关于 株洲时代新材料科技股份有限公司 国金证券股份有限公司 向特定对象发行股票 之 上市保荐书 保荐人（主承销商） （成都市青羊区东城根上街 95 号） 二〇二五年七月 株洲时代新材料科技股份有限公司向特定对象发行股票之上市保荐书 保荐人及保荐代表人声明 国金证券股份有限公司及本项目保荐代表人杨路、徐阳军已根据《中华人民共 和国公司法》、《中华人民共和国证券法》等法律法规和中国证券监督管理委员会及 上海证券交易所的有关规定，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。 1 | | | | 保荐人及保荐代表人声明 | | 1 | | --- | --- | --- | | 目 | 录 | 2 | | 释 | 义 | 4 | | 第一节 | 发行人概况 | 6 | | 一、发行人基本情况 | | 6 | | 二、主营业务 | | 7 | | 三、主要经营和财务数据及指标 | | 7 | | 四、发行人存在的主要风险 | | 8 | | 第二节 | 本次发行情况 11 | | | 一、发行对象与发行人的关联关系、最近一年重大交易情况及未来交易安排. ...

证券代码：600458 证券简称：时代新材 公告编号：临 2025-032 株洲时代新材料科技股份有限公司 关于向特定对象发行股票结果暨股本变动 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： 发行数量和价格 股票种类：人民币普通股（A股） 发行数量：106,732,348股 发行价格：12.18元/股 预计上市时间 株洲时代新材料科技股份有限公司（以下简称"时代新材"、"公司"、"发 行人"）已于 2025 年 7 月 11 日就本次向特定对象发行股票向中国证券登记结算 有限责任公司上海分公司办理完毕登记、托管及限售手续。 本次向特定对象发行新增普通股股份为有限售条件流通股，将于限售期届满 后的次一交易日起在上海证券交易所（以下简称"上交所"）上市流通交易，如 遇法定节假日或休息日，则顺延至其后的第一个交易日。自本次发行新增股份的 登记托管手续办理完成之日起，中车资本控股有限公司（以下简称"中车金控"） 认购的本次发行的 A 股股票 18 个月内不得转让，其他投资者认购的本次发行的 A 股股票 6 个月 ...

Core Viewpoint - The carbon fiber market in China is experiencing price stability, with expectations for future breakthroughs in production technology to enhance competitiveness [2][4]. Price Summary - As of July 11, 2025, the average price of carbon fiber in China is 83.75 yuan per kilogram, with specific prices for different grades: - Domestic T300 grade: 12K specifications priced between 80 to 90 yuan/kg, while 24/25K bundles range from 70 to 80 yuan/kg [1]. - Domestic T700 grade: 12K products priced between 90 to 120 yuan/kg, and 24K products range from 85 to 120 yuan/kg [1]. - Domestic T800 grade: 12K specifications priced between 180 to 240 yuan/kg [1]. Market Dynamics - T800 grade products command significantly higher prices due to their advanced technology and high-end applications, while smaller bundles (e.g., 12K) are priced higher than larger bundles (e.g., 48/50K) within the same grade due to complexity and performance advantages [2]. - The carbon fiber market is currently in a stagnant phase without major positive stimuli, but advancements in raw silk technology and production processes may lead to cost reductions and improved competitiveness in the future [2]. Technological Developments - A collaborative research project involving Jilin Chemical Fiber Group and several leading enterprises has successfully developed key technologies for the large-scale manufacturing of large bundle carbon fibers and composite materials, achieving stable production of high-performance 35K and above large bundle carbon fibers [3]. - The project has established a simulation model for the pultrusion process of large bundle carbon fibers and developed specialized high-efficiency pultrusion processes and equipment, enabling the stable mass production of high-performance pultruded plates [3]. Future Market Potential - The carbon fiber market is expected to benefit from applications in hydrogen storage and transportation, global wind turbine blade recovery, photovoltaic thermal carbon-carbon composites, low-altitude economy, and the domestic large aircraft supply chain [4].

证券研究报告 | 2025年07月11日 时代新材（600458.SH） 重点布局新材料业务矩阵，有望打造新利润增长点 公司研究·公司快评 电力设备·风电设备 投资评级：优于大市（维持） 证券分析师： 王蔚祺 010-88005313 wangweiqi2@guosen.com.cn 执证编码：S0980520080003 证券分析师： 王晓声 010-88005231 wangxiaosheng@guosen.com.cn 执证编码：S0980523050002 证券分析师： 袁阳 0755-22940078 yuanyang2@guosen.com.cn 执证编码：S0980524030002 事项： 日前公司宣布第四大业务板块新材料事业部完成业务矩阵布局。公司 2023 年末开启建设新材料产业园&中 试基地，主要生产高端聚氨酯减振及防护制品、有机硅 PACK 功能材料以及 HP-RTM PACK（高压树脂传递模 塑）结构材料，基于多年经验积累，不断拓展新材料产品序列。目前成功形成覆盖聚氨酯、有机硅、HP-RTM 以及芳纶材料的产品矩阵，并积极研制 PI 光电信息材料、PAI 聚酰胺酰亚胺、可回收环氧树脂 ...

Group 1 - The company, Zhuzhou Times New Material Technology Co., Ltd., has raised a net amount of RMB 1,289,370,062.47 through a specific stock issuance approved by the China Securities Regulatory Commission [1] - The company and its subsidiary, Bogo Rubber Plastic (Wuxi) Co., Ltd., have established special accounts for the raised funds, in compliance with relevant regulations [1][2] - The special account storage agreements were signed on July 9, 2025, with multiple banks and the sponsor institution, Guojin Securities Co., Ltd. [1][2] Group 2 - The total balance of the special accounts opened by Bogo Wuxi is currently 0, as all raised funds are still held in the parent company's account [3] - The three-party and four-party regulatory agreements stipulate that the raised funds must be used solely for designated projects, including innovation centers and clean energy equipment enhancement [4][6] - The agreements also outline the responsibilities of the parties involved in monitoring and managing the use of the raised funds, ensuring compliance with legal and regulatory requirements [5][7]

证券代码：600458 证券简称：时代新材 公告编号：临 2025-031 株洲时代新材料科技股份有限公司 关于签订募集资金专户存储三方及四方 监管协议的公告 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。 一、募集资金基本情况 根据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），株洲时代新材料 科技股份有限公司（以下简称"公司"或"时代新材"）向特定对象发行股票 106,732,348 股，发行价格为人民币 12.18 元/股，共计募集资金人民币 1,299,999,998.64 元，扣除发行费用（不含税）人民币 10,629,936.17 元，实 际募集资金净额为人民币 1,289,370,062.47 元。上述募集资金到位情况已经毕 马威华振会计师事务所（特殊普通合伙）验证，并由其出具了《验资报告》（毕 马威华振验字第 2500464 号）。 截至本公告披露日，公司及子公司博戈无锡募集资金专户开立和存储情况如 下： | 单位:元 | | - ...

Core Viewpoint - Times New Material (时代新材) has secured significant contracts in the wind power sector, indicating strong business growth and market position in the industry [1][3]. Group 1: Contract Details - The company signed a daily operation contract with major wind power manufacturers worth approximately 2.711 billion yuan, primarily involving wind turbine blades and related services [1][3]. - The contract includes both offshore and onshore wind power projects, with the onshore portion accounting for 2.705 billion yuan and the offshore portion for 6 million yuan [1][3]. - Cumulatively, the company has signed wind power contracts totaling 4.691 billion yuan in the first half of 2025 [4]. Group 2: Financial Performance - The company has experienced continuous revenue and net profit growth over the past three years, with revenues of 15.03 billion yuan in 2022 and 17.54 billion yuan in 2023, representing year-on-year growth of 7.01% and 16.65% respectively [8][10]. - In 2024, the company achieved revenues of 20.055 billion yuan, a year-on-year increase of 14.35%, and a net profit of 444.5 million yuan, up 15.20% [9][10]. - In the first quarter of 2025, the company reported a slight revenue decline to 4.158 billion yuan, down 1.11% year-on-year, while net profit increased by 26.3% to 152 million yuan [2][10]. Group 3: Market Position and Expansion - Times New Material is the second-largest manufacturer of wind turbine blades in China and has strong independent R&D capabilities [5][8]. - The company has established deep partnerships with leading wind power manufacturers, maintaining a market share of over 40% with Zhejiang Wind Power [5]. - The company is expanding its production capacity with nine blade manufacturing bases across major wind resource areas in China and has initiated construction of a new base in Vietnam [5][6]. Group 4: Shareholder Activity - Recently, several shareholders, including the chairman and senior executives, announced plans to reduce their holdings in the company between July 28, 2025, and October 27, 2025, to meet personal financial needs [10].

Investment Rating - The investment rating for the electric equipment and renewable energy industry is "Outperform the Market" (maintained) [1]. Core Insights - The "Inflation Reduction Act" in the U.S. has strengthened policies for grid and energy storage, extending the tax credit timeline for energy storage from 2032 to 2036, which may lead to increased shipment volumes from the Chinese supply chain within the year [1]. - The Guangdong offshore wind power project at Sanshan Island is progressing, with the engineering survey design candidate announcement for the China Resources Yangjiang Sanshan Island offshore wind farm project [1]. Summary by Sections Energy Storage and Grid - The "Inflation Reduction Act" signed by President Trump on July 4th includes a $1 billion allocation for grid reliability construction, energy storage for power generation facilities, and transmission infrastructure upgrades, focusing on long-duration energy storage technology demonstration projects and microgrid storage systems in remote areas [3]. - The tax credit for energy storage has been extended to 2036, with a phased reduction policy. Projects starting construction by the end of 2033 will receive a 100% credit, reducing to 75% in 2034, 50% in 2035, and ceasing after 2036, providing a longer policy support window [3]. Supply Chain and Market Dynamics - The act stipulates that energy storage projects starting construction after December 31, 2025, involving certain foreign entities will not qualify for investment tax credits (ITC) and production tax credits (PTC). This includes entities from China and specific battery manufacturers [4]. - There may be a short-term increase in shipment volumes from Chinese energy storage companies before the end of 2025 due to the new regulations [4]. Market Projections - The U.S. Energy Information Administration (EIA) projects a 78% increase in large-scale energy storage installations in the U.S. by 2025, with an expected total of 18.55 GW for the year [5]. Investment Recommendations - For electric equipment, it is recommended to focus on companies with domestic production capabilities in the U.S. that can participate in grid reliability construction, including Jinpan Technology and Igor [2][10]. - For offshore wind power, companies such as Dongfang Electric, Dongfang Cable, and Times New Material are suggested for investment [2][11].

Key Points - The article summarizes important announcements from various listed companies in the Shanghai and Shenzhen stock markets on July 4, providing insights for investors [2] Group 1: Major Corporate Actions - China Shipbuilding Industry Corporation's absorption and merger with China Shipbuilding Industry Group has been approved by the Shanghai Stock Exchange, pending further regulatory approvals [3] - Aerospace Hongtu's controlling shareholder's action party plans to transfer 5.1% of the company's shares to a private equity fund at a price of 19 yuan per share, totaling 253 million yuan [4] - Guotou Zhonglu plans to acquire 100% of China Electronic Engineering Design Institute through a share issuance, with the transaction price yet to be determined [5] - Haitai Development intends to transfer 100% of its subsidiary's equity for 90.6595 million yuan, aiming to optimize its asset structure [6] - Gensun Bio plans to invest approximately 150 million yuan to build an intelligent production and R&D base, expected to be completed by 2028 [7] - Xinhua Insurance intends to invest 11.25 billion yuan to subscribe to a private equity fund, which has a total size of 22.5 billion yuan [8] - Huaming Equipment has raised its share repurchase fund limit from 200 million yuan to 250 million yuan [9] - Aotewei's controlling shareholders plan to transfer 4.99% of the company's shares through a pricing inquiry [10] - Jianke Institute plans to publicly transfer 40% of its stake in Hubei Jiansheng Engineering Technology Consulting Co., Ltd. [11] - Aerospace Electronics plans to increase capital in its subsidiary to enhance its capabilities in unmanned systems [12] Group 2: Financial Performance - Jin Xin Nong reported a 1.23% year-on-year decline in pig sales revenue for the first half of 2025, totaling 763 million yuan [14] - Tianbang Food's June pig sales revenue decreased by 4.01% month-on-month, with a total of 4.143 billion yuan for the first half of 2025 [15] - GAC Group's June automobile sales fell by 8.22% year-on-year, with a total of 755,300 vehicles sold in the first half of 2025, down 12.48% [16] - Pulite expects a net profit increase of 38.88% to 66.65% for the first half of 2025, driven by growth in modified materials and new energy businesses [18] - Zhuye Group anticipates a net profit increase of 50.97% to 75.23% for the first half of 2025, benefiting from rising precious metal prices [19] - Xindong Lian Ke expects a net profit increase of 144.46% to 199.37% for the first half of 2025, supported by sufficient orders and revenue growth [20] - Zhongce Rubber forecasts a net profit decrease of 6.3% to 11.81% for the first half of 2025, due to a one-time gain in the previous year [21] - *ST Sihua expects a net loss of 11 million to 17 million yuan for the first half of 2025, despite significant sales order growth [22] - Sankeshu anticipates a net profit increase of 80.94% to 119.04% for the first half of 2025, driven by growth in retail business and improved gross margins [23] Group 3: Major Contracts and Shareholding Changes - Hongsheng Huayuan's subsidiary is expected to win a bid for a project worth approximately 1.127 billion yuan from the Southern Power Grid [25] - Times New Materials signed contracts worth approximately 2.711 billion yuan for wind turbine blade sales in the second quarter of 2025 [26] - Guojian Group's controlling shareholder reduced its holdings of convertible bonds by 900,000 units, accounting for 11.25% of the total issuance [27] - Yue Wanniang's controlling shareholder plans to reduce its stake by up to 6% through various trading methods [28] - Maipu Medical's shareholder plans to reduce its stake by up to 665,100 shares, representing 0.9999% of the total shares [29] - Jiulian Technology's directors and senior management plan to reduce their holdings by up to 2.61% of the total shares [30] - *ST Huawang's shareholder plans to reduce its stake by up to 1.76% through trading methods [32]

Financial Performance - Whirlpool expects a net profit of approximately 205 million yuan for the first half of 2025, an increase of about 174 million yuan or approximately 559% year-on-year [2] - Chipmotion Technology anticipates a net profit between 138 million to 169 million yuan for the first half of 2025, representing a year-on-year growth of approximately 144.46% to 199.37% [2] Mergers and Acquisitions - China Shipbuilding's absorption merger with China Shipbuilding Industry Corporation has been approved by the Shanghai Stock Exchange, pending further regulatory approvals [3] - Guotou Zhonglu plans to acquire 100% of China Electronic Engineering Design Institute through a share issuance, which constitutes a major asset restructuring [4] Shareholder Actions - Aotewei's actual controllers plan to transfer 4.99% of the company's shares, totaling 15.75 million shares, due to personal funding needs [5] - Yaguang Technology's chairman has been placed under detention, but the company's operations remain normal [5] Industry Developments - Ningbo Port expects a 9.8% year-on-year increase in container throughput for the first half of 2025 [8] - Three Trees anticipates a net profit growth of 80.94% to 119.04% for the first half of 2025 [8] - Zhuhai Group expects a net profit increase of 50.97% to 75.23% for the first half of 2025 [8] Project Wins - Sanxing Medical's subsidiary has pre-qualified for a 306 million yuan project with Southern Power Grid [8] - Hopu Co., Ltd. has jointly won a 449 million yuan shared energy storage demonstration project [8] - Hongsheng Huayuan's subsidiary has pre-qualified for an 1.127 billion yuan project with Southern Power Grid [8]