一、主要会计数据和财务指标 | 报告期指标 | 2024年年报 | 2023年年报 | 本年比上年增减(%) | 2022年年报 | | --- | --- | --- | --- | --- | | 基本每股收益（元） | -1.1500 | -1.1600 | 0.86 | -1.3500 | | 每股净资产（元） | 2.27 | 3.22 | -29.5 | 4.38 | | 每股公积金(元) | 2.97 | 2.76 | 7.61 | 2.76 | | 每股未分配利润(元) | -1.90 | -0.75 | -153.33 | 0.41 | | 每股经营现金流(元) | - | - | - | - | | 营业收入(亿元) | 7.27 | 6.65 | 9.32 | 9.28 | | 净利润(亿元) | -2.36 | -2.37 | 0.42 | -2.77 | | 净资产收益率(%) | -41.35 | -30.46 | -35.75 | -26.70 | | 名称 | 持有数量(万股) | 占总股本比例(%) | 增减情况(万股) | | --- | --- | --- | --- | ...

| 名称 | 持有数量(万股) | 占总股本比例(%) | 增减情况(万股) | | --- | --- | --- | --- | | 杭州华旺实业集团有限公司 | 11771.76 | 25.33 | 不变 | | 钭江浩 | 8449.36 | 18.18 | 不变 | | 全国社保基金一零九组合 | 1975.95 | 4.25 | 不变 | | 红利低波 | 1662.09 | 3.58 | 新进 | | 钭正良 | 1373.76 | 2.96 | 不变 | | 张延成 | 667.17 | 1.44 | 不变 | | 景顺长城能源基建混合A | 610.55 | 1.31 | -94.13 | | 景顺长城价值边际灵活配置混合A类 | 607.21 | 1.31 | 不变 | | 景顺长城沪港深精选股票A | 562.44 | 1.21 | -33.07 | | 钭正贤 | 509.60 | 1.10 | 不变 | | | 较上个报告期退出前十大股东有 | | | | 易方达核心优势股票A | 836.63 | 1.80 | 退出 | 10转2股派4.5元(含税) 一、主要会计数据和财务指标 | ...

博汇纸业（600966）公告，2025年第一季度营收为45.64亿元，同比增长3.77%；净利润为5337.37万 元，同比下降46.91%。 ...

景兴纸业（002067）公告，2025年第一季度营业收入11.89亿元，同比下降6.01%。净亏损2342.23万 元，去年同期净利润2160.4万元。 ...

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]