4月30日，上海艾录（301062）2024年度网上业绩说明会在全景网举行。有投资者提问：请问贵公司未 来盈利增长的主要驱动因素有哪些？ 上海艾录董事、财务负责人陆春艳回复：公司未来业绩及盈利能力的驱动因素主要来自以下方面： （1）随着公司可转债募投项目艾创包装工业用纸包装、复合塑料包装和新材料生产建设项目落成后， 规划完全达产后将实现年产工业用纸包装袋6亿条的生产能力，将实现工业用纸包装产品产能翻倍，将 有效突破公司现有工业用纸包装袋产品的产能瓶颈限制，并通过提高产品差异化程度和附加值，拓宽下 游应用市场，推动公司主营业务持续拓展； （2）公司子公司艾纳新能源自主研发的"玻纤增强聚氨酯复合材料边框"，以其其轻量化、耐腐蚀、成 本优势等性能优势，通过VDE/TUV认证，可替换原有的铝合金边框运用于多种场景及领域，与传统铝 合金边框产品形成差异化竞争。随着公司光伏产品的加速落地验证及未来光伏行业市场新秩序的建立， 该业务长期发展潜力巨大，且该业务有望打造公司新的成长曲线； （3）2024年度公司推出Espeed系列无塑膜纸基包装产品，为一款面向消费品端的可回收环保包装新产 品，可用于替代市场现存和潜在的塑膜类复 ...

Group 1: Financial Performance - In 2024, the company achieved a revenue growth of 11.63%, while Q1 2025 saw a growth of 5.47%. However, net profit declined due to rising costs and the photovoltaic subsidiary not yet generating significant revenue [8] - The operating cash inflow for 2024 was CNY 1.105 billion, a 7.88% increase from 2023, primarily due to VAT refunds. Cash outflow was CNY 871 million, up 9.19% due to increased raw material purchases [6] Group 2: Business Development and Strategy - The company plans to enhance its financing channels to lower costs and meet capital expenditure needs, which will improve financial conditions as funds are invested [4] - The company’s new projects, including industrial paper packaging and composite plastic packaging, are expected to double production capacity to 600 million units annually, addressing current capacity constraints [5] Group 3: Market Outlook and Product Innovation - The global paper packaging market is projected to reach USD 397.5 billion in 2024, with a CAGR of 4.8% from 2025 to 2030. The Chinese market is expected to hold a 45% share [7] - The company is optimistic about the photovoltaic industry, driven by increasing installation demand and technological advancements [3] Group 4: Challenges and Responses - The company faces short-term pressure on its photovoltaic business due to lengthy product validation and testing cycles, but anticipates long-term growth potential [2] - The company is addressing the impact of trade policies and tariffs, particularly in the U.S. market, where the business exposure is relatively small [8]

保荐人名称：中信证券股份有限公司 （以下简称"中信证券"或"保荐人"） 被保荐公司简称：上海艾录 保荐代表人姓名：赵成豪 联系电话：021-20262092 保荐代表人姓名：欧阳颢頔 联系电话：021-20262092 现场检查人员姓名：赵成豪 现场检查对应期间：2024 年 1 月 1 日-2024 年 12 月 31 日 现场检查时间：2025 年 4 月 16 日 一、现场检查事项 现场检查意见 （一）公司治理 是 否 不适用 现场检查手段： 查阅了上市公司最新章程、三会议事规则及会议材料，取得上市公司董事、监事、 高级管理人员名单及其变化情况，取得上市公司关联方清单，查阅关于公司控股 股东、实际控制人、董事、监事、高级管理人员的信息披露文件及相关变更决策 文件，查看上市公司生产经营场所，对上市公司高级管理人员进行访谈。 1.公司章程和公司治理制度是否完备、合规 是 2.公司章程和三会规则是否得到有效执行 是 3.三会会议记录是否完整，时间、地点、出席人员及会议 内容等要件是否齐备，会议资料是否保存完整 是 4.三会会议决议是否由出席会议的相关人员签名确认 是 5.公司董监高是否按照有关法律、行政法规、 ...

第四届监事会第十三次会议决议公告 | 证券代码：301062 | 证券简称：上海艾录 | 公告编号：2025-020 | | --- | --- | --- | | 债券代码：123229 | 债券简称：艾录转债 | | 上海艾录包装股份有限公司 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、误导性陈述或者重大遗漏。 一、 会议召开和出席情况 （一） 会议召开情况 公司根据 2025 年第一季度财务报表编制了《2025 年第一季度报告》，与会 监事经审核，认为：公司编制的《2025 年第一季度报告》的程序符合法律、行政 1. 会议召开时间：2025 年 4 月 24 日 2. 会议召开地点：上海艾录会议室 3. 会议召开方式：现场会议方式 4. 发出监事会会议通知的时间和方式：2025 年 4 月 20 日通过电讯方式 5. 会议主持人：监事会主席阮丹林 6. 会议出席人员：阮丹林、钱慧浩、胡军林 7. 召开情况合法、合规、合章程性说明： 法规和中国证监会的规定，报告内容公允地反映了公司 2025 年第一季度的经营 状况和经营成果，报告所披露的信息真实、准确、完整，不存在虚假记载、 ...

| 证券代码：301062 | 证券简称：上海艾录 | 公告编号：2025-019 | | --- | --- | --- | | 债券代码：123229 | 债券简称：艾录转债 | | 上海艾录包装股份有限公司 第四届董事会第十四次会议决议公告 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，没有虚 假记载、误导性陈述或者重大遗漏。 一、 会议召开和出席情况 （一） 会议召开情况 会议的召集、召开以及议案审议程序符合《中华人民共和国公司法》、《上 海艾录包装股份有限公司章程》和《上海艾录包装股份有限公司董事会议事规 则》的规定。 1. 会议召开时间：2025 年 4 月 24 日 2. 会议召开地点：上海艾录会议室 3. 会议召开方式：现场会议方式 4. 发出董事会会议通知的时间和方式：2025 年 4 月 20 日通过电讯方式 5. 会议主持人：董事长陈安康 6. 会议出席人员：陈安康、陈雪骐、张勤、陈曙、陆春艳、陈杰、戴钰凤、夏 尧云 7. 召开情况合法、合规、合章程性说明： 公司根据 2025 年第一季度财务报表编制了《2025 年第一季度报告》，与会 董事经审核，认为：公司编制的《2025 ...

Revenue and Profitability - The company's revenue for Q1 2025 was ¥284,115,685.55, representing a 5.47% increase compared to ¥269,380,005.14 in the same period last year[5] - Net profit attributable to shareholders decreased significantly by 97.26% to ¥778,286.88 from ¥28,443,844.43 year-on-year[5] - Basic and diluted earnings per share fell by 97.46% to ¥0.0018, compared to ¥0.071 in the same period last year[5] - The net profit for the current period was a loss of ¥3,380,222.19, compared to a net profit of ¥25,654,048.95 in the previous period[31] Cash Flow - The net cash flow from operating activities dropped by 95.00% to ¥1,080,337.72, down from ¥21,586,623.23 in the previous year[5] - The net cash flow from operating activities was 1,080,337.72, a significant decrease from 21,586,623.23 in the previous period[37] - Total cash inflow from operating activities amounted to 263,842,118.94, compared to 271,058,008.37 previously, reflecting a decrease of approximately 2.4%[36] - Cash outflow from operating activities increased to 262,761,781.22 from 249,471,385.14, representing an increase of about 5.3%[36] - The net cash flow from financing activities improved significantly, showing an increase of 320.92% to ¥85,979,822.33 from -¥38,918,979.37 year-on-year[14] - The net cash flow from financing activities was 85,979,822.33, a recovery from -38,918,979.37 in the previous period[39] - Cash inflow from financing activities was 92,117,864.28, up from 46,365,234.81, indicating an increase of approximately 98.5%[37] - The net cash flow from investing activities was -81,797,771.34, a decrease from -116,628,948.08 in the previous period[37] - The total cash outflow for investing activities was 89,021,371.34, down from 116,817,599.24, indicating a decrease of approximately 23.9%[37] - The company reported a cash inflow of 7,223,600.00 from investment activities, compared to 188,651.16 previously, marking a significant increase[37] Assets and Liabilities - Total assets at the end of the reporting period were ¥2,933,844,500.95, a slight decrease of 0.03% from ¥2,934,715,215.12 at the end of the previous year[5] - Total liabilities increased to ¥1,401,221,344.77, compared to ¥1,399,965,576.75 in the previous period[26] - The company's total equity attributable to shareholders was ¥1,533,755,562.90, a slight increase from ¥1,531,723,536.02 in the previous period[26] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 16,067[15] - The largest shareholder, Chen Ankang, holds 31.16% of the shares, totaling 134,703,476 shares[17] - The number of shares held by the top ten shareholders includes significant stakes from Chen Ankang and Chen Shu, with 33,675,869 and 17,958,108 shares respectively[18] - The company has 5,795,219 shares under lock-up due to executive restrictions, with 1,453,783 shares released during the current period[20] - The total number of shares held by Hu Bing is 2,090,700, all held through margin trading accounts[19] Expenses - Management expenses increased by 40.11% to ¥32,262,025.32, compared to ¥23,026,054.39 in the previous year[12] - Research and development expenses for the current period were ¥9,703,063.27, compared to ¥10,547,400.69 in the previous period, indicating a decrease[30] - The company experienced a 128.71% increase in taxes and surcharges, amounting to ¥2,928,107.64 compared to ¥1,280,253.79 in the previous year[12] Inventory and Receivables - The total inventory reported is 365,219,072.71 RMB, showing a slight increase from the previous period[23] - The total amount of receivables, including notes and accounts, is reported at 344,713,637.54 RMB[23] - The company has 20,603,848.02 RMB in receivables financing, which decreased from the previous period[23] - The company has a total of 39,400,159.93 RMB in long-term equity investments, unchanged from the previous period[23] - The total fixed assets amount to 1,220,447,496.31 RMB, reflecting a minor increase from the previous period[23] Credit and Impairment - The company reported a credit impairment loss of ¥1,429,217.62, compared to a loss of ¥615,233.32 in the previous period[31] Cash and Cash Equivalents - The ending balance of cash and cash equivalents was 175,988,006.08, down from 409,954,988.77[39] - Cash received from tax refunds was 15,690,220.02, compared to 16,270.25 previously, showing a slight decrease[36]

整体营收再创新高 公司发布 24 年年报 24Q4 公司实现营收3 亿元，同比+3%，实现归母净利润-0.1 亿元，同比-143%， 扣非归母净利润-0.1 亿元，同比-155%。 24 全年公司实现营收 12 亿，同比+12%，实现归母净利润 0.5 亿，同比-29%， 扣非归母净利润 0.5 亿，同比-34%。 公司报告 | 年报点评报告 上海艾录（301062） 证券研究报告 上述口径净利润的下滑主要系 2024 年公司光伏项目尚处投资初期， 前 期研发、资质认证、材料/产品送样验证等一系列流程需较长时间周期， 光伏项目并未对公司 2024 年度整体营业收入带来显著影响，本着审慎性 原则，公司计提相应折旧及减值所致。 分产品来看，2024 工业用纸包装实现收入 9 亿元，同比+18%，收入占比 76%。复合塑料包装实现收入 1.6 亿元，同比-5%，收入占比 13%。 分行业来看，24 年食品及食品添加剂实现收入 4.9 亿元，同比+14%，化工 收入 3.5 亿元，同比+23%，建材行业 2.9 亿元，同比+1%。 公司 24 年毛利率 21.6%，同比-1.9pct；归母净利率为 4.5%，同比-2 ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price set at 8.12 CNY [6][5]. Core Insights - The company achieved a record high in overall revenue, with a total revenue of 1.2 billion CNY for the year 2024, representing a year-on-year increase of 12%. However, the net profit attributable to shareholders decreased by 29% to 50 million CNY [1][5]. - The decline in net profit is primarily attributed to the early investment phase of the solar photovoltaic projects, which have not yet significantly impacted overall revenue. The company has prudently accounted for depreciation and impairment [2][5]. - The industrial paper packaging segment generated 900 million CNY in revenue, up 18% year-on-year, accounting for 76% of total revenue. The composite plastic packaging segment saw a revenue decline of 5% to 160 million CNY, representing 13% of total revenue [2][5]. - The company is advancing its new photovoltaic business, with its subsidiary, Aina New Energy, developing and producing polyurethane composite material frames, which have received various certifications and are expected to meet the needs of the photovoltaic industry [4][5]. Financial Performance Summary - In Q4 2024, the company reported a revenue of 300 million CNY, a 3% increase year-on-year, but a net loss of 10 million CNY, down 143% year-on-year. The annual gross margin was 21.6%, a decrease of 1.9 percentage points [1][2]. - The company’s expenses for sales, management, R&D, and financial costs were 2.37%, 9.55%, 3.61%, and 1.93% respectively, with management expenses increasing due to new share payments and employee compensation [2][5]. - The projected net profits for 2025, 2026, and 2027 are estimated at 73 million CNY, 88 million CNY, and 109 million CNY respectively, with corresponding EPS of 0.17 CNY, 0.20 CNY, and 0.25 CNY [5][10].

Core Viewpoint - Shanghai Ailu (301062) reported a revenue of 1.191 billion yuan for 2024, marking an 11.63% year-on-year increase, while the net profit attributable to shareholders was 53.33 million yuan, indicating pressure on profits due to macroeconomic disturbances and long R&D cycles in new photovoltaic businesses [1] Group 1: Financial Performance - In 2024, the company achieved a revenue of 1.191 billion yuan, reflecting an 11.63% increase compared to the previous year [1] - The net profit attributable to shareholders was 53.33 million yuan for the year [1] Group 2: Product Development and Innovation - The company launched the Espeed series of plastic-free paper-based packaging products in March 2024, targeting the consumer goods market and expanding into sectors like snacks and pet food [1] - The Espeed product line received multiple accolades, including the "FFIS 2024 Technology Innovation Breakthrough Award" [1] - R&D investment reached 43.27 million yuan in 2024, a 9.31% increase, accounting for 3.63% of total revenue [2] Group 3: Strategic Initiatives and Collaborations - Aina New Energy, a subsidiary, made significant progress in developing polyurethane composite material frames, achieving certifications from Germany's VDE and TÜV [1] - Aina New Energy has a production capacity of 1.5 GW to meet the needs of the downstream photovoltaic industry and has signed strategic cooperation agreements with notable companies like Huaneng New Energy and Beili Tongchuang [1] Group 4: Sustainability Efforts - The company has established a rooftop photovoltaic power generation project with an annual output of approximately 3.25 million kWh, saving over 1 million kWh of electricity annually through geothermal and heat recovery technologies [2] - The company has voluntarily disclosed its ESG report for three consecutive years, demonstrating its commitment to sustainable development [2] Group 5: Production Capacity Expansion - The construction of a new factory for the convertible bond project is nearing completion, with production expected to fully commence in the first half of 2025 [2] - The new factory will enhance the company's industrial paper packaging business, with an expected annual output of 60 million industrial paper packaging bags [2] Group 6: Company Overview - Shanghai Ailu specializes in the R&D, design, production, and sales of industrial and consumer paper packaging, plastic packaging, smart packaging systems, and photovoltaic components [3] - The company has evolved into a comprehensive soft packaging solution provider, serving well-known domestic and international clients through its flexible and customized production capabilities [3]

上海艾录包装股份有限公司 | 目录 | 页次 | | --- | --- | | 审计报告 | l-5 | | 财务报表 | | | 合并资产负债表和母公司资产负债表 | 1-4 | | 合并利润表和母公司利润表 | ર-୧ | | 合并现金流量表和母公司现金流量表 | 7-8 | | 合并所有者权益变动表和母公司所有者权益变动 | 9-12 | | 表 | | | 财务报表附注 | 1-116 | 审计报告及财务报表 二〇二四年度 您可使用手机"扫一扫"或进入"让册发手证明该审计报告是否用具有执业许可的会计师事务所出具， 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.mof.cov.cn）"进行查查 " 上海艾录包装股份有限公司 审计报告及财务报表 (2024 年 01 月 01 日至 2024 年 12 月 31 日止) 审计报告 信会师报字[2025]第 ZA11145 号 上海艾录包装股份有限公司全体股东: 一、审计意见 我们审计了上海艾录包装股份有限公司(以下简称"上海艾录") 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 ...