Financial Performance - The company's operating revenue for Q1 2024 was CNY 30,487.45 million, a decrease of 38.35% compared to the same period last year[3] - The net profit attributable to shareholders was CNY 1,149.69 million, down 72.14% year-on-year[3] - The net profit after deducting non-recurring gains and losses was CNY 823.77 million, a decline of 79.72% compared to the previous year[3] - The basic earnings per share were CNY 0.09, reflecting a decrease of 71.88% year-on-year[3] - Total operating revenue for Q1 2024 was ¥304,874,534.07, a decrease of 38.4% compared to ¥494,523,598.30 in Q1 2023[17] - Net profit for Q1 2024 was ¥11,496,246.93, a decline of 72.2% from ¥41,259,946.58 in Q1 2023[18] - Basic and diluted earnings per share for Q1 2024 were both ¥0.09, compared to ¥0.32 in Q1 2023[19] - The company reported a total comprehensive income of ¥10,819,184.22 for Q1 2024, significantly lower than ¥40,854,418.90 in Q1 2023[19] Research and Development - Research and development expenses totaled CNY 1,145.69 million, a decrease of 15.40%, while the R&D expenditure accounted for 3.76% of operating revenue, an increase of 1.02 percentage points[3] - Research and development expenses for Q1 2024 were ¥11,456,856.40, a decrease of 15.4% from ¥13,542,325.31 in Q1 2023[17] Assets and Liabilities - The total assets at the end of the reporting period were CNY 158,249.16 million, an increase of 3.26% from the end of the previous year[4] - The total assets as of March 31, 2024, amounted to CNY 1,582,491,607.42, an increase from CNY 1,532,485,236.08 as of December 31, 2023, reflecting a growth of approximately 3.3%[13] - The company's total liabilities increased to CNY 568,295,891.91 from CNY 538,058,061.81, which is an increase of about 5.6%[15] - The total current liabilities rose to CNY 421,951,637.99 from CNY 374,461,211.06, indicating an increase of around 12.7%[15] - The total equity as of March 31, 2024, was CNY 1,014,195,715.51, up from CNY 994,427,174.27, reflecting a growth of approximately 2.7%[15] Cash Flow - The company reported a net cash flow from operating activities of CNY -4,475.64 million, which is not applicable for year-on-year comparison[3] - Cash flow from operating activities in Q1 2024 was negative at -¥44,756,363.92, an improvement from -¥112,997,488.09 in Q1 2023[21] - The net cash flow from investing activities was -$93,848,959.71, compared to -$44,846,248.00 in the previous period[22] - The net cash flow from financing activities was $35,460,151.11, a significant improvement from -$1,505,037.49 in the prior year[22] - The net increase in cash and cash equivalents for the quarter was -$103,130,399.45, compared to -$159,353,501.73 in the same quarter last year[22] Market and Product Development - The company has not disclosed any new product or technology developments in this report[12] - There are no significant changes in the shareholder structure or any new strategies mentioned for market expansion or mergers and acquisitions[12] - The company did not report any new product launches or significant market expansion strategies during this quarter[20] Other Financial Metrics - The company received government subsidies amounting to CNY 363.26 million, which were included in non-recurring gains and losses[5] - The sales volume of homogeneous precious metal catalysts decreased by 15.92% year-on-year, contributing to the decline in net profit[6] - The revenue from the basic chemical sector increased to 19.02% of total revenue, indicating a gradual release of its positive impact on income and profit[6] - Other comprehensive income after tax for Q1 2024 was -¥677,062.71, compared to -¥405,527.68 in Q1 2023[19] - The company raised $9,000,000.00 from investments and $44,600,000.00 from borrowings during the quarter[22] - The total cash inflow from financing activities was $53,600,000.00, while cash outflow was $18,139,848.89[22] - The impact of exchange rate changes on cash and cash equivalents was $14,773.07, compared to -$4,728.15 in the previous period[22]

Investment Rating - The report assigns an "Accumulate" rating for the company, marking its first coverage in this regard [4]. Core Views - The company has a strong foundation in precious metal catalysts, benefiting from significant R&D and scale advantages, and is poised to gain from the trend of domestic production [4]. - The demand for precious metal catalysts is steadily increasing, with a notable shift towards domestic production as foreign manufacturers currently dominate the high-end market [4][5]. - The company’s product quality is on par with international standards, and it is actively expanding into new product areas, which is expected to drive future growth [4][5]. Summary by Sections 1. In-depth Research on Precious Metal Catalysts - The company has been deeply involved in the precious metal catalyst industry for over 20 years, leveraging its relationship with the Northwest Nonferrous Metal Research Institute for R&D [4][24]. - The company has developed a comprehensive range of products, including non-mercury PVC catalysts and high-end homogeneous catalysts, with significant production capacity planned [4][5]. 2. Market Demand and Domestic Breakthrough - The current domestic demand for precious metal catalysts is approximately 19,000 tons, with expectations for continued growth as new products are introduced [4][5]. - The company is well-positioned to benefit from the domestic market as it develops new catalysts and expands its production capabilities [4][5]. 3. Product Quality and New Product Launches - The company’s catalysts have achieved or are close to international advanced levels, targeting mid-to-high-end markets [4][5]. - New product lines, including non-mercury PVC catalysts and other innovative catalysts, are in various stages of development and commercialization [4][5]. 4. Financial Forecast and Valuation - The company is projected to achieve net profits of 115 million, 219 million, and 286 million yuan for the years 2023, 2024, and 2025, respectively, with corresponding PE ratios of 37, 19, and 15 times [4][5]. - Compared to industry peers, the company’s 2024 PE is significantly lower than the average, indicating potential for growth as new products are marketed [4][5].

Group 1: Company Overview and Development Strategy - The company focuses on the research, production, and sales of precious metal catalysts, forming a complete and advanced preparation and research technology system [2] - The company aims to transition from fine chemicals to large-scale chemicals, leveraging its expertise in catalyst technology [2] - The company adheres to a development model driven by "technology + products + services," continuously improving its automation and intelligence levels [4] Group 2: Market Position and Competitive Advantage - The company has established a strong foundation in non-precious metal catalyst research, benefiting from its experience in precious metal catalysts [3] - The company is positioned to fill market gaps with internationally advanced and domestically leading products, focusing on high-efficiency and environmentally friendly catalytic technologies [3] - In 2022, the company's overseas market revenue reached CNY 20.08 million, with plans to expand its overseas business team [6] Group 3: Product Development and Innovation - The company is committed to developing new catalysts and technologies, including the recycling of used catalysts and chemical products [5] - The company has a project for the recycling of 2,000 tons of waste catalysts, which is expected to reach operational status by December 2023 [6] - The company emphasizes the importance of innovation in the catalyst industry, aiming to enhance product performance and reduce costs [4] Group 4: Management and Organizational Changes - The company underwent management changes in March 2023 to strengthen its management team in response to rapid business expansion [7] - The new management structure is younger and more rational, enhancing the company's operational efficiency [7] Group 5: Research and Development Collaboration - The company collaborates with domestic universities and research institutions to strengthen its technological innovation strategy [4] - The company aims to build an international first-class innovation center and industrial base for catalyst materials and technology [5]

Investment Rating - The report maintains an "Accumulate" rating for the company, with a target price of 33.83 CNY, down from a previous forecast of 50.73 CNY [3][5]. Core Views - The company has shown a quarter-on-quarter revenue growth in Q4 2023, with a total revenue of 1.806 billion CNY, reflecting a year-on-year decrease of 4.04% [3][5]. - The report highlights that the prices of precious metals have stabilized and are expected to recover, which bodes well for the company's future performance [3][5]. - The company is positioned as a leader in the precious metal catalyst market, with multiple growth drivers anticipated in the coming years [3][5]. Summary by Sections Financial Performance - In Q4 2023, the company achieved a revenue of 4.66 billion CNY, down 19.99% year-on-year, but up 25.9% quarter-on-quarter [3][5]. - The net profit attributable to shareholders for Q4 2023 was 0.17 billion CNY, a year-on-year decline of 63.2% but a significant quarter-on-quarter increase of 157.88% [3][5]. - The overall gross margin has declined due to the falling prices of palladium and rhodium, with the sales business accounting for 91.78% of total revenue [3][5]. Earnings Forecast - The report adjusts the EPS forecast for 2023-2025 to 0.88, 1.54, and 1.97 CNY respectively, down from previous estimates of 1.21, 1.59, and 2.08 CNY [3][5]. - The 2024 PE ratio is projected at 22X, reflecting a cautious outlook on profitability due to ongoing pressures in the precious metals market [3][5]. Market Position and Growth Potential - The company is expected to see a gradual release of production capacity from its advanced catalyst materials projects, which will support revenue growth [3][5]. - The report emphasizes the potential for significant capacity expansion following the completion of its capital increase projects, which could help overcome performance ceilings [3][5]. - The company is involved in various sectors, including PVC, coal-to-ethylene glycol, and hydrogen fuel cells, indicating a diversified growth strategy [3][5].

证券代码：688269 证券简称：凯立新材 公告编号：2024-012 西安凯立新材料股份有限公司 2024 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：2024 年 2 月 20 日 （二） 股东大会召开的地点：西安经济技术开发区高铁新城尚林路 4288 号凯立 新材综合办公楼 （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 | 45 | | --- | --- | | 普通股股东人数 | 45 | | 2、出席会议的股东所持有的表决权数量 | 56,888,400 | | 普通股股东所持有表决权数量 | 56,888,400 | | 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 | 43.5246 | | 比例（%） | | | 普通股股东所持有表决权数量占公司表决权数量的比例 | 43.5246 ...

国浩律师（西安）事务所 关 于 西安凯立新材料股份有限公司 延长向特定对象发行股票 股东大会决议有效期及相关授权有效期的 法律意见书 西安市雁塔区绿地中心 B 座 46 层 邮编：710065 The 46th Floor, Block B, Xi'an Greenland Center, Yanta District, Xi'an 710065,China 电话/Tel: +86 29 8819 9711 网址/Website: http://www.grandall.com.cn 2024 年 2 月 国浩律师（西安）事务所 法律意见书 国浩律师（西安）事务所 关于西安凯立新材料股份有限公司 延长向特定对象发行股票 股东大会决议有效期及相关授权有效期的 法律意见书 致：西安凯立新材料股份有限公司 国浩律师（西安）事务所（以下简称"本所"）接受西安凯立新材料股份有 限公司（以下简称"发行人"）的委托，担任发行人 2023 年度向特定对象发行 A 股股票（以下简称"本次发行"）的专项法律顾问，现就发行人延长本次发行 股东大会决议有效期（以下简称"决议有效期"）及延长股东大会授权董事会及 其授权人士办理本次发行 ...

致：西安凯立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》"）及中国证券监督管理委员会《上市 公司股东大会规则》（2022 年修订）（以下简称"《股东大会规则》"）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"本所"或 "国浩"）接受西安凯立新材料股份有限公司（以下简称"公司"或"凯立新材"） 的委托，指派律师出席公司 2024 年第一次临时股东大会（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（试行）》等规定及本法律意见书出具日 以前已经发生或存在的事实，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，保证本法律意见书所认定的事实真实、准确、完 整，所发表的结论性意见合法、准确，不存在虚假记载、误导性陈述或者重大遗 漏，并承担相应法律责任。 本法律意见书仅供公司 2024 年第一次临时股东大会之目的使用，本所及经 办律师同意本法律意见 ...

中信建投证券股份有限公司 有效期及相关授权有效期的核查意见 中信建投证券股份有限公司（以下简称"保荐人"、"中信建投证券"）作为 西安凯立新材料股份有限公司（以下简称"凯立新材"、"发行人"、"公司"）2023 年度向特定对象发行股票的保荐人，按照《监管规则适用指引——发行类第 6 号》 等相关规定，对凯立新材延长 2023 年度向特定对象发行 A 股股票股东大会决议 有效期及相关授权有效期的事项进行了核查，具体内容如下： 议通过了《关于提请股东大会延长公司向特定对象发行股票决议有效期的议案》 及《关于提请股东大会延长授权董事会全权办理本次向特定对象发行股票事宜有 效期的议案》，同意将本次发行的股东大会决议有效期及股东大会授权董事会全 权办理本次发行有关的全部具体事宜的有效期自前次有效期届满之日起延长 12 个月，即延长至 2025 年 4 月 13 日止。除延长上述有效期外，公司 2022 年年度 股东大授权董事会全权办理本次发行有关事宜的其它内容保持不变。公司独立董 事已就本次延期事项发表了明确同意的独立意见。 二、保荐人核查意见 关于西安凯立新材料股份有限公司 延长 2023 年度向特定对象发行股票股东 ...

西安凯立新材料股份有限公司 2024 年第一次临时股东大会 证券代码：688269 证券简称：凯立新材 西安凯立新材料股份有限公司 2024 年第一次临时股东大会会议资料 二〇二四年二月 中国西安 | | | | 目录 | 2 | | --- | --- | | 西安凯立新材料股份有限公司 | 3 | | 2024 年第一次临时股东大会会议须知 | 3 | | 西安凯立新材料股份有限公司 | 5 | | 2024 年第一次临时股东大会会议议程 | 5 | | 议案一 | 7 | | 关于提请股东大会延长公司向特定对象发行股票 | 7 | | 决议有效期的议案 | 7 | | 议案二 | 8 | | 关于提请股东大会延长授权董事会全权办理 | 8 | | 本次向特定对象发行股票事宜有效期的议案 | 8 | | 议案三 | 9 | | 关于变更公司注册地址及修订《公司章程》的议案 | 9 | 西安凯立新材料股份有限公司 2024 年第一次临时股东大会 西安凯立新材料股份有限公司 2024 年第一次临时股东大会会议须知 为了维护全体股东的合法权益，确保股东大会的正常秩序和议事效率，保证 股东大会的顺利进行，根据《中 ...

西安凯立新材料股份有限公司章程 | 第一章 总 则 | | --- | | 第二章 经营宗旨和范围 | | 第三章 股 份 | | 第一节 股东持股情况 | | 第二节 股份增减和回购 | | 第三节 股份转让 | | 第四章 股东和股东大会 | | 第一节 股东 . | | 第二节 股东大会的一般规定 | | 第三节 股东大会的召集 | | 第四节 股东大会的提案与通知 | | 股东大会的召开 第五节 | | 第六节 股东大会的表决和决议 | | 第五章 董事会 | | 第一节 _董事 | | 第二节 董事会 | | 第六章 经理及其他高级管理人员 | | 第七章 监事会. | | 第一节 监事 . | | 第二节 监事会 | | 第三节 监事会决议 | | 第八章 财务会计制度、利润分配和审计 . | | 第一节 财务会计制度 . | | 第二节 内部审计及公司会计师事务所的聘任 46 | | 第九章 投资者关系管理及信息披露 | | 第十章 通知 | | 第十一章 合并、分立、增资、减资、解散和清算 . | | 第一节 合并、分立、增资和减资 | | 第二节 解散和清算 | | 第十二章 修改章程. | ...