Investment Rating - The report maintains a "Recommended" investment rating for the company Minshida (833394.BJ) [1] Core Views - The company reported a significant increase in quarterly performance, with a 27.43% year-on-year growth in revenue and a 49.92% increase in net profit attributable to shareholders in Q1 2025 [3] - The company is experiencing a full production and sales momentum, with overseas market recovery contributing to nearly 30% of revenue, particularly in the European market, which saw over 40% growth [3] - The domestic substitution of aramid paper is accelerating, with the company’s products being successfully applied in mainstream aircraft manufacturing, and ongoing projects in the civil aviation sector progressing as planned [3] - The company is diversifying its product lines, including RO membrane substrates and non-woven fabrics, which are expected to create a second growth curve [3] Financial Performance Summary - In Q1 2025, the company achieved an operating income of 115.09 million yuan, a year-on-year increase of 27.43%, and a net profit of 30.55 million yuan, up 49.92% [3] - The company’s net profit attributable to shareholders is projected to grow from 133 million yuan in 2025 to 198 million yuan in 2027, with corresponding growth rates of 32.26%, 24.22%, and 19.92% [4][6] - The gross margin is expected to remain stable around 37.48% to 38.50% from 2025 to 2027 [4][6] Product and Market Development - The company is focusing on high-end products such as aramid paper for aerospace applications, which are expected to enhance its product structure and market share [3] - New product categories, including polyester non-woven fabrics and flash-spun non-woven fabrics, are being developed for various industries, including electronics, pharmaceuticals, and construction [3] - The company’s RO membrane substrate and wet non-woven fabric are set to begin production in Q1 2026, indicating a strong pipeline for future growth [3]

1、 核实对象： 公司控股股东、实际控制人、持股 5%以上股东，在任的董事、监事及高级管理人员。 证券代码：833394 证券简称:民士达 公告编号：2025-040 烟台民士达特种纸业股份有限公司股票交易异常波动公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、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连带法律责任。 一、股票交易异常波动的具体情况 公司股票最近 3 个有成交的交易日（2025 年 4 月 16 日至 2025 年 4 月 18 日）以内收盘 价涨幅偏离值累计达到 43.92%，根据《北京证券交易所交易规则（试行）》的有关规定，属 于股票交易异常波动情形。 二、公司关注并核实的相关情况 2、 核实方式： 电话询问、口头询问及微信询问等方式。 3、 核实结论： 前期公告的事项不存在需要更正、补充之处,未发现可能或已经对本公司股票交易价格 产生较大影响的媒体报道或市场传闻，不涉及热点概念事项；近期公司经营情况及内外部经 营环境未发生重大变化；公司、控股股东和实际控制人不存在关于本公司的应披露而未披露 的重大事项，或处于筹划阶段的重大事项；不存在 ...

Group 1: Investor Relations Activities - The investor relations activities included specific object research and online meetings [3] - The activities took place from April 12 to April 14, 2025, with various investment firms participating [3][4] - The reception team included the board secretary and a securities specialist [4] Group 2: Company Performance Overview - In Q1 2025, the company maintained a full production and sales status, with losses from subsidiaries largely eliminated [5] - The overseas market saw a growth rate exceeding 40%, driven by demand from infrastructure projects [6] - The overall gross profit margin continued to improve due to stable raw material prices and optimized sales structure [5] Group 3: Profit and Revenue Insights - Profit growth outpaced revenue growth, attributed to low raw material costs and efficiency improvements [5] - The sales increase was concentrated in high-end transformer and aerospace honeycomb core sectors, which have higher added value [5] Group 4: Market Trends and Capacity - The overseas sales growth is expected to be a long-term trend, driven by infrastructure upgrades and product replacements [6] - The revenue split between domestic and overseas markets remained stable, with overseas revenue close to 30% [7] - Current production capacity is fully utilized, with a planned 1,500-ton production line expected to increase capacity by approximately 30% by year-end [8] Group 5: New Product Development - The industrialization of RO membrane substrates and wet non-woven fabrics has commenced, with production expected in Q1 2026 [9] - Equipment and processes for flash-spun non-woven fabrics are under continuous optimization, with steady progress in the waterproof building materials sector [9]

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Insights - The company reported Q1 2025 revenue of 115 million yuan, a year-on-year increase of 27.4%, and a net profit of 30.55 million yuan, up 49.9% year-on-year, indicating that revenue met expectations while profit exceeded expectations [7] - The company continues to operate at full capacity, with strong demand in the electrical insulation and aerospace sectors, particularly benefiting from the growth in the European market for wind power and transformer needs [7] - The shift towards high-end products has improved gross margins, with Q1 2025 gross margin at 39.7%, up 3.3 percentage points year-on-year [7] - The company is expected to benefit from the ongoing antitrust investigation into DuPont, as its main products are domestically developed alternatives to DuPont's offerings [7] - The company plans to launch its fundraising projects in mid-2025, which will enhance production capacity and potentially increase profit margins [7] - The long-term outlook remains positive, with an upward revision of profit forecasts for 2025-2027, expecting net profits of 144 million, 178 million, and 223 million yuan respectively [7] Financial Data and Profit Forecast - Total revenue for 2025 is projected at 587 million yuan, with a year-on-year growth rate of 43.9% [6] - The net profit for 2025 is estimated at 144 million yuan, reflecting a year-on-year growth of 43.5% [6] - The earnings per share (EPS) for 2025 is forecasted to be 0.99 yuan [6] - The gross margin is expected to be 38.2% in 2025 [6] - The return on equity (ROE) is projected to be 17.4% for 2025 [6]

证券代码：833394 证券简称：民士达 公告编号：2025-035 烟台民士达特种纸业股份有限公司 2024 年年度股东大会决议公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、 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连 带法律责任。 一、会议召开和出席情况 （一）会议召开情况 1.会议召开时间：2025 年 4 月 10 日 2.会议召开地点：烟台经济技术开发区太原路 3 号民士达会议室 3.会议召开方式：现场投票和网络投票相结合的方式 4.会议召集人：董事会 5.会议主持人：董事长宋西全先生 6.召开情况合法、合规、合章程性说明： 本次会议的召集、召开、议案审议程序均符合有关法律、行政法规、部门规 章、规范性文件和《公司章程》的规定。 （二）会议出席情况 出席和授权出席本次股东大会的股东共 6 人，持有表决权的股份总数 98,354,023 股，占公司有表决权股份总数的 67.25%。 其中通过网络投票参与本次股东大会的股东共 1 人，持有表决权的股份总数 10,574 股，占公司有表决权股份总数的 0.01%。 （三）公司董事、监事、高级管理人员出 ...

证券代码：833394 证券简称：民士达 公告编号：2025-037 烟台民士达特种纸业股份有限公司 第六届监事会第六次会议决议公告 本公司及监事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、 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连 带法律责任。 一、会议召开和出席情况 （一）会议召开情况 3.会议召开方式：现场方式 5.会议主持人：监事会主席田原女士 1.会议召开时间：2025 年 4 月 10 日 2.会议召开地点：烟台经济技术开发区太原路 3 号民士达会议室 4.发出监事会会议通知的时间和方式：2025 年 4 月 7 日 以邮件方式发出 6.召开情况合法、合规、合章程性说明： 本次会议的召集、召开、议案审查表决程序符合法律、法规和《公司章程》 的规定。 本议案不涉及回避表决。 本议案无需提交股东大会审议。 三、备查文件目录 《烟台民士达特种纸业股份有限公司第六届监事会第六次会议决议》 （二）会议出席情况 会议应出席监事 3 人，出席和授权出席监事 3 人。 二、议案审议情况 （一）审议通过《关于审议 2025 年第一季度报告》议案 1.议案内容： 公司根据北京 ...

（一）会议召开情况 证券代码：833394 证券简称：民士达 公告编号：2025-036 烟台民士达特种纸业股份有限公司 第六届董事会第九次会议决议公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、 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连 带法律责任。 一、会议召开和出席情况 1.会议召开时间：2025 年 4 月 10 日 2.会议召开地点：烟台经济技术开发区太原路 3 号民士达会议室 3.会议召开方式：现场方式 4.发出董事会会议通知的时间和方式：2025 年 4 月 7 日以邮件方式发出 5.会议主持人：董事长宋西全先生 6.会议列席人员：公司监事及其他高级管理人员 7.召开情况合法、合规、合章程性说明： 本次会议的召集、召开、议案审查表决程序符合法律、法规和《公司章程》 的规定。 （二）会议出席情况 会议应出席董事 9 人，出席和授权出席董事 9 人。 本议案无需提交股东大会审议。 二、议案审议情况 （一）审议通过《关于审议 2025 年第一季度报告》议案 1.议案内容： 公司根据北京证券交易所的《北京证券交易所上市公司业务办理指南第 6 号 — ...

Financial Performance - Net profit attributable to shareholders for Q1 2025 was CNY 30,550,526.07, representing a year-on-year increase of 49.92%[9] - Operating revenue for Q1 2025 was CNY 115,085,499.96, reflecting a growth of 27.43% compared to the same period last year[9] - The company reported a non-recurring profit of CNY 713,358.21 for the period, after accounting for tax effects[14] - Total operating revenue for Q1 2025 reached ¥115,085,499.96, a significant increase from ¥90,316,261.10 in Q1 2024, representing a growth of approximately 27.5%[35] - Net profit for Q1 2025 was ¥30,258,724.63, up from ¥18,998,534.03 in Q1 2024, indicating a growth of approximately 59.5%[36] - The company’s total comprehensive income for Q1 2025 was ¥30,258,724.63, compared to ¥18,998,534.03 in Q1 2024, reflecting an increase of approximately 59.5%[36] Cash Flow - The company's cash flow from operating activities increased by 18.22% to CNY 28,289,433.74 in Q1 2025[9] - Cash received from sales of goods and services increased by 56.20% to CNY 70,227,275.06 in Q1 2025[11] - Cash inflow from operating activities for Q1 2025 reached ¥71,930,116.21, a 45.8% increase from ¥49,365,063.92 in Q1 2024[41] - Net cash flow from operating activities for Q1 2025 was ¥28,289,433.74, compared to ¥23,930,089.41 in Q1 2024, reflecting a 18.5% growth[41] - Cash inflow from operating activities for the parent company in Q1 2025 was ¥70,796,698.66, up from ¥49,271,828.22 in Q1 2024, marking a 43.7% increase[43] - Net cash flow from operating activities for the parent company in Q1 2025 was ¥33,582,957.58, compared to ¥30,034,453.21 in Q1 2024, showing a 8.6% increase[44] Assets and Liabilities - Total assets as of March 31, 2025, reached CNY 990,753,584.46, an increase of 1.08% compared to the end of 2024[9] - The accounts receivable increased by 73.08% to CNY 62,012,536.02, driven by higher sales revenue[10] - The company's debt-to-asset ratio decreased to 21.78% for the parent company and 22.71% for the consolidated entity, down from 24.29% and 24.99% respectively[9] - Total liabilities decreased to ¥225,049,433.71 from ¥244,961,857.94, a reduction of about 8.14%[31] - Shareholders' equity rose to ¥765,704,150.75, compared to ¥735,191,182.36, reflecting an increase of approximately 4.14%[31] - Total current assets increased to 572,204,936.71 CNY from 560,670,501.07 CNY[29] Shareholder Information - The total share capital is 146,250,000 shares, with 4,907 common shareholders[17] - The largest shareholder, Taihe New Material Group Co., Ltd., holds 96,860,000 shares, representing 66.23% of total shares[19] - There are no pledged or judicially frozen shares among the top ten shareholders[20] Investment Activities - Investment cash outflows increased by 44.44% to CNY 65,000,000.00, indicating ongoing investment activities[11] - The company has a projected amount of 400,000,000 CNY for purchasing raw materials and services in 2025[23] - Total cash outflow from investment activities in Q1 2025 was ¥66,657,951.75, significantly higher than ¥55,147,048.73 in Q1 2024[42] - Net cash flow from investment activities for Q1 2025 was -¥58,647,869.56, compared to -¥5,024,923.16 in Q1 2024, indicating increased investment expenditures[42] Expenses - Total operating costs for Q1 2025 were ¥79,341,084.53, compared to ¥69,302,630.39 in Q1 2024, reflecting an increase of about 14.5%[35] - Research and development expenses for Q1 2025 were ¥5,420,261.28, slightly down from ¥5,795,010.18 in Q1 2024, showing a decrease of about 6.5%[35] - The company reported a decrease in sales expenses, which were ¥2,474,049.01 in Q1 2025, compared to ¥2,242,691.87 in Q1 2024, indicating a rise of about 10.3%[35] Other Information - The company has no major litigation or arbitration matters reported during the period[22] - The company has committed to timely disclosure of related party transactions, with a total of 37,000,000 CNY projected for sales of products and services in 2025[23] - The company has 36,206,110.50 CNY in frozen cash, accounting for 3.65% of total assets[25]

Financial Performance - The company reported a basic earnings per share of 0.2100 yuan for Q1 2025, representing a 50% increase compared to 0.1400 yuan in Q1 2024 [1] - Net profit for Q1 2025 was 0.31 billion yuan, up 55% from 0.20 billion yuan in Q1 2024 [1] - Operating revenue reached 1.15 billion yuan, a 27.78% increase from 0.90 billion yuan in the same period last year [1] - The return on equity (ROE) improved to 4.18% in Q1 2025, up 33.97% from 3.12% in Q1 2024 [1] Shareholder Structure - The top ten unrestricted shareholders collectively hold 847.4 million shares, accounting for 17.67% of the circulating shares, with an increase of 246.88 million shares compared to the previous period [1] - Key shareholders include Kaiyuan Securities Co., Ltd. with 160.03 million shares (3.34% of total shares) and a 5.51 million share increase [2] - New entrants among the top shareholders include Zhou Jian with 122.26 million shares (2.55% of total shares) [2] Dividend Policy - The company has announced that it will not distribute dividends or transfer shares in the current period [1]