天禾律师事务所 法律意见书 安徽天禾律师事务所 关于安徽山河药用辅料股份有限公司 2024年年度股东大会的法律意见书 天律意2025第1094号 致：安徽山河药用辅料股份有限公司 券交易所交易系统进行网络投票的时间为：2025 年 5 月 13 日 9:15－9:25，9:30 －11:30，13:00－15:00；通过深圳证券交易所互联网投票系统投票的时间为 2025 年 5 月 13 日 9:15 至 15:00 期间的任意时间。 根据《中华人民共和国公司法》（下称"《公司法》"）、《中华人民共和国 证券法》（下称"《证券法》"）、中国证券监督管理委员会《上市公司股东会规 则》（下称"《股东会规则》"）以及《安徽山河药用辅料股份有限公司章程》（下 称"《公司章程》"）的有关规定，安徽天禾律师事务所接受安徽山河药用辅料股 份有限公司（下称"公司"）的委托，指派王小东、杨帆律师（下称"天禾律师"） 出席公司 2024 年年度股东大会（下称"本次股东大会"），并对本次股东大会相 关事项进行见证，出具法律意见。 本法律意见书是天禾律师根据对本次股东大会事实的了解及对我国现行法 律、法规和规范性文件的理解而出具的。 ...

Group 1: Company Overview - Recently, a well-known private equity firm, Xiangju Capital, conducted research on a listed company, Shanhe Pharmaceutical Auxiliary [1] - Shanhe Pharmaceutical Auxiliary expects a 22% growth in sales revenue for cellulose products in 2024, with a slight decline in overall prices [1] - The company anticipates stable prices in 2025 and strong demand for its products [1] Group 2: Financial Performance - Last year's gross margin slightly decreased, but there is potential for improvement this year [1] - The capacity utilization rate for four main products in the fundraising projects is between 60% and 70% [1] - The company expects significant growth in the sales of hard fumaric acid sodium in 2024, with over 100 domestic customers already using the product [1] Group 3: Market Dynamics - The auxiliary materials industry has vast potential, with many categories and significant room for import substitution, accelerated by the China-US trade war [1] - The new drug production quality management regulations will be implemented on January 1, 2026, which is expected to accelerate industry consolidation, benefiting leading companies [1] - The demand for plant capsules is strong, with good order prospects in the next six months, and there is potential for domestic gelatin capsules to be replaced [1] Group 4: International Business - The increase in tariffs by the US has not yet affected exports, as the export volume to the US is relatively small, and some products fall within the tariff exemption range [1] - Overseas business is expected to maintain rapid growth, although the gross margin is slightly lower due to fewer differentiated products being sold abroad [1]

Group 1: Financial Performance - The sales revenue of cellulose products in 2024 reached 474 million CNY, representing a year-on-year growth of 22% [2] - The overall gross margin slightly decreased last year, but the decline was minimal, influenced by market structure adjustments [2] - The utilization rate of new production capacity for four main products is currently between 60%-70% [2] Group 2: Market Demand and Trends - The demand for hydroxypropyl methylcellulose is currently strong, with no signs of decline, particularly in the plant capsule and pharmaceutical adhesive markets [5][6] - The market for excipients is broad, with over 1,000 types used internationally and around 500 types in China, while the company currently produces only over 40 types [3] - The import substitution space remains significant, accelerated by the US-China trade war [3] Group 3: Regulatory Impact - The new drug production quality management standards will be implemented on January 1, 2026, which includes the management of pharmaceutical excipients [4] - The company has conducted a comprehensive self-inspection to meet the new management requirements [4] Group 4: International Business and Export - The company expects to maintain high growth in overseas markets, with plans to expand the overseas management and sales team in 2025 [8] - The export volume to the US is relatively small, not exceeding 10 million CNY, and is currently unaffected by increased tariffs [7] - The gross margin for overseas sales is slightly lower due to fewer product categories compared to domestic offerings [8]

Financial Performance - The company reported a decline in performance for 2024, primarily due to goodwill impairment and convertible bond interest expenses, which significantly impacted operating results [2][21]. - Excluding these factors, the company maintained stable profit growth, despite a challenging market environment [21]. - The pharmaceutical industry faced a consumption slowdown, with a reported revenue growth rate of 3.0% and a profit decline of 8.3% for the drug auxiliary materials and packaging industry in 2024 [10]. Market Position and Strategy - The company holds a leading position in the solid preparation drug auxiliary materials sector, with 47 products and 27 products passing related reviews [10]. - The company has successfully helped clients achieve over 170 projects for domestic substitution of imported auxiliary materials, enhancing supply chain stability and reducing costs [29]. - The domestic market for drug auxiliary materials still relies heavily on imports, indicating significant potential for growth in domestic production [29]. Product Development and Innovation - The company is focusing on high-end drug auxiliary materials and new product development, particularly in areas like injectable materials and transdermal patches [18]. - There is an emphasis on expanding applications of existing products in new sectors such as medical beauty, daily chemicals, and animal protection [18]. - The company is actively exploring opportunities for capital cooperation to enhance its market position and profitability [20]. Investor Relations and Market Confidence - The company has implemented measures for market value management, including share buybacks and increased cash dividends, with a proposed cash dividend of 3.0 RMB per 10 shares for 2024, totaling approximately 69.79 million RMB [22]. - The company is committed to maintaining effective communication with investors and addressing concerns regarding stock price fluctuations influenced by macroeconomic factors [13][21]. - The management remains optimistic about future growth opportunities, particularly in response to increasing demand for domestic substitutes and new product lines [20][29].

Core Viewpoint - The company reported a revenue of 883 million yuan in 2024, a year-on-year increase of 5.16%, but the net profit attributable to shareholders decreased by 26.07% due to goodwill impairment from its subsidiary [1][2]. Group 1: Financial Performance - In 2024, the company achieved a revenue of 883 million yuan, marking a 5.16% increase year-on-year, while the net profit attributable to shareholders was 119 million yuan, down 26.07% [1][2]. - The first quarter of 2024 saw a revenue increase of 4.28% year-on-year, but the net profit attributable to shareholders declined by 5.3% [1]. - The company’s revenue growth rate in 2024 was the lowest in ten years, with a year-on-year increase of only 5.16% [5]. Group 2: Subsidiary Performance - The subsidiary Qufu Tianli faced challenges due to policy factors like drug procurement and a weakened product competitiveness, leading to declines in both revenue and profit [2]. - The company recognized a goodwill impairment of 39.12 million yuan related to the subsidiary, significantly impacting the overall financial performance [2]. Group 3: Product Performance - Revenue from cellulose and its derivatives grew by 22.19% year-on-year, reaching 474 million yuan, becoming a key driver for overall revenue [3]. - Other product categories, including starch and its derivatives, inorganic salts, and rental income, experienced declines in revenue, with decreases of 9.24%, 7.47%, and 5.6% respectively [3]. Group 4: Market Dynamics - The company operates in a competitive landscape where both foreign and domestic manufacturers coexist, with foreign firms dominating the high-end market due to advanced technology and patents [6]. - The domestic market for pharmaceutical excipients is rapidly evolving, which has pressured local companies like the company to enhance their competitiveness [6]. Group 5: Strategic Initiatives - The company is focusing on improving product quality and service to enhance pricing power, while also managing raw material costs through strategic procurement and inventory management [4]. - The company plans to continue its efforts in import substitution, aiming to align the quality of domestic products with imported ones [6][7]. - In 2024, the company invested 40.95 million yuan in R&D, with plans to register 3-4 new products with the National Medical Products Administration by 2025 [7].

Core Insights - The company reported a total revenue of 883 million yuan in 2024, representing a year-on-year growth of 5.16%, a significant slowdown compared to 19.12% in 2023 [1][4] - The net profit attributable to shareholders decreased by 26.07% to 119 million yuan, while the non-recurring net profit fell by 26.45% to 101 million yuan, indicating substantial pressure on profitability [1][4] - The performance decline is closely linked to the subsidiary Qufu Tianli, which faced revenue and profit drops due to drug procurement policies and recorded a goodwill impairment of 39.13 million yuan, impacting overall results [4] Revenue and Profit Analysis - The revenue growth rate of 5.16% in 2024 is a marked decrease from the previous year's 19.12% [4] - The net profit and non-recurring net profit both saw declines exceeding 26%, highlighting a significant drop in the company's profitability [4] - Excluding the impact of goodwill impairment, the adjusted net profit would be approximately 159 million yuan, a slight decrease of 1.85%, while the adjusted non-recurring net profit would be around 140 million yuan, reflecting a 2% increase [4] R&D and Market Expansion - In 2024, the company made progress in R&D and market expansion, adding one national invention patent, bringing the total to 27 [5] - The company developed three new products, enhancing its product line and market competitiveness, with a total of 50 products now registered with CDE [5] - The company achieved notable success in foreign trade, surpassing 200 million yuan in exports, while domestic trade maintained growth despite challenges [5] Production Management and Capital Operations - The company continued to optimize production management, implementing excellence performance management and enhancing lean production practices [6] - The company received the 10th Huainan Mayor Quality Award and a second prize in the Huainan Quality Innovation Skills Competition, reflecting its strong performance in production management [6] - Capital operations included the successful launch of the "New Pharmaceutical Excipient Series Production Base Phase I Project," with production capacity utilization exceeding expectations [6] - A new R&D and production base project in Hefei is set to begin construction in Q1 2025, expected to be completed by the end of 2026, aimed at high-end pharmaceutical excipient innovation [6]

安徽山河药用辅料股份有限公司 准备 3912.69 万元，对报告期公司经营业绩影响较大。若扣除商誉减值的影 响，报告期实现归属于上市公司股东的净利润约 15,855.16 万元，同比略下降 1.85%，实现扣除非经常性损益后的归属于上市公司股东的净利润 14,028.44 万元，同比增长 2%。 三、财务状况、经营成果及现金流量情况分析 （一）资产负债变动分析 截止 2024 年 12 月 31 日，公司资产总计 155,973 万元，较期初增长 1.10%；负债合计 58,443 万元，较期初减少 3.79%；归属于母公司股东权益合 计 90,501 万元，较期初增加 4.49%。分项明细数据如下： 2024 年度财务决算报告 一、财务报告审计情况 容诚会计师事务所（特殊普通合伙）已对公司 2024 年度财务报表进行了审 计，并签署了标准无保留意见的审计报告。审计意见是：安徽山河药用辅料股 份有限公司（以下简称"山河药辅"）财务报表在所有重大方面按照企业会计 准则的规定编制，公允反映了山河药辅 2024 年 12 月 31 日的合并及母公司财 务状况以及 2024 年度的合并及母公司经营成果和现金流量。 二 ...

证券代码：300452 证券简称：山河药辅 公告编号：2025-023 债券代码：123199 债券简称：山河转债 安徽山河药用辅料股份有限公司 关于会计政策变更的公告 的披露提出了具体要求。该规定自2024年1月1日起施行，企业应 当采用未来适用法，该规定施行前已经费用化计入损益的数据资 源相关支出不再调整。 2023年11月，财政部发布《企业会计准则解释第17号》（财 会〔2023〕21号），对"关于流动负债与非流动负债的划分"、 "关于供应商融资安排的披露"以及"关于售后租回交易的会计 处理"的相关内容进行进一步规范及明确，该解释规定自2024年 1月1日起施行。 2024年12月，财政部发布《企业会计准则解释第18号》（财 会〔2024〕24号），规定"关于不属于单项履约义务的保证类质 量保证的会计处理"的相关内容，规定对不属于单项履约义务的 保证类质量保证产生的预计负债，应当按确定的预计负债金额计 入"主营业务成本"和"其他业务成本"等科目，该解释规定自 印发之日起施行，允许企业自发布年度提前执行。 本公司及董事会全体成员保证本公告内容不存在任何虚假记 载、误导性陈述或者重大遗漏。 重要内容提示： ...

2024 年年度财务报告 一、审计报告 | 审计意见类型 | 标准的无保留意见 | | --- | --- | | 审计报告签署日期 | 2025 年 04 月 23 日 | | 审计机构名称 | 容诚会计师事务所（特殊普通合伙） | | 审计报告文号 | 容诚审字[2025]230Z0469 号 | | 注册会计师姓名 | 宁云、洪雁南、许亚俊 | 审计报告正文 安徽山河药用辅料股份有限公司全体股东： 一、审计意见 我们审计了安徽山河药用辅料股份有限公司（以下简称"山河药辅"）财务报表，包括 2024 年 12 月 31 日的合并及 母公司资产负债表，2024 年度的合并及母公司利润表、合并及母公司现金流量表、合并及母公司所有者权益变动表以及 相关财务报表附注。 我们认为，后附的财务报表在所有重大方面按照企业会计准则的规定编制，公允反映了山河药辅 2024 年 12 月 31 日 的合并及母公司财务状况以及 2024 年度的合并及母公司经营成果和现金流量。 二、形成审计意见的基础 安徽山河药用辅料股份有限公司 2024 年度财务报告 安徽山河药用辅料股份有限公司 我们按照中国注册会计师审计准则的规定执行了审 ...

安徽山河药用辅料股份有限公司商誉减值测试报告 安徽山河药用辅料股份有限公司 2024 年度商誉减值测试报告 一、是否进行减值测试 是 □否 二、是否在减值测试中取得以财务报告为目的的评估报告 是 □否 | 资产组名称 | 评估机构 | 评估师 | 评估报告编号 | 评估价值类型 | 评估结果 | | --- | --- | --- | --- | --- | --- | | | | | | | 截至评估基准日 | | | | | | | 2024 年 12 月 31 | | | | | | | 日，包含商誉的 | | 并购曲阜天利所 | 中水致远资产评 | 许辉、夏志才、 | 中水致远评报字 | | 资产组的账面价 | | 形成的与商誉相 | | | [2025]第 020148 | 可收回金额 | 值为 18,027.20 | | 关的资产组 | 估有限公司 | 韩程 | 号 | | 万元，包含商誉 | | | | | | | 资产组可收回金 | | | | | | | 额为 10,480.00 | | | | | | | 万元 | 三、是否存在减值迹象 | 资产组名称 | 是否存在减值 | 备注 | 是否 ...