Group 1 - The number of shareholders for Yanpai Co., Ltd. decreased to 8,878 as of August 31, representing a decline of 623 shareholders or 6.56% compared to the previous period [2] - The company's stock price closed at 10.09 yuan, down 1.66%, with a cumulative decline of 6.49% since the concentration of shares began [2] - The margin trading data shows a total margin balance of 32.56 million yuan as of September 2, with a reduction of 6.08 million yuan or 15.73% in the financing balance during the same period [2] Group 2 - For the first half of the year, Yanpai Co., Ltd. reported operating revenue of 429 million yuan, an increase of 19.77% year-on-year [2] - The net profit for the same period was 21.52 million yuan, reflecting a decrease of 25.95% year-on-year [2] - The basic earnings per share were reported at 0.1000 yuan, with a weighted average return on equity of 2.08% [2]

Group 1 - The environmental equipment sector increased by 0.75% on September 1, with Yanpai Co., Ltd. leading the gains [1] - The Shanghai Composite Index closed at 3875.53, up 0.46%, while the Shenzhen Component Index closed at 12828.95, up 1.05% [1] - Key stocks in the environmental equipment sector showed various performance metrics, with Yanpai Co., Ltd. closing at 10.60, up 3.41% with a trading volume of 55,500 shares and a transaction value of 57.79 million yuan [1] Group 2 - The environmental equipment sector experienced a net outflow of 114 million yuan from institutional funds, while retail investors saw a net inflow of 122 million yuan [2] - The trading data indicates that several stocks faced declines, with Qingda Environmental down 3.59% and ST Energy down 2.92% [2] - The detailed fund flow analysis shows that major stocks like Zhituo Heavy Industry and Juguang Technology had varying levels of net inflow and outflow from institutional and retail investors [3]

Core Viewpoint - The recent financial report of Yanpai Co., Ltd. shows a mixed performance with a significant increase in revenue but a notable decline in net profit, raising concerns about the company's financial health and operational efficiency [1][8]. Financial Performance - Total revenue for the first half of 2025 reached 429 million yuan, a year-on-year increase of 19.77% compared to 359 million yuan in 2024 [1]. - Net profit attributable to shareholders was 21.52 million yuan, down 25.95% from 29.06 million yuan in the previous year [1]. - The gross profit margin decreased to 25.4%, a decline of 17.15% year-on-year, while the net profit margin fell to 4.94%, down 40.25% [1]. - The company reported a significant increase in accounts receivable, which accounted for 779.97% of the latest annual net profit [1][10]. Cash Flow and Debt - Operating cash flow per share was -0.02 yuan, a decrease of 104.83% year-on-year, indicating cash flow challenges [1]. - Short-term borrowings increased by 148.14%, reflecting a rise in financial leverage [2]. - Financial expenses decreased by 38.5% due to increased exchange gains [3]. Market Position and Competition - The filtration materials market in China is characterized by a large number of small enterprises, with foreign companies holding a competitive edge due to advanced technology and market experience [11]. - Domestic companies are gradually improving their capabilities, but face intense competition from established foreign firms [11][12]. Business Model and Pricing - The company employs a pricing strategy based on production costs plus a reasonable profit margin, focusing on quality over price due to the critical nature of filtration materials for clients [13]. - The replacement cycle for products varies, with some needing replacement every 3-6 months, while others can last up to a year [14]. Growth Strategy - The company plans to enhance its global presence through acquisitions, such as the planned acquisition of TTL, which will strengthen its market position in Europe and North America [17]. - Future growth is expected from increased production capacity and a focus on both domestic and international markets [17][18]. Operational Efficiency - The current capacity utilization rate for woven and non-woven products is around 74%, with high-performance fiber products at approximately 86.38% [15]. - The company is investing in automation and smart manufacturing to improve production efficiency and reduce costs [16][19].

Core Viewpoint - The company, Yanpai Co., Ltd., reported a revenue of 429 million yuan for the first half of 2025, marking a year-on-year growth of 19.77%, driven by strong market demand for its non-woven and woven product series [1] Group 1: Financial Performance - The company achieved a net profit attributable to shareholders of 21.52 million yuan and a net profit of 17.92 million yuan after deducting non-recurring gains and losses [1] - The revenue from non-woven and woven series reached 210 million yuan and 160 million yuan, with year-on-year growth rates of 12.88% and 15.44% respectively [1] - The gross profit margins for these segments were reported at 21.60% and 29.99% [1] Group 2: Industry Context - The global filtration materials industry is entering a new growth cycle, driven by tightening environmental regulations, industrial upgrades, and increasing public health awareness [2] - The global filtration materials market is expected to exceed 100 billion USD by 2025, with a compound annual growth rate (CAGR) of over 6% [2] - China currently accounts for over 40% of the global filtration materials production, but there is significant room for domestic products to replace imports [2] Group 3: Competitive Strategy - The company maintains a high level of R&D investment, with 15.79 million yuan allocated in the first half of 2025, representing over 4% of its revenue from 2022 to 2024 [3] - Yanpai Co., Ltd. has been recognized as a national high-tech enterprise and a "specialized and innovative" small giant, enabling it to meet diverse customer needs effectively [3] - The company employs a "production cost + reasonable profit" pricing model to enhance market competitiveness while maintaining cost advantages [4] Group 4: Global Expansion and M&A - The company has established a multi-regional overseas layout, with 155 million yuan in overseas revenue in the first half of 2025, reflecting a year-on-year growth of 14.45% [5] - Yanpai Co., Ltd. announced plans to acquire Technische Textilien Lörrach GmbH & Co. KG (TTL), enhancing its capabilities in the laundry textile sector and expanding its global market presence [6] - The acquisition will allow the company to leverage TTL's established customer relationships and regional expertise to enhance service delivery in Europe and North America [6] Group 5: Supply Chain and Production Capacity - The company is focused on extending its supply chain by establishing subsidiaries for raw material R&D and production, which will stabilize supply and reduce production costs [7] - Recent strategic investments include entering the synthetic leather sector and expanding into consumer-grade filtration and high-permeability materials [7] - The company raised 468 million yuan through convertible bonds to fund high-performance filtration material projects, expected to enhance production capacity and product diversity by the end of 2026 [8]

Group 1 - The core viewpoint of the news is the performance and characteristics of the convertible bond issued by Yanpai Co., which is currently trading at 149.535 yuan with a conversion premium of 2.11% [1] - Yanpai Co. has a credit rating of "A+" and the bond has a maturity of 6 years with varying interest rates from 0.20% in the first year to 2.50% in the sixth year [1] - The convertible bond can be converted into common stock at a price of 7.27 yuan starting from January 16, 2025, allowing bondholders to either convert or hold until maturity [1] Group 2 - Yanpai Co., established in 2014, is a leading multinational enterprise in the filter material industry, focusing on research, development, and production of filter products [2] - The company serves global markets with applications in solid-liquid and solid-gas separation, and has established itself as a leader in the industrial fabric sector in China [2] - For the first half of 2025, Yanpai Co. reported a revenue of 429.5 million yuan, a year-on-year increase of 19.77%, while net profit decreased by 25.95% to 21.52 million yuan [2] - As of August 2025, the company has a concentrated shareholder structure with 9,501 shareholders and an average holding of 22,720 shares per person [2]

Core Viewpoint - The company has adjusted the grant price of the 2022 restricted stock incentive plan due to the implementation of the 2024 annual equity distribution, which aligns with relevant regulations and does not materially affect the company's financial status or operating results [5][6][8]. Group 1: Decision Process and Disclosure - The company held the 20th meeting of the fourth board and the 17th meeting of the fourth supervisory board on August 25, 2025, to approve the adjustment of the grant price for the 2022 restricted stock incentive plan [1][5]. - Independent directors provided their consent regarding the related proposals, and the independent financial advisor issued corresponding reports [1][4]. Group 2: Adjustment Details - The initial grant price of the restricted stock was adjusted from 6.40 yuan per share to 5.08 yuan per share, and the number of shares granted was increased from 1.943 million shares to 2.332 million shares [4][6]. - The adjustment formula for the grant price is defined as P = P0 - V, where P0 is the original grant price, V is the dividend per share, and P is the adjusted grant price [5][6]. Group 3: Impact and Opinions - The adjustment of the grant price is a result of the 2024 annual equity distribution and complies with the relevant laws and regulations, ensuring it does not harm the interests of minority shareholders [6][8]. - The supervisory board confirmed that the adjustment aligns with the interests of the company and all shareholders, and does not violate any legal provisions [6][8].

1、2022 年 10 月 25 日，公司召开第三届董事会第十六次会议，会议审议通 过《关于<公司 2022 年限制性股票激励计划（草案）>及其摘要的议案》《关于 制定<公司 2022 年限制性股票激励计划实施考核管理办法>的议案》《关于提请 股东大会授权董事会办理 2022 年限制性股票激励计划有关事项的议案》《关于 召开公司 2022 年第四次临时股东大会的议案》。公司独立董事就 2022 年限制性 股票激励计划（以下简称"本激励计划"）相关议案发表了同意的独立意见，律 师、独立财务顾问出具相应报告。 同日，公司召开第三届监事会第十五次会议，审议通过《关于<公司 2022 年限制性股票激励计划（草案）>及其摘要的议案》《关于制定<公司 2022 年限 制性股票激励计划实施考核管理办法>的议案》《关于核实<公司 2022 年限制性 股票激励计划首次授予激励对象名单>的议案》。公司监事会对本激励计划的相 关事项进行核实并出具了核查意见。 2、2022 年 10 月 26 日，公司于中国证监会指定创业板信息披露网站巨潮资 讯网（http://www.cninfo.com.cn）披露了《浙江严牌过滤技术股份有限公 ...

Core Viewpoint - Yanpai Co., Ltd. (301081.SZ) reported a revenue of 429 million yuan for the first half of the year, reflecting a year-on-year growth of 19.77%, while the net profit attributable to shareholders decreased by 25.95% to 21.52 million yuan [1] Financial Performance - The company's operating revenue reached 429 million yuan, marking a year-on-year increase of 19.77% [1] - The net profit attributable to shareholders was 21.52 million yuan, which represents a decline of 25.95% compared to the previous year [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 17.92 million yuan, showing a decrease of 35.07% year-on-year [1]

Meeting Overview - The 17th meeting of the fourth Supervisory Board of Zhejiang Yanpai Filter Technology Co., Ltd. was held on August 25, 2025, with all three supervisors present [1] - The meeting was chaired by Ms. Sun Xiaoyang and complied with relevant laws and regulations [1] Resolutions Passed - The Supervisory Board approved the company's 2025 semi-annual report and its summary, confirming that the report accurately reflects the company's situation without any false statements or omissions [2] - The board also approved the special report on the use of raised funds for the first half of 2025, affirming compliance with regulations and no misuse of funds [2] - An adjustment to the grant price of the 2022 restricted stock incentive plan was approved, aligning with legal requirements and not harming minority shareholders' interests [3] - The board agreed to void 903,468 shares of restricted stock that had been granted but not vested, in accordance with relevant regulations [4]

Core Viewpoint - The legal opinion letter from Merits & Tree Law Offices confirms the legality and validity of the adjustments and cancellations related to the restricted stock incentive plan of Zhejiang Yanpai Filtration Technology Co., Ltd, ensuring compliance with relevant laws and regulations [1][10][11]. Group 1: Approval and Authorization - The stock incentive plan has undergone necessary decision-making procedures, ensuring that it benefits the company's sustainable development and does not harm the interests of shareholders, especially minority shareholders [4][6]. - The independent directors have expressed agreement with the adjustments and cancellations related to the incentive plan [6][8]. Group 2: Adjustment Details - The adjustment of the grant price for the restricted stock is due to the company's capital distribution, which involved a cash dividend of 3.00 yuan per 10 shares, with no stock dividends or capital increases [9]. - The adjusted grant price for the restricted stock has been changed from 4.78 yuan per share to 4.48 yuan per share following the dividend distribution [9][10]. Group 3: Cancellation of Restricted Stocks - A total of 90,346.8 thousand shares of restricted stock that were granted but not vested have been canceled due to various reasons, including voluntary forfeiture by one participant and disqualification of others due to resignation [10][11]. - The cancellation aligns with the provisions of the incentive plan, ensuring compliance with legal requirements [11]. Group 4: Information Disclosure - The company is required to disclose relevant announcements regarding the adjustments and cancellations after the board and supervisory committee meetings [11]. - The company has fulfilled its current information disclosure obligations and must continue to comply with relevant laws and regulations as the incentive plan progresses [11].