浙江金道律师事务所 关于聚合顺新材料股份有限公司 2025 年第二次临时股东大会的 法律意见书 地址：杭州市文二路 391 号西湖国际科技大厦 A 楼 9-12 层 邮编：310012 电话：0571-87006666 传真：0571-87006661 网址：www.zjblf.com 二〇二五年四月 浙江金道律师事务所法律意见书 浙江金道律师事务所 关于聚合顺新材料股份有限公司 2025 年第二次临时股东大会的 法律意见书 致：聚合顺新材料股份有限公司 浙江金道律师事务所（以下简称"本所"）接受聚合顺新材料股份有限公司（以 下简称"公司"）委托，就公司召开 2025 年第二次临时股东大会（以下简称"本次 股东大会"）的有关事宜，根据《中华人民共和国公司法》（以下简称"《公司法》"）、 《中华人民共和国证券法》（以下简称"《证券法》"）、《上市公司股东大会规 则》等法律、法规和其他规范性文件以及《聚合顺新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。 本法律意见书仅供公司 2025 年第二次临时股东大会之目的使用，本所律师 同意将本法律意见书随公司本次股东大会其他信息披露资料一 ...

| 证券代码：605166 | 证券简称：聚合顺 | 公告编号：2025-045 | | --- | --- | --- | | 转债代码：111003 | 转债简称：聚合转债 | | | 转债代码：111020 | 转债简称：合顺转债 | | 聚合顺新材料股份有限公司 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： 本次会议是否有否决议案：无 一、 会议召开和出席情况 (一)股东大会召开的时间：2025 年 4 月 16 日 (二)股东大会召开的地点：浙江省杭州市钱塘区纬十路 389 号聚合顺新材料股份 有限公司一楼会议室 (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 | 60 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 130,044,444 | | 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 | | | 份总数的比例（%） | 41.3198 | | 议案 ...

| 证券代码：605166 | 证券简称：聚合顺 | 公告编号：2025-043 | | --- | --- | --- | | 转债代码：111003 | 转债简称：聚合转债 | | | 转债代码：111020 | 转债简称：合顺转债 | | 聚合顺新材料股份有限公司 第四届监事会第一次会议决议公告 本公司监事会及全体监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。 聚合顺新材料股份有限公司（以下简称"公司"）第四届监事会第一次会 议于 2025 年 04 月 16 日在公司会议室以现场方式召开。本次会议通知于同 日召开的 2025 年第二次临时股东大会后送达公司全体监事，全体监事一致同 意豁免本次会议的通知时限要求，与会监事均已知悉与所议事项相关的必要信 息，并一致推举监事沈红燕女士主持本次会议，沈红燕女士对临时召开会议情 况进行了说明。会议应出席监事 3 名，实际出席监事 3 名。本次会议的召集、 召开及表决程序符合《中华人民共和国公司法》和《公司章程》的有关规定， 会议形成的决议合法、有效。本次会议作出决议如下： 一、审议通过了《关于选举 ...

| 证券代码：605166 | 证券简称：聚合顺 | 公告编号：2025-041 | | --- | --- | --- | | 转债代码：111003 | 转债简称：聚合转债 | | | 转债代码：111020 | 转债简称：合顺转债 | | 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。 聚合顺新材料股份有限公司（以下简称"公司"）第三届董事会即将任期 届满，依据《公司法》《证券法》《上海证券交易所股票上市规则》及《公司 章程》的相关规定，公司于2025年4月15日召开了公司2025年第一次职工代表大 会，会议选举傅永宾先生为公司第四届董事会职工董事，选举沈琴女士为公司 第四届监事会职工监事。本次选举产生的职工董事、职工监事将与公司2025年 第二次临时股东大会选举产生的董事、监事共同组成公司第四届董事会、监事 会，任期与非职工代表董事、监事一致。 聚合顺新材料股份有限公司 董事会 聚合顺新材料股份有限公司 关于完成选举职工董事、职工监事的公告 经审查傅永宾先生、沈琴女士个人履历等有关材料，未发现其有《公司法》 《公司章程 ...

Group 1 - The report highlights steady revenue growth for Chuanheng Co., with a 2024 revenue of 5.906 billion yuan, a year-on-year increase of 36.72% [3][5] - The net profit attributable to shareholders for 2024 reached 956 million yuan, up 24.80% year-on-year, with a weighted average return on equity (ROE) of 16.19% [3][5] - The company’s Q4 2024 revenue was 1.932 billion yuan, showing a year-on-year increase of 54.83% and a quarter-on-quarter increase of 29.73% [4][6] Group 2 - The report indicates that the price of phosphate rock remains high, with an average price of 1,018 yuan/ton in Q1 2025, reflecting a year-on-year increase of 1% [8] - The company has acquired a 58.5% stake in Qianyuan Geological Exploration, enhancing its phosphate resource advantages [9] - The company plans to distribute a cash dividend of 12.00 yuan per 10 shares, amounting to approximately 646 million yuan, which is 67.58% of the annual net profit [10] Group 3 - The report discusses the performance of Industrial and Commercial Bank of China (ICBC), noting a 2024 revenue of 821.803 billion yuan, a year-on-year decrease of 2.52% [25][26] - ICBC's net profit for 2024 was 365.863 billion yuan, with a quarterly growth rate of 1.59% in Q4 [26][28] - The bank's non-performing loan ratio improved to 1.34%, down from the previous quarter, indicating enhanced asset quality [27][28] Group 4 - The report on Shanghai Pudong Development Bank (SPDB) indicates a 2024 revenue decline of 1.55%, but a net profit increase of 23.31%, marking the highest growth rate in five years [30][31] - The bank's non-performing loan ratio decreased to 1.36%, reflecting improved asset quality [32] - SPDB's total assets grew by 5.05% year-on-year, with a loan total increase of 7.45% [31][32] Group 5 - The report on the computer industry emphasizes the impact of "reciprocal tariffs" on global industrial patterns, accelerating China's self-reliance and independent control processes [34][37] - The domestic software and hardware markets are expected to benefit from the tariff policies, with significant growth opportunities identified [34][36] - The report suggests that the domestic chip industry will see accelerated localization, with increased resilience and growth potential [36][37] Group 6 - The report on Nanji E-commerce highlights the company's transformation into a brand authorization model, with a focus on quality and rapid response [41] - The company aims to capitalize on the "alternative to big brands" trend, with a projected revenue growth of 20% to 61.88 billion yuan from 2024 to 2026 [42][43] - The light luxury brand launched by the company has shown promising sales performance, indicating strong market potential [42][43] Group 7 - The report on Focus Media discusses the acquisition of New潮传媒, which is expected to enhance the company's market position and revenue potential [44][45] - The acquisition is projected to optimize the competitive landscape of the outdoor advertising industry, potentially increasing the company's market share [46] - Historical acquisitions by Focus Media have led to significant revenue growth, suggesting a positive outlook for this acquisition [47]

Investment Rating - The report maintains an "Outperform" rating for the company, indicating a positive outlook compared to the market [2]. Core Insights - The company reported a strong performance in 2024, achieving total revenue of 7.168 billion yuan, a year-on-year increase of 19%, and a net profit attributable to shareholders of 300 million yuan, up 53% year-on-year [7]. - The growth in 2024 is primarily driven by increased sales volume and profit margins of PA6 products, with a projected increase in demand for nylon in various applications [7]. - The company is strategically positioned in the PA66 market through a partnership with China Tianchen, aiming to enhance its production capacity and market share in the future [7]. Financial Data and Profit Forecast - The company’s total revenue is projected to grow from 6.018 billion yuan in 2023 to 9.284 billion yuan in 2025, reflecting a compound annual growth rate (CAGR) of approximately 29.5% [6]. - Net profit attributable to shareholders is expected to rise from 197 million yuan in 2023 to 410 million yuan in 2025, with a significant year-on-year growth rate of 36.7% [6]. - The earnings per share (EPS) is forecasted to increase from 0.62 yuan in 2023 to 1.30 yuan in 2025, indicating strong profitability growth [6]. Company Performance - In 2024, the company achieved a sales volume of 565,000 tons of nylon chips, a year-on-year increase of 18%, with an average price of 12,685 yuan per ton [7]. - The gross profit margin for 2024 is projected to be 8.1%, with a return on equity (ROE) of 15.6% [6][7]. - The company is expanding its production capacity, with plans to build an additional 80,000 tons of PA66 capacity, which is expected to contribute to future growth [7].

Core Viewpoint - The company reported a strong financial performance for 2024, with significant year-on-year growth in both revenue and net profit, driven by increased demand in the PA6 segment and ongoing project developments [1][2]. Financial Performance - In 2024, the company achieved operating revenue of 7.17 billion yuan, a year-on-year increase of 19.1%, and a net profit attributable to shareholders of 300 million yuan, up 52.7% year-on-year [1]. - The fourth quarter saw operating revenue of 1.84 billion yuan, reflecting an 11.8% year-on-year increase and a 1.1% quarter-on-quarter increase, with a net profit of 66.68 million yuan, up 43.2% year-on-year but down 17.5% quarter-on-quarter [1]. Product Demand and Production - The demand for PA6 downstream products, including film-grade packaging materials, engineering plastics, and civilian fibers, is expected to grow, with engineering plastics and fiber-grade PA6 slice demand increasing by 28% and 22% year-on-year, respectively [1]. - The company produced 577,000 tons of PA6 slices in 2024, a 22.2% year-on-year increase, with sales volume reaching 565,000 tons, up 18.2% year-on-year, and an average selling price of 12,685 yuan per ton, a 0.8% increase year-on-year [1]. Project Development - Ongoing projects are progressing steadily, with the second phase of the polyamide 6 new materials project expected to reach operational status by the end of 2024, contributing to future revenue growth [2]. - Additional projects in Hangzhou and Changde are anticipated to gradually come online, further supporting sustained performance growth [2]. Market Outlook - The outlook for nylon products is promising, with expected growth in applications for engineering plastics in sectors like electric vehicles and smart home products, projected to achieve a 20% growth rate [2]. - The company currently has a low proportion of export revenue, with 94.4% of revenue from domestic sales, but aims to expand its international presence as older production facilities in the industry exit the market [2]. Profit Forecast and Valuation - Based on production capacity and sales volume adjustments, the company’s net profit forecasts for 2025-2027 are 403 million yuan, 523 million yuan, and 616 million yuan, respectively, with corresponding price-to-earnings ratios of 8.1, 6.3, and 5.3 [3].

Investment Rating - The investment rating for the company is "Buy" and is maintained [9]. Core Views - The company reported a revenue of 7.168 billion yuan for 2024, representing a year-on-year growth of 19.11%. The net profit attributable to shareholders was 300 million yuan, up 52.66% year-on-year, while the net profit excluding non-recurring items was 291 million yuan, reflecting a growth of 51.62% [2][6]. Financial Performance Summary - In Q4 2024, the company achieved a revenue of 1.835 billion yuan, which is an increase of 11.85% year-on-year and a slight increase of 1.10% quarter-on-quarter. The net profit for this quarter was 67 million yuan, showing a year-on-year growth of 43.23% but a quarter-on-quarter decline of 17.51%. The net profit excluding non-recurring items was 65 million yuan, with a year-on-year increase of 44.15% and a quarter-on-quarter decrease of 17.65% [2][6]. Production and Market Position - The company focuses on the mid-to-high-end nylon chip market, with a production capacity of over 570,000 tons in 2024, marking a year-on-year increase of 22.17%. Sales volume reached over 560,000 tons, up 18.24% year-on-year. The production capacity is distributed across four major bases: Hangzhou, Changde, Tengzhou, and Zibo [12]. Demand and Supply Dynamics - The demand for PA6 (polyamide 6) has significantly increased in 2024, driven by trends in outdoor economy and sports, as well as the automotive industry's push for lightweight materials. The supply side is also expanding, with PA6 capacity reaching 7.87 million tons, a 24% year-on-year increase. The company anticipates a balanced supply-demand situation for PA6 in the long term [12]. Future Growth Prospects - The company is expected to see continued rapid expansion in its PA6 business, while the PA66 (polyamide 66) segment is anticipated to become a second growth curve due to its demand potential. The company is investing in R&D and innovative production techniques to maintain its competitive edge [12]. Financial Forecast - The projected net profits for the company from 2025 to 2027 are estimated to be 420 million yuan, 530 million yuan, and 590 million yuan, respectively. The corresponding price-to-earnings ratios (PE) for these years are expected to be 7.9X, 6.3X, and 5.7X [12].

Investment Rating - The report maintains a "Recommended" rating for the company [4][6]. Core Views - The company achieved a revenue of 7.168 billion yuan in 2024, representing a year-on-year growth of 19.11%, and a net profit attributable to shareholders of 300 million yuan, up 52.66% year-on-year [1][4]. - The nylon fiber-grade slice is the main revenue contributor, with domestic sales accounting for 94.35% of total revenue, indicating a low proportion of direct exports [2][3]. - The demand for high-end nylon products is expected to grow steadily, driven by applications in various industries such as new energy vehicles and smart home products [3][4]. Summary by Sections Financial Performance - In Q4 2024, the company reported a revenue of 1.835 billion yuan, a year-on-year increase of 11.85%, and a net profit of 67 million yuan, up 43.23% year-on-year [1]. - The gross margin for 2024 was 8.07%, an increase of 1.37 percentage points compared to the previous year [2]. Business Segmentation - The nylon fiber-grade slice accounted for 66.34% of total revenue, while engineering plastics contributed 32.32% [2]. - The company has a strong domestic market presence, with plans to expand into overseas markets as industry dynamics change [2][3]. Capacity Expansion and Future Outlook - The company is expanding its high-end production capacity, with several projects expected to come online between 2025 and 2026, which will enhance its competitive advantage in the nylon 6 segment [3][4]. - Forecasted net profits for 2025, 2026, and 2027 are 403 million yuan, 495 million yuan, and 600 million yuan, respectively, with corresponding PE ratios of 8, 7, and 6 [4][5].

聚合顺（605166.SH）2024 年年报点评 业绩稳健兑现预期，特种尼龙开辟增长新蓝海 2025 年 04 月 11 日 分析师 刘海荣 执业证书： S0100522050001 邮箱： liuhairong@mszq.com 分析师 李金凤 执业证书： S0100524070003 邮箱： lijinfeng@mszq.com ➢ 纤维级切片贡献主要收入，海外直接出口占比低。据公司公告，24 年公司 尼龙切片合计产销量分别为 57.65 万吨、56.50 万吨，营业收入实现 71.67 亿 元，同比增长 19.17%；毛利率实现 8.07%，同比增加 1.37 个百分点。从业务拆 分来看，2024 年尼龙纤维级切片系公司的重要收入组成部分，工程塑料紧随其 后，占比分别为 66.34%、32.32%；从销售区域划分来看，2024 年公司实现内 销 67.62 亿元，占比 94.35%，外销金额 4.05 亿元，占比 5.65%，其中公司外 销客户主要集中于东南亚、欧洲、南美及大洋洲，未来随着行业海外装置逐步退 出市场，公司凭借积累的规模及成本优势将逐步打开海外市场的成长空间。 ➢ 高端产能稳步扩容，行业需 ...