证券代码：920106 证券简称：林泰新材 公告编号：2025-077 江苏林泰新材科技股份有限公司承诺管理制度 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、 审议及表决情况 江苏林泰新材科技股份有限公司于 2025 年 9 月 8 日召开第二届董事会第十 四次会议，审议通过《关于制定及修订公司部分内部管理制度的议案》之子议案 2.6《关于修订<承诺管理制度>的议案》，表决结果：同意 7 票；反对 0 票；弃权 0 票。 该议案尚需提交股东会审议。 二、 分章节列示制度主要内容： 江苏林泰新材科技股份有限公司 承诺管理制度 第一章 总则 第一条 为加强对江苏林泰新材科技股份有限公司（以下简称"公司"）控股 股东、实际控制人、关联方、收购人以及公司的承诺及履行承诺行为的规范，切 实保护中小投资者合法权益，根据《中华人民共和国公司法》《中华人民共和国 证券法》、《上市公司监管指引第 4 号——上市公司及其相关方承诺（2025 修订）》、 《北京证券交易所股票上市规则》等法律法规和其他规范性文件以及《 ...

东吴证券股份有限公司 关于江苏林泰新材科技股份有限公司 2025 年半年度持续督导跟踪报告 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》 等有关法律法规、规范性文件等的规定,东吴证券股份有限公司(以下简称"东 吴证券"或"保荐机构")作为江苏林泰新材科技股份有限公司(以下简称"公 司"或"林泰新材"）的保荐机构,负责林泰新材的持续督导工作,并出具 2025 年半年度持续督导跟踪报告。 一、持续督导工作概述 公司向不特定对象公开发行股票并在北交所上市后,保荐机构针对公司的具 体情况,确定了持续督导的内容、重点和计划,保荐机构在持续督导阶段的主要 工作包括: | 事项 | 工作内容 | | --- | --- | | 1、审阅公司信息披露文件 | 保荐机构及时审阅公司信息披露文件 | | 2、督导公司建立健全并有效 执行规则制度 | 保荐机构督导公司建立健全规则制度,并有效执行规则制度 | | 3、监督募集资金的存放与使 | 保荐机构查阅公司募集资金使用台账、募集资金账户对账单 了解募投项目实施进度并实地查看募投项目进展情况、及时 | | 用情况 | 审阅募集资金信息披露相关文件等 | | ...

Industry Overview - The automotive automatic transmission friction plate is a key component that directly affects the overall performance of automatic transmissions. The technology level in this field in China started late, leading to a lack of competitive domestic brands against international giants who dominate the market [1][17] - In recent years, domestic companies like Lintai New Materials have made significant technological breakthroughs, effectively breaking the market monopoly held by foreign enterprises and enhancing the competitiveness of domestic friction plates [1][19] - The market size for China's automotive automatic transmission friction plates has grown from 5.364 billion yuan in 2021 to 6.347 billion yuan in 2024, achieving a compound annual growth rate (CAGR) of 5.77%. It is expected to reach 6.574 billion yuan by 2025 [1][17] Industry Policies - The Chinese government has implemented various regulations and policies to foster the development of the automotive automatic transmission friction plate industry, promoting technological innovation and market cultivation [9][10] - Key policies include the promotion of remanufacturing in traditional equipment and the encouragement of enterprises to accelerate the development of remanufacturing technologies for high-value components [9][10] Industry Chain - The industry chain for automotive automatic transmission friction plates consists of a complete upstream and downstream collaboration system, including raw materials like steel, resin, and special additives, manufacturing processes, and downstream applications in vehicle manufacturing and aftermarket services [11][12] Market Demand and Trends - The automotive industry is a crucial pillar of the national economy, with a significant recovery in market demand since 2021. The production of automobiles in China is projected to reach 31.282 million units in 2024, with a notable increase in new energy vehicles [14] - The friction plate industry is expected to benefit from the growing automotive market, particularly with the rise of electric vehicles and smart driving technologies, which demand higher performance and lower noise levels [25][26] Competitive Landscape - The global market for automotive automatic transmission friction plates is highly concentrated, dominated by international giants such as BorgWarner, Denso, and Aisin. However, domestic companies are making strides in technology and market share [19][21] - Companies like Lintai New Materials and Jin Qilin are emerging as key players, with Lintai reporting a revenue of 251 million yuan in 2024, reflecting a growth of 58.86% [21][23] Future Development - The industry is expected to see advancements in technology and materials, focusing on high performance, longevity, and low noise. Domestic enterprises will invest in new technologies to enhance product competitiveness [25] - The trend towards local supply chain strengthening and accelerated domestic substitution is anticipated, with an increasing preference for cost-effective domestic products in the automotive sector [26] - The diversification of market demand will drive the development of specialized products tailored to different vehicle types, enhancing competitive strategies within the industry [27]

江苏林泰新材科技股份有限公司 证券代码：920106 证券简称：林泰新材 公告编号：2025-065 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 ...

证券代码：920106 证券简称：林泰新材 公告编号：2025-064 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 □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 8 月 19 日 活动地点：江苏林泰新材科技股份有限公司会议室 参会单位及人员：东吴证券研究所、兴银基金、金长川、蜂巢基金、长江证 券、云门投资、中邮基金、第一创业、苏豪投资、中金做市、景顺长城基金、东 北证券、汇美财富、华鑫证券做市、开源证券、浙商证券、开源自营、中泰自营、 创金合信、万和证券、森锦投资、财信证券、国泰海通、上海天猊投资、信达澳 亚基金、浦银安盛基金管理股份有限公司、国元、颐歌资产 □媒体采访 本次活动主要调研问题及公司回复概要如下： 1、请分析公司目前在湿式纸基摩擦材料领域的行业地位能否长期维持？未 来国内是否可能出现新的竞争者？ 回复：湿式纸基摩擦材 ...

Group 1 - The core viewpoint of the report is that Dongwu Securities has given a "buy" rating for Lintai New Materials (920106.SH) based on strong projected performance and growth opportunities [2] - The company is expected to achieve a year-on-year revenue growth of 168% in the first half of 2025, with a gross profit margin increase of 6.6 percentage points to 49% [2] - Lintai New Materials has made significant progress in its new energy vehicle DHT project, securing contracts with major foreign companies such as Magna and SAIC General [2] - The company is expanding into new areas such as electronic control anti-slip differentials, effectively opening up growth potential [2]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a significant year-on-year revenue growth of 168% in H1 2025, with a gross profit margin increase of 6.6 percentage points to 49% [2] - The growth is attributed to the domestic substitution of wet paper-based friction plates and the dual benefits from the automotive industry's expansion, alongside successful overseas market penetration [2][3] - The company is expanding into new fields such as electronic control limited-slip differentials (ELSD), which are expected to drive substantial growth due to their application in electric vehicles [4] Financial Performance Summary - For H1 2025, the company achieved revenue of 205 million yuan, net profit attributable to shareholders of 75 million yuan, and a non-recurring net profit of 69 million yuan, representing year-on-year increases of 68%, 168%, and 147% respectively [2] - In Q2 2025, revenue was 104 million yuan, with a net profit of 37 million yuan, showing year-on-year growth of 42% and 103% respectively [2] - The company’s revenue from the new energy vehicle sector reached 53.34 million yuan in H1 2025, a 113% increase year-on-year, contributing to 28% of total revenue [3] Growth Opportunities - The global market for electronic differentials is projected to grow from 4.22 billion USD in 2024 to 11.14 billion USD by 2032, indicating a significant opportunity for the company's products [4] - The company has established partnerships with major domestic and international automotive manufacturers, enhancing its market position and growth potential [4] Earnings Forecast - The forecasted net profit for the company is 150 million yuan for 2025, 215 million yuan for 2026, and 323 million yuan for 2027, with corresponding P/E ratios of 37.99, 26.59, and 17.65 [4]

Investment Rating - The investment rating for the company is "Outperform" (maintained) [1] Core Views - The company maintains a leading position in the domestic market for wet paper-based friction plates, with significant growth potential in the ELSD (Electronic Limited Slip Differential) segment, which is expected to open up a market space worth billions [1][3] - In the first half of 2025, the company achieved a revenue of 205 million yuan, representing a year-on-year increase of 67.72%, and a net profit attributable to shareholders of 75.16 million yuan, up 167.81% year-on-year [1][2] - The company is expected to benefit from the acceleration of domestic substitution in the wet paper-based friction plate market and the introduction of new products in the ELSD segment, which could serve as a second growth curve [1][3] Financial Summary - For the first half of 2025, the company reported a gross margin of 49.01%, an increase of 6.60 percentage points compared to the first half of 2024 [1] - The company’s net profit forecasts for 2025-2027 are 141 million yuan, 201 million yuan, and 295 million yuan respectively, with corresponding EPS of 2.53 yuan, 3.61 yuan, and 5.28 yuan [1][4] - The projected P/E ratios for 2025, 2026, and 2027 are 40.5, 28.3, and 19.4 respectively, indicating a favorable valuation trend [1][4] Market Position and Growth Drivers - The company is the only domestic brand providing wet paper-based friction plates for passenger vehicles in bulk, benefiting from the growth in sales and market share of domestic brands [2] - The collaboration with Dong'an Qifa has led to significant increases in production and sales in the commercial vehicle sector, with year-on-year growth of 119.62% and 166.52% respectively in the first half of 2025 [2] - The global electronic differential market is projected to grow from 4.22 billion USD in 2024 to 11.14 billion USD by 2032, with the company already securing positions in the supply chains of major domestic and international automotive manufacturers [3]

Group 1 - The core viewpoint of the report is that Huan Tai New Materials (林泰新材) is rated as a buy due to its strong growth prospects in the wet paper-based friction plate market and breakthroughs in the new energy vehicle DHT sector [2] - The report highlights a projected year-on-year revenue increase of 66% for wet paper-based friction plates by the first half of 2025, driven by the trend of self-control [2] - The demand growth in the motorcycle and all-terrain vehicle sectors, along with the expansion into applications like flying cars, demonstrates the company's forward-looking development strategy [2]

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [5] Core Views - The company has shown a significant increase in net profit attributable to shareholders, with a year-on-year growth of 168% in the first half of 2025, driven by the trend of self-control and expansion into fields such as flying cars [5][8] - The demand growth in the motorcycle and all-terrain vehicle sectors is a key driver, with the motorcycle industry in China surpassing 10 million units in production and sales, achieving 10.61 million units (yoy +11.83%) [6] - The company is the only domestic enterprise capable of full-process self-production of wet paper-based friction plates for passenger car automatic transmissions, positioning itself as a core player in the import substitution of this field [5][6] Summary by Sections Market Performance - Closing price as of August 18, 2025, is 108.91 yuan, with a total market value of 6,080.28 million yuan and a circulating market value of 3,188.35 million yuan [3] Financial Performance - In the first half of 2025, the company achieved revenue of 205 million yuan (yoy +68%) and a net profit of 75.16 million yuan (yoy +168%) [7] - The company's operating cash flow net amount reached 84.49 million yuan (yoy +198%) [7] - The revenue from wet paper-based friction plates and dual plates reached 95.90 million yuan (yoy +66%) and 67.22 million yuan (yoy +71%), respectively [7] Profit Forecast and Valuation - The forecasted net profit for 2025-2027 is 160 million, 225 million, and 323 million yuan, corresponding to P/E ratios of 38.1, 27.0, and 18.8 times [5][10] - The company is expected to maintain a strong growth trajectory, with revenue growth rates projected at 63.26% for 2025 and 40.22% for 2026 [10][11] Business Strategy - The company has established deep ties with leading domestic brands such as BYD, SAIC Group, and Geely, continuously enhancing its core business capacity through fundraising projects [8]