在本法律意见书中,本所律师仅对本次股东大会的召集、召开程序、出席会 议人员和召集人资格、会议表决程序及表决结果是否符合有关法律、《规则》及 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 · Guangzhou = Wuhan = Chengdu = Chongqing = Qingdao = Hangzhou = Nanjing = Haikou = Tokyo = Hong Kong = London = New York = 《章程》的规定发表意见,不对会议审议的议案内容以及该等议案所表述的事实 或数据的真实性及准确性发表意见。 /17F. Two IFC. 8 Century Avenue. Pudong Ne 电话/Tel : +86 21 6061 3666 传真/Fax:+8621 6061 北京市中伦(上海)律师事务所 关于新疆青松建材化工(集团)股份有限公司 2024 年年度股东大会的法律意见书 致:新疆青松建材化工(集团)股份有限公司 根据《中华人民共和国公司法》、《中华人民共和国证券法》(以下统称"有 关法律" ...

Investment Rating - The industry investment rating is "Leading the Market-A" [5] Core Viewpoints - Recent price increases in cement across various regions are expected to benefit from increased infrastructure investment [1][10] - The demand for cement is recovering, supported by effective peak-shifting production strategies and low inventory levels, leading to rising prices [3][10] - The cement industry is experiencing a gradual recovery in profitability due to strategic changes among leading companies and improved market conditions [8][10] Summary by Sections Price Increases - Multiple regions have announced price hikes for cement, with increases ranging from 10 to 100 CNY per ton in various areas [1] - As of April 4, 2025, the average prices for PO42.5 bulk cement (including tax) in different regions were reported, showing increases compared to previous lows [2] Demand and Supply Dynamics - National cement production in January-February 2025 was 171 million tons, a year-on-year decrease of 5.7%, but the decline is less severe compared to 2024 [3] - The operating rate of cement kilns in March was reported at 40.1%, a month-on-month increase of 12.5 percentage points, indicating improved production efficiency [3] Cost Factors - The average price of thermal coal has been declining, which supports improved profitability for cement companies as cement prices rise [3] Future Outlook - The cement demand is expected to continue recovering due to increased infrastructure investment and supportive government policies [9][10] - The industry is likely to see ongoing supply-side optimization policies that will help alleviate supply-demand imbalances and support price increases [9][10]

恒泰长财证券有限责任公司 关于新疆青松建材化工（集团）股份有限公司 详式权益变动报告书之 2025 年第 1 季度持续督导报告 恒泰长财证券有限责任公司（以下简称"恒泰长财"、"本财务顾问"）接受 新疆中新建能源矿业有限责任公司（以下简称"中新建能矿"、"信息披露义务人"） 的委托，担任其收购新疆青松建材化工（集团）股份有限公司（以下简称"青松 建化"、"上市公司"、"公司"）的财务顾问。 2024 年 4 月 18 日，信息披露义务人公告了《新疆青松建材化工（集团） 股份有限公司详式权益变动报告书》（以下简称"《详式权益变动报告书》"）。本 次权益变动是阿拉尔市统众国有资本投资运营（集团）有限责任公司（现更名为 "阿拉尔市国有资本投资运营集团有限公司"，以下简称"阿拉尔国投公司"）以 其持有的青松建化 360,922,546 股股份向中新建能矿出资，出资完成后，中新建 能矿持有青松建化 360,922,546 股股份，占青松建化总股本的比例为 22.49%， 从而成为青松建化控股股东。 2024 年 11 月 26 日，上市公司收到股东转达的中国证券登记结算有限责任 公司出具的《证券过户登记确认书》，本次协 ...

Core Viewpoint - The company reported a decline in financial performance for 2024, with significant reductions in revenue and net profit, while outlining strategic goals and operational plans for 2025 to address market challenges and enhance efficiency [1][2][3]. Financial Performance - The total revenue for 2024 was 4.328 billion yuan, a decrease of 3.6% compared to the previous year [3]. - The net profit attributable to the parent company was 353.67 million yuan, down 23.6% year-on-year [3]. - The company's total assets decreased by 156.6 million yuan, or 1.62%, to 95.376 billion yuan [2][3]. - The company's operating costs were 3.309 billion yuan, a reduction of 2% from the previous year [3]. Asset and Liability Situation - Current assets totaled 31.718 billion yuan, down 15.44% year-on-year [2]. - The company's total liabilities were 28.514 billion yuan, a decrease of 11.67% compared to the previous year [3]. - The debt-to-asset ratio improved to 29.9%, down from 33.3% the previous year [4]. Operational Challenges - The company faced challenges due to a decline in demand for cement and concrete products, attributed to a slowdown in the real estate market [3][11]. - The company reported difficulties in collecting receivables, particularly in the concrete segment, due to ongoing market adjustments [6][11]. Strategic Goals for 2025 - The company aims to achieve a revenue target of 4.267 billion yuan in 2025, focusing on cost control and operational efficiency [12]. - Plans include enhancing technological innovation and expanding product offerings in the cement and chemical sectors [12][14]. - The company will prioritize environmental sustainability by implementing low-emission technologies and increasing the use of renewable energy [12][14]. Management and Governance - The board of directors held five meetings in 2024 to discuss key operational and financial matters, ensuring compliance with legal and regulatory requirements [7][15]. - The supervisory board conducted regular oversight of financial reporting and operational management, confirming adherence to governance standards [15][19].

Group 1 - The company will hold the 2024 annual general meeting on April 10, 2025, using a combination of on-site and online voting methods [1] - The company has announced the use of Shanghai Stock Exchange Information Network Co., Ltd. to provide a shareholder meeting reminder service to better serve small and medium-sized investors [2] - Investors will receive smart SMS reminders based on the shareholder register as of the registration date, allowing them to vote directly through the provided instructions [2]

新疆青松建材化工（集团）股份有限公司 2024 年年度股东大会 会议资料 2025 年 4 月 2 日 1 新疆青松建材化工（集团）股份有限公司 2024 年年度股东大会会议议程 （主持人：董事长郑术建） 会议时间：2025 年 4 月 10 日上午 11：30 会议地点：乌鲁木齐市米东区米东南路恒联巷 237 号公司办公楼一楼 会议室 股东代表 2 名，监事 1 名，见证律师。 四、审议《2024 年度财务决算报告和 2025 年度财务预算草案》 五、审议《2024 年度董事会工作报告》 九、审议《关于续聘大信会计师事务所（特殊普通合伙）为公司 2025 年度审计机构的议案》 十、审议《新疆青松建材化工（集团）股份有限公司防范控股股东及 关联方资金占用制度》 十一、审议《新疆青松建材化工（集团）股份有限公司主要负责人薪 酬考核管理办法》 2 一、律师审查出席会议人员的资格 二、主持人宣布大会开始 三、成立会议监票组 六、审议《2024 年度监事会工作报告》 七、审议《2024 年度利润分配方案》 八、审议《2024 年年度报告》 十二、审议《关于调整独立董事津贴的议案》 十三、审议《关于董事、监事薪酬方案的 ...

证券代码：600425 证券简称：青松建化 公告编号：临 2025-009 新疆青松建材化工（集团）股份有限公司 关于2024年年度股东大会开设网络投票提示服务 的公告 董事会 2025 年 4 月 3 日 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个别及连带责任。 新疆青松建材化工（集团）股份有限公司（以下简称"公司"）将于 2025 年 4 月 10 日召开 2024 年年度股东大会，本次会议采用现场投票和网络投票相结合的 方式召开。具体内容详见公司于 2025 年 3 月 15 日在上海证券报、证券时报和上 海证券交易所网站（www.sse.com.cn）披露的《新疆青松建材化工（集团）股份有 限公司关于召开 2024 年年度股东大会的通知》（公告编号：2025-008）。 为更好地服务广大中小投资者，确保有投票意愿的中小投资者能够及时参会、 及时投票，公司拟使用上证所信息网络有限公司（以下简称"上证信息公司"）提 供的股东大会提醒服务，委托上证信息公司通过智能短信等形式，根据股权登记 日的股东名册主动提醒股东参会投票，投资者 ...

恒泰长财证券有限责任公司 关于新疆青松建材化工（集团）股份有限公司 详式权益变动报告书之 2024 年度持续督导意见 恒泰长财证券有限责任公司（以下简称"恒泰长财"、"本财务顾问"）接受 新疆中新建能源矿业有限责任公司（以下简称"中新建能矿"、"信息披露义务人"） 的委托，担任其收购新疆青松建材化工（集团）股份有限公司（以下简称"青松 建化"、"上市公司"、"公司"）的财务顾问。 2024 年 4 月 18 日，信息披露义务人公告了《新疆青松建材化工（集团）股 份有限公司详式权益变动报告书》（以下简称"《详式权益变动报告书》"）。根据 《上市公司收购管理办法》第七十一条，"自收购人公告上市公司收购报告书至 收购完成后 12 个月内，财务顾问应当通过日常沟通、定期回访等方式，关注上 市公司的经营情况，结合被收购公司定期报告和临时公告的披露事宜，对信息披 露义务人及被收购公司履行持续督导职责……"，本财务顾问就本次权益变动的 持续督导期自 2024 年 4 月 18 日开始。 通过日常沟通，结合上市公司的 2024 年年度报告，本财务顾问出具 2024 年度（2024 年 4 月 18 日至 2024 年 12 ...

Core Viewpoint - Qingsong Jianhua (600425) reported a stable operating performance for 2024, with a slight decline in revenue and a consistent cash dividend distribution to shareholders [1] Group 1: Financial Performance - The company achieved an operating revenue of 4.328 billion yuan, a decrease of 3.6% compared to the same period last year [1] - The net profit attributable to shareholders was 354 million yuan, marking the fourth consecutive year of cash dividends, totaling 160 million yuan distributed to shareholders [1] Group 2: Market Position and Product Offering - Qingsong Jianhua is one of the oldest cement manufacturers in Xinjiang and the largest in the Bingtuan region, with a cement production capacity of 15 million tons, significantly influencing local cement prices [1] - The company has developed a range of special cement products, becoming a major supplier in the fields of oil well cement, road cement, and dam cement [2] - Qingsong Jianhua is the only designated supplier of cement for oil wells deeper than 5000 meters in Xinjiang, highlighting its unique market position [2] Group 3: Industry Context - The cement industry in Xinjiang continues to face overcapacity, with average sales prices declining due to ongoing adjustments in the real estate sector and a slowdown in fixed asset investments [2] - Despite a 9.5% year-on-year decline in cement production among large enterprises nationwide, Qingsong Jianhua maintained a high gross margin of 31.24% for its core cement products, generating 3.31 billion yuan in revenue [2] Group 4: Future Prospects - The company is expected to play an increasingly important role in optimizing market pricing and integrating regional markets as outdated production capacity is phased out [1] - The coal mine project owned by Qingsong Jianhua's affiliate, which has recently resumed operations, is anticipated to bring substantial investment returns once production commences [4]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 4.83 CNY, indicating an expected relative return of over 20% within the next six months [6][4]. Core Insights - The company reported a total revenue of 4.33 billion CNY for 2024, a decrease of 3.60% year-on-year, and a net profit attributable to shareholders of 354 million CNY, down 23.68% year-on-year [1][4]. - The cement business remained stable in terms of volume and price, while the chemical segment continued to be a drag on overall performance [2][4]. - The commencement of the China-Kyrgyzstan-Uzbekistan railway project is expected to boost demand for the company's products, with an estimated annual demand elasticity of 6-8% [4]. Financial Performance Summary - The company's cement revenue was 3.31 billion CNY, showing a slight increase in sales volume by 0.5% to 8.21 million tons, but the average price per ton decreased by 2.2 CNY to 403 CNY/ton [2]. - The overall gross margin for 2024 was 23.54%, a decline of 1.25 percentage points year-on-year, with a net profit margin of 8.32%, down 2.64 percentage points [3]. - The company reported a significant drop in its chemical segment revenue, which fell by 3.3% to 810 million CNY, with PVC and urea sales declining by 2.5% and 23.2%, respectively [2][3]. Future Outlook - The company plans to adjust its profit forecasts for 2025 and 2026 to 430 million CNY and 586 million CNY, respectively, due to the pressure on cement demand and losses in the chemical sector [4]. - The company has a solid capital structure with a debt-to-asset ratio of 29.90%, reflecting an improvement of 3.4 percentage points year-on-year [3].