Zhejiang Jingxing Paper 景兴纸业
9 significant filings since 29 May 2026: 1 on regulatory action, 6 on guarantee or financial assistance and 1 on earnings pre-announcement, and 1 other kind. The latest, on 12 Sep 2026: 关于对外担保的进展公告. On 9 Jul 2026 the company said it expects net profit for the period ending 30 Jun 2026 to rise by 136.22% to 190.73% from the same period a year earlier.
自 29 May 2026 起有 9 份重大公告：regulatory action 1 份、guarantee or financial assistance 6 份、earnings pre-announcement 1 份，另有 1 类。最新一份（12 Sep 2026）：关于对外担保的进展公告。9 Jul 2026 公司预告截至 30 Jun 2026 的净利润较上年同期上升 136.22% 至 190.73%。
As of 25 Sep 2026 截至2026年9月25日
Zhejiang Jingxing Paper, listed in 2006, operates in the paper industry. The company reported lower profit in 2025 despite higher revenue, with attributable net profit down 22.2% to RMB55.5m and a sharp decline in profit excluding non-recurring items. Operating cash flow was negative in 2025, indicating cash outflow from core operations. However, the first half of 2026 shows improvement, with profit up 153.0% and strong operating cash flow per share of RMB0.41. The company's balance sheet remains stable, with a liabilities to assets ratio of 33.1% and current ratio of 1.86. A regulatory warning was issued in July 2026, signaling oversight concerns. Valuation metrics show a high P/E of 42.2 despite weak profit quality. The stock has declined significantly over the past year.
景兴纸业2006年上市，属于造纸行业。2025年公司营收增长，但归母净利润同比下降22.2%至5,545.8万元，扣非净利润降幅达474.7%。2025年每股经营现金流为-0.02元，显示主业现金流出。但2026年上半年明显改善，归母净利润同比增长153.0%，每股经营现金流达0.41元。截至2026年6月30日，资产负债率为33.1%，流动比率1.86，财务结构稳定。2026年7月收到浙江证监局警示函，反映监管关注。市盈率（TTM）为42.2，估值偏高。过去一年股价下跌33.7%。
| 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年经营性现金流为负。 | Negative operating cash flow indicates the core business consumed more cash than it generated, weakening liquidity and increasing reliance on external financing. This occurred despite positive net profit, suggesting weak earnings quality. 经营现金流为负表明主业消耗现金，削弱流动性，增加对外部融资依赖。尽管有净利润，但现金流为负，反映盈利质量弱。 |
- Whether the full-year 2026 attributable net profit maintains growth compared to 2025.
2026全年归母净利润是否较2025年保持增长。 - Operating cash flow per share in the full-year 2026 report.
2026全年每股经营现金流。 - The outcome of the regulatory warning issued by Zhejiang CSRC on 8 Jul 2026.
2026年7月8日浙江证监局警示函的后续处理结果。
- Company: Zhejiang Jingxing Paper 景兴纸业, Shenzhen Stock Exchange 002067; industry Paper; listed 15 Sep 2006.
公司：景兴纸业，深圳证券交易所 002067；行业：造纸；上市日期：2006年9月15日。 - Close on 24 Sep 2026 RMB4.00; close on 24 Sep 2025 RMB6.05, RMB6.04 in today's terms; one-year change, adjusted for distributions and share changes -33.7%.
2026年9月24日收盘价4.00元；2025年9月24日收盘价6.05元（前复权6.04元）；一年涨跌幅（复权）-33.7%。 - 52-week range in today's terms, adjusted for distributions and share changes RMB3.66 to RMB7.14.
52周区间（前复权）3.66元至7.14元。 - In the last 12 months 7 trading days closed 9% or more above or below the day before (all days, not only this year). The 5 most recent of them: 20 Oct 2025 +10.0%; 19 May 2026 +10.0%; 3 Jul 2026 +9.9%; 9 Jul 2026 +10.1%; 19 Aug 2026 -9.9%. No two of the 7 fell on consecutive trading days.
近12个月共有7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5个：2025年10月20日 +10.0%；2026年5月19日 +10.0%；2026年7月3日 +9.9%；2026年7月9日 +10.1%；2026年8月19日 -9.9%。其中任意两个交易日均不相邻。 - Market capitalisation RMB5.90bn; P/E TTM 42.2; price to book 0.87x.
总市值58.99亿元；市盈率（TTM）42.2；市净率0.87倍。 - Revenue 2025 RMB6.01bn; 2024 RMB5.48bn; change +9.7%.
营业收入2025年60.12亿元；2024年54.79亿元；同比+9.7%。 - Attributable net profit 2025 RMB55.5m; 2024 RMB71.3m; change -22.2%.
归属于母公司股东的净利润2025年5,545.8万元；2024年7,126.4万元；同比-22.2%。 - Net profit excluding non-recurring items, 2025 change -474.7%.
2025年扣除非经常性损益后的净利润同比-474.7%。 - Basic EPS 2025 RMB0.04; 2024 RMB0.06.
基本每股收益2025年0.04元；2024年0.06元。 - Operating cash flow per share 2025 -RMB0.02; 2024 RMB0.14; operating cash flow to net profit -0.44x.
每股经营现金流2025年-0.02元；2024年0.14元；经营现金流与净利润之比-0.44倍。 - 2025 gross margin 6.5%; net margin 1.0%; ROE 0.9%.
2025年毛利率6.5%；净利率1.0%；净资产收益率0.9%。 - At 30 Jun 2026: liabilities to assets 33.1%; current ratio 1.86; quick ratio 1.49; receivable days 39; inventory days 53.
截至2026年6月30日：资产负债率33.1%；流动比率1.86；速动比率1.49；应收账款周转天数39；存货周转天数53。 - Period to 30 Jun 2026 (six months, not comparable with the full years above): revenue RMB3.16bn, change +20.2%; attributable net profit RMB139.2m, change +153.0%; operating cash flow per share RMB0.41.
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31.61亿元，同比+20.2%；归母净利润1.39亿元，同比+153.0%；每股经营现金流0.41元。 - Pre-announcement of 9 Jul 2026 for the period to 30 Jun 2026: attributable net profit change +136% to +191%.
2026年7月9日发布的截至2026年6月30日业绩预告：归母净利润同比+136%至+191%。 - In the 12 months to 25 Sep 2026: 1 distinct filing classed critical, high or as a lift; by class: 1 filing classed Regulatory Action. 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1份；按类别：归为监管措施的公告1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。 - 8 Jul 2026, Regulatory Action (high): filing titled 《关于收到浙江证监局警示函的公告》.
2026年7月8日，监管措施：公告《关于收到浙江证监局警示函的公告》。 - Ownership: actual controller 朱在龙; largest holder at 30 Jun 2026: 朱在龙, 12.08%.
股权：实际控制人：朱在龙；2026年6月30日第一大股东：朱在龙，持股12.08%。 - Latest distribution: ex-date 11 Jun 2026, cash RMB0.01 per share.
最近一次分配：除权除息日2026年6月11日，每股现金0.01元。 - Aurelian Grade C, score 64.4 of 100, graded within a peer group of 25 companies in its industry; no rank among peers is given.
金源评级C，得分64.4（满分100），于行业同业25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。