证券代码：300877 证券简称：金春股份 公告编号：2025-066 安徽金春无纺布股份有限公司 第四届董事会第九次会议决议公告 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，没有任何虚 假记载、误导性陈述或重大遗漏。 一、会议召开情况 安徽金春无纺布股份有限公司（以下简称"公司"）第四届董事会第九次会议通知 于 2025 年 10 月 21 日以电子邮件方式送达，并于 2025 年 10 月 24 日以现场结合通讯方 式召开。公司应出席会议董事 9 人，实际出席会议的董事共 9 名，会议由董事长杨如新 先生主持。本次会议的召集、召开程序符合有关法律法规以及《安徽金春无纺布股份有 限公司章程》（以下简称"《公司章程》"）的规定。 二、会议议案审议情况 与会董事审议并通过了以下议案： 1、审议通过了《2025 年第三季度报告》 经审核，董事会认为公司 2025 年第三季度报告的编制和审核的程序符合法律、行 政法规和中国证监会的规定，报告内容真实、准确、完整地反映了公司经营的实际情况， 不存在任何虚假记载、误导性陈述或者重大遗漏。 本议案已经公司董事会审计委员会审议通过。 具体内容详见公司同日披露于 ...

金春股份公告，第三季度营收为2.5亿元，同比下降6.97%；净利润为5843.13万元，同比增长436.14%。 前三季度营收为7.72亿元，同比增长0.03%；净利润为7385.15万元，同比增长484.69%。 ...

Revenue and Profitability - The company's revenue for Q3 2025 was ¥250,233,555.73, representing a decrease of 6.97% compared to the same period last year[4] - Net profit attributable to shareholders increased significantly by 436.14% to ¥58,431,291.37 for the quarter[4] - The basic earnings per share rose by 390.00% to ¥0.49, while diluted earnings per share also increased by the same percentage[4] - Total operating revenue for the current period reached ¥772,321,104.35, a slight increase from ¥772,123,217.43 in the previous period, reflecting a growth of 0.03%[16] - Net profit for the current period was ¥73,747,544.21, significantly up from ¥12,571,213.01, marking an increase of 487.5%[17] - Earnings per share (EPS) improved to ¥0.62 from ¥0.11, indicating a substantial growth in profitability[18] Assets and Liabilities - Total assets at the end of the reporting period reached ¥1,943,702,160.80, marking a 6.77% increase from the end of the previous year[4] - The company’s equity attributable to shareholders increased by 5.60% to ¥1,667,942,173.95 compared to the previous year[4] - The company’s total liabilities amounted to CNY 274,863,965.90, up from CNY 239,166,603.53, which is an increase of about 15%[14] - The company’s non-current assets totaled CNY 774,298,346.86, an increase from CNY 689,371,458.62, reflecting a growth of approximately 12.3%[14] - The company’s total current assets reached CNY 1,169,403,813.94, slightly up from CNY 1,131,153,426.00, indicating a growth of about 3.37%[13] Cash Flow - The company reported a net cash flow from operating activities of -¥210,382,731.61, a decline of 261.72% compared to the previous year[8] - Cash flow from operating activities showed a net outflow of ¥210,382,731.61, worsening from a net outflow of ¥58,162,177.13 in the previous period[18] - The total cash inflow from investment activities was ¥1,124,202,876.72, down from ¥1,371,225,056.57, reflecting a decrease of 18%[18] - Net cash flow generated from investment activities increased to $275,564,422.93 from $138,707,321.70, representing a growth of about 99%[19] - Cash inflow from financing activities totaled $204,509,973.80, up from $116,452,482.21, marking an increase of approximately 75%[19] - Net cash flow from financing activities improved to $44,686,170.01 from a negative $17,965,585.13, indicating a turnaround[19] Shareholder Information - The number of ordinary shareholders at the end of the reporting period was 9,653, with the largest shareholder holding 50.44% of the shares[9] - The company approved the 2025 Employee Stock Ownership Plan, transferring 3,662,209 shares, which represents 3.05% of the total share capital[11] Financial Performance Metrics - The company’s financial assets saw a fair value change gain of ¥60,301,546.67, a substantial increase of 908.80% year-on-year[8] - The fair value change income improved to ¥60,301,546.67 from a loss of ¥7,455,658.76, indicating a positive turnaround in financial performance[17] - The company reported a significant increase in other income, which rose to ¥12,113,521.70 from ¥8,341,100.93, an increase of 45.5%[16] Inventory and Receivables - Accounts receivable rose significantly to CNY 186,538,729.07 from CNY 72,040,813.90, marking an increase of approximately 159.8%[13] - Inventory levels increased to CNY 128,822,626.88 from CNY 82,103,310.88, indicating a growth of around 56.9%[13] Management and Expenses - The company’s management expenses rose by 51.16% to ¥23,624,172.53 due to increased share-based payment expenses related to the employee stock ownership plan[8] Audit Information - The company did not undergo an audit for the third quarter financial report[20]

Core Insights - The company Jin Chun Co., Ltd. reported that as of October 20, 2025, the number of shareholders is 11,058 [2] Company Information - Jin Chun Co., Ltd. engaged with investors on an interactive platform to provide updates on shareholder numbers [2] - The company is actively communicating with its investors, indicating a focus on transparency and shareholder engagement [2]

Core Insights - Jin Chun Co., Ltd. (300877) reported a net financing purchase of 1.5394 million yuan on October 20, 2025, with a financing balance of 248 million yuan, marking a continuous net purchase of 11.2358 million yuan over the last three trading days [1][2]. Financing Activity Summary - On October 20, 2025, the net financing purchase was 1.5394 million yuan, with a financing balance of 248 million yuan, representing 6.57% of the circulating market value [2]. - The financing balance increased by 0.62% from the previous day, reflecting a net increase of 1.5393 million yuan [3]. - The financing activities over the past few days show a trend of increasing net purchases, with the highest net purchase recorded on October 15, 2025, at 6.7697 million yuan [2][3]. Margin Trading Knowledge - Current requirements for individual investors to participate in margin trading include having at least six months of trading experience and an average account asset of 500,000 yuan over the last 20 trading days [4]. - The number of margin trading stocks on the Shanghai Stock Exchange is set to increase from 800 to 1,000, while the Shenzhen Stock Exchange will expand its eligible stocks from 800 to 1,200 [4].

Overview - The non-woven fabric industry in China is experiencing a recovery, with production expected to reach 8.56 million tons in 2024, a year-on-year increase of 5.1%, marking the largest growth since 2020 [9][25] - The industry is seeing a shift towards high-end and sustainable materials, with the penetration rates of viscose, cotton, and blended materials increasing significantly [30][32] - The industry’s prosperity index has improved from 57.3 at the end of 2022 to 68.4 in the first eleven months of 2024, indicating a positive trend in revenue and profit growth for major companies [9][34] Product Segmentation - The main production processes for non-woven fabrics in 2024 are spunbond (45.3%), needle-punched (21.6%), and spunlace (19.4%), which together account for 86% of the market [26][28] - Spunlace non-woven fabrics are expected to grow by 8.1% year-on-year in 2024, primarily used for wet wipes and toilet paper, while thermal bonded non-woven fabrics are projected to grow by 7.9% [9][28] Market Dynamics - The domestic market is the core consumption area, with a projected increase in domestic sales of non-woven fabrics by 3% in 2024, surpassing 7.14 million tons [52] - Exports are expected to outperform domestic sales, driven by the recovery of the disposable cleaning products market and increasing demand from Southeast Asia [52] Competitive Landscape - The industry is characterized by low concentration, with over 85% of companies being small to medium-sized enterprises, while major players like Nobon, Yanjing, and Jinchun hold less than 1% market share each [10][41] - The competition is intensifying, particularly in the high-end product segments, as consumer demand shifts towards higher quality and sustainable options [41][44] Policy and Brand Strategies - Recent policies in the UK and EU are pushing for a transition to plastic-free products, which may benefit companies capable of producing compliant materials [12] - Major brands are adopting procurement strategies that favor suppliers with strong capabilities in non-plastic materials, enhancing China's competitive edge in the Asia-Pacific and emerging markets [12][51]

Core Insights - The textile manufacturing sector experienced a decline of 1.95% on October 16, with Jin Chun Co., Ltd. leading the drop [1] - The Shanghai Composite Index closed at 3916.23, up 0.1%, while the Shenzhen Component Index closed at 13086.41, down 0.25% [1] Sector Performance - The textile manufacturing sector saw a net outflow of 157 million yuan from main funds, while retail investors contributed a net inflow of 112 million yuan [2] - Key stocks in the sector included: - Yingfeng Co. (605055) with a closing price of 11.51, up 4.26% [1] - Jin Chun Co. (300877) with a closing price of 33.00, down 9.79% [2] - Yunzhongma (603130) with a closing price of 47.89, up 1.76% [1] Fund Flow Analysis - Main funds showed a net outflow in several stocks, including: - Yunzhongma with a net outflow of 21.97 million yuan [3] - Xinlong Holdings (000955) with a net inflow of 13.54 million yuan [3] - Retail investors showed varied interest, with significant inflows into stocks like Xinlong Holdings and outflows from Yunzhongma [3]

Core Insights - As of October 15, a total of 74 stocks in the Shanghai and Shenzhen markets have experienced net buying from major funds for five consecutive days or more [1] Group 1: Stocks with Longest Net Buying - The stocks with the longest consecutive net buying days are Wanxin Media, Jianyou Co., Jinling Hotel, Jinchun Co., and Kaisheng Technology, each having recorded net buying for eight consecutive trading days [1] Group 2: Other Notable Stocks - Other stocks with significant net buying days include Guanshi Technology, Haoneng Co., Ruidi Zhichu, Hangxin Technology, Tiancheng Technology, China Electric Research, Zhangzhou Development, and Junpu Intelligent [1]

Core Insights - The textile manufacturing sector experienced a rise of 0.68% on October 15, with Jin Chun Co., Ltd. leading the gains [1] - The Shanghai Composite Index closed at 3912.21, up 1.22%, while the Shenzhen Component Index closed at 13118.75, up 1.73% [1] Sector Performance - Jin Chun Co., Ltd. saw a closing price of 36.58, with a significant increase of 7.18% and a trading volume of 112,200 shares, amounting to a transaction value of 397 million yuan [1] - Other notable performers included: - Nan Shan Zhi Shang: closing price 21.22, up 4.95% [1] - He Mei Huan: closing price 8.66, up 3.96% [1] - Li Xing You Xin: closing price 17.98, up 3.87% [1] - Nuo Bang Co., Ltd.: closing price 19.47, up 3.29% [1] Capital Flow - The textile manufacturing sector saw a net outflow of 64.58 million yuan from institutional investors and 45.77 million yuan from speculative funds, while retail investors contributed a net inflow of 110 million yuan [2] - The capital flow for specific stocks included: - Lian Fa Co., Ltd.: net outflow of 42.13 million yuan from institutional investors [3] - Nan Shan Zhi Shang: net inflow of 12.08 million yuan from institutional investors [3] - Jiang Nan Gao Xian: net inflow of 7.58 million yuan from institutional investors [3]

Core Viewpoint - Jin Chun Co., Ltd. experienced a stock price increase of 5.07% on October 15, reaching 35.86 CNY per share, with a trading volume of 203 million CNY and a turnover rate of 4.91%, resulting in a total market capitalization of 4.303 billion CNY [1] Group 1: Company Overview - Jin Chun Co., Ltd. is located in Chuzhou, Anhui Province, and was established on July 21, 2011, with its listing date on August 24, 2020 [1] - The company's main business involves the research, production, and sales of non-woven fabrics, with revenue composition as follows: 85.46% from the non-woven fabric industry, 11.31% from chemical fibers, 1.69% from cleaning and hygiene products, and 1.54% from other supplementary products [1] Group 2: Shareholder Information - CITIC Prudential Fund's multi-strategy mixed fund (LOF) A (165531) is among the top ten circulating shareholders of Jin Chun Co., Ltd., having increased its holdings by 426,000 shares in the second quarter, totaling 1.0783 million shares, which represents 0.9% of the circulating shares [2] - The fund has a current scale of 1.245 billion CNY and has achieved a year-to-date return of 38.84%, ranking 1535 out of 8161 in its category, with a one-year return of 51.83%, ranking 742 out of 8015 [2] - The fund manager, Wang Ying, has been in the position for 8 years and 244 days, overseeing a total fund asset size of 6.176 billion CNY, with the best fund return during her tenure being 57.13% and the worst being -8.42% [2]