无锡阿科力科技股份有限公司 第五届董事会第三次会议决议公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假 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 担个别及连带法律责任。 一、会议召开情况 无锡阿科力科技股份有限公司（以下称"股份公司"）第五届董事会第三次会 议于 2025 年 6 月 30 日在公司办公楼二层会议室召开，会议的通知于 2025 年 6 月 25 日以邮件及电话的方式发出。股份公司董事共计 9 人，出席本次董事会的 董事共 9 人，出席会议人数符合《中华人民共和国公司法》和《无锡阿科力科 技股份有限公司章程》的规定。 二、会议表决情况 证券代码：603722 证券简称:阿科力 公告编号：2025-046 经过参会董事充分讨论与审议，表决涉及关联董事回避的，除关联董事回避 表决外，非关联董事表决结果为一致通过。 具体表决情况如下： 1. 审议《关于<无锡阿科力科技股份有限公司 2025 年限制性股票激励计划 （草案修订稿）>及其摘要的议案》； 内容详见同日于《上海证券报》、《证券时报》、《金融时报》及上海证券交易 所网站（www.sse.com.cn） ...

Group 1 - The A-share market showed signs of recovery in June, with major indices generally rising, particularly the ChiNext Index which increased by 6.1% [1][8] - The performance of various sectors was mixed, with telecommunications, non-bank financials, banks, and non-ferrous metals performing well, while consumer sectors like food and beverage, beauty care, and home appliances lagged [1][8] - The Hong Kong stock market also experienced a rebound, with the Hang Seng Index and other indices showing increases of 5.0%, 4.8%, and 4.4% respectively by June 26, 2025 [1][12] Group 2 - The report anticipates that the A-share index will maintain a volatile trend, with external risks potentially easing but still requiring vigilance regarding U.S. policies [2][16] - The upcoming earnings season is expected to highlight sectors with strong performance, particularly steel, computers, electric equipment, and defense industries, which are projected to have relatively high growth rates [2][18] - Stable assets such as high-dividend stocks and gold are recommended for attention, as they have historically performed well during uncertain market conditions [2][18] Group 3 - The Hong Kong market is expected to continue its volatile trend, influenced by liquidity constraints and uncertainties in U.S.-China relations [3][23] - Long-term investment strategies should focus on a "barbell" approach, emphasizing technology growth and high-dividend stocks, particularly in sectors like telecommunications, utilities, and banking [3][23] - The report identifies several key stocks for July 2025 in both A-shares and Hong Kong markets, including Newguang, Gree Electric, Tencent Holdings, and Xiaomi Group, among others [3][29][32]

Investment Rating - The report maintains an "Overweight" rating for the basic chemical industry [6] Core Viewpoints - The report is optimistic about the domestic breakthroughs in COC materials, packaging materials, and semiconductor materials, emphasizing the importance of "domestic substitution" in achieving supply chain security and reducing production costs for end products [1][22] Summary by Sections Semiconductor Materials - The global semiconductor sales are projected to reach approximately $630.5 billion in 2024, representing a year-on-year growth of about 19.7%, with the Asia-Pacific region expected to see a growth of 17.5% [4][38] - The steady growth in the semiconductor market is anticipated to drive an increase in demand for semiconductor materials, including photoresists and electronic specialty gases [4][43] COC/COP Materials - COC/COP, a high-end optical material, has shown significant potential, with Akolai's thousand-ton production line entering trial production in Q3 2024 [2][29] - COC/COP materials are characterized by high thermal deformation temperature, high transparency, low birefringence, and low dielectric loss, making them ideal for optical components [25][28] - The domestic production of COC/COP is gaining momentum, with several companies, including Akolai, making strides in industrialization [28][29] PSPI Materials - PSPI combines the functions of photoresist and dielectric insulation layer, showing promise in integrated circuits and OLED applications [3][35] - Domestic companies like Aolide and Dinglong have achieved breakthroughs in the localization of PSPI, indicating a potential increase in domestic supply [3][36] Investment Recommendations - The report suggests focusing on high-value new materials, particularly semiconductor materials, OLED supply chains, and wind power materials [5] - It also highlights the importance of monitoring the development of new capacities in the semiconductor materials sector [43]

Metal Sector - China Hongqiao's net profit forecast for 2024 is CNY 223.72 billion, with a PE ratio of 6.78[12] - Luoyang Molybdenum's net profit forecast for 2025 is CNY 167.43 billion, with a PE ratio of 10.42[12] Building Materials Sector - China National Materials' net profit forecast for 2025 is CNY 18.54 billion, with a PE ratio of 16.65[12] - Keda Manufacturing's net profit forecast for 2025 is CNY 17.24 billion, with a PE ratio of 10.82[12] - Three Trees' revenue compound growth rate from 2015 to 2018 was approximately 33%[40] Transportation Sector - SF Holding's net profit forecast for 2025 is CNY 117.44 billion, with a PE ratio of 20.58[12] - The company has seen a significant increase in daily package handling, reaching an average of 166 packages per courier in 2024[56] Chemical Sector - Yara International's net profit forecast for 2025 is CNY 22.52 billion, with a PE ratio of 12.30[12] - Ba Tian's net profit forecast for 2025 is CNY 12.84 billion, with a PE ratio of 7.59[12] Financial Performance - The overall net profit for Keda Manufacturing is projected to reach CNY 19.0 billion by 2026, with a significant increase in overseas revenue contributing to growth[31]

Core Viewpoint - The company has announced a restricted stock incentive plan aimed at motivating key personnel and aligning their interests with the company's performance, particularly in the COC/COP business segment [3][4]. Group 1: Incentive Plan Details - The company plans to grant 2.03 million restricted stocks to 22 key personnel, including directors and core technical staff, at a price of 22.17 yuan per share [3]. - The assessment period for the incentive plan is set from 2025 to 2027, focusing on the progress of core products such as cyclic olefin copolymer (COC) and high-heat-resistant resins, as well as net profit attributable to the parent company [4]. Group 2: Performance Targets - For 2025, the targets include achieving customer validation and mass sales in at least two out of three fields (HUD, pharmaceutical packaging, and lenses) for COC products, and commencing production and sales of high-heat-resistant resins at the Qianjiang base [4]. - The 2026 target is to exceed 1,000 tons in sales of COC products and complete the installation of main equipment for a 10,000-ton optical materials project by the end of the year [4]. - The 2027 target includes achieving over 3,000 tons in sales of COC products and a net profit of over 50 million yuan [4]. Group 3: Production Updates - The company has commenced trial production of its thousand-ton COC production line, which is currently undergoing batch stability testing [5]. - A 30,000-ton optical materials project is planned in Qianjiang, and the company has raised 215 million yuan for a 20,000-ton polyether amine project [6].

Investment Rating - The report maintains an "Accumulate" rating for the company [6]. Core Viewpoints - The company has announced a restricted stock incentive plan aimed at enhancing the motivation of core members, with a focus on the progress of its COC/COP products, which are expected to achieve mass sales by 2025 [2][4]. - The incentive plan's assessment period is set from 2025 to 2027, with specific sales and profit targets outlined for each year, indicating a strong confidence in the company's product development [2][4]. - The company has successfully initiated trial production of its thousand-ton COC production line, which is currently undergoing stability testing, and plans to expand its optical materials project in Hubei [3][4]. Summary by Relevant Sections Incentive Plan - The company plans to grant 2.03 million restricted stocks to 22 key personnel at a price of 22.17 yuan per share, with performance targets linked to the sales of core products and net profit [1][2]. Financial Forecasts - The company's projected net profits for 2025, 2026, and 2027 are 0.21 billion, 1.06 billion, and 2.24 billion yuan respectively, reflecting a downward adjustment for 2025 and 2026 due to weak profitability in its polyetheramine products [4][5]. - Revenue is expected to grow significantly from 0.522 billion yuan in 2025 to 1.108 billion yuan in 2027, with corresponding profit margins improving over the forecast period [5][11]. Production and Sales Targets - By the end of 2025, the company aims to achieve mass sales of its COC products in at least two out of three targeted fields, with specific sales volume targets set for 2026 and 2027 [2][4]. - The company is also investing in a new project to produce 20,000 tons of polyether amine, with a total investment of 327 million yuan [3][4]. Market Position and Valuation - The current market capitalization of the company is approximately 4.257 billion yuan, with a share price of 44.48 yuan [6]. - The report indicates a significant increase in expected earnings per share (EPS) from 0.22 yuan in 2025 to 2.34 yuan in 2027, reflecting a positive outlook for the company's financial performance [5][11].

Group 1 - The company has approved the establishment of a wholly-owned subsidiary in Hong Kong, named Akole (Hong Kong) Limited, during the board meeting held on October 30, 2024 [1] - The registration procedures for the Hong Kong subsidiary were completed on November 29, 2024, and the company received the Certificate of Incorporation and Business Registration Certificate from the Hong Kong Special Administrative Region [1] - The company has obtained the Overseas Investment Certificate issued by the Jiangsu Provincial Department of Commerce and the Overseas Investment Project Filing Notification from the Wuxi Development and Reform Commission [1]

Core Viewpoint - The company plans to implement a restricted stock incentive plan for 2025 to attract and retain talent, aligning the interests of shareholders, the company, and core team members for long-term development and sustainable growth [1][2]. Group 1: Assessment Objectives - The purpose of the assessment is to evaluate the performance of directors, senior management, and core personnel to ensure the smooth implementation of the incentive plan and promote the company's sustainable development [1]. Group 2: Assessment Principles - The evaluation must adhere to principles of fairness, openness, and impartiality, closely linking the incentive plan to the performance and contributions of the incentivized individuals to maximize overall company performance and shareholder interests [2]. Group 3: Assessment Scope - The assessment applies to all participants in the incentive plan, excluding independent directors and shareholders holding more than 5% of the company's shares [2]. Group 4: Assessment Organization - The assessment will be led and organized by designated leaders, who will also oversee the execution of the assessment results [2]. Group 5: Assessment Indicators and Standards - The performance assessment for the incentive plan will occur annually from 2025 to 2027, with specific performance targets set for each year to unlock the restricted stocks [3]. Group 6: Assessment Period and Frequency - Each accounting year during the incentive plan will have one assessment, with the previous year's performance being the basis for unlocking the restricted stocks [4]. Group 7: Assessment Procedures - The Human Resources Department will be responsible for the assessment work, compiling results into a performance report for the board of directors to determine unlocking qualifications and quantities [4]. Group 8: Management of Assessment Results - Assessed individuals have the right to know their results, and any disputes can be resolved through communication with the Human Resources Department or by appealing to the Compensation and Assessment Committee [4].

无锡阿科力科技股份有限公司董事会薪酬与考核委员会 关于公司2025年限制性股票激励计划相关事项的核查意见 根据《中华人民共和国公司法》《中华人民共和国证券法》《上市公司股权激 励管理办法》以及《公司章程》等有关法律法规及规范性文件的规定，无锡阿科力 科技股份有限公司（以下简称"公司 "）董事会薪酬与考核委员会对《无锡阿科力 科技股份有限公司2025年限制性股票激励计划（草案）》（以下简称"《激励计划 （草案）》 "或"本次激励计划 "）及其摘要相关事项进行了仔细阅读和审核。现 发表核查意见如下： 《中华人民共和国证券法》、《上市公司股权激励管理办法》等有关法律、法规和 规范性文件以及《公司章程》的规定；对各激励对象获授限制性股票的授予安排、 解除限售安排（包括但不限于授予额度、授予日期、授予条件、授予价格、限售期、 解除限售期、解除限售条件等事项）未违反有关法律、法规和规范性文件的规定， 未侵犯公司及全体股东的利益。 权激励计划的情形，包括： （1）最近一个会计年度财务会计报告被注册会计师出具否定意见或者无法表 示意见的审计报告； （2）最近一个会计年度财务报告内部控制被注册会计师出具否定意见或无法 表示意见 ...

Meeting Overview - The second meeting of the fifth board of directors of Wuxi Akerui Technology Co., Ltd. was held on June 23, 2025, with all 9 directors present, including two independent directors attending via telecommunication [1][2]. Voting Results - The board unanimously approved the proposal regarding the 2025 Restricted Stock Incentive Plan, with 6 votes in favor, 0 against, and 0 abstentions. The proposal requires approval from two-thirds of the voting rights at the shareholders' meeting [2][4]. Incentive Plan Details - The board proposed to authorize the board to manage various aspects of the 2025 Restricted Stock Incentive Plan, including determining eligibility, adjusting stock quantities and prices, granting stocks, and managing the release of restrictions on stocks [3][4]. - The authorization includes the ability to handle necessary administrative tasks related to the incentive plan, such as applying for approvals and managing related agreements [3][4].