Market Overview - As of 13:59 today, the Shanghai Composite Index is at 3372.33 points, with a slight decline of -0.23% [1] - The total trading volume of A-shares today is 838.849 billion yuan [1] Stocks Breaking Annual Line - A total of 68 A-shares have surpassed their annual line today, with notable stocks including: - Puris (乖离率 6.48%) - Aisen Co., Ltd. (乖离率 5.81%) - Fosa Technology (乖离率 4.02%) [1] Stocks with Significant Deviation - The stocks with the largest deviation from the annual line include: - Puris: Today's price increased by 7.19% to 30.70 yuan - Aisen Co., Ltd.: Today's price increased by 7.47% to 42.00 yuan - Fosa Technology: Today's price increased by 4.30% to 32.71 yuan [1] Additional Stocks with Positive Performance - Other stocks showing positive performance and their respective deviations include: - Yao Stone Technology: 3.77% increase, 3.51% deviation - Fuling Power: 6.24% increase, 3.42% deviation - Yingjie Electric: 5.37% increase, 3.38% deviation [1] Summary of Stocks with Minor Deviations - Stocks with minor deviations from the annual line include: - Huayang Intelligent: 4.58% increase, 2.48% deviation - Boying Special Welding: 2.32% increase, 2.06% deviation - Stone Technology: 2.02% increase, 1.96% deviation [1]

Investment Rating - The report maintains a "Recommended" rating for the chemical industry [1]. Core Insights - The report highlights the potential revaluation of phosphate rock value due to ongoing supply-demand tensions, with increasing demand for phosphate fertilizers and lithium iron phosphate batteries [6][4]. - The chemical industry is expected to enter a restocking cycle in 2025, driven by low inventory levels and improving profitability among leading chemical companies [5][27]. - The report emphasizes the expansion of phosphate production capacity by Batian Co., which is set to increase its phosphate rock extraction capacity to 2 million tons per year [4][6]. Summary by Sections Core Target Tracking - The report tracks key companies in the chemical sector, including Batian Co., which is expanding its phosphate production capacity significantly [4][6]. - It also notes the performance of various chemical products, with a focus on price increases for butadiene and polyester filament due to favorable market conditions [10][14]. Market Observation - The chemical sector has shown a relative performance of 6.7% over the past month, outperforming the CSI 300 index [2]. - The report indicates that the chemical industry is experiencing a recovery phase, with several companies poised for growth due to favorable market dynamics [5][27]. Data Tracking - The report provides detailed tracking of price movements for key chemical products, including butadiene, polyester filament, and various fertilizers, indicating a general upward trend in prices [10][12][17]. - It also highlights the current chemical industry sentiment index at 93.10, reflecting a positive outlook for the sector [6][33]. Investment Recommendations - The report suggests focusing on companies with low-cost expansion capabilities, such as Wanhua Chemical and various tire manufacturers, as well as those benefiting from rising product prices [5][7]. - It emphasizes the importance of high dividend yield companies in the chemical sector, particularly state-owned enterprises with stable financials [8][29].

Core Viewpoint - Zhejiang Shuangjian Rubber Co., Ltd. has announced its 2024 annual equity distribution plan, which includes a cash dividend of RMB 2.00 per 10 shares, to be implemented on May 16, 2025, with a record date of May 15, 2025 [1][5][18]. Summary by Sections Equity Distribution Plan - The equity distribution plan was approved at the 2024 annual shareholders' meeting held on April 25, 2025 [1][3]. - The plan specifies a cash dividend of RMB 2.00 per 10 shares (before tax), with undistributed profits carried forward to the next year; no bonus shares or capital reserves will be converted into shares [1][5][18]. - For overseas institutions and certain individual shareholders, the cash dividend will be RMB 1.80 per 10 shares after tax [5]. Record and Ex-Dividend Dates - The record date for the equity distribution is set for May 15, 2025, and the ex-dividend date is May 16, 2025 [5][6]. Adjustment of Convertible Bond Conversion Price - Following the equity distribution, the conversion price of the company's convertible bonds ("Shuangjian Convertible Bonds") will be adjusted from RMB 7.26 per share to RMB 7.06 per share, effective from May 16, 2025 [9][19]. - The adjustment is calculated based on the cash dividend distributed, using the formula P1 = P0 - D, where P0 is the original conversion price and D is the cash dividend per share [18]. Distribution Method - The cash dividends will be directly credited to the shareholders' accounts through their custodial securities companies on the ex-dividend date [8]. Consultation Information - For inquiries, shareholders can contact the Securities and Investment Department of Zhejiang Shuangjian Rubber Co., Ltd. [10].

| 证券代码：002381 | 证券简称：双箭股份 | 公告编号：2025-021 | | --- | --- | --- | | 债券代码：127054 | 债券简称：双箭转债 | | 浙江双箭橡胶股份有限公司 2024 年年度权益分派实施公告 一、股东大会审议通过权益分配方案等情况 1、公司2024年年度权益分派方案的具体内容为：以未来实施分配方案时股 权登记日的总股本为基数，按每10股派发现金股利人民币2.00元（含税），剩余 未分配利润结转至下一年度；不送红股，不以公积金转增股本。 2、如在利润分配方案公告后至实施前，出现可转债转股、股份回购、股权 激励行权等使公司总股本发生变动的，公司按照分配比例不变的原则，相应调整 实际分配总金额。 3、本次实施的分配方案与公司2024年年度股东大会审议通过的分配方案及 其调整原则是一致的。 4、本次实施分配方案距离公司股东大会通过该方案的时间未超过两个月。 二、权益分派方案 本公司2024年年度权益分派方案为：以公司未来实施分配方案时股权登记日 的总股本为基数，向全体股东每10股派2.000000元人民币现金（含税；扣税后， 境外机构（含QFII、RQFII）以 ...

特别提示： 1、本次调整前"双箭转债"转股价格为：7.26元/股 2、本次调整后"双箭转债"转股价格为：7.06元/股 3、本次转股价格调整生效日期：2025年5月16日 一、关于"双箭转债"转股价格调整的相关规定 | 证券代码：002381 | 证券简称：双箭股份 | 公告编号：2025-022 | | --- | --- | --- | | 债券代码：127054 | 债券简称：双箭转债 | | 浙江双箭橡胶股份有限公司 关于可转换公司债券转股价格调整的公告 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。 二、前期"双箭转债"转股价格调整情况 经中国证券监督管理委员会（以下简称"中国证监会"）《关于核准浙江双 箭橡胶股份有限公司公开发行可转换公司债券的批复》（证监许可〔2021〕3594 号）核准，浙江双箭橡胶股份有限公司（以下简称"公司"）于2022年2月11日 公开发行了513.64万张可转换公司债券（债券代码：127054，债券简称"双箭转 债"），根据《浙江双箭橡胶股份有限公司公开发行可转换公司债券募集说明书》 及中国证监会关于可转换公司债券发行的 ...

研究报告 Research Report 6 May 2025 双箭股份 Zhejiang Double Arrow Rubber (002381 CH) 扣非后净利润同比下降 37.70%，在建项目进展顺利 Recurring Net Profit -37.70% YOY, Projects under Construction are Progressing Well [Table_yemei 观点聚焦 1] Investment Focus [Table_Info] 维持优于大市 Maintain OUTPERFORM 评级 优于大市 OUTPERFORM 现价 Rmb6.39 目标价 Rmb7.84 HTI ESG 4.0-4.0-4.5 E-S-G: 0-5, (Please refer to the Appendix for ESG comments) 市值 Rmb2.06bn / US$0.28bn 日交易额 (3 个月均值) US$6.72mn 发行股票数目 322.03mn 自由流通股 (%) - 1 年股价最高最低值 Rmb8.05-Rmb5.95 注：现价 Rmb6.39 为 2025 ...

Investment Rating - The report maintains an "Outperform" rating for the company [2][10]. Core Views - The company's recurring net profit declined by 37.70% year-on-year in FY2024, with operating income of RMB 2.713 billion, up 4.64% year-on-year [6][10]. - The decline in profit is attributed to increased rubber prices and significant depreciation and amortization from newly launched projects [6][10]. - The company plans to distribute a cash dividend of approximately RMB 82.32 million, accounting for 53.60% of the net profit attributable to the parent company [7][10]. - The company is actively expanding its international market presence, with overseas revenue reaching RMB 539 million, a year-on-year increase of 19.81% [8][10]. - Ongoing projects are progressing well, with future conveyor belt production capacity expected to reach 150 million square meters [9][10]. - Profit forecasts have been adjusted downward, with expected net profits of RMB 231 million, RMB 336 million, and RMB 410 million for 2025-2027, respectively [10]. Financial Summary - For FY2024, the company reported a revenue of RMB 2.713 billion and a net profit of RMB 154 million [6][10]. - The projected revenue for 2025 is RMB 3.218 billion, with a corresponding net profit of RMB 231 million [5][10]. - The company’s gross profit margin is expected to improve from 17.6% in 2024 to 19.6% by 2027 [5][10]. - The company’s return on equity (ROE) is projected to increase from 7.1% in 2024 to 14.6% by 2027 [5][10].

Financial Performance - The company's revenue for Q1 2025 was ¥613,964,909.67, representing a 12.84% increase compared to ¥544,121,680.01 in the same period last year[4] - Net profit attributable to shareholders decreased by 47.91% to ¥25,807,780.87 from ¥49,545,155.71 year-on-year[4] - Basic earnings per share dropped by 50.00% to ¥0.06 from ¥0.12 in the same period last year[4] - The company reported a total comprehensive income of ¥24,453,687.01, down 50.1% from ¥49,051,675.58 in the previous period[21] Cash Flow and Operating Activities - The net cash flow from operating activities was negative at -¥82,766,461.29, a significant decline of 2,961.69% compared to -¥2,703,289.99 in the previous year[4] - The company generated ¥530,476,121.32 in cash inflows from operating activities, slightly down from ¥536,945,304.31 in the previous period[22] - Cash and cash equivalents at the end of the period totaled ¥312,368,993.78, down from ¥625,412,655.35 at the end of the previous period[23] Assets and Liabilities - Total assets at the end of the reporting period were ¥3,794,689,508.14, a slight decrease of 0.05% from ¥3,796,474,341.56 at the end of the previous year[4] - The total liabilities of the company were CNY 1,584,579,707.63, down from CNY 1,610,818,228.06, showing a decrease of approximately 1.6%[18] - The company's equity increased to CNY 2,210,109,800.51, up from CNY 2,185,656,113.50, reflecting a growth of about 1.1%[18] Investment and Income - Investment income decreased by 311.09% year-on-year, attributed to reduced gains from forward foreign exchange settlements and investments in Anhui Huaye Special Materials Co., Ltd.[8] - The company reported a 701.77% increase in fair value gains compared to the same period last year, primarily due to exchange rate fluctuations affecting the value of unfulfilled forward foreign exchange contracts[9] Costs and Expenses - Total operating costs increased to ¥581,739,120.90, up 16.9% from ¥497,024,622.28 in the previous period[20] - Research and development expenses increased to ¥19,303,703.51, up 23.8% from ¥15,587,685.83 in the previous period[20] - The company experienced a 39.65% increase in taxes and surcharges, mainly due to higher property taxes[8] Shareholder Information - The company has a total of 20.92% shares held by its largest shareholder, Shen Gengliang, with a total of 86,110,293 shares[14] - The company’s total equity attributable to shareholders increased by 1.19% to ¥2,199,695,908.80 from ¥2,173,816,825.93 at the end of the previous year[4] Market Strategy - The company is actively exploring market expansion opportunities and new product development strategies to enhance its competitive position[16] Other Information - The first quarter report is unaudited[24] - The new accounting standards will be implemented starting in 2025[24]

北京市天元律师事务所 关于浙江双箭橡胶股份有限公司 2024 年年度股东大会的法律意见 京天股字（2025）第 148 号 致：浙江双箭橡胶股份有限公司 浙江双箭橡胶股份有限公司（以下简称"公司"）2024 年年度股东大会（以下简 称"本次股东大会"）采取现场表决与网络投票相结合的方式召开，现场会议于 2025 年 4 月 25 日（星期五）下午 14:00 在桐乡市洲泉镇永安北路 1538 号公司行政楼四 楼会议室召开。北京市天元律师事务所（以下简称"本所"）接受公司聘任，指派本 所律师参加本次股东大会现场会议，并根据《中华人民共和国公司法》《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》"）以及《浙江双箭橡胶股份有限公司章程》（以下简称"《公司章程》"） 等有关规定，就本次股东大会的召集、召开程序、出席现场会议人员的资格、召集 人资格、会议表决程序及表决结果等事项出具本法律意见。 为出具本法律意见，本所律师审查了《浙江双箭橡胶股份有限公司第八届董事 会第十三次会议决议公告》《浙江双箭橡胶股份有限公司第八届监事会第十二次会 议决议公告》《浙江双箭橡胶股 ...

浙江双箭橡胶股份有限公司 | 证券代码：002381 | 证券简称：双箭股份 | 公告编号：2025-019 | | --- | --- | --- | | 债券代码：127054 | 债券简称：双箭转债 | | 本公司及董事会全体成员保证信息披露内容的真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 特别提示： 2024年年度股东大会决议公告 1、本次股东大会未出现否决提案的情形； 2、本次股东大会没有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、召开时间： （2）网络投票时间：通过深圳证券交易所交易系统进行网络投票的时间为 2025年4月25日9:15－9:25，9:30－11:30和13:00－15:00；通过深圳证券交易所 互联网投票系统进行网络投票的具体时间为2025年4月25日9:15-15:00期间的任 意时间。 2、现场会议地点：桐乡市洲泉镇永安北路1538号公司行政楼四楼会议室。 3、会议召开方式：本次股东大会采取现场投票和网络投票相结合的方式召 开。公司通过深圳证券交易所交易系统和互联网投票系统向全体股东提供网络形 式的投票平台。 4、会议召集 ...