目 录 一、内部控制审计报告…………………………………………第 1—2 页 三、内部控制的固有局限性 内部控制具有固有局限性，存在不能防止和发现错报的可能性。此外，由于 情况的变化可能导致内部控制变得不恰当，或对控制政策和程序遵循的程度降低， 根据内部控制审计结果推测未来内部控制的有效性具有一定风险。 四、财务报告内部控制审计意见 内部控制审计报告 天健审〔2025〕3-420 号 明冠新材料股份有限公司全体股东： 按照《企业内部控制审计指引》及中国注册会计师执业准则的相关要求，我 们审计了明冠新材料股份有限公司（以下简称明冠新材公司）2024 年 12 月 31 日的财务报告内部控制的有效性。 一、企业对内部控制的责任 按照《企业内部控制基本规范》《企业内部控制应用指引》以及《企业内部 控制评价指引》的规定，建立健全和有效实施内部控制，并评价其有效性是明冠 新材公司董事会的责任。 二、注册会计师的责任 我们的责任是在实施审计工作的基础上，对财务报告内部控制的有效性发表 审计意见，并对注意到的非财务报告内部控制的重大缺陷进行披露。 第 1 页 共 2 页 我们认为，明冠新材公司于 2024 年 12 月 31 ...

目 录 一、募集资金年度存放与使用情况鉴证报告………………………第 1—2 页 二、关于募集资金年度存放与使用情况的专项报告…………… 第 3—17 页 募集资金年度存放与使用情况鉴证报告 天健审〔2025〕3-421 号 明冠新材料股份有限公司全体股东： 我们鉴证了后附的明冠新材料股份有限公司（以下简称明冠新材公司）管理 层编制的 2024 年度《关于募集资金年度存放与使用情况的专项报告》。 一、对报告使用者和使用目的的限定 本鉴证报告仅供明冠新材公司年度报告披露时使用，不得用作任何其他目的。 我们同意将本鉴证报告作为明冠新材公司年度报告的必备文件，随同其他文件一 起报送并对外披露。 四、工作概述 第 1 页 共 17 页 我们按照中国注册会计师执业准则的规定执行了鉴证业务。中国注册会计师 执业准则要求我们计划和实施鉴证工作，以对鉴证对象信息是否不存在重大错报 获取合理保证。在鉴证过程中，我们实施了包括核查会计记录等我们认为必要的 程序。我们相信，我们的鉴证工作为发表意见提供了合理的基础。 五、鉴证结论 我们认为，明冠新材公司管理层编制的 2024 年度《关于募集资金年度存放 与使用情况的专项报告》符合《上 ...

我们接受委托，审计了明冠新材料股份有限公司（以下简称明冠新材公司） 2024 年度财务报表，包括 2024 年 12 月 31 日的合并及母公司资产负债表，2024 年度的合并及母公司利润表、合并及母公司现金流量表、合并及母公司所有者权 益变动表，以及财务报表附注，并出具了审计报告。在此基础上，我们核查了后 附的明冠新材公司管理层编制的《2024 年度营业收入扣除情况表》（以下简称 扣除情况表）。 目 录 一、关于营业收入扣除情况的专项核查意见………………………第 1—2 页 二、2024 年度营业收入扣除情况表…………………………………第 3—5 页 关于营业收入扣除情况的专项核查意见 天健审〔2025〕3-423 号 明冠新材料股份有限公司全体股东： 我们的核查是根据中国注册会计师执业准则进行的。中国注册会计师执业准 则要求我们计划和实施核查工作，以对扣除情况表是否不存在重大错报获取合理 保证。在核查过程中，我们实施了包括核查会计记录等我们认为必要的程序。我 们相信，我们的核查工作为发表意见提供了合理的基础。 我们的责任是在实施核查工作的基础上对明冠新材公司管理层编制的扣除 第 1 页 共 5 页 情况表 ...

中信建投证券股份有限公司 关于明冠新材料股份有限公司 2024 年度持续督导跟踪报告 | 保荐人名称：中信建投证券股份有限 | 上市公司名称：明冠新材料股份有限公司 | | | --- | --- | --- | | 公司 | | | | 保荐代表人姓名：武楠 | 联系方式：021-68801539 联系地址：上海市浦东新区浦东南路 号上海证券 528 | | | | 大厦北塔 2206 | 室 | | 保荐代表人姓名：陈昶 | 联系方式：021-68824278 | | | | 联系地址：上海市浦东新区浦东南路 528 号上海证券 | | | | 大厦北塔 2206 | 室 | 根据中国证券监督管理委员会（以下简称"中国证监会"）于 2022 年 9 月 2 日核发的《关于同意明冠新材料股份有限公司向特定对象发行股票注册的 批复》（证监许可〔2022〕2040 号），明冠新材料股份有限公司（以下简称 "明冠新材"或"公司"）向特定对象发行 A 股股票 37,214,182 股。本次公 司发行新股的发行价为 45.02 元/股，募集资金总额为 167,538.25 万元，扣除发 行费用 1,950.10 万元 ...

一、主要会计数据和财务指标 三、分红送配方案情况 不分配不转增 前十大流通股东累计持有： 9029.93万股，累计占流通股比： 44.86%，较上期变化： -1334.43万股。 | 名称 | 持有数量(万股) | 占总股本比 | 增减情况 | | --- | --- | --- | --- | | | | 例(%) | (万股) | | 闫洪嘉 | 5100.00 | 25.34 | 不变 | | 上海博强投资有限公司 | 2151.77 | 10.69 | 不变 | | 文菁华 | 606.66 | 3.01 | 不变 | | 刘咏思 | 295.76 | 1.47 | 110.56 | | 湖南天生我才教育咨询有限公司 | 182.83 | 0.91 | 10.32 | | 青岛市科技风险投资有限公司-青岛华资盛通股权投资基 金合伙企业(有限合伙) | 177.70 | 0.88 | 不变 | | 滨州嘉博银商贸经销合伙企业(有限合伙) | 152.00 | 0.76 | 不变 | | 广发证券资管-工商银行-广发原驰·明冠新材战略配售1号 集合资产管理计划 | 133.46 | 0.66 | 新进 | ...

明冠新材料股份有限公司 2024 年度独立董事述职报告（罗书章） 本人作为明冠新材料股份有限公司（以下简称"公司"）的独立董事，严格按照 《中华人民共和国公司法》《中华人民共和国证券法》《上市公司独立董事管理办法》 等相关法律法规及《明冠新材料股份有限公司章程》《独立董事工作制度》的要求和 规定，勤勉地履行独立董事的职责和义务，积极发挥独立董事的作用，对公司重大 事项发表客观审慎的独立意见，维护公司整体利益和全体股东尤其是中小股东的合 法权益。现将本人 2024 年履职情况汇报如下： 一、独立董事的基本情况 本人罗书章，1970年3月出生，中国国籍，无境外永久居留权，博士研究生学历。 1992年7月至1996年6月，任石家庄铁道学院中专部教师；1996年6月至2004年8月， 历任河北财达证券公司计财部会计主管、子公司财务经理、计财部财务经理；2004 年9月至2007年6月，就读于天津财经大学；2016年6月至2022年8月，任深圳市景旺 电子股份有限公司独立董事；2021年11月至2023年11月，任广州华台贸易有限公司 监事。2007年6月至今，任广东金融学院教授；2020年9月至今，任捷邦精密科技股 ...

明冠新材料股份有限公司 2024 年度独立董事述职报告（彭辅顺） 本人作为明冠新材料股份有限公司（以下简称"公司"）的独立董事，严格按照 《中华人民共和国公司法》《中华人民共和国证券法》《上市公司独立董事管理办法》 等相关法律法规及《明冠新材料股份有限公司章程》《独立董事工作制度》的要求和 规定，勤勉地履行独立董事的职责和义务，积极发挥独立董事的作用，对公司重大 事项发表客观审慎的独立意见，维护公司整体利益和全体股东尤其是中小股东的合 法权益。现将本人 2024 年履职情况汇报如下： 一、独立董事的基本情况 本人彭辅顺，1967年1月出生，中国国籍，无境外永久居留权，博士研究生学历。 1999年7月至今，历任湖南大学法学院讲师、教研室主任、副教授、教授；2012年5 月至今，任湖南通程律师事务所兼职律师。现任公司独立董事。本人在公司董事会 提名委员会担任主任委员，在审计委员会担任委员。 作为公司董事会独立董事，本人具有《上市公司独立董事管理办法》第六条、 《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》第4.4.2条所 要求的独立性及任职资格。在履职过程中，本人始终保持客观独立的判断、维护全 体 ...

明冠新材料股份有限公司 2024 年度独立董事述职报告（张国利） 本人作为明冠新材料股份有限公司（以下简称"公司"）的独立董事，严格按照 《中华人民共和国公司法》《中华人民共和国证券法》《上市公司独立董事管理办法》 等相关法律法规及《明冠新材料股份有限公司章程》《独立董事工作制度》的要求和 规定，勤勉地履行独立董事的职责和义务，积极发挥独立董事的作用，对公司重大 事项发表客观审慎的独立意见，维护公司整体利益和全体股东尤其是中小股东的合 法权益。现将本人 2024 年履职情况汇报如下： 一、独立董事的基本情况 本人张国利，1964年生，中国国籍，无境外永久居留权，博士研究生学历，副 教授、研究员。曾获"国家科学技术进步二等奖"、"中国纺织工业协会联合会科学 技术进步奖一等奖""中国复合材料学会科学技术奖二等奖"等荣誉。1984年7月至 1998年7月，任天津纺织工学院纺织工程系助教、讲师；1998年8月至1999年10月， 任澳大利亚悉尼大学机械与电子工程系访问学者；1999年11月至今，历任天津工业 大学复合材料研究院副教授、研究员；2020年4月至今，任天津工大航泰复合材料有 限公司董事。现任本公司独立董事 ...

Financial Performance - The net profit attributable to the parent company's shareholders for 2024 is -67,077,291.60 CNY, indicating a loss for the year[7]. - The company's operating revenue for 2024 was CNY 863,876,804.15, a decrease of 38.13% compared to CNY 1,396,281,787.16 in 2023[25]. - The net profit attributable to shareholders for 2024 was CNY -67,077,291.60, compared to CNY -23,875,433.21 in 2023, indicating a significant decline[25]. - The net cash flow from operating activities decreased by 30.97% to CNY 146,616,567.55 in 2024 from CNY 212,401,993.61 in 2023[27]. - Basic earnings per share for 2024 were CNY -0.35, down from CNY -0.12 in 2023[26]. - The company's total assets at the end of 2024 were CNY 2,930,939,896.14, a decrease of 13.96% from CNY 3,406,609,846.37 at the end of 2023[26]. - The company's total liabilities decreased by 31.89% due to a reduction in income tax payable[126]. - The company reported a significant reduction in inventory by 39.99% to ¥94,378,849.94, reflecting decreased stock levels[125]. - The company reported a significant decrease in rental liabilities due to reduced lease terms for the Vietnam factory, resulting in a 100% decrease[126]. Dividend Policy - The company plans not to distribute cash dividends or increase capital reserves due to the negative net profit, opting to carry forward undistributed profits to future years[7]. - The company plans to distribute no cash dividends for the fiscal year 2023, with a total of 214,097,519.04 RMB spent on share repurchases, representing 896.73% of the net profit attributable to shareholders[186]. - For the fiscal year 2024, the company also intends to refrain from cash dividends, with a projected net loss of 67,077,291.60 RMB and available distributable profits of 533,749,304.56 RMB[187]. - The cumulative cash dividends over the last three fiscal years amount to 35,101,137.96 RMB, with no share repurchases during this period[191]. - The average annual net profit over the last three fiscal years is reported at 4,648,517.90 RMB, resulting in a cash dividend ratio of 755.10%[192]. - The company’s cash dividend policy emphasizes a minimum cash dividend ratio of 80% for mature companies without significant capital expenditure plans[185]. - The company’s profit distribution policy allows for cash or stock dividends, prioritizing cash dividends when conditions permit[184]. - The board of directors will consider industry characteristics, development stage, and profitability when proposing differentiated cash dividend policies[185]. - The company has not proposed a cash profit distribution plan despite having positive distributable profits in the reporting period, as it is not applicable[189]. - The company’s cash flow must remain sufficient to ensure ongoing operations before implementing cash dividends[186]. Research and Development - Research and development expenses accounted for 4.74% of operating revenue in 2024, an increase from 3.94% in 2023[26]. - The company has accumulated 91 authorized patents, including 40 invention patents, and applied for 16 new patents during the reporting period[45]. - Total R&D expenditure for the year was approximately RMB 40.94 million, a decrease of 25.64% from the previous year, with R&D expenditure as a percentage of revenue increasing by 0.8 percentage points to 4.74%[76]. - The company is committed to advancing research in photovoltaic technology, particularly in the area of perovskite solar cells[80]. - The company is focused on enhancing its core technology capabilities to drive future growth[155]. - The company plans to invest $10 million in new technology development over the next year[158]. - The company aims to enhance product competitiveness by providing differentiated encapsulation solutions for various battery and component technologies, focusing on innovation and collaboration with higher education institutions[144]. - The company is developing new packaging solutions for N-type high-efficiency components, including "solar cell packaging film + intelligent grid film + solar cell backsheet" to address technical challenges[67]. - The company has developed a high-performance polymer film product that can replace TPT/KPK structures, enhancing the reliability of solar cell backsheets[88]. - The company has successfully developed high-performance special adhesives for composite film materials, enhancing bonding strength and durability[89]. Market Environment - The company is facing a challenging market environment with declining demand and prices in the solar energy sector, impacting overall financial performance[27]. - The company experienced a significant decline in sales volume and prices for solar battery backsheets due to technological iterations and intensified market competition[27]. - The price of photovoltaic components has decreased significantly, with a 29% drop in component prices, leading to a competitive market environment[58]. - The company’s solar cell backsheet sales volume and revenue are projected to decline by over 60% in 2024 due to overcapacity and intensified price competition[59]. - The newly installed photovoltaic capacity in China reached 277.57 GW in 2024, a year-on-year increase of 28.3%, with a record monthly installation of 71.27 GW in December[56]. - The production of crystalline silicon modules in China is estimated at 588 GW in 2024, reflecting a year-on-year growth of 13.5%, while the export volume reached 238.8 GW, up 12.8% year-on-year[56]. - The global lithium battery packaging material market is expected to see a slight increase of 5.6% in aluminum-plastic film shipments, reaching 450 million square meters in 2024[62]. - The market share of N-type photovoltaic modules has rapidly increased from 24.7% in 2023 to 72.5% in 2024, driving demand for high-performance packaging films[65]. Corporate Governance - The company has received a standard unqualified audit report from Tianjian Accounting Firm[6]. - The board of directors has fully attended the board meeting to approve the annual report[5]. - The company has not disclosed any special arrangements for corporate governance[8]. - The company has held 7 board meetings during the reporting period, ensuring compliance with legal and regulatory requirements[148]. - The company will enhance investor relations by responding promptly to inquiries and maintaining effective communication with investors[149]. - The company has established an effective internal control system that ensures the authenticity and fairness of financial reporting, with no significant defects found during the reporting period[195]. - The internal control audit conducted by Tianjian Accounting Firm resulted in a standard unqualified opinion, confirming the effectiveness of the company's internal control design and execution[197]. Risk Management - The company has detailed various risks and countermeasures in its report, emphasizing the importance of understanding these risks for investors[4]. - The company is exposed to macroeconomic risks, including potential adverse impacts from international trade tensions, particularly between the U.S. and China[97]. - The company highlighted the need for continuous R&D investment to maintain product competitiveness amid rapid technological changes in the industry[96]. - The company is committed to risk control, identifying potential risks in strategic investments, inventory, fixed assets, and accounts receivable to ensure sustainable development[144]. Social Responsibility - The company has committed a total of 84,500 CNY to social responsibility initiatives, including educational support for underprivileged areas[47]. - The company emphasizes ESG management, focusing on environmental protection and social responsibility as core components of its corporate strategy[198]. - The company invested 1.2643 million yuan in environmental protection during the reporting period[200]. - The company's ESG rating from Wind Information Technology Co., Ltd. is BBB, reflecting its commitment to sustainable practices[199].

Financial Performance - The company's operating revenue for Q1 2025 was ¥173,615,005.88, a decrease of 46.94% compared to ¥327,216,637.61 in the same period last year[4] - The net profit attributable to shareholders was -¥23,171,501.27, representing a decline of 392.22% from a profit of ¥7,929,437.16 in the previous year[4] - The net profit attributable to shareholders after deducting non-recurring gains and losses was -¥23,973,840.65, down 422.17% from ¥7,441,384.76 year-on-year[4] - Basic and diluted earnings per share were both -¥0.12, a decrease of 400.00% from ¥0.04 in the previous year[4] - The net profit for Q1 2025 was a loss of ¥23,171,501.27, compared to a net profit of ¥7,929,437.16 in Q1 2024[19] - The gross profit margin for Q1 2025 was negative, indicating a challenging cost structure compared to the previous year[18] Cash Flow and Liquidity - The net cash flow from operating activities was -¥128,634,007.34, compared to -¥55,347,675.72 in the same period last year, indicating a significant cash flow challenge[4] - The cash flow from operating activities in Q1 2025 was a net outflow of ¥128,634,007.34, worsening from a net outflow of ¥55,347,675.72 in Q1 2024[20] - The net cash flow from investing activities was -37,711,404.97, compared to -44,110,267.03 in the previous period[21] - The net cash flow from financing activities was -1,010,209.63, down from -44,918,532.91 in the prior period[21] - The net decrease in cash and cash equivalents was -168,446,969.61, compared to -145,322,594.43 in the previous period[21] - The ending balance of cash and cash equivalents was 1,392,957,813.85, down from 1,573,652,131.50[21] - The beginning balance of cash and cash equivalents was 1,561,404,783.46, indicating a significant cash outflow during the period[21] Assets and Liabilities - The company's total assets at the end of the reporting period were ¥2,892,130,558.84, a decrease of 1.32% from ¥2,930,939,896.14 at the end of the previous year[5] - Total liabilities decreased to ¥174,434,038.92 in Q1 2025 from ¥188,675,343.63 in Q1 2024, reflecting a reduction in financial obligations[16] - The company's total liabilities decreased to ¥1,200,000,000 from ¥1,250,000,000, reflecting a reduction of 4%[15] - Total assets decreased to ¥2,892,130,558.84 from ¥2,930,939,896.14, a reduction of about 1.3%[15] Shareholder Information - Total number of common shareholders at the end of the reporting period is 9,165[10] - The largest shareholder, Yan Hongjia, holds 51,000,000 shares, representing 25.34% of total shares[11] - The repurchase account holds 12,627,198 shares, accounting for 6.27% of the total shares[12] - The company has not reported any significant changes in shareholder participation in margin trading or securities lending[12] Market and Competition - The decline in revenue was primarily due to the impact of photovoltaic cell technology iteration and intensified market competition, leading to a significant drop in sales prices of solar packaging films[8] - The increase in net profit loss was attributed to intensified market competition, with sales price declines outpacing raw material price decreases, resulting in a lower gross margin[8] Research and Development - Research and development expenses totaled ¥8,454,432.60, accounting for 4.87% of operating revenue, an increase of 2.18 percentage points from 2.69% in the previous year[5] Credit and Impairment - The company incurred a significant increase in credit impairment losses, amounting to ¥4,895,128.64 in Q1 2025 compared to ¥2,086,091.37 in Q1 2024[19] Accounting Changes - The company plans to implement new accounting standards starting in 2025, which may affect financial reporting[21]