证券代码：301283 证券简称：聚胶股份 公告编号：2025-050 聚胶新材料股份有限公司 2025 年半年度权益分派实施公告 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。 特别提示： 1、聚胶新材料股份有限公司（下称"公司"或"本公司"）于 2025 年 5 月 7 日召开 2024 年年度股东大会，审议通过《关于提请股东大会授权董事会制 定 2025 年中期分红事项的议案》，于 2025 年 8 月 22 日召开第二届董事会第十 八次会议、第二届监事会第十八次会议，审议通过《关于 2025 年半年度利润分 配预案的议案》，审议通过的 2025 年半年度利润分配预案为：以公司董事会审 议利润分配方案当日的总股本 80,417,822 股扣除截至当日公司股票回购专用证 券账户已回购股份 851,300 股后的股本 79,566,522 股为基数（最终以实施 2025 年半年度利润分配方案时股权登记日公司总股本扣除库存股后的股数为准），向 全体股东每 10 股派发现金股利人民币 2.00 元（含税），合计拟派发现金股利人 民币 15,913,304.40 ...

Core Viewpoint - The company, JuJiao Co., announced that its headquarters factory is set to be completed by June 2024, with an overall production capacity utilization rate of approximately 68% for the year 2024 across its three factories [2] Group 1: Production Capacity - The total designed production capacity for the company's hot melt adhesive products across its headquarters, Xian Village, and Poland factories is approximately 240,000 tons per year [2] - The Malaysian factory, which is under construction, has a designed production capacity of 60,000 tons per year and is expected to be completed and operational in the fourth quarter of this year [2] - Once the Malaysian factory is operational, the total designed production capacity for the company's hot melt adhesive products will increase to approximately 300,000 tons per year [2] Group 2: Market Strategy - The company plans to release its production capacity in an orderly manner based on order and market demand [2] - There is an emphasis on increasing market and customer development efforts to actively absorb the newly added production capacity [2]

Market Overview - On August 29, the chemical products sector rose by 0.89%, with Aipu Co., Ltd. leading the gains [1] - The Shanghai Composite Index closed at 3857.93, up 0.37%, while the Shenzhen Component Index closed at 12696.15, up 0.99% [1] Top Gainers in Chemical Sector - Aipu Co., Ltd. (603020) closed at 10.87, up 10.02% with a trading volume of 402,700 shares and a turnover of 424 million yuan [1] - Jianye Co., Ltd. (603948) closed at 29.17, up 9.99% with a trading volume of 49,200 shares and a turnover of 144 million yuan [1] - AkzoNobel (603722) closed at 56.46, up 8.16% with a trading volume of 63,500 shares and a turnover of 347 million yuan [1] - JuHua Co., Ltd. (600160) closed at 38.69, up 6.88% with a trading volume of 792,300 shares and a turnover of 3.027 billion yuan [1] Top Losers in Chemical Sector - ST Quantai (300225) closed at 5.16, down 7.03% with a trading volume of 300,300 shares and a turnover of 159 million yuan [2] - Matsui Co., Ltd. (688157) closed at 40.36, down 6.57% with a trading volume of 55,000 shares and a turnover of 226 million yuan [2] - Kaimete Gas (002549) closed at 15.98, down 4.65% with a trading volume of 1,144,000 shares and a turnover of 1.873 billion yuan [2] Fund Flow Analysis - The chemical products sector experienced a net outflow of 1.219 billion yuan from institutional investors, while retail investors saw a net inflow of 701 million yuan [2] - The sector's overall fund flow indicates a mixed sentiment, with institutional selling and retail buying [2] Individual Stock Fund Flow - Sanmei Co., Ltd. (603379) had a net inflow of 90.6979 million yuan from institutional investors, while retail investors had a net outflow of 11.25% [3] - Newhan New Materials (301076) saw a net inflow of 90.5876 million yuan from institutional investors, with a retail net outflow of 8.07% [3] - Silicon Treasure Technology (300019) had a net inflow of 78.6861 million yuan from institutional investors, but retail investors experienced a net outflow of 5.19% [3]

Investment Rating - The report maintains a "Buy-B" rating for the company [1][6] Core Views - The company achieved a record high quarterly performance in Q2 2025, with revenue of 990 million yuan, a year-on-year increase of 5.5%, and a net profit attributable to shareholders of 80 million yuan, a significant increase of 41.4% year-on-year [4] - The competitive landscape for hot melt adhesives is favorable, with the industry reaching a turning point, supported by the introduction of a child-rearing subsidy policy that is expected to boost the sanitary materials industry [5][6] Financial Performance - For the first half of 2025, the company reported a revenue of 990 million yuan, with a net profit of 80 million yuan, and a net profit excluding non-recurring items of 73 million yuan, reflecting a year-on-year growth of 37.2% [4] - The company’s revenue for Q2 2025 was 490 million yuan, showing a year-on-year increase of 6.2% [4] - The company’s earnings per share (EPS) for 2025 is projected to be 2.69 yuan, with a net profit forecast of 216 million yuan, representing a year-on-year growth of 176.6% [11] Market Position and Strategy - The company has successfully captured market share from major competitors and has expanded its production capacity significantly, with new facilities in Poland, Guangzhou, and Malaysia totaling approximately 240,000 tons [4][5] - The company has enhanced its research and development capabilities, achieving product performance and cost advantages that meet the standards of developed countries [5] Future Outlook - The company’s net profit forecasts for 2025, 2026, and 2027 are 216 million yuan, 280 million yuan, and 324 million yuan respectively, with corresponding price-to-earnings (P/E) ratios of 16, 13, and 11 times [6][11] - The introduction of the child-rearing subsidy policy is expected to gradually stabilize birth rates, benefiting the domestic hot melt adhesive industry [5]

Core Viewpoint - The company reported significant growth in revenue and net profit for the first half of 2025, driven by a decrease in raw material prices and international shipping costs, alongside expansion in domestic and international markets [1][2]. Financial Performance - In 1H25, the company achieved total revenue of 993 million yuan, a year-on-year increase of 5.47% [1] - The net profit attributable to shareholders reached 81 million yuan, up 41.38% year-on-year [1] - The net profit excluding non-recurring items was 73 million yuan, reflecting a 37.21% increase year-on-year [1] - In Q2 2025, total revenue was 490 million yuan, a 6.17% increase year-on-year [1] - The net profit attributable to shareholders for Q2 was 46 million yuan, showing a substantial increase of 74.59% year-on-year [1] - The net profit excluding non-recurring items for Q2 was 40 million yuan, up 61.30% year-on-year [1] Market Dynamics - The growth in performance is attributed to a decline in raw material prices and international shipping costs, as well as increased sales from expanding domestic and international markets [1] - The average value of China's export container freight index in 1H25 was 1252.63, down 8.2% year-on-year [1] - As of August 22, 2025, the index was 1174.87, reflecting a decrease of 24.1% since the beginning of the year, indicating potential for continued benefit to the company's performance [1] Global Expansion and Innovation - The company is actively promoting its global capacity layout, with overseas sales revenue accounting for 59.73% of total revenue, an increase of 6.56% year-on-year [2] - The company emphasizes independent innovation and has strengthened its research and development efforts to upgrade product formulations and accelerate new product commercialization [2] - The company is expanding its experienced overseas professional team and enhancing market promotion and brand building efforts [2] Future Outlook - The company is one of the four major suppliers of hot melt adhesives in the industry and has entered the supply chains of leading domestic and international hygiene product companies [2] - Future performance is expected to maintain rapid growth, with projected net profits for 2025-2027 of 163 million, 205 million, and 247 million yuan, representing year-on-year growth rates of 108.72%, 25.81%, and 20.18% respectively [2] - Corresponding price-to-earnings ratios are projected to be 21X, 17X, and 13X for the respective years [2]

Core Insights - The company reported a total revenue of 993 million yuan for the first half of 2025, representing a year-on-year increase of 5.47% [1] - The net profit attributable to shareholders reached 81.12 million yuan, up 41.38% year-on-year [1] - The gross margin improved by 27.16% to 18.04%, while the net margin increased by 32.88% to 8.1% [1] Financial Performance - The second quarter revenue was 490 million yuan, showing a 6.17% increase year-on-year, with a net profit of 45.61 million yuan, up 74.59% [1] - Total expenses for sales, management, and finance amounted to 51.07 million yuan, accounting for 5.14% of revenue, with a year-on-year increase of 7.52% [1] - Earnings per share rose to 1.02 yuan, reflecting a 41.78% increase year-on-year [1] Cash Flow and Assets - Cash and cash equivalents saw a significant increase of 202.2%, attributed to improved management of funds, payments, and inventory [11] - The net cash flow from operating activities surged by 911.97%, driven by supply chain financing and enhanced inventory management [10] - The company experienced a 144.31% increase in cash funds due to better management practices [2] Liabilities and Financing - Short-term borrowings increased by 388.06% as the company engaged in supply chain financing [6] - Contract liabilities decreased by 30.87%, indicating a reduction in customer prepayments [7] - The company’s financial expenses rose by 47.91%, influenced by significant foreign exchange gains from the previous period [10] Competitive Position - The company holds a competitive advantage in the market due to high entry barriers for potential domestic competitors, including stringent customer certification processes and established global supply chains [15] - The management team possesses over ten years of experience in the industry, enhancing the company's ability to navigate international markets [15]

Core Viewpoint - JuJiao Co., Ltd. (301283.SZ) reported a decrease in institutional holdings in its A-shares, with a total of 23.58 million shares held by nine institutional investors, representing 29.33% of the total share capital, down by 1.16 percentage points from the previous quarter [1] Institutional Holdings - As of August 25, 2025, nine institutional investors disclosed their holdings in JuJiao Co., Ltd., totaling 23.58 million shares, which accounts for 29.33% of the company's total share capital [1] - The institutional investors include Guangzhou JuJiao Enterprise Management Co., Ltd., Zibo Fufeng Hongjin Investment Partnership (Limited Partnership), and several funds from Penghua [1] - The overall institutional holding percentage decreased by 1.16 percentage points compared to the previous quarter [1] Public Fund Holdings - Three public funds reduced their holdings compared to the previous quarter, including Penghua Anqing Mixed A, Penghua Anhe Mixed A, and Penghua Anjin One-Year Holding Period Mixed A, with a slight decline in the holding percentage [1] - One new public fund disclosed its holdings during this period, which is the Western Lide Quantitative Preferred One-Year Holding Period Mixed A [1]

Group 1 - The core point of the article is that JuJiao Co., Ltd. announced the convening of its 18th meeting of the second board of directors on August 22, 2025, to review the proposal for the 2025 semi-annual report and its summary [1] - For the year 2024, JuJiao Co., Ltd.'s revenue composition is as follows: hot melt adhesive accounts for 99.8%, other businesses account for 0.17%, and other categories account for 0.02% [1]

Core Viewpoint - The company reported a revenue of 993 million yuan for the first half of 2025, reflecting a year-on-year growth of 5.47% [1] - The net profit attributable to shareholders reached 81.12 million yuan, marking a significant year-on-year increase of 41.38% [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 73.29 million yuan, which is a year-on-year growth of 37.21% [1] - The basic earnings per share stood at 1.0241 yuan [1]

Summary of Key Points - The company 聚胶股份 announced a significant reduction in shareholding by its investor, 广州科金聚创创业投资合伙企业 (Limited Partnership) [2] - The investor reduced its holdings by a total of 2,093,023 shares, which represents 2.60% of the total share capital [2] - The reduction was executed through two methods: a centralized bidding transaction where 792,209 shares were sold at an average price of 32.32 yuan per share, and a block trade where 1,300,814 shares were sold at an average price of 31.68 yuan per share [2] - Following the reduction, the investor no longer holds any shares in the company [2]