High-Growth Sector: Focus on AI Industry Trends in AI & Electronic Materials - The overall revenue and net profit of the high-growth sector are expected to grow by +1.4% and +29.6% year-on-year in 2024 [2] - Advanced packaging materials are projected to see significant revenue and profit improvements in 2024, with increases of +28.3% and +31.0% respectively [2] - The demand for electronic-grade PPO resin is expected to rise significantly, with global demand projected to increase from 1,863 tons in 2023 to 5,821 tons by 2025 [2] - The synthetic biology sector is expected to experience substantial growth driven by policy support, with revenue and profit growth rates of +39.5% and +92.7% in 2024 [3] Performance Realization Sector: Market Dynamics Favoring Leaders - The semiconductor quartz glass materials sector is facing a decline, with revenue and profit expected to drop by -76.5% and -132.2% in 2024 [4] - Carbon fiber and composite materials are at the bottom of the cycle, but profits are beginning to recover, with a projected revenue decline of -18.9% in 2024 followed by a +10.7% increase in Q1 2025 [4] - The nylon industry is expected to see a recovery in demand, with revenue and profit growth of +13.4% and +27.8% in 2024 [4] Emerging Blue Ocean Sector: Focus on Solid-State Battery Materials and PEEK Materials - The solid-state battery materials sector is gaining traction, with significant advancements expected in 2025, particularly in new applications within the low-altitude economy [9] - PEEK materials are anticipated to meet new demands driven by trends in humanoid robots and electric vehicles, particularly in lightweight and high-pressure applications [9]

证券代码：688300 证券简称：联瑞新材 公告编号：2025-022 江苏联瑞新材料股份有限公司2024年年度权益分派实施公告 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： | 股权登记日 | 除权（息）日 | 新增无限售条件流 | 现金红利发放日 | | --- | --- | --- | --- | | | | 通股份上市日 | | | 2025/5/28 | 2025/5/29 | 2025/5/29 | 2025/5/29 | 一、 通过分配、转增股本方案的股东大会届次和日期 本次利润分配及转增股本方案经公司2025 年 4 月 17 日的2024年年度股东大会 审议通过。 | 股权登记日 | 除权（息）日 | 新增无限售条件流 | 现金红利发放日 | | --- | --- | --- | --- | | | | 通股份上市日 | | | 2025/5/28 | 2025/5/29 | 2025/5/29 | 2025/5/29 | 四、 分配、转增股本实施办法 1. 实施办法 二、 分配、转增 ...

Core Viewpoint - Lianrui New Materials (688300.SH), a leader in silicon micro powder, is increasing its production capacity by issuing convertible bonds to raise up to 720 million yuan for key projects and working capital [1][2][4]. Group 1: Fundraising and Investment Projects - The company plans to issue convertible bonds to raise a total of no more than 720 million yuan, which will be allocated to three main projects: 270 million yuan for ultra-pure spherical powder materials for high-performance substrates, 250 million yuan for high-thermal-conductivity spherical powder materials, and 200 million yuan for working capital [2][4]. - The ultra-pure spherical powder materials project has a total investment of 423 million yuan, while the high-thermal-conductivity spherical powder materials project has a total investment of 388 million yuan [2][3]. Group 2: Financial Performance - In Q1 2025, the company achieved revenue of 239 million yuan, a year-on-year increase of 18%, and a net profit of 63.04 million yuan, up 21.99% [1][6]. - For the year 2024, the company reported a record revenue of 960 million yuan, a 34.94% increase, and a net profit of 251 million yuan, up 44.47% [6][7]. - The gross profit margin for Q1 2025 was 40.62%, showing a steady increase from previous years [1][7]. Group 3: R&D and Market Position - The company has invested 160 million yuan in R&D over the past four years, emphasizing the importance of technology in its operations [5][7]. - Lianrui New Materials has developed core technologies in advanced functional inorganic non-metallic powder materials, holding 132 intellectual property rights, including 64 invention patents [7]. - The company has maintained a stable gross profit margin, with figures of 39.20%, 39.26%, 40.38%, and 40.62% from 2022 to Q1 2025 [7].

Investment Rating - The report maintains an "Outperform" rating for the chemical industry, indicating a positive outlook based on expected economic recovery and demand improvement [1]. Core Insights - The basic chemical industry is expected to see a recovery in profitability, with 2024 revenues projected to reach CNY 2,219.98 billion, a year-on-year increase of 2.66%, while net profit is expected to decline by 8.18% to CNY 108.87 billion [6][26]. - The oil and petrochemical sector is anticipated to maintain stable revenues and profits, with 2024 revenues estimated at CNY 7,941.40 billion, a decrease of 2.81%, and net profit expected to grow by 0.58% to CNY 372.14 billion [1][26]. - The report highlights that 23 out of 33 sub-industries in the basic chemical sector experienced revenue growth in 2024, with significant increases in chlor-alkali and textile chemicals [6][15]. Summary by Sections Industry Overview - The basic chemical industry is experiencing a decline in profitability, with gross and net profit margins at 16.27% and 5.13%, respectively, both down from 2023 [26]. - The report notes that the industry has been in a continuous decline in profitability from 2022 to 2024, but signs of stabilization are emerging [26]. Sub-Industry Performance - In 2024, chlor-alkali and textile chemicals showed the highest profit growth rates at 262.84% and 125.27%, respectively [15][26]. - Conversely, non-metallic materials and other plastic products faced significant profit declines of 79.24% and 67.49% [15][26]. Quarterly Analysis - For Q4 2024, the basic chemical industry reported revenues of CNY 565.72 billion, a year-on-year increase of 5.15%, but a quarter-on-quarter decline of 0.90% [6][7]. - Net profit for Q4 2024 was CNY 14.16 billion, down 10.73% year-on-year and 51.03% quarter-on-quarter [6][7]. Investment Recommendations - The report suggests focusing on companies in rapidly developing downstream sectors, particularly in new materials, energy security, and policy-driven demand recovery [1][26]. - Recommended companies include China National Petroleum, China National Offshore Oil, and various technology firms in the semiconductor and new energy materials sectors [1][26].

Core Viewpoint - Lianrui New Materials (688300.SH) plans to issue convertible bonds to raise up to 720 million yuan for high-performance materials projects and working capital [1][2] Group 1: Convertible Bond Issuance - The company intends to issue convertible bonds with a total amount not exceeding 720 million yuan, net proceeds will be used for high-performance substrate materials projects and to supplement working capital [1] - The bonds will have a term of six years, with a face value of 100 yuan each, and will be issued at face value [2] - The interest rate will be determined by the board of directors based on market conditions and company specifics [2] - The bonds will be convertible into company A-shares after a six-month period from issuance [2] Group 2: Previous Fundraising and Financials - Lianrui New Materials was listed on the Sci-Tech Innovation Board on November 15, 2019, raising a total of approximately 586.34 million yuan, with a net amount of about 517.86 million yuan after expenses [3][4] - The company initially planned to raise 284.67 million yuan for various projects, including the construction of a silicon powder production base and capacity expansion [4] - The total issuance costs amounted to approximately 68.48 million yuan, with underwriting fees being a significant portion [5]

上周五，道指涨0.78%，标普500指数涨0.7%，纳斯达克涨0.52%。标普500五连涨，一周涨超5%、创年内第二大周涨幅；道指抹平年内跌幅。 特斯拉一周涨17%。特朗普访问中东的一周，英伟达和AMD累计涨超10%。中概指数全周涨超4%。 大家早上壕！ 先看海外要闻： 美国消费者信心数据后，美债收益率反弹、美元转涨。俄乌谈判期间，黄金盘中跌超2%。 周五美股盘后，穆迪下调美国评级，美国股债双杀，纳斯达克100 ETF QQQ盘后跌1%；美元回吐过半涨幅、仍连涨四周；美债收益率刷新日 高、价格连跌三周、创年内最长连跌；期金跌幅收窄、全周仍跌超4%、创半年最大周跌幅。 环球时报：媒体称英伟达计划在上海建研究中心，"将聚焦中国客户定制化需求"；参考消息：报道称英伟达将调整对华芯片出口。 OpenAI的全球版"星际之门"可能首站花落阿联酋，OpenAI、英伟达被爆参建5GW数据中心。"海湾石油王国"要做"AI超级大国"。 特朗普猛批沃尔玛涨价："去年赚了几十亿，自己承担关税"；贝森特：沃尔玛将"吸收"部分关税，但部分成本"可能会转嫁给消费者"。 MiniMax发布新语音模型Speech-2，宣布性能超OpenAI。 ...

Core Points - The company plans to issue convertible bonds with a total amount not exceeding 720 million yuan, with the specific issuance scale determined by the board of directors within this limit [49][51] - The convertible bonds will have a term of six years from the date of issuance [3] - The face value of each bond will be 100 yuan, issued at par [5] - The interest rate will be determined by the board based on national policies, market conditions, and the company's specific situation [7] - The bonds will be repaid in full at maturity, with interest paid annually [9][13] - The bonds will not be secured [14] - The company will conduct a credit rating for the bonds by a qualified rating agency [16] - The conversion period for the bonds will start six months after issuance and end on the maturity date [18] - Holders of the bonds will have the option to convert them into shares [19] - The initial conversion price will be determined based on the average trading price of the company's A-shares over the previous twenty trading days [23][24] - The company will have the right to adjust the conversion price under certain conditions [27][28] - The company may redeem the bonds under specific conditions during the conversion period [30] - Bondholders will have the right to sell back the bonds to the company under certain conditions [34] - The funds raised will be used for specific projects, including a high-performance substrate project [49] - The company has established a management system for the raised funds, which will be kept in a designated account [51] - The validity period for the bond issuance plan is twelve months from the date of approval by the shareholders' meeting [53] Group 1 - The company plans to issue convertible bonds with a total amount not exceeding 720 million yuan, with the specific issuance scale determined by the board of directors within this limit [49][51] - The convertible bonds will have a term of six years from the date of issuance [3] - The face value of each bond will be 100 yuan, issued at par [5] Group 2 - The interest rate will be determined by the board based on national policies, market conditions, and the company's specific situation [7] - The bonds will be repaid in full at maturity, with interest paid annually [9][13] - The bonds will not be secured [14] Group 3 - The company will conduct a credit rating for the bonds by a qualified rating agency [16] - The conversion period for the bonds will start six months after issuance and end on the maturity date [18] - Holders of the bonds will have the option to convert them into shares [19] Group 4 - The initial conversion price will be determined based on the average trading price of the company's A-shares over the previous twenty trading days [23][24] - The company will have the right to adjust the conversion price under certain conditions [27][28] - The company may redeem the bonds under specific conditions during the conversion period [30] Group 5 - Bondholders will have the right to sell back the bonds to the company under certain conditions [34] - The funds raised will be used for specific projects, including a high-performance substrate project [49] - The company has established a management system for the raised funds, which will be kept in a designated account [51] Group 6 - The validity period for the bond issuance plan is twelve months from the date of approval by the shareholders' meeting [53]

本规划在综合分析公司盈利能力、经营发展规划、股东回报、社会资金成本 及外部融资环境等因素的基础上，充分考虑公司目前及未来盈利规模、现金流量 状况、发展所处阶段、项目投资资金需求、银行信贷及债权融资环境等情况，平 衡股东的合理投资回报和公司长远发展的基础上，建立对投资者持续、稳定、科 学的回报规划与机制，从而对利润分配作出制度性安排，以保证利润分配政策的 连续性和稳定性。 二、本规划制定的原则 江苏联瑞新材料股份有限公司 未来三年（2025 年-2027 年）股东分红回报规划 为进一步完善和健全江苏联瑞新材料股份有限公司（以下简称"公司"）的 利润分配政策，增强利润分配的透明度，保证投资者分享公司的发展成果，引导 投资者形成稳定的回报预期，根据《上市公司监管指引第 3 号——上市公司现金 分红》等法律、法规、规范性文件及《江苏联瑞新材料股份有限公司章程》（以 下简称"《公司章程》"），结合公司实际情况，公司制定了《江苏联瑞新材料股份 有限公司未来三年（2025 年-2027 年）股东分红回报规划》（以下简称"本规划"）， 具体内容如下： 一、本规划制定的考虑因素 公司制定本规划遵循《中华人民共和国公司法》《中华 ...

江苏联瑞新材料股份有限公司 关于本次募集资金投向属于科技创新领域的说明 江苏联瑞新材料股份有限公司（以下简称"联瑞新材"或"公司"）根据《上市 公司证券发行注册管理办法》等有关规定，结合公司本次向不特定对象发行可转 换公司债券及实际情况，对向不特定对象发行可转换公司债券募集资金投向是否 属于科技创新领域进行了研究，制定了《关于本次募集资金投向属于科技创新领 域的说明》（以下简称"本说明"），具体内容如下： 一、公司的主营业务 公司主营业务为功能性无机非金属粉体材料的研发、制造和销售。公司产品 广泛应用于芯片封装用环氧塑封材料、液态塑封材料、颗粒状塑封材料、底部填 充材料、电子电路基板、积层胶膜、热界面材料、特种胶黏剂、蜂窝陶瓷载体以 及特高压电力电子制品、3D 打印材料、齿科材料等新兴业务。 二、本次募集资金投向方案 （一）募集资金的使用计划 为进一步增强公司综合竞争力，根据公司发展需要，拟向不特定对象发行可 转换公司债券。扣除发行费用后，公司拟向不特定对象发行可转换公司债券募集 资金总额不超过 72,000 万元（含），扣除发行费用后的募集资金净额将用于投入 以下项目： 单位：万元 | 序号 | 项目名称 ...

证券代码：688300 证券简称：联瑞新材 公告编号：2025-021 （二） 股东大会召集人：董事会 （三） 投票方式：本次股东大会所采用的表决方式是现场投票和网络投票相结 合的方式 （四） 现场会议召开的日期、时间和地点 江苏联瑞新材料股份有限公司 关于召开2025年第一次临时股东大会的通知 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： 一、 召开会议的基本情况 （一） 股东大会类型和届次 2025年第一次临时股东大会 （六） 融资融券、转融通、约定购回业务账户和沪股通投资者的投票程序 涉及融资融券、转融通业务、约定购回业务相关账户以及沪股通投资者的投 票，应按照《上海证券交易所科创板上市公司自律监管指引第 1 号 — 规范运作》 等有关规定执行。 召开日期时间：2025 年 6 月 9 日 14 点 00 分 召开地点：公司综合楼会议室（江苏省连云港市海州区新浦经济开发区珠江 路 6 号） （五） 网络投票的系统、起止日期和投票时间。 网络投票系统：上海证券交易所股东大会网络投票系统 网络投票起止时间 ...