本次会议的召集、召开、表决程序符合《公司法》和《公司章程》等相关法 律法规的规定，会议决议合法、有效。 二、董事会会议审议情况 1、审议通过《关于调整部分募投项目投资建设进度的议案》 表决结果：同意 9 票、反对 0 票、弃权 0 票。 公司董事会认为：本次调整部分募投项目投资建设进度是公司根据募投项目 实施情况做出的审慎决定，不存在变相改变募集资金用途和损害股东利益的情形， 不会对公司的生产经营产生重大不利影响，符合公司及全体股东的利益，符合公 司当前的实际情况及未来发展的需要。 证券代码：603530 证券简称：神马电力 公告编号：2025-035 江苏神马电力股份有限公司 第五届董事会第二十六次会议决议公告 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 2025 年 5 月 30 日，江苏神马电力股份有限公司（以下简称"公司"）第五 届董事会第二十六次会议在公司行政楼会议室以现场和通讯表决方式召开。本次 会议的会议通知和材料于 2025 年 5 月 27 日通过电子邮件等方式送达所有参会人 员。 ...

华泰联合证券有限责任公司关于 江苏神马电力股份有限公司 关于调整部分募投项目投资建设进度的核查意见 华泰联合证券有限责任公司（以下简称"华泰联合证券"或"保荐人"）作 为江苏神马电力股份有限公司（以下简称"神马电力"或"公司"）2020 年非 公开发行股票的保荐人，根据《证券发行上市保荐业务管理办法》《上市公司监 管指引第 2 号——上市公司募集资金管理和使用的监管要求》《上海证券交易所 上市公司自律监管指引第 1 号——规范运作》等相关法律法规和规范性文件的规 定，对公司关于调整部分募投项目投资建设进度的事项进行了认真、审慎的核查， 并发表意见如下： 一、募集资金基本情况 经中国证券监督管理委员会《关于核准江苏神马电力股份有限公司非公开发 行股票的批复》（证监许可[2021]346 号），公司非公开发行 32,218,837 股，每 股发行价格为人民币 13.16 元，共计募集资金人民币 423,999,894.92 元，扣除相 关发行费用 5,716,837.75 元（不含税）后，非公开发行实际募集资金净额为人民 币 418,283,057.17 元。 单位：万元 序号 项目名称 项目总投资额 调整后拟使 ...

Core Viewpoint - The company has adjusted the investment construction schedule for certain fundraising projects, specifically delaying the completion date of the "Digital Factory Construction Project for External Insulation Components of Substation Equipment" from May 2025 to December 31, 2025 [1] Summary by Relevant Sections - **Project Adjustment** The completion date for the digital factory project has been postponed to December 31, 2025, from the original date of May 2025 [1] - **Financial Details** The project was initially planned to use 108 million yuan in raised funds, with an actual investment of 47.1856 million yuan as of May 26, 2025, indicating a fundraising usage progress of 69.25% [1] - **Reasons for Adjustment** The delay is attributed to the optimization of factory layout, equipment selection, and production processes, as well as the need for custom production equipment which has a longer lead time [1] - **Impact on Operations** The adjustment is not expected to have a significant impact on the company's production and operations, aligning with the overall development and long-term interests of shareholders [1]

关于 江苏神马电力股份有限公司 差异化权益分派事项的法律意见书 中国 深圳 福田区益田路6001号太平金融大厦11、12层 邮政编 码：518038 电话(Tel)：(0755)88265288 传真(Fax)：(0755)88265537 电子邮件（E-mail）：info@sundiallawfirm.com 网站（Website）：sundiallawfirm.com 法律意见书 广东信达律师事务所 关于江苏神马电力股份有限公司 差异化权益分派事项的法律意见书 信达专字2025第 005 号 致：江苏神马电力股份有限公司 广东信达律师事务所（以下简称"信达"）接受贵公司的委托，根据《中 华人民共和国公司法》《中华人民共和国证券法》《上市公司股份回购规则》 《上海证券交易所交易规则》《上海证券交易所上市公司自律监管指引第 7 号 ——回购股份》等有关法律、法规及规范性文件的规定，就贵公司 2024 年度利 润分配涉及的差异化权益分派特殊除权除息（以下简称"本次差异化权益分派"） 的合规性等相关事项出具《广东信达律师事务所关于江苏神马电力股份有限公 司差异化权益分派事项的法律意见书》（以下简称"《法律意见书 ...

证券代码：603530 证券简称：神马电力 公告编号：2025-034 江苏神马电力股份有限公司2024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0.46元 ? 相关日期 | | | ? 差异化分红送转： 是 本次利润分配方案经公司2025 年 4 月 25 日的2024年年度股东大会审议通过。 二、 分配方案 截至股权登记日 2025 年 6 月 3 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（以下简称"中国结算上海分公司"）扣除公司回购专用账户后登记在册 的本公司全体股东。 （1）差异化分红方案 的议案》，同意公司以实施权益分派股权登记日登记的总股本扣除公司回购专用证券账户的股 份余额为基数，拟向全体股东每 10 股派发现金红利 4.6 元（含税）。截至本公告披露之日，公 司总股本为 432,263,327 股，公司回购专用证券账户中股份为 2,987,117 股，本次实际参与分配 的股本数为 429,276,21 ...

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 证券代码：603530 证券简称：神马电力 公告编号：2025-034 江苏神马电力股份有限公司2024年年度权益分派实施公告 相关日期 差异化分红送转： 是 | 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 | 2025/6/3 | － | 2025/6/4 | 2025/6/4 | A 股每股现金红利0.46元 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公司2025 年 4 月 25 日的2024年年度股东大会审议通过。 二、 分配方案 截至股权登记日 2025 年 6 月 3 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（以下简称"中国结算上海分公司"）扣除公司回购专用账户后登记在册 的本公司全体股东。 2025 年 4 月 25 日，公司 2024 年年度股东大会审议通过了《关于 2024 ...

关于 江苏神马电力股份有限公司 差异化权益分派事项的法律意见书 中国 深圳 福田区益田路6001号太平金融大厦11、12层 邮政编码：518038 11-12/F, Taiping Finance Tower, Yitian Road No.6001, Futian District, Shenzhen 518038 电话(Tel)：(0755)88265288 传真(Fax)：(0755)88265537 电子邮件（E-mail）：info@sundiallawfirm.com 网站（Website）：sundiallawfirm.com 广东信达律师事务所 关于江苏神马电力股份有限公司 差异化权益分派事项的法律意见书 信达专字[2025]第 005 号 致：江苏神马电力股份有限公司 广东信达律师事务所（以下简称"信达"）接受贵公司的委托，根据《中 华人民共和国公司法》《中华人民共和国证券法》《上市公司股份回购规则》 《上海证券交易所交易规则》《上海证券交易所上市公司自律监管指引第 7 号 ——回购股份》等有关法律、法规及规范性文件的规定，就贵公司 2024 年度利 润分配涉及的差异化权益分派特殊除权除息（ ...

Investment Rating - The investment rating for the company is "Hold" [7] Core Views - The company achieved impressive performance in 2024 with total revenue of 1.345 billion, a year-on-year increase of 40.22%, and a net profit attributable to shareholders of 311 million, up 96.17% year-on-year [1] - The company has a strong order backlog, with new orders amounting to 1.528 billion by the end of 2024, representing a year-on-year growth of 38.31% [3] - The company is expanding its overseas market presence, with significant growth in overseas contract revenue, particularly in the US and Europe [4] Financial Performance - In 2024, the company reported revenue of 1.345 billion, with a gross margin of 43.62% and a net margin of 23.10% [1] - The breakdown of revenue by business segments in 2024 includes: - Substation composite insulators: 879 million, up 34.71% year-on-year, with a gross margin of 46.98% - Rubber seals: 223 million, up 14.10% year-on-year, with a gross margin of 46.86% - Power transmission and distribution line composite insulators: 209 million, up 126.57% year-on-year, with a gross margin of 25.95% [2] - The company’s net profit forecast for 2025-2027 is adjusted to 420 million, 552 million, and 701 million respectively, with corresponding P/E ratios of 27, 20, and 16 [5] Order Backlog - As of the end of 2024, the company had a robust order backlog with new orders of 1.528 billion, including 786 million from domestic markets and 742 million from overseas [3] Overseas Expansion - The company has made significant progress in its overseas market strategy, with overseas contract revenue exceeding 100 million, a growth of over 200% [4] - The construction of a factory in the US is progressing well, with an expected production start in 2027 [4]

Investment Rating - The report maintains a "Hold" rating for the company [7] Core Views - The company achieved impressive performance in 2024, with total revenue of 1.345 billion yuan, a year-on-year increase of 40.22%, and a net profit attributable to shareholders of 311 million yuan, up 96.17% year-on-year [1] - The company has a strong order backlog, with new orders amounting to 1.528 billion yuan by the end of 2024, representing a year-on-year increase of 38.31% [3] - The company is expanding its overseas market presence, with significant growth in overseas contract revenue, particularly in the U.S. and Europe [4] Financial Performance Summary - In 2024, the company reported revenue of 1.345 billion yuan, with a gross margin of 43.62% and a net margin of 23.10% [1] - The breakdown of revenue by business segment in 2024 includes: - Substation composite insulators: 879 million yuan, up 34.71% year-on-year, with a gross margin of 46.98% - Rubber seals: 223 million yuan, up 14.10% year-on-year, with a gross margin of 46.86% - Power transmission and distribution composite insulators: 209 million yuan, up 126.57% year-on-year, with a gross margin of 25.95% [2] - The company’s revenue forecast for 2025-2027 has been adjusted to 1.87 billion, 2.62 billion, and 3.53 billion yuan, respectively [5] Order Backlog and Market Expansion - As of the end of 2024, the company had a robust order backlog, with new orders of 1.528 billion yuan, including 786 million yuan from domestic markets and 742 million yuan from overseas markets [3] - The company is making significant progress in building a factory in the U.S., expected to be operational by 2027, which will further enhance its overseas market capabilities [4]

Investment Rating - The report maintains a "Buy" rating for the company [6] Core Insights - The company reported Q1 2025 revenue of 290 million yuan, a year-on-year increase of 23.4%, and a net profit attributable to shareholders of 70 million yuan, up 7.0% year-on-year [4] - The company has seen a rapid increase in overseas orders, with a 42% year-on-year growth in overseas orders amounting to 220 million yuan in Q1 2025 [5] - The company has successfully passed technical identification for new transformer bushing products, which are expected to contribute to revenue growth [5] - The company is progressing with its U.S. factory project, with production expected to start in 2027 [6] Financial Performance and Forecast - The company’s gross margin and net margin for Q1 2025 were 46.8% and 23.9%, respectively, showing a slight decline compared to the previous year [4] - The company’s projected net profits for 2025, 2026, and 2027 are 430 million yuan, 540 million yuan, and 670 million yuan, respectively, with corresponding P/E ratios of 26, 21, and 17 [6] - Revenue forecasts for 2024 to 2027 are 1.345 billion yuan, 1.863 billion yuan, 2.484 billion yuan, and 3.177 billion yuan, with growth rates of 40.22%, 38.55%, 33.29%, and 27.92% respectively [10]