（2025 年修订）》（以下简称《股东会规则》）等中华人民共和国（以下简称中国， 为本法律意见书之目的，不包括香港特别行政区、澳门特别行政区和台湾地区） 现行有效的法律、行政法规、规章和规范性文件和现行有效的《江苏裕兴薄膜科 技股份有限公司章程》（以下简称《公司章程》）有关规定，指派律师出席了公司 于 2025 年 5 月 7 日召开的 2024 年年度股东大会（以下简称本次股东大会），并 就本次股东大会相关事项出具本法律意见书。 为出具本法律意见书，本所律师出席了本次股东大会，审查了公司提供的与 本次股东大会有关的文件，包括但不限于： 1. 《公司章程》； 杭州市西湖区学院路 77 号 黄龙万科国际 A 座 16 层 邮编：310012 电话：（86-571）2689-8188 传真：（86-571）2689-8189 junhehz@junhe.com 北京君合（杭州）律师事务所 关于江苏裕兴薄膜科技股份有限公司 2024 年年度股东大会之法律意见书 致：江苏裕兴薄膜科技股份有限公司 北京君合（杭州）律师事务所（以下简称本所）接受江苏裕兴薄膜科技股份 有限公司（以下简称公司）委托，根据《中华人民共和国证券 ...

本公司及董事会全体成员保证信息披露内容的真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 | 证券代码：300305 | 证券简称：裕兴股份 | 公告编号：2025-030 | | --- | --- | --- | | 债券代码：123144 | 债券简称：裕兴转债 | | 江苏裕兴薄膜科技股份有限公司 2024 年年度股东大会决议公告 特别提示： 1、本次股东大会召开期间没有增加或变更提案。 2、本次股东大会未发生否决提案。 3、本次股东大会以现场投票和网络投票表决相结合的方式召开。 一、会议通知情况 江苏裕兴薄膜科技股份有限公司（以下简称"公司"）关于召开 2024 年年度股东 大会通知的公告（公告编号：2025-024）已于 2025 年 4 月 17 日刊登于中国证监 会指定的创业板信息披露媒体。 二、会议召开情况 公司 2024 年年度股东大会于 2025 年 5 月 7 日（星期三）在公司会议室以现场投 票和网络投票表决相结合的方式召开。网络投票时间：2025 年 5 月 7 日（星期 三）9:15-2025 年 5 月 7 日（星期三）15:00。其中：通过深圳证券交易所交易系 统进行 ...

| 证券代码：300305 | 证券简称：裕兴股份 | 公告编号：2025-029 | | --- | --- | --- | | 债券代码：123144 | 债券简称：裕兴转债 | | 江苏裕兴薄膜科技股份有限公司 关于不向下修正裕兴转债转股价格的公告 本公司及董事会全体成员保证信息披露内容的真实、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、自 2025 年 4 月 11 日至 2025 年 5 月 6 日，江苏裕兴薄膜科技股份有限公 司（以下简称"公司"）股票在任意连续三十个交易日中至少有十五个交易日的收 盘价低于当期转股价格的 85%，已触发"裕兴转债"转股价格向下修正条款。 2、经公司第六届董事会第十次会议审议通过，公司董事会决定本次不向下修 正"裕兴转债"转股价格，且自本次董事会审议通过次一交易日起的 3 个月内（即 自 2025 年 5 月 7 日至 2025 年 8 月 6 日），若再次触发"裕兴转债"转股价格向下 修正条款，亦不提出向下修正方案。自本次董事会审议通过次一交易日起满 3 个 月之后，若再次触发"裕兴转债"转股价格向下修正条款，届时董事会将决定是否 再次召开 ...

| 证券代码：300305 | 证券简称：裕兴股份 | 公告编号：2025-028 | | --- | --- | --- | | 债券代码：123144 | 债券简称：裕兴转债 | | 江苏裕兴薄膜科技股份有限公司（以下简称"公司"）于 2025 年 4 月 27 日， 以电子邮件或电话方式向全体董事发出召开第六届董事会第十次会议的通知。会 议于 2025 年 5 月 6 日下午 2:00 在公司会议室以现场会议与通讯表决相结合的方 式召开。会议应出席董事 7 人，实际出席董事 7 人，其中独立董事 3 人。会议的 召集和召开符合《公司法》和《公司章程》的有关规定。会议由董事长王建新先 生主持。经全体董事审议，表决形成如下决议： 江苏裕兴薄膜科技股份有限公司 第六届董事会第十次会议决议公告 本公司及董事会全体成员保证信息披露内容的真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 表决结果：7 票同意、0 票反对、0 票弃权。 公司股票自2025年4月11日至2025年5月6日已有15个交易日的收盘价低于当 期转股价格的85%，触发"裕兴转债"转股价格向下修正条款。 鉴于"裕兴转债"距离债券存续期届满 ...

Group 1: Company Overview - Jiangsu Yuxing Film Technology Co., Ltd. focuses on the research, production, and sales of functional polyester films, becoming one of the largest producers in China [1] - The company maintains a leading position in the domestic market for solar backsheet polyester films and has a high market share in electrical insulation polyester films and composite base films [1][2] Group 2: Market Strategy and Product Development - In response to industry demand changes, the company is focusing on electronic optical polyester films, achieving a production volume of 37,230 tons and sales of 28,743 tons in 2024, representing year-on-year growth of 90.28% and 84.34% respectively [2] - The company is enhancing its product structure by developing high-value-added new products and optimizing its management capabilities to improve overall economic efficiency [2][5] Group 3: Industry Challenges and Responses - The demand for photovoltaic polyester films has significantly decreased due to technological iterations in photovoltaic cells, leading to a substantial drop in production and sales [2] - The company is adapting by increasing production and sales of electronic optical polyester films and modifying production lines originally intended for photovoltaic applications to enhance production capabilities for electronic optical films [4] Group 4: Future Growth and Strategic Initiatives - The company is extending its operations along the polyester industry chain, focusing on upstream functional polyester and downstream offline coating processing [4] - The implementation of national policies promoting equipment upgrades and recycling is expected to boost demand for electronic optical and battery insulation polyester films [5] Group 5: Financial Policies and Shareholder Returns - The company has a dividend policy that mandates a cash distribution of no less than 30% of the distributable profits when conditions are met, with a cumulative cash dividend of 38.75 million yuan in 2022 [6][7] - Future efforts will focus on improving operational performance to enhance dividend returns for shareholders [7]

江苏裕兴薄膜科技股份有限公司 2025 年度跟踪评级报告 编号：信评委函字[2025]跟踪 0154 号 江苏裕兴薄膜科技股份有限公司 2025 年度跟踪评级报告 声 明 中诚信国际信用评级有限责任公司 2025 年 4 月 27 日 2 本次评级为委托评级，中诚信国际及其评估人员与评级委托方、评级对象不存在任何其他影响本次评级行为独立、 客观、公正的关联关系。 本次评级依据评级对象提供或已经正式对外公布的信息，以及其他根据监管规定收集的信息，中诚信国际按照相关 性、及时性、可靠性的原则对评级信息进行审慎分析，但中诚信国际对于相关信息的合法性、真实性、完整性、准 确性不作任何保证。 中诚信国际及项目人员履行了尽职调查和诚信义务，有充分理由保证本次评级遵循了真实、客观、公正的原则。 评级报告的评级结论是中诚信国际依据合理的内部信用评级标准和方法、评级程序做出的独立判断，未受评级委托 方、评级对象和其他第三方的干预和影响。 本评级报告对评级对象信用状况的任何表述和判断仅作为相关决策参考之用，并不意味着中诚信国际实质性建议任 何使用人据此报告采取投资、借贷等交易行为，也不能作为任何人购买、出售或持有相关金融产品的依 ...

一、主要会计数据和财务指标 | 名称 | 持有数量(万股) | 占总股本比例 | 增减情况(万 | | --- | --- | --- | --- | | | | (%) | 股) | | 北京人济房地产开发集团有限公司 | 3931.50 | 12.23 | 不变 | | 常州瑞源创业投资有限公司 | 2496.88 | 7.77 | 不变 | | 王建新 | 1705.34 | 5.30 | 不变 | | 黄彪 | 1686.33 | 5.25 | 323.28 | | 海南佳信企业发展有限公司 | 983.34 | 3.06 | 不变 | | 南昌市国金产业投资有限公司 | 561.80 | 1.75 | 不变 | | 邹立秋 | 480.62 | 1.50 | 137.71 | | 王希平 | 465.45 | 1.45 | -4.00 | | 江苏裕兴薄膜科技股份有限公司-第六期员工持股 计划 | 458.82 | 1.43 | 不变 | | 王慷 | 400.88 | 1.25 | 不变 | 三、分红送配方案情况 | 报告期指标 | 2025年一季报 | 2024年一季报 | 本年比上年增减(%) ...

Financial Performance - The company's revenue for Q1 2025 was ¥230,816,865.69, a decrease of 15.42% compared to ¥272,904,269.36 in the same period last year[6] - The net loss attributable to shareholders was ¥56,535,086.84, showing a slight improvement of 1.54% from a loss of ¥57,419,577.80 in the previous year[6] - Basic and diluted earnings per share improved by 10.30%, recorded at -¥0.1506 compared to -¥0.1679 in the same period last year[6] - The net loss for the current period was ¥56,575,059.82, slightly improved from a net loss of ¥57,426,398.86 in the previous period[29] - The company reported an operating profit of -¥63,871,293.84, an improvement from -¥67,980,505.96 in the previous period[29] Cash Flow - The net cash flow from operating activities decreased by 74.85%, amounting to ¥6,047,059.25 compared to ¥24,045,491.92 in the prior year[6] - Operating cash inflow for the current period was $177,726,268.57, an increase of 11.4% from $158,918,488.48 in the previous period[32] - Net cash flow from operating activities decreased to $6,047,059.25 from $24,045,491.92, representing a decline of 74.8%[32] - Cash inflow from investment activities surged to $273,711,636.96, up from $40,807,601.35, marking a significant increase of 572.5%[32] - Net cash outflow from investment activities was $193,471,982.74, slightly improved from a net outflow of $193,588,197.39 in the previous period[32] - Cash inflow from financing activities totaled $121,000,000.00, compared to $762,984,441.96 in the previous period, a decrease of 84.2%[33] - Net cash flow from financing activities was $38,482,752.25, down from $688,855,468.99, indicating a decline of 94.4%[33] - The ending cash and cash equivalents balance decreased to $586,441,029.72 from $923,094,413.19, a drop of 36.5%[33] - The company received $273,148,000.00 from investment recoveries, a substantial increase from $33,350,000.00 in the previous period[32] - Cash paid for the purchase of fixed assets was $4,034,619.80, significantly lower than $101,045,798.74 in the previous period[32] Assets and Liabilities - Total assets increased by 0.93% to ¥3,666,073,817.27 from ¥3,632,313,958.14 at the end of the previous year[6] - Total liabilities rose to ¥1,440,281,676.97 from ¥1,350,853,076.50, marking an increase of about 6.6%[27] - The total equity attributable to the parent company decreased to ¥2,224,210,496.75 from ¥2,279,839,265.11, a decline of approximately 2.4%[27] - The company's cash and cash equivalents decreased to ¥590,095,202.72 from ¥739,317,771.94[25] - Total current assets increased slightly to ¥1,610,064,988.57 from ¥1,601,244,017.32[25] - Long-term equity investments rose to ¥45,950,551.41 from ¥44,492,785.45[25] - Fixed assets decreased to ¥1,462,690,268.03 from ¥1,500,189,953.26[25] Shareholder Information - Total number of common shareholders at the end of the reporting period is 12,744[19] - The largest shareholder, Wang Jianxin, holds 18.17% of shares, totaling 68,213,400 shares[19] - The top 10 shareholders include both natural persons and corporate entities, with significant stakes held by Beijing Renji Real Estate Development Group and Changzhou Ruiyuan Venture Investment[19] - The company has a total of 53,926,100 shares under lock-up agreements, primarily due to executive restrictions[22] - The company has not reported any changes in the status of shareholders participating in margin financing and securities lending[20] Operational Insights - Total operating revenue for the current period was ¥230,816,865.69, down from ¥272,904,269.36 in the previous period, representing a decrease of approximately 15.4%[28] - Total operating costs decreased to ¥285,951,768.45 from ¥334,161,968.34, a reduction of about 14.3%[28] - Research and development expenses were ¥12,196,851.86, down from ¥13,685,565.57, a decrease of about 10.9%[28] - There are no new strategies or significant developments reported in the conference call[23]

Overview - The plastic blown film machine is crucial for producing plastic films, with its performance directly affecting the quality and output of the films [1][11] - The market for plastic blown film machines in China has expanded significantly due to the growth in end markets such as packaging, healthcare, and agriculture, particularly since 2020 [1][11] - The production of small plastic machinery and blown film machines surged from 2020 to 2023, but has seen a rapid decline in the second half of 2023 due to a sharp decrease in overseas orders [1][11] Market Policy - Recent policies in China aim to promote high-quality development in light industry, encouraging the transformation and upgrading of the manufacturing sector towards smart, automated, and green technologies [4][6] - Key policies include guidelines for digital transformation, green low-carbon technologies, and support for large-scale equipment updates [4][6] Industry Chain - The upstream of the plastic blown film machine industry includes sectors like steel, non-ferrous metals, electronic components, and mechanical parts [7] - The midstream involves the research, development, and manufacturing of plastic blown film machines, while the downstream applications are widespread, particularly in packaging [7] Development Status - China's plastic film industry has rapidly developed, with a production volume of 16.95 million tons in 2023, showing a slight increase of 0.15% year-on-year, providing growth opportunities for the plastic blown film machine sector [9][11] - The production and demand for plastic blown film machines are projected to decline to 23,000 units and 18,000 units respectively in 2024, with the market size dropping to 10.49 billion yuan [1][11] Competitive Landscape - The plastic blown film machine industry in China is characterized by intense competition due to low technical barriers and significant product homogeneity in the mid-to-low-end market [13] - Major players like Dalian Rubber and Plastic Machinery Co., Guangdong Jinming Machinery Co., and Hubei Light Industry Machinery Co. dominate the high-end market due to their brand, technology, and scale advantages [13][14] Industry Representative Companies - Guangdong Jinming Machinery Co. is a leading manufacturer with a focus on R&D, design, production, and sales, exporting to over 50 countries, and generating a revenue of 474 million yuan in 2024, with 273 million yuan from blown film machines [15] - Hubei Light Industry Machinery Co. has decades of experience in producing plastic extrusion and blown film production line equipment, emphasizing low-carbon technology and customer service [17] Development Trends - The future of the blown film machine industry will see integration with IoT, big data, and AI technologies for real-time monitoring and optimization of production processes [19] - There will be a growing application of biodegradable plastics and new polymer materials, necessitating improvements in processing technology and equipment structure [19] - Chinese blown film machine companies are expected to enhance their international market presence by improving product quality and brand building [19]

| 证券代码：300305 | 证券简称：裕兴股份 | 公告编号：2025-026 | | --- | --- | --- | | 债券代码：123144 | 债券简称：裕兴转债 | | 江苏裕兴薄膜科技股份有限公司 关于裕兴转债预计触发转股价格向下修正条件的提示性公告 本公司及董事会全体成员保证信息披露内容的真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 特别提示： 3、转股价格：12.49 元/股 4、转股期限：2022 年 10 月 17 日至 2028 年 4 月 10 日 5、江苏裕兴薄膜科技股份有限公司（以下简称"公司"）股票自 2025 年 4 月11日至2025年4月24日已有10个交易日的收盘价格低于当期转股价格的85%， 若后续公司股票收盘价格继续低于当期转股价格的 85%，预计有可能触发《江苏 裕兴薄膜科技股份有限公司向不特定对象发行可转换公司债券募集说明书》（以 下简称《募集说明书》）中向下修正的相关条款。若触发转股价格向下修正条款， 公司将按照《深圳证券交易所上市公司自律监管指引第 15 号——可转换公司债 券》和《募集说明书》中的规定及时履行后续审议程序和信息披露义务。若 ...