陕西斯瑞新材料股份有限公司 2025 年第二次临时股东会会议资料 证券代码：688102 证券简称：斯瑞新材 陕西斯瑞新材料股份有限公司 1 陕西斯瑞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 | | 2025 年第二次临时股东会会议须知 | | 3 | | --- | --- | --- | --- | | 年第二次临时股东会会议议程 | 2025 | | 5 | | 关于续聘公司 | 2025 年度审计机构的议案 | | 7 | | 关于变更公司注册资本、修订《公司章程》及办理工商变更登记的议案 | | | 8 | | 关于修订《募集资金管理制度》的议案 | | | 10 | 2 2025年第二次临时股东会 会议资料 二零二五年十一月 陕西斯瑞新材料股份有限公司 2025 年第二次临时股东会会议资料 陕西斯瑞新材料股份有限公司 2025 年第二次临时股东会会议须知 为了维护全体股东的合法权益，确保股东会的正常秩序和议事效率，保证会议 的顺利进行，根据《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》"）、《上市公司股东会规则》以及《陕西 ...

我们认为，公司已进入营收快速增长的阶段，有望加速实现减亏并扭亏。我 们预计公司 2025-27 年营业收入为 70.8/90.9/109.1 亿元，归母净利润为 0.61/3.85/6.19 亿元。维持"买入"评级。 【电力设备】特锐德（300001.SZ）2025 三季报点评：盈利能力持续提升， 全面布局 AIDC 拓展业务边界 投资建议：公司电力设备+充电网业务双轮驱动，我们预计 2025-2027 年公 司实现归母净利11.64/15.57/20.28亿元，同比+27.00%/+33.79%/+30.22%， 对应 EPS 为 1.10/1.48/1.92 元，维持"买入"评级。 风险提示：新能源车销量不及预期；充电桩建设不及预期；行业竞争加剧。 晨会纪要 证券研究报告 2025 年 11 月 07 日 核心结论 分析师 【银行】沧海安澜系列二：零售风险专题：风险缓释，资产质量局部趋稳 2022 年以来银行综合运用多元化手段加大零售贷款核销、转出力度，有望 快速出清存量不良包袱，加之零售贷款、零售不良余额占比均较低，预计零 售贷款风险暴露对银行资产质量的影响相对有限。此外，结合当前居民债务 及消费行为现 ...

公司点评 | 斯瑞新材 25Q3 业绩显著增长，商业航天、医疗影像放量增长 证券研究报告 2025 年 11 月 06 日 斯瑞新材（688102.SH）25 三季报业绩点评 事件：公司发布 25 年三季报，营业收入与归母净利润同比明显增长。斯瑞 新材发布 25Q3 业绩，公司前三季度营业收入为 11.74 亿元，同比增长 21.74%；归母净利润为 1.08 亿元，同比增长 37.74%；扣非归母净利润为 1.02 亿元，同比增长 41.39%，公司毛利率为 24.04%，同比上升 1.04 个百 分点；净利率为 9.58%，较上年同期上升 1.36 个百分点。从单季度指标来 看，25Q3 营业收入 4.02 亿元，同比增长 18.08%；归母净利润 3306.77 万 元，同比增长 48.07%。公司 25 年第三季度公司毛利率为 24.75%，同比上 升 3.21 个百分点，环比上升 0.24 个百分点；净利率为 8.86%，较上年同期 上升 2.09 个百分点，较上一季度下降 1.42 个百分点。公司 25Q1-3 各板块 业务均稳步增长，贡献效益增加，叠加欧元汇率上升引起汇兑收益大幅增加。 25 年 ...

Investment Rating - The report maintains an investment rating of "Recommended" for the controllable nuclear fusion industry [2][3]. Core Insights - The controllable nuclear fusion industry is accelerating its industrialization process, transitioning from experimental validation to engineering demonstration, with a focus on key suppliers and core component manufacturers that have achieved domestic substitution [2]. - The overall domestic production rate of key nuclear fusion equipment exceeds 96%, with significant advancements in materials performance being a core bottleneck for the feasibility of the technology route [2]. - The industry is entering a new phase characterized by "multiple routes racing + capital resonance," with significant milestones expected, such as the BEST device demonstrating power generation by 2027 [2]. Industry Scale - The industry comprises 118 listed companies, with a total market capitalization of 2114.6 billion and a circulating market capitalization of 1755.9 billion [3]. Performance Metrics - The absolute performance over 1 month, 6 months, and 12 months is 3.2%, 27.0%, and 26.1% respectively, while the relative performance is -0.5%, 2.4%, and 6.9% [5]. Key Companies and Financial Indicators - Notable companies include: - Xibu Superconductor (688122.SH) with a market cap of 50.1 billion and a strong recommendation [7]. - Antai Technology (000969.SZ) also strongly recommended with a market cap of 22.3 billion [7]. - Jiu Li Special Materials (002318.SZ) with a market cap of 25.0 billion and a strong recommendation [7]. - Other companies such as Guoguang Electric (688776.SH), Hezhu Intelligent (603011.SH), and Lianchuang Optoelectronics (600363.SH) are also highlighted, though they do not have specific investment ratings [7]. Material Innovation - Material innovation is identified as the current core bottleneck and breakthrough point for industrialization, with extreme operational environments requiring materials with high melting points, radiation resistance, and thermal fatigue performance [6]. - Domestic companies like Antai Technology and West Superconductor have made breakthroughs in tungsten-copper filters and superconducting materials, overcoming foreign monopolies [6]. Market Opportunities - The industry chain is witnessing incremental market growth across multiple segments, with energy equipment leaders establishing significant layouts and core component manufacturers benefiting from clear development paths [6]. - Companies such as Guoguang Electric, Hezhu Intelligent, and Lianchuang Optoelectronics are positioned to benefit significantly from local support [6].

格隆汇10月31日丨斯瑞新材(688102.SH)在投资者互动平台表示，1、液体火箭发动机推力室内壁：公司 在液体火箭发动机推力室内壁行业处于行业重要地位，目前主要客户有蓝箭航天、九州云箭、深蓝航天 等。 2、光模块芯片基座/壳体：公司提供光模块基座原材料制造及产成品加工的整体解决方案，具备 高精密零件加工的基础和自动化生产线，主要客户有菲尼萨、天孚通信、环球广电、索尔思、东莞讯滔 等；公司新型铜合金应用于光模块壳体，解决行业标杆客户面临的技术痛点。 3、CT/DR球管零组件： 公司在CT和DR球管零组件领域处于国内重要地位，是国内少数能够提供这类产品和"一站式"技术服务 的企业之一，主要客户有西门子医疗、联影医疗、昆山医源、麦默真空、电科睿视、北京智束等，并成 为部分客户的战略合作供应商。 4、高强高导铜合金材料及制品：高强高导铜合金材料具有高强度、高 导电、高导热、耐高温等特性，在盾构机、可控核聚变等新场景可应用，目前在公司营业额收入中占比 较低。 5、中高压电接触材料及制品：中压电接触材料及制品国内市场占有率超过60%，公司该产品获 得国家工信部单项冠军产品荣誉。主要客户包括西门子、ABB、施耐德、伊顿 ...

Market Overview - The metal new materials sector experienced a decline of 3.25% on October 31, with AnTai Technology leading the drop [1] - The Shanghai Composite Index closed at 3954.79, down 0.81%, while the Shenzhen Component Index closed at 13378.21, down 1.14% [1] Stock Performance - Notable gainers in the metal new materials sector included: - Shenzhen New Star (603978) with a closing price of 26.55, up 4.53% on a trading volume of 260,000 shares and a turnover of 706 million yuan [1] - Youyan Powder Materials (688456) closed at 48.70, up 2.79% with a trading volume of 17,500 shares and a turnover of 85.36 million yuan [1] - Major decliners included: - AnTai Technology (000969) closed at 21.24, down 8.65% with a trading volume of 2,030,300 shares and a turnover of 440.3 million yuan [2] - Jinli Permanent Magnet (300748) closed at 39.18, down 6.87% with a trading volume of 792,000 shares and a turnover of 3.137 billion yuan [2] Capital Flow - The metal new materials sector saw a net outflow of 1.629 billion yuan from institutional investors, while retail investors contributed a net inflow of 1.477 billion yuan [2] - The capital flow for specific stocks showed mixed results, with some stocks experiencing significant outflows from institutional and speculative investors [3]

Core Points - The company will hold a performance briefing for the third quarter of 2025 on November 7, 2025, from 15:00 to 16:00 [2][5][6] - The briefing will be conducted in an online text interaction format, allowing investors to engage and ask questions [2][4][6] - Investors can submit questions before the meeting until November 6, 2025, at 17:00 [1][4] Meeting Details - The performance briefing will take place on November 7, 2025, from 15:00 to 16:00 [5][6] - The location for the meeting is "Value Online" (www.ir-online.cn) [5][6] - The company encourages broad participation from investors and will address commonly asked questions during the session [2][3][4] Participants - Key participants include the company's General Manager Zhang Hang, Independent Director Geng Yingsan, Chief Financial Officer Ren Lei, and Board Secretary Wang Lei [3]

重要内容提示： 会议问题征集：投资者可于 2025 年 11 月 6 日（星期四）17:00 前访问 网址 https://eseb.cn/1sNf74EZSs8 或扫描下方小程序码进行会前提问，陕西斯 瑞新材料股份有限公司（以下简称"公司"）将通过本次业绩说明会，在信息披 露允许范围内就投资者普遍关注的问题进行回答。 证券代码：688102 证券简称：斯瑞新材 公告编号：2025-060 陕西斯瑞新材料股份有限公司 关于举办2025年第三季度业绩说明会的公告 本公司董事会及全体董事保证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、准确性和完整性依法承担法律责任。 一、业绩说明会的主要情况 公司已于 2025 年 10 月 30 日在上海证券交易所网站（www.sse.com.cn）披 露了《2025 年第三季度报告》，为便于广大投资者更全面深入地了解公司 2025 年第三季度的经营成果、财务状况等，公司定于 2025 年 11 月 7 日（星期五） 15:00-16:00 在"价值在线"（www.ir-online.cn）举办 2025 年第三季度业绩说 明会。 本次业绩说明会以 ...

Macro Insights - The Federal Reserve's October meeting resulted in a 25 basis point rate cut, with Chairman Powell indicating that December's rate cut remains uncertain, leading to a decrease in market expectations for future cuts [2][3] - The Chinese Yuan has appreciated by 2.8% against the US dollar this year, with a notable 12% increase against the Japanese Yen since July, indicating a shift towards an "independent trend" in the Yuan's valuation [2][3] Fixed Income - In October, the People's Bank of China announced a resumption of bond purchases, leading to a significant rise in government bond futures [5][6] - The US financial sector is seeing a new model of support for national strategy, with JPMorgan's $1.5 trillion initiative focusing on key industries and supply chain resilience [6] Energy and New Energy - The "15th Five-Year Plan" emphasizes the development of new energy storage and smart grid infrastructure, benefiting companies in the storage and wind power sectors [10][11] - A significant $80 billion investment in nuclear power by Cameco and Brookfield Asset Management aims to enhance energy infrastructure in the US [11] Real Estate - The "15th Five-Year Plan" outlines a shift towards high-quality development in real estate, focusing on improving housing quality and supply systems, which may enhance long-term value in the sector [13] Financial Services - The brokerage sector is experiencing a slight decrease in positions, with a focus on high-quality financial strategies amid a recovering market sentiment [9] - The banking sector shows signs of improvement, with a notable increase in credit issuance and a stable asset quality outlook [23] Key Companies - Huafeng Measurement Control reported a 67.21% year-on-year revenue increase in Q3, driven by cost reduction and improved testing performance [17] - Shaanxi Coal and Chemical Industry's Q3 revenue showed a 6.03% quarter-on-quarter increase, benefiting from a recovery in coal prices [18] - Kweichow Moutai's Q3 revenue growth was lower than expected, but the company is implementing strategies to boost market confidence [19] - Guangdong Investment's Q3 performance reflects a stable business model with strong cash flow, supporting high dividend returns [20] - Yutong Bus reported a 32.27% year-on-year revenue increase in Q3, driven by strong export performance [21]

Core Viewpoint - The company, Shaanxi Srey New Materials Co., Ltd., has released its quarterly report, ensuring the accuracy and completeness of the financial information presented, and confirming that there are no false records or significant omissions [2][3]. Financial Data Summary - The financial statements for the third quarter are unaudited, covering the period from the beginning to the end of the quarter [3][5]. - The report includes major accounting data and financial indicators, although specific figures are not detailed in the provided text [3][5]. - The company has not identified any non-recurring gains or losses during the reporting period [3][4]. Shareholder Information - There are no changes reported in the number of shareholders or the shareholding structure of the top ten shareholders compared to the previous period [4][5]. Other Important Information - The company has not identified any additional important information regarding its operational performance during the reporting period that needs to be highlighted to investors [5].