Group 1 - The core point of the article is the appointment of Ms. Bai Lin as the financial head of Lianrui New Materials, approved by the board of directors [1] - Lianrui New Materials reported that for the year 2024, its revenue composition is 99.87% from non-metallic mineral processing products and 0.13% from other businesses [1] - As of the report date, Lianrui New Materials has a market capitalization of 15.2 billion yuan [1] Group 2 - Related companies also made recent appointments, including Shuanglin Co., which appointed Wu Huaiying as the financial head [2] - Huitai Medical appointed Gui Qihan as its financial head [2] - Jiuzhou Yigui announced the resignation of Li Xiuqing from the positions of financial director and financial head [2]

Investment Rating - The report maintains a "Recommended" investment rating for the company, indicating an expectation that the stock will outperform the market by 10% to 20% over the next six months [11]. Core Views - The semiconductor industry is experiencing a rapid technological iteration, leading to an accelerated demand for high-end spherical materials. The global semiconductor sales reached $346 billion in the first half of 2025, marking an 18.9% year-on-year increase, indicating a strong growth momentum in the industry [7]. - The company is positioned as a leading producer of electronic-grade silicon micro-powder in China, with plans to expand its production capacity for high-purity spherical products, which are expected to contribute significantly to revenue growth [8]. - The company reported a revenue of 519 million yuan in the first half of 2025, 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 [4]. Financial Summary - The company’s revenue projections for the upcoming years are as follows: 960 million yuan in 2024, 1.192 billion yuan in 2025, 1.444 billion yuan in 2026, and 1.724 billion yuan in 2027, with year-on-year growth rates of 34.9%, 24.1%, 21.2%, and 19.4% respectively [6]. - The net profit attributable to shareholders is expected to reach 316 million yuan in 2025, 398 million yuan in 2026, and 491 million yuan in 2027, with corresponding year-on-year growth rates of 25.9%, 25.7%, and 23.4% [6]. - The company’s gross margin is projected to improve from 40.4% in 2024 to 44.0% in 2027, while the net margin is expected to increase from 26.2% to 28.5% over the same period [6]. Industry Outlook - The advanced packaging market is projected to grow at a compound annual growth rate (CAGR) of 10.7% from 2023 to 2029, while the high-end CCL market is expected to see a CAGR of 26% from 2024 to 2026, driven by advancements in AI, 5G, and high-performance computing [7]. - The company plans to raise 720 million yuan through convertible bonds to fund the construction of high-performance ultra-pure spherical silica and high thermal conductivity spherical alumina projects, addressing capacity shortages and enhancing its competitive position in the market [7].

Market Overview - The non-metal materials sector experienced a decline of 3.66% on August 27, with Lianrui New Materials leading the drop [1] - The Shanghai Composite Index closed at 3800.35, down 1.76%, while the Shenzhen Component Index closed at 12295.07, down 1.43% [1] Stock Performance - Jiangsu Materials (001296) saw a significant increase of 10.00%, closing at 25.29 with a trading volume of 281,000 shares and a turnover of 663 million yuan [1] - Lianrui New Materials (688300) fell by 7.40%, closing at 58.30 with a trading volume of 144,200 shares and a turnover of 858 million yuan [2] - Other notable declines included Longgao Co. (605086) down 5.42% and Tianma New Materials (838971) down 4.24% [2] Capital Flow - The non-metal materials sector experienced a net outflow of 68.93 million yuan from institutional investors and 44.03 million yuan from retail investors, while individual investors saw a net inflow of 113 million yuan [2][3] - Lianrui New Materials had a net inflow of 83.10 million yuan from institutional investors, but a net outflow of 81.86 million yuan from retail investors [3] - The overall capital flow indicates a mixed sentiment among different investor categories within the sector [2][3]

Core Insights - Lianrui New Materials (688300.SH) reported a total revenue of 519 million yuan for the first half of 2025, ranking third among disclosed peers, with a year-on-year increase of 75.9 million yuan, representing a growth of 17.12% compared to the same period last year [1] - The company's net profit attributable to shareholders reached 139 million yuan, ranking second among peers, with an increase of 21.1 million yuan, reflecting an 18.01% year-on-year growth [1] - Operating cash flow was 42.9 million yuan, placing the company fourth among peers [1] Financial Metrics - The latest debt-to-asset ratio is 20.94%, a decrease of 3.87 percentage points from the same period last year [3] - The gross profit margin stands at 40.84%, ranking second among peers, with a quarter-on-quarter increase of 0.22 percentage points, marking two consecutive quarters of growth [3] - Return on equity (ROE) is 8.93%, also ranking second among peers, with a year-on-year increase of 0.38 percentage points [3] - The diluted earnings per share (EPS) is 0.57 yuan, ranking second among peers, with an increase of 0.08 yuan, reflecting a 16.33% year-on-year growth [3] - Total asset turnover ratio is 0.26 times, ranking second among peers, with a year-on-year increase of 0.02 times, representing a growth of 6.58% [3] - Inventory turnover ratio is 2.79 times, ranking first among peers, with a year-on-year increase of 0.02 times, reflecting a growth of 0.77% [3] Shareholder Structure - The number of shareholders is 7,692, with the top ten shareholders holding 164 million shares, accounting for 68.05% of the total share capital [3] - The largest shareholder is Guangdong Shengyi Technology Co., Ltd., holding 23.21% of shares [3] - Other significant shareholders include Li Xiaodong (20.1%), Jiangsu Donghai Silicon Powder Factory (17.4%), and several investment funds [3]

Group 1 - The report is a verification report on the non-recurring gains and losses of Jiangsu Lianrui New Materials Co., Ltd. for the years 2022, 2023, 2024, and the first half of 2025 [1] - The report is intended solely for the purpose of issuing convertible bonds to unspecified parties and cannot be used for other purposes [1] - The management of Lianrui New Materials is responsible for providing accurate and complete information in accordance with the relevant regulations set by the China Securities Regulatory Commission [1] Group 2 - The responsibility of the registered accountant is to provide a verification conclusion based on the verification work conducted on the non-recurring gains and losses detailed by the management [2]

证券日报网讯8月26日晚间，联瑞新材发布公告称，公司董事会同意聘任柏林女士为公司财务负责人。 ...

格隆汇8月26日丨联瑞新材(688300.SH)发布2025年半年度报告，报告期实现营业收入5.19亿元，归属上 市公司股东的净利润1.39亿元，同比增长18.01%；扣除非经常性损益后的归属于上市公司股东的净利润 1.28亿元，同比增长20.69%；基本每股收益0.57元。 ...

Group 1 - The company, Lianrui New Materials, announced the appointment of Ms. Berlin as the financial officer, approved by the board of directors and its committees [1] - For the fiscal year 2024, the company's revenue composition is 99.87% from non-metallic mineral processing products and 0.13% from other businesses [1] - As of the report, Lianrui New Materials has a market capitalization of 15.2 billion yuan [1] Group 2 - The pet industry is experiencing significant growth, with a market size of 300 billion yuan, leading to a surge in stock prices for related companies [1]

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 ...