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]

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].