股东大会法律意见书 安徽天禾律师事务所 关于黄山永新股份有限公司 2024 年年度股东大会的法律意见书 致：黄山永新股份有限公司 依据《证券法》《公司法》《上市公司股东大会规则》和《黄山永新 股份有限公司章程》（以下简称"《公司章程》"）的有关规定，安徽天 禾律师事务所接受黄山永新股份有限公司（以下简称"公司"）的委托， 指派喻荣虎、吴波两位律师（以下简称"本所律师"）就公司于 2025 年 4 月 10 日召开的 2024 年年度股东大会（以下简称"本次股东大会"）出具 本法律意见书。 本所律师按照律师行业公认的业务标准、道德规范和勤勉尽责精神， 参与了本次股东大会，并对公司提供的有关文件和事实进行了核查和验证， 现出具法律意见如下： 一、本次股东大会的召集程序 本次股东大会由公司董事会召集。公司董事会于 2025 年 3 月 21 日在 《证券时报》《上海证券报》及巨潮资讯网(http://www.cninfo.com.cn) 刊登了《黄山永新股份有限公司第八届董事会第十六次会议决议公告》《黄 山永新股份有限公司关于召开 2024 年度股东大会的通知》。 本所律师认为，公司本次股东大会的召集程序符合法律、 ...

证券代码：002014 证券简称：永新股份 公告编号：2025-021 黄山永新股份有限公司 2024 年度股东大会决议公告 特别提示 1、本次股东大会未出现否决提案的情形。 2、本次股东大会未涉及变更以往股东大会已通过的决议。 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有虚 假记载、误导性陈述或重大遗漏。 一、会议召开和出席情况 1、会议召开情况 1）会议召开时间：2025年4月10日下午2:00。 2）会议召开地点：公司会议室。 3）会议方式：本次股东大会采取现场投票和网络投票相结合的方式。 4）会议召集人：公司董事会。 5）会议主持人：董事长江蕾女士。 6）本次股东大会会议的召集、召开与表决程序符合《公司法》、《上市公司 股东大会规则》、《深圳证券交易所股票上市规则》及《公司章程》等法律、法规 及规范性文件的规定。 2、会议出席情况 参加本次股东大会的股东及股东代表 238 名，代表有表决权股份 395,156,382 股，占公司股份总数的 64.5162%，其中：参加现场会议的股东及代表 4 名，代 表有表决权股份 247,682,222 股，占公司股份总数的 40.4385%；参加 ...

Core Insights - The company Yongxin Co. has shown improvement in gross margin due to several factors, including scale effects, product structure changes, quality enhancement, and technological innovations [2]. Group 1: Company Performance - Yongxin Co. achieved a record revenue of 980 million in Q4 2024, contributing positively to gross margin improvement [2]. - The company has a strong competitive advantage due to over 30 years of industry focus, large scale, quick response, and strong service capabilities [2]. Group 2: Market Expansion - The company is expanding into overseas markets, particularly in ASEAN countries, Japan, Mexico, and South Africa, leveraging partnerships with multinational corporations [2]. - The impact of tariffs on overseas business is minimal, as most operations are in regions with low tariff implications [2]. Group 3: Future Plans - The company plans significant capital expenditures, including a new production capacity for functional film materials and multi-functional films, with total investments of 180 million and 400 million respectively [2]. - The company aims to focus on high-quality and differentiated products in its film business to drive future growth [2]. Group 4: Dividend Policy - The company intends to maintain a stable dividend policy, ensuring it does not affect normal operations and investment development [2].

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company reported better-than-expected performance in Q4 2024, with total revenue reaching 3.525 billion yuan, a year-on-year increase of 4.3%, and net profit attributable to shareholders of 468 million yuan, up 14.6% year-on-year [6] - The revenue from color printing stabilized, while the film and export segments experienced significant growth [6] - The company is expected to maintain strong growth in net profit, with forecasts for 2025-2027 being adjusted upwards due to improved competitive positioning and market share [6] Financial Data and Profit Forecast - Total revenue projections for the company are as follows: - 2023: 3.379 billion yuan - 2024: 3.525 billion yuan - 2025E: 3.764 billion yuan - 2026E: 4.131 billion yuan - 2027E: 4.573 billion yuan - Year-on-year growth rates for total revenue are projected at 2.3% for 2023, 4.3% for 2024, 6.8% for 2025, 9.8% for 2026, and 10.7% for 2027 [5][8] - Net profit attributable to shareholders is forecasted as follows: - 2023: 408 million yuan - 2024: 468 million yuan - 2025: 508 million yuan - 2026: 546 million yuan - 2027: 596 million yuan - The projected year-on-year growth rates for net profit are 12.5% for 2023, 14.6% for 2024, 8.5% for 2025, 7.6% for 2026, and 9.1% for 2027 [5][8] Revenue Breakdown - In 2024, the revenue from color printing was 2.477 billion yuan, a decrease of 2.9% year-on-year, while the film business achieved a revenue of 724 million yuan, a growth of 37.9% year-on-year [6] - The international market revenue reached 452 million yuan in 2024, reflecting an 18.8% increase year-on-year [6] Profitability Metrics - The company's gross margin for 2024 was 23.8%, with a notable recovery in Q4 2024 gross margin at 25.9% [6] - The net profit margin for 2024 was 13.3%, an increase of 1.2 percentage points year-on-year, while Q4 2024 net profit margin was 16.5%, up 3.7 percentage points year-on-year [6]

证券代码：002014 证券简称：永新股份 黄山永新股份有限公司 | | 投资者提出的问题及公司回复情况： | | --- | --- | | | 1、Q:2024 年第四季度毛利率提升原因? | | | 年第四季度综合毛利率略有改善是几方面影 A:公司 2024 | | | 响因素共同促成的，一是规模效应，2024 年第四季度营业收 | | | 入达到 亿元，是历史上最好的一个季度，规模效应对毛利 9.8 | | | 率提升有积极的影响；二是产品结构变化；三是提质增效的贡 | | | 献；四是技术创新、工艺改革带动了毛利率提升。 | | | 2、Q:海外新市场拓展情况? | | | A:公司在海外市场的拓展，一是通过进入跨国企业的全球 | | | 供应链，形成的区域业务合作，这部分主要依赖我们和跨国公 | | | 司合作深度；另一方面是公司通过办事处等形式在当地拓展的 | | | 客户市场。公司海外市场主要是东盟国家、日本、墨西哥、南 | | | 非等国家区域，公司具备较强的竞争优势，近几年海外市场保 | | 投资者关系活动 | 持了较快的增长。 | | 主要内容介绍 | 3、Q:关税对公司海外业务的影响? ...

Investment Rating - The investment rating for Yongxin Co., Ltd. is not explicitly stated in the provided documents, but the report indicates a positive outlook based on performance metrics and management changes. Core Insights - Yongxin Co., Ltd. reported a revenue of 3.525 billion yuan in 2024, representing a year-on-year increase of 4.3%, and a net profit attributable to shareholders of 468 million yuan, up 14.6% year-on-year [1] - The company achieved a strong performance in Q4 2024, with revenue of 986 million yuan, a 9.6% increase year-on-year, and a net profit of 163 million yuan, reflecting a significant 41.7% growth year-on-year [1] - The company declared a cash dividend of 380 million yuan for 2024, with a payout ratio of 81.2%, resulting in a rolling dividend yield of 5.4% based on the closing price on March 24, 2025 [2] Revenue Breakdown - The printing segment generated revenue of 2.477 billion yuan in 2024, down 2.9% year-on-year, with a gross margin of 26.3% [2] - The film segment saw a revenue increase of 37.9% year-on-year to 724 million yuan, with a gross margin of 10.3% [2] - The overseas market contributed 452 million yuan in revenue, marking an 18.8% increase year-on-year, with a gross margin of 23.8% [3] Management Changes - The management team has undergone significant changes, with Jiang Lei appointed as the new chairperson, bringing extensive brand management and strategic planning experience [3] - The new general manager, Pan Jian, has a solid technical background and management experience, which is expected to enhance the company's innovation and operational efficiency [3] Profitability and Operational Efficiency - The gross margin for Q4 2024 was reported at 25.9%, an increase of 1.6 percentage points year-on-year, while the net profit margin reached 16.5%, up 3.7 percentage points year-on-year [4] - The company maintained stable operational efficiency, with inventory turnover days at 45 and accounts receivable turnover days at 64 [4] Earnings Forecast - The forecast for net profit attributable to shareholders for 2025, 2026, and 2027 is 510 million yuan, 550 million yuan, and 601 million yuan, respectively, with corresponding P/E ratios of 13.9X, 12.7X, and 11.7X [4][5]

Investment Rating - The investment rating for Yongxin Co., Ltd. is not explicitly stated in the provided documents, but the report indicates a positive outlook based on performance metrics and management changes. Core Insights - Yongxin Co., Ltd. reported a revenue of 3.525 billion yuan in 2024, representing a year-on-year increase of 4.3%, and a net profit attributable to shareholders of 468 million yuan, up 14.6% year-on-year [1] - The company achieved a cash dividend of 380 million yuan in 2024, with a dividend payout ratio of 81.2%, resulting in a rolling dividend yield of 5.4% based on the closing price on March 24, 2025 [2] - The new management team, led by Chairwoman Jiang Lei, is expected to drive innovation and market expansion, enhancing the company's growth trajectory [3] Revenue and Profitability - In Q4 2024, Yongxin Co., Ltd. achieved a revenue of 986 million yuan, a year-on-year increase of 9.6%, and a net profit of 163 million yuan, up 41.7% year-on-year [1] - The printing segment generated 2.477 billion yuan in revenue for 2024, with a gross margin of 26.3%, while the film segment saw a revenue increase of 37.9% to 724 million yuan, with a gross margin of 10.3% [2] - The overseas market contributed 452 million yuan in revenue, reflecting an 18.8% year-on-year growth, with a gross margin of 23.8% [3] Management Changes - The management team has undergone significant changes, with Jiang Lei taking over as Chairwoman and Pan Jian appointed as the new General Manager, both bringing extensive experience to the company [3] Financial Forecast - The forecast for net profit attributable to shareholders is projected to be 510 million yuan in 2025, 550 million yuan in 2026, and 601 million yuan in 2027, with corresponding P/E ratios of 13.9X, 12.7X, and 11.7X respectively [4][5]

永新股份 20250321 摘要 • 永新股份 2024 年总收入略有下降，但薄膜业务同比增长近 37%，占总收 入 22%，国际业务收入 4.5 亿元，同比增长 18%。全年利润同比增长约 15%，主要得益于规模效应和产品结构优化。 • 公司通过技术积累，将薄膜打造成主要业务，产品包括高阻隔膜、透气膜、 标签膜及保护膜等，市场表现良好，逐步走向稳定增长区间。未来将重点 关注产品品质稳定性，并围绕材料环保、易回收等方向进行合作研发。 • 2025 年，公司将围绕"强变革、促升级、拓项目、稳增长"的总体思路， 拓展国内外市场，加快项目建设进度，提高生产能力，力争实现收入和利 润双增长。 • 海外业务由跨国公司业务和直接面向东南亚终端市场两部分组成，2024 年海外市场增速达 19%，预计 2025 年保持乐观。公司积极推进国内企业 出海战略，以进一步拓展海外业务。 • 产品结构优化通过选择高毛利率产品和综合利用产能提升整体毛利率，将 低毛利产品转变为高毛利产品，增强生产效率。 Q&A 永新股份在 2024 年的整体经营情况如何？ 2024 年，永新股份实现了营业收入 35 亿元，同比增长 4%。其中，第四季度 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative return of over 20% within the next six months [4][6][17]. Core Insights - The company reported strong Q4 performance with revenue of 986 million, a year-on-year increase of 9.6%, and a net profit of 163 million, up 41.7% year-on-year. For the full year 2024, revenue reached 3.525 billion, a 4.3% increase, and net profit was 468 million, up 14.6% year-on-year [1][4]. - The company continues its high dividend policy, distributing 380 million in dividends, which represents 81% of its net profit [1]. - The company is focusing on product innovation and enhancing product value, particularly in emerging consumer packaging and new material segments, which has helped maintain stable gross margins despite increased competition [3]. Financial Performance Summary - In 2024, the company achieved a gross margin of 23.67%, a slight decrease of 0.99 percentage points year-on-year, while the net profit margin improved to 13.27%, an increase of 1.19 percentage points [3][12]. - The company’s revenue from color printing packaging materials was 2.477 billion, down 2.92% year-on-year, while plastic soft packaging film revenue surged to 724 million, a 37.9% increase [2][11]. - The company’s international market revenue grew by 18.84% to 452 million, reflecting successful overseas market expansion efforts [2][10]. Financial Projections - The company’s projected net profits for 2025, 2026, and 2027 are 510 million, 570 million, and 630 million respectively, with corresponding P/E ratios of 14, 13, and 12 [4][5]. - The expected revenue growth rates for the next few years are 10.45% in 2025, 10.15% in 2026, and 10.93% in 2027 [5][12].