Company and Industry Summary Company Overview - The company is involved in the production of high-end flour and is expanding its product offerings, particularly in the AI server market, indicating a shift in demand from traditional consumer electronics to AI applications [1][6]. Key Points and Arguments - **Market Improvement**: There is a noticeable improvement expected in Q1, with a positive trend anticipated throughout the year, driven by sustained demand in the AI sector [1]. - **New Product Development**: The company is optimistic about new product releases, with expected validation results in Q2. However, specific details are under confidentiality agreements [3]. - **High-End Flour Demand**: The demand for high-end flour has increased significantly, particularly for AI server applications, which is expected to continue growing [6]. - **Production Capacity**: The company has reached full capacity for high-end flour production but is currently expanding its grading capacity to meet rising demand [5]. - **Investor Sentiment**: There is some concern regarding the timing of recent share reductions by investors, which occurred at a low point in the company's performance. This may reflect personal financial needs rather than company fundamentals [2][7]. - **Confidence in Business**: Management expresses confidence in both existing and new business lines, anticipating record performance in terms of revenue and application scenarios [7]. Additional Important Content - **Confidentiality in Client Relations**: The company is engaged in sensitive discussions with clients regarding new products, which limits the information that can be publicly shared [1][3]. - **Market Dynamics**: The shift in demand from consumer electronics to AI applications is a significant trend that the company is capitalizing on, indicating a broader industry movement towards AI integration [6]. - **Future Outlook**: The company aims to maintain a positive trajectory in performance and innovation, with expectations of achieving new highs in both revenue and application scenarios this year [7].

证券代码：605376 证券简称：博迁新材 公告编号：2025-012 江苏博迁新材料股份有限公司 关于持股 5%以上股东减持股份计划公告 求，众智聚成拟以集中竞价交易和大宗交易的方式减持公司股份，具体情况如下： 一、减持主体的基本情况 | 股东名称 | 股东身份 | 持股数量（股） | 持股比例 | 当前持股股份来源 | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 宁波众智聚成创业投资 | 5%以上非第 | 22,029,000 | 8.42% | IPO 取 | 前 | 得 | ： | | 合伙企业（有限合伙） | 一大股东 | | | 22,029,000 股 | | | | 本公司董事会、全体董事及相关股东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： 2025 年 2 月 24 日，公司收到持股 5%以上股东众智聚成出具的《宁波众智聚 成创业投资合伙企业（有限合伙）关于股份减持计划的告知函》，因自身资金需 1 大股东持股的基本情况:截止至本减持计划披露 ...

Summary of the Conference Call for 博迁新材 Company Overview - **Company**: 博迁新材 (Bojian New Materials) - **Industry**: Nickel powder production, specifically for high-end MLCC (Multi-layer Ceramic Capacitors) and photovoltaic-grade copper powder Key Points and Arguments Production and Sales Performance - In the second half of 2024, 博迁新材's capacity utilization significantly improved, with monthly shipments increasing from 8-10 tons in the first half to 130 tons in the second half [2][3][7] - The proportion of high-end MLCC nickel powder products has rebounded, contributing to the recovery of performance and profits [2][3][8] Profit Margin Expectations - It is anticipated that the gross margin will rise to approximately 40% in Q1 2025, driven by increased demand for high-end MLCC nickel powder and improved capacity utilization [2][6][9] - High-end MLCC nickel powder products, despite their lower sales volume, contribute significantly to overall profits, accounting for 60-70% of profits while only representing 10-20% of total sales [10] Market Dynamics and Stock Performance - The recent surge in 博迁新材's stock price is attributed to the unexpected recovery in the proportion of high-end products, driven by explosive growth in MLCC demand from AI server applications [2][11] - AI servers are expected to drive MLCC demand approximately ten times that of traditional servers, leading to a shift towards smaller, higher-capacity, and more heat-resistant MLCC products [13] Valuation and Market Position - 博迁新材's current valuation is around 11 billion yuan, with an expected profit of 300 million yuan in 2025, resulting in a PE ratio of over 30 [4][14] - Historically, the company's main business in MLCC nickel powder typically corresponds to a market value range of 12-15 billion yuan, with a valuation floor around 60 times earnings [4][14] Future Growth Prospects - The outlook for 博迁新材 is optimistic, with high-end product proportions recovering and gross margins expected to rise [15] - The company is the only global producer capable of manufacturing a full range of nickel powders from 80 to 600 nanometers, showcasing its technological leadership [4][16] - Collaborations with major players like Samsung for automotive-grade MLCC orders and advancements in solid-state battery technology are expected to enhance future growth [19] Pricing Strategy Adjustments - 博迁新材 has shifted its pricing model from a fixed price to a raw material plus processing fee model to better manage raw material price fluctuations [17][18] Investment Considerations - Current market conditions and the company's technological capabilities support its valuation, with potential for further increases if production and high-end product demand continue to grow [20] Additional Important Insights - The recovery in the photovoltaic-grade copper powder segment has also attracted investor attention, although the overall performance has been moderate [4][5] - The company has made significant strides in product development, filling gaps in its product range and enhancing its competitive position [16]

证券代码： 605376 证券简称：博迁新材 公告编号：2025-011 江苏博迁新材料股份有限公司 关于股票交易风险的提示性公告 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个别及连带责任。 鉴于近期江苏博迁新材料股份有限公司（以下简称"公司"）股票价格波动较 大，可能存在非理性炒作，敬请广大投资者注意二级市场交易风险。具体股票交易 风险提示说明如下： 一、股票交易异常波动风险 公司股票价格于 2025 年 2 月 18 日、2 月 19 日、2 月 20 日连续三个交易日收 盘价格涨幅偏离值累计超过 20%，根据《上海证券交易所交易规则》的有关规定，属 于股票交易异常波动情形。公司已于 2025 年 2 月 21 日在指定信息披露媒体和上海 证券交易所网站（www.sse.com.cn)上披露了《江苏博迁新材料股份有限公司股票交 易异常波动公告》（公告编号：2025-010）。 2025 年 2 月 21 日，公司股票再次涨停。鉴于近期公司股票价格波动较大，短 期涨幅高于同期上证指数，但公司基本面未发生重大变化，也不存在应披露而未 ...

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个别及连带责任。 证券代码： 605376 证券简称：博迁新材 公告编号：2025-010 江苏博迁新材料股份有限公司 股票交易异常波动公告 重要内容提示: 经公司自查，并书面征询公司控股股东及实际控制人，截至本公告披露日， 确认不存在应披露而未披露的重大信息。 针对公司股票交易异常波动，公司对有关事项进行了核查，并书面征询了本公 司控股股东及实际控制人，现将有关情况说明如下： 1、经公司自查，截至本公告披露日，公司目前生产经营正常，日常经营情况 及外部环境未发生重大变化。 2、经公司自查，并书面征询公司控股股东、实际控制人，截至本公告披露日， 除公司已披露事项外，公司控股股东、实际控制人不存在影响公司股票交易异常波 动的重大事项，不存在其他涉及本公司应披露而未披露的重大信息。 3、经公司自查，公司未发现其他有可能对公司股价产生较大影响的重大事件； 在上述股票异常交易期间公司董事、监事、高级管理人员，控股股东及实际控制人 不存在买卖公司股票的情形。 一、 股票交易异常波动的具体情况 公司股票 ...

控股股东(盖章):宁波广弘元创业投资合伙企业(有限合伙) Kn 2015年 2月20日 二、在本次股票交易异常波动期间,宁波广弘元创业投资合伙企 业(有限合伙)、王利平不存在买卖贵公司股票的情形。 特此函复。 EB WHERE FOR 本页为《关于江苏博迁新材料股份有限公司股票交易异常波的问询函》的回函签 署页 《关于江苏博迁新材料股份有限公司股票交易异常波动的问询 函》的回函 江苏博迁新材料股份有限公司 贵公司发出的《关于江苏博迁新材料股份有限公司股票交易异常 波动的问询函》已收悉,现就公司询证事项回复如下: 一、截至目前,除贵公司在指定媒体上已公开披露的信息外,宁 波广弘元创业投资合伙企业(有限合伙)、王利平不存在涉及贵公司 的应披露而未披露的重大信息,包括但不限于重大资产重组、发行股 份、上市公司收购、债务重组、业务重组、资产剥离、资产注入、股 份回购、股权激励、破产重整、重大业务合作、引进战略投资者等重 大事项。 desp 1 20000 d the 7 120 2 age of the fill applies of the 2019 11 NEW STANDA and and the state ...

证券代码：605376 证券简称：博迁新材 公告编号：2025-009 江苏博迁新材料股份有限公司 关于 5%以上股东部分股份解除质押及再质押的公告 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个别及连带责任。 重要内容提示： 2025 年 2 月 19 日，公司收到持股 5%以上股东众智聚成出具的《告知函》， 众智聚成将其持有的公司部分股份办理了解除质押手续，具体情况如下： 江苏博迁新材料股份有限公司（以下简称"公司"）5%以上股东宁波众 智聚成创业投资合伙企业（有限合伙）（以下简称"众智聚成"）持有公司股份 22,029,000 股，占公司股份总数的 8.4209%。本次解除质押及再质押后，累计质 押股份数量为 400,000 股（含本次），占其持股数量的比例为 1.8158%，占公司 总股本的比例为 0.1529%。 本次解除质押及再质押股份数量相同，众智聚成累计质押股份数量不变。 一、本次股份解除质押相关情况 | 股东名称 | 宁波众智聚成创业投资合伙企业（有限合伙） | | --- | --- | | 本次解除质押股份（股） ...

Investment Rating - The report maintains a "Buy" rating for the company, anticipating significant growth in the coming years [3][20]. Core Insights - The demand for MLCCs (Multi-Layer Ceramic Capacitors) in AI servers is expected to experience explosive growth, with a projected increase of over 20% in 2025, driven primarily by AI infrastructure needs [1][9]. - Samsung Electro-Mechanics plans to expand its high-temperature and high-capacity product lineup to meet the growing demand from AI servers, expecting a double-digit increase in operating profit in the first quarter of 2025 compared to the previous quarter and the same period last year [1][14]. - The company is poised for structural recovery in its high-end MLCC nickel powder segment, with significant growth anticipated in 2025 due to the rising demand from AI servers [2][15]. Summary by Sections AI Server Demand - The global MLCC shipment is expected to exceed 11.467 billion units in Q1 2025, with a potential seasonal decline of 3%. The demand structure is shifting, focusing on AI servers and related infrastructure [1][9]. - AI servers are projected to use MLCCs at rates several times higher than traditional servers, with specific models showing increases of 7 to 8 times in MLCC usage [9][10]. High-End MLCC Nickel Powder - The demand for high-end nickel powder for MLCCs is expected to rise significantly in 2025, driven by the trend towards high-temperature and high-capacity miniaturization [2][15]. - The company's sales to Samsung Electro-Mechanics have increased from 44.78% to 51.24% from 2023 to mid-2024, indicating a recovery in high-end product sales [2][15]. Financial Projections - Revenue projections for the company are estimated at 916 million RMB in 2024, 1.253 billion RMB in 2025, and 1.746 billion RMB in 2026, with corresponding net profits of 87 million RMB, 305 million RMB, and 370 million RMB respectively [3][20]. - The expected EPS (Earnings Per Share) for the same years are 0.33 RMB, 1.17 RMB, and 1.41 RMB, with PE (Price to Earnings) ratios of 86.74, 24.81, and 20.48 respectively [3][20].

证券代码：605376 证券简称：博迁新材 公告编号：2025-005 江苏博迁新材料股份有限公司 关于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个别及连带责任。 一、本次计提资产减值准备情况概述 根据《企业会计准则》《上海证券交易所股票上市规则》等相关规定，为了 更真实、准确、客观地反映江苏博迁新材料股份有限公司（以下简称"公司"） 截至2024年12月31日的财务状况及2024年度经营成果，基于谨慎性原则，对公司 及子公司截至2024年12月31日公司合并报表范围内存在减值迹象的资产进行了 减值测试，并对其中存在减值迹象的资产相应计提了减值准备。具体情况如下： | 项目 | 2024年度计提金额（万元） | | --- | --- | | 信用减值损失 | 24.00 | | 资产减值损失 | 1245.00 | | 合计 | 1269.00 | 等。 资产负债表日，存货采用成本与可变现净值孰低计量。存货可变现净值是按 存货的估计售价减去至完工时估计将要发生的成本、估计的销售费用以及相关税 费后的金额。期 ...

证券代码： 605376 证券简称：博迁新材 公告编号：2025-004 江苏博迁新材料股份有限公司 （一）审议通过《关于公司计提资产减值准备的议案》 一、董事会会议召开情况： 江苏博迁新材料股份有限公司(以下简称"公司")第三届董事会第十七次会 议于 2025 年 1 月 23 日以通讯方式召开。本次会议于 2025 年 1 月 18 日以邮件 送达的方式通知了全体董事。会议应出席董事 9 人，实际出席董事 9 人，公司监 事及高级管理人员列席了此次会议。会议由董事长王利平召集和主持，召集和召 开的程序符合《中华人民共和国公司法》及公司章程的规定。 本议案已经公司第三届董事会审计委员会第十四次会议审议通过。 第三届董事会第十七次会议决议公告 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个别及连带责任。 二、董事会会议审议情况： 本议案已经公司第三届董事会审计委员会第十四次会议审议通过。 具体内容详见公司同日在上海证券交易所网站（www.sse.com.cn）及指定信 息披露媒体披露的《江苏博迁新材料股份有限公司关于计提资产减值准备的 ...