国浩律师（上海）事务所 法律意见书 上海市静安区山西北路 99 号苏河湾中心 MT25-28 楼 邮编：200085 25-28/F, Suhe Centre, 99 North Shanxi Road, Jing'an District, Shanghai, China 电话/Tel: (+86)(21) 5234 1668 传真/Fax: (+86)(21) 5234 1670 网址/Website: http://www.grandall.com.cn 二〇二五年十一月 国浩律师（上海）事务所 法律意见书 关于 安徽开润股份有限公司 2025 年第二次临时股东会 之 国浩律师（上海）事务所 关于安徽开润股份有限公司 2025 年第二次临时股东会 之 法律意见书 致：安徽开润股份有限公司 作为具有从事中国法律业务资格的律师事务所，国浩律师（上海）事务所（以 下简称"本所"）接受安徽开润股份有限公司（以下简称"公司"）的委托，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》"）等法律法规及规范性文件的规定，指派本所律师出席 公司2025年第二次临时股 ...

一、会议召开和出席情况 （一）会议召开情况 1、召开时间 | 证券代码：300577 | 证券简称：开润股份 | 公告编号：2025-106 | | --- | --- | --- | | 债券代码：123039 | 债券简称：开润转债 | | 安徽开润股份有限公司 2025 年第二次临时股东会决议公告 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。 特别提示： 1、本次股东会无否决提案的情况； 2、本次股东会不涉及变更以往股东会已通过的决议。 （1）现场会议时间：2025 年 11 月 10 日下午 14:30。 （2）网络投票时间： 通过深圳证券交易所交易系统进行网络投票的具体时间为 2025 年 11 月 10 日上午 9:15—9:25，9:30—11:30，下午 13:00—15:00；通过互联网投票系统进行 网络投票的具体时间为 2025 年 11 月 10 日 9:15—15:00 期间的任意时间。 2、召开地点：上海市松江区中心路 1158 号 21B幢 16 楼会议室 3、召开方式：现场投票与网络投票表决相结合的方式。 4、召集人及主持人：本 ...

| 证券代码：300577 | 证券简称：开润股份 | 公告编号：2025-108 | | --- | --- | --- | | 债券代码：123039 | 债券简称：开润转债 | | 安徽开润股份有限公司 关于完成补选独立董事及调整董事会专门委员会委员的公告 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。 一、完成补选独立董事的情况 安徽开润股份有限公司（以下简称"公司""本公司"）于 2025 年 10 月 25 日 披露了《关于独立董事任期届满暨补选独立董事的公告》（2025-098）。汪洋先生 自 2019 年 11 月 12 日以来连续担任公司独立董事即将届满六年，根据《上市公 司独立董事管理办法》关于上市公司独立董事连续任职年限的有关规定，汪洋先 生申请辞去公司第四届董事会独立董事职务及董事会各专门委员会相关职务，辞 职后不再担任公司任何职务。经公司董事会同意，提名陈永东先生为公司第四届 董事会独立董事候选人（简历详见附件），任期自公司 2025 年第二次临时股东会 审议通过之日起至第四届董事会任期届满之日止。陈永东先生已取得独立董事资 格证书， ...

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。 | 证券代码：300577 | 证券简称：开润股份 | 公告编号：2025-107 | | --- | --- | --- | | 债券代码：123039 | 债券简称：开润转债 | | 安徽开润股份有限公司 第四届董事会第三十三次会议决议公告 安徽开润股份有限公司 安徽开润股份有限公司（以下简称"公司""本公司"）第四届董事会第三 十三次会议通知于 2025 年 11 月 7 日以电子邮件、微信信息等方式发出，会议于 2025 年 11 月 10 日下午以通讯表决方式召开，本次会议应出席董事 7 人，实际 出席董事 7 人，会议由董事长范劲松先生主持，公司部分高级管理人员列席本次 会议。本次会议的召集召开及程序符合《中华人民共和国公司法》《公司章程》 等有关规定，会议合法有效。经与会董事审议并表决，形成决议如下： 董事会 一、审议通过《关于调整第四届董事会专门委员会委员的议案》 2025 年 11 月 10 日 具体内容详见同日于巨潮资讯网 www.cninfo.com.cn 披露的《关于完成补选 独立董事及调 ...

Core Viewpoint - The stock of Kai Run Co., Ltd. has shown a slight increase of 2.05% on November 10, with a current price of 24.38 yuan per share and a total market capitalization of 5.846 billion yuan [1] Financial Performance - For the period from January to September 2025, Kai Run Co., Ltd. achieved a revenue of 3.719 billion yuan, representing a year-on-year growth of 22.94%. However, the net profit attributable to shareholders decreased by 13.38% to 278 million yuan [2] - Since its A-share listing, the company has distributed a total of 353 million yuan in dividends, with 161 million yuan distributed over the past three years [3] Stock Market Activity - The stock has experienced a year-to-date decline of 0.51%, but has increased by 4.10% over the last five trading days, 4.04% over the last 20 days, and 17.41% over the last 60 days [1] - As of October 31, 2025, the number of shareholders decreased by 3.75% to 7,719, while the average circulating shares per person increased by 3.90% to 18,100 shares [2] Shareholder Composition - As of September 30, 2025, notable shareholders include E Fund New Economy Mixed Fund, which holds 5.2462 million shares (a decrease of 292,100 shares), and Hong Kong Central Clearing Limited, which is a new shareholder with 3.3742 million shares [3]

Investment Rating - The report maintains a recommendation for the industry, indicating a stable outlook for textile manufacturing and a positive trend for gold and jewelry sectors [3]. Core Insights - Textile manufacturing is expected to gradually improve due to stable overseas demand and low inventory levels, despite short-term production efficiency issues and order delays from existing clients [7][11]. - Brand apparel is facing pressure due to weak domestic consumption, with only a few companies showing positive performance through strong product and channel strategies [7][38]. - The gold and jewelry sector is experiencing high growth driven by low base effects, rising gold prices, and product structure upgrades, with leading brands showing significant revenue growth [7][49]. Summary by Sections Textile Manufacturing - Overseas demand remains stable, with low inventory levels in the U.S. indicating a healthy supply chain [12]. - Major global brands like NIKE are seeing recovery after two years of channel optimization, with orders expected to improve as major sporting events approach in 2026 [11][18]. - Key companies to watch include Shenzhou International, Yuyuan Group, and others with Southeast Asian production capabilities [34]. Brand Apparel - The performance of brand apparel companies is generally under pressure, with most reporting low single-digit revenue growth and declining profits [38]. - Notable exceptions include Mercury Home Textiles and Luolai, which reported significant revenue and profit increases due to product expansion and multi-channel strategies [38]. - Companies like Mercury Home Textiles and Li Ning are recommended for their positive brand momentum and strategic changes [48]. Gold and Jewelry - The gold and jewelry sector saw a 11.5% increase in retail sales in the first three quarters of 2025, driven by rising gold prices and product upgrades [49]. - Leading brands such as Chao Hong Ji and Man Ka Long reported substantial revenue growth, with Chao Hong Ji's revenue increasing by nearly 50% in Q3 2025 [54]. - Investment recommendations focus on brands with strong market positioning and ongoing product and channel upgrades, such as Chow Tai Fook and Chao Hong Ji [67].

Market Overview - The primary economic sector increased by 0.2% compared to the previous trading day, with Lansheng Co., Ltd. leading the gains [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 - Lansheng Co., Ltd. (600826) closed at 11.54, up 3.04% with a trading volume of 188,100 shares and a transaction value of 216 million [1] - Wangfujing (600859) closed at 14.63, up 2.45% with a trading volume of 486,100 shares and a transaction value of 709 million [1] - Other notable stocks include Fengshang Culture (300860) at 27.85, up 0.83%, and Wushang Group (000501) at 10.01, up 0.70% [1] Capital Flow - The primary economic sector experienced a net outflow of 35.91 million from institutional investors, while retail investors saw a net inflow of 43.49 million [2] - The overall capital flow indicates a mixed sentiment, with institutional investors withdrawing funds while retail investors increased their positions [2] Individual Stock Capital Flow - Lansheng Co., Ltd. had a net inflow of 36.59 million from institutional investors, but a net outflow of 24.27 million from retail investors [3] - Wangfujing experienced a net outflow of 27.09 million from institutional investors, while retail investors contributed a net inflow of 6.26 million [3] - Other stocks like Fengshang Culture and Wushang Group also showed varied capital flows, indicating differing investor sentiments across the sector [3]

Core Insights - The article highlights a trend of decreasing shareholder accounts among 703 companies, with 81 companies experiencing a decline for more than three consecutive periods, indicating a concentration of shares [1][2] Group 1: Shareholder Trends - ST Renzihang has the lowest number of shareholders at 44,499, having decreased for 10 consecutive periods with a cumulative decline of 20.57% [1] - Luoniushan has seen a decrease in shareholder accounts for 9 consecutive periods, with the latest count at 84,500 and a cumulative decline of 12.62% [1] - Other companies with significant declines include Yihua New Materials, Taihe Co., and Yuxin Technology, which have also seen continuous decreases [1] Group 2: Market Performance - Among the companies with declining shareholder accounts, 40 have seen their stock prices rise, while another 40 have experienced declines [2] - Notable stock price increases include Jiaozuo Wanfang at 32.27%, Luoniushan at 25.47%, and ST Xianhe at 19.56% [2] - 23 companies outperformed the Shanghai Composite Index, with Jiaozuo Wanfang, ST Xianhe, and Luoniushan showing relative returns of 27.35%, 16.34%, and 13.31% respectively [2] Group 3: Industry Distribution - The industries with the highest concentration of companies experiencing declining shareholder accounts include machinery, basic chemicals, and automotive, with 10, 9, and 8 companies respectively [2] - The main board has 42 companies with declining shareholder accounts, while the ChiNext board has 39 [2] Group 4: Institutional Interest - In the past month, 10 companies with declining shareholder accounts have been subject to institutional research, with Zhuosheng Micro and Taihe Co. being the most frequently researched, each receiving 2 visits [2] - The companies with the highest number of institutional participants in research include Zhuosheng Micro with 56 institutions, followed by Kairun Co. and Yuxin Technology with 47 each [2]

Market Overview - The primary economic sector experienced a decline of 0.55% compared to the previous trading day, with Miao Exhibition leading the drop [1] - The Shanghai Composite Index closed at 4007.76, up by 0.97%, while the Shenzhen Component Index closed at 13452.42, up by 1.73% [1] Individual Stock Performance - Notable gainers included: - Kai Run Co., Ltd. (300577) with a closing price of 23.90, up by 1.83% on a trading volume of 16,000 shares and a transaction value of 38.15 million yuan [1] - Liard (300296) closed at 6.80, up by 0.59% with a trading volume of 470,600 shares and a transaction value of 318 million yuan [1] - Significant decliners included: - Miao Exhibition (300795) closed at 14.09, down by 1.81% with a trading volume of 27,500 shares and a transaction value of 38.94 million yuan [2] - Wangfujing (600859) closed at 14.28, down by 1.65% with a trading volume of 277,200 shares and a transaction value of 396 million yuan [2] Capital Flow Analysis - The primary economic sector saw a net outflow of 91.87 million yuan from main funds, while retail investors experienced a net inflow of 96.21 million yuan [2] - The capital flow for individual stocks indicated: - Shanghai Phoenix (600679) had a net inflow of 5.77 million yuan from main funds, while retail investors contributed a net inflow of 2.08 million yuan [3] - Kai Run Co., Ltd. (300577) saw a net inflow of 197,000 yuan from main funds, with retail investors contributing a net inflow of 177,660 yuan [3]

Core Points - The company, Kairun Co., announced that it and its controlling subsidiaries have no overdue external guarantees [2] - There are also no guarantees provided for the controlling shareholders, actual controllers, or their related parties [2]