国金证券股份有限公司 关于江苏远航精密合金科技股份有限公司 使用闲置自有资金购买理财产品的核查意见 国金证券股份有限公司（以下简称"国金证券"或"保荐机构"）作为江苏 远航精密合金科技股份有限公司（以下简称"远航精密"、"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，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》《北京证券交易所上 市公司持续监管指引第 14 号——保荐机构持续督导》等有关法律法规、规范性 文件等的规定，对远航精密拟使用闲置自有资金购买理财产品事项进行了核查， 具体情况如下： 一、委托理财的基本情况 （一）委托理财目的 公司拟使用总额度不超过 1.2 亿元人民币购买银行理财产品，单笔理财期限 不超过 1 年，委托理财期限内任一时点所持有的理财产品最高余额不超过该额度， 在前述额度内，资金可以循环滚动使用。 上述额度内购买理财产品的资金来源全部为公司自有闲置资金，不涉及募集 资金。 （三）委托理财方式 公司拟使用总额度不超过 1.2 亿元人民币购买安全性高、流动性好、可以保 障投资本金安全的理财产品，包括但不限于银行理财产品、定期存款、结构性存 ...

国金证券股份有限公司 关于江苏远航精密合金科技股份有限公司 2026 年度开展套期保值业务的核查意见 国金证券股份有限公司（以下简称"国金证券"或"保荐机构"）作为江苏 远航精密合金科技股份有限公司（以下简称"远航精密"、"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，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》《北京证券交易所上 市公司持续监管指引第 14 号——保荐机构持续督导》等有关法律法规、规范性 文件等的规定，对远航精密开展套期保值业务进行了核查，核查情况及核查意见 如下： 一、开展套期保值业务的目的 公司及子公司生产经营的主要原材料为镍、铝、铜等金属。为减少因上述金 属价格波动对公司及子公司营业成本及利润带来的影响，有效提高公司抵御原材 料价格波动的能力，公司有必要开展镍、铝、铜等的套期保值业务。 二、开展套期保值业务基本情况 公司的主营业务为电池精密镍基导体材料的研发、生产和销售，子公司金泰 科的主营业务为精密结构件的研发、生产和销售，镍、铝、铜等为公司及子公司 的主要原材料。为有效降低原材料价格波动对公司及子公司生产经营的影响，拟 开展原材料 ...

一、 投资者关系活动类别 √特定对象调研 证券代码：920914 证券简称：远航精密 公告编号：2025-165 江苏远航精密合金科技股份有限公司 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。 √现场参观 □新闻发布会 □分析师会议 参会单位及人员：民生证券、中欧基金、平安资产、华安财保、中泰证券、 百年保险、交银保险资管、中再资产、人保资产、百济投资 上市公司接待人员：公司董事长、总经理周林峰先生；董事、董事会秘书、 副总经理徐斐女士；副总经理汝金明先生；财务总监吴春平女士 三、 投资者关系活动主要内容 本次投资者关系活动以线下调研方式展开，就投资者关心的问题进行了沟 □路演活动 □其他 （投资者线上交流会） 二、 投资者关系活动情况 活动时间：2025 年 11 月 13 日 活动地点：江苏远航精密合金科技股份有限公司会议室 问题 1：请问公司镍带、箔产品有什么新的应用场景？ 回答：公司主要产品镍带、箔及精密结构件主要作为连接用组件用于锂电 池等二次电池产品中，少部分用于氢能 ...

证券代码：920914 证券简称：远航精密 公告编号：2025-164 江苏远航精密合金科技股份有限公司 投资者关系活动记录表 □业绩说明会 □媒体采访 □现场参观 □路演活动 √其他 （投资者线上交流会） 二、 投资者关系活动情况 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 □新闻发布会 □分析师会议 活动地点：江苏远航精密合金科技股份有限公司会议室 参会单位及人员：国泰海通证券、兴业证券自营、亚太财险、工银理财、南 方基金、博时基金、HD Capital、农银汇理基金、国新国证基金、禾永投资、国 投证券权益投资部、道明银行资管 上市公司接待人员：董事、董事会秘书、副总经理徐斐女士、财务总监吴春 平女士 三、 投资者关系活动主要内容 本次投资者关系活动的主要问题及公司对问题的回复情况如下： 问题 1：公司库存水平较高的原因是什么？ 回答：公司库存主要为周转材料，库存水平受镍价波动和销售规模变化影 响，前三季度库存较去年末基本维持稳定，公司在严控库存水平的同 ...

Investment Opportunities in the Power and Environmental Sector - The report highlights that OpenAI plans to deploy over 250GW of computing centers by 2033, which could significantly increase electricity demand in the US. This new load from OpenAI alone exceeds 25% of the current highest national load of approximately 820GW [2][6][7] - The US currently has about 1000GW of stable power supply with a reserve margin of only 20%, indicating a tight electricity supply situation. The report emphasizes that the construction of new power sources is lagging behind demand, necessitating increased investment in both power generation and grid infrastructure [2][6][7] Company Analysis: XGIMI Technology (688696.SH) - XGIMI reported Q3 2025 revenue of 700 million yuan, a year-on-year increase of 2.9%, with a net profit of -10 million yuan, improving from -40 million yuan in the same period last year. The gross margin was 30.6%, up 2.5 percentage points year-on-year [12][14] - The company is expected to see a turning point in Q4, with improvements in both domestic and international sales. The domestic market is stabilizing, and international sales are anticipated to recover as the new overseas team adjusts [12][14] Company Analysis: Shaanxi Coal and Chemical Industry (601225.SH) - For the first three quarters of 2025, the company achieved revenue of 118.08 billion yuan, down 12.8% year-on-year, and a net profit of 12.71 billion yuan, down 27.2%. In Q3 alone, revenue was 40.1 billion yuan, a decrease of 10.0% year-on-year but an increase of 6.0% quarter-on-quarter [15][16] - The report notes a recovery in coal prices during Q3, which positively impacted the company's performance. The company is focusing on its coal-electricity integration strategy to enhance stability and profitability [15][18] Company Analysis: China Life Insurance (601628.SH) - China Life reported Q3 2025 revenue of 298.7 billion yuan, a year-on-year increase of 54.8%, and a net profit of 126.9 billion yuan, up 91.5%. This strong performance contributed to a year-to-date revenue growth of 25.9% and net profit growth of 60.5% [21][23] - The company has seen a significant improvement in new policy sales, with a year-on-year growth of 52.5% in Q3. The net asset value increased by 22.8% year-to-date, reflecting strong operational performance [21][24] Company Analysis: Yuanhang Precision (920914.BJ) - Yuanhang Precision achieved revenue of 769 million yuan for the first three quarters of 2025, a year-on-year increase of 27%. In Q3, revenue was 283 million yuan, up 29% year-on-year and 5% quarter-on-quarter [27][28] - The company is focusing on the development of ultra-thin nickel-based materials to meet the demands of high-precision applications in the new energy sector, indicating a strong growth potential in this area [27][30]

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [5] Core Views - The company achieved a revenue growth of 29% year-on-year in Q3 2025, driven by the development of ultra-thin nickel-based materials aimed at higher precision applications in the new energy sector [5][7] - The company has established a one-stop supply system from materials to finished products, deeply binding with leading battery manufacturers such as Zhuhai Guanyu and CATL, enhancing its competitive edge [7] - The ongoing research and development of ultra-thin nickel-based materials is expected to meet the requirements for high-precision applications, while the hydrogen energy sector is also showing growth potential [7] Financial Performance Summary - Revenue for 2025 is projected to be 1,008 million yuan, with a year-on-year growth rate of 18.33% [6] - The net profit attributable to the parent company for 2025 is estimated at 64 million yuan, reflecting a year-on-year decrease of 5.61% [6] - Earnings per share (EPS) for 2025 is expected to be 0.64 yuan, with a projected price-to-earnings (P/E) ratio of 51.25 [6][8] Business Development Insights - The company has been focusing on vertical integration, starting from self-produced nickel strips and foils to precision structural component manufacturing, which reduces supply chain complexity and enhances profitability [7] - The company aims to achieve a net profit growth target of 18% by 2025 through cost control and resource optimization, leveraging opportunities in new energy and green technologies [7] - The diverse application of products across consumer electronics, energy storage batteries, and hydrogen production equipment helps mitigate risks associated with reliance on a single market [7]

Core Viewpoint - Jiangsu Yuanhang Precision Alloy Technology Co., Ltd. (Yuanhang Precision) is focused on enhancing its production efficiency and market influence through its fundraising projects, while maintaining strict inventory management to mitigate risks [1] Company Overview - Yuanhang Precision was established in 2006 and is recognized as a "specialized, refined, distinctive, and innovative" small giant enterprise and a high-tech enterprise [1] - The company specializes in the research, production, and sales of precision conductor materials for batteries, with applications in consumer electronics, new energy vehicles, energy storage, electric two-wheelers, power tools, aerospace, and metal commemorative coins [1] Financial Performance - As of the end of September, the company reported a revenue of 769 million yuan, representing a year-on-year increase of 26.71% [1] - The net profit attributable to shareholders decreased slightly by 2.68% to 40.99 million yuan due to share-based payment reasons [1] - The net profit excluding non-recurring gains and losses was 39.67 million yuan, showing a year-on-year growth of 7.81% [1]

Investment Rating - The investment rating for the company is "Outperform" (maintained) [3] Core Insights - The company reported a revenue of 769 million yuan for the first three quarters of 2025, representing a year-on-year growth of 26.71%. However, the net profit attributable to the parent company decreased by 2.68% to 40.99 million yuan [5] - In Q3 2025, the company achieved a revenue of 283 million yuan, a year-on-year increase of 29.06%, while the net profit attributable to the parent company fell by 17.81% [5] - The company has been recognized as a national-level "Little Giant" enterprise, indicating its strong position in the specialized and innovative sector [5] - The hydrogen energy business has shown good growth, with products like nickel strips and nickel plates being utilized in hydrogen production equipment, enhancing the lifespan of electrolysis devices [5] Financial Summary - For 2025, the company is projected to achieve a revenue of 985 million yuan, with a year-on-year growth of 15.6%. The net profit is expected to be 63 million yuan, reflecting a decrease of 6% [8] - The gross margin is forecasted to be 15.0% in 2025, with a net margin of 6.4% [12] - The earnings per share (EPS) for 2025 is estimated at 0.63 yuan, with a price-to-earnings (P/E) ratio of 53.5 times [8][12]

证券代码：920914 证券简称：远航精密 公告编号：2025-163 □业绩说明会 □媒体采访 江苏远航精密合金科技股份有限公司 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 √现场参观 □新闻发布会 □分析师会议 □路演活动 √其他 （投资者线上交流会） 二、 投资者关系活动情况 活动时间：2025 年 10 月 30 日 活动地点：江苏远航精密合金科技股份有限公司会议室 参会单位及人员：东吴证券、华源证券、联储证券、开源证券、民生证券、 爱建证券、华鑫证券、山西证券、长江证券、中国国际金融股份有限公司、东兴 基金、创金合信基金、易方达基金、中信建投基金、长信基金、益民基金、中天 汇富基金、淳厚基金、鸿运私募基金、张家港高竹私募基金、深圳猎投资本、华 夏未来资本、景泰利兴资产、尚诚资产、招商信诺资产、上海冰河资产、太平资 产、晨鸣资管、循远投资、北京星允投资、西安敦成投资、深圳国晖投资、深圳 招银理财 回答：随着终端应用市场新能源汽车 ...

证券代码：920914 证券简称：远航精密 公告编号：2025-161 江苏远航精密合金科技股份有限公司 第五届董事会第十七次会议决议公告 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、会议召开和出席情况 （一）会议召开情况 1.会议召开时间：2025 年 10 月 29 日 2.会议召开地点：江苏远航精密合金科技股份有限公司会议室 3.会议召开方式：现场与通讯相结合的方式 二、议案审议情况 4.发出董事会会议通知的时间和方式：2025 年 10 月 19 日以书面和邮寄方式 发出 5.会议主持人：周林峰 6.会议列席人员：高级管理人员 7.召开情况合法合规的说明： 会议的召开符合《公司法》及《公司章程》的有关规定，会议形成的决议合 法有效。 （二）会议出席情况 会议应出席董事 7 人，出席和授权出席董事 7 人。 董事李自洪、薛文东、李慈强因异地工作以通讯方式参与表决。 （一）审议通过《关于公司<2025 年三季度报告>的议案》 1.议案内容： 根据相关法律法规及《公司章程》等规定，公司编制了 ...