登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：300877 证券简称：金春股份 公告编号：2025-051 一、重要提示 本半年度报告摘要来自半年度报告全文，为全面了解本公司的经营成果、财务状况及未来发展规划，投 资者应当到证监会指定媒体仔细阅读半年度报告全文。 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 董事会审议的报告期利润分配预案或公积金转增股本预案 □适用 √不适用 公司计划不派发现金红利，不送红股，不以公积金转增股本。 董事会决议通过的本报告期优先股利润分配预案 □适用 √不适用 公司是否需追溯调整或重述以前年度会计数据 □是 √否 ■ 3、公司股东数量及持股情况 单位：股 ■ 注：1 截至本报告期末，安徽金春无纺布股份有限公司回购专用证券账户持有股份3,762,209股，占公司 总股本的3.14%，未纳入前十名股东列示。 持股5%以上股东、前10名股东及前10名无限售流通股股东参与转融通业务出借股份情况 □适用 √不适用 前10名股东及前10名无限售流通股股东因转融通出借/归还原因导致较上期发生变化 □适用 √不适用 公司是否具有表决权差异安排 ...

登录新浪财经APP 搜索【信披】查看更多考评等级 安徽金春无纺布股份有限公司于2025年8月25日召开第四届董事会第七次会议及第四届监事会第七次会 议，审议通过《关于调整回购股份价格上限的议案》，将回购股份价格上限由17.90元/股调整为35元/ 股，除这一调整外，回购方案其他内容不变。 回购基本情况与进展回顾 2025年4月8日，公司第四届董事会第四次会议及第四届监事会第四次会议通过回购议案，拟用不低于 1000万元（含）且不超过2000万元（含）的自有或自筹资金回购股份，回购价格不超18元/股，实施期 限为董事会审议通过之日起12个月内。自2025年5月29日（除权除息日）起，回购股份价格上限调整为 不超17.90元/股。 按照35元/股（含）测算，本次回购股份数量预计为28.57万股至57.14万股，占公司目前总股本的0.24% 至0.48% ，不过具体回购数量以实际为准。 调整对公司影响及决策程序 本次调整符合相关规定，结合市场与公司实际情况，有利于回购顺利实施，不会影响公司债务履行、持 续经营及上市地位，也不会导致控制权变化，未损害公司及中小投资者权益。 公司董事会与监事会审议通过该议案，除回购价格 ...

Group 1 - The core viewpoint of the report is that Nobon Co., Ltd. is positioned as a leading differentiated supplier of water-jet non-woven fabrics, with a comprehensive growth strategy across materials, products, and branding, leading to a "buy" rating [1][5]. - Nobon has been focusing on the water-jet non-woven fabric sector since its establishment in 2002, holding over a hundred domestic and international patents, and offering a wide range of products across various fields including beauty materials, household cleaning, industrial materials, and medical materials [2][3]. - The company is projected to achieve a revenue of 2.24 billion yuan in 2024, with a CAGR of 15.3% from 2019 to 2024, indicating steady revenue growth [2]. Group 2 - The non-woven fabric industry in China is expected to see a supply-demand rebalancing in 2024, driven by capacity reduction and increased consumer hygiene awareness, which will lead to a recovery in profitability [3]. - The production of water-jet non-woven fabrics in China increased from 640,000 tons in 2015 to 1.51 million tons in 2023, with its share of the total non-woven fabric market rising from 13.2% to 18.5% during the same period [3]. - Nobon is leveraging its advanced production processes and R&D capabilities to maintain its leading position in the market, benefiting from strong demand in emerging consumer segments such as cotton soft towels and oral tobacco [3]. Group 3 - Nobon is focusing on three key areas for growth: 1) Roll materials, where technological upgrades are enhancing competitiveness and market share [4]. 2) Finished products, with a strong production capacity and quality control, particularly through its subsidiary, Hangzhou Guoguang [4]. 3) Own brand development, with the launch of the "Xiaozhijia" brand aimed at creating a second growth curve [4]. - The company expects net profits of 130 million yuan, 160 million yuan, and 190 million yuan for 2025, 2026, and 2027 respectively, with corresponding P/E ratios of 28X, 23X, and 20X [5].

Group 1 - The company held the first meeting of the 2025 Employee Stock Ownership Plan (ESOP) on August 1, 2025, with 160 attendees representing 28,784,962.74 shares, accounting for 100% of the voting rights [1][2] - The meeting approved the establishment of a management committee for the ESOP to oversee its implementation and protect the rights of the holders [2][3] - The committee consists of three members, elected unanimously, and will serve for the duration of the ESOP [3][4] Group 2 - The management committee is authorized to handle various matters related to the ESOP, including convening meetings, supervising daily management, and exercising shareholder rights [4][5] - The ESOP has successfully completed the non-trading transfer of 3,662,209 shares, which represents 3.05% of the company's total share capital [10][11] - The total amount raised for the ESOP is 28,784,962.74 yuan, with 160 participants, and all funds have been fully paid [10][12] Group 3 - The ESOP shares will unlock in two phases, with 50% unlocking after 12 months and the remaining 50% after 24 months [11] - The ESOP holders include seven directors and senior management, but they have not signed any agreements for concerted action [12] - The company will continue to monitor the progress of the ESOP and fulfill its disclosure obligations as required [12]

Core Viewpoint - The company has approved the 2025 Employee Stock Ownership Plan (ESOP) and related management measures, aiming to enhance employee engagement and align interests with shareholders through stock ownership [1][4]. Group 1: Employee Stock Ownership Plan Details - The ESOP will utilize shares repurchased by the company, totaling 3,662,209 shares, which represents 3.05% of the company's total share capital [3][4]. - The total amount raised through the ESOP is approximately RMB 28.78 million, with funds sourced from employees' legal salaries and self-raised funds [4]. - The shares acquired under the ESOP will be unlocked in two phases, with 50% of the shares becoming available after 12 months and the remaining 50% after 24 months [5]. Group 2: Share Repurchase Information - The company has conducted share repurchases in two phases, with a total of 1,297,900 shares repurchased by February 2, 2024, and an additional 2,364,309 shares by October 16, 2024 [2][3]. - The repurchased shares were acquired at prices ranging from RMB 11.84 to RMB 17.82 per share, with total expenditures of approximately RMB 19.99 million and RMB 29.97 million, respectively [2][3]. Group 3: Governance and Compliance - The ESOP holders include directors, supervisors, and senior management, but there are no agreements for concerted action among them, ensuring independent decision-making [6]. - The company will adhere to accounting standards for equity-settled share-based payments, with impacts on financial results to be confirmed by annual audit reports [6].

Group 1 - The stock of Anhui Jinchun Nonwoven Fabric Co., Ltd. experienced an abnormal trading fluctuation, with a cumulative price deviation exceeding 30% [1] - The company's board of directors conducted verification regarding the abnormal stock price movement and confirmed that there are no undisclosed significant information or major changes affecting the company [1][1] - The board also stated that there are no undisclosed matters that should be reported according to the Shenzhen Stock Exchange's regulations, and previous disclosures do not require correction or supplementation [1][1]

Meeting Overview - The company will hold its first extraordinary general meeting of shareholders for 2025 on July 4, 2025, at 14:30 [1] - The meeting will be conducted through a combination of on-site voting and online voting [2] - The meeting is compliant with relevant laws, regulations, and the company's articles of association [1][2] Voting Details - The meeting will allow shareholders to vote either in person or online, with the online voting period from 9:15 to 15:00 on the same day [2] - Shareholders must choose one voting method, and duplicate votes will be counted based on the first valid vote [2] - The record date for shareholders to attend the meeting is June 27, 2025 [2] Agenda Items - The meeting will discuss significant matters affecting the interests of minority investors, including the 2025 Employee Stock Ownership Plan (ESOP) and its management measures [3] - Related shareholders must abstain from voting on proposals related to the employee stock ownership plan [3] Registration and Participation - Shareholders must present identification and relevant documents to register for the meeting, with remote shareholders allowed to register via mail, fax, or letter [4] - Detailed procedures for participating in online voting are provided, ensuring shareholders can easily access the voting platform [7] Additional Information - The meeting will take place at the company's conference room located at 218 Nanjing North Road, Luya Economic Development Zone, Chuzhou City, Anhui Province [2][4] - Contact information for the company is provided for any inquiries related to the meeting [4]

Core Viewpoint - The company, Anhui Jinchun Nonwoven Fabric Co., Ltd., has approved a share repurchase plan, intending to buy back shares worth between RMB 10 million and RMB 20 million at a maximum price of RMB 18 per share within 12 months [1][2]. Summary by Sections Share Repurchase Plan - The company plans to repurchase shares using its own or raised funds, with a total budget of RMB 10 million to RMB 20 million [1]. - The maximum repurchase price is set at RMB 18 per share, and the implementation period is 12 months from the board's approval date [1]. First Share Repurchase Details - The company has completed its first share repurchase, acquiring 100,000 shares, which represents 0.08% of the total share capital [2]. - The highest transaction price during this repurchase was RMB 15.32 per share, while the lowest was RMB 15.22 per share, with a total transaction amount of RMB 1,528,200 (excluding transaction fees) [2]. Compliance and Regulations - The share repurchase is in accordance with relevant laws, regulations, and the company's repurchase plan [2]. - The company will continue to implement the repurchase plan based on market conditions and will fulfill its information disclosure obligations as required by law [2].

Core Viewpoint - The company plans to repurchase its shares with a budget ranging from 10 million to 20 million RMB, indicating a strategic move to enhance shareholder value [1] Summary by Relevant Sections - **Share Repurchase Plan** - The company intends to use its own or raised funds to buy back shares, with a total budget set between 10 million RMB (1,000,000) and 20 million RMB (2,000,000) [1] - The maximum repurchase price is capped at 18 RMB per share [1] - The implementation period for the share repurchase is set for 12 months from the date of the board's approval [1]

Investment Rating - The report assigns a "Buy" rating for the company, Nobon Co., Ltd. (603238), marking its first coverage [2][8]. Core Insights - Nobon Co., Ltd. is positioned as a global leader in high-end differentiated water-jet non-woven materials, benefiting from the expanding and upgrading demand in the personal care and household cleaning market in China, alongside a golden window for new downstream products like oral tobacco [8]. - The company is expected to achieve a compound annual growth rate (CAGR) of +26% in net profit from 2025 to 2027, with projected net profits of 130 million, 157 million, and 189 million yuan respectively [6][8]. Summary by Sections 1. Company Overview - Nobon Co., Ltd. has over 20 years of experience in the water-jet non-woven fabric sector, establishing a comprehensive industrial chain that includes raw materials, products, and branding [7][17]. - The company has developed innovative products such as the "Sanlyzox" biodegradable water-jet material, becoming one of the few global companies to achieve mass production of such materials [7][24]. 2. Financial Performance and Profitability - The company is entering a phase of profitability recovery, with expected revenues of 2.24 billion yuan in 2024, a year-on-year increase of 17%, and a net profit of 95 million yuan, up 15% [6][38]. - In Q1 2025, revenues are projected to grow by 39% year-on-year, indicating a strong upward trend [6][39]. 3. Market Dynamics - The non-woven fabric market in China is experiencing a rebalancing of supply and demand, with a narrowing gap in production and consumption, leading to improved profitability for leading companies [7][70]. - The demand for non-woven products is expected to grow significantly, driven by increased hygiene awareness post-pandemic and diverse consumer needs [74]. 4. New Product Opportunities - The oral tobacco market is anticipated to see explosive growth, with the demand for high-end non-woven materials for nicotine pouches expected to rise, providing additional profit elasticity for the company [8][20]. - Nobon Co., Ltd. is well-positioned to capitalize on this trend without significant capacity constraints, as the material usage per product is minimal [8][20]. 5. Investment Analysis - The report forecasts a target market capitalization of 3.9 billion yuan for the company, representing a 37% upside from its market value as of June 3, 2025 [8]. - The company is expected to maintain a strong cash flow and improve its dividend payout ratio, reflecting its robust financial health [62].