北京市朝阳区建外大街丁 12 号英皇集团中心 8 层 8/F, Emperor Group Centre, No.12D, Jianwai Avenue, Chaoyang District, Beijing, 100022, P.R.China 电话/Tel.:010-50867666 传真/Fax:010-56196450 网址/Website:www.kangdalawyers.com 康达股发字 2025 第 0078 号 二〇二五年九月 北京 西安 深圳 海口 上海 广州 杭州 沈阳 南京 天津 菏泽 成都 苏州 呼和浩特 香港 武汉 郑州 长沙 厦门 重庆 合肥 宁波 济南 北京市康达律师事务所 关于江苏联瑞新材料股份有限公司 向不特定对象发行可转换公司债券的 补 充 法 律 意 见 书（二） 上海证券交易所于 2025 年 8 月 27 日下发《关于江苏联瑞新材料股份有限公 司向不特定对象发行可转换公司债券申请文件的审核问询函》（上证科审（再融 资）[2025]106 号），本所根据法律、法规的相关规定，现出具《北京市康达律 师事务所关于江苏联瑞新材料股份有限公司向不特定对象发行可转换公司债券 ...

关于江苏联瑞新材料股份有限公司 向不特定对象发行可转换公司债券 审核问询函有关财务问题回复的专项说明 华兴专字[2025]25007510066 号 华兴会计师事务所（特殊普通合伙） 关于江苏联瑞新材料股份有限公司 向不特定对象发行可转换公司债券 审核问询函有关财务问题回复的专项说明 华兴专字[2025] 25007510066 号 上海证券交易所： 贵所于2025年8月27日签发的《关于江苏联瑞新材料股份有限公司向不特定 对象发行可转换公司债券申请文件的审核问询函（上证科审（再融资）〔2025〕 106 号）》（以下简称 "问询函"）已收悉。我们作为江苏联瑞新材料股份有限公 司（以下简称"公司""联瑞新材"或"发行人"）申请向不特定对象发行可转换 公司债券的申报会计师，根据贵所问询函的要求，现就问询函有关财务问题回复 如下： 7-2-1 一、关于融资规模与效益测算 根据申报材料，1）截至2025年3月末，公司货币资金余额为21,075.04万元， 交易性金融资产余额为21,623.26万元，其他流动资产中理财产品余额为 18,014.31万元，其中票据保证金等受限资金余额为1,536.38万元；2）高性能高 ...

国泰海通证券股份有限公司 关于江苏联瑞新材料股份有限公司 科创板向不特定对象发行可转换公司债券 之 发行保荐书 保荐机构（主承销商） （中国（上海）自由贸易试验区商城路 618 号） 二〇二五年九月 声 明 本保荐机构及保荐代表人根据《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》）、《证券发行上市 保荐业务管理办法》（以下简称《保荐管理办法》）、《上市公司证券发行注册 管理办法》（以下简称《注册管理办法》）、《上海证券交易所科创板股票上市 规则》（以下简称《上市规则》）等有关法律、行政法规和中国证券监督管理委 员会（以下简称中国证监会）、上海证券交易所的规定，诚实守信，勤勉尽责， 严格按照依法制订的业务规则、行业执业规范和道德准则出具本发行保荐书，并 保证所出具文件的真实性、准确性和完整性。 如无特殊说明，本发行保荐书中的简称或名词释义与《江苏联瑞新材料股份 有限公司向不特定对象发行可转换公司债券之募集说明书》一致。 3-1-1 | 声 | 明 1 | | --- | --- | | 第一节 | 本次证券发行基本情况 3 | | | 一、本次证券发行保荐机构名称 ...

国泰海通证券股份有限公司 关于江苏联瑞新材料股份有限公司 科创板向不特定对象发行可转换公司债券 之 上市保荐书 保荐机构（主承销商） （中国（上海）自由贸易试验区商城路 618 号） 二〇二五年九月 声 明 本保荐机构及其保荐代表人已根据《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》）等法律法规和中 国证券监督管理委员会（以下简称"中国证监会"）及上海证券交易所的有关规 定，诚实守信，勤勉尽责，严格按照依法制定的业务规则和行业自律规范出具上 市保荐书，并保证所出具文件真实、准确、完整。 如无特殊说明，本上市保荐书中的简称或名词释义与《江苏联瑞新材料股份 有限公司向不特定对象发行可转换公司债券之募集说明书》一致。 3-2-1 | 明 1 | 声 | | --- | --- | | 录 2 | 目 | | 一、发行人基本情况 3 | | | 发行人本次发行情况 16 | 二、 | | 本次证券发行上市的项目保荐代表人、协办人及项目组其他成员情况...17 | 三、 | | 四、保荐机构是否存在可能影响公正履行保荐职责情形的说明 18 | | | 五、保荐机构承诺事项 ...

证券代码：688300 证券简称：联瑞新材 公告编号：2025-033 江苏联瑞新材料股份有限公司 关于向不特定对象发行可转换公司债券申请文件 审核问询函回复的提示性公告 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（以下简称"公司"）于 2025 年 8 月 27 日收 到上海证券交易所（以下简称"上交所"）出具的《关于江苏联瑞新材料股份有 限公司向不特定对象发行可转换公司债券申请文件的审核问询函》（上证科审（再 融资）〔2025〕106 号）（以下简称"《审核问询函》"）。上交所审核机构对 公司向不特定对象发行可转换公司债券申请文件进行了审核，形成了首轮问询问 题。 公司按照要求会同相关中介机构就《审核问询函》提出的问题进行了认真研 究和逐项落实，现根据相关要求对《审核问询函》回复进行公开披露，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）披露的《关于江苏联 瑞新材料股份有限公司向不特定对象发行可转换公司债券申请文件的审核问询 函之回复报告》等相关文件。 公司 ...

Market Overview - On September 19, the non-metal materials sector rose by 1.33% compared to the previous trading day, with Tianma New Materials leading the gains [1] - The Shanghai Composite Index closed at 3820.09, down 0.3%, while the Shenzhen Component Index closed at 13070.86, down 0.04% [1] Stock Performance - Tianma New Materials (code: 838971) closed at 42.00, up 10.53% with a trading volume of 146,300 shares and a transaction value of 605 million yuan [1] - Other notable performers included: - Strength Diamond (code: 301071) at 32.63, up 3.42% [1] - Quartz Shares (code: 603688) at 39.52, up 1.88% [1] - Suotong Development (code: 603612) at 26.81, up 1.78% [1] - Qilu Huaxin (code: 830832) at 8.95, up 1.02% [1] Capital Flow - The non-metal materials sector saw a net inflow of 218 million yuan from institutional investors, while retail investors experienced a net outflow of 150 million yuan [2] - The capital flow for key stocks included: - Quartz Shares with a net inflow of 112 million yuan from institutional investors [3] - Suotong Development with a net inflow of 62.73 million yuan from institutional investors [3] - Strength Diamond with a net inflow of 31.12 million yuan from institutional investors [3]

Core Viewpoint - Lianrui New Materials has shown a positive stock performance with a year-to-date increase of 13.11% and a recent market capitalization of 13.426 billion yuan, indicating strong investor interest and potential growth in the inorganic filler and particle carrier industry [1][2]. Company Overview - Lianrui New Materials, established on April 28, 2002, and listed on November 15, 2019, is located in Lianyungang, Jiangsu Province. The company specializes in the research, manufacturing, and sales of inorganic fillers and particle carrier products [1]. - The company's main revenue sources include spherical inorganic powder (57.16%), angular inorganic powder (26.39%), and other products (16.32%) [1]. Financial Performance - For the first half of 2025, Lianrui New Materials reported a revenue of 519 million yuan, reflecting a year-on-year growth of 17.12%. The net profit attributable to shareholders was 139 million yuan, marking an 18.01% increase compared to the previous year [2]. - Since its A-share listing, the company has distributed a total of 381 million yuan in dividends, with 242 million yuan distributed over the last three years [3]. Shareholder Information - As of June 30, 2025, the number of shareholders decreased by 3.27% to 7,692, while the average number of circulating shares per person increased by 34.39% to 31,392 shares [2]. - Notable institutional shareholders include Noan Pioneer Mixed A and Xinao Craftsman Selected Mixed, with increases in their holdings [3].

Summary of the Conference Call for Lianrui New Materials Industry and Company Overview - Lianrui New Materials specializes in spherical alumina powder, primarily used in EMC packaging (47%), copper-clad laminates (23%), thermal interface materials, and specialty adhesives (22%) [2][3] - The company is one of the few globally that masters three production processes: flame melting, high-temperature oxidation, and liquid-phase chemical methods, providing a complete product range with cost advantages [2][6] Key Points and Arguments - **Market Share**: Lianrui holds an estimated 25% market share in the copper-clad laminate sector, with clients including Shengyi Technology, Kingboard, Nanya, Panasonic, Rogers, and Sumitomo, but has not yet entered the Taisun supply chain [2][5] - **Epoxy Encapsulation Materials**: The company has an estimated 10% market share in this area, serving clients like Sumitomo, Showa, KCC, Samsung SDI, and Huayu Chengke [2][5] - **Product Upgrades**: The copper-clad laminate industry is experiencing a clear upgrade trend, moving from FR-4 laminates using angular silicon powder (3,000-4,000 RMB/ton) to advanced laminates using chemical spherical silicon powder (over 200,000 RMB/ton), leading to higher profit margins [2][7] - **Silicon Powder Applications**: Silicon powder enhances dielectric performance and rigidity in copper-clad laminates, reducing resin usage. The filling ratio in FR-4 laminates is about 15%, increasing to over 30% in high-end products [2][8] Growth and Performance Expectations - **Capacity Expansion**: Lianrui plans to increase production capacity through a convertible bond project, expecting a total output value of 1 billion RMB from the new capacity of 3,600 tons of spherical silicon powder and 16,000 tons of alumina [4][11] - **Revenue Growth**: The company anticipates a 20% annual growth rate for existing products like spherical silicon powder for EMC applications, contributing to an overall revenue growth of approximately 10% annually [4][12] - **Market Demand**: The company is positioned to benefit from the growth in downstream demand and product upgrades, particularly in advanced storage devices like HBM [4][10] Competitive Position and Technological Advantages - **Unique Production Techniques**: Lianrui is the only company globally that utilizes all three production methods, allowing for a diverse product lineup and competitive pricing, with discounts of about 5% compared to overseas competitors [6] - **Current Market Position**: Despite a slowdown in growth in Q2, the company expects to accelerate growth in the second half of the year due to increased demand from downstream sectors [4][13] Additional Insights - **Strategic Timing**: The current period is seen as a critical window for Lianrui's development, with significant potential for future growth as the market evolves [4][13] - **Emerging Opportunities**: The company may also benefit from a surge in orders for low-alpha spherical alumina, indicating a robust demand landscape [4][12]

Core Viewpoint - Lianrui New Materials Co., Ltd. has shown a positive stock performance and financial growth, indicating potential investment opportunities in the inorganic filler and particle carrier industry. Group 1: Stock Performance - On September 12, Lianrui's stock rose by 2.07%, reaching 56.18 CNY per share, with a trading volume of 186 million CNY and a turnover rate of 1.40%, resulting in a total market capitalization of 13.566 billion CNY [1] - Year-to-date, Lianrui's stock price has increased by 14.29%, with a 6.22% rise over the last five trading days, a 3.85% decline over the last 20 days, and a 31.11% increase over the last 60 days [1] Group 2: Financial Performance - For the first half of 2025, Lianrui achieved a revenue of 519 million CNY, representing a year-on-year growth of 17.12%, and a net profit attributable to shareholders of 139 million CNY, up by 18.01% year-on-year [2] - Since its A-share listing, Lianrui has distributed a total of 381 million CNY in dividends, with 242 million CNY distributed over the past three years [3] Group 3: Shareholder Information - As of June 30, 2025, Lianrui had 7,692 shareholders, a decrease of 3.27% from the previous period, with an average of 31,392 circulating shares per shareholder, an increase of 34.39% [2] - Notable institutional shareholders include Nuoan Pioneer Mixed A, which holds 1.4602 million shares, and Xinao Craftsmanship Selected Mixed, which increased its holdings by 63,200 shares to 1.3799 million shares [3]

Market Performance - The non-metal materials sector increased by 2.99% on September 11, with Lianrui New Materials leading the gains [1] - The Shanghai Composite Index closed at 3875.31, up 1.65%, while the Shenzhen Component Index closed at 12979.89, up 3.36% [1] Stock Performance - Lianrui New Materials (688300) closed at 55.04, up 6.34% with a trading volume of 73,300 shares and a turnover of 393 million yuan [1] - Quartz Co. (603688) closed at 38.79, up 4.27% with a trading volume of 173,400 shares and a turnover of 663 million yuan [1] - Strength Diamond (301071) closed at 30.49, up 2.73% with a trading volume of 60,900 shares and a turnover of 184 million yuan [1] - Other notable stocks include Suotong Development (603612) at 27.77, up 2.43%, and Qilu Huaxin (830832) at 8.91, up 1.25% [1] Capital Flow - The non-metal materials sector saw a net inflow of 25.82 million yuan from institutional investors, while retail investors experienced a net outflow of 72.27 million yuan [2][3] - The main capital inflow was observed in Quartz Co. with a net inflow of 35.55 million yuan from institutional investors [3] - Lianrui New Materials experienced a net outflow of 19.01 million yuan from institutional investors [3]