Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's performance has been impacted by a decline in profitability from its olefin and carbon black segments, prompting a focus on recovery at the bottom of the cycle [4] - In 2024, the company achieved a revenue of 16.27 billion yuan, a year-on-year increase of 11.5%, but reported a net profit attributable to shareholders of -0.06 billion yuan, a year-on-year decline of 142.13% [4] - The forecast for net profit attributable to shareholders for 2025-2027 has been adjusted downwards, with expected profits of 0.125 billion yuan, 0.22 billion yuan, and 0.33 billion yuan respectively, reflecting significant growth rates of 316.3%, 76.1%, and 51.4% [4] Financial Performance Summary - In 2024, the company reported an operating income of 162.65 billion yuan, with a year-on-year growth of 11.5% [8] - The net profit attributable to shareholders for 2024 was -0.58 billion yuan, a decline of 142.1% compared to the previous year [8] - The gross margin for 2024 was 1.8%, with a projected increase to 4.0% in 2025 [8] - The earnings per share (EPS) for 2025 is expected to be 0.15 yuan, with a price-to-earnings (P/E) ratio of 40.8 times [8] Segment Performance - Olefin segment: In 2024, the company produced 1.1447 million tons of olefins, a year-on-year increase of 37%, with a selling price of 6451.5 yuan per ton, up 3.6% year-on-year [5] - Carbon black segment: The production volume was 672,000 tons, with a selling price of 6880.9 yuan per ton, down 7.8% year-on-year [5] - Coking segment: The company sold 2.101 million tons of coking products, with a selling price of 1450 yuan per ton, down 18.3% year-on-year [5] Capacity Expansion and Future Outlook - The Qingdao Phase II olefin project has been fully operational since the second half of 2024, increasing olefin capacity from 90,000 tons/year to 180,000 tons/year [6] - The company aims to enhance its energy utilization structure and improve the capacity utilization rate of its carbon black facilities, which is expected to lower costs and enhance competitiveness [6]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's performance has been impacted by a decline in profitability from its olefin and carbon black segments, prompting a focus on recovery at the bottom of the cycle [4] - In 2024, the company achieved a revenue of 16.27 billion yuan, a year-on-year increase of 11.5%, but reported a net profit attributable to shareholders of -0.06 billion yuan, a year-on-year decline of 142.13% [4] - The forecast for net profit attributable to shareholders for 2025-2027 has been adjusted to 0.125 billion yuan, 0.22 billion yuan, and 0.33 billion yuan respectively, reflecting significant growth rates of 316.3%, 76.1%, and 51.4% [4] Financial Summary - In 2024, the company’s olefin production reached 1.1447 million tons, a year-on-year increase of 37%, while sales increased by 36.5% [5] - The average selling price for olefins in 2024 was 6451.5 yuan per ton, up 3.6% year-on-year, but the cost per ton rose to 6617.7 yuan, a 5.2% increase [5] - The carbon black segment produced 672,000 tons in 2024, with a sales volume of 681,000 tons, but the average selling price fell by 7.8% to 6880.9 yuan per ton [5] - The company’s total revenue is projected to grow to 20.14 billion yuan in 2025, with a year-on-year growth rate of 23.8% [8] Production Capacity and Projects - The Qingdao Phase II olefin project has been fully operational since the second half of 2024, increasing the olefin production capacity from 450,000 tons per year to 1.35 million tons per year [6] - The Qi River base is focusing on specialized and refined development, with new projects expected to enhance production capabilities across various chemical products [6]

Financial Performance - The company's operating revenue for 2024 was CNY 16,265,091,864.47, an increase of 11.53% compared to CNY 14,583,782,804.28 in 2023[23] - The net profit attributable to shareholders of the listed company for 2024 was -CNY 57,872,897.83, a decrease of 142.13% from CNY 137,380,649.86 in 2023[23] - The net profit attributable to shareholders after deducting non-recurring gains and losses was -CNY 129,054,712.62, a decrease of 1,864.84% compared to CNY 7,312,534.87 in 2023[23] - The net cash flow from operating activities decreased by 81.23% to CNY 216,549,719.28 from CNY 1,153,489,665.23 in 2023[23] - The total assets at the end of 2024 were CNY 19,016,690,637.55, an increase of 4.01% from CNY 18,284,342,262.24 in 2023[23] - The basic earnings per share for 2024 was -CNY 0.07, a decrease of 143.75% from CNY 0.16 in 2023[24] - The diluted earnings per share for 2024 was CNY 0.004, a decrease of 98.10% from CNY 0.21 in 2023[24] - The weighted average return on net assets for 2024 was -0.67%, a decrease of 2.24 percentage points from 1.57% in 2023[24] Revenue and Sales - In 2024, the company achieved operating revenue of CNY 16.265 billion, a year-on-year increase of 11.53%[35] - The main business revenue reached CNY 15.403 billion, up 10.46% year-on-year[35] - The sales volume of olefin products was 112.26 thousand tons, with a year-on-year increase of 37.04% in production volume[35] - The domestic revenue was 14.186 billion RMB, with a year-on-year decrease in gross margin of 1.44 percentage points[65] - The company's revenue from direct sales reached 887,797.47 thousand RMB, reflecting a year-on-year increase of 7.04%[107] - Revenue from distribution channels amounted to 652,535.07 thousand RMB, with a year-on-year increase of 15.47%[107] Production and Capacity - The production capacity for propylene reached 1.8 million tons, with a production structure including 1.5 million tons of coke and 1.35 million tons of polypropylene[34] - The company operates two major production bases in Qingdao and Qihe, with a production capacity of 1.8 million tons/year for propylene and 1.35 million tons/year for polypropylene at the Qingdao base[46] - The company achieved a production capacity of 135,000 tons for olefin products with a utilization rate of 79.94%[101] - New production capacities added include 40,000 tons/year for potassium sorbate, 900,000 tons/year for propylene, and 900,000 tons/year for polypropylene[102] Research and Development - The company applied for 38 patents and obtained 27 patent authorizations during the reporting period[34] - The company invested approximately RMB 622.28 million in R&D in 2024, representing 3.83% of its total revenue[95] - The company is developing high-value specialty materials to meet the needs of high-end sectors such as automotive lightweighting and new energy battery packaging[86] - The company has implemented a centralized procurement management system to optimize supplier evaluation and selection processes[90] - The company is in the pilot stage for several R&D projects, including a new carbon black reaction system and specialized polypropylene materials[95] Environmental and Sustainability Efforts - The company emphasizes a circular economy and green development, aiming to maximize resource utilization and value[50] - The company has implemented a comprehensive environmental monitoring system, including TSP concentration monitors and air quality stations, to oversee the effectiveness of pollution control measures[164] - The company has established emergency response plans for environmental incidents, ensuring preparedness for potential risks associated with hazardous materials[167] - The company’s wastewater treatment facilities have been operating effectively, with treated water meeting reuse standards[164] - The company implemented carbon reduction measures, achieving a reduction of 64,887.08 tons of CO2 equivalent emissions[174] Strategic Initiatives and Market Position - The company aims to enhance its competitive edge through technological innovation and the development of high-end products in the chemical sector[84] - The company is focused on expanding its market presence and improving operational efficiency through strategic initiatives[83] - The company plans to focus on a circular economy strategy to optimize resource utilization and achieve green low-carbon development[115] - The company is exploring potential acquisitions to diversify its portfolio, with a budget of 200 million RMB allocated for this purpose[197] Governance and Management - The governance structure of the company complies with relevant laws and regulations, ensuring proper operational conduct[123] - The total pre-tax remuneration for the chairman is CNY 76.85 million, while the vice chairman and deputy general manager received CNY 84.34 million[126] - The company has maintained a stable board composition with no changes in shareholding among directors during the reporting period[126] - The remuneration policy for directors and senior management is reviewed annually by the remuneration and assessment committee[134] Risks and Challenges - The company faces risks from changes in industrial policies, which could lead to penalties or disruptions in production if regulations are not adhered to[118] - Market competition in the chemical industry is intensifying, and the company must leverage its core competitive advantages to maintain performance[119] - Fluctuations in the prices of key raw materials and products, such as propylene and coal tar, could significantly impact the company's operating performance and profit margins[120] Employee and Workforce - The total number of employees in the parent company is 1,159, while the total number of employees in major subsidiaries is 1,219, resulting in a combined total of 2,378 employees[147] - The number of employees by professional category includes 1,987 production personnel, 72 sales personnel, 121 technical personnel, 61 financial personnel, and 137 administrative personnel[147] - The educational background of employees shows that 1,317 have a college degree or above, while 1,061 have a high school diploma or below[147]

致同会计师事务所（特殊普通合伙） 目 录 专项核查报告 公司 2024 年度营业收入扣除情况表及说明 1-2 金能科技股份有限公司 营业收入扣除情况表 专项核查报告 致同会计师事务所（特殊普通合伙） 中国北京 朝阳区建国门外大街 22 号 赛特广场 5 层 邮编 100004 电话 +86 10 8566 5588 传真 +86 10 8566 5120 www.grantthornton.cn 金能科技股份有限公司 营业收入扣除情况表专项核查报告 致同专字（2025）第 371A002556 号 金能科技股份有限公司全体股东： 我们接受委托，在审计了金能科技股份有限公司（以下简称"金能科技" 或"公司"）2024 年 12 月 31 日的合并及公司资产负债表，2024 年度的合并及 公司利润表、合并及公司现金流量表、合并及公司股东权益变动表以及财务 报表附注的基础上，对后附的《金能科技股份有限公司 2024 年度营业收入扣 除情况表及说明》（以下简称"营业收入扣除情况表"）进行了专项核查。 按照《上海证券交易所股票上市规则》（以下简称"上市规则"）和 《上海证券交易所上市公司自律监管指南第 2 号——业务办 ...

按照《企业内部控制审计指引》及中国注册会计师执业准则的相关要求， 我们审计了金能科技股份有限公司（以下简称"金能科技"或"公司"） 2024 年 12 月 31 日的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 性是金能科技公司董事会的责任。 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。 金能科技股份有限公司 二〇二四年度 内部控制审计报告 致同会计师事务所（特殊普通合伙） 致同会计师事务所（特殊普通合伙） 中国北京 朝阳区建国门外大街 22 号 赛特广场 5 层 邮编 100004 电话 +86 10 8566 5588 传真 +86 10 8566 5120 www.grantthornton.cn 内部控制审计报告 致同审字（2025）第 371A003490 号 金能科技股份有限公司全体股东： 此件仅供业务报告使用，复印无效 | र व र र 同向应 同 同 ...

金能科技股份有限公司 二〇二四年度 审计报告 致同会计师事务所（特殊普通合伙） 目 录 我们认为，后附的财务报表在所有重大方面按照企业会计准则的规定编 制，公允反映了金能科技 2024 年 12 月 31 日的合并及公司财务状况以及 2024 年度的合并及公司经营成果和现金流量。 二、形成审计意见的基础 我们按照中国注册会计师审计准则的规定执行了审计工作。审计报告的 "注册会计师对财务报表审计的责任"部分进一步阐述了我们在这些准则下 的责任。按照中国注册会计师职业道德守则，我们独立于金能科技，并履行 了职业道德方面的其他责任。我们相信，我们获取的审计证据是充分、适当 的，为发表审计意见提供了基础。 三、关键审计事项 | 审计报告 | 1-5 | | --- | --- | | 合并及公司资产负债表 | 1-2 | | 合并及公司利润表 | 3 | | 合并及公司现金流量表 | 4 | | 合并及公司股东权益变动表 | 5-8 | | 财务报表附注 | 9-98 | 致同会计师事务所（特殊普通合伙） 中国北京朝阳区建国门外大街 22 号 赛特广场 5 层邮编 100004 电话 +86 10 8566 5588 ...

金能科技股份有限公司 2024 年度独立董事述职报告 独立董事 崔洪芝 各位股东及股东代表： 本人作为金能科技股份有限公司（以下简称"公司"）的独立董事，在任职 期间严格按照《公司法》《上市公司治理准则》《上市公司独立董事规则》《上 市公司独立董事管理办法》《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》及《金能科技股份有限公司章程》 等相关要求，本着对全体股东负责的态度，在2024年履职过程中，充分发挥自身 专业优势，审慎行使公司和股东所赋予的权利，切实履行独立董事责任和义务， 认真行使公司赋予独立董事的权利，积极出席公司2024年度相关会议，维护公司 利益和全体股东，尤其是中小股东的合法权益。现将2024年度履职情况报告如下： 一、独立董事的基本情况 （一）个人工作履历、专业背景及兼职情况 本人认为，公司董事会专门委员会和独立董事专门会议的召集、召开均符合 法定程序，相关事项的决策均履行了必要的审批程序和披露义务，符合法律法规 和《公司章程》的相关规定。 （三）行使独立董事职权的情况 本人崔洪芝，1965年出生，中国国籍，无境外永久居留权，博士研究生学历。 1989 ...

一、独立董事的基本情况 （一）个人工作履历、专业背景及兼职情况 本人高永峰，1963年5月出生，中国国籍，无境外居留权，本科学历，教授 级高级工程师。曾任石油和化学工业规划院能源化工处副处长、处长和副总工程 师职务，现任石油和化学工业规划院副总工程师，兼任中国磷复肥工业协会副秘 书长，新洋丰农业科技股份有限公司、根力多生物科技股份有限公司独立董事。 2024年4月至今任职公司独立董事。 金能科技股份有限公司 2024 年度独立董事述职报告 独立董事 高永峰 各位股东及股东代表： 本人作为金能科技股份有限公司（以下简称"公司"）的第五届董事会独立 董事，在任职期间严格按照《公司法》《上市公司治理准则》《上市公司独立董事 规则》《上市公司独立董事管理办法》《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》及《金能科技股份有限公 司章程》等相关要求，本着对全体股东负责的态度，在2024年履职过程中，充分 发挥自身专业优势，审慎行使公司和股东所赋予的权利，切实履行独立董事责任 和义务，认真行使公司赋予独立董事的权利，积极出席公司2024年度相关会议， 维护公司利益和全体股东，尤其 ...

金能科技股份有限公司 2024 年度独立董事述职报告 独立董事 黄侦武 各位股东及股东代表： 本人作为金能科技股份有限公司（以下简称"公司"）的独立董事，在任职 期间严格按照《公司法》《上市公司治理准则》《上市公司独立董事规则》《上 市公司独立董事管理办法》《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》及《金能科技股份有限公司章程》 等相关要求，本着对全体股东负责的态度，在2024年履职过程中，充分发挥自身 专业优势，审慎行使公司和股东所赋予的权利，切实履行独立董事责任和义务， 认真行使公司赋予独立董事的权利，积极出席公司2024年度相关会议，维护公司 利益和全体股东，尤其是中小股东的合法权益。现将2024年度履职情况报告如下： 本人未在公司担任除独立董事外其他职务，未在公司控股股东和持股5%以上 股东单位任职。本人的亲属均未在公司及下属子公司、公司控股股东及持股5% 以上股东单位担任任何职务。本人及亲属未直接或间接持有公司股份，与公司、 公司实际控制人、控股股东及其一致行动人以及与公司存在利害关系的单位或个 人均不存在可能妨碍独立客观判断的关系，不存在影响独立性的情 ...

金能科技股份有限公司 2024 年度独立董事述职报告 独立董事 武恒光 各位股东及股东代表： 本人作为金能科技股份有限公司（以下简称"公司"）的第五届董事会独立 董事，在任职期间严格按照《公司法》《上市公司治理准则》《上市公司独立董 事规则》《上市公司独立董事管理办法》《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》及《金能科技股份有 限公司章程》等相关要求，本着对全体股东负责的态度，在2024年履职过程中， 充分发挥自身专业优势，审慎行使公司和股东所赋予的权利，切实履行独立董事 责任和义务，认真行使公司赋予独立董事的权利，积极出席公司2024年度相关会 议，维护公司利益和全体股东，尤其是中小股东的合法权益。现将2024年度履职 情况报告如下： 一、独立董事的基本情况 （一）个人工作履历、专业背景及兼职情况 本人武恒光，1979年2月出生，中国国籍，中共党员，山东财经大学教授， 会计学博士，博士生导师，审计系主任，第四教工党支部书记，入选财政部全国 会计领军人才（学术类）工程。美国爱荷华州立大学商学院会计金融系高级访问 学者、台湾政治大学商学院会计系高级访问学者，教育部 ...