（二）独立董事吴红春、汪永斌、楼玉琦均不属于"直接或者间 接持有上市公司已发行股份百分之一以上或者是上市公司前十名股 东中的自然人股东及其配偶、父母、子女"情形； （三）独立董事吴红春、汪永斌、楼玉琦均不属于"在直接或者 间接持有上市公司已发行股份百分之五以上的股东或者在上市公司 前五名股东任职的人员及其配偶、父母、子女"情形； （四）独立董事吴红春、汪永斌、楼玉琦均不属于"在上市公司 控股股东、实际控制人的附属企业任职的人员及其配偶、父母、子女" 情形； （五）独立董事吴红春、汪永斌、楼玉琦均不属于"与上市公司 及其控股股东、实际控制人或者其各自的附属企业有重大业务往来的 人员，或者在有重大业务往来的单位及其控股股东、实际控制人任职 的人员"情形； 1 东睦新材料集团股份有限公司董事会 关于独立董事独立性情况评估的专项意见 根据《上市公司独立董事管理办法》《上海证券交易所上市公司 自律监管指引第 1 号——规范运作》等相关规定，并结合独立董事出 具的《独立董事独立性自查报告》，东睦新材料集团股份有限公司（以 下简称"公司"）董事会就公司在任独立董事吴红春、汪永斌、楼玉 琦的独立性情况进行评估并出具如下专项意 ...

证券代码：600114 股票简称：东睦股份 编号：2025-025 东睦新材料集团股份有限公司 NBTM NEW MATERIALS GROUP Co., Ltd. 关于拟续聘2025年度会计师事务所的公告 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： 拟聘任的会计师事务所：天健会计师事务所（特殊普通合伙） 一、拟续聘会计师事务所的基本情况 根据天健会计师事务所（特殊普通合伙）出具的基本情况说明，其主 要情况如下： 2、投资者保护能力 天健会计师事务所（特殊普通合伙）具有良好的投资者保护能力，已 按照相关法律法规要求计提职业风险基金和购买职业保险。截至2024年末， 累计已计提职业风险基金和购买的职业保险累计赔偿限额合计超过2亿元， 职业风险基金计提及职业保险购买符合财政部关于《会计师事务所职业风 险基金管理办法》等文件的相关规定。 天健近三年存在执业行为相关民事诉讼，在执业行为相关民事诉讼中 存在承担民事责任情况。天健近三年因执业行为在相关民事诉讼中被判定 需承担民事责任的情况如下： （一）机构信息 ...

关于召开 2024 年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4月7日(星期一) 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 证券代码：600114 股票简称：东睦股份 编号：2025-018 东睦新材料集团股份有限公司 NBTM NEW MATERIALS GROUP Co., Ltd. （三）会议召开方式：上证路演中心网络互动 三、参加人员 ? 投资者可于2025年3月28日(星期五)至4月3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 东睦新材料集团股份有限公司（以下简称"公司"）将于2025年3月 一、业绩说明会类型 本次投资者说明会以网络互动形式召开， ...

证券代码：600114 股票简称：东睦股份 编号：2025-018 会议召开方式：上证路演中心网络互动 投资者可于2025年3月28日(星期五)至4月3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 东睦新材料集团股份有限公司（以下简称"公司"）将于2025年3月 29日发布公司2024年年度报告。为便于广大投资者更全面深入地了解公司 2024年度经营成果、财务状况，公司计划于2025年4月7日（星期一） 13:00～14:00举行2024年度业绩说明会，就投资者关心的问题进行交流。 一、业绩说明会类型 东睦新材料集团股份有限公司 NBTM NEW MATERIALS GROUP Co., Ltd. 关于召开 2024 年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4月7日(星期一) 13:00～14:0 ...

Investment Rating - The report assigns an "Accumulate" rating for the company, indicating a positive outlook for investment [6][9]. Core Views - The company is positioned as a leading player in the powder metallurgy sector, with significant growth potential driven by its MIM (Metal Injection Molding) business, particularly in the foldable screen hinge market [6][11]. - The report highlights the expected growth in the global foldable screen hinge market, projecting a CAGR of 31.56% from 2023 to 2027, with market size increasing from 4.17 billion to 12.5 billion yuan [8][36]. - The company is also expanding its SMC (Soft Magnetic Core) and PS (Powder Metallurgy) businesses, which are expected to contribute to stable revenue growth [11][43]. Summary by Sections 1. Company Overview - The company has evolved from its roots in powder metallurgy since 1994, expanding through acquisitions and diversifying into MIM, SMC, and PS businesses [16][20]. - The stable shareholding structure supports the company's strategic initiatives, including the acquisition of remaining shares in Shanghai Fuchi to enhance its MIM business [17][41]. 2. MIM Business - The MIM business is set to benefit from the rising demand for foldable screen hinges, which are critical components in foldable smartphones [34][36]. - The company has established five production lines for module manufacturing, enhancing its capabilities in MIM parts and modules [39][40]. - The report anticipates significant growth in the MIM segment, with revenue growth rates projected at 91%, 32%, and 21% for 2024 to 2026 [10][11]. 3. SMC Business - The SMC business is positioned to capitalize on the growing demand in the renewable energy sector, with a projected market size reaching 10.93 billion yuan by 2025 [53][54]. - The company has developed a comprehensive product matrix, integrating soft magnetic powder and chip inductors, to meet diverse market needs [43][44]. - The report notes that the company’s production capacity for SMC has reached 70,000 tons per year, supporting its growth strategy [56]. 4. PS Business - The PS business is expected to maintain stable growth, with the company leveraging its partnerships to enter the robotics sector through its investment in Xiaoxiang Electric [4][19]. - The report emphasizes the advantages of powder metallurgy components in automotive applications, highlighting the potential for increased market penetration [4][19]. 5. Financial Forecasts - The company’s projected net profits for 2024, 2025, and 2026 are 395 million, 541 million, and 653 million yuan, respectively, with corresponding growth rates of 99.5%, 37.1%, and 20.7% [7][9]. - The current price-to-earnings ratios are estimated at 30, 22, and 18 for the same years, indicating a favorable valuation compared to peers [9][10].

Core Viewpoint - Dongmu Co., Ltd. acknowledged certain omissions in information disclosure regarding the acquisition of Shanghai Fuchi High-Tech Co., Ltd. but stated that these do not constitute significant omissions and have not harmed investor interests [1][4]. Group 1: Acquisition Details - In January 2020, Dongmu Co., Ltd. announced a cash acquisition of 75% equity in Shanghai Fuchi for 1.039 billion yuan [1]. - The company did not disclose specific terms of the share transfer agreement at the time of the initial acquisition [2][3]. - A supplementary agreement was signed to terminate certain clauses of the original share transfer agreement, which were not disclosed previously [2]. Group 2: Regulatory Response - The Shanghai Stock Exchange questioned Dongmu Co., Ltd. about the reasons for not disclosing relevant clauses and whether this constituted a significant omission [3]. - Dongmu Co., Ltd. explained that the omitted clauses were not core to the effectiveness of the share transfer agreement and were general agreements based on company law [3][4]. Group 3: Financial Performance - Shanghai Fuchi's financial performance has significantly underperformed expectations since the acquisition, with profit discrepancies ranging from -86.51% to -111.65% from 2020 to 2024 [5]. - Dongmu Co., Ltd. maintains that the pricing of the previous transaction was fair and reasonable, asserting that the decision was prudent and did not severely harm the interests of shareholders, particularly minority shareholders [5].

证券代码：600114 股票简称：东睦股份 编号： 2025-017 东睦新材料集团股份有限公司 NBTM NEW MATERIALS GROUP Co., Ltd. 关于上海证券交易所监管工作函回复公告的 补充公告 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。 东睦新材料集团股份有限公司（以下简称"公司"）于2025年3月25 日在上海证券交易所网站（www.sse.com.cn）披露了《东睦股份关于上海 证券交易所监管工作函的回复公告》（公告编号：2025-016），该公告中 对公司于2020年1月14日签订的《东睦新材料集团股份有限公司与上海钟 于企业管理有限公司、钟伟、于立刚、上海创精投资咨询合伙企业（有限 合伙）关于上海富驰高科技股份有限公司的股份转让协议》（以下简称 "股份转让协议"）的第7条公司治理、第9条股份转让的排他性、第10条 优先购买权、第12条分拆上市及利润分配等条款进行了披露。现对该《股 份转让协议》的甲方、乙方补充披露如下： 证券代码：600114 股票简称：东睦股份 编号： 2025-0 ...

证券代码：600114 股票简称：东睦股份 编号： 2025-016 东睦新材料集团股份有限公司 NBTM NEW MATERIALS GROUP Co., Ltd. 关于上海证券交易所监管工作函的回复公告 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。 东睦新材料集团股份有限公司（以下简称"公司"或"东睦股份"） 于近日收到上海证券交易所上市公司管理一部出具的《关于东睦新材料集 团股份有限公司发行股份及支付现金购买资产暨关联交易预案的监管工作 函》（上证公函【2025】0245号，以下简称"监管工作函"）。收到监管 工作函后，公司及全体董监高对此高度重视，并积极组织相关人员就监管 工作函涉及的问题进行了认真核查落实，现就有关问题回复如下： 你公司2020年1月15日披露收购上海富驰高科技股份有限公司（以下 简称上海富驰）股份的公告，以10.39亿元现金收购上海富驰75%的股权 （以下简称"前次收购"）。交易各方签署《东睦新材料集团股份有限 公司与上海钟于企业管理有限公司、钟伟、于立刚、上海创精投资咨询 合伙企业（有限 ...

简评 证券研究报告·A 股公司简评 金属新材料 并购强化 MIM 龙头优势， 机器人部件带来新增长极 核心观点 公司收购上海富驰 20.75%股份至 85%，将进一步夯实公司 MIM 业务战略地位，强化业务协同，巩固公司在高端制造领域竞争优 势。公司 P&S、SMC、MIM 三大主业共振向上，公司 MI M 折叠 屏铰链具备行业竞争优势，伴随折叠屏手机进入 1 到 N 市场扩 容，公司 MIM 业务将进入快速增长期。同时公司是被低估的人 形机器人标的，轴向磁通电机+P&S+MIM 赋能，有望打开未来成 长空间。 事件 拟以发行股份及现金支付方式收购上海富驰 20.75%股权。 东睦股份发布公告称，公司拟通过发行股份及支付现金的方式向 钟伟、创精投资、宁波华莞、宁波富精共 4 名交易对方购买其合 计持有的上海富驰高科技股份有限公司（简称上海富驰）20.75% 股权，本次发行价格为 14.68 元/股，不低于定价基准日前 60 个 交易日的上市公司股票交易均价的 80%，本次交易后，上市公司 预计将持有标的公司 85.00%的股权。公司股票自 2025 年 3 月 11 日开市起复牌。 对上海富驰股权增至 85. ...

Summary of Dongmu Co., Ltd. Conference Call Company Overview - Dongmu Co., Ltd. is a platform company with diversified customers and products, reducing risks associated with reliance on single clients or products [2][6] Key Points and Arguments - **Business Fundamentals**: Management believes the company's fundamentals are improving, with stock performance exceeding expectations post-merger suspension. The merger is expected to enhance consolidated earnings and resolve historical issues, such as commitments related to Shanghai Fuchi's spin-off listing [2][10] - **Future Growth**: The company anticipates continued growth, with new products being launched and operational capabilities improving by 2025. The management emphasizes that the overall business is functioning normally and positively [2][6] - **Shareholder Interests**: During merger negotiations, management focused on protecting minority shareholders' interests, ensuring minimal dilution effects (approximately 3%) and projecting profit growth of 1 to 2 billion RMB [2][7][10] - **Market Sentiment**: Despite recent market volatility and negative media coverage, the company maintains strong fundamentals and record-high performance. Investors are encouraged to focus on long-term growth rather than short-term fluctuations [3][8][9] - **Valuation**: The current P/E ratio is below 20, with a dividend yield of 2.6%. The company is considered undervalued, presenting a buying opportunity [11][22] Additional Important Insights - **M&A Progress**: The merger and asset restructuring were completed after a ten-day suspension, with performance exceeding initial expectations. The company has maintained confidentiality during negotiations [4][21] - **Technological Developments**: Dongmu is expanding into emerging technologies, including liquid metal and robotics, which are expected to contribute to future revenue growth [4][14][24] - **Market Dynamics**: The company has not experienced a decline in sales revenue, with a projected growth of over 10% this year. The MIM (Metal Injection Molding) sector is highlighted as a significant growth area due to its cost advantages over 3D printing [18][24] - **Investment Strategy**: Investors are advised to remain rational and base decisions on fundamentals rather than market emotions, as the company continues to achieve record performance [20][23] Conclusion Dongmu Co., Ltd. is positioned for significant growth with a strong focus on shareholder value, technological advancements, and a solid operational foundation. The current market conditions present a favorable investment opportunity, given the company's undervaluation and robust performance outlook.