证券代码：600114 股票简称：东睦股份 编号：2025-094 东睦新材料集团股份有限公司 NBTM NEW MATERIALS GROUP Co., Ltd. 关于召开2025年第三季度业绩说明会的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记 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责任。 重要内容提示： 会议召开时间：2025年11月14日（星期五）13:00～14:00 会议召开地点：上海证券交易所上证路演中心（网址： https://roadshow.sseinfo.com/） 会议召开方式：上证路演中心网络互动 投资者可于2025年11月7日（星期五）至11月13日（星期四） 16:00前登录上证路演中心网站首页点击"提问预征集"栏目或通过公司 邮箱 ir@pm-china.com 进行提问。公司将在说明会上，在信息披露允许范 围内就投资者普遍关注的问题进行回答 证券代码：600114 股票简称：东睦股份 编号：2025-094 （一）会议召开时间：2025年11月14日（星期五）13:00～14:00 东睦新材料集团股份有限公司（以下简称"公 ...

证券代码：600114 股票简称：东睦股份 编号：2025-093 东睦新材料集团股份有限公司 NBTM NEW MATERIALS GROUP Co., Ltd. 股权登记日：2025年11月7日 东睦新材料集团股份有限公司（以下简称"公司"）于2025年10月27 日召开了第九届董事会第四次会议，会议审议通过了《关于提请召开公司 2025年第四次临时股东会的议案》，决定于2025年11月14日召开2025年第 四次临时股东会。具体内容详见公司于2025年10月28日在上海证券交易所 网站（www.sse.com.cn）披露的相关信息。 本次股东会所采用的表决方式是现场投票和网络投票相结合的方式， 公司采用上海证券交易所股东会网络投票系统向公司股东提供网络投票平 台。现将本次股东会的有关事项提示如下： 一、召开会议的基本情况 （一）股东会类型和届次：2025 年第四次临时股东会 （二）股东会召集人：公司董事会 关于召开2025年第四次临时股东会提示性 公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记 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责任。 重要内容提示 ...

东睦新材料集团股份有限公司 2025 年第四次临时股东会会议资料 东睦新材料集团股份有限公司 NBTM NEW MATERIALS GROUP Co., Ltd. （证券代码：600114 证券简称：东睦股份） 2025 年第四次临时股东会 会议资料 2025 年 11 月 14 日 中国·宁波 1 东睦新材料集团股份有限公司 2025 年第四次临时股东会会议资料 目 录 | 2025 年第四次临时股东会提示 3 | | --- | | 2025 年第四次临时股东会议程 5 | | 议案： | | 1、关于拟变更公司注册资本、经营范围并修订公司章程的议案 7 | | 2、关于制定、修订及废止公司部分治理制度的议案 10 | 附件： | 附件 | 1：东睦新材料集团股份有限公司独立董事工作制度 | 12 | | --- | --- | --- | | 附件 | 2：东睦新材料集团股份有限公司重大事项处置权限的暂行办法 | 19 | | 附件 | 3：东睦新材料集团股份有限公司关联交易公允决策制度 | 22 | | 附件 | 4：东睦新材料集团股份有限公司募集资金管理制度 | 28 | | 附件 | 5：东睦新材 ...

Core Viewpoint - The global Metal Injection Molding (MIM) market is projected to reach $4.405 billion in sales in 2024 and $4.829 billion in 2025, with China dominating the market, holding over 40% of the global share [1][3]. Group 1: MIM Technology Overview - MIM is a "near-net-shape" process that combines traditional powder metallurgy with modern plastic injection molding, recognized as a leading technology for component formation [2]. - The process allows for the production of complex metal parts with a tolerance of ±0.2% and a material utilization rate exceeding 95% [2]. - MIM is particularly suitable for small, complex components that are costly or difficult to manufacture using traditional methods like machining, casting, or forging [2]. Group 2: Market Growth and Projections - The global MIM market is expected to grow at a compound annual growth rate (CAGR) of over 10%, reaching $8.877 billion by 2031 [3]. - In China, the MIM market size was approximately ¥9.5 billion in 2023, with a CAGR of 8.77% from 2015 to 2023, and is projected to grow to ¥10.85 billion in 2024, reflecting a year-on-year increase of 14.2% [3]. Group 3: Emerging Applications in Robotics - The rise of humanoid robots is expanding the application of MIM technology, with potential uses in critical components such as gear reducers, dexterous hand joints, and sensor housings [4]. - MIM can produce complex, lightweight, and high-strength gears, addressing manufacturing challenges in robotics [4]. - The technology offers high precision and consistency for sensor housings and motor components, aligning with the trend towards lightweight designs [4]. Group 4: Investment Opportunities - Key companies to watch in the MIM sector include Tonglian Precision (688210.SH), with additional attention on Dongmu Co., Ltd. (600114.SH) and Haichang New Materials (300885.SZ) [5].

Group 1 - The core viewpoint of the report is that Dongmu Co., Ltd. (600114.SH) is rated "Buy" due to strong revenue and profit growth, with record performance in the third quarter [1] - The company has achieved significant synergy across its three main business segments, with the MIM (Metal Injection Molding) business showing outstanding performance [1] - Dongmu is positioned in a high-growth sector, indicating promising future growth potential [1] Group 2 - The report highlights the increasing uncertainty in the market due to global macroeconomic fluctuations [1] - It also notes the potential for intensified industry competition, which may compress profit margins [1] - Additional risks mentioned include exchange rate fluctuations, lower-than-expected market demand, and rising costs of raw materials and labor [1]

Group 1 - The report highlights the overall stability of the A-share market in October, with the Shanghai Composite Index slightly increasing by 1.85%, while the ChiNext Index decreased by 1.56% [3] - In the fixed income market, the central bank maintained a tight balance in October, with a net withdrawal of funds amounting to 25.3 billion yuan, and liquidity remained stable towards the end of the month [3] - Commodity prices showed a rebound in October, with non-ferrous metals and precious metals increasing, while pork prices continued to decline [3] - The report anticipates a continuation of stable and flexible policies in the second half of the year, focusing on economic construction and addressing potential geopolitical risks [3][30] Group 2 - The bond market showed signs of recovery in October, with improved trading sentiment and a noticeable decrease in interest rate fluctuations compared to September [5] - Large banks increased their net purchases of short-term bonds, while insurance companies and rural commercial banks shifted their selling focus towards shorter-term bonds [5][31] - The report suggests that the year-end "rush for allocation" may not occur this year due to the volatile bond market and accumulated losses for some institutional investors [5][34] Group 3 - The report emphasizes the importance of understanding the lifecycle of new materials for investment, indicating that many new materials are in the development or introduction phase [6][8] - It suggests that short-term excess returns in new materials investment are closely tied to market trends, and emotional factors play a significant role in theme-based investments [8] - The report recommends focusing on solid-state batteries and electronic fabrics as key investment areas within the new materials sector [8] Group 4 - Haier Smart Home reported a revenue of 234.05 billion yuan for the first three quarters of 2025, reflecting a year-on-year growth of 10%, with a net profit of 17.37 billion yuan, up 14.7% [10] - The company’s domestic air conditioning segment drove growth, while overseas markets showed resilience, particularly in North America and Europe [10] - Midea Group achieved a revenue of 1119.3 billion yuan in Q3 2025, with a net profit of 11.87 billion yuan, indicating strong performance in domestic sales [11][17] Group 5 - The report on environmental utilities indicates that ChuanTou Energy's Q3 revenue was 429 million yuan, down 11.3% year-on-year, with a net profit of 176 million yuan, down 16.96% [18] - The report notes that the company is developing multiple renewable energy projects to enhance future profitability [18] - Guotou Power's Q3 revenue was 14.88 billion yuan, down 14% year-on-year, but the overall performance remained stable due to the coal price decline [19]

Investment Rating - The investment rating for the company is "Buy" with a target price not specified [5]. Core Views - The company achieved record high profits in Q3, with a revenue of 4.417 billion yuan for the first three quarters of 2025, representing a year-on-year increase of 22.3%. The net profit attributable to shareholders reached 415 million yuan, up 50.1% year-on-year [1][2]. - The MIM (Metal Injection Molding) business is a key growth driver, showing a revenue increase of 46.4% year-on-year in the first three quarters, and 29.8% year-on-year in Q3 [2][3]. - The company is focusing on diversifying its applications in various sectors, including foldable screens, AI, and robotics, leveraging its MIM technology [2][3]. Financial Performance Summary - For Q3 2025, the company reported a revenue of 1.487 billion yuan, a year-on-year increase of 18.2% and a quarter-on-quarter increase of 1.1%. The net profit for Q3 was 154 million yuan, up 77.3% year-on-year [1][2]. - The gross profit margin for Q3 was 27.72%, with a net profit margin of 13.47%, indicating improved profitability [2][3]. - The company’s three main platforms (P&S, SMC, and MIM) are performing well, with MIM showing particularly strong growth potential [3]. Business Segment Analysis - P&S platform revenue for the first three quarters was 1.86 billion yuan, up 12.8% year-on-year, driven by the automotive electrification trend [3]. - SMC platform revenue was 670 million yuan for the first three quarters, with a modest growth of 1.3% year-on-year, but showing a stronger growth of 10.2% in Q3 [3]. - The MIM platform continues to expand rapidly, with significant contributions from the consumer electronics sector and ongoing development in non-consumer electronics markets [2][3]. Financial Projections - The company’s projected net profits for 2025, 2026, and 2027 are 595 million yuan, 713 million yuan, and 860 million yuan respectively, with corresponding P/E ratios of 30.83, 25.76, and 21.35 [4][11].

Core Viewpoint - Dongmu Co., Ltd. is a leading enterprise in the domestic powder metallurgy industry, focusing on powder metallurgy structural parts with a full industry chain advantage [1] Group 1: Business Performance - In Q3 2025, Dongmu's revenue reached 4.417 billion yuan, ranking 4th among 82 companies in the industry, with the industry leader, China International Marine Containers (CIMC), generating 117.061 billion yuan [2] - The net profit for the same period was 526 million yuan, also ranking 4th in the industry, with CIMC's net profit at 2.395 billion yuan [2] Group 2: Financial Ratios - As of Q3 2025, Dongmu's debt-to-asset ratio was 49.55%, down from 57.95% year-on-year, which is higher than the industry average of 39.81% [3] - The gross profit margin for Q3 2025 was 25.06%, an increase from 23.68% year-on-year, surpassing the industry average of 22.64% [3] Group 3: Shareholder Information - As of September 30, 2025, the number of A-share shareholders increased by 56.29% to 57,000, while the average number of circulating A-shares held per shareholder decreased by 36.02% to 10,800 [5] - The top ten circulating shareholders include Hong Kong Central Clearing Limited and Southern CSI 1000 ETF, with notable changes in their holdings [5] Group 4: Strategic Developments - Dongmu's three major business platforms are performing well, with revenue growth in P&S, SMC, and MIM segments [5] - The company is actively expanding into emerging fields, including robotics and AI server materials, with projected net profits for 2025-2027 showing significant growth [5][6]

Core Viewpoint - Dongmu Co., Ltd. has seen a stock price increase of 7.28% over the past four days, closing at 31.25 CNY per share with a market capitalization of 19.731 billion CNY [1] Company Overview - Dongmu New Materials Group Co., Ltd. is located in Ningbo, Zhejiang Province, established on July 11, 1994, and listed on May 11, 2004 [1] - The company specializes in powder metallurgy structural parts, primarily used in the automotive sector, household refrigeration compressors, motorcycles, power tools, office machinery, and construction machinery [1] - Revenue composition includes: powder pressing forming 43.04%, metal injection molding 41.18%, soft magnetic composite materials 15.16%, and others 0.61% [1] Shareholder Analysis - E Fund's "Quality Momentum Three-Year Holding Mixed A" fund (014562) is among the top ten circulating shareholders of Dongmu Co., Ltd., having reduced its holdings by 324,300 shares in Q3, now holding 5.1246 million shares, representing 0.83% of circulating shares [2] - The fund has realized a floating profit of approximately 2.2036 million CNY today and 10.8642 million CNY during the four-day stock price increase [2] - The fund was established on July 7, 2022, with a current scale of 5.486 billion CNY, achieving a year-to-date return of 70.3% [2] Fund Performance - E Fund's "Reform Dividend Mixed" fund (001076) has also reduced its holdings in Dongmu Co., Ltd. by 948,300 shares in Q3, now holding 1.7039 million shares, which accounts for 3.18% of the fund's net value [4] - The fund has realized a floating profit of approximately 732,700 CNY today and 3.6123 million CNY during the four-day stock price increase [4] - The fund was established on April 23, 2015, with a current scale of 1.771 billion CNY, achieving a year-to-date return of 78.67% [4]

Core Viewpoint - Dongmu Co., Ltd. has seen a stock price increase of 5.8% over the past three days, closing at 30.82 CNY per share with a market capitalization of 19.459 billion CNY [1] Group 1: Company Overview - Dongmu New Materials Group Co., Ltd. is located in Ningbo, Zhejiang Province, established on July 11, 1994, and listed on May 11, 2004 [1] - The company's main business involves powder metallurgy structural parts, primarily used in the automotive sector (including passenger cars), household refrigeration compressors (air conditioners and refrigerators), motorcycles, power tools, office machinery, and construction machinery [1] - Revenue composition includes: powder pressing forming 43.04%, metal injection molding 41.18%, soft magnetic composite materials 15.16%, and others 0.61% [1] Group 2: Fund Holdings - Nanhua Fund has a significant holding in Dongmu Co., with its Nanhua Fengchun Mixed A Fund (005296) holding 134,300 shares, accounting for 4.73% of the fund's net value, ranking as the ninth largest holding [2] - The fund has realized a floating profit of approximately 63,100 CNY today, with a total floating profit of 227,000 CNY during the three-day price increase [2] - Nanhua Fengchun Mixed A Fund was established on December 26, 2017, with a current size of 23.5252 million CNY, achieving a year-to-date return of 43.04% and a one-year return of 37.85% [2]