证券代码：600884 证券简称：杉杉股份 公告编号：2024-033 宁波杉杉股份有限公司 2023 年年度权益分派实施公告 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。 重要内容提示： 每股分配比例 A 股每股现金红利 0.20 元（含税） 相关日期 | 股份类别 | 股权登记日 | 最后交易日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | --- | --- | | Ａ股 | 2024/6/5 | － | 2024/6/6 | 2024/6/6 | 差异化分红送转： 是 一、 通过分配方案的股东大会届次和日期 本次利润分配方案经宁波杉杉股份有限公司（下称"（本）公司"）2024 年 5 月 16 日召开的 2023 年年度股东大会审议通过。 （2）除权除息方法的说明：根据上海证券交易所的相关规定，公司按照以下 公式计算除权除息参考价： 二、 分配方案 1. 发放年度：2023 年年度 2. 分派对象： 截至股权登记日下午上海证券交易所收市后，在中国证券登记结算有限责任 公司上海分公司 ...

Investment Rating - The report maintains a **Buy** rating for ShanShan Co Ltd (600884 SH) [4] Core Views - ShanShan Co Ltd reported a revenue of **19 07 billion yuan** in 2023, a year-on-year decrease of **12 13%**, with net profit attributable to the parent company dropping by **71 56%** to **765 million yuan** [5] - The company's negative electrode business achieved sales of **264 000 tons**, a year-on-year increase of **44 55%**, but the gross margin decreased by **10 36 percentage points** to **11 77%** due to oversupply and intense competition in the domestic market [6] - The polarizer business saw sales of **140 million square meters**, a year-on-year increase of **10 18%**, with a gross margin of **19 52%**, down **7 18 percentage points** due to industry fluctuations [6] - In Q1 2024, the company reported a revenue of **3 752 billion yuan**, a year-on-year decrease of **15 67%**, with a net loss of **73 million yuan** [5] - The company is expanding its negative electrode production capacity, with new bases in Sichuan and Yunnan, and is actively developing overseas projects, such as the **100 000-ton negative electrode project in Finland** [6] Financial Performance - In 2023, the company's operating income was **19 07 billion yuan**, with a gross profit of **3 093 billion yuan**, accounting for **16%** of revenue [10] - The company's net profit attributable to the parent company in 2023 was **765 million yuan**, with an EPS of **0 35 yuan** [10] - For 2024, the company is expected to achieve an operating income of **20 636 billion yuan**, with a net profit attributable to the parent company of **832 million yuan** and an EPS of **0 37 yuan** [10] Business Outlook - The company is focusing on new technologies in the negative electrode sector, such as fast charging, silicon carbon, and hard carbon, while optimizing its business structure by divesting non-core businesses like clothing, finance, and charging piles [6] - The company's negative electrode market share remains high, but it faces pressure from industry price fluctuations and seasonal factors affecting production costs [6]

北京市天元律师事务所 关于宁波杉杉股份有限公司 2023 年年度股东大会的法律意见 京天股字（2024）第 218 号 致：宁波杉杉股份有限公司 宁波杉杉股份有限公司（以下简称"公司"）2023 年年度股东大会（以下简称 "本次股东大会"）采取现场投票与网络投票相结合的方式，现场会议于 2024 年 5 月 16 日下午 13 时 30 分在浙江省宁波市鄞州区日丽中路 777 号杉杉大厦 28 层会 议室召开。北京市天元律师事务所（以下简称"本所"）接受公司聘任，指派本所 律师参加本次股东大会现场会议，并根据《中华人民共和国公司法》《中华人民共 和国证券法》（以下简称"《证券法》"）、《上市公司股东大会规则》（以下简 称"《股东大会规则》"）以及《宁波杉杉股份有限公司章程》（以下简称"《公 司章程》"）等有关规定，就本次股东大会的召集、召开程序、出席现场会议人员 的资格、召集人资格、会议表决程序及表决结果等事项出具本法律意见。 为出具本法律意见，本所律师审查了《宁波杉杉股份有限公司第十一届董事会 第八次会议决议公告》《宁波杉杉股份有限公司第十一届监事会第七次会议决议公 告》《宁波杉杉股份有限公司关于召开 20 ...

证券代码：600884 证券简称：杉杉股份 公告编号：2024-032 宁波杉杉股份有限公司 2023 年年度股东大会决议公告 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。 一、 会议召开和出席情况 | 1、出席会议的股东和代理人人数 | 69 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 1,160,715,661 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股 | 53.0733 | | 份总数的比例（%） | | 注：截至本次股东大会股权登记日（2024 年 5 月 8 日），公司股份总数为 2,258,223,223 股， 公司回购专用证券账户股份数为 71,218,030 股，因公司回购专用证券账户中的股份不享有 股东大会表决权，故公司有表决权股份总数为 2,187,005,193 股。 (四) 表决方式是否符合《公司法》及《公司章程》的规定，大会主持情况等。 本次会议采取现场与网络投票方式进行记名投票表决。根据《宁波杉杉股份 有限公司章程》（下称"《公司章程 ...

中天国富证券有限公司 关于 宁波杉杉股份有限公司 重大资产购买 之 2023 年度持续督导意见 暨持续督导总结报告 独立财务顾问 二〇二四年五月 2023 年度持续督导意见暨持续督导总结报告 声 明 中天国富证券有限公司（以下简称"中天国富证券"或"本独立财务顾问"） 作为宁波杉杉股份有限公司（以下简称"杉杉股份"、"上市公司"）重大资产购 买项目的独立财务顾问，根据《上市公司重大资产重组管理办法》《上市公司并 购重组财务顾问业务管理办法》等法律法规和规范性文件的有关规定，按照证券 行业公认的业务标准、道德规范，本着诚实信用、勤勉尽责的态度，遵循客观、 公正原则，经审慎核查，出具本持续督导意见暨持续督导总结报告，特作如下声 明： 1、本持续督导意见暨持续督导总结报告所依据的资料由上市公司及交易相 关方提供，提供方对资料的真实性、准确性和完整性负责，并保证资料无虚假记 载、误导性陈述或重大遗漏。 2、本独立财务顾问已按照规定履行尽职调查义务，有充分理由确信所发表 的专业意见与上市公司披露的文件内容不存在实质性差异。 3、本持续督导意见暨持续督导总结报告不构成对上市公司的任何投资建议， 投资者根据本持续督导意见暨 ...

二〇二四年五月十六日 杉杉股份2023 年年度股东大会会议资料 宁波杉杉股份有限公司 2023年年度股东大会会议资料 三、会议的表决方式： 杉杉股份2023 年年度股东大会会议资料 宁波杉杉股份有限公司 2023年年度股东大会会议议程 一、会议时间： 现场会议召开时间：2024年5月16日13:30。 网络投票起止时间：2024年5月16日，采用上海证券交易所网络投票系统， 通过交易系统投票平台的投票时间为股东大会召开当日的交易时间段，即9:15- 9:25，9:30-11:30，13:00-15:00；通过互联网投票平台的投票时间为股东大会 召开当日的9:15-15:00。 二、现场会议地点： 浙江省宁波市鄞州区日丽中路777号杉杉大厦28层会议室。 本次会议采取现场投票与网络投票相结合的方式举行。 （一）本公司股东通过上海证券交易所股东大会网络投票系统行使表决权的， 既可以登陆交易系统投票平台（通过指定交易的证券公司交易终端）进行投票， 也可以登陆互联网投票平台（网址：vote.sseinfo.com）进行投票。首次登陆互 联网投票平台进行投票的，投资者需要完成股东身份认证。具体操作请见互联网 投票平台网 ...

Financial Performance - The company's operating revenue decreased by 12.13% to approximately CNY 19.07 billion in 2023, down from CNY 21.70 billion in 2022[29]. - The net profit attributable to shareholders dropped by 71.56% to approximately CNY 765.34 million in 2023, compared to CNY 2.69 billion in 2022[29]. - The company reported a significant decline in cash flow from operating activities, with a net outflow of approximately CNY 198.13 million in 2023[29]. - The weighted average return on equity decreased by 9.58 percentage points to 3.35% in 2023, down from 12.93% in 2022[29]. - The net profit attributable to shareholders was CNY 76,533.78 million, down 71.56% year-on-year[43]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was CNY 21,886.44 million, a decline of 90.60% year-on-year[43]. Dividend Distribution - The company plans to distribute a cash dividend of RMB 2.00 per 10 shares, totaling RMB 438,585,378.60 (including tax) based on 2,192,926,893 shares available for distribution[5]. Market Position and Growth - The company ranked first globally in the production of artificial graphite anode materials for three consecutive years[14]. - The company maintained a leading global market share, further solidifying its position as an industry leader[42]. - The company’s polarizer business is a leader in the global market, following the acquisition of LG Chem's LCD polarizer business in 2021[8]. - The company has established stable relationships with major panel manufacturers, ensuring a consistent customer base[23]. - The company’s two core businesses, negative materials and polarizers, both saw year-on-year sales growth, outpacing the industry average[42]. Production and Sales - In 2023, the global production of anode materials reached 1.7621 million tons, a year-on-year increase of 20%[16]. - Global sales of new energy vehicles reached 14.653 million units in 2023, a year-on-year increase of 35.4%[16]. - The global energy storage battery shipment volume reached 224.2 GWh in 2023, a year-on-year increase of 40.7%[16]. - The production model is primarily "sales-driven," with production plans based on customer demand and historical sales data[22]. - The company has deepened cooperation with leading battery manufacturers, resulting in significant year-on-year growth in sales to key customers[17]. Strategic Focus - The company has divested from non-core businesses, including electrolyte and photovoltaic segments, focusing on core anode and polarizer businesses[8]. - The company is actively focusing on its core strategy, accelerating the divestment of non-core businesses and inefficient assets[43]. - The company plans to enhance its competitiveness in high-end LCD, OLED, and automotive products, with a focus on differentiated technologies[28]. - The shift of panel production capacity to mainland China is expected to increase domestic demand for upstream polarizers, benefiting local manufacturers[26]. - The company continues to implement cost reduction measures to provide high-quality products and services[42]. Challenges - The company faced significant challenges due to a slowdown in terminal demand and price declines in the lithium battery materials sector[43]. Shareholder Information - As of the end of the reporting period, the total number of common shareholders was 172,201[34]. - The largest shareholder, Shanshan Group, held 782,222,036 shares, accounting for 34.64% of total shares, with 566,043,870 shares pledged[35]. Technical Advancements - The company has established a strong technical barrier in fast-charging products, maintaining a leading position in downstream application share[14]. - The company’s anode materials are primarily used in electric vehicles, consumer electronics, and energy storage sectors[9]. - The company's market share for large-size polarizers increased from 30% in 2022 to 33% in 2023, maintaining the global leading position[24].

Investment Rating - The investment rating for the company is to "continue to pay attention" [6]. Core Views - The company's performance is under short-term pressure due to declining prices of anode materials and losses in non-core businesses [3]. - The company has seen a significant increase in sales volume for its anode materials and polarizers, maintaining a leading market share [4]. - The company is focusing on its core business by divesting non-core and inefficient assets [5]. Financial Performance Summary - In 2023, the company achieved revenue of 19.07 billion yuan, a year-on-year decrease of 12.13%, and a net profit of 0.765 billion yuan, down 71.56% [2]. - For Q1 2024, the company reported revenue of 3.752 billion yuan, a decline of 15.67%, with a net loss of 0.073 billion yuan, a decrease of 112.80% year-on-year [2]. - The gross margin for 2023 was 16.22%, down 7.81 percentage points, and the net margin was 4.01%, down 9.01 percentage points [3]. Sales and Market Position - The sales volume of anode materials reached 264,400 tons in 2023, an increase of 44.55%, with market share further enhanced [4]. - The company’s polarizer sales were 140 million square meters, up 10.18%, maintaining a 33% market share in the large-size polarizer segment, which is the highest globally [4]. Strategic Focus - The company has successfully completed the divestiture of its electrolyte and photovoltaic businesses, allowing it to concentrate on its core operations [5]. - The divestiture includes the transfer of 51% of the equity in the electrolyte business and 90.035% of the equity in the photovoltaic business [5]. Earnings Forecast and Valuation - Revenue projections for 2024-2026 are 21.149 billion yuan, 24.142 billion yuan, and 27.532 billion yuan, with year-on-year growth rates of 10.90%, 14.16%, and 14.04% respectively [6]. - The net profit forecasts for the same period are 1.165 billion yuan, 1.491 billion yuan, and 1.743 billion yuan, with growth rates of 52.27%, 27.90%, and 16.90% respectively [6]. - The estimated EPS for 2024-2026 is 0.52 yuan, 0.66 yuan, and 0.77 yuan per share, with a three-year CAGR of 31.6% [6].

Financial Performance - The company reported a revenue of ¥19,070,225,164.95 in 2023, a decrease of 12.13% compared to ¥21,701,617,268.32 in 2022[24]. - Net profit attributable to shareholders was ¥765,337,842.07, down 71.56% from ¥2,691,262,599.60 in the previous year[24]. - The basic earnings per share decreased to ¥0.35, a decline of 71.54% from ¥1.23 in 2022[25]. - The company’s operating cash flow turned negative at -¥198,131,598.40, compared to a positive cash flow of ¥506,497,694.79 in 2022[24]. - The weighted average return on equity dropped to 3.35%, a decrease of 9.58 percentage points from 12.93% in 2022[25]. - The gross profit margin for the anode materials segment was 11.77%, down 10.36 percentage points from the previous year[88]. - The revenue from the polarizer segment was CNY 10,296,797,445.93, with a gross profit margin of 19.52%, reflecting a decrease of 7.18 percentage points year-on-year[88]. - The company reported a significant increase in other income, which rose by 188.96% to CNY 502,191,965.25 due to increased government subsidies[82]. - The financial expenses decreased by 32.91% to CNY 466,934,452.30, primarily due to lower loan interest rates and reduced exchange losses[83]. - The company experienced a 60.73% reduction in income tax expenses, attributed to two subsidiaries being recognized as high-tech enterprises with a reduced tax rate of 15%[84]. Dividend Distribution - The company plans to distribute a cash dividend of RMB 2.00 per 10 shares, totaling RMB 438,585,378.60 (including tax) based on 2,192,926,893 shares available for distribution[6]. - The company’s cash dividends for the reporting period represent 57.31% of the net profit attributable to ordinary shareholders, amounting to 765,337,842.07 RMB[196]. - The total cash distribution, including share repurchases, is 984,101,512.29 RMB, which is 128.58% of the net profit attributable to ordinary shareholders[196]. - The cash dividend policy stipulates that at least 10% of the annual distributable profit should be distributed as cash dividends, with a minimum of 30% over the last three years[189]. - The cumulative cash dividends distributed over the last three years (2020-2022) amount to 1,772,048,957.70 RMB, which is more than 30% of the average distributable profit for the same period[193]. - The company will retain undistributed profits for future operational needs, as no cash distribution plan was proposed for the current reporting period[195]. Business Strategy and Development - The company has outlined its future development strategies and plans, which are subject to investment risks[8]. - The company is actively pursuing a strategy to divest non-core businesses and low-efficiency assets to improve overall performance[31]. - The company is focusing on a strategy to divest non-core businesses and underperforming assets, which has impacted overall performance[86]. - The company plans to continue focusing on product innovation and enhancing customer relationships to maintain its competitive edge in the market[32]. - The company is expected to benefit from the increasing domestic demand for polarizers as LCD panel production capacity shifts to mainland China, projected to exceed 75% by 2027[65]. - The company aims to enhance its global leadership in large-size polarizers and accelerate R&D in high-end LCD, OLED, and automotive technologies[125]. - The company plans to focus on diverse product matrices in the anode materials sector, targeting high energy density and ultra-fast charging developments[130]. - The company will continue to innovate in new processes and equipment to enhance product performance and cost advantages, including breakthroughs in graphite modification technology[131]. - The company is committed to advancing R&D in polarizers for various applications, including automotive and VR/AR, while also pursuing acquisitions to strengthen its product portfolio[135]. Research and Development - The company has enhanced its R&D capabilities by establishing a global polarizer R&D center and focusing on innovative materials and application technologies[39]. - The total R&D expenditure for the year was CNY 868,297,281.53, accounting for 4.55% of total revenue[97]. - The number of R&D personnel is 402, representing 4.97% of the total workforce[98]. - The company has developed several new anode materials, including high-performance graphite and silicon-based anodes, with some already in mass production[99]. - The company’s silicon-based anode products have achieved significant technological breakthroughs and are recognized by both domestic and international clients, leading to mass supply[56]. Market Position and Competition - The company achieved a 44.55% increase in sales volume for its anode materials in 2023, maintaining a leading market share of 19% in China[32]. - The global production of anode materials reached 1.7621 million tons in 2023, with a year-on-year growth of 20%, and the company's share in China's artificial anode materials production ranked first at 19%[45]. - The company’s market share for large-size polarizers increased from 30% in 2022 to 33% in 2023, maintaining the global leading position[63]. - The company is benefiting from favorable policies promoting the replacement of old equipment and consumer goods, which is expected to boost demand for polarizer materials[49]. - The company maintains a competitive edge through advanced technology and strategic partnerships, ensuring a stable supply chain and high-quality product offerings[53][56]. - The company faces intensified market competition as new entrants and existing players expand capacity in the lithium battery materials sector, potentially leading to structural overcapacity if demand does not meet expectations[141]. Corporate Governance - The company adheres to corporate governance standards, ensuring compliance with relevant laws and regulations, and maintains an independent operational structure from its controlling shareholder[148][150]. - The company has established a transparent performance evaluation and incentive mechanism for its executives, linking compensation to company performance[153]. - The company actively respects and protects the rights of stakeholders, aiming for a balanced approach to interests among shareholders, creditors, employees, and society[154]. - The company has implemented a strict insider information management system to prevent leaks and ensure fair information disclosure[155]. - The company has a robust compensation structure for its directors and senior management, which is reviewed by the remuneration and assessment committee[170]. Leadership and Management Changes - The company reported a significant leadership change with the election of new executives, including Li Zhi Hua as general manager and Li Keqin as CFO[164]. - The company appointed Zheng Ju as the chairman of the board on March 23, 2023, following the passing of the former chairman Zheng Yonggang[164]. - The company has maintained a stable leadership structure with key executives holding their positions since their appointments in 2015 and 2018[167]. - The company has ongoing board elections, with several new appointments including Zhu Zhiyong and Li Kexin as directors, and Li Fengfeng as Vice General Manager[171]. Risk Management - The international trade environment is increasingly unstable due to geopolitical conflicts and trade protectionism, which may hinder the company's overseas market development and customer procurement[144]. - Currency exchange rate fluctuations pose risks to the company's foreign currency assets, necessitating careful monitoring and risk management strategies[145]. - Raw material costs, particularly for petroleum coke and needle coke, significantly impact the cost structure of the lithium battery anode materials, and price fluctuations could adversely affect financial performance[142]. - The company emphasizes the importance of continuous technological innovation to maintain competitiveness amid evolving battery technologies, such as solid-state batteries and new display technologies like OLED and Micro LED[143].

一、 担保情况概述 （一）担保基本情况 2024年4月，为满足下属子公司的日常生产经营融资需求，公司同意为下属 子公司提供如下担保： 关于2024年4月份提供担保的公告 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。 重要内容提示 ● 被担保人名称及是否为上市公司关联人： 上海杉杉锂电材料科技有限公司下属全资子公司宁波杉杉新材料科技有限公 司、上海杉杉新材料有限公司、福建杉杉科技有限公司。上述被担保人均为 宁波杉杉股份有限公司（下称"公司"）合并报表范围内公司，不属于关联 担保。 证券代码：600884 证券简称：杉杉股份 公告编号：临 2024-031 宁波杉杉股份有限公司 公司于2023年5月10日召开的2022年年度股东大会审议通过了《关于公司 2023年度提供担保全年额度的议案》，同意公司及下属子公司提供以下担保额度 （币种为人民币或等值外币），并在额度范围内授权董事长或其授权代理人签署 具体的担保文件，期限为2022年年度股东大会审议通过之日起至2023年年度股东 ● 本次担保金额及已实际为其提供的担保金额：本次提供 ...