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]

Group 1: Company Strategy and Management - The new management team plans to expand the market through technological innovation and sustainable development [2] - The establishment of the M&A Committee aims to enhance strategic planning for mergers and acquisitions [2] - Mergers and acquisitions are viewed as a pathway for growth, with no inherent conflict with dividend policies [3] Group 2: Financial Performance and Dividends - The company is committed to maintaining a sustainable dividend policy while ensuring normal operations [3] - Current dividend yield is 5.3%, which covers the market loan interest rate of 2.9% [3] - The company emphasizes rational investment and market risk awareness [3] Group 3: Production Capacity and Projects - The company has approved a project for a new plant with an annual capacity of 30,000 tons of multifunctional film, expected to be operational by Q4 2024 [3] - An expansion project for a new type of functional film material with a capacity of 22,000 tons is underway, with half of the production lines already operational [3] - A smart factory project for producing 40,000 tons of printed composite flexible packaging materials is actively progressing [3] Group 4: Market Trends and Pricing - The pricing trends for the printing business in Q1 2025 are uncertain and depend on supply and demand dynamics [3]

Group 1: Financial Performance - The gross profit margin improved slightly in Q4 2024 due to several factors, including scale effects from record revenue of 1 billion, product structure changes, quality enhancement, and technological innovations [3] - The company plans to invest a total of 180 million in the expansion of new functional film materials and multi-functional film projects, with completion expected by 2026 [3][4] Group 2: Market Expansion - The company is expanding its overseas market presence primarily in ASEAN countries, Japan, Mexico, and South Africa, leveraging partnerships with multinational corporations [3] - The impact of tariffs on overseas business is minimal, as most operations are concentrated in ASEAN and Japan [3] Group 3: Competitive Advantage - The company has over 30 years of industry experience, large scale, quick response times, and strong service capabilities, which are key competitive advantages [3] - Future industry concentration is anticipated due to stronger innovation capabilities among leading companies [3] Group 4: Future Plans and Policies - The company aims to focus on high-quality, differentiated film products to drive growth in the differentiated market [4] - The dividend policy will remain stable as long as it does not affect normal operations and investment development [4]

Investment Rating - The investment rating for Yongxin Co., Ltd. is not explicitly stated in the provided documents, but the report indicates a positive outlook based on performance metrics and management changes. Core Insights - Yongxin Co., Ltd. reported a revenue of 3.525 billion yuan in 2024, representing a year-on-year increase of 4.3%, and a net profit attributable to shareholders of 468 million yuan, up 14.6% year-on-year [1] - The company achieved a strong performance in Q4 2024, with revenue of 986 million yuan, a 9.6% increase year-on-year, and a net profit of 163 million yuan, reflecting a significant 41.7% growth year-on-year [1] - The company declared a cash dividend of 380 million yuan for 2024, with a payout ratio of 81.2%, resulting in a rolling dividend yield of 5.4% based on the closing price on March 24, 2025 [2] Revenue Breakdown - The printing segment generated revenue of 2.477 billion yuan in 2024, down 2.9% year-on-year, with a gross margin of 26.3% [2] - The film segment saw a revenue increase of 37.9% year-on-year to 724 million yuan, with a gross margin of 10.3% [2] - The overseas market contributed 452 million yuan in revenue, marking an 18.8% increase year-on-year, with a gross margin of 23.8% [3] Management Changes - The management team has undergone significant changes, with Jiang Lei appointed as the new chairperson, bringing extensive brand management and strategic planning experience [3] - The new general manager, Pan Jian, has a solid technical background and management experience, which is expected to enhance the company's innovation and operational efficiency [3] Profitability and Operational Efficiency - The gross margin for Q4 2024 was reported at 25.9%, an increase of 1.6 percentage points year-on-year, while the net profit margin reached 16.5%, up 3.7 percentage points year-on-year [4] - The company maintained stable operational efficiency, with inventory turnover days at 45 and accounts receivable turnover days at 64 [4] Earnings Forecast - The forecast for net profit attributable to shareholders for 2025, 2026, and 2027 is 510 million yuan, 550 million yuan, and 601 million yuan, respectively, with corresponding P/E ratios of 13.9X, 12.7X, and 11.7X [4][5]

Investment Rating - The investment rating for Yongxin Co., Ltd. is not explicitly stated in the provided documents, but the report indicates a positive outlook based on performance metrics and management changes. Core Insights - Yongxin Co., Ltd. reported a revenue of 3.525 billion yuan in 2024, representing a year-on-year increase of 4.3%, and a net profit attributable to shareholders of 468 million yuan, up 14.6% year-on-year [1] - The company achieved a cash dividend of 380 million yuan in 2024, with a dividend payout ratio of 81.2%, resulting in a rolling dividend yield of 5.4% based on the closing price on March 24, 2025 [2] - The new management team, led by Chairwoman Jiang Lei, is expected to drive innovation and market expansion, enhancing the company's growth trajectory [3] Revenue and Profitability - In Q4 2024, Yongxin Co., Ltd. achieved a revenue of 986 million yuan, a year-on-year increase of 9.6%, and a net profit of 163 million yuan, up 41.7% year-on-year [1] - The printing segment generated 2.477 billion yuan in revenue for 2024, with a gross margin of 26.3%, while the film segment saw a revenue increase of 37.9% to 724 million yuan, with a gross margin of 10.3% [2] - The overseas market contributed 452 million yuan in revenue, reflecting an 18.8% year-on-year growth, with a gross margin of 23.8% [3] Management Changes - The management team has undergone significant changes, with Jiang Lei taking over as Chairwoman and Pan Jian appointed as the new General Manager, both bringing extensive experience to the company [3] Financial Forecast - The forecast for net profit attributable to shareholders is projected to be 510 million yuan in 2025, 550 million yuan in 2026, and 601 million yuan in 2027, with corresponding P/E ratios of 13.9X, 12.7X, and 11.7X respectively [4][5]