| 证券代码：300577 | 证券简称：开润股份 | 公告编号：2024-132 | | --- | --- | --- | | 债券代码：123039 | 债券简称：开润转债 | | 安徽开润股份有限公司 关于对外担保的进展公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚 假记载、误导性陈述或重大遗漏。 一、担保情况概述 安徽开润股份有限公司（以下简称 "公司""本公司"）于 2023 年 12 月 12 日召开第四届董事会第八次会议，并于 2023 年 12 月 29 日召开 2023 年第六 次临时股东大会，审议通过了《关于对外担保额度预计的议案》，预计公司及控 股子公司为子公司提供担保的总额度为人民币 229,475 万元（含等值外币），其 中为上海润米科技有限公司（以下简称"上海润米"）提供担保额度人民币 50,000 万元，具体内容详见 2023 年 12 月 13 日于巨潮资讯网 www.cninfo.com.cn 披露 的《关于对外担保额度预计的公告》（2023-113）。 公司于 2024 年 6 月 24 日召开第四届董事会第十六次会议，并于 2024 年 7 月 ...

| 证券代码：300577 | 证券简称：开润股份 | 公告编号：2024-130 | | --- | --- | --- | | 债券代码：123039 | 债券简称：开润转债 | | 安徽开润股份有限公司 2024 年前三季度权益分派实施公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 特别提示： 1、安徽开润股份有限公司（以下简称"公司""本公司"）2024 年前三季度 权益分派以公司现有总股本 239,792,534 股扣除公司回购专用证券账户持有的 股份 2,121,522 股后的 237,671,012 股为基数，向全体股东每 10 股派发现金红 利人民币 1.46 元（含税），合计派发现金红利 34,699,967.75 元。 2、因公司回购专用证券账户股份不参与本次权益分派，按照公司总股本（含 回购股份）折算的每 10 股现金红利以及本次权益分派实施后的除权除息价格的 计算公式如下： 按照公司总股本（含回购股份）折算的每 10 股现金红利=实际现金分红额÷ 总股本（含回购股份）×10 股=34,699,967.75 元÷239,792,53 ...

| 证券代码：300577 | 证券简称：开润股份 | 公告编号：2024-129 | | --- | --- | --- | | 债券代码：123039 | 债券简称：开润转债 | | 安徽开润股份有限公司 关于实施权益分派期间"开润转债"暂停转股的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 特别提示： 债券代码：123039 恢复转股时间：公司 2024 年前三季度权益分派股权登记日后的第一个交易 日 鉴于安徽开润股份有限公司（以下简称"公司"）将于近日实施公司 2024 年前三季度权益分派，根据《安徽开润股份有限公司创业板公开发行可转换公司 债券募集说明书》中"转股价格的调整方式及计算公式"条款的规定（详见附件）， 自 2024 年 11 月 19 日起至本次权益分派股权登记日止，公司可转换公司债券（债 券简称：开润转债；债券代码：123039）将暂停转股，本次权益分派股权登记日 后的第一个交易日起恢复转股。在上述期间，公司可转换公司债券正常交易，敬 请公司可转换公司债券持有人注意。 特此公告。 安徽开润股份有限公司 董 事 会 2024 年 ...

国浩律师（上海）事务所 关于 安徽开润股份有限公司 2024 年第三次临时股东大会 之 法律意见书 致：安徽开润股份有限公司 作为具有从事中国法律业务资格的律师事务所，国浩律师（上海）事务所（以 下简称"本所"）接受安徽开润股份有限公司（以下简称"公司"）的委托，根据《中 华人民共和国公司法》（以下简称"《公司法》"）、《中华人民共和国证券法》 （以下简称"《证券法》"）、中国证券监督管理委员会《上市公司股东大会规则》 （以下简称"《股东大会规则》"）等法律法规及规范性文件的规定，指派本所律 师出席公司2024年第三次临时股东大会（以下简称"本次股东大会"），并就本次 股东大会的召集、召开程序及表决程序、表决结果等事项出具本法律意见书。 国浩律师（上海）事务所 法律意见书 法律意见书 上海市北京西路 968 号嘉地中心 23-25 层 邮编：200041 23-25/F, Garden Square, 968 West Beijing Road, Shanghai 200041, China 电话/Tel: (+86)(21) 5234 1668 传真/Fax: (+86)(21) 5243 3320 网址/ ...

| 证券代码：300577 | 证券简称：开润股份 | 公告编号：2024-128 | | --- | --- | --- | | 债券代码：123039 | 债券简称：开润转债 | | 安徽开润股份有限公司 2024 年第三次临时股东大会决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 特别提示： 2、召开地点：上海市松江区中心路 1158 号 21B幢 16 楼会议室 3、召开方式：现场投票与网络投票表决相结合的方式。 4、召集人及主持人：本次股东大会由安徽开润股份有限公司（以下简称 "公司"）董事会召集；董事长范劲松先生因工作原因无法出席本次会议，公 司过半数以上董事共同推举董事高晓敏女士主持本次会议。 1、本次股东大会无否决提案的情况； 2、本次股东大会不涉及变更以往股东大会已通过的决议。 一、会议召开和出席情况 （一）会议召开情况 1、召开时间 （1）现场会议时间：2024 年 11 月 15 日下午 14:30。 （2）网络投票时间： 通过深圳证券交易所交易系统进行网络投票的具体时间为 2024 年 11 月 15 日上午 9:15—9:2 ...

| 证券代码：300577 | 证券简称：开润股份 公告编号：2024-127 | | --- | --- | | 债券代码：123039 | 债券简称：开润转债 | 安徽开润股份有限公司 关于控股股东、实际控制人部分股份解除质押的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚 假记载、误导性陈述或重大遗漏。 安徽开润股份有限公司（以下简称"公司" "本公司"）于近日收到公司控 股股东、实际控制人范劲松先生的通知，获悉其将所持有的部分股份办理了解除 质押手续，具体事项如下： 一、 本次解除质押基本情况 | | 是否为 控股股 | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 股东名 | 东或第 一大股 | 本次解除质 | 占其所持 | 占公司总 | 质押起始 | | 解除日 | 质权人 | | 称 | 东及其 | 押数量 | 股份比例 | 股本比例 | 日 | | 期 | | | | 一致行 | | | | | | | | | | 动人 | | | | | | | | | | | | | ...

| 证券代码：300577 | 证券简称：开润股份 | 公告编号：2024-126 | | --- | --- | --- | | 债券代码：123039 | 债券简称：开润转债 | | 安徽开润股份有限公司 关于对外担保的进展公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚 假记载、误导性陈述或重大遗漏。 公司于 2024 年 6 月 24 日召开第四届董事会第十六次会议，并于 2024 年 7 月 10 日召开 2024 年第二次临时股东大会，审议通过了《关于增加对外担保额度 预计的议案》，预计为上海嘉乐股份有限公司（以下简称"上海嘉乐"）及其子公 司提供担保的总额度为人民币 71,360 万元（含等值外币），其中公司对上海嘉乐 提供担保的总额度为人民币 50,000 万元，具体内容详见 2024 年 6 月 25 日于巨 潮资讯网 www.cninfo.com.cn 披露的《关于增加对外担保额度预计的公告》 （2024-076）。 二、本次担保进展 公司于近日与上海农村商业银行股份有限公司金山支行签署《最高额保证合 同》，同意为上海嘉乐提供最高债权人民币 11,440 万元的连带责 ...

Investment Rating - The report maintains a "Buy" rating for the company, with an expected relative increase of over 15% compared to the CSI 300 index in the next six months [1][8]. Core Views - The company reported a revenue of 3.025 billion RMB for the first three quarters of 2024, representing a year-on-year increase of 32.48%. The net profit attributable to shareholders was 321 million RMB, up 164.63% year-on-year [3]. - The third quarter of 2024 saw a revenue of 1.193 billion RMB, a year-on-year increase of 64.36%, and a net profit of 72 million RMB, up 57.52% year-on-year [3]. - The company is experiencing strong growth in its bag manufacturing segment, with a 28% increase in revenue for Q3 2024 compared to Q3 2023, driven by major clients, particularly in the sports sector [3]. - The apparel manufacturing segment saw a revenue increase of over 400% to 380 million RMB in Q3 2024, primarily due to the consolidation of Jia Le's financials [3]. - The brand business also showed growth, with a revenue increase of over 12% in Q3 2024, including a 20%+ growth for the Xiaomi brand [3]. Summary by Sections Financial Performance - For the first three quarters of 2024, the company achieved a revenue of 3.025 billion RMB, with a net profit of 321 million RMB. The third quarter alone contributed 1.193 billion RMB in revenue and 72 million RMB in net profit [3]. - The company plans to distribute a cash dividend of 1.46 RMB per 10 shares, indicating a potential increase in the annual dividend payout ratio [3]. Business Segments - Bag manufacturing revenue increased by 28% in Q3 2024, while apparel manufacturing revenue surged over 400% due to the integration of Jia Le [3]. - The brand business reported a revenue growth of over 12%, with notable performance from the Xiaomi brand [3]. Profitability Metrics - The gross margin for Q3 2024 decreased by 3.2 percentage points to 22.0%, primarily due to the higher proportion of lower-margin apparel manufacturing revenue [3]. - The net profit margin for Q3 2024 was 6.1%, down 0.3 percentage points year-on-year, influenced by increased foreign exchange losses [3]. Future Outlook - The company is positioned as a leader in bag manufacturing and is expanding into apparel manufacturing to create a second growth curve. The report anticipates continued revenue and profit growth driven by operational flexibility and market expansion [3]. - The projected net profits for 2024, 2025, and 2026 are 401 million RMB, 412 million RMB, and 515 million RMB, respectively, with corresponding PE ratios of 13.4, 13.1, and 10.5 [5].

Investment Rating - The report maintains a "Buy" rating for the company, with a target price not specified [4]. Core Insights - The company reported a revenue of 1.2 billion in Q3 2024, representing a 64% year-on-year increase, and a net profit attributable to shareholders of 72 million, up 58% year-on-year [1]. - For the first three quarters of 2024, the company achieved a total revenue of 3 billion, a 32% increase year-on-year, and a net profit of 320 million, which is a significant 165% increase year-on-year [1]. - The gross profit margin for the first three quarters of 2024 was 23.2%, an increase of 0.4 percentage points, while the net profit margin attributable to shareholders was 10.6%, up 5.3 percentage points [1]. - The company is enhancing its product research and manufacturing capabilities, increasing investments in automation and digitalization to achieve high standards in order fulfillment [1]. - The company has established strong relationships with major clients such as Nike, Decathlon, and Uniqlo, receiving high evaluations for its production facilities [2]. Financial Performance Summary - The company’s revenue for 2022 was 2,740.99 million, with a projected revenue of 4,431.54 million for 2024, reflecting a growth rate of 42.73% [3]. - The net profit attributable to shareholders is expected to grow from 115.62 million in 2023 to 380.63 million in 2024, indicating a growth rate of 229.20% [3]. - The earnings per share (EPS) is projected to be 1.59 in 2024, with a price-to-earnings (P/E) ratio of 13.53 [3]. - The company’s total assets are expected to increase from 3,587.96 million in 2023 to 4,571.08 million in 2024 [6]. Operational Strategy - The company has strategically positioned its production capacity in Indonesia, enhancing its ability to respond quickly to market demands and reducing overseas trade risks [2]. - The introduction of the SAP system and lean management practices has enabled the company to digitize its operations, improving efficiency and reducing management costs [2].

Investment Rating - The report upgrades the investment rating of the company to "Buy" [1][4] Core Insights - The company reported a revenue of 3.025 billion yuan for the first three quarters of 2024, representing a year-on-year increase of 32.48%, with a net profit attributable to shareholders of 321 million yuan, up 165% year-on-year [2] - The significant revenue increase in Q3 is attributed to the consolidation of Shanghai Jiale's financials, which contributed to a substantial rise in income, although profit growth was slightly lower due to Jiale's current efficiency ramp-up phase [2][3] - The brand business is expected to see a double-digit revenue growth in Q3, primarily driven by Xiaomi's distribution, which accounts for approximately 65% of brand revenue [2] - The company is expanding its production capacity in Indonesia, with expectations of a 50%-60% increase in bag production capacity and a 65%-70% increase in garment capacity by 2026-2027 [4] Financial Performance Summary - Total revenue for 2022 was 2.741 billion yuan, with projections of 3.105 billion yuan for 2023, 4.148 billion yuan for 2024, 5.034 billion yuan for 2025, and 6.059 billion yuan for 2026, reflecting a compound annual growth rate of 33.61% from 2023 to 2024 [1][10] - The net profit attributable to shareholders is forecasted to increase from 116 million yuan in 2023 to 394 million yuan in 2024, and further to 479 million yuan in 2026, indicating a significant growth trajectory [1][10] - The latest diluted EPS is projected to rise from 0.48 yuan in 2023 to 1.64 yuan in 2024, and reach 2.00 yuan by 2026 [1][10] Margin and Cost Analysis - The gross margin for Q3 2024 decreased by 3.2 percentage points to 21.96%, influenced by lower margins from the bag manufacturing and garment outsourcing segments [3] - The company’s expense ratio for Q3 2024 decreased by 2.39 percentage points to 14.81%, primarily due to lower expense ratios in Jiale's outsourcing business compared to the original 2C business [3]