江苏联瑞新材料股份有限公司（以下简称"公司"）于 2025 年 8 月 26 日召 开第四届董事会第十四次会议，审议通过了《关于聘任公司财务负责人的议案》。 经公司总经理李晓冬先生提名，董事会提名委员会及董事会审计委员会审核通 过，公司董事会同意聘任柏林女士（简历详见附件）为公司财务负责人，任期自 本次董事会审议通过之日起至公司第四届董事会任期届满之日止。同时，公司董 事长李晓冬先生不再代行公司财务负责人职责。 特此公告。 证券代码：688300 证券简称：联瑞新材 公告编号：2025-031 江苏联瑞新材料股份有限公司 关于聘任财务负责人的公告 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。 江苏联瑞新材料股份有限公司董事会 2025 年 8 月 27 日 附件：柏林女士简历 柏林，女，1975 年出生，中国国籍，无境外永久居留权，本科学历。2007 年 2 月至 2014 年 8 月历任连云港东海硅微粉有限责任公司标准体系室主管、总 经办经理；2014 年 8 月至 2017 年 6 月任公司职工代表监事、企管部经理； ...

江苏联瑞新材料股份有限公司 非经常性损益鉴证报告 华兴专字[2025]25007510030 号 华兴会计师事务所（特殊普通合伙） w 非经常性损益鉴证报告 华兴专字[2025] 25007510030 号 我们接受委托，审核了后附的江苏联瑞新材料股份有限公司（以下简称 "联瑞新材"）2022 年度、2023 年度、2024 年度及 2025 年 1-6 月的非经常 性损益明细表。 一、对报告使用者和使用目的的限定 本报告仅供联瑞新材向不特定对象发行可转换公司债券之目的使用，不 得用于其他目的。我们同意将本鉴证报告作为联瑞新材向不特定对象发行可 转换公司债券的必备文件，随同其他申报材料一起上报。 二、管理层的责任 联瑞新材管理层的责任是提供真实、合法、完整的相关资料，按照中国 证券监督管理委员会颁布的《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》的相关规定编制非经常性损益明细表，并保证其内容真 实、准确、完整，不存在虚假记载、误导性陈述或者重大遗漏。 三、注册会计师的责任 江苏联瑞新材料股份有限公司全体股东： 我们的责任是在实施鉴证工作的基础上对联瑞新材管理层编制的上述 非经常性损益明细表发 ...

Financial Performance - The company reported a half-year performance period from January 1, 2025, to June 30, 2025[12]. - The company's operating revenue for the first half of the year reached ¥519,257,442.33, representing a year-on-year increase of 17.12% compared to ¥443,358,109.15 in the same period last year[18]. - The total profit for the reporting period was ¥157,457,267.68, an increase of 18.48% from ¥132,900,680.31 in the previous year[18]. - The net profit attributable to shareholders was ¥138,646,596.98, reflecting an 18.01% increase from ¥117,487,130.96 year-on-year[18]. - Basic earnings per share increased by 16.33% to ¥0.57 from ¥0.49 in the same period last year[19]. - The company's total assets at the end of the reporting period were ¥1,962,848,921.02, a slight decrease of 0.46% from ¥1,971,962,660.24 at the end of the previous year[18]. - The total equity attributable to shareholders increased to ¥1,551,737,366.21 from ¥1,507,675,837.88, showing an increase of approximately 3%[145]. Governance and Compliance - The board of directors confirmed the authenticity, accuracy, and completeness of the semi-annual report[3]. - The report is unaudited, ensuring transparency in financial reporting[4]. - The company maintains a commitment to high-quality financial disclosures and compliance with regulatory requirements[15]. - The company has no special arrangements for corporate governance during this period[5]. - There are no significant risks or non-operational fund occupation by controlling shareholders[6]. - The company has no significant asset or equity disposals during the reporting period[86]. - There are no major changes in the company's governance, environment, or social responsibility practices reported[87]. Research and Development - The company is focused on developing new products and technologies, particularly in the semiconductor packaging sector[10]. - The research and development expenditure accounted for 5.82% of operating revenue, down from 6.59% in the previous year, a decrease of 0.77 percentage points[20]. - R&D investment totaled ¥30,239,626.07, representing a 3.56% increase from the previous year, with R&D expenses accounting for 5.82% of total revenue, down 0.77 percentage points[57]. - The company has developed a comprehensive independent technology system in advanced functional powder materials, covering various core technologies from raw material design to industrialization[51]. - The company has made significant progress in R&D, with nine new intellectual property rights obtained during the reporting period, including four invention patents[54][55]. - The company focuses on high-end applications such as AI, 5G, and electric vehicles, enhancing its product offerings in advanced packaging and high-performance materials[52]. Market and Strategic Initiatives - The company is expanding its market presence and exploring potential mergers and acquisitions[10]. - The global advanced packaging market is projected to grow from $37.8 billion in 2023 to $69.5 billion by 2029, with a compound annual growth rate (CAGR) of 10.7%[32]. - The global semiconductor packaging materials market is expected to exceed $28 billion by 2025 and continue to grow steadily until 2028[32]. - The demand for high-performance packaging materials is driven by industries such as AI, high-speed communication, and automotive electronics, leading to increased market opportunities for functional advanced powder materials[33]. - The company aims to become a global leader in functional advanced powder materials and application solutions, aligning its strategy with industry trends and customer needs[26]. Financial Position and Cash Flow - The net cash flow from operating activities decreased by 57.19%, amounting to ¥42,854,908.43 compared to ¥100,108,210.99 in the previous year[18]. - Cash and cash equivalents decreased by 60.95% to ¥124,770,224.43, accounting for 6.36% of total assets, primarily due to the conversion of bank deposits to time deposits[76]. - The total liabilities decreased to ¥411,111,554.81 from ¥464,286,822.36, a reduction of about 11%[145]. - The total amount of significant non-equity investments includes ¥128,000,000.00 for integrated circuit functional powder and ¥230,000,000.00 for electronic-grade new functional materials manufacturing[79]. Shareholder Commitments and Dividends - The company has commitments related to share restrictions from major shareholders, effective for 36 months from the date of listing[91]. - The company will not distribute profits or increase capital reserves in the first half of the year[88]. - The company has committed to a cash dividend policy, distributing at least 10% of the distributable profits annually, provided certain conditions are met[99]. - The company will prioritize cash dividends but may also consider stock dividends if deemed beneficial for shareholders[99]. - The company has outlined conditions under which stock dividends may be issued, particularly when operational performance is strong[99]. Risks and Challenges - The company faces risks related to core competitiveness, including potential R&D failures and the loss of key personnel[65][66]. - The company has not reported any mergers or acquisitions during the reporting period[90]. - The company has not provided any future performance guidance or outlook[90]. Intellectual Property and Certifications - The company has accumulated 141 intellectual property rights, including 68 invention patents, enhancing its competitive edge in the market[47]. - The company has achieved ISO certifications (ISO9001, ISO14001, IATF16949, ISO45001) for its intelligent production lines, ensuring high-quality standards[30]. Operational Efficiency - The company is focused on a sales model that combines direct sales and agency sales, optimizing resource allocation to meet customer needs[29]. - The company emphasizes customer service across all stages, ensuring effective communication and value creation for clients[50]. - The company continues to strengthen its core technology advantages and maintain strong competitiveness through ongoing R&D and product upgrades[52].

Market Overview - The non-metal materials sector experienced a decline of 0.52% on August 26, with Quartz Co. leading the drop [1] - The Shanghai Composite Index closed at 3868.38, down 0.39%, while the Shenzhen Component Index closed at 12473.17, up 0.26% [1] Individual Stock Performance - Quartz Co. (603688) closed at 40.47, down 4.17% with a trading volume of 313,300 shares [1] - Ningxin New Materials (839719) closed at 16.14, down 1.82% with a trading volume of 44,800 shares [1] - Lianrui New Materials (688300) closed at 62.96, down 1.01% with a trading volume of 58,300 shares [1] - Dongfang Xiayuan (832175) closed at 12.86, down 1.00% with a trading volume of 33,100 shares [1] - Power Diamond (301071) closed at 31.54, down 0.76% with a trading volume of 48,800 shares [1] - Kuncai Technology (603826) closed at 20.60, down 0.68% with a trading volume of 58,500 shares [1] - Qilu Huaxin (830832) closed at 8.71, down 0.46% with a trading volume of 24,900 shares [1] - Bingyang Technology (836675) closed at 12.80, up 0.87% with a trading volume of 21,500 shares [1] - Tianma New Materials (838971) closed at 39.39, up 2.15% with a trading volume of 65,900 shares [1] - Longgao Co. (605086) closed at 29.34, up 2.48% with a trading volume of 59,100 shares [1] Capital Flow Analysis - The non-metal materials sector saw a net outflow of 168 million yuan from institutional investors, while retail investors contributed a net inflow of 148 million yuan [1] - Speculative funds recorded a net inflow of 19.89 million yuan into the sector [1]

Summary of Conference Call on PCB Materials and Industry Trends Industry Overview - The conference call focused on the PCB (Printed Circuit Board) materials industry, particularly the development and demand for high-performance copper-clad laminates (CCL) and related materials [1][7]. Key Points and Arguments 1. **CCL Composition and Cost Structure**: CCL is a critical material in PCB manufacturing, accounting for 15%-30% of costs. Its main components include copper foil (approximately 40%), resin (25%-30%), and electronic cloth (20%-25%) [1][5]. 2. **Demand for High-Performance CCL**: The demand for high-performance CCL is driven by upgrades in downstream applications, particularly in high-end servers (e.g., Ma 7 to Ma 9), which require lower dielectric constants and losses for faster signal transmission. The demand for high-end CCL is expected to double by 2026 [1][6]. 3. **Electronic Cloth Upgrades**: The electronic cloth market is evolving from traditional types to second and third-generation products, with significant price increases. The price of third-generation quartz fiber cloth (Q cloth) used in Ma 9 CCL can reach 250-400 RMB/meter [1][8]. 4. **Silicon Powder Application**: The application of silicon powder in CCL is transitioning from low-cost angular silicon powder to high-cost spherical silicon powder, with prices increasing significantly. By July 2025, the filling ratio of silicon powder is expected to exceed 30% [3][12]. 5. **Resin Formulation Changes**: The formulation of electronic-grade resins is evolving to meet higher performance requirements, with a shift from traditional epoxy resins to more advanced combinations like PPO and hydrocarbon resins. The price of high-grade resins has seen substantial increases, with some reaching 1 million RMB/ton [14][15]. 6. **Market Dynamics and Supplier Opportunities**: Domestic resin suppliers are gradually gaining market share, with companies like Shengquan Group and Dongcai Technology making breakthroughs in high-end resin products. These companies are expected to see significant performance improvements in the coming years [19][20]. 7. **Future Demand Trends**: The demand for various electronic components is expected to surge due to upgrades from high-end cloud manufacturers, leading to increased procurement of advanced materials even before large-scale production begins [10][18]. Additional Important Insights - **Market Share Concentration**: High-end materials and components are likely to be concentrated among leading companies, which will capture significant market shares due to their advanced processing capabilities and product quality [10][21]. - **Performance Expectations for Suppliers**: Companies like Dongtai Technology and Shengquan Group are highlighted as key players to watch, as they are positioned to expand their production capacity and meet the growing demand for high-end materials [21]. This summary encapsulates the critical insights from the conference call regarding the PCB materials industry, highlighting the trends, challenges, and opportunities within the sector.

Market Overview - On August 25, the non-metal materials sector rose by 0.65% compared to the previous trading day, with Lianrui New Materials leading the gains [1] - The Shanghai Composite Index closed at 3883.56, up 1.51%, while the Shenzhen Component Index closed at 12441.07, up 2.26% [1] Stock Performance - Lianrui New Materials (688300) closed at 63.60, with a gain of 5.05% and a trading volume of 86,500 shares, amounting to a transaction value of 545 million [1] - Other notable stocks include: - Kuncai Technology (603826) at 20.74, up 1.22% [1] - Longgao Co., Ltd. (605086) at 28.63, up 0.49% [1] - Bingyang Technology (836675) at 12.69, up 0.40% [1] - Dongfang Huaiyuan (832175) at 12.99, up 0.08% [1] - Strength Diamond (301071) at 31.78, down 0.19% [1] - Qilu Huaxin (830832) at 8.75, down 0.57% [1] - Suotong Development (603612) at 23.83, down 0.75% [1] - Changjiang Materials (001296) at 20.90, down 0.81% [1] - Ningxin New Materials (612688) at 16.44, down 1.26% [1] Capital Flow - The non-metal materials sector experienced a net outflow of 243 million from institutional investors, while retail investors saw a net inflow of 1.74 billion [2] - The overall capital flow for the sector indicates: - Lianrui New Materials had a net inflow of 82.31 million from institutional investors [3] - Kuncai Technology saw a net outflow of 1.52 million from institutional investors [3] - Longgao Co., Ltd. had a net outflow of 10.96 million from institutional investors [3] - Strength Diamond experienced a net outflow of 15.93 million from institutional investors [3] - Suotong Development faced a significant net outflow of 128 million from institutional investors [3] - Quartz Co. (603688) had a net outflow of 163 million from institutional investors [3]

Core Viewpoint - CCL (Copper Clad Laminate) is experiencing a price surge, with major manufacturers like 建滔积层板 issuing price increase notices, followed by second-tier companies such as 宏瑞兴 and 威利邦 [1] Group 1: Price Increases and Market Dynamics - 建滔积层板 announced a price increase of 10 yuan per sheet for products like CEM-1/22F/V0/HB/FR-4 starting August 15 [1] - 威利邦 and 宏瑞兴 also followed suit, with 威利邦 raising prices by 5 yuan per sheet due to rising copper prices, and 宏瑞兴 increasing prices by 10 yuan for various copper-clad laminates [1] Group 2: CCL and PCB Cost Structure - CCL is a core material for PCBs, accounting for 30% of the total PCB cost, with overall raw material costs making up 60% of PCB expenses [2] - The cost structure of CCL includes significant contributions from copper foil (42.1%), resin (26.1%), and fiberglass (19.1%) [3] Group 3: Demand Drivers and Supply Constraints - The rapid development of AI technology is driving strong demand for AI servers, which in turn boosts PCB demand [4] - The PCB industry is experiencing simultaneous increases in volume and price, leading to supply shortages in high-end materials such as LowDk electronic cloth and HVLP copper foil [5] Group 4: Key Material Suppliers - Recommended companies for AIPCB upstream materials include: - Electronic Cloth: 宏和科技 and 中材科技 [8] - Copper Foil: 铜冠铜箔, 德福科技, 隆扬电子, 嘉元科技, and 方邦股份 [8] - Electronic Resins: 东材科技, 圣泉集团, 宏昌电子, and 同宇新材 [8] - Functional Fillers: 联瑞新材 [8] - PCB-specific Electronic Chemicals: 天承科技 [9] - Copper Balls/Oxidized Copper Powder: 江南新材 [9]

Investment Rating - The industry investment rating is "Overweight (Maintain)" [2] Core Viewpoints - CCL is experiencing a price increase trend, with major manufacturers like Jiantao and Hongruixing announcing price hikes for various products [5] - CCL is a core raw material for PCBs, accounting for 30% of PCB total costs, with raw material costs making up 60% of the total PCB cost [5][10] - The demand for PCBs is driven by the rapid growth of AI technology, leading to a strong demand for AI servers and an upward trend in PCB market conditions [5] - The supply of upstream materials for AIPCB is facing shortages, particularly in high-performance materials such as Low Dk electronic cloth and HVLP copper foil [5] - The report suggests focusing on companies like Honghe Technology, Tongguan Copper Foil, and Defu Technology, which are key players in the upstream materials for AIPCB [6] Summary by Sections Price Trends - Major manufacturers have announced price increases for CCL products, with Jiantao raising prices by 10 yuan per sheet and other manufacturers following suit due to rising copper prices [5] Cost Structure - CCL's cost structure shows that upstream raw materials account for approximately 90% of its costs, with copper foil, resin, and fiberglass being the primary components [5][12] Market Demand - The rapid development of AI technology is significantly boosting the demand for PCBs, particularly for high-performance materials required for AI server upgrades [5] Supply Constraints - The report highlights a tightening supply of high-end materials in the PCB industry, including Low Dk electronic cloth and HVLP copper foil, which are critical for meeting the growing demand [5] Investment Recommendations - The report recommends monitoring companies such as Honghe Technology, Tongguan Copper Foil, and Defu Technology for potential investment opportunities in the AIPCB upstream materials sector [6]

Market Performance - On August 22, the non-metal materials sector rose by 1.37%, with Lianrui New Materials leading the gains [1] - The Shanghai Composite Index closed at 3825.76, up 1.45%, while the Shenzhen Component Index closed at 12166.06, up 2.07% [1] Stock Performance - Lianrui New Materials (688300) closed at 60.54, with a gain of 6.01% and a trading volume of 94,100 shares, amounting to a transaction value of 565 million yuan [1] - Tianma New Materials (838971) closed at 39.22, up 2.08%, with a transaction value of 196 million yuan [1] - KunCai Technology (603826) closed at 20.49, up 1.29%, with a transaction value of 132 million yuan [1] - Quartz Co. (603688) closed at 42.82, up 0.63%, with a transaction value of 1.692 billion yuan [1] - Other notable stocks include Lili Diamond (301071) at 31.84 (+0.25%), Longgao Co. (605086) at 28.49 (+0.14%), and Ningxin New Materials (839719) at 16.65 (-0.30%) [1] Capital Flow - The non-metal materials sector experienced a net outflow of 227 million yuan from institutional investors, while retail investors saw a net inflow of 254 million yuan [2] - The capital flow for individual stocks indicates that Lianrui New Materials had a net outflow of 16.93 million yuan from institutional investors, but a net inflow of 45.10 million yuan from retail investors [3] - Other stocks like KunCai Technology and Longgao Co. also showed mixed capital flows, with varying degrees of net inflows and outflows from different investor types [3]

Group 1 - The high bandwidth memory sector is leading the market with an increase of 3.38% [1] - Shengmei Shanghai saw a significant rise of 8.45% [1] - Lianrui New Materials increased by 4.45% [1] - Guoxin Technology experienced a growth of 4.16% [1] - Beifang Huachuang, Jingzhida, and Huahai Chengke all rose by over 3% [1]