证券代码：688386 证券简称：泛亚微透 公告编号：2025-043 江苏泛亚微透科技股份有限公司 股东提前终止减持计划暨减持股份结果公告 本公司董事会、全体董事及相关股东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。 重要内容提示： 股东持有的基本情况 2025 年 6 月 9 日，公司实施了 2024 年度权益分配，以资本公积每 10 股转 增 3 股，南方精工持股数量由 5,136,057 股增加至 6,676,874 股, 占公司总股本 的 7.34%。 减持计划的实施结果情况 南方精工于 2025 年 5 月 8 日通过公司披露了《江苏泛亚微透科技股份有限 公司股东减持股份计划公告》（公告编号：2025-025），计划自该公告披露之日起 15 个交易日后的 3 个月内，通过集中竞价交易、大宗交易方式减持所持有的上 市公司的股票合计不超过 2,100,000 股，即不超过上市公司总股本的 3%。若减 持期间上市公司有送股、资本公积转增股本、配股等股份变动事项，减持股份数 量将进行相应调整。 近日，公司收到南方精工出具的《股份减持告知 ...

Summary of Key Points Core Viewpoint - The announcement details the early termination of a share reduction plan by the major shareholder, Changzhou Sequoia High-tech Venture Capital Center (Limited Partnership), which has reduced its holdings in Jiangsu Panyaw Micro透 Technology Co., Ltd. Shareholder Holding Situation - Prior to the reduction plan, the shareholder held 5,850,363 shares, accounting for 8.36% of the total share capital of the company [1] - Following the acquisition of additional shares, the total holding increased to 7,605,472 shares, maintaining the same percentage of 8.36% [1] Reduction Plan Implementation Results - As of June 30, 2025, the shareholder has reduced its holdings by 3,555,472 shares, which is 3.91% of the total share capital, and the reduction plan has been terminated early [2] - The reduction was executed through centralized bidding and block trading, with 1,820,000 shares sold via centralized bidding and 1,735,472 shares through block trading [2] - The price range for the shares sold was between 43.83 and 54.18 yuan per share [2] Financial Impact - The total amount from the reduction reached 175,789,206.09 yuan, with 84,528 shares remaining unsold [3] - The current holding after the reduction is 4,050,000 shares, representing 4.45% of the total share capital [3] - The original plan allowed for a maximum reduction of 2,800,000 shares, or 4% of the total share capital, indicating that the actual reduction was slightly below the planned maximum [3]

证券代码：688386 证券简称：泛亚微透 公告编号：2025-042 江苏泛亚微透科技股份有限公司 股东提前终止减持计划暨减持股份结果公告 本公司董事会、全体董事及相关股东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。 重要内容提示： 股东持有的基本情况 在本次减持计划实施前，股东常州赛富高新创业投资中心（有限合伙）（以 下简称"赛富创投"）持有江苏泛亚微透科技股份有限公司（以下简称"公司" 或"泛亚微透"）股份 5,850,363 股,占公司总股本的 8.36%,该股份为公司首次 公开发行前取得的股份，并已于 2021 年 10 月 18 日起上市流通。 注：其他方式取得的股份 1,755,109 股系公司实施资本公积金转增股本赛富创 投取得的股份。 上述减持主体无一致行动人。 二、减持计划的实施结果 （一）股东因以下事项披露减持计划实施结果： 2 一、减持主体减持前基本情况 股东名称 常州赛富高新创业投资中心（有限合伙） 股东身份 控股股东、实控人及一致行动人 □是 √否 直接持股 5%以上股东 √是 □否 董事、监事和高级管理人员 □ ...

Group 1 - The legal opinion letter was issued by Guangdong Xinda Law Firm regarding the 2025 first extraordinary general meeting of Jiangsu Panyan Micro透科技股份有限公司 [1][2] - The meeting was held on June 30, 2025, at 14:30 in Changzhou, Jiangsu Province, and included both on-site and remote video participation [3][4] - The total number of voting shares present at the meeting was 37,276,769, accounting for 40.9634% of the total voting shares [3][4] Group 2 - A total of 42 shareholders participated in the online voting, representing 6,244,179 voting shares, which is 6.8617% of the total [3][4] - The voting results showed that 7,804,993 shares were in favor of the resolutions, which accounted for a majority of the valid voting rights at the meeting [5] - The resolutions passed with more than half of the valid voting rights, confirming the legality of the meeting and the voting process [5][6]

证券代码：688386 证券简称：泛亚微透 公告编号：2025-041 江苏泛亚微透科技股份有限公司 2025年第一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 一、 会议召开和出席情况 （一） 股东会召开的时间：2025 年 6 月 30 日 （二） 股东会召开的地点：常州市武进区礼嘉镇前漕路 8 号公司会议室 （三） 出席会议的普通股股东、特别表决权股东、恢复表决权的优先股股东及 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 | 51 | | --- | --- | | 普通股股东人数 | 51 | | 2、出席会议的股东所持有的表决权数量 | 37,276,769 | | 普通股股东所持有表决权数量 | 37,276,769 | | 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 | 40.9634 | | 例（%） | | | 普通股股东所持有表决权数量占公司表决权数量的比例（%） | 40.9634 | （四） 表决方式是 ...

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年第一次临时股东会的 法律意见书 信达科会字(2025)第033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，指派刘品律师及万茜律师（下称 "本所律师"）参加了贵公司2025年第一次临时股东会（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》）《上海证券交易所上市公 ...

证券代码：688386 证券简称：泛亚微透 公告编号：2025-040 江苏泛亚微透科技股份有限公司 关于持股 5%以上股东权益变动的提示性公告 一、本次权益变动基本情况 公司于 2025 年 6 月 26 日收到持股 5%以上股东南方精工出具的《简式权益 变动报告书》，现将其有关权益变动情况公告如下： 2、本次权益变动情况 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： 本次权益变动属于股东履行此前披露的减持股份计划，不触及要约收购。 本次权益变动后，江苏南方精工股份有限公司（以下简称"南方精工"） 持有江苏泛亚微透科技股份有限公司（以下简称"公司"或"泛亚微透"）股份 4,550,000 股，占公司总股本的 5.00% 。 本次权益变动不会使公司控股股东及实际控制人发生变化。 1、本次权益变动为南方精工履行此前披露的股份减持计划所致，不触及要 约收购。 2、本次权益变动为持股 5%以上非第一大股东减持，不会导致公司控股股东、 实际控制人发生变化，不会对公司治理结构及持续经营产生重大影响。 3、本次权益变动已 ...

证券代码：688386 证券简称：泛亚微透 江苏泛亚微透科技股份有限公司 简式权益变动报告书 上市公司名称：江苏泛亚微透科技股份有限公司 信息披露义务人：江苏南方精工股份有限公司 公司住址：江苏省常州市武进高新技术开发区龙翔路 9 号 通讯地址：江苏省常州市武进高新技术开发区龙翔路 9 号 股份变动性质：股份减少 签署日期：2025 年 6 月 26 日 1 上市地点：上海证券交易所 股票简称：泛亚微透 股票代码：688386 三、依据《证券法》《收购管理办法》《准则 15 号》的规定，本报告书已全 面披露信息披露义务人在江苏泛亚微透科技股份有限公司（以下简称"泛亚微透"） 拥有权益的股份变动情况。截至本报告书签署之日，除本报告书披露的信息外， 信息披露义务人没有通过任何其他方式增加或减少其在泛亚微透中拥有权益的 股份。 四、本次权益变动是根据本报告书所载明的资料进行的。除信息披露义务人 外，没有委托或授权任何单位或个人提供未在本报告书中所列载的信息和对本报 告书作出任何解释和说明。 五、信息披露义务人承诺本报告书不存在虚假记载、误导性陈述或重大遗漏， 并对其真实性、准确性、完整性承担个别和连带的法律责任。 ...

Investment Rating - The report assigns an "Accumulate" rating for the company, marking its first coverage [1]. Core Insights - The company focuses on the new materials industry with a diversified layout, including four core product lines: ePTFE micro-permeable products, CMD and gas management products, SiO2 aerogel products, and high-performance wiring products, primarily serving the automotive, military, and aerospace sectors [4]. - The company operates in a high-barrier technology sector with excellent product profitability, maintaining a gross margin above 45% and a net margin around 20% over the past two years [4]. - The company's revenue growth remains robust, with a 25% year-on-year increase in 2024, reaching 515 million yuan, and a 43% year-on-year increase in net profit for Q1 2025 [5]. Company Overview - Latest closing price: 50.50 yuan - Total shares: 0.91 billion, Market capitalization: 4.6 billion yuan - Debt-to-asset ratio: 28.9%, PE ratio: 35.56 [3]. Business Segment Performance - **ePTFE Micro-permeable Materials**: Generated 162 million yuan in revenue in 2024, a 34% increase, accounting for approximately 32% of total revenue [6]. - **CMD and Gas Management Products**: Achieved 142 million yuan in revenue, a 45% increase, representing about 28% of total revenue [7]. - **SiO2 Aerogel Products**: Revenue reached 65 million yuan, growing by 47%, making up about 13% of total revenue [8]. - **High-performance Wiring Products**: The company expanded into high-performance cables and connectors, establishing an automotive wiring division in 2024 [9]. Financial Forecast and Valuation - Revenue projections for 2025-2027 are 678 million, 890 million, and 1.102 billion yuan, with year-on-year growth rates of 31.72%, 31.28%, and 23.78% respectively [10]. - Expected net profits for the same period are 145 million, 192 million, and 241 million yuan, with growth rates of 46.42%, 32.13%, and 25.60% respectively [10]. - Corresponding PE ratios are projected to be 31.65, 23.95, and 19.07 [10].

Core Viewpoint - The new materials industry is experiencing rapid growth, with significant opportunities arising from technological advancements, policy support, and the need for domestic production capabilities in response to international trade tensions [2][9][13]. Group 1: Industry Overview - The global new materials industry reached a value of $2.8 trillion in 2019, with a competitive landscape divided into three tiers: developed countries in the first tier, rapidly developing countries like China in the second tier, and emerging economies in the third tier [8][12]. - China's new materials industry generated a total output value of 6.4 trillion yuan in 2021, with an average annual growth rate of 23.1% from 2010 to 2021, and is projected to reach 7.5 trillion yuan in 2022 [9][10]. Group 2: Semiconductor Sector - The global semiconductor market was valued at $595 billion in 2021, with expectations to grow to $790 billion by 2026, driven by advancements in 5G and automotive electronics [3][16]. - The semiconductor materials market in China reached $11.9 billion in 2021, growing by 22.2% year-on-year, indicating a significant increase in domestic demand [31][32]. Group 3: Display Materials - The global OLED materials market is expected to grow from approximately $900 million in 2019 to about $2.6 billion by 2024, with a compound annual growth rate (CAGR) of 23.6% [4]. - Domestic companies like Wanrun and Ruile New Materials are leading suppliers in the liquid crystal and OLED material sectors, with significant market shares [4][15]. Group 4: New Energy Materials - The new energy sector is rapidly evolving, with key materials such as composite copper foil, conductive carbon black, and sodium battery materials expected to see substantial market growth [5][15]. - The market for photovoltaic materials is projected to reach 20 billion yuan by 2025, driven by increasing demand for solar energy solutions [15]. Group 5: Environmental Materials - Traditional chemical applications are witnessing upgrades, with domestic companies like Zhongchumai and Jianlong Weina capitalizing on opportunities in molecular sieves and lubricating oil additives [6][15]. - Aerogels, known for their exceptional insulation properties, are gaining traction in construction and electric vehicle markets, with companies like Chenguang New Materials entering this space [6][15].