Investment Rating - The investment rating for the company is "Buy" and it is maintained [7]. Core Views - The company reported a revenue of 9.256 billion yuan for the first half of 2025, representing a year-on-year growth of 6.87%, and a net profit attributable to shareholders of 303 million yuan, up 36.66% year-on-year [2][4]. - In Q2 2025, the company achieved a revenue of 5.098 billion yuan, a 14.41% increase year-on-year, and a net profit of 152 million yuan, which is a 48.86% increase year-on-year [2][4]. - The wind power segment significantly contributed to revenue growth, accounting for 42% of total revenue with a 38% increase, while other segments like rail transportation and industrial engineering faced declines due to factory relocations [9][9]. - The company is expanding its overseas market presence, with a 300% increase in overseas revenue, and is expected to further enhance its international operations with the upcoming production base in Vietnam [9][9]. - The new materials segment is entering a phase of rapid development, with a 117% year-on-year increase in sales revenue and a 51% increase in new orders [9][9]. - The outlook for 2025 indicates continued growth across various segments, with wind power expected to provide the largest profit elasticity [9][9]. Summary by Sections Financial Performance - For the first half of 2025, the company achieved a total revenue of 9.256 billion yuan and a net profit of 303 million yuan, with significant growth in Q2 [2][4]. - The total profit for the first half was 405 million yuan, reflecting a 37% year-on-year increase [9]. Segment Analysis - Wind power blades saw a revenue of approximately 3.91 billion yuan, up 38% year-on-year, while the rail transportation and industrial engineering segments experienced declines of 17% and 18% respectively due to factory relocations [9]. - The new materials segment reported a sales revenue of 250 million yuan, marking a 117% increase year-on-year [9]. Market Outlook - The company anticipates continued growth in the wind power sector, with expectations for price increases to be more evident in the second half of the year [9]. - The new materials industry park is expected to be completed, facilitating further development and incubation of new projects [9].

Group 1 - Platform-type new material companies are worth long-term attention due to their technology platformization, product diversification, and strong anti-cyclicality [4] - Key companies include Dinglong Co., Ltd. and Huamao Technology, with potential platform-type new material companies identified as Times New Material and Kaisheng Technology [4] Group 2 - The focus on the "1-N" process in materials highlights the importance of identifying companies that can achieve significant domestic production, particularly in semiconductor materials [5] - Companies like Xuzhou Bokan and Shengli New Materials are noted for their potential in high-end photoresist and dry film production [5] Group 3 - Continuous tracking of advanced materials is essential as they are still in the early stages of industrialization, with examples including metamaterials, superconductors, and carbon nanotubes [6] - Notable companies in this sector include Guangqi Technology and West Superconductor [6] Group 4 - Japan's new materials development history spans from post-war reconstruction to sustainable development and innovation-driven strategies, with significant milestones in technology and policy evolution [8][11][14] - The semiconductor materials sector in Japan has shifted focus to Asia, with projections indicating a growing market share for Asian countries [28] Group 5 - Financial performance among major new material companies in Japan shows varied resilience and growth paths, with platform-type companies like Shin-Etsu Chemical demonstrating strong anti-cyclicality [33] - The carbon fiber industry, led by Toray Industries, has shown long-term profit growth through continuous technological upgrades [33] Group 6 - The stock performance of platform-type companies indicates their ability to navigate market fluctuations, with Shin-Etsu Chemical achieving nearly a 60-fold increase in stock price from 1983 to 2020 [37] - JSR Corporation, a leading supplier of photoresists, has also seen significant stock appreciation, outperforming the Nikkei 225 index [40]

Group 1 - The company, Zhuzhou Times New Material Technology Co., Ltd., will hold its first extraordinary general meeting of shareholders in 2025 on September 9, 2025 [1][2] - The meeting will be conducted using a combination of on-site voting and online voting through the Shanghai Stock Exchange's network voting system [1][2] - The meeting will take place at the company's global headquarters in Zhuzhou, Hunan Province, starting at 14:00 [1][11] Group 2 - The online voting will be available on the day of the meeting from 9:15 to 15:00, with specific trading time slots for the voting platform [2] - Shareholders can participate in the meeting either in person or by appointing a proxy, who does not need to be a shareholder [11] - The registration for attending the meeting will be open on September 2, 2025, from 9:30 to 16:30 [13] Group 3 - The company will provide a reminder service for small and medium investors to ensure they can participate in the voting process [6] - There are no special resolutions or related party shareholders that need to abstain from voting for this meeting [5][10] - The voting process will follow the cumulative voting system for the election of directors, independent directors, and supervisors [16]

Core Viewpoint - Times New Material (600458) announced that it will hold its first extraordinary general meeting of shareholders on September 9, 2025, to review multiple proposals, including the proposal to change the company's directors [1] Group 1 - The extraordinary general meeting is scheduled for September 9, 2025 [1] - The meeting will consider the proposal regarding the change of company directors among other proposals [1]

Group 1 - The meeting is scheduled for September 9, 2025, at 14:00, at the company's global headquarters [2] - The chairman, Mr. Peng Huawen, will preside over the meeting and announce the attendance of shareholders [2] - The agenda includes the election of vote counters and monitors, filling out voting ballots, and announcing voting results [2] Group 2 - Proposal 1 involves the revision of the "Fundraising Management Measures" to enhance the management and utilization of raised funds, ensuring investor protection [3] - The proposal has been approved by the company's 10th Board of Directors and is presented for shareholder review [3] Group 3 - Proposal 2 addresses the resignation of Mr. Feng Jinchun from the Board of Directors due to retirement, with his resignation effective after the election of a new director [3] - Mr. Li Jin is nominated as a candidate for the non-independent director of the 10th Board of Directors, pending shareholder approval [3] - Mr. Li Jin has a background in various leadership roles within the company and has no current shareholding in the company [4][5]

证券代码：600458 证券简称：时代新材 公告编号：临 2025-054 株洲时代新材料科技股份有限公司 关于召开2025年第一次临时股东大会的提示性公告 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8月23日 在上海证券交易所网站（www.sse.com.cn）及公司指定信息披露媒体上刊登了《株 洲时代新材料科技股份有限公司关于召开2025年第一次临时股东大会的通知》， 定于2025年9月9日以现场投票和网络投票相结合的方式召开公司2025年第一次 临时股东大会。现将本次会议的有关事项再作如下提示： 重要内容提示： 一、 召开会议的基本情况 (一)股东大会类型和届次 2025年第一次临时股东大会 (二)股东大会召集人：董事会 (三)投票方式：本次股东大会所采用的表决方式是现场投票和网络投票相结合的 方式 股东大会召开日期：2025年9月9日 本次股东大会采用的网络投票系统：上海证券交易所股东大会网络投票 系统 (四)现场会议召开的日期、时间和地点 召开的日期 ...

株洲时代新材料科技股份有限公司 2025 年第一次临时股东大会 会议文件 2025 年 9 月 9 日 | 会议议程 1 | | | --- | --- | | 议案一：关于修订《募集资金管理办法》的议案 | 2 | | 议案二：关于变更公司董事的议案 | 3 | 地点：时代新材全球总部园区 103 会议室 主持人：董事长彭华文先生 会议议题： 1 （一）主持人宣布会议开始，并说明本次股东大会出席情况； （二）会议议题： 1、审议关于修订《募集资金管理办法》的议案； 2、审议关于变更公司董事的议案。 （三）推选计票人、监票人； （四）填写表决票； （五）统计投票结果； （六）主持人宣布投票表决结果； （七）律师宣读本次股东大会法律意见书。 议案一： 关于修订《募集资金管理办法》的议案 会议议程 时间：2025 年 9 月 9 日下午 14:00 本议案已经公司第十届董事会第三次（临时）会议审议通过，请各位股东及股东代 表予以审议。 2025年9月9日 2 议案二： 关于变更公司董事的议案 各位股东及股东代表： 本公司董事冯晋春先生因退休，申请辞去其担任的公司第十届董事会董事、审计与 风险管理委员会委员职务。辞 ...

株洲时代新材料科技股份有限公司 关于召开2025年半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法律责任。 重要内容提示： 一、说明会类型 株洲时代新材料科技股份有限公司（以下简称"公司"）已于 2025 年 8 月 23 日在上海证券交易所网站（www.sse.com.cn）披露了公司 2025 年半年度报告。 为便于广大投资者更加全面深入地了解公司经营业绩、财务状况等情况，公司定 于 2025 年 9 月 3 日 （ 星 期 三 ） 15:00-16:00 在 进 门 财 经 平 台 （https://s.comein.cn/jafvnhhm）举办公司 2025 年半年度业绩说明会，与投 资者进行沟通和交流，广泛听取投资者的意见和建议。 二、说明会召开的时间、地点 会议召开时间：2025 年 9 月 3 日（星期三）下午 15:00-16:00 会议召开地点：进门财经平台（https://s.comein.cn/jafvnhhm） 会议召开方式：网络互动方式 证券代码：600458 证券简称：时代新材 公告编 ...

Investment Rating - The report maintains an "Accumulate" rating for the electric equipment industry [1] Core Views - The AIDC (Artificial Intelligence and Data Center) sector is expected to experience significant growth, with humanoid robots being a key catalyst for this expansion, projected to reach mass production in 2025 [1][4] - The report highlights the strong performance of the electric vehicle sector, with a projected annual growth rate of 25% to reach 16 million units sold in 2025 [4][8] - The energy storage market is anticipated to grow by 30%+ in the U.S. due to increasing demand and favorable policy adjustments, with a compound annual growth rate (CAGR) of 30-40% expected from 2025 to 2028 [4][8] Industry Trends - The humanoid robot market is projected to have a potential market size exceeding 15 trillion yuan, with mass production expected to begin in 2025 [4][12] - The electric vehicle market in Europe is showing strong sales growth, with a 41% year-on-year increase in sales for nine countries [4][8] - The energy storage sector is seeing a surge in demand, particularly in emerging markets, with significant growth expected in both residential and commercial storage solutions [4][8] Company Performance - Companies such as Ningde Times, BYD, and Sunshine Power are highlighted as key players with strong growth potential in their respective sectors [4][7] - The report provides detailed financial performance metrics for various companies, indicating revenue growth and profitability trends [7] - Specific recommendations include investing in leading companies in the AIDC supply chain, electric vehicles, and energy storage sectors, emphasizing their competitive advantages and growth trajectories [4][5][7]

Core Viewpoint - The recent financial report of Times New Material (600458) shows a positive growth trend in revenue and net profit for the first half of 2025, indicating strong operational performance despite challenges in gross margin and accounts receivable levels [1][3]. Financial Performance - The total revenue for the first half of 2025 reached 9.256 billion yuan, a year-on-year increase of 6.87% compared to 8.661 billion yuan in the same period of 2024 [1]. - The net profit attributable to shareholders was 303 million yuan, reflecting a significant year-on-year growth of 36.66% from 222 million yuan [1]. - In Q2 2025, the revenue was 5.098 billion yuan, up 14.41% year-on-year, while the net profit for the quarter was 152 million yuan, marking a 48.86% increase [1]. - The gross margin decreased to 16.11%, down 2.39% year-on-year, while the net margin improved to 3.62%, an increase of 34.32% [1]. - The total of selling, administrative, and financial expenses was 717 million yuan, accounting for 7.75% of revenue, a decrease of 3.1% year-on-year [1]. Cash Flow and Receivables - The cash flow from operating activities showed a remarkable increase of 808.46%, reaching 0.8 yuan per share, compared to a negative cash flow in the previous year [3]. - Accounts receivable amounted to 5.553 billion yuan, representing a 7.09% increase year-on-year, with accounts receivable to net profit ratio at an alarming 1248.18% [1][5]. Business Model and Market Position - The company’s return on invested capital (ROIC) was 5.15%, indicating average capital returns, with a historical median ROIC of 3.75% over the past decade [4]. - The business model relies heavily on research and development and marketing efforts, necessitating a deeper analysis of these driving factors [4]. Future Outlook - The new materials segment is projected to reach 5 billion yuan in revenue by the end of the 14th Five-Year Plan, with key products already in mass production and entering major customer supply chains [7]. - The company is focusing on high-end polyurethane materials, silicone materials, and HP-RTM products, which are expected to expand sales further with new production bases [7].