公证天业会计师事务所（特殊普通合伙） Gongzheng Tianye Certified Public Accountants,SGP 中国．江苏．无锡 Wuxi．Jiangsu．China 总机：86（510）68798988 Tel：86（510）68798988 传真：86（510）68567788 Fax：86（510）68567788 电子信箱：mail@gztycpa.cn E-mail：mail@gztycpa.cn 非经常性损益鉴证报告 苏公W[2025]E1426号 苏州翔楼新材料股份有限公司全体股东： 我们接受委托，对后附的苏州翔楼新材料股份有限公司（以下简称翔楼新材） 2022年度、2023年度、2024年度及2025年1-9月的非经常性损益明细表（以下简称"非 经常性损益明细表"）进行了鉴证。 一、管理层的责任 按照中国证券监督管理委员会《公开发行证券的公司信息披露解释性公告第1号 ——非经常性损益（2023修订）》的规定编制非经常性损益明细表是翔楼新材管理层 的责任。这种责任包括保证非经常性损益明细表的内容真实、准确、完整，不存在虚 假记载、误导性陈述或重大遗漏。 二、注册会计师的 ...

Group 1 - The core viewpoint of the article highlights Xianglou New Materials' financial performance in Q3 2023, showing growth in revenue and net profit compared to the previous year [1] - For the first three quarters of 2025, the company's revenue is approximately 1.105 billion yuan, representing a year-on-year increase of 2.82% [1] - The net profit attributable to shareholders is about 151 million yuan, reflecting a year-on-year increase of 9.13% [1] - Basic earnings per share stand at 1.35 yuan, which is an increase of 8.87% year-on-year [1] Group 2 - As of the report, Xianglou New Materials has a market capitalization of 7.3 billion yuan [2] - The A-share market has surpassed 4,000 points, indicating a significant market resurgence after a decade of stagnation, with technology leading the market's new "slow bull" pattern [2]

Financial Performance - The company's operating revenue for Q3 2025 reached ¥411,671,244.07, representing a year-on-year increase of 12.19%[5] - Net profit attributable to shareholders for the same period was ¥49,574,538.94, up 9.95% compared to the previous year[5] - The basic earnings per share for Q3 2025 was ¥0.44, an increase of 7.32% year-on-year[5] - Total operating revenue for the current period reached ¥1,105,003,776.45, an increase from ¥1,074,670,960.18 in the previous period, representing a growth of approximately 2.4%[23] - Operating profit for the current period was ¥168,622,356.13, compared to ¥160,329,746.30 in the previous period, reflecting a growth of approximately 5.5%[23] - The net profit for the current period is 151,482,880.62, an increase of 9.6% compared to 138,814,234.01 in the previous period[24] - The basic earnings per share increased to 1.35 from 1.24, while diluted earnings per share rose to 1.33 from 1.22[24] Assets and Liabilities - The total assets at the end of the reporting period amounted to ¥2,249,070,912.75, reflecting a 13.79% increase from the end of the previous year[5] - Total assets reached ¥2,249,070,912.75, compared to ¥1,976,432,697.90 at the beginning of the period, indicating an increase of about 13.7%[22] - Total liabilities increased to ¥509,531,573.69 from ¥323,019,634.62, reflecting a growth of approximately 57.8%[21] - The company's equity attributable to shareholders increased by 5.21% to ¥1,739,539,339.06[5] - The company's equity attributable to shareholders rose to ¥1,739,539,339.06 from ¥1,653,413,063.28, an increase of about 5.2%[22] Cash Flow - Cash flow from operating activities showed a significant decline, with a net amount of ¥68,018,087.41, down 61.92% compared to the same period last year[13] - Cash flow from operating activities generated a net amount of 68,018,087.41, down from 178,617,130.91 in the previous period[26] - The net cash flow from financing activities improved significantly, reaching ¥108,982,393.64, a 159.42% increase compared to the previous year[13] - The net cash flow from financing activities was 108,982,393.64, a significant improvement from -183,397,935.52 in the previous period[27] - Cash inflow from investment activities totaled 583,799,618.64, compared to 1,062,696,742.91 in the previous period, indicating a decrease of approximately 45%[26] - Cash outflow from investment activities was 717,079,208.44, down from 1,182,067,173.01 in the previous period[26] - The total cash and cash equivalents at the end of the period amounted to 175,634,817.53, slightly up from 173,822,736.48 in the previous period[27] Shareholder Information - The total number of common shareholders at the end of the reporting period is 11,087[14] - The largest shareholder, Qian Hesheng, holds 26.04% of shares, totaling 30,163,625 shares[14] - The second-largest shareholder, Tang Weiguo, owns 7.79% of shares, amounting to 9,024,890 shares[14] - The total number of restricted shares held by Qian Hesheng is 22,622,719, which includes 1,902,719 newly restricted shares this period[17] - Tang Weiguo has 7,429,148 restricted shares, with 2,386,148 newly restricted shares this period[17] - The total number of restricted shares across all shareholders at the end of the period is 39,626,588[18] - The top ten shareholders collectively hold a significant portion of the company's equity, with the largest ten shareholders holding a combined total of 58.09%[14] - The company has no preferred shareholders as of the reporting period[16] - The number of shareholders with voting rights restored for preferred shares is zero[14] - There are no changes in the top ten shareholders due to securities lending or borrowing activities[15] Future Plans and Changes - The company plans to continue expanding its market presence and investing in new technologies to drive future growth[5] - The company plans to distribute a cash dividend of ¥10 per 10 shares and to increase capital by 4.5 shares for every 10 shares held[19] - The company approved a plan for a specific stock issuance for 2025, indicating potential future capital raising efforts[19] - The company is set to implement new accounting standards starting from 2025[28] Other Information - The company reported a substantial increase in fixed assets, which rose by 266.23% to ¥607,100,317.95, primarily due to the completion of fundraising projects[10]

Investment Rating - The report maintains a "Buy" recommendation for several steel companies, including Hualing Steel, Baosteel, Nanjing Steel, and others, indicating a positive outlook for the sector [3][3][3]. Core Views - The revision of the capacity replacement plan by the Ministry of Industry and Information Technology is expected to improve the supply-demand dynamics in the steel industry marginally. The new draft includes stricter compliance requirements for capacity replacement, which may lead to a more regulated market [3][3]. - The report notes a decrease in steel profits, with specific margins for rebar, hot-rolled, and cold-rolled steel declining by 7, 17, and 23 yuan per ton, respectively, while electric arc furnace steel margins increased by 1 yuan per ton [1][1][1]. - Steel production increased to 8.65 million tons, with a notable rise in rebar production, while total inventory decreased by 260,100 tons, indicating a tightening market [2][2][2]. Summary by Sections Price Trends - As of October 24, 2025, the price of 20mm HRB400 rebar in Shanghai was 3,190 yuan per ton, down 20 yuan from the previous week. Hot-rolled steel increased by 20 yuan to 3,300 yuan per ton, while cold-rolled steel rose by 10 yuan to 3,780 yuan per ton [1][12][13]. Production and Inventory - The total production of the five major steel products reached 8.65 million tons, an increase of 83,700 tons week-on-week. The total inventory of these products decreased by 260,100 tons to 1,098.5 million tons [2][2][2]. Investment Recommendations - The report recommends focusing on companies within the steel sector, particularly those that are expected to benefit from the revised capacity replacement regulations. Specific companies highlighted include Hualing Steel, Baosteel, Nanjing Steel, and others across various segments [3][3][3].

Market Overview - The special steel sector experienced a decline of 0.46% on October 24, with Xining Special Steel leading the drop [1] - The Shanghai Composite Index closed at 3950.31, up 0.71%, while the Shenzhen Component Index closed at 13289.18, up 2.02% [1] Stock Performance - Notable gainers in the special steel sector included: - Xianglou New Materials (301160) with a closing price of 63.21, up 6.70% and a trading volume of 60,100 shares, totaling 376 million yuan [1] - Jinzhu Pipeline (002443) closed at 8.70, up 4.82% with a trading volume of 313,900 shares, totaling 270 million yuan [1] - Decliners included: - Xining Special Steel (600117) closed at 3.15, down 3.37% with a trading volume of 540,600 shares, totaling 171 million yuan [2] - Taiyuan Iron & Steel (000825) closed at 4.05, down 1.70% with a trading volume of 448,500 shares, totaling 182 million yuan [2] Capital Flow - The special steel sector saw a net inflow of 14.53 million yuan from institutional investors, while retail investors experienced a net outflow of 90.53 million yuan [2] - Key stocks with significant capital flow included: - Jinzhu Pipeline (002443) had a net inflow of 49.17 million yuan from institutional investors, but a net outflow of 44.99 million yuan from retail investors [3] - Taiyuan Iron & Steel (000825) recorded a net inflow of 14.33 million yuan from institutional investors, with a net outflow of 22.01 million yuan from retail investors [3]

Core Points - The Shanghai Composite Index closed at 3938.98 points, above the six-month moving average, with a gain of 0.42% [1] - A total trading volume of A-shares reached 1,239.319 billion yuan today [1] - 126 A-shares have surpassed the six-month moving average, with notable stocks showing significant deviation rates [1] Summary by Category Stock Performance - The top three stocks with the highest deviation rates from the six-month moving average are: - Xicet Testing (西测测试) with a deviation rate of 13.84% and a daily increase of 15.21% [2] - Anhui Instrument Technology (皖仪科技) with a deviation rate of 9.60% and a daily increase of 12.74% [2] - Aerospace Changfeng (航天长峰) with a deviation rate of 9.37% and a daily increase of 10.01% [2] Trading Metrics - The trading turnover rate for Xicet Testing was 18.16%, while Anhui Instrument Technology had a turnover rate of 3.91% [2] - The latest prices for the top three stocks are: - Xicet Testing at 58.87 yuan [2] - Anhui Instrument Technology at 24.33 yuan [2] - Aerospace Changfeng at 15.17 yuan [2] Additional Stocks - Other notable stocks with significant performance include: - Tongfeng Electronics (铜峰电子) with a deviation rate of 9.10% and a daily increase of 9.95% [2] - Weihong Technology (维宏股份) with a deviation rate of 7.25% and a daily increase of 10.74% [2] - China Satellite Communications (中国卫通) with a deviation rate of 5.82% and a daily increase of 6.02% [2]

Market Overview - The special steel sector increased by 0.23% on October 22, with Fangda Special Steel leading the gains [1] - The Shanghai Composite Index closed at 3913.76, down 0.07%, while the Shenzhen Component Index closed at 12996.61, down 0.62% [1] Stock Performance - Fangda Special Steel (600507) closed at 5.57, up 2.77% with a trading volume of 315,700 shares and a turnover of 175 million yuan [1] - Other notable performers include: - Shengde Zhengtai (300881) at 35.29, up 2.20% [1] - Fushun Special Steel (665009) at 5.30, up 1.92% [1] - Jinzhu Pipeline (002443) at 8.48, up 1.44% [1] - Xining Special Steel (600117) at 3.28, up 1.23% [1] Capital Flow - The special steel sector saw a net inflow of 34.18 million yuan from institutional investors, while retail investors experienced a net outflow of 36.31 million yuan [2][3] - The capital flow for key stocks includes: - Fushun Special Steel with a net inflow of 28.63 million yuan from institutional investors [3] - Jiu Li Special Materials (002318) with a net inflow of 16.07 million yuan [3] - Fangda Special Steel with a net inflow of 6.93 million yuan from institutional investors [3]

Market Performance - The special steel sector increased by 1.09% on October 21, with Jinzhou Pipeline leading the gains [1] - The Shanghai Composite Index closed at 3916.33, up 1.36%, while the Shenzhen Component Index closed at 13077.32, up 2.06% [1] Individual Stock Performance - Jinzhou Pipeline (002443) closed at 8.36, up 6.23% with a trading volume of 249,200 shares and a turnover of 206 million yuan [1] - Changbao Co. (002478) closed at 6.33, up 4.46% with a trading volume of 397,100 shares and a turnover of 251 million yuan [1] - Shagang Group (002075) closed at 5.61, up 1.81% with a trading volume of 305,800 shares and a turnover of 171 million yuan [1] - Other notable performances include Taigang Stainless (000825) up 1.73% and Fangda Special Steel (600507) up 1.12% [1] Capital Flow Analysis - The special steel sector saw a net inflow of 8.93 million yuan from institutional investors, while retail investors contributed a net inflow of 10.64 million yuan [2] - The sector experienced a net outflow of 19.57 million yuan from speculative funds [2] Detailed Capital Flow for Key Stocks - Jinzhou Pipeline (002443) had a net inflow of 16.46 million yuan from institutional investors, while it faced a net outflow of 3.39 million yuan from speculative funds [3] - Shagang Group (002075) saw a net inflow of 15.62 million yuan from institutional investors, but a net outflow of 17.73 million yuan from speculative funds [3] - Fangda Special Steel (600507) had a net inflow of 4.64 million yuan from institutional investors, with a net outflow of 6.74 million yuan from speculative funds [3]

Core Insights - The steel industry is experiencing a gradual recovery in demand, with a notable increase in apparent consumption and a decrease in inventory levels, indicating a potential stabilization in the market [1][3] - Despite the positive demand trends, profitability in the steel sector has declined, with significant drops in gross margins for key products, suggesting ongoing cost pressures [2] - The supply side is expected to continue its contraction, supported by government policies aimed at reducing production and promoting a balance between supply and demand [3] Demand and Supply Analysis - Apparent consumption of the five major steel products reached 8.7541 million tons, up by 1.2398 million tons week-on-week, with construction materials and sheet products also showing increases [1] - Total steel production was 8.5695 million tons, down by 0.0636 million tons, while total inventory decreased to 15.8226 million tons, down by 0.1846 million tons, maintaining a low level [1] - The operating rate of blast furnaces remained stable at 84.27%, while electric furnace operating rates increased slightly, indicating a mixed response in production capabilities [1] Profitability Trends - The average gross profit for rebar fell to 111.6 CNY per ton, down by 34.3 CNY per ton, and for hot-rolled coils, it dropped to 21.6 CNY per ton, down by 67.6 CNY per ton [2] - The profitability rate for 247 steel companies decreased to 55.41%, down by 0.87% week-on-week, reflecting the challenges faced by the industry [2] Future Outlook - The demand from the real estate sector is expected to weaken, but stable growth is anticipated in infrastructure and manufacturing, which may support overall steel demand [3] - The government has introduced policies to control production, aiming to phase out inefficient capacities and support advanced enterprises, which may lead to a quicker recovery in the steel industry's fundamentals [3] Investment Recommendations - Companies with leading technology and product structures, such as Baosteel (600019.SH) and Hualing Steel (000932.SZ), are recommended for their competitive advantages [5] - Low-valuation, high-dividend steel companies like CITIC Special Steel (000708.SZ) and Yongjin Shares (603995.SH) are also highlighted as attractive investment opportunities [5] - The report suggests a positive outlook for upstream resource companies, recommending firms like Hebei Steel Resources (000923.SZ) and Erdos (600295.SH) due to their long-term advantages [5]

Investment Rating - The report maintains an "Overweight" rating for the steel industry [5]. Core Viewpoints - Demand is expected to gradually bottom out, and supply-side market clearing has begun, indicating a potential recovery in the steel industry's fundamentals. If supply policies are implemented, the contraction of supply may accelerate, leading to quicker industry recovery [3][8]. - The report highlights a week-on-week increase in steel consumption and a decrease in inventory levels, suggesting a positive trend in demand recovery post-holiday [5][12]. - Profit margins for steel production have decreased, with average gross margins for rebar and hot-rolled coils declining significantly [5][42]. Summary by Sections Steel Prices and Inventory - Last week, the price of Shanghai rebar fell by 50 CNY/ton to 3210 CNY/ton, a decrease of 1.54%. Hot-rolled coil prices dropped by 120 CNY/ton to 3280 CNY/ton, a decline of 3.53% [8]. - Total inventory of major steel products decreased to 15.82 million tons, down 1.15% week-on-week [12]. Raw Materials - Iron ore spot prices decreased by 10 CNY/ton to 780 CNY/ton, while futures prices fell by 24.5 CNY/ton to 771 CNY/ton [51]. - Iron ore port inventory rose to 142.78 million tons, an increase of 1.81% [53]. Production and Profitability - The total steel production last week was 8.57 million tons, a decrease of 6.36 million tons week-on-week [36]. - The average gross margin for rebar was 111.6 CNY/ton, down 34.3 CNY/ton, while for hot-rolled coils, it was 21.6 CNY/ton, down 67.6 CNY/ton [42]. Market Outlook - The report anticipates that the demand for steel will stabilize, with a gradual recovery expected in the construction and manufacturing sectors, despite ongoing challenges in the real estate market [5][8]. - The steel industry is expected to benefit from policies aimed at reducing inefficient production capacity and promoting high-quality development [5].