证券代码：688386 证券简称：泛亚微透 公告编号：2025-065 江苏泛亚微透科技股份有限公司 第四届董事会第十一次会议决议公告 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个别及连带责任。 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"）第四 届董事会第十一次会议（以下简称"会议"）于2025年11月11日以直接送达、微 信等方式发出通知，并通过电话进行确认，会议于2025年11月14日以现场结合视 频会议方式召开。会议应出席董事9名，实际出席董事9名，会议由董事长张云先 生主持，本次会议的召集、召开和表决程序符合有关法律、法规和《公司章程》 的规定，会议形成的决议合法有效。 经与会董事认真审议，以记名投票表决方式审议通过了如下议案： 一、审议通过了《关于调整募集资金总额的议案》 若本次发行募集资金总额因监管政策变化或发行注册文件的要求予以调整的， 则届时将相应调整。 表决结果：9票同意，0票反对，0票弃权。 根据公司本次向特定对象发行 A 股股票募集资金拟投资项目实际情况并结 合有关主管部门的审核建议，公司拟对 ...

江苏泛亚微透科技股份有限公司 第四届董事会第八次独立董事专门会议决议 2025 年 11 月 14 日，公司第四届董事会第八次独立董事专门会议以现场会 议的方式召开。会议通知已于 2025 年 11 月 11 日通过微信、电话及电子邮件等 方式送达给独立董事，会议应出席独立董事 3 名，实际出席独立董事 3 名。会议 由全体独立董事共同推举沈金涛先生担任会议召集人并主持本次会议。会议召开 符合《上市公司独立董事管理办法》《上海证券交易所科创板股票上市规则》《上 海证券交易所科创板上市公司自律监管指引第 1 号—规范运作（2023 年 12 月修 订）》《公司章程》及《公司独立董事工作制度》的规定。 全体独立董事本着认真、负责的态度，在认真阅读公司提供的资料，听取有 关人员的汇报并详细了解有关情况后，经出席会议的独立董事审议和表决，形成 以下决议： 表决结果：赞成 3 票；反对 0 票；弃权 0 票。 三、审议通过了《关于公司 2025 年度向特定对象发行 A 股股票预案（二次修 订稿）的议案》 经审阅，我们认为：根据《公司法》《证券法》及《上市公司证券发行注册 管理办法》等法律法规及规范性文件的相关规定，公司 ...

Core Viewpoint - Pan-Asia Micro-Porous experienced a stock price decline of 2.16% on November 12, with a current price of 70.66 CNY per share, despite a year-to-date increase of 204.98% [1] Company Overview - Jiangsu Pan-Asia Micro-Porous Technology Co., Ltd. was established on November 8, 1995, and went public on October 16, 2020. The company specializes in the research, production, and sales of expanded polytetrafluoroethylene (ePTFE) membranes and other micro-porous materials [1] - The company's revenue composition 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] Financial Performance - For the period from January to September 2025, Pan-Asia Micro-Porous achieved a revenue of 500 million CNY, representing a year-on-year growth of 42.04%. The net profit attributable to shareholders was 90.71 million CNY, with a year-on-year increase of 36.17% [2] - The company has distributed a total of 112 million CNY in dividends since its A-share listing, with 77 million CNY distributed over the past three years [2] Shareholder Information - As of September 30, 2025, the number of shareholders for Pan-Asia Micro-Porous was 4,035, a decrease of 2.18% from the previous period. The average number of circulating shares per shareholder increased by 2.23% to 22,552 shares [2] - Among the top ten circulating shareholders, XINGQUAN He Yuan Two-Year Holding Mixed A (011338) is the seventh largest shareholder with 1.3349 million shares, while Huatai-PineBridge Growth Focus Mixed (519068) is the eighth largest with 1.3273 million shares, having increased its holdings by 117,700 shares compared to the previous period [2]

Summary of Pan-Asia Micro透 Conference Call Company Overview - **Company**: Pan-Asia Micro透 - **Industry**: Advanced materials and components, focusing on automotive and flexible circuit boards Key Financial Metrics - **Revenue**: - Micro透 products revenue: 127 million CNY, gross margin: 77%, YoY growth: 23.4% [2][3] - CMD and gas management business revenue: 1.105 billion CNY, gross margin: over 60%, YoY growth: 6.68% [2] - Aerogel business revenue: 54.4 million CNY, YoY growth: 25.8% [2] - Wiring harness and cable business revenue: 75.802 million CNY, growth rate over 2000% [2] - **Net Profit**: - For the first three quarters of 2025: 90 million CNY, YoY growth: 36.17% [3] Business Segments Performance - **Core Business Segments**: - Micro透 products: 127 million CNY revenue, gross margin: 77% [3] - CMD and gas management: 1.105 billion CNY revenue, gross margin: over 60% [7] - Aerogel: 54.4 million CNY revenue, slight decline in gross margin [7] - Wiring harness and cable: 75.802 million CNY revenue, significant growth due to high-margin aerospace cables [7] Strategic Developments - **R&D Investment**: - R&D expenditure accounts for approximately 5%-6% of revenue, increased due to platform characteristics and cross-industry projects [9] - Employee count increased from over 300 to around 700, significantly raising management costs [9] - **Future Revenue Projections**: - Expected revenue for 2026: over 1.2 billion CNY, driven by R&D and increased expenses [9] New Business Initiatives - **CMD Expansion**: - CMD production capacity currently at 20 million units, expected to reach 50 million units [16] - Anticipated orders for CMD products to exceed 30 million units in 2026 [11] - **FCLC Project**: - Completed four batches of certification for FCCL, first production line established, expected first orders of 100-150 million CNY [17][18] Market Position and Competitive Advantage - **Cost Efficiency**: - CMD solution costs 35 CNY, significantly lower than competitors' solutions [14] - **Strategic Partnerships**: - Collaborations with major automotive companies like H Company, Huayu Vision, and Xingyu for CMD solutions [11][12] Challenges and Risks - **Gross Margin Pressure**: - Decline in overall gross margin primarily due to underperformance of automotive wiring harness business [7][8] - **Market Competition**: - Increased competition in aerogel and flexible circuit board markets may impact margins [24] Future Growth Areas - **High-frequency and High-speed Cables**: - Expected to be a significant growth area, with ongoing testing and potential large revenue contributions in 2026 [26] - **Medical Devices**: - Targeting the medical device market, aiming to replicate successful models from companies like Gore [21][22] - **Acquisitions**: - Plans for strategic acquisitions to enhance technology and market share, targeting at least one to two acquisitions every three years [27] Conclusion - Pan-Asia Micro透 is positioned for significant growth with a focus on expanding its CMD and FCCL product lines, while also navigating challenges in gross margins and market competition. The company's strategic partnerships and R&D investments are expected to drive future revenue growth and enhance its competitive position in the advanced materials industry.

Core Insights - Pan Asia Micro Porous has evolved from a small composite material factory to a leader in the domestic ePTFE membrane material sector, serving critical functions in various industries such as automotive lighting, aerospace cables, and consumer electronics [1][2] Group 1: Company Development - Founded in 1995, Pan Asia Micro Porous initially lacked a clear industry focus but eventually chose the materials sector as its niche, leveraging the technical expertise of its founding team [2] - A pivotal moment in 2002 saw the company enter the automotive supply chain, recognizing the emerging demand for micro-porous materials in car lighting [2][3] - To overcome funding constraints, the company initiated multiple rounds of strategic financing starting in late 2011, attracting investments from firms like Sequoia Capital and Southern Bearing [3] Group 2: Product Innovation - The company emphasizes not just selling materials but providing comprehensive solutions based on a deep understanding of materials, exemplified by its CMD (Condensation Management Device) product [4] - CMD technology significantly reduces manufacturing processes and costs while ensuring environmental sustainability, with all materials being 100% domestically sourced [4][5] - The CMD and gas management products have seen rapid growth and are now utilized in vehicles from major manufacturers like Mercedes-Benz, BMW, and Volkswagen [4] Group 3: Research and Development - Pan Asia Micro Porous has established a robust R&D framework, collaborating with universities like Zhejiang University and Changzhou University to foster innovation [5][6] - The company has implemented a unique "employee-led research" model, allowing employees to pursue advanced degrees while working on company projects, benefiting both the employees and the company [5] Group 4: Industry Environment - The supportive manufacturing ecosystem in Jiangsu province, characterized by a complete precision manufacturing supply chain, has provided a conducive environment for innovation and application testing [6] - The local government's proactive approach, including regular engagement with entrepreneurs and industry needs, has further facilitated the company's growth [6] - Pan Asia Micro Porous aims to continue its competitive edge by benchmarking against industry leader Gore, with plans to expand into sectors like healthcare, 6G, and robotics [6]

Core Viewpoint - The company, Jiangsu Panyam Micro透 Technology Co., Ltd., has released its quarterly report, ensuring the accuracy and completeness of the financial information presented, and confirming that there are no false records or misleading statements [2][3]. Financial Data Summary - The financial statements for the third quarter are unaudited, covering the period from the beginning to the end of the quarter [3][5]. - The report includes major accounting data and financial indicators, although specific figures are not detailed in the provided text [3][5]. - The company has not recognized any non-recurring gains or losses during the reporting period [3][5]. Shareholder Information - There is no change in the number of shareholders or significant changes in the top ten shareholders compared to the previous period [4][5]. Other Important Information - The company has not identified any additional important information regarding its operational performance during the reporting period that needs to be highlighted to investors [5].

Core Viewpoint - Pan Asia Micro Porous has evolved from a small composite material factory to a leader in the domestic ePTFE membrane material sector, capitalizing on niche markets in automotive lighting, aerospace cables, and consumer electronics [1][2]. Company Development - Founded in 1995, Pan Asia Micro Porous initially lacked a clear industry focus but eventually chose materials as its core business area [1]. - A pivotal moment occurred in 2002 when the company entered the automotive industry, recognizing the need for ePTFE membranes to address fogging issues in car lights [2]. - The company has undergone multiple rounds of strategic financing since late 2011, attracting investments from firms like Sequoia Capital and Southern Bearing, which significantly enhanced its capabilities [2]. - In 2020, Pan Asia Micro Porous successfully went public on the Sci-Tech Innovation Board, marking a new chapter in its development [2]. Product Innovation - The company focuses on niche markets, emphasizing the long-term nature of material replacement and the importance of deep understanding of materials to provide comprehensive solutions [3]. - The CMD (Condensation Management Device) product exemplifies this approach, significantly reducing manufacturing processes and costs while improving efficiency [4]. - CMD products are already being utilized in models from major automotive brands such as Mercedes-Benz, BMW, and Volkswagen [4]. Research and Development - Pan Asia Micro Porous has established a robust R&D system, collaborating with universities like Zhejiang University and Changzhou University to enhance its research capabilities [5]. - The company has implemented an innovative "employee-led research" model, which benefits both the employees and the company by fostering loyalty and enhancing innovation [5]. Industry Ecosystem - The supportive manufacturing ecosystem in Jiangsu province, characterized by a complete precision manufacturing supply chain, has provided a fertile ground for the company's innovation [6]. - Approximately 80% of the company's suppliers are located in Jiangsu, facilitating strong partnerships with local enterprises [6]. - The company aims to continue investing in R&D to maintain competitiveness, with aspirations to expand into sectors like healthcare, 6G, and robotics [6].

Core Viewpoint - Pan-Asia Micro-Porous Materials Co., Ltd. is a leading supplier of expanded polytetrafluoroethylene (ePTFE) membranes and micro-porous materials in China, with significant market shares in automotive components and consumer electronics [1] Group 1: Business Performance - In Q3 2025, the company's revenue was 500 million yuan, ranking 16th among 19 companies in the industry, while the industry leader, Double Star New Materials, reported revenue of 3.893 billion yuan [2] - The company's net profit for the same period was 100 million yuan, ranking 5th in the industry, with the top performer, Dongcai Technology, achieving a net profit of 272 million yuan [2] - The main business composition includes ePTFE micro-porous products generating 102 million yuan, accounting for 35.76% of total revenue [2] Group 2: Financial Ratios - As of Q3 2025, the company's debt-to-asset ratio was 43.04%, higher than the previous year's 28.68% and above the industry average of 33.88% [3] - The gross profit margin for Q3 2025 was 45.85%, down from 48.19% year-on-year but significantly higher than the industry average of 18.54% [3] Group 3: Shareholder Information - As of September 30, 2025, the number of A-share shareholders decreased by 2.18% to 4,035, while the average number of circulating A-shares held per household increased by 2.23% to 22,600 [5] - Notable changes among the top ten circulating shareholders include the entry of XQH Yuanliang Mixed A as the seventh largest shareholder, holding 1.3349 million shares [5] Group 4: Future Outlook - The company is expected to achieve revenue of 671 million yuan, 899 million yuan, and 1.277 billion yuan from 2025 to 2027, with net profits projected at 147 million yuan, 197 million yuan, and 288 million yuan respectively [5] - The automotive industry's rapid growth is driving demand for related products, and the company is transitioning from a cable membrane supplier to a provider of cables, components, and overall solutions [6]

Core Insights - The company reported a significant increase in revenue and net profit for the third quarter of 2025, indicating strong financial performance [1] Financial Performance - The company achieved a revenue of 216,421,101.55 yuan in Q3 2025, representing a year-on-year growth of 71.37% [1] - The net profit attributable to shareholders was 36,278,962.07 yuan, reflecting a year-on-year increase of 51.50% [1]

Core Insights - The company Pan-Asia Micro透 (688386.SH) reported a revenue of 500 million yuan for the first three quarters of 2025, representing a year-on-year growth of 42.04% [1] - The net profit attributable to the parent company reached 90.71 million yuan, marking a year-on-year increase of 36.17% [1] - The net profit excluding non-recurring items was 88.90 million yuan, showing a year-on-year growth of 34.24% [1] - The basic earnings per share stood at 1 yuan [1]