Core Insights - Material innovation is a key driver of modern technological development, with China's new materials industry showing diverse and specialized growth under policy guidance and support [1][2] - The industry is experiencing intensified competition, with companies focusing on differentiated strategies to break through the "involution" phenomenon, emphasizing R&D and high-end breakthroughs as critical approaches [11][12] Industry Development - The new materials sector is characterized by interdisciplinary collaboration, involving materials science, physics, chemistry, and biology, with companies like Nanya New Materials, Huaqin Technology, Lianrui New Materials, and Kaisa Bio focusing on national strategic needs and core technology breakthroughs [2][3] - Nanya New Materials has been a key player in the copper-clad laminate market for 25 years, with products essential for electronic manufacturing, particularly in communications, AI, and automotive sectors [2][3] - Huaqin Technology specializes in aerospace materials and has expanded its offerings to include high-performance composite materials and advanced ceramics, with over 90% of its revenue derived from materials [2][3] Company Strategies - Huaqin Technology has established partnerships with various research institutions to enhance its R&D capabilities and fill domestic technology gaps, achieving significant progress in self-sufficiency [3][6] - Lianrui New Materials focuses on silicon and aluminum-based materials, optimizing product performance through intelligent transformation and entering international supply chains [3][12] - Kaisa Bio has developed bio-based materials, including bio-based nylon, and aims to replace traditional materials in various industries, highlighting its long-standing expertise in the field [4][5] Policy Support - The past five years have seen significant policy support for the copper-clad laminate industry, leading to a reduction in reliance on overseas supply chains and advancements in domestic production capabilities [5][6] - Policies promoting innovation and technology transfer have facilitated the growth of companies like Huaqin Technology, enabling them to expand their product offerings and market reach [6][7] Market Trends - The rise of AI and advancements in bio-manufacturing are accelerating the domestic production of electronic materials and bio-based products, with expectations for the domestic electronic materials market to surpass North America and Europe [8][9] - By 2025, Nanya New Materials anticipates significant growth in output and revenue driven by domestic demand for AI computing power [9][10] - Kaisa Bio is positioned as a global leader in bio-manufacturing, with plans to increase production capacity for long-chain dicarboxylic acids significantly by 2025 [10][11] Competitive Landscape - The new materials industry is witnessing heightened competition, with companies adopting differentiated strategies focused on R&D and high-end product development to maintain market positions [11][12] - Huaqin Technology and Lianrui New Materials are both investing heavily in R&D to secure technological advantages and expand into high-end markets [11][12] - Kaisa Bio emphasizes the importance of balancing technological uniqueness with market demand to achieve stable profitability in the competitive landscape of synthetic biology [13]

Core Insights - The non-metal materials sector experienced a significant increase of 3.04% on September 24, with leading stock "Liangliang Diamond" rising by 7.46% [1] - The Shanghai Composite Index closed at 3853.64, up 0.83%, while the Shenzhen Component Index closed at 13356.14, up 1.8% [1] Stock Performance - "Liangliang Diamond" (301071) closed at 33.44 with a rise of 7.46%, trading volume of 145,300 shares and a transaction value of 480 million [1] - "Quartz Co." (603688) closed at 42.59, up 6.32%, with a trading volume of 365,000 shares and a transaction value of 1.512 billion [1] - "Lianrui New Materials" (688300) closed at 61.05, increasing by 4.27%, with a trading volume of 101,600 shares and a transaction value of 610 million [1] - Other notable stocks include "Ningxin New Materials" (839719) up 3.74% and "Dongfang Huayuan" (832175) up 2.83% [1] Capital Flow - The non-metal materials sector saw a net inflow of 265 million from institutional investors, while retail investors experienced a net outflow of 124 million [2] - The main stocks with significant capital flow include "Quartz Co." with a net inflow of 173 million from institutional investors and a net outflow of 97 million from retail investors [3] - "Lianrui New Materials" had a net inflow of 79.88 million from institutional investors, with retail investors also showing a net outflow [3]

9月24日，联瑞新材涨5.19%，截至发稿，报61.59元/股，成交4.46亿元，换手率3.09%，总市值148.72亿 元。联瑞新材股价已经连续5天上涨，区间累计涨幅8.03%。 资料显示，江苏联瑞新材料股份有限公司位于江苏省连云港市海州区新浦经济开发区，成立日期2002年 4月28日，上市日期2019年11月15日，公司主营业务涉及无机填料和颗粒载体行业产品的研发、制造和 销售。主营业务收入构成为：球形无机粉体57.16%，角形无机粉体26.39%，其他16.32%，其他(补 充)0.12%。 从基金十大重仓股角度 数据显示，招商基金旗下1只基金重仓联瑞新材。招商专精特新股票A（014185）二季度增持4.36万股， 持有股数22.48万股，占基金净值比例为3.02%，位居第九大重仓股。根据测算，今日浮盈赚取约68.33 万元。连续5天上涨期间浮盈赚取97.77万元。 招商专精特新股票A（014185）成立日期2021年12月7日，最新规模2.16亿。今年以来收益40.53%，同 类排名1052/4220；近一年收益83.93%，同类排名886/3814；成立以来收益21.12%。 招商专精特新股票A（0 ...

Group 1 - The core viewpoint of the news is that Lianrui New Materials has seen a significant stock price increase, with a 5.19% rise on September 24, reaching 61.59 yuan per share, and a total market capitalization of 14.872 billion yuan [1] - Lianrui New Materials has experienced a cumulative increase of 8.03% over the past five days, indicating strong market performance [1] - The company specializes in the research, manufacturing, and sales of inorganic fillers and particle carrier products, with its main revenue sources being spherical inorganic powder (57.16%), angular inorganic powder (26.39%), and others (16.32%) [1] Group 2 - Huafu Fund has a significant holding in Lianrui New Materials, with its Huafu Strategy Selected Mixed A fund holding 7,700 shares, accounting for 3.93% of the fund's net value, making it the seventh-largest holding [2] - The fund has generated a floating profit of approximately 23,400 yuan today and 33,500 yuan during the five-day increase [2] - The Huafu Strategy Selected Mixed A fund has a total scale of 7.9819 million, with a year-to-date return of 14.93% and a one-year return of 44.43% [2]

Core Insights - The non-metal materials sector experienced a slight increase of 0.21% on September 22, with Tianma New Materials leading the gains [1] - The Shanghai Composite Index closed at 3828.58, up 0.22%, while the Shenzhen Component Index closed at 13157.97, up 0.67% [1] Sector Performance - Tianma New Materials (code: 838971) saw a significant rise of 7.88%, closing at 45.31 with a trading volume of 123,800 shares and a transaction value of 550 million yuan [1] - Other notable performers included Lianrui New Materials (code: 688300) with a 2.04% increase, and Quartz Co. (code: 603688) with a 1.09% increase [1] - Conversely, Jiangsu Changjiang Materials (code: 001296) and Dongfang Carbon (code: 832175) experienced declines of 0.62% and 2.68%, respectively [1] Capital Flow - The non-metal materials sector saw a net inflow of 15.17 million yuan from institutional investors, while retail investors experienced a net outflow of 24.70 million yuan [3] - The overall capital flow indicates a mixed sentiment among different investor categories within the sector [3]

Investment Rating - The report maintains an "Outperform" rating for the oil and petrochemical sector [1]. Core Viewpoints - Geopolitical risks in the Middle East and Ukraine are supporting oil prices, which are expected to remain volatile in the short term. The report notes that WTI crude futures saw a slight increase of 0.03%, while Brent crude futures decreased by 0.33% during the specified period [6]. - OPEC+ is pushing for increased production despite low international oil prices, aiming to regain market share, which may lead to further pressure on global oil supply [6]. - The demand side shows significant crude oil inventory reductions in the U.S., with gasoline also experiencing a drawdown, providing some support for oil prices. However, as the summer travel season ends, refined oil consumption is expected to shift from peak to off-peak [6]. - In the fluorochemical sector, popular refrigerants like R32 and R134a continue to see price increases due to tight supply and steady demand from downstream industries such as automotive and air conditioning [6]. - The report highlights the strong growth in China's automotive production and sales, which increased by 13.0% and 16.4% year-on-year, respectively, in August 2025, boosting demand for refrigerants [6]. Summary by Sections Oil and Petrochemical - Geopolitical tensions are providing short-term support for oil prices, with WTI and Brent prices showing mixed trends [6]. - OPEC+ discussions on production capacity are ongoing, with a focus on regaining market share despite low prices [6]. - U.S. crude oil inventory reductions and seasonal shifts in refined oil consumption are influencing market dynamics [6]. Fluorochemical - The market for refrigerants remains tight, with prices for R32 and R134a continuing to rise [6]. - Demand from the automotive and air conditioning sectors is supported by government policies promoting consumption [6]. - The reduction in production quotas for second-generation refrigerants is expected to tighten supply further [6]. Investment Recommendations - The report suggests focusing on the oil and petrochemical sector, fluorochemical sector, and semiconductor materials. It highlights the resilience of major domestic oil companies in the face of price volatility and recommends monitoring companies like China National Petroleum, Sinopec, and CNOOC [7]. - In the fluorochemical sector, companies leading in third-generation refrigerant production and upstream fluorite resources are recommended for investment [7]. - The semiconductor materials sector is also highlighted for its positive trends in inventory reduction and domestic substitution [7].

登录新浪财经APP 搜索【信披】查看更多考评等级 公司本次向不特定对象发行可转换公司债券事项尚需通过上交所审核，并获得中国证券监督管理委员会 (以下简称"中国证监会")作出同意注册的决定后方可实施。最终能否通过上交所审核，并获得中国证监 会同意注册的决定及时间尚存在不确定性。公司将根据事项的进展情况，按照相关规定和要求及时履行 信息披露义务，敬请广大投资者注意投资风险。 特此公告。 江苏联瑞新材料股份有限公司董事会 2025年9月20日 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 ...

Core Viewpoint - Lianrui New Materials plans to raise 720 million yuan through a convertible bond issuance to expand its production capacity for high-performance materials, aiming to strengthen its market position in response to growing demand in various sectors [1][5]. Group 1: Market Demand and Project Feasibility - The rapid development of AI, HPC, and high-speed communication is driving the demand for high-performance substrates, leading to an increase in the need for spherical silica as a key functional filler [2]. - Lianrui New Materials aims to add an annual production capacity of 3,600 tons for ultra-pure spherical silica and 16,000 tons for high thermal conductivity spherical alumina, addressing the growing market needs in electronics and semiconductor packaging [2]. - The company possesses a complete technology system and independent intellectual property rights in advanced functional powder materials, ensuring the feasibility of the fundraising projects [2]. Group 2: Financial Assessment and Long-term Benefits - The investment in the fundraising projects includes 72.22% for construction and 27.78% for working capital, aligning with regulatory requirements [3]. - The internal rate of return for the ultra-pure spherical silica project is estimated at 32.19% (after tax), with a payback period of 5.36 years, while the high thermal conductivity spherical alumina project has an internal rate of return of 20.27% (after tax) and a payback period of 6.27 years [3]. - The financial projections indicate that the fundraising will enhance the company's market competitiveness and address a funding gap of approximately 783.70 million yuan over the next three years [3]. Group 3: Operational Performance and Financial Stability - From 2022 to Q1 2025, Lianrui New Materials reported increasing revenue, with figures of 660.91 million yuan, 710.99 million yuan, 959.16 million yuan, and 238.47 million yuan, alongside stable gross margins [4]. - The company maintains a strong asset-liability structure, sufficient cash flow, and a robust ability to meet interest and repayment obligations [4]. - The gross margin for spherical silica is higher than that of angular silica, and the company’s overall gross margin exceeds that of comparable firms in the industry, indicating a stable future margin outlook [4]. Group 4: Compliance and Strategic Importance - The company’s transactions with related parties are compliant and based on market pricing, ensuring no new compliance risks arise from the fundraising projects [5]. - The issuance of convertible bonds is a strategic decision aligned with market demand and the company's growth strategy, aimed at expanding capacity and enhancing profitability [5].

Core Viewpoint - Jiangsu Lianrui New Materials Co., Ltd. has responded to the Shanghai Stock Exchange's inquiry regarding its application for issuing convertible bonds, detailing its financial issues, development plans, and operational status [1] Fundraising Projects: Future Layout and Competitiveness Enhancement - The total amount of funds raised is 720 million yuan, allocated to high-performance high-speed substrate ultra-pure spherical powder materials project, high thermal conductivity high-purity spherical powder materials project, and working capital supplementation [2] - The high-performance high-speed substrate ultra-pure spherical powder materials project has a total investment of 423 million yuan, with 270 million yuan from raised funds; the high thermal conductivity high-purity spherical powder materials project has a total investment of 388 million yuan, with 250 million yuan from raised funds; working capital supplementation is 200 million yuan [2] - All raised funds for the first two projects will be used for capital expenditures, including construction and equipment costs, which are deemed reasonable compared to similar projects in the industry [2] Financing Necessity: Funding Gap and Industry Development Drivers - Despite having 585 million yuan in freely available funds as of June 2025, the company faces a funding gap of 784 million yuan over the next three years due to various factors, including operational profit accumulation, minimum cash reserves, and planned capital expenditures [3] - The company's asset-liability ratio is close to the industry average, and raising funds through bank loans would significantly increase this ratio, potentially impacting operations negatively, thus making the issuance of convertible bonds necessary [3] Benefit Assessment: Cautious and Reasonable, Promising Prospects - For the high-performance high-speed substrate ultra-pure spherical powder materials project, the estimated average sales price at full production is 183,000 yuan per ton, with an average gross profit margin of 46.26% and a net profit margin of 24.43% [4] - The high thermal conductivity high-purity spherical powder materials project is expected to have an average gross profit margin of 35.52% and a net profit margin of 18.30%, contributing to increased revenue and net profit post-production [5] Operational Status: Steady Growth and Structural Optimization - From 2022 to Q1 2025, the company's main business revenue has shown growth, reaching 661 million yuan, 711 million yuan, 959 million yuan, and 238 million yuan, driven by the expanding market for semiconductor packaging materials and electronic circuit substrates [6] - The company's expense ratios align with revenue growth, with sales expense ratios slightly lower than industry peers, and R&D expense ratios slightly higher, indicating a balanced operational approach [7] Gross Margin Analysis - The company's gross margin differs from industry peers due to product focus, downstream applications, and operational conditions, with spherical silica showing higher margins than angular silica [8] Accounts Receivable and Inventory Management - The company has adequately provisioned for bad debts, with most accounts receivable aging within one year, and a good collection rate post-period [9] - Inventory turnover is high, with a low risk of price decline, indicating effective inventory management [9]

股票简称：联瑞新材 股票代码：688300 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 保荐机构（主承销商） 二〇二五年九月 7-1-1 上海证券交易所： 贵所于 2025 年 8 月 27 日印发的《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。按照贵所要求，江苏联瑞新材料股份 有限公司（以下简称"联瑞新材"、"发行人"、"公司"）与国泰海通证券股 份有限公司（以下简称"国泰海通"、"保荐机构"）、北京市康达律师事务所 （以下简称"发行人律师"）、华兴会计师事务所（特殊普通合伙）（以下简称 "申报会计师"）等相关方已就问询函中提到的问题进行了逐项落实并回复，对 申请文件进行了相应的补充。本问询函回复中所使用的术语、名称、缩略语，除 特别说明之外，与其在募集说明书中的含义相同。 | 类别 | 字体 | | --- | --- | | 问询函所列问题 | 黑体（不加粗） | | 问询函问题回复、中介机构核查意见 | 宋体（不加粗） | | 募集说明 ...