Industry Overview - Photovoltaic silver powder is a crucial component of silver paste, accounting for over 74% of its cost, and its quality directly affects the resistance of electrode materials and the photoelectric efficiency [1][4] - The silver powder market in China is projected to grow from 10.4 billion yuan in 2020 to 38.7 billion yuan in 2024, with expectations to exceed 50 billion yuan by 2025 [1][8] Global Market - The global photovoltaic silver powder market is expected to grow from 12.6 billion yuan in 2020 to 41.9 billion yuan in 2024, reflecting a year-on-year increase of 36.93%, with a forecast of reaching 57 billion yuan by 2025 [6] Domestic Market - The domestic market is experiencing accelerated growth due to the increasing demand for silver paste driven by the transition from P-type to N-type batteries, which has led to higher silver paste consumption [8][19] - The average price of photovoltaic silver powder in China rose from 4,700 yuan per kilogram in 2020 to 6,500 yuan per kilogram in 2024, with a compound annual growth rate of 8.4% [12] Competitive Landscape - The global market for photovoltaic silver powder is relatively concentrated, with fewer than 20 manufacturers, including dominant players like Japan's DOWA and America's AMES [14] - Domestic companies such as Suzhou Simit, Ningbo Jinxin, and Shandong Jianbang are increasing their market share and improving product quality, gradually breaking the monopoly of foreign firms [14][19] Development Trends 1. **Accelerated Localization**: The domestic photovoltaic silver powder industry is rapidly advancing in localization, with production increasing from 0.3 thousand tons in 2020 to 5.1 thousand tons in 2024, a compound annual growth rate of 103.1% [19] 2. **Technological Advancements**: The demand for low-temperature silver powder is rising due to technological advancements, particularly for HJT batteries, which are becoming mainstream [20] 3. **Growing Market Demand**: The global demand for renewable energy is driving the expansion of the photovoltaic silver powder market, with projections for the Chinese market to reach 52.9 billion yuan in 2025 and potentially exceed 102.9 billion yuan by 2029 [21]

Summary of the Conference Call for 博迁新材 Company Overview - 博迁新材 reported a revenue of 945 million yuan in 2024, representing a year-on-year growth of 37.22% [2] - The net profit reached 87.48 million yuan, a significant increase of 300% year-on-year, driven by the recovery in the consumer electronics market and the development of the AI industry [2][3] - The company specializes in the production of nano-sized metal and non-metal powders, including nickel, copper, silver, and alloy powders [3] Financial Performance - In Q1 2025, the company achieved sales revenue of nearly 200 million yuan with a gross margin exceeding 35%, an increase of 8 percentage points compared to Q4 2024 [2][3] - The estimated annual shipment of nickel powder for 2025 is approximately 1,600 tons, up from 1,400 tons in 2024 [2][7] Production Capacity and Expansion Plans - 博迁新材 operates over 160 production lines with an annual output capacity of 2,000 to 2,200 tons of finished powder [5] - The company is closely monitoring the validation of automotive-grade MLCC products and may expand nickel powder production lines if validation is successful [9] Market Demand and Trends - The demand for high-end nickel powder is primarily driven by high-end consumer electronics and AI servers, particularly for ultra-high-capacity MLCC applications [8] - The AI server market represents a new growth area for nano-sized nickel powder [8] - The company is also in the client validation phase for photovoltaic-grade copper powder, with potential for significant market expansion if successful [15] Customer Base - Major customers include Samsung Electro-Mechanics (over 50% of revenue), Yageo, and Huaxin Technology [10] - Samsung Electro-Mechanics has begun supplying automotive-grade MLCCs to Tesla and BYD, indicating potential future demand growth [3][10] Competitive Landscape - 博迁新材 is the first company globally to industrialize the production of M24C nickel powder using plasma technology, giving it a competitive edge [11] - The company utilizes both chemical and physical methods for production, with physical methods offering advantages in producing small particle sizes [11][13] Pricing and Profitability - The gross margin for Q1 2025 was reported at 35%, with expectations to restore margins to 2021 levels, indicating potential for further growth [17][27] - Product pricing is based on raw material costs plus processing fees, with high-end products priced significantly higher [26] Risks and Challenges - The ongoing US-China trade tensions and tariff issues may impact the recovery of the high-end consumer electronics market [8][18] - The company does not export directly to the US, but its products may be affected by tariffs through downstream consumer electronics [18] Conclusion - 博迁新材 is positioned for growth in the high-end nickel powder market, driven by demand from consumer electronics and AI applications, with a strong focus on production capacity and customer validation processes. The company is optimistic about maintaining and improving its profitability in the coming years.

Group 1: Report Overview - The report is about a research on Boqian New Materials in the small metal industry on May 20, 2025 [1][2][17] Group 2: Research Participants - The participating institutions include online investors [2] Group 3: Company Representatives - The company representatives are Chen Gangqiang (Director and General Manager), Qiu Oute (Director and CFO), Jiang Ying (Director and Board Secretary), and Leng Jun (Independent Director) [17] Group 4: Company Responses to Questions Nickel Powder Business - The company's customers are MLCC and other electronic component manufacturers and electronic paste manufacturers. The Japanese market is being continuously expanded. The demand for small - particle - size nickel powder products has increased due to the upgrade of upstream passive electronic components. In 2024, the company's nickel - based products achieved an operating income of 684,564,670.66 yuan, and the annual sales volume exceeded 1400 tons [24] - The company's production process for different products is unique, and relevant indicators are core technology and business strategies, so they are not disclosed separately. For market share, it is recommended to refer to public third - party industry reports [24][25] - In the first quarter of 2025, the shipment proportion of small - particle - size high - end nickel powder increased significantly compared with the same period in 2024. The company's customers' end - customers cover the AI server field, but the company has no direct cooperation with specific AI server field customers [27] Other Products - New materials in industries such as photovoltaic copper powder, silicon - carbon anode, and 3D printing materials have a long application and promotion verification period due to technical complexity and safety requirements [25] - In 2024, the company's copper - based products achieved an operating income of 121,967,837.44 yuan, and the annual sales volume reached more than 150 tons. The company will strengthen market expansion and cooperate with downstream customers for R & D [26] Financial Issues - The company's performance decline in the fourth quarter of 2024 was mainly due to inventory write - downs and production process adjustments. The cash - flow change in the first quarter of 2025 was normal as the company increased raw material procurement and had growing accounts receivable within the normal payment period [26][27] Information Disclosure - The company strictly complies with relevant laws, regulations, and regulatory requirements for information disclosure, and there is no undisclosed information or insider information leakage [24][26]

Group 1 - The legal opinion letter is issued by Beijing Zhonglun (Shanghai) Law Firm regarding Jiangsu Boqian New Materials Co., Ltd. for the 2024 annual shareholders' meeting scheduled on May 13, 2025 [1][2] - The law firm confirms that the meeting's convening and voting procedures comply with applicable laws, the company's articles of association, and the rules for shareholder meetings [3][6][15] - The meeting was convened by the company's board of directors, and the notice was published on April 19, 2025, detailing the agenda and voting procedures [5][6] Group 2 - The total shares represented at the meeting were 109,558,700, accounting for approximately 41.88% of the total voting shares [7] - A total of 181 shareholders participated in the voting, representing 30,996,780 shares, which is about 11.85% of the total voting shares [7][8] - The meeting was held at the conference room of Ningbo Guangxin Nano Materials Co., Ltd., a wholly-owned subsidiary of the company [6] Group 3 - The meeting approved several proposals, including the 2024 annual report and the profit distribution plan, with voting results showing overwhelming support [9][10][12] - Specific voting results included 140,518,580 shares in favor of the board's work report, representing 99.9737% of the votes cast [9][10] - The proposals requiring separate counting for minority investors were also approved, with significant majority support [15]

证券代码：605376 证券简称：博迁新材 公告编号：2025-031 江苏博迁新材料股份有限公司 2024年年度股东大会决议公告 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。 重要内容提示： 本次会议是否有否决议案：无 一、 会议召开和出席情况 (一)股东大会召开的时间：2025 年 5 月 13 日 (二)股东大会召开的地点：浙江省宁波市海曙区石碶街道万金路 588 号宁波广新 纳米材料有限公司（公司全资子公司）会议室 (三)出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： | 1、出席会议的股东和代理人人数 | 187 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 140,555,480 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股 | 53.7291 | | 份总数的比例（%） | | (四)表决方式是否符合《公司法》及《公司章程》的规定，大会主持情况等。 本次会议由董事会召集，董事长王利平先生主持，公司采用现场投票与网络 投票相结合的方式进行表 ...

北京市中伦（上海）律师事务所 关于江苏博迁新材料股份有限公司 2024 年年度股东大会的 法律意见书 二〇二五年五月 北京 • 上海 • 深圳 • 广州 • 武汉 • 成都 • 重庆 • 青岛 • 杭州 • 南京 • 海口 • 东京 • 香港 • 伦敦 • 纽约 • 洛杉矶 • 旧金山 • 阿拉木图 Beijing • Shanghai • Shenzhen • Guangzhou • Wuhan • Chengdu • Chongqing • Qingdao • Hangzhou • Nanjing • Haikou • Tokyo • Hong Kong • London • New York • Los Angeles • San Francisco • Almaty 北京市中伦（上海）律师事务所 关于江苏博迁新材料股份有限公司 2024 年年度股东大会的 法律意见书 致：江苏博迁新材料股份有限公司 江苏博迁新材料股份有限公司（下称"公司"）2024 年年度股东大会（下称 "本次股东大会"或"会议"）于 2025 年 5 月 13 日召开。北京市中伦（上海） 律师事务所（下称"本所"）接受公司的委托，指 ...

证券代码:博迁新材 证券简称:605376 公告编号:2025-030 江苏博迁新材料股份有限公司 关于持股 5%以上股东权益变动触及 1%的提示性公告 宁波众智聚成创业投资合伙企业（有限合伙）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： ? 本次权益变动为江苏博迁新材料股份有限公司（以下简称"公司"）持 股 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"）履行此前披露的股份减持计划，不触及要约收购； ? 本次权益变动后，众智聚成持有公司股份比例由 8.42%减少至 8.00%。 ? 本次变动没有违反已作出的承诺、意向、计划。 公司于 2025 年 5 月 9 日收到持股 5%以上股东众智聚成出具的《关于持股比 例变动触及 1%整数倍的告知函》，现将有关权益变动情况公告如下： 一、本次权益变动基本情况 信息披 名称 宁波众智聚成创业投资合伙企业（有限合伙） 露义务 人基本 主要经营场所 浙江省宁波市北仑区梅山街道七星路 88 号 1 幢 501 室 A457 信 ...

江苏博迁新材料股份有限公司 证券代码:博迁新材 证券简称:605376 公告编号:2025-030 关于持股 5%以上股东权益变动触及 1%的提示性公告 宁波众智聚成创业投资合伙企业（有限合伙）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： 公司于 2025 年 5 月 9 日收到持股 5%以上股东众智聚成出具的《关于持股比 例变动触及 1%整数倍的告知函》，现将有关权益变动情况公告如下： | 信息披 | 名称 | 宁波众智聚成创业投资合伙企业（有限合伙） | | | | | --- | --- | --- | --- | --- | --- | | 露义务 | | | | | | | 人基本 | 主要经营场所 | 浙江省宁波市北仑区梅山街道七星路 | | 88 号 1 幢 501 | 室 A457 | | 信息 | | | | | | | 权益变 | 变动方式 | 变动日期 | 股份种类 | 减持数量（股） | 减持比例（%） | | 动明细 | 集中竞价交易 | 2025.5.6-2025. ...

登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：605376 证券简称：博迁新材 公告编号：2025-028 江苏博迁新材料股份有限公司 关于子公司投资设立全资子公司 公司名字：宿迁广豫进出口有限公司 注册资本：100万元整 经营管理等因素的影响，未来经营状况和收益存在不确定性的风险。 一、对外投资概述 为满足当前战略规划及未来发展需求，提高公司市场竞争力，江苏博迁新材料股份有限公司（以下简 称"公司"）之子公司江苏广豫储能材料有限公司，以自有资金出资人民币100万元设立全资子公司宿迁 广豫进出口有限公司（以下简称"广豫进出口"）。 根据《上海证券交易所股票上市规则》《公司章程》等有关规定，本次设立全资子公司事项无需提交公 司董事会、股东（大）会审议。本次设立全资子公司事项不属于关联交易，亦不构成《上市公司重大资 产重组管理办法》规定的公司重大资产重组事项。 二、设立全资子公司的基本情况 并取得营业执照的公告 公司于近日完成广豫进出口的相关工商注册登记手续，并取得宿迁市宿豫区数据局核发的营业执照，具 体登记信息如下： 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， ...

证券代码：605376 证券简称：博迁新材 公告编号：2025-028 江苏博迁新材料股份有限公司 关于子公司投资设立全资子公司并取得营业执照 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: 一、对外投资概述 为满足当前战略规划及未来发展需求，提高公司市场竞争力，江苏博迁新材 料股份有限公司（以下简称"公司"）之子公司江苏广豫储能材料有限公司，以 自有资金出资人民币 100 万元设立全资子公司宿迁广豫进出口有限公司（以下简 称"广豫进出口"）。 根据《上海证券交易所股票上市规则》《公司章程》等有关规定，本次设立 全资子公司事项无需提交公司董事会、股东（大）会审议。本次设立全资子公司 事项不属于关联交易，亦不构成《上市公司重大资产重组管理办法》规定的公司 重大资产重组事项。 二、设立全资子公司的基本情况 ● 投资标的名称:宿迁广豫进出口有限公司 ● 投资金额:100 万元人民币 ● 特别风险提示:新公司设立后,可能会受宏观经济、行业环境、市场竞争、 经营管理等因素的影响，未来经营状况和收益存在不确定 ...