吉林秉责律师事务所 关于通化金马药业集团股份有限公司 二 0 二五年第二次临时股东大会的法律意见书 致：通化金马药业集团股份有限公司 根据《中华人民共和国证券法》（以下简称"《证券法》"）、《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》"）和《通化金马药业集团股份有限公司章程》（以下简称"《公司章程》"） 的有关规定，吉林秉责律师事务所（以下简称"本所"）接受了通化金马药业集 团股份有限公司（以下简称"公司"）的委托，担任公司 2025 年第二次临时股东 大会（以下简称"本次股东大会"）特聘专项法律顾问并出具法律意见书。 本法律意见书仅供公司为本次股东大会之目的而使用，不得用于其他任何目 的。本所同意公司将本法律意见书作为本次股东大会的公告材料，随其他需要公 告的信息一起向公众披露，并依法对本所在其中发表的法律意见承担责任。 为出具本法律意见书，本所指派郭淑芬、宋伟律师出席了公司于 2025 年 4 月 15 日下午 14 点 30 分在公司七楼会议室召开的本次股东大会，审查了公司提 供的召开本次股东大会有关的文件和资料，并进行了验证。在此基础上， ...

证券代码：000766 证券简称：通化金马 公告编号：2025-15 通化金马药业集团股份有限公司 2025年第二次临时股东大会决议公告 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.本次股东大会无否决提案的情形。 2.本次股东大会不涉及变更以往股东大会已通过的决议。 一、会议召开和出席情况 1、召开时间： 现场会议召开时间为：2025年4月15日下午14:30 网络投票时间为：通过深圳证券交易所交易系统进行网络投票的具体时间为 2025年4月15日9:15—9:25，9:30—11:30和13:00—15:00；通过互联网投票系统 进行网络投票的具体时间为2025年4月15日上午9:15至下午15:00期间的任意时 间。 2、召开地点：吉林省通化市二道江区金马路999号，公司七楼会议室。 3、召开方式：采用现场表决与网络投票相结合的方式召开 4、召集人：公司董事会 5、现场会议主持人：董事长张玉富先生 6、会议召开的合法、合规性：本次会议的召集、召开与表决程序符合《公 司法》《上市公司股东大会规则》《深圳证券交易所股票上市规则》等有关法律、 ...

Group 1: Xiangyuan Cultural Tourism - Xiangyuan Cultural Tourism has successfully created a "cultural IP + tourism + technology" full industry chain layout through asset restructuring and strategic transformation, promoting deep integration and innovation in the cultural tourism industry [2][11] - The company faced challenges in its animation business from 2019 to 2020, resulting in a 45.02% revenue decline in 2020. However, it leveraged its rich animation IP resources to achieve a strategic transformation and enhance profitability, with 2023 revenue reaching 722 million yuan, a year-on-year increase of 55.81% [2][11] - The company has expanded its tourism assets across regions such as "Daxiangxi," "Dahuangshan," "Dachengyu," and "Danangling," forming a national chain of scenic spots and enhancing brand value through diversified offerings [3][11] Group 2: Lexin Technology - Lexin Technology is a small but robust IoT chip design manufacturer with a stable operating team and a concentrated shareholding structure, which enhances team motivation and operational stability [4][11] - The company has established a competitive advantage by developing low-power, high-performance chips based on the open-source RISC-V architecture, which better meets the needs of AI devices at the edge [4][12] - Lexin's ecosystem includes a rich developer community of over 3 million global developers, supporting mainstream IoT applications and creating a platform effect that drives growth [12] Group 3: Tonghua Jinma - Tonghua Jinma has shifted from relying on mergers and acquisitions to innovation-driven high-quality development, focusing on R&D breakthroughs and asset optimization [17][19] - The company is advancing a new drug for Alzheimer's treatment, with a projected peak sales potential of around 7 billion yuan, addressing a significant market need for new therapies [17][19] - The company has a target market capitalization of 22.2 billion yuan, indicating a potential upside of 26% from its current market value, with a "buy" rating assigned [19] Group 4: China Duty Free Group - China Duty Free Group reported a 16.38% decline in revenue for 2024, with net profit down 36.4%, reflecting challenges in the duty-free market [21] - The company is expanding its city duty-free store projects in response to policy changes, aiming to enhance its market presence [21][24] - Despite the challenges, the company is focusing on digital transformation and member engagement to improve customer experience and retention [24]

Investment Rating - The report gives a "Buy" rating for Tonghua Jinma, marking its first coverage [6][9]. Core Views - The company has shifted from relying on mergers and acquisitions to a strategy focused on innovation and high-quality development, achieving positive changes across multiple operational levels [6][20]. - There is a significant need for new Alzheimer's disease (AD) drugs in China, where the prevalence and mortality rates are higher than the global average, indicating a market opportunity for innovative treatments [8][35]. - The new drug, Suhe Batyuan Amino Acid Tablets, is expected to reach peak sales of approximately 7 billion yuan, with a strong clinical efficacy profile [8][12]. Summary by Sections Strategic Adjustments and Innovations - Tonghua Jinma has undergone strategic adjustments since 2019, focusing on innovation-driven growth through R&D breakthroughs, asset optimization, and marketing reforms [6][20]. - The company has established a complete industrial chain for musk, investing at least 100 million yuan to build a breeding base [6][32]. Alzheimer's Disease Drug Market - The report highlights the urgent need for new AD drugs in China, with the number of patients expected to rise to 15.5 million by 2025 [35][36]. - Current treatments primarily consist of cholinesterase inhibitors, with existing drugs failing to meet clinical needs effectively [8][35]. Financial Data and Profit Forecast - The projected total revenue for Tonghua Jinma is expected to grow from 1.473 billion yuan in 2023 to 1.89 billion yuan by 2026, with a compound annual growth rate of approximately 14.6% [7][9]. - The net profit attributable to shareholders is forecasted to increase from 44 million yuan in 2023 to 90 million yuan by 2026, reflecting a strong growth trajectory [7][9]. Valuation and Market Potential - Using the FCFF absolute valuation method, the target market value for Tonghua Jinma is estimated at 22.2 billion yuan, indicating a potential upside of 26% from the current market capitalization [9][12]. - The report emphasizes the potential for Suhe Batyuan Amino Acid Tablets to significantly contribute to revenue starting in 2025, with expectations for gradual market penetration [10][11].

Summary of Key Points Core Viewpoint - Tonghua Jinma Pharmaceutical Group Co., Ltd. plans to secure a guarantee from its wholly-owned subsidiary Chengdu Yongkang Pharmaceutical Co., Ltd. for a credit loan application of up to RMB 55 million from Guangfa Bank, with a one-year term [3][16]. Group 1: Guarantee Overview - The company intends to apply for a credit loan not exceeding RMB 55 million for operational needs, with the subsidiary providing a guarantee for the principal and associated interest and fees [3][16]. - The board of directors approved the guarantee proposal with unanimous support, and it will be submitted for shareholder meeting approval [4][20]. Group 2: Company Information - Tonghua Jinma Pharmaceutical Group is registered in Tonghua City, Jilin Province, with a registered capital of RMB 966.494707 million and was established on February 26, 1993 [5]. - The company engages in the manufacturing of various pharmaceutical forms and the research and development of traditional Chinese medicine [5]. Group 3: Financial and Risk Assessment - After this guarantee, the total external guarantee amount will be RMB 1.705 billion, representing 73.57% of the company's audited net assets for 2023, all of which are guarantees for subsidiaries within the consolidated financial statements [8]. - The company has no overdue guarantees or litigation related to guarantees as of the announcement date [8]. Group 4: Board Meeting and Shareholder Meeting - The board meeting was held on March 27, 2025, with all eight directors present, and the meeting complied with relevant laws and regulations [11][12]. - A second extraordinary general meeting of shareholders is scheduled for April 15, 2025, to review the board's proposals [24][21].

Group 1 - The company plans to apply for a credit loan of up to 55 million yuan from Guangfa Bank Changchun Branch for a one-year term, which can be used in a revolving manner within the limit [1][2] - The board of directors has authorized the management to handle the loan application and related matters, including signing relevant contracts and documents [1][2] - The loan application is based on the company's actual operational needs and aims to optimize the financing structure, aligning with the company's development interests [2] Group 2 - The company has good operational status and debt repayment capability, and the loan application will not pose significant financial risks [2] - The board meeting approved the loan application with 8 votes in favor, 0 against, and 0 abstentions [2][3] - The company plans to hold the second extraordinary general meeting of shareholders on April 15, 2025, to discuss the guarantee provided by a wholly-owned subsidiary for the parent company [2]

Meeting Announcement - The company has announced the convening of the 2025 Second Extraordinary General Meeting of Shareholders on April 15, 2025, to review relevant proposals submitted by the board of directors [1][2] - The meeting will take place at 14:30 local time, with online voting available from 9:15 to 9:25, 9:30 to 11:30, and 13:00 to 15:00 on the same day [1][2] Voting Procedures - Shareholders can choose either on-site voting or online voting, but not both; if duplicate votes occur, the first valid vote will be counted [2] - All ordinary shareholders registered by the close of trading on the record date are entitled to attend and vote at the meeting [2][3] Agenda Items - The meeting will include the election of an independent director, with the qualifications and independence of the candidate having been reviewed and approved by the Shenzhen Stock Exchange [2] - The voting for this meeting will be conducted separately for small and medium-sized investors, with results to be publicly disclosed [2] Registration Requirements - Shareholders or their agents must present valid identification and authorization documents for registration [2][3] - The contact information for registration includes the address in Tonghua City, Jilin Province, and the contact numbers [2] Online Voting Instructions - Detailed procedures for participating in online voting are provided, including the use of the Shenzhen Stock Exchange trading system and internet voting system [4][5] - The online voting system can be accessed at the specified URL, with instructions available in the attached documents [4][5]

通化金马药业集团股份有限公司(以下简称"公司")第十一届董事会2025 年第五次临时会议审议通过了《关于召开2025年第二次临时股东大会的议案》， 决定于2025年4月15日召开公司2025年第二次临时股东大会，审议董事会提交的 相关议案，现将本次会议的有关事项通知如下： 一、召开会议的基本情况 1．股东大会届次：2025年第二次临时股东大会。 2．股东大会的召集人：公司董事会。 证券代码：000766 证券简称：通化金马 公告编号：2025-14 通化金马药业集团股份有限公司 关于召开2025年第二次临时股东大会的通知 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。 网络投票时间：2025年4月15日，其中，通过深圳证券交易所交易系统进行 网络投票的具体时间为2025年4月15日9:15—9:25，9：30—11:30和13：00—15： 00；通过互联网投票系统进行网络投票的具体时间为2025年4月15日上午9:15至 下午3:00期间的任意时间。 5．会议的召开方式：本次股东大会采用现场表决与网络投票相结合的方式 召开。 公司股东只能选择现场投票和网络投 ...

通化金马药业集团股份有限公司 第十一届董事会2025年第五次临时会议决议公告 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。 一、董事会会议召开情况 1、通化金马药业集团股份有限公司第十一届董事会2025年第五次临时会议 通知于2025年3月26日以微信、电子邮件形式送达全体董事。 证券代码：000766 证券简称：通化金马 公告编号：2025-12 2、2025年3月27日上午9时30分在公司七楼会议室以现场和通讯方式召开。 3、会议应到董事8人，实到董事8人。 4、会议由董事长张玉富先生主持。监事会成员及部分高管人员列席了本次 会议。 5、本次董事会会议的召开符合有关法律、行政法规、部门规章、规范性文 件和公司章程的规定。 二、董事会会议审议情况 1、审议并通过关于公司向银行申请贷款的议案 为满足公司生产经营和发展的需要，公司拟向广发银行股份有限公司长春 分行申请最高额不超过 5,500.00 万元的信用贷款，期限一年，在该额度期限内 可循环滚动使用。 董事会授权经营层全权办理本次贷款及相关事项申请事宜并签署相关合同 及文件。 本次贷款利率、贷款用途等内容 ...