新疆天阳律师事务所 二〇二四年五月 新疆天阳律师事务所 关于特变电工股份有限公司 二〇二三年年度股东大会 T&P 新疆天阳律师事务所 特变电工 2023年年度股东大会 法律意见书 天阳证股字[2024]第 09 号 新疆天阳律师事务所 关于特变电工股份有限公司 二〇二三年年度股东大会 法律意见书 天阳证股字[2024]第 09 号 致:特变电工股份有限公司 新疆天阳律师事务所(下称"本所")接受特变电工股份有限公司(下 称"公司")的委托,委派本所常娜娜律师、尹杰律师出席公司 2023年年 度股东大会,根据《中华人民共和国公司法》(下称"《公司法》")、《中 华人民共和国证券法》(下称"《证券法》")、《上市公司股东大会规则》 和《特变电工股份有限公司章程》(下称"《公司章程》"),按照律师行 业公认的业务标准、道德规范和勤勉尽责精神,对有关的文件和事实进行核 查与验证,现出具法律意见如下: l T&P 新疆天阳律师事务所 特变电工 2023年年度股东大会 T&P 新疆天阳律师事务所 特变电工 2023年年度股东大会 (2)本次年度股东大会股东通过上海证券交易所股东大会网络投票系统 进行网络投票。 二、出席本 ...

Financial Performance - The company's operating revenue for Q1 2024 was RMB 2,354,269.76 million, a decrease of 11.12% compared to RMB 2,648,718.45 million in the same period last year[3]. - Net profit attributable to shareholders was RMB 199,377.03 million, down 57.89% from RMB 473,413.44 million year-on-year[3]. - Basic and diluted earnings per share were both RMB 0.3972, representing a decrease of 67.05% from RMB 1.2054 in the same period last year[3]. - Total operating revenue for Q1 2024 was CNY 23.56 billion, a decrease of 11.5% compared to CNY 26.50 billion in Q1 2023[20]. - Net profit for Q1 2024 was CNY 2.39 billion, down 64.8% from CNY 6.78 billion in Q1 2023[21]. - Operating profit for Q1 2024 was CNY 2.82 billion, a decline of 64.3% from CNY 7.90 billion in Q1 2023[21]. - The total comprehensive income for Q1 2024 was CNY 2.49 billion, a decrease of 63.0% from CNY 6.75 billion in Q1 2023[22]. Cash Flow - The net cash flow from operating activities was RMB 249,587.91 million, reflecting a decline of 61.38% compared to RMB 646,345.84 million in the previous year[3]. - In Q1 2024, the cash inflow from operating activities was CNY 24.68 billion, a decrease of 9.5% compared to CNY 27.25 billion in Q1 2023[24]. - The net cash flow from operating activities was CNY 2.50 billion, down 61.3% from CNY 6.46 billion in the same period last year[24]. - The cash flow from operating activities showed a positive trend with a net inflow for the first time in several quarters[37]. Assets and Liabilities - Total assets at the end of the reporting period were RMB 19,925,855.41 million, an increase of 3.84% from RMB 19,189,831.62 million at the end of the previous year[3]. - The total liabilities of the company as of March 31, 2024, were RMB 65.18 billion, compared to RMB 63.37 billion at the end of 2023, reflecting an increase of about 2.8%[17]. - The total assets as of March 31, 2024, were CNY 56,593,878,036.66, an increase from CNY 55,353,579,951.25 as of December 31, 2023[29]. - The total liabilities decreased to CNY 28,886,544,077.60 as of March 31, 2024, down from CNY 29,072,811,517.83 at the end of 2023[29]. Equity - The equity attributable to shareholders increased by 5.74% to RMB 6,615,385.44 million from RMB 6,256,274.99 million at the end of the previous year[3]. - Total equity attributable to shareholders was CNY 66.15 billion, up 5.1% from CNY 62.56 billion at the end of 2023[18]. - The total equity increased to CNY 27,707,333,959.06 as of March 31, 2024, compared to CNY 26,280,768,433.42 at the end of 2023[29]. Government Subsidies and Adjustments - The company received government subsidies amounting to RMB 100,178,044.86, which significantly impacted the financial results[5]. - The company has adjusted its financial statements for the previous year due to the acquisition of Xinjiang TBEA Control Equipment Co., Ltd., which is now included in the consolidated financial statements[4]. Research and Development - Research and development expenses for Q1 2024 were CNY 367.70 million, a decrease of 30.6% from CNY 529.44 million in Q1 2023[20]. - Research and development expenses increased to CNY 21,320,995.09 in Q1 2024, up from CNY 14,337,819.41 in Q1 2023, reflecting a growth of 48.73%[32]. Inventory and Receivables - Accounts receivable increased to RMB 16.42 billion as of March 31, 2024, up from RMB 13.47 billion at the end of 2023, representing a rise of approximately 22.0%[14]. - The company's inventory reached RMB 15.82 billion as of March 31, 2024, compared to RMB 14.42 billion at the end of 2023, marking an increase of around 9.7%[15]. - The accounts receivable rose to CNY 4.68 billion, up from CNY 3.44 billion in the previous year, indicating a 36.1% increase[27]. - The inventory increased to CNY 1.93 billion, compared to CNY 1.42 billion in Q1 2023, reflecting a growth of 35.5%[27].

2024 年 5 月 7 日 特变电工股份有限公司 特变电工股份有限公司 2023 年年度股东大会会议资料 新疆·昌吉 特变电工股份有限公司 目 录 | 1、 | 公司 | 2023 | 年度董事会工作报告 2 | | --- | --- | --- | --- | | 2、 | 公司 | 2023 | 年度监事会工作报告 10 | | 3、 | 公司 | 2023 | 年度财务决算报告 16 | | 4、 | 公司 | 2023 | 年度利润分配方案 22 | | 5、 | | 公司独立董事 | 2023 年度述职报告 25 | | 6、 | 公司 | 2023 | 年年度报告及年度报告摘要 53 | | 7、 | 公司 | 2024 | 年度续聘会计师事务所的议案 54 | | 8、 | | | 公司股东未来分红回报规划（2024 年-2026 年） 56 | | 9、 | | | 修改《特变电工股份有限公司公司章程》的议案 60 | | | 10、公司董事长 | | 2024 年度薪酬的议案 61 | 特变电工股份有限公司 特变电工股份有限公司 2023 年年度股东大会议程 一、现场会议召开时间：202 ...

根据《上海证券交易所上市公司自律监管指南第 2 号—业务办理》（第八号 —股权激励计划股票期权自主行权）、《特变电工股份有限公司 2022 年股票期权 激励计划》及中国证券登记结算有限责任公司上海分公司关于股票期权自主行权 的相关规定，结合公司 2024 年第一季度报告的披露计划，现对处于自主行权期 的股票期权进行限制，具体如下： 一、公司 2022 年股权激励计划首次授予股票期权已于 2023 年 12 月 8 日进 入第一个行权期，行权期间为 2023 年 12 月 8 日至 2024 年 11 月 23 日（根据相 关规定限制行权期间除外）。 二、本次限制行权期为 2024 年 4 月 20 日至 2024 年 4 月 29 日，在此期间全 部激励对象将限制行权。 特变电工股份有限公司 证券代码：600089 证券简称：特变电工 公告编号：临 2024-026 特变电工股份有限公司关于 2022 年股票期权激励计 划限制行权期间的提示性公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 三、公司将按照有关规定及时办理限 ...

Investment Rating - The report maintains a "Buy" rating for the company [3][5]. Core Views - The company reported a revenue of 98.206 billion yuan in 2023, a year-on-year increase of 2.29%, but the net profit attributable to shareholders decreased by 32.62% to 10.703 billion yuan [3]. - The sales volume of polysilicon increased by 90.16% to 202,900 tons, but the price dropped significantly, leading to pressure on profitability [3]. - The company aims for a revenue target of 100 billion yuan in 2024, with a focus on controlling costs and expanding renewable energy capacity [3]. Summary by Sections Financial Performance - In Q4 2023, the company achieved a revenue of 24.55 billion yuan, a decrease of 21.70% year-on-year, and a net profit of 1.326 billion yuan, down 72.52% year-on-year [3]. - The polysilicon price fell from 176,200 yuan per ton at the beginning of 2023 to 58,300 yuan per ton by the end of the year, a decline of 66.91% [3]. - The company's revenue from the new energy sector decreased by 18.39% to 28.052 billion yuan, with a gross margin drop of 25.87 percentage points to 31.95% [3]. Business Segments - The coal segment's sales volume exceeded 74 million tons, leading to a revenue increase of 4.47% to 18.230 billion yuan [3]. - The power transmission and transformation business saw significant growth, with revenues from transformers, cables, and complete engineering projects increasing by 32.39%, 32.56%, and 17.69%, respectively [3]. - The company signed contracts worth 40.45 billion yuan in the domestic market for power transmission and transformation, a year-on-year increase of 30.06% [3]. Future Outlook - The company plans to achieve a polysilicon production target of 280,000 to 300,000 tons in 2024 and aims to expand its renewable energy capacity to 4 to 5 GW by the end of 2024 [3]. - The projected net profit for 2024 is estimated at 8.012 billion yuan, reflecting a decrease of 25.14% compared to 2023 [4].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 18.63 CNY, based on a 10x PE for 2024 [5][8]. Core Insights - The company reported a revenue of 98.12 billion CNY in 2023, a year-on-year increase of 1.79%, but the net profit attributable to shareholders decreased by 32.75% to 10.70 billion CNY [2][5]. - The silicon material segment faced pressure due to a significant drop in prices, while the power transmission and transformation segment maintained high demand and growth [3][4]. Financial Performance Summary - In Q4 2023, the company achieved a revenue of 24.23 billion CNY, down 6.74% year-on-year but up 1.74% quarter-on-quarter, with a net profit of 1.31 billion CNY, reflecting a 72.95% decline year-on-year [2]. - The silicon material sales volume increased by 90.16% to 202,900 tons, but prices fell sharply from 176,200 CNY/ton to 58,300 CNY/ton over the year [3]. - The coal segment's revenue grew by 4.47% to 18.23 billion CNY, with a gross margin of 46.41% [3]. Segment Performance - The power transmission and transformation segment saw revenues of 18.49 billion CNY, 13.55 billion CNY, and 4.92 billion CNY for transformers, cables, and complete engineering projects, respectively, with year-on-year growth rates of 32.39%, 32.56%, and 17.69% [4]. - The company secured domestic contracts worth 40.45 billion CNY and has approximately 5.3 billion USD in ongoing international contracts, indicating a robust order backlog [4]. Earnings Forecast and Valuation - Projected revenues for 2024, 2025, and 2026 are 109.90 billion CNY, 124.51 billion CNY, and 135.46 billion CNY, with year-on-year growth rates of 12.01%, 13.29%, and 8.80% respectively [5]. - The forecasted net profit for the same years is 9.41 billion CNY, 11.00 billion CNY, and 12.59 billion CNY, with growth rates of -12.07%, 16.92%, and 14.37% respectively [5].

Financial Performance - The net profit for the year 2023 reached CNY 5,133,197,127.34, with a proposed cash dividend of CNY 2.0 per 10 shares, totaling approximately CNY 1,146,769,203.05, which accounts for 10.71% of the net profit attributable to shareholders [2]. - The company plans to allocate 10% of the net profit to statutory reserves, amounting to CNY 513,319,712.73, with the remaining profit available for distribution to shareholders being CNY 6,662,682,908.77 [2]. - The company's operating revenue for 2023 was CNY 9,812,348.37 million, representing a 1.79% increase compared to 2022 [15]. - The net profit attributable to shareholders for 2023 was CNY 1,070,271.07 million, a decrease of 32.75% from the previous year [15]. - The net cash flow from operating activities increased by 18.41% to CNY 2,581,207.63 million in 2023 [15]. - The total assets of the company reached CNY 19,189,831.62 million, reflecting a 12.21% growth year-on-year [15]. - The basic earnings per share for 2023 was CNY 2.3888, down 42.11% from 2022 [16]. - The weighted average return on equity decreased by 14.79 percentage points to 18.41% in 2023 [16]. - The total comprehensive income decreased by 39.91% compared to the previous year, reflecting the overall decline in profitability [58]. Shareholder Returns - The total number of shares after buybacks is 5,020,166,186, with a total share capital of 5,052,710,023 shares before buybacks [184]. - The company will not distribute stock dividends or increase capital reserves in 2023, maintaining a focus on cash dividends [184]. - The cash dividend plan is subject to approval at the 2023 annual general meeting of shareholders [184]. - The cash dividends proposed for 2023 will include an additional amount of ¥142,735,965.85 from share buybacks, bringing the total expected cash distribution to ¥1,146,769,203.05 [187]. - The company emphasizes a stable return to shareholders, adhering to a consistent and sustainable dividend policy based on current profitability and funding needs [185]. Risk Management - The company has not reported any non-operating fund occupation by controlling shareholders or related parties, nor any violations in decision-making procedures for external guarantees [3]. - There are no significant risks reported that could affect the company's future performance [3]. - The company has strengthened its risk control and compliance systems, conducting compliance training for nearly 10,000 personnel throughout the year [33]. - The company faces macroeconomic and industry risks that could impact profitability, and it will strengthen its analysis of relevant policies to mitigate these risks [133]. - Increased market competition, both domestically and internationally, poses a risk, prompting the company to enhance its market competitiveness through cost reduction and quality improvement [135]. Operational Highlights - The company achieved a domestic market contract signing of 40.45 billion RMB in the power transmission and transformation industry in 2023 [25]. - The company produced 191,300 tons of polysilicon and sold 202,900 tons in 2023, with a confirmed revenue from wind and solar projects of approximately 2.19 GW [25]. - The company’s total sales of coal exceeded 74 million tons in 2023, with stable operation of thermal power units generating a total of 17.472 billion kWh [25]. - The company’s digital transformation projects, including digital factories and smart power plants, have been progressively implemented, enhancing operational efficiency [30]. - The company’s energy business includes coal mining and sales, as well as electricity and heat production and supply [45]. Research and Development - The company added 388 authorized patents in 2023, including 111 invention patents, bringing the total to 2,427 effective authorized patents [47]. - The total R&D investment for the period was 481,372.97 million RMB, accounting for 4.91% of operating revenue [73]. - The company is committed to innovation, with a national-level enterprise technology center and various research platforms [46]. - The company has established a complete R&D, procurement, production, sales, and after-sales service system across its main business sectors [45]. Environmental and Compliance - The company invested approximately 104,607.27 million CNY in environmental protection during the reporting period [196]. - The company has implemented pollution prevention facilities that comply with national and local environmental regulations [200]. - The company’s subsidiaries have completed ultra-low emission environmental acceptance and evaluations, meeting relevant environmental standards [197]. - The company continues to focus on pollution control in its coal mining, power generation, and polysilicon production processes [200]. Future Outlook - The company plans to achieve a revenue of 100 billion yuan in 2024, with operating costs controlled within 80 billion yuan [124]. - The company provided a positive outlook for 2024, projecting a revenue growth of 12% to 15% based on current market trends and demand [161]. - The company aims to enhance its market competitiveness by integrating manufacturing and service capabilities, focusing on high-quality order acquisition and system integration [125]. - The company will actively expand both domestic and international markets, leveraging its design and manufacturing strengths to provide integrated solutions [126].

特 变 电 工 股 份 有 限 公 司 2023 年度 内部控制审计报告 索引 页码 内部控制审计报告 1-2 内部控制审计报告 XYZH/2024URAA3B0009 特变电工股份有限公司 特变电工股份有限公司全体股东： 按照《企业内部控制审计指引》及中国注册会计师审计准则的相关要求，我们审计了 特变电工股份有限公司 2023 年 12 月 31 日财务报告内部控制的有效性。 一、企业对内部控制的责任 按照《企业内部控制基本规范》、《企业内部控制应用指引》 、《企业内部控制评价指 引》的规定，建立健全和有效实施内部控制，并评价其有效性是特变电工股份有限公司董 事会的责任。 二、注册会计师的责任 我们的责任是在实施审计工作的基础上，对财务报告内部控制的有效性发表审计意 见，并对注意到的非财务报告内部控制的重大缺陷进行披露。 三、内部控制的固有局限性 审计报告（续） XYZH/2024URAA3B0009 特变电工股份有限公司 四、财务报告内部控制审计意见 我们认为，特变电工股份有限公司于 2023 年 12 月 31 日按照《企业内部控制基本规 范》和相关规定在所有重大方面保持了有效的财务报告内部控制。 信永 ...

特变电工股份有限公司 TBEA 特变电工股份有限公司 董事会审计委员会 2023 年度履职情况的报告 根据《上市公司治理准则》《上海证券交易所股票上市规则》《上海证券交易 所上市公司自律监管指引第1号 -- 规范运作》和《公司章程》《特变电工股份 有限公司董事会审计委员会实施细则》等有关规定,审计委员会充分发挥监督审 查作用,恪尽职守的履行了相关职责,现将 2023年度董事会审计委员会履职情 况报告如下: 清楚 一、审计委员会基本情况 公司第十届董事会审计委员会现由孙卫红、夏清、陈盈如、郭俊香、张宏中 五位董事组成(原委员王涛先生因工作原因于 2023年 4 月 7 日辞去委员职务, 2023年 7 月 18 日,公司董事会补选张宏中先生为审计委员会委员)。其中孙卫 红女士为会计专业人士,担任审计委员会主任委员。审计委员会委员资格和构成 均符合有关法律法规的规定。 二、审计委员会会议召开情况 2023 年度公司共计召开董事会审计委员会会议 7 次,全体委员均出席了全 部会议,共计审议议案 19 项,所有议案均未出现反对、弃权情况。会议召开情 | 况如 | | --- | | F . . | | 序号 | 会议 ...

特变电工股份有限公司章程 特变电工股份有限公司章程 （2024 年） 第一章 总则 第一条 为维护公司、股东和债权人的合法权益，规范公司的组织和行为， 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》）和其他有关规定，制订本章程。 第二条 公司系依照《股份有限公司规范意见》和其他有关规定成立的股份 有限公司（以下简称"公司"）。公司成立后，按照有关规定，对照《公司法》进 行了规范，并依法履行了重新登记手续。 公司经新疆维吾尔自治区体制改革委员会以"新体改(1993)095 号"文批准， 以定向募集方式设立；在新疆维吾尔自治区工商行政管理局注册登记，取得营业 执照，营业执照号 6500001000795。 第三条 公司于一九九七年五月二十八日经中国证券监督管理委员会（以下 简称中国证监会）批准，首次向境内社会公众发行人民币普通股三千万股，于一 九九七年六月十八日在上海证券交易所上市。 第四条 公司注册名称：特变电工股份有限公司 英文全称：TBEA Co.,Ltd. 第五条 公司住所：新疆维吾尔自治区昌吉市北京南路189号 邮编：831100 第六条 公司注册资本 ...