国元证券股份有限公司 关于深圳证券交易所 《关于安徽国风新材料股份有限公司 发行股份购买资产并募集配套资金申请的 审核问询函》回复之核查意见 （修订稿） 独立财务顾问 二〇二五年八月 深圳证券交易所： 安徽国风新材料股份有限公司（以下简称"上市公司"、"公司"或"国风新 材"）于 2025 年 5 月 19 日收到深圳证券交易所《关于安徽国风新材料股份有限公司 发行股份购买资产并募集配套资金申请的审核问询函》（审核函〔2025〕130004 号） （以下简称"《审核问询函》"）。公司及相关中介机构就《审核问询函》所提问题 进行了认真讨论分析与核查，并按照要求在《安徽国风新材料股份有限公司发行股份 及支付现金购买资产并募集配套资金暨关联交易报告书（草案）》（以下简称"重组 报告书"）中进行了相应的修订和补充披露。国元证券股份有限公司（以下简称"独 立财务顾问"）作为本次交易的独立财务顾问，现发表核查意见如下。 如无特别说明，本核查意见使用的简称与重组报告书中的释义相同。在本核查意 见中，部分合计数与各明细数直接相加之和在尾数上如有差异，如无特殊说明，均系 四舍五入造成。 问题 1：关于标的资产业绩和经营情况 目 ...

Core Viewpoint - The news discusses the special verification opinion regarding Anhui Guofeng New Materials Co., Ltd.'s issuance of shares to purchase assets and raise supporting funds, focusing on the performance and operational status of the target asset, Jinzhang Technology Co., Ltd. Group 1: Performance and Operational Status of Target Asset - Jinzhang Technology's main business involves the research, production, and sales of functional coating composite materials, with key products including optical protective films for electronic screens and precision functional films for electronic processes [2][3] - The main business revenue of Jinzhang Technology was 574 million yuan and 654 million yuan, with a year-on-year growth of 95.52% and 95.99% in 2024 [2] - The gross profit margins for the optical protective films were 16.13% and 19.92%, while for precision functional films, they were 8.75% and 12.59%, with the increase in gross profit margin attributed to a higher proportion of high-margin anti-static film revenue [2] - The asset's short-term and long-term borrowings totaled 92.59 million yuan and 113.06 million yuan, with financial expenses of 3.70 million yuan and 1.26 million yuan, and a net profit increase of 76.28% [2] - The production capacity utilization rates for the optical protective films were 61.97% and 70.96%, calculated based on coating processes and production plans [2] Group 2: Industry Context and Competitive Landscape - The functional coating composite materials industry is technology-intensive and is currently in its early development stage in China, with many small to medium-sized enterprises and significant technological gaps compared to leading global firms [3][4] - The rapid development of downstream applications such as consumer electronics, new displays, large-scale integrated circuits, and new energy batteries is driving the growth of the industry [3] - The smartphone market, as a key application area for optical protective films, is experiencing a transformation with the increasing penetration of 4G and 5G technologies, leading to a surge in smartphone demand [3][4] - The global and Chinese smartphone shipments are projected to rise from 1.204 billion to 1.223 billion units from 2022 to 2024, indicating a recovery in global smartphone demand [3][4] Group 3: Financial Data and Trends - The financial data from 2020 to 2024 shows that the total assets and net assets of the target company have experienced minor fluctuations, with total assets of 531.77 million yuan and net assets of 649.70 million yuan [5][6] - The revenue from the optical protective films consistently accounted for over 89% of the total revenue during the reporting period, indicating a strong reliance on this product line [5][6] - The sales structure has shifted towards anti-static and privacy films, which have seen increased market demand, leading to revenue growth in these segments [7][8]