北京市中伦律师事务所 关于烟台民士达特种纸业股份有限公司 2025 年第二次临时股东会的 法律意见书 二〇二五年七月 北京 • 上海 • 深圳 • 广州 • 武汉 • 成都 • 重庆 • 青岛 • 杭州 • 南京 • 海口 • 东京 • 香港 • 伦敦 • 纽约 • 洛杉矶 • 旧金山 • 阿拉木图 Beijing • Shanghai • Shenzhen • Guangzhou • Wuhan • Chengdu • Chongqing • Qingdao • Hangzhou • Nanjing • Haikou • Tokyo • Hong Kong • London • New York • Los Angeles • San Francisco • Almaty 北京市中伦律师事务所 关于烟台民士达特种纸业股份有限公司 2025 年第二次临时股东会的 法律意见书 致：烟台民士达特种纸业股份有限公司（"公司"） 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》"）、《律师事务所从事证券法律业务管理办法》（以 下简称"《从业办法》"），以及《烟台 ...

Core Viewpoint - The article highlights the strong performance of Minshida (833394.BJ), a leading domestic aramid paper company, in its first half of 2025, showcasing significant revenue and profit growth driven by high-end product sales and new production capacity [3][7][9]. Financial Performance - In the first half of 2025, Minshida achieved operating revenue of 237 million, a year-on-year increase of 27.9%, with aramid paper products contributing 227 million, accounting for 95.5% of total revenue [7][13]. - The net profit attributable to shareholders reached 63 million, up 42.3% year-on-year, while the net profit excluding non-recurring items was 61 million, reflecting a 55.7% increase [9]. - The gross margin for aramid paper products improved to 41.9%, a rise of 4.1 percentage points, contributing to an overall gross margin increase of 2.8 percentage points to 40.4% [11][14]. Product Development and Market Position - The growth in profitability is attributed to the high-end sales structure of aramid paper, which is utilized in various applications including electric equipment, aerospace, and automotive sectors [15]. - Notably, the company has made breakthroughs in sectors such as new energy vehicles, transformers, and AI data centers, enhancing the proportion of high-value-added products [15][21]. - The introduction of new products like YT510W for electric motor systems has seen over 40% growth in shipments during the first half of 2025 [17]. Production Capacity and Supply Chain - Minshida faced production capacity constraints, with an annual capacity of 3,000 tons remaining unchanged since the end of 2022, leading to a focus on optimizing production for high-margin products [25][28]. - A new production line launched in June 2025 is expected to add 1,500 tons of capacity, increasing total capacity by 50% and alleviating current production pressures [27][28]. - The company benefits from a stable supply of aramid fibers from its parent company, Taihe New Materials, which is the largest aramid fiber producer in China [29][33].

Group 1 - In the past month (from June 30 to July 29), 23 companies listed on the Beijing Stock Exchange (BSE) received institutional research, with Minshida being the most popular, attracting 96 participating institutions [1] - The types of institutions conducting research include 22 brokerages, 11 funds, 10 private equity firms, 4 insurance companies, and 1 overseas institution [1] - The companies that received the most attention after Minshida are Yuanhang Precision, Xingtum Control, and Tieda Technology, with 43, 37, and 26 participating institutions respectively [1] Group 2 - Yuanhang Precision, Xingtum Control, and Zhongyu Technology had the highest frequency of institutional research, each receiving 2 rounds of research [2] - On average, companies that received institutional research saw a 0.80% increase in stock prices over the past month, with notable gainers including Zhongyu Technology (up 13.49%), Wanyuantong (up 13.07%), and Kairun Zhikong (up 12.18%) [2] - The average daily turnover rate for these companies was 6.39%, with the highest rates recorded for Guangxin Technology (20.22%), Wanyuantong (14.95%), and Kairun Zhikong (11.62%) [2] Group 3 - As of July 29, the average market capitalization of all companies on the BSE was 3.187 billion yuan, while the average market capitalization of the companies that received research was 3.683 billion yuan [2] - The companies with the highest market capitalization among those researched include Xingtum Control, Guangxin Technology, and Guohang Ocean [2] - A detailed list of companies that received institutional research includes their respective codes, number of institutions, research frequency, latest closing prices, percentage changes, and industry classifications [2][3]

| 835174 | 五新隧 | -2.54 | 11043.17 | 419.40 | 1.79 | 机械设 | | --- | --- | --- | --- | --- | --- | --- | | | 装 | | | | | 备 | | 870357 | 雅葆轩 | 2.53 | 2245.28 | 378.31 | 1.95 | 电子 | | 837023 | 芭薇股 | 0.35 | 1439.59 | 358.02 | 1.14 | 美容护 | | | 份 | | | | | 理 | | 430139 | 华岭股 份 | -2.61 | 8585.68 | 337.65 | 1.26 | 电子 | | 873806 | 云星宇 | -2.05 | 4451.77 | 329.79 | 0.91 | 计算机 | | 839790 | 联迪信 息 | -1.76 | 3082.56 | 305.09 | 1.14 | 计算机 | | 873693 | 阿为特 | -4.32 | 2044.86 | 289.90 | 1.24 | 机械设 备 | | | | | | | | 轻工制 | | 8330 ...

Group 1: Investor Relations Activities - The company conducted investor relations activities from July 24 to July 25, 2025, including specific object research and online meetings [3] - Attendees included various investment firms and securities companies, with a total of 40 participating entities [4] Group 2: Production and Financial Performance - The company’s 1500-ton aramid paper production line commenced trial production in June 2025, with capacity utilization expected to gradually increase in the second half of the year [5] - The net profit growth rate for the first half of the year exceeded revenue growth, attributed to a higher proportion of high-value-added products and maintained high capacity utilization [5] Group 3: Market Trends and Product Development - The most significant growth in the industry during the first half of the year was observed in the electrical insulation transformer sector, with strong demand in both domestic and European markets [6] - The company has initiated the industrialization of RO membrane substrate products, expected to commence production in Q1 2026 [9] Group 4: Customer Structure and Market Strategy - Approximately one-third of the company’s customers are international, with a focus on optimizing overseas business layout [10] - The strategy for increasing overseas market share includes enhancing R&D for high-value products, deepening market penetration in Europe, and expanding into emerging regions like the Middle East and Asia-Pacific [11]

Investment Rating - The investment rating for the company is "Buy" [5] Core Views - The company has shown strong growth in the new energy vehicle sector, with high-value product sales increasing and profitability steadily improving [2][3] - The revenue for the first half of 2025 reached 237 million yuan, a year-on-year increase of 27.91%, while the net profit attributable to shareholders was 63 million yuan, up 42.28% year-on-year [2] - The growth in performance is driven by the rapid development of domestic industries such as new energy vehicles, wind power, photovoltaics, energy storage, and AI data centers, which have increased demand for various electrical insulation products [2][3] Summary by Sections Financial Performance - The company achieved a revenue of 340.47 million yuan in 2023, with a projected growth to 534.23 million yuan by 2025, reflecting a compound annual growth rate of 30.96% [1] - The net profit attributable to shareholders is expected to grow from 81.63 million yuan in 2023 to 133.98 million yuan in 2025, representing a year-on-year growth of 33.28% [1] - The latest diluted EPS is projected to increase from 0.56 yuan in 2023 to 0.92 yuan in 2025, with a corresponding P/E ratio decreasing from 77.61 to 47.29 [1] Business Segments - The aramid paper business, which is the core segment, saw a revenue increase of 22.76% to 227 million yuan in the first half of 2025, with a gross margin improvement of 4.09 percentage points to 41.91% [3] - The composite materials segment experienced a dramatic revenue increase of 1185.27% to 10 million yuan in the first half of 2025, indicating significant growth potential [3] Innovation and Market Position - The company has established itself as a leader in the aramid paper industry, breaking the monopoly of DuPont and becoming the second country globally capable of producing aramid paper [4] - The company has developed strong customer relationships with major domestic and international firms, enhancing its market recognition and brand value [4] Future Outlook - The company is expected to benefit from the growing demand in sectors such as new energy vehicles, wind power, photovoltaic energy, and the modernization of electrical grids, which will drive the market for aramid insulation paper [5] - Forecasted net profits for 2025 to 2027 are 134 million, 171 million, and 216 million yuan respectively, with a corresponding P/E ratio of 47.29, 37.03, and 29.38 [5]

已公布半年报公司净利润增幅排名 | 代码 | 简称 | 每股收益 | 净利润（万 | 净利润同比 | 营业收入（万 | 营业收入同比 | | --- | --- | --- | --- | --- | --- | --- | | | | （元） | 元） | （%） | 元） | （%） | | 688636 | 智明达 | 0.2284 | 3829.80 | 2147.93 | 29475.64 | 84.83 | | 002052 | 同洲电 子 | 0.2722 | 20307.14 | 662.77 | 53976.95 | 606.52 | | 002107 | 沃华医 药 | 0.0800 | 4467.64 | 303.16 | 42535.85 | 7.64 | | 605228 | 神通科 技 | 0.1500 | 6427.80 | 111.09 | 81572.69 | 22.46 | | 300604 | 长川科 技 | 0.6800 | 42702.18 | 98.73 | 216684.82 | 41.80 | | 600257 | 大湖股 份 | -0.0053 | -257. ...

Investment Rating - The report maintains a "Buy" rating for the company [2] Core Views - The company has shown steady progress in domestic substitution, with performance growth meeting expectations. In the first half of 2025, the company reported revenue of 240 million yuan, a year-on-year increase of 28%, and a net profit attributable to shareholders of 63 million yuan, up 42% year-on-year. The gross margin improved to 40.4%, an increase of 2.8 percentage points [1] - The product structure indicates significant growth in aramid paper and composite materials, with aramid paper revenue reaching 230 million yuan, a 23% increase, and composite materials revenue soaring by 1185% to 10 million yuan. This growth is attributed to the subsidiary's business in the new energy vehicle sector becoming more established [1] - Domestic revenue reached 190 million yuan, up 34% year-on-year, while export revenue was 52 million yuan, an 11% increase [1] Financial Summary - The company forecasts revenue for 2025 to be 532 million yuan, with a year-on-year growth of 30%. The net profit attributable to shareholders is expected to be 146 million yuan, reflecting a 45% increase [4] - Earnings per share are projected to be 1.00 yuan in 2025, with a price-to-earnings ratio (P/E) of 43 [4] - The company anticipates net profits of 197 million yuan and 250 million yuan for 2026 and 2027, respectively, with corresponding P/E ratios of 32 and 25 [2][4]

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company achieved a 56% growth in net profit attributable to the parent company in H1 2025, driven by product upgrades in data centers and aerospace engine sectors [5] - The company is expected to see net profits of 143 million, 181 million, and 230 million yuan from 2025 to 2027, with corresponding EPS of 0.98, 1.24, and 1.57 yuan per share, indicating a PE ratio of 43.9, 34.6, and 27.2 times respectively [6] - The company is positioned to benefit from high growth in emerging industries, particularly in aerospace, electric grid upgrades, and data centers, with a focus on developing new products to create a second growth curve [6] Financial Performance Summary - In H1 2025, the company reported revenue of 237 million yuan (yoy +28%) and a net profit of 63.03 million yuan (yoy +42%), with a non-recurring net profit of 61.12 million yuan (yoy +56%) [9] - For Q2 2025, revenue was 122 million yuan (yoy +28% / qoq +6%), with a net profit of 32.48 million yuan (yoy +36% / qoq +6%) [9] - The company’s gross margin for Q2 2025 was 41.0% (yoy +2.3 percentage points / qoq +1.3 percentage points), leading to a net margin of 25.9% (yoy +2.3 percentage points / qoq -0.4 percentage points) [9] Revenue and Profit Forecast - Revenue is projected to grow from 408 million yuan in 2024 to 531 million yuan in 2025, with a growth rate of 30.24% [8] - The net profit is expected to increase from 101 million yuan in 2024 to 143 million yuan in 2025, reflecting a growth rate of 41.91% [8] - The company anticipates a continued upward trend in revenue and profit, supported by strong demand in the new energy vehicle sector and electric grid upgrades [9]

Core Insights - As of July 25, 16 companies have released their semi-annual reports for 2025, with 12 reporting year-on-year profit growth and 4 showing declines [1] - Among these, 10 companies experienced year-on-year revenue growth, while 6 reported declines [1] - Eight companies, including Zhimingda, saw both profit and revenue growth, while two companies, including Zhongyan Chemical, reported declines in both metrics [1] - Three companies achieved profit growth exceeding 100%, with Zhimingda leading at a staggering 2147.93% increase [1] Company Performance Summary - Zhimingda (688636): Earnings per share of 0.2284, net profit of 38.298 million, net profit growth of 2147.93%, and revenue of 294.7564 million with a growth of 84.83% [1] - Wohua Medicine (002107): Earnings per share of 0.0800, net profit of 44.6764 million, net profit growth of 303.16%, and revenue of 425.3585 million with a growth of 7.64% [1] - Shentong Technology (605228): Earnings per share of 0.1500, net profit of 64.278 million, net profit growth of 111.09%, and revenue of 815.7269 million with a growth of 22.46% [1] - Changchuan Technology (300604): Earnings per share of 0.6800, net profit of 427.0218 million, net profit growth of 98.73%, and revenue of 2.1668482 billion with a growth of 41.80% [1] - Minshida (833394): Earnings per share of 0.4300, net profit of 63.0278 million, net profit growth of 42.28%, and revenue of 237.4942 million with a growth of 27.91% [1] - Ruigu Mould (002997): Earnings per share of 1.0800, net profit of 226.9641 million, net profit growth of 40.33%, and revenue of 1.6623784 billion with a growth of 48.30% [1] - Gaoneng Environment (603588): Earnings per share of 0.3290, net profit of 502.4205 million, net profit growth of 20.85%, and revenue of 6.7000252 billion with a decline of 11.20% [1] - Zhongyan Chemical (600328): Earnings per share of 0.0359, net profit of 52.7155 million, net profit decline of 88.04%, and revenue of 5.9977208 billion with a decline of 5.76% [1]