证券代码：002068 证券简称：黑猫股份 公告编号：2025-025 江西黑猫炭黑股份有限公司 2024年度股东大会决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或者重大遗漏。 特别提示 1、本次股东大会没有出现否决议案的情形。 2、本次股东大会不涉及变更以往股东大会已通过的决议。 一、会议召开和出席情况 （一）会议召开情况 1、会议召开时间： （1）现场会议时间：2025年05月19日（星期一）下午2:00； （2）网络投票时间：通过深圳证券交易所交易系统进行投票的时间为2025 年05月19日9:15—9:25,9:30—11:30和13:00—15:00；通过深圳证券交易所互联网 投票系统投票的时间为2025年05月19日9:15-15:00期间的任意时间。 2、现场会议召开的地点：江西省景德镇市昌南大道紫晶路9号紫晶宾馆会议 室。 3、会议的召开方式：本次会议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：公司董事李毅先生 证券代码：002068 证券简称：黑猫股份 公告编号：2025-025 其中：通过现场投票的股东 ...

Group 1 - The company held an online performance briefing for the 2024 fiscal year on May 16, 2025, focusing on performance, new product development, and market conditions [1] - In Q1 2025, the company reported a loss of 0.048 yuan per share, while competitors like Yongdong Co. and Longxing Technology achieved profitability, attributing the loss to raw material price fluctuations and a lag in product pricing adjustments [1] - The company's inventory increased by 212 million yuan and accounts receivable rose by 73.62 million yuan in Q1 2025, primarily due to a production and sales rate below 100%, leading to higher product stock [1] Group 2 - The first phase of the carbon nanotube powder project has been completed, with products mainly sold to lithium battery companies and conductive paste manufacturers, and the company is actively pursuing customer collaborations amid industry supply-demand changes [2] - The company has maintained close cooperation with leading domestic enterprises in the tire sector, including joint development of new products [2] - The company is advancing new product research and industrialization despite performance pressures, indicating a positive future development outlook [2]

Group 1: Financial Performance - In Q1 2025, the company reported a loss of 0.048 CNY per share, while competitors Yongdong and Longxing achieved profitability [2] - The increase in inventory was 212 million CNY, and accounts receivable rose by 73.62 million CNY, raising concerns about potential impairment risks [2] - The primary reason for the Q1 loss was fluctuations in raw material prices and a lag in adjusting product pricing mechanisms, which pressured profit margins [2] Group 2: Product Development and Sales - The sales revenue from conductive carbon black products was not separately disclosed for 2024, as it constituted a small portion of total sales [2] - The current production capacity for superconductive carbon black is 30,000 tons, with 4-6 product types available and several more in development [3] - Major customers for conductive carbon black include well-known domestic lithium battery companies, although specific names cannot be disclosed [3] Group 3: Market and Competitive Landscape - The company has not exported products to the U.S., thus the impact of the U.S.-China trade war on sales is minimal [3] - Compared to competitors, the company has a larger production capacity for carbon black, which affects sales flexibility and cost structure [3] - There is a growing trend of domestic substitutes for imported specialty carbon black products due to advancements in domestic technology [4] Group 4: Operational Strategies - The company is implementing cost reduction and efficiency improvement measures through supply chain collaboration, technological innovation, and product upgrades [4] - The average gross margin for conductive carbon black products is not disclosed, but the company acknowledges that current margins are low [4] - The company is actively pursuing various applications for its superconductive carbon black, including potential uses in robotics [4]

为进一步加强与投资者的互动交流，江西黑猫炭黑股份有限公司（以下简称"公司"） 将参加由江西省上市公司协会举办的"2025年江西辖区上市公司投资者网上集体接待日活 动"，现将相关事项公告如下： 本次活动将采用网络远程的方式举行，投资者可登录"全景路演"网站（http://rs.p5w.net/）， 或关注微信公众号：全景财经，或下载全景路演APP，参与本次互动交流，活动时间为2025 年05月21日（周三）15:30-17:00。届时公司董事兼总经理李毅先生、董事兼财务总监汪晓芳 女士、董事会秘书张志景先生将在线就公司2024年度业绩、公司治理、发展战略、经营状况、 融资计划、股权激励和可持续发展等投资者关心的问题，与投资者进行沟通与交流，欢迎广 大投资者踊跃参与！ 证券代码：002068 证券简称：黑猫股份 公告编号：2025-024 二〇二五年五月十日 江西黑猫炭黑股份有限公司 关于参加江西辖区上市公司 2025 年投资者 网上集体接待日活动的公告 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。 特此公告！ 江西黑猫炭黑股份有限公司 ...

江西黑猫炭黑股份有限公司（以下简称"公司"）已于 2025 年 04 月 25 日在巨潮资讯 网披露了《2024 年年度报告》。为便于广大投资者更加全面深入地了解公司经营业绩、发 展战略等情况，公司定于 2025 年 05 月 16 日（星期五）15:00-17:00 在"价值在线" （http://www.ir-online.cn）举办 2024 年度网上业绩说明会，与投资者进行沟通和交流，广泛 听取投资者的意见和建议。公司现向投资者提前征集 2024 年度业绩说明会相关问题，提问 通道自发出公告之日起开放。 本次网上业绩说明会将采用网络远程的方式举行，出席说明会的人员为公司董事兼总经 理李毅先生、董事兼财务总监汪晓芳女士、独立董事骆剑明先生、董事会秘书张志景先生。 投资者可通过以下两种方式，依据相关提示进行提问。 证券代码：002068 证券简称：黑猫股份 公告编号：2025-023 江西黑猫炭黑股份有限公司 关于举办2024年度网上业绩说明会的公告 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。 二〇二五年五月十日 参与方式一：登录网址 https:// ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][6][14] Core Views - The company's Q4 performance exceeded expectations, with a significant year-on-year profit turnaround, driven by the domestic substitution trend for conductive carbon black amid escalating US-China trade tensions [6][8] - The company reported a revenue of 10.132 billion yuan in 2024, a year-on-year increase of 7.20%, and a net profit attributable to shareholders of 25 million yuan, marking a substantial recovery from losses [6][9] - The forecast for net profit for 2025-2027 has been adjusted, with expected profits of 285 million yuan, 375 million yuan, and 492 million yuan respectively, indicating a strong growth trajectory [6][9] Financial Summary - In Q4 2024, the average price of coal tar was 3,575 yuan per ton, down 8.71% quarter-on-quarter, while the average price of carbon black was 7,874 yuan per ton, down 5.68% [7] - The average price difference for carbon black increased significantly to 2,512 yuan per ton in Q4 2024, contributing to the company's better-than-expected net profit [7] - The company has a conductive carbon black production capacity of 20,000 tons, which is expected to benefit from the accelerated domestic substitution trend [8] Financial Projections - Revenue projections for 2025 are set at 10.610 billion yuan, with a year-on-year growth of 4.7% [9] - The projected gross margin for 2025 is 8.4%, with a net margin of 2.8% [9] - The company's earnings per share (EPS) are expected to be 0.39 yuan in 2025, increasing to 0.67 yuan by 2027 [6][9]

Core Insights - Black Cat Co., Ltd. reported a significant decline in financial performance for Q1 2025, with total revenue of 2.18 billion yuan, down 8.58% year-on-year, and a net loss attributable to shareholders of 35.52 million yuan, a decrease of 1046.17% compared to the previous year [1][3] Financial Performance Summary - Total revenue for Q1 2025 was 2.18 billion yuan, a decrease of 8.58% from 2.385 billion yuan in Q1 2024 [1] - Net profit attributable to shareholders for Q1 2025 was -35.52 million yuan, compared to a profit of 3.75 million yuan in Q1 2024, marking a decline of 1046.17% [1] - Gross margin fell to 3.66%, down 24.68% from 4.85% in the previous year [1] - Net margin turned negative at -1.75%, a decrease of 1613.96% from 0.12% in Q1 2024 [1] - Total expenses (selling, administrative, and financial) amounted to 94.12 million yuan, representing 4.32% of revenue, an increase of 22.39% year-on-year [1] - Earnings per share for Q1 2025 was -0.05 yuan, a decline of 1047.06% from 0.01 yuan in Q1 2024 [1] Cash Flow and Debt Analysis - Cash and cash equivalents decreased significantly to 314 million yuan, down 62.61% from 841 million yuan [1] - Accounts receivable remained relatively stable at 1.911 billion yuan, a slight decrease of 0.25% [1] - Interest-bearing liabilities increased to 3.525 billion yuan, up 22.89% from 2.868 billion yuan [1] - The company's cash flow situation is concerning, with cash and cash equivalents representing only 3.93% of total assets and 9.84% of current liabilities [3] Investment and Market Position - The company has a low return on invested capital (ROIC) of 1.83%, indicating weak capital returns [3] - Cumulative financing since its IPO is 1.995 billion yuan, with total dividends of 753 million yuan, resulting in a dividend financing ratio of 0.38 [3] - Analysts project a performance of 270 million yuan for 2025, with an average earnings per share estimate of 0.36 yuan [3] Fund Holdings - The largest fund holding Black Cat Co., Ltd. is Guotai Juxin Value Advantage Mixed A, with 16.6 million shares and a recent increase in holdings [4] - Other funds have also increased their positions, indicating some level of confidence in the company's future despite current financial challenges [4]

证券代码：002068 证券简称：黑猫股份 公告编号：2025-022 江西黑猫炭黑股份有限公司 关于召开2024年度股东大会的通知 2、股东大会的召集人：本次会议由公司董事会召集。 3、会议召开的合法、合规性：经公司第八届董事会第三次会议决议召开， 本次股东大会会议召开符合有关法律、行政法规、部门规章、规范性文件及《公 司章程》的有关规定。 4、会议召开的日期、时间： （1）现场会议时间：2025年05月19日（星期一）下午2:00； （2）网络投票时间：通过深圳证券交易所交易系统进行投票的时间为2025 年05月19日9:15—9:25,9:30—11:30和13:00—15:00；通过深圳证券交易所互联网 投票系统投票的时间为2025年05月19日9:15-15:00期间的任意时间。 5、会议的召开方式： 本次会议采取现场投票和网络投票相结合的方式。公司将通过深交所交易系 统和互联网投票系统（http://wltp.cninfo.com.cn）向全体股东提供网络形式的投 票平台，股东可以在网络投票时间内通过上述系统行使表决权，但同一股东只能 选择现场投票、网络投票或符合规定的其他投票方式中的一种表决方式 ...

3、2024年，公司未有违反深交所《深圳证券交易所上市公司自律监管指引 第1号——主板上市公司规范运作》及公司内部控制制度的情形发生。 江西黑猫炭黑股份有限公司监事会 二〇二五年四月二十五日 根据《深圳证券交易所上市公司自律监管指引第1号——主板上市公司规范 运作》《企业内部控制基本规范》及配套指引等法律法规和规范性文件的规定， 经过对公司内部控制情况的核查，监事会对公司2024年内部控制的评价报告发表 如下意见： 1、报告期内，根据中国证监会、深交所的有关规定，遵循内部控制的基本 原则，按照自身的实际情况，公司健全了覆盖公司各个环节的内部控制制度，公 司业务活动的正常进行，公司资产的安全和完整； 2、公司内部控制组织机构完整，内部审计部门及人员配备齐全到位，公司 内部控制重点活动的执行及监督充分有效； 江西黑猫炭黑股份有限公司监事会 关于内部控制评价报告的审核意见 ...

证券代码：002068 证券简称：黑猫股份 公告编号：2025-012 江西黑猫炭黑股份有限公司 第八届监事会第二次会议决议公告 本公司及监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。 一、监事会会议召开情况 1、会议通知的时间和方式 江西黑猫炭黑股份有限公司（以下简称"公司"）第八届监事会第二次会议通 知于2025年04月12日以电话、短信、专人送达的方式发出。 2、会议召开的时间和方式 会议于2025年04月23日以现场会议方式召开。 3、会议的出席情况及主持人 出席本次会议应到监事3人，实到监事3人，会议由监事会主席游琪女士主持。 4、会议的召集和召开程序符合《公司法》和《公司章程》的有关规定。 本议案需提交公司股东大会审议。 3、审议通过《2024年度财务决算报告》 表决结果：3 票同意，0 票反对，0 票弃权 具体内容详见公司同期在巨潮资讯网披露的相关公告。 二、监事会会议审议情况 1、审议通过《2024年度监事会工作报告》 表决结果：3 票同意，0 票反对，0 票弃权 具体内容详见公司同期在巨潮资讯网披露的相关公告。 本议案需提交公司股东大会审议。 2、审 ...