通过竞对画像分析区域内的竞争格局，材质/交期/质量/服务差异，找出市场空白点。例如，某纸板厂发现竞对主攻B材质，果断转向A材质需求缺口，快 速抢占市场。 通过数据中台构建原纸价格指数、包装指数分析宏观趋势。将市场数据转化为可视化看板，从客户分布到竞对动态一目了然，告别"盲人摸象"。 更严峻的是，许多纸板厂在市场分析上仍依赖"拍脑袋"决策：区域市场需求量不清、客户画像模糊、竞对策略不明……缺乏数据支撑的粗放经营，让企业 错失优质订单。 如何打破僵局？东经科技"接单七步法" 第一步！以市场分析为首要突破口，核心目标就一个 ——找准定位 + 锁定产品方向！为纸板厂精准接单！ 具体怎么做？可从以下方面入手： 通过AI分析区域内终端行业/产品的包装需求量，精准定位高增长赛道。 通过大数据分析不同行业对交期/质量/服务的要求，例如食品行业重交期、家电行业重材质，针对性制定服务策略。 2025年，纸板厂正面临双重夹击：一面是订单不足、产能闲置的行业常态，另一面是散单堆积、账期拉长带来的利润缩水。 而传统电话、微信接单效率低下，人工报价错漏频发，客户流失率居高不下，甚至区域市场竞争格局模糊，导致纸板厂陷入"蒙眼射箭"的尴尬境 ...

Core Viewpoint - The company is experiencing accelerated growth in its main business, driven by the expansion of major clients and the rapid growth of its own brand, maintaining a "Buy" rating [1] Group 1: Financial Performance - In 2024, the company achieved revenue of 2.237 billion yuan, a year-on-year increase of 16.8%, with net profit attributable to shareholders of 95 million yuan, up 15.2% [1] - In Q1 2025, the company reported revenue of 608 million yuan, a year-on-year increase of 39.1%, with net profit attributable to shareholders of 30 million yuan, up 48.6% [1] - The company has revised its net profit forecasts for 2025-2027 to 133 million, 160 million, and 187 million yuan, respectively, with corresponding EPS of 0.75, 0.90, and 1.05 yuan [1] Group 2: Business Segments - The product business continues to grow, with revenue from rolled materials and products in 2024 at 709 million and 1.509 billion yuan, respectively, showing a decline of 1.2% and an increase of 27.8% [1] - The subsidiary Hangzhou Guoguang generated revenue of 1.393 billion yuan in 2024, a year-on-year increase of 26.6%, due to the company's efforts to expand into the domestic market [1] - The own brand "Xiaozhijia" saw significant growth, with revenue of 30 million yuan in 2024, up 80.6% [1] Group 3: Operational Efficiency - In 2024, the company's gross margin and net profit margin were 14.80% and 4.26%, respectively, showing a slight decline due to an increase in low-margin client revenue [2] - In Q1 2025, the gross margin and net profit margin improved to 15.73% and 5.00%, respectively, with a decrease in the expense ratio to 7.51% [2] - The company's inventory at the end of Q1 2025 was 311 million yuan, up 21.7%, with inventory turnover days reduced to 48.8 days [2]

Revenue and Profit - The total operating revenue of Meili Cloud for Q1 2025 was 87.53 million yuan, a decrease of 62.84% compared to the same period last year [1] - The net profit attributable to the parent company reached 10.96 million yuan, an increase of 59.94% year-on-year, while the net profit excluding non-recurring items was 10.78 million yuan, up 60.1% year-on-year [1] Costs and Expenses - The proportion of the three expenses (financial expenses, selling expenses, and management expenses) significantly increased, with a total accounting for 21.49% of total revenue, reflecting a year-on-year increase of 173.95% [2] Profitability - The gross profit margin was 44.3%, an increase of 184.43% year-on-year, and the net profit margin was 13.21%, up 320.25% year-on-year, indicating significant improvements in profitability despite the substantial decline in total revenue [3] Asset and Liability Situation - As of the end of Q1 2025, the company's cash and cash equivalents amounted to 175 million yuan, a year-on-year increase of 24.81%, while accounts receivable reached 314 million yuan, up 37.31% year-on-year [4] - Interest-bearing liabilities were 539 million yuan, a year-on-year increase of 92.98%, and the net asset value per share decreased by 29.04% to 1.91 yuan, with operating cash flow per share at -0.18 yuan, down 177.37% year-on-year [4]

前十大流通股东累计持有： 11505.98万股，累计占流通股比： 20.79%，较上期变化： -559.04万股。 | 名称 持有数量(万股) | | 占总股本比例 | 增减情况(万 | | --- | --- | --- | --- | | | | (%) | 股) | | 林旭曦 | 8666.97 | 15.66 | 不变 | | 张杰 | 862.34 | 1.56 | 不变 | | 吕强 | 543.33 | 0.98 | 123.08 | | 杨超 | 297.23 | 0.54 | -236.91 | | 赵欣 | 245.75 | 0.44 | 新进 | | UBS AG | 194.90 | 0.35 | 新进 | | MORGAN STANLEY & CO. INTERNATIONAL PLC. | 187.95 | 0.34 | -260.50 | | 陈嘉华 | 185.98 | 0.34 | 不变 | | J. P. Morgan Securities PLC-自有资金 | 166.52 | 0.30 | 新进 | | 彭国涛 | 155.01 | 0.28 | -95.00 | | ...

2 0 2 5 . 4 . 2 8 纸浆周报 中泰期货股份有限公司 高萍 交易咨询证号：Z0012806 目录 CONTENTS 1 纸浆综述 2 纸浆平衡表解析 3 纸浆供需解析 4 纸浆成本利润 5 纸浆价格与价差 Part 1 纸浆综述 1.1 纸浆综述——供给端 | | | 项目 | 单位 | 2025年3月 | 2025年2月 | 环比 | 累计同比 | 预估下周/月 | 综述 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | 2025/4/25 | 2025/4/18 | | | (根据三方数据线性预估) | | | | 国产 （周） | 阔叶浆产量 | 万吨 | 18.17 | 17.56 | 0.61 | -0.26% | 上升 | | | | | 化机浆产量 | 万吨 | 20.29 | 20.41 | -0.12 | | | | | | | 纸浆总进口量 | | 324.9 | 322.1 | 2.80 | 5.01% | | 国产：本周国产开工略回升，据悉，华泰70万吨化学浆项 | | | ...

Financial Performance - The company reported a basic earnings per share of 0.0100 yuan for Q1 2025, unchanged from Q1 2024, but a significant decrease from 0.1100 yuan in Q1 2023 [1] - The net profit for Q1 2025 was 0.05 billion yuan, down 16.67% from 0.06 billion yuan in Q1 2024 and a substantial decline from 0.49 billion yuan in Q1 2023 [1] - The return on equity (ROE) decreased to 0.33% in Q1 2025 from 0.39% in Q1 2024 and significantly down from 3.25% in Q1 2023 [1] Shareholder Structure - The top ten unrestricted shareholders hold a total of 13,731.65 million shares, accounting for 29.43% of the circulating shares, with an increase of 1.87 million shares compared to the previous period [1] - Zhejiang Kairong Special Paper Co., Ltd. remains the largest shareholder with 10,246.79 million shares, representing 21.96% of the total share capital [2] - New entrants to the top ten shareholders include Xiao Yongfu with 693.50 million shares and Wang Qiuling with 255.79 million shares [2] Dividend Policy - The company has announced that it will not distribute dividends or allocate bonus shares this time [3]

| 名称 | 持有数量(万股) | 占总股本比例(%) | 增减情况(万股) | | --- | --- | --- | --- | | 浙江仙鹤控股集团有限公司 | 54000.00 | 76.49 | 不变 | | 王明龙 | 1000.06 | 1.42 | 不变 | | 香港中央结算有限公司 | 494.52 | 0.70 | -287.51 | | 卢希德 | 437.93 | 0.62 | -15.07 | | 张雁 | 307.44 | 0.44 | 51.28 | | 王敏文 | 253.91 | 0.36 | 不变 | | 国华人寿保险股份有限公司-兴益传统2号 | 232.22 | 0.33 | 不变 | | 南方中证1000ETF | 174.32 | 0.25 | -75.76 | | 基本养老保险基金一二零五组合 | 172.11 | 0.24 | 新进 | | 裘丽萍 | 164.52 | 0.23 | 新进 | | 较上个报告期退出前十大股东有 | | | | | 富达基金(香港)有限公司-客户资金 | 319.07 | 0.45 | 退出 | | 诸葛颂 | 271.09 | ...

一、主要会计数据和财务指标 | 报告期指标 | 2025年一季报 | 2024年一季报 | 本年比上年增减(%) | 2023年一季报 | | --- | --- | --- | --- | --- | | 基本每股收益（元） | 0.0150 | 0.0920 | -83.7 | 0.0100 | | 每股净资产（元） | 0 | 4.22 | -100 | 4.01 | | 每股公积金(元) | 2.36 | 2.36 | 0 | 2.36 | | 每股未分配利润(元) | 0.65 | 0.60 | 8.33 | 0.41 | | 每股经营现金流(元) | - | - | - | - | | 营业收入(亿元) | 3 | 3.78 | -20.63 | 3.82 | | 净利润(亿元) | 0.05 | 0.32 | -84.38 | 0.03 | | 净资产收益率(%) | 0.34 | 2.21 | -84.62 | 0.24 | 前十大流通股东累计持有： 15291万股，累计占流通股比： 43.52%，较上期变化： 217.31万股。 | 名称 | 持有数量(万股) | 占总股本比例(%) | 增 ...

风险提示：国际贸易摩擦风险、市场竞争加剧风险、原材料价格波动风险。 最新盈利预测明细如下： 开源证券股份有限公司吕明,周嘉乐,张霜凝近期对诺邦股份（603238）进行研究并发布了研究报告《公司 信息更新报告：主业加速增长，新拓大客户+自有品牌双轮驱动》，给予诺邦股份买入评级。 诺邦股份 2025Q1主业加速增长，看好大客户放量+自有品牌高增，维持"买入"评级2024年实现营收22.37亿元(同比 +16.8%)，实现归母/扣非归母净利润为0.95/0.86亿元，同增15.2%/21.2%；2025Q1实现营收6.08亿元(同比 +39.1%)；归母/扣非归母净利润为0.30/0.29亿元，同增48.6%/75.1%。公司凭借差异化的高端产品避免内 卷，积极拓展优质客户，且自有品牌处于高速增长期，我们上调2025-2026年并新增2027年归母净利润分 别为1.33/1.60/1.87亿元(2025-2026年前值：1.47/1.74亿元)，对应EPS为0.75/0.90/1.05元，当前股价对应PE 为19.5/16.3/13.9倍，维持"买入"评级。 拓展优质大客户+自有品牌共同驱动制品业务持续高增 分产品 ...