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].

Core Viewpoint - Jiangsu Panyamicro Technology Co., Ltd. is undergoing a share reduction by its shareholder, Changzhou Saifu High-tech Venture Capital Center (Limited Partnership), due to its funding needs, resulting in a decrease in its shareholding from 8.36% to 5.00% [1][4][6]. Group 1: Shareholder Information - The information disclosure obligor is Changzhou Saifu High-tech Venture Capital Center (Limited Partnership), established on December 2, 2009, with a registered capital of 20 million RMB [2][3]. - The managing partner is Changzhou Saifu High-tech Venture Capital Management Co., Ltd., represented by Yan Yan [3]. Group 2: Shareholding Changes - Prior to the reduction, the information disclosure obligor held 7,605,472 shares, accounting for 8.36% of the total share capital. After the reduction, it holds 4,550,000 shares, representing 5.00% of the total share capital [4][5]. - The reduction occurred between June 9, 2025, and June 19, 2025, with a total of 3,055,472 shares sold, which is 3.36% of the total share capital [6][8]. Group 3: Future Plans - The information disclosure obligor plans to reduce its holdings by up to 2,800,000 shares within the next 12 months, following the announcement made on May 8, 2025 [4][6].

Core Viewpoint - The announcement details a significant equity change involving a major shareholder of Jiangsu Panya Micro透 Technology Co., Ltd., indicating a planned reduction in shareholding without triggering a mandatory takeover bid [1][2]. Summary by Sections Equity Change Overview - The equity change is part of a previously disclosed share reduction plan by the shareholder, Changzhou Sequoia High-tech Venture Capital Center (Limited Partnership), which now holds 4,550,000 shares, representing 5.00% of the company's total share capital [2][3]. - The change will not affect the company's controlling shareholder or actual controller [2][4]. Shareholder Reduction Plan - On May 8, 2025, the shareholder announced a plan to reduce holdings by up to 2,800,000 shares, or 4% of the total share capital, within three months following the announcement [2][3]. - The reduction will be executed through centralized bidding and block trading, with adjustments made for any changes in share capital due to stock dividends or other corporate actions [2][3]. Shareholding Changes - From June 9 to June 19, 2025, the shareholder reduced its holdings by a total of 3,055,472 shares, which is 3.36% of the total share capital [3]. - The breakdown of the reduction includes 1,820,000 shares sold through centralized bidding and 1,235,472 shares through block trading [3]. - Prior to the reduction, the shareholder held 7,605,472 shares (8.36%), which decreased to 4,550,000 shares (5.00%) post-reduction [3]. Future Implications - The equity change is not expected to have a significant impact on the company's governance structure or ongoing operations [4]. - The company will continue to monitor compliance with disclosure obligations by the shareholder [4].

证券代码：688386 证券简称：泛亚微透 公告编号：2025-039 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 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。 2、本次权益变动情况 赛富创投于 2025 年 5 月 8 日通过上市公司披露了《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 2,800,000 股，即不超过上市公司总股本的 4%。 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。 本次权益变动后，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 4,550,000 股，占公司总股本的 5.00% 。 本次权益变动 ...

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 股票代码：688386 信息披露义务人：常州赛富高新创业投资中心（有限合伙） 住所/通讯地址：常州市新北区锦绣路2号文化广场3号楼9层 股份变动性质：减持股份 简式权益变动报告书签署日期：2025 年 6 月 20 日 1 信息披露义务人声明 一、信息披露义务人依据《中华人民共和国证券法》（以下简称"《证券法》"）、 《上市公司收购管理办法》（以下简称"《收购办法》"）、《公开发行证券的公司信 息披露内容与格式准则第 15 号——权益变动报告书》（以下简称"《准则 15 号》"） 及相关的法律、法规编写本报告书。 二、信息披露义务人签署本报告书已获得必要的授权和批准，其履行亦不违 反信息披露义务人章程或内部规则中的任何条款，或与之相冲突。 三、依据《证券法》《收购办法》《准则 15 号》的规定，本报告书已全面披 露了信息披露义务人在江苏泛亚微透科技股份有限公司中拥有权益的股份变动 情况。截至本报告书签署之日，除本报告书披露的持股信息外，信息披露义务人 没有通过任何其他方式增加或减少其在江苏泛亚微透科技股份有限公司中拥 ...

Summary of Key Points Core Viewpoint - On June 18, a total of 57 stocks appeared on the block trading platform, with a cumulative trading volume of 0.38 billion shares and a total transaction value of 6.68 billion yuan, indicating active trading in the market [1]. Group 1: Trading Activity - The highest transaction value was recorded for Hengli Petrochemical, with three trades totaling 0.41 billion yuan [1]. - Jinkong Coal Industry followed closely with one trade amounting to 0.39 billion yuan [1]. - A total of 20 stocks had transaction values exceeding 10 million yuan, reflecting significant interest from investors [1]. Group 2: Stock Performance - Hengli Petrochemical (600346) experienced a slight decline of 0.94% with a closing price of 14.73 yuan and a transaction price of 14.40 yuan, showing a discount of 2.24% [1]. - Jinkong Coal Industry (601001) also saw a decrease of 0.66%, closing at 11.96 yuan, with no discount on the transaction price [1]. - Yuyue Medical (002223) had a minor decline of 0.31%, closing at 35.34 yuan, but the transaction price was at a premium of 9.99% [1]. Group 3: Notable Stocks - Transsion Holdings (688036) had a notable increase of 6.03%, closing at 80.56 yuan, with a transaction price slightly above the closing price [1]. - Other stocks like Meichang Co. (300861) and Fuchuang Precision (688409) showed mixed performance, with slight declines and modest increases, respectively [1]. - Guizhou Moutai (600519) remained stable with a minor decline of 0.14%, maintaining a high closing price of 1425.00 yuan [1].

证券代码：688386 证券简称：泛亚微透 公告编号：2025-038 江苏泛亚微透科技股份有限公司 关于持股 5%以上股东权益变动触及 1%刻度的提示性公告 江苏南方精工股份有限公司保证向本公司提供的信息真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 本公司董事会及全体董事保证公告内容与信息披露义务人提供的信息一致。 重要内容提示： | 权益变动方向 | 比例增加□ | 比例减少 | | --- | --- | --- | | 权益变动前合计比例 | 7.00% | | | 权益变动后合计比例 | 5.98% | | | 本次变动是否违反已作出的承诺、意向、计划 | 是□ | 否 | | 是否触发强制要约收购义务 | 是□ | 否 | 一、 信息披露义务人及其一致行动人的基本信息 1.身份类别 投资者及其一致行动人的身份 □控股股东/实际控制人及其一致行动人 其他 5%以上大股东及其一致行动人 □合并口径第一大股东及其一致行动人（仅适用 于无控股股东、实际控制人） □其他______________（请注明） 二、 权益变动触及 1%刻度的基本情况 公司于 2025 年 6 月 18 日收到 ...

Investment Rating - The report maintains an "Outperform" rating for the hydrogen energy sector [4] Core Viewpoints - The hydrogen energy industry is experiencing continuous development due to favorable policies in China, with an increase in electrolyzer bidding projects and breakthroughs in hydrogen production technology. It is recommended to pay attention to companies involved in electrolyzer bidding [3][41] - The midstream sector is accelerating the development of hydrogen transportation and the construction of hydrogen refueling stations, suggesting a focus on companies capable of hydrogen transportation [3][41] - The downstream sector is exploring various application scenarios for hydrogen energy, promoting the adoption of hydrogen vehicles, and recommending attention to companies in the hydrogen vehicle application field [3][41] Industry Performance - As of June 13, 2025, the hydrogen energy index closed at 2047.76 points, with a weekly increase of 0.34% and a year-to-date increase of 15.25%. The hydrogen energy index ranked 42nd among the Shenwan secondary industry rankings, improving by 9 places compared to the previous week [8][15] - The top five companies in the hydrogen energy sector by weekly increase were Meichen Technology (40.96%), Yong'an Pharmaceutical (26.38%), Hengguang Co., Ltd. (25.1%), ST Baili (22.89%), and Pan-Asia Micro透 (22.02%). The top five companies by weekly decrease were Chaojie Co., Ltd. (-23.23%), Xue Ren Co., Ltd. (-14.57%), Huapei Power (-9.09%), Zhongcai Technology (-8.54%), and Xin Xun Da (-8.3%) [15][16] Hydrogen Industry Data Review - As of June 13, 2025, there have been 20 cumulative electrolyzer bidding projects in China, primarily involving alkaline and PEM types. A significant breakthrough was achieved with the development of a 2 MW AEM electrolyzer by Beijing Green Wave Hydrogen Energy Technology Co., Ltd. [17] - In April 2025, the production of fuel cell vehicles (FCVs) saw a decrease, with 342 units produced and 328 units sold, marking a month-on-month decline of 6.3% and 13%, respectively. Cumulatively, 926 FCVs were produced and 957 sold from January to April 2025, representing year-on-year declines of 22.45% and 10.89% [21][24] Industry Dynamics and Company Developments - Significant breakthroughs in hydrogen transportation technology were reported, including the successful operation of a non-metal flexible hydrogen pipeline by State Power Investment Corporation [36] - The first domestic hydrogen internal combustion engine generator set has been commercially operated in Hubei, showcasing the ability to utilize industrial by-product hydrogen for power generation [36] - Plug Power has partnered with Allied Green to advance a green hydrogen project in Uzbekistan, highlighting international collaboration in the hydrogen sector [38]