北京市嘉源律师事务所 关于中复神鹰碳纤维股份有限公司 2024 年年度股东大会的 法律意见书 西城区复兴门内大街 158 号透 中国·北京 ิ้ IA YUAN LAW OFFICES 北京 BEIJING · 上海 SHANGHAI·深圳 SHENZHEN·香港 HONG KONG·广州 GUANGZHOU·西安 XI' AN 致:中复神鹰碳纤维股份有限公司 本所及经办律师依据《中华人民共和国证券法》《律师事务所从事证券法律 业务管理办法》和《律师事务所证券法律业务执业规则》等规定及本法律意见书 出具日以前已经发生或者存在的事实,严格履行了法定职责,遵循了勤勉尽责和 中复神鹰 2024 年年度股东大会 嘉源·法律意见书 诚实信用原则,进行了充分的核查验证,保证本法律意见所认定的事实真实、准 确、完整,所发表的结论性意见合法、准确,不存在虚假记载、误导性陈述或者 重大遗漏,并承担相应法律责任。 北京市嘉源律师事务所 关于中复神鹰碳纤维股份有限公司 2024年年度股东大会的法律意见书 嘉源(2025)-04-321 北京市嘉源律师事务所(以下简称"本所")接受中复神鹰碳纤维股份有限公 司(以下简称"公司")的委 ...

Core Insights - The Lianyungang Development Zone signed 8 industrial projects with a total planned investment of 14.7 billion yuan during the Yangtze River Delta (Hangzhou) Economic and Trade Cooperation Exchange Conference [1][3] - The development zone aims to provide comprehensive support for enterprises throughout the project lifecycle, emphasizing a "no disturbance" approach while ensuring responsiveness to business needs [1][3] Group 1: Economic Growth and Development Strategy - Lianyungang Development Zone has maintained a GDP growth rate of over 10% for two consecutive years, indicating strong economic momentum [3] - The zone focuses on "industrial innovation to consolidate advantages" and has implemented a series of preferential policies, including the "Ten Innovation Policies" [3] - Key industries include pharmaceuticals, carbon fiber, and wind power equipment, with the establishment of major production bases for anti-tumor and anti-hepatitis drugs [3] Group 2: Project Signings and Industry Focus - The signed projects span various sectors, including traditional Chinese medicine, automotive supply chain, machinery manufacturing, hydrogen fuel cells, and commercial complexes [5] - Two bulk trade projects were signed with an annual trade volume of 4 billion yuan, along with a cross-border e-commerce project and a foreign trade project with an annual trade volume of 12 million USD [5] - The development zone is committed to supporting the hydrogen energy industry, with plans for an intelligent and large-scale hydrogen fuel cell production base [5] Group 3: Infrastructure and Ecosystem Development - The development zone has invested in high-quality healthcare and education facilities, including the best tertiary hospital and top primary and secondary schools in the city [3] - A comprehensive ecosystem integrating industry, education, research, healthcare, and living spaces is being constructed to attract talent and support enterprise innovation [3] - The development zone aims to create a favorable business environment by implementing integrated reforms and maintaining a clear relationship between government and business [5]

Core Viewpoint - The demand for drones is increasing due to the low-altitude economy, leading to a supply shortage of wet-process 3K carbon fiber from Jilin Chemical Fiber, resulting in a price increase of 10,000 yuan per ton for various grades of products [1] Group 1: Price Increase Impact - The capital market reacted sensitively to the price increase, with Jilin Chemical Fiber's stock price hitting the daily limit [2] - The price increase for wet-process 3K carbon fiber is expected to have a limited impact on the company's overall performance, as this product accounts for a small portion of total revenue [6] Group 2: Financial Performance - In 2024, Jilin Chemical Fiber's revenue is projected to be 3.883 billion yuan, a year-on-year increase of 3.93%, while net profit is expected to decline by 13.90% to 28.8841 million yuan, primarily due to the unprofitable carbon fiber business [3] - The core revenue source for the company is viscose filament, generating 2.791 billion yuan in revenue (71.83% of total), with a gross margin of 20.44% [3] - The carbon fiber business contributes only 8.24% to total revenue, with 320 million yuan in revenue and a negative gross margin of -26.74%, indicating a loss [3] Group 3: Production Capacity and Costs - Jilin Chemical Fiber has a design capacity of 12,000 tons for carbon fiber, with a low capacity utilization rate of 44.59%, producing 5,351 tons and selling 5,285 tons last year [3][4] - The cost structure of the carbon fiber business is heavily influenced by the price fluctuations of raw materials like acrylonitrile, which increased by 7.54% year-on-year, while the average carbon fiber price decreased by 22% to approximately 61,000 yuan per ton [4] Group 4: Market Dynamics - The carbon fiber products are primarily small tow fibers (12K, 25K) used in civilian applications, facing intense competition and high price sensitivity [5] - Future demand for carbon fiber is expected to rise due to the development of low-altitude economy applications, such as electric vertical takeoff and landing aircraft (eVTOL) and logistics drones, as well as the wind power industry driven by domestic renewable energy policies [5] Group 5: Valuation and Growth Expectations - The recent price increase is more likely to boost market sentiment than to significantly enhance actual profits for the company [7] - Jilin Chemical Fiber's dynamic price-to-earnings ratio is currently 765 times, significantly higher than the industry average of 41 times, indicating that the valuation relies on future growth expectations rather than current profitability [7] - Analysts predict net profits for 2025-2027 to be 144 million, 223 million, and 290 million yuan, respectively, implying a high price-to-earnings ratio of 513, 234, and 180 times, necessitating an annual growth rate of over 50% to justify the valuation [7]

Core Viewpoint - The recent price increase of carbon fiber is driven by explosive demand from the low-altitude economy, a surge in export orders, and signals of an industry cycle reversal [3] Group 1: Price Increase Drivers - The price increase of carbon fiber is primarily due to three factors: explosive demand from the low-altitude economy, a surge in export orders, and signals of an industry cycle reversal [3] - Jilin Chemical Fiber Group has officially issued a price adjustment notice, increasing the price of its wet-process 3K carbon fiber by 10,000 yuan per ton [3] Group 2: Beneficiary Companies - Jilin Chemical Fiber, as the main subject of this price increase, is expected to see improved profitability due to high demand for its wet-process 3K carbon fiber products [6] - Jilin Carbon Valley, a major supplier of carbon fiber precursor, may benefit from increased demand for precursors due to the price increase by Jilin Chemical Fiber [7] - Zhongfu Shenying, a leading domestic small-tow carbon fiber producer, may gain market share as some customers shift towards its products due to the price increase by Jilin Chemical Fiber [8] Group 3: Related Companies in the Supply Chain - Guangwei Composites, a leader in the carbon fiber supply chain, is expected to benefit from the expanding market opportunities brought by the development of the low-altitude economy [9] - Montai High-tech, through its subsidiary Guangdong Nata, is set to benefit from the overall industry development as it aims for mass production of T300 grade precursor [10] - Shuangyi Technology, whose mold products are used in the production of carbon fiber composite shells for low-altitude vehicles and flying cars, is likely to see increased demand as the industry grows [11] Group 4: Low-Altitude Economy Related Companies - Wanfeng Aowei, which is involved in the eVTOL (electric vertical takeoff and landing) sector, has a significant demand for lightweight carbon fiber materials [12] - Shanhe Intelligent, a company in the drone sector, may experience business growth due to the rising demand for carbon fiber [13]

Summary of Key Points from the Conference Call Industry Overview - The conference call primarily discusses the carbon fiber industry, focusing on Jilin Chemical Fiber and its pricing strategies in response to market dynamics and demand growth [1][3][5]. Core Insights and Arguments - **Price Increase by Jilin Chemical Fiber**: The company has raised carbon fiber prices to address increased export demand and align with the sales peak of carbon fiber woven fabrics and products. The self-use ratio of carbon fiber is expected to reach 70% by 2025, with 40%-45% of that being 3K carbon fiber [1][3]. - **Industry-Wide Price Adjustments**: Other companies in the carbon fiber sector are also planning price increases, with a consensus reached to raise prices by 2-5 yuan per kilogram. This adjustment is already being implemented despite the lack of formal announcements [1][5]. - **Market Price Trends**: The carbon fiber products market has entered a consolidation phase post-Spring Festival, with current prices around 210,000 yuan per ton. However, due to capacity releases from various manufacturers, prices may drop to 190,000-200,000 yuan per ton after July [1][8]. - **Production Capacity and Utilization**: The overall operating rate in the carbon fiber industry is around 60%-70%, which is insufficient to support a price rebound. Jilin Chemical Fiber operates at full capacity, while competitors like Zhongfu Shenying are experiencing lower utilization rates [3][11]. - **Future Demand Projections**: The demand for carbon fiber in China is projected to grow by approximately 20% in 2025, reaching between 70,000 to 75,000 tons. This growth is driven by increased orders from Jilin Chemical Fiber and international capital entering the market [3][13]. Additional Important Insights - **Financial Performance**: Jilin Chemical Fiber reported a sales figure of 320 million yuan for 2024 but is still operating at a loss. The price increase is aimed at improving profitability [4]. - **Impact of Trade Dynamics**: The U.S.-China trade war has led to a reduction in imports, prompting domestic demand to rise as China substitutes some imported carbon fiber. Jilin Chemical Fiber exports about 30% of its products to countries like South Korea, Japan, and India [3][19]. - **Inventory and Financial Health**: The carbon fiber industry is facing inventory pressures, with Jilin Chemical Fiber holding 8,000 to 10,000 tons of finished goods and 7,000 to 8,000 tons of carbon fiber inventory. The overall market profitability is around 10%, with long credit cycles affecting cash flow and operational rates [11][12]. - **Emerging Markets**: The low-altitude economy, particularly the drone industry, is expected to demand between 8,000 to 10,000 tons of carbon fiber by 2025, with military drones primarily using T700 and T800 grades, while civilian drones use T400 grade [14][20]. Conclusion - The carbon fiber industry is navigating through a complex landscape of rising demand, pricing strategies, and operational challenges. Jilin Chemical Fiber is positioning itself to capitalize on these trends while addressing its financial performance and market share amidst competitive pressures and changing trade dynamics [22].

Group 1 - The A-share market experienced a collective decline on May 15, with major technology sectors undergoing a pullback. The high-end equipment ETF (159638) fell by 1.1% but still saw a net inflow of over 14 million yuan despite the drop [1] - The high-end equipment ETF closely tracks the CSI High-end Equipment Sub-index, which includes leading military companies such as AVIC Optoelectronics and AVIC Shenfei. The ETF also offers off-market connection funds [1] - Notably, among the ETF's constituent stocks, Zhongfu Shenying rose over 4%, while Hangjin Technology and Guangwei Composites increased by over 2% [1] Group 2 - According to Zhonghang Securities, the military industry is expected to benefit from improved asset quality, new growth trajectories, larger business scales, and higher market ceilings, leading to a revaluation of the industry [2] - The military sector is anticipated to see a recovery in fundamentals and sentiment as annual and quarterly reports are disclosed, with a better performance expected in the second half of the year compared to the first half [2] - The ongoing geopolitical conflicts are likely to increase attention on China's military trade, with the industry poised for rapid growth, particularly benefiting companies related to consumable weapons [2]

化工股反复活跃 吉林化纤等多股涨停 智通财经5月15日电，吉林化纤、英力特、六国化工双双涨停，吉林碳谷涨超10%，三房巷、中毅达、 中复神鹰、神马股份等涨超5%。消息面上，从吉林化纤集团有限责任公司处了解到，公司已正式向客 户下发调价函。调价函显示，即日起各牌号产品每吨分别上涨10000元，落款时间为5月13日。 ...

需立足长期战略 上交所相关负责人向记者表示，"提质增效重回报"远非局限于增持、回购等临时性举措，而是公司提升 自身质量和股东回报能力的长期性战略规划。具体而言，在制定2025年行动方案时，上市公司需在公司 现状分析板块，对2024年行动方案的实施成效与存在的不足进行简要总结与阐述，进而有针对性地提出 下一年的改进提升举措。 在具体实践中，威胜信息(688100.SH)便是其中的典型代表。根据公司的行动方案介绍，2024年公司提 质增效成果显著，公司加强境外业务市场开拓，成功推出近50款产品及方案。在上述举措推动下，2024 年公司净资产收益率（ROE）持续提升到20.39%，同比增长1.47个百分点，股东总回报率（TSR）达到 26.66%。 核心在于提升上市公司质量 提质增效重回报的核心在于提升上市公司质量。记者留意到，众多科创板公司围绕提升经营质量、加快 发展新质生产力等方面，针对性提出2025年度的务实举措，推动公司治理与投资价值全面提升。 提升经营质量方面，公司普遍提出加快销售回报、提升产能利用率等举措，并制定明确的经营目标。例 如，和辉光电(688538.SH)、中控技术(688777.SH)分别提 ...

Group 1 - Jilin Chemical Fiber Group has officially issued a price adjustment notice to customers, increasing the price of wet 3k carbon fiber by 10,000 yuan per ton due to high demand driven by the low-altitude economy and drone needs [1] - The demand for carbon fiber is expected to rise significantly, with a projected demand of 60,300 tons in China by 2024, marking it as a key growth area for carbon fiber [1] - The production of carbon fiber is complex, and domestic equipment manufacturers are expected to benefit from the increasing demand and supply chain security considerations [1] Group 2 - Jilin Chemical Fiber is a global leader in the carbon fiber industry, focusing on R&D and industrialization, successfully breaking foreign technology blockades and forming a complete industrial chain from raw silk to carbon fiber and composites [2] - Zhongfu Shenying is the first domestic carbon fiber company listed on the Sci-Tech Innovation Board, specializing in high-performance carbon fiber and composite materials [2] - Guangwei Composites is the first A-share listed company in China's carbon fiber industry, emphasizing technological independence and full industrial chain layout to break international monopolies and promote breakthroughs in strategic fields like aerospace and new energy [2]

金十数据5月14日讯，近日市场流传出一份吉林化纤的涨价函。涨价函显示，吉林化纤旗下的湿法3k碳 纤维供不应求，即日起各牌号产品每吨分别上涨10000元，落款日期为5月13日。记者向吉林化纤方面进 行了求证，销售人员表示，涨价一事属实。此外，记者还以投资者身份分别致电中复神鹰、光威复材证 券部询问有无涨价意向。中复神鹰工作人员表示，投关部门尚未收到公司调价相关的信息。光威复材工 作人员表示，没有（调价），军品价格已经锁定，民品价格通常随行就市。 （21财经） 吉林化纤发涨价函？销售人员回应属实 ...