节水有奖励！近日，江苏省水利厅、省财政厅、省税务局、省住房和城乡建设厅联合公布2024年度 用水效率达到国家用水定额先进值的72家工业企业名单，江苏沙钢钢铁有限公司、常熟市龙腾特种钢有 限公司、芬欧汇川（中国）有限公司等在内的16家苏州企业入选。这些企业将享受本年度20%的水资源 税减免优惠。 事实上，在节水减排方面的成绩只是芬欧汇川秉持绿色可持续发展的一个缩影。截至目前，该企业 累计环保投入达5.6亿元，常熟纸厂的单位产品水耗和单位产品水污染物排放量都达到国际最先进的水 平，2005年企业获评"国家环境友好企业"，2013年成为国内首家通过欧盟EMAS体系认证的造纸企业， 先后获"中国水效领跑者""国家级绿色工厂""绿色发展领军企业"等称号。 "按年用水量计算，20%的减税额度将带来可观的经济效益。"芬欧汇川（中国）有限公司相关人员 表示，这种"节水有奖"的政策导向非常好，既降低了企业成本，又促进了水资源节约，实现了经济效益 和生态效益的双赢。 此次水资源税减免政策，是江苏省推动工业节水的重要举措。苏州市水务局表示，未来将继续完善 节水激励机制，推广先进企业的成功经验，推动更多企业向节水型、环保型转变，为苏 ...

Investment Rating - The report does not provide a specific investment rating for the company [7] Core Insights - In 2024, the company achieved a revenue of 1.58 billion yuan, a year-on-year increase of 2.1%, and a net profit attributable to shareholders of 44.18 million yuan, a year-on-year increase of 18.8% [1] - The first quarter of 2025 saw a revenue decline of 5.5% year-on-year, resulting in a net loss of 9.86 million yuan, primarily due to increased costs from the new business unit [1][5] - The company expects gradual improvement in performance despite current challenges [1] Financial Performance Summary - Revenue and Net Profit: In 2024, the company reported a revenue of 1.58 billion yuan and a net profit of 44.18 million yuan, with a net profit margin of 2.8%, up 0.4 percentage points year-on-year [1] - Quarterly Performance: The quarterly revenue for 2024 showed fluctuations, with Q1 to Q4 revenues growing by 7.0%, 5.3%, declining by 3.0%, and increasing by 0.2% respectively [1] - Profitability Metrics: The gross margin for 2024 improved to 15.7%, up 0.7 percentage points year-on-year, while the expense ratio decreased to 12.5% [3][4] Business Segment Analysis - The company’s revenue from woven and knitted fabrics accounted for 49.6% and 49.2% of total revenue in 2024, with respective year-on-year growth rates of 1.3% and 2.9% [2] Cash Flow and Inventory Management - Operating cash flow for 2024 was 490 million yuan, an increase of 39.2% year-on-year, while inventory decreased by 14.6% to 6 million yuan at the end of 2024 [4] Future Earnings Forecast - The company’s net profit forecasts for 2025, 2026, and 2027 are 47.11 million yuan, 57.86 million yuan, and 70.04 million yuan respectively, with corresponding EPS of 0.11 yuan, 0.13 yuan, and 0.16 yuan [5]