冒 天册律师事务所 下 下 & C LAW FI RM 法律意见书 浙江天册律师事务所 浙江省杭州市杭大路 1 号黄龙世纪广场 A 座 11 楼 310007 电话: 0571-87901111 传真: 0571-87901500 下 天册律师事务所 下 x x 1 a w F I RM 法律意见书 浙江天册律师事务所 关于浙江航民股份有限公司 2024年第二次临时股东大会的 关于 浙江航民股份有限公司 2024 年第二次临时股东大会的 法律意见书 天册律师事务所 T & C LAW FIRM 本所律师根据《股东大会规则》第五条的要求,按照律师行业公认的业务标 准、道德规范和勤勉尽责的精神,对航民股份本次股东大会所涉及的有关事项和 相关文件进行了必要的核查和验证,同时听取了公司就有关事实的陈述和说明。 现出具法律意见如下: 一、本次股东大会召集、召开的程序 (一)经本所律师核查,公司本次股东大会由董事会提议并召集,召开本次 股东大会的通知已于2024年8月27日在指定媒体及上海证券交易所网站上公告。 (二)本次会议采取现场投票与网络投票相结合的方式。 下 天册律师事务所 T&C LAW FIRM 法律意见书 ...

股票简称：航民股份 股票代码：600987 编号：临 2024-031 浙江航民股份有限公司 关于以集中竞价交易方式回购股份的回购报告书 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： 回购股份用途：本次回购股份将用于减少公司注册资本（注销股份）。 回购股份价格：本次回购股份价格不超过人民币9.96元/股。 回购股份方式：通过上海证券交易所系统以集中竞价交易方式回购公司 股份。 回购股份期限：自公司股东大会审议通过本次回购方案之日起不超过12 个月。 相关股东是否存在减持计划：公司董监高、控股股东、实际控制人、持 股5%以上的股东在未来3个月、6个月内不存在减持公司股份的计划。 回购股份方案是公司落实"提质增效重回报"行动方案的具体措施之一， 公司保证将在正常运营的前提下，努力推进本次回购方案的顺利实施，切实履行 上市公司的责任和义务，提升公司投资价值。 1、公司于2024年8月26日召开第九届董事会第十二次会议（临时会议），审 议通过了《浙江航民股份有限公司关于以集中竞价交易方式回购公司股份方案的 议案》。 ...

股票简称：航民股份 股票代码：600987 编号：临 2024-027 浙江航民股份有限公司 关于向控股子公司提供担保暨担保进展公告 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： 二、担保的进展情况 1 公司与平安银行股份有限公司深圳分行（以下简称"平安银行深圳分行"） 签订了《最高额保证合同》（以下简称"本合同"），公司为深圳尚金缘提供最 高额保证，所担保债务最高本金余额为人民币6500万元。 上述担保在公司2023年年度股东大会批准的额度范围内。 ●被担保人名称：浙江航民股份有限公司（以下简称"公司"）控股子公司 深圳市尚金缘珠宝实业有限公司（以下简称"深圳尚金缘"）。 ●本次担保金额及已实际为其提供的担保余额：本次公司为深圳尚金缘提供 最高额保证，所担保债务最高本金余额为人民币6500万元。截至目前，公司已实 际为深圳尚金缘提供担保余额为16792.50万元。 ●本次担保是否有反担保：无。 ●公司不存在逾期担保的情况。 ●特别风险提示：公司为资产负债率超过70%的深圳尚金缘提供担保债务最 高本金余额人民 ...

股票简称：航民股份 股票代码：600987 编号：临 2024-025 浙江航民股份有限公司 关于向控股子公司提供担保暨担保进展公告 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。 公司于2024年3月28日召开的第九届董事会第九次会议及2024年4月22日召 开的2023年年度股东大会，审议通过了《关于对下属子公司核定担保额度的议案》, 同意公司为深圳尚金缘核定的担保额度为人民币120000万元。具体内容详见披露 在上海证券交易所网站（www.sse.com.cn）上的《航民股份关于对下属子公司核 定担保额度的公告》（公告编号：临2024-012）、《航民股份2023年年度股东大会 决议公告》（公告编号：2024-017）。 二、担保的进展情况 1 公司与中国银行股份有限公司深圳东部支行（以下简称"中国银行深圳东部 支行"）签订了《最高额保证合同》（以下简称"本合同"），公司为深圳尚金 缘向银行申请授信提供担保，所担保债权之最高本金余额为人民币22000万元。 重要内容提示： ●被担保人名称：浙江航民股份有限公司（以下简称" ...

股票简称：航民股份 股票代码：600987 编号：临 2024-022 浙江航民股份有限公司 第九届董事会第十二次会议（临时会议）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、董事会会议召开情况 浙江航民股份有限公司第九届董事会第十二次会议（临时会议）通知于 2024 年 8 月 24 日以专人送达、微信、电子邮件等方式发出，会议于 2024 年 8 月 26 日上午 9 时以通讯表决方式举行(按照《公司董事会议事规则》的规定，说明本 次紧急召开董事会的原因，经与各董事沟通同意召开)。会议应参加董事 9 人， 实际参加董事 9 人。会议召开符合《公司法》和《公司章程》的有关规定，会议 合法有效。 二、董事会会议审议情况 经与会董事认真审议，会议通过了下列议案： 一、审议通过《关于以集中竞价交易方式回购公司股份方案的议案》 （一）本次回购股份的目的 为增强投资者对公司的投资信心，推动公司股票市场价格与内在价值的相匹 配，综合考虑公司发展战略、经营状况、财务状况及合理估值水平等因素，依据 相关规定，公司拟以自有资金 ...

证券代码：600987 证券简称：航民股份 问题 2：公司半年度财报能否详细解读，完成全年目标 有无压力？ 答：您好！上半年，公司顶住压力、负重前行，保持了 总体稳定的经营形势,展现出较强的发展韧性。报告期 内 ， 公 司 实 现 营 业 收 入 559776.83 万 元 ( 合 并 报 表 ） ， 比 上 年 同 期 增 长 19.77% ； 实 现 利 润 总 额 41768.80 万元，比上年同期增长 11.01%；归属于母 公司所有者的净利润 29819.95 万元，比上年同期增 长 6.44%；实现每股收益 0.284 元，比上年同期增长 6.37%。 公司两大主业保持良好发展势头。公司印染企业面 对内需疲弱、出口承压、行业内卷，积极主动开拓市 场，全力做好精细管理，发挥好热电等产业协同配套优 势，确保了业务和利润的稳定，实现印染业务收入 193523.60 万元，比上年同期增长 5.88％，完成利润 总额 23939.81 万元，比上年同期增长 5.59%。公司 黄金首饰企业克服金价大幅上涨带来的销售影响，强力 拓展营销、强化产品创新，确保产销利稳定，实现黄金 饰品销售量 32.96 吨，同比增 ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 8.94 CNY per share, based on a 12x PE ratio for 2024 [4]. Core Views - The company reported a revenue of 5.598 billion CNY for H1 2024, representing a year-on-year increase of 19.77%. The net profit attributable to shareholders was 298 million CNY, up 6.44% year-on-year, while the net profit excluding non-recurring items was 292 million CNY, an increase of 9.82% [1]. - In Q2 2024, the company achieved a revenue of 2.471 billion CNY, a year-on-year growth of 7.35%, with a net profit of 170 million CNY, up 8.65% year-on-year [1]. Business Segments Summary Printing and Dyeing Business - For H1 2024, the printing and dyeing segment generated revenue of 1.935 billion CNY, a year-on-year increase of 5.88%, with a total profit of 239 million CNY, up 5.59%. The sales profit margin was 12.37%, a slight decrease of 0.03 percentage points year-on-year [2]. - Despite challenges such as weak domestic demand and intense competition, the printing and dyeing business maintained stable growth [2]. Gold Jewelry Business - The gold jewelry segment reported revenue of 3.424 billion CNY for H1 2024, a significant year-on-year increase of 33.58%, with a total profit of 94 million CNY, up 49.26%. The sales volume of gold jewelry reached 32.96 tons, an increase of 30.39% year-on-year [2]. - The growth in the gold business was primarily driven by the acquisition of Shenzhen Shangjinyuan, which contributed 826 million CNY in revenue and 35 million CNY in profit for H1 2024 [2]. Financial Forecast - The company forecasts EPS of 0.74 CNY, 0.85 CNY, and 0.93 CNY for the years 2024, 2025, and 2026, respectively [3]. - Revenue is expected to grow from 11.834 billion CNY in 2024 to 14.366 billion CNY in 2026, with growth rates of 22.4%, 12.1%, and 8.3% for the respective years [3]. - The report indicates a stable EBITDA and net profit growth, with net profit projected to reach 783 million CNY in 2024, 890 million CNY in 2025, and 979 million CNY in 2026 [3].

Investment Rating - The report maintains a "Strong Buy" rating for the company [2][3]. Core Views - The company's revenue for Q2 2024 reached 2.471 billion yuan, representing a year-on-year growth of 7.35%, while the net profit attributable to shareholders was 170 million yuan, up 8.65% year-on-year [2]. - The dyeing business is steadily increasing, and the gold business has contributed to growth due to the consolidation of Shangjinyuan [2]. - The report forecasts net profits for 2024-2026 to be 768 million yuan, 839 million yuan, and 889 million yuan, respectively, with corresponding P/E ratios of 9.5X for 2024 and 9X for 2025 [3]. Financial Performance - For the first half of 2024, the company reported total revenue of 5.598 billion yuan, a year-on-year increase of 19.77%, and a net profit of 298 million yuan, up 6.44% [2]. - The dyeing business generated revenue of 1.935 billion yuan, a 5.88% increase year-on-year, while the gold business saw a sales volume of 32.96 tons, up 30.39% year-on-year, with revenue of 3.424 billion yuan, a 33.58% increase [2]. - The report indicates that the company's cash flow from operating activities increased by 66.37% year-on-year to 754 million yuan [2]. Revenue and Profit Forecast - The projected revenue for 2024-2026 is 11.831 billion yuan, 12.653 billion yuan, and 13.538 billion yuan, with year-on-year growth rates of 22%, 7%, and 7% respectively [3]. - The expected net profit for the same period is 768 million yuan, 839 million yuan, and 889 million yuan, with growth rates of 12%, 9%, and 6% respectively [3]. Valuation Metrics - The current market capitalization corresponds to a P/E ratio of 9.5X for 2024 and 9X for 2025, indicating a favorable valuation [3][5]. - The report highlights a projected return on equity (ROE) of 12% for 2024, with a gradual increase in subsequent years [6].

Financial Performance - The company reported a significant increase in revenue for the first half of 2024, with a year-on-year growth of 15%[15]. - The company's operating revenue for the first half of 2024 reached ¥5,597,768,305.17, representing a 19.77% increase compared to ¥4,673,655,689.34 in the same period last year[16]. - Net profit attributable to shareholders was ¥298,199,545.51, up 6.44% from ¥280,154,961.53 year-on-year[16]. - The total profit reached 94.2951 million yuan, reflecting a year-on-year increase of 49.26%[25]. - The company achieved a total revenue of 559,776.83 million yuan, representing a year-on-year growth of 19.77%[29]. - The total profit reached 41,768.80 million yuan, an increase of 11.01% compared to the previous year[29]. - The company's basic earnings per share rose to ¥0.284, a 6.37% increase from ¥0.267 in the same period last year[17]. - The company's total assets increased by 13.00% to ¥10,106,647,737.85 from ¥8,943,820,392.55 at the end of the previous year[16]. - The company's net profit after deducting non-recurring gains and losses was ¥292,139,410.91, which is a 9.82% increase from ¥266,006,419.67 in the previous year[16]. - The company's total liabilities increased significantly, with short-term borrowings rising by 2,132.67% to approximately RMB 33.53 million, reflecting increased bank loans[33]. Market Expansion and Product Development - User data indicates a growing customer base, with an increase of 20% in active users compared to the same period last year[15]. - New product launches in the jewelry segment contributed to a 25% increase in sales volume[15]. - Market expansion efforts have led to a 30% increase in sales in international markets[15]. - The company is exploring potential mergers and acquisitions to enhance its market position, with a focus on complementary businesses[15]. - The company acquired Shenzhen Shangjinyuan, enhancing its service capabilities in the gold jewelry sector[25]. - The company has successfully integrated Shenzhen Shangjinyuan Jewelry Co., enhancing its market presence and product offerings[29]. - The company is committed to continuous innovation in product development, launching thousands of new designs annually to meet diverse market demands[28]. Operational Efficiency and Cost Management - The company is investing in new technology for manufacturing processes, aiming to reduce production costs by 15%[15]. - A new strategic initiative has been introduced to improve supply chain efficiency, expected to yield a 10% reduction in operational costs[15]. - The company plans to focus on digital empowerment, refined management, and low-carbon transformation in the second half of the year[30]. - The company aims to enhance its marketing efforts and strengthen team building to improve operational efficiency[30]. - The company emphasizes compliance and risk prevention as part of its operational framework, focusing on contract review and approval processes[30]. Environmental and Compliance Initiatives - The company has received the 2017 Environmental Protection Science and Technology Award (second prize) for its pollution control technology, which has reached an international advanced level[27]. - The company has implemented a pollution control strategy that includes source control, process management, and comprehensive utilization, aiming for cleaner and greener production[48]. - The company has established an emergency response plan for environmental incidents, ensuring rapid and effective management of potential environmental emergencies[50]. - The company has maintained a zero administrative penalty record for environmental issues during the reporting period, indicating strong compliance with environmental laws[52]. - The company has committed to avoiding or minimizing related party transactions, ensuring fairness and compliance with legal regulations[55]. Related Party Transactions and Governance - The company has committed to independent financial decision-making and management, ensuring compliance with legal and regulatory standards[58]. - The company has established a robust governance structure to ensure independent operations and decision-making processes[58]. - The company reported a total of related party transactions amounting to RMB 52,018,041.56 in the current period, compared to RMB 46,746,974.70 in the same period last year, reflecting an increase of approximately 2.7%[63]. - The company has engaged in significant related party transactions, including leasing and financial agreements, which are crucial for operational continuity[70]. - The company has not proposed any profit distribution or capital reserve increase for the half-year period[44]. Financial Position and Assets - The total current assets increased to ¥7,626,075,409.86 as of June 30, 2024, up from ¥6,674,011,159.54 at the end of 2023, representing a growth of approximately 14.26%[80]. - The company's cash and cash equivalents stood at ¥3,460,883,047.43, slightly up from ¥3,369,001,777.88, indicating a growth of approximately 2.71%[80]. - The total equity attributable to shareholders decreased to ¥6,159,046,112.52 from ¥6,176,092,224.71, reflecting a decline of about 0.28%[82]. - The company reported a significant increase in other receivables, which rose to ¥133,523,651.05 from ¥11,462,523.35, marking a growth of approximately 1,065.73%[80]. - The total amount of guarantees during the reporting period amounted to 11,842.49 million, all of which were guarantees to subsidiaries[73]. Challenges and Risks - The company faces risks including insufficient economic growth, industry upgrading challenges, and high volatility in gold prices affecting the jewelry business[39]. - The company plans to enhance its operational strategies to address challenges in the dyeing industry, including trade frictions and environmental constraints[39]. - The company's shipping business is experiencing difficulties due to its cyclical nature, highlighting the need for strategic realignment[39]. Investment and Acquisitions - The company acquired a 65% stake in Shenzhen Shangjinyuan Jewelry Industrial Co., Ltd. for RMB 337.81 million, enhancing its market position in the jewelry sector[36]. - The company reported a rental expense of RMB 4,497,866.02 for production and office space, compared to RMB 3,573,335.64 in the previous period, showing an increase of approximately 25.8%[64]. - The company reported a significant investment income of CNY 435,547,090.00, a substantial rise from CNY 67,350,505.41 in the previous year, reflecting an increase of about 546.5%[90]. Shareholder Information - The total number of ordinary shareholders as of the end of the reporting period was 16,627[76]. - The largest shareholder, Zhejiang Hangmin Industrial Group Co., Ltd., holds 452,965,306 shares, accounting for 43.11% of total shares[76]. - The company did not experience any changes in share capital structure during the reporting period[75].