关于陕西斯瑞新材料股份有限公司 非经常性损益明细表的核验报告 致同会计师事务所（特殊普通合伙） 您可使用手机"扫一扫"或进入"注册会计师行业统一监管平台（http://ac.cnof.gov.cn）"进行查 您可使用手机"扫一扫"或进入"注册会计师行业统一监管平台（http://acc.mof.gov.cn） "进行查 " 目 录 关于陕西斯瑞新材料股份有限公司非经常性损益明细表的核验 报告 非经常性损益明细表 1 nt Thornton 华 同 关于陕西斯瑞新材料股份有限公司 非经常性损益明细表的核验报告 致同专字（2025）第 332A010787 号 陕西斯瑞新材料股份有限公司全体股东: 根据《公开发行证券的公司信息披露内容与格式准则第 59 号——上市公 司发行证券申请文件》和《上海证券交易所发行上市审核业务指南第２号— 一发行上市申请文件》的要求,并按照《公开发行证券的公司信息披露解释 性公告第１号-非经常性损益（2023年修订）》（证监会公告〔2023〕65 号） 的有关规定编制上述非经常性损益明细表,提供真实、合法、完整的核验资 料是斯瑞新材公司管理层的责任。我们的责任是在执行核验工作的基础上对 ...

Financial Performance - The company's operating revenue for Q1 2025 was CNY 344,069,695.82, representing a year-on-year increase of 19.79% compared to CNY 287,217,967.31 in the same period last year[4]. - Net profit attributable to shareholders was CNY 32,329,630.29, up 31.62% from CNY 24,562,633.21 in the previous year[4]. - The basic earnings per share increased by 31.95%, reaching CNY 0.0446 compared to CNY 0.0338 in the same period last year[4]. - Total operating revenue for Q1 2025 reached ¥344,069,695.82, an increase of 19.8% compared to ¥287,217,967.31 in Q1 2024[15]. - Net profit for Q1 2025 was ¥32,840,641.07, representing a 32.8% increase from ¥24,736,345.59 in Q1 2024[16]. - Basic and diluted earnings per share for Q1 2025 were both ¥0.0446, compared to ¥0.0338 in Q1 2024[17]. Research and Development - Research and development expenses totaled CNY 18,272,036.20, which is 25.80% higher than CNY 14,525,220.21 in the previous year, accounting for 5.31% of operating revenue[5]. - Research and development expenses for Q1 2025 amounted to ¥18,272,036.20, up from ¥14,525,220.21 in Q1 2024[15]. Assets and Liabilities - Total assets at the end of the reporting period were CNY 2,270,596,528.35, reflecting a 6.42% increase from CNY 2,133,636,889.00 at the end of the previous year[5]. - As of March 31, 2025, total assets amounted to CNY 2,270,596,528.35, an increase from CNY 2,133,636,889.00 on December 31, 2024, reflecting a growth of approximately 6.5%[12]. - The company's total liabilities increased to ¥1,102,072,095.77 in Q1 2025 from ¥973,008,685.19 in Q1 2024[14]. - Total equity attributable to shareholders reached ¥1,117,629,296.75 in Q1 2025, compared to ¥1,113,026,770.71 in Q1 2024[14]. Cash Flow - The net cash flow from operating activities was negative at CNY -32,673,885.56, slightly improved from CNY -32,824,301.06 in the previous year[4]. - Cash inflow from operating activities in Q1 2025 totaled ¥297,881,182.63, an increase from ¥254,880,484.09 in Q1 2024[19]. - The net cash flow from operating activities was -$32.67 million, slightly improved from -$32.82 million in the previous period[20]. - Total cash outflow from operating activities amounted to $330.56 million, an increase from $287.70 million[20]. - The company experienced a net decrease in cash and cash equivalents of -$30.80 million, compared to an increase of $38.98 million previously[20]. Other Financial Metrics - The weighted average return on equity increased by 0.57 percentage points to 2.91% from 2.34% in the previous year[4]. - The company reported a total of CNY 5,181,763.52 in non-recurring gains and losses for the period[6]. - The increase in net profit was primarily driven by revenue growth across various segments and improved product sales structure[7]. - The company reported a decrease in credit impairment losses to -¥2,708,669.82 in Q1 2025 from -¥2,419,829.92 in Q1 2024[16]. - The company completed a capital reserve distribution in July 2024, increasing the number of shares by 167,323,890 shares to maintain comparability of earnings per share[5]. Operational Updates - The company has no significant changes in the shareholding structure or participation in margin trading activities[11]. - There are no other significant reminders or operational updates for investors during the reporting period[11].

Dividend and Profit Distribution - The company plans to distribute a cash dividend of 0.40 yuan per 10 shares (including tax) for the 2024 fiscal year, totaling approximately 29 million yuan, which represents 25.39% of the net profit attributable to shareholders[6]. - The total cash dividend for the year, including mid-term distributions, amounts to approximately 58 million yuan, accounting for 70.07% of the net profit attributable to shareholders[7]. - The proposed profit distribution plan is subject to approval at the 2024 annual general meeting[6]. Financial Performance - The company's operating revenue for 2024 reached RMB 1,329,681,334.80, representing a 12.73% increase compared to RMB 1,179,512,989.96 in 2023[29]. - The net profit attributable to shareholders of the listed company was RMB 114,240,914.58 in 2024, up 16.17% from RMB 98,341,107.16 in 2023[29]. - The net profit after deducting non-recurring gains and losses was RMB 103,019,933.34, reflecting a significant increase of 26.88% from RMB 81,193,033.55 in the previous year[29]. - The total assets of the company at the end of 2024 amounted to RMB 2,133,636,889.00, which is a 24.39% increase from RMB 1,715,330,827.82 at the end of 2023[29]. - The net assets attributable to shareholders of the listed company increased to RMB 1,113,026,770.71, marking a 5.41% rise from RMB 1,055,929,876.91 in 2023[29]. Research and Development - Research and development expenditure as a percentage of operating revenue increased to 5.18% in 2024 from 5.04% in 2023[30]. - R&D expenses for 2024 reached CNY 68.83 million, a year-on-year increase of 15.77%, with significant breakthroughs in advanced copper alloy materials[50]. - The company has obtained 26 new intellectual property rights, bringing the total to 272 authorized invention patents[51]. - The company is actively involved in collaborative R&D projects with universities and research institutions, enhancing its innovation capabilities[110]. Market Expansion and Client Base - Alstom's major clients include Alstom Transport S.A and Bombardier Transportation, indicating a diverse customer base in the transportation sector[17]. - The company is actively pursuing market expansion in Asia, particularly through collaborations with local firms such as Tianfu Communication and Dongguan Xuntai[18]. - The company aims to achieve a global market share of over 50% in its segments through innovation and market expansion strategies[169]. Risk Management - The company has outlined potential risks in its management discussion and analysis section, advising investors to be cautious[4]. - The company has identified risks related to technology upgrades and potential material substitutions in downstream applications, which could impact its competitive edge[113]. - The company is facing risks related to the inability to digest new production capacity due to market demand fluctuations and competition[115]. Corporate Governance - The company has not reported any non-operational fund occupation by controlling shareholders or related parties[11]. - There are no special arrangements in corporate governance that affect the annual report's authenticity and completeness[10]. - The company has received a standard unqualified audit report from its accounting firm, ensuring the accuracy of the financial statements[5]. Strategic Initiatives - The company aims to enhance its profitability and capital return rates, providing long-term stable value returns to investors[175]. - The company is committed to increasing R&D investment and establishing innovation alliances to tackle key industry challenges and maintain a leading position in advanced copper-based alloy materials[172]. - The company plans to invest a total of RMB 5.10 billion in the "Liquid Rocket Engine Thrust Chamber Material, Parts, and Components Industrialization Project," with an initial phase investment of RMB 2.30 billion and a second phase investment of RMB 2.80 billion over a total construction period of approximately 5 years[159]. Management and Remuneration - The total remuneration for all directors, supervisors, and senior management personnel at the end of the reporting period amounted to 941.98 million RMB[192]. - The total pre-tax remuneration for the chairman, Wang Wenbin, was 660,000 RMB[183]. - The total pre-tax remuneration for director Sheng Qingyi was 78,000 RMB[183]. - The total pre-tax remuneration for director Li Gang was 600,000 RMB[183]. Future Outlook - The company provided a positive outlook for the next quarter, projecting a revenue increase of 25% based on current market trends and user engagement[185]. - Future guidance includes maintaining a gross margin of 40%, with efforts to optimize supply chain management[185]. - The management emphasized the importance of enhancing operational efficiency, aiming for a 15% reduction in production costs over the next year[185].

陕西斯瑞新材料股份有限公司 2024 年度独立董事述职报告（李静） 作为陕西斯瑞新材料股份有限公司（以下简称"公司"或"斯瑞新材"）的 独立董事，报告期内，我严格按照《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》"）等法律法规以 及《陕西斯瑞新材料股份有限公司章程》《陕西斯瑞新材料股份有限公司独立董 事工作制度》的要求，本着客观、公正、独立的原则，勤勉尽责、独立履职，及 时了解公司的生产经营及发展情况，准时出席相关会议，积极发挥独立董事作用， 有效维护了公司整体利益和全体股东的合法权益。现将 2024 年度履行独立董事 职责情况汇报如下： 一、独立董事的基本情况 （一）个人工作履历、专业背景以及兼职情况 李静女士，1978 年生，中国国籍，无境外永久居留权。西安交通大学硕士 研究生，希格玛会计师事务所（特殊普通合伙）合伙人。中国注册会计师、中国 注册税务师、澳洲注册会计师、财政部全国会计领军人才（金融审计）。多年从 事审计咨询工作，主要负责上市公司审计咨询、金融机构审计咨询、公司债企业 债发债审计、境内境外企业审计咨询、企业行政事业单位内部控制咨询业务。曾 ...

陕西斯瑞新材料股份有限公司 2024 年度独立董事述职报告（袁养德） 作为陕西斯瑞新材料股份有限公司（以下简称"公司"或"斯瑞新材"）的 独立董事，报告期内，我严格按照《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》"）《上市公司独 立董事管理办法》等法律法规以及《陕西斯瑞新材料股份有限公司章程》《陕西 斯瑞新材料股份有限公司独立董事工作制度》的要求，本着客观、公正、独立的 原则，勤勉尽责、独立履职，及时了解公司的生产经营及发展情况，准时出席相 关会议，积极发挥独立董事作用，有效维护了公司整体利益和全体股东的合法权 益。现将 2024 年度履行独立董事职责情况汇报如下： 一、独立董事的基本情况 （一）个人工作履历、专业背景以及兼职情况 袁养德先生，1961 年生，中国国籍，无境外永久居留权，工程师。大专学 历，具有质量工程师、首席质量官资格。1984 年 9 月至 2021 年 2 月就职于西安 西电开关电气有限公司（原西安高压开关厂），先后担任技术员、质管处副处长、 车间主任、质检处处长、总质量师等职务。先后担任过陕西省、北京市、湖南省、 西安市等全国多个省 ...

2024 年度独立董事述职报告（耿英三） 作为陕西斯瑞新材料股份有限公司（以下简称"公司"或"斯瑞新材"）的 独立董事，报告期内，我严格按照《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》"）等法律法规以 及《陕西斯瑞新材料股份有限公司章程》《陕西斯瑞新材料股份有限公司独立董 事工作制度》的要求，本着客观、公正、独立的原则，勤勉尽责、独立履职，及 时了解公司的生产经营及发展情况，准时出席相关会议，积极发挥独立董事作用， 有效维护了公司整体利益和全体股东的合法权益。现将 2024 年度履行独立董事 职责情况汇报如下： 陕西斯瑞新材料股份有限公司 一、独立董事的基本情况 （一）个人工作履历、专业背景以及兼职情况 耿英三先生，西安交通大学教授（二级），博士研究生导师。分别于 1984 年、1987 年、1997 年于西安交通大学获得学士、硕士、博士学位。1987 年 6 月 留校任教至今。现任西安交通大学电工材料电气绝缘全国重点实验室副主任，西 安交通大学电气学院电器装备及智能化系统研究所所长。2000 年入选教育部高 等学校骨干教师，2004 年入选教育部"新世纪 ...

Investment Rating - The report assigns an "Accumulate" rating for the company, marking its first coverage [6]. Core Views - The company is a leader in the copper alloy segment, with expected growth driven by aerospace, medical, and semiconductor sectors [6][8]. - The company has shown steady growth in historical performance, with a projected revenue increase of 12.78% year-on-year for 2024, reaching 1.33 billion yuan [8][10]. - The company is actively expanding its production capacity and product offerings, which is anticipated to lead to accelerated revenue growth [11][42]. Summary by Sections 1. Company Overview - The company, established in 1995, has developed into a leader in high-strength and high-conductivity copper alloys and medium-high voltage contact materials, with a strong market position and recognition for its products [21][27]. 2. Financial Performance - From 2020 to 2023, the company's revenue and net profit have grown at a CAGR of 20.11% and 23.58%, respectively [8]. - For 2024, the company expects to achieve a revenue of 1.33 billion yuan and a net profit of 117 million yuan, reflecting year-on-year growth rates of 12.78% and 19.21% [10][11]. 3. Traditional Business Strengths - The company benefits from a strong position in traditional business areas, including traction motor end rings and high-end connector contacts, which are expected to see increased demand due to infrastructure projects [9][13]. - The company is the global leader in medium-high voltage contact materials, addressing domestic needs and exporting to international markets [33]. 4. Emerging Business Segments - The company is making significant progress in emerging sectors such as aerospace and medical imaging, with new products expected to contribute to revenue growth [4][14]. - Projects like the liquid rocket engine thrust chamber and CT/DR tube components are set to benefit from increasing market demand and production capacity expansions [15][39]. 5. Profit Forecast and Valuation - The company is projected to achieve net profits of 1.17 million yuan in 2024, 1.56 million yuan in 2025, and 2.10 million yuan in 2026, with respective growth rates of 19.21%, 33.44%, and 33.94% [10][11]. - The estimated P/E ratios for 2024, 2025, and 2026 are 74.27, 55.66, and 41.55, respectively, indicating a favorable valuation outlook [11].

斯瑞新材是一家以轨道交通、电力电子、航空航天、医疗影像等高端应用领域为目标市场，向客户提供 高强高导铜合金材料及制品、中高压电接触材料及制品、高性能金属铬粉、CT和DR球管零组件等产品 的关键基础材料和零组件制造商。公司坚持面向世界科技前沿、面向经济主战场、面向国家重大需求、 面向人民生命健康，力争成为多个细分领域新材料的领跑者，力争在每个细分领域做到技术创新世界第 一、市场占有率世界第一。 公司表示，此次募集资金将用于液体火箭发动机推力室材料、零件、组件产业化项目(一阶段)和年产3 万套医疗影像装备等电真空用材料、零组件研发及产业化项目以及用于补充流动资金，系围绕公司主营 业务展开，符合公司的业务发展方向和战略布局，有利于提高公司技术水平和核心竞争力。 近日，斯瑞新材(688102.SH)发布公告称，公司于4月3日收到上海证券交易所出具的《关于受理陕西斯 瑞新材料股份有限公司科创板上市公司发行证券申请的通知》(上证科审(再融资)〔2025〕31号)。 随着近年来我国电子电力、航空航天、轨道交通、半导体等科技产业发展迅速，高端制造领域对新材料 的需求远超以往，产能已无法满足公司下游市场未来快速增长的需要。 据 ...

陕西斯瑞新材料股份有限公司 登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：688102 证券简称：斯瑞新材 公告编号：2025-011 公司本次向特定对象发行A股股票事项尚需通过上海证券交易所审核，并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。上述事项最终能否通过上海证券交易所审 核，并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 关于2024年度向特定对象发行A股 股票申请获得上海证券交易所受理的公告 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4月3日收到上海证券交易所出具的《关于受 理陕西斯瑞新材料股份有限公司科创板上市公司发行证券申请的通知》（上证科审（再融资）〔2025〕 31号）。上海证券交易所依据相关规定对公司报送的科创板上市公司发行证券的募集说明书及相关申请 文件进 ...

Company Overview - Shaanxi Sry New Materials Co., Ltd. was established on July 11, 1995, and is registered in Shaanxi Province, China [2] - The company is engaged in the research, production, and sales of copper and copper alloy products within the non-ferrous metal smelting and rolling processing industry [2] - As of December 31, 2023, the company has issued a total of 56,001.40 million shares and has a registered capital [2] Financial Reporting Basis - The financial statements are prepared in accordance with the accounting standards issued by the Ministry of Finance and relevant regulations [3] - The financial statements are based on the assumption of going concern and are prepared using the accrual basis of accounting [3] - The accounting period follows the calendar year, from January 1 to December 31 [3] Accounting Policies - The company has established specific accounting policies for fixed asset depreciation, intangible asset amortization, and revenue recognition [3] - The financial statements reflect the company's financial position, operating results, and cash flows as of December 31, 2023 [3] Financial Instruments - The company recognizes financial assets and liabilities upon entering into financial instrument contracts [11] - Financial assets are classified into three categories based on the business model and cash flow characteristics [12] - The company measures financial assets at amortized cost or fair value, depending on their classification [12][15] Impairment of Financial Assets - The company assesses expected credit losses based on the risk of default and recognizes loss provisions accordingly [18] - Expected credit losses are calculated using a probability-weighted approach considering past events, current conditions, and forecasts of future economic conditions [18][19] Inventory Management - The company classifies inventory into categories such as raw materials, finished goods, and work in progress [29] - Inventory is measured at the lower of cost and net realizable value, with provisions for inventory write-downs when necessary [30][31]