| 证券代码：002859 | 证券简称：洁美科技 | 公告编号：2025-051 | | --- | --- | --- | | 债券代码：128137 | 债券简称：洁美转债 | | 浙江洁美电子科技股份有限公司 第四届监事会第十四次会议决议公告 为进一步建立和完善员工、股东的利益共享机制，改善公司治理水平，提高 员工的凝聚力和公司竞争力，调动员工的积极性和创造性，促进公司长期、持续、 健康发展。公司依据《中华人民共和国公司法》《中华人民共和国证券法》《关于 上市公司实施员工持股计划试点的指导意见》《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》等有关法律、行政法规、规章、规范 性文件和《公司章程》的规定，结合公司实际情况，制定了《公司 2025 年员工 持股计划（草案）》及其摘要。 表决结果：同意 3 票，反对 0 票，弃权 0 票。 1 本议案尚需提交公司 2025 年第一次临时股东大会审议。 《浙江洁美电子科技股份有限公司 2025 年员工持股计划（草案）》内容详见 公司指定信息披露媒体巨潮资讯网（www.cninfo.com.cn）。《浙江洁美电子科技股 份有限公司 20 ...

| 证券代码：002859 | 证券简称：洁美科技 | 公告编号：2025-050 | | --- | --- | --- | | 债券代码：128137 | 债券简称：洁美转债 | | 浙江洁美电子科技股份有限公司 第四届董事会第二十七次会议决议公告 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。 浙江洁美电子科技股份有限公司（以下简称"公司"）第四届董事会第二十七 次会议通知于 2025 年 8 月 12 日（星期二）以短信、微信、电子邮件等方式发出。 会议于 2025 年 8 月 12 日 15:30 在公司会议室以现场结合通讯表决的方式召开， 以通讯表决方式出席会议的董事为方骥柠女士。会议召集人已在会议上作出说明， 全体董事一致同意豁免本次董事会会议的提前通知期限，与会的各位董事已知悉 与所议事项相关的必要信息。 本次会议应出席董事 7 人，实际出席董事 7 人。会议由董事长方隽云先生主 持。本次会议召开程序符合《公司法》和《公司章程》的有关规定。 本次会议以现场结合通讯表决的方式，审议并通过了以下议案： 一、审议并通过了《关于<公司 2025 年员工 ...

浙江洁美电子科技股份有限公司董事会薪酬与考核委员会 关于公司2025年员工持股计划相关事项的核查意见 浙江洁美电子科技股份有限公司（以下简称"公司"）董事会薪酬与考核委员 会根据《中华人民共和国公司法》《中华人民共和国证券法》《关于上市公司实施 员工持股计划试点的指导意见》（以下简称"《指导意见》"）及《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》（以下简称"《自律 监管指引第 1 号》"）等有关法律法规及规范性文件和《公司章程》的规定，认 真审阅《浙江洁美电子科技股份有限公司 2025 年员工持股计划（草案）》（以下 简称"本员工持股计划"）及其摘要等相关会议资料，经全体委员充分全面的讨论 和分析，现就公司 2025 年员工持股计划相关事项发表核查意见如下： 1、公司不存在《指导意见》《自律监管指引第 1 号》等法律法规及规范性文 件规定的禁止实施员工持股计划的情形； 2、公司推出本员工持股计划前，已召开职工代表大会征求员工意见。公司 审议本员工持股计划相关议案的决策程序合法、有效，不存在损害公司及全体股 东利益的情形，不存在摊派、强行分配等方式强制员工参与本次员工持股计划的 情 ...

Core Viewpoint - The article highlights the increasing presence of long-term funds, such as social security and basic pension funds, among the top shareholders of several listed companies, indicating a positive outlook for these stocks [1][9]. Group 1: Company Insights - Nanwei Medical reported a revenue of 1.565 billion yuan for the first half of 2025, a year-on-year increase of 17%, with a net profit of 363 million yuan, also up 17% [2]. - The company has seen significant growth in its overseas business, achieving a revenue of 899 million yuan, which is a 44% increase year-on-year [2]. - Chuangfeng Power's revenue for the first half of 2025 reached 9.86 billion yuan, reflecting a year-on-year growth of 30.9%, with a net profit of 1 billion yuan, up 41.4% [4]. - Xinqianglian achieved a total revenue of 2.21 billion yuan in the first half of 2025, marking a substantial year-on-year growth of 108.98%, and turned a profit with a net profit of 400 million yuan [6]. Group 2: Shareholder Dynamics - Multiple social security funds have increased their stakes in Nanwei Medical, with the National Social Security Fund 404 combination holding 2.095 million shares as a new entry, and the 413 combination increasing its holdings by 60,000 shares to 3.945 million [1][2]. - In Chuangfeng Power, the National Social Security Fund 420 combination entered the top shareholders list with 1.979 million shares, while the Basic Pension Insurance Fund 16022 combination increased its holdings by 1.2375 million shares to 6.0377 million [3][4]. - New Qianglian saw the National Social Security Fund 502 and 423 combinations enter as top shareholders, holding 2.8998 million and 2.6558 million shares, respectively [5][6]. - Chengfa Environment welcomed new shareholders, including the National Social Security Fund 412 combination with 4.5276 million shares and Zhongyou Life Insurance with 1.2598 million shares [7][8].

据证券之星公开数据整理，近期洁美科技（002859）发布2025年中报。截至本报告期末，公司营业总收 入9.62亿元，同比上升14.68%，归母净利润9849.41万元，同比下降18.78%。按单季度数据看，第二季 度营业总收入5.48亿元，同比上升15.19%，第二季度归母净利润6476.69万元，同比下降4.69%。本报告 期洁美科技公司应收账款体量较大，当期应收账款占最新年报归母净利润比达296.44%。 本次财报公布的各项数据指标表现一般。其中，毛利率33.4%，同比减8.53%，净利率9.77%，同比减 32.4%，销售费用、管理费用、财务费用总计1.4亿元，三费占营收比14.59%，同比增28.58%，每股净资 产6.72元，同比增3.32%，每股经营性现金流0.25元，同比减21.34%，每股收益0.23元，同比减17.86% | 项目 | 2024年中报 | 2025年中报 | 同比增幅 | | --- | --- | --- | --- | | 营业总收入(元) | 8.39亿 | 9.626 | 14.68% | | 归母净利润(元) | 1.21亿 | 9849.41万 | -18.78 ...

Core Viewpoint - Jiemai Technology (002859) reported a revenue increase in the first half of 2025, but a significant decline in net profit, indicating challenges in profitability despite revenue growth [2][9]. Operational Overview - As of the reporting period, total revenue reached 962 million yuan, a year-on-year increase of 14.68%. However, net profit attributable to shareholders was 98.49 million yuan, down 18.78%, and the net profit after deducting non-recurring gains and losses was 95.14 million yuan, down 19.57% [2]. Quarterly Data - In the second quarter, total revenue was 548 million yuan, up 15.19% year-on-year, while net profit was 64.77 million yuan, a decrease of 4.69%, and the net profit after deducting non-recurring gains and losses was 63.60 million yuan, down 2.99% [3]. Key Financial Indicators - The gross profit margin was 33.4%, a decrease of 8.53% year-on-year. The net profit margin was 9.77%, down 32.4%. Operating expenses accounted for 14.59% of revenue, an increase of 28.58% [10]. Accounts Receivable and Cash Flow - The accounts receivable level was notably high, with accounts receivable amounting to 296.44% of the latest annual net profit. Cash and cash equivalents were 492 million yuan, a decrease of 26.02%, indicating tight cash flow conditions [5]. Debt Situation - Total interest-bearing debt was 3.176 billion yuan, an increase of 50.10% year-on-year, with an interest-bearing asset-liability ratio of 47.21%. The ratio of total interest-bearing debt to the average operating cash flow over the past three years was 11.28, highlighting concerns regarding debt repayment capacity [6]. Main Business Analysis - The main business revenue primarily came from electronic packaging materials, generating 808 million yuan, accounting for 83.94% of total revenue, with a gross margin of 37.85%. Revenue from electronic-grade film materials was 116 million yuan, representing 12.02% of total revenue, with a gross margin of 12.03% [7]. Investment and Financing Activities - Net cash flow from investment activities decreased by 81.46% year-on-year, mainly due to increased investments in various projects. Net cash flow from financing activities increased by 33.92% year-on-year, primarily due to share buybacks in the previous year [8]. Summary - Jiemai Technology's mid-2025 report indicates revenue growth but declining net profit, with significant attention needed on accounts receivable, cash flow, and debt management. The company must optimize cost control, enhance profitability, and strengthen cash flow and debt risk management [9].

Investment Rating - The investment rating for the company is "Buy" (maintained) [4][9]. Core Insights - The company reported a revenue of 9.62 billion yuan for the first half of 2025, representing a year-on-year increase of 14.68%, while the net profit attributable to the parent company was 0.98 billion yuan, down 18.78% year-on-year [5]. - The second quarter of 2025 saw a record high revenue of 5.48 billion yuan, up 15.19% year-on-year and 32.41% quarter-on-quarter, with a net profit of 0.65 billion yuan, down 4.69% year-on-year but up 92.03% quarter-on-quarter [5][6]. - The company is benefiting from the recovery in demand, particularly in the new energy and smart manufacturing sectors, as well as the increasing demand for AI terminal applications [6][7]. Financial Performance Summary - Revenue projections for the company are as follows: 1,572 million yuan in 2023, 1,817 million yuan in 2024, 2,311 million yuan in 2025, 2,741 million yuan in 2026, and 3,434 million yuan in 2027, with growth rates of 21%, 16%, 27%, 19%, and 25% respectively [4]. - The net profit attributable to the parent company is forecasted to be 256 million yuan in 2023, 202 million yuan in 2024, 254 million yuan in 2025, 361 million yuan in 2026, and 499 million yuan in 2027, with year-on-year growth rates of 54%, -21%, 26%, 42%, and 38% respectively [4]. - The earnings per share (EPS) are projected to be 0.59 yuan in 2023, 0.47 yuan in 2024, 0.59 yuan in 2025, 0.84 yuan in 2026, and 1.16 yuan in 2027 [4]. Market and Industry Outlook - The company is expanding its overseas production bases, with ongoing projects in the Philippines and Malaysia, and is also upgrading its production lines in Jiangxi [8]. - The company has seen significant growth in its film materials segment, with a revenue of 1.16 billion yuan, up 61.29% year-on-year, and has successfully supplied products to major clients [8]. - The company plans to increase production lines for composite aluminum and copper foils, anticipating further growth in the high-end server market [8].

Investment Rating - The report assigns a neutral investment rating to the company, indicating a projected performance in line with the benchmark index [11]. Core Views - The company is expected to experience significant revenue growth, with projected revenues increasing from 1,817.02 million yuan in 2024 to 3,500 million yuan by 2027, reflecting a compound annual growth rate (CAGR) of approximately 34.62% in the final year [5][7]. - The net profit attributable to the parent company is forecasted to rise from 202.17 million yuan in 2024 to 493.59 million yuan in 2027, with a notable profit growth rate of 47.50% in 2027 [5][7]. - The gross margin is expected to improve gradually from 34.20% in 2024 to 37.14% in 2027, indicating enhanced operational efficiency [5][7]. Financial Performance Summary Revenue and Profitability - Revenue is projected to grow from 1,817.02 million yuan in 2024 to 3,500 million yuan in 2027, with growth rates of 15.57%, 21.08%, 18.18%, and 34.62% respectively [5][7]. - The net profit is expected to increase from 202.17 million yuan in 2024 to 493.59 million yuan in 2027, with growth rates of -20.91%, 37.45%, 20.42%, and 47.50% respectively [5][7]. Key Financial Ratios - The projected diluted EPS is expected to rise from 0.47 yuan in 2024 to 1.15 yuan in 2027, reflecting strong earnings growth [5][7]. - The PE ratio is forecasted to decrease from 56.83 in 2024 to 23.28 in 2027, indicating a potential increase in valuation attractiveness over time [5][7]. Balance Sheet and Cash Flow - Total assets are expected to grow from 6,414.67 million yuan in 2024 to 7,755.92 million yuan in 2027, reflecting a healthy asset growth trajectory [6]. - Operating cash flow is projected to increase from 254.59 million yuan in 2024 to 572.95 million yuan in 2027, indicating improved cash generation capabilities [6].

Group 1 - The core viewpoint of the news is that Zhejiang Jiemai Electronic Technology Co., Ltd. reported a significant increase in revenue and net profit for the first half of 2025, indicating strong business performance and growth potential [1][2]. - In the first half of 2025, the company achieved total operating revenue of 962 million yuan, a year-on-year increase of 14.67%, and a net profit attributable to shareholders of 98.49 million yuan [1]. - In Q2 2025, the company reported revenue of 548 million yuan, a quarter-on-quarter increase of 32.41%, and a net profit of 6.5 million yuan, a quarter-on-quarter increase of 92.03% [1]. Group 2 - The company plans to distribute a cash dividend of 1 yuan per 10 shares, totaling 42.598 million yuan, to all shareholders [1]. - The revenue from electronic-grade film materials reached 116 million yuan, a year-on-year increase of 61.29% [1]. - The company has successfully completed product switching for MLCC application release films and has begun stable bulk supply to major clients [1]. Group 3 - The company is expanding into the new energy battery positive and negative electrode materials sector, specifically in composite current collectors [2]. - The company completed the acquisition and integration of its subsidiary, Zhejiang Rouzhen Technology Co., Ltd., increasing its ownership stake from 58.43% to 60.41% [2]. - Rouzhen Technology is expanding production capacity for composite aluminum and copper foils, with plans to add multiple production lines by 2025, and has signed technical agreements with four clients [2].

Investment Rating - The report maintains a "Buy" rating for the company, expecting significant profit growth in the coming years [5]. Core Views - The company's Q2 performance exceeded expectations, with a notable improvement in profitability on a quarter-over-quarter basis. The revenue for H1 2025 reached 962 million yuan, a year-on-year increase of 14.67%, while the net profit attributable to shareholders decreased by 18.78% [2][3]. - The company is experiencing a recovery in downstream demand, leading to increased production capacity and improved gross margins. The gross margin for H1 2025 was 33.40%, down 3.12 percentage points year-on-year, but the Q2 gross margin improved to 34.29%, reflecting a quarter-over-quarter increase of 2.07 percentage points [3][4]. Summary by Sections Financial Performance - In H1 2025, the company achieved a revenue of 962 million yuan, with a net profit of 98 million yuan, and a non-recurring net profit of 95 million yuan. Q2 2025 revenue was 548 million yuan, showing a year-on-year growth of 15.19% and a quarter-over-quarter growth of 32.41% [2]. - The company’s gross margin for H1 2025 was 33.40%, with a decrease of 3.12 percentage points year-on-year. The Q2 gross margin was 34.29%, reflecting a slight year-on-year decrease but a quarter-over-quarter improvement [3]. Business Segments - The electronic packaging materials segment generated 808 million yuan in revenue for H1 2025, a year-on-year increase of 9.97%, with a gross margin of 37.85%. The electronic-grade film materials segment saw a revenue increase of 61.29% year-on-year, reaching 116 million yuan, with a gross margin of 12.03% [3]. - The company has successfully expanded its high-end release film products to core customers, achieving stable supply to major clients and completing product validation with key customers [4]. Future Projections - The company is projected to achieve net profits of 280 million yuan, 410 million yuan, and 551 million yuan for the years 2025, 2026, and 2027, respectively, with year-on-year growth rates of 38.43%, 46.43%, and 34.52% [5][10]. - The current price-to-earnings (P/E) ratios are estimated at 28, 19, and 14 times for the years 2025, 2026, and 2027, indicating a favorable valuation outlook [5].