| 证券代码：300918 | 证券简称：南山智尚 公告编号：2024-097 | | --- | --- | | 债券代码：123191 | 债券简称：智尚转债 | 山东南山智尚科技股份有限公司 关于与南山集团财务有限公司续签《金融服务协议》 暨关联交易公告 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。 公司于 2021 年 2 月 4 日召开第一届董事会第十八次会议审议通过了《关于 与南山集团财务有限公司签订<金融服务协议>暨关联交易的议案》，经 2020 年 年度股东大会审议通过，并与南山集团财务有限公司（以下简称"财务公司"） 签订了《金融服务协议》。公司根据《深圳证券交易所上市公司自律监管指引第 7 号——交易与关联交易》《关于规范上市公司与企业集团财务公司业务往来的 通知》及证监局相关规定，为进一步细化金融服务事宜，于 2022 年 9 月 1 日召 开第二届董事会第九次会议审议通过了《关于与南山集团财务有限公司签订<金 融服务协议>暨关联交易的议案》，重新签订了《金融服务协议》，上述事项的 具体内容请详见公司于 2021 年 2 月 4 日和 ...

山东南山智尚科技股份有限公司 关于在南山集团财务有限公司办理金融业务的 一、财务公司基本情况 （一）经营资质 南山集团财务有限公司于 2008 年 11 月取得金融许可证（2009 年 5 月、2023 年 9 月分别因迁址和经营范围调整换发新金融许可证），于 2008 年 11 月取得营 业执照，是经国家金融监督管理部门批准成立的非银行金融机构。 注册地址：山东省龙口市南山工业园南山南路 4 号 风险评估报告 根据中国证券监督管理委员会、深圳证券交易所的相关要求，山东南山智尚 科技股份有限公司（以下简称"本公司"）通过查验南山集团财务有限公司（以 下简称"财务公司"）《金融许可证》《营业执照》等证件资料，并审阅了财务 公司验资及审计报告，对财务公司的经营资质、业务和风险状况进行了评估，现 将有关风险评估情况报告如下： 法定代表人：宋日友 金融许可证机构编码：L0097H337060001 统一社会信用代码：913706816817432122 注册资本：人民币 21.9 亿元（其中美元 1000 万元） 经营范围：公司按《企业集团财务公司管理办法》规定，依法申请经营以下 本外币业务：（一）吸收成员单位存款； ...

民生证券股份有限公司 关于山东南山智尚科技股份有限公司 2025 年度日常关联交易预计的核查意见 民生证券股份有限公司（以下简称"民生证券"或"保荐机构"）作为山东 南山智尚科技股份有限公司（以下简称"公司"、"上市公司"或"南山智尚"） 持续督导机构，根据《证券发行上市保荐业务管理办法》《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》等有关法律、法规、规范性文件的规定，对南山智尚 2025 年度 日常关联交易预计事项进行了审慎核查，核查情况如下： 一、日常关联交易基本情况 （一）日常关联交易概述 1、因日常生产经营需要，公司拟与南山集团有限公司（以下简称"南山集 团"）及其控制的关联方、新南山国际投资有限公司（以下简称"新南山国际"） 及其控制的关联方发生日常关联交易。其中与南山集团及其控制的关联方关联交 易金额为不超过：6 亿元，与新南山国际及其控制的关联方关联交易金额不超过： 5,000 万元。 2、为优化公司资金结算业务流程，加强资金管理与控制，加速资金周转， 降低财务成本，提高资金使用效率，公司及子公司拟与南山集团财务有限公司（以 下简 ...

本次关联交易不构成《上市公司重大资产重组管理办法》规定的重大资产重组。 二、关联方基本情况 1、关联方基本信息 民生证券股份有限公司 关于山东南山智尚科技股份有限公司 与南山集团财务有限公司续签《金融服务协议》暨 关联交易的核查意见 民生证券股份有限公司（以下简称"民生证券"或"保荐机构"）作为山东 南山智尚科技股份有限公司（以下简称"公司"、"上市公司"或"南山智尚"） 持续督导机构，根据《证券发行上市保荐业务管理办法》《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》等有关法律、法规、规范性文件的规定，对南山智尚与南山集团 财务有限公司续签《金融服务协议》暨关联交易事项进行了审慎核查，核查情况 如下： 一、关联交易概述 公司于 2021 年 2 月 4 日召开第一届董事会第十八次会议审议通过了《关于 与南山集团财务有限公司签订<金融服务协议>暨关联交易的议案》，经 2020 年 年度股东大会审议通过，并与南山集团财务有限公司（以下简称"财务公司"） 签订了《金融服务协议》。根据《深圳证券交易所上市公司自律监管指引第 7 号 ——交易与关联交易》 ...

| 证券代码：300918 | 证券简称：南山智尚 公告编号：2024-095 | | --- | --- | | 债券代码：123191 | 债券简称：智尚转债 | 本次会议的召集、召开和表决程序符合《中华人民共和国公司法》等法律 法规和《公司章程》《董事会议事规则》的有关规定，所作决议合法有效。 二、董事会会议审议情况 会议在保证所有董事充分发表意见的前提下，以投票表决方式通过了以下议 案： 1、审议通过了《关于与南山集团财务有限公司续签<金融服务协议>暨关 联交易的议案》 经审核，董事会认为：公司与南山集团财务有限公司（以下简称"财务公 司"）续签《金融服务协议》符合监管要求，有利于进一步优化公司财务管理， 交易条款及定价政策遵循公平合理的原则，均依据市场公允价格或国家规定的 标准制定金融服务的价格，不会对公司独立性产生影响，未损害公司及全体股 东的权益。 山东南山智尚科技股份有限公司 第三届董事会第九次会议决议公告 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。 一、董事会会议召开情况 山东南山智尚科技股份有限公司(以下简称"公司")第三届董事会第九次 ...

| 证券代码：300918 | 证券简称：南山智尚 公告编号：2024-094 | | --- | --- | | 债券代码：123191 | 债券简称：智尚转债 | 山东南山智尚科技股份有限公司 关于控股股东持股比例因可转换公司债券转股被动 稀释超过 1%的提示性公告 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。 特别提示： 1、本次权益变动主要系公司可转换公司债券转股使公司总股本增加，致使 控股股东所持有的公司股份比例被动稀释超过 1%，不涉及持股数量发生变化。 2、本次权益变动不涉及要约收购，不会导致公司控股股东及实际控制人发 生变化，不会影响公司的治理结构和持续经营。 一、本次权益变动的基本情况 经中国证券监督管理委员会《关于同意山东南山智尚科技股份有限公司向 不特定对象发行可转换公司债券注册的批复》（证监许可〔2023〕266 号）同意 注册，山东南山智尚科技股份有限公司（以下简称"公司"）向不特定对象发行 可转换公司债券（以下简称"可转债"）699.58 万张，发行价格为每张人民币 100.00 元，募集资金总额为人民币 699,580,000. ...

Company and Industry Summary Company Overview - The company was established in 1997 and launched Yaxia Textile in 2007, forming an integrated wool textile industry from wool to finished garments [1] - The company’s brands include Nanshan, Feidate Nylon, Diama Zhishang, and Yushan protective clothing [1] - Recognized as a champion demonstration enterprise in the manufacturing sector by the Ministry of Industry and Information Technology in the nylon segment [1] Financial Performance - From 2017 to Q3 2023, the company's revenue showed fluctuations with notable growth in certain periods, such as a 74.2% increase in 2021 [3] - The main product, premium nylon, has seen a revenue increase from 7.6 billion to 9 billion, indicating a positive trend [3] - The apparel business revenue fluctuated, with a significant drop in 2022 but a recovery in 2023, showing a 15% increase in the first half of the year [4] - New materials business revenue surged by 363.2% in 2023, indicating strong growth potential [5] Market Dynamics - The company’s domestic sales are the primary revenue source, with a steady increase in domestic revenue from 10.9 billion to 12.4 billion from 2017 to 2023 [5] - Export sales are relatively small, with limited exposure to trade friction risks, particularly with the U.S. market [6] - The gross margin for the company has improved, with a notable increase in the apparel segment's gross margin by 4.1 percentage points in 2023 [7] Product Development and Innovation - The company is focused on optimizing product structure and enhancing high-value product development, which has led to increased market share in high-end products [10] - The company has established a three-tier R&D system, indicating a commitment to innovation and product development [13] - The introduction of high-performance differentiated nylon and the development of functional fabrics for outdoor sports are key strategic focuses [11][40] Competitive Landscape - The textile industry is highly competitive, with many small to medium enterprises in the low-end market, while only a few can compete in the high-end segment [9] - The company has a competitive advantage due to its integrated supply chain and established brand presence [9] Future Outlook - The company plans to expand its production capacity for high-performance nylon, with a projected annual output of 80,000 tons [36] - The demand for ultra-high molecular weight fibers is expected to grow significantly, with projections indicating a rise from 12.68 million tons in 2012 to 22.72 million tons by 2026 [20] - The company is well-positioned to benefit from increasing demand in various sectors, including military and aerospace applications [22][23] Investment Considerations - The company is expected to maintain a strong growth trajectory, with projected revenues of 17.47 billion, 26.55 billion, and 34.52 billion from 2024 to 2026, respectively [42] - A target price of 16.39 per share is suggested based on a 20x P/E ratio, maintaining a buy rating [42]

Group 1: Company Strategy and Vision - The company aims to become a leader in the textile industry, focusing on quality and excellence while leveraging a "full industry chain collaboration" strategy [4] - Future plans include creating a new platform for high-performance fiber materials with a target scale of 100 billion [4] Group 2: Nylon Fiber Project Overview - The first phase of the nylon project has a production capacity of 80,000 tons, including 44,000 tons of PA6 and 36,000 tons of PA66 [4] - The project utilizes advanced equipment from Germany's BARMAG and Japan's TMT, ensuring high automation and traceability throughout the production process [4] Group 3: Product Quality and Yield Improvement - The company aims to enhance production yield through the introduction of advanced composite spinning and air-blowing equipment from BARMAG [4] - Continuous improvement in production technology is expected to position the company at the forefront of the industry [4] Group 4: Product Range and Applications - Main products include PA6 and PA66, with applications in various sectors such as underwear, socks, bags, and outdoor clothing [4] - PA66 is noted for its high strength and durability, with applications in yoga wear, sports pants, and military gear [4] Group 5: Future Product Development - Future product development will focus on special performance, health protection, and environmental sustainability [5] - Plans include producing bio-based products and GRS recycled products, as well as antibacterial and flame-retardant series [5] Group 6: Ultra-High Molecular Weight Polyethylene Fiber - The company’s ultra-high molecular weight polyethylene fiber has applications in military equipment, safety protection, and medical fields [5] - The strength of the fiber is reported to be 15 times that of high-quality steel and 4 times that of nylon 66 [5] Group 7: Market Expansion and Sales Strategy - The company is expanding its foreign trade sales, targeting high-end retail markets in Europe, the USA, Australia, and Japan [7] - Successful contracts in the overseas uniform sector have laid a solid foundation for entering the international workwear market [7] Group 8: Future of Nylon Fiber in Military Applications - The company plans to replace traditional polyester-cotton blends with nylon-cotton blends in military and police uniforms [8]

Investment Rating - The report maintains a "Buy" rating for Nanshan Zhishang (300918 SZ) with a target price of 16 39 RMB per share based on a 20x PE multiple for 2025 [1][5] Core Views - Nanshan Zhishang is a leading domestic fine wool fabric company with rapid development in new functional chemical fiber products [1] - The company has established a dual-chain synergy system integrating wool textile apparel and new materials including a 3600-ton ultra-high molecular weight polyethylene fiber project and an 80 000-ton high-performance differentiated nylon filament project [1] - Traditional business (fine wool fabric apparel) is expected to maintain steady revenue growth with improving profitability through technical upgrades and product structure optimization [1] - The ultra-high fiber business benefits from favorable policies and expanding downstream demand with potential for increased profitability as capacity ramps up [1] - The high-performance differentiated nylon filament business is expected to contribute significantly to performance with rapid capacity release and strong downstream demand [1] Financial Projections - Revenue is projected to grow from 1 747 million RMB in 2024E to 3 452 million RMB in 2026E representing a CAGR of 30% [3] - Net profit attributable to shareholders is expected to increase from 209 million RMB in 2024E to 402 million RMB in 2026E with a CAGR of 36 3% [3] - EPS is forecasted to rise from 0 58 RMB per share in 2024E to 1 12 RMB per share in 2026E [3] Traditional Business (Wool Textile Apparel) - The company has a complete wool textile apparel industry chain with significant integrated collaboration advantages [1] - Revenue from fine wool fabric business is expected to grow steadily with profitability improving through technical upgrades and product structure optimization [1] - The export proportion to the US is small making the business less affected by trade friction risks [1] Ultra-High Fiber Business - The 3600-ton ultra-high molecular weight polyethylene fiber project is fully operational as of 2024H1 with expanding application areas [1] - Favorable policies such as the "Military Equipment Support Regulations" and export policy clarity are expected to boost sales [1] - Profitability is expected to improve as capacity ramps up and costs decrease with the Yulong Petrochemical project [1] High-Performance Differentiated Nylon Filament Business - The PA6 production line is gradually starting trial production with the PA66 line expected to begin trial production in late November 2024 [1] - The company expects annual production of 48 000 tons 64 000 tons and 80 000 tons in the first three years of operation with 30 000 tons of intentional orders covering over 60% of first-year capacity [1] Financial Performance - Revenue from fine wool fabric business reached 410 million RMB in 2024H1 accounting for 52 5% of total revenue [92] - Revenue from apparel business was 280 million RMB in 2024H1 accounting for 35 5% of total revenue [92] - New materials revenue grew significantly to 90 million RMB in 2024H1 accounting for 11 1% of total revenue [92] Regional Revenue - Domestic revenue accounted for 72 3% of total revenue in 2024H1 while international revenue accounted for 27 8% [102] - The company's export exposure to the US is minimal reducing the impact of trade friction risks [102]

| 证券代码：300918 | 证券简称：南山智尚 公告编号：2024-093 | | --- | --- | | 债券代码：123191 | 债券简称：智尚转债 | 山东南山智尚科技股份有限公司 关于申请向特定对象发行股票提交募集说明书（注册 稿）等申请文件的提示性公告 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。 根据项目实际进展及有关审核要求，公司会同相关中介机构对募集说明书等 申请文件内容进行了更新和修订，具体内容详见公司同日在巨潮资讯网 （www.cninfo.com.cn）披露的《山东南山智尚科技股份有限公司向特定对象发 行 A 股股票募集说明书（注册稿）》等申请文件。 公司本次向特定对象发行股票事项尚需获得中国证券监督管理委员会（以下 简称"中国证监会"）作出同意注册的决定后方可实施，最终能否获得中国证监 会作出同意注册的决定及其时间尚存在不确定性。公司将根据该事项的进展情况 及时履行信息披露义务，敬请广大投资者谨慎决策，注意投资风险。 特此公告。 山东南山智尚科技股份有限公司董事会 2024 年 11 月 19 日 山东南山智尚科技股份有限公 ...