浙江新澳纺织股份有限公司 章 程 第一章 总 则 第一条 为规范公司的组织和行为，维护公司、股东、职工和债权人的合法 权益，根据《中华人民共和国公司法》（以下简称《公司法》）及其他有关规定， 结合公司的实际情况，制定本章程。 第二条 公司系依照《公司法》和其他有关规定发起设立的股份有限公司（以 下简称"公司"）。公司实行独立核算、自主经营、自负盈亏。 公司在浙江省市场监督管理局注册登记，取得营业执照，统一社会信用代码 为：91330000146884443G。 第三条 公司于 2014 年 12 月 10 日经中国证券监督管理委员会核准，首次 向社会公众发行人民币普通股 2,668 万股，于 2014 年 12 月 31 日在上海证券交 易所上市。 第四条 公司注册名称： 浙江新澳纺织股份有限公司 英文名称： Zhejiang Xinao Textiles Inc. 第五条 公司住所：浙江省桐乡市崇福镇观庄桥 邮政编码：314511 第六条 公司注册资本为人民币 730,297,443 元。 第七条 公司为永久存续的股份有限公司。 第八条 法定代表人由董事会选举的代表公司执行公司事务的董事担任。 担任法定代表 ...

零关税政策自去年12月1日启动到今年3月，中国自非洲最不发达国家进口额达214.2亿美元，同比增长15.2%。下一步，商务部还将继续会同相关部门，支 持最不发达国家特别是非洲最不发达国家用好零关税政策，为中国企业和消费者提供更多物美价廉的选择 文｜《财经》记者 邹碧颖 编辑｜王延春 在2024年9月举行的中非合作论坛北京峰会上，中方宣布，决定给予包括33个非洲国家在内的所有同中国建交的最不发达国家100%税目产品零关税待遇。 国务院关税税则委员会发布公告，自2024年12月1日起，对原产于同中国建交的最不发达国家100%税目产品适用税率为零的特惠税率。彼时，与中国建交 的最不发达国家一共是43个，非洲国家达到33个。其中，关税配额产品仅将配额内关税税率降为零，配额外关税税率不变。 而国务院关税税则委员会发布的2024年关税调整方案，明确了关税配额商品为小麦、玉米、稻谷和大米、糖、羊毛、毛条、棉花、化肥，并明确了关税配 额税率、最惠国税率和普通税率。比如糖的关税配额税率、最惠国税率和普通税率分别是15%、50%和125%。 去年9月接受采访时，中国人民大学财政金融学院副教授胡天龙认为，中国将实行零关税待遇的产品 ...

证券代码：600527 证券简称：江南高纤 编号2025-040 为规范公司募集资金的管理和使用，保护投资者的权益，根据中国证监会《上市公司监管指引第2号一 上市公司募集资金管理和使用的监管要求》、《上海证劵交易所上市公司募集资金管理办法（2013年修 订）》等相关法律、法规及规范性文件的要求及《江苏江南高纤股份有限公司募集资金管理制度》的有 关规定，公司与保荐机构申万宏源证券承销保荐有限责任公司（以下简称"保荐机构"）、中国光大银行 股份有限公司苏州分行（以下简称"开户银行"）签署了《募集资金专户存储三方监管协议》（以下简 称"三方监管协议"）。 （二）募投项目的结项和终止情况 2023年4月18日公司召开的第八届董事会第四次会议、第八届监事会第四次会议及2023年5月24日召开的 2022年年度股东大会，审议通过了《关于非公开发行股票部分募投项目结项并将节余募集资金永久补充 流动资金的议案》、《关于终止非公开发行股票部分募投项目并将剩余募集资金永久补充流动资金的议 案》，公司非公开发行股票募集资金投资项目-"年产4万吨高性能复合短纤维生产线项目"已达到预定可 使用状态，同意将该募投项目结项。同时，为提高募 ...

| 产品 | 2025 年 月 | 1-3 | 2024 | 年 | 1-3 月 | 变动比例（%） | | --- | --- | --- | --- | --- | --- | --- | | | 销售均价（元/吨） | | | 销售均价（元/吨） | | | | 涤纶毛条 | | 13178.47 | | | 13555.93 | -2.78 | | 复合短纤维 | | 10484.66 | | | 10467.95 | 0.16 | （二）主要原材料价格变动情况 证券代码：600527 证券简称：江南高纤 编号：临 2025-031 江苏江南高纤股份有限公司 2025 年第一季度主要经营数据的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导 性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及 江苏江南高纤股份有限公司（以下简称"公司"）根据上海证券交易所《上 市公司行业信息披露指引第十三号——化工》的要求，现将 2025 年第一季度主 要经营数据披露如下： 二、主要产品和原材料价格变动情况 （一）主要产品价格变动情况 一、主要产品的产量、销售及收入实现情况 主要产品 2 ...

Investment Rating - The report maintains a "Buy" rating for the company [2][7] Core Insights - The company's Q1 2025 report shows a revenue of 1.1 billion yuan, a year-on-year increase of 0.3%, and a net profit attributable to shareholders of 100 million yuan, up 5.4% year-on-year, indicating performance in line with expectations [5] - The revenue growth was slightly impacted by the毛条 (wool tops) business, while the羊绒 (cashmere) business maintained strong double-digit growth momentum [6] - The company is expanding its production capacity and product lines, with new projects in Vietnam and Yinchuan expected to contribute to future growth [6] Financial Performance Summary - For 2024, the company is projected to achieve a revenue of 4.841 billion yuan, with a growth rate of 9.07% [9] - The net profit attributable to shareholders is expected to be 428.3 million yuan in 2024, reflecting a growth rate of 5.96% [9] - The company's gross margin is projected to improve slightly, reaching 19.0% in 2024 [10]

短期内销订单波动，我们判断羊毛纱线出货表现好于订单。公司过去中长期坚持创新产品使用场景，推 出运动、家纺、室内装饰、产业用纱等产品系列，拓展客户需求。1）分地区：考虑关税政策变化，我 们根据行业情况估计目前公司外销订单基本正常、内销订单则相对谨慎，我们判断近期出货情况好于订 单情况。2）分业务来看：①毛精纺纱线：我们估计2025Q1 业务销售收入同比持平左右（估计其中销量 同比持平左右/销售单价同比持平左右，考虑公司有效实施销售人员激励机制，我们估计2025Q1 毛精纺 纱线毛利率同比继续提升（2024 全年业务毛利率为26.8%）。②羊绒纱线：我们估计2025Q1 业务销售 收入保持15%~20%稳健增长（估计其中销量快速增长/产品结构变化使得单价同比略有下降），考虑羊 绒业务产能利用率提升，我们估计2025Q1 业务盈利质量稳健改善（2024 全年业务毛利率为11.1%）。 ③羊毛毛条：考虑公司其他业务需求情况，我们估计2025Q1 毛条业务销售同比下降。 2025 年产能计划继续扩张，我们判断目前推进顺利。1）公司纵向一体化生产链覆盖上游多个环节，配 套完整，装备先进，管理效率高，在成本、快反等方面具备 ...

毛精纺产能规划明确，今明两年逐步释放。 全年收入增长9%，汇兑损失影响利润增速。公司是羊毛和羊绒纺纱龙头制造商。2024 年公司实现营业 收入48.41 亿元，同比+9.07%；实现归母净利润4.28 亿元，同比+5.96%；扣非归母净利润4.09 亿元，同 比+5.23%。收入增长主要受益于羊绒纱线业务的快速放量以及毛精纺、毛条等业务的稳健增长。公司 毛利率为18.98%，同比+0.36pct，主要受益于毛精纺及毛条业务毛利率提升。费用端看，销售费用率基 本稳定；管理费用率同比有所提升，主要系职工薪酬支出增加及股权激励计划产生的股份支付费用上升 所致；财务费用同比大幅增加，主要系银行借款利息增加以及汇率变动导致的汇兑损失增加所致（2024 年汇兑损失约919 万元，2023 年同期为汇兑收益约1824 万元）。综合影响下，净利率同比下降约0.36 个百分点至9.34%。经营活动产生的现金流量净额同比下降33.03%至3.70 亿元，主要系本期用于货款结 算的银行承兑汇票到期承付金额增加以及购买商品和接受劳务支付的现金金额有所上升。公司分红比例 达51.17%。 近两个季度收入增速放缓，盈利能力有所改善。20 ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price based on the last closing price of 5.99 [1][6]. Core Insights - The company reported a revenue of 4.84 billion yuan for 2024, reflecting a year-on-year growth of 9.1%, and a net profit of 430 million yuan, up 6% year-on-year [4]. - The fourth quarter of 2024 saw a revenue of 970 million yuan, with a year-on-year increase of 4.5%, and a net profit of 60 million yuan, up 9.5% year-on-year [4]. - The company is expected to benefit from new production capacities in wool and the profitability elasticity of cashmere [1][6]. Financial Performance - The company achieved a gross profit margin of 19.0% in 2024, an increase of 0.4 percentage points year-on-year, attributed to product structure optimization and cost control [5]. - The revenue from fine wool yarn increased by 1.8% to 2.54 billion yuan, while cashmere yarn revenue surged by 26.7% to 1.55 billion yuan, despite a slight decline in gross margin [4][5]. - The company plans to enhance its production capacity with new projects in both domestic and overseas markets, which are expected to contribute to future profitability [5][6]. Earnings Forecast - The company is projected to achieve net profits of 444 million yuan, 505 million yuan, and 565 million yuan for the years 2025, 2026, and 2027, respectively, with corresponding price-to-earnings ratios of 9.4, 8.3, and 7.4 [6]. - Revenue growth rates are expected to be 4.2% in 2025, 11.0% in 2026, and 9.4% in 2027 [6]. Market Position - The company is recognized as a leader in the global wool spinning industry, leveraging innovative processes and a quality supply chain to maintain steady growth [6]. - The expansion of production capacity and diversification of wool products are anticipated to enhance the company's market share and industry position in the long term [6].

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance relative to the market [4][7]. Core Views - The company reported stable revenue in Q1 2025, with total revenue at 1.1 billion yuan, unchanged year-on-year, and a net profit attributable to shareholders of 100 million yuan, reflecting a 5% increase year-on-year [1]. - The company is focusing on long-term asset construction and is expected to maintain steady performance in 2025, with projected net profits of 433 million yuan, 487 million yuan, and 555 million yuan for 2025, 2026, and 2027 respectively [4][6]. Summary by Sections Financial Performance - In Q1 2025, the company's gross profit margin increased by 0.9 percentage points to 20.8%, while the net profit margin rose by 0.5 percentage points to 9.6% [1]. - The company’s revenue for 2025 is estimated to be 5.054 billion yuan, with a year-on-year growth rate of 4.4% [6]. Business Segments - The company’s wool yarn sales are expected to remain stable, while cashmere yarn sales are projected to grow by 15% to 20% year-on-year in Q1 2025 [2]. - The company is expanding its production capacity, with plans for significant increases in output for various yarn products in 2024 and 2025 [3]. Inventory and Cash Flow - As of Q1 2025, inventory increased by 20.7% year-on-year to 2.26 billion yuan, leading to a net operating cash flow of -140 million yuan [3]. - The accounts receivable turnover days increased by 2 days to 44 days, indicating a slight delay in cash collection [3]. Market Position and Strategy - The company is a leader in the wool yarn market and is committed to long-term capacity building, which is expected to enhance its competitive strength in the medium to long term [4]. - The company is actively expanding its global production capacity to meet increasing customer demand [3].

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance [4][7]. Core Views - The company reported stable revenue in Q1 2025, with total revenue at 1.1 billion and a year-on-year net profit increase of 5% [1]. - The company is focusing on long-term asset construction and is expected to maintain steady performance in 2025, with projected net profits of 433 million, 487 million, and 555 million for 2025, 2026, and 2027 respectively [4][6]. Summary by Sections Financial Performance - In Q1 2025, the company's revenue remained flat year-on-year at 1.1 billion, while net profit increased by 5% to 100 million. The gross margin improved by 0.9 percentage points to 20.8% [1]. - The company’s operating cash flow was negative at -140 million in Q1 2025, primarily due to inventory buildup [3]. Business Segments - The company’s wool yarn sales are estimated to be flat year-on-year, while cashmere yarn sales are expected to grow by 15% to 20% due to increased production capacity [2]. - The company is expanding its production capacity, with plans for significant increases in output for various yarn types in 2024 and 2025 [3]. Capacity Expansion - The company is actively pursuing capacity expansion, with several projects underway, including a 60,000 spindle high-end yarn project and a 50,000 spindle project in Vietnam [3]. - Inventory levels increased by 20.7% year-on-year to 2.26 billion, leading to a longer inventory turnover period of 218.8 days [3]. Market Outlook - The company is expected to see stable growth in revenue and net profit for the year, despite a decline in wool orders and a cautious approach to domestic orders [4]. - The company is positioned as a leader in the wool yarn market, with a focus on long-term capacity building and innovation in product offerings [4].