证券代码：600458 证券简称：时代新材 公告编号：临 2025-072 株洲时代新材料科技股份有限公司 第十届董事会第十次（临时）会议决议公告 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。 株洲时代新材料科技股份有限公司（以下简称"公司"）第十届董事会第十 次会议的通知于 2025 年 11 月 20 日以专人送达和邮件相结合的方式发出，会议 于 2025 年 11 月 25 日上午在公司全球总部园区 1010 会议室以现场结合通讯方式 召开。会议由董事长彭华文先生主持。会议应到董事 9 人，实到董事 9 人。 本次会议的召集、召开及表决程序符合《公司法》等法律、法规、规范性文 件以及《公司章程》的有关规定。 经会议审议，通过了如下决议： 一、审议通过了关于新设塞尔维亚全资子公司的议案 该议案已经公司第十届董事会战略委员会 2025 年第二次会议审议通过。 内容详见同日披露于上海证券交易所网站的公司临 2025-074 号公告。 表决结果：9 票同意，0 票反对，0 票弃权。 二、审议通过了关于向越南全资子公司增资的议案 ...

Core Insights - The report from Guosen Securities indicates that the domestic wind power installation is expected to maintain a growth rate of 10%-20% in 2026, supported by saturated orders and stable prices [1][2] - The profitability of wind turbine manufacturers is improving quarterly, with export growth boosting performance, reflecting a synchronized recovery in both domestic and international markets [2] - The report emphasizes the importance of overseas expansion and AIDC (Artificial Intelligence Data Center) as key focus areas for 2026, with major domestic power equipment companies making breakthroughs in overseas markets and innovative products [1] Wind Power Sector - The wind turbine sector is experiencing a recovery in profitability, with significant growth in offshore wind installations and tenders, leading to increased orders and performance for related companies [2] - Key companies to watch in the wind power sector include Goldwind Technology, Sany Renewable Energy, Times New Materials, Daikin Heavy Industries, Oriental Cable, and Haile Wind Power [2] Lithium Battery Industry - The lithium battery supply chain is expected to see a reversal in the downward price trend, with significant recovery in profitability anticipated for most products in 2026 [2] - New technologies such as steel-shell batteries, silicon anodes, and large energy storage cells are expected to achieve mass supply in 2026, while solid-state battery technology is accelerating towards industrialization [2] - Recommended companies in the lithium battery sector include CATL, EVE Energy, Zhongchuang Innovation, Zhuhai Guanyu, Tianci Materials, Enjie, Dingsheng Technology, and Xiamen Tungsten [2] Energy Storage Market - The electrification transition is driving explosive growth in the global energy storage market, with domestic market demand leading to a surge in storage orders [3] - The demand for large-scale energy storage in the U.S. is increasing due to power supply shortages, while unstable grid conditions in Europe are also boosting storage needs [3] - Companies to focus on in the energy storage sector include CATL, EVE Energy, Sungrow Power, and Deye [3] Photovoltaic Sector - The photovoltaic supply side is undergoing adjustments, with new technologies such as silver-free materials and perovskite layers gaining attention [3] - The profitability of silicon materials is expected to recover, with silver-free products nearing mass production by 2026 [3] - Key companies in the photovoltaic sector include GCL-Poly Energy, Xinte Energy, Tongwei Co., and Juhua Materials [3] Investment Recommendations - The report suggests focusing on new technology investment opportunities, such as solid-state batteries and flexible converters [3] - Emphasis is placed on overseas expansion and performance improvement for leading companies in lithium batteries and wind turbine components [3] - Long-term beneficiaries in green electricity alternatives include secondary distribution equipment and charging pile operations [3]

Core Viewpoint - Times New Materials (600458) has successfully applied its new materials in the energy storage sector, covering various downstream applications such as large-scale storage, industrial storage, household storage, and data centers [1] Product Applications - The company offers a range of high-performance lightweight composite materials and advanced silicone products, including battery PACK covers, lower boxes, bottom protective plates, and pultruded end/side plates [1] - The products feature high insulation, thermal conductivity, sealing, and vibration reduction properties [1] Market Position - Times New Materials has entered the supply chain of leading industry players and has secured ongoing orders [1] - The company is accelerating the establishment of production lines in Zhuzhou and advancing the construction of the Yibin Phase I base [1]

Core Viewpoint - The company is accelerating the establishment of production lines in Zhuzhou and advancing the construction of the first phase of the Yibin base [1] Group 1 - The company is currently focused on expanding its production capacity by adding new production lines in Zhuzhou [1] - The construction of the Yibin phase one base is also being prioritized [1]

Core Viewpoint - The company has successfully applied its new materials in the energy storage sector, covering various downstream applications and securing continuous orders from leading industry players [1] Group 1: Product Applications - The company's new materials are utilized in energy storage applications, including large-scale storage, commercial storage, household storage, and data centers [1] - Specific products include battery PACK covers, lower boxes, bottom protective plates, and high-performance lightweight composite materials, as well as advanced silicone materials with high insulation, thermal conductivity, sealing, and vibration reduction properties [1] Group 2: Market Position and Growth - The company has entered the supply chain of leading enterprises in the industry and is receiving ongoing orders [1] - The company is accelerating the establishment of production lines in Zhuzhou and advancing the construction of the first phase of the Yibin base [1]

Core Viewpoint - The company has received over ten million yuan in orders related to the CR450 train set and anticipates significant revenue growth in the coming years, particularly in the carbon fiber product market [1] Group 1: Orders and Revenue Growth - The company has secured orders exceeding ten million yuan for the CR450 train set, which includes various vibration damping components [1] - The company expects to achieve a revenue increase to the scale of hundreds of millions of yuan over the next three years by focusing on expanding its market for new products like carbon fiber [1] Group 2: Production Capacity and Investment - In response to the anticipated demand from the mass production of the CR450, the company is upgrading its traditional vibration damping industry while simultaneously increasing investment in carbon fiber products [1] - The company is proactively allocating production capacity resources to ensure the smooth delivery of future orders [1]

Investment Rating - The investment rating for the company is "Buy" and is maintained [7]. Core Views - The company reported a revenue of 14.95 billion yuan for the first three quarters of 2025, representing a year-on-year growth of 14%. The net profit attributable to shareholders was 428 million yuan, up 41% year-on-year, while the net profit excluding non-recurring items was 370 million yuan, reflecting a 35% increase [2][4]. - In the third quarter, the company achieved a revenue of 5.69 billion yuan, a year-on-year increase of 29% and a quarter-on-quarter increase of 12%. The net profit attributable to shareholders was 125 million yuan, up 51% year-on-year but down 18% quarter-on-quarter. The net profit excluding non-recurring items was 137 million yuan, showing an 89% year-on-year increase but a 3% quarter-on-quarter decline [2][4]. Summary by Sections Revenue Growth - The company's revenue growth accelerated, primarily driven by the wind power blade segment, which accounted for 50% of total revenue and grew by 57% year-on-year. The automotive segment contributed 31% with a 4% year-on-year increase, while industrial engineering and rail transportation segments grew by 17% and 33% respectively [10]. Wind Power Blade Performance - Wind power blade revenue in the third quarter was approximately 2.86 billion yuan, with a year-on-year growth of 57% and a quarter-on-quarter growth of 33%. The production capacity reached 9.6 GW, marking a 64% year-on-year increase and a 24% quarter-on-quarter increase [10]. Operational Efficiency - The company’s gross margin for the third quarter was approximately 14.1%, a decrease of 1.4 percentage points year-on-year, mainly due to the higher proportion of lower-margin wind power revenue. The operating expense ratio was about 10.7%, down 2.6 percentage points year-on-year, benefiting from the dilution effect of increased revenue scale [10]. Future Outlook - The company is expected to see continued growth in the wind power sector, with projections for 2026 indicating an installation capacity of approximately 115 GW, up from the 110 GW expected for 2025. The company is also expanding its international presence, particularly in Vietnam [10]. New Material Development - The new materials segment is entering a phase of rapid development, with significant advancements in low-altitude economy applications and stable supply to major clients in the battery packaging sector [10]. Financial Projections - The projected net profits for 2025 and 2026 are 640 million yuan and 900 million yuan respectively, corresponding to PE ratios of 21 and 15 times [10].

Core Viewpoint - The rail transit equipment sector experienced a slight decline of 0.07% on November 10, with Tianyi New Materials leading the losses, while the Shanghai Composite Index rose by 0.53% and the Shenzhen Component Index increased by 0.18% [1] Summary by Category Market Performance - The rail transit equipment sector's performance was mixed, with individual stocks showing varied results in terms of price changes and trading volumes [1] - The closing prices and percentage changes of key stocks in the sector were as follows: - Gongda Gaoke: 23.77, +5.88% - China Communication Signal: 5.50, +2.23% - Xianghe Industry: 12.49, +1.71% - Zhonghe Technology: 8.23, +1.48% - Tieke Railway: 22.76, +1.47% - Shenzhou High-speed Railway: 3.00, +1.35% - Jiuzhou Yitui: 15.44, +1.11% - Yonggui Electric: 18.38, +1.10% - Changqing Technology: 20.22, +0.50% - Jiaokong Technology: 24.11, +0.42% [1] Stock Declines - Tianzhi New Materials saw the largest decline at -13.63%, followed by other notable declines: - Leirwei: -3.39% - Kanni Electromechanical: -2.03% - Bidetech: -1.61% - Tongke Technology: -1.40% - Quandu Heavy Industry: -1.17% [2] Capital Flow - The rail transit equipment sector experienced a net outflow of 110 million yuan from institutional investors, while retail investors saw a net inflow of 7.1352 million yuan [2] - The capital flow for key stocks indicated: - Shenzhou High-speed Railway: 12.2845 million yuan net inflow from institutions - Changqing Technology: 8.4701 million yuan net inflow from institutions - Gongda Gaoke: 8.2147 million yuan net inflow from institutions [3]

Core Viewpoint - The company, Zhuzhou Times New Material Technology Co., Ltd., has launched its latest hydrogen energy vehicle high-pressure hydrogen supply system at the 2025 China International Rail Transit and Equipment Manufacturing Expo, highlighting its commitment to the development of hydrogen energy solutions in the rail transport sector [1][3]. Group 1: Product Launch and Features - The hydrogen energy vehicle high-pressure hydrogen supply system is designed to meet the safety and operational requirements of rail transport, capable of supporting vehicles for over 200 kilometers on a single hydrogen fill [1]. - The system's advantages include long range, quick refueling, strong environmental adaptability, and zero emissions, making it a significant alternative to electrified rail systems [1][4]. Group 2: Market Context and Strategic Positioning - The expo featured over ten star products from the company, emphasizing its role in the rail transport equipment manufacturing industry [1]. - The company is positioned favorably in the hydrogen energy sector due to its strong technological capabilities and clear strategic direction, which are essential for scaling production and controlling costs [3][4]. Group 3: Environmental Impact - Each train equipped with the hydrogen supply system can reduce carbon emissions by 44 tons annually, equivalent to planting 4,000 trees, thus contributing to environmental sustainability [1]. Group 4: Collaboration and Future Prospects - The company signed cooperation agreements with two partners at the Hunan Rail Transit Equipment Intelligent Supply Chain Conference, aiming to enhance supply chain stability and innovation [3]. - The hydrogen energy business is still in its early stages, and the company’s initial success is seen as a starting point for future growth and market expansion [3][4].

Core Viewpoint - The stock price of Times New Material has experienced fluctuations, with a current price of 14.06 CNY per share, reflecting a year-to-date increase of 12.26% but a recent decline over the past five and twenty trading days [1] Company Overview - Times New Material, established on May 24, 1994, and listed on December 19, 2002, is based in Zhuzhou, Hunan Province. The company focuses on the research and engineering application of polymer materials, serving industries such as rail transit, wind power generation, automotive, and high-performance polymer materials [1] - The revenue composition of the company includes: Wind power products 42.25%, Automotive products 37.16%, Rail transit 11.92%, Industrial and engineering 9.14%, and Unallocated projects 3.62% [1] Financial Performance - For the period from January to September 2025, Times New Material achieved operating revenue of 14.949 billion CNY, representing a year-on-year growth of 14.42%. The net profit attributable to the parent company was 428 million CNY, showing a significant increase of 40.52% year-on-year [2] - Cumulative cash dividends since the A-share listing amount to 1.171 billion CNY, with 507 million CNY distributed over the past three years [3] Shareholder Information - As of September 30, 2025, the number of shareholders for Times New Material reached 41,800, an increase of 33.69% from the previous period. The average circulating shares per person decreased by 25.14% to 19,353 shares [2] - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited is the fourth largest, holding 8.6737 million shares as a new shareholder [3]