北京市天元（成都）律师事务所 关于宜宾天原集团股份有限公司 2025 年第三次临时股东大会的法律意见 （2025）天（蓉）意字第 35 号 致：宜宾天原集团股份有限公司 宜宾天原集团股份有限公司（以下简称"公司"） 2025 年第三次临时股东大会 （以下简称"本次股东大会"）采取现场投票与网络投票相结合的方式，现场会议 于 2025 年 6 月 30 日（星期一）下午 14:00 在四川宜宾临港经济技术开发区港园路 西段 61 号宜宾天原集团股份有限公司会议室召开。北京市天元（成都）律师事务 所（以下简称"本所"）接受公司聘任，指派本所律师参加本次股东大会现场会议， 并根据《中华人民共和国公司法》《中华人民共和国证券法》（以下简称"《证券法》"） 《上市公司股东会规则》（以下简称"《股东会规则》"）以及《宜宾天原集团股份有 限公司章程》（以下简称"《公司章程》"）等有关规定，就本次股东大会的召集、召 开程序、出席现场会议人员的资格、召集人资格、会议表决程序及表决结果等事项 出具本法律意见。 为出具本法律意见，本所律师审查了《宜宾天原集团股份有限公司第九届董事 会第十五次会议决议公告》《宜宾天原集团股份有限公司 ...

证券代码：002386 证券简称：天原股份 公告编号：2025-048 债券代码:524174.SZ 债券简称：25 天原 K1 宜宾天原集团股份有限公司 2025 年第三次临时股东大会决议的公告 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、本次股东大会无增加、否决或变更提案的情况。 2、本次股东大会不涉及变更前次股东大会决议。 一、会议的召开情况 1、会议召开时间： （1）现场会议：2025 年 6 月 30 日（星期一）14:00 （2）网络投票：2025 年 6 月 30 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 6 月 30 日上午 9:15—9:25,9:30—11:30 和下午 13:00 —15:00；通过深圳证券交易所互联网投票系统投票的具体时间为： 2025 年 6 月 30 日 9:15-15:00 期间的任意时间。 2、现场会议召开地点：四川宜宾临港经济技术开发区港园路西 段 61 号公司会议室。 3、召开方式：现场投票和网络投票相结合 4、召集人：公司董事会 股东出席的总体情况： ...

Core Viewpoint - The article discusses the current dynamics in the lithium iron phosphate (LFP) battery market, highlighting the contrasting fortunes of companies involved in LFP production and the competitive landscape that is evolving both domestically and internationally [2][7]. Group 1: Event Information - The fifth "Starting Point Two-Wheeled Vehicle Battery Swap Conference" and "Lightweight Power Battery Technology Summit Forum" will be held on July 10-11, 2025, in Shenzhen [2]. - The event is sponsored by various companies including Yadi Technology Group, Tailin Group, and others, indicating strong industry interest and participation [2]. Group 2: Industry Dynamics - The LFP market is experiencing a split, with companies like Fulin Precision and Longpan Technology receiving large orders, while others, including Huayun Titanium Industry and Jinhai Titanium Industry, are halting or delaying their LFP projects [2][3]. - Tianyuan Co., which has been involved in LFP projects, confirmed it has no plans to stop its LFP initiatives, with production lines for LFP materials already established [3][4]. Group 3: Company Performance - Tianyuan Co. has built a 100,000-ton LFP cathode material production line and is constructing another 50,000-ton line, with a total investment of 2.389 billion yuan planned for these projects [4][5]. - In 2024, Tianyuan's revenue from the new energy battery and materials sector is expected to be 543 million yuan, accounting for only 4.06% of total revenue, with a gross margin of -12.32% for lithium battery production [5][6]. Group 4: Competitive Landscape - The LFP market is characterized by intense competition, with leading companies like Hunan Youneng holding a market share of 29.8%, followed by Wanrun New Energy and Defang Nano [7]. - International players such as Samsung SDI and LG Energy are accelerating their entry into the LFP battery market, indicating a potential shift of market growth towards overseas competitors [7].

Core Viewpoint - Yibin Tianyuan Group Co., Ltd. maintains a long-term credit rating of AA+ and a stable outlook, reflecting its strong competitive position in the chlor-alkali chemical industry despite facing challenges from industry downturns and operational losses in 2024 [1][3]. Company Overview - Yibin Tianyuan is the largest chlor-alkali chemical listed company in Southwest China, with a well-structured management and strong regional competitiveness [3]. - The company is expanding its industrial chain by focusing on new energy and new materials, although the new energy segment is still in the development phase and currently incurs losses [3][8]. Financial Performance - In 2024, the company experienced a decline in revenue due to reduced supply chain operations and a decrease in product prices, leading to an overall revenue drop [3][6]. - As of March 2025, the company reported total assets of 202.01 billion yuan and equity of 76.35 billion yuan, with a revenue of 31.41 billion yuan in the first quarter [10]. - The company's total debt reached 103.37 billion yuan, with a debt-to-asset ratio of 62.21% and a significant portion of short-term debt [6][9]. Industry Context - The chlor-alkali chemical industry is facing cyclical challenges, with a supply-demand imbalance expected to persist into 2025, impacting product prices and profitability [10]. - The company has established a circular economy model integrating resources and energy, which enhances its competitive edge in the region [8][10]. Strategic Initiatives - The company is implementing a "one body, two wings" strategy, focusing on lithium battery materials and new materials to strengthen its market position [4][5]. - Ongoing projects are expected to enhance the company's cost control capabilities and overall competitiveness [5][8]. Shareholder Support - Yibin Development Holding Group, the largest state-owned capital investment platform in Yibin, provides significant financial backing and guarantees for the company's debt obligations, enhancing its debt repayment security [3][8].

Core Viewpoint - The controlling shareholder of Yibin Tianyuan Group Co., Ltd. plans to increase its stake in the company by investing between RMB 150 million and RMB 300 million within six months, reflecting confidence in the company's long-term investment value and stability [1][2] Group 1: Shareholder Actions - The controlling shareholder, Yibin Development Holdings Group Co., Ltd., has initiated a share buyback plan starting from February 11, 2025, with a commitment to purchase shares through the Shenzhen Stock Exchange [1] - As of June 25, 2025, the controlling shareholder has acquired a total of 13,025,200 shares, representing 1.00% of the total share capital, reaching the 1% threshold [1] - The total shares held by Yibin Development increased from 239,451,956 shares (18.40%) to 252,477,156 shares (19.40%) following the recent buyback [1][2] Group 2: Compliance and Regulations - The share increase aligns with the previously disclosed buyback plan, ensuring compliance with relevant laws and regulations [2] - There are no violations of the Securities Law or other regulatory frameworks reported in relation to this share acquisition [2]

宜宾天原集团股份有限公司 2025 年跟踪评级报告 | | | www.lhratings.com 1 联合〔2025〕5320 号 联合资信评估股份有限公司通过对宜宾天原集团股份有限公司 主体及其相关债券的信用状况进行跟踪分析和评估，确定维持宜宾 天原集团股份有限公司主体长期信用等级为 AA+，维持"25 天原 K1" 信用等级为 AAA，评级展望为稳定。 特此公告 联合资信评估股份有限公司 评级总监： 二〇二五年六月二十五日 声 明 一、本报告是联合资信基于评级方法和评级程序得出的截至发表之日的 独立意见陈述，未受任何机构或个人影响。评级结论及相关分析为联合资信 基于相关信息和资料对评级对象所发表的前瞻性观点，而非对评级对象的事 实陈述或鉴证意见。联合资信有充分理由保证所出具的评级报告遵循了真 实、客观、公正的原则。鉴于信用评级工作特性及受客观条件影响，本报告 在资料信息获取、评级方法与模型、未来事项预测评估等方面存在局限性。 二、本报告系联合资信接受宜宾天原集团股份有限公司（以下简称"该 公司"）委托所出具，除因本次评级事项联合资信与该公司构成评级委托关 系外，联合资信、评级人员与该公司不存在任何影响评 ...

| 1．基本情况 | | | | | | | --- | --- | --- | --- | --- | --- | | 信息披露义务人 | 宜宾发展控股集团有限公司 | | | | | | 住所 业 6 号 | 四川省宜宾市叙州区航天路中段 4 | | | 号莱茵河畔小区阳光半岛独幢商 | | | 权益变动时间 | 2025 年6月10日至2025 年6月25日 | | | | | | | 基于对公司长期投资价值的认可，以及对公司未来持续稳定发展 的信心，切实维护广大投资者权益和资本市场稳定。拟在 | 个月内增 | | 6 | | | 触及 | 1%的刻度。 | | | | | | 股票简称 天原股份 | 股票代码 | | | 002386 | | | 变动类型 增加☑ （可多选） | 一致行动人 减少□ 有☑ | | | 无□ | | | 是否为第一大股东或实际控制人 | 是☑ 否□ | | | | | | 2．本次权益变动情况 | | | | | | | 股份种类（A 股、B 股等） | 增持股数（股） | | | 增持比例（%） | | | A 股 | 13,025,200 | | | 1.00 | ...

Industry Overview - Polystyrene (PS) is a polymer synthesized from styrene monomers through free radical polymerization, classified into general-purpose polystyrene (GPPS), high-impact polystyrene (HIPS), and expandable polystyrene (EPS) [1][4] - The production capacity of polystyrene in China has been steadily increasing, with production expected to reach 4.286 million tons in 2024, up from 2.65 million tons in 2018, representing a year-on-year increase of 7.1% [1][10] Production Side - China's polystyrene production capacity has grown significantly, reaching 6.8 million tons in 2024, a year-on-year increase of 10.57% [6] - The integration trend of styrene-PS facilities is notable, with 45,000 tons of new integrated capacity accounting for 69.23% of the new capacity in 2024 [6] - The majority of polystyrene production capacity is concentrated in East and South China, with East China accounting for 72% and South China for 16% [8] Import and Export - Since 2021, China's polystyrene import volume has declined due to increased domestic production capacity, with imports of 509,300 tons in 2024, down 19.64% year-on-year [12] - Exports have increased, with 543,000 tons exported in 2024, a year-on-year increase of 3.41%, marking a shift from trade deficit to trade surplus [12] Consumption Side - The apparent consumption of polystyrene in China has risen to 4.2523 million tons in 2024, up from 3.4828 million tons in 2018, reflecting a year-on-year growth of 3.45% [14] Company Landscape - Key players in the polystyrene industry include Zhenjiang Qimei Chemical Co., Huizhou Renxin New Materials Co., Xinghui Environmental Materials Co., and Shanghai Yingke Industrial Co. [16][19] - Zhenjiang Qimei Chemical focuses on diversifying its product range and enhancing the proportion of high-tech products [17] - Huizhou Renxin has a production capacity of over 210,000 tons of general-purpose polystyrene and 90,000 tons of high-impact polystyrene [17] - Xinghui Environmental is the largest polystyrene producer in South China, with a production capacity of 350,000 tons [19] Future Trends - The polystyrene industry is expected to see steady capacity expansion, with total capacity projected to exceed 8 million tons by the end of 2025, although competition is intensifying due to oversupply [21] - Export markets are becoming increasingly important, with a compound annual growth rate of 40.52% in exports since 2019, and expectations for exports to exceed 300,000 tons by 2025 [22] - Supportive policies and regulations are being implemented to promote the healthy and standardized development of the polystyrene industry [23]

Group 1 - The company held its 10th meeting of the 9th Supervisory Board on June 13, 2025, via communication methods, with all procedures complying with the Company Law and the company's articles of association [1][2] - The Supervisory Board approved amendments to the company's articles of association and related rules, which will be submitted for shareholder meeting approval [1][2] - The board agreed to reappoint Sichuan Huaxin (Group) Accounting Firm for annual audit services, citing their qualifications and independence [2] Group 2 - The Supervisory Board approved the use of surplus funds from a completed fundraising project to permanently supplement the company's working capital, which will also be submitted for shareholder meeting approval [2] - The voting results for all proposals were unanimous, with 5 votes in favor and no opposition or abstentions [2]

宜宾天原集团股份有限公司 股东会议事规则 （2025 年 6 月修订） 第一章 总则 第一条 目的 股东资料的查询工作由公司董事会秘书和证券事务代表负责。 第四条 股份登记 公司股东应依法在证券登记公司进行股份登记，除持有公司公开 发行股份前已发行的股份的股东以外，其他股东均自登记之日起成为 公司合法股东。 第五条 股权登记日 第二条 效力 本规则自生效之日起，即成为规范公司股东会的组织与行为，规 范公司股东权利与义务的具有法律约束力的文件。 第二章 股东 第三条 股份托管 公司依法在证券登记公司办理股份存管，公司将根据与证券登记 公司签订的股份保管协议，定期查询主要股东资料，及时掌握公司的 股权结构。 公司依据证券登记公司提供的凭证建立股东名册，股东名册是证 明股东持有公司股份的充分证据。股东按其所持有股份的类别享有权 利，承担义务；持有同一类别股份的股东，享有同等权利，承担同种 义务。 为保护公司和股东权益，规范公司股东会的召集、召开及表决机 制，保障公司所有股东公平、合法的行使股东权利及履行股东义务， 依照《公司法》、《证券法》和国家有关法律法规以及《公司章程》， 制定《宜宾天原集团股份有限公司股东会议 ...