证券代码：002108 证券简称：沧州明珠 公告编号：2025-029 1 沧州明珠塑料股份有限公司 关于股东减持股份计划期限届满暨实施结果的公告 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。 沧州明珠塑料股份有限公司（以下简称"公司"）于 2025 年 2 月 8 日在《证 券时报》《 中 国 证 券 报 》《 上 海 证 券 报 》《 证 券 日 报 》 及 巨 潮 资 讯 网 （http://www.cninfo.com.cn）披露了《关于股东减持公司股份的预披露公告》 （公告编号：2025-003），股东杭州中大君悦投资有限公司-君悦日新 17 号私募 证券投资基金（以下简称"君悦日新 17 号"） 计划在预披露公告披露之日起十 五个交易日后的三个月内（即 2025 年 3 月 1 日-2025 年 5 月 31 日）以集中竞价 或大宗交易方式合计减持本公司股份不超过 16,646,500 股，占公司剔除回购专 用账户股份后总股本的 1.00%。 2025 年 6 月 3 日，公司收到君悦日新 17 号出具的《减持期限届满暨减持结 果的告知函》，君悦 ...

证券代码：002108 证券简称：沧州明珠 公告编号：2025-028 沧州明珠塑料股份有限公司 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。 特别提示： 根据《公司法》《上市公司股份回购规则》等相关规定，沧州明珠塑料股份 有限公司（以下简称"公司"）通过回购专用证券账户持有的本公司股份740,500 股不享有参与利润分配的权利。因此，本次权益分派以公司股权登记日总股本扣 除回购专用证券账户上已回购股份740,500股后的股本为分配基数。 公司 2024 年年度权益分派方案已获 2025 年 5 月 16 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： 本次分派对象为：截止 2025 年 5 月 26 日下午深圳证券交易所收市后，在中 国证券登记结算有限责任公司深圳分公司（以下简称"中国结算深圳分公司"） 登记在册的本公司全体股东。 五、权益分派方法 一、股东大会审议通过利润分配方案的情况 总股本 1,665,394,648 股剔除回购户持有的 740,500 股后的 1,664,654,148 股为 基数，向可参与分配的股东每 10 ...

证券代码：002108 证券简称：沧州明珠 公告编号：2025-028 沧州明珠塑料股份有限公司 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。 特别提示： 根据《公司法》《上市公司股份回购规则》等相关规定，沧州明珠塑料股份 有限公司（以下简称"公司"）通过回购专用证券账户持有的本公司股份740,500 股不享有参与利润分配的权利。因此，本次权益分派以公司股权登记日总股本扣 除回购专用证券账户上已回购股份740,500股后的股本为分配基数。 公司 2024 年年度权益分派方案已获 2025 年 5 月 16 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： 一、股东大会审议通过利润分配方案的情况 1、公司于 2025 年 5 月 16 日召开的 2024 年度股东大会审议通过了《关于 2024 年度利润分配方案的议案》，公司 2024 年度利润分配方案为：以公司现有 总股本 1,665,394,648 股剔除回购户持有的 740,500 股后的 1,664,654,148 股为 基数，向可参与分配的股东每 ...

北京市东城区建国门内大街 26 号新闻大厦 7 层、8 层 电话：010-88004488/66090088 传真：010-66090016 邮编：100005 北京国枫律师事务所 关于沧州明珠塑料股份有限公司 2024 年度股东大会的 法律意见书 国枫律股字[2025]A0217 号 致：沧州明珠塑料股份有限公司（贵公司） 北京国枫律师事务所（以下简称"本所"）接受贵公司的委托，指派律师出席并见证 贵公司 2024 年度股东大会（以下简称"本次会议"）。 本所律师根据《中华人民共和国公司法》（以下简称"《公司法》"）、《中华人 民共和国证券法》（以下简称"《证券法》"）、《上市公司股东会规则》（以下简称 "《股东会规则》"）、《律师事务所从事证券法律业务管理办法》（以下简称"《证券法律 业务管理办法》"）、《律师事务所证券法律业务执业规则（试行）》（以下简称"《证券法 律业务执业规则》"）等相关法律、行政法规、规章、规范性文件及《沧州明珠塑料股份 有限公司章程》（以下简称"《公司章程》"）的规定，就本次会议的召集与召开程序、召 集人资格、出席会议人员资格、会议表决程序及表决结果等事宜，出具本法律意见书。 对 ...

证券代码：002108 证券简称：沧州明珠 公告编号：2025-027 沧州明珠塑料股份有限公司 1、本次股东大会没有出现否决提案的情形。 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、本次股东大会的召开时间： 现场会议召开时间为：2025 年 5 月 16 日（星期五）14:30 网络投票时间为：2025 年 5 月 16 日。 其中，通过深圳证券交易所交易系统进行网络投票的具体时间为：2025 年 5 月 16 日上午 9:15-9:25，9:30-11:30，下午 13:00-15:00；通过深圳证券交易所 互联网投票系统进行网络投票的具体时间为 2025 年 5 月 16 日上午 9:15 至下午 15:00 的任意时间。 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。 重要提示： 2、现场会议召开地点：公司六楼会议室 3、会议召开方式：本次会议采取现场投票与网络投票相结合的方式 4、会议召集人：公司董事会 5、现场会议主持人：董事长陈宏伟先生 6、本次大会的召集、 ...

Core Viewpoint - The diaphragm is a critical component in power batteries, essential for preventing short circuits and overheating, and the industry is poised for significant growth driven by the global push for carbon neutrality and supportive government policies [1][18]. Industry Overview - The power battery diaphragm is a porous film that separates the positive and negative electrodes in batteries, preventing short circuits and facilitating lithium-ion migration. It is categorized into dry-process and wet-process diaphragms based on production methods [3][4]. - The global lithium battery diaphragm market is expected to see a substantial increase, with China's diaphragm shipment volume projected to grow by 28.60% year-on-year in 2024, reaching 22.75 billion square meters [1][21]. Industry Policies - The Chinese government has implemented various supportive policies to foster the development of the new energy vehicle industry, which in turn boosts the diaphragm sector. Key policies include enhancing battery safety standards and promoting the integration of new energy vehicles with the power grid [5][6]. - Local governments, such as those in Guizhou and Chongqing, have also introduced initiatives to support the diaphragm production and technology advancements [5][7]. Industry Development History - The Chinese diaphragm industry began in the early 2000s, with significant advancements in technology and production capacity occurring after 2010. By 2014, Chinese manufacturers started supplying major automotive companies, marking a shift towards global competitiveness [8][17]. Industry Chain - The diaphragm industry chain includes upstream raw materials like polyethylene and polypropylene, with domestic production increasingly meeting the needs of diaphragm manufacturers. The midstream involves diaphragm production, while the downstream consists of battery manufacturers [10][12]. Market Dynamics - The competition in the diaphragm industry is intensifying, with major players expanding capacity and facing price competition. Key companies include Enjie, Cangzhou Mingzhu, and Xingyuan Materials, with wet-process diaphragms gaining a larger market share [23][25]. Future Trends - The industry is moving towards high-performance materials and technological upgrades, focusing on thinner and higher porosity diaphragms. There is also a trend towards vertical integration and regional industrial clusters to enhance supply chain security [29][30]. - Companies are increasingly looking to expand globally and participate in standard-setting to enhance their competitive edge in international markets [31][32].

Group 1 - The company has new production lines for BOPA and diaphragm products that are gradually ramping up capacity, with total capacity expected to be released progressively [2] - In Q1, the company's revenue increased by 13.63% year-on-year to 579 million yuan, while net profit attributable to shareholders decreased by 19.32% to 48.3 million yuan, primarily due to the high costs associated with new BOPA film and diaphragm capacity not being fully released [2] - The company has a shareholder reduction plan in place, with a commitment to not sell below 3.91 yuan per share, and emphasizes continuous profitability and cash dividends since its listing [2] Group 2 - The company's diaphragm products have entered the supply chains of leading battery manufacturers such as BYD, CATL, and Samsung SDI, and plans to further reduce BOPA film costs through new production lines [3] - The PE pipeline business will focus on urban old pipeline renovation and expansion into non-gas fields, with RTP pipes having achieved small-scale production [3]

Group 1: Financial Performance - The company reported a revenue of 579 million yuan, an increase of 13.63% year-on-year, but the net profit attributable to shareholders was 48.3 million yuan, a decrease of 19.32% [2] - In 2024, the company achieved a net profit of 154.74 million yuan, while in Q1 2025, the net profit was 48.3 million yuan [4] - The company’s revenue growth in 2024 was 4.93%, reaching 2.748 billion yuan [3] Group 2: Production Capacity and Projects - The company has a current production capacity of 66,500 tons for film products, with an additional 38,000 tons from a new BOPA film project that has not yet fully released its capacity [3] - The lithium-ion battery separator project is under construction, with plans for gradual production [4] - The company has 4.9 billion square meters of existing separator capacity, with additional dry and wet separator projects planned [4] Group 3: Market Conditions and Competition - The market for PE gas pipelines has seen a decline in demand due to the economic downturn and real estate market issues, leading to a reduction in sales expectations [5] - The competition in the separator and film markets is intense, with the company maintaining a strong reputation and customer base [6] - The overall industry for separators is experiencing oversupply, although high-end separators are in tight balance [10] Group 4: Strategic Plans and Future Outlook - The company aims to maintain its PE pipeline sales target at 95,000 tons for 2025, with BOPA film sales targeted at 85,600 tons and lithium-ion battery separator sales at 85.08 million square meters [12] - Future growth points include the completion of new projects and effective capacity release [4] - The company plans to enhance brand awareness and market presence through various promotional activities [6] Group 5: Shareholder and Market Confidence - The company has consistently paid dividends since its listing, aiming to enhance shareholder value despite recent stock price declines [10] - There are no current plans for stock buybacks to boost investor confidence [11] - The management acknowledges the need for improved communication and transparency with investors regarding market performance and company strategies [14]

Core Viewpoint - Cangzhou Mingzhu is focused on implementing its annual business plan, enhancing market expansion, and improving its competitive position while maintaining product quality and cost management Group 1: Financial Performance - In 2024, Cangzhou Mingzhu achieved revenue of 2.748 billion yuan, a year-on-year increase of 4.93%, and a net profit of 155 million yuan [1] - The company plans to distribute a cash dividend of 1 yuan per 10 shares, totaling 167 million yuan to shareholders [1] Group 2: Product Performance - Cangzhou Mingzhu's main products include PE pipes, BOPA films, and lithium-ion battery separators, with PE pipes generating revenue of 1.153 billion yuan [1] - The BOPA film segment saw significant growth, contributing 783 million yuan in revenue, a year-on-year increase of 36.94% [2] - Revenue from lithium-ion battery separators reached 643 million yuan, reflecting a year-on-year growth of 10.72% [2] Group 3: Market Expansion and Future Goals - The company is actively expanding its international market presence, acquiring new foreign customers and broadening sales channels [3] - For 2025, Cangzhou Mingzhu has set ambitious sales targets: 95,000 tons for PE pipes, 85,600 tons for BOPA films, and 85.08 million square meters for lithium-ion battery separators [3]

Core Viewpoint - Cangzhou Mingzhu (002108.SZ) reported a revenue increase in 2024 but faced a significant decline in net profit, indicating challenges in profitability despite higher sales [1][6]. Financial Performance Summary - In 2024, the company achieved an operating revenue of 2.748 billion yuan, a year-on-year increase of 4.93%, while the net profit attributable to shareholders was 154.74 million yuan, down 43.23% from the previous year [2][3]. - The net profit excluding non-recurring gains and losses was 97.90 million yuan, reflecting a 52.91% decrease compared to 2023 [2][3]. - The operating cash flow was significantly impacted, with a net cash flow from operating activities of 47.39 million yuan, down 86.24% year-on-year [2][3]. Segment Performance - The revenue breakdown for 2024 showed: - PE pipeline plastic products generated 1.153 billion yuan, a decrease of 8.27% year-on-year, with a gross margin of 15.21% [3][4]. - BOPA film plastic products saw revenue of 783 million yuan, an increase of 36.94%, but with a negative gross margin of -1.64% [3][4]. - Lithium-ion battery separator materials achieved revenue of 643 million yuan, up 10.72%, with a gross margin of 20.55% [3][4]. Profit Distribution and Dividends - For 2024, the company proposed a cash dividend of 1.66 billion yuan, which represents 107.57% of the annual net profit, indicating a commitment to shareholder returns despite declining profits [9][10]. - The company has consistently paid dividends since its listing in 2007, with total cash dividends of 500 million yuan over the past three years [10][12]. Future Plans and Financial Strategies - Cangzhou Mingzhu plans to provide guarantees for its subsidiaries, with a total guarantee amount not exceeding 5 billion yuan, which is 66.08% of the company's total audited assets as of the end of 2024 [13][15]. - The company intends to engage in financial derivatives for hedging purposes to mitigate market risks related to exchange rates and interest rates, with a maximum contract value of 50 million USD [16].