Core Viewpoint - The company is convening its second extraordinary general meeting of shareholders in 2025 to discuss significant changes, including the cancellation of the supervisory board, changes to registered capital, and amendments to the company's articles of association [1][6]. Group 1: Meeting Details - The meeting is scheduled for September 9, 2025, at 14:30 [4]. - The voting will be conducted through a combination of on-site and online methods, with specific time slots for online voting [5]. - Shareholders must register and provide necessary documentation to participate in the meeting [1][2]. Group 2: Agenda Items - The first agenda item involves the proposal to cancel the supervisory board and amend the company's registered capital and articles of association [6]. - The second agenda item focuses on revising certain company policies to enhance governance and compliance with legal requirements [9][10]. Group 3: Proposal Details - The proposal to cancel the supervisory board is based on legal regulations and aims to transfer the supervisory functions to the audit committee of the board [6]. - The company has completed the repurchase and cancellation of 456,000 shares due to unmet conditions of the 2024 stock incentive plan, reducing the total share capital from 313,357,360 shares to 312,901,360 shares [6][8]. - Amendments to the articles of association will reflect changes in registered capital and ensure compliance with current laws and regulations [9].

证券代码：605399 证券简称：晨光新材 江西晨光新材料股份有限公司 2025 年第二次临时股东会 会议资料 2025 年 9 月 第 1 页 共 9 页 江西晨光新材料股份有限公司 2025 年第二次临时股东会会议资料 目录 | 一、2025 | 年第二次临时股东会会议须知 3 | | --- | --- | | 二、2025 | 年第二次临时股东会议程 5 | | 三、2025 | 年第二次临时股东会议案 | | | 议案一：《关于取消监事会、变更公司注册资本并修订<公司章程>的议案》 7 | | | 议案二：《关于修订公司部分制度的议案》 9 | 第 2 页 共 9 页 江西晨光新材料股份有限公司 2025 年第二次临时股东会会议资料 江西晨光新材料股份有限公司 2025 年第二次临时股东会会议须知 各位股东及股东授权代表： 为维护投资者的合法权益，保证股东会的正常秩序和议事效率，确保本次股东会的 顺利召开，江西晨光新材料股份有限公司（以下简称"公司"或"晨光新材"）根据中 国证监会《上市公司股东会规则》《江西晨光新材料股份有限公司章程》等有关规定， 特制定本会议须知如下： 一、各股东及股东授权代表请 ...

Group 1 - CICC and BlueFive Capital have established a fund to support Chinese enterprises in expanding their business in the GCC market, focusing on sectors such as technology, digital transformation, green energy, and advanced manufacturing [2] - Abu Dhabi Investment Authority has invested $1.5 billion in Prologis to support the company's growth in logistics, digital infrastructure, and new energy sectors [2] - Morning Light Cable plans to set up a wholly-owned subsidiary in Dubai with an investment of no more than 1.5 million RMB to enhance its competitiveness and expand overseas sales [2] Group 2 - Hainan Development's subsidiary won a bid for a 365 million RMB project in Dubai, which is expected to positively impact the company's future performance [3] - Abu Dhabi-based Lunate and Brevan Howard have signed a long-term strategic partnership to establish an investment platform in Abu Dhabi Global Market with an initial commitment of $2 billion [3] - Dubai's high-end property market grew over 5% in the first half of 2025, driven by an influx of immigrants and limited luxury housing supply, with further growth expected in the second half [3] Group 3 - Masdar is considering selling a 50% stake in its distributed solar energy company Emerge Energy in Abu Dhabi, which could reshape the competitive landscape of the distributed solar market in the region [4] - The UAE-New Zealand Comprehensive Economic Partnership Agreement (CEPA) has officially come into effect, aiming to increase bilateral trade to $5 billion by 2032 [4] - The UAE and Angola signed a CEPA, expecting to exceed $10 billion in non-oil trade by 2033, creating approximately 30,000 jobs [5] Group 4 - ADNOC has signed a 15-year LNG supply agreement with Indian Oil Company, committing to supply 1 million tons of LNG annually [5] - Abu Dhabi has launched the UAE's first quantum-safe communication testing platform, focusing on financial and digital asset sectors to enhance cybersecurity [6] - The UAE government holds approximately 6,300 bitcoins, valued at around $740 million, making it the fourth-largest holder of bitcoin globally [6] Group 5 - Dubai Chamber members' exports grew by 18% to $46.8 billion in the first half of 2025, highlighting the trade vitality of Dubai [6] - Dubai's Finance Department and GDRFA have signed a memorandum to promote the "Cashless Dubai" strategy, aiming for 90% of transactions to be digital by 2026 [6] - EHang has received regulatory approval to launch manned aerial vehicles in Qatar, joining the air taxi competition in the Gulf region [7]

Core Viewpoint - The aerogel industry is experiencing unprecedented growth opportunities driven by the development of the new energy vehicle sector and the implementation of green building policies, with a significant market potential in the trillion-yuan range [2][3]. Group 1: Industry Opportunities - The aerogel market is expected to expand significantly due to the safety requirements of new energy vehicle batteries and the demand for green buildings [2]. - Major battery manufacturers, including CATL and Guoxuan High-Tech, are procuring aerogel products for thermal insulation in electric vehicle batteries [2]. - Various local governments have included aerogel materials in their green building material recommendations, indicating strong policy support for the industry [2]. Group 2: Company Developments - As of August 27, 2025, there are 3,263 registered companies related to aerogels, with a concentration in economically developed regions [3]. - The top five provinces for aerogel company registrations are Jiangsu (558), Hebei (357), Guangdong (345), Zhejiang (243), and Shandong (241), accounting for 53.45% of the total [3]. - Domestic aerogel production capacity exceeds 200,000 cubic meters, with several leading companies entering the market, including China Chemical and Morning Light New Materials [3]. Group 3: Production Capacity and Investments - Hualu New Materials plans to build a production base with an annual capacity of 300,000 cubic meters of silica-based aerogel composite materials, with a total investment of approximately 5 billion yuan [4]. - Aerospace Wujing has an annual production capacity of 20,000 cubic meters and aims to establish the first national standard for aerogel composite glass [5]. - Morning Light New Materials has the largest planned capacity in China at 77,000 tons, with multiple production bases under development [6]. Group 4: Future Projects and Expansion - Various companies are planning significant expansions, such as Aibihai, which aims to increase its production capacity by 125% through new projects [5]. - Nanotech has a current capacity of 36,000 cubic meters per year and plans to build additional projects to reach a capacity of 200 million aerogel insulation sheets [8]. - Lingwei New Materials has initiated a project to achieve an annual capacity of 20,000 tons of ultra-fine silica aerogel products, with full production expected by 2027 [9].

Core Viewpoint - The financial performance of Chenguang New Materials (晨光新材) in the first half of 2025 shows a significant decline in revenue and net profit compared to the same period last year, indicating potential challenges for the company moving forward [1][3]. Financial Performance Summary - The company reported a revenue of 517.32 million yuan in the first half of 2025, a decrease of 10.39% compared to 577.30 million yuan in the same period last year [3]. - The total profit for the period was -6.81 million yuan, representing a decline of 101.35% from a profit of 50.38 million yuan in the previous year [3]. - The net profit attributable to shareholders was -4.29 million yuan, down 110.23% from 41.92 million yuan in the prior year [3]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was -34.64 million yuan, a decrease of 253.94% from 22.50 million yuan in the same period last year [3]. - The net cash flow from operating activities was -743,721.47 yuan, an improvement from -1,504,270.75 yuan in the previous year, although still negative [3]. Company Background - Chenguang New Materials was listed on the Shanghai Stock Exchange on August 4, 2020, with an initial public offering of 46 million shares at a price of 13.16 yuan per share [4]. - The total amount raised from the IPO was 605 million yuan, with a net amount of 560 million yuan after deducting issuance costs [4]. - The funds raised are intended for projects including the annual production of 65,000 tons of organic silicon materials, the development of functional silanes, and to supplement working capital [4].

Financial Performance - The company's total revenue for the first half of 2025 was 517 million yuan, a decrease of 10.39% year-on-year [1] - The net profit attributable to shareholders was -4.29 million yuan, representing a decline of 110.23% compared to the previous year [1] - The gross margin was 12.17%, down 18.25% year-on-year, while the net margin was -0.84%, a decrease of 111.58% [1] - The total of selling, administrative, and financial expenses reached 51.94 million yuan, accounting for 10.04% of total revenue, an increase of 94.83% year-on-year [1] - Earnings per share were -0.01 yuan, a drop of 107.69% compared to the previous year [1] Business Model and Industry Outlook - The company's return on invested capital (ROIC) was 0.89%, indicating weak capital returns, with a historical median ROIC of 27.59% since its listing [3] - The business model relies heavily on R&D and capital expenditures, necessitating careful evaluation of the effectiveness of these investments [3] - The industry is experiencing structural overcapacity, leading to intensified competition that compels companies to enhance R&D, optimize production processes, and improve waste management [4] - Long-term growth in the functional silane and silicon-based materials industry is driven by technological advancements and increasing demand from sectors like new energy and composite materials [4][5] - Leading companies are expected to maintain a dominant position globally by leveraging green circular economy practices and technological upgrades [5]

Group 1 - The latest stock price of Chenguang New Materials is 13.56 yuan, an increase of 0.35 yuan from the previous trading day's closing price [1] - The opening price was 13.17 yuan, with a highest price of 13.56 yuan and a lowest price of 13.15 yuan, and the trading volume was 46,029 hands with a transaction amount of 0.62 billion yuan [1] - Chenguang New Materials operates in the chemical products industry, focusing on the research, production, and sales of organic silicon functional additives and organic silicon materials, which are widely used in construction, electronics, automotive, and medical fields [1] Group 2 - On August 15, the company announced plans to use no more than 500 million yuan of its own funds to purchase safe and liquid financial products, with a usage period not exceeding 12 months [1] - The company and its subsidiaries will also engage in foreign exchange derivative trading, with a cumulative trading amount not exceeding 90 million USD [1] - The semi-annual report for 2025 revealed that the company's revenue for the first half of the year was approximately 517 million yuan, with a net loss attributable to shareholders of approximately 4.29 million yuan [1] Group 3 - On August 15, the net outflow of main funds was 3.6788 million yuan, with a cumulative net outflow of 24.1665 million yuan over the past five days [1]

Core Viewpoint - The company, Morninglight Materials, announced a plan to utilize its own funds for cash management, aiming to invest up to 500 million yuan in low-risk financial products with high safety and liquidity [2] Group 1 - The company will hold the 13th meeting of the third board of directors and the 11th meeting of the third supervisory board on August 14, 2025, to review the cash management proposal [2] - The proposed cash management will involve purchasing financial products that are safe, liquid, and have a principal guarantee or low risk [2] - The investment period for these financial products will not exceed 12 months, and the funds can be rolled over within the approved limit during the effective period [2]

Core Viewpoint - Chenguang New Materials announced the approval of multiple proposals during the 13th meeting of its third board of directors on the evening of August 15 [2] Group 1 - The company held a board meeting to discuss and approve various proposals [2]

Core Viewpoint - Chenguang New Materials announced the approval of multiple proposals during the 11th meeting of the third supervisory board on the evening of August 15 [2] Group 1 - The company held a supervisory board meeting to discuss and approve various proposals [2]