格隆汇7月31日丨斯瑞新材(688102.SH)在投资者互动平台表示，2023年，公司直接参与了投资蓝箭航 天，金额2000万元，股权比例较小。 ...

Group 1 - The company, Srey New Materials (688102.SH), has directly participated in an investment in Blue Arrow Aerospace in 2023, with an investment amount of 20 million yuan [1] - The equity stake acquired by the company in Blue Arrow Aerospace is relatively small [1]

Group 1 - The core viewpoint of the news is that Zhiyuan Investment has conducted research on a listed company, Srei New Materials, which is involved in multiple sectors including high and medium voltage electrical contact materials, shield machine supporting products, liquid rocket engine thrust chambers, medical CT fields, and optical module chip bases [1] - Srei New Materials holds over 60% market share in the domestic market for high voltage vacuum switch contact materials, primarily used in the power industry [1] - The company is developing high-strength copper retainers for ultra-large diameter shield machines, although this business segment contributes a relatively low revenue [1] - The liquid rocket engine thrust chamber project is expected to produce 200 tons of forgings annually and is currently progressing with registration submitted to the CSRC [1] - In the medical CT field, Srei New Materials collaborates with Siemens Healthineers, Wanruisi, and United Imaging Healthcare [1] - The company has initiated a project to produce 20 million sets of optical module chip bases/casings annually, focusing on low-cost mass production of diamond copper technology [1] Group 2 - Zhiyuan Investment, established in 2015 in Shenzhen Qianhai Free Trade Zone, has a professional investment research team and a comprehensive risk management system [2] - The firm aims to serve the development of China's real economy by connecting social capital with high-quality industries, focusing on asset allocation in companies aligned with development trends to achieve asset preservation and appreciation for clients [2]

Group 1: New Issuance Dynamics - As of July 21, 2025, there are 598 ongoing private placement projects, with 26 new projects added in the last two weeks, a 30% increase from the previous period[5] - The average time from proposal to approval for private placements has decreased by 90 days to 341 days, maintaining a 100% approval rate[16] - The China Securities Regulatory Commission (CSRC) approved 11 projects, a decrease of 5 from the previous period[5] Group 2: Market Performance and Trends - The total fundraising amount for newly listed projects in the last two weeks is 14.01 billion CNY, a decrease of 38.6% from the previous period[28] - The average benchmark discount rate for competitive projects is 5.51%, down 8.49 percentage points, while the market price discount rate is 7.21%, down 7.40 percentage points[28] - The average absolute return for competitive projects that were unlocked in the last two weeks is 26.74%, with a positive return rate increasing by 20%[28] Group 3: Project Analysis - Sui Rui New Materials plans to raise up to 600 million CNY for projects related to liquid rocket engine components, with expected revenue growth exceeding 10% in 2023 and 2024[20] - Zhao Long Interconnect aims to raise up to 1.195 billion CNY for a production base in Thailand, with expected capacity increases including 170,000 kilometers of data cables[24] - The average price-to-earnings (PE) ratio for Sui Rui New Materials is 4.06, significantly higher than the industry average of 9.34%[23]

Investment Rating - Investment rating: Positive (maintained) [5] Core Views - The rare earth sector is experiencing price increases driven by overseas catalysts, with neodymium oxide rising 7.29% to 478,500 CNY/ton, dysprosium oxide up 2.44% to 1,680,000 CNY/ton, and terbium oxide increasing 0.84% to 7,180,000 CNY/ton [5][12] - Molybdenum prices are fluctuating at high levels due to increased steel demand, with molybdenum concentrate prices rising 4.46% to 3,985 CNY/ton [5][24] - Tungsten prices are at new highs due to supply contraction expectations, with black tungsten concentrate prices increasing 4.07% to 179,000 CNY/ton [5][29] - Tin prices are under pressure with SHFE tin down 1.01% to 264,500 CNY/ton, influenced by raw material shortages from Myanmar [5][37] - Antimony prices are adjusting downwards, with antimony ingot prices falling 1.30% to 190,000 CNY/ton due to reduced smelting output [5][48] - The controllable nuclear fusion materials sector is in a high-growth phase, with significant opportunities for upstream materials [6] Summary by Category Rare Earths - Recent price increases: neodymium oxide up 7.29% to 478,500 CNY/ton, dysprosium oxide up 2.44% to 1,680,000 CNY/ton, terbium oxide up 0.84% to 7,180,000 CNY/ton [5][12] Molybdenum - Molybdenum concentrate price increased 4.46% to 3,985 CNY/ton, while molybdenum iron (Mo60) rose 3.49% to 252,000 CNY/ton [5][24] Tungsten - Black tungsten concentrate price increased 4.07% to 179,000 CNY/ton, and ammonium paratungstate rose 4.35% to 264,000 CNY/ton [5][29] Tin - SHFE tin price decreased 1.01% to 264,500 CNY/ton, and LME tin fell 1.82% to 33,160 USD/ton [5][37] Antimony - Antimony ingot price decreased 1.30% to 190,000 CNY/ton, and antimony concentrate price fell 1.49% to 16,500 CNY/ton [5][48] Nuclear Fusion Materials - The controllable nuclear fusion industry is accelerating commercialization, with significant benefits expected for upstream materials [6]

陕西斯瑞新材料股份有限公司 关于 2023 年股票期权激励计划限制行权期间的 提示性公告 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。 根据《上市公司股权激励管理办法》《陕西斯瑞新材料股份有限公司 2023 年股票 期权激励计划（草案）》及中国证券登记结算有限责任公司上海分公司关于股票期权 自主行权的相关规定，结合陕西斯瑞新材料股份有限公司（以下简称"公司"）2025 年半年度报告的发布计划，现对 2023 年股票期权激励计划限制行权时间公告如下： 一、公司处于行权期的股票期权激励计划情况如下： 证券代码：688102 证券简称：斯瑞新材 公告编号：2025-043 | | 计划名称 | 行权期 | 行权代码 | 行权起止日期 | | --- | --- | --- | --- | --- | | 2023 | 年股票期权激 | 首次授予股票期权 | 1000000584 | 2025 年 5 月 21 日至 | | | 励计划 | 第一个行权期 | | 2026 年 4 月 23 日 | 二、本次限制行权期为 2025 ...

Core Viewpoint - Srey New Materials (688102.SH) announced that it received approval from the Shanghai Stock Exchange for its application to issue shares to specific investors, pending final approval from the China Securities Regulatory Commission (CSRC) [1] Fundraising Details - The total amount to be raised from the issuance of A-shares is not to exceed 60 million yuan, which will be allocated to projects including liquid rocket engine thrust chamber materials, the construction of Srey New Materials Technology Industrial Park, and to supplement working capital [1][5] - The breakdown of the investment includes 23 million yuan for the first phase of the liquid rocket engine thrust chamber materials project, 40 million yuan for the construction of the technology industrial park, and 6 million yuan for working capital [2] Issuance Structure - The issuance will target no more than 35 specific investors, including various financial institutions and qualified investors [2] - The shares will be ordinary A-shares with a par value of 1 yuan each, and the issuance will be conducted through a pricing inquiry method [3] - The number of shares issued will not exceed 30% of the total share capital prior to the issuance, amounting to a maximum of 218,201,367 shares [3][5] Shareholder Structure - Following the issuance, the company's total share capital will increase, leading to changes in the shareholder structure, but the actual control of the company will remain unchanged with Wang Wenbin as the controlling shareholder [4][5] - As of the date of the fundraising prospectus, Wang Wenbin holds 40.38% of the company's total shares [4]

证券代码：688102 证券简称：斯瑞新材 公告编号：2025-042 陕西斯瑞新材料股份有限公司 关于 2024 年度向特定对象发行 A 股股票申请 收到上海证券交易所审核意见通知的公告 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。 陕西斯瑞新材料股份有限公司（以下简称"公司"）于 2025 年 7 月 9 日收到上海 证券交易所出具的《关于陕西斯瑞新材料股份有限公司向特定对象发行股票的交易所 审核意见》，具体意见如下： "陕西斯瑞新材料股份有限公司向特定对象发行股票申请符合发行条件、上市条 件和信息披露要求。本所将在收到你公司申请文件后提交中国证监会注册。" 公司本次向特定对象发行 A 股股票事项尚需获得中国证券监督管理委员会（以下 简称"中国证监会"）作出同意注册的决定后方可实施，最终能否获得中国证监会同 意注册的决定及其时间尚存在不确定性。公司将根据该事项的进展情况及时履行信息 披露义务，敬请广大投资者注意投资风险。 特此公告！ 陕西斯瑞新材料股份有限公司董事会 2025 年 7 月 10 日 1 ...

Core Viewpoint - The legal opinion letter from Grandall Law Firm (Xi'an) confirms that Shaanxi Srey New Materials Co., Ltd. has obtained the necessary approvals and authorizations for its 2023 stock option incentive plan adjustments, ensuring compliance with relevant laws and regulations [1][5][9] Group 1: Legal Framework and Compliance - The law firm was appointed as a special legal advisor for the 2023 stock option incentive plan of Shaanxi Srey New Materials Co., Ltd. [1] - The legal opinion is based on various laws including the Company Law, Securities Law, and relevant regulations from the Shanghai Stock Exchange [1][4] - The firm confirms that the company provided all necessary and accurate documentation for the legal opinion [4][5] Group 2: Approval and Authorization - The adjustments to the stock option incentive plan have received necessary approvals from the board and supervisory committee [6][7] - The company has publicly disclosed the list of incentive recipients and received no objections during the public notice period [6][7] - The board approved the adjustment of the exercise price for the stock options to 9.70 yuan per share [9] Group 3: Specific Adjustments - The adjustments to the stock option plan were made in response to the company's cash dividend distribution, which amounted to 29.17 million yuan [8] - The exercise price was adjusted from 9.74 yuan to 9.70 yuan per share following the dividend distribution [9] - The adjustments comply with the provisions of the incentive plan and relevant regulations [9]

Group 1 - The board of directors of Shaanxi Srey New Materials Co., Ltd. held its second meeting of the fourth session on July 7, 2025, with all seven directors present [1][2] - The board approved the adjustment of the exercise price for the 2023 stock option incentive plan from 9.74 yuan per share to 9.70 yuan per share, following the completion of the 2024 annual equity distribution [1][2] - The meeting was conducted in accordance with the relevant laws and regulations, including the Company Law of the People's Republic of China and the company's articles of association [1]