河南天马新材料股份有限公司（以下简称"公司"）于 2025 年 4 月 18 日召 开第四届董事会第三次会议，于 2025 年 5 月 8 日召开 2025 年第二次临时股东 会，审议通过《关于变更公司注册资本及拟修订<公司章程>的议案》，具体内容 详见公司于 2025 年 4 月 22 日在北京证券交易所指定信息披露平台 （http://www.bse.cn）披露的《天马新材：关于拟修订公司章程公告》（公告编号： 2025-063）。 证券代码：838971 证券简称：天马新材 公告编号：2025-079 河南天马新材料股份有限公司 关于完成工商变更登记并取得换发营业执照的公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记 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个 别及连带法律责任。 一、基本情况 二、工商变更登记情况 公司已完成相应的工商变更登记及章程备案手续，并于 2025 年 7 月 15 日， 取得了郑州市市场监督管理局核发的《营业执照》。本次工商变更完成后，公司 注册资本由 10,600.8002 万元变更为 10,508.8002 万元。除以上变更 ...

1. Report Industry Investment Rating - Expected to outperform the benchmark by more than 5% in the next 6 months (Industry investment rating: Overweight) [49] 2. Core Views of the Report - Solid-state batteries offer stronger safety and higher energy density but face issues such as low ionic conductivity, poor cycle life, and relatively high costs [2][8][10] - There are diverse technological routes for solid-state batteries, with sulfides being the current mainstream direction [2][17][19] - With increased policy and industrial chain support, the commercialization of solid-state batteries is accelerating, and it is expected that the demand will reach 100 GWh by 2030 [2][22][28] - Considering the accelerated technological iteration of solid-state batteries, the successive establishment of pilot lines, and the continuous emergence of new technologies in equipment and materials, specific companies are recommended for investment [2][44] 3. Summary by Relevant Catalogs 3.1 Solid-state Batteries: Stronger Safety and Higher Energy Density - Solid-state batteries use non-flammable solid electrolytes instead of liquid electrolytes, achieving higher energy density and stronger safety [6][8][10] - The energy density of solid-state batteries can exceed 500 Wh/kg, breaking through the energy density bottleneck of liquid batteries and enabling longer electric vehicle range [8] - Solid-state batteries are safer because solid electrolytes have a higher melting point and can suppress lithium dendrite growth, reducing the risk of thermal runaway and short circuits [10] - Solid-state batteries have disadvantages such as low ionic conductivity, poor cycle life, and high production costs [12][15] 3.2 Diverse Technological Directions with Sulfides as the Mainstream - Solid-state batteries can be divided into four technological routes: polymers, oxides, sulfides, and halides, each with its own advantages and disadvantages [17][18] - Sulfide solid electrolytes have the greatest potential in the future, with high ionic conductivity, good interface contact performance, and flexibility, making them the key layout direction for mainstream manufacturers [19] 3.3 Increased Policy and Industrial Chain Support, Accelerating Solid-state Commercialization - The national level has successively issued policies to support the development of solid-state batteries, accelerating the industrialization process [22][23] - Battery manufacturers have updated their solid-state progress, with small-scale mass production expected in 2027 and large-scale mass production in 2030 [24][25] - Automobile manufacturers have released solid-state-related plans, with small-scale mass production expected in 2027 and large-scale implementation in vehicles by 2030 [26][27] - With the support of leading enterprises and the industrial chain, the mass production speed of solid-state batteries is expected to exceed expectations, and the cost is expected to approach that of liquid batteries by 2030 [28][30] 3.4 North Exchange Industrial Chain Targets - The solid-state battery industrial chain includes upstream (mineral resources, positive electrodes, negative electrodes, solid electrolytes, production equipment), midstream (cells, batteries, PACK, BMS), and downstream (consumer, power, energy storage, aerospace fields) [33] - Lingge Technology provides an automated overall solution for front-end materials in solid-state batteries and is expected to benefit from the development of the solid-state battery industry [34] - Nakonor is a pioneer in dry electrode equipment, continuously expanding into the solid-state field, and its products are expected to increase in value and contribute to the company's performance [37] - Yuanhang Precision focuses on the R & D of nickel-copper/nickel-aluminum layered composites, aiming to meet the technical requirements of iron-based current collectors for solid-state batteries [39] - The report recommends Nakonor, Yuanhang Precision, and Lingge Technology, and suggests paying attention to other companies such as BTR, Tianma New Materials, Wuhan Landian, Liwang Co., Ltd., Lijia Technology, Yintu Network, and Haixi Communication [2][44]

Industry Overview - White corundum is an inorganic non-metallic material made from industrial alumina powder, with a Mohs hardness of 9.0, second only to diamond [1][4] - The industry has seen a decline in production due to weak domestic demand and stringent environmental policies, with total production expected to drop to approximately 480,000 tons in 2024 [1][4] Production Side - The white corundum industry in China began in the 1950s, initially relying heavily on imports, but has since developed self-sufficiency through technological advancements [4] - The production of 1 ton of white corundum requires about 1.1 tons of alumina, making alumina prices critical to the industry [4] Price Analysis - The price of alumina has significantly increased due to tightening supply, with the average price reaching 4,076 RMB/ton in 2024, a rise of 39.49% [5] - White corundum prices have also risen, with average prices for blocks increasing from 4,200-4,400 RMB/ton in 2023 to 5,100-5,300 RMB/ton in 2024 [5] Import and Export - Import levels of white corundum have remained low, decreasing to 1,500 tons by 2024, while exports surged from 235,400 tons in 2020 to 445,100 tons in 2024, with a compound annual growth rate of 17.26% [7] - The number of countries and regions importing Chinese white corundum has increased to 91 by the end of 2024 [7] Consumption Side - The primary consumption markets for white corundum are refractory materials and abrasives, with refractory material production declining by 3.73% in 2024 [9][10] - The abrasives sector has also faced challenges, with total revenue dropping to 450.2 billion RMB in 2024, a decrease of 15.1% [9] Future Trends - The industry is expected to see increased concentration as smaller companies face pressure from stricter environmental regulations and market competition [18] - There is a push towards green and high-end transformation, with companies focusing on clean production processes and developing high-purity products to meet advanced manufacturing needs [19][20]

证券代码：838971 证券简称：天马新材 公告编号：2025-078 河南天马新材料股份有限公司 持股 5%以上股东减持股份结果公告 本公司及董事会全体成员及相关股东保证公告内容不存在虚假记载、误导性 陈述或重大遗漏，并对其内容的真实、准确和完整承担个别及连带责任。 一、 减持主体减持前基本情况 | | | 减持数 | 减 | | | | | | | 减持 | 当前持 | 当前持 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 股东 | 减持数 | 量占总 | 持 | | 减持 | | | 减持价格 | 已减持总金 | 计划 | 股数量 | 股比例 | | 名称 | 量（股） | 股本比 | 方 | | 期间 | | | 区间 | 额（元） | 完成 | （股） | （%） | | | | 例（%） | 式 | | | | | | | 情况 | | | | 王超 | 2,100,000 | | 集 中 | 2025 | 年 4 | 月 | 21 日 | 30.00-35.26 | 70,3 ...

证券代码：838971 证券简称：天马新材 公告编号：2025-077 河南天马新材料股份有限公司 持股 5%以上股东权益变动达到 1%的提示性公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记 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个 别及连带法律责任。 河南天马新材料股份有限公司（以下简称"公司"）于 2025 年 6 月 25 日收到 持股 5%以上股东王超先生出具的《股份减持进展告知函》，王超先生于 2025 年 6 月 4 日至 2025 年 6 月 25 日期间通过集中竞价累计减持公司股份 1,419,228 股， 占公司总股本的 1.3505%。持有公司股份比例从 6.9470%减少至 5.5965%，权益 变动触及 1%的情形。现将其有关权益变动情况公告如下： 一、本次权益变动基本情况 （一）信息披露义务人基本情况 | 1、基本情况 | | | | | | | --- | --- | --- | --- | --- | --- | | 信息披露义务人 | | | 王超 | | | | 权益变动时间 | | | 年 月 日至 2025 6 4 | ...

Investment Rating - The investment rating for the company is "Outperform" (Maintain) [3] Core Views - The company achieved a revenue of 0.58 billion yuan in Q1 2025, representing a year-on-year increase of 15.82%, while the net profit attributable to the parent company was 0.9719 million yuan, a decrease of 86.98% year-on-year [3] - The company has made significant progress in the research and development of low-alpha spherical alumina, with the new production line for 50,000 tons of electronic ceramic powder now operational, expected to contribute to revenue growth [5][3] - The financial forecasts for 2025-2027 have been adjusted, with net profits projected at 0.41 billion yuan (previously 0.58 billion), 0.54 billion yuan (previously 0.73 billion), and 0.72 billion yuan respectively [3] Financial Summary - For 2025, the company is expected to generate a revenue of 3.31 billion yuan, with a year-on-year growth of 29.8% [7] - The projected net profit for 2025 is 0.41 billion yuan, with an EPS of 0.39 yuan, and a P/E ratio of 82.7 times [7] - The gross margin is expected to be 22.5% in 2025, with a net margin of 12.3% [10] Industry Insights - The electronic materials industry in China is projected to grow significantly, with the market size reaching 4,809.7 billion yuan in 2023, and the semiconductor materials market accounting for 1,295.5 billion yuan, or 26.94% of the total [4] - The strategic shift towards domestic production and reduced reliance on foreign materials is expected to create substantial opportunities within the semiconductor and electronic materials sectors [4]

证券代码：838971 证券简称：天马新材 公告编号：2025-076 河南天马新材料股份有限公司 回购股份注销完成暨股份变动公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、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个别及连带法律责任。 一、 定向回购股份注销情况 河南天马新材料股份有限公司（以下简称"公司"）于 2025 年 4 月 18 日召开第四届 董事会第三次会议，审议《关于回购注销部分限制性股票的议案》，因公司董事马淑云 女士、胡晓晔女士、姚磊先生系前述议案关联董事，需回避表决，前述议案因非关联董 事不足三人直接提交股东会审议；2025 年 4 月 18 日，公司召开第四届监事会第三次会 议，会议审议通过《关于回购注销部分限制性股票的议案》。2025 年 5 月 8 日，公司召 开 2025 年第二次临时股东会，会议审议通过《关于回购注销部分限制性股票的议案》， 同意公司回购注销激励对象已获授但尚未解除限售的限制性股票合计 920,000 股。 本次回购注销的限制性股票合计 920,000 股，回购单价 4.05 元/股，回购总金额人 民币 372.6 ...

证券代码：838971 证券简称：天马新材 公告编号：2025-075 河南天马新材料股份有限公司 投资者关系活动记录表 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、 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个别及连 带法律责任。 一、 投资者关系活动类别 □特定对象调研 □业绩说明会 □媒体采访 □现场参观 □新闻发布会 □分析师会议 □路演活动 √其他 （河南辖区上市公司 2025 年投资者网上集体接待日活动） 二、 投资者关系活动情况 活动时间：2025 年 5 月 22 日 活动地点：全景网"投资者关系互动平台"（https://ir.p5w.net） 参会单位及人员：通过网络方式参与"河南辖区上市公司 2025 年投资者网 上集体接待日"活动的投资者 上市公司接待人员：董事会秘书胡晓晔女士、财务负责人茹红丽女士 三、 投资者关系活动主要内容 问题 1：新产能释放后，公司如何进行市场开拓？有什么规划？ 回复：投资者您好！公司是多品种高端精细氧化铝供应商，依托新生产线的 逐步建成投产，未来公司规划将电子陶瓷用粉体材料、高导热材料用粉体材料作 1 为主要推广产 ...

Group 1: Investor Relations Activities - The company participated in the "2025 Investor Online Reception Day" on May 22, 2025, via the "Investor Relations Interactive Platform" [3] - Attendees included investors participating through the online platform, with company representatives being Secretary of the Board Hu Xiaoye and Financial Officer Ru Hongli [3] Group 2: Market Development and Product Promotion - The company plans to focus on promoting electronic ceramic powder materials and high thermal conductivity powder materials as key products following the release of new production capacity [4] - A comprehensive domestic and international marketing network will be established, along with the cultivation of technical sales personnel and a specialized marketing team [4] - The company aims to enhance collaboration with customers to meet customized demands and continuously innovate products to adapt to market needs [4] Group 3: Share Price Maintenance and Investor Return - The company has implemented a "Market Value Management System" as of March 27, 2025, to strengthen market value management and protect the rights of stakeholders [4] - The company will focus on business development and utilize market value management methods to enhance investment value, aiming for maximum overall value and sustained shareholder returns [4] - The company will continuously monitor stock price trends and adjust business strategies as needed to ensure good performance and reward investors [4]

Group 1: Company Performance and Growth Drivers - Luoyang Molybdenum's Secretary Xu Hui highlighted the company's focus on geological exploration and resource upgrades, with a copper production guidance of 600,000 to 660,000 tons for 2025 [1] - Hanwei Technology's subsidiary Nengsida is expanding its production capacity for flexible sensors, with a new production line expected to be operational in the second half of the year [2] - Multiple Fluoride's Secretary Peng Chao noted that the price of lithium hexafluorophosphate is stabilizing, which is expected to enhance the company's performance [2] Group 2: Market Value Management Strategies - Zhongyuan Environmental emphasized the importance of market value management, focusing on compliance and innovation to enhance investor returns [4] - Ming Tai Aluminum's Secretary Lei Peng discussed the company's commitment to high-end manufacturing and low-carbon economy, aiming to improve its market value through various initiatives [4] - AVIC Optoelectronics has implemented several market value management measures, including a planned cash dividend of 1.695 billion yuan for 2024, representing a 50.52% payout ratio [5]