中信证券股份有限公司 关于上海艾录包装股份有限公司 2024 年度持续督导培训情况的报告 深圳证券交易所： 保荐机构本次持续督导培训的工作过程中，公司积极予以配合，保证了培 1 （二）保荐代表人：赵成豪、欧阳颢頔 （三）培训时间：2024 年 12 月 30 日 （四）培训地点：上海市金山区山阳镇阳达路 88 号上海艾录 508 会议室 中信证券股份有限公司（以下简称"中信证券"、"保荐机构"）根据《深圳证 券交易所上市公司自律监管指引第 13 号——保荐业务》的要求，对上海艾录包 装股份有限公司（以下简称"上海艾录"、"公司"）进行了 2024 年度持续督导培 训，报告如下： 一、本次持续督导培训的基本情况 （一）保荐机构：中信证券股份有限公司 （六）培训人员：赵成豪 （七）培训对象：公司董事、监事、高级管理人员及相关人员 （八）培训内容：根据《深圳证券交易所创业板股票上市规则》和《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》等规则要 求，对上市公司信息披露、合规交易、募集资金、资金占用、对外担保、投资者 关系管理、最新监管政策等进行了培训。 二、上市公司的配合情况 中信证券股 ...

| 证券代码：301062 | 证券简称：上海艾录 公告编号：2025-001 | | --- | --- | | 债券代码：123229 | 债券简称：艾录转债 | 上海艾录包装股份有限公司 关于 2024 年第四季度可转债转股情况公告 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、误导性陈述或者重大遗漏。 特别提示： 5、2024 年第四季度，"艾录转债"因转股减少 3,219,646 张（票面金额共计 321,964,600 元人民币），合计转换上海艾录包装股份有限公司（以下简称"公司"） 股票 31,876,791 股。截至 2024 年 12 月 31 日，公司剩余可转换公司债券（以下 简称"可转债"）为 1,779,634 张，剩余可转债票面总金额为 177,963,400 元人民 币。 根据《深圳证券交易所创业板股票上市规则》和《深圳证券交易所上市公司 自律监管指引第 15 号——可转换公司债券》的有关规定，公司现将 2024 年第四 季度可转债转股及公司总股份变化情况公告如下： 一、可转债基本情况 （一）可转债发行情况 经中国证券监督管理委员会《关于同意上海艾录包装 ...

Investment Rating - The report maintains a "Recommend" rating for the company, with a target price of 14.97 yuan as of December 11, 2024, corresponding to a PE ratio of 54X / 40X / 27X for 2024 / 2025 / 2026 [4][6] Core Views - The company has entered into a strategic cooperation agreement with Huaneng New Energy, focusing on the development and application of "glass fiber-reinforced polyurethane composite borders" for photovoltaic (PV) applications, which is expected to enhance product competitiveness and brand influence [2] - The company's subsidiary, Aina New Energy, has successfully passed various tests and obtained certifications such as VDE and TÜV, indicating leading product quality in the industry [2] - The company has established a production capacity of 1.5GW for polyurethane composite borders, aligning with downstream PV industry demands [2] - The strategic partnership with Huaneng New Energy, a leading domestic new energy operator, is expected to drive long-term cooperation in the PV sector, facilitating technology exchange, business collaboration, and resource integration [3] - Aina New Energy has signed a strategic cooperation framework agreement with Beili Tongchuang for the supply of 1.08GW of composite border products from Q4 2024 to the end of 2026, with an additional sample order of 50,000 sets [3] Financial Projections - Revenue is projected to grow from 1,066.55 million yuan in 2023 to 2,314.25 million yuan in 2026, with growth rates of 19.46%, 29.60%, and 40.15% for 2024, 2025, and 2026, respectively [5] - Net profit attributable to shareholders is expected to increase from 75.28 million yuan in 2023 to 219.38 million yuan in 2026, with growth rates of 46.33%, 35.71%, and 46.76% for 2024, 2025, and 2026, respectively [5] - Gross margin is forecasted to rise from 23.57% in 2023 to 25.00% in 2026 [5] - Basic EPS is projected to increase from 0.19 yuan in 2023 to 0.55 yuan in 2026 [5] Industry and Business Outlook - The company is a leader in the packaging sector, with steady growth in industrial paper packaging and composite plastic packaging, and promising prospects in consumer paper and plastic packaging [4] - The PV composite border business is seen as a significant growth driver, with substantial market opportunities expected from material substitution [2] - The company's strategic focus on new productive forces in the PV sector is expected to contribute to revenue growth and further deepen its PV business layout [2][3]

| 证券代码：301062 | 证券简称：上海艾录 | 公告编号：2024-077 | | --- | --- | --- | | 债券代码：123229 | 证券简称：艾录转债 | | 会议应出席董事 8 人，出席和授权出席董事 8 人。 上海艾录包装股份有限公司 第四届董事会第十二次会议决议公告 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、误导性陈述或者重大遗漏。 一、 会议召开和出席情况 （一） 会议召开情况 会议的召集、召开以及议案审议程序符合《中华人民共和国公司法》、《上 海艾录包装股份有限公司章程》和《上海艾录包装股份有限公司董事会议事规 则》的规定。 （二）会议出席情况 二、 议案审议情况 （一）审议通过《关于不提前赎回"艾录转债"的议案》 1. 议案内容： 1. 会议召开时间：2024 年 12 月 11 日 2. 会议召开地点：上海艾录会议室 3. 会议召开方式：现场及通讯会议方式（紧急会议） 4. 发出董事会会议通知的时间和方式：2024 年 12 月 11 日通过电讯方式 5. 会议主持人：董事长陈安康 6. 会议出席人员：陈安康、陈雪骐、张勤、陈曙、陆春艳 ...

| 证券代码：301062 | 证券简称：上海艾录 公告编号：2024-078 | | --- | --- | | 债券代码：123229 | 债券简称：艾录转债 | 上海艾录包装股份有限公司 关于不提前赎回"艾录转债"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、误导性陈述或者重大遗漏。 （一）可转换公司债券发行情况 经中国证券监督管理委员会《关于同意上海艾录包装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﹞1928 号）批准，并经 深圳证券交易所同意，上海艾录股份有限公司（以下简称"公司"）于 2023 年 10 月 23 日向不特定对象发行（向社会公开发行）可转换公司债券 5,000,000 张，每 张面值人民币 100 元，募集资金总额为人民币 500,000,000.00 元，扣除不含税发 行费用后，募集资金净额为人民币 490,193,613.19 元。上述募集资金已于 2023 年 10 月 27 日到位并经立信会计师事务所（特殊普通合伙）审验，出具了信会师报 字[2023]第 ZA15429 号《验资报告》。 （二）可转换公司 ...

| 证券代码：301062 | 证券简称：上海艾录 | 公告编号：2024-079 | | --- | --- | --- | | 债券代码：123229 | 债券简称：艾录转债 | | 一、协议签署概况 上海艾录包装股份有限公司 关于签署战略合作协议的自愿性披露公告 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、误导性陈述或者重大遗漏。 特别提示： 1、本协议是双方开展产品战略合作而签订的协议，不涉及具体金额，双方 后续的合作以具体签订的业务合同/订单为准，具体实施内容和进度上存在不确 定性。 2、本协议的签订对公司及控股子公司未来发展产生积极影响，对公司及控 股子公司本年度和未来年度经营业绩的影响需根据实际产生的交易而定。敬请广 大投资者注意投资风险。 3、光伏行业为公司 2023 年新进入领域，属于技术密集型产业，且该领域近 期原材料成本、相关产品毛利率水平波动较大，公司及控股子公司未来在经营过 程中该业务板块可能面临技术风险、市场风险、经营管理风险、政策风险、信用 风险等风险，敬请广大投资者注意投资风险。 上海艾录包装股份有限公司（以下简称"公司"）于 2024 年 12 ...

| 证券代码：301062 | 证券简称：上海艾录 | 公告编号：2024-076 | | --- | --- | --- | | 债券代码：123229 | 债券简称：艾录转债 | | 上海艾录包装股份有限公司 关于"艾录转债"可能满足赎回条件的提示性公告 （一）可转换公司债券发行情况 经中国证券监督管理委员会《关于同意上海艾录包装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﹞1928 号）批准，并经 深圳证券交易所同意，上海艾录股份有限公司（以下简称"公司"）于 2023 年 10 月 23 日向不特定对象发行（向社会公开发行）可转换公司债券 5,000,000 张，每 张面值人民币 100 元，募集资金总额为人民币 500,000,000.00 元，扣除不含税发 行费用后，募集资金净额为人民币 490,193,613.19 元。上述募集资金已于 2023 年 10 月 27 日到位并经立信会计师事务所（特殊普通合伙）审验，出具了信会师报 字[2023]第 ZA15429 号《验资报告》。 （二）可转换公司债券上市情况 经深圳证券交易所（以下简称"深交所"）同意，公司本次可 ...

Investment Rating - The report maintains a "Buy" rating for Shanghai Ailu (301062) with a 6-month target price of 12.68 RMB [3] Core Views - Shanghai Ailu's Q3 2024 revenue increased by 15% YoY to 300 million RMB, while net profit attributable to the parent company decreased by 36% YoY to 12 million RMB [3] - For the first three quarters of 2024, the company's revenue grew by 15% YoY to 880 million RMB, with net profit attributable to the parent company increasing by 23% YoY to 60 million RMB [3] - The company's gross margin for Q1-Q3 2024 improved by 1.3 percentage points to 24%, while the net margin decreased by 0.7 percentage points to 5.6% [3] Strategic Developments - Shanghai Ailu plans to establish an industrial fund with a target size of 120.6 million RMB, with the company contributing 60 million RMB as a limited partner [4] - The company's subsidiary, Aina New Energy, signed a strategic cooperation framework agreement with Beili Tongchuang for the supply of polyurethane composite frame products, with a total procurement scale of 1.08GW from Q4 2024 to the end of 2026 [5] Financial Projections - The report adjusts the company's profit forecast, expecting net profit attributable to the parent company to reach 100 million RMB in 2024, 126 million RMB in 2025, and 167 million RMB in 2026 [6] - EPS is projected to be 0.25 RMB in 2024, 0.31 RMB in 2025, and 0.42 RMB in 2026 [6] - The company's P/E ratio is expected to be 51X in 2024, 40X in 2025, and 30X in 2026 [6] Financial Performance - Shanghai Ailu's total assets are projected to grow from 2,304.69 million RMB in 2024E to 2,698.16 million RMB in 2026E [13] - The company's operating cash flow is expected to decrease from 228.07 million RMB in 2022 to 142.01 million RMB in 2024E, before recovering to 150.41 million RMB in 2026E [15] - The debt-to-asset ratio is forecasted to remain stable at around 44% from 2024E to 2026E [16]

Investment Rating - The report maintains a "Buy" rating for the company [3][4]. Core Views - The company has a strong foundation in the industrial paper packaging sector, with significant growth potential driven by capacity expansion and strategic partnerships in the photovoltaic sector [3][12]. - The company is actively innovating in packaging solutions, including the introduction of eco-friendly paper-based packaging products, which aligns with national policies on carbon neutrality and environmental sustainability [2][11]. - The company is well-positioned to benefit from the growing demand in the cheese stick market and has established partnerships with major dairy brands, enhancing its market share [1][9]. Summary by Sections 1. Business Development and Strategic Layout - The company has been focused on the packaging industry for nearly 18 years, providing integrated solutions for industrial and consumer packaging [1]. - In 2023, the company began its foray into the photovoltaic sector, signing strategic cooperation agreements to enhance its product offerings [1][26]. 2. Industrial Paper Packaging - The industrial paper packaging business generated revenue of 770 million yuan in 2023, with a 10-year CAGR of 14.85% [1][53]. - The company is expanding its production capacity, with plans to double its output, which is expected to alleviate capacity constraints and support further international expansion [1][10]. 3. Composite Plastic Packaging - The cheese stick market in China reached a retail market size of 11.1 billion yuan in 2023, indicating substantial growth potential [1]. - The company has established partnerships with leading dairy brands, including Yili and Mengniu, to diversify its customer base and enhance business opportunities [1][9]. 4. New Product Development - The company launched the Espeed series of plastic-free paper-based packaging products, which are recyclable and align with environmental policies [2][11]. - The introduction of this new product line is expected to strengthen the company's market position in food packaging and drive sustainable growth [2][11]. 5. Photovoltaic New Quality Production Capacity - The company established a subsidiary focused on the research and production of polyurethane composite frames, which offer significant advantages over traditional aluminum frames [2][11]. - Strategic partnerships in the photovoltaic sector are anticipated to contribute to revenue growth in the coming years [2][11]. 6. Financial Projections - The company is projected to achieve EPS of 0.28, 0.37, and 0.55 yuan for the years 2024, 2025, and 2026, respectively, with a closing price of 13.92 yuan on November 8, corresponding to PE ratios of 51X, 37X, and 25X [3][12].

| 证券代码：301062 | 证券简称：上海艾录 | 公告编号：2024-075 | | --- | --- | --- | | 债券代码：123229 | 债券简称：艾录转债 | | 上海艾录包装股份有限公司 关于与专业投资机构共同投资设立产业基金的公告 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、误导性陈述或者重大遗漏。 重要内容提示： 3、本次设立产业基金事项不涉及关联交易，也不构成《上市公司重大资产 重组管理办法》规定的重大资产重组，根据《深圳证券交易所创业板股票上市规 则》及公司《公司章程》相关规定，该事项需提交董事会审议，但无需提交股东 大会审议； 4、产业基金尚处于筹划设立阶段，尚未完成工商注册登记，尚需取得中国 证券投资基金业协会（以下简称"基金业协会"）的备案,可能存在不能满足备案 条件从而无法完成备案的风险； 1、投资标的名称：桐乡艾硕创业投资合伙企业（有限合伙）（暂定名，具 体以市场监督管理部门核准登记的名称为准）（以下简称"产业基金"、"合伙 企业"）； 5、产业基金对外投资项目受宏观经济环境、行业政策法规、行业周期、市 场变化、政策环境、投资标的企业的 ...