北京市金杜（南京）律师事务所 关于苏州翔楼新材料股份有限公司 2025 年第三次临时股东会 之法律意见书 致：苏州翔楼新材料股份有限公司 北京市金杜（南京）律师事务所（以下简称本所）接受苏州翔楼新材料股 份有限公司（以下简称公司）的委托，根据《中华人民共和国证券法》（以下简 称《证券法》）、《中华人民共和国公司法》（以下简称《公司法》）、《上市公司股 东会规则》（以下简称《股东会规则》）等中华人民共和国境内（以下简称中国 境内，为本法律意见书之目的，不包括中国香港特别行政区、中国澳门特别行 政区和中国台湾省）现行有效的法律、行政法规、规章及规范性文件和现行有 效的公司章程有关规定，指派律师出席了公司于2025年11月13日召开的2025 年第三次临时股东会（以下简称本次股东会），并就本次股东会相关事项出具本 法律意见书。 为出具本法律意见书，本所律师审查了公司提供的以下文件，包括但不限 于： 1.经公司 2025 年第二次临时股东会审议通过的《苏州翔楼新材料股份有限 公司章程》（以下简称《公司章程》）； 2.公司 2025 年 8 月 12 日刊登于《中国证券报》《上海证券报》《证券时 报》《证券日报》、巨潮 ...

Market Overview - The special steel sector increased by 0.36% on November 12, with Fangda Special Steel leading the gains [1] - The Shanghai Composite Index closed at 4000.14, down 0.07%, while the Shenzhen Component Index closed at 13240.62, down 0.36% [1] Stock Performance - Fangda Special Steel (600507) closed at 6.32, up 2.43% with a trading volume of 428,500 shares and a turnover of 268 million yuan [1] - CITIC Special Steel (000708) closed at 15.61, up 1.36% with a trading volume of 194,900 shares and a turnover of 304 million yuan [1] - Other notable performances include: - Xianglou New Materials (301160) at 60.74, up 1.01% [1] - Taiyuan Iron & Steel (000825) at 4.35, up 0.69% [1] - Jiao Jin Co. (603995) at 18.85, up 0.27% [1] - Decliners included: - Xining Special Steel (600117) at 3.18, down 0.31% [1] - Shagang Group (002075) at 5.77, down 0.52% [1] - Jiu Li Special Materials (002318) at 26.31, down 0.72% [1] Capital Flow - The special steel sector experienced a net outflow of 199 million yuan from institutional investors, while retail investors saw a net inflow of 124 million yuan [2] - The capital flow for individual stocks showed: - Xianglou New Materials had a net inflow of 8.07% from institutional investors [3] - Fangda Special Steel had a net outflow of 2.71% from institutional investors [3] - Jiu Li Special Materials had a net outflow of 3.43% from institutional investors [3]

Core Insights - The special steel sector experienced a slight increase of 0.15% on November 11, with Xianglou New Materials leading the gains [1] - The Shanghai Composite Index closed at 4002.76, down 0.39%, while the Shenzhen Component Index closed at 13289.0, down 1.03% [1] Special Steel Sector Performance - Xianglou New Materials (301160) closed at 60.13, up 2.96% with a trading volume of 21,600 lots and a transaction value of 129 million [1] - Fangda Special Steel (600507) closed at 6.17, up 0.65% with a trading volume of 225,800 lots and a transaction value of 139 million [1] - Xining Special Steel (600117) closed at 3.19, up 0.63% with a trading volume of 301,500 lots and a transaction value of 95.73 million [1] - Other notable performances include Shengde Yantai (300881) up 0.62%, CITIC Special Steel (000708) up 0.20%, and Fushun Special Steel (665009) up 0.18% [1] Capital Flow Analysis - The special steel sector saw a net outflow of 86.77 million from main funds, while retail funds experienced a net inflow of 62.80 million [2][3] - Notable net inflows from retail investors were observed in Xianglou New Materials (730.63 million) and Shengde Yantai (667.25 million) [3] - Conversely, significant net outflows from main funds were recorded for CITIC Special Steel (-1,667.42 million) and Fangda Special Steel (-1,334.32 million) [3]

Core Insights - The steel industry is expected to gradually recover as demand stabilizes and supply-side adjustments begin to take effect, with potential acceleration if supply policies are implemented [3][4]. Group 1: Steel Market Overview - Steel prices have decreased, with total inventory also declining. Last week, the average price of rebar in Shanghai fell by 10 CNY/ton to 3200 CNY/ton, a decrease of 0.31% [8][12]. - Apparent consumption of five major steel products was 8.6693 million tons, down 5.4% week-on-week and 1.22% year-on-year [21][26]. - The production of steel decreased to 8.5674 million tons, a week-on-week decline of 18.55 thousand tons [31]. Group 2: Supply and Demand Dynamics - The operating rate of blast furnaces among 247 steel mills increased to 83.13%, up 1.38 percentage points week-on-week, while electric furnace operating rates decreased [27][29]. - The profitability of steel companies has declined, with an average profit margin of 39.83%, down 5.19 percentage points week-on-week [27][30]. - The report anticipates that the demand for steel will stabilize, particularly as the negative impact from the real estate sector diminishes, while infrastructure and manufacturing demand is expected to grow steadily [3][4]. Group 3: Raw Material Prices - Iron ore prices have decreased, with spot prices dropping by 26 CNY/ton to 774 CNY/ton, a decline of 3.25% [46]. - The inventory of iron ore at ports increased to 14898.83 million tons, up 2.45% week-on-week [49]. - The total shipment volume of iron ore from Brazil and Australia has decreased, indicating a tightening supply [50][53]. Group 4: Investment Recommendations - The report maintains an "overweight" rating for the steel sector, highlighting that companies with product structure and cost advantages will benefit from the industry's transition towards higher quality development [4]. - Key recommendations include Baosteel, Hualing Steel, and Shougang, which are noted for their technological and structural advantages [4].

Investment Rating - The report maintains a "Buy" rating for several steel companies, including Hualing Steel, Baosteel, Nanjing Steel, and others [3][4]. Core Views - The steel industry is gradually entering the off-season, with differentiated performance among various products. Steel production and apparent consumption are both declining, indicating seasonal characteristics. Inventory reduction rates are similar to previous years, but absolute inventory levels remain high. Steel mill profits are at low levels, and a seasonal downward trend is expected in both supply and demand [3][4]. - The report highlights that the production structure is changing, with some steel mills shifting from rebar production to plate production due to weak real estate demand. This has led to an increase in plate production and a decrease in rebar production, with supply changes outpacing demand changes in the short term [3][4]. Summary by Sections Price Trends - As of November 7, 2025, steel prices have decreased, with rebar priced at 3200 CNY/ton, down 10 CNY/ton from the previous week. Hot-rolled and cold-rolled prices also saw declines of 60 CNY/ton and 50 CNY/ton, respectively [1][10]. Production and Inventory - Total steel production for the week was 8.57 million tons, a decrease of 185,500 tons from the previous week. Social inventory decreased by 20,400 tons to 10.7383 million tons, while steel mill inventory fell by 80,900 tons [2][3]. Profitability - Steel mill profits have declined, with rebar, hot-rolled, and cold-rolled margins decreasing by 7 CNY/ton, 38 CNY/ton, and 10 CNY/ton, respectively. Electric arc furnace steel margins also fell by 14 CNY/ton [1][3]. Investment Recommendations - The report recommends several stocks, including Hualing Steel, Baosteel, Nanjing Steel, and others, highlighting their potential for recovery in profitability due to capacity regulation and precise management [3][4].

Core Points - The company, Xianglou New Materials, announced the cancellation of 3,728,955 shares, which represents 3.22% of the total shares before cancellation [1] - After the cancellation, the total share capital of the company decreased from 115,849,275 shares to 112,120,320 shares [1] - The cancellation of shares was confirmed by the China Securities Depository and Clearing Corporation Limited Shenzhen Branch on November 6, 2025 [1] Shareholding Changes - Following the share cancellation, the controlling shareholder and chairman, Qian Hesheng, along with his concerted party, Suzhou Hesheng Holdings Co., Ltd., saw their combined shareholding increase from 30.59% to 31.61% [1] - The change in shareholding for Qian Hesheng and Suzhou Hesheng Holdings triggered a passive increase of 1% in their equity stake [1] - The company's director and general manager, Tang Weiguo, also experienced a change in shareholding, with his stake increasing from 7.79% to 8.05%, also triggering a passive increase of 1% in his equity stake [1]

证券代码：301160 证券简称：翔楼新材 公告编号：2025-065 苏州翔楼新材料股份有限公司 关于回购股份注销完成暨实际控制人及其一致行动人、 5%以上股东持股比例被动增加触及 1%整数倍的公告 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、 误导性陈述或者重大遗漏。 特别提示： 1、苏州翔楼新材料股份有限公司（以下简称"公司"）本次注销股份数量 为 3,728,955 股，占注销前公司总股本 115,849,275 股的 3.22%。本次注销完成后， 公司总股本由 115,849,275 股变更为 112,120,320 股。 2、经中国证券登记结算有限责任公司深圳分公司确认，公司本次回购股份 注销事宜已于 2025 年 11 月 06 日办理完成。 3、本次回购股份注销完成后，公司实际控制人、董事长钱和生及其一致行 动人苏州和升控股有限公司持有公司股份数量未发生变化，但合计持有公司股份 比例由 30.59%被动增加至 31.61%，权益变动被动触及 1%整数倍。 4、本次回购股份注销完成后，公司董事、总经理唐卫国持有公司股份数量 未发生变化，但持有公司股份比例由 7.79% ...

Market Overview - The special steel sector experienced a decline of 0.3% on November 7, with Shengde Xintai leading the drop [1] - The Shanghai Composite Index closed at 3997.56, down 0.25%, while the Shenzhen Component Index closed at 13404.06, down 0.36% [1] Stock Performance - Notable stock performances included: - Changbao Co., Ltd. (002478) rose by 3.41% to a closing price of 8.50, with a trading volume of 1.93 million shares and a turnover of 1.616 billion [1] - Fushun Special Steel (666009) increased by 1.61% to 5.68, with a trading volume of 870,900 shares [1] - Fangda Special Steel (600507) saw a rise of 1.14% to 6.19, with a turnover of 176 million [1] - Jiu Li Special Materials (002318) fell by 1.62% to 26.13, with a trading volume of 147,300 shares and a turnover of 387 million [1][2] Capital Flow - The special steel sector saw a net outflow of 180 million from main funds, while retail investors contributed a net inflow of 145 million [2] - The capital flow for specific stocks included: - Fushun Special Steel had a main fund net inflow of 58.63 million, but a net outflow from retail investors of 55.44 million [3] - Shengde Xintai experienced a net outflow of 25.61 million from main funds, while retail investors contributed a net inflow of 16.72 million [3] - Jiu Li Special Materials had a net outflow of 2.69 million from main funds, but a net inflow of 33.42 million from retail investors [3]

Group 1 - The core point of the article is that Xianglou New Materials (SZ 301160) held its third board meeting on November 5, 2025, to discuss various proposals, including the exemption of the notification period for the meeting [1] - For the year 2024, the company's revenue composition is entirely from the metal products industry, accounting for 100.0% [1] - As of the report date, Xianglou New Materials has a market capitalization of 7.1 billion yuan [1]

证券代码：301160 证券简称：翔楼新材 公告编号：2025-064 苏州翔楼新材料股份有限公司 第四届董事会第三次会议决议公告 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。 1、审议通过了《关于豁免公司第四届董事会第三次会议通知期限的议案》； 根据《公司章程》和《董事会议事规则》，公司董事一致同意豁免公司第四 届董事会第三次会议通知期限。 表决结果：同意 10 票，反对 0 票，弃权 0 票。 2、审议通过了《关于选举代表公司执行事务的董事的议案》 根据《中华人民共和国公司法》《上市公司章程指引》规定，董事会同意选 举董事长钱和生先生为代表公司执行事务的董事，任期至第四届董事会届满之日 止。 表决结果：同意 10 票，反对 0 票，弃权 0 票。 一、董事会会议召开情况 苏州翔楼新材料股份有限公司（以下简称"公司"）第四届董事会第三次会议 （以下简称"本次会议"）于 2025 年 11 月 5 日在公司会议室以现场结合通讯方式 召开。经全体董事同意豁免本次会议通知期限要求，会议通知于 2025 年 11 月 5 日以书面及邮件形式发出。本次会议由董事长钱 ...