北 京 大 成 （ 南 京 ） 律 师 事 务 所 关 于 江 苏 共 创 人 造 草 坪 股 份 有 限 公 司 20 24 年 第 三 次 临 时 股 东 大 会 的 法 律 意 见 书 www.dentons.cn 南京市鼓楼区集慧路 18 号联创大厦 A 座 7-10 层（210036） 18 Jihui Road, 7-10/F of Building A, Lianchuang Mansion, Gulou District,Nanjing,China,210036 Tel: +86-25-8375 5101 Fax: +86-25-8375 5005 北京大成（南京）律师事务所 关于江苏共创人造草坪股份有限公司 2024 年第三次临时股东大会的法律意见书 致：江苏共创人造草坪股份有限公司 根据《中华人民共和国证券法》（以下简称"《证券法》"）、《中华人民共 和国公司法》（以下简称"《公司法》"）和中国证券监督管理委员会《上市公司 股东大会规则（2022 年修订）》（以下简称"《股东大会规则》"）等法律、法规 和其他有关规范性文件的要求，北京大成律师事务所（以下简称"本所"）接受江 苏共创人造草坪 ...

Investment Rating - The report maintains a "Strong Buy" rating for the company, with a target price of 26.6 CNY per share, compared to the current price of 18.97 CNY [1]. Core Insights - The company's performance exceeded expectations, with revenue and net profit showing significant year-on-year growth. For the first half of 2024, the company achieved revenue of 1.51 billion CNY, a 18.8% increase, and a net profit of 280 million CNY, a 25.1% increase [1]. - The company is capitalizing on market opportunities, with both domestic and international revenues showing robust growth. In the first half of 2024, the company sold 46.48 million square meters of artificial turf, a 25.5% increase year-on-year [1]. - The gross margin remained stable, and the expense ratio was diluted due to scale improvements. The net profit margin for the first half of 2024 was 18.8%, up 0.9 percentage points year-on-year [1]. - The company is accelerating its domestic and international capacity layout, with a total production capacity of 116 million square meters of artificial turf as of Q2 2024. Future expansions are expected to increase annual production capacity to 172 million square meters [1]. - The company is a leader in the global artificial turf industry, with expectations for increased market share as production capacity expands. The profit forecasts for 2024-2026 have been slightly adjusted, with expected net profits of 528 million CNY, 628 million CNY, and 739 million CNY respectively [1]. Financial Summary - For 2024, the company is projected to achieve total revenue of 2.97 billion CNY, a 20.6% increase from 2023, and a net profit of 528 million CNY, a 22.5% increase [2]. - The earnings per share (EPS) is expected to rise from 1.07 CNY in 2023 to 1.32 CNY in 2024, with a corresponding price-to-earnings (P/E) ratio of 14 [2]. - The company's total assets are projected to grow from 3.12 billion CNY in 2023 to 3.51 billion CNY in 2024, indicating a healthy growth trajectory [5].

江苏共创人造草坪股份有限公司 2024 年第三次临时股东大会 会议资料 二〇二四年九月 江苏共创人造草坪股份有限公司 2024 年第三次临时股东大会会议资料 目录 一、2024 年第三次临时股东大会会议须知 二、2024 年第三次临时股东大会会议议程 三、2024 年第三次临时股东大会会议议案 | 序号 | 议案名称 | | --- | --- | | 1 | 《关于变更公司注册资本、经营范围及修订<公司章程>的议案》 | 江苏共创人造草坪股份有限公司 2024 年第三次临时股东大会会议资料 江苏共创人造草坪股份有限公司 2024 年第三次临时股东大会会议须知 为了维护全体股东的合法权益，确保股东大会的正常秩序和议事效率，保证大会的顺 利进行，根据《江苏共创人造草坪股份有限公司章程》（以下简称《公司章程》）、《江 苏共创人造草坪股份有限公司股东大会议事规则》及相关法律法规的规定，特制定本须知。 一、董事会以维护股东的合法权益、确保大会正常秩序和议事效率为原则，认真履行 《公司章程》中规定的职责。 二、本公司证券部具体负责大会有关程序方面的事宜。 三、股权登记日登记在册的所有股东或其代理人均有权出席股东大会。出 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative return of over 20% within the next six months [7]. Core Views - The company has shown robust financial performance in Q2 2024, with revenue of 820 million yuan, a year-on-year increase of 15.4%, and a net profit of 160 million yuan, up 22.1% year-on-year [1]. - The company is focusing on expanding its market share and improving cost efficiency, which has strengthened its competitive position in the industry [2]. - The international market has been actively developed, with international revenue reaching 1.41 billion yuan in the first half of 2024, a year-on-year increase of 19.3% [3]. - The company is expanding its production capacity in Vietnam, with plans for further efficiency improvements [4]. - The gross profit margin remains stable, although there has been an increase in expense ratios due to changes in accounting for sales expenses and rising personnel costs [5]. - The company has adjusted its profit forecasts for 2024-2026, with expected net profits of 530 million, 640 million, and 740 million yuan respectively [6]. Financial Performance - In H1 2024, the company achieved total revenue of 1.51 billion yuan, a year-on-year increase of 18.8%, with a net profit of 280 million yuan, up 25.1% [1][2]. - The gross margin for Q2 2024 was 31.3%, reflecting a slight year-on-year increase of 0.8 percentage points [1]. - The total sales volume reached 46.48 million square meters in H1 2024, representing a year-on-year growth of 25.5% [2]. Market Expansion - The company is leveraging its leading position in the artificial turf industry to capture more market share by developing new customers and channels [3]. - The domestic market revenue grew by 14.4% in H1 2024, despite challenges in infrastructure investment [3]. Production Capacity - The company has a total production capacity of 5.6 million square meters domestically and is expanding its capacity in Vietnam, with plans for a fourth phase in Mexico to meet growing demand in the Americas [4].

干源证券 公 司 研 究 轻工制造/家居用品 2024H1 国内海外收入双增，产能扩张龙头地位稳固 共创草坪（605099.SH） 2024 年 09 月 03 日 ——公司信息更新报告 | --- | --- | --- | --- | --- | |-------------------------------|-------------|----------------------------------------------------------------|---------------------------------------------------------------------|---------------------------------------------------------------| | 投资评级：买入（维持） \n日期 | 2024/9/2 | 吕明（分析师） \nlvming@kysec.cn \n证书编号： S0790520030002 | 周嘉乐（分析师） \nzhoujiale@kysec.cn \n证书编号： S0790522030002 | 骆 ...

干源证券 公 司 研 究 轻工制造/家居用品 2024H1 国内海外收入双增，产能扩张龙头地位稳固 共创草坪（605099.SH） 2024 年 09 月 03 日 ——公司信息更新报告 | --- | --- | --- | --- | --- | |-------------------------------|-------------|----------------------------------------------------------------|---------------------------------------------------------------------|---------------------------------------------------------------| | 投资评级：买入（维持） \n日期 | 2024/9/2 | 吕明（分析师） \nlvming@kysec.cn \n证书编号： S0790520030002 | 周嘉乐（分析师） \nzhoujiale@kysec.cn \n证书编号： S0790522030002 | 骆 ...

Investment Rating - The investment rating for the company is "Buy-A" with a target price of 25.80 CNY, maintaining the rating [1][5]. Core Views - The company is expected to see a continued recovery in profitability in the second half of 2024, with a significant increase in revenue and net profit in the first half of 2024 compared to the previous year [2][5]. - The global artificial turf market is projected to grow at a CAGR of 6.50% from 2023 to 2027, with the company holding a market share of 16.7% in 2023 [3][5]. - The company has made strategic investments in production capacity in Vietnam and Mexico to meet increasing demand from the Americas [4][5]. Financial Performance - In H1 2024, the company achieved revenue of 1.509 billion CNY, a year-on-year increase of 18.82%, and a net profit of 283 million CNY, up 25.08% [2][5]. - The gross margin for H1 2024 was 30.93%, with a net margin of 18.76%, reflecting improvements in operational efficiency [5][7]. - The company expects revenues of 2.904 billion CNY, 3.378 billion CNY, and 3.921 billion CNY for 2024, 2025, and 2026 respectively, with corresponding net profits of 514.6 million CNY, 610.3 million CNY, and 735.7 million CNY [5][6]. Market Dynamics - The overseas revenue for H1 2024 was 1.407 billion CNY, representing a year-on-year growth of 19.30%, primarily driven by the leisure turf segment [3][5]. - The company is actively expanding its market share in the domestic market despite reduced investment in basic sports facilities [3][5]. - The company is well-positioned to benefit from the anticipated easing of inflationary pressures in the US and a resilient macroeconomic environment [3][5].

Investment Rating - The report maintains a "Buy" rating for the company [4] Core Views - The company's performance exceeded expectations, leading to an upward revision of earnings forecasts for 2024-2026, with projected EPS of 1.38, 1.66, and 1.92 yuan respectively [3] - The target price has been raised to 27.69 yuan, reflecting a 20x PE for 2024, supported by the company's strong competitive position and expanding market [3] - The company has shown significant revenue growth in the Americas, with a stable recovery in average selling prices (ASP) [3] Summary by Sections Financial Performance - In H1 2024, revenue from leisure grass reached 1.1 billion yuan, up 18.8% year-on-year, while sports grass revenue was 270 million yuan, up 20.2% [3] - The international market generated 1.41 billion yuan in revenue, a 19.3% increase year-on-year, with significant volume growth in both leisure and sports grass [3] - Domestic market revenue was 940 million yuan, reflecting a 14.4% year-on-year increase [3] Profitability - The company's gross margin and net profit margin for Q2 2024 were 31.3% and 19.6%, respectively, both showing improvements compared to previous periods [3] - The increase in profitability is attributed to enhanced production efficiency at the Vietnam facility and successful expansion into high-margin markets [3] Capacity Expansion - The company is accelerating capacity expansion, with the second phase of its Vietnam facility increasing annual capacity from 30 million to 36 million square meters [3] - The third phase, which began construction in Q2 2024, will double its capacity to 40 million square meters, with trial production expected to start in December 2024 [3]

Investment Rating - The report maintains a "Recommended" rating for the company, with a current price of 19.18 yuan [5]. Core Views - The company reported a revenue of 1.509 billion yuan for the first half of 2024, representing a year-on-year increase of 18.82%, and a net profit attributable to shareholders of 283 million yuan, up 25.08% year-on-year [1]. - The company is the global leader in artificial turf production and sales, with significant growth in both domestic and international markets [3]. - The report forecasts net profits for 2024-2026 to be 530 million, 620 million, and 690 million yuan respectively, with corresponding PE ratios of 15, 13, and 11 times [3]. Financial Performance - In H1 2024, the company's artificial turf sales reached 46.48 million square meters, a year-on-year increase of 25.5% [2]. - The revenue breakdown shows that leisure turf generated 1.103 billion yuan (73.05% of total revenue), while sports turf contributed 268 million yuan (17.76%) [2]. - The gross margin for H1 2024 was 30.93%, slightly down by 0.34 percentage points year-on-year, while the net margin improved by 0.94 percentage points to 18.76% [1]. Market Dynamics - The company experienced a 19.3% year-on-year increase in overseas revenue, amounting to 1.407 billion yuan, with a strong performance in European and American markets [2]. - Domestic revenue was 94 million yuan, reflecting a 14.35% increase, primarily driven by sports turf sales linked to local sports facility construction [2]. - The company has four production bases with a total annual capacity of 116 million square meters, with plans to expand capacity to 172 million square meters upon completion of new projects in Vietnam and Mexico [2]. Cost Management - The total expense ratio for H1 2024 was 8.78%, down 1.53 percentage points year-on-year, indicating improved cost efficiency as revenue grew [3]. - Sales and management expenses increased by 14.42% and 15.23% respectively, primarily due to higher personnel and intermediary costs [3].

Financial Performance - The company's operating revenue for the first half of 2024 reached ¥1,509,334,418.89, representing an increase of 18.82% compared to ¥1,270,227,507.83 in the same period last year[14]. - The net profit attributable to shareholders was ¥283,200,087.18, up 25.08% from ¥226,407,007.66 in the previous year[14]. - The net profit after deducting non-recurring gains and losses was ¥277,963,039.77, reflecting a 27.72% increase from ¥217,628,203.53 year-on-year[14]. - The basic earnings per share increased to ¥0.71, a rise of 25.08% compared to ¥0.57 in the same period last year[15]. - The diluted earnings per share also stood at ¥0.71, marking a 25.08% increase from the previous year[15]. - The weighted average return on equity rose to 11.13%, an increase of 1.48 percentage points from 9.65% year-on-year[15]. - In the first half of 2024, the company achieved a net profit attributable to shareholders of 283.20 million yuan, an increase of 25.08% year-on-year, with a net profit margin of 18.76%, up by 0.94 percentage points[31]. - The company sold 46.48 million square meters of artificial turf products, representing a year-on-year growth of 25.50%, and achieved operating revenue of 1,509.33 million yuan, an increase of 18.82% compared to the same period last year[31]. Cash Flow and Assets - The net cash flow from operating activities decreased by 48.15% to ¥16,691,710.69 from ¥32,194,635.09 in the previous year[14]. - Total assets decreased by 5.43% to ¥2,950,794,392.59 from ¥3,120,099,828.57 at the end of the previous year[14]. - The company's cash flow from operating activities decreased by 48.15% to 166.92 million yuan, primarily due to an increase in accounts receivable[32]. - The company's total assets included 191.56 million yuan in overseas assets, accounting for 64.92% of total assets[35]. - The company's current assets totaled CNY 2,078,005,594.23, down from CNY 2,215,708,988.21, indicating a decrease of about 6.2%[68]. - Cash and cash equivalents decreased to CNY 628,526,827.63 from CNY 979,363,878.55, reflecting a decline of approximately 35.7%[68]. - Accounts receivable increased significantly to CNY 717,271,894.95 from CNY 474,622,466.87, marking an increase of around 50.9%[68]. - Total liabilities decreased to CNY 428,223,075.18 from CNY 627,932,567.93, representing a decline of approximately 31.8%[70]. Market Position and Industry Insights - The company is positioned in the artificial turf industry, which is experiencing rapid growth, with global demand expected to reach €4.141 billion by 2027, growing at a CAGR of 6.50%[17]. - The domestic artificial turf market is primarily driven by the sports turf segment, with significant growth potential as investments in sports infrastructure continue to increase[19]. - The company holds a 16.7% global market share in the artificial turf industry, with a production volume of 74.6 million square meters in 2023[22]. - The company is one of the eight global preferred suppliers of artificial turf for FIFA, World Rugby, and FIH, highlighting its industry leadership[22]. - The company’s products are exported to over 140 countries and regions, indicating a strong international presence[22]. Research and Development - The company has obtained a total of 65 authorized patents, including 25 invention patents and 40 utility model patents, enhancing its R&D capabilities[27]. - The company invested 4,382.74 million RMB in R&D, representing 2.90% of its operating revenue, indicating a strong commitment to innovation[43]. - The company reported a significant increase in accounts receivable by 51.12% year-on-year, indicating a growing customer base[33]. - The company has developed high-performance sports grass and low-carbon environmentally friendly systems, with some new products exceeding FIFA Quality Pro standards[28]. Compliance and Governance - The company did not distribute profits or increase capital reserves during the reporting period[3]. - The company has not faced any non-operational fund occupation by controlling shareholders or related parties[4]. - There are no violations of decision-making procedures regarding external guarantees[4]. - The company has maintained good integrity, with no violations of court judgments or significant debts reported[60]. - The company has committed to fair pricing in related party transactions, adhering to market prices[61]. Risks and Challenges - The company faces risks from intensified market competition, particularly as major players expand capacity and new entrants emerge in the artificial turf sector[40]. - The company is exposed to risks related to the fluctuation of raw material prices, particularly plastic particles, which are influenced by oil price volatility[43]. - The company’s reliance on international markets for revenue makes it vulnerable to geopolitical and economic changes in importing countries[42]. - The company’s overseas production expansion, particularly in Vietnam, presents management challenges that could lead to operational risks if not properly managed[44]. Financial Reporting and Audit - The report has not been audited[2]. - The company maintains its commitment to the accuracy and completeness of the financial report as stated by its responsible personnel[2]. - The company has received no adverse audit opinions in the previous annual report[58]. Shareholder Information - The top ten shareholders include Wang Qiangxiang with 54.87% ownership (219,517,200 shares) and Jiangsu Best Investment Group Co., Ltd. with 15.93% ownership (63,730,800 shares)[64]. - The total number of common shareholders as of the end of the reporting period is 8,831[64]. - The company held two shareholder meetings during the reporting period, with all proposals approved[47]. Environmental Initiatives - The company implemented a photovoltaic power generation project, generating approximately 4.89 million kWh in the first half of 2024, reducing CO2 emissions by about 3,073 tons[52].