一、可转债发行上市概况 经中国证券监督管理委员会证监许可〔2022〕327 号文核准，明新旭腾新材 料股份有限公司（以下简称"公司"或"明新旭腾"）于 2022 年 03 月 30 日公 开发行了 67.3 万手可转换公司债券，期限 6 年，每张面值 100 元，发行总额 67,300.00 万元，票面利率第一年 0.40%、第二年 0.60%、第三年 1.00%、第四年 1.50%、第五年 2.50%、第六年 3.00%。经上海证券交易所自律监管决定书〔2022〕 109 号文同意，公司可转换公司债券已于 2022 年 04 月 25 日起在上海证券交易 所挂牌交易，债券简称"明新转债"，债券代码"111004"。 根据有关规定和公司《公开发行可转换公司债券募集说明书》的约定，公司 本次发行的"明新转债"自 2022 年 10 月 10 日起可转换为本公司股份，初始转 股价格为 24.81 元/股。历次转股价格调整情况如下： 证券代码：605068 证券简称：明新旭腾 公告编号：2024-073 转债代码：111004 转债简称：明新转债 明新旭腾新材料股份有限公司 关于"明新转债"预计满足转股价格修正条件 ...

Investment Rating - The report maintains an "Accumulate" rating for Mingxin Xuteng (605068.SH) [2] Core Views - The company reported a revenue of 466 million yuan for H1 2024, representing a year-on-year increase of 26.36%, while the net profit attributable to shareholders decreased by 39.89% to 10 million yuan [3] - The decline in profitability is attributed to increased expenses and depreciation due to the initial investments in new domestic and overseas companies [3] - The company is expanding its product range and production capacity, particularly in the microfiber leather segment, which has significant domestic replacement potential [3] - The company has successfully expanded its customer base in the new energy vehicle sector, with projects worth approximately 2.5 billion yuan expected to commence production between 2023 and 2024 [3] - The construction of the overseas factory in Mexico is progressing, with equipment installation and quality system setup underway [3] Financial Performance and Forecast - Revenue projections for 2024-2026 are 1.036 billion yuan, 1.427 billion yuan, and 1.823 billion yuan respectively, with net profits expected to be 74 million yuan, 132 million yuan, and 165 million yuan [4] - The report anticipates an increase in earnings per share (EPS) to 0.45 yuan, 0.81 yuan, and 1.01 yuan for the same period [4] - The current price-to-earnings (P/E) ratios are projected at 25.88, 14.53, and 11.60 for 2024, 2025, and 2026 respectively [4]

证券代码：605068 证券简称：明新旭腾 转债代码：111004 转债简称：明新转债 明新旭腾新材料股份有限公司投资者关系活动记录表 编号：2024-001 £特定对象调研 £分析师会议 □媒体采访 □业绩说明会 投资者关系活动 □新闻发布会 □路演活动 类别 £现场参观 R 其他 电话会议 国投证券、兴华基金、德邦基金、万家基金、广东正圆私募基金、招 商局仁和人寿保险、安信证券、中国国际金融、太平基金、上海潼 参与单位名称及 骁投资、富安达基金、深圳市榕树投资、招商基金、大成基金、友安 人员姓名 众晟投资、德邦汽车、北京沣沛投资、金元顺安基金、亚太财产保 险、青骊投资、平安资产、恒越基金、中邮汽车、博时基金、汇添富 基金、申万证券、华安证券、鹏扬基金等 时间 2024 年 8 月 20 日 2024 年 8 月 21 日 地点 明新旭腾新材料股份有限公司 上市公司接待 人员姓名 董事会秘书袁春怡、财务总监李萍 一、公司介绍 公司是一家专注于汽车内饰新材料研发、清洁生产和销售的 投资者关系活动 高新技术企业，自设立以来一直专注于汽车内饰新材料业务，经 主要内容介绍 过不断的技术研究、新品开发和市场拓展，采用 ...

证券代码：605068 证券简称：明新旭腾 公告编号：2024-071 转债代码：111004 转债简称：明新转债 明新旭腾新材料股份有限公司 关于子公司收到生态环境局行政处罚决定书的公告 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。 近日，明新旭腾新材料股份有限公司（以下简称"公司"）全资子公司明新 梅诺卡（江苏）新材料有限公司（以下简称"江苏梅诺卡"）及其全资子公司明 新旭腾（江苏）创新研究院有限公司（以下简称"旭腾研究院"）、江苏休伦新 材料有限公司（以下简称"休伦新材"）收到徐州市生态环境局下发的《行政处 罚决定书》，现将相关情况公告如下： 一、行政处罚情况 1、徐 05 环罚决[2024]20 号《行政处罚决定书》 徐州市新沂生态环境局执法人员对休伦新材进行检查发现危废库内危险废 物与一般工业固废混放，未按照国家环境保护标准贮存危险废物。依据《中华人 民共和国固体废物污染环境防治法》第一百一十二条第一款第六项和第二款的规 定，按照《长江三角洲区域生态环境行政处罚裁量规则》规定，徐州市生态环境 局对休伦新材处罚款人民 ...

Financial Performance and Key Metrics - The company achieved sales revenue of RMB 460 million in the first half of 2024, with a gross margin of approximately 28% [1] - The gross margin for the leather business was 31%, while the gross margin for microfiber was 17%, and PU leather was 5% [1] - The gross margin for the main business increased from 29.5% in Q1 to 30.8% in Q2 [1] Business Line Performance - In Q2, the leather business revenue was approximately RMB 150 million, accounting for 70% of total revenue, while microfiber revenue was RMB 67 million, accounting for 30% [2] - The improvement in microfiber gross margin was due to scale effects and internal cost improvements [2] - PU leather revenue was RMB 1.6 million, and by-product revenue was RMB 25 million [2] Market Performance - The top five customers accounted for 23%, 15%, 13%, 10%, and around 5% respectively, with a shift from joint venture brands to domestic brands [3] - The new energy vehicle business accounted for 65% of revenue, with an expected growth rate of 70% in the second half of the year [4] Strategic Direction and Industry Competition - The company plans to transfer some orders from the Liaoning factory to Jiangsu to achieve cost reduction and efficiency improvement [5] - The Mexico factory, targeting the North American non-leather material market, is expected to achieve sales of RMB 150-200 million in 2024 and RMB 700 million by 2028 [5] Management Commentary on Operating Environment and Future Outlook - The company expects the gross margin for leather to remain above 30%, with potential pressure from customer price reductions [12] - The gross margin for microfiber is expected to be between 20% and 25%, while microfiber suede is expected to be between 35% and 37% [12] Other Important Information - The company is developing economical microfiber suede materials to reduce customer costs, with prices expected to drop from RMB 150-180 to around RMB 120 [28] Q&A Session Q: What is the revenue breakdown and gross margin change for leather and microfiber in H1 2024? - Total revenue in H1 2024 was RMB 467 million, with leather accounting for 73% and non-leather accounting for 26% [6] - The gross margin for leather was 31%, microfiber suede was 28.49%, suede was 35%, microfiber was 17%, and PU leather turned positive at 5% [6] Q: What is the specific breakdown of leather and microfiber in Q2? - In Q2, leather revenue was divided into cut pieces (RMB 100 million) and whole leather (RMB 50 million), while microfiber revenue was RMB 70 million, with suede and microfiber each accounting for RMB 35 million [7] Q: What is the gross margin for each business in Q2? - The gross margin for leather increased from 35% in Q1 to 36.64% in Q2, while cut pieces increased from 26.5% to 29% [8] - The gross margin for microfiber was 19.5%, suede was 38%, and PU leather turned positive at 11.5% [8] Q: What is the gross margin for waste materials? - The gross margin for waste materials was 7% in Q1, with prices fluctuating significantly with the market [9] Q: What is the outlook for future gross margins? - The gross margin for leather is expected to remain above 30%, with potential pressure from customer price reductions [12] - The gross margin for microfiber is expected to be between 20% and 25%, while microfiber suede is expected to be between 35% and 37% [12] Q: What is the future outlook for PU products? - The gross margin for PU products is expected to be around 15%, with the company focusing on market share despite low margins [13] Q: What is the revenue trend in Q2 and the impact of joint venture and domestic brands on gross margin? - Joint venture brands performed poorly, while domestic brands increased their share, with little change in overall gross margin [14] Q: What is the difference in payment terms between new energy and joint venture brands? - New energy business has longer payment terms and stricter repayment conditions compared to joint venture brands [15] Q: What is the revenue outlook for H2 and next year, and which key customers will drive growth? - New energy business is expected to grow by 70% in H2, with key customers including Huawei, XPeng, Chery, and Changan [15] Q: What is the impact of Li Auto and BYD on the company's performance? - Li Auto's platform adjustment affected performance, but recovery could significantly boost next year's performance [16] - BYD's cost reduction strategy impacted some projects, but the company remains a supplier for PU and PVC [16] Q: What is the company's overall performance expectation for 2024? - Revenue for 2023 was adjusted from RMB 1.3 billion to RMB 1.15 billion, with 2024 revenue expected to be between RMB 1.6 and 1.7 billion [16] Q: What are the specific projects and value for Li Auto and BYD? - Li Auto's L9 model has a value of over RMB 2000, while BYD's PU and PVC procurement platform accounts for 10-20% of the company's share [17] Q: What is the usage of leather and suede materials in BYD? - BYD uses leather and suede materials for high-end models, despite cost reduction strategies [18] Q: What is the usage of suede materials in Han EV and Tang EV models? - Han EV and Tang EV use suede materials in high-end models, with some usage remaining after price reductions [19] Q: What is the supply situation for Huawei's M9 model steering wheel and seats? - The company is the sole supplier for the M9 model steering wheel and a risk controller for seats, with significant supply volumes [20] Q: What is the supply situation for XPeng? - The company supplies leather and PU materials for XPeng's G9 and G6 models, with expectations for high sales [21] Q: What is the supply situation for Changan? - The company supplies leather materials for five Changan models, with significant contributions from the UNI-T, UNI-V, and Deep Blue series [22] Q: What is the progress of water-based polyurethane production and its impact on gross margin? - Water-based polyurethane is in small-scale production, with mass production expected in August, contributing to gross margin improvements [23] Q: What is the progress and characteristics of the Xinyi factory? - The Xinyi factory is expected to be operational by December 2024, with a focus on green and low-carbon production [24] Q: What is the production plan for Liaoning and Jiangsu factories? - The company plans to gradually adjust production between Liaoning and Jiangsu factories, with a focus on new energy customers in Jiangsu [24] Q: Will the product prices from Jiangsu factory be higher than those from Liaoning? - Initially, the company may offer price concessions to customers during the industrial adjustment period [25] Q: What is the progress of the Mexico factory and its targeted projects? - The Mexico factory was ready by June 30, targeting the North American non-leather material market, with certifications from Tesla, KIA, and Johnson [26] Q: What is the revenue expectation for the Mexico factory? - The Mexico factory is expected to achieve sales of RMB 150-200 million in 2024 and RMB 700 million by 2028 [27] Q: Is the company planning to develop economical microfiber suede materials? - The company is developing economical microfiber suede materials to reduce customer costs, with prices expected to drop from RMB 150-180 to around RMB 120 [28]

证券代码：605068 证券简称：明新旭腾 公告编号：2024-070 转债代码：111004 转债简称：明新转债 （一）信用减值损失 明新旭腾新材料股份有限公司 关于 2024 年半年度计提资产减值准备的公告 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。 为更加真实、准确地反映明新旭腾新材料股份有限公司（以下简称"公司"） 截至 2024 年 6 月 30 日的资产状况和 2024 年半年度的经营成果，根据《企业会 计准则》和公司会计政策相关规定，基于谨慎性原则，公司对截至 2024 年 6 月 30 日合并报表范围内可能存在减值迹象的相关资产计提了相应的减值准备。现 将相关情况公告如下： 一、资产减值准备的计提概况 根据《企业会计准则》和公司相关会计政策，公司对截至 2024 年 6 月 30 日 的各项资产进行了减值迹象的识别和测试，计提了相关资产的减值准备。公司 2024 年 1-6 月对各项资产计提减值准备合计为 16,013,136.81 元，具体情况如下 表。 单位：元 | 序号 | 项目 | 计提金额 | 备 ...

关于使用部分闲置首发募集资金 证券代码：605068 证券简称：明新旭腾 公告编号：2024-069 转债代码：111004 转债简称：明新转债 明新旭腾新材料股份有限公司 重要内容提示： 明新旭腾新材料股份有限公司（以下简称"明新旭腾"、"公司"）本 次拟使用不超过 2 亿元闲置首发募集资金临时补充流动资金，使用期限自公司董 事会审议批准之日起不超过 12 个月。 公司于 2024 年 08 月 16 日召开了第三届董事会第二十四次会议和第三届监 事会第二十二次会议，审议通过了《关于使用部分闲置首发募集资金临时补充流 动资金的议案》，同意公司使用不超过 2 亿元闲置首发募集资金临时补充流动资 金，使用期限自董事会审议批准之日起不超过 12 个月。现将相关事宜公告如下： 临时补充流动资金的公告 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 （一）募集资金基本情况 经中国证券监督管理委员会《关于核准明新旭腾新材料股份有限公司首次公 开发行股票的批复》（证监许可〔2020〕2384 号）核准，公司首次向社会 ...

证券代码：605068 证券简称：明新旭腾 公告编号：2024-067 转债代码：111004 转债简称：明新转债 明新旭腾新材料股份有限公司 第三届监事会第二十二次会议决议公告 本公司监事会及全体监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）审议通过《2024 年半年度报告及其摘要》 表决情况：同意 3 票，反对 0 票，弃权 0 票。 具体内容详见公司同日在指定信息披露媒体披露的《明新旭腾 2024 年半年 度报告》和《明新旭腾 2024 年半年度报告摘要》。 （二）审议通过《关于 2024 年半年度募集资金存放与实际使用情况的专项 报告的议案》 表决情况：同意 3 票，反对 0 票，弃权 0 票。 一、监事会会议召开情况 明新旭腾新材料股份有限公司（以下简称"公司"或"明新旭腾"）第三届 监事会第二十二次会议于 2024 年 08 月 16 日以现场结合通讯表决方式召开。本 次会议的会议通知和材料已于 2024 年 08 月 13 日分别以专人送达、电子邮件或 传真等方式发出。会议由监事会主席卜凤燕女士主持，会议应到监事 3 人， ...

Financial Performance - The company reported a half-year financial performance for the period from January 1, 2024, to June 30, 2024, with a focus on ensuring the accuracy and completeness of the financial report[1]. - The financial report is unaudited, and the management has taken responsibility for its accuracy and completeness[1]. - The company's operating revenue for the first half of the year reached ¥466,370,571.79, representing a 26.36% increase compared to ¥369,088,032.55 in the same period last year[11]. - The net profit attributable to shareholders decreased by 39.89% to ¥10,014,371.31 from ¥16,659,185.56 year-on-year[11]. - The net cash flow from operating activities fell significantly by 1,051.35%, resulting in a negative cash flow of ¥140,072,255.42[11]. - The basic earnings per share decreased by 40.00% to ¥0.06, down from ¥0.10 in the previous year[12]. - The total assets increased by 3.23% to ¥3,550,666,888.63 compared to ¥3,439,729,536.68 at the end of the previous year[11]. - The company reported a net asset attributable to shareholders of ¥1,855,542,266.56, a decrease of 1.09% from ¥1,875,944,737.81 at the end of the previous year[11]. Risk Management - The management discussed potential risks in the third section of the report, highlighting the importance of risk awareness for investors[1]. - The company faces risks related to performance fluctuations due to macroeconomic impacts on the automotive industry[32]. - The company has established a rigorous accounts receivable management system to mitigate risks associated with increasing receivables[32]. - The company's products primarily sold to automotive tier-one suppliers may face a price decline risk of 0%-5% annually within 3-5 years after new product supply, potentially impacting performance negatively[33]. - The automotive leather industry is mature and competitive, with foreign companies dominating the market, which may affect the company's profitability due to intensified competition[33]. Environmental Commitment - The company is committed to developing environmentally friendly materials, including water-based ultra-fine fibers and full-plant tanning technologies, which are expected to be future trends in the leather industry[4]. - The company emphasizes the use of biodegradable materials in its production processes to achieve low-carbon goals[4]. - The company has established a comprehensive environmental management system and has passed ISO14001 certification, ensuring compliance with environmental regulations[37]. - The company reported a total COD discharge of 32,446 tons in the first half of 2024, with actual emissions well below the regulatory limits[38]. - The company employs a three-tier wastewater treatment system and adheres to strict waste management principles, ensuring effective pollution control[39]. - The company has developed emergency response plans for environmental incidents and has registered them with local environmental protection agencies[41]. - The company has been recognized as a "National Green Factory" in 2023, highlighting its commitment to environmental protection and sustainable practices[21]. Corporate Governance - The company has a clear governance structure with all board members present at the meeting, ensuring accountability[1]. - The company has not violated any regulatory decision-making procedures regarding external guarantees[1]. - The company held two shareholder meetings in the first half of 2024, all resolutions were passed without any rejections, ensuring compliance with legal regulations[34]. - The company has established a framework for managing related party transactions, ensuring compliance with regulations and minimizing conflicts of interest[45]. - The actual controller and major shareholders have consistently adhered to their commitments, reflecting strong corporate governance[45]. Shareholder Relations - There were no profit distribution plans or capital reserve transfers to increase share capital approved by the board during this reporting period[1]. - The company has committed to maintaining compliance with regulations regarding share transfers for directors and senior management, ensuring transparency and accountability[46]. - The company completed a share buyback of CNY 27.97 million, repurchasing 1,477,792 shares, which is 0.91% of the total share capital[23]. - The company has committed to not transferring shares or receiving cash dividends until all negative impacts of unfulfilled commitments are eliminated[56]. - The company will disclose any unfulfilled commitments and apologize to shareholders if it fails to meet its obligations[59]. Investment and R&D - The company is focused on the research and development of new materials for automotive interiors, emphasizing clean production and green technology[16]. - The company has developed a comprehensive business system for automotive interior materials, covering research, process development, and sales promotion[16]. - The company plans to invest an additional $2 million in its Mexican subsidiary, increasing total investment from $9.8 million to $29.8 million[29]. - The company will increase investment in technology research and innovation to improve process levels and product quality[58]. - The company aims to enhance operational efficiency and reduce operational costs to improve business performance[58]. Financial Management - The company's management expenses increased by 50.96% year-on-year, primarily due to investments in new domestic and overseas companies[25]. - The company's inventory increased by 23.90% year-on-year, reaching CNY 853.56 million, indicating a strategic buildup of resources[26]. - The company has a modernized operational system that emphasizes precision control and continuous optimization, positioning it as a benchmark for refined operations in the industry[21]. - The company has implemented a "CIF" procurement model for chemical materials, requiring a lead time of two to three months for overseas procurement to ensure sufficient supply[17]. - The company has established a smart energy management system for digital and refined management of energy consumption[44]. Market Trends - In the first half of 2024, the automotive industry in China saw production and sales reach 13.89 million and 14.04 million units, respectively, representing year-on-year growth of 4.9% and 6.1%[19]. - The market share of new energy vehicles (NEVs) remained stable at over 30%, with production and sales of NEVs reaching 4.93 million and 4.94 million units, reflecting year-on-year growth of 30.1% and 32%[19]. - The automotive market is expected to benefit from favorable policies such as trade-in programs and the promotion of NEVs, which will help stimulate consumer demand[19]. Compliance and Legal Matters - The company has not reported any significant litigation or arbitration matters during the reporting period[65]. - The integrity status of the company and its controlling shareholders is good, with no unfulfilled court judgments or significant debts due[65]. - The company has not disclosed any major contracts or their performance issues during the reporting period[66]. - There are no significant related party transactions or non-operating fund occupation by controlling shareholders during the reporting period[65]. Accounting Policies - The accounting policies are aligned with the enterprise accounting standards, ensuring accurate financial reporting[117]. - The company recognizes expected credit losses based on the risk of default, with the loss provision calculated as the present value of the difference between all contractual cash flows and expected cash flows[130]. - The company applies a perpetual inventory system for inventory management and uses a monthly weighted average method for inventory valuation[138]. - The company recognizes revenue based on the completion of performance obligations, either over time or at a point in time, depending on specific criteria being met[163].

证券代码：605068 证券简称：明新旭腾 公告编号：2024-068 转债代码：111004 转债简称：明新转债 明新旭腾新材料股份有限公司 2024 年半年度募集资金存放与实际使用情况的 专项报告 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。 根据中国证券监督管理委员会《上市公司监管指引第 2 号——上市公司募集 资金管理和使用的监管要求》、《上海证券交易所上市公司自律监管指引第 1 号——规范运作》等有关规定，现对明新旭腾新材料股份有限公司（以下简称"公 司"或"明新旭腾"）2024 年半年度募集资金存放与实际使用情况专项说明如 下： 一、募集资金基本情况 （一）实际募集资金金额和资金到账时间 1、2020 年度首次公开发行股票募集资金 经中国证券监督管理委员会《关于核准明新旭腾新材料股份有限公司首次公 开发行股票的批复》（证监许可〔2020〕2384 号）核准，公司首次向社会公开 发行普通股（A 股）4,150 万股，每股面值为人民币 1.00 元，每股发行价格为人 民币 23.17 元，募集资金总额为人民币 96, ...