据证券之星公开数据整理，近期严牌股份（301081）发布2025年中报。截至本报告期末，公司营业总收 入4.29亿元，同比上升19.77%，归母净利润2152.38万元，同比下降25.95%。按单季度数据看，第二季 度营业总收入2.3亿元，同比上升22.78%，第二季度归母净利润929.49万元，同比下降36.24%。本报告 期严牌股份公司应收账款体量较大，当期应收账款占最新年报归母净利润比达779.97%。 本次财报公布的各项数据指标表现一般。其中，毛利率25.4%，同比减17.15%，净利率4.94%，同比减 40.25%，销售费用、管理费用、财务费用总计6093.48万元，三费占营收比14.19%，同比增5.01%，每股 净资产4.75元，同比增2.2%，每股经营性现金流-0.02元，同比减104.83%，每股收益0.1元，同比减 28.57% | 项目 | 2024年中报 | 2025年中报 | 同比增幅 | | --- | --- | --- | --- | | 营业总收入(元) | 3.59亿 | 4.29亿 | 19.77% | | 归母净利润（元） | 2906.48万 | 2152.38万 ...

8月26日，严牌股份（301081）发布2025年半年度报告，上半年公司实现营收4.29亿元，同比增长 19.77%，主营产品市场优势稳固，无纺系列、机织系列分别实现营业收入2.10亿元、1.60亿元，同比增 长12.88%、15.44%，毛利率21.60%、29.99%；实现归母净利润2152.38万元，扣非净利润1791.67万元。 在全球环境治理进程加速推进、可持续发展议程深度落地的时代背景下，中国环保产业已完成从传统污 染治理"支撑者"到绿色经济"核心引擎"的关键跃升，成为驱动经济社会绿色转型的重要力量。严牌股份 精准把握环保过滤材料市场需求持续增长机遇，充分发挥自身研发技术优势，通过持续提升产品品质、 深化产业链强链补链布局，构建差异化竞争优势，有效推动公司业绩实现稳步提升。 过滤材料行业迎新一轮增长以技术硬实力与精益运营布局过滤分离市场 环境法规收紧、工业领域升级提速、公众公共卫生意识不断增强等多重关键因素在全球范围内形成合 力，为过滤材料行业注入强劲发展动能，推动行业正式步入新一轮增长周期。GEP Research《2025年中 国过滤材料产业发展研究报告》指出，当前全球过滤材料市场增长动能强劲 ...

Market Overview - The overseas filtration materials market is dominated by large, advanced companies from developed countries, which have significant competitive advantages due to their long-standing experience and advanced technology [2] - The domestic filtration materials market in China has a broad demand but is characterized by many small to medium-sized enterprises, leading to intense competition [3] Company Positioning - The company has established a stable customer base in both domestic and international markets, particularly in woven filter materials and needle-punched non-woven filter materials [3] - The company’s market share is gradually increasing as it competes with foreign companies by offering a range of products suitable for complex working environments [3] Pricing and Product Lifecycle - The pricing model is based on "production cost + reasonable profit," focusing on product quality over price due to the critical role of filtration materials in customer operations [4] - Typical replacement cycles for products are approximately 3 years for dust filter bags and 3-6 months for wastewater filtration products [5] International Expansion - The company’s overseas revenue in 2024 was approximately 29,024.39 million RMB, accounting for over one-third of total revenue, with clients in countries such as the USA, Brazil, Germany, and the UK [8] - Plans for further international expansion include strengthening the North American market and exploring opportunities in Southeast Asia [6] Production Capacity - Current production capacity utilization rates are around 74% for woven filter cloth and needle-punched non-woven products, and approximately 86.38% for high-performance fibers and composite materials [7] - The company is in a ramp-up phase for new equipment, which is temporarily lowering overall capacity utilization [7] Strategic Acquisitions - The acquisition of TTL, a company with over 185 years of experience in textile solutions, aims to enhance the company’s presence in the European market and improve local service capabilities [9] - This acquisition is expected to integrate TTL's sales team and customer resources, enhancing global market competitiveness [9] Future Growth Drivers - Future growth will be driven by increased production capacity from ongoing projects and a focus on both domestic and international markets [10] - The company plans to enhance R&D efforts to align product development closely with market demands and strengthen its talent pool [10] Shareholder Confidence - The continuous increase in shareholding by the controlling shareholder reflects confidence in the company's long-term development and aims to boost investor trust [12]

Group 1 - Company plans to acquire 100% equity of Technische Textilien Lrrach GmbH & Co. KG (TTL) for approximately €2.9 million to enhance its global strategy and local service capabilities in the textile solutions market [1] - TTL, established in 1838, specializes in non-woven materials for industrial textiles, serving over 300 clients with strong market competitiveness in laundry textiles [1] - The acquisition aims to integrate TTL's sales team and global customer resources, promoting mutual product advantages and enhancing global competitiveness [1] Group 2 - Environmental policies are reshaping the filtration materials industry, with the EU's REACH regulation raising recyclability standards to 60% and China's air pollution prevention plan mandating 99.97% filtration efficiency [2] - The non-woven filtration materials market is expected to exceed $42 billion by 2025, with China contributing over 35% and a growth rate of 8.7% [2] - The industry is undergoing technological innovation and product optimization driven by domestic and international environmental policies [2] Group 3 - Company has developed a mature and diverse production process for filtration materials, enhancing product performance and cost-effectiveness [3] - The company focuses on customized solutions for specific industries, such as non-removable filter cloths for titanium dioxide and specialized anode cloths for thermal power plants [3] Group 4 - Company achieved revenue of 785 million yuan in 2024, a year-on-year increase of 8.75%, and 200 million yuan in Q1 2025, a growth of 16.49% [4] - The company has advanced production capabilities with multiple imported needle-punched non-woven fabric production lines and over 200 looms, leading the industry in production scale [4] - The company is investing in high-performance filtration materials and automation to enhance production efficiency and expand its core competitiveness in the environmental filtration sector [4] Group 5 - Company is expanding its overseas market presence, achieving 290 million yuan in overseas revenue in 2024, a 7.04% increase, accounting for 36.99% of total revenue [5] - The company is leveraging its subsidiary in the U.S. and partnerships in Europe to tap into North American and Southeast Asian markets [5] - The acquisition of TTL will enhance the company's brand influence and technical expertise in the industrial textile sector, accelerating its transition from a domestic leader to a global provider of environmental solutions [5]

Core Viewpoint - The 2024 Annual General Meeting of Zhejiang Jinhai High-tech Co., Ltd. is scheduled for May 29, 2025, focusing on various proposals including financial reports, board and supervisory reports, and profit distribution plans [1][3][4]. Meeting Details - The meeting will combine on-site and online voting, with specific time slots for both [3]. - The location for the on-site meeting is set at Feizhou International Building, Shanghai [3]. Agenda Items - The agenda includes the following key proposals: - Approval of the 2024 Annual Report and its summary [4][5]. - Review of the 2024 Board of Directors' Work Report [5]. - Review of the 2024 Supervisory Board's Work Report [6]. - Approval of the 2024 Financial Settlement Report, which shows a revenue increase of 8.74% year-on-year, reaching approximately 788.54 million yuan [7]. - Proposal for a cash dividend of 1.20 yuan per 10 shares, amounting to a total of 56.79 million yuan, which represents 34.60% of the net profit [6][7]. - Proposal to reappoint Lianda Accounting Firm as the annual auditing agency [8]. - Confirmation of the 2024 Directors' and Supervisors' remuneration [8][9]. Financial Performance - The company reported a total revenue of 788,542,275.71 yuan for 2024, an increase of 8.74% compared to 2023 [7]. - The net profit attributable to shareholders was 56,794,569.01 yuan, reflecting a significant increase of 34.60% year-on-year [7]. - The net cash flow from operating activities decreased by 33.44% to approximately 7.67 million yuan, primarily due to changes in payment cycles [7]. Business Strategy and Market Position - The company has established a strong competitive position in the air filtration materials sector, focusing on high-efficiency and low-resistance products [10][11]. - It aims to lead the indoor air quality market and has formed strategic partnerships with well-known brands [11]. - The company is expanding its presence in the small household appliances market, achieving significant breakthroughs and increasing order volumes [11][12]. - In the automotive sector, the company is enhancing its offerings in new energy vehicles, focusing on air quality management systems [12]. - The company is also involved in the aerospace sector, having obtained AS9100D certification, which allows it to supply air filtration systems for commercial aircraft [12]. Governance and Compliance - The Board of Directors and Supervisory Board have adhered to legal and regulatory requirements, ensuring effective governance and compliance [18][20]. - The Supervisory Board has conducted thorough reviews of the company's financial status and operational compliance, confirming no violations were found [20][22].

Core Viewpoint - Yanpai Co., Ltd. reported a revenue of 785 million yuan for 2024, reflecting a year-on-year growth of 8.75%, while net profit showed a decline, raising market concerns [1] Financial Performance - The company achieved an operating income of 785 million yuan, with a core revenue from specialized equipment manufacturing at 742 million yuan, accounting for 94.65% of total revenue and growing by 9.25% year-on-year [1] - Despite the revenue growth, net profit experienced a decline, prompting the company to propose a cash dividend of 3 yuan per 10 shares to shareholders [1] Industry Context - The environmental protection industry in China is transitioning from rapid growth to high-quality development, with revenue reaching 2.22 trillion yuan in 2022, growing at a compound annual growth rate of 12.72% since 2015 [1] - Key growth drivers in the industry include water pollution prevention, solid waste treatment and resource recovery, and air pollution control [1] Company Overview - Yanpai Co., Ltd. specializes in the development and production of industrial filtration materials, including filter cloths and bags, with a global sales network [2] - The company's products are widely used in various industries such as thermal power, chemicals, and new energy, playing a crucial role in industrial dust removal and wastewater treatment [2] - Yanpai's core products are categorized into non-woven and woven series, customizable to meet diverse application needs [2] Technological Innovation - The company emphasizes technological innovation as a core competitive advantage, increasing R&D investment and talent acquisition [3] - Yanpai has established partnerships with universities for research in waste incineration and new environmental materials, expanding product applications [3] - The company has introduced 18 new utility model patents, achieving breakthroughs in material structure optimization and production process innovation [3] Production Capacity and Strategy - Yanpai Co., Ltd. has multiple production lines and over 200 weaving machines, ensuring a large-scale production capacity of filter cloths [4] - The establishment of a subsidiary for raw material R&D and production aims to secure stable supply and reduce production costs [4] - The company issued 469 million yuan in convertible bonds to fund high-performance material projects, enhancing capacity and product upgrades [4] Market Expansion - To address profit pressure, Yanpai is exploring new growth avenues, including a strategic investment in Zhejiang Yongxiang Composite Materials Co., Ltd., entering the microfiber leather market [4] - The company has established a subsidiary, Zhejiang Yanjie New Materials, to enter the consumer filter market, focusing on high-value products [5] Future Outlook - Yanpai Co., Ltd. aims to leverage national "dual carbon" strategies, focusing on market demand and customer value to maximize its technological and production advantages [5] - The company is committed to its mission of creating a cleaner environment and maintaining high-quality standards through a focus on specialization and expertise [5]