上海市锦天城律师事务所 关于肯特催化材料股份有限公司 2025 年第二次临时股东会的 法律意见书 地址：上海市浦东新区银城中路 501 号上海中心大厦 9/11/12 层 电话：021-20511000 传真：021-20511999 邮编：200120 上海市锦天城律师事务所 法律意见书 上海市锦天城律师事务所 关于肯特催化材料股份有限公司 2025 年第二次临时股东会的 致：肯特催化材料股份有限公司 上海市锦天城律师事务所（以下简称"本所"）接受肯特催化材料股份有限 公司（以下简称"公司"或"肯特催化"）委托，就公司召开 2025 年第二次临 时股东会（以下简称"本次股东会"）的有关事宜，根据《中华人民共和国公司 法》（以下简称《公司法》）、《上市公司股东会规则》等法律、法规、规章和 其他规范性文件以及《肯特催化材料股份有限公司章程》（以下简称《公司章程》） 的有关规定，出具本法律意见书。 为出具本法律意见书，本所及本所律师依据《律师事务所从事证券法律业务 管理办法》和《律师事务所证券法律业务执业规则（试行）》等规定，严格履行 了法定职责，遵循了勤勉尽责和诚实信用原则，对本次股东会所涉及的相关事项 进行了 ...

证券代码：603120 证券简称：肯特催化 公告编号：2025-025 肯特催化材料股份有限公司 本次会议是否有否决议案：无 一、 会议召开和出席情况 2025年第二次临时股东大会决议公告 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。 重要内容提示： (一)股东大会召开的时间：2025 年 9 月 9 日 (二)股东大会召开的地点：公司会议室 (三)出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： | 1、出席会议的股东和代理人人数 | 127 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 67,352,833 | | 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份总数的 | 74.5053 | | 比例（%） | | (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。 本次会议由公司董事会召集，董事长项飞勇先生主持本次会议。本次股东会 采用现场投票和网络投票相结合的方式表决，会议的召集、召开程序符合《公司 法》《证券法》《上市公司股东会规则 ...

Group 1 - The core viewpoint of the article is that Kent Catalysts (603120.SH) has indicated that some of its produced catalytic materials can be applied in the field of supercapacitor electrolytes [1] - Currently, the revenue contribution from these products is relatively small and has not reached a significant proportion of the company's overall revenue [1]

Group 1 - Kent Catalysts experienced a decline of 0.63% on August 26, with a trading volume of 111 million yuan [1] - The financing buy-in amount for Kent Catalysts on the same day was 12.94 million yuan, while the financing repayment was 15.45 million yuan, resulting in a net financing buy-in of -2.51 million yuan [1] - As of August 26, the total balance of margin trading for Kent Catalysts was 74.17 million yuan, accounting for 7.91% of its market capitalization [1] Group 2 - As of June 30, the number of shareholders for Kent Catalysts was 21,700, a decrease of 48.46% compared to the previous period [2] - The average number of circulating shares per shareholder increased by 94.03% to 1,019 shares [2] - For the first half of 2025, Kent Catalysts reported an operating income of 296 million yuan, a year-on-year decrease of 0.71%, and a net profit attributable to shareholders of 39.35 million yuan, down 1.73% year-on-year [2] Group 3 - Kent Catalysts, established on July 14, 2009, is located in Xianju County, Zhejiang Province, and is primarily engaged in the research, production, and sales of quaternary ammonium compounds [1] - The main business revenue composition includes: quaternary ammonium salt series products (51.45%), quaternary ammonium base series products (26.78%), quaternary ammonium salt series products (12.32%), other products (4.99%), and crown ether series products (4.46%) [1]

Group 1 - Kent Catalysts' stock price is 42.33 yuan, down 0.63% from the previous trading day, with a trading volume of 1.11 billion yuan and an intraday fluctuation of 1.71%, reaching a high of 42.98 yuan [1] - The company operates in the chemical products sector, focusing on the research, production, and sales of quaternary ammonium compounds, with applications in fine chemicals, molecular sieves, polymer materials, and battery electrolytes [1] - Kent Catalysts reported a revenue of 296 million yuan and a net profit attributable to shareholders of 39.35 million yuan for the first half of 2025, remaining stable compared to the same period last year [1] Group 2 - The company's net cash flow from operating activities increased by 23.72% year-on-year, and the asset-liability ratio decreased to 11.95% [1] - Kent Catalysts has continued to invest in research and development, with R&D expenses increasing by 7.68% year-on-year, and holds multiple patented technologies [1] - Today, the net outflow of main funds for Kent Catalysts was 3.63 million yuan, while there was a net inflow of 48 million yuan over the past five days [2]

Core Viewpoint - Kent Catalysts, a leading domestic catalyst manufacturer, demonstrated strong operational resilience and maintained stable profitability in its first half of 2025, achieving revenue of 296 million yuan and a net profit of approximately 39.35 million yuan, despite a challenging market environment and raw material price fluctuations [1][2]. Financial Performance - In Q1 2025, the company reported revenue of 144 million yuan, a year-on-year increase of 6.75%, and a net profit of approximately 17.56 million yuan, up 20.27% year-on-year [2]. - For the first half of 2025, the operating cash flow net amount reached approximately 53.81 million yuan, a year-on-year increase of 23.72%, indicating improved cash flow conditions [3]. - The company's asset-liability ratio was 11.95%, down 5.69 percentage points year-on-year, reflecting a further reduction in debt levels [3]. Product and Market Expansion - Kent Catalysts has diversified its product offerings beyond phase transfer catalysts to include molecular sieve template agents, curing accelerators, and electrolyte additives, enhancing its competitive edge across various sectors such as fine chemicals, molecular sieves, polymer materials, battery electrolytes, and oilfield chemicals [1][2]. - The company’s main products include quaternary ammonium salts, quaternary ammonium bases, quaternary ammonium salts, and crown ethers, with significant contributions to revenue and varying gross profit margins [3]. R&D and Technological Advancements - The company has invested in R&D, with expenses increasing by 7.68% year-on-year, and holds a total of 53 authorized invention patents, 178 utility model patents, and 15 software copyrights, establishing a strong technological moat in the quaternary ammonium compound sector [3][4]. - Kent Catalysts is committed to green catalysis and has developed advanced process technologies aimed at achieving efficient and environmentally friendly production [4]. Industry Context - The catalyst industry in China has seen significant growth, with the market size expected to increase from 843.9 billion yuan in 2019 to 1,042.7 billion yuan by 2024, reflecting a compound annual growth rate of 4.32% [6]. - The industry is moving towards professionalization and scale, with a focus on low-carbon and environmentally friendly practices, leading to the gradual elimination of less competitive firms [6]. Future Growth Opportunities - Kent Catalysts is targeting emerging markets, particularly in the battery electrolyte sector, where demand for electrolyte additives is driven by the booming electric vehicle and consumer electronics markets [9]. - The company is also developing electronic-grade quaternary ammonium bases for use in semiconductor and display panel cleaning, etching, and developing processes, with significant market potential in the wet electronic chemicals sector [10][11].

肯特催化材料股份有限公司 2025 年第二次临时股东会 会议材料 二〇二五年九月 | 议案三：《关于制定、修订公司部分治理制度的议案》 57 | | --- | 肯特催化材料股份有限公司 2025 年第二次临时股东会会议材料 会议须知 为了维护全体股东的合法权益，确保本次股东会的正常秩序和议事效率，保 证股东会的顺利进行，根据《中华人民共和国公司法》《中华人民共和国证券法》 《上海证券交易所股票上市规则》《上市公司股东会规则》以及《肯特催化材料 股份有限公司章程》及公司《股东会议事规则》的有关规定，特制定如下议事规 则： 一、本次股东大会相关事宜由公司证券事务部具体负责。 二、出席本次大会的对象为股权登记日在册的股东。 六、投票表决的有关事宜 本次股东会采取现场投票和网络投票相结合方式进行表决。 （一）现场会议参加办法 三、股东（包括股东代理人，下同）参加股东会依法享有发言权、质询权、 表决权等权利。股东参加股东会，应认真履行其法定权利和义务，不得侵犯其他 股东的权益，不得扰乱大会的正常秩序。 四、会议进行中只接受股东（或其代理人）发言或提问。股东发言或提问应 围绕本次会议议题进行，简明扼要。 五、在会议正式 ...

肯特催化材料股份有限公司 关于召开2025年半年度业绩说明会的公告 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： 投资者可于 2025 年 09 月 17 日（星期三）至 09 月 23 日（星期二）16:00 前登录上证路演中心网站首页点击"提问预征集"栏目或通过公司邮箱 stock@chemptc.com 进行提问。公司将在说明会上对投资者普遍关注的问题 进行回答。 肯特催化材料股份有限公司（以下简称"公司"）已于 2025 年 8 月 20 日发 布公司 2025 年半年度报告，为便于广大投资者更全面深入地了解公司 2025 年半 年度经营成果、财务状况，公司计划于 2025 年 09 月 24 日（星期三）14:00-15:00 举行 2025 年半年度业绩说明会，就投资者关心的问题进行交流。 证券代码：603120 证券简称：肯特催化 公告编号：2025-023 （一）会议召开时间：2025 年 09 月 24 日（星期三）14:00-15:00 1 会议召开时间：2025 年 09 月 24 日（ ...

Core Viewpoint - Laopu Gold is gaining attention as a prominent gold enterprise in China, reflecting consumer desires for luxury jewelry that signifies status while also serving as an investment vehicle [1][4]. Group 1: Market Positioning - Laopu Gold strategically places its stores next to high-end luxury brands like Hermes and Cartier, with proximity ratios to brands such as Cartier, Bvlgari, Tiffany, and Van Cleef & Arpels being 55%, 55%, 62%, and 52% respectively [1]. - Unlike traditional gold jewelry companies that follow a pricing model based on gold prices plus labor costs, Laopu Gold employs a fixed pricing strategy akin to luxury goods, increasing prices by 5% to 10% annually [4]. Group 2: Customer Demographics - As of June 2025, Laopu Gold has a loyal customer base of 480,000 members, primarily consisting of women aged 25-45 and men aged 30-55, mostly residing in first-tier and new first-tier cities [5][8]. - The company has seen its loyal membership grow rapidly, doubling in size over the past two years, with member counts increasing from 162,000 in June 2023 to 480,000 by June 2025 [8]. Group 3: Membership and Revenue Contribution - Laopu Gold offers a tiered membership system with four levels based on cumulative spending, providing various benefits such as lifetime free cleaning and maintenance services [10]. - Approximately 10% to 15% of black card members contribute around 70% of the company's revenue, indicating a concentrated revenue model [11]. Group 4: Sales Channels and Pricing - The majority of Laopu Gold's revenue, 86.9%, comes from offline sales, with the average transaction value at its Beijing SKP store increasing from 25,000 yuan to over 40,000 yuan within a year [12]. - Despite offering a wide range of products, the majority of revenue is generated from items priced between 10,000 yuan and 50,000 yuan, with over 1,800 SPUs and 2,700 SKUs available [12]. Group 5: Future Growth and Market Strategy - Laopu Gold aims to expand its store count to 60-70 by 2028, with 45-50 stores expected in China, indicating a strategic focus on high-end retail locations [11]. - The company is actively aligning itself with luxury brands, although its pricing power will depend on the actual spending capacity of its high-net-worth customers [15].

Core Insights - Kent Catalysts (603120) reported a slight decline in total revenue and net profit for the first half of 2025 compared to the same period in 2024, with total revenue at 296 million yuan, down 0.71%, and net profit at 39.35 million yuan, down 1.73% [1] Financial Performance - Total revenue for Q2 2025 was 152 million yuan, a decrease of 6.88% year-on-year - Net profit for Q2 2025 was 21.79 million yuan, down 14.35% year-on-year - Gross margin improved to 28.82%, an increase of 6.56% year-on-year, while net margin decreased to 13.30%, down 1.03% year-on-year [1] - Total expenses (selling, administrative, and financial) amounted to 29.60 million yuan, representing 10.01% of revenue, an increase of 24.14% year-on-year [1] Balance Sheet Highlights - Cash and cash equivalents increased by 80.80% to 310 million yuan - Accounts receivable rose by 7.28% to 149 million yuan, with accounts receivable to net profit ratio at 158.89% [1][5] - Interest-bearing liabilities increased by 94.22% to 781,100 yuan [1] Cash Flow and Investment Activities - Significant changes in cash flow included a 5784.23% decrease in net cash flow from investing activities due to increased purchases of financial products - A substantial increase of 18280.24% in net cash flow from financing activities was attributed to funds raised from the initial public offering [3] Return on Investment - The company's return on invested capital (ROIC) for the previous year was 11.24%, with a historical median ROIC of 15.53% since its listing [4]