北京市中伦律师事务所 关于济南圣泉集团股份有限公司 向不特定对象发行可转换公司债券的 北京市中伦律师事务所 法律意见书 2025 年 10 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 | 目 录 | | --- | | 第一部分 | 引言 5 | | --- | --- | | | 一、律师事务所及律师简介 5 | | | 二、律师制作法律意见书及《律师工作报告》的工作过程 6 | | 第二部分 | 正 文 9 | | 一、 | 本次发行的批准和授权 9 | | 二、 | 发行人本次发行的主体 ...

国金证券股份有限公司 关于济南圣泉集团股份有限公司 向不特定对象发行可转换公司债券 之 发行保荐书 保荐人（主承销商） （成都市青羊区东城根上街 95 号） 2025 年 10 月 济南圣泉集团股份有限公司向不特定对象发行可转换公司债券之发行保荐书 声 明 本保荐机构及保荐代表人根据《中华人民共和国公司法》《中华 人民共和国证券法》《上市公司证券发行注册管理办法》《证券发行上 市保荐业务管理办法》等有关法律、行政法规和中国证券监督管理委 员会的规定，诚实守信，勤勉尽责，严格按照依法制订的业务规则、 行业执业规范和道德准则出具本发行保荐书，并保证所出具文件的真 实性、准确性和完整性。 3-1-1 | 声 | 明 1 | | --- | --- | | 目 | 录 2 | | 释 | 义 3 | | 第一节 | 本次证券发行基本情况 4 | | | 一、保荐机构项目人员情况 4 | | | 二、发行人基本情况 4 | | | 三、保荐机构及其关联方与发行人及其关联方之间的利害关系及主要业务往 | | | 来情况 6 | | | 四、保荐机构内部审核程序和内核意见 7 | | | 五、关于有偿聘请第三方机构和个人等 ...

济南圣泉集团股份有限公司 2022 年度财务报表 审计报告 | 索引 | 页码 | | --- | --- | | 审计报告 | | | 公司财务报告 | | | 合并资产负债表 | 1-2 | | 母公司资产负债表 | 3-4 | | 合并利润表 | 5 | | 母公司利润表 | 6 | | 合并现金流量表 | 7 | | 母公司现金流量表 | 8 | | 合并股东权益变动表 | 9-10 | | 母公司股东权益变动表 | 11-12 | | 财务报表附注 | 13-97 | | 公司财务报表补充资料 | 98 | 6-1-1 信永中和会计师事务所| 北京市东城区朝阳门北大街 |联系电话 8号富华大厦A座9月 +86(010)6554 2288 审计报告 XYZH/2023QDAA3B0066 济南圣泉集团股份有限公司全体股东: 一、审计意见 我们审计了济南圣泉集团股份有限公司(以下简称圣泉集团公司)财务报表,包括 2022 年 12月 31 日的合并及母公司资产负债表,2022年度的合并及母公司利润表、合 并及母公司现金流量表、合并及母公司股东权益变动表以及相关财务报表附注。 我们认为,后附的财务报表在所 ...

证券代码：605589 证券简称：圣泉集团 公告编号：2025-086 济南圣泉集团股份有限公司 关于公司 2025 年前三季度主要经营数据的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 济南圣泉集团股份有限公司（以下简称"公司"）根据上海证券 交易所《上海证券交易所上市公司自律监管指引第 3 号行业信息披 露：第十三号——化工》的要求，现将公司 2025 年前三季度主要经 营数据披露如下： 二、主要产品和原材料的价格变动情况 （一）2025 前三季度公司主要产品价格变动情况 | 主要产品 | 2025 年前三季度 | | 2024 年前三季度 | | 变动比例（%） | | --- | --- | --- | --- | --- | --- | | | 平均售价（元/吨） | | 平均售价（元/吨） | | | | 合成树脂类 | | 6,958.45 | | 7,573.81 | -8.12 | 主要产品 产量（吨） 销量（吨） 营业收入（万元） 合成树脂类 585,520.23 588,666.24 409,62 ...

Financial Performance - The company's operating revenue for the third quarter reached ¥2,721,538,839.35, representing a year-on-year increase of 7.75%[5] - The total profit for the period was ¥293,051,571.75, reflecting a year-on-year growth of 7.16%[5] - The net profit attributable to shareholders was ¥258,618,062.12, with a year-on-year increase of 3.73%[5] - The net profit after deducting non-recurring gains and losses was ¥252,658,435.45, showing a year-on-year growth of 10.38%[5] - The total profit for the year-to-date reached ¥888,705,257.10, marking a significant increase of 31.29% compared to the same period last year[5] - The net profit attributable to shareholders for the year-to-date was ¥759,556,538.56, reflecting a year-on-year increase of 30.81%[5] - Operating profit for the first three quarters of 2025 was ¥879,048,614.11, compared to ¥672,314,944.52 in 2024, marking a growth of 30.76%[22] - Net profit for the first three quarters of 2025 amounted to ¥782,245,322.67, a significant increase of 31.66% from ¥593,983,108.73 in the previous year[23] - Earnings attributable to shareholders of the parent company for the first three quarters of 2025 were ¥759,556,538.56, up from ¥580,641,315.82 in 2024, representing an increase of 30.85%[23] Assets and Liabilities - The total assets at the end of the reporting period amounted to ¥16,544,864,729.74, an increase of 12.29% compared to the end of the previous year[6] - As of September 30, 2025, the company's total assets amounted to 16.545 billion RMB, an increase from 14.733 billion RMB at the end of 2024[18] - Total liabilities as of the reporting date were ¥5,689,626,873.34, compared to ¥4,168,075,781.14 in the previous year, indicating a rise of 36.38%[22] - Total equity attributable to shareholders of the parent company reached ¥10,270,340,212.97, an increase from ¥10,077,284,400.74 in 2024, reflecting a growth of 1.92%[22] Cash Flow - The company reported a cash flow from operating activities net amount of -¥330,779,269.87 for the year-to-date[5] - Operating cash inflow for the first three quarters of 2025 reached CNY 6,823,890,904.19, up from CNY 6,058,142,658.55 in the same period of 2024, representing an increase of 12.6%[24] - Net cash flow from operating activities improved to -CNY 330,779,269.87, compared to -CNY 426,078,567.48 in the previous year, indicating a reduction in cash outflow[24] - Cash flow from investing activities showed a net outflow of -CNY 690,845,068.08, worsening from -CNY 330,626,666.10 year-over-year[25] - Cash flow from financing activities generated a net inflow of CNY 922,195,311.28, an increase from CNY 684,972,779.68 in the previous year, marking a growth of 34.6%[25] Sales and Revenue - In the first three quarters of 2025, the company achieved a sales revenue of 8.072 billion RMB, a year-on-year increase of 12.87%, and a net profit attributable to shareholders of 760 million RMB, up 30.81% year-on-year[15] - The sales volume for advanced electronic materials and battery materials reached 61,100 tons in the first three quarters, representing a 19.01% increase compared to the same period last year, with sales revenue of 1.237 billion RMB, up 32.23% year-on-year[15] - The company’s synthetic resin industry maintained resilience, with a sales volume of 588,700 tons in Q3, a 13.90% increase year-on-year, and sales revenue of 4.096 billion RMB, a 4.64% increase year-on-year[16] - Biomass product sales volume in the first three quarters reached 171,800 tons, a year-on-year increase of 30.17%, with sales revenue of 660 million RMB, up 25.22% year-on-year[16] Research and Development - Research and development expenses for the first three quarters of 2025 were ¥446,189,795.58, compared to ¥368,487,921.81 in 2024, showing an increase of 20.99%[22] Shareholder Information - The number of ordinary shareholders at the end of the reporting period was 31,067[12] - Basic earnings per share (EPS) increased to CNY 0.90 from CNY 0.71, reflecting a growth of 26.8% year-over-year[24]

Core Insights - Shengquan Group's stock price has increased by 10.75% over the past eight days, currently trading at 30.39 CNY per share with a market capitalization of 25.72 billion CNY [1] Company Overview - Shengquan Group, established on January 24, 1994, is located in the Industrial Economic Development Zone of Diao Town, Zhangqiao District, Jinan City, Shandong Province. The company was listed on August 10, 2021 [1] - The main business activities include the research, production, and sales of synthetic resins and composite materials, as well as biomass chemical materials and related products. The revenue composition is as follows: synthetic resins and derivatives 87.89%, biomass products 9.64%, and others 3.46% [1] Fund Holdings - Hai Fu Tong Fund has a significant holding in Shengquan Group, with the Hai Fu Tong CSI 500 Enhanced A Fund (519034) holding 15,100 shares, representing 1.26% of the fund's net value, making it the second-largest holding [2] - The fund has generated a floating profit of approximately 63.42 million CNY today, with a total floating profit of 44.5 million CNY during the eight-day price increase [2] Fund Manager Performance - The fund manager Lin Lihe has been in position for 1 year and 342 days, managing assets totaling 5.071 billion CNY, with the best return during his tenure being 42.17% and the worst being -6.67% [3] - Co-manager Li Ziwu has been in position for 2 years and 258 days, managing assets of 285 million CNY, with the best return of 78.42% and the worst of -21.29% during his tenure [3]

Core Insights - Nvidia has confirmed the use of M9-grade copper-clad laminates (CCL) in its new product Rubin, indicating a significant market opportunity in the CCL and PCB production sectors [1] Industry Overview - The M9-grade CCL production involves upstream raw materials, which are critical for the manufacturing of high-performance PCBs [1] Company Summaries - **Ping An Electric**: Market cap of 2.385 billion; positive feedback on quartz fabric products for AI servers, focusing on low dielectric constant and loss characteristics [1] - **International Composites**: Market cap of 8.862 billion; specializes in high-frequency applications [1] - **Honghe Technology**: Market cap of 33.850 billion; engaged in the development of ultra-thin quartz electronic fabrics [1] - **Philihua**: Market cap of 42.808 billion; ultra-thin quartz electronic fabric is in testing phase, expected to be a growth driver [1] - **China National Materials**: Market cap of 54.237 billion; largest producer of electronic fabrics with a focus on low dielectric materials [1] - **China Jushi**: Market cap of 64.250 billion; annual production capacity of 1.3 billion meters, specializing in low-Dk and ultra-thin fabrics [1] High-End Copper Foil - **Longyang Electronics**: Market cap of 5.150 billion; involved in HVLP5 series ultra-low profile copper foil production [2] - **Nord Shares**: Market cap of 11.435 billion; products include RTF for AI servers and high-end electronic circuit copper foil [2] - **Defu Technology**: Market cap of 13.274 billion; focuses on high-end copper foil domestic substitution [2] - **Hengtong Holdings**: Market cap of 13.533 billion; has mass-produced RTF and low-profile copper foils [2] - **Copper Crown Foil**: Market cap of 26.611 billion; HVLP4 copper foil has completed customer testing, with mass production expected in 2026 [2] Resin Production - **Shiming Technology**: Market cap of 3.494 billion; produces electronic-grade hydrocarbon resin with a capacity of 500 tons/year [2] - **Dongcai Technology**: Market cap of 18.774 billion; M9 resin has leading dielectric loss indicators [2] - **Shengquan Group**: Market cap of 24.768 billion; expanding electronic-grade hydrocarbon resin capacity to support AI server performance [2]

Group 1: Industry Trends - The "14th Five-Year Plan" emphasizes technological self-reliance and the focus on new materials and autonomous industrial chains, highlighting high-quality development as a priority [2] - The National Development and Reform Commission aims to accelerate the development of strategic emerging industries such as new energy, new materials, and aerospace, potentially creating several trillion-level markets [2] - The report indicates that the chemical new materials industry is entering a period of accelerated domestic substitution, with opportunities in semiconductor materials and high-end engineering plastics [2] Group 2: Market Performance - During the week of October 20-24, 2025, the Shanghai and Shenzhen 300 Index rose by 3.24%, while the Shenwan Oil and Petrochemical Index increased by 4.33%, outperforming the market by 1.09 percentage points [3] - The Shenwan Basic Chemical Index rose by 2.14%, underperforming the market by 1.10 percentage points, with the oilfield services and other petrochemical sectors showing the highest gains [3] Group 3: Price Movements - Key price increases for the week included hydrochloric acid (19.05%), NYMEX natural gas (7.42%), and sulfur (6.57%), while significant price drops were seen in R22 (-21.69%) and propylene (-6.62%) [4][5] Group 4: Investment Recommendations - The supply side is expected to undergo structural optimization, with a focus on sectors with elastic and advantageous products, such as organic silicon and membrane materials [5] - The report suggests that domestic chemical enterprises are rapidly filling gaps in the international supply chain, driven by cost advantages and technological advancements [5] Group 5: Consumer Trends and Technological Development - New consumer trends are driving demand for health additives and sugar substitutes, with the food additive industry expected to expand due to supportive regulations [6] - The overall self-sufficiency rate of China's chemical new materials is about 56%, indicating a significant opportunity for domestic substitution in sectors like semiconductor materials and high-end additives [6]

Core Insights - The concept of supercapacitors is experiencing significant fluctuations, with notable stock price increases for companies involved in this sector [1] Company Performance - Zhuhai Technology and Dongfang Tantalum Industry have reached their daily price limit increase [1] - Hongda Electronics, Torch Electronics, Dongyangguang, Shengquan Group, and Farah Electronics are among the companies with the highest stock price increases [1]

Core Insights - Jinan Shengquan Tanghe Tang Biotechnology Co., Ltd. has evolved from a sales revenue of only 10 million yuan in its founding year (2008) to a leading enterprise in the functional sugar and sugar alcohol industry, with a target output value exceeding 1 billion yuan in the next 3-5 years [1][3] Group 1: Company Overview - The company is supported by its parent company, Shengquan Group, leveraging patented technology known as "Shengquan Method" for high-value utilization of agricultural straw [3] - The unique technology allows for the extraction of high-purity D-Xylose and L-Arabinose from hemicellulose, leading to the production of Xylitol for global food enterprises [3][4] Group 2: Production and Sustainability - The company achieves over 95% utilization of agricultural straw, enabling the production of multiple products from the same raw materials, which is a significant competitive advantage [3] - Through self-built power plants and steam equipment, the company has implemented a low-carbon emission strategy and has received carbon footprint certification for its sustainable practices [3] Group 3: Growth and Market Expansion - In 2021, the company invested heavily in a fully automated 15,000-ton Xylitol production line, which significantly increased market acceptance and expanded its customer base internationally, raising its output value from 100 million yuan to over 400 million yuan [4] Group 4: Competitive Differentiation - The company differentiates itself in a competitive functional sugar market through three main strategies: advanced production processes, continuous scientific validation, and application innovation [6] - The proprietary extraction process ensures higher quality and safety, while partnerships with research institutions enhance product functionality and safety [6][7] Group 5: Health and Application - The company is actively exploring applications of functional sugars in health products, pharmaceuticals, and specialized nutrition for the elderly, contributing to the health initiatives in China [7]