Core Insights - The development of ice and snow sports in China is driving the upgrade of ice and snow equipment manufacturing towards intelligence, high-end, and green technologies [1] - Jilin Chemical Fiber Group has combined its advantages with the ice and snow economy to innovate and manufacture ski boards [3] Industry Overview - The Ministry of Industry and Information Technology reports that China has established a product system comprising 15 major categories of ice and snow equipment [5] - The number of companies related to ice and snow equipment has increased from approximately 300 in 2015 to around 900 in 2023 [5] - Sales revenue from ice and snow equipment manufacturing has grown from less than 5 billion yuan in 2015 to about 22 billion yuan in 2023 [5] - Ice and snow equipment manufacturing is becoming a new driving force for the sustained growth of the ice and snow economy [5]

Core Viewpoint - The company announced the election of a new independent director, Lin Gang, during its fifth extraordinary general meeting of shareholders held on December 8, 2025, following the resignation of a previous independent director [1][4]. Group 1: Board Meeting and Shareholder Meeting - The company held its 11th Board of Directors' fourth meeting on November 21, 2025, where the proposal for the resignation and election of an independent director was approved and submitted for shareholder approval [1]. - The fifth extraordinary general meeting of shareholders was held on December 8, 2025, with a total of 805 shareholders (or their representatives) present, representing 579,475,395 shares, which is 23.5668% of the total shares [10][11]. - The meeting was conducted both in-person and via online voting, ensuring compliance with relevant laws and regulations [9][11]. Group 2: Voting Results - The proposal to reappoint the accounting firm received 98.4811% approval from the voting shareholders, with 570,673,867 shares in favor [12]. - The proposal regarding the resignation and election of the independent director was approved by 98.3949% of the voting shareholders, with 570,174,167 shares in favor [15]. - The voting results indicate a strong majority support for both proposals, with no resolutions being rejected during the meeting [5][6]. Group 3: Legal Compliance - The legal opinion provided by the law firm confirmed that the procedures for convening and conducting the shareholder meeting complied with legal regulations and the company's articles of association [19]. - The meeting's resolutions were deemed legal and effective, ensuring the integrity of the decision-making process [19].

本公司及全体董事、高级管理人员保证公告内容真实、准确和完整，并对公告中的 虚假记载、误导性陈述或者重大遗漏承担责任。 吉林化纤股份有限公司（以下简称"公司"）于 2025 年 11 月 21 日召开第十一届董 事会第四次会议，会议审议通过了《关于独立董事离任暨补选独立董事的议案》，并将该 议案提交 2025 年第五次临时股东会审议。具体内容详见公司 2025 年 11 月 22 日在巨潮 资讯网（www.cninfo.com.cn）披露的《十一届四次董事会决议公告》（公告编号：2025-52） 和《关于独立董事离任暨补选独立董事的公告》（公告编号：2025-51）。 吉林化纤股份有限公司 关于变更独立董事的公告 公司于 2025 年 12 月 8 日召开 2025 年第五次临时股东会，审议通过了《关于独立董 事离任暨补选独立董事的议案》，同意选举林刚先生为公司第十一届董事会独立董事，任 期自股东会审议通过之日起至公司第十一届董事会届满之日止。 证券代码：000420 证券简称：吉林化纤 公告编号：2025-56 上述任职生效后，公司董事会中兼任公司高级管理人员的董事人数总计未超过公司 董事总数的二分之一，符合 ...

琴明世兴 信德天成 吉林琴明世兴律师事务所 关于吉林化纤股份有限公司 2025 年第五次临时股东会 法律意见书 吉林琴明世兴律师事务所 2025 年 12 月 8 日 地址：吉林市丰满区万科城四期 6#1 层 004 号 规范︱尽责︱专业︱高效 电话：13364443366 第 1 页 琴明世兴 信德天成 吉林琴明世兴律师事务所 关于吉林化纤股份有限公司 2025 年第五次临时股东会 法律意见书 琴明世兴法意字（2025）第 13 号 致：吉林化纤股份有限公司 吉林琴明世兴律师事务所（以下简称"本所"）接受吉林化纤股份有限公 司（以下简称"化纤股份"）的委托，就公司召开 2025 年第五次临时股东会（以 下简称"本次股东会"）的有关事宜，出具本法律意见书。 本法律意见书依据《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"）、中国证劵监督管理委员 会《上市公司股东会规则》（以下简称《股东会规则》）等法律、法规、规 范性文件以及《吉林化纤股份有限公司章程》（以下简称"公司章程"）的有 关规定而出具。 为出具本法律意见书，本所律师对本次股东会所涉及的有关事项进行了 审查 ...

证券代码：000420 证券简称：吉林化纤 公告编号：2025-54 吉林化纤股份有限公司 2025年第五次临时股东会决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记 载、误导性陈述或重大遗漏。 特别提示： 1.本次股东会无否决议案的情形。 2.本次股东会无涉及变更前次股东会决议。 一、会议召开和出席情况 （一）会议召开 现场会议时间：2025年12月8日（星期一）下午14:00； 网络投票时间：其中，通过深圳证券交易所交易系统网络投票的时间为：2025年12 月8日上午9:15—9:25,9:30—11:30，下午13:00—15:00；通过深圳证券交易所互联网投 票系统网络投票时间为：2025年12月8日上午9:15至下午15:00。 2.召开地点：公司六楼会议室 3.召开方式：本次股东会采取现场投票与网络投票相结合的方式。 4.召集人：公司董事会 5.主持人：董事长---宋德武 （二）会议的出席情况 1.出席会议的股东（代理人）805 人，代表股份 579,475,395 股，占上市公司总股份 的 23.5668%。其中现场出席大会的股东（代理人）6 人，代表股份 552, ...

证券代码：000420 证券简称：吉林化纤 公告编号：2025-55 一、会议审议了以下议案： 1.审议通过了《补选第十一届董事会专业委员会委员》的议案； 吉林化纤股份有限公司 第十一届董事会第五次会议决议公告 本公司及全体董事、高级管理人员保证公告内容真实、准确和完整，并对公告中的 虚假记载、误导性陈述或者重大遗漏承担责任。 吉林化纤股份有限公司（以下简称"公司"）第十一届董事会第五次会议通知于 2025 年 12 月 4 日以通讯方式送达，会议于 2025 年 12 月 8 日下午 3:30 在公司二楼会议室召 开，会议由董事长宋德武先生主持，应参加会议董事 11 人，实际参会董事 11 人。本次 会议召开程序符合《公司法》和《公司章程》的规定。 根据《公司法》《公司章程》和董事会各专业委员会委员的工作细则的有关规定及候 选人的专业背景及各自擅长的领域，补选祝成炎先生为公司第十一届董事会薪酬与考核 委员会主任委员、审计委员会委员。 二、备查文件 《第十一届董事会第五次会议决议》 特此公告。 2025 年 12 月 8 日 吉林化纤股份有限公司董事会 ...

Core Viewpoint - The report highlights the current state and future investment prospects of the chemical fiber industry in China, indicating a mixed performance in export values for 2025 [1] Industry Summary - In October 2025, the total export value of China's chemical fiber manufacturing industry was 5.3 billion, showing a year-on-year decline of 8.2% [1] - Cumulatively, from January to October 2025, the export value reached 58.44 billion, reflecting a year-on-year growth of 3.8% [1] - The report is based on data from the National Bureau of Statistics and is compiled by Zhiyan Consulting, a leading industry research institution in China [1]

Core Insights - The article emphasizes the strategic importance of new materials in the context of global technological competition and industrial chain restructuring, highlighting the need for domestic innovation to reduce reliance on foreign technologies [2][4]. Semiconductor Wafer Manufacturing Materials - The global photoresist market is projected to reach approximately $15 billion by 2030, with a current domestic market size of about 12 billion RMB, indicating significant growth potential [7]. - The domestic photoresist localization rate is around 10%, with high-end products heavily reliant on imports [7]. - Major foreign players in the photoresist market include Tokyo Ohka Kogyo, Dow Chemical, and Sumitomo Chemical, which dominate the market shares [8]. - Domestic companies such as Beijing Kehua and Suzhou Ruihong are making strides in production, but high-end products still face challenges [9]. Advanced Packaging Materials - The global market for high-performance epoxy encapsulants is expected to grow to $3.5 billion by 2030, with a current domestic market size of 4 billion RMB [39]. - The localization rate for epoxy encapsulants is around 30%, with high-end products still dependent on imports [39]. - Key foreign companies include Sumitomo Bakelite and Henkel, while domestic players include Hengshuo Huawai and Jiangsu Zhongpeng New Materials [40]. Semiconductor Components - The global market for electrostatic chucks is projected to reach $2.5 billion by 2030, with a current domestic market size of 2 billion RMB [56]. - The localization rate for electrostatic chucks is approximately 10%, with high-end products largely dominated by foreign manufacturers [56]. - Major foreign companies include Applied Materials and Lam Research, while domestic companies are beginning to emerge [57]. Display Materials - The global OLED materials market is expected to exceed $10 billion by 2030, with a current domestic market size of about 8 billion RMB [64]. - The localization rate for OLED materials is around 20%, with high-end materials still reliant on foreign sources [65].

Core Insights - The article discusses the advancements and competitive positioning of several companies in the carbon fiber industry, highlighting their innovations, production capabilities, and strategic initiatives to capture market opportunities. Group 1: Company Innovations and Achievements - Guangwei Composite Materials (300699.SZ) is recognized as a pioneer in domestic carbon fiber localization, achieving industrialization with a focus on high strength, high modulus, and low cost, and has accumulated 931 intellectual property certificates by 2024 [1][4] - Jinggong Technology (002006.SZ) has developed a thousand-ton-level carbon fiber production line, becoming the first company in China to achieve this milestone, with its technology being at an internationally advanced level [5] - Zhongfu Shenying (688295.SH) focuses on high-performance carbon fiber innovation, with a research and development investment of 190 million yuan in 2024, and has received 107 authorized patents, showcasing its commitment to technological advancement [6] Group 2: Market Positioning and Strategic Initiatives - Jilin Chemical Fiber (000420.SZ) leverages its large tow capacity to enhance carbon fiber quality and reduce costs, aiming for an integrated innovation approach across the entire supply chain from precursor to end products [6][7] - Hengshen Co., Ltd. (832397) has established a vertical carbon fiber industry chain, enabling strong cost control and quality assurance, while also expanding into emerging markets such as e-VTOL and achieving significant overseas market growth [7]

Investment Rating - The investment rating for the company is "Buy" and is maintained [8]. Core Insights - The company reported a revenue of approximately 4.019 billion yuan for the first three quarters of 2025, representing a year-on-year increase of 44%. However, the net profit attributable to shareholders was about 33 million yuan, a decrease of 47% year-on-year, with the non-recurring net profit also declining by 47% [5][6]. - In Q3 2025, the revenue was approximately 1.384 billion yuan, showing a year-on-year growth of 35% but a quarter-on-quarter decline of 3%. The net profit attributable to shareholders was about 11 million yuan, down 52% year-on-year and 23% quarter-on-quarter, with the non-recurring net profit decreasing by 59% year-on-year and 29% quarter-on-quarter [5][6]. Summary by Sections Financial Performance - For the first three quarters of 2025, the gross profit margin was approximately 10.9%, a decrease of 5.1 percentage points year-on-year. In Q3 2025, the gross profit margin was about 9.3%, down 7.1 percentage points year-on-year. This decline is primarily due to the increased proportion of low-margin viscose short fibers [12]. - The company’s expense ratio for the first three quarters was approximately 8.2%, a decrease of 3.4 percentage points year-on-year. The expense ratios for sales, management, R&D, and financial expenses all saw year-on-year declines [12]. Industry Dynamics - The carbon fiber industry is experiencing a recovery in demand, with significant sales growth. The industry’s capacity utilization rate has increased from approximately 48% to 62% since March, indicating a recovery in production levels [12]. - The potential supply in the carbon fiber industry remains high, but the introduction of policies to curb disorderly production may benefit the mid-term market structure. The long-term growth of carbon fiber is supported by increasing penetration in wind energy and automotive industries [12]. Profit Forecast - The company’s projected net profits for 2025, 2026, and 2027 are estimated to be 60 million, 160 million, and 220 million yuan, respectively, corresponding to PE ratios of 176, 60, and 44 times. The potential recovery in carbon fiber prices could enhance profitability [12].