Core Viewpoint - The article discusses the transition in the cooling liquid materials market due to environmental concerns and the shift from fluorinated liquids to non-fluorinated alternatives like synthetic hydrocarbons and organosilicon compounds, driven by major chemical companies' innovations and market demands [1][2][3]. Group 1: Market Dynamics - The demand for cooling liquid materials is increasing as liquid cooling systems are rapidly adopted in AI servers, high-density data centers, energy storage, and electric vehicles [1]. - The market for non-fluorinated cooling liquids is expected to grow at a compound annual growth rate (CAGR) of over 25% from 2024 to 2027, with the market size projected to exceed $1 billion by 2027 [3]. - Data center applications are anticipated to account for more than 40% of the market share for synthetic hydrocarbons and organosilicon cooling liquids by 2027 [3]. Group 2: Key Players and Innovations - WACKER has introduced a liquid cooling medium based on organosilicon structures, with its SLM 28016 CN product demonstrating excellent performance in viscosity, flash point, and dielectric properties [4]. - DOW is set to release its second-generation organosilicon single-phase cooling liquid, which boasts a flash point exceeding 200°C and improved low-temperature flow properties [5]. - Shell and Castrol have launched several synthetic hydrocarbon cooling liquid products, with Castrol's offerings covering a complete product line for various cooling applications [6]. Group 3: Technical Advantages - Non-fluorinated cooling liquids offer superior insulation and thermal properties, are environmentally friendly, and meet global data center green certification requirements [7]. - These materials are customizable, allowing for tailored viscosity, specific heat, and thermal conductivity based on application needs [7]. - The cost advantages of non-fluorinated liquids make them suitable for large-scale integration and maintenance [7]. Group 4: Industry Trends and Events - The cooling liquid market is evolving from being merely a chemical product to a system engineering material, emphasizing the need for understanding application scenarios and integrated processes [8]. - The 2025 Liquid Cooling Industry Innovation and Application Forum will serve as a platform for cooling liquid material manufacturers to connect with end-users, including system integrators and data center operators [8].

Core Viewpoint - The company, Nanjing Julong, is investing 130 million yuan to establish a production project for 40,000 tons of special materials annually, focusing on flame-retardant products to enhance its product structure and market competitiveness [1][2]. Investment and Project Development - The project will utilize approximately 5,800 square meters of space, including 15 production lines and a 2,500-slot storage facility [1]. - The specific materials to be produced have not been disclosed, but they are likely to include modified products of special engineering plastics such as PPA, PEEK, and PPS, expanding the company's offerings beyond modified nylon and polypropylene [2]. Product Focus and Market Demand - The company is concentrating on automotive applications, particularly in battery packs and other critical components, having developed various flame-retardant and high-temperature materials for these uses [3]. - Ongoing projects include a production line for 50,000 tons of special engineering plastics and modified materials, expected to be operational by December 31, 2025 [4]. Emerging Fields and Strategic Direction - The company is also developing materials for emerging fields such as hydrogen storage, robotics, medical health, and communication radar, aligning with its "4 + 2" development strategy focused on high-end equipment, new materials, and aerospace applications [5]. Financial Performance - In 2024, the company achieved a revenue of 2.387 billion yuan, a 30.53% increase year-on-year, marking its first time exceeding 2 billion yuan [6]. - The net profit attributable to shareholders was approximately 84.34 million yuan, reflecting a 16.25% growth compared to the previous year [6]. Sales Breakdown - Sales of modified plastic products for automotive and new energy vehicles reached 1.782 billion yuan, up 31.24% year-on-year [7]. - The aerospace and low-altitude economy sector saw a remarkable revenue increase of 263.80%, generating 30 million yuan [7].

General Overview - The implementation details of the cumulative voting system for Jiangsu Lianrui New Materials Co., Ltd. aim to enhance corporate governance and protect minority shareholders' interests [2][3]. Cumulative Voting System - The cumulative voting system allows shareholders to allocate their voting rights equally among the number of directors to be elected, enabling them to concentrate votes on specific candidates if desired [2][3]. - This system applies to the election or change of two or more directors, with the board required to announce the candidates' profiles [2][3]. Election Process - The election process involves calculating the cumulative voting rights based on the total shares held and the number of directors to be elected, with separate voting for independent and non-independent directors [3][4]. - Shareholders must indicate the number of votes allocated to each candidate, and any invalid votes will be considered as abstentions [3][4]. Election Outcomes - A director is elected based on the number of votes received, with a requirement that the votes must exceed half of the valid voting rights present at the meeting [4][5]. - If the number of elected directors is less than required, a second round of voting will occur, and if still unresolved, a new meeting will be called within two months to fill the vacancies [4][5]. Additional Provisions - The implementation details will be explained to shareholders before voting to ensure proper exercise of voting rights [7]. - In case of conflicts with national laws or the company's articles of association, the latter will prevail [7]. - The new implementation details will take effect upon approval by the shareholders' meeting, rendering previous rules invalid [7].

Core Points - The document outlines the management system for the shares held by the shareholders, directors, senior management, and core technical personnel of Jiangsu Lianrui New Materials Co., Ltd. [2][3] - The system aims to strengthen the management of shareholding changes and maintain market order in accordance with relevant laws and regulations [2][3][4] Shareholding Management - The system applies to actual controllers, major shareholders, directors, senior management, and core technical personnel [2] - Shareholders must be aware of laws prohibiting insider trading and market manipulation before trading [3][4] - Major shareholders and directors are restricted from selling shares under specific conditions, including within one year of the company's stock listing and during investigations [5][6] Restrictions on Share Transfers - Directors and senior management cannot transfer shares within three complete accounting years if the company has not yet achieved profitability [4][5] - Major shareholders are also restricted from reducing their holdings under certain conditions, such as ongoing investigations or administrative penalties [6][7] Reporting and Disclosure - Directors and senior management must report their shareholding changes to the company and relevant authorities within specified timeframes [10][12] - The company is responsible for ensuring the accuracy and timeliness of the reported information [10][11] Penalties and Responsibilities - Violations of the shareholding management rules may result in disciplinary actions, including warnings, demotions, or legal consequences [37][38] - The company must document any violations and report them to regulatory authorities as required [28][39]

Core Viewpoint - The company has established a management system for external information users to enhance information disclosure practices, ensure fair disclosure, and prevent insider trading [1][2]. Group 1: Information Disclosure Management - The management system applies to the company, its departments, subsidiaries, and relevant personnel including directors and senior management [1]. - "Information" refers to any data that could significantly impact the trading price of the company's stock, including periodic reports, interim reports, financial data, and major planned or pending matters [1]. - The company implements a hierarchical and categorized management approach for external information disclosure, with the board of directors as the highest management authority [1][2]. Group 2: Confidentiality Obligations - Directors, senior management, and relevant personnel must adhere to legal and regulatory requirements regarding information disclosure and maintain confidentiality before formal public disclosures [2][3]. - The company is prohibited from providing annual statistical reports to external parties without legal basis prior to the annual report disclosure [2]. - In special circumstances requiring the disclosure of undisclosed major information during business negotiations, the company must obtain a confidentiality agreement from the other party [3]. Group 3: Approval and Accountability - Before disclosing information, departments and subsidiaries must submit an "External Information Disclosure Approval Form" for review and approval by relevant authorities [3][4]. - The individuals responsible for the information disclosure are accountable for its authenticity, accuracy, and completeness, while the board secretary is responsible for compliance with disclosure procedures [3][4]. Group 4: Record Keeping and Compliance - Confidentiality agreements and related materials from external information users are to be kept by the board office for a period of 10 years [4][5]. - External parties receiving undisclosed information must not disclose or trade based on that information and must notify the company immediately if any breach occurs [5]. - The company reserves the right to seek compensation for economic losses caused by violations of confidentiality obligations by external parties [5].

Core Points - The company establishes an investor relations management system to enhance communication with investors and protect their rights [2][3] - The management principles include compliance, equality, proactivity, and honesty [3][4] - The company emphasizes the importance of confidentiality regarding undisclosed information to prevent insider trading [4][5] Group 1: Investor Relations Management Principles - The investor relations management should comply with laws and regulations [3] - The company must treat all investors equally, especially small and medium-sized investors [3][4] - The company should proactively engage with investors and respond to their needs [3][4] Group 2: Communication Channels and Methods - The company will utilize multiple channels such as the official website, new media platforms, and investor education bases for communication [5][6] - Various methods like shareholder meetings, investor briefings, and roadshows will be employed to facilitate communication [5][6] - The company will establish dedicated contact points for investor inquiries and feedback [5][6] Group 3: Information Disclosure - The company is required to disclose information accurately, clearly, and in a timely manner [10][11] - Investor briefings should be held after annual reports to discuss industry status, strategies, and financial conditions [7][8] - The company must not disclose information to the media before it is made public through designated channels [10][11] Group 4: Organizational Structure - The board of directors is responsible for the investor relations management system and its implementation [8][9] - The board secretary will oversee the daily operations of investor relations management [8][9] - The investor relations management team must possess strong communication skills and knowledge of the company and industry [9][10] Group 5: Training and Compliance - The company will provide training for staff involved in investor relations to ensure compliance with regulations [11][12] - Employees are prohibited from disclosing undisclosed significant information or making misleading statements [11][12] - The company will maintain a comprehensive archive of investor relations activities and communications [12]

江苏联瑞新材料股份有限公司 年报信息披露重大差错责任追究制度 第一章 总则 第一条 为进一步提高江苏联瑞新材料股份有限公司（以下简称"公司"）规 范运作水平，提高年报信息披露的质量和透明度，增强年报信息披露的真实性、 准确性、完整性和及时性，根据有关法律、法规和规范性文件的规定，特制定本 制度。 第二条 本制度所称重大差错责任追究是指在年报信息编制和披露工作中， 有关人员不履行或者不正确履行职责、义务或其他过错，导致年报信息披露延迟、 内容存在重大差错或由于其他个人原因，对公司造成重大经济损失或不良社会影 响时的追究与处理制度。 第三条 本制度适用范围是公司董事、高级管理人员和其它与年报信息披露 工作有关的人员。 第四条 本制度遵循实事求是、客观公正、有错必究、过错与责任相适应， 责任与权利对等原则。 第五条 公司信息披露职能部门会同相关部门在董事会秘书领导下负责收 集、汇总与追究责任有关的资料，按制度规定提出相关处理方案，上报公司董事 会批准。 第二章 责任的认定及追究 第六条 本制度所指年报信息披露重大差错包括年度财务报告存在的重大 会计差错、其他年报信息存在的重大错误、年度业绩预告和业绩快报存在重大差 ...

Core Points - The company has established an insider information confidentiality system to regulate internal information management and protect investors' rights [1][2] - The board of directors is responsible for managing insider information, with the board secretary overseeing confidentiality efforts [1][2] - Insider information is defined as non-public information that could significantly impact the company's operations, finances, or stock prices [8][9] Group 1: Insider Information Management - The board office is the sole authority for information disclosure management, and no department or individual may leak insider information without approval [2] - All directors, senior management, and departments must ensure confidentiality of insider information [6][7] - The company must disclose insider information in a timely manner through designated publications or websites [17][18] Group 2: Definition and Scope of Insider Information - Insider information includes significant events that could affect stock prices, such as asset sales exceeding 30% or major operational changes [9] - The scope of insider information also covers events that could impact bond prices, including bankruptcy proceedings or criminal actions against senior management [9] Group 3: Confidentiality Obligations - Individuals with access to insider information must not disclose it or use it for personal gain [22][23] - The company must implement internal controls to ensure the confidentiality of financial information before public disclosure [15][16] - Employees are required to maintain confidentiality even after leaving the company [32][33] Group 4: Penalties for Violations - Violations of the confidentiality regulations may result in disciplinary actions, including fines or termination of employment [34] - Serious violations that cause significant losses to the company may lead to criminal prosecution [35] Group 5: Implementation and Amendments - The confidentiality system will be revised and interpreted by the board of directors, and it will take effect upon approval [36][38]

江苏联瑞新材料股份有限公司 董事、高级管理人员离职管理制度 第一章 总则 第一条 为规范江苏联瑞新材料股份有限公司（以下简称"公司"）董事、 高级管理人员离职相关事宜，确保公司治理结构的稳定性和连续性，维护公司及 股东的合法权益，根据《中华人民共和国公司法》《上海证券交易所科创板股票 上市规则》《上海证券交易所科创板上市公司自律监管指引第1号——规范运作》 等法律、法规、规范性文件及《江苏联瑞新材料股份有限公司章程》（以下简称 "《公司章程》"）的有关规定，结合公司实际情况，制定本制度。 第二条 本制度适用于公司全体董事（含独立董事）及高级管理人员因任期 届满、辞职、被解除职务或其他原因离职的情形。 第三条 公司董事、高级管理人员离职管理应遵循以下原则： （一）合法合规原则：严格遵守国家法律法规、监管规定及《公司章程》的 要求； （二）公开透明原则：及时、准确、完整地披露董事、高级管理人员离职相 关信息； （三）平稳过渡原则：确保董事、高级管理人员离职不影响公司正常经营和 治理结构的稳定性； （四）保护股东权益原则：维护公司及全体股东的合法权益。 第二章 离职情形与程序 第四条 董事因任期届满离职的，应向公司 ...

北京市朝阳区建外大街丁 12 号英皇集团中心 8、9、11 层 电话/Tel.:010-50867666 传真/Fax:010-56916450 网址/Website:www.kangdalawyers.com 北京 西安 深圳 海口 上海 广州 杭州 沈阳 南京 天津 菏泽 成都 苏州 呼和浩特 香港 武汉 郑州 长沙 厦门 重庆 合肥 宁波 济南 昆明 南昌 北京市康达律师事务所 关于华懋（厦门）新材料科技股份有限公司 差异化分红事项之专项法律意见书 康达法意字【2025】第 0235 号 致：华懋（厦门）新材料科技股份有限公司 北京市康达律师事务所（以下简称"本所"）接受华懋（厦门）新材料科技股份有 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》"）、《上海证券交易 所上市公司自律监管指引第 7 号——回购股份》等法律法规以及《华懋（厦门）新材 料科技股份有限公司章程》（以下简称"《公司章程》"）等规定，就公司 2024 年度利 润分配涉及的差异化权益分派特殊除权除息处理（以下简称"本次差异化分红"）相 关事项出 ...