Investment Rating - The investment rating for the company is upgraded to "Accumulate" [1] Core Views - The company's short-term performance is under pressure due to factors such as inventory adjustments and price changes, but long-term growth is expected to be driven by the launch of new products [8] - The company is a global leader in cosmetic raw materials, and while 2024's performance is affected by the downstream inventory cycle, the penetration of new sunscreen agents is a long-term industry trend [8] - The company has sufficient capacity reserves and is actively expanding production, particularly in Malaysia, which will enhance its risk resistance and internationalization [8] Financial Summary - In 2024, the company is projected to achieve total revenue of 22.76 billion yuan, a decrease of 5.16% year-on-year, and a net profit attributable to shareholders of 5.62 billion yuan, down 23.33% [8] - The gross margin for 2024 and Q1 2025 is expected to be 44.40% and 34.04%, respectively, reflecting a decline due to price adjustments in sunscreen products [8] - The company's earnings per share (EPS) for 2024 is projected at 1.66 yuan, with a price-to-earnings (P/E) ratio of 12.61 [1][9]

Investment Rating - The investment rating for the company is upgraded to "Accumulate" [1] Core Views - The company's short-term performance is under pressure due to factors such as inventory adjustments and price changes, but there is optimism for long-term growth driven by new product launches [1][8] - The company is a leading global player in cosmetic raw materials, and while 2024's performance is affected by the downstream inventory cycle, the increasing penetration of new sunscreen agents is a long-term industry trend [8] - The company has sufficient capacity reserves and is actively expanding production, particularly in Malaysia, which will enhance its risk resistance and international presence [8] Financial Summary - Total revenue for 2024 is projected at 22.76 billion yuan, a decrease of 5.16% year-on-year, with a net profit of 5.62 billion yuan, down 23.33% [8] - The gross margin for 2024 is expected to be 44.40%, while the net profit margin is projected at 24.65% [8] - The company's earnings per share (EPS) for 2024 is estimated at 1.66 yuan, with a price-to-earnings (P/E) ratio of 12.61 [1][9]

Investment Rating - The investment rating for the company is "Buy" (maintained) [2][15] Core Views - The company's performance is under pressure due to downstream inventory destocking and price reductions, with expectations for demand recovery and new product ramp-up in the future [1][7] - In 2024, the company achieved revenue of 2.28 billion yuan, a year-on-year decrease of 5.2%, and a net profit attributable to the parent company of 560 million yuan, down 23.3% year-on-year [7][10] - The forecast for net profit for 2025-2027 is adjusted to 410 million, 526 million, and 637 million yuan respectively, with year-on-year changes of -27.2%, +28.3%, and +21.2% [7][10] Financial Performance - The company's revenue for 2024 is projected at 2.15 billion yuan, with a year-on-year decline of 5.5% [10] - The gross margin for 2024 is expected to be 36.8%, down from 44.4% in 2023 [10] - The net profit margin is projected to decrease to 19.1% in 2025 from 24.7% in 2024 [10] Business Segments - Revenue from cosmetic active ingredients and their raw materials is expected to be 1.9 billion yuan in 2024, down 8.1% year-on-year, while synthetic fragrance revenue is projected at 350 million yuan, up 14.2% year-on-year [8] - The domestic market shows a bright performance, with domestic revenue increasing by 22.87% year-on-year, while overseas revenue is expected to decline by 8.3% [8] Capacity and Expansion - The company has made progress in expanding its product lines, with new production lines for high-end personal care products and sunscreen series products under construction [9][10] - The capacity utilization rates for cosmetic active ingredients and synthetic fragrances are 54.98% and 89.22% respectively in 2024 [8] Valuation Metrics - The current price-to-earnings (P/E) ratios for 2025, 2026, and 2027 are projected to be 17.3, 13.5, and 11.1 respectively [10] - The price-to-book (P/B) ratios for the same years are expected to be 2.3, 2.1, and 1.9 [10]

Investment Rating - The investment rating for the company is "Buy" (maintained) [2][15] Core Views - The company's performance is under pressure due to downstream inventory destocking and price reductions, with expectations for demand recovery and new product ramp-up [1][7] - In 2024, the company achieved revenue of 2.28 billion yuan, a year-on-year decrease of 5.2%, and a net profit attributable to the parent company of 560 million yuan, down 23.3% year-on-year [7][10] - The forecast for net profit for 2025-2027 is adjusted to 410 million, 526 million, and 637 million yuan respectively, with year-on-year changes of -27.2%, +28.3%, and +21.2% [7][10] Financial Summary - The current stock price is 19.88 yuan, with a market capitalization of 6.755 billion yuan [3] - The company's revenue and net profit projections for 2025 and 2026 are 2.15 billion and 2.58 billion yuan, and 410 million and 526 million yuan respectively [10][12] - The gross margin for 2024 is 44.4%, down 4.43 percentage points year-on-year, while the net margin is 24.65%, down 5.92 percentage points year-on-year [9][10] Business Performance - The company's sunscreen product shipments have declined due to slowing market demand and customer inventory digestion, with some product prices also decreasing [7][8] - The revenue from cosmetic active ingredients and synthetic fragrances in 2024 is 1.9 billion and 350 million yuan, with year-on-year changes of -8.1% and +14.2% respectively [8] - The company is expanding its product lines and steadily progressing with new products, including a new high-end personal care product project with an annual capacity of 2,600 tons [9][10]

证券代码：300856 证券简称：科思股份 公告编号：2025-024 债券代码：123192 债券简称：科思转债 南京科思化学股份有限公司 独立董事候选人声明与承诺 声明人宋兵作为南京科思化学股份有限公司第四届董事会独立 董事候选人，已充分了解并同意由提名人南京科思化学股份有限公 司（以下简称"该公司"）董事会提名为该公司第四届董事会独立 董事候选人。现公开声明和保证，本人与该公司之间不存在任何影 响本人独立性的关系，且符合相关法律、行政法规、部门规章、规 范性文件和深圳证券交易所业务规则对独立董事候选人任职资格及 独立性的要求，具体声明并承诺如下事项： 一、本人已经通过南京科思化学股份有限公司第三届董事会提 名委员会资格审查，提名人与本人不存在利害关系或者其他可能影 响独立履职情形的密切关系。 是 □ 否 如否，请详细说明：______________________________ 二、本人不存在《中华人民共和国公司法》第一百七十八条等 规定不得担任公司董事的情形。 是 □ 否 如否，请详细说明：______________________________ 三、本人符合中国证监会《上市公司独立董事管理办 ...

南京科思化学股份有限公司 2024年度内部控制自我评价报告 南京科思化学股份有限公司全体股东： 2024 年度内部控制自我评价报告 根据《企业内部控制基本规范》及其配套指引的规定和其他内部控制监管要 求（以下合称"企业内部控制规范体系"），结合南京科思化学股份有限公司（以 下简称"公司"）内部控制相关制度，在内部控制日常监督和专项监督的基础上， 我们对公司截至2024年12月31日（内部控制评价报告基准日）的内部控制有效性 进行了自我评价。 一、重要声明 按照企业内部控制规范体系的规定，建立健全和有效实施内部控制，评价其 有效性，并如实披露内部控制评价报告是公司董事会的责任；监事会对董事会建 立和实施内部控制进行监督；管理层负责组织领导企业内部控制的日常运行。 公司董事会、监事会及董事、监事、高级管理人员保证本报告内容不存在任 何虚假记载、误导性陈述或重大遗漏，并对报告内容的真实性、准确性和完整性 承担个别及连带法律责任。 公司内部控制的目标是合理保证经营管理合法合规、资产安全、财务报告及 相关信息真实完整，提高经营效率和效果，促进实现发展战略。由于内部控制存 在的固有局限性，故仅能为实现上述目标提供合理保证 ...

证券代码：300856 证券简称：科思股份 公告编号：2025-013 债券代码：123192 债券简称：科思转债 一、募集资金基本情况 （一）首次公开发行股票募集资金 1、实际募集资金金额及到位情况 根据中国证券监督管理委员会证监许可【2020】803 号《关于核 准南京科思化学股份有限公司首次公开发行股票的批复》文件核准， 南京科思化学股份有限公司（以下简称"公司""本公司"）由主承销 商民生证券股份有限公司（以下简称"民生证券"）向社会公众公开 发行人民币普通股（A 股）2,822 万股，每股面值 1.00 元，发行价为 每股 30.56 元，共募集资金 86,240.32 万元，扣除发行费用 7,727.21 万元后，实际募集资金净额为 78,513.11 万元。上述募集资金到位情 况已经天衡会计师事务所（特殊普通合伙）出具的天衡验字（2020） 00071 号《验资报告》验证。 南京科思化学股份有限公司 2、以前年度募集资金使用及结余情况 2024 年度募集资金存放与使用情况的专项报告 截至 2023 年 12 月 31 日，本公司累计使用募集资金 68,120.06 万元，募集资金专户余额为 2, ...

2024 年度财务决算报告 南京科思化学股份有限公司 2024 年度财务决算报告 南京科思化学股份有限公司（以下简称"公司"）2024 年财务报表已经天衡 会计师事务所（特殊普通合伙）审核，并由其出具了标准无保留意见审计报告。 现将公司 2024 年度财务决算情况报告如下： | | 2024 年 | 2023 年 | 本年比 上年增 | 2022 年 | | --- | --- | --- | --- | --- | | | | | 减 | | | 营业收入（元） | 2,275,984,587.88 | 2,399,920,217.58 | -5.16% | 1,764,816,558.96 | | 归属于上市公司 | | | - | | | 股 东 的 净 利 润 | 562,473,383.41 | 733,587,263.70 | 23.33% | 388,108,733.79 | | （元） | | | | | | 归属于上市公司 | | | - | | | 股东的扣除非经 | 530,251,761.85 | 715,454,749.18 | 25.89% | 378,319,972.72 | | ...

证券代码：300856 证券简称：科思股份 公告编号：2025-018 债券代码：123192 债券简称：科思转债 南京科思化学股份有限公司 关于使用闲置募集资金和闲置自有资金 进行现金管理的公告 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： 1、投资种类:购买由商业银行等金融机构发行的安全性高、流动 性好、短期（不超过 12 个月）的理财投资产品进行现金管理。 2、投资金额:不超过 10,000 万元人民币的闲置募集资金和不超 过 60,000 万元人民币的闲置自有资金。 3、特别风险提示:公司及子公司拟用闲置募集资金和自有资金购 买的投资理财品种安全性高、流动性好，属于低风险投资品种，但金 融市场受宏观经济的影响较大，公司及子公司将根据经济形势以及金 融市场的变化适时适量的介入，但不排除该项投资受到市场波动的影 响。 南京科思化学股份有限公司（以下简称"公司"或"科思股份"） 于 2025 年 4 月 22 日召开第三届董事会第二十三次会议和第三届监 事会第二十次会议，审议通过了《关于使用闲置募集资金和闲置自有 资金进行现金管理的议案》， ...

证券代码：300856 证券简称：科思股份 公告编号：2025-020 债券代码：123192 债券简称：科思转债 南京科思化学股份有限公司 关于董事会换届选举的公告 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。 南京科思化学股份有限公司（以下简称"公司"）第三届董事会 任期即将届满，根据《公司法》《深圳证券交易所创业板股票上市规 则》《深圳证券交易所上市公司自律监管指引第 2 号——创业板上市 公司规范运作》等法律法规、规范性文件和《公司章程》的有关规定， 公司于 2025 年 4 月 22 日召开第三届董事会第二十三次会议，审议通 过了《关于公司董事会换届选举暨提名第四届董事会非独立董事候选 人的议案》和《关于公司董事会换届选举暨提名第四届董事会独立董 事候选人的议案》。公司第四届董事会由 9 名董事组成，其中独立董 事 3 名。公司董事会提名周旭明先生、杨军先生、于鲁登先生、陶龙 明先生、曹晓如先生、何驰先生为第四届董事会非独立董事候选人（简 历见附件），提名宋兵先生、聂长海先生和俞健先生为第四届董事会 独立董事候选人（简历见附件），任期自股东大会审议 ...