Core Viewpoint - The company held a successful half-year performance briefing on September 4, 2025, with full interaction with investors, addressing 13 questions with a 100% response rate [1] Group 1: Company Operations and Strategy - The company is currently focused on maintaining stable production operations and enhancing the competitiveness of high-end products while expanding into overseas markets, with further strategic developments dependent on the progress of shareholder matters [2][9] - The company reported overseas sales revenue of 16.86 million, a significant increase of 121% compared to the same period last year, with overseas sales accounting for 6.13% of total revenue, up over 3 percentage points year-on-year [3] - The company has established a "Supply Chain Risk Control Committee" to enhance supply chain resilience and security, serving major clients such as KFC, McDonald's, and Starbucks [8] Group 2: Shareholder Information - As of August 31, 2025, the number of shareholders was 27,961 [4][5][6] - The company has not received any recent updates regarding the disposal of assets by the controlling shareholder, and it will continue to monitor the situation and disclose any developments as required [2][9] Group 3: Financial Performance - For the first half of 2025, the company's main business revenue from paper-based functional materials was 272 million, reflecting a year-on-year growth of 9.32% [9] - The company received a dividend income of 24.36 million from its subsidiary, which was not reflected in the interim report, and specific details can be found in the company's half-year report [10]

Group 1 - The company held a performance briefing on September 4, 2025, where key executives, including the chairman and general manager, addressed investor questions [1] - In the first half of 2025, the company's main business revenue from paper-based functional materials reached 272 million yuan, a year-on-year increase of 9.32% [1] - The company is focusing on stabilizing production operations, enhancing the competitiveness of high-end products, and expanding into overseas markets [1] Group 2 - The company reported a significant increase in foreign sales revenue, which reached 16.86 million yuan, representing a year-on-year growth of 121% [1] - Foreign sales accounted for 6.13% of total revenue, an increase of over 3 percentage points compared to the previous year [1] - The company is actively expanding its international customer base through channels such as international exhibitions, targeting regions like Southeast Asia, the Middle East, and South America [1] Group 3 - The company has not received further information regarding the impact of the controlling shareholder's bankruptcy on its transformation and development [2] - The company reported a dividend income of 24.36 million yuan from its subsidiary, which can be found in the investment income section of the 2025 semi-annual report [2] - As of August 31, 2025, the number of shareholders stood at 27,961 [2]

Group 1: Company Performance - The company's main business revenue from paper-based functional materials reached 272 million yuan in the first half of 2025, representing a year-on-year growth of 9.32% [3] - Foreign sales revenue amounted to 16.86 million yuan, a significant increase of 121% compared to the same period last year [3] - Foreign sales accounted for 6.13% of total revenue, an increase of over 3 percentage points year-on-year [3] Group 2: Strategic Direction - The company maintains strict independence from its controlling shareholder in terms of business, personnel, assets, and finance, adhering to regulatory requirements [3] - Current operational focus is on stabilizing production and enhancing competitiveness in high-end products while expanding into overseas markets [3] Group 3: Shareholder Concerns - The company has not received further information regarding the controlling shareholder's bankruptcy proceedings and continues to operate normally [3] - As of August 31, 2025, the number of shareholders was 27,961 [4] - The company will disclose updates regarding the controlling shareholder's situation as required [3]

Market Overview - The paper sector increased by 0.71% on August 29, with Minshida leading the gains [1] - The Shanghai Composite Index closed at 3857.93, up 0.37%, while the Shenzhen Component Index closed at 12696.15, up 0.99% [1] Individual Stock Performance - Minshida (833394) closed at 46.41, up 3.83% with a trading volume of 31,400 shares and a turnover of 146 million yuan [1] - Sun Paper (002078) closed at 15.36, up 3.09% with a trading volume of 380,400 shares and a turnover of 581 million yuan [1] - Xianhe Co. (603733) closed at 25.04, up 1.83% with a trading volume of 64,300 shares and a turnover of 162 million yuan [1] - Yibin Paper (600793) closed at 25.01, up 1.42% with a trading volume of 157,500 shares and a turnover of 143 million yuan [1] - Minfeng Special Paper (600235) closed at 6.53, up 1.24% with a trading volume of 93,500 shares and a turnover of 60.53 million yuan [1] Declining Stocks - Hengfeng Paper (600356) closed at 9.62, down 4.75% with a trading volume of 174,900 shares and a turnover of 171 million yuan [2] - Songyang Resources (603863) closed at 17.98, down 4.36% with a trading volume of 92,900 shares and a turnover of 169 million yuan [2] - Kain Co. (002012) closed at 5.80, down 3.81% with a trading volume of 157,800 shares and a turnover of 92.57 million yuan [2] Capital Flow Analysis - The paper sector experienced a net outflow of 77.47 million yuan from institutional investors, while retail investors saw a net outflow of 4.38 million yuan [2] - Speculative funds had a net inflow of 81.84 million yuan [2] Key Capital Movements - Huawang Technology (605377) had a net inflow of 53.51 million yuan from institutional investors, accounting for 33.21% of its total [3] - Xianhe Co. (603733) saw a net inflow of 17.02 million yuan from institutional investors, representing 10.51% [3] - Yibin Paper (600793) had a net inflow of 11.28 million yuan from institutional investors, making up 7.88% [3]

Core Insights - The company reported a total revenue of 275 million yuan for the first half of 2025, showing a slight increase of 0.17% year-on-year, while the net profit attributable to shareholders decreased by 20.55% to 11.28 million yuan [1] - The company's accounts receivable is significantly high, with accounts receivable amounting to 2310.62% of the net profit for the latest annual report [14] Financial Performance - Total revenue for Q2 2025 was 135 million yuan, up 0.31% year-on-year, while net profit for the same period was 6.24 million yuan, down 23.35% [1] - Gross margin improved to 18.16%, an increase of 10.83% year-on-year, while net margin decreased to 6.62%, down 15.73% [1] - Total expenses (selling, administrative, and financial) amounted to 22.75 million yuan, representing 8.27% of revenue, an increase of 8.46% year-on-year [1] Key Financial Metrics - Earnings per share (EPS) decreased to 0.02 yuan, down 33.33% year-on-year, while operating cash flow per share dropped to 0.05 yuan, a decline of 54.96% [1] - The company's cash and cash equivalents decreased by 16.18% to 535 million yuan, attributed to an increase in bank wealth management products [1][11] - The company’s return on invested capital (ROIC) was reported at 0.57%, indicating weak capital returns [11] Changes in Financial Position - Short-term borrowings increased by 220.85% due to new bank loans [3] - Contract liabilities surged by 275.99% due to an increase in advance payments received [4] - The company’s lease liabilities decreased by 63.64% as a result of rent payments [5] Operational Insights - The company relies heavily on research and marketing for its performance, necessitating a deeper examination of the underlying drivers [13] - The company has a healthy cash asset position, indicating good liquidity [12]

Market Overview - The paper sector increased by 0.24% on August 26, with Songyang Resources leading the gains [1] - The Shanghai Composite Index closed at 3868.38, down 0.39%, while the Shenzhen Component Index closed at 12473.17, up 0.26% [1] Individual Stock Performance - Songyang Resources (603863) closed at 20.12, up 2.18% with a trading volume of 148,700 shares and a transaction value of 300 million yuan [1] - Sun Paper (002078) closed at 15.05, up 1.96% with a trading volume of 328,900 shares and a transaction value of 491 million yuan [1] - BoHui Paper (600966) closed at 5.33, up 1.91% with a trading volume of 182,800 shares and a transaction value of approximately 96.78 million yuan [1] - ST Chenming (000488) closed at 2.35, up 0.86% with a trading volume of 313,600 shares and a transaction value of approximately 73.80 million yuan [1] - Other notable performances include Yiyang Lin Paper (600963) at 5.00, up 0.81%, and Wuzhou Special Paper (605007) at 12.35, up 0.41% [1] Capital Flow Analysis - The paper sector experienced a net outflow of 252 million yuan from institutional investors, while retail investors saw a net inflow of 204 million yuan [2] - The data indicates that speculative funds had a net inflow of approximately 47.18 million yuan [2] Detailed Capital Flow for Selected Stocks - For Liangxing Paper (002067), institutional investors had a net inflow of 13.89 million yuan, while speculative funds had a net outflow of 12.02 million yuan [3] - Hengfeng Paper (600356) saw a net inflow of 9.08 million yuan from institutional investors, with speculative funds experiencing a net outflow of 5.61 million yuan [3] - Other stocks like Sun Paper (002078) and Wuzhou Special Paper (605007) also showed mixed capital flows, with net outflows from institutional and speculative investors [3]

Core Insights - The company reported a revenue of 275 million yuan for the first half of 2025, reflecting a year-on-year growth of 0.17% [1] - The net profit attributable to shareholders decreased by 20.55% to 11.28 million yuan compared to the previous year [1] - The net profit excluding non-recurring gains and losses was 9.15 million yuan, showing a year-on-year increase of 0.88% [1] - The basic earnings per share stood at 0.02 yuan [1]

浙江凯恩特种材料股份有限公司 2025 年半年度财务报告 浙江凯恩特种材料股份有限公司 2025 年半年度财务报告 （未经审计） 2025 年 08 月 1 浙江凯恩特种材料股份有限公司 2025 年半年度财务报告 财务报告 一、审计报告 半年度报告是否经过审计 □是 否 公司半年度财务报告未经审计。 二、财务报表 财务附注中报表的单位为：元 1、合并资产负债表 | 非流动资产： | | | | --- | --- | --- | | 发放贷款和垫款 | | | | 债权投资 | | | | 其他债权投资 | | | | 长期应收款 | | | | 长期股权投资 | 309,559,478.91 | 306,118,327.32 | | 其他权益工具投资 | | | | 其他非流动金融资产 | 303,146,459.18 | 227,026,459.18 | | 投资性房地产 | | | | 固定资产 | 100,866,656.02 | 97,346,943.98 | | 在建工程 | | 4,694,507.38 | | 生产性生物资产 | | | | 油气资产 | | | | 使用权资产 | 2,14 ...

证券代码：002012 证券简称：凯恩股份 公告编号：2025-039 浙江凯恩特种材料股份有限公司 关于控股子公司出售土地使用权及地上附属物的公告 本公司及董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、误导性陈述或重大遗漏。 一、交易概述 浙江凯恩特种材料股份有限公司（以下简称"公司"）召开了第十届董事会 第四次会议，审议通过了《关于控股子公司出售土地使用权及地上附属物的议案》。 为响应龙游县人民政府号召，提高企业亩均效益，龙游县经济开发区管理委员会 拟收回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"） 于 2003 年取得的尚未进行实质性开发建设的部分国有建设用地使用权中的 30,365 平方米土地（不动产权证号浙（2024）龙游不动产权第 0015645 号）。公 司董事会同意凯丰新材办理出售土地使用权及地上附属物事项。 根据龙游正信资产评估事务所出具的资产评估报告书（正信评报字（2025） 第 ZX179 号），本次资产评估基准日为 2025 年 3 月 19 日，评估价值合计 1,390.92 万元，其中土地使用权价值 910.95 万元，其他房屋建筑物等价值 ...

法定代表人： 主管会计工作的负责人： 会计机构负责人： 编制单位：浙江凯恩特种材料股份有限公司 单位：人民币万元 非经营性资金占用 资金占用方名称 占用方与上市公司的关联 关系 上市公司核算的会 计科目 2025年期初 占用资金余额 2025年1-6月占 用累计发生金额 （不含利息） 2025年1-6月占 用资金的利息 （如有） 2025年1-6月 偿还累计发生 金额 2025年6月末 占用资金余额 占用形成原因 占用性质 控股股东、实际控制人及其附 属企业 小 计 - - - - 前控股股东、实际控制人及其 附属企业 小 计 - - - - 其他关联方及其附属企业 小 计 - - - - 总 计 - - - - 其它关联资金往来 资金往来方名称 往来方与上市公司的关联 关系 上市公司核算的会 计科目 2025年期初 往来资金余额 2025年1-6月往 来累计发生金额 （不含利息） 2025年1-6月往 来资金的利息 （如有） 2025年1-6月 偿还累计发生 金额 2025年6月末 往来资金余额 往来形成原因 往来性质（经营性往 来、 非经营性往来 ） 控股股东、实际控制人及其附 属企业 上市公司的子公司及 ...