Group 1 - The Guangzhou International Auto Show is taking place from November 21 to 30, 2025, featuring 93 new car launches and a total of 1,085 vehicles on display, including 629 new energy vehicles [2][13][16] - The number of companies in the automotive industry chain on the North Exchange has reached 30, with a total market capitalization of 776.82 billion yuan as of November 21, 2025 [17][19] - Notable companies in the automotive sector include Dapeng Industrial, which achieved a revenue increase of 28.43% and a net profit increase of 60.77% in Q1-Q3 2025, and Lintai New Materials, which saw a revenue growth of 68.92% and a net profit growth of 131.19% in the same period [12][26][28] Group 2 - The average weekly decline for five major industries, including high-end equipment, information technology, chemical new materials, consumer services, and pharmaceutical biology, was recorded at -9.59%, -7.48%, -10.19%, -9.74%, and -11.73% respectively [3][32][44] - The median price-to-earnings (P/E) ratios for these industries have decreased, with high-end equipment at 36.3X, information technology at 66.7X, chemical new materials at 40.6X, consumer services at 51.9X, and pharmaceutical biology at 29.0X [3][32][44] Group 3 - In the technology sector, the median P/E ratio for 155 companies has dropped from 45.5X to 41.1X, with an overall market capitalization decline from 4,923.95 billion yuan to 4,487.67 billion yuan [4][49][50] - The automotive industry P/E ratio has decreased to 32.2X, while the electronic industry P/E ratio is now at 48.8X, and the information technology industry P/E ratio stands at 78.0X [4][65][69] Group 4 - Runong Water Saving plans to raise no more than 84.51 million yuan through a private placement to its controlling shareholder, Hubei Xiangtou Group, at an issue price of 6.26 yuan per share [5][71] - Hai Xi Communications has signed a procurement contract worth 401.88 million yuan for a 400MW/800MWh energy storage project [5][71]

证券代码：920106 证券简称：林泰新材 公告编号：2025-128 江苏林泰新材科技股份有限公司 关于控股股东、实际控制人及其一致行动人权益变动触及 1%整数倍 的提示性公告 截止到 2025 年 11 月 18 日，公司控股股东、实际控制人刘健持有公司股票 11,701,127 股，持股比例为 20.96%；实际控制人宋苹苹持有公司股票 35,000 股，持股比例为 0.06%；一致行动人无锡爱思达投资企业（有限合伙）持有公司 股票 3,669,778 股，持股比例为 6.57%；一致行动人无锡鎏泰企业管理合伙企业 （有限合伙）持有公司股票 839,042 股，持股比例为 1.50%。以上股东合计持有 公司股票 16,244,947 股，持股比例为 29.10%。 2025 年 11 月 19 日，因公司股权激励计划限制性股票授予登记，公司总股 本由55,828,500股变更为56,593,500股，股权激励计划限制性股票授予登记后， 宋苹苹女士获授限制性股票 90,000 股。刘健、宋苹苹、无锡爱思达投资企业（有 限合伙）、无锡鎏泰企业管理合伙企业（有限合伙）合计持有公司股票 16,334,947 股 ...

证券代码：920106 证券简称：林泰新材 公告编号：2025-127 江苏林泰新材科技股份有限公司 2025 年限制性股票激励计划授予结果公告 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，不存在虚假记 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、限制性股票授予结果 | 序号 | 姓名 | 职务 | 获授限制性 股票数量（万 | 占拟授予限 制性股票总 | 占激励计划 草案公告日 | | --- | --- | --- | --- | --- | --- | | | | | 股） | 量的比例 | 股本总额的 比例 | | 1 | 宋苹苹 | 董事 | 9.00 | 11.7647% | 0.1612% | | 2 | 骆从明 | 副总经理 | 23.00 | 30.0654% | 0.4120% | | 3 | 范今华 | 董事 | 3.00 | 3.9216% | 0.0537% | | 4 | 沈建波 | 副总经理、董事会秘 书、财务负责人 | 3.00 | 3.9216% | 0.0537% | | | 核心员工（33 | 人） | 38.5 ...

Group 1 - The core focus of Lin Tai New Materials is on the research, development, production, and sales of automatic transmission friction plates, particularly wet paper-based friction plates, which are used in various applications including passenger vehicles, commercial vehicles, engineering machinery, and special vehicles [2] - The company is currently conducting R&D in specialized vehicles and low-altitude aircraft, with samples of wet paper-based friction plates for missile vehicle power take-off already submitted, although no revenue has been generated yet [2] - Lin Tai New Materials has submitted friction plate products for flying car projects to customers for testing, but has not yet realized any related revenue [2] Group 2 - The company aims to expand the application of its wet paper-based friction material technology across different scenarios, optimizing material formulations and production processes to meet diverse requirements [3] - Lin Tai New Materials is actively exploring R&D in other key core materials to identify new growth opportunities [3] - The company indicated that it is in a rapid growth phase and will consider refinancing based on actual development conditions and strategic needs [3]

证券代码：920106 证券简称：林泰新材 公告编号：2025-126 江苏林泰新材科技股份有限公司 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 二、 投资者关系活动情况 活动时间：2025 年 11 月 14 日 活动地点：价值在线（https://www.ir-online.cn/）网络互动 参会单位及人员：通过网络方式参加公司 2025 年第三季度业绩说明会的全 体投资者。 上市公司接待人员：公司董事长刘健先生；副总经理、财务负责人、董事会 秘书沈建波先生；保荐代表人郑立人先生。 三、 投资者关系活动主要内容 本次业绩说明会公司通过网络文字互动交流的方式就投资者关心的问题进 行了回答，主要问题及回复概要如下： 1、请展望一下纸基湿式摩擦片今后的发展方向，以及贵公司在研发方面的 回答：公司湿式纸基摩擦片除了在乘用车、商用车、工程机械、高端农机领 域 ...

证券代码：920106 证券简称：林泰新材 公告编号：2025-125 公司董事长：刘健先生 江苏林泰新材科技股份有限公司 2025 年第三季度业绩说明会预告公告 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、 说明会类型 江苏林泰新材科技股份有限公司（以下简称"公司"）已于 2025 年 10 月 30 日在北京证券交易所指定信息披露平台（http://www.bse.cn）披露了《2025 年 三季度报告》（公告编号 2025-123）。为便于广大投资者更加全面深入地了解公 司 2025 年三季度经营业绩的具体情况，公司定于 2025 年 11 月 14 日（星期五） 15:00-16:00 在"价值在线"（www.ir-online.cn）举办江苏林泰新材科技股份 有限公司 2025 年第三季度业绩说明会，与投资者进行沟通和交流，广泛听取投 资者的意见和建议。 二、 说明会召开的时间、地点 （一）会议召开时间：2025 年 11 月 14 日（星期五）15:00-16:00。 （二）会议召开 ...

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [5] Core Views - The company has shown significant growth in profitability with a year-on-year increase in net profit of 131% for Q1-Q3 2025, reaching 106.65 million yuan [7] - The company is positioned as a key player in the domestic market for wet-type friction materials, particularly in the automotive sector, with a focus on electric vehicles [5][7] - The company is expected to benefit from the increasing penetration of Electronic Limited Slip Differential (ELSD) in the domestic market, which is projected to enhance vehicle stability and safety [7] Financial Performance Summary - The company achieved a revenue of 3.26 billion yuan in Q1-Q3 2025, representing a 69% year-on-year growth [7] - The projected net profit for 2025-2027 is estimated at 153 million, 220 million, and 316 million yuan, respectively, with corresponding P/E ratios of 34, 24, and 16 [5][6] - Revenue is expected to grow from 510 million yuan in 2025 to 1,010 million yuan in 2027, with a compound annual growth rate (CAGR) of approximately 41.11% [6][8] Market Position and Strategy - The company is the only domestic enterprise capable of full-process independent production of wet-type paper-based friction plates for passenger car automatic transmissions, establishing a strong competitive edge [5] - The company has established deep partnerships with leading domestic brands such as BYD, SAIC, and Geely, enhancing its market presence [5] - The company is expanding its production capacity, with a new factory expected to be completed by November 2025, aiming for an annual capacity of 80 million pieces by the end of 2025 [7]

Investment Rating - The investment rating for the company is "Outperform" (maintained) [1] Core Views - The company has achieved significant revenue growth, with a 68.92% year-on-year increase in revenue to 326 million yuan and a 131.19% increase in net profit to 107 million yuan for the first three quarters of 2025 [3] - The company is expected to maintain its profit forecasts for 2025-2027, with projected net profits of 141 million yuan, 202 million yuan, and 295 million yuan respectively, corresponding to EPS of 2.53 yuan, 3.61 yuan, and 5.28 yuan per share [3] - The company is focusing on expanding its production capacity, with new facilities expected to be completed by November 2025, aiming for an annual capacity of 80 million pieces by the end of 2025 and 97 million pieces by 2026 [4] - The domestic market for Electronic Limited Slip Differential (ELSD) is expected to grow significantly, driven by the need for improved vehicle stability and safety, particularly in electric vehicles [5] Financial Summary - For 2023A, the company reported revenue of 207 million yuan, with a projected increase to 481 million yuan in 2025E and 890 million yuan in 2027E, reflecting a compound annual growth rate [6][9] - The gross margin is expected to improve from 42.1% in 2023A to 50.5% in 2027E, while the net profit margin is projected to increase from 23.8% to 33.1% over the same period [10] - The company's return on equity (ROE) is forecasted to rise from 18.7% in 2023A to 28.4% in 2027E, indicating strong profitability [10]

江苏林泰新材科技股份有限公司 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 证券代码：920106 证券简称：林泰新材 公告编号：2025-124 √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 二、 投资者关系活动情况 活动时间：2025 年 10 月 31 日 活动地点：线上电话会议 参会单位及人员：创金合信、中泰证券、长江证券、华鑫证券、君茂资本、 华商基金、上海森锦投资、申万宏源、长承私募、益和源资产、第一创业、中信 证券、兴业证券、华源证券、天弘基金、中庚基金、中信建投基金、中邮创业基 金、同泰基金、西部利得基金、联储证券、开源证券、东方证券、浙商证券、民 生证券、红塔证券、江海证券、富德生命人寿、上汽金控、上海临信、尚诚资产、 大湾区发展基金、滦海资本、汇瑾资产、星允投资、丰道投资、铁林(厦门)股权、 朴信投资、磊垚创业、四海圆通、冰河资产等 本次投资者关系活动的主要问题及公司对问题的回复 ...

Investment Rating - The investment rating for the company is "Buy" [5] Core Insights - The company's Q3 revenue met expectations, but profit margins were lower than anticipated due to a decline in high-margin exports and one-time maintenance costs [5] - The company achieved a revenue of 326 million yuan in the first three quarters of 2025, representing a year-on-year growth of 68.9%, with a net profit of 107 million yuan, up 131.2% year-on-year [5] - The report anticipates a recovery in profit margins in Q4 2025 as one-time costs clear and sales volumes increase [5] Financial Data and Profit Forecast - Total revenue projections for 2025E are 480 million yuan, with a net profit of 150 million yuan, reflecting a year-on-year growth of 85.4% [2][7] - The gross margin for 2025E is expected to be 45.3%, with a return on equity (ROE) of 25.7% [2] - The company is projected to achieve revenues of 703 million yuan and 890 million yuan in 2026E and 2027E, respectively [2][7] Market Data - As of October 31, 2025, the closing price of the stock is 93.32 yuan, with a market capitalization of 2,732 million yuan [3] - The stock has a price-to-earnings (PE) ratio of 35 for 2025E, decreasing to 24 in 2026E and 18 in 2027E [2][3] Revenue and Profitability Analysis - The company’s gross margin for Q3 2025 was 39.4%, down from previous quarters, primarily due to a decrease in the proportion of high-margin exports and increased one-time maintenance costs [5] - The report highlights that the company is focusing on domestic markets, particularly in supplying to new energy vehicle manufacturers, which is expected to drive future growth [5] Outlook - The company is expected to see a recovery in Q4 2025, with a return to stable profit margins and continued growth in both domestic and export sales [5] - The introduction of new products, such as the electronic control limited-slip differential (ELSD), is anticipated to contribute to the company's growth trajectory starting next year [5]