Core Viewpoint - Lianrui New Materials Co., Ltd. experienced a stock price increase of 5.06% on September 11, reaching 54.38 CNY per share, with a trading volume of 297 million CNY and a market capitalization of 13.131 billion CNY [1] Company Overview - Lianrui New Materials, established on April 28, 2002, and listed on November 15, 2019, is located in Lianyungang City, Jiangsu Province. The company specializes in the research, manufacturing, and sales of inorganic fillers and particle carrier products [1] - The revenue composition of the company includes spherical inorganic powder (57.16%), angular inorganic powder (26.39%), and other products (16.32%) [1] Shareholder Insights - Noan Fund's Noan Pioneer Mixed A (320003) fund entered the top ten circulating shareholders of Lianrui New Materials in the second quarter, holding 1.4602 million shares, which is 0.6% of the circulating shares. The estimated floating profit for today is approximately 3.8257 million CNY [2] - Noan Pioneer Mixed A has a total asset size of 3.84 billion CNY and has achieved a year-to-date return of 27.82%, ranking 2475 out of 8175 in its category [2] Fund Performance - Noan Research Preferred Mixed A (008185) holds 77,800 shares of Lianrui New Materials, making it the fourth-largest holding in the fund, with a net asset proportion of 4.89%. The estimated floating profit for today is around 203,700 CNY [4] - Noan Research Preferred Mixed A was established on May 9, 2020, with a total asset size of 71.2857 million CNY. It has achieved a year-to-date return of 33.14%, ranking 1768 out of 8175 in its category [4]

Core Viewpoint - The company, Jiangsu Novoray New Materials Co., Ltd., is set to hold a half-year performance briefing on September 18, 2025, to discuss its operational results and financial status for the first half of 2025, allowing investors to engage in Q&A sessions [2][3]. Group 1: Meeting Details - The meeting will take place on September 18, 2025, from 09:00 to 10:00 [6]. - It will be held at the Shanghai Stock Exchange Roadshow Center, accessible online [6]. - The format of the meeting will be an interactive online session, enabling real-time communication with investors [3][5]. Group 2: Participation Information - Investors can submit questions from September 11 to September 17, 2025, by visiting the Roadshow Center's website or via the company's email [7]. - The company will address commonly asked questions during the briefing [2][3]. Group 3: Company Representatives - The meeting will feature key company representatives, including Chairman and General Manager Mr. Li Xiaodong, and Secretary of the Board and Financial Officer Ms. Bai Lin [4].

格隆汇9月9日丨联瑞新材(688300.SH)在互动平台表示，公司超细球形二氧化硅等产品可应用于3D打 印，目前销售占比较小，若未来3D打印材料市场需求增长，将对我司产品销售产生积极推动。 ...

Core Viewpoint - The company, Lianrui New Materials (688300.SH), has indicated that its ultra-fine spherical silica products can be applied in 3D printing, which currently has a small sales proportion. However, an increase in demand for 3D printing materials in the future could positively impact the company's product sales [1] Group 1 - The company's ultra-fine spherical silica products are suitable for 3D printing applications [1] - Current sales from 3D printing materials are relatively low [1] - Future growth in the 3D printing materials market could drive sales for the company's products [1]

证券代码：688300 证券简称：联瑞新材 公告编号：2025-032 会议召开时间：2025 年 09 月 18 日（星期四）09:00-10:00 会 议 召 开 地 点 ： 上 海 证 券 交 易 所 上 证 路 演 中 心 （ 网 址 ： https://roadshow.sseinfo.com/） 会议召开方式：上证路演中心网络互动 （一） 会议召开时间：2025 年 09 月 18 日（星期四）09:00-10:00 （二） 会议召开地点：上海证券交易所上证路演中心（网址： https://roadshow.sseinfo.com/） 江苏联瑞新材料股份有限公司 关于召开 2025 年半年度业绩说明会的公告 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、准确性和完整性承担法律责任。 重要内容提示： 投资者可于 2025 年 09 月 11 日（星期四）至 09 月 17 日（星期三）16:00 前登录上证路演中心网站首页点击"提问预征集"栏目或通过公司邮箱 novoinfo@novoray.com 进行提问。公司将在说明会上对投资者普遍关注的 ...

Core Viewpoint - Lianrui New Materials Co., Ltd. has experienced fluctuations in stock price and trading volume, with a recent decline in share price and mixed performance in the market, while showing growth in revenue and net profit year-on-year. Company Performance - As of June 30, Lianrui New Materials reported a revenue of 519 million yuan, representing a year-on-year increase of 17.12%, and a net profit attributable to shareholders of 139 million yuan, up 18.01% year-on-year [2] - The company has distributed a total of 381 million yuan in dividends since its A-share listing, with 242 million yuan distributed over the past three years [3] Stock Market Activity - On September 9, Lianrui's stock price fell by 2.04% to 51.46 yuan per share, with a trading volume of 128 million yuan and a turnover rate of 1.02%, resulting in a total market capitalization of 12.426 billion yuan [1] - The stock has increased by 4.69% year-to-date, but has seen a decline of 3.14% over the last five trading days and 4.62% over the last twenty days, while showing a significant increase of 22.70% over the last sixty days [1] Shareholder Information - As of June 30, 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 holdings include Noan Pioneer Mixed A, which is the eighth largest shareholder with 1.4602 million shares, and Xinao Craftsmanship Selected Mixed Fund, which increased its holdings by 63,200 shares [3]

Group 1 - The core viewpoint of the article highlights the current state and future trends of the non-metallic mineral products industry in China, as reported by Zhiyan Consulting [1] - As of January to July 2025, the number of enterprises in the non-metallic mineral mining and selection industry is 4,002, which represents a decrease of 41 compared to the same period last year, reflecting a year-on-year decline of 1.01% [1] - The proportion of non-metallic mineral mining and selection enterprises in the total industrial enterprises is 0.77% [1] Group 2 - The report indicates that the threshold for large-scale industrial enterprises has been raised from an annual main business income of 5 million to 20 million yuan since 2011 [1] - Zhiyan Consulting is recognized as a leading industry consulting firm in China, providing comprehensive industry research reports, business plans, feasibility studies, and customized services [1] - The consulting firm emphasizes its commitment to delivering quality services and market insights to empower investment decisions [1]

Market Overview - On September 4, the non-metal materials sector declined by 1.71% compared to the previous trading day, with Lianrui New Materials leading the drop [1] - The Shanghai Composite Index closed at 3765.88, down 1.25%, while the Shenzhen Component Index closed at 12118.7, down 2.83% [1] Stock Performance - Notable gainers in the non-metal materials sector included: - Changjiang Materials, up 10.00% to 26.40, with a trading volume of 183,900 shares and a turnover of 470 million yuan [1] - Ningxin New Materials, up 7.58% to 19.88, with a trading volume of 265,300 shares and a turnover of 528 million yuan [1] - Tianma New Materials, up 4.44% to 40.69, with a trading volume of 104,800 shares and a turnover of 419 million yuan [1] - Lianrui New Materials saw a decline of 4.45% to 50.50, with a trading volume of 74,900 shares and a turnover of 385 million yuan [2] Capital Flow - The non-metal materials sector experienced a net inflow of 147 million yuan from institutional investors, while retail investors saw a net outflow of 59.57 million yuan [2] - The capital flow for key stocks showed: - Changjiang Materials had a net inflow of 157 million yuan from institutional investors, while retail investors had a net outflow of 78.39 million yuan [3] - Lianrui New Materials had a net outflow of 17.98 million yuan from institutional investors, with a net inflow of 27.89 million yuan from retail investors [3]

Core Insights - The company reported a revenue of 520 million yuan for H1 2025, representing a year-on-year increase of 17.1%, and a net profit attributable to shareholders of 140 million yuan, up 18.0% year-on-year [1] - In Q2 2025, the company achieved a revenue of 280 million yuan, a year-on-year increase of 16.4% and a quarter-on-quarter increase of 17.5% [1] - The company is focusing on high-performance packaging materials and advanced powder materials, capitalizing on industry trends such as the rapid growth in demand for advanced packaging and high-performance electronic circuit substrates [1] Financial Performance - For H1 2025, the company's gross margin was 40.8% and net margin was 26.7%, with a slight decrease in gross margin of 1.0 percentage points year-on-year [1] - In Q2 2025, the gross margin was 41.0% and net margin was 26.9%, showing a quarter-on-quarter increase in both margins [1] Research and Development - The company invested 30.24 million yuan in R&D for H1 2025, a year-on-year increase of 3.6%, maintaining a high R&D expense ratio of 5.8% [2] - The company aims to enhance its core competitiveness through technology development and innovation, focusing on new product capacity to meet market demands [2] Future Growth and Projects - The company plans to issue convertible bonds to raise up to 720 million yuan for projects aimed at producing high-performance materials, which are expected to significantly increase production capacity [2] - Upon completion, the projects are anticipated to yield an annual production capacity of 3,600 tons of ultra-pure spherical silica and 16,000 tons of high thermal conductivity spherical alumina [2] Profit Forecast and Investment Rating - The company's net profit forecasts for 2025-2027 have been adjusted to 310 million, 430 million, and 550 million yuan respectively, reflecting a downward revision due to weak demand in lower-end markets [3] - The company maintains a "buy" rating, supported by its advantages in product range, technology, and service, with established supply foundations in advanced packaging and high-speed copper-clad laminate sectors [3]

Investment Rating - The investment rating for the company is "Buy" (maintained) [3][21] Core Views - The company reported a revenue of 5.2 billion yuan in H1 2025, representing a year-on-year growth of 17.1%, and a net profit attributable to shareholders of 1.4 billion yuan, up 18.0% year-on-year [5][6] - The company is focusing on high-performance advanced powder materials, with an increasing revenue share from high-end products, driven by the growing demand in advanced packaging and high-performance electronic circuit substrates [6][5] - The company aims to enhance its market share and competitive strength through continuous R&D and product upgrades, with a projected net profit of 3.1 billion yuan for 2025 [6][5] Summary by Sections Financial Performance - In H1 2025, the company achieved a revenue of 5.2 billion yuan, with a net profit of 1.4 billion yuan, and a non-recurring net profit of 1.3 billion yuan [5] - For Q2 2025, the company reported a revenue of 2.8 billion yuan, a year-on-year increase of 16.4%, and a net profit of 0.8 billion yuan, up 14.9% year-on-year [5] Product Development - The company is focusing on high-end chip packaging and advanced packaging materials, with a notable increase in the revenue share of high-end products [6] - The company plans to issue convertible bonds to raise up to 720 million yuan for projects aimed at enhancing production capacity for high-performance materials [6] Profitability and Valuation - The company's gross margin and net margin for H1 2025 were 40.8% and 26.7%, respectively [6] - The adjusted profit forecasts for 2025-2027 are 3.1 billion, 4.3 billion, and 5.5 billion yuan, with corresponding P/E ratios of 40.7, 29.6, and 23.0 [6][3]