Group 1 - The core viewpoint of the news is that Tianma New Materials (838971.BJ) is experiencing significant growth in its electronic ceramic powder materials segment, with a projected sales increase to 55% in 2024, representing a year-on-year growth of 92.25% [3] - The demand for electronic ceramic powder materials is driven by the consumer electronics and automotive electronics sectors, with notable increases in customer order volumes and sales reaching new highs, achieving a year-on-year growth of 80% [3] - The company has completed its fundraising project for a production line with an annual capacity of 50,000 tons of electronic ceramic powder materials, and all three rotary kilns and backend processing workshops are now operational [3] Group 2 - The company is focusing on expanding its overseas market presence, primarily supplying products through domestic subsidiaries of overseas clients and traders [3] - The overseas market strategy includes high-end products such as electronic ceramic powders, high-voltage electrical powders, spherical alumina powders, and grinding and polishing alumina powders, with some products currently in sample verification and small batch supply stages [3]

Group 1: Investor Relations Activities - The company conducted specific investor research and analyst meetings from March 31 to April 1, 2025, via an online conference [3][4]. Group 2: Fundraising Projects - The company has three fundraising projects: - The 50,000 tons electronic ceramic powder production line project has been completed - The 5,000 tons spherical alumina production line is in trial production and customer sample verification - The R&D center construction is expected to be completed within the year [4]. Group 3: Production Capacity - The three rotary kilns and backend processing workshops of the electronic ceramic powder production line have reached operational status, maximizing capacity utilization based on customer demand and raw material prices [5]. Group 4: Sales Growth - Sales of electronic ceramic powder materials increased by 92.25% year-on-year, with a 55% share of total sales in 2024, driven by demand from consumer electronics and automotive electronics [6]. Group 5: R&D Investment - R&D expenses have increased by over 20%, focusing on high-purity nano-alumina and third-generation semiconductor packaging materials, with collaborations with several research institutions [7]. Group 6: Raw Material Price Trends - The price of industrial alumina has decreased to around 3,000 RMB/ton in Q1 2025, with expectations of a weak bottoming phase throughout the year [8]. Group 7: Overseas Market Strategy - The company is focusing on overseas markets, supplying high-end products like electronic ceramic powder and spherical alumina through domestic subsidiaries and traders, with ongoing sample verification for several products [9]. Group 8: Product Development - The company has made breakthroughs in low-alpha spherical alumina powder and is transitioning to industrialization, with equipment installation and debugging ongoing for the upgraded production line [10].

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 证券代码：838971 证券简称：天马新材 公告编号：2025-051 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。 活动地点：线上会议 参会单位及人员：华源证券、西部证券、中信建投基金、博远基金、工银瑞 信基金、汇安基金、富安达基金、信达澳亚基金、人保资产管理公司、招商基金、 开源证券、山西证券、渤海证券、中金公司、中泰证券、联储证券、民生证券、 浙商证券、中山证券、长江证券、上海益和源资产管理有限公司、广东正圆私募 基金管理有限公司、上海颐歌资产管理有限公司、深圳市恒盈富达资产管理有限 公司、深圳市中兴威投资管理有限公司、深圳市国晖投资有限公司、上海滦海投 资管理有限公司、巨鹿投资、江苏苏豪投资集团有限公司、深圳拓朴私募股权基 1 金管理有限公司、上海朴信投资管理有限公司、上海明河投资尚正基金管理公司、 安联保险资产管理有限公司、上海递归私募基金管理有限公司、广东正圆私 ...

Core Viewpoints - The company reported a revenue of 255 million in 2024, representing a year-on-year increase of 34.99%, and a net profit attributable to shareholders of 39 million, up 221.44% year-on-year [1] - The demand in the downstream electronic materials industry has been released, with significant revenue growth in electronic ceramics and high-voltage electrical powder materials, achieving increases of 92% and 94% respectively [2] Financial Performance - In Q4 2024, the company achieved a revenue of 74 million, a year-on-year increase of 39.9%, and a net profit attributable to shareholders of 14 million, up 227.98% year-on-year [1] - The gross profit margin for 2024 was 24.21%, a decrease of 2.02 percentage points compared to the previous year, primarily due to a significant rise in the price of industrial alumina [2] Product Development - The company is transitioning its key research product, Low-α ray spherical alumina, towards industrialization, having achieved breakthroughs in laboratory testing with radioactive elements below 5 ppb [3] - The company is enhancing its product portfolio by developing high-end applications, forming a multi-layered product structure that includes basic, core, and innovative high-end products [3] Capacity Expansion - Two new production lines are in the commissioning/testing phase, with a 50,000-ton electronic ceramic powder production line completed and a 5,000-ton high thermal conductivity powder production line in trial production [4] - The company is focusing on R&D innovation and capacity building, targeting high-purity nano-alumina and third-generation semiconductor packaging materials among others [4] Future Outlook - Revenue projections for 2025-2027 are estimated at 394 million, 470 million, and 549 million respectively, with year-on-year growth rates of 54%, 19%, and 17% [4] - The net profit attributable to shareholders is expected to be 59 million, 77 million, and 102 million for the same period, with growth rates of 50%, 31%, and 32% respectively [4]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company achieved a significant increase in net profit attributable to shareholders, with a growth of 221% year-on-year for 2024, driven by strong sales in electronic ceramics and high-pressure electrical powder products [8] - The company is entering a new capacity release cycle in 2025, with an additional 60,000 tons of capacity, including 50,000 tons for electronic ceramics and glass, which is expected to enhance profitability [8] - The ongoing research and development efforts are yielding results, particularly in high-performance chip packaging materials, which will help the company expand into high-end application markets [8] - The company is expected to enter a phase of high-quality rapid development due to strong growth in downstream market demand [8] Financial Summary - Total revenue for 2024 is projected at 2.55 billion yuan, a year-on-year increase of 34.99% [8] - The net profit attributable to shareholders for 2024 is expected to be 0.39 billion yuan, reflecting a year-on-year growth of 221.44% [8] - Earnings per share (EPS) for 2024 is forecasted at 0.37 yuan, with corresponding P/E ratios of 91.53, 61.87, and 48.41 for 2025 and 2026 [1][9] - The company plans to invest 11.01 million yuan in R&D in 2024, a 23.25% increase from the previous year [8]

在公司业务不断拓展的情况下，公司加大研发投入，以创新驱动内生发展。2024年，公司投入研发费用 1100.86万元，较上年同期增长23.25%。公司自主研发的Low-α射线球形氧化铝取得阶段性成果，该产品 检测放射性元素铀(U)和钍(Th)的含量均低于5ppb级别。 中国银河证券表示，在高带宽存储器(HBM)封装技术中，Low-α射线球形氧化铝作为关键填充材料能够 减少信号串扰、提高信号完整性、保障芯片的高性能运行，Low-α射线球形氧化铝的研发突破将助力公 司构建多层次产品矩阵，布局高端精细氧化铝材料产业。此外，公司布局的高纯氧化铝粉体纯度达到 4N和5N级别，可应用于精细陶瓷基片、蓝宝石衬底透明陶瓷、生物陶瓷、半导体集成电路基片等领 域，该类产品未来量产后有望打破国内主要依赖进口的行业格局，成为公司新的营收增长极。 中国银河（601881）证券认为，2024年，公司主要下游消费电子行业需求持续回暖，智能手机、PC和 可穿戴设备等代表性产品出货量呈不同幅度增长，产业链盈利状况总体改善。 3月28日晚，天马新材公告，2024年实现营业收入2.55亿元，同比增长34.99%；归属上市公司股东净利 润3937.9 ...

证券代码：838971 证券简称：天马新材 公告编号：2025-039 河南天马新材料股份有限公司 会计师事务所履职情况评估报告 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"）聘请中勤万信会计师事务 所（特殊普通合伙）（以下简称"中勤万信"）作为公司 2024 年度审计机构。 根据财政部及证监会颁布的《国有企业、上市公司选聘会计师事务所管理办 法》，公司对中勤万信在 2024 年度审计中的履职情况进行了评估。具体情况如 下： （7）2023 年度上市公司审计客户 32 家，上市公司审计收费 3,232.50 万 元，与本公司同行业的审计客户 0 家。 2、聘任会计师履行的程序 经公司第三届董事会第二十一次会议及 2023 年年度股东大会审议，同意 一、会计师事务所基本情况 1、基本情况 （1）会计师事务所名称：中勤万信会计师事务所（特殊普通合伙）； （2）成立日期：2013 年 12 月； （3）组织形式：特殊普通合伙； （4）注册地址：北京西直门外大街 ...

证券代码：838971 证券简称：天马新材 公告编号：2025-041 河南天马新材料股份有限公司 公司本次发行股数 14,406,668 股（超额配售选择权行使前），发行价格为人 民币 21.38 元/股，募集资金总额为人民币 308,014,561.84 元（超额配售选择权行 使前），扣除发行费用人民币 25,859,452.20 元（不含增值税），募集资金净额 为人民币 282,155,109.64 元（超额配售选择权行使前），募集资金已于 2022 年 9 月 21 日划至公司指定账户。上述募集资金到位情况已经中勤万信会计师事务所 （特殊普通合伙）审验，并于 2022 年 9 月 21 日出具《河南天马新材料股份有限 公司验资报告》（勤信验字【2022】第 0050 号）。募集资金已全部存放于公司 设立的募集资金专项账户。 （二）募集资金使用情况及结余情况 1 截至 2024 年 12 月 31 日，公司募集资金使用情况具体如下： 募集资金存放与实际使用情况的专项报告 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 ...

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。 根据《中华人民共和国公司法》《中华人民共和国证券法》《上市公司治理 准则》《国有企业、上市公司选聘会计师事务所管理办法》《河南天马新材料股 份有限公司章程》（以下简称《公司章程》）等规定和要求，董事会审计委员会 本着勤勉尽责的原则，恪尽职守，认真履职。现将审计委员会对会计师事务所 2024 年度履行监督职责情况汇报如下： 一、会计师事务所基本情况 证券代码：838971 证券简称：天马新材 公告编号：2025-040 河南天马新材料股份有限公司 审计委员会对会计师事务所履行监督职责情况报告 1、基本情况 中勤万信会计师事务所（特殊普通合伙）（以下简称"中勤万信"）成立于 2013 年 12 月 13 日、组织形式为特殊普通合伙、注册地址为北京市西城区西直门外大 街 112 号十层 1001、首席合伙人为胡柏和、2023 年度末合伙人数量为 72 人、 2023 年度末注册会计师人数为 377 人、2023 年度末签署过证券服务业务审计报 告的注册会计师人数 ...

中国国际金融股份有限公司 关于河南天马新材料股份有限公司 2024 年度募集资金存放及使用情况的专项核查报告 中国国际金融股份有限公司（以下简称"中金公司"或"保荐机构"）作为河南 天马新材料股份有限公司（以下简称"天马新材"或"公司"）向不特定合格投资 者公开发行股票并在北京证券交易所上市的保荐机构、持续督导机构，对天马新材 履行持续督导义务。根据《证券发行上市保荐业务管理办法》《北京证券交易所股 票上市规则（试行）》《北京证券交易所上市公司持续监管办法（试行）》《北京证券 交易所证券发行上市保荐业务管理细则》等相关法律、法规和规范性文件的规定， 中金公司及其指定保荐代表人对 2024 年度募集资金存放与使用情况进行了专项核查， 核查情况与意见如下： 一、募集资金基本情况 （一）实际募集资金金额和资金到账时间 2022 年 9 月 2 日，中国证券监督管理委员会出具《关于同意河南天马新材料股 份有限公司向不特定合格投资者公开发行股票注册的批复》（证监许可〔2022〕 2026 号），同意公司向不特定合格投资者公开发行股票的注册申请。经北京证券交 易所《关于同意河南天马新材料股份有限公司股票在北京证券交易所上 ...