北京市中伦（上海）律师事务所 关于杭州华旺新材料科技股份有限公司 2021 年限制性股票激励计划 回购注销部分限制性股票实施情况的 法律意见书 二〇二四年九月 北京市中伦（上海）律师事务所 关于杭州华旺新材料科技股份有限公司 2021 年限制性股票激励计划 回购注销部分限制性股票实施情况的 法律意见书 本所仅就与本次回购注销有关的中华人民共和国境内（以下简称"中国境内"， 为本法律意见书之目的，不包括香港特别行政区、澳门特别行政区和台湾地区） 法律问题发表法律意见，而不对有关会计、审计及资产评估等专业事项发表意见。 本所并未就中国境内以外的其他司法管辖区域的法律事项进行调查，亦不就中国 境内以外的其他司法管辖区域的法律问题发表意见。在本法律意见书中述及有关 会计、审计、资产评估等专业事项或中国境内以外的其他司法管辖区域的法律事 项时，均为按照其他有关专业机构出具的报告或意见引述，本所经办律师对于该 等非中国境内法律业务事项仅履行了普通人一般的注意义务。本所在本法律意见 书中对其他有关专业机构出具的报告或意见中某些数据和结论的引述，并不意味 着本所对这些数据和结论的真实性和准确性做出任何明示或默示的保证。 为出 ...

证券代码：605377 证券简称：华旺科技 公告编号：2024-065 回购注销原因：根据杭州华旺新材料科技股份有限公司（以下简称"公 司"）《2021 年限制性股票激励计划（草案）》（以下简称《激励计划》）的 相关规定，鉴于公司 2021 年限制性股票激励计划（以下简称"本激励计划"） 首次授予的 1 名激励对象发生职务变更、预留授予的 1 名激励对象离职，根据《上 市公司股权激励管理办法》（以下简称《管理办法》）及《激励计划》的有关规 定，公司将回购注销其已获授但尚未解除限售的限制性股票共计 34,300 股。 杭州华旺新材料科技股份有限公司 关于 2021 年限制性股票激励计划部分限制性股票 回购注销实施公告 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： 本次注销股份的有关情况 | 回购股份数量 | 注销股份数量 | 注销日期 | | | | | --- | --- | --- | --- | --- | --- | | 股 34,300 | 股 34,300 | 年 2024 | 9 | 月 | 日 ...

致：杭州华旺新材料科技股份有限公司 北京市中伦（上海）律师事务所（以下简称"本所"）接受杭州华旺新材料 科技股份有限公司（以下简称"华旺科技"或"公司"）的委托，指派二名本所 律师通过现场方式对公司 2024 年第四次临时股东大会（以下简称"本次股东大 会"）进行见证，并就本次股东大会的有关事项出具本法律意见书。 本所律师根据《中华人民共和国公司法》（以下简称"《公司法》"）、《上市公 司股东大会规则》（以下简称"《股东大会规则》"）等现行的法律、法规、行政规 章和规范性文件的规定，以及《杭州华旺新材料科技股份有限公司章程》（以下 简称"《公司章程》"）的规定，按照律师行业公认的业务标准、道德规范和勤勉 尽责精神，和本所业务规则的要求，对与出具本法律意见书有关的文件资料和事 实进行了核查和验证。 北京市中伦（上海）律师事务所 关于杭州华旺新材料科技股份有限公司 2024 年第四次临时股东大会的 法律意见书 二〇二四年九月 北京市中伦（上海）律师事务所 关于杭州华旺新材料科技股份有限公司 2024 年第四次临时股东大会的 法律意见书 在本法律意见书中，本所律师仅对本次股东大会的召集和召开程序、出席本 次股东大会 ...

Group 1: Financial Performance - The company's accounts receivable increased significantly from CNY 240 million at the beginning of the year to CNY 1.129 billion at mid-year, attributed to increased sales revenue and weaker collection efforts compared to year-end [3] - The total profit for the first half of 2024 was CNY 314.6 million, with income tax of CNY 12.43 million, resulting in a low tax rate of 3.95%, significantly below the preferential tax rate of 15% applicable to the parent company and its subsidiary [3] - Foreign sales revenue reached CNY 421 million in the first half of 2024, marking an 8.56% increase compared to the same period last year [4] Group 2: Market Strategy and Product Development - The main revenue source for the first half of 2024 was from decorative base paper products, with the company focusing on strategic adjustments to enhance competitiveness in response to industry challenges [4] - The company is actively expanding both domestic and international markets, prioritizing high-margin products to boost performance [4] - The global competitive landscape in the industry remains stable, with the company achieving continuous improvement in market share due to advanced technology and product quality [5] Group 3: Innovation and Competitive Edge - The company emphasizes innovation-driven development, focusing on continuous optimization of technology and production processes to enhance economic efficiency [5] - Efforts to diversify the product line and enrich the product matrix have effectively strengthened the company's market competitiveness [5]

市场数据(2024-08-20) 收盘价(元) 11.77 一年内最高/最低(元) 24.17/11.77 沪深 300 指数 3,332.70 市净率(倍) 1.37 流通市值(亿元) 54.70 基础数据(2024-06-30) 每股净资产(元) 8.57 每股经营现金流(元) 0.38 毛利率(%) 18.65 净资产收益率_摊薄(%) 7.59 资产负债率(%) 29.86 总股本/流通股(万股) 46,473.92/46,470.49 B 股/H 股(万股) 0.00/0.00 造纸Ⅱ 分析师：龙羽洁 登记编码：S0730523120001 longyj@ccnew.com 0371-65585753 经营业绩稳步增长，首次实施中期分红 ——华旺科技(605377)中报点评 发布日期：2024 年 08 月 21 日 事件： 证券研究报告-中报点评 买入(首次) 公司发布 2024 年半年度报告。2024 年上半年实现营业收入 19.47 亿元，同比+4.59%，实现归母净利润 3.02 亿元，同比+28.06%,，扣非 归母净利润 2.74 亿元，同比+24.47%；经营活动产生的现金流量净额 1 ...

Financial Data and Key Indicators Changes - The company's revenue for the first half of the year was primarily driven by the contribution from decorative paper, with revenue from the main product line reaching 1.541 billion, a year-on-year increase of 5.75% [2] - Trade revenue remained stable at 380 million, showing no significant change compared to the previous year [2] - The overall cost is expected to remain high in Q3, with a release of cost pressure anticipated in Q4 due to price reductions [1][2] Business Line Data and Key Indicators Changes - Domestic sales of the main product line reached 1.12 billion, a year-on-year increase of 5%, accounting for 72% of total sales, while international sales accounted for approximately 27% with a slight increase [3] - The overall sales volume for both domestic and international markets achieved double-digit growth [3] Market Data and Key Indicators Changes - The company is experiencing a downward trend in product prices, with a recent price drop of 100 USD, bringing the current price to 650 USD [1] - The price of titanium dioxide is also in a downward trend, contributing to reduced operational pressure in the second half of the year [1] Company Strategy and Development Direction - The company plans to continue expanding its domestic and international customer base, with a focus on overseas market development [4] - The company is preparing materials for anti-dumping measures, with expectations for a conclusion in 9 to 12 months [4][5] - The company maintains confidence in its high-end product strategy, believing that the outcome of the anti-dumping case will not be overly pessimistic [5] Management's Comments on Operating Environment and Future Outlook - Management noted that the overall economic environment remains under pressure, affecting both domestic and international markets [7] - The company expects to maintain a stable performance despite industry challenges, with ongoing efforts to enhance product quality and customer experience [18][19] - The management expressed confidence in the company's ability to navigate through competitive pressures and maintain profitability [36] Other Important Information - The company plans to increase its dividend payout, supported by stable cash flow and operational performance [13][14] - Capital expenditures are expected to remain low, with future investments primarily focused on machinery rather than large-scale infrastructure [14] Q&A Session Summary Question: What is the price trend for domestic and export sales? - The average selling price has slightly decreased due to a downward shift in order structure, affecting overall revenue [6] Question: How has shipping cost impacted the business? - Shipping costs have normalized, with a significant reduction of 10% to 20% from previous highs, positively impacting export volumes [7] Question: What is the outlook for the European market amid anti-dumping measures? - Regardless of the outcome, the company will continue to pursue market expansion in Europe, maintaining strong customer relationships [26] Question: How does the company view the competitive landscape and new capacity in the industry? - The company believes that while competition may intensify, it is well-prepared to adapt and maintain its market position [34][35] Question: What is the expected impact of new product launches on market share? - The company is focused on developing new products to enhance customer experience and adapt to market demands, which should support market share growth [19][23]

Financial Performance - In the first half of 2024, the company achieved operating revenue of 194,655.50 million yuan, a year-on-year increase of 4.59% [4] - The net profit attributable to shareholders was 30,215.16 million yuan, reflecting a growth of 28.06% compared to the same period last year [4] - The net profit after deducting non-recurring gains and losses was 27,425.99 million yuan, up by 24.47% year-on-year [4] - The net cash flow from operating activities was 17,693.99 million yuan, showing a significant increase of 103.68% [5] Dividend Policy - Over the past three years (2021-2023), the company distributed a total of 70,837.72 million yuan in cash dividends, with a cash dividend payout ratio averaging 46.5% [5] - For the 2024 interim profit distribution plan, the company intends to distribute a cash dividend of 4.20 yuan (including tax) per 10 shares, totaling 19,484.90 million yuan, which accounts for 64.49% of the net profit attributable to shareholders for the first half of 2024 [5][6] Export Performance - In the first half of 2024, the company achieved foreign sales revenue of 421 million yuan, an increase of 8.56% compared to the same period last year [6] - The main export markets include Europe and Southeast Asia, with plans to further enhance market share in these regions [6] Industry Trends - In 2023, the sales volume of decorative paper in China reached 141.07 million tons, marking a year-on-year growth of 33.48% [8] - The demand for decorative paper in China continues to grow steadily, driven by structural optimization and expansion into new application areas [8] - The industry is expected to shift towards high-end products, with lower-end capacities gradually exiting the market due to increasing consumer quality demands [8][9] Cost Control Advantages - The company has established a comprehensive cost control system throughout the production cycle, leveraging over 20 years of production experience [7] - By combining large-scale production with rich management experience, the company effectively reduces raw material and energy waste while ensuring product quality stability [7][8]

2024 年第四次临时股东大会 会议资料 2024 年 9 月 2 日 杭州华旺新材料科技股份有限公司 2024 年第四次临时股东大会会议资料 目 录 证券代码：605377 证券简称：华旺科技 杭州华旺新材料科技股份有限公司 三、股东及股东代理人依法享有发言权、质询权、表决权等权利。要求发言 的股东及股东代理人，应于会议开始前 15 分钟向公司会务人员进行登记，出示 有效的持股证明，填写《发言登记表》；登记发言的人数原则上以十人为限，超 过十人时安排持股数最多的前十名股东依次发言；股东及股东代理人发言应围绕 本次股东大会的议题进行，简明扼要，时间不超过 5 分钟。 四、主持人可安排公司董事和高级管理人员回答股东所提问题，对于可能将 泄露公司商业秘密及/或内幕信息，损害公司、股东共同利益的提问，主持人或其 指定的有关人员有权拒绝回答。 五、出席股东大会的股东及股东代理人，对于非累积投票的议案，应当对 提交表决的议案发表如下意见之一：同意、反对或弃权，并以打"√"表示。 出席现场会议的股东及股东代表务必在表决票上签署股东名称或姓名。未填、 错填、字迹无法辨认的表决票、未投的表决票均视为投票人放弃表决权利，其 所 ...

股 票 研 究 公 司 更 新 报 告 证 券 研 究 报 告 | --- | --- | --- | --- | --- | --- | |--------------------------------------|-------|-------|-------|-------|-------| | [Table_Finance] 财务摘要（百万元） | 2022A | 2023A | 2024E | 2025E | 2026E | | 营业收入 | 3,436 | 3,976 | 4,493 | 5,211 | 5,998 | | (+/-)% | 16.9% | 15.7% | 13.0% | 16.0% | 15.1% | | 净利润（归母） | 467 | 566 | 630 | 745 | 861 | | (+/-)% | 4.2% | 21.1% | 11.3% | 18.3% | 15.6% | | 每股净收益（元） | 1.01 | 1.22 | 1.36 | 1.60 | 1.85 | | 净资产收益率 (%) | 13.0% | 14.1% | 14.5% | 15.5% | 16.1 ...

利润端符合预期，首次进行中期分红 华旺科技(605377)/轻工制造 证券研究报告/公司点评 2024 年 08 月 16 日 [Table_Industry] | --- | --- | --- | --- | --- | --- | --- | --- | |--------------------------------------------------------------------------------------------------------------------------------------|--------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------------------------------------------------------------- ...