瑞华泰前三季度综合毛利率不足 20%，受产品结构和产能爬坡影响显著。 电子产品毛利率正常为 35%-40%，热控产品亏损，高端电工产品正常 年份毛利率 40%以上。化学法生产线满负荷运转后，常规厚度石墨膜毛 利率预计为 25%-30%。 嘉兴公司资产总额下降主要由于化学法生产线未完全转固，未能贡献收 入。该项目总投资 14 亿多元，未转固生产线每年折旧费用约 1 亿多元， 可转债每年需支付 3,000 万元利息，加剧了财务压力。 瑞华泰正积极推进可转债转股工作，以减轻财务负担。TPI 基膜采用两 面精密涂布技术绕开日本专利，主要用于手机终端国产化替代，并有望 在新能源汽车柔性线路板中应用，提升尺寸稳定性和长期可靠性。 TPI 膜产能瓶颈在于精密涂布能力不足，而非基膜短缺。公司将逐步提 升精密涂布能力，以满足市场需求并拓展应用场景。目前 TPI 膜年产量 预计最多 200 万平米，每平米成本约三四十元。 普通石墨价格约 190-200 元/公斤，基本触底但仍亏损，主要用于中低 端手机。超厚石墨用于高端手机，价格约 300 元/公斤。CPI 膜面临光学 级表面生产能力不足问题，未来计划在嘉兴建设大规模量产 CPI ...

Core Viewpoint - The company is experiencing a decline in profitability due to high unit costs during the initial production phase of the Jiaxing project, increased management and financial expenses, and a decrease in sales prices caused by intensified market competition [1] Group 1: Production and Costs - The Jiaxing project is in its early production stage, leading to gradually increasing capacity and production efficiency, which results in relatively high unit costs [1] - The increase in depreciation and capitalized interest expenses following the launch of the Jiaxing project has contributed to higher management and financial costs [1] Group 2: Market Competition - The company is facing intensified competition in the industry, which has led to a decline in sales prices for certain products [1]

Core Viewpoint - The company has indicated that the annual shareholders' meeting has authorized the board to implement a simplified capital increase, which serves as a financing option, but the decision to initiate it will depend on the company's actual operations and development situation, following relevant decision-making processes [1] Group 1 - The company will disclose any further developments in accordance with relevant laws and regulations [1]

Group 1 - The company, Ruihua Tai, stated on October 31 that its information disclosure practices are conducted strictly in accordance with regulatory requirements [1]

Core Viewpoint - The polyimide industry is characterized by high technical barriers, stringent market entry requirements, and significant capital investment, indicating a high level of technological attributes within the industry [1] Industry Characteristics - The polyimide industry has high technical barriers [1] - There are stringent market entry requirements in the polyimide sector [1] - The industry requires substantial capital investment [1] - The technological attributes of the industry are notably high [1]

Core Viewpoint - Ruifeng Tai emphasizes the importance of market value management and is committed to enhancing its core business in high-performance polyimide film materials to maximize company and shareholder value [1] Company Focus - The company has consistently prioritized market value management [1] - Ruifeng Tai is dedicated to its main business of high-performance polyimide film materials [1]

| 证券代码：688323 | 证券简称：瑞华泰 | 公告编号：2025-045 | | --- | --- | --- | | 转债代码：118018 | 转债简称：瑞科转债 | | 深圳瑞华泰薄膜科技股份有限公司 关于为全资子公司提供担保的公告 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： 担保对象 被担保人名称 嘉兴瑞华泰薄膜技术有限公司 本次担保金额 60,000.00 万元 实际为其提供的担保余额 61,017.51 万元 是否在前期预计额度内 □是 否 □不适用：_________ 本次担保是否有反担保 □是 否 □不适用：_________ 担保对象及基本情况 累计担保情况 | 对外担保逾期的累计金额（万元） | 0.00 | | --- | --- | | 截至本公告日上市公司及其控股 | 61,017.51 | | 子公司对外担保总额（万元） | | | 对外担保总额占上市公司最近一 期经审计净资产的比例（%） | 64.70 | | 特别风险提示（如有请勾选） | 对外担保总额（含本次） ...

| 证券代码：688323 | 证券简称：瑞华泰 | 公告编号：2025-046 | | --- | --- | --- | | | 转债简称：瑞科转债 | | | 转债代码：118018 | | | 深圳瑞华泰薄膜科技股份有限公司 关于召开2025年第二次临时股东会的通知 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） 股东会类型和届次 2025年第二次临时股东会 至2025 年 11 月 17 日 股东会召开日期：2025年11月17日 本次股东会采用的网络投票系统：上海证券交易所股东会网络投票系统 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间为股 东会召开当日的交易时间段，即 9:15-9:25，9:30-11:30，13:00-15:00；通过 互联网投票平台的投票时间为股东会召开当日的 9:15-15:00。 （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 （二） 股东会召集人：董事会 （三） 投票方式：本次股东会所采用的表决方 ...

Financial Performance - The company's operating revenue for the third quarter was ¥100,684,281.73, a decrease of 6.05% compared to the same period last year[3] - The total profit for the quarter was -¥29,238,371.02, with a year-to-date total profit of -¥67,927,282.45[3] - The net profit attributable to shareholders was -¥28,985,082.83 for the quarter, and -¥62,719,319.40 year-to-date[3] - The basic and diluted earnings per share for the quarter were both -¥0.16, compared to -¥0.35 in the same period last year[4] - Total operating revenue for the first three quarters of 2025 reached ¥282,615,584.06, an increase of 18.1% compared to ¥239,139,268.85 in the same period of 2024[21] - Net loss for the first three quarters of 2025 was ¥62,719,319.40, compared to a net loss of ¥48,670,684.74 in the same period of 2024, representing a decline of 29%[22] - Operating profit for the first three quarters of 2025 was reported at -¥66,580,349.73, worsening from -¥49,767,277.94 in 2024[22] Research and Development - Research and development expenses totaled ¥10,703,547.22 for the quarter, representing 10.63% of operating revenue, an increase of 2.02 percentage points year-on-year[4] - Research and development expenses for the first three quarters of 2025 were ¥27,819,215.64, compared to ¥26,080,351.34 in 2024, indicating a growth of 6.7%[22] Assets and Liabilities - The company's total assets at the end of the quarter were ¥2,546,283,438.05, a decrease of 0.69% from the end of the previous year[4] - Total liabilities amounted to ¥1,665,881,612.53, compared to ¥1,620,826,006.25 in the previous year, marking an increase of 2.9%[19] - Total assets decreased slightly to ¥2,546,283,438.05 from ¥2,563,947,151.17, a decline of 0.7%[19] Cash Flow - The net cash flow from operating activities for the year-to-date was ¥108,103,946.75, an increase of 158.34% compared to the same period last year[3] - Cash flow from operating activities was ¥213,107,770.42, a slight increase from ¥203,573,038.14 in the previous year[25] - Cash and cash equivalents at the end of the period amounted to ¥154,286,302.28, up from ¥91,329,369.03 at the beginning of the period[27] - Cash received from interest, fees, and commissions totaled ¥62,328,772.19, compared to ¥10,483,229.49 previously, indicating a strong increase in operational cash inflows[26] - Cash outflow for purchasing goods and services was ¥61,700,203.82, down from ¥105,012,872.05, showing improved cost management[26] - Cash flow from investment activities was negative at -¥47,647,438.54, reflecting higher capital expenditures compared to the previous period[26] Shareholder Information - Total number of common shareholders at the end of the reporting period is 6,542[12] - The largest shareholder, Hangke New Century Technology Development (Shenzhen) Co., Ltd., holds 42,083,059 shares, accounting for 23.38% of total shares[12] - The second largest shareholder, Guotou High-tech Investment Co., Ltd., holds 18,750,082 shares, representing 10.42% of total shares[12] Financial Management - Financial expenses rose to ¥39,992,490.21, up from ¥26,255,026.69, reflecting a significant increase of 52.5%[22] - Deferred income tax assets increased to ¥22,962,208.60 from ¥12,921,831.50, showing a growth of 77.6%[18] - The company received government subsidies amounting to ¥1,102,065.33 year-to-date, which positively impacted the financial results[6] Other Information - The company has no reported changes in the participation of major shareholders in margin trading and securities lending[14] - There are no significant reminders regarding the company's operational status during the reporting period[14] - The company plans to implement new accounting standards starting in 2025, which may affect future financial reporting[28]

Core Viewpoint - The stock of Shenzhen Ruihuatai Film Technology Co., Ltd. has experienced fluctuations, with a current price of 15.25 CNY per share, reflecting a year-to-date increase of 24.08% and a recent decline over the past 20 and 60 days [1][2]. Financial Performance - For the first half of 2025, the company achieved a revenue of 182 million CNY, representing a year-on-year growth of 37.86%. However, it reported a net loss attributable to shareholders of 33.73 million CNY, which is an increase of 6.64% compared to the previous period [2]. - Cumulative cash dividends since the company's A-share listing amount to 25.2 million CNY, with 12.6 million CNY distributed over the last three years [3]. Shareholder Information - As of June 30, 2025, the number of shareholders decreased by 4.35% to 5,294, while the average number of circulating shares per person increased by 4.55% to 34,000 shares [2]. - Among the top ten circulating shareholders, Guangfa Stable Return Mixed A (009951) holds 3.3676 million shares, with no change in the number of shares held compared to the previous period [3]. Market Activity - On October 29, the stock price decreased by 2.06% during trading, with a trading volume of 21.96 million CNY and a turnover rate of 0.79%. The total market capitalization stands at 2.745 billion CNY [1]. - The net inflow of main funds was 117,700 CNY, with large orders accounting for 6.67% of purchases and 6.14% of sales [1]. Business Overview - The company, established on December 17, 2004, specializes in the research, production, and sales of high-performance polyimide (PI) films, with 96.62% of its revenue derived from this segment [1]. - The company operates within the basic chemical industry, specifically in the plastic and film materials sector, and is associated with concepts such as foldable screens and flexible electronics [1].