证券代码：688102 证券简称：斯瑞新材 公告编号：2025-045 本次会议的召集和召开程序符合《中华人民共和国公司法》《陕西斯瑞新材 料股份有限公司章程》等法律、法规和规范性文件的规定。 二、董事会会议审议情况 经与会董事审议，做出以下决议： 审议通过《关于公司 2024 年度向特定对象发行 A 股股票相关授权的议案》 陕西斯瑞新材料股份有限公司 第四届董事会第四次会议决议公告 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。 一、董事会会议的召开情况 陕西斯瑞新材料股份有限公司（以下简称"公司"）第四届董事会第四次会 议（以下简称"本次会议"或"会议"）于 2025 年 9 月 5 日（星期五）在公司 4 楼会议室以现场结合通讯的方式召开，会议通知已于 2025 年 9 月 4 日送达各位 董事。会议由董事长王文斌先生召集和主持，本次会议应出席董事 7 人，实际出 席董事 7 人（其中：通讯方式出席 4 人）。 公司 2024 年度向特定对象发行 A 股股票事项已获得中国证券监督管理委员 会出具的《关于同意陕西斯瑞新材 ...

投资要点: 多领域持续驱动，上半年业绩同比提升 2025H1，公司实现营业收入7.72 亿元，同比+23.74%；实现归母净利润为0.75 亿元，同比+33.61%。 2025 年上半年，公司重点推进先进铜合金材料在商业航天、医疗影像设备、人工智能数据中心、半导 体、可控核聚变等新质生产力相关产业的应用与产业化。分板块看，上半年，高强高导铜合金材料及制 品实现收入3.59 亿元；中高压电接触材料及制品实现收入1.77 亿元；医疗影像零组件实现收入0.41 亿 元，且毛利率较2024年提高4.81 个百分点；高性能金属铬粉实现收入0.39 亿元。公司持续加大研发投 入，上半年累计投入研发费用4,240.32 万元，同比增长30.73%。期间费用方面，2025H1，公司销售费 用0.13 亿元，同比+23.22%；管理费用0.36 亿元，同比+9.76%；财务费用0.03 亿元，同比-65.97%，主 要系欧元汇率上升引起汇兑收益大幅增加所致。 新产能建设持续推进，助力关键部件自主可控 盈利预测和投资评级根据公司上半年业绩表现，我们调整了公司的盈利预测，预计公司2025-2027 年营 业收入分别15.62、19 ...

Market Overview - On September 4, the metal new materials sector declined by 3.05%, with Jiangnan New Materials leading the drop [1] - The Shanghai Composite Index closed at 3765.88, down 1.25%, while the Shenzhen Component Index closed at 12118.7, down 2.83% [1] Individual Stock Performance - Jiangnan New Materials (603124) closed at 80.06, down 6.22% with a trading volume of 41,800 and a transaction value of 345 million [2] - Other notable declines include: - Jinli Permanent Magnet (300748) down 5.28% to 35.50 with a volume of 901,200 [2] - Sry New Materials (688102) down 5.21% to 14.92 with a volume of 166,100 [2] - Conversely, Huaitong New Materials (833751) increased by 2.36% to 22.13, with a trading volume of 39,700 [1] Capital Flow Analysis - The metal new materials sector experienced a net outflow of 942 million from institutional investors, while retail investors saw a net inflow of 907 million [2] - The sector's overall capital flow indicates a mixed sentiment, with institutional selling and retail buying [2] Detailed Capital Flow for Selected Stocks - Bo Wei Tai Jin (601137) had a net inflow of 19.22 million from institutional investors, while retail investors contributed a net inflow of 20.77 million [3] - In contrast, Alloy Investment (000633) saw a net outflow of 2.29 million from institutional investors but a net inflow of 5.40 million from retail investors [3] - Overall, the capital flow data reflects varying investor confidence across different stocks within the sector [3]

Group 1 - The company, Shaanxi Sirui Advanced Materials Co., Ltd., is planning to issue A-shares to specific investors in 2024, having received approval from the Shanghai Stock Exchange and the China Securities Regulatory Commission [2][3][4] - The total number of shares to be issued will not exceed 30% of the company's total share capital prior to the issuance, amounting to a maximum of 218,201,367 shares [3][4][5] - The funds raised will be allocated to projects including the industrialization of liquid rocket engine thrust chambers and the production of medical imaging equipment, with a total investment of 69 million yuan and 60 million yuan respectively [5][6] Group 2 - The company has established a research and development team led by nine core technical personnel, collaborating with institutions like Xi'an Jiaotong University and the Chinese Academy of Sciences [9] - The company has faced challenges in maintaining its competitive edge due to rapid technological advancements in the new materials industry, necessitating continuous R&D investment [8][9] - The company’s export revenue has been impacted by tariffs imposed by the United States, with a significant portion of its sales being subject to additional tariffs [10][11] Group 3 - The company has a significant reliance on copper as a primary raw material, making it vulnerable to fluctuations in copper prices, which could adversely affect production costs [14] - The company has experienced a rise in accounts receivable, which poses a risk of cash flow issues if customers face financial difficulties [17] - The company’s financial structure is heavily dependent on debt financing, which could lead to solvency risks if operational challenges arise [16]

证券简称：斯瑞新材 证券代码：688102 陕西斯瑞新材料股份有限公司 Shaanxi Sirui Advanced Materials Co.,Ltd. （陕西省西安市高新区丈八七路12号） 2024年度向特定对象发行A股股票 募集说明书 （注册稿） 保荐机构（主承销商） 中国（上海）自由贸易试验区商城路618号 二O二五年九月 陕西斯瑞新材料股份有限公司 2024年度向特定对象发行A股股票募集说明书 声明 本公司及全体董事、高级管理人员承诺募集说明书及其他信息披露资料不 存在任何虚假记载、误导性陈述或重大遗漏，并对其真实性、准确性及完整性 承担相应的法律责任。 公司负责人、主管会计工作负责人及会计机构负责人保证募集说明书中财 务会计资料真实、完整。 中国证券监督管理委员会、上海证券交易所对本次发行所作的任何决定或 意见，均不表明其对申请文件及所披露信息的真实性、准确性、完整性作出保 证，也不表明其对发行人的盈利能力、投资价值或者对投资者的收益作出实质 性判断或保证。任何与之相反的声明均属虚假不实陈述。 根据《证券法》的规定，证券依法发行后，发行人经营与收益的变化，由 发行人自行负责。投资者自主判断发行人的 ...

Summary of Key Points Core Viewpoint - On September 2, a total of 33 target price adjustments were made by brokerages for listed companies, with notable increases in target prices for Zhongcai International, Zhucheng Technology, and Guangyun Technology, reflecting significant potential upside in their respective sectors [1][2]. Group 1: Target Price Increases - Zhongcai International received a target price increase of 43.65%, with a new target price of 13.00 yuan [2]. - Zhucheng Technology's target price was raised by 41.51%, now set at 75.00 yuan [2]. - Guangyun Technology saw a target price increase of 35.72%, with a new target price of 22.00 yuan [2]. Group 2: Brokerage Recommendations - A total of 35 listed companies received brokerage recommendations on September 2, with notable mentions including Datang Power and China General Nuclear Power, each receiving one recommendation [3]. - Guangyun Technology's rating was upgraded from "Hold" to "Increase" by CITIC Securities [5]. Group 3: Rating Adjustments - One company, Yihua Tong, had its rating downgraded from "Buy" to "Hold" by Changjiang Securities [6]. - The only company receiving a new coverage rating was Chifeng Gold, which was rated "Buy" by CITIC Securities [7].

Market Overview - On September 2, the metal new materials sector experienced a decline of 4.17%, with Placo New Materials leading the drop [1] - The Shanghai Composite Index closed at 3858.13, down 0.45%, while the Shenzhen Component Index closed at 12553.84, down 2.14% [1] Stock Performance - Key stocks in the metal new materials sector showed significant declines, with Placo New Materials down 7.15% to a closing price of 73.00, and Srey New Materials down 7.11% to 16.06 [1] - Other notable declines included Ningbo Yunsheng down 7.05% to 15.69, and Jiangnan New Materials down 6.89% to 87.16 [1] Capital Flow - The sector saw a net outflow of 2 billion yuan from institutional investors, while retail investors contributed a net inflow of 1.9 billion yuan [1] - The table of capital flow indicates that major stocks like Bo Wei Tai Jin and Hua Da New Materials experienced significant net outflows from institutional investors [2] Individual Stock Analysis - Bo Wei Tai Jin had a net inflow of 1.17 million yuan from institutional investors, but a net outflow of 1.16 million yuan from speculative funds [2] - Hua Da New Materials reported a net outflow of 401.82 thousand yuan from institutional investors, while retail investors contributed a net inflow of 664.38 thousand yuan [2]

Group 1: Zhujiang Beer (002461.SZ) - Zhujiang Beer is the leading regional beer brand in Guangdong Province, with a strong market foundation and high consumer recognition. The flagship product, 97 Pure Draft, is leading product upgrades and capturing market share from competitors [6][7]. - The company has experienced continuous revenue and profit growth, with a CAGR of 7.8% in revenue and 9.2% in net profit from 2020 to 2024. The proportion of high-end products has increased significantly from 49.1% in 2019 to 70.8% in 2024 [6][7]. - The new management team, including a newly appointed chairman and general manager, is expected to drive further growth and innovation. The company has a solid reserve of high-end products and aims to expand its market presence outside Guangdong [7]. Group 2: Hanshuo Technology (301275.SZ) - Hanshuo Technology's revenue for the first half of 2025 was 1.974 billion yuan, a year-on-year decrease of 7%, with a net profit of 222 million yuan, down 42% year-on-year. The company is focusing on the North American market, which shows significant growth potential [16][17]. - The global demand for retail digitalization continues to grow, with electronic shelf label (ESL) module shipments reaching 248 million units in the first half of 2025, a 56% increase year-on-year. The demand from major retailers like Walmart is expected to drive further digital upgrades in the retail sector [16][17]. - The company has established a comprehensive business system centered on electronic shelf label systems and SaaS cloud platform services, with international operations in over 70 countries [17]. Group 3: Guoci Materials (300285.SZ) - Guoci Materials reported a revenue of 2.154 billion yuan in the first half of 2025, a year-on-year increase of 10.29%, with a net profit of 332 million yuan, up 0.38% year-on-year. The company is experiencing growth in electronic materials and new energy materials [18][19]. - The company’s six major business segments are developing synergistically, with a projected net profit of 774 million yuan, 886 million yuan, and 1.058 billion yuan for 2025-2027, respectively [19][20]. - The company is focusing on strategic investments and acquisitions to enhance its capabilities in clinical materials and digital equipment, particularly in the biomedical materials sector [20]. Group 4: Yuhua Software (300339.SZ) - Yuhua Software achieved a revenue of 1.747 billion yuan in the first half of 2025, a year-on-year increase of 10.55%, while the net profit decreased by 29.43% to 60 million yuan. The company is actively promoting its innovative business [22][23]. - The company’s gross margin was 23.72%, down 2.36 percentage points year-on-year, but it has optimized its expense ratios, leading to improved operational efficiency [23][24]. - The revenue from innovative business segments reached approximately 368 million yuan, accounting for 21.07% of total revenue, indicating a growing contribution from new business areas [24]. Group 5: New Dairy Industry (002946.SZ) - New Dairy Industry reported a revenue of 5.526 billion yuan in the first half of 2025, with a net profit of 397 million yuan, reflecting a year-on-year increase of 33.8%. The company’s low-temperature strategy is showing significant results [48][49]. - The direct-to-consumer (DTC) model has driven growth, with revenue from this channel increasing by 23% to 3.39 billion yuan, representing 66.3% of total revenue [48][49]. - The company is focusing on core markets and has achieved stable growth in key regions, with a notable increase in high-end fresh milk sales [48][49].

公司点评 | 斯瑞新材 产品结构不断优化，25H1 业绩显著增长 斯瑞新材（688102.SH）25H1 业绩点评 事件：公司发布 25 年半年报，营业收入与归母净利润同比大幅增长。25 年 上半年实现营业收入 7.72 亿元，同比增长 23.74%，实现归母净利润 7473.83 万元，同比增长 33.61%。其中，25Q2 单季度实现营业收入 4.28 亿元，同 比增长 27.1%，环比增长 24.42%；25Q2 单季度实现归母净利润 0.42 亿元， 同比增长 35.18%，环比增长 31.18%。25H1 公司各板块业务增长，产品销 售结构不断优化，新的产业方向稳步增长，开始贡献收益，叠加欧元汇率上 升引起汇兑收益大幅增加。 25H1 液体火箭发动机推力室材料、零件、组件产业化项目进展顺利，在关 键领域取得重大突破。截至 25H1，公司在本项目已累计投资 4,723.27 万元， 并于报告期内在关键技术领域取得重大突破——成功研发铜铬铌大推力液 体火箭发动机推力室内壁热等静压近净成型技术，并向客户交付样件，该技 术创新将显著提升材料的强度和耐高温性能，并以一次成型的方式极大程度 提高材料利用率、降低 ...

截至6月30日，斯瑞新材股东户数1.43万，较上期增加50.17%；人均流通股51230股，较上期减少 33.04%。2025年1月-6月，斯瑞新材实现营业收入7.72亿元，同比增长23.74%；归母净利润7473.83万 元，同比增长33.61%。 分红方面，斯瑞新材A股上市后累计派现1.67亿元。近三年，累计派现1.35亿元。 8月27日，斯瑞新材涨3.10%，成交额4.53亿元。两融数据显示，当日斯瑞新材获融资买入额8149.62万 元，融资偿还6459.64万元，融资净买入1689.98万元。截至8月27日，斯瑞新材融资融券余额合计3.24亿 元。 融资方面，斯瑞新材当日融资买入8149.62万元。当前融资余额3.24亿元，占流通市值的2.56%，融资余 额超过近一年90%分位水平，处于高位。 融券方面，斯瑞新材8月27日融券偿还0.00股，融券卖出0.00股，按当日收盘价计算，卖出金额0.00元； 融券余量0.00股，融券余额0.00元，超过近一年70%分位水平，处于较高位。 资料显示，陕西斯瑞新材料股份有限公司位于陕西省西安市高新区丈八七路12号，成立日期1995年7月 11日，上市日期2022年 ...