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]

Core Viewpoint - Jianghai Capacitor Co., Ltd. held its sixth meeting of the seventh board of directors on September 25, 2025, where several governance documents were revised or established, and the company decided to change its auditing firm for the 2025 fiscal year. Group 1: Governance Document Revisions - The board approved the revision of the "Shareholders' Meeting Rules" with unanimous support [1] - The board approved the revision of the "Board Meeting Rules" with unanimous support [2] - The board approved the abolition of the "Supervisory Meeting Rules" with unanimous support [3] - The board approved the revision of the "Related Party Transaction Management System" with unanimous support [4] - The board approved the revision of the "External Guarantee Management System" with unanimous support [5] - The board approved the revision of the "Independent Director System" with unanimous support [6] - The board approved the revision of the "Independent Director Allowance System" with unanimous support [7] - The board approved the revision of the "Information Disclosure Management System" with unanimous support [8] - The board approved the revision of the "Fundraising Management System" with unanimous support [10] - The board approved the revision of the "Insider Information Management System" with unanimous support [10] - The board approved the revision of the "Audit Work System" with unanimous support [10] - The board approved the revision of the "Board Secretary Work Rules" with unanimous support [10] - The board approved the revision of the "Audit Committee Work Rules" with unanimous support [10] - The board approved the revision of the "Nomination Committee Work Rules" with unanimous support [10] - The board approved the revision of the "Compensation and Assessment Committee Work Rules" with unanimous support [10] - The board approved the revision of the "Strategic Committee Work Rules" with unanimous support [10] - The board approved the revision of the "President Work Rules" with unanimous support [10] - The board approved the revision of the "Annual Report Disclosure Major Error Responsibility Investigation System" with unanimous support [10] - The board approved the revision of the "Investor Relations Management System" with unanimous support [10] - The board approved the revision of the "Emergency Response Management System" with unanimous support [10] - The board approved the revision of the "External Information User Management System" with unanimous support [10] - The board approved the establishment of the "Management System for Changes in Shareholding of Directors and Senior Management" [11] - The board approved the establishment of the "Market Value Management System" with unanimous support [11] - The board approved the establishment of the "Information Disclosure Postponement and Exemption Management System" with unanimous support [12] - The board approved the establishment of the "Management System for Departure of Directors and Senior Management" with unanimous support [13] - The board approved the establishment of the "Public Opinion Management System" with unanimous support [14] - The board approved the establishment of the "Internal Review System for Information Release on Interactive Platforms" with unanimous support [15] Group 2: Change of Auditing Firm - The board approved the change of the auditing firm to Tianjian Certified Public Accountants (Special General Partnership) for the 2025 fiscal year, citing their qualifications and experience [16][21] - The previous auditing firm, Tianheng Certified Public Accountants (Special General Partnership), had provided services for 17 years, and the change is in compliance with relevant regulations [21][31] - The new auditing firm will charge a total of 1.7 million RMB for the 2025 audit, with 1.5 million RMB for financial report audit and 200,000 RMB for internal control audit [29] Group 3: Share Buyback Price Adjustment - The company adjusted the maximum buyback price from 19.74 RMB per share to 35.00 RMB per share due to the recent increase in stock prices [36][39] - The adjustment aims to ensure the smooth implementation of the buyback plan and protect shareholder interests [39][40] - The company has already repurchased 1,098,400 shares, accounting for 0.1291% of the total share capital, with a total transaction amount of approximately 19.998 million RMB [38]

Core Viewpoint - Jianghai Co., Ltd. announced an adjustment to its share repurchase price limit from RMB 19.74 per share to RMB 35 per share, effective from September 26, 2025 [1] Summary by Category - **Company Announcement** - Jianghai Co., Ltd. will increase its share repurchase price limit to RMB 35 per share [1] - The effective date for this new price limit is set for September 26, 2025 [1]

第一章 总 则 第一条 为了促进公司的规范运作，充分发挥董事会秘书的作用，加强对董 事会秘书工作的管理与监督，根据《中华人民共和国公司法》、《中华人民共和 国证券法》等有关法律、法规、规范性文件及《南通江海电容器股份有限公司章 程》（以下简称"公司章程"）的规定，特制定本工作细则。 第二条 董事会秘书是公司的高级管理人员，董事会秘书对公司和董事会负 责，承担法律、法规及公司章程对公司高级管理人员所要求的义务，享有相应的 工作职权，并获取相应报酬。 第二章 任职资格 南通江海电容器股份有限公司 董事会秘书工作细则 第三条 本公司董事会秘书的任职资格： (一) 具有大专以上学历，从事经济、管理、证券等工作三年以上； (二) 具备履行职责所必须的财务、税收、法律、金融、企业管理等专业知 识； (三) 具有良好的个人品质和职业道德，严格遵守有关法律、法规和规章， 能够忠诚地履行职责； (四) 熟悉公司经营管理情况，具有良好的处事和沟通能力。 第四条 下列人员不得担任本公司董事会秘书： (一)《公司法》等法律法规及其他有关规定不得担任董事、高级管理人员的 情形； (二)被中国证监会采取不得担任上市公司董事和高级管理人员 ...

南通江海电容器股份有限公司 董事会审计委员会工作细则 第一章 总则 第一条 为强化董事会决策功能，做到事前防范、专业审计，确保董事会对 高管层的有效监督，进一步完善公司治理结构，根据《中华人民共和国公司法》 《上市公司治理准则》《上市公司审计委员会工作指引》《深圳证券交易所上市公 司自律监管指引第 1 号——主板上市公司规范运作》《公司章程》及其他有关规 定，公司特设立董事会审计委员会，并制定本工作细则。 第二条 董事会审计委员会是董事会设立的专门工作机构，主要负责公司内、 外部审计的沟通、监督和核查工作，行使《公司法》规定的监事会的职权。 第二章 人员组成 第三条 审计委员会成员由三名董事组成，其中独立董事过半数，委员中至 少有一名独立董事为会计专业人士。审计委员会成员应当为不在公司担任高级管 理人员的董事。 第四条 审计委员会委员由董事长、二分之一以上独立董事或者全体董事的 三分之一提名，并由董事会选举产生。 第五条 审计委员会设召集人一名，由独立董事中会计专业人士担任，负责 主持委员会工作；召集人在委员内选举，并报请董事会批准产生。 审计委员会主任负责召集和主持审计委员会会议，当审计委员会主任不能或 无 ...

南通江海电容器股份有限公司 董事、高级管理人员离职管理制度 第一章 总则 第一条 为规范南通江海电容器股份有限公司(以下简称"公司")董事及高级 管理人员离职程序，确保公司治理结构的稳定性和连续性，维护公司及股东的 合法权益，根据《中华人民共和国公司法》《中华人民共和国证券法》《深圳 证券交易所股票上市规则》《深圳证券交易所上市公司自律监管指引第 1 号— —主板上市公司规范运作》等法律法规、规范性文件和《南通江海电容器股份 有限公司章程》（以下简称《公司章程》）的有关规定，结合公司实际情况， 制定本制度。 第二条 本制度适用于公司董事（含独立董事）及高级管理人员因任期届 满、辞职、被解除职务或其他原因离职的情形。 第二章 离职情形与生效条件 第三条 董事可以在任期届满以前辞任。董事辞任应当向公司提交书面辞 职报告，公司收到辞职报告之日辞任生效，公司将在 2 个交易日内披露有关情 况。 出现下列规定情形的，在改选出的董事就任前，原董事仍应当按照有关法 律、法规和《公司章程》的规定继续履行职责： （一）董事任期届满未及时改选，或者董事在任期内辞任导致董事会成员 低于法定最低人数； （二）审计委员会成员辞任导致审 ...

董事和高级管理人员持股变动管理制度 第一章 总 则 第一条 为加强对南通江海电容器股份有限公司（以下简称"公司"或"本公 司"）董事和高级管理人员（以下简称"董事和高级管理人员"）所持公司股份及其 变动的管理，进一步明确相关办理程序，根据《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》"）、《深圳证 券交易所股票上市规则》（以下简称"《上市规则》"）、《上市公司董事和高级管理 人员所持本公司股份及其变动管理规则》、《上市公司股东减持股份管理暂行办法》、 《深圳证券交易所上市公司自律监管指引第 18 号——股东及董事、高级管理人员 减持股份》、《深圳证券交易所上市公司自律监管指引第 10 号——股份变动管理》 等相关法律法规、规范性文件规定，以及《南通江海电容器股份有限公司章程》（以 下简称"《公司章程》"），制订本制度。 第二条 公司董事和高级管理人员所持本公司股份，是指登记在其名下和利 用他人账户持有的所有本公司股份。 本制度适用于公司董事、高级管理人员所持本公司股份及其变动的管理。 第三条 公司董事和高级管理人员在买卖公司股票及其衍生品种前，应知悉 《公 ...