Financial Data and Key Indicators Changes - The company's revenue for the first half of the year was primarily driven by the contribution from decorative paper, with revenue from the main product line reaching 1.541 billion, a year-on-year increase of 5.75% [2] - Trade revenue remained stable at 380 million, showing no significant change compared to the previous year [2] - The overall cost is expected to remain high in Q3, with a release of cost pressure anticipated in Q4 due to price reductions [1][2] Business Line Data and Key Indicators Changes - Domestic sales of the main product line reached 1.12 billion, a year-on-year increase of 5%, accounting for 72% of total sales, while international sales accounted for approximately 27% with a slight increase [3] - The overall sales volume for both domestic and international markets achieved double-digit growth [3] Market Data and Key Indicators Changes - The company is experiencing a downward trend in product prices, with a recent price drop of 100 USD, bringing the current price to 650 USD [1] - The price of titanium dioxide is also in a downward trend, contributing to reduced operational pressure in the second half of the year [1] Company Strategy and Development Direction - The company plans to continue expanding its domestic and international customer base, with a focus on overseas market development [4] - The company is preparing materials for anti-dumping measures, with expectations for a conclusion in 9 to 12 months [4][5] - The company maintains confidence in its high-end product strategy, believing that the outcome of the anti-dumping case will not be overly pessimistic [5] Management's Comments on Operating Environment and Future Outlook - Management noted that the overall economic environment remains under pressure, affecting both domestic and international markets [7] - The company expects to maintain a stable performance despite industry challenges, with ongoing efforts to enhance product quality and customer experience [18][19] - The management expressed confidence in the company's ability to navigate through competitive pressures and maintain profitability [36] Other Important Information - The company plans to increase its dividend payout, supported by stable cash flow and operational performance [13][14] - Capital expenditures are expected to remain low, with future investments primarily focused on machinery rather than large-scale infrastructure [14] Q&A Session Summary Question: What is the price trend for domestic and export sales? - The average selling price has slightly decreased due to a downward shift in order structure, affecting overall revenue [6] Question: How has shipping cost impacted the business? - Shipping costs have normalized, with a significant reduction of 10% to 20% from previous highs, positively impacting export volumes [7] Question: What is the outlook for the European market amid anti-dumping measures? - Regardless of the outcome, the company will continue to pursue market expansion in Europe, maintaining strong customer relationships [26] Question: How does the company view the competitive landscape and new capacity in the industry? - The company believes that while competition may intensify, it is well-prepared to adapt and maintain its market position [34][35] Question: What is the expected impact of new product launches on market share? - The company is focused on developing new products to enhance customer experience and adapt to market demands, which should support market share growth [19][23]

Financial Performance - In the first half of 2024, the company achieved operating revenue of 194,655.50 million yuan, a year-on-year increase of 4.59% [4] - The net profit attributable to shareholders was 30,215.16 million yuan, reflecting a growth of 28.06% compared to the same period last year [4] - The net profit after deducting non-recurring gains and losses was 27,425.99 million yuan, up by 24.47% year-on-year [4] - The net cash flow from operating activities was 17,693.99 million yuan, showing a significant increase of 103.68% [5] Dividend Policy - Over the past three years (2021-2023), the company distributed a total of 70,837.72 million yuan in cash dividends, with a cash dividend payout ratio averaging 46.5% [5] - For the 2024 interim profit distribution plan, the company intends to distribute a cash dividend of 4.20 yuan (including tax) per 10 shares, totaling 19,484.90 million yuan, which accounts for 64.49% of the net profit attributable to shareholders for the first half of 2024 [5][6] Export Performance - In the first half of 2024, the company achieved foreign sales revenue of 421 million yuan, an increase of 8.56% compared to the same period last year [6] - The main export markets include Europe and Southeast Asia, with plans to further enhance market share in these regions [6] Industry Trends - In 2023, the sales volume of decorative paper in China reached 141.07 million tons, marking a year-on-year growth of 33.48% [8] - The demand for decorative paper in China continues to grow steadily, driven by structural optimization and expansion into new application areas [8] - The industry is expected to shift towards high-end products, with lower-end capacities gradually exiting the market due to increasing consumer quality demands [8][9] Cost Control Advantages - The company has established a comprehensive cost control system throughout the production cycle, leveraging over 20 years of production experience [7] - By combining large-scale production with rich management experience, the company effectively reduces raw material and energy waste while ensuring product quality stability [7][8]

2024 年第四次临时股东大会 会议资料 2024 年 9 月 2 日 杭州华旺新材料科技股份有限公司 2024 年第四次临时股东大会会议资料 目 录 证券代码：605377 证券简称：华旺科技 杭州华旺新材料科技股份有限公司 三、股东及股东代理人依法享有发言权、质询权、表决权等权利。要求发言 的股东及股东代理人，应于会议开始前 15 分钟向公司会务人员进行登记，出示 有效的持股证明，填写《发言登记表》；登记发言的人数原则上以十人为限，超 过十人时安排持股数最多的前十名股东依次发言；股东及股东代理人发言应围绕 本次股东大会的议题进行，简明扼要，时间不超过 5 分钟。 四、主持人可安排公司董事和高级管理人员回答股东所提问题，对于可能将 泄露公司商业秘密及/或内幕信息，损害公司、股东共同利益的提问，主持人或其 指定的有关人员有权拒绝回答。 五、出席股东大会的股东及股东代理人，对于非累积投票的议案，应当对 提交表决的议案发表如下意见之一：同意、反对或弃权，并以打"√"表示。 出席现场会议的股东及股东代表务必在表决票上签署股东名称或姓名。未填、 错填、字迹无法辨认的表决票、未投的表决票均视为投票人放弃表决权利，其 所 ...

利润端符合预期，首次进行中期分红 华旺科技(605377)/轻工制造 证券研究报告/公司点评 2024 年 08 月 16 日 [Table_Industry] | --- | --- | --- | --- | --- | --- | --- | --- | |--------------------------------------------------------------------------------------------------------------------------------------|--------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------------------------------------------------------------- ...

证 券 研 究 报 告 华旺科技（605377）2024 年中报点评 强推（维持） 业绩表现符合预期，高分红凸显长期价值 目标价：17.9 元 当前价：11.94 元 事项： 公司公布 2024 年中报。24H1 公司实现营收/归母净利润/扣非归母净利润 19.5/3.0/2.7 亿元，YoY+4.6%/+28.1%/+24.5%；24Q2 实现营收/归母净利润/扣 非归母净利润 9.9/1.6/1.3 亿元，YoY+5.0%/+20.9%/+4.5%，业绩落入预告区间。 评论： 装饰原纸表现稳健，海外市场延续增长。公司专注于中高端装饰原纸领域，生 产和研发能力领先，市场份额稳步提升；上半年公司装饰原纸/木浆贸易业务 分别实现营收 15.4/3.8 亿，同比+6.1%/-0.8%。分区域看，公司已经与众多国外 知名印刷厂建立长期合作关系，并持续加大海外市场开拓力度，外销份额稳步 提升，24H1 国内/国外分别实现营收 15.3/4.2 亿，同比+3.5%/+8.6%，营收占比 78.4%/21.6%。 Q2 盈利能力阶段性承压，费用率基本保持平稳。1）24H1，公司实现毛利率 18.6%，同比+2.2pcts ...

证 券 研 究 报 告 华旺科技（605377）2024 年中报点评 强推（维持） 业绩表现符合预期，高分红凸显长期价值 目标价：17.9 元 当前价：11.94 元 事项： 公司公布 2024 年中报。24H1 公司实现营收/归母净利润/扣非归母净利润 19.5/3.0/2.7 亿元，YoY+4.6%/+28.1%/+24.5%；24Q2 实现营收/归母净利润/扣 非归母净利润 9.9/1.6/1.3 亿元，YoY+5.0%/+20.9%/+4.5%，业绩落入预告区间。 评论： 装饰原纸表现稳健，海外市场延续增长。公司专注于中高端装饰原纸领域，生 产和研发能力领先，市场份额稳步提升；上半年公司装饰原纸/木浆贸易业务 分别实现营收 15.4/3.8 亿，同比+6.1%/-0.8%。分区域看，公司已经与众多国外 知名印刷厂建立长期合作关系，并持续加大海外市场开拓力度，外销份额稳步 提升，24H1 国内/国外分别实现营收 15.3/4.2 亿，同比+3.5%/+8.6%，营收占比 78.4%/21.6%。 Q2 盈利能力阶段性承压，费用率基本保持平稳。1）24H1，公司实现毛利率 18.6%，同比+2.2pcts ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price indicating a potential return of over 20% within the next six months [5][14]. Core Insights - The company reported a revenue of 990 million in Q2 2024, a year-on-year increase of 5%, and a net profit attributable to the parent company of 160 million, up 21% year-on-year [1]. - For the first half of 2024, the company achieved a revenue of 1.95 billion, a 4.6% increase year-on-year, and a net profit of 300 million, reflecting a 28% year-on-year growth [1]. - The company plans to distribute a dividend of 190 million for the mid-year, with a payout ratio of 64.5%, suggesting a projected dividend yield of 7% for 2024 [1]. - The company is focused on high-end decorative paper production, leveraging its customer resource advantages and product quality to maintain market leadership [2]. - The company is expanding its production capacity, particularly with the second phase of its 18wt specialty paper production line, which is expected to enhance both domestic and international sales [2]. Financial Performance Summary - In Q2 2024, the company's gross margin was 17.2%, a decrease of 1.6 percentage points year-on-year, while the net profit margin increased to 15.6%, up 2 percentage points year-on-year [3]. - The report forecasts a decrease in profit estimates for 2024-2026, with net profits projected at 630 million, 700 million, and 800 million respectively, down from previous estimates [4]. - The company’s revenue is expected to grow from 4.44 billion in 2024 to 5.53 billion in 2026, with corresponding net profit growth rates of 10.73% and 14.10% [4][10]. Market Position and Strategy - The company continues to enhance its market share in the high-end decorative paper segment, demonstrating strong consumer influence and market leadership [2]. - The company is actively responding to the EU's anti-dumping investigations, with limited short-term impact on shipments but significant medium-term export potential [2]. - The report highlights the company's effective cost control and product development capabilities, which are expected to improve profitability in the medium term despite current cost pressures [3].

FOR MORE INFORMATION PLEASE CONTACT US HANGZHOU HUAWANG NEW MATERIAL TECHNOLOGY CO., LTD. NO.18 BINHE NORTH RD, QINGSHANHU STREET, LINAN, HANGZHOU, ZHEJIANG, CHINA 杭州华旺新材料科技股份有限公司 浙江省杭州市临安区青山湖街道滨河北路18号 311305 Tel (电话) +86-571-63750969(证券事务部) www.hwpaper.cn 更多信息 请联系我们 2023 杭州华旺新材料科技股份有限公司 环境、社会及管治 (ESG) 报告 目 录 CONTENTS 员工为本促和谐 安全公益共辉煌 014 63 | 构建华旺团队 | .. 65 | | --- | --- | | 助力员工成长 | . 72 | | 守护健康安全 | THE OWN ANY BEL ENE ONE ONE ONE NOT DEL ENT DE ENT DES DEC ENT DE ENT DE ENT DE FOR ENT DE FOR ENT DE FOR E ...

Financial Performance - The company's operating revenue for the first half of 2024 reached ¥1,946,554,962.79, representing a 4.59% increase compared to ¥1,861,111,740.86 in the same period last year[14]. - The net profit attributable to shareholders for the first half of 2024 was ¥302,151,574.87, a 28.06% increase from ¥235,948,168.55 in the previous year[14]. - The basic earnings per share for the first half of 2024 was ¥0.65, up 27.45% from ¥0.51 in the same period last year[15]. - The diluted earnings per share increased to ¥0.66, reflecting a 29.41% rise compared to the previous year's ¥0.51[15]. - The weighted average return on net assets for the first half of 2024 was 7.25%, an increase of 0.87 percentage points from 6.38% in the previous year[15]. - The company achieved operating revenue of RMB 1,946,554,962.79, representing a year-on-year growth of 4.59%[36]. - The net profit attributable to shareholders reached RMB 30,215,16, marking a significant increase of 28.06% compared to the previous year[32]. - The company reported a total comprehensive income of CNY 302,153,122.97 for the current period, compared to CNY 236,101,182.43 in the previous period, an increase of 27.9%[101]. Cash Flow and Assets - The net cash flow from operating activities increased by 103.68% to ¥176,939,877.98, primarily due to higher cash received from sales of goods and services[16]. - Cash and cash equivalents at the end of the period amounted to ¥1,779,373,023.08, accounting for 31.30% of total assets, a decrease of 22.45% from the previous year[37]. - Accounts receivable increased by 125.20% to ¥762,456,607.83, representing 13.41% of total assets, due to increased operating income and weaker collection efforts compared to year-end[37]. - The company’s inventory stood at ¥977,971,021.07, accounting for 17.20% of total assets, showing a slight decrease of 0.08% from the previous year[37]. - The total assets of the company amounted to RMB 568,425,51, while the net assets attributable to shareholders were RMB 398,199,52[32]. - The total amount of restricted assets was ¥385,052,060.82, including cash and accounts receivable financing[39]. - The company reported a total cash and cash equivalents balance of 1,735,334,541.48 RMB at the end of the first half of 2024, down from 2,065,090,107.08 RMB at the end of the previous year[105]. Dividends and Shareholder Information - The company plans to distribute a cash dividend of ¥4.20 per 10 shares, totaling approximately ¥194,848,999.80, which accounts for 64.49% of the net profit attributable to shareholders[3]. - The total share capital of the company as of August 15, 2024, is 464,739,230 shares, after deducting 813,040 shares held in the repurchase special securities account[53]. - The company completed the repurchase and cancellation of 19,450 shares of restricted stock under the equity incentive plan on March 15, 2024[54]. - The company held its annual general meeting on May 20, 2024, where it approved the election of new non-independent directors and non-employee representative supervisors[52]. - The company has a total of 895,265 restricted shares that will be released for trading on July 23, 2024, following the completion of the annual equity distribution[90]. Market Position and Strategy - The company operates in the specialty paper manufacturing sector, focusing on decorative base paper, which is a high-tech and high-value-added product[18]. - The company has established itself as a leader in the decorative base paper industry, with over 500 varieties of products and advanced production lines in Hangzhou and Ma'anshan[21]. - The company emphasizes a "smart manufacturing + service" business model, focusing on customized production to enhance market share in the mid-to-high-end segment[25]. - The international market for decorative base paper is expanding, with Chinese manufacturers gaining competitive advantages due to product quality stability[19]. - The company is committed to green low-carbon strategies, aiming to become a resource-saving and environmentally friendly industry model[25]. Research and Development - Research and development expenses increased by 27.89% to RMB 59,544,233.88, reflecting the company's commitment to innovation[36]. - The company plans to enhance its research and development efforts in the paper industry, focusing on innovative materials and production techniques[119]. Environmental Compliance - The company’s wastewater treatment center has a designed capacity of 20,000 tons per day, with an actual treatment volume of approximately 6,000 tons per day, ensuring compliance with environmental standards[61][62]. - The company has established a 24-hour online monitoring system for wastewater discharge, ensuring real-time compliance with environmental regulations[62]. - The company actively promotes green and low-carbon manufacturing practices, focusing on energy conservation and clean production[66]. - The company has received ISO 14001 environmental management certification and is recognized as a national "Green Factory" and provincial "Water-saving Benchmark Enterprise"[66]. Risks and Challenges - The company faces risks from macroeconomic fluctuations and market demand, which may impact the growth of decorative paper products[43]. - Raw material prices, including wood pulp and titanium dioxide, are subject to significant volatility, potentially affecting production costs and gross margins[44]. - Increased competition in the decorative paper industry necessitates a focus on product quality and customer feedback to maintain market position[45]. - The company is exposed to foreign exchange risks due to import and export activities primarily settled in USD, which could lead to substantial exchange losses if not managed effectively[46]. - Changes in government policies, including environmental regulations and tax adjustments, could significantly influence the company's operational strategies and profitability[47].

杭州华旺新材料科技股份有限公司 章 程 二〇二四年八月 杭州华旺新材料科技股份有限公司章程 目 录 第一章 总则 第二章 经营宗旨和范围 第三章 股 份 第四章 股东和股东大会 第五章 董事会 第六章 总经理及其他高级管理人员 第七章 监事会 第八章 财务会计制度、利润分配和审计 第一节 财务会计制度 第二节 内部审计 1 第一节 股份发行 第二节 股份增减和回购 第三节 股份转让 杭州华旺新材料科技股份有限公司章程 第三节 会计师事务所的聘任 第九章 通知和公告 第十章 合并、分立、增资、减资、解散和清算 第十一章 修改章程 第十二章 附则 2 第一节 通知 第二节 公告 第一节 股东 第二节 股东大会的一般规定 第三节 股东大会的召集 第四节 股东大会的提案与通知 第五节 股东大会的召开 第六节 股东大会的表决和决议 第一节 董事 第二节 董事会 第一节 监事 第二节 监事会 第一节 合并、分立、增资和减资 第二节 解散和清算 杭州华旺新材料科技股份有限公司章程 第一章 总则 第一条 为维护杭州华旺新材料科技股份有限公司（以下简称"公司"）、 股东和债权人的合法权益，规范公司的组织和行为，根据《中华人民共 ...