业绩简评 8 月 25 日公司发布 2025 年半年度业绩报告，2025H1 公司实现营 收 17.46 亿元，同比+5.78%，实现归母净利润 1.83 亿元，同比 +1.72%。其中 25Q2 实现营收 8.98 亿元，同比+10.07%，实现归母 净利润 0.94 亿元，同比+0.65%。25H1 公司拟分红方案为 0.28 元 /股，对应的股利支付率为 93.58%。 经营分析 塑料软包表现亮眼，贡献主要业绩增量。2025H1，公司彩印复合包 装/塑料软包/油墨/镀铝包材实现营收 12.19/3.69/0.74/0.35 亿 元，同比分别+2.64%/+20.34%/+3.80%/+22.33%。公司主业彩印复 合包装营收增速缓慢，预计主因下游食品日化领域消费需求尚未 完全恢复，市场销量增长动力不足。塑料软包装薄膜业务实现加快 增长，主因近年来公司顺应环保包装发展趋势，塑料薄膜项目不断 投产度过爬坡期后，贡献显著业绩增量。 25H1 毛利率短期承压，费用管控优异。2025H1，公司毛利率/净利 率为 21.18%/10.55%，同比分别-1.20/-0.49pct，其中 25Q2 毛利 率/净利率为 ...

华福证券 塑料包装 2025 年 08 月 26 日 公 司 研 究 永新股份（002014.SZ） 经营稳健外销高增，中期高分红股息价值强化 投资要点： 公 公司发布 2025 年半年度报告。25H1 公司实现营收 17.46 亿元，同比 +5.78%，归母净利润 1.83 亿元，同比+1.72%，扣非归母净利润 1.73 亿元， 同比+1.93%。单季度来看，25Q2 公司营收 8.98 亿元，同比+10.07%，归母 净利润 0.94 亿元，同比+0.65%，扣非归母 0.89 亿元，同比+0.89%。 司 财 报 点 评 薄膜新材料增长势能充足，海外业务加速扩张。1）分产品看，25H1 彩 印 复 合 包 材 / 塑 料 软 包 薄 膜 / 油 墨 / 真 空 镀 铝 包 材 营 收 分 别 为 12.19/3.69/0.74/0.35 亿元，同比分别+2.6%/+20.3%/+3.8%/+22.3%。薄膜新 材料增长靓丽，公司聚焦于高阻隔膜、单一材质可回收膜（BOPE）等高附 加值、差异化产品，积极推进 3 万吨双向拉伸多功能膜和 2.2 万吨新型功 能膜等新产能建设，预计 2026 年起陆续投产。 ...

Group 1 - The establishment of Tongling Potaiyuan Chemical Co., Ltd. has been recently reported, with Zhang Min as the legal representative and a registered capital of 1 million RMB [1] - The company's business scope includes the sale of chemical products (excluding licensed chemical products), coatings, pigments, inks (excluding hazardous chemicals), surface functional materials, and various technical services [1] - The company is also involved in low-temperature storage and general cargo storage services, excluding hazardous chemicals that require licensing [1]

格隆汇8月12日丨松井股份(688157.SH)在互动平台表示，公司的主要业务是以高端消费电子、乘用车、 特种装备领域为目标市场，通过"交互式"自主研发、"定制化柔性制造"模式，为客户提供涂料、油墨、 胶黏剂等多类别新型功能涂层材料的系统解决方案。如公司此前披露：在防尘涂料方面，公司自主研发 的水性防水涂料具备优异的防尘、防水、气密性、水密性能，并具有良好的施工便利性和稳定性，可应 用于多种材料如铝合金、不锈钢和塑胶基材；在抗紫外线涂料方面，公司拥有抗辐射（紫外、可见及红 外）功能性涂料技术，可用于特殊产品上起到保温隔热及其它光学功能。 ...

Core Insights - Guangzhou Lingyin Technology Co., Ltd. has recently been established with a registered capital of 4 million RMB [1] - The company's business scope includes a wide range of activities such as daily necessities sales, paper product sales, manufacturing of printing equipment, stationery manufacturing, ink manufacturing (excluding hazardous chemicals), and 3D printing services [1] Business Scope - The company is involved in technology services, development, consulting, exchange, transfer, and promotion [1] - It also engages in the sales and leasing of office equipment and consumables, as well as the manufacturing of office equipment and consumables [1] - Additionally, the company is involved in machinery equipment leasing and sales, import and export of goods, and research and development of machinery equipment [1] Manufacturing and Sales - The company manufactures and sells copying and offset printing equipment, as well as cultural and office equipment [1] - It is also engaged in wholesale and retail of computer software, hardware, and auxiliary equipment [1] - The company provides leasing services for computers and communication equipment, as well as maintenance services for computers and office equipment [1] Technical Services - The company offers electronic and mechanical equipment maintenance services (excluding special equipment) and sales of electronic products [1] - It is involved in technology import and export activities [1]

Group 1 - Dongguan Baotao Printing Co., Ltd. has been established with a registered capital of 30,000 RMB [1] - The legal representative of the company is Li Wen [1] - The business scope includes licensed projects such as the printing of packaging and decorative printing products, which require approval from relevant authorities [1] Group 2 - General projects include sales of 3D printing basic materials, office equipment consumables, ink (excluding hazardous chemicals), 3D printing services, office equipment sales, electronic special equipment sales, and office services [1] - The company can independently conduct business activities based on its business license, except for projects that require approval [1]

Group 1 - Cangzhou Chunxi Trading Co., Ltd. has been established with a registered capital of 2 million RMB [1] - The legal representative of the company is Ji Xinglong [1] - The company's business scope includes the sale of various chemical products, lubricants, inks, daily chemical products, biomass fuel, sealing materials, pigments, coatings, new catalytic materials, engineering plastics, synthetic resins, industrial animal fat chemicals, petroleum products, and disinfectants [1]

Core Viewpoint - Jinqiao Dek New Materials Co., Ltd. successfully entered the Sci-Tech Innovation Board after over two years of preparation, aiming to expand production and capture more market share amid fluctuating raw material prices [1] Company Overview - Jinqiao Dek has achieved significant results in the daily chemical packaging and automotive coating sectors, with both revenue and profit increasing, and a rising gross profit margin [2] - The company plans to raise 530 million yuan through its IPO for projects including a green intelligent factory transformation and working capital [1][2] - The company has distributed a total of 107 million yuan in cash dividends in 2023 and 2024, with the actual controller, Ma Xiaodong, receiving 60% of this amount [2][7] Financial Performance - Jinqiao Dek's revenue for 2022, 2023, and 2024 was 491 million yuan, 539 million yuan, and 627 million yuan, respectively, with year-on-year growth rates of 9.72% and 16.42% [11] - The net profit for the same periods was 93.14 million yuan, 117 million yuan, and 141 million yuan, with growth rates of 25.61% and 20.51% [11] - The gross profit margin has improved from 34.23% in 2022 to 41.23% in 2024 [11] Shareholder Dynamics - Ma Xiaodong, the actual controller, holds 51.78% of the shares directly and an additional 8.25% indirectly, totaling 60.03% [7] - Between 2022 and 2024, Ma Xiaodong has cashed out approximately 36.16 million yuan through share transfers [7][12] Subsidiary Performance - Jinqiao Dek has four wholly-owned subsidiaries and one associated company, with three subsidiaries currently operating at a loss, raising concerns about the company's financial health [9][10] - The minority shareholders' equity turned negative in 2024, contrasting sharply with the company's high dividend payouts [9] Market Position and Client Base - The company serves around 1,300 clients, including major brands like L'Oréal, Huawei, and Apple, with over 60% of its revenue coming from daily chemical packaging [11][13] - The automotive coating segment has shown rapid growth, with sales increasing significantly in 2023 and 2024 [14] Raw Material Dependency - Jinqiao Dek's raw material costs account for over 85% of its main business costs, making it highly sensitive to fluctuations in raw material prices [16] - The company has implemented measures such as bill endorsement to manage supplier payments and maintain cash flow stability [18] Future Outlook - The company is focusing on expanding its automotive paint product line and enhancing its market presence in the automotive interior and exterior coatings [15]

Core Insights - The company received an inquiry letter from the Shanghai Stock Exchange regarding its 2024 annual report and provided detailed responses on various issues including computing power business, accounts receivable, trust financial management, and sales expenses [1] Computing Power Business - In 2024, the company launched its computing power business, generating revenue of 27.32 million yuan with a gross margin of 30.93%. The business primarily involves computing power leasing services with clients including China Mobile and SenseTime [1] - The revenue recognition policy aligns with industry standards, using the time-based method for income recognition, which is consistent with the accounting principles [1] - The top suppliers for the computing power business include Fujian Haixia Xingyun Information Technology Co., Ltd. and Suzhou Guangyun Zhizhan Technology Co., Ltd., accounting for 22% of total annual procurement [1][2] Accounts Receivable - The company's accounts receivable at the end of the period amounted to 163 million yuan, a year-on-year increase of 21%, representing 37% of the current period's revenue [3] - The accounts receivable from SenseTime was 4.9492 million yuan, fully collected within one year, while the receivable from China Mobile was zero due to a prepayment model [3] - The growth rate of accounts receivable is consistent with the overall revenue growth in the ink business, showing no significant discrepancies compared to comparable companies [3] Trust Financial Management - The company holds trading financial assets valued at 50 million yuan, related to a trust financial product purchased in 2018, which has not been recovered post-maturity in 2022 [4] - The trust plan is managed by Huabao Trust, and the company did not participate in investment decisions, ensuring no conflicts of interest [4] - A valuation test indicated that the trust plan's value exceeds the initial investment cost, confirming no impairment [4] Sales Expenses - Sales expenses for the reporting period reached 31.58 million yuan, reflecting a 24% year-on-year increase primarily due to rising labor costs and business entertainment expenses [5] - The increase in employee compensation is attributed to higher social security and performance bonuses, while the computing power business's sales personnel compensation is slightly lower due to structural optimization [6] - The company maintains effective internal control over operational funding, with expenses requiring approval from the finance department and general manager [6]

Core Viewpoint - The Chinese government emphasizes the importance of deepening the green transformation of traditional industries, focusing on enhancing efficiency and sustainability in key sectors such as steel, non-ferrous metals, petrochemicals, and building materials [1][2]. Group 1: Green Transformation Initiatives - The Ministry of Industry and Information Technology aims to implement the "Green and Low-Carbon Development Action Plan for Manufacturing Industry (2025-2027)" as a primary task [1]. - Key areas of focus include raw materials, energy use, processes, and products to promote green development [1]. Group 2: Green Raw Material Usage - The initiative aims to increase the proportion of recycled materials such as scrap steel, scrap copper, and scrap aluminum, targeting 22%, 30%, and 25% respectively by 2027 [1]. Group 3: Green Energy Utilization - Accelerating the application of hydrogen energy in traditional industries is a significant direction, particularly in metallurgy, synthetic ammonia, synthetic methanol, and refining [1]. Group 4: Green Process Innovation - The focus is on accelerating innovative processes in traditional industries to overcome bottlenecks in green and low-carbon development, including technologies like green hydrogen metallurgy and near-zero carbon emission steelmaking processes [1]. Group 5: Green Product Supply - The initiative aims to provide new materials and products with significant green and low-carbon effects across various sectors, such as promoting energy-saving glass and new insulation materials in the building materials industry, and water-based coatings and adhesives in the petrochemical industry [2].