Core Insights - The CT tube, also known as X-ray tube, is a critical component of CT equipment, directly affecting imaging quality, scanning speed, and equipment lifespan [1][9] - The cost of CT tubes accounts for approximately 20% of the total production cost of CT devices, and they have a shorter lifespan compared to the devices themselves, necessitating regular replacements [9][11] - The demand for CT tubes in China is driven by both new installations of CT devices and the maintenance of existing units, with the market capacity expected to grow significantly in the coming years [9][11] Market Capacity and Structure - In 2024, the market capacity for CT tubes in China is projected to be 35,396 units, consisting of 25,835 units from the existing market and 9,561 units from new installations [9][11] - By 2025, the market capacity is expected to reach 40,445 units, with 30,000 units from the existing market and 10,445 units from new installations [9][11] - The demand for replacement tubes due to maintenance will surpass the demand from new installations as the number of CT devices increases [9][11] Industry Development Environment - The Chinese government has implemented supportive policies for the development of high-end medical equipment and key components, including CT tubes, as part of the "14th Five-Year Plan" [4][6] - Policies encourage innovation and the enhancement of manufacturing capabilities in the medical equipment sector, particularly for CT technology [4][6] Current Industry Status - The CT equipment stock in China is expected to reach 51,670 units in 2024, with an increase of 9,561 units, and approximately 60,000 units by 2025, with an increase of 10,445 units [7] - The rapid development of the CT and medical imaging equipment industry is driven by increasing market demand and the need for domestic alternatives to imported products [7][9] Competitive Landscape - Key players in the CT tube market include companies such as United Imaging, Neusoft Medical, and others, with significant investments in R&D for domestic CT tube production [14][15] - Despite advancements in domestic production, there remains a gap between local suppliers and international manufacturers in terms of technology and manufacturing processes [14][15] Industry Trends - The CT tube industry is entering a critical development phase due to accelerated domestic production, technological upgrades, and growing demand [18] - The average lifespan of a CT tube is about 13 months, indicating a high replacement frequency during the lifespan of a CT device, which typically exceeds 10 years [11]

Core Viewpoint - The report outlines the continuous sponsorship and supervision activities conducted by Guotai Junan Securities for Shaanxi Sry New Materials Co., Ltd. following its IPO, emphasizing compliance with regulations and the company's operational performance. Group 1: Continuous Supervision Activities - The company issued 40.01 million shares at a price of RMB 10.48 per share, raising a total of RMB 419.30 million, with a net amount of RMB 356.91 million after deducting issuance costs [1]. - Guotai Junan Securities has been appointed as the continuous sponsor from March 16, 2022, to December 31, 2025, conducting regular communications, site inspections, and due diligence [1][2]. - The sponsor has assisted the company in establishing internal systems and decision-making processes to comply with legal and regulatory requirements [1][2]. Group 2: Information Disclosure and Compliance - The sponsor reviewed the company's information disclosure documents, ensuring compliance with relevant regulations and confirming that disclosures were accurate and timely [9]. - During the supervision period, the company and its major stakeholders did not fail to fulfill any commitments [2][6]. - The company has been advised to maintain transparency and avoid concealing important information [1][2]. Group 3: Financial Performance and Key Indicators - The company's revenue for 2024 is reported at approximately RMB 1.33 billion, reflecting a 12.73% increase from the previous year [20]. - The net profit attributable to shareholders increased by 26.88%, driven by revenue growth and improved sales structure [22]. - The company's total assets reached approximately RMB 2.13 billion, marking a 24.39% increase compared to the previous year [20]. Group 4: Research and Development - The company invested RMB 68.83 million in R&D, representing 5.18% of its revenue, which is an increase from 5.04% in the previous year [22]. - The company has developed new products and technologies, including high-performance copper alloys for liquid rocket engines and components [22][24]. - The R&D team, led by nine core technical personnel, has established partnerships with aerospace institutions to enhance technological capabilities [11][22]. Group 5: Market Risks and Challenges - The company faces risks related to technological advancements in the new materials industry, which require continuous R&D investment to maintain competitive advantages [10][17]. - Potential market disruptions may arise from the introduction of new materials and technologies that could replace existing products [17][18]. - The company is also exposed to risks from fluctuations in raw material prices, particularly copper, which significantly impacts production costs [14][16].

国泰海通证券股份有限公司 关于陕西斯瑞新材料股份有限公司 2024 年度持续督导年度跟踪报告 保荐机构名称：国泰海通证券股份有限公司 被保荐公司简称：斯瑞新材 保荐代表人姓名：林文亭、赵中堂 被保荐公司代码：688102 经中国证券监督管理委员会《关于同意陕西斯瑞新材料股份有限公司首次公 开发行股票注册的批复》（证监许可〔2022〕162 号）批复，陕西斯瑞新材料股 份有限公司（以下简称"上市公司"、"公司"或"发行人"）首次公开发行股 票 4,001.00 万股，每股面值人民币 1 元，每股发行价格人民币 10.48 元，期募集 资金总额为人民币 41,930.48 万元，扣除发行费用后，实际募集资金净额为人民 币 35,691.08 万元。本次发行证券已于 2022 年 3 月 16 日在上海证券交易所上市。 国泰海通证券股份有限公司（以下简称"保荐机构"或"国泰海通"）担任其持 续督导保荐机构，持续督导期间为 2022 年 3 月 16 日至 2025 年 12 月 31 日。 在 2024 年 1 月 1 日至 2024 年 12 月 31 日持续督导期内（以下简称"本持续 督导期间"），保荐机构及保 ...

证券代码：688102 证券简称：斯瑞新材 公告编号：2025-027 陕西斯瑞新材料股份有限公司 关于参加 2024 年度科创板先进有色金属材料行业 集体业绩说明会的公告 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。 二、业绩说明会召开的时间、方式、地址 （一）会议召开时间：2025 年 5 月 29 日（星期四）15:00-17:00 （二）会议召开方式：网络文字互动 （三）会议召开地点：上证路演中心（http://roadshow.sseinfo.com/） 1 会议召开时间：2025 年 5 月 29 日（星期四）下午 15:00-17:00 会议召开方式：网络文字互动 会议召开地点：上海证券交易所上证路演中心（http://roadshow.sseinfo.com/） 重要内容提示： 会议问题征集：投资者可于 2025 年 5 月 28 日（星期三）16:00 前登录上证路演中 心 网 站 首 页 ， 点 击 " 提 问 预 征 集 " 栏 目 或 通 过 公 司 邮 箱 （ sirui-advanced- ma ...

Meeting Overview - The shareholders' meeting of Shaanxi Sry New Materials Co., Ltd. was held on May 20, 2025, at the company's conference room [1] - A total of 69 ordinary shareholders attended the meeting, holding 440,947,196 voting rights, which accounts for 60.8144% of the company's total voting rights [1] Voting Results - All non-cumulative voting proposals were approved with a significant majority, including: - Proposal votes: 440,864,679 in favor (99.9812%), 72,117 against (0.0163%), and 10,400 abstentions (0.0025%) [1] - Proposal votes: 440,859,158 in favor (99.9800%), 72,117 against (0.0163%), and 15,921 abstentions (0.0037%) [2] - Proposal votes: 440,854,475 in favor (99.9789%), 82,321 against (0.0186%), and 10,400 abstentions (0.0025%) [2] Compensation Proposals - The proposal regarding the confirmation of the 2024 annual compensation and the 2025 annual compensation plan for directors was approved with 24,748,953 votes in favor (65.1255%) and 13,232,382 against (34.8202%) [2] - The proposal regarding the confirmation of the 2024 annual compensation and the 2025 annual compensation plan for supervisors was also approved with 421,737,847 votes in favor (99.9697%) and 117,321 against (0.0278%) [2] Legal Compliance - The meeting was conducted in accordance with the Company Law and the company's articles of association, as confirmed by the attending lawyers [3]

西安市高新区丈八二路绿地中心 B 座 46 层 邮编 710060 Floor 46,B Tower, Lv'di Center,ZhangBa Second Street Gaoxin District,Xi'an,Shaanxi 710060,China 国浩律师（西安）事务所 关于陕西斯瑞新材料股份有限公司 法律意见书 致：陕西斯瑞新材料股份有限公司 根据《中华人民共和国证券法》（以下简称"《证券法》"）《中华人民共和 国公司法》（以下简称"《公司法》"）等法律、行政法规和规范性文件的规定， 国浩律师（西安）事务所（以下简称"国浩"）接受陕西斯瑞新材料股份有限公司 （以下简称"公司"）的委托，指派律师出席公司 2024 年年度股东大会（以下简称 "本次股东大会"）并对本次股东大会的相关事项进行见证，依法出具本法律意见 书。 国浩及经办律师依据《证券法》《律师事务所从事证券法律业务管理办法》和 《律师事务所证券法律业务执业规则》等规定及本法律意见书出具日以前已经发生 或者存在的事实，严格履行了法定职责，遵循了勤勉尽责和诚实信用原则，进行了 充分的核查验证，保证本法律意见所认定的事实真实、准确、完整，所发表 ...

证券代码：688102 证券简称：斯瑞新材 公告编号：2025-026 陕西斯瑞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。 重要内容提示： 本次会议是否有被否决议案：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 20 日 （二） 股东大会召开的地点：陕西斯瑞新材料股份有限公司 4 楼会议室 （三） 出席会议的普通股股东、特别表决权股东、恢复表决权的优先股股东及 其持有表决权数量的情况： | 1、出席会议的股东和代理人人数 | 69 | | --- | --- | | 普通股股东人数 | 69 | | 2、出席会议的股东所持有的表决权数量 | 440,947,196 | | 普通股股东所持有表决权数量 | 440,947,196 | | 3、出席会议的股东所持有表决权数量占公司表决权数量的比 | 60.8144 | | 例（%） | | | 普通股股东所持有表决权数量占公司表决权数量的比例（%） | 60.8144 | （四） 表决方式是 ...

西安市高新区丈八二路绿地中心 B 座 46 层 邮编 710060 Floor 46,B Tower, Lv'di Center,ZhangBa Second Street Gaoxin District,Xi'an,Shaanxi 710060,China 国浩律师（西安）事务所 关于陕西斯瑞新材料股份有限公司 2024年年度股东大会的 法律意见书 致：陕西斯瑞新材料股份有限公司 根据《中华人民共和国证券法》（以下简称"《证券法》"）《中华人民共和 国公司法》（以下简称"《公司法》"）等法律、行政法规和规范性文件的规定， 国浩律师（西安）事务所（以下简称"国浩"）接受陕西斯瑞新材料股份有限公司 （以下简称"公司"）的委托，指派律师出席公司 2024 年年度股东大会（以下简称 "本次股东大会"）并对本次股东大会的相关事项进行见证，依法出具本法律意见 书。 国浩及经办律师依据《证券法》《律师事务所从事证券法律业务管理办法》和 《律师事务所证券法律业务执业规则》等规定及本法律意见书出具日以前已经发生 或者存在的事实，严格履行了法定职责，遵循了勤勉尽责和诚实信用原则，进行了 充分的核查验证，保证本法律意见所认定的事 ...

Investment Rating - The report suggests a positive outlook for the military industry, indicating a potential recovery in performance by 2025, with a focus on companies with order recovery expectations and performance support [2][10][44]. Core Insights - The military sector reported a total revenue of 764.903 billion yuan in 2024, a year-on-year increase of 1.16%. Key segments showing positive growth include shipbuilding, aerospace engines, and aviation [2][10]. - The net profit for the military sector decreased to 26.655 billion yuan in 2024, down 38.01% year-on-year, primarily due to lower downstream demand and price reductions for certain products [12][10]. - The first quarter of 2025 is expected to show signs of recovery, particularly in ground equipment and aerospace segments, with a projected increase in associated transaction amounts [2][29]. Summary by Sections 1. Industry Overview - The military sector's revenue growth was driven by shipbuilding (10.87% increase), aerospace engines (4.46% increase), and aviation (2.75% increase), while ground equipment and commercial aerospace saw significant declines [10][12]. - The report highlights a structural recovery in the military sector, with positive signals emerging from major companies regarding contract announcements and performance stabilization [2][38]. 2. Investment Strategy - The report recommends focusing on three main investment lines: 1. Traditional military sectors with expected order recovery, particularly in aerospace engines, shipbuilding, and aviation [2][44]. 2. New domains characterized by low-cost, intelligent, and systematic features, including precision-guided munitions and unmanned systems [2][44]. 3. Companies with asset integration expectations and competitive positions in military trade markets [2][44]. 3. Recommended Stocks - Traditional military direction: Recommended stocks include Aerospace Power, Aerospace Control, and Huayin Technology [3][45]. - New domain and new quality direction: Recommended stocks include High De Infrared, North Navigation, and Aerospace Rainbow [3][45]. - Reform and overseas direction: Recommended stocks include Guorui Technology and Construction Industry [3][45].

Core Viewpoint - Shaanxi Sray New Materials Co., Ltd. is undergoing a stock issuance to specific targets, with a total fundraising amount not exceeding 600 million yuan, aimed at financing various projects including the construction of a technology industrial park and the development of materials for liquid rocket engines [1][2]. Group 1: Fundraising and Project Details - The total amount to be raised is capped at 600 million yuan, with net proceeds allocated to projects such as the construction of a technology industrial park and the development of medical imaging equipment [2][3]. - The fundraising will cover both capital and non-capital expenditures, with 27.23% of the total funds earmarked for non-capital expenses, including working capital and contingency funds [3][4]. - The liquid rocket engine thrust chamber materials project is set to receive an investment of 510 million yuan, while the technology industrial park project will receive 820 million yuan [1][2]. Group 2: Project Investment Breakdown - The investment for the liquid rocket engine thrust chamber materials project is 230 million yuan, with 200 million yuan sourced from the fundraising [3][4]. - The project will involve the acquisition of 102 pieces of equipment, including precision machining and welding equipment, with a total estimated cost of approximately 199.27 million yuan [3][5]. - The construction of the factory will include modifications such as wall partitions and insulation, with total construction costs estimated at 4.45 million yuan [4][6]. Group 3: Cost Estimation and Fairness - The cost estimates for equipment purchases and construction are based on multiple supplier quotes and historical procurement prices, ensuring fairness in the financial assessments [5][6]. - Specific equipment costs include a high-precision CNC lathe priced at 240,000 yuan and an automatic processing line at 1.2 million yuan, reflecting the current market conditions and historical pricing trends [5][6]. - The company emphasizes that the equipment specifications for the new projects exceed those of existing equipment, justifying the higher costs associated with the new investments [8].