北京市中伦（青岛）律师事务所 关于山东玻纤集团股份有限公司 2024 年年度股东大会 之 法律意见书 二〇二五年四月 法律意见书 致：山东玻纤集团股份有限公司 北京市中伦（青岛）律师事务所（以下简称"本所"）接受山东玻纤集团股 份有限公司（以下简称"公司"）的委托，根据本法律意见书出具日前已经发生 或存在的事实和《中华人民共和国公司法》《中华人民共和国证券法》《上市公 司股东大会规则》《律师事务所从事证券法律业务管理办法》《律师事务所证券 法律业务执业规则（试行）》等中华人民共和国现行有效的法律、法规和规范性 文件（以下简称"中国法律"，为本法律意见书之目的，不包括中华人民共和国 香港特别行政区、澳门特别行政区和台湾地区法律）以及《山东玻纤集团股份有 限公司章程》（以下简称"《公司章程》"）等有关规定，指派律师对公司 2024 年年度股东大会（以下简称"本次股东大会"）进行现场见证，并就本次股东大 会的相关事项出具本法律意见书。 为出具本法律意见书，本所律师审查了公司提供的包括但不限于如下文件： 1. 公司现行有效的《公司章程》； 山东省青岛市香港中路 61 号乙远洋大厦 A 座 27-28 层 邮编：266 ...

山东玻纤（605006）公告，2025年第一季度营收为6.08亿元，同比增长18.06%；净利润为873.43万元， 同比增长110.25%。 ...

Core Viewpoint - Shandong Glass Fiber Group Co., Ltd. has decided not to adjust the conversion price of its convertible bonds ("Shanbo Convertible Bonds") for the next six months, despite the possibility of triggering conditions for a downward adjustment [1][9]. Summary by Sections Convertible Bond Issuance Overview - The company issued 600,000 convertible bonds with a total value of RMB 60 million, approved by the China Securities Regulatory Commission on November 8, 2021 [2]. - The bonds began trading on the Shanghai Stock Exchange on December 6, 2021, under the code "111001" [2]. Conversion Price Adjustment History - The initial conversion price was set at RMB 13.91 per share, adjusted to RMB 11.50 due to a 2021 annual equity distribution [4]. - Subsequent adjustments brought the conversion price to RMB 11.23 on May 25, 2023, and further to RMB 11.13 and RMB 11.12 due to stock incentive plans [5][6]. - As of now, the conversion price stands at RMB 11.07 per share [7]. Downward Adjustment Conditions - The conditions for a downward adjustment of the conversion price require that the stock price be below 85% of the current conversion price for at least 15 out of 30 consecutive trading days [8]. - If triggered, the board must convene to decide on the adjustment, which requires a two-thirds majority approval from shareholders [8]. Recent Developments - From April 9 to April 22, 2025, the stock price has been below the conversion price threshold, indicating a potential trigger for adjustment [9]. - On October 8, 2024, the board decided not to adjust the conversion price and will reassess after the six-month period [10].

重要内容提示： 山东玻纤集团股份有限公司（以下简称公司）于 2024 年 10 月 8 日召开第四届 董事会第五次会议，审议通过了《关于不向下修正"山玻转债"转股价格的议案》， 决定在未来六个月内（即 2024 年 10 月 9 日至 2025 年 4 月 8 日）若触发转股价格向 下修正条件，将不提出向下修正方案。在此期间之后（自 2025 年 4 月 9 日起重新计 算），若再次触发转股价格向下修正条件，届时公司董事会将再次召开会议决定是 否行使"山玻转债"的转股价格向下修正权利。 公司股票自 2025 年 4 月 9 日至 2025 年 4 月 22 日已有十个交易日的收盘价低于 证券代码：605006 证券简称：山东玻纤 公告编号：2025-036 转债代码：111001 转债简称：山玻转债 山东玻纤集团股份有限公司 关于"山玻转债"预计触发转股价格向下修正条件的提 示性公告 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个别及连带责任。 — 1 — 股票代码：605006 股票简称：山东玻纤 债券代码：111001 债券简称： ...

Group 1 - The company held its 2024 annual performance briefing on April 16, 2025, to address investor concerns and discuss the company's performance [2] - The main reasons for the company's profit decline include the impact of domestic and international macroeconomic conditions, low product prices, and reduced sales volume [3] - The company has implemented cost reduction and efficiency improvement measures, but these were insufficient to offset the negative impacts on profit [3] Group 2 - The company's net cash flow from operating activities significantly decreased due to reduced tax refunds and increased cash payments for goods and services [3] - As of March 31, 2025, the company repurchased 6,220,980 shares, accounting for 1.0182% of its total share capital, with a total expenditure of approximately RMB 29.99 million [3] - In 2024, China's fiberglass and products exports reached 202.2 million tons, a year-on-year increase of 12.5%, with an export value of USD 2.79 billion, up 4.9% [3][4] Group 3 - The company has enhanced operational security through various measures, including establishing an integrated supply-production-research collaboration mechanism and expanding raw material supply channels [4] - The negative cash flow from investment activities was primarily due to increased cash payments for fixed assets and investments [4] - Future growth drivers for the company include focusing on cost reduction, quality improvement, and exploring new business growth points through partnerships with downstream enterprises [4] Group 4 - The company anticipates that the fiberglass industry will see increased concentration and high-quality development due to technological advancements and the implementation of the "14th Five-Year Plan" [4] - The company aims to build a fiber and composite new materials industry cluster, focusing on high-end, digital, specialized, and international development [5] - The management's future development goals include optimizing product structure and expanding into green low-carbon materials, lightweight transportation, and carbon fiber composite materials [5]

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1][3] Core Views - The company turned a profit in Q4 2024, with performance expected to stabilize and recover due to price recovery in the fiberglass industry [1][3] - The company's revenue for 2024 is projected at 2.006 billion yuan, a decrease of 9% year-on-year, while net profit is expected to be 44 million yuan in 2025, marking a significant recovery from a loss of 99 million yuan in 2024 [1][3] - The fiberglass industry is experiencing a bottoming out phase, with gradual price recovery and improved supply-demand dynamics anticipated [3] Summary by Relevant Sections Financial Performance - In 2024, the company achieved a revenue of 2.006 billion yuan, down 21% from 2023, with a net profit of -99 million yuan [1][3] - The projected revenue for 2025 is 2.393 billion yuan, with a year-on-year growth rate of 19% [1][3] - The company expects to achieve a net profit of 123 million yuan in 2026 and 169 million yuan in 2027, indicating a strong recovery trajectory [1][3] Business Segments - The fiberglass segment faced challenges, with a sales volume of 443,300 tons in 2024, down 8.1% year-on-year, and an average selling price of approximately 3,499 yuan per ton, a decrease of 6.7% [3] - The company’s power and heat business performed well, with a revenue of 440 million yuan in 2024, up 18.6% year-on-year, and a significant increase in power sales volume [3] Strategic Initiatives - The company is focusing on cost reduction and efficiency improvement by upgrading older production lines and investing in new, larger-scale production lines [3] - A share buyback plan was announced, with the company intending to repurchase shares worth between 50 million and 100 million yuan to support employee stock ownership plans [3] Market Outlook - The fiberglass industry is expected to see a gradual recovery in pricing, with the average price of direct winding yarn in Q1 2025 projected at 3,645 yuan per ton, up 12.9% year-on-year [3] - The company is also planning to enhance its product offerings to enter international markets, particularly in high-modulus and ultra-high-modulus wind power yarns [3]

Investment Rating - The report maintains an "Accumulate" rating for Shandong Fiberglass, indicating a positive outlook for the company's stock performance in the next 6 to 12 months [1][3]. Core Views - The company turned a profit in Q4 2024, with expectations for performance to stabilize and recover due to price recovery in the fiberglass market [1][3]. - The fiberglass industry is experiencing a bottoming out phase, with gradual price recovery expected as supply-demand dynamics improve [3]. - The company is actively working on cost reduction and efficiency improvements, which are anticipated to enhance profitability in the fiberglass segment [3]. Summary by Relevant Sections Financial Performance - In 2024, the company reported a revenue of 2,006 million yuan, a year-on-year decrease of 9% [1][3]. - The net profit attributable to shareholders was -99 million yuan, reflecting a significant decline compared to the previous year [1][3]. - For Q4 2024, the company achieved a revenue of 520 million yuan, a year-on-year decrease of 4.4%, but a quarter-on-quarter increase of 9.9% [3]. Future Projections - The company expects a net profit of 44 million yuan in 2025, a substantial recovery from the previous year's losses [1][3]. - Revenue projections for 2025 are set at 2,393 million yuan, with a growth rate of 19% year-on-year [1][3]. - The report anticipates continued growth in net profit, reaching 169 million yuan by 2027 [1][3]. Industry Dynamics - The fiberglass market is showing signs of recovery, with price increases observed in early 2025 [3]. - The company is enhancing its production capabilities, including the digital upgrade of its production lines, which is expected to improve efficiency and reduce costs [3]. - The demand for fiberglass products in sectors such as home appliances, wind power, and automotive is stabilizing, contributing to a more favorable market environment [3].

在年报中，山东玻纤称2024年是公司成立以来最为艰难也是极为难忘的一年。 在4月16日的业绩说明会上，山东玻纤在回答投资者提问时介绍，根据中国玻璃纤维工业协会统计， 2024年我国玻璃纤维及制品出口总量首度突破200万吨，达到202.2万吨，同比增长12.5%；出口金额 27.9亿美元，同比增长4.9%。此外，我国玻纤企业所属海外生产基地2024年共实现玻璃纤维纱总产量 66.4万吨，同比增长8.5%。近年来，国际局势紧张，地缘冲突加剧，导致欧美等地能源资源成本快速上 涨，国内则在智能制造和数字化赋能等方面持续进步，不断提升我国玻璃纤维及制品在全球范围内的竞 争优势。 山东玻纤（605006）4月16日召开2024年度业绩说明会，针对2024年度的经营成果及财务指标的具体情 况与投资者进行互动交流和沟通。 山东玻纤2024年实现营业收入20.06亿元，同比减少8.89%；实现净利润-9893.05万元，同比减少 193.92%。影响公司业绩的主要原因一是报告期内受国内、国际宏观经济形势影响，玻纤下游市场仍处 于低迷状态，玻纤产品价格略有回升但处于底部，同时产品销量未达预期；二是报告期内公司采取降本 增效、内涵 ...

证券代码：605006 证券简称：山东玻纤 公告编号：2025-035 转债代码：111001 转债简称：山玻转债 山东玻纤集团股份有限公司 关于 2024 年度业绩说明会召开情况的公告 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个别及连带责任。 一、本次说明会召开情况 山东玻纤集团股份有限公司（以下简称公司）于 2025 年 4 月 9 日发布了《山东 玻纤集团股份有限公司关于召开 2024 年度业绩说明会的公告》（公告编号： 2025-030），并通过邮件等方式提前征集投资者所关注的问题。 公司于 2025 年 4 月 16 日上午 10:00-11:00 以网络文字互动的形式召开了 2024 年度业绩说明会。公司董事长张善俊先生、独立董事安起光先生、总经理朱波先生、 财务总监邱元国先生、董事会秘书王传秋先生参加了本次说明会，并在信息披露允 许的范围内就投资者关注的事项与投资者进行了沟通与交流。 回答：您好！公司经营活动产生的现金流量净额同比下滑，主要是由于报告期 内公司收到的税费返还减少，以及购买商品、接收劳务支付的现金增加所 ...

证券代码：605006 证券简称：山东玻纤 公告编号：2025-034 转债代码：111001 转债简称：山玻转债 山东玻纤集团股份有限公司 2025年一季度业绩预增公告 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： ● 经财务部门初步测算，山东玻纤集团股份有限公司（以下简称公司）预计2025年一季度实现归属于上 市公司股东的净利润为699万元至1,048万元，同比增加9,219万元至9,568万元，同比上涨108%至112%。 ● 预计2025年一季度实现归属于上市公司股东的扣除非经常性损益的净利润为339万元至509万元，同比 增加9,097万元至9,267万元，同比上涨104%至106%。 一、本期业绩预告情况 （一）业绩预告期间 2.公司通过实施"降本增效八项硬措施""两增三降四提升"等一系列活动，抓内涵提升，开展产品质量竞 赛、经营质量竞赛，采取成本模块化管理等，精益组织生产。同时通过产线技改和智能化升级，实现了 部分生产线的专线生产和精细化管理，产品成本同比下降。 四、风险提示 2025年1月1日 ...