证券代码：300196 证券简称：长海股份 公告编号：2025-048 二、本次实施的权益分派方案 公司2024年年度权益分派方案为：以公司现有总股本408,716,549股剔除已回 购股份5,190,199股后的403,526,350股为分配基数，向全体股东每10股派2.000000 元人民币现金（含税；扣税后，通过深股通持有股份的香港市场投资者、QFII、 RQFII以及持有首发前限售股的个人和证券投资基金每10股派1.800000元；持有首 发后限售股、股权激励限售股及无限售流通股的个人股息红利税实行差别化税率 征收，本公司暂不扣缴个人所得税，待个人转让股票时，根据其持股期限计算应 纳税额【注】；持有首发后限售股、股权激励限售股及无限售流通股的证券投资 基金所涉红利税，对香港投资者持有基金份额部分按10%征收，对内地投资者持有 基金份额部分实行差别化税率征收）。 【注：根据先进先出的原则，以投资者证券账户为单位计算持股期限，持股1 个月（含1个月）以内，每10股补缴税款0.400000元；持股1个月以上至1年（含1 年）的，每10股补缴税款0.200000元；持股超过1年的，不需补缴税款。】 债券代码： ...

Core Viewpoint - Jiangsu Changhai Composite Materials Co., Ltd. is adjusting the conversion price of its convertible bonds, "Changhai Convertible Bonds," in accordance with its annual profit distribution plan and relevant regulations from the China Securities Regulatory Commission [1][2][3][4][5][6] Group 1: Convertible Bond Price Adjustment Regulations - The company issued 5.5 million convertible bonds on December 23, 2020, with an initial conversion price of 16.24 yuan per share [1] - The conversion price will be adjusted based on various corporate actions such as stock dividends, capital increases, and cash dividends, following a specific formula [1][2] - The company will disclose the adjusted conversion price and related details through official channels [1][2] Group 2: Historical Conversion Price Adjustments - The conversion price was adjusted from 16.24 yuan to 16.14 yuan on May 18, 2021, following the 2020 annual profit distribution [2] - On May 25, 2022, the conversion price was further adjusted from 16.14 yuan to 15.99 yuan due to the 2021 annual profit distribution [3] - The conversion price was adjusted again from 15.99 yuan to 15.79 yuan on May 24, 2023, after the 2022 annual profit distribution [4] Group 3: Upcoming Adjustments and Profit Distribution - The company plans to distribute a cash dividend of 2.00 yuan per 10 shares based on the total share capital after accounting for repurchased shares, with the record date set for May 28, 2025 [5] - The conversion price will be adjusted to 15.44 yuan per share effective from May 29, 2025, following the upcoming profit distribution [6]

江苏长海复合材料股份有限公司 2024年年度权益分派实施公告 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： | 证券代码：300196 | 证券简称：长海股份 公告编号：2025-048 | | --- | --- | | 债券代码：123091 | 债券简称：长海转债 | 上已回购股份后的股本为基数，向全体股东每 10 股派发现金红利人民币 2.00 元（含 税），不送红股，不以资本公积金转增股本。剩余未分配利润继续留存公司用于 支持公司经营需要。长海转债（债券代码：123091）自 2021 年 6 月 29 日起至 2026 年 12 月 22 日为转股期，公司总股本因可转债转股可能发生变化。若本次利润分 配预案公布后至实施前，公司总股本由于可转债转股、股份回购等原因发生变化， 则以未来实施本次分配方案时股权登记日的公司总股本扣除回购专用证券账户上 的股份为基数，按照"分配比例不变"的原则对分配总额进行调整。 2、自 2024 年度利润分配方案披露至实施期间，公司总股本未发生变动。 1、江苏长海复合材料股份有限公司（以下简称"公司"）回购专 ...

| 证券代码：300196 | 证券简称：长海股份 | 公告编号：2025-049 | | --- | --- | --- | | 债券代码：123091 | 债券简称：长海转债 | | 江苏长海复合材料股份有限公司 关于可转换公司债券转股价格调整的公告 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、债券代码：123091 债券简称：长海转债 2、本次调整前"长海转债"的转股价格为：15.64 元/股 3、本次调整后"长海转债"的转股价格为：15.44 元/股 上述两项同时进行时：P＝（Po＋A×K）/（1＋N＋K）。 派发现金股利：P＝Po-D； 上述三项同时进行时：P＝（Po-D＋A×K）/（1＋N＋K）。 公司出现上述股份和/或股东权益变化时，将依次进行转股价格调整，并在中 国证券监督管理委员会规定的上市公司信息披露媒体上刊登转股价格调整的公 告，并于公告中载明转股价格调整日、调整办法及暂停转股期间（如需）。当转 股价格调整日为本次发行的可转换公司债券持有人转股申请日或之后、转换股票 登记日之前，则该持有人的转股申请按公司调整后的转股价 ...

| 证券代码：300196 | 证券简称：长海股份 | 公告编号：2025-047 | | --- | --- | --- | | 债券代码：123091 | 债券简称：长海转债 | | 江苏长海复合材料股份有限公司 关于"长海转债"暂停转股的提示性公告 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。 重要内容提示 江苏长海复合材料股份有限公司（以下简称"公司"）于 2025 年 5 月 15 日召开 2024 年 度股东大会，审议通过了《2024 年度利润分配预案》，公司将于近日实施 2024 年度权益分 派。根据公司《创业板向不特定对象发行可转换公司债券募集说明书》中关于"转股价格的 调整方式及计算公式"条款的规定（详见附件），自 2025 年 5 月 21 日（星期三）起至 2024 年度权益分派股权登记日止，公司可转换公司债券（债券代码：123091；债券简称：长海 转债）将暂停转股，2024 年度权益分派股权登记日后的第一个交易日起恢复转股。 根据相关规定，公司拟实施利润分配比例不变的权益分派方法，且公司回购账户存在 股份的，实施权益分派期间可转债暂 ...

北京市环球律师事务所 关于 江苏长海复合材料股份有限公司 2024 年度股东大会 之 法律意见书 北京市环球律师事务所 关于 江苏长海复合材料股份有限公司 2024 年度股东大会 之 法律意见书 GLO2025BJ（法）字第 0572 号 致：江苏长海复合材料股份有限公司 北京市环球律师事务所（以下简称"本所"）接受江苏长海复合材料股份有限 公司（以下简称"公司"）的委托，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》"）、中国证券监督管理 委员会发布的《上市公司股东会规则》等法律、法规、部门规章及《江苏长海复合 材料股份有限公司章程》（以下简称"《公司章程》"）的有关规定，指派本所律师对 公司 2024 年度股东大会（以下简称"本次股东大会"）进行见证，并出具法律意 见。 本法律意见书的出具已得到公司的如下保证：公司向本所律师提供的所有文 件及复印件均是真实、准确、完整和有效的，且无隐瞒、虚假和重大遗漏之处。 本所律师仅对本次股东大会的召集、召开程序、出席会议人员的资格、召集人 资格、会议表决程序及表决结果的合法性发表法律意见，不对本次股东大会审议事 ...

| 证券代码：300196 | 证券简称：长海股份 | 公告编号：2025-046 | | --- | --- | --- | | 债券代码：123091 | 债券简称：长海转债 | | 江苏长海复合材料股份有限公司 2024 年度股东大会决议公告 江苏长海复合材料股份有限公司（以下简称"股份公司"或"公司"） 2024 年度股东大会会议通知已于 2025 年 4 月 19 日公告，公司 2024 年度股东大会于 2025 年 5 月 15 日下午 14:30 在公司二楼会议室召开，本次会议采用现场投票和 网络投票相结合的方式召开。公司截至股权登记日有表决权的总股份为 403,526,350 股（公司股权登记日总股本为 408,716,549 股，扣除截至股权登记日 公司已回购股份 5,190,199 股，回购股份不享有表决权）。出席本次大会的股东及 股东委托代理人共 134 人，代表股份 230,557,194 股，占上市公司有表决权股份 总数的 57.1356%（已剔除截至股权登记日公司回购专用证券账户中的股份数量， 下同），其中：出席现场投票的股东及股东委托代理人 9 人，代表股份 216,638,78 ...

Summary of Conference Call Notes Industry Overview - The conference call discusses the construction materials industry, particularly focusing on cement and glass products, amidst recent monetary policy changes by the central bank [1][2]. Key Points and Arguments - **Monetary Policy Impact**: The central bank announced a 0.5% reduction in the reserve requirement ratio and a 0.1% decrease in policy interest rates, expected to inject approximately 1 trillion yuan into the market [3]. - **Cement Market Performance**: As of May 9, the national cement shipment rates were reported at 48%, with regional rates in East and South China at 52% and 54% respectively, showing a month-on-month decline of 1.5%, 0.9%, and 7.2 percentage points [1]. - **Price Trends**: The average price of cement decreased by 4.5 yuan per ton to 387 yuan per ton, marking a 15 yuan drop since early April [1]. - **Glass Market Update**: The average price of float glass was reported at 1318 yuan per ton, down 14 yuan from the previous week, with inventory levels at 58.17 million heavy boxes, an increase of 3.4% [1]. - **Fiber Market**: The average price of alkali-free glass fiber yarn in East China was 3650 yuan per ton, down 50 yuan from before the May Day holiday [1]. Investment Opportunities - **Excess Return Potential**: Historical data suggests that the construction materials sector has a high probability of achieving excess returns compared to the CSI 300 index when the real estate market shows signs of stability and improvement [3][4]. - **Real Estate Market Indicators**: As of April 28, the second-hand housing price index for first and second-tier cities was 196.84 and 145.02 respectively, indicating a stabilization trend. Notably, the investment amount from 30 monitored real estate companies reached 87.6 billion yuan in April, a year-on-year increase of nearly 100% [3]. Recommended Investment Lines - **Main Line One**: Focus on large-scale construction materials with improving supply-demand dynamics, emphasizing price elasticity and high dividend yields [5]. - **Main Line Two**: Favorable outlook on leading consumer building material companies with long-term growth potential, highlighting performance elasticity in high-demand consumer segments [7]. - **Main Line Three**: Interest in companies transitioning or expanding into high-growth sectors such as semiconductors, AI, and robotics [7]. Recommended Companies - **Cement Companies**: Conch Cement, Huaxin Cement, China Jushi, TPI Cement, Shangfeng Cement, Changhai Co. [6]. - **Consumer Building Materials**: Sankeshu, Oriental Yuhong, Beixin Building Materials, Weixing New Materials, Tubao, with a focus on Jianlang Hardware, Qinglong Pipeline, and Longquan Co. [7]. - **High-Growth Companies**: Quartz Co., Planet Graphite, with attention to Zhongqi New Materials [8]. Risk Factors - Potential risks include demand falling short of expectations, gross margins not meeting forecasts, and delays in receivables [8].

Investment Rating - The investment rating for the company is "Buy" and is maintained [10]. Core Views - The company reported a revenue of 2.66 billion yuan for 2024, representing a year-on-year growth of 2%. However, the net profit attributable to shareholders decreased by 7% to 275 million yuan, and the net profit after deducting non-recurring items fell by 13% to 245 million yuan [2][6]. - In Q4 2024, the company achieved a revenue of 760 million yuan, which is a 23% increase year-on-year and a 12% increase quarter-on-quarter. The net profit attributable to shareholders surged by 787% year-on-year to 72 million yuan, although it decreased by 10% quarter-on-quarter. The net profit after deducting non-recurring items increased by 303% year-on-year to 63 million yuan, with a 4% decrease quarter-on-quarter [2][6]. - For Q1 2025, the company reported a revenue of 760 million yuan, marking a 31% year-on-year increase and a 1% quarter-on-quarter increase. The net profit attributable to shareholders rose by 62% year-on-year to 82 million yuan, with a 14% quarter-on-quarter increase. The net profit after deducting non-recurring items increased by 93% year-on-year to 87 million yuan, with a 39% quarter-on-quarter increase [2][6]. Summary by Sections Financial Performance - The company’s total revenue for 2024 was 2.66 billion yuan, with a slight year-on-year growth of 2%. The revenue from fiberglass and its products was 1.97 billion yuan, up 3% year-on-year, while chemical products revenue was 650 million yuan, up 1% year-on-year. The total fiberglass sales volume reached approximately 301,000 tons, a 10% increase year-on-year [14]. - The average price for fiberglass was approximately 6,539 yuan per ton, down about 434 yuan per ton year-on-year. The cost per ton remained stable at around 4,970 yuan, down about 71 yuan year-on-year, resulting in a gross margin of approximately 24%, a decrease of 3.7 percentage points year-on-year [14]. - The company’s overall net profit margin for 2024 was approximately 10.3%, down 1.0 percentage point year-on-year [14]. Production Capacity and Market Dynamics - The company experienced significant growth in production capacity and sales in Q4 2024, with new kiln lines contributing to increased output. However, the newly commissioned kilns affected profitability due to unstable initial performance and lower sales prices for certain products [14]. - In Q1 2025, the company continued to see high growth in sales, with improved profitability as the new kiln lines began to stabilize. The overall gross margin for Q1 was approximately 22.6%, reflecting a 1.5 percentage point increase quarter-on-quarter [14]. - The company anticipates that the proportion of yarn products will increase following the new kiln lines' commissioning, which may impact overall net profit per ton in the short term but is expected to improve as product lines expand [14].

2025 年 4 月 28 日，合伙企业增加有限合伙人同时变更合伙企业的注册地址，并重 新签署了《常州力睿创业投资中心（有限合伙)合伙协议》。具体内容详见公司于 2025 年 4 月 29 日在指定信息披露网站"巨潮资讯网"（http://www.cninfo.com.cn）披露的《关 于与专业投资机构共同投资设立产业基金的进展公告》（公告编号：2025-044）。 证券代码：300196 证券简称：长海股份 公告编号：2025-045 债券代码：123091 债券简称：长海转债 江苏长海复合材料股份有限公司 关于与专业投资机构共同投资设立产业基金的进展公告 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、与专业投资机构共同投资概述 江苏长海复合材料股份有限公司（以下简称"公司")作为有限合伙人于 2024 年 2 月 29 日与专业投资机构常州力中投资管理有限公司及其他有限合伙人苏文电能科技股 份有限公司（以下简称"苏文电能"）、个人投资者周明君、杨阳、蒋亚军、孙娅伟、陆 明强、薛丽、宋朝华共同签署了《常州力睿创业投资中心(有限合伙)合伙协议》，各合伙 ...