海信家电集团股份有限公司 2025 年年度报告 2026 年 3 月 海信家电集团股份有限公司 2025 年年度报告全文 本报告所涉及的发展战略、经营计划等前瞻性陈述不构成公司对投资者 的实质承诺，敬请投资者注意投资风险。 公司经本次董事会审议通过的利润分配预案为：以截至本报告披露之日 公司总股本 1,384,861,171 股扣除回购专户上已回购股份后（截至本报告披 露之日，公司回购专户股份为 745,907 股）的股本总额 1,384,115,264 股为 基数，向全体股东每 10 股派发现金红利 12.65 元（含税），不送红股，不以 公积金转增股本。 1 | | | 第一节 重要提示、目录和释义 公司董事会及董事、高级管理人员保证年度报告内容的真实、准确、完 整，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责 任。 公司负责人高玉玲、主管会计工作负责人孙长春及会计机构负责人（会 计主管人员）周珊声明：保证本年度报告中财务报告的真实、准确、完整。 所有董事均已出席了审议本报告的董事会会议。 海信家电集团股份有限公司 2025 年年度报告全文 备查文件目录 一、载有本公司法定代表人，主管会 ...

山东晨鸣纸业集团股份有限公司 2025 年年度报告全文 山东晨鸣纸业集团股份有限公司 2025 年年度报告 2026 年 03 月 1 山东晨鸣纸业集团股份有限公司 2025 年年度报告全文 第一节 重要提示、目录和释义 公司董事会及董事、高级管理人员保证年度报告内容的真实、准确、完整，不存在虚假 记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 公司负责人姜言山、主管会计工作负责人朱艳丽及会计机构负责人(会计主管人员)张波 声明：保证本年度报告中财务报告的真实、准确、完整。 所有董事均已出席了审议本报告的董事会会议。 非标准审计意见提示 ☑适用 □不适用 致同会计师事务所（特殊普通合伙）对本公司 2025 年度财务报表出具了带有强调事项 段的无保留意见的审计报告，本公司董事会对相关事项已有详细说明，请投资者注意阅读。 内部控制重大缺陷提示 □适用 ☑不适用 本年度报告涉及未来计划等前瞻性陈述，均不代表公司的盈利预测，也不构成公司对投 资者的实质承诺，投资者及相关人士均应对此保持足够的风险认识，并且应当理解计划、预 测与承诺之间的差异。 公司面临宏观经济波动、国家政策法规、行业竞争等风险因素影响，敬请 ...

Financial Performance - The company's operating revenue for 2025 reached ¥14,443,080,424.36, representing a 21.83% increase compared to ¥11,855,098,145.55 in 2024[18] - Net profit attributable to shareholders surged to ¥1,563,777,858.17, a remarkable increase of 446.58% from ¥286,100,791.80 in the previous year[18] - The net profit after deducting non-recurring gains and losses was ¥1,549,070,890.12, reflecting a 330.00% increase from ¥360,244,971.24 in 2024[18] - The net cash flow from operating activities improved significantly to ¥4,957,368,505.01, compared to a negative cash flow of -¥1,567,132,795.63 in 2024, marking a 416.33% increase[18] - Basic earnings per share rose to ¥1.01, a 461.11% increase from ¥0.18 in the previous year[18] - Total assets at the end of 2025 amounted to ¥39,072,737,729.92, up 7.99% from ¥36,182,558,952.99 at the end of 2024[18] - The net assets attributable to shareholders increased by 13.30% to ¥13,139,927,286.45 from ¥11,597,531,383.37 in 2024[18] - The weighted average return on equity for 2025 was 12.65%, a significant increase from 2.44% in 2024[18] Dividend Distribution - The company plans to distribute a cash dividend of ¥2.87 per 10 shares, based on a total of 1,663,069,137 shares[10] - In 2025, the company distributed cash dividends of approximately RMB 87.08 million, based on a total share capital of 1,555,010,737 shares, with a payout of RMB 0.56 per 10 shares[123] - The proposed cash dividend for the 2025 fiscal year is RMB 2.87 per 10 shares, amounting to RMB 477,300,842.31 (including tax) based on a share base of 1,663,069,137 shares[199] - The cash dividend distribution is part of the company's strategy to balance investor returns with significant capital expenditure plans[199] Market and Industry Trends - The global electric vehicle market is expected to see a significant recovery in 2025, with a projected 22.71 million units sold, representing a 27% year-on-year growth[44] - Domestic production and sales of new energy vehicles are expected to reach 16.63 million and 16.49 million units respectively in 2025, with year-on-year growth of 29% and 28.2%[44] - The domestic power battery installation volume is projected to reach 769.7 GWh in 2025, marking a 40.4% increase year-on-year[44] - The solid-state battery market is anticipated to grow significantly, with an expected installation volume of 17.3 GWh in 2025 and a market space of 1.7 billion yuan in China[45] - The sodium-ion battery market is projected to see a shipment volume of 9 GWh in 2025, reflecting a 150% year-on-year increase[45] Research and Development - The company has received a total of 778 authorized patents during the reporting period, including 182 invention patents[63] - Research and development expenses for 2025 were ¥1,605,067,131.63, a decrease of 3.93% compared to 2024[85] - The company is developing a solid-state battery production line, aiming to replace existing lithium batteries, with significant strategic importance for new energy technology leadership[86] - The company is focusing on the development of AI technology to enhance the precision of automated detection and measurement equipment, aiming to improve overall equipment performance[89] Operational Efficiency - The company has implemented a digital transformation strategy, integrating AI and IoT technologies to enhance operational efficiency and reduce production cycle times[73] - The company’s manufacturing costs increased by 24.96% year-on-year, with raw materials accounting for 71.98% of total costs[81] - The company is enhancing its product competitiveness by improving the reliability and maintainability of its equipment through real-time monitoring and data analysis[89] Governance and Management - The company emphasizes the importance of independent directors and has a board composition that meets legal and regulatory requirements, ensuring effective decision-making and governance[128] - The company has established a comprehensive performance evaluation system linking employee compensation to company performance and individual work performance[132] - The company maintains independence from its controlling shareholders in business, assets, personnel, finance, and organization, ensuring a complete and autonomous operational capability[135] - The company has a robust internal control and accountability system to prevent irregularities such as fund occupation and illegal guarantees[171] Employee and Workforce Management - The total number of employees at the end of the reporting period was 15,173, including 11,017 from the parent company and 4,070 from major subsidiaries[189] - The company has implemented a performance management system that combines annual, semi-annual evaluations with monthly tracking, enhancing employee engagement and alignment with corporate goals[191] - The training program includes a systematic approach covering all employees and career stages, with a focus on digital transformation and a blended learning model[192] Strategic Initiatives - The company is committed to achieving carbon peak by 2030 and carbon neutrality by 2035, as outlined in its climate action white paper[74] - The company plans to enhance its core competitiveness and investment value through the "Quality Return Dual Improvement" action plan, which includes deepening core business and expanding into emerging markets[120] - The company is actively involved in strategic planning and management to drive business growth and operational efficiency[146]

Financial Performance - The company's operating revenue for 2025 was ¥4,616,269,644.24, a decrease of 19.83% compared to ¥5,758,307,742.65 in 2024[5]. - The net profit attributable to shareholders for 2025 was ¥769,008,907.26, down 45.08% from ¥1,400,324,129.94 in 2024[5]. - The net cash flow from operating activities for 2025 was ¥549,059,478.33, a significant decline of 69.34% compared to ¥1,791,067,276.35 in 2024[5]. - The basic earnings per share for 2025 was ¥0.34, a decrease of 46.03% from ¥0.63 in 2024[5]. - The total assets at the end of 2025 were ¥10,429,480,277.97, a slight decrease of 1.18% from ¥10,553,579,961.17 at the end of 2024[5]. - The total revenue for 2025 was ¥4,616,269,644.24, representing a decrease of 19.83% compared to ¥5,758,307,742.65 in 2024[110]. - The pharmaceutical manufacturing sector accounted for ¥4,226,718,140.85, which is 91.56% of total revenue, down 21.68% from ¥5,396,700,682.11 in the previous year[110]. - The net profit attributable to the parent company was CNY 76.90 million, down 45.08% year-on-year, with basic earnings per share of CNY 0.34, a decrease of 46.03%[97]. Dividend and Shareholder Information - The company plans to distribute a cash dividend of 1.73 RMB per 10 shares to all shareholders, based on a total of 2,230,085,000 shares[4]. - All directors attended the board meeting to review the report, ensuring collective accountability[4]. - The company’s board of directors and senior management guarantee the accuracy and completeness of the annual report, assuming legal responsibility for any misstatements[3]. Risk Management and Compliance - The company emphasizes the importance of risk awareness regarding potential industry policy changes, market risks, and R&D innovation risks[4]. - The company’s future plans and forecasts are not binding commitments to investors, highlighting the need for caution[4]. - The company focuses on compliance and risk management in its foreign exchange hedging activities to mitigate potential losses[146]. Research and Development - The company has invested over ¥80 billion in its biomanufacturing projects, which include a production capacity of approximately 16,000 tons per year[27]. - The company focuses on technological innovation in the fields of biological fermentation and environmental treatment, achieving breakthroughs in key technologies and core processes[33]. - The company is focused on increasing product yield and enhancing competitiveness through various R&D projects, including Project 2302 aimed at optimizing strains to reduce production costs[123]. - The company is working on various projects (e.g., Vitamin K2, Ceramide) to ensure compliance with quality requirements and facilitate sales, contributing to future revenue growth[124]. - The company's R&D investment for 2025 amounted to ¥102,487,895.57, representing 2.22% of total revenue, an increase from 1.35% in 2024[127]. Market Position and Strategy - The company is positioned as a leading player in the antibiotic intermediate sector, with advanced production processes and a comprehensive product range[27]. - The company aims to integrate R&D and production capabilities to maintain a competitive edge in the synthetic biology sector, focusing on product selection based on market potential and existing pain points[74]. - The company is exploring potential mergers and acquisitions to enhance its product portfolio and market reach, with a focus on companies in the biotech sector[196]. - The company has established a strategic partnership with Shanghai Jinchang Technology to enhance data processing in the fermentation industry[105]. Sustainability and Environmental Practices - The company has a strong focus on sustainable practices, being recognized as a model for green manufacturing and circular economy initiatives[34]. - The company aims to establish a green circular economy supply chain by utilizing waste from fermentation processes as organic fertilizer for crop production[96]. - The company is committed to continuous optimization of production processes to achieve expected production levels and expedite commercialization[124]. Governance and Management - The company has established a governance structure that complies with the requirements for listed companies, with a clear division of responsibilities among the shareholders' meeting, board of directors, and various specialized committees[164]. - The board of directors consists of 7 members, including 3 independent directors, and the chairman is elected by a majority of the board[167]. - The company has established an independent financial department with a complete financial management system, ensuring no shared bank accounts with controlling shareholders[178]. - The company has developed its own trademarks and is not significantly dependent on the trademarks licensed from the controlling shareholder[175]. Operational Challenges - The company reported a significant drop in net profit and cash flow, raising concerns about its ongoing operational viability[5]. - The company is experiencing rising prices for its main products due to recovering downstream market demand, but increased competition may threaten its profitability if it cannot maintain its competitive edge[155]. - Fluctuations in raw material prices, particularly for corn and soybean meal, could lead to decreased gross margins, prompting the company to implement measures like price locking and self-cultivation to stabilize supply chains[156].

烟台正海磁性材料股份有限公司 2025 年年度报告全文 烟台正海磁性材料股份有限公司 Yantai Zhenghai Magnetic Material Co., Ltd. 2025 年年度报告 股票代码：300224 股票简称：正海磁材 披露日期：2026 年 3 月 31 日 1 烟台正海磁性材料股份有限公司 2025 年年度报告全文 第一节 重要提示、目录和释义 公司董事会及董事、高级管理人员保证年度报告内容的真实、准确、完 整，不存在虚假记载、误导性陈述或者重大遗漏，并承担个别和连带的法律 责任。 公司负责人王庆凯、主管会计工作负责人高波及会计机构负责人(会计主 管人员)王珊珊声明：保证本年度报告中财务报告的真实、准确、完整。 所有董事均已出席了审议本报告的董事会会议。 本报告涉及的未来计划、发展战略等前瞻性描述不构成公司对投资者的 实质承诺，敬请投资者注意投资风险。 公司在本报告第三节"管理层讨论与分析"之"十一、公司未来发展的 展望"部分，详细描述了公司经营中可能存在的风险及应对措施，敬请投资 者关注相关内容。 公司经本次董事会审议通过的利润分配预案为：以实施 2025 年度利润分 配方案时股权登 ...

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北方国际合作股份有限公司 2025 年年度报告全文 北方国际合作股份有限公司 2025 年年度报告 2026 年 3 月 31 日 1 北方国际合作股份有限公司 2025 年年度报告全文 2025 年年度报告 第一节 重要提示、目录和释义 公司董事会及董事、高级管理人员保证年度报告内容的真实、准确、完 整，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责 任。 公司负责人马卫国、主管会计工作负责人单钧及会计机构负责人（会计主 管人员）陈磊声明：保证本年度报告中财务报告的真实、准确、完整。 所有董事均已出席了审议本报告的董事会会议。 公司在本报告中描述的未来发展规划等前瞻性陈述不构成公司对投资者 的实质承诺，敬请广大投资者注意风险。 公司在本报告中描述了公司经营中可能存在的重大风险，敬请广大投资 者注意阅读。 公司经本次董事会审议通过的利润分配预案为：以 1,161,442,159 股为基 数，向全体股东每 10 股派发现金红利 1.37 元（含税），送红股 0 股（含 税），不以公积金转增股本。 2 | 目录 | | --- | | | 第一节 重要提示、目录和释义 2 | | --- | -- ...

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