北京市中伦律师事务所 关于山东力诺医药包装股份有限公司 2025 年第四次临时股东会的 法律意见书 二〇二五年十月 北京 • 上海 • 深圳 • 广州 • 武汉 • 成都 • 重庆 • 青岛 • 杭州 • 南京 • 海口 • 东京 • 香港 • 伦敦 • 纽约 • 洛杉矶 • 旧金山 • 阿拉木图 Beijing • Shanghai • Shenzhen • Guangzhou • Wuhan • Chengdu • Chongqing • Qingdao • Hangzhou • Nanjing • Haikou • Tokyo • Hong Kong • London • New York • Los Angeles • San Francisco • Almaty 2025 年第四次临时股东会的 法律意见书 致：山东力诺医药包装股份有限公司 北京市中伦律师事务所（以下简称"本所"）作为山东力诺医药包装股份有 限公司（以下简称"公司"）的常年法律顾问，受公司委托，指派律师出席公司 2025 年第四次临时股东会（以下简称"本次股东会"）。本所律师根据《中华 人民共和国公司法》（以下简称"《公司法》"）、《 ...

山东力诺医药包装股份有限公司 第四届董事会第十六次会议决议公告 1、审议通过了《关于豁免公司第四届董事会第十六次会议通知期限的议案》 | 证券代码：301188 | 证券简称：力诺药包 | 公告编号：2025-112 | | --- | --- | --- | | 债券代码：123221 | 债券简称：力诺转债 | | 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。 一、董事会会议召开情况 山东力诺医药包装股份有限公司（以下简称"公司"）第四届董事会第十六 次会议通知于 2025 年 10 月 31 日通过现场及口头等通知方式向全体董事发出， 经全体董事确认，本次会议已豁免通知期限。会议于 2025 年 10 月 31 日以现场 与通讯相结合的方式在公司会议室召开，会议由全体董事推举宋来先生召集并主 持，本次会议应出席董事 7 名，实际出席董事 7 名，其中以通讯表决方式出席会 议的董事 5 名，分别是高元坤、马一、潘广成、杨公随、刘媛。公司全体高级管 理人员列席本次会议。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》的有 ...

Core Insights - The recombinant protein industry in China, despite its late start, has rapidly developed due to continuous support from national industrial policies, leading to significant breakthroughs in technology, production processes, and quality control [1][15] - The market for recombinant proteins is expected to grow steadily, driven by increased investment in innovative drug research, rising demand for precision medicine, and the expansion of downstream application scenarios [1][15] Industry Overview - Recombinant proteins are proteins obtained through genetic engineering and cell engineering, essential for the development and production of biopharmaceuticals, cell immunotherapy, and diagnostic reagents [4] - The industry has experienced three stages: the initial stage (1970-1990), rapid development (1990-2000), and transformation and upgrading (2000-present) [8][9] Market Growth - The market size of China's recombinant protein industry is projected to grow from 5.1 billion yuan in 2015 to 27 billion yuan in 2024, with a compound annual growth rate (CAGR) of 20.34% [1][15] - The global recombinant protein market is expected to increase from $7 billion in 2015 to $18.5 billion in 2024, with a CAGR of 11.4% [13][14] Policy Support - The Chinese government has implemented various policies to encourage technological innovation and market expansion in the biopharmaceutical sector, including funding support for research and expedited drug approval processes [9][10] Industry Chain - The upstream of the recombinant protein industry includes raw materials and equipment, while the midstream consists of recombinant protein products, and the downstream includes customers such as research institutions and pharmaceutical companies [10] Competitive Landscape - The recombinant protein market is characterized by a diverse and dynamic competitive landscape, with major multinational pharmaceutical companies like Pfizer, Roche, and Novartis leading the market, while numerous small and medium-sized enterprises focus on innovative technologies [16][17] Development Trends - The industry is moving towards high-end products, focusing on complex structures and high-value proteins, with an emphasis on product activity, purity, and consistency [18] - Intelligent technologies, including AI and machine learning, are expected to enhance research and production processes, improving efficiency and product quality [19][20] - Chinese recombinant protein companies are increasingly participating in global competition, aiming to meet international standards and establish a strong global presence [21]

Core Viewpoint - The stock price of Linuo Pharmaceutical Packaging has experienced a decline recently, despite a year-to-date increase, indicating potential volatility in the market [1][2]. Company Overview - Linuo Pharmaceutical Packaging Co., Ltd. is located in Shandong Province, established on March 1, 2002, and listed on November 11, 2021. The company specializes in the research, production, and sales of specialty glass, focusing on borosilicate glass development and application [2]. - The main business revenue composition includes heat-resistant glass (57.02%), pharmaceutical glass (40.74%), and other material sales (2.24%) [2]. Stock Performance - Year-to-date, the stock price has increased by 14.72%, but it has decreased by 2.62% over the last five trading days, 0.12% over the last 20 days, and 20.26% over the last 60 days [2]. - As of October 29, the stock price was reported at 17.12 CNY per share, with a market capitalization of 4.093 billion CNY [1]. Financial Performance - For the period from January to September 2025, Linuo Pharmaceutical Packaging reported a revenue of 721 million CNY, a year-on-year decrease of 13.22%, and a net profit attributable to shareholders of 50.8823 million CNY, down 27.80% year-on-year [2]. Shareholder Information - As of September 30, 2025, the number of shareholders increased by 58.60% to 17,600, while the average circulating shares per person decreased by 36.94% to 13,571 shares [2]. - The company has distributed a total of 139 million CNY in dividends since its A-share listing, with 92.177 million CNY distributed over the past three years [3]. Institutional Holdings - As of September 30, 2025, new institutional shareholders include Rongtong Health Industry Flexible Allocation Mixed A/B (holding 3.8 million shares), Green High Dividend Preferred Mixed A (holding 3.1433 million shares), and Yuanxin Yongfeng Pharmaceutical Health A (holding 1.62 million shares) [3].

Group 1 - Lino Pharmaceutical Packaging (301188.SZ) reported its Q3 2025 results, with 10 institutional investors holding a total of 123 million shares, representing 51.41% of the company's total equity as of October 27, 2025 [1] - The top ten institutional investors include Lino Investment Holdings Group, Jinan Hongdao New Energy Partnership, and several investment funds, collectively holding 51.41% of shares, which is a decrease of 4.04 percentage points compared to the previous quarter [1] Group 2 - In the public fund sector, three funds increased their holdings compared to the previous period, with a total increase in holdings of 2.91% [2] - One new public fund disclosed its holdings this quarter, while 94 public funds did not disclose their holdings compared to the previous quarter, including several notable funds [2]

Core Viewpoint - Linuo Pharmaceutical (301188.SZ) reported a decline in revenue and net profit for the first three quarters of 2025, indicating potential challenges in its financial performance [1] Financial Performance - The company's operating revenue for the first three quarters was 721 million yuan, a year-on-year decrease of 13.22% [1] - The net profit attributable to shareholders was 50.88 million yuan, reflecting a year-on-year decrease of 27.80% [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 35.58 million yuan, down 43.60% year-on-year [1] - Basic earnings per share stood at 0.22 yuan [1]

Core Viewpoint - The company, Lino Pharmaceutical (301188), announced that it has not provided any guarantees for companies outside its consolidated financial statements, indicating a strong financial position without overdue guarantees or litigation-related guarantees [1] Group 1 - The company has confirmed that there are no overdue guarantees [1] - There are no external guarantees involved in any litigation [1] - The company has not been subject to any judgments resulting in losses due to guarantees [1]

| 证券代码：301188 | 证券简称：力诺药包 | 公告编号：2025-109 | | --- | --- | --- | | 债券代码：123221 | 债券简称：力诺转债 | | 山东力诺医药包装股份有限公司 山东力诺医药包装股份有限公司（以下简称"公司"）于 2025 年 6 月 6 日召开第四 届董事会第十一次会议和第四届监事会第十次会议，审议通过了《关于为全资子公司提 供担保的议案》，同意公司为公司全资子公司山东力诺玻璃科技有限公司（以下简称"玻 璃科技"）向金融机构申请不超过 1 亿元（含本数）的授信额度提供不超过人民币 1 亿 元（含本数）的连带责任保证担保，担保额度自董事会审议通过之日起一年内有效。具 体详见公司于 2025 年 6 月 6 日在巨潮资讯网（http://www.cninfo.com.cn）披露的《关于 为全资子公司提供担保的公告》（公告编号：2025-058）。 二、担保进展情况 近日，公司全资子公司玻璃科技向中国农业银行股份有限公司商河县支行（以下 简称"农业银行"）申请综合授信额度，同时公司与农业银行签订了《保证合同》（以下 简称"保证合同"），为玻璃科技在农业银行的 ...

Financial Performance - The company's revenue for Q3 2025 was ¥222,287,195.16, a decrease of 17.69% compared to the same period last year[5]. - Net profit attributable to shareholders was ¥9,914,868.97, down 48.32% year-on-year[5]. - The basic earnings per share decreased by 50.00% to ¥0.04[5]. - Total operating revenue for the current period is ¥721,014,626.29, down from ¥830,872,973.77 in the previous period, representing a decrease of approximately 13.2%[19]. - Net profit for the current period is ¥50,882,334.53, a decline from ¥70,471,346.82 in the previous period, reflecting a decrease of approximately 28%[20]. - Basic earnings per share for the current period is ¥0.22, down from ¥0.30 in the previous period, a decrease of about 26.7%[21]. Assets and Liabilities - Total assets increased by 8.71% to ¥2,561,318,259.54 compared to the end of the previous year[5]. - Total assets amount to ¥2,561,318,259.54, an increase from ¥2,356,016,894.42 in the previous period, representing a growth of approximately 8.7%[17]. - Total liabilities are ¥956,977,598.68, up from ¥801,801,927.49 in the previous period, indicating an increase of about 19.4%[17]. - Non-current assets total ¥1,276,732,667.12, compared to ¥977,512,837.13 in the previous period, reflecting an increase of approximately 30.6%[17]. - Current liabilities amount to ¥462,651,820.72, an increase from ¥337,200,557.80 in the previous period, representing a growth of about 37.2%[17]. Cash Flow - Cash flow from operating activities showed a net outflow of ¥60,472,268.24, a decline of 293.85% compared to the same period last year[9]. - The company’s cash flow from financing activities improved to a net inflow of ¥8,758,423.52, compared to a net outflow in the previous year[9]. - Operating cash inflow for the current period was CNY 636,400,328.38, an increase from CNY 623,745,384.60 in the previous period[22]. - Net cash outflow from operating activities was CNY -60,472,268.24, compared to a net inflow of CNY 31,195,830.67 in the previous period[23]. - Cash inflow from financing activities was CNY 87,102,350.92, compared to CNY 724,201.06 in the previous period[23]. - Net cash inflow from financing activities was CNY 8,758,423.52, a significant improvement from a net outflow of CNY -73,717,815.72 in the previous period[23]. Shareholder Information - Total number of common shareholders at the end of the reporting period is 17,616[11]. - The largest shareholder, Linuo Investment Holding Group, holds 32.16% of shares, totaling 76,895,461 shares, with 56,930,000 shares pledged[11]. - Jinan Hongdao New Energy Partnership holds 6.35% of shares, totaling 15,177,000 shares[11]. - The top ten shareholders include various investment funds and companies, indicating a diverse shareholder base[12]. - The company has not reported any changes in the status of preferred shareholders or significant changes in shareholding due to margin trading[14]. Inventory and Investments - The company reported a significant increase in long-term equity investments by 168.48% to ¥142,261,977.71 due to the purchase of equity in Chuangyang[8]. - The company’s inventory increased by 55.11% to ¥422,960,281.23, attributed to increased production capacity[8]. - Long-term investments increased to ¥142,261,977.71 from ¥52,987,357.77, showing a significant rise of approximately 168.5%[17]. Other Financial Metrics - The company’s financial expenses rose by 35.95% to ¥17,238,659.96, primarily due to a decrease in interest income from reduced investment amounts[9]. - Total operating costs for the current period are ¥684,502,021.07, compared to ¥764,080,029.44 in the previous period, indicating a decrease of about 10.5%[19]. - Research and development expenses for the current period are ¥23,442,506.08, slightly up from ¥22,242,760.16 in the previous period, indicating a growth of about 5.4%[20]. - Total cash and cash equivalents decreased from ¥490,489,588.50 to ¥380,348,094.76, a decline of approximately 22.6%[15]. - Trading financial assets decreased from ¥295,750,585.02 to ¥116,398,478.20, a decline of approximately 60.7%[15]. - Accounts receivable increased from ¥207,803,012.45 to ¥233,866,369.38, an increase of approximately 12.5%[15]. - Prepayments increased from ¥17,214,368.78 to ¥25,040,449.73, an increase of approximately 45.5%[15]. - Other receivables increased from ¥9,526,282.49 to ¥10,373,628.53, an increase of approximately 8.9%[15]. Audit Status - The company has not yet audited its third-quarter financial report[25].

Group 1 - The core point of the article indicates that Linuo Pharmaceutical reported a revenue of 222 million yuan for the third quarter, representing a year-on-year decline of 17.69% [1] - The net profit for the third quarter was 9.91 million yuan, which is a year-on-year decrease of 48.32% [1] - For the first three quarters, the total revenue was 721 million yuan, showing a year-on-year decline of 13.22% [1] - The net profit for the first three quarters amounted to 50.88 million yuan, reflecting a year-on-year decrease of 27.80% [1]