Summary of the Conference Call for Xinrui Co., Ltd. Company Overview - Xinrui Co., Ltd. operates in the tool and cutting tool industry, offering a range of products including mining tools (such as roller bits, top hammer drilling tools, and front impact tools), CNC blades, complete tools, and related instruments. The company has established a sales foundation in Europe, South America, and China, and is gradually expanding into North America, Africa, and the Middle East [3][4][10]. Market Performance - From 2019 to 2023, Xinrui achieved steady revenue and profit growth, with a compound annual growth rate (CAGR) exceeding 20%. The company holds the largest market share in the domestic solar power sector and ranks among the top three in the Australian market, following Sandvik and Atlas [4]. - The global mining tools market is approximately 46.7 billion RMB, with Xinrui's share around 5%. Revenue from mining tools is expected to reach 400 million RMB in 2024, primarily from exports, indicating significant future growth potential [4][9]. - Xinrui's revenue projections for 2024, 2025, and 2026 are 1.862 billion RMB, 2.251 billion RMB, and 2.7 billion RMB, respectively, with corresponding net profits of 179 million RMB, 250 million RMB, and 316 million RMB [4][24]. Strategic Acquisitions - Xinrui has enhanced its product variety and channel resources through acquisitions, including the purchase of Vikatel, Zhenlan, and a proposed acquisition of Joker Tools. These moves aim to integrate production and distribution, thereby strengthening market competitiveness [4][6][21]. - The acquisition of HSBC Holdings has led to rapid growth in the top hammer device market, with revenue expected to reach 120 million RMB in 2024 [4][11]. Competitive Landscape - Xinrui's market share in the top hammer device market is approximately 1%, with significant room for improvement. The global market for top hammer devices is valued at around 25 billion RMB [11][12]. - The company has made substantial improvements in product quality and variety, which aids in providing comprehensive solutions and attracting new customers, thereby enhancing global market competitiveness [13]. Economic Environment Impact - Xinrui's performance is less affected by domestic macroeconomic conditions, as it primarily exports its products. The stable demand for copper and iron ore globally supports steady growth in consumable demand [14]. - The company anticipates that its overseas sales revenue will grow by over 20%, with gross margins higher than domestic levels [14]. Valuation and Future Outlook - Xinrui's current valuation is considered low compared to peers in the industry. A target price of 30.36 RMB is set based on a 22x price-to-earnings (PE) ratio, indicating approximately 50% upside potential [4][25]. - The company is expected to continue its growth trajectory, with strategic acquisitions and market expansions contributing to its long-term sustainability and profitability [21][24]. Conclusion - Xinrui Co., Ltd. is positioned for significant growth in the mining tools and cutting tool sectors, supported by strategic acquisitions, a strong export focus, and a commitment to enhancing product quality and market presence. The company's future revenue and profit projections indicate a robust outlook, making it a strong investment opportunity.

Financial Performance - Total revenue for 2024 reached RMB 186,183.47 million, a year-on-year increase of 20.17%[4] - Operating profit was RMB 24,925.37 million, reflecting a growth of 12.32% compared to the previous year[4] - Net profit attributable to shareholders was RMB 17,945.74 million, up 10.10% year-on-year[4] - Basic earnings per share increased to RMB 1.0051, representing an 11.44% rise from the previous year[4] - The net asset per share attributable to shareholders rose to RMB 12.15, an increase of 4.46% from the beginning of the period[4] Assets and Investments - Total assets at the end of the reporting period were RMB 403,330.22 million, a 15.89% increase from the beginning of the period[6] - The company deepened its strategic layout by increasing its stake in Antimony Precision Tools, enhancing market competitiveness[7] - The acquisition of Drillco Tools was approved to strengthen the company's global market strategy in hard alloy drilling tools[7] Strategic Focus - The company focused on upgrading processes and digital transformation to improve management capabilities amid rising raw material costs[7] - The company emphasizes the importance of risk awareness as the financial data is preliminary and unaudited[8]

证券代码：688257 证券简称：新锐股份 公告编号：2025-001 苏州新锐合金工具股份有限公司 2025 年第一次临时股东大会决议公告 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 01 月 13 日 （二） 股东大会召开的地点：江苏省苏州工业园区唯西路 6 号苏州新锐合金工 具股份有限公司二楼 1 号会议室 （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 | 58 | | --- | --- | | 普通股股东人数 | 58 | | 2、出席会议的股东所持有的表决权数量 | 58,737,439 | | 普通股股东所持有表决权数量 | 58,737,439 | | 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 | 32.8808 | | 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（ ...

上海市锦天城(苏州)律师事务所 法律意见书 苏州新锐合金工具股份有限公司 2025 年第一次临时股东大会的 法律意见书 上海市锦 t 事务所 地址:江苏省苏州工业园区苏州大道东 456 号新光天地 15F 电话:(0512) 69365188 传真:(0512) 69365288 邮编：215028 上海市锦天城(苏州)律师事务所 关于 二〇二五年一月 上海市锦天城(苏州)律师事务所 法律意见书 上海市锦天城(苏州)律师事务所 关于苏州新锐合金工具股份有限公司 2025 年第一次临时股东大会的 法律意见书 致苏州新锐合金工具股份有限公司: 上海市锦天城(苏州)律师事务所(以下简称"本所")接受苏州新锐合金工 具股份有限公司(以下简称"公司"或"新锐股份"）的委托,指派岳炜律师、阎楠 律师出席了公司于 2025年 1 月 13 日召开的 2025 年第一次临时股东大会(以下 简称"本次股东大会")。现根据《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》")、《上市公司股东大会规则》 (以下简称"《股东大会规则》")、等法律、行政法规、规范性文件以及《苏州 新锐 ...

二、议案审议情况 (一) 审议通过《关于部分募投项目延期的议案》 证券代码：688257 证券简称：新锐股份 公告编号：2024-090 苏州新锐合金工具股份有限公司 第五届监事会第九次会议决议公告 本公司监事会及全体监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、会议召开和出席情况 苏州新锐合金工具股份有限公司（以下简称"公司"）第五届监事会第九次会议 于2024年12月30日下午2点30分在江苏省苏州市工业园区唯西路6号公司会议室举 行。会议通知于2024年12月27日向各位监事发出。会议由监事会主席薛佑刚先生主 持，本次监事会会议应出席监事3人，实际出席监事3人。会议的召开符合《公司 法》及《公司章程》有关规定，所作决议合法有效。 特此公告。 苏州新锐合金工具股份有限公司监事会 2024 年 12 月 31 日 公司本次部分募投项目延期未改变公司募投项目的投资内容、投资总额、实施 主体，建设内容未发生变化，不存在变相改变募集资金用途和损害股东利益的情 形，符合中国证监会、上海证券交易所关于上市公司募集资金管理的有关规定，符 合公司及 ...

民生证券股份有限公司 民生证券股份有限公司（以下简称"民生证券"或"保荐机构"）作为苏州 新锐合金工具股份有限公司（以下简称"新锐股份"或"公司"）首次公开发行 股票并在科创板上市的保荐机构，根据《证券发行上市保荐业务管理办法》《上 市公司监管指引第 2 号——上市公司募集资金管理和使用的监管要求》《上海证 券交易所科创板股票上市规则》《上海证券交易所科创板上市公司自律监管指引 第 1 号——规范运作》等有关规定，对新锐股份部分募投项目延期事项进行了审 慎核查，发表如下意见： 一、募集资金基本情况 关于苏州新锐合金工具股份有限公司 部分募投项目延期的核查意见 为规范公司募集资金管理和使用，保护投资者权益，公司设立了募集资 金专项账户。上述募集资金到账后，已全部存放于募集资金专项账户内，公 司已与保荐机构民生证券股份有限公司及存储募集资金的商业银行签订了募 集资金专户监管协议，具体情况详见公司于2021年10月26日在上海证券交易 所网站（www.sse.com.cn）披露的《苏州新锐合金工具股份有限公司首次公开 发行股票科创板上市公告书》。 二、募集资金投资项目情况 根据中国证券监督管理委员会于2021年8月 ...

苏州新锐合金工具股份有限公司 关于部分募投项目延期的公告 本公司董事会及全体董事保证本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。 苏州新锐合金工具股份有限公司（以下简称 "公司"）于 2024 年 12 月 30 日召开 第五届董事会第十一次会议、第五届监事会第九次会议，审议通过了《关于部分募投 项目延期的议案》，同意公司对募投项目"研发中心建设项目"达到预定可使用状态 的时间进行延期。本次延期未改变募投项目的内容、投资用途、投资总额和实施主体， 不会对募投项目的实施造成实质性影响。公司保荐机构民生证券股份有限公司对本事 项出具了明确的核查意见。上述议案无需提交公司股东大会审议。现将相关情况公告 如下： 一、募集资金基本情况 根据中国证券监督管理委员会于2021年8月24日出具的《关于同意苏州新锐合 金工具股份有限公司首次公开发行股票注册的批复》（证监许可〔2021〕2759号） 核准，公司获准首次向社会公众公开发行人民币普通股2,320万股，每股面值为人 民币1元，发行价格为每股人民币62.30元/股，募集资金总额为人民币144,536.00万 ...

证券代码：688257 证券简称：新锐股份 公告编号：2024-089 苏州新锐合金工具股份有限公司 第五届董事会第十一次会议决议公告 本次延期是对部分募投项目建设进行的合理调度和科学安排，有利于提高公司 资金使用效率，优化资源配置，符合公司未来发展的战略要求，符合公司及全体股 东的利益。 本公司董事会及全体董事保证本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、会议召开和出席情况 苏州新锐合金工具股份有限公司（以下简称"公司"）第五届董事会第十一次会 议于2024年12月30日下午2点在江苏省苏州市工业园区唯西路6号公司会议室举行。 会议通知于2024年12月27日向各位董事发出。会议由董事长吴何洪先生主持，本次 董事会会议应出席董事7人，实际出席董事7人，公司全体监事、高管列席了会议。 会议的召开符合《公司法》及《公司章程》有关规定，所作决议合法有效。 二、议案审议情况 (一) 审议通过《关于部分募投项目延期的议案》 表决结果：同意7票，反对0票，弃权0票，回避0票。 具体内容详见公司于同日在上海证券交易所网站（www.sse.com.cn ...

证券代码：688257 证券简称：新锐股份 苏州新锐合金工具股份有限公司 投资者关系活动记录表 | --- | --- | --- | |------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

Summary of Conference Call Records Company and Industry Overview - The company has made four acquisitions in the first half of the year, including Xingma Tools, and recently announced the acquisition of a South American company to enhance its product offerings in specialized tools [1][2] - The company is positioned as a scientific and educational enterprise, with approximately 50% of its revenue coming from overseas markets, contributing about 75% of its profits [1][2] - The company has two main development lines: expanding its product range in the tool sector and developing other segments such as practical instruments and gauges [1][2] Key Financial Insights - The gross margin from overseas markets is significantly higher than that from domestic markets, with a difference of 10% to 15% [2] - The company’s profits are primarily driven by the sales of mining consumables, which have a higher gross margin compared to other products [2][5] - The global market for mining consumables is estimated to be between $400 billion and $500 billion, with stable demand linked to mining activity [3][4] Market Dynamics - The demand for mining consumables is relatively stable, as it is closely tied to the extraction volumes of key metals like iron and copper, which have shown steady production growth [3][4] - Major clients include the four largest iron ore producers, which account for about 41% of global production [3][4] - The company’s overseas revenue share is over 80%, with domestic profits estimated to be below 10% [5] Strategic Acquisitions and Developments - The acquisition of the South American company is seen as strategically significant, enhancing the company’s ability to provide comprehensive solutions in mining consumables [8][10] - The company has a history of acquisitions aimed at transitioning from a single product provider to a comprehensive solution provider, with previous acquisitions in Australia and the U.S. [9][10] - The company’s product offerings are diverse, with a focus on providing integrated solutions to meet customer needs [6][8] Challenges and Future Outlook - The company faces challenges in the domestic market, where the mining consumables segment has seen a decline, impacting profit growth [20][22] - Rising raw material costs have also pressured profit margins, with the cost of raw materials constituting 75% to 80% of production costs [12][20] - Despite current challenges, the company anticipates profit acceleration in 2025, driven by reduced competitive pressures and improved market conditions [22] Additional Insights - The company’s other business segments, including hard alloy products and oil instruments, are showing upward trends, with significant revenue growth reported [19][20] - The hard alloy segment has faced margin pressures due to rising raw material costs, but is expected to stabilize as market conditions improve [12][20] - The company’s historical performance shows a revenue growth rate of approximately 28% over the past three years, primarily supported by overseas markets [21][22]