深圳市福田区中心五路 18 号星河中心大厦 19 层 电话：0755-23993388 传真：0755-86186205 邮编：518048 北京国枫（深圳）律师事务所 关于哈尔滨森鹰窗业股份有限公司 2023年年度股东大会的 法律意见书 国枫律股字[2024]C0051号 致：哈尔滨森鹰窗业股份有限公司（贵公司） 北京国枫（深圳）律师事务所（以下简称"本所"）接受贵公司的委托，指派律师 出席并见证贵公司 2023 年年度股东大会（以下简称"本次会议"）。 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》"）、《律师事务所从事证券法律业务管理办法》（以下简称"《证 券法律业务管理办法》"）、《律师事务所证券法律业务执业规则（试行）》（以下简 称"《证券法律业务执业规则》"）等相关法律、行政法规、规章、规范性文件及《哈 尔滨森鹰窗业股份有限公司公司章程》（以下简称"《公司章程》"）的规定，就本次 会议的召集与召开程序、召集人资格、出席会议人员资格、会议表决程序及表决结果等 事宜，出具本法律 ...

证券代码：301227 证券简称：森鹰窗业 公告编号：2024-040 哈尔滨森鹰窗业股份有限公司 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、本次股东大会无增加、变更、否决议案的情况； 2、本次股东大会不涉及变更以往股东大会决议的情形； 3、本次股东大会以现场和网络投票相结合的方式召开。 一、会议召开和出席情况 1、会议召开情况 （1）会议召开方式：哈尔滨森鹰窗业股份有限公司（以下简称"公司"） 2023年年度股东大会采取现场表决和网络投票相结合的方式召开。 （2）会议召开时间和召开地点：通过深圳证券交易所交易系统进行网络投 票的时间为2024年5月17日（星期五）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17日（星期五） 9:15至15:00期间的任意时间。现场会议于2024年5月17日（星期五）14:00在黑 龙江省哈尔滨市双城经济开发区松花江路与兴安路交口森鹰窗业双城办公楼二 楼7号会议室召开。 （3）会议召集人及 ...

Summary of Conference Call Company and Industry Involved - The conference call involves a company that is engaged in entrepreneurial strategies and is hosting a session with its Secretary of the Board [1] Core Points and Arguments - The company is focusing on sharing insights regarding its strategic initiatives and future plans during the call [1] Other Important but Possibly Overlooked Content - The presence of the Secretary of the Board indicates a high level of importance placed on the communication of strategic direction to stakeholders [1]

Investment Rating - The investment rating for the company is "Buy" with a target price of 30.45 CNY, maintaining the previous rating of "Buy" [4][10]. Core Views - The company has shown steady growth in 2023, with revenue reaching 9.40 billion CNY, an increase of 5.94% year-on-year, and a net profit of 1.46 billion CNY, up 35.21% [4][10]. - The report emphasizes the company's strategy of expanding product lines and enhancing brand presence to achieve stable growth, despite facing pressure from downstream demand [4][10]. - The forecast for EPS has been adjusted to 1.83/2.09 CNY for 2024-2025, with a new estimate of 2.34 CNY for 2026 [4][10]. Summary by Sections Financial Performance - In 2023, the company achieved a revenue of 9.40 billion CNY, with a net profit of 1.46 billion CNY, reflecting a 35.21% increase [4][10]. - The first quarter of 2024 saw a revenue of 0.89 billion CNY, marking a 3.22% increase year-on-year [4][10]. - The gross margin for 2023 was 36.19%, with a net profit margin of 15.53%, indicating improved profitability [4][10]. Earnings Forecast - The earnings per share (EPS) for 2024 is projected at 1.83 CNY, increasing to 2.09 CNY in 2025, and 2.34 CNY in 2026 [4][10]. - The company is expected to maintain a steady growth trajectory, supported by its brand strength and diversified product offerings [4][10]. Valuation Metrics - The report assigns a PE ratio of 16.63 for 2024, based on comparable companies, leading to a target price of 30.45 CNY [10][11]. - The company’s valuation metrics indicate a favorable outlook, with a projected net profit growth rate of 19% for 2024 [4][10]. Market Position - The company is positioned in the energy-efficient aluminum-wood window industry, with a strong focus on customized solutions and a well-established marketing network [4][10]. - The report highlights the potential for market share growth due to the company's established brand reputation and ongoing product innovation [4][10].

Investment Rating - The report maintains a rating of "Accumulate" for the company, indicating a positive outlook for future performance [22][37]. Core Insights - The company has shown strong performance in 2023, with significant growth in revenue and profit margins, particularly in its main product lines [17][22]. - The company is expanding its product categories, which is expected to drive future growth [22]. - The financial outlook for 2024-2026 shows a steady increase in net profit, with projections of 1.71 billion, 2.08 billion, and 2.48 billion respectively, reflecting year-on-year growth rates of 17%, 21%, and 19% [22][24]. Financial Performance Summary - In Q1 2024, the company reported revenue of 88.57 million, a year-on-year increase of 3.22%, while the net profit was -1.76 million, showing a significant improvement of 68.59% compared to the previous year [20]. - For the full year 2023, the company achieved revenue of 9.40 billion, a growth of 5.94%, and a net profit of 1.46 billion, up 35.21% year-on-year [20]. - The gross margin for 2023 was 36.19%, an increase of 2.85 percentage points from the previous year, while the net margin was 15.53%, up 3.36 percentage points [17]. Revenue Breakdown - In 2023, the revenue from the company's main products was as follows: energy-saving aluminum-clad wooden windows at 790 million, aluminum alloy windows at 114 million, and curtain walls and sunrooms at 20 million, with respective year-on-year growth rates of 5.17%, 11.98%, and 4.91% [17]. - The sales model showed that bulk sales accounted for 55.71% of total revenue, while dealer sales contributed 42.62%, with the latter growing by 8.17% year-on-year [17]. Cash Flow and Expenses - The operating cash flow for 2023 was 1.49 billion, a remarkable increase of 660.80% year-on-year, primarily due to increased sales collections [17]. - The company’s expense ratio was 12.35%, a slight decrease of 0.82 percentage points compared to the previous year [17]. Dividend Policy - The company announced a cash dividend plan for 2023, proposing a distribution of 5 yuan per 10 shares, totaling 46.45 million, and outlined a three-year shareholder return plan [17][18].

证券代码：301227 证券简称：森鹰窗业 公告编号：2024-039 哈尔滨森鹰窗业股份有限公司 关于投资设立全资子公司的公告 根据《深圳证券交易所创业板股票上市规则》《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》《哈尔滨森鹰窗业股份有限 公司章程》及《哈尔滨森鹰窗业股份有限公司重大经营与投资决策管理制度》 等相关制度规定，公司本次投资事项在公司董事长的审批权限范围内，无需提 交公司董事会和股东大会审议。 本次投资的资金来源于公司自有资金，不涉及关联交易，不构成重大资产 重组。 二、拟设立的全资子公司基本情况 1、公司名称：森鹰窗业（北京）有限公司 2、企业类型：有限责任公司（非自然人投资或控股的法人独资） 3、注册地址：北京市 1 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、投资概述 为满足公司业务发展需要，结合公司实际情况，哈尔滨森鹰窗业股份有限 公司（以下简称"公司"）拟以自有资金在北京出资设立全资子公司森鹰窗业 （北京）有限公司（暂定名，最终以当地相关部门核准登记信息的结果为准， 以下简称"北京子公司"）。北京子公司 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price not specified [21][28]. Core Views - The company achieved a revenue of 900 million yuan in Q1 2024, representing a 3% year-on-year increase, while the net profit attributable to the parent company decreased by 69% to -2 million yuan [28]. - The company focuses on expanding its product matrix to cover the mid-to-high-end energy-saving window market, continuously launching new products beyond just energy-saving aluminum-clad wooden windows [29]. - The company reported a total revenue of 900 million yuan for 2023, a 6% increase year-on-year, with a net profit of 150 million yuan, up 35% [20]. Financial Summary - In 2023, the company sold 478,000 square meters of wooden windows, a 10% increase year-on-year, and 94,000 square meters of metal windows, a 17% increase [3]. - The company’s revenue from wooden windows was 790 million yuan, accounting for 84% of total revenue, with a gross margin of 37.8%, up 1.5 percentage points [19]. - The projected net profits for 2024, 2025, and 2026 are 174 million yuan, 214 million yuan, and 264 million yuan respectively, with corresponding EPS of 1.84 yuan, 2.26 yuan, and 2.78 yuan [29][33]. Market Position and Strategy - The company has established a strong influence in the domestic energy-saving aluminum-clad wooden window industry, backed by mature industry experience and a good reputation [6]. - The company is actively expanding its sales channels, including enhancing its offline distribution network and exploring new opportunities in public building projects [20][31]. - The company has a comprehensive research and development management system in place, focusing on technological improvements and innovations in production processes [4].

证券代码：301227 证券简称：森鹰窗业 公告编号：2024-038 哈尔滨森鹰窗业股份有限公司 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。 重要内容提示： 1、哈尔滨森鹰窗业股份有限公司（以下简称"公司"）使用自有资金以集 中竞价交易方式回购公司部分人民币普通股A股股份（以下简称"本次回购"） ，用于维护公司价值及股东权益，以及后期员工持股计划或股权激励计划的实 施。其中，用于维护公司价值及股东权益的股份数量不高于回购总量的70%， 并将按有关规定予以全部出售；用于实施员工持股计划或股权激励的股份数量 不低于回购总量的30%。若公司未能自本次回购实施完成之日起三年内将已回 购的股份用于前述用途的，未使用部分的回购股份将履行相关程序予以注销。 本次用于回购的资金总额为不低于人民币10,000万元（含），不超过人民币 20,000万元（含），具体回购资金总额以实际使用的资金总额为准。按回购价 格上限和回购金额上下限测算，预计回购股份数量约为2,597,403股至5,194,805 股，约占公司目前已发行总股本比例为2.74%至5 ...

证券代码：301227 证券简称：森鹰窗业 公告编号：2024-037 哈尔滨森鹰窗业股份有限公司 关于控股股东及实际控制人之一致行动人暨部分董事、 高级管理人员股份增持计划的公告 公司于2024年4月28日收到控股股东、实际控制人之一致行动人边可欣女士 ，副董事长、总经理边可仁先生，董事、财务总监刘楚洁女士的《股份增持计 划的告知函》，基于对公司未来持续发展的坚定信心及对公司价值的认可，上 1 边可仁先生、刘楚洁女士、边可欣女士保证向本公司提供的信息内容真 实、准确、完整，没有虚假记载、误导性陈述或重大遗漏。 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、哈尔滨森鹰窗业股份有限公司（以下简称"森鹰窗业"或"公司"）控 股股东及实际控制人之一致行动人边可欣女士，副董事长、总经理边可仁先生， 董事、财务总监刘楚洁女士（以下简称"增持主体"）计划自本公告披露之日 起6个月内通过深圳证券交易所系统以集中竞价交易方式，以其自有资金或自筹 资金增持公司股份； 2、上述增持主体本次拟增持金额合计不低于人民币5,000万元，不高于人 民币10,000万元。 ...

Financial Performance - The company's revenue for Q1 2024 was ¥88,569,630.37, representing a 3.22% increase compared to ¥85,802,667.90 in the same period last year[5]. - The net loss attributable to shareholders decreased by 68.59% to ¥1,760,572.88 from ¥5,605,347.99 year-on-year[5]. - Total operating revenue for Q1 2024 was CNY 88,569,630.37, an increase of 3.3% compared to CNY 85,802,667.90 in the previous period[23]. - Net profit for Q1 2024 was a loss of CNY 1,760,572.88, compared to a loss of CNY 5,605,347.99 in the same period last year, indicating an improvement[24]. - The total comprehensive income attributable to the parent company was -1,760,572.88 CNY, compared to -5,605,347.99 CNY in the previous period, indicating an improvement[25]. - Basic and diluted earnings per share were both -0.0186 CNY, an improvement from -0.0591 CNY in the previous period[25]. Cash Flow - The net cash flow from operating activities was negative at ¥-17,537,195.72, a decline of 153.21% compared to ¥32,957,054.42 in the previous year[10]. - Cash inflow from operating activities totaled 144,986,589.22 CNY, down from 163,396,890.20 CNY in the previous period, representing a decrease of approximately 11.5%[27]. - Cash outflow from operating activities was 162,523,784.94 CNY, compared to 130,439,835.78 CNY in the previous period, an increase of about 24.6%[27]. - Cash inflow from investment activities was 70,134,300.83 CNY, a substantial increase from 10,040,138.89 CNY in the previous period[28]. - Cash outflow from investment activities totaled 137,599,909.82 CNY, compared to 18,646,526.66 CNY in the previous period, marking an increase of approximately 638.5%[28]. - The net cash flow from investment activities was -67,465,608.99 CNY, worsening from -8,606,387.77 CNY in the previous period[28]. - Cash inflow from financing activities was 79,000,000.00 CNY, with cash outflow totaling 80,531,941.16 CNY, resulting in a net cash flow from financing activities of -1,531,941.16 CNY[28]. - The ending balance of cash and cash equivalents was 508,829,026.76 CNY, down from 668,281,321.60 CNY in the previous period, a decrease of approximately 23.9%[28]. Assets and Liabilities - Total assets at the end of the reporting period were ¥2,232,687,979.37, down 1.23% from ¥2,260,429,976.07 at the end of the previous year[5]. - Current assets totaled CNY 1,434,988,024.55, down from CNY 1,511,230,023.83 at the start of the period[20]. - Cash and cash equivalents decreased to CNY 715,038,590.35 from CNY 802,737,553.81[20]. - Inventory increased to CNY 100,510,376.78, up from CNY 93,560,464.37, reflecting a 7.5% rise[20]. - Short-term borrowings increased to CNY 271,205,952.78 from CNY 221,178,016.44, a rise of 22.6%[21]. - The total liabilities increased to CNY 437,170,217.56 from CNY 417,264,632.66, reflecting a growth of 4.6%[21]. Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 7,425[12]. - The largest shareholder, Bian Shuping, holds 55.42% of the shares, totaling 52,540,000 shares[12]. - The company repurchased a total of 2,918,606 shares, accounting for 3.08% of the current total share capital, with a total transaction amount of RMB 79,990,439.65[17]. - The company plans to use no less than RMB 10 million and no more than RMB 20 million for share repurchase, with at least 30% of the repurchased shares allocated for employee stock ownership plans or equity incentive plans[17]. - As of the report date, the company had 1,894,806 shares held in the repurchase account, representing 2.00% of the total share capital[14]. - The company announced that 425,000 shares, approximately 0.45% of the total share capital, were released from lock-up on March 26, 2024[18]. - The company’s major shareholders include China Construction Bank and China Industrial and Commercial Bank, holding 2,750,409 shares and 1,542,190 shares respectively[13]. - The company’s controlling shareholder is Bian Shuping, with actual controllers being Bian Shuping and Ying Jingfen, who are spouses[13]. - The company’s share repurchase is aimed at maintaining company value and shareholder rights, reflecting confidence in future development prospects[16]. - The company has a total of 61,165,950 restricted shares, with various executives holding significant portions under lock-up agreements[15]. - The company’s stock price performance has influenced the release of lock-up periods for certain shareholders, extending the lock-up period due to price conditions[18]. - The company’s strategic focus includes enhancing shareholder value through share repurchase and potential future growth initiatives[16]. Expenses - The company experienced a 30.93% reduction in financial expenses, amounting to ¥-3,957,846.53, attributed to decreased interest income[10]. - Total operating costs rose to CNY 102,733,947.62, up 18.9% from CNY 86,396,856.00 in the prior period[23]. - The company reported a significant increase in credit impairment losses of CNY 15,692,807.68 compared to a loss of CNY 5,931,113.53 in the previous period[24]. - Other current assets surged by 435.07% to ¥4,084,494.97, primarily due to an increase in input VAT credits[9]. - The company reported a significant increase in prepayments, which rose by 56.80% to ¥24,640,583.18 due to increased payments to suppliers[9].