北京市万商天勤律师事务所 关于 晶瑞电子材料股份有限公司 2024 年年度股东大会的法律意见书 北京市朝阳区建国门外大街 8 号北京国际财源中心 A 座 32 层 100022 电话：+86 10 82255588 www.vtlaw.cn 北京 深圳 上海 成都 武汉 西安 长沙 杭州 海口 南京 广州 昆明 福州 重庆 天津 合肥 香港(联营) 北京市万商天勤律师事务所 关于晶瑞电子材料股份有限公司 2024 年年度股东大会的法律意见书 致：晶瑞电子材料股份有限公司 根据《中华人民共和国证券法》《中华人民共和国公司法》及中国证券监督管理委 员会《上市公司股东会规则》（以下称"《股东会规则》"）等法律、法规和规范性文件 的规定，北京市万商天勤律师事务所（以下称"本所"）接受晶瑞电子材料股份有限公 司（以下称"公司"）的委托，指派律师参加公司 2024 年年度股东大会，并出具法律 意见。 本所律师同意将本法律意见书随公司本次股东大会决议一并予以公告，并依法对 本法律意见书承担相应的责任。 本所律师根据《股东会规则》第五条的要求，按照律师行业公认的业务标准、道 德规范和勤勉尽责精神，对公司提供的有关文件和本次股 ...

Group 1: Financial Performance - The net profit of Hubei Jingrui from January to October 2024 was -15.49 million CNY, but the annual report forecasts a year-on-year growth of 540% in net profit attributable to shareholders [3] - R&D expenses for 2024 are projected to reach 99.24 million CNY, reflecting a year-on-year increase of 39.74% [4] Group 2: Production Capacity and New Projects - The new production line for high-purity hydrogen peroxide is expected to be completed by the end of June 2025, with construction progress on track [3] - The company aims to enhance the shipment levels and market share of high-purity hydrogen peroxide post the new production line launch [4] Group 3: Market Strategy and Competition - The company plans to improve gross profit margins through various strategies, including increasing self-supply levels of raw materials and enhancing product sales [3] - The penetration rate of high-purity chemicals in advanced processes (14nm and below) is gradually increasing [3] Group 4: R&D Focus and Product Development - The company is intensifying R&D investments in high-end photoresists and high-purity chemicals, with a nearly 40% increase in R&D spending [3] - The company has no current plans to expand into the new energy materials sector [4]

Core Viewpoint - The article analyzes the financial performance of A-share listed companies in the first quarter of 2025, highlighting a slight increase in net profit while also noting a significant number of companies experiencing declines in profitability compared to the previous year. Financial Performance Summary - As of May 5, 2025, out of 5411 A-share listed companies, 5399 disclosed their Q1 2025 financial reports, with a total net profit of 1.42 trillion yuan, representing a year-on-year increase of 3.33% [1] - The median net profit was 15.99 million yuan, while the average was 26.23 thousand yuan [1] - Among the 5399 companies, 3877 reported profits, with Industrial and Commercial Bank of China (ICBC) leading with a net profit of 83.87 billion yuan [1] - Conversely, 1522 companies reported losses, with Vanke A at the bottom, showing a loss of 6.04 billion yuan [1] Year-on-Year Growth Analysis - Of the 5399 companies, 2489 experienced a year-on-year decline in net profit, accounting for 46.10% of the total, with 1571 companies seeing declines exceeding 30% and 1140 companies with declines over 50% [2] - In contrast, 2910 companies reported year-on-year growth in net profit, making up 53.90% of the total, with 1692 companies achieving growth over 30% and 1262 companies over 50% [2] - For example, Jingrui Electric Materials reported a net profit of 9.22 million yuan, up 16887.71% from the previous year [2] Key Company Performances - The top companies by net profit in Q1 2025 include: - ICBC: 83.87 billion yuan (down 3.69% from Q1 2024) - China Construction Bank: 83.27 billion yuan (down 4.16%) - Agricultural Bank of China: 71.99 billion yuan (up 2.34%) - China Petroleum: 46.56 billion yuan (up 1.50%) [3] - Notable declines include: - China Life: 28.86 billion yuan (down 17.53%) - China Petroleum: 13.22 billion yuan (down 27.29%) [3] Additional Company Insights - Companies with significant year-on-year profit increases include: - BYD: 817.16 million yuan (up 117.80%) - China Insurance: 12.82 billion yuan (up 43.54%) [3] - Conversely, companies with substantial losses include: - China Shenhua: 11.71 billion yuan (down 28.89%) - China Pacific Insurance: 9.62 billion yuan (down 18.11%) [3] Summary of Performance Trends - The overall trend indicates a mixed performance among A-share companies, with a slight increase in total net profit but a significant number of companies facing profitability challenges, reflecting a complex economic environment [1][2][3]

"宁波膜智信息科技有限公司"为势银（TrendBank）唯一工商注册实体及收款账户 势银研究： 势银产业研究服务 势银数据： 势银数据产品服务 势银咨询： 势银咨询顾问服务 添加文末微信，加 先进封装 群 2024 年全球半导体材料市场呈现回暖态势。人工智能快速发展，带动数据中心、智能终端需求上 升，智能手机、可穿戴设备等消费电子产品需求回暖，汽车智能化、电动化促使汽车电子需求增 长，为半导体材料市场提供了发展动力。 根据势银（TrendBank）调研，2023年中国大陆半导体光刻胶市场规模为34.46亿元，同比2022年降 低13.98%。随着2024年市场回暖，需求增加，半导体用光刻胶市场也将扩大。 来源：《2024势银光刻材料产业发展蓝皮书》 同时，目前中国已经成为全球最大的LCD面板生产基地；OLED全球市场份额也在逐渐扩大，显示 光刻胶市场将相对增长，2023年显示光刻胶市场规模达99.42亿元，相较2022年同比增长2.38%。 | | | | 企业名称 | 营业收入(亿) | 营收同比 | | --- | --- | --- | | 彤程新材 | 32.70 | 11.10% | | 晶瑞电材 ...

Core Viewpoint - The company reported a revenue of 1.435 billion yuan for 2024, a year-on-year increase of 10.44%, but faced a significant net loss of 180 million yuan, a decline of 1,311.61% compared to the previous year. The company turned profitable in Q1 2025 with a revenue of 370 million yuan, a year-on-year increase of 12.17% and a net profit of 43.5 million yuan [1][2]. Group 1: Financial Performance - In 2024, the company's gross margin was 19.23%, down 4.39 percentage points year-on-year, and the net margin was -13.34%, down 14.12 percentage points year-on-year [2]. - The company incurred a goodwill impairment of 144 million yuan and other asset impairments totaling 24.93 million yuan, reducing profits by 169 million yuan [2]. - In Q1 2025, the gross margin improved to 23.05%, up 1.65 percentage points year-on-year, and the net margin was 14.29%, an increase of 18.35 percentage points year-on-year [2]. Group 2: Product Performance - The high-purity chemicals segment generated revenue of 778 million yuan in 2024, a year-on-year increase of 11.85%, with a sales volume of 252,400 tons, up 16.83% year-on-year [3]. - High-purity sulfuric acid and high-purity hydrogen peroxide achieved record sales volumes in 2024, with high-purity hydrogen peroxide revenue nearing 350 million yuan, a growth of nearly 15% [3]. - The company is one of the few globally that master the technology for G5 grade high-purity chemicals, supplying over 20 major semiconductor manufacturers domestically [3]. Group 3: Business Development - The company's photoresist segment achieved revenue of 198 million yuan in 2024, a year-on-year increase of 27.61%, with a sales volume of 1,388 tons, up 27.93% year-on-year [4]. - The lithium battery materials segment reported revenue of 260 million yuan, a decline of 5.28% year-on-year, despite a sales volume increase of 15.75% [4]. - The company is expanding its NMP production capacity with a new 60,000-ton production line under construction, which is expected to significantly enhance its output [4]. Group 4: Future Outlook - The company anticipates a gradual improvement in its high-purity chemical layout, maintaining a buy rating despite adjusting profit forecasts for 2025-2027, expecting net profits of 76 million, 112 million, and 155 million yuan respectively [5].

Group 1: Yuma Technology - The net profit of Yuma Technology decreased significantly in Q1, primarily due to holiday effects and tariff policies, along with increased stock incentive and R&D expenses [1] - Export revenue to the US accounts for 10%, with plans to establish a production base in Vietnam, but decisions are cautious due to tariff policy changes [1] - The overall gross margin remains stable, with slight fluctuations influenced by product sales structure and pricing strategy [1] - Major raw material prices are at historical lows and are expected to remain stable [1] - The company is focusing on expanding its presence in the European market and is gradually replacing imported products, which is a growth driver [1] - The production capacity utilization rate is at 80%, with a project to produce 13 million square meters annually currently under construction [1] Group 2: Rongzhi Rixin - Rongzhi Rixin's service revenue for 2024 is projected to be approximately 23 million, representing a 73% year-on-year increase [2] - The company is focusing on sectors such as electricity, metallurgy, petrochemicals, coal, cement, non-ferrous metals, rail transit, water services, thermal power, and ports [2] - Cash flow is expected to improve from a negative 70 million to a positive 70 million in 2024, maintaining a good status into 2025 [2] - The company has integrated DeepSeek and may connect with more advanced models in the future [2] Group 3: Jingrui Electric Materials - Jingrui Electric Materials expects an increase in gross margin in Q1 2025 due to expanded sales of key products and cost reduction efforts [3] - Revenue from photoresist is projected to be 198 million in 2024, a 27.61% increase year-on-year, benefiting from downstream recovery and domestic substitution [3] - Sales of high-purity sulfuric acid are expected to grow nearly twofold, with volume increasing nearly threefold [3] - The company plans to acquire 76.0951% of Hubei Jingrui's shares, which has been approved by the board and supervisory committee [3]

| 证券代码：300655 | 证券简称：晶瑞电材 | 公告编号：2025-057 | | --- | --- | --- | | 债券代码：123031 | 债券简称：晶瑞转债 | | | 债券代码：123124 | 债券简称：晶瑞转 2 | | 晶瑞电子材料股份有限公司 关于"质量回报双提升"行动方案的进展公告 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。 晶瑞电子材料股份有限公司（以下简称"公司"）为践行中央政治局会议提 出的""要活跃资本市场、提振投资者信心"及国常会指出的""要大力提升上市公 司质量和投资价值，要采取更加有力有效措施，着力稳市场、稳信心"的指导思 想，坚持""以投资者为本"的上市公司发展理念，为维护公司全体股东利益，增 强投资者信心，促进公司可持续发展，公司制定了""质量回报双提升"行动方案。 该方案围绕""聚焦主业发展，全面打造国际水准的电子材料企业联合体"、""坚持 自主研发，掌握核心技术"、""注重股东回报，共享企业发展成果"、""夯实公司治 理，实现高质量发展"、""注重信息披露质量，有效传递公司价值"等方面，制定 了相应的 ...

Company Overview - The company is a leading domestic electronic materials enterprise focused on semiconductor and new energy applications, with main products including high-purity wet electronic chemicals, photoresists, and lithium battery materials [1] - The company has achieved domestic technology leadership, maximum production capacity, and a leading market share in high-purity products, breaking the long-standing monopoly of international giants [2] Financial Performance - In 2024, the company achieved a revenue of 1.435 billion CNY, with a year-on-year growth of 10.44% [3] - The operating cash flow significantly increased to 261 million CNY, up 81.13% year-on-year [3] - In Q1 2025, the company reported a revenue of 369.946 million CNY, a year-on-year increase of 12.17%, and a net profit of 43.503 million CNY, up 582.15% [3] Product Performance - High-purity wet chemical products generated a revenue of 778.4496 million CNY in 2024, growing by 11.85% year-on-year [3] - Photoresist products achieved a revenue of 198.2517 million CNY, with a growth of 27.61% [3] - Lithium battery materials saw a revenue of 259.7453 million CNY, a decline of 5.28% [3] Market Position - The company has become the largest domestic supplier of high-purity hydrogen peroxide, with a market share exceeding 40%, significantly altering the market landscape previously dominated by international firms [2][11] - The company supplies over 20 major domestic semiconductor manufacturers, achieving full domestic substitution for its main products [2] Production Capacity and Efficiency - The company has established four production bases for high-purity sulfuric acid and hydrogen peroxide, with a total capacity exceeding 200,000 tons [2] - The scale effect from the production bases has begun to show, contributing to the increase in sales volume of high-purity sulfuric acid and hydrogen peroxide [5] Future Outlook - The company anticipates continued growth in high-purity hydrogen peroxide sales due to industry recovery and accelerated domestic substitution [11] - The introduction of new products, such as high-purity isopropanol, is expected to positively impact the company's performance [9]

点击注册小程序 查看完整报告 特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限，若给您造成不便，敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相 关人员为光大证券的客户。 今 日 聚 焦 【电新】25年新增核准10台核电机组，可控核聚变领域近期频现突破——碳中和领域动态跟踪（一百五十七） 我国核电项目审批已经进入规模化核准阶段。"十五五"期间核电设备年市场需求有望突破870亿 元，其中核岛设备单年投资规模有望突破400亿元。我国可控核聚变领域近期频现突破，中国聚变 能应用"三步走"战略稳健推进。 （殷中枢/郝骞/宋黎超） 2025-04-28 （ 王招华/戴默） 2025-04-28 您可点击今日推送内容的第2条查看 【晶瑞电材（300655.SZ）】大额商誉减值影响24年业绩，拟发行股份收购湖北晶瑞股权—— 2024年报及2025 一季报点评 2024年，公司实现营收14.35亿元，同比增长10.44% ...

本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限，若给您造成不便，敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相 关人员为光大证券的客户。 报告摘要 事件1： 高纯化学品和光刻胶持续放量，大额商誉减值及新增折旧拖累24年业绩 点击注册小程序 查看完整报告 特别申明： 公司发布2024年年报。2024年，公司实现营收14.35亿元，同比增长10.44%；实现归母净利润-1.80亿元， 同比减少1312%；实现扣非后归母净利润-1.71亿元，同比减少491%。2024Q4，公司单季度实现营收3.75 亿元，同比增长10.11%，环比增长2.21%；实现归母净利润-1.80亿元，同比亏损扩大2265%，环比由盈转 亏。 事件2： 公司发布2025年一季报。2025Q1，公司单季度实现营收3.70亿元，同比增长12.17%，环比减少1.27%；实 现归母净利润4350万元，同比增长582%，环比扭亏为盈。 点评： 拟发行股 ...