江苏图南合金股份有限公司 章 程 二〇二五年四月 1 | 第二章 经营宗旨和范围 | | 2 | | --- | --- | --- | | 第三章 股份 | | 2 | | 第一节 股份发行 | | 2 | | 第二节 股份增减和回购 | | 3 | | 第三节 股份转让 | | 4 | | 第四章 股东和股东大会 | | 5 | | 第一节 股东 | | 5 | | 第二节 股东大会的一般规定 | | 7 | | 第三节 股东大会的召集 | | 12 | | 第四节 股东大会的提案与通知 | | 14 | | 第五节 股东大会的召开 | | 15 | | 第六节 股东大会的表决和决议 | | 18 | | 第五章 董事会 | | 23 | | 第一节 董事 | | 23 | | 第二节 独立董事 | | 25 | | 第三节 董事会 | | 30 | | 第四节 董事会专门委员会 | | 35 | | 第六章 总经理及其他高级管理人员 | | 36 | | 第七章 监事会 | | 39 | | 第一节 监事 | | 39 | | 第二节 监事会 | | 40 | | 第八章 财务会计制度、利润分配和审计 ...

江苏图南合金股份有限公司 2024 年度独立董事述职报告 （管建强） 各位股东及股东代表： 本人（管建强）作为江苏图南合金股份有限公司（以下简称"公司"）第三 届董事会独立董事，在 2024 年任期内工作中，严格按照《公司法》《证券法》《上 市公司独立董事管理办法》（以下简称"《管理办法》"）、《深圳证券交易所创 业板股票上市规则》《深圳证券交易所上市公司自律监管指引第 2 号——创业板 上市公司规范运作》《上市公司独立董事履职指引》等法律法规、规范性文件和 《公司章程》《独立董事制度》的相关规定，认真履行职责，充分发挥独立董事 的决策、监督、咨询作用，维护了全体股东尤其是中小股东的合法权益。现将本 人 2024 年任期内的履职情况报告如下： 一、独立董事的基本情况 本人管建强，1958 年出生，中国国籍，无境外永久居留权，博士研究生学 历，国际法专业，教授。1976 年至 1983 年任上海刺绣厂会计；1986 年至 1990 年任华东政法大学助教；1995 年至 2021 年 4 月任华东政法大学教授；2018 年 1 月至 2024 年 1 月任公司独立董事；2021 年 4 月至今任华东政法大学军事法 ...

江苏图南合金股份有限公司 2024 年度独立董事述职报告 （李伟群） 各位股东及股东代表： 本人（李伟群）作为江苏图南合金股份有限公司（以下简称"公司"）的独 立董事，在 2024 年度工作中，严格按照《公司法》《证券法》《上市公司独立董 事管理办法》（以下简称"《管理办法》"）、《深圳证券交易所创业板股票上市 规则》《深圳证券交易所上市公司自律监管指引第 2 号——创业板上市公司规范 运作》（以下简称"《创业板规范运作》"）、《上市公司独立董事履职指引》等 法律法规、规范性文件和《公司章程》《独立董事制度》的相关规定，认真履行 职责，充分发挥独立董事的决策、监督、咨询作用，维护了全体股东尤其是中小 股东的合法权益。现将本人 2024 年度履职情况报告如下： 一、独立董事的基本情况 本人李伟群，1963 年出生，中国国籍，无境外永久居留权，法学博士，华东 政法大学法学学科博士后，教授，博士生导师。1986 年 9 月至 1992 年 5 月任沪 东造船厂法律顾问室法律顾问；2004 年 4 月至 2010 年 6 月历任华东政法大学经 济法学院讲师、副教授；2004 年 10 月至 2024 年 12 月任华 ...

各位股东及股东代表： 本人（周珺）作为江苏图南合金股份有限公司（以下简称"公司"）的独立 董事，在 2024 年度工作中，严格按照《公司法》《证券法》《上市公司独立董事 管理办法》（以下简称"《管理办法》"）、《深圳证券交易所创业板股票上市规 则》《深圳证券交易所上市公司自律监管指引第 2 号——创业板上市公司规范运 作》（以下简称"《创业板规范运作》"）、《上市公司独立董事履职指引》等法 律法规、规范性文件和《公司章程》《独立董事制度》的相关规定，认真履行职 责，充分发挥独立董事的决策、监督、咨询作用，维护了全体股东尤其是中小股 东的合法权益。现将本人 2024 年度履职情况报告如下： 一、独立董事的基本情况 江苏图南合金股份有限公司 本人周珺，1981 年出生，中国国籍，无境外永久居留权，法学博士，教授。 2008 年 6 月至 2013 年 6 月任华东政法大学经济法学院讲师；2013 年 7 月至 2020 年 6 月任华东政法大学经济法学院副教授；2020 年 7 月至今任华东政法大学经 济法学院教授；2023 年 10 月至今任正泰新能科技股份有限公司独立董事；目前 亦担任上海以恒律师事务所兼职律 ...

Group 1 - The company Tunan Co., Ltd. (300855) reported a revenue of 286 million yuan for the first quarter of 2025, representing a year-on-year decline of 18.32% [1] - The net profit for the same period was 41.6887 million yuan, showing a significant year-on-year decrease of 54.09% [1]

Financial Performance - The company's operating revenue for 2024 was CNY 1,257,747,305.56, a decrease of 9.16% compared to CNY 1,384,573,243.32 in 2023[18]. - The net profit attributable to shareholders for 2024 was CNY 267,004,363.18, down 19.17% from CNY 330,325,450.64 in the previous year[18]. - Basic earnings per share for 2024 were CNY 0.68, a decline of 19.05% from CNY 0.84 in 2023[18]. - The company reported a net profit of -474,447.74 yuan for the current period, a significant decrease from 13,161,299.89 yuan in the previous year, indicating a decline of approximately 103.6%[24]. - The company's revenue decreased by 9.16% compared to the same period last year, while net profit attributable to shareholders fell by 19.17%[112]. - The sales revenue from casting high-temperature alloys was 416.38 million yuan, a decrease of 33.28% year-on-year[78]. - The sales revenue from deformation high-temperature alloys increased by 18.40% year-on-year, reaching 521.88 million yuan[78]. Cash Flow and Investments - The net cash flow from operating activities increased significantly by 200.52% to CNY 300,731,308.42, compared to CNY 100,068,911.66 in 2023[18]. - Operating cash inflow totaled ¥1,276,707,723.31 in 2024, a 4.31% increase year-over-year, while cash outflow decreased by 13.16% to ¥975,976,414.89[94]. - Investment cash inflow dropped significantly by 85.54% to ¥17,810,262.14, while cash outflow decreased by 69.56% to ¥110,181,080.65[94]. - The net cash flow from financing activities decreased by 257.88%, resulting in a net outflow of ¥115,100,826.63, primarily due to increased cash dividends[94]. Market and Industry Position - The company operates in the advanced metal materials industry, focusing on high-temperature alloys and special stainless steels, which are critical for aerospace, energy, and chemical sectors[27][29]. - The domestic high-temperature alloy market is experiencing a supply-demand gap, with a notable reliance on imports, particularly in the aerospace sector[33]. - The company is positioned to benefit from the increasing demand for high-temperature alloys in gas turbines, driven by the transition to cleaner energy sources and naval shipbuilding[36]. - The advanced metal materials industry is characterized by high technical barriers and significant capital requirements, making market entry challenging for new competitors[31]. - The company is one of the few in China capable of mass-producing both deformation and casting high-temperature alloys, enhancing its competitive edge in the market[46]. Research and Development - Research and development expenses increased by 11.74% to CNY 62,520,173.26 compared to CNY 55,953,378.19 in 2023[91]. - R&D investment amounted to ¥62,520,173.26 in 2024, representing 4.97% of operating revenue, an increase from 4.04% in 2023[93]. - The number of R&D personnel increased by 3.45% to 150 in 2024, with a notable rise in the number of master's degree holders by 44.44%[93]. - The company aims to establish a research and production base for high-performance alloy materials and products, enhancing its core competitiveness and intellectual property rights[113]. Governance and Management - The board of directors consists of 7 members, including 3 independent directors, meeting the regulatory requirements for governance structure[138]. - The company has established a performance evaluation and incentive mechanism for directors and senior management, linking compensation to business performance[142]. - The company maintains independence from its controlling shareholders in terms of assets, personnel, finance, and operations[145]. - The company has a complete production system and does not rely on its controlling shareholders for resources, ensuring asset integrity[146]. - The company is focused on maintaining strong governance with the election of independent directors to enhance oversight[159]. Future Outlook and Strategy - The company plans to distribute a cash dividend of CNY 1.5 per 10 shares, totaling CNY 59,298,472.50 based on 395,531,500 shares[5]. - The company plans to focus on the development of high-end civilian products and adjust its product structure to enhance sales of deformed high-temperature alloys and aviation small components[112]. - By 2025, the company intends to increase market development efforts, adjust product structure, and enhance its technical research and manufacturing capabilities[114]. - The company aims to enhance its sales team's capabilities and focus on expanding high-end civilian markets, particularly in the petrochemical and gas turbine sectors, by 2025[115]. Employee and Training Initiatives - The company employed a total of 760 staff members, including 562 in the parent company, and introduced 37 specialized technical personnel in 2024[80]. - The company conducted 155 training sessions with a total of 2,061 participants to enhance employee skills and knowledge[80]. - The company has a training management system that includes both internal and external training programs for various employee categories[186].

Financial Performance - The company's revenue for Q1 2025 was ¥285,752,678, a decrease of 18.32% compared to ¥349,865,493 in the same period last year[3] - Net profit attributable to shareholders was ¥41,688,687, down 54.09% from ¥90,810,167 in the previous year[3] - The net profit after deducting non-recurring gains and losses was ¥39,214,390, a decline of 56.47% from ¥90,092,162 year-on-year[3] - Basic and diluted earnings per share were both ¥0.11, representing a decrease of 52.17% compared to ¥0.23 in the same period last year[3] - Operating profit fell to CNY 50,226,921.28 from CNY 105,002,490.73, a decline of approximately 52.2% year-over-year[18] - The total comprehensive income for the period was CNY 41,688,686.92, down from CNY 90,810,166.70, indicating a decrease of approximately 54.1% year-over-year[19] Assets and Liabilities - Total assets at the end of the reporting period were ¥2,383,446,237, an increase of 2.07% from ¥2,335,135,892 at the end of the previous year[3] - Total liabilities increased slightly to CNY 395,834,893.48 from CNY 390,202,711.02, reflecting a growth of about 1.6%[17] - Non-current liabilities rose to CNY 168,485,405.33 from CNY 155,059,766.01, an increase of approximately 8.6%[17] - The total non-current assets are valued at 1,085,769,419.84 yuan, slightly up from 1,084,269,472.35 yuan[15] Shareholder Information - The total number of common stock shareholders at the end of the reporting period is 17,838[9] - The largest shareholder, Wan Baifang, holds 27.62% of shares, totaling 109,242,900 shares[9] - Shareholders' equity attributable to the parent company was ¥1,987,611,344, up 2.19% from ¥1,944,933,181 at the end of the previous year[3] - Total equity attributable to shareholders increased to CNY 1,987,611,343.74 from CNY 1,944,933,180.90, reflecting a growth of about 2.2%[17] Cash Flow - Cash flow from operating activities decreased to CNY 247,675,412.21 from CNY 291,920,821.41, a decline of about 15.1% year-over-year[19] - Net cash flow from operating activities was $53,691,931.43, down from $69,101,350.11, representing a decrease of approximately 22.3% year-over-year[20] - The ending balance of cash and cash equivalents increased to $316,002,810.12 from $251,360,005.65, reflecting a growth of approximately 25.7%[20] - The company reported a total cash inflow from financing activities of $14,405,067.37, with cash outflow for dividend distribution and interest payments amounting to $850,202.72[20] Operational Metrics - Accounts receivable increased by 55.65% to ¥238,138,900 compared to ¥153,000,472 in the previous year[6] - Prepayments surged by 272.69% to ¥7,481,270 from ¥2,007,389 in the previous year, mainly due to increased advance payments for raw material purchases[6] - Research and development expenses were CNY 12,060,800.28, slightly down from CNY 12,999,261.55, indicating a decrease of about 7.2%[18] Other Information - The company has no preferred shareholders or changes in restricted shares during the reporting period[10] - There are no significant changes in the top 10 shareholders' participation in margin trading or securities lending[10] - The company did not execute any new accounting standards adjustments for the first quarter of 2025[21] - The first quarter report was not audited, indicating that the financial figures are preliminary[21] - The board of directors meeting was held on April 18, 2025, to discuss financial performance and future strategies[22]

证券代码：300855 证券简称：图南股份 江苏图南合金股份有限公司投资者关系活动记录表 编号：[2025]第 001 号 投资者关系活动 类别 ■特定对象调研 □分析师会议 □媒体采访 □业绩说明会 □新闻发布会 □路演活动 □现场参观 □其他 参与单位名称及 人员姓名 民生证券：李挺；南方基金：刘祎、金岚枫、严必行、程子航、 王天瑜、潘越；中金证券：刘婧 时间 2025 年 2 月 11 日 地点 公司会议室 上市公司接待人 员姓名 董事会秘书：何剑；证券事务代表：范路璐 投资者关系活动 主要内容介绍 一、签署调研承诺书 二、公司历史沿革、主营业务简介 1991 年 5 月，丹阳市精密合金厂设立；2000 年，丹阳市精 密合金厂由集体所有制企业改制为私营企业；2007 年 12 月， 丹阳市精密合金厂完善改制程序，设立丹阳市精密合金厂有限 公司；2011 年 12 月，丹阳市精密合金厂有限公司吸收合并江 苏巍华精密合金有限公司；2015 年 1 月，丹阳市精密合金厂有 限公司整体变更设立江苏图南合金股份有限公司。 公司主营业务为高温合金、特种不锈钢等高性能合金材料 及其制品的研发、生产和销售。公司拥有先进 ...

Investment Rating - The report initiates coverage on Tunan Co., Ltd. with a "Buy" rating and sets a target price of 27.75 RMB [1][9]. Core Views - Tunan Co., Ltd. is positioned to benefit from the scarcity of precision castings and has capabilities in both casting and deformation high-temperature alloy smelting, which is expected to unlock new growth opportunities [1]. - The company’s large complex thin-walled structural components are anticipated to solidify its performance foundation, while its machining business is likely to benefit from an increase in the outsourcing ratio within the industry chain, driving long-term performance growth [1]. - The high-temperature alloy industry is projected to maintain a high level of prosperity in the medium to long term, driven by new model iterations and the aftermarket for aerospace engine maintenance [2]. Summary by Sections Company Overview - Tunan Co., Ltd. is one of the few domestic companies capable of mass-producing both deformation and casting high-temperature alloys. From 2018 to 2023, the company achieved a compound annual growth rate (CAGR) of 38.87% in casting high-temperature alloy revenue and 19.69% in deformation high-temperature alloy revenue, demonstrating significant growth [3]. Industry Dynamics - The high-temperature alloy materials account for 40% to 60% of the total weight of modern aerospace engines. The market for military aerospace high-temperature alloys in China is expected to reach an average annual market size of 21.32 billion RMB from 2021 to 2030, with a CAGR of 29.45% from 2022 to 2030 [2]. Business Expansion - The company has expanded its product categories and established a deep presence in the Shenyang region, with projects aimed at producing 500,000 precision components annually and 10 million small aerospace components [4]. Market Positioning - The report highlights that concerns regarding price reductions in aerospace products impacting Tunan's profitability are unfounded. The company’s leading position in the high-temperature alloy industry, particularly in precision castings, ensures that price reductions are manageable and that long-term profitability will remain robust due to scale effects and an increasing proportion of precision casting sales [5]. Financial Projections - The company is expected to achieve net profits of 333.49 million RMB, 439.40 million RMB, and 540.01 million RMB for the years 2024 to 2026, respectively, with a CAGR of 17.80% from 2024 to 2026. The target price is based on a 25X price-to-earnings (PE) ratio for 2025 [6].

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 26.7 yuan [5] Core Views - The company is a core supplier of high-temperature alloys and advanced metal materials for military and high-end civilian applications, with a strong track record of growth [1] - From 2013 to 2023, the company achieved a CAGR of 18.67% in revenue and 40% in net profit attributable to the parent company [1] - The company is expected to benefit from the recovery of the aero-engine industry chain, with accelerated production of aero-engine castings and master alloys [2] - The company's Shenyang subsidiary is expected to enter a rapid growth phase, driven by local government support and strong demand from key customers [3] - The company has extended its industrial chain both horizontally and vertically, increasing its single-unit supporting value and enhancing its business lifecycle through aftermarket services [4] Financial Performance and Valuation - The company's revenue is expected to grow from 1,032.38 million yuan in 2022 to 2,838.29 million yuan in 2026, with a CAGR of 22.5% [8] - Net profit attributable to the parent company is forecasted to increase from 254.80 million yuan in 2022 to 680.90 million yuan in 2026, with a CAGR of 21.8% [8] - The company's PE ratio is expected to decline from 41.45 in 2022 to 15.51 in 2026, indicating improving valuation attractiveness [8] - The company's EBITDA is projected to grow from 347.74 million yuan in 2022 to 837.13 million yuan in 2026, with a CAGR of 19.2% [8] Industry and Market Outlook - The aero-engine industry is expected to enter a period of rapid growth, driven by new model deployments and inventory cycle recovery [2] - The Shenyang government aims to achieve significant breakthroughs in the aviation industry, with a target of 120 billion yuan in industrial output by 2025 [3] - The company's market position is strengthened by its comprehensive industrial chain layout, from master alloys to structural components, and its increasing share of aftermarket services [4] Strategic Developments - The company has expanded its product portfolio to include small and medium-sized engine accessories, which are consumable and require replacement during engine overhauls, further enhancing its business lifecycle [4] - The company's Shenyang subsidiary is expected to benefit from the local government's push for increased local sourcing, with a target of 50% local sourcing rate for key customers [3]