Group 1 - The core viewpoint of the news is that Dongcai Technology experienced a decline in stock price and trading volume, with significant financing activities indicating high leverage levels [1] - On September 9, Dongcai Technology's stock fell by 4.51%, with a trading volume of 730 million yuan, and a net financing outflow of 3.1365 million yuan [1] - As of September 9, the total margin balance for Dongcai Technology was 745 million yuan, which is 4.37% of its market capitalization, indicating a high level of financing compared to the past year [1] Group 2 - As of June 30, the number of shareholders for Dongcai Technology was 32,600, a decrease of 9.12% from the previous period, while the average circulating shares per person increased by 10.03% to 27,548 shares [2] - For the first half of 2025, Dongcai Technology reported a revenue of 2.431 billion yuan, representing a year-on-year growth of 14.57%, and a net profit attributable to shareholders of 190 million yuan, up 19.09% year-on-year [2] - Since its A-share listing, Dongcai Technology has distributed a total of 1.107 billion yuan in dividends, with 317 million yuan distributed in the last three years [3]

特此公告 联合〔2025〕9273 号 联合资信评估股份有限公司 关于终止四川东材科技集团股份有限公司主体及"东材转债" 信用评级的公告 受四川东材科技集团股份有限公司（以下简称"公司"）委托，联合资信评估股份有限公司 （以下简称"联合资信"）对公司主体及"东材转债"进行了信用评级。根据最新的评级结果，公 司主体长期信用等级为 AA，"东材转债"信用等级为 AA，评级展望为稳定。 根据公司于 2025 年 8 月 15 日披露的《四川东材科技集团股份有限公司关于实施"东材转债" 赎回暨摘牌的公告》，公司在存续期内提前赎回全部可转债，"东材转债"将于 2025 年 9 月 8 日在 上海证券交易所摘牌。截至 2025 年 9 月 9 日，"东材转债"已完成全部赎回的本息兑付，并于上 海证券交易所摘牌。根据有关法规、监管规定、自律规则及联合资信《终止评级制度》，自本公告 发布之日起，联合资信终止对公司主体及"东材转债"的信用评级，并将不再更新公司主体及"东 材转债"的评级结果。 联合资信评估股份有限公司 二〇二五年九月九日 主体长期信用评级报告 ...

Core Viewpoint - Dongcai Technology's multi-business layout in "consumer electronics + servers + new energy" supports its development, with AI driving a surge in demand for high-end resins and increased computing density [1] Group 1: Market Trends - From 2024 onwards, the demand for AI training and inference is expected to rise significantly, propelling the server computing density into a rapid growth phase [1] - The core hardware PCB boards are facing higher requirements for signal transmission speed due to these advancements [1] Group 2: Product Demand - The shipment volumes of 800G switches, NVIDIA NVL72 servers, and self-developed ASIC chips by Meta and Google are rapidly increasing, with NVIDIA NVL72 shipments nearly doubling month-on-month from January to May 2025 [1] Group 3: Company Positioning - Dongcai Technology has successfully entered the supply chains of major global CCL manufacturers such as Taiko, Taiyao, Shengyi, and Doosan, leveraging its technological accumulation and mass production capabilities in high-frequency and high-speed resin [1] - The company demonstrates strong supply stability and rapid response capabilities, positioning itself for long-term penetration into the high-end market [1] Group 4: Financial Outlook - Benefiting from the continuous growth of orders in the cloud services and AI server industries, Dongcai Technology's revenue is expected to experience rapid growth from 2025 to 2027 [1] - The company is recognized as a global leader in electronic materials and is considered relatively undervalued compared to the industry, leading to a "buy" rating for the first coverage [1]

9月9日，东材科技跌5.03%，截至发稿，报16.63元/股，成交5.45亿元，换手率3.14%，总市值169.31亿 元。 资料显示，四川东材科技集团股份有限公司位于四川省成都市郫都区菁德路209号，成立日期1994年12 月26日，上市日期2011年5月20日，公司主营业务涉及化工新材料的研发、制造和销售。主营业务收入 构成为：电子材料28.31%，新能源材料27.27%，光学膜材料26.23%，电工绝缘材料9.13%，其他主营收 入3.59%，环保阻燃材料3.05%，其他(补充)2.42%。 从基金十大重仓股角度 数据显示，建信基金旗下1只基金重仓东材科技。建信新材料精选股票发起A（018194）二季度减持1万 股，持有股数19.75万股，占基金净值比例为3.02%，位居第六大重仓股。根据测算，今日浮亏损失约 17.38万元。 建信新材料精选股票发起A（018194）成立日期2023年8月22日，最新规模3830.67万。今年以来收益 45.52%，同类排名374/4222；近一年收益79.99%，同类排名808/3798；成立以来收益82.58%。 建信新材料精选股票发起A（018194）基金经理为李 ...

Core Points - The company announced the redemption of its convertible bonds, "Dongcai Convertible Bonds," due to the stock price meeting the redemption conditions [2][3] - The total amount redeemed was 916,000 yuan (9,160 bonds), with a total redemption payment of 923,380.29 yuan, including interest [2][12] - The redemption date and the date of delisting for the bonds are both set for September 8, 2025 [2][8] Redemption Details - The redemption was triggered as the stock price was above 130% of the conversion price for 15 trading days [2] - The redemption price was set at 100.8055 yuan per bond, which includes accrued interest [5][8] - The accrued interest was calculated based on a 1.00% annual coupon rate over 294 days [7][8] Impact on Company - The remaining balance of "Dongcai Convertible Bonds" after redemption is 916,000 yuan, accounting for 0.0654% of the total issuance [8] - A total of 1,399,084,000 yuan of the bonds have been converted into 121,340,722 shares, representing 13.2221% of the company's total share capital before conversion [9] - The total share capital of the company increased to 1,018,117,834 shares after the redemption, which may dilute earnings per share in the short term but is expected to strengthen the company's capital structure for sustainable growth [13] Shareholder Equity Changes - The conversion of bonds led to a passive dilution of the controlling shareholder's stake from 24.07% to 23.51% due to the increase in total share capital [15][16] - The equity change does not trigger a mandatory tender offer and will not significantly impact the company's governance or operational structure [16]

证券代码：601208 证券简称：东材科技 公告编号：2025-088 四川东材科技集团股份有限公司 关于控股股东、实际控制人及其一致行动人 权益变动触及 1%刻度的提示性公告 控股股东、实际控制人及其一致行动人保证向本公司提供的信息真实、准确、完 整，没有虚假记载、误导性陈述或重大遗漏。 本公司董事会及全体董事保证公告内容与信息披露义务人提供的信息一致。 重要内容提示： | 权益变动方向 | 比例增加□ | | 比例减少 | | --- | --- | --- | --- | | 权益变动前合计比例 | 24.07% | | | | 权益变动后合计比例 | 23.51% | | | | 本次变动是否违反已作出的承诺、意向、计划 | 是□ | 否 | | | 是否触发强制要约收购义务 | 是□ | 否 | | 一、信息披露义务人及其一致行动人的基本信息 1.身份类别 投资者及其一致行动人的身份 控股股东/实际控制人及其一致行动人 □其他 5%以上大股东及其一致行动人 □合并口径第一大股东及其一致行动人（仅适用于无控 股股东、实际控制人） □其他______________（请注明） 2.信息披露义务人信 ...

四川东材科技集团股份有限公司 关于"东材转债"赎回结果暨股份变动的公告 本公司及董事会全体成员保证公告内容不存在虚假记载、误导性陈述或者 重大遗漏，并对其内容的真实、准确和完整承担个别及连带责任。 | 证券代码：601208 | 证券简称：东材科技 | 公告编号：2025-087 | | --- | --- | --- | | 转债代码：113064 | 转债简称：东材转债 | | 一、本次可转债赎回的公告情况 （一）赎回条件的成就情况 自 2025 年 7 月 18 日至 2025 年 8 月 7 日，四川东材科技集团股份有限公司 （以下简称"公司"或"本公司"）股票已有 15 个交易日的收盘价格不低于"东 材转债"当期转股价格的 130%（即 14.99 元/股）。根据《四川东材科技集团股 份有限公司公开发行可转换公司债券募集说明书》（以下简称"《募集说明书》"） 中有条件赎回条款的相关约定，已触发"东材转债"有条件赎回条款。 （二）本次赎回事项公告披露情况 公司于 2025 年 8 月 7 日召开第六届董事会第十九次会议，审议通过了《关 于提前赎回"东材转债"的议案》，决定行使"东材转债"的提前赎回权， ...

Summary of Dongcai Technology Conference Call Company Overview - Dongcai Technology is a leading domestic supplier of electronic-grade high-frequency and high-speed resins, benefiting from the explosive growth of this business segment, which is closely related to AI computing demand and the development of downstream CCL (Copper Clad Laminate) and PCB (Printed Circuit Board) industries [2][3] Key Points Industry and Market Dynamics - The electronic-grade high-frequency and high-speed resin business is expected to reach revenue of 700 million yuan by 2025, with 250 million yuan already achieved in the first half of the year, becoming a new profit growth engine for the company [2] - The demand for multi-layer HDI (High-Density Interconnect) PCBs is driven by the enhancement of AI terminal computing power, necessitating the use of higher-grade CCL materials, which presents opportunities for specialty resins [2] - The market is focusing on three special resin systems: BMI, PPO, and hydrocarbon, with PPO combined with hydrocarbon becoming the mainstream formula [2][10] Growth Projections - By the end of 2025, the monthly shipment of M8-level CCL is expected to reach 2 million units, potentially doubling to 4 million units per month by the end of 2026, significantly boosting the demand for OPE and hydrocarbon resins [2][12] - Dongcai Technology's market share in the hydrocarbon resin sector is nearly 30% with over 20% in the overall market, indicating strong competitive positioning [2][15] Financial Performance - The company anticipates that revenue from high-frequency and high-speed resins will exceed 1.3 billion yuan by 2026, with a neutral profit estimate starting at 600 million yuan, and optimistic projections suggesting total profits could reach 800 to 900 million yuan [4][20] - For 2025, the expected profit is projected to be between 450 million to 500 million yuan, with high-frequency and high-speed resin revenue close to 700 million yuan [21] Product Development and Market Position - Dongcai Technology has successfully introduced OPE products to core Taiwanese customers and launched M9-level BCB specialty resins, indicating strong product development capabilities [18] - The company has shown resilience in the optical film business, transitioning from low-end to high-end products, with expected sales of over 10,000 tons by 2025 and a gross margin of over 30% [4][27] Challenges and Risks - The optical film business has faced challenges due to declining prices and market saturation, but the company is adapting by focusing on high-end products [6][25] - The hydrocarbon resin and OPE products have shown stable growth, but the overall market dynamics and competition could pose risks to profit margins [7][18] Future Outlook - Dongcai Technology is expected to maintain a high growth trajectory in the next 1-2 years, particularly in the high-frequency and high-speed digital sector, supported by improving market conditions [32] - The company’s diversified product structure is projected to see the high-frequency and high-speed digital business contribute 80%-90% of overall profits by 2026 [34] Market Valuation - The market valuation of Dongcai Technology is expected to have close to double growth potential, driven by the strong positioning in the M9 and M10 level CCL materials market [35] Additional Insights - The resin segment has high entry barriers due to the complexity of production processes and the need for specialized knowledge, making it difficult for new entrants to compete effectively [16] - The company is strategically positioned to benefit from the increasing demand for advanced CCL materials, particularly in the context of AI and data center applications [8][17]

Core Viewpoint - Dongcai Technology announced that the "Dongcai Convertible Bonds" have ceased trading, and investors must convert their bonds at a price of 11.53 yuan per share within the specified time frame to avoid forced redemption at a price of 100.8055 yuan per bond, which could lead to significant investment losses [1] Summary by Relevant Sections - Company Announcement - Dongcai Technology has released a notice regarding the cessation of trading for its convertible bonds [1] - Investors are required to convert their holdings at a price of 11.53 yuan per share within the stipulated time [1] - Failure to convert will result in forced redemption at a price of 100.8055 yuan per bond [1] - Investment Implications - The potential for significant investment losses exists if investors do not act within the required timeframe [1]

| 证券代码：601208 | 证券简称：东材科技 | 公告编号：2025-086 | | --- | --- | --- | | 转债代码：113064 | 转债简称：东材转债 | | 关于实施"东材转债"赎回暨摘牌的最后一次提示性公告 本公司及董事会全体成员保证公告内容不存在虚假记载、误导性陈述或者 重大遗漏，并对其内容的真实、准确和完整承担个别及连带责任。 2025 年 9 月 2 日收市后，东材转债"停止交易。 最后转股日：2025 年 9 月 5 日 截至 2025 年 9 月 4 日收市后，距离 2025 年 9 月 5 日（"东材转债"最后转 股日）仅剩 1 个交易日，2025 年 9 月 5 日为"东材转债"最后一个转股日。 四川东材科技集团股份有限公司 一、赎回条款 根据公司《募集说明书》相关条款规定，"东材转债"的有条件赎回条款如 下： 在本次可转债转股期内，当下述两种情形的任意一种出现时，公司有权决定 按照债券面值加当期应计利息的价格赎回全部或部分未转股的可转换公司债券： 1、公司股票连续三十个交易日中至少有十五个交易日的收盘价不低于当期 转股价格的 130%（含 130%）； 本次提前 ...