Group 1: Financial Performance - The company's operating income in 2023 increased by 15.25% compared to 2022, primarily driven by the recovery in the sales of heat-resistant glass, which generated revenue of CNY 518 million, a growth of 24.86% [3] - The pharmaceutical glass business achieved revenue of CNY 406 million, with a year-on-year growth of 15.27%, where the sales of borosilicate pharmaceutical glass bottles reached CNY 331 million, reflecting an increase of 18.47% [4] Group 2: Research and Development - The company increased its R&D investment by 16.06% in 2023, focusing on the development of borosilicate pharmaceutical packaging products and the upgrade of production processes [2] - The lightweight pharmaceutical molded glass bottle project is expected to produce approximately 46,574 tons upon completion [2] Group 3: Market Strategy and Expansion - The company has signed an investment framework agreement with The European Ampoules Company in Egypt to deepen cooperation in pharmaceutical glass [3] - The company is actively exploring international projects and plans to accelerate its international market layout through investments, mergers, and collaborations [3] Group 4: Social Responsibility and Governance - The company has been disclosing its social responsibility report for three consecutive years and aims to continuously optimize its ESG-related work [3] - The company emphasizes environmental protection and corporate governance as part of its commitment to social responsibility [3] Group 5: Future Plans - The company plans to expand production capacity and upgrade its industry through various projects in borosilicate glass and heat-resistant glass [5] - The company will disclose any future mergers or acquisitions based on industry trends and strategic development [4]

北京市中伦律师事务所 关于山东力诺特种玻璃股份有限公司 2023 年年度股东大会的 法律意见书 二〇二四年五月 致：山东力诺特种玻璃股份有限公司 北京市中伦律师事务所（以下简称"本所"）作为山东力诺特种玻璃股份有 限公司（以下简称"公司"）的常年法律顾问，受公司委托，指派本所律师通过 现场参会方式出席公司 2023 年年度股东大会（以下简称"本次股东大会"）。本 所律师根据《中华人民共和国公司法》（以下简称"《公司法》"）、《中华人民共和 国证券法》（以下简称"《证券法》"）、《上市公司股东大会规则》（以下简称"《股 东大会规则》"）等有关法律、法规、规范性文件及《山东力诺特种玻璃股份有限 公司章程》（以下简称"《公司章程》"）的规定，对本次股东大会进行见证并出具 法律意见。 北京市中伦律师事务所 关于山东力诺特种玻璃股份有限公司 2023 年年度股东大会的 法律意见书 为出具本法律意见书，本所律师审查了公司本次股东大会的有关文件和材料。 本所律师得到公司如下保证，即其已提供了本所律师认为作为出具本法律意见书 所必需的材料，所提供的原始材料、副本、复印件等材料、口头证言均符合真实、 准确、完整的要求，有关副本 ...

| 证券代码：301188 | 证券简称：力诺特玻 | 公告编号：2024-056 | | --- | --- | --- | | 债券代码：123221 | 债券简称：力诺转债 | | 山东力诺特种玻璃股份有限公司 2023 年年度股东大会决议公告 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、误导性陈述或重大遗漏。 特别提示： 1、本次股东大会不存在否决议案的情形。 2、本次股东大会不涉及变更以往股东大会已通过决议的情形。 一、会议召开和出席情况 （一）会议召开情况 1、股东大会届次：2023 年年度股东大会 2、会议召开的时间： （1）会议召开时间：2024 年 5 月 21 日（星期二）14:40 （2）网络投票时间：通过深圳证券交易所（"深交所"）交易系统进行网 络投票的具体时间为：2024 年 5 月 21 日 9:15-9:25、9:30—11:30，13:00—15:00； 通过深圳证券交易所互联网投票系统投票的具体时间为：2024 年 5 月 21 日 9:15-15:00 3、会议的召开方式：本次股东大会采用现场投票与网络投票相结合的方式 4、会议召开地点：山东 ...

Investment Rating - The report does not provide a clear investment rating, stating "we cannot give a definite investment rating" [9] Core Views - The company has shown improvement in gross margin year-on-year, with expectations for breakthroughs in new products [3] - The company is expanding its advantageous products, particularly in the mid-borosilicate glass sector, and is also entering the upstream production of glass tubes [3] - Market competition is intensifying, with new product expansion not meeting expectations due to uncertainties related to customer acceptance, regulatory approvals, and product quality [6][31] Financial Performance Summary - In Q1 2024, the company achieved revenue of 267 million, a year-on-year increase of 18.99%, and a net profit attributable to shareholders of 25 million, up 8.22% year-on-year [14][25] - The gross margin for Q1 2024 was 20.7%, an increase of 1.0 percentage points year-on-year, marking the first year-on-year increase in nearly a year [15] - The company reported a net profit margin of 9.3% in Q1 2024, a decrease of 0.9 percentage points year-on-year [15] Market Outlook - The report anticipates rapid growth in the mid-borosilicate glass market, driven by the implementation of consistency evaluations and national procurement policies, which are expected to accelerate industry concentration [28] - The company is projected to achieve net profits of 150 million and 240 million in 2024 and 2025, respectively, corresponding to price-to-earnings ratios of 27 and 17, leading to a "buy" rating [38]

Investment Rating - The report maintains a "Buy" rating for the company, expecting a stock price increase of over 15% relative to the industry index within the next six months [37]. Core Insights - The company is expected to achieve a robust revenue growth, with projected net profits for 2024-2026 at 1.59 billion, 2.13 billion, and 2.67 billion CNY, representing year-on-year growth rates of 142%, 33%, and 26% respectively [5]. - The company is benefiting from the growth in the pharmaceutical glass market, with the introduction of borosilicate molded bottles expected to significantly enhance future performance [5][15]. - The company reported a revenue of 2.67 billion CNY in Q1 2024, marking an 18.99% year-on-year increase, while the net profit was 24.81 million CNY, up 8.22% year-on-year [24]. Financial Summary - The company's revenue for 2022 was 822 million CNY, which increased to 947 million CNY in 2023, with an expected revenue of 1.287 billion CNY in 2024, reflecting a year-on-year growth rate of 35.9% [2][30]. - The gross profit margin for 2023 was reported at 17.44%, a decrease of 4.65 percentage points year-on-year, while the net profit margin was 6.96%, down 7.23 percentage points year-on-year [3]. - The company's operating cash flow for 2023 was 61 million CNY, a 32.35% increase compared to the previous year, primarily due to increased revenue [3][17].

Summary of Conference Call Notes Company and Industry Overview - The conference call primarily discusses the developments of **Linuote Glass** and its transition to **A-share listing**. The focus is on the **pharmaceutical packaging industry**, particularly in the context of borosilicate molded bottles and their market dynamics [4][5][15]. Key Points and Arguments 1. **Transition to A-Share Listing**: - Linuote Glass received formal approval for its transition to A-share on April 29, 2024, and has begun commercial wholesale of molded bottles [4]. - The company is actively engaging with downstream pharmaceutical companies for certification and product launches [5]. 2. **Market Demand and Capacity Expansion**: - The market for borosilicate molded bottles is expected to grow significantly, with a current replacement rate of 30-40% for existing products [5][15]. - Linuote Glass has set a sales target of 550 million units for the year, supported by contracts with multiple pharmaceutical companies [5]. 3. **Profitability and Cost Management**: - Despite rising raw material costs, the company reported a profit increase in Q1 due to a decline in raw material prices and improved energy costs [5][11]. - The gross margin is projected to improve, with a current estimate of 34.7% [8]. 4. **Production Capacity and Strategy**: - The company plans to add five new furnaces, each with a capacity of over 10,000 tons, to meet growing demand [6]. - Current production capacity is around 5,000 tons, with a target to exceed 60,000 tons by year-end [5][6]. 5. **Competitive Landscape**: - Linuote Glass faces competition from **Shandong Pharmaceutical Glass**, which holds a significant market share. The company is diversifying its product lines to enhance competitiveness [14]. - The overall market for pharmaceutical packaging is expanding, with a noted potential for international market growth [15]. 6. **Raw Material Cost Trends**: - Significant reductions in the prices of key raw materials like boric acid and natural gas are expected to positively impact profit margins [16]. - The company is increasing procurement efficiency to further reduce costs [16]. 7. **Sales and Revenue Growth**: - The sales of controlled bottles reached over 3 billion units last year, with a growth rate of approximately 15% [18]. - The company anticipates a revenue increase of 120% from scale products in Q2 [13]. 8. **Future Outlook**: - The company aims to achieve a market share of 10% in the new Linping base and plans to expand further post-industry consolidation [20]. - There is a strong expectation for revenue and profit growth due to rising market demand and improvements in production capacity [21]. Additional Important Insights - The company is exploring both new and second-hand equipment to enhance production capabilities [10]. - The pharmaceutical packaging market in China has a replacement rate of less than 20%, indicating substantial growth potential [15]. - The company is strategically positioning itself to meet both domestic and international demand, particularly for lightweight products [15].

山东力诺特种玻璃股份有限公司 关于回购公司股份的进展公告 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、误导性陈述或重大遗漏。 山东力诺特种玻璃股份有限公司（以下简称"公司"）于2024年1月16日召 开第三届董事会第二十四次会议和第三届监事会第二十四次会议，审议通过了 《关于回购公司股份方案的议案》，拟使用自有资金不低于人民币5,000万元（含）， 不超过人民币6,000万元（含）通过深圳证券交易所交易系统以集中竞价交易的 方式回购公司发行的人民币普通股（A股）股票，回购价格不超过22元/股（含本 数），回购股份用于实施股权激励计划或者员工持股计划，回购期限自董事会审 议通过回购股份方案之日起12个月内。公司已在中国证券登记结算有限责任公司 深圳分公司开立了回购股份专用证券账户。具体内容详见公司于2024年1月16日 在巨潮资讯网披露的《关于回购公司股份方案的公告》（公告编号：2024-005） 及公司于2024年1月24日披露的《回购报告书》（公告编号：2024-010）。 一、回购公司股份的进展情况 根据《上市公司股份回购规则》、《深圳证券交易所上市公司自律监管指引 第9号— ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [12][29]. Core Views - The recent approval of the borosilicate glass molded injection bottles for mass production is expected to significantly enhance the company's performance [12]. - The company is projected to achieve a net profit of 142 million, 157 million, and 174 million yuan for the years 2024, 2025, and 2026, respectively, indicating year-on-year growth of 115.2%, 10.6%, and 11.0% [12][23]. - The market for borosilicate glass is anticipated to grow due to increasing penetration rates and demand driven by policy changes [14]. Company Production Capacity and Financial Projections - The company has initiated production of borosilicate glass molded bottles with a current capacity of 5,080 tons, and plans to expand to a total capacity of 62,896 tons in the long term [7]. - The projected market value for the borosilicate glass molded bottles is estimated at 5.85 billion yuan once all production capacities are fully operational [7][13]. - The company has engaged with over 200 downstream customers, with significant progress in product testing and regulatory approvals [7]. Financial Performance and Ratios - The company's revenue is expected to grow from 947 million yuan in 2023 to 1.27 billion yuan in 2024, reflecting a year-on-year increase of 34.1% [23]. - The gross margin is projected to stabilize around 21.0% in 2024, with a net margin of 11.2% [23]. - The company's earnings per share (EPS) are forecasted to increase from 0.28 yuan in 2023 to 0.61 yuan in 2024 [23]. Market Dynamics - The competition in the molded bottle market is favorable, with only five companies currently approved for A status, leading to a tight supply-demand balance [22]. - The penetration rate of borosilicate glass in the pharmaceutical sector is currently below 20%, significantly lower than the international average of 70%, indicating substantial growth potential [14].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expectation of performance that will exceed the market by over 20% [17][16]. Core Insights - The company achieved a revenue of 947 million yuan in 2023, representing a year-on-year increase of 15.25%, but the net profit attributable to shareholders decreased by 43.49% to 66 million yuan [20]. - The decline in gross margin is attributed to rising raw material costs and a decrease in sales prices due to centralized procurement trends [20][27]. - The company is expected to see significant growth in its mid-boron medicinal glass segment, with new production capacity coming online [2][20]. Financial Performance Summary - In 2023, the company reported revenues of 9.47 billion yuan, with a gross margin of 17.44%, down 4.65 percentage points year-on-year [20]. - The gross margin for the first quarter of 2024 is projected at 20.72%, reflecting a year-on-year increase of 0.99 percentage points [20]. - The company’s operating expenses ratio for 2023 was 10.83%, up 2.58 percentage points year-on-year, with specific increases in sales and R&D expenses [20]. Revenue and Profit Forecast - Revenue is projected to grow to 1.27 billion yuan in 2024, with a year-on-year growth rate of 34.1% [28]. - The net profit attributable to shareholders is expected to rebound to 142 million yuan in 2024, representing a year-on-year increase of 115.2% [28]. - Earnings per share (EPS) are forecasted to be 0.61 yuan in 2024, with a price-to-earnings (P/E) ratio of 24.3 times [28].

STOCK CODE:301188 2023年度社会责任报告 办公室电话：0531-88729123 办公室传真：0531-84759999 公司网址：www.linuoglass.com 公司邮箱：lntbdsh@linuo.com 联系地址：济南市商河县玉皇庙镇政府驻地 2023年度 社会责任报告 山东力诺特种玻璃股份有限公司 SHANDONG LINUO TECHNICAL GLASS CO., LTD. Social Responsibility Report 2023 CONTENTS 目录 | 关于本报告 | / 01 | | --- | --- | | 走进力诺特玻 | / 03 | | ESG管理 | / 15 | | 未来展望 | / 86 | | 附录 | | | 指标索引 | / 87 | | 意见反馈表 | / 90 | | 规范治理 | 01 | | --- | --- | | 筑牢企业之基 | | | 夯实公司治理 | / 23 | | 合规风险管理 | / 28 | | 加强党建引领 | / 31 | | 研发引领 | 03 | | --- | --- | | 创新赋能未来 | ...