国泰君安证券股份有限公司 关于中复神鹰碳纤维股份有限公司 2024 年度持续督导工作现场检查报告 根据《上海证券交易所科创板股票上市规则》《上海证券交易所科创板上市 公司自律监管指引第 1 号——规范运作》等相关规定，国泰君安证券股份有限公 司（以下简称"国泰君安"或"保荐机构"）作为中复神鹰碳纤维股份有限公司 （以下简称"中复神鹰"或"公司"）首次公开发行股票并在科创板上市的保荐 机构及持续督导机构，对公司 2024 年 1 月 1 日至本次现场检查期间（以下简称 "本持续督导期间"）的规范运作情况进行了现场检查，现就现场检查的有关情 况报告如下： 一、本次现场检查的基本情况 （一）保荐机构及保荐代表人 保荐机构：国泰君安证券股份有限公司 （四）现场检查内容 公司治理和内部控制情况、信息披露情况、公司的独立性以及与控股股东、 实际控制人及其他关联方资金往来情况、募集资金使用情况、关联交易、对外担 保、重大对外投资、公司经营情况等。 保荐代表人：冉洲舟、刘怡平 （二）现场检查时间 2025 年 1 月 21 日至 2025 年 1 月 22 日 （三）现场检查人员 国泰君安：冉洲舟、张旭韬 二、对现场检查事项 ...

北京市嘉源律师事务所 关于中复神鹰碳纤维股份有限公司 2025 年第一次临时股东大会的 法律意见书 嘉源律师事务所 JIA YUAN LAW OFFICES 西城区复兴门内大街 158 号远洋大厦 4 楼 中国·北京 e 师事务所 A YUAN LAW OFFICES 北京 BEIJING·上海 SHANGHAI·深圳 SHENZHEN·香港 HONG KONG·广州 GUANGZHOU·西安 XI'AN 致:中复神鹰碳纤维股份有限公司 北京市嘉源律师事务所 关于中复神鹰碳纤维股份有限公司 2025 年第一次临时股东大会的法律意见书 嘉源(2025)-04-052 北京市嘉源律师事务所(以下简称"本所")接受中复神鹰碳纤维股份有限公 司(以下简称"公司")的委托,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 有效的法律、行政法规、部门规章、规范性文件(以下简称"法律法规")以及《中 复神鹰碳纤维股份有限公司章程》(以下简称"《公司章程》")的有关规定,指 派本所律师对公司 2025 年第一次临时股东大会(以下简称"本次股东大会")进 行 ...

证券代码：688295 证券简称：中复神鹰 公告编号：2025-004 中复神鹰碳纤维股份有限公司 2025 年第一次临时股东大会决议公告 | 1、出席会议的股东和代理人人数 | 71 | | --- | --- | | 普通股股东人数 | 71 | | 2、出席会议的股东所持有的表决权数量（股） | 803,206,209 | | 普通股股东所持有表决权数量（股） | 803,206,209 | | 3、出席会议的股东所持有表决权数量占公司表决权数量的 | 89.2451 | | 比例（%） | | | 普通股股东所持有表决权数量占公司表决权数量的比例（%） | 89.2451 | （注：所持有表决权的股份总数占公司有表决权股份总数的比例数据如有差异为四舍五入计 算所致） （四） 表决方式是否符合《公司法》及公司章程的规定，大会主持情况等。 本公司董事会及全体董事保证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、准确性和完整性依法承担法律责任。 重要内容提示： 本次会议是否有被否决议案：无 一、 会议召开和出席情况 （一） 股东大会召开的时间：2025 年 1 月 20 日 （二 ...

Revenue Forecast - The company expects 2024 annual revenue to be between 1,500 million and 1,600 million CNY, a decrease of 65,913.03 million to 75,913.03 million CNY compared to the previous year, representing a decline of 29.18% to 33.60%[2]. - In 2023, the company achieved a revenue of 2,259.13 million CNY and a net profit of 317.98 million CNY attributable to shareholders[3]. Profit Forecast - The projected net profit attributable to shareholders for 2024 is expected to be between -90 million and -135 million CNY, indicating a loss and a decrease of 40,798.13 million to 45,298.13 million CNY compared to the previous year, a decline of 128.30% to 142.46%[2]. - The expected net profit attributable to shareholders after deducting non-recurring gains and losses for 2024 is projected to be between -170 million and -240 million CNY, a decrease of 40,761.11 million to 47,761.11 million CNY compared to the previous year, representing a decline of 171.55% to 201.01%[2]. Factors Affecting Performance - The decline in financial metrics is attributed to an imbalance in supply and demand in the carbon fiber industry, lower-than-expected downstream demand, and a continuous decrease in product sales prices[5]. - The company has made impairment provisions for certain assets based on prudence principles and market conditions, which has impacted net profit[5]. - The full-scale production of subsidiaries has increased the capitalization of project loans, affecting the company's net profit[5]. Forecast Validity - The performance forecast has not been audited by registered accountants, and the company assures that there are no significant uncertainties affecting the accuracy of the forecast[6]. - The forecast data is preliminary and subject to change based on the audited annual report to be released later[7].

中复神鹰碳纤维股份有限公司 2025 年第一次临时股东大会 会议资料 2025 年 1 月 20 日 中复神鹰碳纤维股份有限公司（股票代码：688295） 2025 年第一次临时股东大会会议资料 目录 | 2025 | 年第一次临时股东大会会议须知 3 | | --- | --- | | 2025 | 年第一次临时股东大会会议议程 5 | | 2025 | 年第一次临时股东大会会议议案 6 | 2 中复神鹰碳纤维股份有限公司（股票代码：688295） 2025 年第一次临时股东大会会议资料 中复神鹰碳纤维股份有限公司 2025 年第一次临时股东大会会议须知 为维护广大投资者的合法权益，确保中复神鹰碳纤维股份有限公司（以下简 称"公司"）2025 年第一次临时股东大会的正常秩序和议事效率，保障股东在本 次股东大会期间依法行使权利，根据《公司法》《上市公司股东大会规则》和《中 复神鹰碳纤维股份有限公司股东大会议事规则》等有关规定，特制定 2025 年第 一次临时股东大会会议须知如下，望出席股东大会的全体人员遵照执行。 一、参加本次股东大会的股东及股东代理人请按规定出示证券账户卡、身份 证或法人单位证明以及授权委托 ...

Investment Rating - The investment rating for the company has been downgraded to "增持" (Overweight) due to the continued decline in carbon fiber prices and the company's profitability challenges [13] Core Views - The carbon fiber industry is currently in a downward cycle, with prices continuing to decline, leading to a significant impact on the company's profitability [13] - The company reported a net loss in the first three quarters of 2024, with a further decline expected in Q4 due to continued price pressures [12] - The company's new 30,000-ton capacity project in Lianyungang is progressing, with partial production expected by the end of 2025 [12] Financial Performance - Revenue for 2024E is projected to be 1,522 million yuan, a decrease of 32.63% compared to 2023 [6] - Net profit attributable to the parent company for 2024E is expected to be -41 million yuan, a significant decline from 318 million yuan in 2023 [6] - The company's ROE (attributable to the parent company) is projected to be -0.86% in 2024E, down from 6.56% in 2023 [6] Profitability - The company's gross margin for 2024E is expected to be 21.9%, down from 30.6% in 2023 [3] - EBITDA margin for 2024E is projected to be 25.9%, compared to 26.7% in 2023 [3] - The net profit margin attributable to the parent company is expected to be -2.7% in 2024E, a significant decline from 14.1% in 2023 [3] Valuation Metrics - The company's P/E ratio for 2024E is not applicable (na), while the P/B ratio is expected to be 3.9 [6] - The EV/EBITDA ratio for 2024E is projected to be 55.6, up from 35.1 in 2023 [3] Industry and Market Conditions - Carbon fiber prices in December 2024 experienced a slight decline, with the average price dropping by 1.20% month-on-month [11] - Raw material prices, particularly for acrylonitrile, increased by 5.67% month-on-month, further pressuring production costs [11] - The industry faces oversupply, with no new capacity added in December 2024, and most existing facilities maintaining stable production [11] Future Outlook - The company's profitability is expected to remain under pressure in Q4 2024 due to further declines in carbon fiber prices [12] - The timeline for price recovery in the carbon fiber industry remains uncertain, given the current oversupply situation [13]

证券代码：688295 证券简称：中复神鹰 公告编号：2024-027 中复神鹰碳纤维股份有限公司 关于公司董事长辞职的公告 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、准确性和完整性依法承担法律责任。 中复神鹰碳纤维股份有限公司（以下简称"公司"）董事会于近日收到公司 董事长张国良先生的辞职报告。因年龄原因，张国良先生申请辞去公司董事长、 董事、董事会下设专门委员会及公司法定代表人等职务。辞去上述职务后，张国 良先生仍担任公司总工程师、核心技术人员，将持续在技术研发领域发挥关键作 用。 根据《公司法》《公司章程》等相关规定，张国良先生的辞职不会导致公司 董事会成员低于法定最低人数，不会影响公司及董事会的正常运行，其辞职报告 自送达董事会之日起生效。公司将依照相关法定程序，尽快完成董事补选和新任 董事长的选举工作，并及时履行信息披露义务。 张国良先生是公司创始人，公司发展的核心掌舵人。自公司创立以来，带领 公司实现了跨越式发展并在国内碳纤维行业奠定了领导者地位，为我国碳纤维的 制造技术进步和产业发展做出了突出贡献。在精准把握公司战略航向、提高国产 碳纤 ...

Group 1: Market Overview - The carbon fiber industry is experiencing overall capacity expansion, but there are concerns about potential oversupply in certain downstream markets due to demand-supply imbalance [4] - The demand for carbon fiber is expected to grow, particularly in the wind power sector, with significant increases projected by 2025 [4] Group 2: Sales Distribution - As of the end of the third quarter, the sales distribution of the company is as follows: 50% in the new energy sector (hydrogen energy, wind power, thermal fields), approximately 30% in the sports and leisure sector, and over 10% in transportation construction [4] Group 3: Production Capacity - The company’s 30,000-ton carbon fiber project in Lianyungang is progressing well, with some production lines expected to be operational by the end of next year, contingent on downstream demand [4] Group 4: Product Structure - The Xining base primarily produces SYT45S and SYT49S grades, with specifications ranging from 3K to 48K, targeting markets in hydrogen energy, photovoltaics, and wind power, as well as high-end sports prepregs and fabrics [4] Group 5: Price Trends - The domestic carbon fiber market is facing intensified competition, leading to price declines due to lower-than-expected demand and supply shocks; prices are currently at a bottom level but are expected to stabilize as the industry develops sustainably [4] Group 6: Future Developments - The company aims to provide better solutions and higher cost-performance products, with ongoing collaborations with major wind power manufacturers and carbon fiber pultrusion board producers [4]

Group 1: Sales and Market Strategy - The company has set a sales target for 2024 based on demand research across various application fields [1] - For 2025, the company is planning to enhance sales through targeted partnerships with leading enterprises and product structure adjustments [2] - The company currently has over 40 product models, with the SYT45/SYT49 series accounting for over 85% of total sales as of Q3 [2] Group 2: Pricing and Demand Analysis - The company will adjust product prices considering downstream application needs, production costs, and product strategies [2] - In Q4, the demand in the sports and leisure sector is slightly fluctuating, with bicycle composite material inventory piling up and fishing gear sales affected by climate [2] - The overall demand in the sports and leisure sector remains relatively stable despite slight fluctuations [2] Group 3: Profitability and Inventory Management - The company is focusing on creating a differentiated product matrix to enhance profitability amid increasing market competition and pressure on margins [2] - As of Q3 2024, the company's inventory has slightly decreased compared to Q2, and efforts are ongoing to improve inventory turnover [2] Group 4: Industry Outlook and Future Plans - The company is actively involved in the development and validation of prepreg applications in collaboration with COMAC for future aircraft models [3] - The carbon fiber industry is facing challenges due to oversupply and demand imbalances, but future market expansion is anticipated [3] - The company is progressing with its 30,000-ton carbon fiber project in Lianyungang, with plans to gradually launch production lines based on global market conditions [3]

Investment Rating - The report maintains a "Buy" rating for the company [2][7][10] Core Views - The carbon fiber industry is expected to see a bottom reversal, with emerging low-altitude economy sectors opening up growth opportunities for the company [2][4] - The company has established three major bases in Lianyungang, Xining, and Shanghai, each focusing on different aspects of production, which strengthens its industrial structure [3][5] - The company is the only domestic enterprise that has mastered the industrialization technology of dry-jet wet-spun carbon fiber, positioning it as a leader in the carbon fiber industry [7][10] Summary by Sections Company Overview - The company specializes in the research, production, and sales of carbon fiber and its composite materials, focusing on high-performance carbon fiber innovation [5][7] - The company has achieved significant breakthroughs in the industrialization of high-performance dry-jet wet-spun carbon fiber technology [5] Financial Performance - In Q3 2024, the company reported revenue of 386 million yuan, a year-on-year decrease of 1.66 million yuan, and a net profit of -33 million yuan, a year-on-year decrease of 105 million yuan [4][8] - The average market price of carbon fiber in China was 87.11 yuan/kg in Q3 2024, down 21.30% year-on-year [4][8] Future Outlook - Revenue projections for 2024-2026 are 1.708 billion, 1.989 billion, and 2.807 billion yuan, respectively, with net profits expected to be 2 million, 114 million, and 172 million yuan [7][8] - The company is expected to benefit from new demand in emerging fields, which may drive a reversal in profitability [4][7]