| 证券代码：601137 | 证券简称：博威合金 | 公告编号：临2025-100 | | --- | --- | --- | | 债券代码：113069 | 债券简称：博23转债 | | 具体内容详见上海证券交易所网站（www.sse.com.cn）上披露的《博威合金关于终 止在越南设立全资子公司并投资建设生产基地的公告》（公告编号：临 2025-101）。 宁波博威合金材料股份有限公司 第六届董事会第十九次会议决议公告 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。 宁波博威合金材料股份有限公司（以下简称"公司"）于2025年11月7日在公司会 议室召开了第六届董事会第十九次会议。本次会议应出席董事9人，实际到会董事9人； 其中董事谢朝春、独立董事崔平以通讯表决方式参会，会议由董事长谢识才先生主持， 公司其他高级管理人员列席会议，会议的召集和召开符合《公司法》和《公司章程》的 有关规定。参会董事对相关议案进行了充分讨论，审议通过以下议案，形成决议如下： 一、审议通过了《关于终止在越南设立全资子公司并投资建设生产基地的议案 ...

Core Viewpoint - The company plans to invest up to $150 million in Morocco to establish a production base for special alloy electronic materials, aiming to meet the demands of leading international clients and enhance its global competitiveness [1][2] Group 1: Investment Details - The investment will fund a project with an annual production capacity of 30,000 tons of special alloy electronic materials [1] - A wholly-owned subsidiary, Bowei Alloy New Materials (Morocco) Co., Ltd., will be established as the implementation entity for this project [1] Group 2: Market and Client Focus - The primary target markets for the project are North America and Europe, catering to the needs of Fortune 500 clients [1] - The company has received high recognition from Fortune 500 clients for its alloy strip business, which necessitates the establishment of an overseas manufacturing base to shorten delivery times and ensure a smooth supply chain [1] Group 3: Strategic Alignment - This investment aligns with the company's strategic plan to expand its international operations and respond to the rapidly growing overseas demand from international clients [2] - The project is expected to effectively address complex international trade policy changes and enhance the company's international operational capabilities [2]

Core Viewpoint - The company plans to invest up to $150 million (approximately 1.076 billion RMB) to establish a wholly-owned subsidiary in Morocco, focusing on the production of special alloy electronic material strips with an annual capacity of 30,000 tons [1] Investment Details - The project will cover a total area of 188,000 square meters and is expected to have a construction period of 36 months, with an anticipated start date of October 1, 2026 [1] - The expected return on investment for this project is 16.72% [1] Regulatory Considerations - The investment is subject to approval from relevant domestic and international authorities, indicating potential uncertainties [1] - The project may face risks related to local policies and legal frameworks [1]

Core Viewpoint - The company plans to invest up to $150 million in Morocco to establish a production base for special alloy electronic materials, aiming to meet the demands of leading international clients and enhance its global competitiveness [1][2] Group 1: Investment Details - The investment will fund a project with an annual production capacity of 30,000 tons of special alloy electronic materials [1] - A wholly-owned subsidiary, Bo Wei Alloy New Materials (Morocco) Co., Ltd., will be established as the implementation entity for this project [1] Group 2: Market and Client Focus - The primary target markets for the project are North America and Europe, catering to the needs of Fortune 500 clients [1] - The company has received high recognition from Fortune 500 clients for its alloy strip business, which necessitates the establishment of an overseas manufacturing base to shorten delivery times and ensure a smooth supply chain [1] Group 3: Strategic Alignment - This investment aligns with the company's strategic plan to expand its international operations and respond to the rapidly growing overseas demand from international clients [2] - The project is designed to effectively address complex international trade policy changes and enhance the company's international operational capabilities [2]

Core Viewpoint - The company plans to invest up to $150 million in Morocco to establish a production base for special alloy electronic materials, with an annual production capacity of 30,000 tons [1] Group 1 - The company will set up a wholly-owned subsidiary named Bowei Alloy New Materials (Morocco) Co., Ltd. to implement the project [1] - The investment in Morocco marks a strategic shift as the company has decided to terminate its plans to establish a wholly-owned subsidiary and production base in Vietnam [1]

Core Viewpoint - The company has decided to terminate the establishment of a wholly-owned subsidiary in Vietnam and invest in a production base, while simultaneously approving the establishment of a new subsidiary in Morocco for a significant investment project [1] Group 1: Project Termination - The board of directors has approved the termination of the project to establish a wholly-owned subsidiary in Vietnam and invest in a production base [1] - As of now, the subsidiary has not been established, and the project has not commenced construction [1] Group 2: New Investment in Morocco - The board has approved the establishment of a wholly-owned subsidiary in Morocco, with a planned investment of up to $150 million [1] - The project aims to build a production base with an annual capacity of 30,000 tons of special alloy electronic material strips [1] - The new subsidiary will be named Bo Wei Alloy New Materials (Morocco) Co., Ltd. (tentative name) and will serve as the implementation entity for the project [1]

Core Points - The company announced the termination of its project to establish a wholly-owned subsidiary and invest in a production base in Vietnam due to significant changes in international trade policies that did not meet the company's investment return requirements [1] - The decision was made during the sixth board meeting held on November 7, 2025, where the proposal to terminate the project was approved [1] - As of now, the subsidiary has not been established, and the project has not commenced construction [1]

Core Viewpoint - The company has decided to terminate its plan to establish a wholly-owned subsidiary and invest in a production base in Vietnam, while simultaneously approving a new investment project in Morocco for the establishment of a subsidiary and production base for special alloy electronic materials [1] Group 1 - The board of directors approved the termination of the project in Vietnam, which has not yet commenced construction and the subsidiary has not been established [1] - The company plans to invest up to $150 million in Morocco to build a production base with an annual capacity of 30,000 tons of special alloy electronic materials [1] - A new wholly-owned subsidiary, tentatively named Bo Wei Alloy New Materials (Morocco) Co., Ltd., will be established as the implementing entity for the Morocco project [1]

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected investment return that exceeds the market benchmark by over 20% in the next 6-12 months [5][11]. Core Insights - The company reported a revenue of 15.474 billion yuan for the first three quarters of 2025, a year-on-year increase of 6.07%, while the net profit attributable to shareholders was 0.881 billion yuan, a decrease of 19.76% year-on-year [1][5]. - In Q3 2025, the company achieved a revenue of 5.252 billion yuan, down 8.12% year-on-year and 0.10% quarter-on-quarter, with a net profit of 0.205 billion yuan, reflecting a significant decline of 55.53% year-on-year and 43.09% quarter-on-quarter [1][5]. - The new materials segment showed strong performance, with significant growth in net profit driven by increased sales volume and improved product structure, particularly in the automotive electronics and AI server materials [2][3]. Financial Performance Summary - For 2023, the company is projected to have a revenue of 17.756 billion yuan, with a growth rate of 32.0%. The net profit is expected to be 1.124 billion yuan, reflecting a growth rate of 109.2% [4][10]. - The earnings per share (EPS) for 2025 is estimated at 1.49 yuan, with a price-to-earnings (P/E) ratio of 15.0 [4][10]. - The company anticipates a significant increase in profits from the new materials segment, while adjustments in the photovoltaic business may impact overall profitability in the coming years [3][4].

Core Insights - The company Bowei Alloys reported that as of October 31, 2025, the number of shareholders is 47,118 [2] Company Summary - Bowei Alloys is actively engaging with investors through interactive platforms, indicating a focus on transparency and communication [2] - The reported number of shareholders reflects the company's shareholder base and potential investor interest [2]