北京市天元律师事务所 关于江苏斯迪克新材料科技股份有限公司 2024 年年度股东大会的法律意见 京天股字（2025）第 176 号 致：江苏斯迪克新材料科技股份有限公司 江苏斯迪克新材料科技股份有限公司（以下简称"公司"）2024 年年度股东大 会（以下简称"本次股东大会"）采取现场投票与网络投票相结合的方式召开，其 中现场会议于 2025 年 5 月 23 日在江苏省太仓市青岛西路 11 号公司多功能厅会议 室召开。北京市天元律师事务所（以下简称"本所"）接受公司聘任，指派本所律 师参加本次股东大会现场会议，并根据《中华人民共和国公司法》《中华人民共和 国证券法》（以下简称《证券法》）、《上市公司股东会规则》（以下简称《股东 会规则》）以及《江苏斯迪克新材料科技股份有限公司章程》（以下简称《公司章 程》）等有关规定，就本次股东大会的召集、召开程序、出席现场会议人员的资格、 召集人资格、会议表决程序及表决结果等事项出具本法律意见。 参与本次股东大会，见证了本次股东大会的召开，并参与了本次股东大会议案表决 票的监票计票工作。 本所及经办律师依据《证券法》《律师事务所从事证券法律业务管理办法》和 《律师事务所证券 ...

Investment Rating - The report maintains a rating of "B" for the new materials sector, indicating a positive outlook for the industry [2]. Core Insights - The new materials sector has shown an upward trend, with the new materials index increasing by 0.57%, although it underperformed compared to the ChiNext index, which rose by 0.81% [2]. - The report highlights the anticipated growth in the foldable device market, driven by the upcoming launches of Huawei's foldable PC and Apple's foldable iPhone, which are expected to significantly boost demand for upstream optical adhesive materials [5]. - The report projects that the shipment volume of foldable smartphones in China will reach approximately 10 million units in 2025, representing a year-on-year growth of 8.3%, with a compound annual growth rate of 10.6% expected by 2028 [5]. Market Performance - The report notes that the synthetic biology index increased by 2.35%, while semiconductor materials and electronic chemicals saw declines of 3.52% and 3.58%, respectively. In contrast, biodegradable plastics rose by 2.12% [17]. - The overall performance of the basic chemicals and new materials sectors has been positive, with the Shanghai Composite Index rising by 0.76% and the CSI 300 increasing by 1.12% during the reporting period [13]. Industry Price Tracking - The report provides a detailed price tracking of various chemical products, including amino acids, biodegradable plastics, industrial gases, and vitamins, indicating stable prices for most categories with minor fluctuations [3]. - For instance, the price of valine remains unchanged at 13,450 RMB/ton, while the price of vitamin E decreased by 1.82% to 108,000 RMB/ton [3]. Investment Recommendations - The report suggests focusing on domestic optical adhesive manufacturers like Stik and upstream monomer suppliers such as Dinglong Co., which are expected to benefit from the growth in the foldable device market [5].

Investment Rating - The report maintains a rating of "B" for the new materials sector, indicating a positive outlook for the industry [2]. Core Insights - The new materials sector has shown an upward trend, with the new materials index increasing by 0.57%, although it underperformed compared to the ChiNext index, which rose by 0.81% [2]. - The report highlights the anticipated growth in the foldable device market, driven by the upcoming launches of Huawei's foldable PC and Apple's foldable iPhone, which are expected to significantly boost demand for upstream optical adhesive materials [5]. - The report cites IDC's forecast that China's foldable smartphone market will see shipments reach approximately 10 million units in 2025, representing a year-on-year growth of 8.3% and a compound annual growth rate (CAGR) of 10.6% from 2025 to 2028 [5]. Summary by Sections 1. Market Performance - The new materials sector experienced a rise this week, with the synthetic biology index up by 2.35%, while semiconductor materials and electronic chemicals saw declines of 3.52% and 3.58%, respectively [2][16]. - The overall performance of the basic chemicals and new materials sectors was positive, with the Shanghai Composite Index increasing by 0.76% and the ChiNext Index by 1.38% during the same period [12]. 2. Industry Chain Data Tracking - Prices for amino acids remained stable, with valine at 13,450 CNY/ton and arginine at 25,500 CNY/ton, while vitamin E saw a decrease of 1.82% to 108,000 CNY/ton [3]. - The report tracks the prices of biodegradable plastics, with PLA (injection grade) priced at 17,500 CNY/ton, remaining unchanged [3]. 3. Industry News - The report notes the successful holding of the semi-marathon for humanoid robots, indicating a growing interest in lightweight PEEK materials, which are expected to see rapid development [2]. - The report emphasizes the potential benefits for upstream companies producing optical adhesive materials as the foldable device market expands [5]. 4. Investment Recommendations - The report suggests focusing on domestic optical adhesive manufacturers like Stik and upstream monomer suppliers such as Dinglong Co., which are expected to benefit from the growth in foldable device shipments [5].

Group 1: Sales Revenue Breakdown - In 2024, the sales revenue by business segment showed significant growth, with total revenue increasing by 37% from 2023 to 2024, amounting to 269,055 million CNY [2] - The breakdown of sales revenue for 2023 and 2024 is as follows: - Optical Display: 25,755 million CNY (2023) vs. 55,159 million CNY (2024), a growth of 114% [2] - New Energy: 29,290 million CNY (2023) vs. 47,108 million CNY (2024), a growth of 61% [2] - Microelectronics: 9,081 million CNY (2023) vs. 11,222 million CNY (2024), a growth of 24% [2] - Civil Adhesive Tape: 40,613 million CNY (2023) vs. 47,030 million CNY (2024), a growth of 16% [2] - PET Film: 5,460 million CNY (2023) vs. 14,080 million CNY (2024), a growth of 158% [2] - Other Functional Adhesive Products: 86,653 million CNY (2023) vs. 94,457 million CNY (2024), a growth of 9% [2] Group 2: Future Revenue Expectations - The company has set ambitious sales revenue targets for the next three years based on the 2024 revenue: - 2025 target: 40% growth, amounting to 37.67 billion CNY [2] - 2026 target: 75% growth, amounting to 47.09 billion CNY [2] - 2027 target: 120% growth, amounting to 59.20 billion CNY [2] Group 3: Growth Drivers - Key factors contributing to the expected continuous growth in sales revenue include: - Completion of large-scale expansion and construction, allowing for a revenue growth phase [3] - Ongoing development of new products and clients, enhancing the company's capabilities to serve leading manufacturers [3] - The trend of import substitution for critical materials in the current international landscape [3] Group 4: Profitability Concerns - Despite a 37% increase in sales revenue in 2024, the company faced a situation of revenue growth without profit growth due to rising costs: - Major cost increases included depreciation (49%), labor costs (22%), R&D expenses (41%), and financial expenses (47%) [5][6] - Total costs rose from 71,861 million CNY in 2023 to 97,988 million CNY in 2024, reflecting a 36% increase [6] Group 5: Cost Structure and Future Outlook - The increase in costs is attributed to: - Transitioning major construction projects to fixed assets, leading to higher depreciation [6] - Significant investments in R&D, technology, and workforce, which are expected to continue [6] - A shift from capitalized borrowing costs to expenses as projects move into operation [7] - As sales scale increases, fixed costs are expected to be diluted, leading to improved economies of scale [7]

Core Viewpoint - The company, Sdiq, has reported a significant increase in sales revenue for 2024, driven by substantial growth in its optical display, new energy, and PET film segments, with a projected revenue growth target for the next three years [1][2][3]. Group 1: Sales Revenue Growth - In 2024, Sdiq's sales revenue is expected to grow by 37%, with the optical display, new energy, and PET film segments showing substantial increases [1][2]. - The projected sales revenue for 2025, 2026, and 2027 is set to increase by 40%, 75%, and 120% respectively, translating to revenue targets of 3.767 billion, 4.709 billion, and 5.920 billion yuan [3][4]. Group 2: Drivers of Revenue Growth - The anticipated revenue growth is attributed to the completion of large-scale expansion projects, ongoing development of new products and customers, and the trend of domestic substitution for "bottleneck" materials [1][4][5]. - Sdiq has significantly increased its long-term asset investments, growing from 1 billion yuan to 5.1 billion yuan over five years, which supports its revenue growth trajectory [4]. Group 3: Segment Performance - The optical display segment is highlighted as the most promising area, with high R&D investment and value-added products, particularly in the foldable screen and VR glasses markets [5]. - In 2024, the optical display segment achieved a revenue increase of 114%, while the PET film segment saw a remarkable growth of 158% [2]. Group 4: Profitability Challenges - Despite the revenue increase, Sdiq experienced a situation of revenue growth without profit growth in 2024 due to rising depreciation, labor, R&D, and financial costs [1][6]. - Key expense categories saw significant increases, including depreciation rising by 49% and R&D expenses increasing by 41%, primarily due to the transition of major projects from construction to operational phases [6][7].

斯迪克：光学显示板块进口替代进程有加速的预期 金十数据5月20日讯， 斯迪克近日在接受机构调研时表示，光学显示板块是公司研发投入最大、产品附 加值最高的业务板块，该领域的市场很大，长期以来美国和日本的供应商占领了绝大多数的市场份额。 近年来，斯迪克在折叠屏和VR眼镜领域，已经积累了一定的经验，光学显示板块的销售收入呈现快速 增长的态势。全球关税风暴之后，该领域进口替代的进程有加速的预期。 ...

Group 1: Sales Revenue Breakdown - In 2024, the sales revenue by business segment showed significant growth, with total revenue increasing by 37% from 2023 to 2024, amounting to 269,055 million CNY [2][4] - The breakdown of sales revenue for 2024 is as follows: - Optical Display: 55,159 million CNY (114% increase) - New Energy: 47,108 million CNY (61% increase) - Microelectronics: 11,222 million CNY (24% increase) - Civil Adhesive Tape: 47,030 million CNY (16% increase) - PET Film: 14,080 million CNY (158% increase) - Other Functional Adhesives: 94,457 million CNY (9% increase) [2][4] Group 2: Future Revenue Expectations - The company has set ambitious sales revenue targets for the next three years based on the 2024 revenue, with the following growth percentages: - 2025: 40% increase (37.67 billion CNY) - 2026: 75% increase (47.09 billion CNY) - 2027: 120% increase (59.20 billion CNY) [3] Group 3: Growth Drivers - Key factors contributing to the expected revenue growth include: - Completion of large-scale expansion projects, allowing for increased sales capacity [4] - Continuous development of new products and clients, enhancing the company's ability to serve major manufacturers [4] - The trend of domestic substitution for "bottleneck" materials in the current international landscape [4] Group 4: Profitability Challenges - Despite a 37% increase in sales revenue in 2024, the company faced a situation of revenue growth without profit growth due to rising costs: - Depreciation increased by 49% to 37,218 million CNY - Labor costs rose by 22% to 37,516 million CNY - R&D expenses increased by 41% to 12,610 million CNY - Financial costs surged by 47% to 10,643 million CNY [6][7][8] - The total increase in major expenses was 36%, amounting to 97,988 million CNY in 2024 [7][8]

江苏斯迪克新材料科技股份有限公司 关于 2024 年年度股东大会变更现场会议召开地点的 公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 特别提示：江苏斯迪克新材料科技股份有限公司（以下简称"公司"）2024 年年度股东大会现场会议召开地点变更为：江苏省太仓市青岛西路11号公司多功 能厅会议室。敬请投资者注意。 公司拟于2025年5月23日（星期五）召开公司2024年年度股东大会，具体内 容详见公司2025年4月21日披露于巨潮资讯网（http://www.cninfo.com.cn/）的 《关于召开2024年年度股东大会的通知》（公告编号：2025-037）。 证券代码：300806 证券简称：斯迪克 公告编号：2025-049 现因会务安排调整，为便于股东参加会议，公司决定将2024年年度股东大会 现场会议召开地点变更为：江苏省太仓市青岛西路11号公司多功能厅会议室。本 次变更后的股东大会召开地点符合相关法律法规和《公司章程》的规定。除现场 会议召开地点变更外，公司2024年年度股东大会的股权登记日、会议召开方式、 会议登记时间和会议议案等其他事项均不 ...

Group 1: Sales Revenue Breakdown - In 2024, the sales revenue for the optical display segment is projected to increase by 114%, reaching ¥55,159,000 [2] - The renewable energy segment is expected to grow by 61%, with revenue of ¥47,108,000 [2] - The PET film segment shows a significant increase of 158%, with projected revenue of ¥14,080,000 [2] - Overall, the total sales revenue is anticipated to rise by 37%, reaching ¥269,055,000 in 2024 [2] Group 2: Future Revenue Expectations - The company has set ambitious sales revenue targets for the next three years, starting with a 40% increase in 2025, aiming for ¥37.67 billion [3] - The target for 2026 is a 75% increase, reaching ¥47.09 billion [3] - By 2027, the goal is to achieve a 120% increase, totaling ¥59.20 billion [3] Group 3: Growth Drivers - The company has completed major expansion projects, allowing sales revenue to enter a growth phase [4] - Continuous development of new products and clients has strengthened the company's market position [4] - The trend of domestic substitution for "bottleneck" materials is expected to create new opportunities for growth [4] Group 4: Profitability Challenges - Despite a 37% increase in sales revenue in 2024, costs such as depreciation, labor, and R&D expenses have risen significantly [6] - Depreciation expenses increased by 49%, reaching ¥37,218,000 [7] - Labor costs rose by 22%, totaling ¥37,516,000 [7] - R&D expenses (excluding labor and depreciation) increased by 41%, amounting to ¥12,610,000 [7] - Overall, total expenses grew by 36%, reaching ¥97,988,000 [7] Group 5: Cost Structure Insights - Major cost increases are attributed to the transition of construction projects to operational status, leading to higher depreciation [8] - Significant investments in R&D and technology have driven up labor costs and R&D expenses [8] - Financial costs have risen due to the capitalization of borrowing costs transitioning to expenses as projects move into operation [8] - As sales scale increases, fixed costs are expected to be diluted, leading to improved economies of scale [8]

Group 1: Sales Revenue Breakdown - In 2024, the sales revenue by business segment showed significant growth, with total revenue increasing by 37% from 2023 to 2024, amounting to 269,055 million CNY [2][3] - The breakdown of sales revenue for 2023 and 2024 is as follows: - Optical Display: 25,755 million CNY (2023) vs. 55,159 million CNY (2024), a growth of 114% [2] - New Energy: 29,290 million CNY (2023) vs. 47,108 million CNY (2024), a growth of 61% [2] - Microelectronics: 9,081 million CNY (2023) vs. 11,222 million CNY (2024), a growth of 24% [2] - Civil Adhesive Tape: 40,613 million CNY (2023) vs. 47,030 million CNY (2024), a growth of 16% [2] - PET Film: 5,460 million CNY (2023) vs. 14,080 million CNY (2024), a growth of 158% [2] - Other Functional Adhesives: 86,653 million CNY (2023) vs. 94,457 million CNY (2024), a growth of 9% [2] Group 2: Future Revenue Expectations - The company has set ambitious sales revenue targets for the next three years based on the 2024 revenue: - 2025: 40% increase, targeting 37.67 billion CNY [2] - 2026: 75% increase, targeting 47.09 billion CNY [2] - 2027: 120% increase, targeting 59.20 billion CNY [2] Group 3: Growth Drivers - Key factors contributing to the expected revenue growth include: - Completion of large-scale expansion projects, allowing sales revenue to enter a growth phase [3] - Continuous development of new products and clients, enhancing the company's capabilities to serve major manufacturers [3] - The trend of domestic substitution for "bottleneck" materials in response to international market conditions [3] Group 4: Profitability Challenges - Despite a 37% increase in sales revenue in 2024, the company faced a situation of increased costs leading to lower profit margins: - Major cost increases included depreciation (up 49%), labor costs (up 22%), R&D expenses (up 41%), and financial costs (up 47%) [5][6] - The total increase in major expenses amounted to 36%, rising from 71,861 million CNY in 2023 to 97,988 million CNY in 2024 [6]