国元证券股份有限公司 关于 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 之 独立财务顾问报告 （修订稿） 独立财务顾问 签署日期：二〇二五年八月 国风新材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之独立财务顾问报告（修订稿） 声明与承诺 一、独立财务顾问声明 国元证券股份有限公司（以下简称"本独立财务顾问"）受安徽国风新材料 股份有限公司委托，担任本次交易的独立财务顾问，并制作本独立财务顾问报告。 本独立财务顾问依据《公司法》 《证券法》 《格式准则 26 号》 《重组管理办法》 《财 务顾问管理办法》等法律、法规的有关规定，以及国风新材与交易对方签署的相 关协议，国风新材、交易对方及交易标的提供的有关资料，国风新材董事会编制 的《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）》，按照证券行业公认的业务标准、道德规范，本着诚 实信用、勤勉尽责的态度，遵循客观、公正原则，在独立财务顾问截至本报告签 署日所做的尽职调查和对本次交易的相关资料进行审慎核查的基础上，发表独立 财务顾问意见，旨在就本次交易做出独立、客观和公正的评 ...

Investment Rating - The report maintains an "Overweight" rating for the basic chemical industry [1] Core Viewpoints - DuPont is under antitrust investigation in China, which is expected to benefit domestic alternatives in semiconductor materials and ion exchange membranes [3][6] - DuPont's major growth areas include electronics and water treatment, with a significant portion of sales coming from the Asia-Pacific region [4] - The investigation may accelerate the domestic substitution process for ion exchange resins, particularly in industrial water treatment [6] - The U.S. has imposed "reciprocal tariffs," which may further promote the domestic substitution of new materials [7] - Investment suggestions include focusing on leading companies in ion exchange resins and semiconductor materials [8] Summary by Sections Industry Overview - DuPont's sales in FY2023 reached $12.1 billion, with the Asia-Pacific region accounting for 43% of total sales [4] - The company plans to spin off its electronics business by November 2025 [4] Business Segments - DuPont's semiconductor solutions generated approximately $1.9 billion in sales, representing 15.7% of total sales, with 80% of this revenue from the Asia-Pacific region [5] - The water treatment and protection business achieved sales of $5.6 billion in 2023, with a slight decline expected in 2024 [6] Market Impact - The antitrust investigation is seen as a catalyst for accelerating the domestic production of ion exchange resins, benefiting companies like Bluestar Technology and Zhengguang Co. [6] - The introduction of higher tariffs on U.S. imports is expected to make domestic new materials more competitive [7]