Investment Rating - The investment rating for the company is "Buy" (maintained) [6] Core Views - The company achieved a revenue of 848 million (up 2% year-on-year) and a net profit attributable to shareholders of 89 million (up 3% year-on-year) in Q1 2025, indicating stable growth despite a high base from the previous year [1] - The revenue growth is primarily driven by the continuous expansion of the film business, while the printing business faces pricing pressure due to weak downstream demand and intensified competition [2][3] - The company is actively expanding its production capacity and has announced investments in new functional film materials projects, which are expected to enhance its market competitiveness and support long-term revenue growth [3] - The gross margin for Q1 2025 was 21.30%, a decrease of 0.76 percentage points year-on-year, attributed to pricing pressures in the printing business and a higher proportion of lower-margin film products [4] - The company has improved its cash flow management, with net cash flow from operating activities increasing by 62.26% year-on-year, indicating enhanced sales collection capabilities [4] Financial Summary - The company is projected to achieve revenues of 3.89 billion, 4.29 billion, and 4.76 billion in 2025, 2026, and 2027 respectively, representing growth rates of 10.34%, 10.28%, and 10.93% [5] - The net profit attributable to shareholders is expected to reach 508 million, 562 million, and 631 million in the same years, with growth rates of 8.7%, 10.54%, and 12.24% respectively [5] - The current P/E ratios are projected to be 13.77X, 12.46X, and 11.10X for 2025, 2026, and 2027 respectively, indicating a favorable valuation for investors [5]

Financial Performance - The company reported a basic earnings per share of 0.1500 yuan for Q1 2025, representing a 7.14% increase compared to 0.1400 yuan in Q1 2024 [1] - The net profit for Q1 2025 was 0.89 billion yuan, up 3.49% from 0.86 billion yuan in Q1 2024 [1] - The total revenue for Q1 2025 was 8.48 billion yuan, a 1.56% increase from 8.35 billion yuan in Q1 2024 [1] - The return on equity (ROE) decreased to 3.38% in Q1 2025 from 3.62% in Q1 2024, reflecting a decline of 6.63% [1] - The net asset per share increased to 4.37 yuan, a 21.39% rise from 3.6 yuan in Q1 2024 [1] - The undistributed profits per share rose significantly by 49.65% to 2.11 yuan from 1.41 yuan in Q1 2024 [1] Shareholder Structure - The top ten unrestricted shareholders collectively hold 42,466.59 million shares, accounting for 70.28% of the circulating shares, with an increase of 1,703,000 shares compared to the previous period [2] - Huangshan Yongjia Investment Co., Ltd. remains the largest shareholder with 20,267.80 million shares, representing 33.54% of the total share capital [2] - The second-largest shareholder, Aorijin Technology Co., Ltd., holds 13,597.82 million shares, which is 22.50% of the total [2] - New entrants among the top shareholders include Sunshine Life Insurance Co., Ltd. with 558.28 million shares and the National Social Security Fund's 412 portfolio with 360.95 million shares [2] Dividend Policy - The company has announced that it will not distribute dividends or transfer shares this time [3]

Financial Performance - The company's operating revenue for Q1 2025 was ¥848,181,147.32, representing a 1.58% increase compared to ¥834,978,146.65 in the same period last year[5] - Net profit attributable to shareholders was ¥88,918,733.12, up 2.89% from ¥86,423,584.68 year-on-year[5] - Basic and diluted earnings per share increased by 7.14% to ¥0.15 from ¥0.14 in the same period last year[5] - The net profit for the current period is 89,490,435.10, an increase from 87,594,633.43 in the previous period, representing a growth of approximately 2%[19] - Operating profit for the current period is 105,226,209.22, compared to 102,258,255.94 in the previous period, indicating a growth of about 2%[18] - Total revenue from operating activities reached 862,244,189.10, up from 796,111,343.06, reflecting an increase of approximately 8.3%[20] Cash Flow and Liquidity - The net cash flow from operating activities improved significantly, reaching -¥27,093,849.70, a 62.26% increase compared to -¥71,795,086.65 in the previous year[5] - The company's cash and cash equivalents decreased to ¥1,011,052,022.79 from ¥1,112,060,039.27, a decline of approximately 9.1%[13] - The cash flow from operating activities showed a net outflow of -27,093,849.70, an improvement from -71,795,086.65 in the previous period[21] - Investment activities resulted in a net cash outflow of -67,926,323.63, an improvement from -428,421,644.40 in the previous period[21] - The total cash and cash equivalents at the end of the period amounted to 965,325,674.46, compared to 658,338,378.78 in the previous period, showing an increase of approximately 46.5%[21] Assets and Liabilities - Total assets decreased by 1.49% to ¥4,250,274,361.03 from ¥4,314,421,385.68 at the end of the previous year[5] - Total liabilities decreased to ¥1,524,220,454.64 from ¥1,677,857,914.39, reflecting a reduction of approximately 9.2%[15] - Accounts receivable decreased to ¥593,516,055.41 from ¥662,561,857.75, representing a reduction of about 10.4%[13] - Inventory increased to ¥386,235,497.71 from ¥364,496,281.19, showing a rise of approximately 5.9%[14] - Short-term borrowings decreased to ¥735,470,000.00 from ¥792,949,647.25, a decline of approximately 7.3%[15] Shareholder Equity - Shareholders' equity attributable to the parent company increased by 3.43% to ¥2,678,190,921.32 from ¥2,589,272,188.20 at the end of the previous year[5] - The company's equity attributable to shareholders increased to ¥2,678,190,921.32 from ¥2,589,272,188.20, an increase of about 3.4%[15] Operating Costs and Expenses - Total operating costs amounted to ¥757,690,562.67, compared to ¥748,080,370.28 in the prior period, indicating an increase of about 1.6%[17] - The company incurred research and development expenses of 35,690,683.79, slightly down from 36,321,615.72 in the previous period[18] - The total operating expenses decreased from 55,000,000.00 to 53,000,000.00, indicating a reduction of approximately 3.6%[18] - The company’s tax expenses for the current period were 15,345,122.60, compared to 14,952,809.98 in the previous period, reflecting an increase of about 2.6%[18] Other Financial Metrics - Financial expenses surged by 246.20% year-on-year, attributed to increased forfaiting financing[8] - Accounts receivable financing grew by 78.84% compared to the beginning of the year, primarily due to an increase in bank acceptance bills[8] - Contract liabilities increased by 37.29% year-to-date, mainly due to an increase in customer prepayments[8] - The company reported a decrease of 34.40% in other current assets, mainly due to a reduction in VAT credits[8] - Total operating revenue for the current period reached ¥848,181,147.32, an increase from ¥834,978,146.65 in the previous period, reflecting a growth of approximately 1.4%[17]

证券代码：002014 证券简称：永新股份 公告编号：2025-025 3、本次投资事项不构成关联交易，亦不构成重大资产重组。 二、投资项目基本情况 （一）黄山永新新材料有限公司（以下简称"永新新材"）投资建设《年产 2000 吨宠物食品包装材料项目》 1、项目性质：新建 2、建设内容：对租赁厂房进行改造，购置 10 台高速制袋机（其中：2 台进 口、8 台国产），建成后，新增年产 2000 吨宠物食品包装材料生产能力。 黄山永新股份有限公司 关于子公司项目投资的公告 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有虚 假记载、误导性陈述或重大遗漏。 一、投资概述 1、为了满足多样化、差异化的市场需求，进一步促进产品结构优化调整， 黄山永新股份有限公司（以下简称"公司"） 第八届董事会第十六次会议审议通 过了《关于子公司项目投资的议案》，项目经批准后由公司总经理组织实施。 2、本次投资事项无需提交股东大会审批。 6、效益分析：项目达产可实现年营业收入 6,600 万元，年利税总额 1,463 万元，年净利润 982 万元。项目投资收益率 32.73%，税后财务内部收益率为 28.86%，静态税后 ...

证券代码：002014 证券简称：永新股份 公告编号：2025-023 经与会董事充分讨论，表决通过如下决议： 一、会议以赞成票 14 票，反对票 0 票，弃权票 0 票，审议通过了《公司 2025 年第一季度报告》。 《公司 2025 年第一季度报告》刊登在 2025 年 4 月 24 日《证券时报》和《上 海证券报》及巨潮资讯网 http://www.cninfo.com.cn 上。 二、会议以赞成票 14 票，反对票 0 票，弃权票 0 票，审议通过了《关于子公 司项目投资的议案》。 详细内容见刊登在 2025 年 4 月 24 日《证券时报》和《上海证券报》及巨潮 资讯网 http://www.cninfo.com.cn 上的《关于子公司项目投资的公告》。 特此公告。 黄山永新股份有限公司 董 事 会 黄山永新股份有限公司 第八届董事会第十七次（临时）会议决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 黄山永新股份有限公司（以下简称"公司"）第八届董事会第十七次（临时）会 议于 2025 年 4 月 18 日以传真或电子邮件的形式发出会议通知 ...

黄山永新股份有限公司 2024 年年度权益分派实施公告 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 黄山永新股份有限公司（以下简称"公司"）2024 年年度权益分派方案已获 2025 年 4 月 10 日召开的 2024 年度股东大会审议通过，现将权益分派事宜公告如下： 证券代码：002014 证券简称：永新股份 公告编号：2025-022 一、股东大会审议通过权益分派方案的情况 1、股东大会审议通过的 2024 年度利润分配方案的具体内容： 以公司总股本 612,491,866 股为基数，向全体股东每 10 股派发现金红利 6.20 元（含税），共派发现金红利 379,744,956.92 元，不送红股，不以资本公积金转增 股本。具体内容详见公司 2025 年 4 月 11 日在巨潮资讯网 http://www.cninfo.com.cn 披露的《2024 年度股东大会决议公告》（公告编号：2025-021）。 2、自本次利润分配预案披露至实施期间，公司股本总额未发生变化。 3、本次实施的权益分派是以固定比例方式分配，与股东大会审议通过的分配 方案一致。 ...

证券代码：002014 证券简称：永新股份 公告编号：2025-021 黄山永新股份有限公司 2024 年度股东大会决议公告 特别提示 1、本次股东大会未出现否决提案的情形。 2、本次股东大会未涉及变更以往股东大会已通过的决议。 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有虚 假记载、误导性陈述或重大遗漏。 一、会议召开和出席情况 1、会议召开情况 1）会议召开时间：2025年4月10日下午2:00。 2）会议召开地点：公司会议室。 3）会议方式：本次股东大会采取现场投票和网络投票相结合的方式。 4）会议召集人：公司董事会。 5）会议主持人：董事长江蕾女士。 6）本次股东大会会议的召集、召开与表决程序符合《公司法》、《上市公司 股东大会规则》、《深圳证券交易所股票上市规则》及《公司章程》等法律、法规 及规范性文件的规定。 2、会议出席情况 参加本次股东大会的股东及股东代表 238 名，代表有表决权股份 395,156,382 股，占公司股份总数的 64.5162%，其中：参加现场会议的股东及代表 4 名，代 表有表决权股份 247,682,222 股，占公司股份总数的 40.4385%；参加 ...

股东大会法律意见书 安徽天禾律师事务所 关于黄山永新股份有限公司 2024 年年度股东大会的法律意见书 致：黄山永新股份有限公司 依据《证券法》《公司法》《上市公司股东大会规则》和《黄山永新 股份有限公司章程》（以下简称"《公司章程》"）的有关规定，安徽天 禾律师事务所接受黄山永新股份有限公司（以下简称"公司"）的委托， 指派喻荣虎、吴波两位律师（以下简称"本所律师"）就公司于 2025 年 4 月 10 日召开的 2024 年年度股东大会（以下简称"本次股东大会"）出具 本法律意见书。 本所律师按照律师行业公认的业务标准、道德规范和勤勉尽责精神， 参与了本次股东大会，并对公司提供的有关文件和事实进行了核查和验证， 现出具法律意见如下： 一、本次股东大会的召集程序 本次股东大会由公司董事会召集。公司董事会于 2025 年 3 月 21 日在 《证券时报》《上海证券报》及巨潮资讯网(http://www.cninfo.com.cn) 刊登了《黄山永新股份有限公司第八届董事会第十六次会议决议公告》《黄 山永新股份有限公司关于召开 2024 年度股东大会的通知》。 本所律师认为，公司本次股东大会的召集程序符合法律、 ...

Core Insights - The company Yongxin Co. has shown improvement in gross margin due to several factors, including scale effects, product structure changes, quality enhancement, and technological innovations [2]. Group 1: Company Performance - Yongxin Co. achieved a record revenue of 980 million in Q4 2024, contributing positively to gross margin improvement [2]. - The company has a strong competitive advantage due to over 30 years of industry focus, large scale, quick response, and strong service capabilities [2]. Group 2: Market Expansion - The company is expanding into overseas markets, particularly in ASEAN countries, Japan, Mexico, and South Africa, leveraging partnerships with multinational corporations [2]. - The impact of tariffs on overseas business is minimal, as most operations are in regions with low tariff implications [2]. Group 3: Future Plans - The company plans significant capital expenditures, including a new production capacity for functional film materials and multi-functional films, with total investments of 180 million and 400 million respectively [2]. - The company aims to focus on high-quality and differentiated products in its film business to drive future growth [2]. Group 4: Dividend Policy - The company intends to maintain a stable dividend policy, ensuring it does not affect normal operations and investment development [2].

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company reported better-than-expected performance in Q4 2024, with total revenue reaching 3.525 billion yuan, a year-on-year increase of 4.3%, and net profit attributable to shareholders of 468 million yuan, up 14.6% year-on-year [6] - The revenue from color printing stabilized, while the film and export segments experienced significant growth [6] - The company is expected to maintain strong growth in net profit, with forecasts for 2025-2027 being adjusted upwards due to improved competitive positioning and market share [6] Financial Data and Profit Forecast - Total revenue projections for the company are as follows: - 2023: 3.379 billion yuan - 2024: 3.525 billion yuan - 2025E: 3.764 billion yuan - 2026E: 4.131 billion yuan - 2027E: 4.573 billion yuan - Year-on-year growth rates for total revenue are projected at 2.3% for 2023, 4.3% for 2024, 6.8% for 2025, 9.8% for 2026, and 10.7% for 2027 [5][8] - Net profit attributable to shareholders is forecasted as follows: - 2023: 408 million yuan - 2024: 468 million yuan - 2025: 508 million yuan - 2026: 546 million yuan - 2027: 596 million yuan - The projected year-on-year growth rates for net profit are 12.5% for 2023, 14.6% for 2024, 8.5% for 2025, 7.6% for 2026, and 9.1% for 2027 [5][8] Revenue Breakdown - In 2024, the revenue from color printing was 2.477 billion yuan, a decrease of 2.9% year-on-year, while the film business achieved a revenue of 724 million yuan, a growth of 37.9% year-on-year [6] - The international market revenue reached 452 million yuan in 2024, reflecting an 18.8% increase year-on-year [6] Profitability Metrics - The company's gross margin for 2024 was 23.8%, with a notable recovery in Q4 2024 gross margin at 25.9% [6] - The net profit margin for 2024 was 13.3%, an increase of 1.2 percentage points year-on-year, while Q4 2024 net profit margin was 16.5%, up 3.7 percentage points year-on-year [6]