Investment Rating - The report has downgraded the investment rating to "Recommended" with a target price of 7.91 CNY, down from the previous rating [2][3]. Core Views - The company has actively reduced inefficient businesses and returned to positive growth in Q1 2025, with a revenue increase of 12.1% year-on-year [2]. - In 2024, the company reported a revenue of 8.15 billion CNY, a decrease of 16.8% year-on-year, and a net profit attributable to shareholders of 0.77 billion CNY, down 76.8% year-on-year [2]. - The company is focusing on optimizing product categories and enhancing channel strategies, with a notable performance in e-commerce and international expansion [2]. Financial Performance Summary - **2024 Financials**: Total revenue of 8.15 billion CNY, net profit of 0.77 billion CNY, and a diluted EPS of 0.06 CNY [2][8]. - **2025 Projections**: Expected revenue growth of 13.5% to 9.25 billion CNY, with net profit projected to increase significantly to 0.26 billion CNY [2][8]. - **Profitability Metrics**: The gross margin for 2024 was 30.7%, a decrease of 2.4 percentage points year-on-year, while the net profit margin was 0.9% [2][8]. Product and Channel Strategy - The company has seen a decline in revenue from traditional and non-traditional channels, with a focus on high-margin and trending products [2]. - The establishment of an overseas channel department aims to accelerate international business development [2]. Future Outlook - The company is expected to improve its profitability and revenue growth in the coming years, with projected net profits of 0.26 billion CNY in 2025, 0.30 billion CNY in 2026, and 0.33 billion CNY in 2027 [2][8]. - The report emphasizes the company's strong brand power and its strategy to diversify and personalize product offerings [2].

中顺洁柔纸业股份有限公司 关于减少注册资本通知债权人的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 一、通知债权人的原因 中顺洁柔纸业股份有限公司（以下简称"公司"）已于 2025 年 5 月 19 日召 开 2024 年年度股东大会，审议通过《关于减少公司注册资本并修订〈公司章程〉 的议案》，内容详见公司在选定信息披露媒体《证券时报》《证券日报》《中国证 券报》《上海证券报》及巨潮资讯网（http://www.cninfo.com.cn）上披露的《关于 减少公司注册资本并修订〈公司章程〉的公告》（公告编号：2025-19）。 《2022 年股票期权与限制性股票激励计划（草案）》首次及预留授予限制性 股票的部分激励对象因个人原因已离职、首次授予及预留授予限制性股票第二个 解除限售期公司层面业绩考核未达标，公司拟相应回购注销《2022 年股票期权 与限制性股票激励计划（草案）》已授予但尚未解除限售的部分限制性股票共计 617.82 万股。上述限制性股票回购注销完成后，公司注册资本相应减少 617.82 万元，将由 129,255.6013 万元减少至 1 ...

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 关于中顺洁柔纸业股份有限公司 2024 年年度股东大会的 法律意见书 国枫律股字[2025]A0233 号 致：中顺洁柔纸业股份有限公司（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《中顺洁柔纸业股份有限公司 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。 ...

证券代码：002511 证券简称：中顺洁柔 公告编号：2025-28 中顺洁柔纸业股份有限公司 2024 年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、误导性陈述或重大遗漏。 特别提示： 1、本次股东大会无否决提案的情况。 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、会议的召开情况 1、召集人：公司董事会 2、会议的召集、召开符合《中华人民共和国公司法》《中华人民共和国证券 法》《深圳证券交易所股票上市规则》等有关法律、行政法规、部门规章、规范 性文件和《公司章程》的规定。 3、会议召开的日期和时间： 会议召开的日期和时间：2025 年 5 月 19 日（星期一）14:30。 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 5 月 19 日的 交易时间，即 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时间为 2025 年 5 月 19 日 9:15-15:00。 4、会议主持人：本次股东大会由董事长刘鹏先生主持。 5、会议召开方式：本次股东大会采取现场投票及 ...

Core Viewpoint - Zhongshun Jierou, once a leader in the industry, is currently facing dual challenges of declining performance and market position, with a significant drop in revenue and net profit in 2024 compared to previous years [1]. Financial Performance - In 2024, Zhongshun Jierou reported total revenue of 8.151 billion yuan, a year-on-year decrease of 16.84% [1]. - The net profit for the same year was 77.18 million yuan, reflecting a substantial year-on-year decline of 76.8% [1]. - The company's net profit has shown a continuous decline over the past four years, with decreases of 35.85%, 39.77%, and 4.92% from 2021 to 2023 [1]. Market Presence - In major supermarkets in Jinan, such as Yinzuo, Darunfa, and Hualian, Zhongshun Jierou's products have largely disappeared, with competitors like Vinda and Qingfeng taking prominent promotional positions [3]. - Internal sources from a large supermarket indicated that Zhongshun Jierou's products were not selling well, leading to their removal from shelves three years ago [3]. Sales Channels - Currently, Zhongshun Jierou's products are primarily available in small convenience stores and on e-commerce platforms, indicating a shift from larger supermarkets to lower-cost sales channels [6][14]. - This channel shift may reduce brand exposure and market share, further widening the gap with leading brands [14]. Diversification Efforts - The management of Zhongshun Jierou attributed the profit decline to significant fluctuations in raw material prices, which have severely compressed profit margins [14]. - The company has attempted diversification by launching new product lines, including personal care products and laundry capsules, but these efforts have not yielded significant results [14][19]. - The sales of new products like the Dolemi sanitary napkins and Yujirou hand cream have been disappointing, with very low sales figures compared to leading brands [15][19].

Core Viewpoint - The company is facing significant pressure on its performance due to fluctuations in raw material prices, which have severely squeezed profit margins despite a steady expansion in the market for consumer paper products in China [1][3]. Financial Performance - In 2024, the company reported total revenue of 8.151 billion yuan, a year-on-year decrease of 16.84%, and a net profit of 77.18 million yuan, down 76.8% year-on-year [3]. - This marks the fourth consecutive year of declining net profits for the company, with net profits decreasing by 35.85%, 39.77%, and 4.92% in the years 2021 to 2023 respectively [3]. - The impact of raw material price fluctuations has been a significant factor in the company's poor performance, with previous statements indicating that rising raw material costs and increasing market competition have created substantial operational pressures [3][4]. Strategic Initiatives - In response to the cost pressures from raw material price volatility, the company has been attempting diversification through the introduction of new product lines, such as the sanitary napkin brand "Duo Lei Mi" launched in 2019, which is seen as a future growth driver [4]. - The company has also expanded into adult incontinence products and home cleaning products, including laundry pods and liquids, and has ventured into skincare with the launch of a hand cream named "Yue Ji Rou" in September 2024 [4]. - Despite these diversification efforts, the main business of consumer paper products still accounts for over 90% of revenue, with other business lines contributing less than 10% [4]. Competitive Landscape - The company's declining performance is attributed not only to rising raw material costs but also to intensified competition within the consumer paper industry, with competitors like Hengan International and Vinda International impacting market share and sales performance [5].

Industry Overview - The Chinese household paper industry has been steadily expanding, with consumption increasing year by year [2][3] - The industry is experiencing a gradual elimination of outdated production capacity, leading to a rise in market concentration [2][3] - Advanced technologies and equipment are being widely adopted, enhancing product quality and diversifying functionalities [2][3] Company Performance - In 2024, the company achieved a sales revenue of CNY 8.151 billion, but faced pressure on profit margins due to intensified market competition [4] - The overall gross margin decreased year-on-year, resulting in a net profit of CNY 77.18 million attributable to shareholders [4] Future Growth Drivers - The company aims to strengthen brand building and quality assurance, positioning itself as a leading brand in high-end household paper [3][4] - Focus on optimizing product structure, with a strategic emphasis on high-end, high-margin non-traditional products [4] - Plans to diversify into related categories such as personal care, health products, and home cleaning, fostering additional growth avenues [4]

中顺洁柔纸业股份有限公司 关于回购股份的进展公告 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、误导性陈述或重大遗漏。 证券代码：002511 证券简称：中顺洁柔 公告编号：2025-27 （一）公司未在下列期间内回购公司股份 1、自可能对公司证券及其衍生品种交易价格产生重大影响的重大事项发生 之日或者在决策过程中，至依法披露之日内； 2、中国证监会和深圳证券交易所规定的其他情形。 （二）公司以集中竞价交易方式回购股份符合下列要求 中顺洁柔纸业股份有限公司（以下简称"公司"）第六届董事会第八次会议 审议通过了《关于公司回购股份方案的议案》，公司拟使用自有资金以集中竞价 交易方式回购公司部分已发行的人民币普通股（A 股）股票，回购股份将用于后 期实施员工持股计划或股权激励计划的股份来源。本次回购资金总额不低于人民 币 3,000 万元（含），不超过人民币 6,000 万元（含），回购价格不超过人民币 9.77 元/股（含）。按照回购资金总额的上下限及回购价格上限 9.77 元/股（含）计算， 预计回购股份数量约为 3,070,625 股至 6,141,248 股，具体回购股份数量以回 ...

证券代码：002511 证券简称：中顺洁柔 公告编号：2025-26 关于 2022 年股票期权与限制性股票激励计划 授予的部分股票期权注销完成的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 重要内容提示： （一）中顺洁柔纸业股份有限公司（以下简称"公司"）已于 2025 年 4 月 23 日分别召开第六届董事会第九次会议和第六届监事会第七次会议，审议通过 《关于注销 2022 年股票期权与限制性股票激励计划授予的部分股票期权的议 案》，公司 2022 年股票期权与限制性股票激励计划（以下简称"本激励计划"） 授予的部分激励对象因个人原因已离职以及第二个行权期公司层面业绩考核未 达标，根据《上市公司股权激励管理办法》《深圳证券交易所上市公司自律监管 指南第 1 号——业务办理》《2022 年股票期权与限制性股票激励计划（草案）》 等有关规定，公司相应注销本激励计划已授予的部分股票期权共计 4,592,850 份， 其中，注销首次授予的股票期权 4,266,750 份，注销预留授予的股票期权 326,100 份。 中顺洁柔纸业股份有限公司 （二）经中国证 ...

Core Viewpoint - Zhongshun Jierou reported a significant decline in revenue and profit for 2024, indicating challenges in the industry due to intensified competition and internal adjustments [1][2][3] Financial Performance - Total revenue for 2024 decreased by 16.84% to 8.15 billion yuan compared to 9.80 billion yuan in 2023 [2] - Net profit attributable to shareholders fell by 76.80% to 77.18 million yuan, while the net profit excluding non-recurring items dropped by 82.96% to 51.03 million yuan [1] - The overall gross margin declined, further squeezing profitability [1] Business Segments - The "Life Paper" segment generated 8.04 billion yuan, accounting for 98.66% of total revenue, with a year-on-year decline of 16.77% [2] - The "Personal Care and Others" segment saw revenue drop by 21.76% to 109 million yuan, representing 1.34% of total revenue [2] - The gross margin for the Life Paper segment decreased by 2.51% to 30.46% [1] Product and Sales Analysis - Finished products accounted for 97.54% of total revenue, with a decline of 17.59% [2] - Domestic sales contributed 96.69% of total revenue, decreasing by 18.03%, while overseas sales increased by 44.72% to 270 million yuan [2] - Traditional sales models saw a significant drop of 26.07%, while non-traditional models decreased by 7.29% [2] Industry Context - The competitive landscape is challenging, with another major player, Hengan International, reporting a 2.37% decline in tissue product revenue [3] - Hengan International's tissue segment faced a loss of 24.5 million yuan, contrasting with a profit of 24.4 million yuan in the previous year [3] - The industry is expected to continue facing price wars and promotional activities into 2025 [3] Strategic Initiatives - Zhongshun Jierou aims to enhance its core business in life paper by investing in product development and diversifying its offerings [3] - The company plans to optimize its product structure and increase the sales share of high-end, high-margin products to improve overall profitability [3] - There is an intention to explore related diversification in the home cleaning sector to mitigate risks associated with a single business line [3]