Core Insights - The report predicts that the North Exchange 50 Index will undergo component adjustments on September 11, 2025, with a review cutoff date of July 31, 2025 [3] - The predicted additions to the North Exchange 50 Index include Xingtu Measurement Control, Wanyuantong, Kanglwei, Lintai New Materials, and Juxing Technology, while Tianfangbiao, Huami New Materials, Haosheng Electronics, Chuangyuan Xinke, and Gebijia are expected to be removed [3][4] - Historical data indicates that, prior to adjustments, the average return of newly added stocks outperformed the index in 9 out of 11 instances, with an average excess return of 4.8%, while stocks being removed underperformed in 9 instances with an average excess return of -2.7% [3][8] Component Adjustments - The average daily trading volume and total market capitalization over the past six months were used to determine the adjustments, with specific metrics for each stock listed [3][4] - The predicted new components have varying average daily trading volumes, with Kanglwei at 632.9 million yuan and Lintai New Materials at 145.06 million yuan [4] - The report also lists potential candidates for inclusion, such as Yizhi Moyu, Wantong Hydraulic, Leishen Technology, and Wuhan Land Electric [3][4] Impact of Index Adjustments - The North Exchange 50 Index product size reached 11.162 billion yuan, accounting for 8.86% of the free float market capitalization, indicating a growing trend in index-based investments [3][11] - The report calculates the impact coefficients for the stocks being added and removed, with Kanglwei having the highest impact coefficient at 3.46, followed by Lintai New Materials at 2.17 [3][11] - The report emphasizes the importance of monitoring stocks with high impact coefficients as the adjustment date approaches [3]

证券代码：920106 证券简称：林泰新材 公告编号：2025-058 江苏林泰新材科技股份有限公司股票解除限售公告 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、 本次股票解除限售数量总额为 2,318,107 股，占公司总股本 4.15%，可交易 时间为 2025 年 7 月 24 日。 | 二、本次股票解除限售的明细情况及原因 | | --- | 单位：股 | | | 是否为 | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | | | 控股股 | 董事、监 | 本次 | | 本次解除 | | | | 股东姓名或名 | 东、实 | 事、高级 | 解限 | 本次解除限 | 限售股数 | 尚未解除 | | 序号 | | 际控制 | | | 售登记股票 | | 限售的股 | | | 称 | 人或其 | 管理人员 | 售原 | 数量 | 占公司总 | 票数量 | | | | 一致行 | 任职情况 | 因 | | 股本比例 | ...

证券代码：920106 证券简称：林泰新材 公告编号：2025-057 江苏林泰新材科技股份有限公司股票解除限售公告（更正后） 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、本次股票解除限售数量总额为 10,008,950 股，占公司总股本 17.93%，可交 易时间为 2025 年 7 月 10 日。 | | | 是否为控 | 董事、监 | 本次 | | 本次解除 | 尚未解 | | --- | --- | --- | --- | --- | --- | --- | --- | | | 股东姓名或名 | 股股东、 | 事、高级 | 解限 | 本次解除限 | 限售股数 | 除限售 | | 序号 | 称 | 实际控制 | 管理人 | 售原 | 售登记股票 | 占公司总 | 的股票 | | | | 人或其一 | 员任职 | 因 | 数量 | 股本比例 | 数量 | | | 深圳可可松资 | 致行动人 | 情况 | | | | | | | 本管理合伙企 | | | | | | | | | 业（有限合伙） ...

证券代码：920106 证券简称：林泰新材 公告编号：2025-056 江苏林泰新材科技股份有限公司股票解除限售更正公告 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。 江苏林泰新材科技股份有限公司（以下简称"公司"）于 2025 年 7 月 4 日在 北京证券交易所官方披露平台（http://www.bse.cn/）披露了《股票解除限售公 告》（公告编号：2025-055）。由于公司在向北交所和中国结算提交解除限售业务 申请资料后，股东南京玉轮创业投资合伙企业（有限合伙）变更了股票账户托管 单元，导致其所持公司股份 2,318,107 股未成功办理解除限售，现对该公告予以 更正。 一、更正内容 更正前： （一）、本次股票解除限售数量总额为 12,327,057 股，占公司总股本 22.08%， 可交易时间为 2025 年 7 月 10 日。 （二）、本次股票解除限售的明细情况及原因 单位：股 D 限制性股票解除限售 E 公开发行前特定主体股票解除限售上市 F 参与战略配售取得股票解除限售上市 | 序号 ...

Core Viewpoint - Lin Tai New Materials is positioned as the only domestic brand in the wet paper-based friction plate market for passenger vehicles, with significant growth driven by the increase in hybrid vehicle production and capacity release [2][5]. Group 1: Company Overview - Lin Tai New Materials (stock code: 920106.BJ) was established in 2015 and specializes in the development of wet paper-based friction plates, breaking the foreign monopoly in the passenger vehicle sector [2]. - The company has established partnerships with major domestic automakers such as SAIC, Geely, BYD, and others, and is beginning to enter the supply chains of international companies like Magna [2]. - The projected net profit for the company from 2021 to 2024 is expected to be 0.16 billion, 0.25 billion, 0.49 billion, and 0.81 billion respectively, with a compound annual growth rate of 50% [2]. Group 2: Market Dynamics - The passenger vehicle market in China is expected to see steady growth, with production and sales projected to reach 31.28 million and 31.44 million units in 2024, representing year-on-year increases of 3.7% and 4.5% respectively [3]. - The market share of hybrid vehicles is forecasted to rise from 17% in 2023 to 55% by 2035, driving demand for passenger vehicle friction plates [3]. - The market for passenger vehicle friction plates is expected to grow to 6.6 billion in 2025 and further to 7.4 billion by 2035 [3]. Group 3: Competitive Position - Lin Tai New Materials is currently the only domestic company capable of competing with large foreign enterprises in the wet paper-based friction plate sector, with no significant differences in core technical indicators and product lifespan compared to foreign counterparts [3]. - The company’s products offer better cost performance compared to similar products from foreign companies [3]. Group 4: Capacity and Expansion - The company achieved a capacity utilization rate of 101.77% for its automatic transmission wet paper-based friction plates in the first half of 2024, with future capacity expected to reach 52 million and 45 million plates for wet paper-based friction plates and dual plates respectively [3]. - Lin Tai New Materials is actively expanding into overseas markets, with a DCT project passing Magna's mass production audit, which is expected to enhance the company's capabilities in management, quality control, and brand building [4]. - The company is also developing wet paper-based friction plates for commercial vehicles and engineering machinery, having entered partnerships with major domestic manufacturers [4]. Group 5: Financial Projections - The projected net profit for Lin Tai New Materials from 2025 to 2027 is estimated at 1.50 billion, 2.15 billion, and 3.23 billion respectively, with corresponding price-to-earnings ratios of 40.30, 28.21, and 18.73 [5].

Investment Rating - The report gives a "Buy" rating for the company, Lin Tai New Materials [1]. Core Viewpoints - Lin Tai New Materials is the only domestic brand in the passenger car wet paper-based friction plate market, breaking the foreign monopoly and benefiting from the growth of hybrid vehicles and capacity release [6][11]. - The company has achieved a compound annual growth rate (CAGR) of 50% in net profit from 2021 to 2024, with a significant increase in revenue and profit margins [6][23]. - The market for passenger car friction plates is expected to grow significantly, driven by the increasing market share of hybrid vehicles, with the market size projected to reach 6.6 billion yuan in 2025 [6][54]. Summary by Sections 1. Company Overview - Lin Tai New Materials, established in 2015, specializes in the production of wet paper-based friction plates for automatic transmissions, becoming the only large-scale supplier in China [11]. - The company has established stable supply relationships with major domestic automakers such as SAIC, Geely, and BYD, and is expanding into international markets [11][12]. 2. Market Position and Growth Drivers - The company is positioned in a high-growth segment of the automotive industry, benefiting from the increasing demand for hybrid vehicles and the release of production capacity [6][54]. - The domestic market for passenger car friction plates is expected to grow to 6.6 billion yuan by 2025, with a further increase to 7.4 billion yuan by 2035 [6][54]. 3. Financial Performance - The company reported revenues of 206.56 million yuan in 2023, with projections of 312.58 million yuan in 2024 and 433.80 million yuan in 2025, reflecting a year-on-year growth of 17.33% and 51.33% respectively [1]. - Net profit is expected to reach 81.04 million yuan in 2024 and 150.16 million yuan in 2025, with a year-on-year growth of 64.78% and 85.28% respectively [1]. 4. Competitive Landscape - Lin Tai New Materials is the only domestic company capable of competing with large foreign enterprises in the wet paper-based friction plate market, with no significant differences in core technical indicators and product lifespan compared to foreign brands [6][11]. - The company is actively expanding its overseas market presence and has begun supplying to international clients, enhancing its competitive position [6][11]. 5. Future Outlook - The company is expected to continue its high growth trajectory, with net profits projected to reach 150 million yuan in 2025 and 214.54 million yuan in 2026, corresponding to a price-to-earnings ratio of 40.30 and 28.21 respectively [1][6].

证券代码：920106 证券简称：林泰新材 公告编号：2025-055 江苏林泰新材科技股份有限公司股票解除限售公告 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、本次股票解除限售数量总额为 12,327,057 股，占公司总股本 22.08%，可交 易时间为 2025 年 7 月 10 日。 公司于 2024 年 12 月 18 日在北京证券交易所上市，股东南京玉轮创业投资 合伙企业（有限合伙）（曾用名"上海玉轮资产管理合伙企业（有限合伙）"）、深 圳可可松一号创业投资合伙企业（有限合伙）、苏州邦盛赢新创业投资企业（有 限合伙）、苏州君实协立创业投资有限公司、李运佩和南京邦盛聚源创业投资合 伙于 2024 年 10 月 24 日出具《自愿限售的承诺》，承诺："自公司向不特定合格 投资者公开发行股票并在北京证券交易所上市之日起 6 个月内，本企业/本人不 转让或者委托他人管理本企业/本人在本次公开发行前直接或间接持有的公司股 份，也不由公司回购该部分股份。" 截至 2025 年 6 月 17 日收 ...

证券代码：920106 证券简称：林泰新材 公告编号：2025-054 江苏林泰新材科技股份有限公司 委托理财进展的公告 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、 授权委托理财情况 （一）审议情况 江苏林泰新材科技股份有限公司（以下简称"公司"）于 2025 年 1 月 21 日 召开第二届董事会第十次会议、第二届监事会第九次会议，审议通过了《关于使 用部分闲置募集资金进行现金管理》的议案，为提高闲置募集资金使用效率，公 司拟在确保资金安全、不影响募集资金投资项目建设的前提下，于决议有效期限 内使用总金额（任意时点使用募集资金购买理财产品的金额合计）不超过人民币 5,000.00 万元（含本数）的闲置募集资金购买理财产品，投资于安全性高、流 动性好、可以保障投资本金安全的理财产品，包括但不限于结构性存款、大额存 单、通知存款等可以保障投资本金安全的银行理财产品。在前述额度内，资金可 以循环滚动使用，拟投资的期限最长不超过 12 个月。授权公司法定代表人行使 相关投资决策权并签署相关文件，财务 ...

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [6][7]. Core Insights - The company is a rare domestic player in the wet paper-based friction plate market, having achieved a significant technological breakthrough in automatic transmission components, thus breaking the monopoly of foreign firms [6][17]. - The company has seen a growth inflection point, with substantial revenue increases driven by projects with major clients like BYD and Geely, and is expanding into international markets [6][7]. - The market for automatic transmission friction plates is expected to grow significantly, with the company positioned to benefit from increasing demand in both passenger and commercial vehicle sectors [6][7]. Financial Data and Profit Forecast - Total revenue projections for 2025 are estimated at 500 million yuan, with a year-on-year growth rate of 59.9% [5]. - The net profit attributable to the parent company is forecasted to reach 153 million yuan in 2025, reflecting an 88.3% increase year-on-year [5]. - Earnings per share are expected to be 2.73 yuan in 2025, with a projected PE ratio of 34 [5][7]. Market Position and Competitive Landscape - The company currently holds a 4% market share in the domestic wet paper-based friction plate market, ranking third among competitors [6][41]. - The industry is characterized by high entry barriers due to long certification cycles and significant investment requirements, which protect the company’s market position [6][44][49]. - The company has successfully entered the supply chains of major domestic and international clients, including Magna, enhancing its competitive edge [6][18][50]. Growth Drivers - The primary growth driver is the increasing penetration of hybrid vehicles, which require automatic transmissions, thus boosting demand for friction plates [6][32]. - The company is also expanding its applications into engineering machinery and commercial vehicles, which are expected to contribute to long-term growth [6][32][37]. - The projected market size for automatic transmission friction plates in China is expected to reach 5.112 billion yuan by 2035 [6][32].

证券代码：920106 证券简称：林泰新材 公告编号：2025-052 江苏林泰新材科技股份有限公司 自有资金委托理财进展的公告 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、 授权委托理财情况 （一）审议情况 公司于 2025 年 4 月 16 日召开第二届董事会第十二次会议、2025 年 5 月 9 日召开 2024 年年度股东会，审议通过了《关于使用闲置自有资金购买银行理财 产品的议案》，同意公司使用不超过人民币 10,000.00 万元的闲置自有资金购买 安全性高、流动性好的银行理财产品，在前述额度内，单笔投资期限不超过 12 个月，资金可以循环滚动使用，任意时点进行委托理财的金额不超过 10,000.00 万元。具体内容详见公司在北京证券交易所信息披露平台（www.bse.cn）披露的 《江苏林泰新材科技股份有限公司关于使用闲置自有资金购买银行理财产品的 公告》（公告编号：2025-041）。 （二）披露标准 根据《北京证券交易所股票上市规则》中相关规定，交易的成交金额占上市 公司最近一 ...