上市保荐书 华泰联合证券有限责任公司 关于有研新材料股份有限公司 2024 年度向特定对象发行 A 股股票并在主板上市之 上市保荐书 上海证券交易所： 作为有研新材料股份有限公司（以下简称发行人、公司）2024 年度向特定 对象发行 A 股股票并在主板上市的保荐人，华泰联合证券有限责任公司及其保 荐代表人已根据《中华人民共和国公司法》（以下简称《公司法》）、《中华人民共 和国证券法》（以下简称《证券法》）等法律法规和中国证券监督管理委员会（以 下简称中国证监会）及贵所的有关规定，诚实守信，勤勉尽责，严格按照依法制 定的业务规则和行业自律规范出具上市保荐书，并保证所出具文件真实、准确、 完整。 现将有关情况报告如下： 一、发行人基本情况 （一）发行人概况 发行人名称：有研新材料股份有限公司 注册地址：北京市海淀区北三环中路 43 号 注册时间：1999 年 3 月 12 日 （二）发行人的主营业务 发行人主营业务划分为"电、磁、光、医"四个板块，业务覆盖高纯金属靶 材、先进稀土材料、特种红外光学及光电材料、生物医用材料等战略性新材料领 域，其中电板块主要包括集成电路用薄膜材料、贵金属等业务，磁板块包括稀土 金属 ...

有研新材料股份有限公司 与 华泰联合证券有限责任公司 关于有研新材料股份有限公司 向特定对象发行股票申请文件的审核问询函的 回复报告 说明： 1、如无特别说明，本回复报告中使用的简称或名词释义与《有研新材料股 份有限公司 2024 年度向特定对象发行 A 股股票并在主板上市募集说明书》（以 下简称"募集说明书"）一致。涉及募集说明书补充披露或修改的内容已在募集 说明书及本回复报告中以楷体加粗方式列示。 2、本回复部分表格中单项数据加总数与表格合计数可能存在微小差异，均 因计算过程中的四舍五入所形成。 3、本回复报告的字体说明如下： | 问询函所列问题 | 黑体（不加粗） | | --- | --- | | 对问询函所列问题的回复 | 宋体（不加粗） | | 涉及对募集说明书等申请文件的修改内容 | 楷体（加粗） | 保荐机构（主承销商） （深圳市前海深港合作区南山街道桂湾五路 128 号 前海深港基金小镇 B7 栋 401） 上海证券交易所： 根据贵所于 2025 年 8 月 15 日出具的《关于有研新材料股份有限公司向特定 对象发行股票申请文件的审核问询函》（上证上审（再融资）〔2025〕248 号） （以 ...

证券代码：600206 证券简称：有研新材 公告编号：2025-052 有研新材料股份有限公司（以下简称"公司"）于 2025 年 8 月 15 日收到上 海证券交易所（以下简称"上交所"）出具的《关于有研新材料股份有限公司向 特定对象发行股票申请文件的审核问询函》（上证上审（再融资）〔2025〕248 号，以下简称"《问询函》"）。上交所审核机构对公司向特定对象发行 A 股 股票申请文件进行了审核，并形成了审核问询问题。公司与相关中介机构按照上 述《问询函》的要求，对《问询函》中的相关问题进行了认真研究和逐项落实， 并对有关问题进行了说明、论证分析和逐项回复，具体内容详见公司于同日在上 海证券交易所网站（http://www.sse.com.cn/)披露的相关公告文件。 公司本次向特定对象发行 A 股股票事项尚需经上交所审核通过，并获得中 国证券监督管理委员会（以下简称"中国证监会"）作出同意注册的决定后方可 实施，最终能否通过上交所审核，并获得中国证监会同意注册的决定及其时间尚 存在不确定性。公司将根据该事项的进展情况，严格按照上市公司向特定对象发 行 A 股股票相关法律法规的要求及时履行信息披露义务，敬 ...

Core Viewpoint - The stock of Youyan New Materials has shown significant price movements and trading activity, indicating investor interest and potential growth opportunities in the semiconductor materials sector [1][2]. Group 1: Stock Performance - As of September 12, Youyan New Materials' stock price increased by 2.09%, reaching 22.00 CNY per share, with a trading volume of 640 million CNY and a turnover rate of 3.49%, resulting in a total market capitalization of 18.624 billion CNY [1]. - Year-to-date, the stock has risen by 41.38%, with a 1.57% increase over the last five trading days, a 12.47% increase over the last 20 days, and a 24.43% increase over the last 60 days [1]. Group 2: Financial Performance - For the first half of 2025, Youyan New Materials reported a revenue of 4.096 billion CNY, a year-on-year decrease of 9.76%, while the net profit attributable to shareholders was 130 million CNY, reflecting a significant year-on-year increase of 218.47% [2]. Group 3: Business Overview - Youyan New Materials, established in March 1999, specializes in the research, production, and sales of advanced functional materials, including semiconductor materials, rare earth materials, and optical materials [2]. - The company's revenue composition includes platinum group metals (45.75%), rare earth materials (26.64%), thin film materials (17.37%), and other categories [2]. Group 4: Shareholder Information - As of June 30, 2025, Youyan New Materials had 158,100 shareholders, an increase of 1.81% from the previous period, with an average of 5,356 circulating shares per shareholder, a decrease of 1.78% [2][3]. - The top ten circulating shareholders include various ETFs, with notable increases in holdings from several funds, indicating institutional interest in the company [3].

Core Insights - The stock price of Youyan New Materials increased by 2.04% on September 11, reaching 21.48 CNY per share, with a total market capitalization of 18.184 billion CNY [1] - The company has seen a year-to-date stock price increase of 38.04%, with notable gains of 4.37% over the last five trading days and 12.17% over the last twenty days [1] Financial Performance - For the first half of 2025, Youyan New Materials reported a revenue of 4.096 billion CNY, a year-on-year decrease of 9.76%, while the net profit attributable to shareholders increased by 218.47% to 130 million CNY [2] - Cumulative cash dividends since the company's A-share listing amount to 562 million CNY, with 290 million CNY distributed over the last three years [3] Shareholder Structure - As of June 30, 2025, the number of shareholders increased to 158,100, with an average of 5,356 circulating shares per person, a decrease of 1.78% from the previous period [2] - The top ten circulating shareholders include various ETFs, with notable changes in holdings, such as an increase of 555,600 shares for Guolian An Zhongzheng Semiconductor Products and Equipment ETF [3]

Core Viewpoint - The company, Youyan New Materials Co., Ltd., is organizing a semi-annual performance briefing and investor engagement event on September 16, 2025, to enhance investor understanding of its operations and address common investor inquiries [2][3]. Group 1: Event Details - The event will take place on September 16, 2025, from 14:00 to 16:30 at Youyan Guojinghui New Materials Co., Ltd. in Langfang, Hebei Province [2][6]. - The main activities will include a site visit to the production base and an investor communication session [2][6]. Group 2: Participation Information - Investors can submit questions via the company email from September 9 to September 14, 2025, and the company will address common inquiries during the briefing [4]. - Interested investors must register with the company's securities department by September 11, 2025, to participate in the site visit and communication session [4][7]. Group 3: Attendees - The event will feature key company personnel, including the General Manager, Mr. Lv Baoguo, and other board members [3].

证券代码：600206 证券简称：有研新材 公告编号：2025-051 有研新材料股份有限公司 关于召开 2025 年半年度业绩说明会暨投资者走进上市公司 活动的公告 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法律责任。 本次活动包括生产基地的参观和投资者交流两个部分，公司将组织投资者深 入公司全资子公司有研国晶辉的生产基地进行参观，了解有研国晶辉的主要产品 活动时间：2025 年 9 月 16 日(星期二)下午 14:00-16:30 活动地点：有研国晶辉新材料有限公司（河北省廊坊市经济技术开发区百合 道 4 号） 活动主要内容：现场参观+投资者交流 及其生产过程；针对 2025 年半年度的主要经营情况与投资者进行深入交流，在 信息披露允许的范围内就投资者普遍关注的问题进行回答。 二、说明会召开的时间、地点 （一）活动时间：2025 年 9 月 16 日 下午 14:00-16:30 （二）活动地点：有研国晶辉新材料有限公司（河北省廊坊市经济技术开发 区百合道 4 号） （三）活动主要内容：现场参观+投资者交流 重要内容提示： 投 ...

Group 1 - The rare earth permanent magnet sector in the A-share market has seen a significant decline, with companies like China Rare Earth and Shenghe Resources approaching their daily limit down [1] - Northern Rare Earth has dropped over 8%, while Tongcheng New Materials has decreased by more than 7% [1] - Other companies such as Aishi Chuang, Xiamen Tungsten, Guangsheng Nonferrous, and Youyan New Materials have all experienced declines exceeding 6% [1]

Market Overview - The semiconductor sector experienced a decline of 1.67% on September 3, with Youyan New Materials leading the drop [1] - The Shanghai Composite Index closed at 3813.56, down 1.16%, while the Shenzhen Component Index closed at 12472.0, down 0.65% [1] Top Gainers in Semiconductor Sector - Chengdu Huami (688709) saw a significant increase of 14.97%, closing at 56.90 with a trading volume of 380,200 shares and a transaction value of 2.077 billion [1] - Yuanjie Technology (688498) rose by 13.01%, closing at 397.80 with a transaction value of 2.786 billion [1] - Dongwei Semiconductor (688261) increased by 12.28%, closing at 92.18 [1] Top Losers in Semiconductor Sector - Youyan New Materials (600206) fell by 7.82%, closing at 21.91 with a trading volume of 850,100 shares and a transaction value of 1.940 billion [2] - Hanwujing (688256) decreased by 5.07%, closing at 1405.00 with a transaction value of 19.901 billion [2] - Tai Lingwei (688591) dropped by 5.01%, closing at 54.00 [2] Capital Flow Analysis - The semiconductor sector experienced a net outflow of 6.014 billion from institutional investors, while retail investors saw a net inflow of 5.583 billion [2][3] - Major stocks like Tongfu Microelectronics (002156) had a net outflow of 4.02 billion from institutional investors, while retail investors had a net inflow of 2.61 billion [3] Summary of Capital Flows for Selected Stocks - Yuanjie Technology (688498) had a net inflow of 2.99 billion from retail investors, but a net outflow of 2.92 billion from institutional investors [3] - Zhi Chun Technology (603690) saw a net inflow of 2.65 billion from institutional investors, while retail investors had a net outflow of 1.82 billion [3] - Chengdu Huami (688709) had a net inflow of 95.296 million from institutional investors, with retail investors experiencing a net outflow of 15.9334 million [3]

Core Viewpoint - The non-ferrous metal sector is experiencing a surge, driven by expectations of a Federal Reserve interest rate cut and improving demand, particularly in the rare earth and industrial metals markets [3][4]. Group 1: ETF Performance - The non-ferrous metal leader ETF (159876) saw a price increase of over 1.8% as of September 3, with a trading volume exceeding 12 million yuan within the first 15 minutes of opening [1]. - The ETF attracted significant inflows of 75.6 million yuan over the past two days, reaching a new high of 207 million yuan in total assets as of September 2 [1]. - Key constituent stocks included silver, which hit the daily limit, while Western Gold and Zhongjin Gold rose by 5.81% and 4.79%, respectively [1]. Group 2: Market Trends - The industrial metals sector is benefiting from rising copper prices due to supply constraints, with a projected decrease of 52,500 tons in electrolytic copper production in September [3]. - The lithium market is facing oversupply, but high-cost production is being phased out, which may lead to price recovery [3]. - The overall sentiment in the non-ferrous metals market remains strong, supported by macroeconomic factors and supply disruptions [3]. Group 3: Strategic Insights - The non-ferrous metals sector is positioned for upward price movement due to low valuations and improving market conditions, with a potential "bull market" beginning [3][4]. - The strategic importance of metals like rare earths and lithium is highlighted in the context of global competition and domestic policy shifts aimed at optimizing production factors [4]. - The non-ferrous metal leader ETF provides diversified exposure to various metals, including copper (25.3%), aluminum (14.2%), and rare earths (13.8%), which helps mitigate investment risks [4].