Core Viewpoint - The company reported a strong financial performance for the first half of 2025, with significant growth in revenue and net profit, indicating a positive outlook for its business segments and potential investment opportunities [1][4]. Financial Performance - Total operating revenue for the first half of 2025 reached 9.256 billion, a year-on-year increase of 6.87% [1] - Total profit amounted to 405 million, reflecting a year-on-year growth of 37.01% [1] - Net profit attributable to shareholders was 303 million, up 36.66% year-on-year [1] - The second quarter of 2025 saw operating revenue of 5.098 billion, a 14.41% increase year-on-year [1] - Net profit for Q2 2025 was 152 million, showing a year-on-year growth of 48.86% [1] Business Segments - The new materials and other segments achieved sales revenue of 250 million, a remarkable year-on-year increase of 116.71% [2] - Wind power blade segment generated sales revenue of 3.911 billion, with a year-on-year growth of 39.38%, maintaining a leading position in the domestic market [3] - The automotive parts segment reported sales revenue of 3.393 billion, with the new materials segment in Germany achieving profitability for the first time since its establishment [3] - The rail transit segment generated sales revenue of 959 million, with new orders exceeding 1.26 billion, marking a new high [3] Market Expansion and Strategy - The company is focusing on high-end polyurethane automotive vibration reduction products and has established close cooperation with several well-known domestic enterprises in the low-altitude field [2] - The company is expanding its overseas market presence, with a significant increase in overseas revenue by 300% through collaboration with Nordex [3] - The establishment of a subsidiary in Vietnam is expected to commence production in the first half of 2026 [3] Investment Outlook - The company is expected to see continued growth in its core business areas, particularly in wind power, automotive parts, and rail transit, with new materials business anticipated to contribute significantly to profit growth [4] - Projected net profits for 2025-2027 are estimated at 760 million, 897 million, and 1.087 billion respectively, with corresponding EPS of 0.82, 0.96, and 1.17 [4] - The company is rated as "strong buy" with a target price of 19.2 per share based on a PE valuation method [4]

Investment Rating - The report upgrades the investment rating of the company to "Strong Buy" with a target price of 19.2 CNY per share [2][6]. Core Views - The company achieved total operating revenue of 9.256 billion CNY in the first half of 2025, representing a year-on-year growth of 6.87%. The total profit reached 405 million CNY, up 37.01% year-on-year, and the net profit attributable to shareholders was 303 million CNY, an increase of 36.66% year-on-year [2]. - The wind power blade segment generated sales revenue of 3.911 billion CNY, a year-on-year increase of 39.38%, maintaining a leading position in the domestic market. The company has established strategic partnerships with major wind turbine manufacturers and expanded its overseas market presence significantly [2][6]. - The new materials and other segments achieved sales revenue of 250 million CNY, a remarkable year-on-year growth of 116.71%, indicating a rapid development phase [2][6]. - The company is focusing on energy transportation sectors, emphasizing vibration reduction and lightweight material technologies, with expectations for substantial profit growth in the coming years [2][6]. Financial Summary - For the fiscal years 2024A to 2027E, the projected total operating revenue is expected to grow from 20.055 billion CNY to 24.985 billion CNY, with corresponding year-on-year growth rates of 14.4%, 7.3%, 10.9%, and 4.7% respectively [2][7]. - The net profit attributable to shareholders is forecasted to increase from 445 million CNY in 2024A to 1.087 billion CNY in 2027E, with significant growth rates of 15.2%, 70.9%, 18.0%, and 21.2% [2][7]. - The earnings per share (EPS) is projected to rise from 0.48 CNY in 2024A to 1.17 CNY in 2027E, reflecting the company's improving profitability [2][7].

Core Viewpoint - The company has approved the use of its own funds and bank acceptance bills to pay for fundraising project expenses, with plans to replace these with raised funds in equal amounts, ensuring compliance with regulations and maintaining shareholder interests [1][11][30]. Group 1: Board Meeting Resolutions - The board meeting was held on September 15, 2025, with all nine directors present, and the resolutions were passed unanimously [1][2]. - The board approved the use of self-owned funds and bank acceptance bills for project funding, with a plan to replace these with raised funds [1][11]. - The board also approved the performance evaluation criteria for the management team for the 2025-2027 term [5][7]. Group 2: Supervisory Board Meeting Resolutions - The supervisory board meeting was also held on September 15, 2025, with all five supervisors present, and resolutions were passed unanimously [9][10]. - The supervisory board agreed to the use of self-owned funds and bank acceptance bills for project funding, confirming that this does not affect the normal implementation of the fundraising projects [11][12]. - The supervisory board approved the replacement of self-raised funds used for project expenses with raised funds, affirming compliance with regulations [13][14]. Group 3: Fundraising and Project Details - The company raised a total of approximately 1.3 billion yuan through a stock issuance, with a net amount of about 1.29 billion yuan after deducting issuance costs [17][30]. - The company has pre-invested approximately 678.7 million yuan of its own funds into the fundraising projects, with plans to replace 515 million yuan of this amount with raised funds [32][30]. - The company has also paid approximately 1 million yuan in issuance costs, with plans to replace about 684,000 yuan of this amount with raised funds [34][30]. Group 4: Operational Procedures and Impact - The company will use self-owned funds and bank acceptance bills to pay for project expenses, with a structured process for replacing these with raised funds [20][22]. - This approach is expected to enhance the efficiency of fund utilization and ensure the normal progress of fundraising projects without altering the intended use of funds [23][25]. - The supervisory board and sponsor have confirmed that the procedures followed are in line with regulatory requirements and do not harm shareholder interests [26][38].

证券代码：600458 证券简称：时代新材 公告编号：临 2025-059 株洲时代新材料科技股份有限公司 关于使用自有资金、银行承兑汇票等方式支付募投 项目所需资金并以募集资金等额置换的公告 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。 株洲时代新材料科技股份有限公司（以下简称"公司"）于 2025 年 9 月 15 日召开第十届董事会第八次（临时）会议、第十届监事会第五次（临时）会议审 议通过了《关于使用自有资金、银行承兑汇票等方式支付募投项目所需资金并以 募集资金等额置换的议案》，同意公司及实施募投项目的子公司（以下简称"子 公司"）在募集资金投资项目（以下简称"募投项目"）实施期间根据实际情况 使用自有资金、银行承兑汇票等方式支付募投项目所需部分资金，并以募集资金 等额置换。现将有关情况公告如下： 一、募集资金基本情况 经中国证券监督管理委员会《关于同意株洲时代新材料科技股份有限公司向 特定对象发行股票注册的批复》（证监许可〔2025〕996 号）批复，公司于 2025 年 6 月以人民币 12.18 元/股的发行价 ...

证券代码：600458 证券简称：时代新材 公告编号：临 2025-060 株洲时代新材料科技股份有限公司 关于使用募集资金置换预先投入募投项目及已支付 发行费用的自筹资金的公告 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。 重要内容提示： 株洲时代新材料科技股份有限公司（以下简称"公司"）本次使用募集资金 置换预先投入募投项目及已支付发行费用的自筹资金金额为 515,036,041.83 元，符合募集资金到账后 6 个月内进行置换的规定。 公司于 2025 年 9 月 15 日召开第十届董事会第八次（临时）会议、第十届监 事会第五次（临时）会议，审议通过了《关于使用募集资金置换预先投入募投项 目及已支付发行费用的自筹资金的议案》，同意以募集资金置换公司预先投入募 投项目及已支付发行费用的自筹资金，合计人民币 515,036,041.83 元。现将有 关情况公告如下： 一、募集资金基本情况 经中国证券监督管理委员会《关于同意株洲时代新材料科技股份有限公司向 特定对象发行股票注册的批复》（证监许可〔2025〕996 号）批复， ...

证券代码：600458 证券简称：时代新材 公告编号：临 2025-057 内容详见同日披露于上海证券交易所网站的公司临 2025-059 号公告。 表决结果：9 票同意，0 票反对，0 票弃权。 二、审议通过了关于使用募集资金置换预先投入募投项目及已支付发行费 用的自筹资金的议案 内容详见同日披露于上海证券交易所网站的公司临 2025-060 号公告。 表决结果：9 票同意，0 票反对，0 票弃权。 三、审议通过了关于制定公司经理层成员 2025-2027 任期和 2025 年度目标 绩效考核表的议案 株洲时代新材料科技股份有限公司 第十届董事会第八次（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"）第十届董事会第八 次（临时）会议的通知于 2025 年 9 月 11 日以专人送达和邮件相结合的方式发出， 会议于 2025 年 9 月 15 日下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 ...

国金证券股份有限公司 关于株洲时代新材料科技股份有限公司 使用自有资金、银行承兑汇票等方式支付 募投项目所需资金并以募集资金等额置换的核查意见 经中国证券监督管理委员会《关于同意株洲时代新材料科技股份有限公司 向特定对象发行股票注册的批复》（证监许可〔2025〕996 号）批复，公司于 2025 年 6 月以人民币 12.18 元/股的发行价格向特定对象发行 A 股股票共计 106,732,348 股，共计募集资金总额为 1,299,999,998.64 元，扣除相关发行费用 （不含增值税）10,629,936.17 元，实际募集资金净额为 1,289,370,062.47 元。上 述募集资金已于 2025 年 6 月 26 日全部到账，毕马威华振会计师事务所（特殊 普通合伙）对资金到账情况进行了审验并出具了验资报告（毕马威华振验字第 2500464 号）。募集资金已全部存放于经董事会批准开立的募集资金专户。 二、募集资金投资项目情况 根据公司披露的《株洲时代新材料科技股份有限公司向特定对象发行股票 证券募集说明书（注册稿）》，募集资金项目及募集资金使用计划如下： 1 单位：万元 | 序号 | 项目名称 | ...

国金证券股份有限公司（以下简称"国金证券"或"保荐人"）作为株洲 时代新材料科技股份有限公司（以下简称"时代新材"或"公司"）2023 年度 向特定对象发行股票及持续督导的保荐人，根据《证券发行上市保荐业务管理 办法》《上市公司募集资金监管规则》《上海证券交易所股票上市规则》《上 海证券交易所上市公司自律监管指引第 1 号——规范运作》等有关法律、法规 和规范性文件的要求，对公司使用募集资金置换预先已投入自筹资金的事项进 行了核查，具体情况如下： 一、募集资金基本情况 国金证券股份有限公司 关于株洲时代新材料科技股份有限公司 使用募集资金置换预先已投入募集资金投资项目及 已支付发行费用的自筹资金的核查意见 经中国证券监督管理委员会《关于同意株洲时代新材料科技股份有限公司 向特定对象发行股票注册的批复》（证监许可〔2025〕996 号）批复，公司于 2025 年 6 月以人民币 12.18 元/股的发行价格向特定对象发行 A 股股票共计 106,732,348 股，共计募集资金总额为 1,299,999,998.64 元，扣除相关发行费用 （不含增值税）10,629,936.17 元，实际募集资金净额为 1,2 ...

毕马威华振专字第 2504394 号 株洲时代新材料科技股份有限公司 以自筹资金预先投入募集资金投资项目及支付发行费用的专项说明的鉴证报告 株洲时代新材料科技股份有限公司董事会： 我们接受委托，对后附的株洲时代新材料科技股份有限公司（以下简称"贵公司"）截至 2025 年 6 月 25 日《株洲时代新材料科技股份有限公司以自筹资金预先投入募集资金投资项 目及支付发行费用的专项说明》（以下简称"以自筹资金预先投入募集资金投资项目及支付发 行费用的专项说明"）执行了合理保证的鉴证业务，就以自筹资金预先投入募集资金投资项目 及支付发行费用的专项说明是否在所有重大方面按照其第二部分所述的编制基础编制，以及是 否在所有重大方面如实反映了贵公司截至 2025 年 6 月 25 日止以自筹资金预先投入募集资金 投资项目及支付发行费用的情况发表鉴证意见。 株洲时代新材料科技股份有限公司 以自筹资金预先投入募集资金投资项目 及支付发行费用的专项说明的鉴证报告 一、企业对以自筹资金预先投入募集资金投资项目及支付发行费用的专项说明的责任 按照《上市公司募集资金监管规则》（证监会公告〔2025〕10 号）及《上海证券交易 所上市公司 ...

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、审议通过了关于使用自有资金、银行承兑汇票等方式支付募投项目所需资 金并以募集资金等额置换的议案 内容详见同日披露于上海证券交易所网站的公司临 2025-059 号公告。 监事会认为公司及子公司在不影响募投项目正常实施的情况下，使用自有资金、 银行承兑汇票等方式支付募投项目所需资金并以募集资金等额置换的事项，履行了 必要的决策程序，不存在变相改变募集资金用途或损害股东利益的情形。因此，同 意本次公司及子公司使用自有资金、银行承兑汇票等方式支付募投项目款项并以募 集资金等额置换的事项。 表决结果：5 票同意，0 票反对，0 票弃权。 证券代码：600458 证券简称：时代新材 公告编号：临 2025-058 株洲时代新材料科技股份有限公司 第十届监事会第五次（临时）会议决议公告 本公司监事会及全体监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。 二、审议通过了关于使用募集资金置换预先投入募投项目及已支付发行费用 的自筹 ...