Swan Cotton Machinery 天鹅股份
6 significant filings since 30 May 2026: 1 on litigation, 4 on guarantee or financial assistance and 1 on dividend. The latest, on 25 Sep 2026: 山东天鹅棉业机械股份有限公司关于为采棉机按揭销售业务提供担保的进展公告.
自 30 May 2026 起有 6 份重大公告：litigation 1 份、guarantee or financial assistance 4 份、dividend 1 份。最新一份（25 Sep 2026）：山东天鹅棉业机械股份有限公司关于为采棉机按揭销售业务提供担保的进展公告。
As of 25 Sep 2026 截至2026年9月25日
Swan Cotton Machinery, listed in 2016, operates in the special-purpose machinery industry. The company reported revenue growth of 24.3% in 2025 to RMB958.7m, with attributable net profit rising 7.7% to RMB74.6m. Profit quality is weak, as operating cash flow per share was -RMB0.07 in 2025, despite net profit of RMB0.62 per share. The operating cash flow to net profit ratio was -0.11x, indicating cash outflows from operations even in a profit year. The company has ongoing litigation, with three high-level filings in the past 12 months. At 30 Jun 2026, the current ratio was 1.52, but the quick ratio was low at 0.43, and inventory days were high at 828. The stock has declined 6.3% over one year, with two 10% up-days in the past 12 months, none consecutive.
天鹅股份2016年上市，属于专用设备行业。2025年营业收入9.59亿元，同比增长24.3%；归母净利润7,463.1万元，同比增长7.7%。盈利质量偏弱，2025年每股经营现金流-0.07元，尽管每股收益0.62元。经营现金流与净利润之比为-0.11倍，显示盈利年份仍存在经营现金流出。公司存在持续诉讼，近12个月有3份诉讼仲裁类公告。截至2026年6月30日，流动比率1.52，速动比率0.43，存货周转天数828天，流动性压力较大。过去一年股价下跌6.3%，近12个月有2个交易日上涨10%，均不相邻。
| Flag 标记 | Risk 风险 | Mechanism 影响机制 |
|---|---|---|
| Operating cash outflow 经营现金净流出 | The company generated negative operating cash flow in 2025. 公司2025年经营现金流为负。 | Despite reporting a net profit of RMB74.6m in 2025, the company had an operating cash outflow, with operating cash flow per share at -RMB0.07. This mismatch suggests weak cash generation from core operations, which could strain liquidity if sustained. The operating cash flow to net profit ratio was -0.11x, indicating profits are not translating into cash. 尽管2025年归母净利润为7,463.1万元，但每股经营现金流为-0.07元，经营现金流与净利润之比为-0.11倍，显示盈利未转化为现金。若持续，可能对公司流动性造成压力。 |
- Change in net profit excluding non-recurring items for 2026
2026年扣除非经常性损益后的净利润同比变化 - Operating cash flow per share for the full year 2026
2026全年每股经营现金流 - New litigation or updates to existing cases in filings after 19 Sep 2026
2026年9月19日后新诉讼或现有诉讼进展公告
- Company: Swan Cotton Machinery 天鹅股份, Shanghai Stock Exchange 603029; industry Special-purpose Machinery; listed 27 Apr 2016.
公司：天鹅股份，上海证券交易所 603029；行业：专用设备；上市日期：2016年4月27日。 - Close on 24 Sep 2026 RMB16.54; close on 24 Sep 2025 RMB17.86, RMB17.65 in today's terms; one-year change, adjusted for distributions and share changes -6.3%.
2026年9月24日收盘价16.54元；2025年9月24日收盘价17.86元（前复权17.65元）；一年涨跌幅（复权）-6.3%。 - 52-week range in today's terms, adjusted for distributions and share changes RMB13.04 to RMB21.34.
52周区间（前复权）13.04元至21.34元。 - In the last 12 months 2 trading days closed 9% or more above or below the day before (all days, not only this year). The 2 most recent of them: 13 Mar 2026 +10.0%; 28 Aug 2026 +10.0%. No two of the 2 fell on consecutive trading days.
近12个月共有2个交易日收盘涨跌幅达9%及以上（为全部交易日，不限于今年）。其中最近2个：2026年3月13日 +10.0%；2026年8月28日 +10.0%。其中任意两个交易日均不相邻。 - Market capitalisation RMB2.01bn; P/E TTM 26.4; price to book 2.11x.
总市值20.07亿元；市盈率（TTM）26.4；市净率2.11倍。 - Revenue 2025 RMB958.7m; 2024 RMB771.5m; change +24.3%.
营业收入2025年9.59亿元；2024年7.72亿元；同比+24.3%。 - Attributable net profit 2025 RMB74.6m; 2024 RMB69.3m; change +7.7%.
归属于母公司股东的净利润2025年7,463.1万元；2024年6,932.4万元；同比+7.7%。 - Net profit excluding non-recurring items, 2025 change -21.3%.
2025年扣除非经常性损益后的净利润同比-21.3%。 - Basic EPS 2025 RMB0.62; 2024 RMB0.57.
基本每股收益2025年0.62元；2024年0.57元。 - Operating cash flow per share 2025 -RMB0.07; 2024 -RMB0.44; operating cash flow to net profit -0.11x.
每股经营现金流2025年-0.07元；2024年-0.44元；经营现金流与净利润之比-0.11倍。 - 2025 gross margin 30.6%; net margin 7.8%; ROE 8.1%.
2025年毛利率30.6%；净利率7.8%；净资产收益率8.1%。 - At 30 Jun 2026: liabilities to assets 60.4%; current ratio 1.52; quick ratio 0.43; receivable days 82; inventory days 828.
截至2026年6月30日：资产负债率60.4%；流动比率1.52；速动比率0.43；应收账款周转天数82；存货周转天数828。 - Period to 30 Jun 2026 (six months, not comparable with the full years above): revenue RMB364.0m, change +13.4%; attributable net profit RMB19.4m, change +7.3%; operating cash flow per share -RMB1.13.
截至2026年6月30日的报告期（六个月，不可与上述全年数据直接比较）：营业收入3.64亿元，同比+13.4%；归母净利润1,941.8万元，同比+7.3%；每股经营现金流-1.13元。 - In the 12 months to 25 Sep 2026: 3 distinct filings classed critical, high or as a lift; by class: 3 filings classed Litigation. One filing can fall in more than one class, and several filings can concern one matter, such as the notice and the result of one auction.
截至2026年9月25日的近12个月：被归为重大、较高级别或解除类的公告共3份；按类别：归为诉讼仲裁的公告3份。同一公告可属多个类别，同一事项亦可有多份公告，例如同一拍卖的提示公告与结果公告。 - 19 Sep 2026, Litigation (high): filing titled 《山东天鹅棉业机械股份有限公司关于诉讼进展的公告》.
2026年9月19日，诉讼仲裁：公告《山东天鹅棉业机械股份有限公司关于诉讼进展的公告》。 - 3 Apr 2026, Litigation (high): filing titled 《山东天鹅棉业机械股份有限公司关于诉讼进展的公告》.
2026年4月3日，诉讼仲裁：公告《山东天鹅棉业机械股份有限公司关于诉讼进展的公告》。 - 5 Jan 2026, Litigation (high): filing titled 《山东天鹅棉业机械股份有限公司关于诉讼进展的公告》.
2026年1月5日，诉讼仲裁：公告《山东天鹅棉业机械股份有限公司关于诉讼进展的公告》。 - Ownership: controlling shareholder 山东省供销集团有限公司; actual controller 山东省供销合作社联合社; largest holder at 30 Jun 2026: 山东省供销集团有限公司, 58.39%.
股权：控股股东：山东省供销集团有限公司；实际控制人：山东省供销合作社联合社；2026年6月30日第一大股东：山东省供销集团有限公司，持股58.39%。 - Latest distribution: ex-date 16 Jun 2026, cash RMB0.18 per share.
最近一次分配：除权除息日2026年6月16日，每股现金0.18元。 - Aurelian Grade D, score 36.1 of 100, graded within a peer group of 204 companies in its industry; no rank among peers is given.
金源评级D，得分36.1（满分100），于行业同业204家中评定；未提供其在同业中的排名。 - Not held for this report: receivable ageing, litigation case amounts, the order book, the auditor's opinion and key audit matters, segment revenue.
本报告未掌握：应收账款账龄、诉讼案件金额、在手订单、审计意见及关键审计事项、分部收入。