Core Insights - The company reported a decline in revenue and net profit for 2024, with total revenue of 8.151 billion yuan, down 16.84% year-on-year, and a net profit of 77 million yuan, down 76.8% year-on-year [1] - In Q4 2024, the company experienced a significant drop in revenue and net profit, with revenue at 2.195 billion yuan, down 26.27% year-on-year, and net profit at 24 million yuan, down 85.9% year-on-year [1] - For Q1 2025, the company saw a revenue increase of 12.06% year-on-year to 2.068 billion yuan, but net profit decreased by 30.05% year-on-year to 67 million yuan [1] Financial Performance - The company's gross margin for 2024 was 30.7%, a decrease of 2.45 percentage points year-on-year, with a net profit margin of 0.95%, down 2.45 percentage points year-on-year [2] - In Q4 2024, the gross margin further declined to 29.85%, down 10.09 percentage points year-on-year, with a net profit margin of 1.07%, down 4.54 percentage points year-on-year [2] - For Q1 2025, the gross margin improved slightly to 30.85%, but still down 3.67 percentage points year-on-year, with a net profit margin of 3.23%, down 1.94 percentage points year-on-year [2] Market Position and Future Outlook - The company has established itself as a leading brand in the high-end household paper market, maintaining a strong position despite short-term competitive pressures [3] - Revenue projections for 2025-2027 are estimated at 8.748 billion yuan, 9.322 billion yuan, and 9.823 billion yuan, representing year-on-year growth of 7.3%, 6.6%, and 5.4% respectively [3] - Expected net profits for 2025-2027 are projected at 212 million yuan, 261 million yuan, and 311 million yuan, with significant growth rates of 174.4%, 23.2%, and 19.1% respectively [3]

Core Viewpoint - The company's performance in 2024 and Q1 2025 fell short of expectations due to intensified competition, fluctuations in raw material prices, and impairment provisions [1] Financial Performance - In 2024, the company achieved revenue of 8.15 billion, a decrease of 16.8% year-on-year; net profit attributable to shareholders was 77.18 million, down 76.8% [1] - For Q1 2025, revenue reached 2.07 billion, an increase of 12.1% year-on-year; net profit attributable to shareholders was 66.76 million, down 30.1% [1] - Quarterly revenue for 2024 showed declines of 10.5%, 17.1%, 9.5%, and 26.3% respectively, with Q1 net profit increasing by 6.7% before incurring losses in Q2 and Q3 [1] Development Trends - The company faces short-term operational pressure due to intensified competition, but Q1 2025 revenue returned to positive growth, increasing by 12.1% to 2.07 billion [2] - In 2024, revenue from household paper and personal care products was 8.04 billion and 110 million respectively, with declines of 16.8% and 21.8% [2] - Traditional and non-traditional channel revenues in 2024 were 3.26 billion and 4.89 billion respectively, down 26.1% and 9.3%, with e-commerce channels expected to perform relatively well [2] Profitability and Cost Structure - The company's gross margins for 2024 and Q1 2025 were 30.7% and 30.8%, down 2.5 and 3.7 percentage points respectively, primarily due to competitive pressures and high raw material prices [3] - In Q1 2025, the average price of imported hardwood pulp decreased by 8%, and if prices stabilize at low levels, gross margins may improve [3] - The net profit margins for 2024 and Q1 2025 were 0.9% and 3.2%, reflecting declines of 2.5 and 1.9 percentage points year-on-year [3] Long-term Growth Outlook - The company is viewed positively as a leading player in the domestic household paper market, with potential for long-term growth through strengthening core product advantages and expanding into personal care categories [3] - The company is enhancing its offline distribution network and improving channel efficiency, while also accelerating expansion into new retail and e-commerce platforms [3] Earnings Forecast and Valuation - Due to intense industry competition and ongoing recovery, the net profit forecast for 2025 has been reduced by 31% to 260 million, with a new forecast for 2026 at 320 million [4] - The current stock price corresponds to P/E ratios of 33 and 27 for 2025 and 2026, respectively, with a target price of 8 yuan indicating a 20% upside potential [4]

2025 年 4 月 26 日 公司研究 行业竞争加剧，24 年业绩承压，1Q25 毛利率环比改善 ——中顺洁柔（002511.SZ）2024 年年报及 2025 年一季报点评 增持（维持） 当前价：6.53 元 作者 分析师：姜浩 执业证书编号：S0930522010001 021-52523680 jianghao@ebscn.com 联系人：吴子倩 021-52523872 wuziqian@ebscn.com 市场数据 | 总股本(亿股) | 12.93 | | --- | --- | | 总市值(亿元)： | 84.40 | | 一年最低/最高(元)： | 5.93/9.00 | | 近 3 月换手率： | 43.20% | 股价相对走势 -27% -15% -3% 9% 21% 04/24 07/24 10/24 01/25 中顺洁柔 沪深300 | 收益表现 | | | | | --- | --- | --- | --- | | % | 1M | 3M | 1Y | | 相对 | 2.55 | -0.35 | -30.42 | | 绝对 | -1.21 | -1.21 | -23.22 | | ...

Core Viewpoint - The company, Zhongshun Jierou Paper Co., Ltd., has announced its financial results and plans for profit distribution, including a proposal not to distribute cash dividends for the 2024 fiscal year, which is aimed at ensuring sufficient liquidity for operations and future growth [12][13][17]. Financial Data Summary - The company reported a total revenue of CNY 1,914,305,949.04 and a net profit of CNY 415,402,466.47 for the fiscal year 2024 [17]. - The retained earnings at the beginning of the year were CNY 876,613,832.33, and after accounting for various adjustments, the distributable profits amounted to CNY 1,173,812,762.21 [17]. Changes in Financial Metrics - Accounts receivable financing decreased by CNY 5,669,385.78, a decline of 55.04%, primarily due to a reduction in bank acceptance bills [4]. - Prepayments increased by CNY 19,615,961.13, up 73.34%, attributed to higher advance payments for materials [5]. - Other current assets rose by CNY 300,901,785.99, an increase of 82.02%, due to an increase in large certificates of deposit [5]. - Contract liabilities decreased by CNY 82,988,803.68, down 61.14%, due to a reduction in customer advance payments [5]. Profit and Loss Statement Changes - R&D expenses decreased by CNY 28,859,145.63, a drop of 44.35%, due to reduced investment in research and development [6]. - Financial expenses increased by CNY 9,409,251.11, up 450.52%, mainly due to higher interest expenses and foreign exchange losses [6]. - Other income decreased by CNY 8,536,132.05, down 41.02%, primarily due to a reduction in government subsidies [6]. - Investment income fell by CNY 4,167,982.02, a decline of 316.12%, due to decreased returns from financial products [6]. Cash Flow Statement Highlights - Net cash flow from operating activities increased by CNY 174,371,539.90, up 120.55%, mainly due to reduced payments for employee compensation and taxes [8]. - Net cash flow from financing activities decreased by CNY 304,520,693.49, down 49.22%, due to reduced cash received from borrowings and increased cash payments for debt repayment [8]. Shareholder Information - The company has proposed not to distribute cash dividends, not to issue bonus shares, and not to increase capital from reserves for the 2024 fiscal year [13][17]. - The proposal for profit distribution is subject to approval at the upcoming annual general meeting [16][20]. Accounting Policy Changes - The company has announced changes in accounting policies in accordance with new regulations issued by the Ministry of Finance, which will not have a significant impact on its financial status or results [21][22][28].

RSM 容诚 审计报告 中顺洁柔纸业股份有限公司 容诚审字[2025]518Z0003 号 容诚会计师事务所(特殊普通合伙) 中国 · 北京 E 您可使用手机"扫一扫"或进入"注册会计师行业统一监管平台（http://acc.mof.exv.cn）"进行查 您可使用手机"扫一扫"或进入"注册会计师行业统一监管平台（http://acc.mof.cor.cn） "进行查报码:.cn）" 我行查报码:.cn） " 我行查报码:. 录 容诚审字[2025]518Z0003 号 中顺洁柔纸业股份有限公司全体股东: 一、审计意见 我们审计了中顺洁柔纸业股份有限公司(以下简称中顺洁柔)财务报表,包 括 2024年 12月 31 目的合并及母公司资产负债表,2024年度的合并及母公司利润 表、合并及母公司现金流量表、合并及母公司所有者权益变动表以及相关财务报 表附注。 我们认为,后附的财务报表在所有重大方面按照企业会计准则的规定编制, 公允反映了中顺洁柔 2024 年 12 月 31 日的合并及母公司财务状况以及 2024 年度 的合并及母公司经营成果和现金流量。 二、形成审计意见的基础 | 序号 | 内 容 | 页码 | ...

中顺洁柔纸业股份有限公司 2024 年度独立董事述职报告（何国铨） 各位股东及股东代表： 本人何国铨，作为中顺洁柔纸业股份有限公司（以下简称"公司"）董事会 独立董事，本人严格遵循《公司法》《上市公司独立董事管理办法》及深圳证券 交易所监管规则的要求，本着客观、公正、独立的原则，恪尽职守，勤勉尽责， 忠实履行独立董事的职责，积极出席相关会议，认真审议董事会各项议案并发表 意见，切实维护公司整体利益和中小股东的合法权益。现就本年度履职情况作如 下报告： 一、独立董事的基本情况 本人何国铨，1976 年出生，本科学历，中国国籍，无境外永久居住权，中 国资深注册会计师、澳洲资深注册会计师、国际注册内部审计师，财政部全国会 计领军人才。曾任新加坡上市公司德宝地产开发有限公司独立非执行董事，2018 年辞任。1997 年至 2022 年 1 月就职于广东正中珠江会计师事务所（特殊普通合 伙），2022 年 1 月至今就职于广东司农会计师事务所（特殊普通合伙），任合 伙人职位。2021 年 1 月起至今担任公司独立董事。 作为公司的独立董事，经自查，本人符合《上市公司独立董事管理办法》《深 圳证券交易所上市公司自律监管指 ...

证券代码：002511 证券简称：中顺洁柔 公告编号：2025-15 中顺洁柔纸业股份有限公司 关于召开 2024 年年度股东大会的通知 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。 中顺洁柔纸业股份有限公司（以下简称"公司"）第六届董事会第九次会议 审议通过了《关于董事会提请召开 2024 年年度股东大会的议案》，公司拟于 2025 年 5 月 19 日（星期一）在中山市西区彩虹大道 136 号公司会议室，以现场投票 与网络投票相结合的方式召开 2024 年年度股东大会。具体如下： 一、召开会议的基本情况 1、股东大会届次：2024 年年度股东大会 2、召集人：公司董事会 3、本次股东大会的召集、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、规范性文件及《公司章程》的规定。 4、会议召开的日期和时间： 现场会议召开时间：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: ...

证券代码：002511 证券简称：中顺洁柔 公告编号：2025-14 中顺洁柔纸业股份有限公司 第六届监事会第七次会议决议公告 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 （二）会议以 3 票同意、0 票反对、0 票弃权的表决结果，审议通过《关于 2024 年度监事会工作报告的议案》。 《2024 年度监事会工作报告》内容刊载于公司指定信息披露媒体巨潮资讯 网（http://www.cninfo.com.cn）。 中顺洁柔纸业股份有限公司（以下简称"公司"）第六届监事会第七次会议 通知于 2025 年 4 月 11 日以短信、电子邮件等方式发出，并于 2025 年 4 月 23 日 在公司会议室以现场结合通讯的方式召开。本次会议应到监事 3 名，实到 3 名， 其中，监事张高先生以通讯方式出席，董事会秘书及证券事务代表列席了会议， 本次会议符合《中华人民共和国公司法》及《公司章程》的规定，表决所形成决 议合法、有效。会议由监事会主席陈海元先生主持。 二、监事会会议审议情况 （一）会议以 3 票同意、0 票反对、0 票弃权的表决结 ...

证券代码：002511 证券简称：中顺洁柔 公告编号：2025-13 中顺洁柔纸业股份有限公司 第六届董事会第九次会议决议公告 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。 一、董事会会议召开情况 中顺洁柔纸业股份有限公司（以下简称"公司"）第六届董事会第九次会议 通知于 2025 年 4 月 11 日以短信、电子邮件等方式发出，并于 2025 年 4 月 23 日 在公司会议室以现场结合通讯方式召开。本次会议应到董事 9 名，实到 9 名，其 中，董事邓颖忠先生、邓冠彪先生、邓冠杰先生、张扬先生、独立董事何国铨先 生、徐井宏先生、葛光锐女士以通讯方式出席。公司全体监事会成员、高级管理 人员列席本次会议。会议由公司董事长刘鹏先生主持。本次会议符合《中华人民 共和国公司法》及《公司章程》的有关规定，表决所形成决议合法、有效。 二、董事会会议审议情况 本次会议经过投票表决，一致通过如下议案： （一）会议以 9 票同意、0 票反对、0 票弃权的表决结果，审议通过《关于 2024 年年度报告及其摘要的议案》。 公司董事会审计委员会审议通过了此议案。 《2024 年年 ...

证券代码：002511 证券简称：中顺洁柔 公告编号：2025-22 中顺洁柔纸业股份有限公司 关于 2024 年度利润分配预案的公告 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。 特别提示： 1、中顺洁柔纸业股份有限公司（以下简称"公司"）2024年度利润分配预 案为：不派发现金红利，不送红股，不以资本公积转增股本。 2、公司不涉及《深圳证券交易所股票上市规则》第9.8.1条规定的可能被实 施其他风险警示的情形。 一、审议程序 2、监事会审议情况 公司于 2025 年 4 月 23 日召开的第六届监事会第七次会议审议通过了《关于 2024 年度利润分配预案的议案》。监事会认为：本次利润分配预案综合考虑了 公司实际经营情况、未来业务发展及资金需求，符合公司长期、稳定、可持续发 展的需求，符合《公司法》《公司章程》等有关规定，不存在损害公司及全体股 东，特别是中小股东利益的情形。同意将该预案提交公司 2024 年年度股东大会 审议。 2024 年度利润分配预案尚需提交公司 2024 年年度股东大会审议。 1、董事会审议情况 公司于 2025 年 4 月 23 ...