Financial Performance - In 2023, the company achieved operating revenue of CNY 281,567.41 million, a decrease of 7.57% year-on-year [1] - Revenue from lubricant additive products was CNY 272,785.00 million, down 4.88% [1] - Revenue from carbonless paper color developer products was CNY 4,852.73 million, down 17.40% [1] - Net profit attributable to ordinary shareholders was CNY 60,648.56 million, an increase of 3.12% [1] - The net profit of the parent company was CNY 60,778.76 million, up 5.44% [1] - Net cash flow from operating activities was CNY 63,973.69 million, down 2.80% [1] - Net assets attributable to the parent company were CNY 313,210.67 million, an increase of 14.35% [1] Market Conditions - The global economic situation in 2023 was challenging, particularly due to geopolitical conflicts affecting the supply chain of lubricant additives [1] - Downstream customers increased procurement volumes to mitigate supply chain risks, leading to a de-inventory state throughout the year [1] - The industry is undergoing a reconstruction phase with accelerated domestic import substitution, providing good development opportunities and a broad market space [2] Strategic Initiatives - The company continues to focus on "enhancing technology, expanding scale, and building teams" as part of its development strategy [2] - Emphasis on core customers and global layout through a "triangular cooperation" model, transitioning from small to large international clients [2] - Continuous market research and strategic marketing to empower sales and enhance technical capabilities [2] - Ongoing optimization of organizational structure and management processes, with significant progress in safety production and environmental protection [2] Capacity and R&D - The company has a planned capacity of 550,000 tons at its Xinxiang base, including a 150,000-ton lubricant additive project [2] - The second phase of the 90,000-ton capacity construction has accelerated, with completion expected by the end of 2025 [2] - In 2023, the company completed various levels of testing for gasoline and diesel oil composite agents, aiming to provide more environmentally friendly and energy-efficient products [3]

A： 预计波动率小于等于相对基准指数； B： 预计波动率大于相对基准指数。 请务必阅读最后一页股票评级说明和免责声明 4 公司研究/公司快报 免责声明： 山西证券股份有限公司(以下简称"公司")具备证券投资咨询业务资格。本报告是基于公司认为可靠的 已公开信息，但公司不保证该等信息的准确性和完整性。入市有风险，投资需谨慎。在任何情况下，本报 告中的信息或所表述的意见并不构成对任何人的投资建议。在任何情况下，公司不对任何人因使用本报告 中的任何内容引致的损失负任何责任。本报告所载的资料、意见及推测仅反映发布当日的判断。在不同时 期，公司可发出与本报告所载资料、意见及推测不一致的报告。公司或其关联机构在法律许可的情况下可 能持有或交易本报告中提到的上市公司发行的证券或投资标的，还可能为或争取为这些公司提供投资银行 或财务顾问服务。客户应当考虑到公司可能存在可能影响本报告客观性的利益冲突。公司在知晓范围内履 行披露义务。本报告版权归公司所有。公司对本报告保留一切权利。未经公司事先书面授权，本报告的任 何部分均不得以任何方式制作任何形式的拷贝、复印件或复制品，或再次分发给任何其他人，或以任何侵 犯公司版权的其他方式使用 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company has maintained growth in annual performance, with expectations for continued market share increase [5] - The company reported total revenue of 2.816 billion yuan in 2023, a year-on-year decrease of 7.57%, while net profit attributable to the parent company was 606 million yuan, an increase of 3.12% year-on-year [5] - The decline in revenue is attributed to inventory reduction as downstream customers increased procurement in 2022 for supply chain security [5] - The company benefits from a decrease in raw material costs, with lubricant additive material costs at 11,400 yuan per ton, down 9.9% year-on-year, leading to a gross margin of 35.22%, an increase of 4.5 percentage points year-on-year [5] - The company is expanding its market share by establishing partnerships with major downstream lubricant companies such as Shell, Mobil, and Sinopec, which is expected to drive sales growth [5][15] - The company has successfully passed various API certification processes, which enhances its competitive edge and supports its strategic transition to higher-end products [15] Financial Summary - Revenue growth is projected at 43.1% in 2024, 41.0% in 2025, and 26.4% in 2026 [19] - Net profit attributable to the parent company is expected to reach 750 million yuan in 2024, 946 million yuan in 2025, and 1.211 billion yuan in 2026 [19] - The company’s gross margin is forecasted to be 31.6% in 2024 and 29.7% in 2025 [19] - The company’s P/E ratios are projected to be 15X in 2024, 12X in 2025, and 9X in 2026 [15][19]

Production Capacity and Market Position - The company has maintained a stable production capacity of over 200,000 tons for single agents, positioning itself in the "first camp" of the domestic market[18]. - The production volume of lubricating oil additives decreased by 11.58% to 133,547.56 tons in 2023, while sales volume dropped by 4.65% to 136,401.38 tons[39]. - The company aims to enhance production efficiency and quality stability through technological upgrades in the lubricant additive production lines[87]. - The annual production capacity of 15,200 tons of lubricant additive series products is now expected to be operational by December 31, 2022, due to project delays caused by various factors including environmental regulations and flooding in 2021[87]. Research and Development - The company has invested significantly in R&D, resulting in 40 domestic invention patents and 3 foreign invention patents, enhancing its core technology capabilities[22]. - Research and development (R&D) investment amounted to ¥118,415,185.88 in 2023, representing 4.21% of total revenue, up from 3.43% in 2022[35]. - The number of R&D personnel increased by 36.84% from 133 in 2022 to 182 in 2023, with R&D personnel now accounting for 14.85% of the total workforce[35]. - The company aims to enhance its R&D capabilities by expanding its R&D center and attracting top talent, focusing on improving product quality and obtaining certifications[4]. - The company plans to enhance R&D investment and accelerate the construction of its R&D center, focusing on obtaining more international third-party testing reports for composite agents[136]. Financial Performance - The company's revenue for 2023 reached ¥2,811,665,044.77, a decrease of 7.56% compared to the previous year[38]. - The gross profit margin for the chemical industry was 34.99%, which is an increase of 4.90% year-on-year[38]. - The cash inflow from investment activities increased by 71.11% to ¥1,881,910,212.54 compared to the previous year[49]. - The net cash flow from financing activities decreased by 72.67% to -¥188,451,545.12, primarily due to an increase in cash dividends distributed compared to the previous year[49]. - The company reported a total of ¥1,423,618,512.05 in purchases and ¥1,862,999,000.00 in sales of financial assets during the period[75]. Market Expansion and Sales - The company is actively pursuing market expansion and innovation through partnerships with research institutions and universities, fostering a collaborative R&D environment[23]. - The company’s domestic sales increased by 23.12% to ¥758,715,594.91, while export sales decreased by 15.35% to ¥2,056,958,527.96[38]. - The company exported 73.05% of its products during the reporting period, primarily settling in USD or EUR, which may be affected by fluctuations in the RMB exchange rate[6]. - The company focuses on customer-centric market expansion, achieving rapid sales growth by transitioning from single agents to compound agents[98]. Governance and Management - The company has a robust governance structure, with specialized committees functioning effectively to oversee strategic, audit, nomination, and compensation matters[127]. - The board of directors consists of 9 members, including 3 independent directors, ensuring compliance with legal and regulatory requirements[127]. - The company maintains independence from its controlling shareholders, with no reliance on them for business operations, ensuring autonomous market engagement[154]. - The company has a clear strategy for future growth, focusing on market expansion and the development of new products and technologies[142]. Risk Management - The company is aware of risks related to raw material prices and supply, and plans to optimize supply channels and stockpile materials in anticipation of price fluctuations[7]. - The company has established a risk control framework for its derivative investments, focusing on market, liquidity, and operational risks[101]. - The company is actively identifying, analyzing, and evaluating major risks in its operational areas to adjust its business strategies accordingly[144]. Investment and Projects - The company has committed to an investment project with a total investment of ¥34,000 million, achieving 100% progress by the end of the reporting period[84]. - The company plans to invest RMB 321.87 million in the annual production of 460,000 tons of lubricant additive series products, with an actual investment of RMB 22.24 million during the reporting period, achieving a progress rate of 6.91%[2]. - The company has decided to terminate the investment in the project for producing 60,000 tons of single-agent lubricant additives and 12,800 tons of composite agents, reallocating the remaining funds to the 460,000 tons lubricant additive series project[87]. Talent and Human Resources - The company emphasizes a comprehensive talent strategy to support future development needs, including talent acquisition and training[97]. - The company has a diverse management team with members holding positions in other organizations, indicating a broad network[200]. - The company’s independent directors possess extensive experience in auditing and financial management, enhancing governance quality[166].

新乡市瑞丰新材料股份有限公司 董事会审计委员会关于对会计师事务所2023年度履职情况评估 及履行监督职责情况的报告 新乡市瑞丰新材料股份有限公司（以下简称"公司"）董事会审计委员会根据 《中华人民共和国公司法》《中华人民共和国证券法》《上市公司治理准则》《 国有企业、上市公司选聘会计师事务所管理办法》《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》等法律法规、规范性文件以及 《公司章程》《董事会专门委员会工作制度》等规定和要求，本着勤勉尽责的原 则，恪尽职守，认真履职。现将董事会审计委员会对会计师事务所2023年度履职 评估及履行监督职责的情况汇报如下： 一、2023年年审会计师事务所基本情况 （一）会计师事务所基本情况 名称：中汇会计师事务所（特殊普通合伙）（以下简称"中汇所"） 成立日期：2013年12月19日 组织形式：特殊普通合伙企业 注册地址：杭州市江干区新业路8号华联时代大厦A幢601室 2022年年报上市公司审计客户家数：159家 2022年年报上市公司审计客户主要行业：信息传输、软件和信息技术服务业 -软件和信息技术服务业；制造业-电气机械及器材制造业；制造业-专用设备 ...

报告期内，本人任职符合《上市公司独立董事管理办法》第六条规定的独立 性要求，不存在影响独立性的情况。 二、2023 年度出席公司会议的情况 | | | | 姓名 | | 事会次数 | 董事会次 | 董事会次 | 会次数 | 两次未亲 | 大会次数 | | --- | --- | --- | --- | --- | --- | --- | --- | | | | | 数（现场/ | 数 | | 自参加董 | | | | | | 通讯方 | | | 事会会议 | | | | | | 式） | | | | | | 杨东升 | 离任 | 1 | 1 | 0 | 0 | 否 | 1 | 新乡市瑞丰新材料股份有限公司 2023 年度独立董事述职报告 作为新乡市瑞丰新材料股份有限公司（以下简称"公司"）的独立董事，本人 严格按照《公司法》《证券法》《关于在上市公司建立独立董事的指导意见》《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》《独 立董事工作制度》《公司章程》的规定，积极参加公司历次董事会、股东大会， 认真审议各项议案，对重要事项发表独立意见，为公司的科学决策和规范运作提 出意见和建议， ...

新乡市瑞丰新材料股份有限公司 2023 年度董事会工作报告 2023 年度，公司董事会严格按照《公司法》《证券法》《公司 章程》《董事会议事规则》等有关法律法规、规范性文件的规定和要 求，本着对公司和股东负责的态度，积极有效地开展工作，认真履行 自身职责，执行股东大会各项决议，维护股东及公司利益，持续完善 公司治理水平，不断提升公司规范运作能力。现将公司董事会 2023 年度的工作报告如下： 一、公司 2023 年度整体经营情况 | | 八次会议 | | 2、审议《关于部分募投项目延期的议案》 | | --- | --- | --- | --- | | | | | 3、审议《关于制定<证券投资及衍生品交易管理制度>的议案》 | | | | | 4、审议《关于开展证券投资及衍生品交易的议案》 | | | | | 5、审议《关于使用部分暂时闲置募集资金进行现金管理的议 | | | | | 案》 | | | | | 6、审议《关于使用部分暂时闲置自有资金进行委托理财的议 | | | | | 案》 | | | | | 7、审议《关于召开 2023 年第四次临时股东大会的议案》 | | | | | 1、审议《关于 20 ...

新乡市瑞丰新材料股份有限公司 2023 年度监事会工作报告 报告期内，公司监事会共召开了 6 次会议，会议的召开与表决程序均符合《公 司法》及《公司章程》等法律、法规及规范性文件的规定。具体情况如下： | 序 号 | 会议名称 | 召开时间 | 议题 | | --- | --- | --- | --- | | 1 | | | 1、《关于<公司 2022 年度监事会工作报告>的议案》 | | | | | 2、《关于<公司 2022 年年度报告>及其<摘要>的议案》 | | | | | 3、《关于<公司 年财务决算报告>的议案》 2022 | | | | | 4、《关于<公司 2022 年度利润分配预案>的议案》 | | | | | 5、《关于公司 年度日常关联交易预计的议案》 2023 | | | 第三届监事会 | 2023年4月 | 6、《关于<公司 2022 年度内部控制自我评价报告>的议 | | | 第十二次会议 | 6 日 | 案》 | | | | | 7、《关于<公司 2022 年度募集资金存放与使用情况的 | | | | | 专项报告>的议案》 | | | | | 8、《关于部分募投项目变更的议案》 ...

一、内部控制评价工作情况 （一）内部控制评价范围 公司按照风险导向原则确定纳入评价范围的主要单位、业务和事项以及高 风险领域。纳入评价范围的主要单位包括：新乡市瑞丰新材料股份有限公司、 沧州润孚添加剂有限公司、萱润（上海）化工科技有限公司、RICHFUL LUBE ADDITIVE(SINGAPORE) PTE.LTD.、河南润孚企业管理咨询有限公司、新乡市 瑞丰宏泰化工有限公司、锦州豪润达添加剂有限公司、濮阳市瑞丰新材料有限 公司、瑞豐潤滑油添加劑（香港）有限公司。纳入评价范围单位的资产总额占 公司合并财务报表资产总额的100%，营业收入合计占公司合并财务报表营业收 入总额的100%。 纳入评价范围的主要业务和事项包括：治理结构、内部组织结构、发展战 略、企业文化、信息披露管理、信息与沟通、内部监督、人力资源、财务报告、 资金营运管理、资产管理、采购和付款业务、生产流程与成本控制、销售与收 款业务、工程管理、研究与开发、对外投资管理、关联交易管理、对外担保管 理、对子公司的管控等。 东兴证券股份有限公司 关于新乡市瑞丰新材料股份有限公司 2023年度内部控制自我评价报告的核查意见 东兴证券股份有限公司（以下 ...

新乡市瑞丰新材料股份有限公司 董事会 2024 年 3 月 27 日 公司在任独立董事陈其锁先生、成先平先生及刘双红先生均能够胜任独立董 事的职责要求，其未在公司担任除独立董事以外的任何职务，也未在公司主要股 东公司担任任何职务，与公司以及主要股东之间不存在利害关系或其他可能妨碍 其进行独立客观判断的关系，不存在影响独立董事独立性的情况。因此，符合《上 市公司独立董事管理办法》《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》等法律、法规、规范性文件及《公司章程》中关于独 立董事的任职资格及独立性的相关要求。 新乡市瑞丰新材料股份有限公司 关于独立董事 2023 年度保持独立性情况的专项意见 新乡市瑞丰新材料股份有限公司（以下简称"公司"）董事会根据《上市公 司独立董事管理办法》《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》等要求，并结合独立董事出具的《2023 年度独立董事关 于独立性自查情况的报告》，就公司在任独立董事的独立性情况进行评估并出具 如下专项意见： ...