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、项目基本情况 （一）BOPA 薄膜募集资金投资项目基本情况 沧州明珠塑料股份有限公司（以下简称"公司"）分别于 2021 年 6 月 29 日召开第七届董事会第十次（临时）会议、2021 年 7 月 15 日召开 2021 年第一 次临时股东大会审议通过了《关于投资建设"年产 38,000 吨高阻隔尼龙薄膜项 目"的议案》，具体情况详见公司于 2021 年 6 月 30 日在《证券时报》《中国证 券报》《证券日报》《上海证券报》和巨潮资讯网（http://www.cninfo.com.cn） 披露的《关于投资建设"年产 38,000 吨高阻隔尼龙薄膜项目"的公告》（公告 编号：2021-029）。 公司分别于 2021 年 10 月 21 日召开第七届董事会第十五次（临时）会议、 2021 年 11 月 8 日召开 2021 年第三次临时股东大会审议通过了关于公司非公开 发行股票相关事项，同意公司募集资金在沧州建设"年产 38,000 吨高阻隔尼龙 薄膜项目"。具体情况详见公司于 2021 年 10 月 22 ...

Market Overview - The plastic sector experienced a decline of 0.81% on November 3, with Stik leading the drop [1] - The Shanghai Composite Index closed at 3976.52, up 0.55%, while the Shenzhen Component Index closed at 13404.06, up 0.19% [1] Stock Performance - Notable gainers in the plastic sector included: - Foshan Plastics Technology (code: 000973) with a closing price of 8.57, up 10.01% and a trading volume of 884,100 shares, totaling 728 million yuan [1] - Anli Co., Ltd. (code: 300218) closed at 18.20, up 7.18% with a trading volume of 232,600 shares, totaling 418 million yuan [1] - Hangzhou High-tech (code: 300478) closed at 27.83, up 5.18% with a trading volume of 152,400 shares, totaling 419 million yuan [1] - Conversely, Stik (code: 300806) led the declines with a closing price of 25.10, down 7.07% and a trading volume of 274,200 shares, totaling 680 million yuan [2] Capital Flow - The plastic sector saw a net outflow of 271 million yuan from institutional investors, while retail investors contributed a net inflow of 52.25 million yuan [2] - The detailed capital flow for selected stocks showed: - Foshan Plastics Technology had a net inflow of 1.21 billion yuan from institutional investors, but a net outflow of 73.93 million yuan from retail investors [3] - Anli Co., Ltd. experienced a net inflow of 31.79 million yuan from institutional investors, but a net outflow of 52.67 million yuan from retail investors [3] - National Grace (code: 002768) had a net inflow of 19.62 million yuan from institutional investors, with a net outflow of 25.55 million yuan from retail investors [3]

Market Overview - The plastic sector increased by 0.56% on October 29, with Dongcai Technology leading the gains [1] - The Shanghai Composite Index closed at 4016.33, up 0.7%, while the Shenzhen Component Index closed at 13691.38, up 1.95% [1] Top Gainers in Plastic Sector - Dongcai Technology (601208) closed at 21.48, up 5.92% with a trading volume of 1.18 million shares and a transaction value of 253.7 million yuan [1] - Hechang Polymer (920089) closed at 19.57, up 4.32% with a trading volume of 55,100 shares and a transaction value of 106 million yuan [1] - Meilian New Materials (300586) closed at 11.30, up 3.86% with a trading volume of 471,100 shares and a transaction value of 54 million yuan [1] Top Losers in Plastic Sector - Qide New Materials (300995) closed at 44.02, down 6.08% with a trading volume of 36,900 shares and a transaction value of 163 million yuan [2] - Yongli Co. (300230) closed at 5.15, down 3.20% with a trading volume of 385,100 shares and a transaction value of 198 million yuan [2] - Weisaibo (688718) closed at 14.37, down 2.84% with a trading volume of 27,600 shares and a transaction value of 39.99 million yuan [2] Capital Flow Analysis - The plastic sector experienced a net outflow of 311 million yuan from institutional investors, while retail investors saw a net inflow of 126 million yuan [2] - The top stocks with significant net inflows from retail investors include Yongli Co. with 24.64 million yuan and Hechang Polymer with 490,210 yuan [3] - Major stocks with net outflows from institutional investors include Stik (300806) with 71.76 million yuan and Wankai New Materials (301216) with 50.07 million yuan [3]

Core Viewpoint - Cangzhou Mingzhu's stock price has shown a significant increase this year, with a year-to-date rise of 27.22%, indicating strong market performance and investor interest [1][2]. Financial Performance - For the period from January to September 2025, Cangzhou Mingzhu achieved a revenue of 2.078 billion yuan, representing a year-on-year growth of 5.90% [2]. - The net profit attributable to the parent company for the same period was 140 million yuan, reflecting a slight increase of 0.99% year-on-year [2]. Stock Market Activity - As of October 29, Cangzhou Mingzhu's stock was trading at 4.44 yuan per share, with a trading volume of 310 million yuan and a turnover rate of 4.28% [1]. - The company has seen a net outflow of main funds amounting to 36.14 million yuan, with significant selling pressure observed [1]. Shareholder Information - As of September 30, 2025, the number of shareholders for Cangzhou Mingzhu was 83,800, a decrease of 20.98% from the previous period [2]. - The average number of circulating shares per shareholder increased by 26.55% to 19,680 shares [2]. Dividend Distribution - Cangzhou Mingzhu has distributed a total of 1.62 billion yuan in dividends since its A-share listing, with 501 million yuan distributed over the past three years [3]. Institutional Holdings - As of September 30, 2025, Hong Kong Central Clearing Limited was the fourth largest circulating shareholder, holding 24.67 million shares, an increase of 12.83 million shares from the previous period [3].

Core Insights - Cangzhou Mingzhu (002108.SZ) reported its Q3 2025 results, revealing that as of October 27, 2025, six institutional investors held a total of 474 million shares, accounting for 28.49% of the company's total share capital [1] - The proportion of shares held by institutional investors decreased by 0.61 percentage points compared to the previous quarter [1] Institutional Holdings - The institutional investors include Hebei Cangzhou Dongsu Group Co., Ltd., Hangzhou Zhongda Junyue Investment Co., Ltd. - Junyue Rixin No. 17 Private Securities Investment Fund, Ju Hong (Hong Kong) Co., Ltd., Hong Kong Central Clearing Limited, Shaanxi International Trust Co., Ltd. - Shan Guotou · Jinyu No. 185 Securities Investment Collective Fund Trust Plan, and UBS AG [1] - The total institutional holding percentage is 28.49% [1] Public Fund and Foreign Investment - In the current period, 24 public funds were disclosed, including Nord Quantitative Core A, Southern CSI 2000 ETF, GF National Certificate 2000 ETF, Huaxia CSI 2000 ETF, and Huashang Quantitative Progress Mixed Fund [1] - One foreign fund, Hong Kong Central Clearing Limited, increased its holdings by 0.77%, while another foreign fund, Ju Hong (Hong Kong) Co., Ltd., reduced its holdings by 0.66% [1] - A new foreign institution, UBS AG, was disclosed in this period [1]

Core Viewpoint - The company has released its third-quarter financial report for 2025, highlighting significant changes in various financial metrics and the overall financial health of the organization [3][11]. Financial Data Summary - The company reported a decrease in accounts receivable notes by 38,682,583.47 yuan, a decline of 32.12%, primarily due to a reduction in low credit-rated acceptance bills [5]. - Accounts receivable financing increased by 73,041,077.39 yuan, an increase of 86.09%, attributed to a rise in high credit-rated bank acceptance bills [5]. - Prepayments rose by 41,621,961.89 yuan, an increase of 122.28%, due to higher prepayments for raw materials [5]. - Contract assets decreased by 16,033,551.70 yuan, a decline of 36.45%, mainly due to a reduction in warranty deposits [5]. - Assets held for sale decreased by 6,372,111.06 yuan, a complete reduction of 100%, as related assets in Zhangzhuangzi Industrial Park were sold [5]. - Construction in progress increased by 404,707,969.39 yuan, an increase of 36.70%, due to significant investment during the construction phase [5]. - Short-term borrowings increased by 179,968,869.59 yuan, a rise of 39.10%, due to increased short-term bank loans [6]. - Long-term borrowings increased by 519,575,309.10 yuan, an increase of 63.82%, attributed to new long-term bank loans [7]. - The company reported a net loss attributable to the parent company of 137,231,165.21 yuan, a decrease of 421.74%, primarily due to negative other comprehensive income from Cangzhou Bank [8]. Cash Flow Summary - Cash received from operating activities increased by 34,714,099.54 yuan, an increase of 168.25%, mainly due to substantial government subsidies received [9]. - Cash received from investment income increased by 26,183,200.87 yuan, a significant increase of 2,237.46%, due to dividends from Cangzhou Bank [9]. - Cash paid for the acquisition of fixed assets increased by 453,804,008.13 yuan, an increase of 172.64%, due to higher project payments [9]. - Cash received from borrowings increased by 419,754,415.48 yuan, a rise of 47.72%, reflecting increased bank loans [9]. Shareholder Information - The total number of ordinary shareholders and the top ten shareholders' holdings are reported based on the total share capital of 1,665,394,648 shares as of September 30, 2025 [12].

Core Viewpoint - Cangzhou Mingzhu reported a year-on-year increase in revenue and net profit for the first three quarters of 2025, indicating stable growth in its financial performance [1]. Financial Performance - Revenue for the first three quarters of 2025 was approximately 2.078 billion yuan, representing a year-on-year increase of 5.9% [1]. - The net profit attributable to shareholders was around 140 million yuan, showing a year-on-year increase of 0.99% [1]. - Basic earnings per share were 0.0848 yuan, reflecting a year-on-year increase of 2.05% [1]. Market Capitalization - As of the report, Cangzhou Mingzhu's market capitalization stood at 6.9 billion yuan [2].

Financial Performance - The company's revenue for Q3 2025 reached ¥758,733,958.76, an increase of 4.24% compared to the same period last year[5] - Net profit attributable to shareholders was ¥56,960,869.55, reflecting a growth of 13.54% year-over-year[5] - The net profit after deducting non-recurring gains and losses was ¥58,983,551.91, up 37.47% from the previous year[5] - Total operating revenue for the current period reached ¥2,078,195,607.99, an increase of 5.9% compared to ¥1,962,414,906.17 in the previous period[20] - Net profit for the current period was ¥139,767,564.29, slightly up from ¥138,401,451.50, indicating a growth of 1.0%[21] Assets and Liabilities - Total assets at the end of the reporting period amounted to ¥8,314,925,202.18, representing a 9.89% increase from the end of the previous year[5] - The company's total assets increased to ¥8,314,925,202.18 from ¥7,566,853,313.92, reflecting a growth of approximately 9.85%[17] - Current assets totaled ¥2,493,394,123.74, up from ¥2,326,588,917.26, indicating an increase of about 7.15%[17] - The total liabilities increased to ¥3,294,841,006.73 from ¥2,416,542,805.81, representing a significant rise of 36.3%[19] - The total equity attributable to shareholders decreased to ¥5,020,084,195.45 from ¥5,150,310,508.11, a decline of 2.5%[19] Cash Flow - The company's cash flow from operating activities showed a net outflow of ¥89,302,910.75, a decrease of 29.89% compared to the previous year[5] - Cash inflow from operating activities was ¥1,786,856,978.36, compared to ¥1,710,232,262.56 in the previous period, marking an increase of 4.5%[23] - Cash flow from operating activities showed a net outflow of -$89.30 million, an improvement from -$127.38 million in the previous period, indicating a reduction in cash burn[24] - The company reported a total cash outflow from operating activities of $1.88 billion, slightly up from $1.84 billion, suggesting stable operational cash flow management[24] Borrowings and Financing - Short-term borrowings increased by 39.10%, reaching ¥179,968,869.59, due to an increase in bank loans[9] - Long-term borrowings rose to ¥1,333,751,409.10 from ¥814,176,100.00, indicating an increase of 63.7%[19] - Net cash flow from financing activities was $610.73 million, a notable increase from $213.76 million, primarily due to higher borrowings of $1.30 billion compared to $879.70 million previously[24] Shareholder Information - Total number of common stock shareholders at the end of the reporting period is 83,755[14] - The largest shareholder, Hebei Cangzhou Dongsu Group Co., Ltd., holds 18.85% of shares, totaling 313,912,903 shares[14] Expenses and Costs - Total operating costs amounted to ¥1,988,316,792.12, up from ¥1,900,250,578.33, reflecting a year-over-year increase of 4.6%[20] - Research and development expenses were ¥29,954,159.92, up from ¥28,194,031.02, reflecting a growth of 6.2%[21] - The company experienced a 214.45% increase in income tax expenses, amounting to an increase of ¥12,030,311.61 compared to the previous year[11] Other Financial Metrics - The weighted average return on equity was 1.13%, an increase of 0.14% year-over-year[5] - The basic earnings per share for the current period was ¥0.0848, compared to ¥0.0831 in the previous period, an increase of 2.0%[22] - The company reported a significant decrease in other comprehensive income, with a net amount of -¥104,692,167.96 compared to ¥32,538,997.25 in the previous period[22] Operational Insights - The company reported a significant increase in prepayments, which rose by 122.28% to ¥41,621,961.89 compared to the beginning of the period[8] - The company has not disclosed any new product developments or market expansion strategies in the current report[16] - Cash received from government subsidies increased by 168.25%, totaling an increase of ¥34,714,099.54 compared to the previous year[12] Capital Expenditures - Cash outflow for capital expenditures reached $716.67 million, compared to $262.86 million in the prior period, reflecting a substantial increase in investment in fixed assets[24] Future Outlook - The company plans to implement new accounting standards starting in 2025, which may impact future financial reporting and performance metrics[26]

Core Viewpoint - The company, Cangzhou Mingzhu, specializes in PE plastic pipe products that are essential for infrastructure, particularly in the construction of underground pipelines for gas and water supply [1] Group 1: Company Overview - Cangzhou Mingzhu's PE plastic pipe products are categorized as infrastructure products [1] - The primary downstream customers for the company are gas operators and water utility companies [1]

Core Viewpoint - The company, Cangzhou Mingzhu, confirmed that its PE plastic pipeline products are primarily used for infrastructure, specifically in underground networks for gas and water supply [2] Group 1: Company Information - Cangzhou Mingzhu's PE plastic pipelines are categorized as infrastructure products [2] - The primary applications of these pipelines include gas and water supply systems [2] - The main customers for the company's products are gas operators and water utility companies [2]