证券代码：002012 证券简称：凯恩股份 公告编号：2025-028 第十届监事会第三次会议决议公告 本公司及监事会全体成员保证信息披露内容的真实、准确和完整，没有虚假记载、 误导性陈述或者重大遗漏。 浙江凯恩特种材料股份有限公司（以下简称"公司"）第十届监事会第三次会议 通知于 2025 年 4 月 24 日以通讯方式发出，会议于 2025 年 4 月 28 日以现场表决的方 式在公司会议室召开。会议应出席监事 3 名，实际出席监事 3 名，会议由监事会主席 郭晓彬主持，董事会秘书杨照宇列席了会议。本次会议的召集、召开和表决程序符合 《公司法》和《公司章程》的有关规定。 经与会监事认真审议，会议以记名投票表决方式审议了如下议案： 一、审议通过了《公司2025年第一季度报告》 经审核，监事会认为董事会编制和审核公司2025年第一季度报告的程序符合法律、 行政法规和中国证监会的规定，报告内容真实、准确、完整地反映了公司的实际情况， 不存在任何虚假记载、误导性陈述或者重大遗漏。 《公司 2025 年第一季度报告》于 2025 年 4 月 29 日登载在《上海证券报》《证券 时报》和 ...

证券代码：002012 证券简称：凯恩股份 公告编号：2025-027 董事会认为：公司编制 2025 年第一季度报告的程序符合法律、行政法规和中国证 券监督管理委员会的规定，报告内容公允地反映了公司的财务状况和经营成果，报告所 披露的信息真实、准确、完整，不存在虚假记载、误导性陈述或重大遗漏。 《公司 2025 年第一季度报告》于 2025 年 4 月 29 日登载在《上海证券报》《证券 时报》和巨潮资讯网（www.cninfo.com.cn）。 表决结果：同意票 5 票，反对票 0 票，弃权票 0 票。 二、审议通过了《关于控股子公司拟申请在全国中小企业股份转让系统终止挂牌的 议案》 浙江凯恩特种材料股份有限公司 第十届董事会第三次会议决议公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、误导 性陈述或者重大遗漏。 浙江凯恩特种材料股份有限公司（以下简称"公司"）第十届董事会第三次会议通 知于 2025 年 4 月 24 日以通讯方式发出，会议于 2025 年 4 月 28 日以现场结合通讯表决 的方式在公司会议室召开。会议应到董事 5 人，实到董事 5 人。会议由董事长刘溪女士 ...

Revenue and Profit - The company's revenue for Q1 2025 was CNY 140,242,660.94, a slight increase of 0.05% compared to CNY 140,175,219.97 in the same period last year[5] - Total profit for the quarter decreased by 25.71% to CNY 9,694,911.09 from CNY 13,049,537.51 year-on-year[5] - Net profit attributable to shareholders was CNY 5,040,061.58, down 16.79% from CNY 6,056,980.61 in the previous year[5] - Total operating revenue for the current period is $140,242,660.94, a slight increase from $140,175,219.97 in the previous period, representing a growth of approximately 0.05%[19] - Net profit for the current period is $8,337,129.04, down from $10,970,005.98, reflecting a decrease of approximately 24%[20] - Operating profit decreased to $9,910,689.09 from $12,899,537.51, a decline of about 23%[20] - The company reported a decrease in sales revenue from customers, totaling $119,953,376.19, down from $130,147,024.01[22] - The company’s total comprehensive income for the current period is $8,337,129.04, compared to $10,970,005.98 in the previous period[21] - Basic and diluted earnings per share remain at $0.01 for both periods[21] Cash Flow - The net cash flow from operating activities surged by 5,980.23% to CNY 43,160,882.21, compared to CNY 709,856.53 in the same period last year[5] - Cash flow from operating activities generated a net amount of $43,160,882.21, significantly up from $709,856.53 in the previous period[22] - Cash flow from investing activities resulted in a net outflow of $94,914,345.13, compared to a larger outflow of $257,262,077.32 previously[23] - Cash flow from financing activities showed a net outflow of $470,754.57, an improvement from a net outflow of $9,904,811.03 in the prior period[23] Assets and Liabilities - The company's total assets increased by 1.40% to CNY 1,824,698,578.74 from CNY 1,799,459,069.98 at the end of the previous year[5] - Current assets totaled CNY 1,171,854,382.88, up from CNY 1,145,794,267.55 at the beginning of the period, reflecting a growth of approximately 2.6%[14] - Total liabilities increased to CNY 116,279,197.23 from CNY 99,376,817.51, indicating a rise of about 17.9%[16] - The total equity attributable to the parent company reached CNY 1,531,968,814.69, slightly up from CNY 1,526,928,753.11[16] - The company’s non-current assets totaled CNY 652,844,195.86, slightly down from CNY 653,664,802.43, indicating a marginal decrease[15] Investments and Financial Assets - The company reported a significant increase of 60.00% in trading financial assets, totaling CNY 256,000,000.00 due to the purchase of bank wealth management products[8] - The company reported a significant increase in trading financial assets, which rose to CNY 256,000,000.00 from CNY 160,001,135.33, marking a growth of approximately 60%[14] - Investment income grew by 126.39% to CNY 5,109,094.17, due to increased investment returns recognized under the equity method[9] Shareholder Information - The number of ordinary shareholders at the end of the reporting period was 24,414, with the largest shareholder holding 21.91% of the shares[11] Expenses - Sales expenses increased by 39.58% to CNY 4,227,939.37, reflecting higher sales investments compared to the previous year[9] - Total operating costs increased to $135,891,134.79 from $132,667,520.86, marking an increase of about 2.4%[19] Accounts Receivable and Inventory - Accounts receivable financing rose by 93.04% to CNY 9,787,301.62, attributed to the receipt of bank acceptance bills[8] - The company’s accounts receivable decreased to CNY 132,155,262.12 from CNY 142,445,665.35, representing a decrease of approximately 7.2%[14] - The company’s inventory decreased to CNY 112,528,539.28 from CNY 125,772,054.37, a decline of about 10.6%[14] Borrowings - The company’s short-term borrowings decreased to CNY 8,999,467.91 from CNY 12,158,703.70, a reduction of approximately 26.5%[15]

Core Viewpoint - The integration of AI technology with sustainable development is driving industrial upgrades and green transformation, enhancing energy efficiency and operational effectiveness across various sectors [1][3]. Group 1: AI in ESG Reporting and Management - Companies are leveraging AI technology to innovate ESG management practices, making it a highlight in their 2024 ESG disclosures [1]. - Guodian Power has released its first ESG report compiled using AI, which enhances the quality and efficiency of ESG reporting by improving research and topic identification processes [1]. - DNV's director noted that AI can reduce disclosure costs and reliance on professional ESG analysts, minimizing repetitive human input [1]. Group 2: AI Empowering Corporate Governance - Keda Intelligent has upgraded its ESG practice system by creating an "ESG+AI" innovation platform, optimizing energy management and providing smart industrial solutions [2]. - China Ping An has established a unified ESG evaluation standard and an AI-ESG platform to enhance ESG management and risk control [2]. - Kain Co. has integrated AI into its manufacturing processes, creating a responsible production system that promotes green and smart factories [2]. Group 3: AI Driving Efficiency and Sustainability - A Deloitte report indicates that 78% of surveyed companies plan to increase AI investments by 2025, focusing on generative AI for supply chain management and compliance [3]. - Kingdee International collaborates with HeSteel Digital to enhance steel waste quality verification and carbon asset management using AI, achieving over 90% accuracy in identifying medium and heavy steel waste types [3]. - WanGuo Data is utilizing AI to improve energy efficiency in data center operations, addressing high energy consumption challenges [3]. Group 4: AI Applications Across Industries - In logistics, SF Technology is using its self-developed AI model to enhance green logistics supply chains, achieving cost reduction and energy savings [4]. - In finance, Bank of China Hong Kong is enhancing its fraud detection capabilities through AI, improving transaction monitoring [4]. - In insurance, China Ping An's AI platform has served over 6,000 personnel in risk control, achieving over 92% accuracy in financial risk warnings [4][5]. Group 5: AI Ethics and Data Security - Industry experts emphasize the need for data compliance and security in AI applications for ESG governance, highlighting the challenges of data legality and privacy [5]. - Kingdee International has established an algorithm safety studio to manage AI risks and ensure responsible technology innovation through ethical review mechanisms [6]. - China Ping An has committed to ethical governance in AI development and application, forming committees to ensure information security and privacy protection [6].

| 员姓名 | 证券事务高级经理 董成龙 | | --- | --- | | | 一、介绍公司的主要经营情况及业绩情况 | | | 二、解答投资者相关问题 | | | 主要问答内容如下： | | | 1.公司处置电解电容器纸资产的考虑？未来投资计划和资产 | | | 注入计划？ | | | 答：公司彼时确立了战略转型的发展方向，并决策处置部分纸 | | | 基功能材料业务主体。经过 2023 年 5 月重大资产处置完成后， | | | 公司电解电容器纸业务主体已不在合并范围内。基于股东事项 | | | 的背景，公司现阶段经营重点为保持现有主体生产经营稳定、 | | | 继续增强高端产品市场竞争力及海外市场拓展，其余战略发展 | | | 视股东事项进展而定。 | | | 2.公司股东质押情况，质押对方富兰山公司情况，现阶段进展， | | | 预计质押解除时间？富兰山是否对公司经营有决策层面影 | | 投资者关系活动 | 响？ | | 主要内容介绍 | 答：根据公司 2023 年 11 月 18 日《关于控股股东股份质押的 | | | 公告》，公司控股股东浙江凯融特种纸有限公司将所持公司股 | | | 份 100 ...