| 证券代码：603601 | 证券简称：再升科技 | 公告编号：临 2025-076 | | --- | --- | --- | | 债券代码：113657 | 债券简称：再 22 转债 | | 重庆再升科技股份有限公司 第五届董事会第二十六次会议决议公告 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。 一、董事会会议召开情况： 重庆再升科技股份有限公司（以下简称"公司"）第五届董事会第二十六次 会议通知于 2025 年 9 月 16 日以传真、电话、邮件或专人送达等方式发出，全体 董事一致同意豁免本次临时会议通知时限要求，会议于 2025 年 9 月 17 日以通讯 表决方式召开。本次会议应出席董事 8 人，实际出席董事 8 人。会议由董事长郭 茂先生主持，公司部分高级管理人员列席会议。会议的召集、召开、表决程序及 审议事项符合《中华人民共和国公司法》(以下简称"《公司法》")《中华人民 共和国证券法》（以下简称"《证券法》"）《重庆再升科技股份有限公司章程》 （以下简称"《公司章程》"）等的规定，会议合法有效。 二、董事 ...

智通财经APP讯，再升科技(603601.SH)发布公告，公司在推进本次交易期间，因受客观因素影响，股 权转让事宜一直未取得实质性进展，《股权购买协议》尚未生效。为切实维护公司及全体股东利益，经 公司审慎评估并与交易各方友好协商，决定终止本次收购四川迈科隆真空新材料有限公司(以下简称"迈 科隆"或"标的公司")49%股权。 ...

智通财经APP讯，再升科技(603601.SH)发布公告，公司在推进本次交易期间，因受客观因素影响，股 权转让事宜一直未取得实质性进展，《股权购买协议》尚未生效。为切实维护公司及全体股东利益，经 公司审慎评估并与交易各方友好协商，决定终止本次收购四川迈科隆真空新材料有限公司(以下简称"迈 科隆"或"标的公司")49%股权。 ...

再升科技公告，公司决定终止以自有资金2.31亿元收购杨兴志持有的四川迈科隆真空新材料有限公司 49%股权。因受客观因素影响，股权转让事宜一直未取得实质性进展，《股权购买协议》尚未生效。为 切实维护公司及全体股东利益，经公司审慎评估并与交易各方友好协商，决定终止本次收购。 ...

Market Overview - On September 15, the glass and fiberglass sector rose by 0.59% compared to the previous trading day, with Zhongcai Technology leading the gains [1] - The Shanghai Composite Index closed at 3860.5, down 0.26%, while the Shenzhen Component Index closed at 13005.77, up 0.63% [1] Stock Performance - Zhongcai Technology (002080) closed at 36.15, up 4.84% with a trading volume of 539,400 shares and a transaction value of 1.918 billion [1] - Other notable performers include: - Sanxia New Material (600293) at 3.20, up 1.59% [1] - Honghe Technology (603256) at 40.12, up 1.19% [1] - Conversely, China Jushi (600176) closed at 15.36, down 1.35% with a trading volume of 618,400 shares and a transaction value of 950 million [1][2] Capital Flow - The glass and fiberglass sector experienced a net outflow of 38.1864 million from institutional investors and 41.0712 million from speculative funds, while retail investors saw a net inflow of 79.2575 million [2] - The capital flow for key stocks includes: - Zhongcai Technology with a net inflow of 196 million from institutional investors [3] - Honghe Technology with a net inflow of 20.4092 million from institutional investors [3] - China Jushi with a net outflow of 11.5422 million from institutional investors [3]

Company Overview - Chongqing Zaiseng Technology Co., Ltd. is located in Yubei District, Chongqing, and was established on June 28, 2007. The company was listed on January 22, 2015. Its main business involves the research, production, and sales of microfiber glass wool and its products [1]. Financial Performance - For the first half of 2025, Zaiseng Technology achieved operating revenue of 658 million yuan, a year-on-year decrease of 12.29%. The net profit attributable to the parent company was 60.29 million yuan, down 20.84% year-on-year [2]. - Cumulative cash dividends paid by Zaiseng Technology since its A-share listing amount to 685 million yuan, with 148 million yuan distributed in the last three years [3]. Shareholder Information - As of June 30, 2025, the number of shareholders of Zaiseng Technology was 33,500, a decrease of 10.30% from the previous period. The average circulating shares per person increased by 11.49% to 30,517 shares [2]. - Among the top ten circulating shareholders, the Fuguo CSI 300 Index Enhanced A/B (100038) is the sixth largest shareholder, holding 4.0513 million shares as a new shareholder [3]. Financing and Margin Trading - On September 8, Zaiseng Technology's stock rose by 0.38%, with a trading volume of 231 million yuan. The financing buy-in amount for that day was 17.9765 million yuan, while the financing repayment was 12.3531 million yuan, resulting in a net financing buy-in of 5.6234 million yuan. The total margin trading balance reached 198 million yuan [1]. - The current financing balance is 197 million yuan, accounting for 3.65% of the circulating market value, which is above the 90th percentile level over the past year, indicating a high level of financing [1]. - On the same day, Zaiseng Technology had a short-selling repayment of 8,900 shares, with no shares sold short, resulting in a short-selling balance of 15,800 shares and a short-selling amount of 83,600 yuan, which is below the 30th percentile level over the past year, indicating a low level of short-selling [1].

Core Viewpoint - The company reported a decline in revenue and net profit for the first half of 2025, with a focus on the performance of its main products and the impact of market conditions on its financials [1][2]. Financial Performance - The company achieved revenue of 660 million yuan in the first half of 2025, a year-on-year decrease of 12%, with a net profit attributable to shareholders of approximately 60 million yuan, down 21% year-on-year [1][2]. - In Q2, revenue was 330 million yuan, a decline of 19% year-on-year, and net profit was 27 million yuan, down 39% year-on-year [1][2]. - The gross profit margin for the first half was approximately 22.9%, an increase of 0.6 percentage points year-on-year, with specific margins for high-efficiency energy-saving materials at 17% and clean air materials at 38% [2]. Product Performance - Revenue from clean air materials decreased by 18.15% year-on-year due to market demand fluctuations, while high-efficiency energy-saving materials saw a decline of 14.95%, primarily due to reduced revenue from VIP boards affected by US-China trade tensions [2]. - The company experienced significant growth in its dust-free air conditioning products, with revenue increasing by 42.59% year-on-year [2]. Acquisition and Market Expansion - The company plans to acquire 49% of Maikelong for 231 million yuan, which will be included in the consolidated financial statements, enhancing its capabilities in the vacuum insulation panel (VIP) finished product sector [3]. - Maikelong is projected to achieve revenue of 439 million yuan and a net profit of 27 million yuan in 2024, with the acquisition valued at a PE ratio of approximately 17 times [3]. Industry Trends - The new refrigerator energy efficiency standards, effective June 1 next year, are expected to enhance the penetration rate of VIP materials in the domestic market, which currently stands at less than 5% [4]. - The company anticipates benefiting from the performance advantages of VIP materials, which align well with the new energy efficiency requirements [4]. Future Projections - The company estimates net profits of approximately 130 million yuan and 180 million yuan for 2025 and 2026, respectively, not accounting for the Maikelong acquisition [4].

Investment Rating - The investment rating for the company is "Buy" and is maintained [8]. Core Views - The company reported a revenue of 660 million yuan for the first half of 2025, a year-on-year decrease of 12%, with a net profit attributable to shareholders of approximately 60 million yuan, down 21% year-on-year [2][6]. - The second quarter revenue was 330 million yuan, a decline of 19% year-on-year, with a net profit of 27 million yuan, down 39% year-on-year [2][6]. - The company is focusing on the improvement of refrigerator energy efficiency standards, which is expected to enhance the penetration rate of VIP materials in the domestic market [12]. Summary by Sections Financial Performance - The company's revenue for the first half of 2025 was 660 million yuan, with a net profit of 60 million yuan, and a non-recurring net profit decrease of 17% year-on-year [2][6]. - The gross margin for the first half was approximately 22.9%, an increase of 0.6 percentage points year-on-year [12]. - The company holds a 30% stake in Youyuan Environment, which achieved a revenue of approximately 196 million yuan and a net profit of 3 million yuan in the first half of 2025 [12]. Market and Product Insights - The company’s clean air materials revenue decreased by 18.15% year-on-year, while high-efficiency energy-saving materials revenue fell by 14.95% due to reduced VIP board revenue impacted by US-China trade tensions [12]. - The company’s new product, dust-free air conditioning, saw a revenue increase of 42.59% year-on-year [12]. - The acquisition of Maikelong for 231 million yuan aims to extend the company’s reach into the vacuum insulation panel (VIP) finished product market, enhancing its supply chain from raw materials to end products [12]. Future Outlook - The company expects net profits of approximately 130 million yuan and 180 million yuan for 2025 and 2026, respectively, not accounting for the Maikelong acquisition [12]. - The new refrigerator energy efficiency standards, effective June 1, 2026, are anticipated to increase energy savings by about 40%, which aligns well with the company's VIP materials [12].

Core Insights - The industrial filter paper industry in China is experiencing rapid growth, with the market size projected to increase from 10 billion yuan in 2020 to 18 billion yuan by 2024, representing a compound annual growth rate (CAGR) of 15.8% [1][8] - This growth is driven by advancements in industrial automation, food processing, and healthcare, as well as the enforcement of environmental regulations and rising consumer health awareness [1][8] - The industry is expected to face more opportunities for development as environmental requirements increase and new sectors emerge [1] Industry Overview - Industrial filter paper serves as a crucial filtering medium across various industrial applications, primarily designed to remove solid particles from liquids, ensuring liquid purification and separation [3] - The classification of industrial filter paper includes non-woven filter paper, glass fiber filter paper, synthetic fiber filter paper, and paper filter paper, based on the materials used [3] Industry Development History - The industrial filter paper industry in China began in the 1950s, evolving from small-scale production with limited technology to a more diversified and technologically advanced sector [4] - The industry saw significant growth post-reform and opening up, driven by increasing demand from chemical, petroleum, and food industries [4] - Since the 21st century, the industry has entered a high-speed development phase, with technological advancements leading to high-performance and environmentally friendly products [4] Industry Chain - The upstream raw materials for industrial filter paper include wood fiber, cotton fiber, polypropylene (PP), nylon (PA), polyester (PET), and glass fiber, which are essential for determining the filter paper's performance [6] - The midstream involves the production and processing of industrial filter paper, while the downstream encompasses various application sectors such as chemicals, environmental protection, healthcare, and food [6] Competitive Landscape - The industrial filter paper market is characterized by high concentration, dominated by a few leading companies that leverage technological barriers, brand advantages, and channel strategies [8] - Smaller companies focus on niche markets, employing differentiated competition strategies to meet specific customer needs [8] Industry Trends - The industrial filter paper industry has significant growth potential, driven by increasing environmental regulations and demands for product quality and production efficiency [11] - The trend towards green and sustainable development is becoming essential, with a focus on biodegradable and recyclable filter paper products [13] - Technological innovation is crucial for enhancing product performance, with advancements in materials and production processes, including the integration of nanotechnology and automation [14]

Company Overview - Zai Sheng Technology Co., Ltd. is located in Yubei District, Chongqing, established on June 28, 2007, and listed on January 22, 2015. The company specializes in the research, production, and sales of micro-fiber glass wool and its products [1][2]. Financial Performance - For the first half of 2025, Zai Sheng Technology reported operating revenue of 658 million yuan, a year-on-year decrease of 12.29%. The net profit attributable to shareholders was 60.29 million yuan, down 20.84% year-on-year [2]. - Cumulatively, the company has distributed 685 million yuan in dividends since its A-share listing, with 148 million yuan distributed over the past three years [3]. Stock Performance - As of September 3, Zai Sheng Technology's stock price was 5.41 yuan per share, with a market capitalization of 5.527 billion yuan. The stock has increased by 61.49% year-to-date but has seen a decline of 9.08% over the last five trading days [1]. - The company has appeared on the "Dragon and Tiger List" seven times this year, with the most recent appearance on August 18 [1]. Shareholder Information - As of June 30, 2025, the number of shareholders was 33,500, a decrease of 10.30% from the previous period. The average number of circulating shares per person increased by 11.49% to 30,517 shares [2][3]. - Among the top ten circulating shareholders, the "Fuguo CSI 300 Index Enhanced A/B" fund is the sixth largest shareholder, holding 4.0513 million shares as a new shareholder [3]. Business Segments - The main revenue composition of Zai Sheng Technology includes: energy-efficient materials (51.74%), clean air materials (33.29%), dust-free air conditioning products (10.73%), and others (4.24%) [1].