江海股份 法律意见书 江苏世纪同仁律师事务所关于 南通江海电容器股份有限公司 根据《公司法》《证券法》和中国证监会《上市公司股东会规则》等法律、 法规和规范性文件以及《公司章程》的规定，本所受贵公司董事会的委托，指派 律师出席贵公司 2025 年第三次临时股东会，并就本次股东会的召集、召开程序、 出席会议人员资格、召集人资格、表决程序和表决结果的合法有效性出具本法律 意见书。 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， 查阅了相关会议文件，并对有关问题进行了必要的核查和验证。 本所律师同意将本法律意见书随贵公司本次股东会决议一并公告，并依法对 本法律意见书承担相应的责任。 本所律师根据相关法律、法规和规范性文件的要求，按照律师行业公认的业 务标准、道德规范和勤勉尽责精神，出具法律意见如下： 一、关于本次股东会的召集、召开程序 1、本次股东会由贵公司董事会召集。 贵公司第七届董事会第六次会议决定于 2025 年 10 月 15 日召开本次股东会。 贵公司已于 2025 年 9 月 26 日在《上海证券报》《证券时报》和巨潮资讯网站 （www.cninfo.com.cn）上刊登了《南通江 ...

Core Viewpoint - Jianghai Co., Ltd. has shown significant stock performance with a year-to-date increase of 69.61%, despite recent declines in the short term [1][2]. Financial Performance - For the first half of 2025, Jianghai Co., Ltd. achieved a revenue of 2.694 billion yuan, representing a year-on-year growth of 13.96%, and a net profit attributable to shareholders of 358 million yuan, up 3.19% year-on-year [2]. - The company has distributed a total of 1.212 billion yuan in dividends since its A-share listing, with 565 million yuan distributed over the past three years [3]. Stock Market Activity - As of October 15, Jianghai Co., Ltd.'s stock price was 29.38 yuan per share, with a market capitalization of 24.988 billion yuan [1]. - The stock has been active on the trading board, appearing seven times this year, with the latest appearance on September 2, where it recorded a net buy of 252 million yuan [1]. Shareholder Information - As of June 30, 2025, the number of shareholders decreased by 3.41% to 50,400, while the average number of circulating shares per person increased by 3.53% to 16,268 shares [2]. - The top ten circulating shareholders include Hong Kong Central Clearing Limited and new entrant China Europe Times Pioneer Stock A [3]. Business Overview - Jianghai Co., Ltd. specializes in the research, production, and sales of capacitors and related materials, with its main revenue sources being aluminum electrolytic capacitors (82.75%), film capacitors (8.65%), supercapacitors (6.00%), and electrode foils (2.00%) [1]. - The company operates within the electronic components sector, focusing on passive components and is associated with concepts such as 5G and electric logistics vehicles [2].

Core Insights - In September 2025, a total of 47 listed companies in Shanghai, Shenzhen, and Beijing announced changes to their auditing firms, indicating a significant shift in the auditing landscape [3][6]. Group 1: Changes in Auditing Firms - Notable changes include companies like Xiaoxin Environment switching from Xinyong Zhonghe to Deloitte, and Jian Tai Technology moving from Zhonghua to PwC Zhongtian [4][5]. - The audit fees for 2024 for these companies varied, with Xiaoxin Environment paying 4.96 million yuan and Jian Tai Technology paying 4.5 million yuan [4]. Group 2: Client Changes Among Audit Firms - The firm with the largest decrease in clients was Lixin, losing 7 clients, while Rongcheng gained the most clients, increasing by 6 [6][8]. - The detailed statistics show that Lixin and Rongcheng were the most affected firms in terms of client changes, reflecting a competitive shift in the auditing market [6][9].

Core Viewpoint - The company has made progress in its collaboration with leading international firms like NVIDIA in the artificial intelligence server sector, particularly regarding the certification and supply of high-performance capacitor products [1] Group 1 - The company is directly engaging with hardware manufacturers for artificial intelligence servers, indicating a strategic focus on this growing market [1] - Key products have successfully passed relevant certifications and tests, showcasing the company's readiness to meet industry standards [1] - The company acknowledges the importance of this strategic collaboration for future market competition and financial performance, which is crucial for investors assessing long-term value [1]

Core Viewpoint - Jianghai Co., Ltd. announced the completion of its share repurchase plan, having repurchased a total of 2,126,400 shares, which represents 0.2500% of the company's total share capital [2] Summary by Category - **Share Repurchase Details** - The company initiated its share repurchase program on June 20, 2025, through a dedicated securities account via centralized bidding [2] - As of September 30, 2025, the repurchase program has been fully implemented [2]

证券代码:002484 证券简称:江海股份 公告编号:2025-052 南通江海电容器股份有限公司 关于回购股份实施完成暨股份变动的公告 本公司及董事会全体成员保证公告内容真实、准确和完整，没有 虚假记载、误导性陈述或重大遗漏。 南通江海电容器股份有限公司（以下简称"公司"）于 2025 年 4 月 8 日召开 第七届董事会第三次会议，审议通过了《关于回购公司股份方案的议案》。 公司 决定以自有资金通过深圳证券交易所交易系统以集中竞价交易方式回购公司已 发行的部分人民币普通股（A 股）股票，并在未来将前述回购股份用于股权激励 计划或员工持股计划。回购股份价格不超过人民币 20 元/股，回购资金总额不低 于人民币 5,000 万元（含），不超过人民币 10,000 万元（含）。具体内容详见 2025 年 4 月 9 日公司在指定信息披露媒体及巨潮资讯网（www.cninfo.com.cn）上披 露的《南通江海电容器股份有限公司关于回购公司股份方案的公告》（公告编号： 2025-025）。 因公司实施 2024 年年度权益分派，自 2025 年 5 月 30 日起公司回购股份价 格上限由不超过 20 元/股调整为 ...

Group 1 - The company, Jianghai Co., Ltd. (002484.SZ), has repurchased a total of 2,126,400 shares, representing 0.25% of its total share capital [1] - The highest transaction price for the repurchased shares was 30.25 CNY per share, while the lowest was 18.12 CNY per share [1] - The total amount paid for the repurchase was 50,996,952.00 CNY, excluding transaction fees, which exceeds the lower limit of the repurchase fund of 50 million CNY but does not exceed the upper limit of 100 million CNY [1] Group 2 - The repurchase plan has been completed in accordance with relevant laws and regulations, and aligns with the established share repurchase scheme [1]

Core Insights - The supercapacitor separator paper industry has high technical barriers and is primarily dominated by companies in North America, Europe, and Japan, which have a long history of production and application [1][8] - Since 2017, China has made significant progress in the supercapacitor separator paper industry, achieving self-sufficiency and transitioning from a follower to a leader in this sector [1][8] - The market size of China's supercapacitor separator paper industry is projected to reach 451 million yuan in 2024, with a year-on-year growth of 17.9% [1][8] Industry Overview - Supercapacitors, also known as electrochemical capacitors, are energy storage devices that combine the characteristics of traditional capacitors and rechargeable batteries [4] - The separator paper is a critical component of supercapacitors, preventing short circuits while allowing ion passage for normal charge and discharge functions [5][8] Industry Chain - The upstream materials for supercapacitor separator paper include cellulose fibers, polypropylene, polyethylene, and polytetrafluoroethylene, which possess good chemical stability and porosity [6][7] - The downstream applications of supercapacitor separator paper span various sectors, including power grids, rail transportation, consumer electronics, military, automotive, and industrial equipment [7] Current Industry Status - The supercapacitor separator paper industry in China has evolved significantly since its inception in the late 1990s, becoming the largest producer in the Asia-Pacific region [7][8] - Government policies have supported the growth of the supercapacitor industry, contributing to a market size of 4.508 billion yuan in 2024, also reflecting a 17.9% year-on-year increase [7][8] Competitive Landscape - The global market for supercapacitor separator paper is primarily dominated by Japan, North America, and Europe, with Japan accounting for over 50% of the market share [9] - Domestic companies, such as Zhejiang Kain Special Materials Co., Ltd. and Ningbo RuoChuang Nano Technology Co., Ltd., are enhancing their R&D capabilities to reduce reliance on imports [9][10] Development Trends - Technological innovation is expected to drive performance improvements in separator paper, with a focus on higher porosity, lower resistance, and better mechanical strength [11] - The industry is also facing pressures to adopt environmentally friendly practices, leading to the development of biodegradable and renewable separator paper products [12] - Increased competition is anticipated as existing companies expand their R&D investments and new entrants join the market, potentially leading to industry consolidation through mergers and collaborations [13]

Core Viewpoint - Jianghai Co., Ltd. has shown significant stock performance with a year-to-date increase of 79.37%, despite recent declines in the short term [1][2]. Financial Performance - For the first half of 2025, Jianghai Co., Ltd. achieved a revenue of 2.694 billion yuan, representing a year-on-year growth of 13.96%, and a net profit attributable to shareholders of 358 million yuan, up 3.19% year-on-year [2]. - Cumulatively, the company has distributed 1.212 billion yuan in dividends since its A-share listing, with 565 million yuan distributed over the past three years [3]. Stock Market Activity - As of September 29, Jianghai Co., Ltd.'s stock price was 31.07 yuan per share, with a market capitalization of 26.426 billion yuan [1]. - The stock has appeared on the "Dragon and Tiger List" seven times this year, with the most recent appearance on September 2, where it recorded a net purchase of 252 million yuan [1]. Shareholder Information - As of June 30, 2025, the number of shareholders decreased by 3.41% to 50,400, while the average circulating shares per person increased by 3.53% to 16,268 shares [2]. - The fourth largest circulating shareholder is Hong Kong Central Clearing Limited, holding 13.7728 million shares, a decrease of 41,200 shares from the previous period [3].

Market Overview - The component sector experienced a decline of 4.47% on September 26, with Zhongfu Circuit leading the drop [1] - The Shanghai Composite Index closed at 3828.11, down 0.65%, while the Shenzhen Component Index closed at 13209.0, down 1.76% [1] Stock Performance - Notable gainers included: - Tianjin Pulin (002134) with a closing price of 21.00, up 4.37% on a trading volume of 143,100 shares and a turnover of 301 million [1] - ST Dongjing (002199) closed at 10.01, up 3.52% with a trading volume of 44,000 shares [1] - Major decliners included: - Zhongfu Circuit (300814) closed at 48.52, down 8.61% with a trading volume of 137,800 shares and a turnover of 689 million [2] - Dongshan Precision (002384) closed at 68.58, down 7.44% with a trading volume of 862,600 shares [2] Capital Flow - The component sector saw a net outflow of 6.765 billion in institutional funds, while retail investors contributed a net inflow of 5.702 billion [2] - The table of capital flow indicates varying levels of net inflow and outflow among individual stocks, with notable movements in Tianjin Pulin and ST Dongjing [3]