本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚 假记载、误导性陈述或重大遗漏。 一、担保情况概述 | 证券代码：300577 | 证券简称：开润股份 | 公告编号：2024-125 | | --- | --- | --- | | 债券代码：123039 | 债券简称：开润转债 | | 安徽开润股份有限公司 关于对外担保的进展公告 三、被担保人基本情况 1、 企业名称：上海润米科技有限公司 2、 类型：有限责任公司（港澳台投资、非独资） 3、 法定代表人：范劲松 单位：万人民币 | | | 担保方 | 被担保 方最近 | | 本次担 | 本 次 实 | 本次担 | 剩余可 | 是 否 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 被担保 | | | 审议担 | 保前已 | | 保后已 | | | | 担保方 | | 持股比 | 一期资 | | | 际担保 | | 用担保 | 关 联 | | | 方 | 例 | 产负债 | 保额度 | 用担保 | 发生额 | 用担保 | 额度 | 担保 | | | | | ...

Investment Rating - The report maintains an "Outperform" rating for the company, indicating a positive outlook compared to the market [4][6]. Core Insights - The company reported strong performance in Q3 2024, with revenue reaching 11.9 billion yuan, a year-on-year increase of 64.4%, and a net profit of 0.7 billion yuan, up 57.5% year-on-year [4][6]. - The integration of Jia Le has significantly contributed to revenue growth, with the company expecting Jia Le to become a second growth driver in the future [5][6]. - The company has announced a cash dividend of 0.146 yuan per share, with a distribution rate of approximately 11% [4][6]. Financial Performance Summary - For the first three quarters of 2024, the company achieved a revenue of 30.2 billion yuan, a 32.5% increase year-on-year, and a net profit of 3.2 billion yuan, reflecting a 165% year-on-year growth [4][7]. - The gross margin for Q3 2024 was reported at 22.0%, a decrease of 3.2 percentage points year-on-year, primarily due to the lower profitability of Jia Le compared to the core bag manufacturing business [6][7]. - The company expects net profits for 2024 to reach 3.8 billion yuan, with projected earnings per share of 1.34 yuan [7][13].

Investment Rating - The investment rating for the company is "Outperform the Market" [1][3][9] Core Views - The company reported a 64.4% year-on-year revenue growth in the third quarter, reaching 1.19 billion RMB, driven by the existing bag OEM business and the consolidation of Jiale [1] - The gross margin decreased by 3.2 percentage points to 22.0%, primarily due to Jiale's lower gross margin compared to the company's original business [1] - The net profit attributable to the parent company increased by 57.5% year-on-year to 0.7 billion RMB, influenced by increased investment income [1] - The company plans to distribute a cash dividend of 1.46 RMB per 10 shares, with a dividend payout ratio of approximately 10.8% [1] - The company expects to maintain high growth in its OEM business and improve profitability through capacity expansion in Indonesia over the next two years [1][7] Financial Performance Summary - Revenue for 2022 was 2,741 million RMB, projected to grow to 4,192 million RMB in 2024, reflecting a 35.0% increase [2][8] - Net profit for 2022 was 47 million RMB, expected to rise to 387 million RMB in 2024, indicating a growth of 234.3% [2][8] - Earnings per share (EPS) is projected to increase from 0.20 RMB in 2022 to 1.61 RMB in 2024 [2][8] - The company’s return on equity (ROE) is expected to improve from 2.7% in 2022 to 18.7% in 2024 [2][8] - The price-to-earnings (PE) ratio is projected to decrease from 115.0 in 2022 to 13.9 in 2024, indicating a more attractive valuation [2][8] Operational Insights - The company’s inventory increased by 96.2% year-on-year to 840 million RMB, mainly due to the consolidation of Jiale [1] - The inventory turnover days decreased by 2 days to 78 days, indicating stable operational efficiency [1] - Capital expenditures increased by 17.7% year-on-year to 40 million RMB, with plans for further capacity expansion in Indonesia [1][7]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][2] Core Views - The company reported significant growth in its Q3 2024 performance, with a revenue increase of 32.48% year-on-year, reaching 3.025 billion yuan, and a net profit attributable to shareholders of 321 million yuan, up 164.63% year-on-year [1] - The acquisition of Shanghai Jiale has been integrated into the company's consolidated financial statements, contributing positively to revenue growth, while also leading to a temporary decline in gross margin due to restructuring efforts [1] - The company is expanding into the textile and apparel contract manufacturing market, which presents substantial growth opportunities [1] Summary by Relevant Sections Financial Performance - For the first three quarters of 2024, the company achieved a gross margin of 23.16%, a year-on-year increase of 0.37 percentage points, while the gross margin for Q3 2024 was 21.96%, a decrease of 3.20 percentage points year-on-year [1] - The company’s operating income for Q3 2024 was 1.193 billion yuan, representing a year-on-year growth of 64.36%, with a net profit of 72 million yuan, up 57.52% year-on-year [1] - The company’s net profit margin for the first three quarters of 2024 was 10.60%, an increase of 5.29 percentage points year-on-year [1] Future Projections - Revenue projections for 2024, 2025, and 2026 are 4.242 billion yuan, 5.183 billion yuan, and 6.068 billion yuan, respectively, with year-on-year growth rates of 36.6%, 22.2%, and 17.1% [4] - The net profit attributable to shareholders is projected to be 403 million yuan, 364 million yuan, and 476 million yuan for 2024, 2025, and 2026, respectively, with corresponding year-on-year growth rates of 248.4%, -9.7%, and 30.8% [4] Cost Structure and Efficiency - The company has seen a decrease in sales, management, R&D, and financial expense ratios, indicating improved operational efficiency [1] - The sales expense ratio for Q3 2024 was 4.82%, down 1.43 percentage points year-on-year, while the management expense ratio was 6.15%, down 0.74 percentage points year-on-year [1] Strategic Initiatives - The acquisition of Shanghai Jiale is expected to enhance the company's capabilities in the textile and apparel sector, leveraging Jiale's established relationships with global brands like Uniqlo [1] - The company is focusing on expanding its own brand offerings and enhancing its product lineup to capture the recovering consumer spending in travel [1]

证券代码：300577 证券简称：开润股份 安徽开润股份有限公司 投资者关系活动记录表 编号：2024-011 | --- | --- | --- | |-----------------------|-------------------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

证券代码：300577 证券简称：开润股份 安徽开润股份有限公司 投资者关系活动记录表 编号：2024-012 | --- | --- | --- | |---------------------|------------------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------| | | | | | | ■特定对象调研 □分析师会议 | | | | □媒体采访 □业绩说明会 | | | 投资者关系 活动类别 | □新闻发布会 □路演活动 | | | | □现场参观 | | | | □其他 | | | 参与单 ...

| 证券代码：300577 | 证券简称：开润股份 公告编号：2024-120 | | --- | --- | | 债券代码：123039 | 债券简称：开润转债 | 安徽开润股份有限公司 第四届监事会第十四次会议决议公告 本公司及监事会全体成员保证信息披露内容的真实、准确和完整，没有虚 假记载、误导性陈述或重大遗漏。 安徽开润股份有限公司（以下简称"公司""本公司"）第四届监事会第十 四次会议通知于 2024 年 10 月 25 日以电子邮件与传真相结合的方式向发出，会 议于 2024 年 10 月 29 日下午在上海市松江区中心路 1158 号 21B 幢 16 楼会议室 召开。本次会议应出席监事 3 名，实际出席监事 3 名，会议由公司监事会主席范 丽娟女士主持。本次会议的召集召开及程序符合《中华人民共和国公司法》《公 司章程》等有关规定，会议合法有效。经与会监事审议并表决，形成决议如下： 一、审议通过《2024 年第三季度报告》 监事会认为：《2024 年第三季度报告》的编制和审核程序符合相关法律、法 规和《公司章程》的规定；报告的内容和格式符合中国证券监督管理委员会和深 圳证券交易所的要求，所包含的 ...

同时，公司与南京祥仲创业投资普通合伙人太仓维仲投资以及其他 13 名有 限合伙人签署了《南京祥仲创业投资合伙企业（有限合伙）有限合伙合同》。本 次交易完成后，宁波浦润成为南京祥仲创业投资有限合伙人之一，认缴出资人民 币 1,500 万元，持有其 4.1096%的合伙份额。具体内容详见巨潮资讯网 www.cninfo.com.cn（2024-118）。 二、本次进展情况 2024 年 10 月 29 日，宁波浦润根据《南京祥仲创业投资合伙企业（有限合 伙）有限合伙合同》及太仓维仲投资出具的《提款通知》要求，完成认缴出资额 1,500 万元的实缴。 | 证券代码：300577 | 证券简称：开润股份 | 公告编号：2024-124 | | --- | --- | --- | | 债券代码：123039 | 债券简称：开润转债 | | 安徽开润股份有限公司 关于全资子公司与专业机构共同投资的进展公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚 假记载、误导性陈述或重大遗漏。 一、与专业投资机构共同投资情况概述 安徽开润股份有限公司（以下简称"公司""本公司"）全资子公司宁波浦润 投资合伙企业（ ...

Financial Performance - The company's revenue for Q3 2024 reached ¥1,193,281,024.16, representing a 64.36% increase year-over-year[3] - Net profit attributable to shareholders was ¥72,406,731.04, up 57.52% compared to the same period last year[3] - The net profit after deducting non-recurring gains and losses was ¥66,418,887.32, reflecting a 27.05% increase year-over-year[3] - Revenue for the first nine months of 2024 reached ¥3,024,760,362.07, a 32.48% increase compared to ¥2,283,139,588.98 in the same period of 2023, primarily driven by increased sales in clothing and bags[8] - Total operating revenue for the current period reached ¥3,024,760,362.07, a significant increase of 32.5% compared to ¥2,283,139,588.98 in the previous period[18] - Operating profit for the current period was ¥378,355,317.40, representing a substantial increase of 169.4% from ¥140,609,247.74 in the previous period[19] - Net profit attributable to shareholders of the parent company was ¥320,537,963.35, compared to ¥121,125,276.58 in the same period last year, marking a growth of 164.5%[19] - Basic earnings per share increased to ¥1.34 from ¥0.51, reflecting strong profitability growth[20] - The company reported a total comprehensive income of ¥334,604,913.52, compared to ¥158,356,680.75 in the same period last year, indicating overall financial health improvement[20] Assets and Liabilities - Total assets as of September 30, 2024, amounted to ¥5,060,165,735.86, a 41.03% increase from the end of the previous year[3] - The company's equity attributable to shareholders increased to ¥2,119,480,867.25, up 14.41% from the previous year-end[3] - Total liabilities reached CNY 2,487,376,637.25, compared to CNY 1,678,980,258.52 at the beginning of the period, which is an increase of approximately 48.1%[17] - The total assets of the company as of September 30, 2024, were CNY 5,060,165,735.86, up from CNY 3,587,961,444.51, reflecting a growth of about 41.0%[17] - The company's equity attributable to shareholders increased to CNY 2,119,480,867.25 from CNY 1,852,596,446.93, representing a rise of approximately 14.4%[17] - Short-term borrowings rose by 112.73% to ¥636,465,885.75 from ¥299,189,084.52, primarily due to the consolidation of acquired companies[8] - The company experienced a significant increase in long-term liabilities, with long-term payables rising by 86.95% to ¥8,505,246.28 from ¥4,549,383.47, attributed to the consolidation of acquired companies[8] Cash Flow - Cash flow from operating activities for the year-to-date was ¥119,942,560.30, showing a significant decrease of 72.32% compared to the same period last year[3] - The net cash flow from operating activities decreased by 72.32% to ¥119,942,560.30, down from ¥433,355,660.50, mainly due to increased cash payments for goods and services[8] - The net cash flow from financing activities improved by 192.98% to ¥137,856,978.18 from -¥148,268,229.01, mainly due to an increase in bank borrowings[8] - The total cash outflow from operating activities amounted to 2,923,580,807.27 CNY, up 38.9% from 2,104,135,137.29 CNY year-on-year[22] - The net cash flow from investing activities was -136,360,914.03 CNY, slightly improved from -142,131,547.56 CNY in the same period last year[22] - Cash inflow from financing activities totaled 613,008,916.97 CNY, an increase of 42.3% compared to 430,965,629.00 CNY in the previous year[22] - The ending balance of cash and cash equivalents was 718,083,141.25 CNY, down 7.9% from 780,374,673.05 CNY at the end of the previous year[22] Operational Efficiency and Investments - Research and development expenses increased by 41.75% to ¥66,155,125.10 from ¥46,670,030.06, indicating a focus on enhancing product development[8] - The company plans to continue expanding its market presence and investing in new technologies to drive future growth[16] - The company has implemented strategies to enhance operational efficiency and optimize its financial structure moving forward[16] - Other income increased to ¥12,399,989.07 from ¥11,205,799.39, showing a positive trend in ancillary revenue streams[19] - Investment income for the current period was ¥122,797,419.72, a significant recovery from a loss of ¥29,604,818.45 in the previous period[19] Government Support - The company received government subsidies amounting to ¥5,666,275.71 during the reporting period[4] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 6,587, with the largest shareholder, Fan Jinsong, holding 51.23% of the shares[11]

| 证券代码：300577 | 证券简称：开润股份 | 公告编号：2024-123 | | --- | --- | --- | | 债券代码：123039 | 债券简称：开润转债 | | 安徽开润股份有限公司 关于召开 2024 年第三次临时股东大会的通知 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。 1、股东大会届次：2024 年第三次临时股东大会。 2、股东大会的召集人：公司董事会。 3、会议召开的合法、合规性：本次股东大会会议召开符合有关法律、行政 法规、部门规章、规范性文件和《公司章程》的规定。 4、会议召开的日期、时间： （1）现场会议召开时间：2024 年 11 月 15 日下午 14:30。 （2）网络投票时间：通过深圳证券交易所交易系统进行网络投票的具体时 间为 2024 年 11 月 15 日上午 9:15—9:25，9:30—11:30，下午 13:00—15:00；通 过互联网投票系统进行网络投票的具体时间为 2024 年 11 月 15 日 9:15—15:00 期间的任意时间。 安徽开润股份有限公司（以下简称"公司"）于 2024 ...