Financial Performance - The company's revenue for Q1 2025 was ¥356,798,091.77, a decrease of 5.61% compared to ¥377,993,077.84 in the same period last year[5]. - Net profit attributable to shareholders was ¥14,587,275.94, down 12.50% from ¥16,671,505.95 year-on-year[5]. - The net profit for Q1 2025 was ¥1,470,637.32, a decrease of 51.44% compared to ¥3,028,565.72 in the same period last year, driven by weak demand and competitive pressures[11]. - Total operating revenue for the current period is ¥356,798,091.77, a decrease of 5.5% from ¥377,993,077.84 in the previous period[21]. - Net profit for the current period is ¥1,470,637.32, a decline of 51.5% compared to ¥3,028,565.72 in the previous period[22]. - Earnings attributable to the parent company's shareholders decreased to ¥14,587,275.94, down 12.5% from ¥16,671,505.95[22]. Cash Flow and Liquidity - The net cash flow from operating activities was negative at -¥34,075,912.28, a significant decline of 225.04% compared to ¥27,252,148.49 in the previous year[5]. - Cash flow from operating activities showed a net outflow of ¥34,075,912.28, compared to a net inflow of ¥27,252,148.49 in the previous period[25]. - Cash and cash equivalents at the end of the period decreased to ¥334,048,553.03 from ¥558,512,559.11, a decline of 40.2%[26]. - The company's cash and cash equivalents decreased to CNY 524,204,710.33 from CNY 638,735,736.10, reflecting a decline of about 17.88%[16]. Assets and Liabilities - The total assets at the end of Q1 2025 were ¥3,556,096,502.20, a decrease of 0.56% from ¥3,576,097,063.51 at the end of the previous year[5]. - Current assets amounted to CNY 1,380,925,405.98, up from CNY 1,288,732,399.14, indicating a growth of approximately 7.15%[17]. - Total liabilities decreased to CNY 1,255,498,916.59 from CNY 1,277,612,776.71, showing a reduction of about 1.73%[18]. - Short-term borrowings rose to CNY 378,371,598.51 from CNY 363,656,829.61, an increase of approximately 4.20%[18]. - The company’s long-term borrowings decreased to CNY 108,000,000.00 from CNY 148,000,000.00, a decline of about 27.03%[18]. - The company reported a total asset of CNY 3,556,096,502.20 as of March 31, 2025, a slight decrease from CNY 3,576,097,063.51 at the beginning of the period[16]. Shareholder Information - The company had a total of 55,369 common shareholders at the end of the reporting period[13]. - The company has a significant shareholder, 常德市城市发展集团有限公司, holding 226,444,847 shares, representing a substantial portion of the equity[14]. Expenses and Costs - Total operating costs decreased to ¥344,948,838.74, down 4.7% from ¥362,015,018.57[21]. - The company experienced a 40.41% reduction in financial expenses, amounting to ¥1,038,156.90, attributed to decreased interest expenses from bank loans[11]. - Research and development expenses increased to ¥17,367,879.28, up 12.9% from ¥15,370,672.03[22]. - The company reported a decrease in sales expenses to ¥5,670,333.37, down 24.4% from ¥7,496,398.12[22]. Other Financial Metrics - The weighted average return on equity was 0.64%, down from 0.74% in the same period last year, reflecting a decrease of 0.10%[5]. - Other income increased by 56.47% to ¥1,501,975.99, primarily due to higher government subsidies received during the reporting period[11]. - The company experienced a foreign exchange loss of ¥129,991.72, compared to a gain of ¥193,286.72 in the previous period[23]. Audit and Accounting Standards - The first quarter report has not been audited[27]. - The new accounting standards will be implemented starting in 2025[28].

Overview of Business Performance - In 2024, the total operating revenue of the company was 1.71 billion, a year-on-year decrease of 1.05% [1] - The net profit attributable to shareholders was 74.17 million, down 28.71% year-on-year [1] - The non-recurring net profit was 69.32 million, a decline of 26.05% year-on-year [1] - Despite the annual decline, the fourth quarter showed strong performance with total operating revenue of 463 million, an increase of 8.2% year-on-year [1] - The net profit for the fourth quarter was 29.58 million, up 85.33% year-on-year [1] - The non-recurring net profit for the fourth quarter was 30.69 million, an increase of 182.11% year-on-year [1] Profitability Analysis - The gross profit margin for 2024 was 16.38%, a decrease of 11.51% year-on-year [2] - The net profit margin was 1.16%, down 70.71% year-on-year [2] - Earnings per share were 0.08, reflecting a decline of 27.27% year-on-year [2] Expense Control and Cash Flow - Total sales, management, and financial expenses for 2024 amounted to 135 million, with a ratio of 7.88% of revenue, an increase of 6.56% year-on-year [3] - Operating cash flow per share was 0.29, an increase of 36.41% year-on-year, indicating improvement in cash flow from operations [3] Accounts Receivable and Debt Situation - As of the end of 2024, accounts receivable stood at 123 million, representing 165.66% of the latest annual net profit attributable to shareholders, indicating potential cash flow pressure [4] - Interest-bearing debt was 958 million, a decrease of 7.35% year-on-year, with an interest-bearing asset-liability ratio of 26.78% [4] Main Business Composition - The main business revenue primarily comes from POF cross-linked films and POF ordinary films, accounting for 21.53% and 21.69% of main revenue, respectively [5] - The gross profit margin for POF cross-linked films was the highest at 47.56%, while the gross profit margin for thermoplastic elastomers was -0.49%, indicating a loss [5] - Revenue from overseas business accounted for 32.67%, with a gross profit margin of 31.79%, higher than domestic business [5] Development Prospects and Risks - The company continues to maintain a leading position in the fields of heat shrink films and thermoplastic elastomers, with product sales exceeding 45,000 tons in 2024, ranking first in the domestic industry and second globally [6] - The company plans to continue advancing the research and development of new equipment and processes, optimizing product structure, improving product quality, and further expanding domestic and international markets [6] - However, the company faces risks such as fluctuations in raw material prices, supplier concentration, exchange rate volatility, and talent shortages [6] Summary - Overall, the company's performance in 2024 showed a decline, but the fourth quarter was outstanding [7] - The company needs to focus on accounts receivable and cash flow status while strengthening expense control and debt management to ensure sustainable development in the future [7]

Core Viewpoint - Zhejiang Zhongcheng, a leader in the POF shrink film industry, reported a decline in revenue and net profit for 2024, emphasizing its commitment to high-end and differentiated products despite challenging market conditions [1] Group 1: Financial Performance - In 2024, Zhejiang Zhongcheng achieved operating revenue of 1,710.15 million yuan and net profit of 74.17 million yuan, representing a year-on-year decrease of 1.05% and 28.71% respectively [1] - The company maintained stable sales performance with POF shrink film sales exceeding 45,000 tons, solidifying its market leadership [1] Group 2: Market Position and Strategy - Since 2009, Zhejiang Zhongcheng has ranked first in domestic production and sales of POF shrink film, and second globally, only behind Sealed Air Corporation [1] - The company focuses on its main business, channels, and products to strengthen its core operations amid increasing competition and market pressures [1] Group 3: Product Development and Innovation - Zhejiang Zhongcheng is committed to increasing investment in technology development and continuously launching high-end products, with a growing proportion of high-end product revenue [1] - The company’s subsidiary, Zhongli Synthetic Materials, has developed a series of differentiated products, overcoming several foreign technology barriers [2] - The company plans to enhance existing product processes and develop new products, including a 10μ smooth film and high barrier cover films, to create new advantages in product and technology [3] Group 4: Industry Recognition and Standards - In 2024, Zhejiang Zhongcheng received multiple honors, including being recognized as an excellent brand enterprise in China and a champion in the manufacturing sector in Zhejiang Province [2] - The company was also a key contributor to the national standard for "Packaging Materials - Polyolefin Shrink Film" [2]

Core Viewpoint - Zhejiang Zhongcheng Packaging Materials Co., Ltd. reported a slight decline in revenue and a significant drop in net profit for the year 2024, while maintaining a positive cash flow from operating activities and continuing investment in research and development [1][15]. Financial Performance - Revenue for 2024 was 1,710,148,185.71 yuan, a decrease of 1.05% from 1,728,354,309.70 yuan in the previous year. The growth in the plastic products segment (6.42%) was offset by a decline in synthetic rubber manufacturing (10.40%) [2]. - Net profit attributable to shareholders was 74,166,313.86 yuan, down 28.71% from 104,035,271.48 yuan, primarily due to losses from a subsidiary and significant asset impairment provisions [2]. - The net profit after excluding non-recurring items was 69,322,968.19 yuan, reflecting a 26.05% decline, indicating a decrease in core business profitability [3]. Earnings Per Share - Basic earnings per share for 2024 was 0.08 yuan, down 27.27% from 0.11 yuan, consistent with the decline in net profit [4]. - The diluted earnings per share, excluding non-recurring items, was also 0.08 yuan, a decrease of approximately 20% from the previous year [4]. Expense Analysis - Sales expenses increased by 15.58% to 34,931,763.10 yuan, likely due to efforts to expand market reach [5]. - Management expenses rose by 3.99% to 93,271,353.59 yuan, reflecting normal operational cost increases [5]. - Financial expenses decreased by 16.72% to 6,630,693.29 yuan, attributed to optimized debt structure [5]. - Research and development expenses grew by 4.26% to 69,813,603.06 yuan, representing 4.08% of revenue, indicating a commitment to innovation [5][8]. Cash Flow Performance - Net cash flow from operating activities was 258,485,439.19 yuan, an increase of 36.41% from 189,496,699.77 yuan, indicating improved cash collection from sales [6]. - Net cash flow from investing activities was -129,400,110.34 yuan, reflecting increased cash outflows for investments [7]. - Net cash flow from financing activities was -114,101,083.02 yuan, a significant decrease, suggesting a shift in financing strategy [7]. Research and Development - R&D investment increased by 4.26% to 69,813,603.06 yuan, with successful projects in high-barrier packaging films, enhancing market potential [8]. - The number of R&D personnel decreased by 5.15% to 129, but R&D spending remained stable, indicating improved efficiency [9].

募集资金存放与实际使用情况 审核报告 大信专审字[2025]第 27-00007 号 大信会计师事务所(特殊普通合伙) WUYIGE CERTIFIED PUBLIC ACCOUNTANTS LLP. the 您可使用手机"打一扫"或进入"管理会计师行业统一监管手合（http://accanol.gov.cn) 树生编副:京25HUT1F 魔 22 浙江众成包装材料 股份有限公司 WUYIGE Certified Public Accountants.LLP 群 1 号 Room 2206 22/F. Xuevuan International Tower No.1 Zhichun Road, Haidian Dist Beijing, China, 100083 募集资金存放与实际使用情况审核报告 大信专审字[2025]第 27-00007 号 浙江众成包装材料股份有限公司全体股东: 我们接受委托,对后附的浙江众成包装材料股份有限公司（以下简称"贵公司"）《2024 年度募集资金存放与实际使用情况的专项报告》（以下简称"募集资金存放与实际使用情况 专项报告"）进行了审核。 一、董事会的责任 按照中国证券监督 ...

浙江众成包装材料 股份有限公司 非经营性资金占用及其他关 联资金往来情况汇总表的专 项审计报告 大信专审字[2025]第 27-00006 号 大信会计师事务所(特殊普通合伙) WUYIGE CERTIFIED PUBLIC ACCOUNTANTS LLP. 您可使用手机 "打一式进入"注册会计师行业绩 - 临官手台（baps//acc.mof.gov.cn) - 进行比 报告编例:京250GFF 非经营性资金占用及其他关联资金往来情况汇总表的 专项审计报告 大信专审字[2025]第 27-00006 号 浙江众成包装材料股份有限公司全体股东: 我们接受委托,审计了浙江众成包装材料股份有限公司（以下简称"贵公司"）的财务 报表,包括 2024 年 12 月 31 日合并及母公司资产负债表、2024 年度合并及母公司利润表、 股东权益变动表、现金流量表以及财务报表附注,并于 2025 年 4 月 17 日出具大信审字[ 2025] 第 27-00025 号审计报告。在对上述财务报表审计基础上,我们审核了贵公司编制的《上市 公司 2024 年度非经营性资金占用及其他关联资金往来情况汇总表》(以下简称"非经营性资 ...

广发证券股份有限公司 关于浙江众成包装材料股份有限公司 2024 年度募集资金存放与实际使用情况的核查意见 广发证券股份有限公司（以下简称"广发证券"或"保荐人"）作为浙江众 成包装材料股份有限公司（以下简称"浙江众成"或"公司"）的保荐人，根据 《证券发行上市保荐业务管理办法》《深圳证券交易所股票上市规则》《深圳证 券交易所上市公司自律监管指引第 13 号——保荐业务》《上市公司监管指引第 2 号——上市公司募集资金管理和使用的监管要求》《深圳证券交易所上市公司 自律监管指引第 1 号——主板上市公司规范运作》等有关规定，对浙江众成 2024 年度募集资金存放与使用情况进行了核查，具体情况如下： 一、募集资金基本情况 （一）扣除发行费用后的实际募集资金金额、资金到账时间 经中国证券监督管理委员会证监许可[2010]1664 号文《关于核准浙江众成 包装材料股份有限公司首次公开发行股票的通知》核准，公司于 2010 年 12 月 6 日首次向社会公开发行人民币普通股（A 股）2,667 万股，发行价格为每股人 民币 30.00 元，募集资金总额为人民币 80,010.00 万元，扣除主承销商承销佣金 及保荐费 ...

浙江众成包装材料 股份有限公司 审计报告 大信审字[2025]第 27-00025 号 大信会计师事务所(特殊普通合伙) WUYIGE CERTIFIED PUBLIC ACCOUNTANTS LLP. 您可使用手机"扫一扫"或进入"注册会计师行业绩是否用具有效业许可的会计师班务所调 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.mor.gov.cn）"进行了 VI IVIGE Certified Public Accountar Room 2206 22/F Xuevuan International Towe No 1 Zhichun Road Haidian Dist Beijing.China.100083 告 苹果 大信审字[2025]第 27-00025 号 浙江众成包装材料股份有限公司全体股东: 一、审计意见 我们审计了浙江众成包装材料股份有限公司(以下简称"贵公司")的财务报表,包括 2024 年 12 月 31 日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、合并及母公司股东权益变动表,以及财务报表附注。 我们认为 ...

浙江众成包装材料 股份有限公司 内控审计报告 大信审字[2025]第 27-00036 号 大信会计师事务所(特殊普通合伙) WUYIGE CERTIFIED PUBLIC ACCOUNTANTS LLP. 您可使用手机"扫一扫"或进入"注册会计师行业线一监管手官（http://acc.mof.gov.cn/ 知春路1号 院国际卡爾 22 居 2206 WUYIGE Certified Public Accountants LLP. Room2206 22/F,Xueyuan International Tower No.1 ZhichunRoad,Haidian Dist. Beijing,China,100083 由 i= Telenhone 网 til· inteme 86 (10) 823 www.daxincoa.com.cn 内部控制审计报告 大信审字[2025]第 27-00036 号 浙江众成包装材料股份有限公司全体股东: 按照《企业内部控制审计指引》及中国注册会计师执业准则的相关要求,我们审计了浙 江众成包装材料股份有限公司 (以下简称贵公司) 2024 年 12 月 31 日的财务报告内部 ...

浙江众成包装材料股份有限公司 2024年度独立董事述职报告（黄生权） 本人作为浙江众成包装材料股份有限公司（以下简称"公司"）的独立董事， 严格按照《公司法》《证券法》《上市公司独立董事管理办法》《深圳证券交易 所股票上市规则》《深圳证券交易所上市公司自律监管指引第1号——主板上市 公司规范运作》及《公司章程》《独立董事工作细则》等相关法律、法规、规章 制度的规定和要求，积极参加相关会议，诚信、勤勉、忠实履行职务，积极维护 公司、全体股东特别是中小股东的利益。 现就本人2024年度履行独立董事职责情况汇报如下： 一、独立董事的基本情况： 2024 年度，本人任职符合《上市公司独立董事管理办法》第六条规定的独 立性要求，不存在影响独立性的情况。本人履历如下： 黄生权，男，中国国籍，1963 年 3 月出生，民建会员，中南大学管理科学 与工程博士，无境外永久居留权。现为中南大学副教授，主要研究管理决策与优 化、金融风险计量与控制、企业财务管理等。参与省部级软科学重点研究项目一 项，厅级科研项目五项，发表论文三十多篇，其中 cssci、cscd 共八篇，曾获中 南大学教学先进个人奖。近年来在湖南兴湘资本管理有限公司 ...