Group 1 - The stock of Pan-Asia Micro透 (泛亚微透) increased by 6.10% on September 22, closing at 83.50 yuan [1] - A significant block trade occurred, with a total volume of 105,800 shares and a transaction amount of 6.7446 million yuan [1] - The first transaction price was 63.75 yuan, with a total of 105,800 shares traded, resulting in a premium rate of -23.65% [1] Group 2 - In the last three months, the stock has recorded 20 block trades, with a total transaction amount of 74.9882 million yuan [1] - Over the past five trading days, the stock has risen by 5.24%, with a net inflow of main funds totaling 6.862 million yuan [1]

9月22日，泛亚微透大宗交易成交10.58万股，成交额674.46万元，占当日总成交额的2.72%，成交价 63.75元，较市场收盘价83.5元折价23.65%。 | 交易日期 | | 证券代码 | 成交价(元) 成交金额(万元) 成交量( *) 买入营业部 | | 卖出营业部 | 是否为专场 | | --- | --- | --- | --- | --- | --- | --- | | 025-09-22 | 泛亚微语 | 688386 | 63.75 674.46 去普通获得家婆婆 | 10.58 | 委結暨霸劈致喜声 | 190 | ...

Core Insights - Pan-Asia Micro-Porous Technology Co., Ltd. (泛亚微透) experienced a stock price increase of 5.23% on September 17, reaching 83.45 CNY per share, with a trading volume of 166 million CNY and a turnover rate of 2.22%, resulting in a total market capitalization of 7.594 billion CNY [1] Company Overview - The company, established on November 8, 1995, and listed on October 16, 2020, is located in Changzhou, Jiangsu Province, China. Its main business involves the research, production, and sales of expanded polytetrafluoroethylene (ePTFE) membranes and other micro-porous materials, modified derivatives, seals, and water-blocking membranes [1] - The revenue composition of the company includes: ePTFE micro-porous products (35.76%), CMD (14.94%), seals (13.74%), aerogels (11.07%), gas management products (9.18%), sound insulation products (6.63%), water-blocking membranes (5.01%), wiring harnesses (2.98%), and others (0.69%) [1] Shareholder Insights - The top circulating shareholder of Pan-Asia Micro-Porous is a fund under Huatai-PineBridge, specifically the Huatai-PineBridge Growth Focus Mixed Fund (汇添富成长焦点混合, 519068), which entered the top ten circulating shareholders in the second quarter with 1.2096 million shares, accounting for 1.33% of circulating shares. The estimated floating profit for today is approximately 5.0198 million CNY [2][4] - The Huatai-PineBridge Growth Focus Mixed Fund was established on March 12, 2007, with a current scale of 2.851 billion CNY. Year-to-date returns are 18.88%, ranking 4465 out of 8172 in its category, while the one-year return is 30.02%, ranking 5243 out of 7980. Since inception, the fund has achieved a return of 357.65% [2] Fund Management - The fund manager of Huatai-PineBridge Growth Focus Mixed Fund is Chen Xiaoyang, who has been in the position for 3 years and 262 days. The total asset scale of the fund is 2.851 billion CNY, with the best fund return during his tenure being -32.63% and the worst also being -32.63% [3]

证券代码：688386 证券简称：泛亚微透 公告编号：2025-056 江苏泛亚微透科技股份有限公司 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： https://roadshow.sseinfo.com） 会议召开方式：上证路演中心网络互动 投资者可于 2025 年 09 月 22 日（星期一）至 09 月 26 日（星期五）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 zhengquan@microvent.com.cn 进行提问。公司将在说明会上对投资者普遍关注 的问题进行回答。 江苏泛亚微透科技股份有限公司（以下简称"公司"）已于 2025 年 8 月 27 日发布了公司 2025 年半年度报告，为便于广大投资者更全面深入地了解公司 2025 年半年度经营成果、财务状况，公司计划于 2025 年 09 月 29 日（星期一） 11:00-12:00 举行 2025 年半年度业绩说明会，就投资者关心的问题进行交流。 一、 说明会 ...

广东信达律师事务所 股东会法律意见书 中国 深圳 福田区益田路 6001 号太平金融大厦 11、12 楼 邮政编码：518038 11,12/F, Taiping Finance Tower, Yitian Road 6001, Futian District, Shenzhen, P. R. China 电话(Tel.)：(0755) 88265288 传真(Fax.)：(0755)88265537 网址(Website)：https://www.sundiallawfirm.com 广东信达律师事务所 关于江苏泛亚微透科技股份有限公司 2025年第二次临时股东会的 法律意见书 信达科会字(2025)第044号 致：江苏泛亚微透科技股份有限公司（下称"贵公司"、"公司"） 广东信达律师事务所接受贵公司的委托，指派覃正伟律师及高灵灵律师（下 称"本所律师"）参加了贵公司2025年第二次临时股东会（下称"本次股东会"）， 并进行了必要的验证工作。现根据《中华人民共和国公司法》（以下简称《公司 法》）《中华人民共和国证券法》（以下简称《证券法》）《上市公司股东会规 则》（以下简称《股东会规则》）等法律法规、规范性 ...

证券代码：688386 证券简称：泛亚微透 公告编号：2025-057 江苏泛亚微透科技股份有限公司 2025年第二次临时股东会决议公告 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： 本次会议是否有被否决议案：无 其持有表决权数量的情况： | 1、出席会议的股东和代理人人数 | 43 | | --- | --- | | 普通股股东人数 | 43 | | 2、出席会议的股东所持有的表决权数量 | 39,183,103 | | 普通股股东所持有表决权数量 | 39,183,103 | | 3、出席会议的股东所持有表决权数量占公司表决权数量的比例（%） | 43.0583 | | 普通股股东所持有表决权数量占公司表决权数量的比例（%） | 43.0583 | （四） 表决方式是否符合《公司法》及公司章程的规定，股东会主持情况等。 本次股东会由公司董事长张云先生主持，会议采用现场投票与网络投票相结 合的表决方式进行表决。本次会议的召集、召开符合《公司法》《证券法》等法 律、法规、规范性文件及《公司章程》《股东会议事 ...

Investment Rating - The report maintains a "Buy" rating for the company, with expectations of significant stock price appreciation over the next six months [7][13]. Core Insights - The company reported a robust revenue growth of 25.65% year-on-year for H1 2025, achieving a total revenue of 284 million yuan, and a net profit growth of 27.57%, reaching 54 million yuan [4][5]. - The company is expanding its business in the 6G sector with a planned fundraising of approximately 698.51 million yuan, primarily for CMD product upgrades and the industrialization of low-loss FCCL products [6][7]. - The company has successfully developed high-performance FCCL products, which are expected to meet the growing demand in various high-tech fields, including 5G/6G communications and aerospace [6]. Financial Performance - For H1 2025, the company achieved a gross margin of 47.08% and a net profit margin of 19.67%, indicating stable profitability [5]. - The company forecasts revenues of 671 million yuan, 899 million yuan, and 1.277 billion yuan for 2025, 2026, and 2027, respectively, with corresponding net profits of 147 million yuan, 197 million yuan, and 288 million yuan [7][11]. - The projected PE ratios for the next three years are 45.89, 34.25, and 23.39, reflecting a decreasing trend as the company scales [7][11].

Core Viewpoint - Pan-Asia Micro-Porous Materials (泛亚微透) is accelerating its capacity expansion and plans to raise up to 699 million yuan through a private placement to enhance production capacity, R&D, and working capital [1][2][3] Group 1: Fundraising and Investment Plans - The company plans to issue up to 27.3 million shares to no more than 35 qualified investors, with a total fundraising amount not exceeding 699 million yuan [2] - The net proceeds will be allocated to four projects: CMD intelligent manufacturing upgrade (1.19 billion yuan), 6G low dielectric loss FCCL flexible copper clad laminate industrialization (2.16 billion yuan), R&D center construction (1.54 billion yuan), and working capital (2.09 billion yuan) [2][3] - The CMD product sales have shown rapid growth, with a compound annual growth rate of 101% from 2022 to 2024, increasing its share in the main business revenue from 5.69% in 2022 to 16.13% in 2024 [2][3] Group 2: Financial Performance - From 2020 to 2024, the company's revenue grew from 278 million yuan to 515 million yuan, an increase of 85.25%, while net profit rose from 55.27 million yuan to 99.16 million yuan, a growth of 79.41% [4][5] - In the first half of 2025, the company achieved revenue of 284 million yuan and net profit of 54.43 million yuan, representing year-on-year growth of 25.65% and 27.57%, respectively [4][5] Group 3: R&D and Innovation - The company has maintained high R&D investment, with a total of 115 million yuan from 2020 to the first half of 2025, and has received 250 authorized patents, including 53 invention patents and 185 utility model patents [6] - In the first half of 2025, R&D investment reached 11.43 million yuan, accounting for 4.02% of total revenue, reflecting the company's commitment to technological upgrades and new product development [6]

Core Viewpoint - The aerogel industry is experiencing unprecedented growth opportunities driven by the development of the new energy vehicle sector and the implementation of green building policies, with a significant market potential in the trillion-yuan range [2][3]. Group 1: Industry Opportunities - The aerogel market is expected to expand significantly due to the safety requirements of new energy vehicle batteries and the demand for green buildings [2]. - Major battery manufacturers, including CATL and Guoxuan High-Tech, are procuring aerogel products for thermal insulation in electric vehicle batteries [2]. - Various local governments have included aerogel materials in their green building material recommendations, indicating strong policy support for the industry [2]. Group 2: Company Developments - As of August 27, 2025, there are 3,263 registered companies related to aerogels, with a concentration in economically developed regions [3]. - The top five provinces for aerogel company registrations are Jiangsu (558), Hebei (357), Guangdong (345), Zhejiang (243), and Shandong (241), accounting for 53.45% of the total [3]. - Domestic aerogel production capacity exceeds 200,000 cubic meters, with several leading companies entering the market, including China Chemical and Morning Light New Materials [3]. Group 3: Production Capacity and Investments - Hualu New Materials plans to build a production base with an annual capacity of 300,000 cubic meters of silica-based aerogel composite materials, with a total investment of approximately 5 billion yuan [4]. - Aerospace Wujing has an annual production capacity of 20,000 cubic meters and aims to establish the first national standard for aerogel composite glass [5]. - Morning Light New Materials has the largest planned capacity in China at 77,000 tons, with multiple production bases under development [6]. Group 4: Future Projects and Expansion - Various companies are planning significant expansions, such as Aibihai, which aims to increase its production capacity by 125% through new projects [5]. - Nanotech has a current capacity of 36,000 cubic meters per year and plans to build additional projects to reach a capacity of 200 million aerogel insulation sheets [8]. - Lingwei New Materials has initiated a project to achieve an annual capacity of 20,000 tons of ultra-fine silica aerogel products, with full production expected by 2027 [9].

Core Insights - The company reported a significant increase in revenue and net profit for the first half of 2025, with total revenue reaching 284 million yuan, up 25.65% year-on-year, and net profit attributable to shareholders at 54 million yuan, up 27.57% year-on-year [1] - The growth in performance is attributed to the company's efforts in market expansion, product structure optimization, and continuous promotion of import substitution [1] Financial Performance - In Q2 2025, the company achieved total revenue of 153 million yuan, reflecting a year-on-year increase of 24.84%, and a net profit of 30 million yuan, up 17.39% year-on-year [1] - The company's ePTFE micro-porous products generated revenue of 102 million yuan, a 41.70% increase year-on-year, while CMD and gas management products brought in 69 million yuan, up 9.66% [1] Strategic Initiatives - The company adheres to a "market niche, product diversification" strategy, actively developing new products and applications, particularly in the automotive sector, addressing customer technical needs and industry pain points [2] - The establishment of a wholly-owned subsidiary in the medical field indicates the company's commitment to expanding its product offerings and promoting domestic alternatives [2] Growth Potential - The company increased its stake in Lingtianda to 51% through capital injection, which is expected to create new growth opportunities [2] - The investment aligns with the trend observed in the U.S. market, where cable products have become a significant segment for ePTFE membranes and their derivatives [3] Market Positioning - The company aims to transition from a cable membrane supplier to a comprehensive supplier of cables and cable components, enhancing its business layout and positioning itself to compete with established players like Gore [3] - The high-end application market for cable materials presents substantial pricing advantages, with external materials potentially costing several times more than internal conductor cores, indicating a lucrative opportunity for the company [3]