Group 1 - The company has a comprehensive product pricing mechanism that takes into account various factors such as raw material costs, market supply and demand, and the company's actual situation [2]

Summary of Conference Call Records Industry Overview - The focus is on the **building materials and new materials** industry, particularly in relation to AI computing and electronic materials, with a notable emphasis on special electronic fabrics and PCB substrates [1][2]. Key Insights and Arguments 1. **AI-Driven Growth**: - The main growth drivers in the building materials sector are AI computing-related electronic materials, with special electronic fabrics leading the fiberglass segment. In the new materials sector, PCB substrates and semiconductor packaging materials are at the forefront [1]. 2. **Supply-Demand Dynamics**: - The electronic fabric market is experiencing a supply-demand imbalance, with an overall industry supply gap of approximately **20%**. Since January 2026, all categories of electronic fabrics have faced supply tightness, with companies holding orders for about **2 months** [1]. - The production capacity for standard electronic fabrics is shifting towards high-end products, resulting in a **60%** loss in capacity. This ongoing contraction in supply is expected to persist [1]. 3. **Price Increases**: - The electronic fabric industry has seen a price increase of **10%** in 2026, following **4-5** price hikes in 2025. High-end products like DK fabric, Q fabric, and CTE fabric are still in an upward price trend [1]. 4. **Production Bottlenecks**: - High-end product production relies on Toyota's advanced weaving machines, which have a delivery cycle of **1-2 years**. However, breakthroughs in pool kiln methods could lead to increased supply by 2029, potentially resulting in oversupply [1]. 5. **Inventory Levels**: - Inventory levels for CCL and electronic fabric factories are at historical lows, approximately **one week**, with PCB manufacturers extending their stocking period from the usual **1 month** to over **2 months** [1]. 6. **Profitability**: - High-end specialty electronic fabrics can achieve gross margins of **40%-50%**, with potential increases beyond **50%** as yield rates improve [1]. Recommendations 1. **Key Companies to Watch**: - Recommended companies include **Macro Technology**, **International Composites**, **China Jushi**, and **China National Materials**. Other notable mentions are **Philips**, **Gobi Technology**, and PCB-related firms like **China Tungsten High-Tech**, **Lianrui New Materials**, and **Dongcai Technology** [2]. 2. **Consumer Building Materials**: - The industry is nearing a bottoming phase, with significant price wars easing. Leading companies are shifting focus from price competition to quality and profitability recovery, with expectations for stabilization in 2026 and performance elasticity in 2027 [2]. 3. **Segment Differentiation**: - The waterproof segment shows signs of ending price wars, while the renovation of existing properties is becoming a core growth driver. Leading firms are enhancing their C-end and overseas strategies [2]. 4. **Strategic Focus**: - Major companies are prioritizing profitability recovery, channel optimization, and product diversification, while also accelerating overseas expansion to create a second growth curve [2]. 5. **Recommended Stocks**: - Elastic stocks include **Keshun Co.**, **Oriental Yuhong**, and **Hankao Group**. Stable stocks to consider are **Rabbit Baby**, **Sankeshu**, **Dongpeng Holdings**, **Monalisa**, and **China Liansu** [2]. Additional Insights - Traditional cyclical products are highlighted, with a focus on local state-owned enterprises like **Sichuan Road and Bridge**, **Shandong Road and Bridge**, and **China Railway**. The steel structure sector is represented by companies like **Honglu Steel Structure** and **Jinggong Steel Structure** [3]. - The cement sector is advised to focus on regional leaders such as **Western Cement**, **Huaxin Cement**, and **Shangfeng Cement** [3]. - Other new materials and robotics sectors are also mentioned, with companies like **Pana Micro透**, **TianYue Advanced**, and **Jing Sheng Co.** being noted [3].

Group 1 - The core transaction involved 30,000 shares of Pan-Asia Micro透, with a total transaction value of 2.2998 million yuan, representing 1.03% of the total trading volume for the day [1][2] - The transaction price was 76.66 yuan, which is a discount of 22.27% compared to the market closing price of 98.62 yuan [1][2] Group 2 - The transaction occurred on February 13, 2026, with the securities code 688386 for Pan-Asia Micro透 [2] - The buying brokerage was Ping An Securities Co., Ltd., located on Shenzhen Shennan East Road, while the selling brokerage was Ping An Securities Gu Long Jia Hui Company [2]

Core Viewpoint - Pan-Asia Micro透 (688386) has successfully completed a private placement of shares at a price of 78 yuan per share, raising a total of 671 million yuan, with 18 institutional and individual investors participating in the offering [1] Group 1: Fundraising and Investment Projects - The raised funds will be allocated to projects including the intelligent manufacturing upgrade and expansion of the dew point controller (CMD) products, low dielectric loss flexible copper-clad laminate (FCCL) project, research and development center construction, and working capital supplementation [1][2] - The CMD product is a key category for the company, with a projected compound annual growth rate (CAGR) of 101% in sales revenue from 2022 to 2024, increasing its share of main business revenue from 5.69% in 2022 to 16.13% in 2024 [2] Group 2: Product Development and Technology - The low dielectric loss FCCL project aims to produce high-frequency, high-speed flexible copper-clad laminates without adhesive, designed for flexible circuit board applications, leveraging the company's core ePTFE/PTFE membrane technology [3] - The R&D center construction project will enhance the company's technological capabilities, supporting product development and innovation to meet future market demands [3] Group 3: Intellectual Property and Innovation - The company has recently obtained a national invention patent for a graphene carbon heat-conducting sheet and reversible desiccant membrane component for automotive headlights, reflecting its core technological advancements [4] - The implementation of the fundraising projects is expected to expand production capacity, improve efficiency, and facilitate the industrialization of high-end innovations, reinforcing the company's technological strength [4]

Group 1 - Fuda Alloy's controlling shareholder Wang Dawu plans to reduce his stake by up to 3% of the company's total shares, amounting to a maximum of 406.34 million shares, due to personal funding needs [1] - ST Songfa's subsidiary signed contracts for the construction of 17 vessels, with a total contract value between 1.6 billion to 1.8 billion USD [2] - Pairui Co. signed a technical cooperation agreement with a university to develop large-capacity power semiconductor devices and related power electronic modules, effective for three years [3] Group 2 - Shuangliang Energy indirectly participates in commercial aerospace projects, supplying heat exchangers for SpaceX's fuel production system, with orders totaling approximately 1.39 million CNY [4] - Hangya Technology plans to issue convertible bonds to raise up to 600 million CNY for various projects, including an intelligent manufacturing base in Malaysia [5] - Yuhua Development is publicly selling assets with a base price of 251 million CNY for residential properties [6] Group 3 - Penghui Energy plans to invest 2.1 billion CNY in a new battery production project in Zhengyang County, Henan Province, focusing on high-performance battery products [7] - Haige Communication's shareholder Yang Haizhou intends to reduce his stake by up to 0.1624% of the company's total shares [8] - Yaoshi Technology's controlling shareholder pledged 5.13% of shares to repay loans, with a pledge period from February 10, 2026, to February 2, 2027 [9][10] Group 4 - Hanyu Pharmaceutical received FDA approval for its drug Acetate Glatiramer Injection, used for treating relapsing multiple sclerosis [11] - Baiyao Tai's GoliMab Injection received EMA approval for various indications, including rheumatoid arthritis and ulcerative colitis [12] - Jiangxi Tungsten Equipment plans to issue A-shares to raise up to 1.882 billion CNY for acquisitions [13] Group 5 - Hesong New Materials expects to recognize asset impairment provisions between 23.6 million to 28.5 million CNY for 2025 [14] - ST Meichen's subsidiary is involved in two major lawsuits with a total amount of approximately 31.9 million CNY [15] - China Coal Energy reported a 7.3% year-on-year decline in coal sales for January 2026, with total sales of 20.05 million tons [16] Group 6 - Yida Co. plans to adjust its epoxy propylene derivative project, reducing the total investment from 845 million CNY to 642 million CNY [17] - Fosun Pharma's subsidiary received approval for a clinical trial of HLX15-SC for multiple myeloma treatment [18][19] - Yinfeng Communication's board members and executives have terminated their share reduction plan [20] Group 7 - Huazhong High-tech has waived its preferential purchase rights for a fund, extending the investment period from three to four years [21] - Warner Pharmaceuticals plans to participate in a national drug procurement program, with expected sales of 176 million CNY [22] - Changling Hydraulic announced a tender offer to acquire 12% of its shares at a price of 35.82 CNY per share [23] Group 8 - ST Chuan Zhi's stock may face delisting due to financial data falling below regulatory thresholds [24] - Tian Pharmaceutical and its subsidiaries are participating in a national drug procurement program, with expected sales of 323 million CNY [25] - China Metallurgical Group signed new contracts worth 73.65 billion CNY in January 2026 [26] Group 9 - Torus plans to invest 21.2 million CNY in a venture capital fund focused on artificial intelligence [27] - Shangwei Co. received a government subsidy of 1.764 million CNY, representing 10.79% of its net profit for 2024 [28] - Hanghua Co. reported a 21.97% decline in net profit for 2025, with total revenue of 1.249 billion CNY [29] Group 10 - Huaxia Bank reported a 1.72% decline in net profit for 2025, with total revenue of 91.914 billion CNY [30] - Guotou Fengle plans to transfer 51% of its stake in Hubei Fengle Ecological Fertilizer to optimize management [31] - Huaru Technology is co-investing in a fund with a total commitment of 20 million CNY [32] Group 11 - Jindike reported a loss of 173 million CNY for 2025, despite a 40.13% increase in revenue [33] - Zhenong Co. announced a 0.52% increase in shares held by a major shareholder [34] - Maike Audi plans to recognize asset impairment provisions of approximately 52.55 million CNY [35] Group 12 - Fuan Pharmaceutical's subsidiary is expected to be selected for a national drug procurement program, with projected sales of 680 million CNY [36] - Rundu Co. is participating in a national drug procurement program, with some products expected to be selected [37] - Changqing Co. has postponed its large-scale die-casting project to March 2027 due to customer requirements [38] Group 13 - Pan Asia Micro透 received a patent for a graphene-based automotive headlight defogging device [39] - Luan An Huan Neng reported a 17.1% increase in raw coal production for January 2026, totaling 5 million tons [40] - Guangji Pharmaceutical received a drug registration certificate for Mecobalamin Tablets [41] Group 14 - Ruifeng New Materials announced the resignation of its deputy general manager for personal reasons [42] - Zhiguang Electric's subsidiary signed a procurement contract for energy storage equipment worth 210.4 million CNY [43] - Youyan Powder Materials reported a 19.41% increase in net profit for 2025 [44] Group 15 - Jincheng reported a 22.2% increase in net profit for 2025, with total revenue of 253 million CNY [46]

保荐人（主承销商） 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 向特定对象发行股票 发行情况报告书 二〇二六年二月 发行人全体董事、审计委员会成员及高级管理人员声明 本公司全体董事、审计委员会成员及高级管理人员承诺本发行情况报告书不 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、完整性承担相 应的法律责任。 全体董事签名： 张 云 李建革 王爱国 蒋 励 王玉新 陈宇峰 陈 强 钱技平 沈金涛 江苏泛亚微透科技股份有限公司 年 月 日 发行人全体董事、审计委员会成员及高级管理人员声明 本公司全体董事、审计委员会成员及高级管理人员承诺本发行情况报告书不 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、完整性承担相 应的法律责任。 李建革 钱技平 沈金涛 江苏泛亚微透科技股份有限公司 年 月 日 发行人全体董事、审计委员会成员及高级管理人员声明 本公司全体董事、审计委员会成员及高级管理人员承诺本发行情况报告书不 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、完整性承担相 应的法律责任。 全体高级管理人员签名： 全体审计委员会成员签名： 张 云 王爱国 ...

法律意见书 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 年度向特定对象发行 A 股股票发行过程和认购对象合规 性的法律意见书 | 目录 | | --- | | 释义 | 2 | | --- | --- | | 信达律师声明事项 | 5 | | 正文 | 7 | | 第一节 发行人本次发行的批准和授权 | 7 | | 第二节 本次发行的发行过程与结果 | 8 | | 第三节 本次发行认购对象的合规性 | 13 | | 第四节 本次发行的总体结论性意见 | 16 | 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、12F,TaiPingFinanceTower,YitianRoad6001,FutianDistrict,ShenZhen,China 电话（Tel.）：（0755）88265288传真（Fax.）:（0755）88265537 网站：www.sundiallawfirm.com 法律意见书 （《法律意见书》中如部分数据的合计数与各单项数据加总数存在微小差异，系由计算过程中 四舍五入造成） 3 法律意见书 释义 在《法律意见书》中，除上下文另有解 ...

| | | | …………………… 第 3—20 页 ニ、 附件 | | --- | | (一)注册资本及实收股本变更前后对照表 …………………………… 第 3 页 | | (二) 验资事项说明 ………………………… …………… 第 4―5 页 | | (三) 银行询证函复印件 ………………第 6-16 页 | | (四) 本所营业执照复印件 ………………… ……………第 17 页 | | (五) 本所执业证书复印件 …………第 18 页 | | （六） 签字注册会计师执业证书复印件 …………………… …… 第 19-20 页 | 验 资 报 告 天健验〔2026〕57 号 江苏泛亚微透科技股份有限公司： 我们接受委托，审验了贵公司截至 2026 年 2 月 5 日止的新增注册资本及实 收股本情况。按照法律法规以及协议、章程的要求出资，提供真实、合法、完整 的验资资料，保护资产的安全、完整是全体出资者及贵公司的责任。我们的责任 是对贵公司新增注册资本及实收股本情况发表审验意见。我们的审验是依据《中 国注册会计师审计准则第 1602 号——验资》进行的。在审验过程中，我们结合 贵公司的实际情况，实施了检查等必要的 ...

证券代码：688386 证券简称：泛亚微透 国泰海通证券股份有限公司 关于江苏泛亚微透科技股份有限公司 向特定对象发行股票 发行过程和认购对象合规性报告 保荐人（主承销商） 二〇二六年二月 江苏泛亚微透科技股份有限公司（以下简称"泛亚微透"、"发行人"、"上 市公司"或"公司"）向特定对象发行股票（以下简称"本次发行"）已获得中 国证券监督管理委员会（以下简称"中国证监会"）证监许可〔2026〕82 号文 同意注册。 泛亚微透本次向特定对象发行股票的保荐人（主承销商）为国泰海通证券股 份有限公司（以下简称"保荐人（主承销商）"、"主承销商"或"国泰海通"）。 （一）发行股票的种类和面值 本次向特定对象发行的股票种类为境内上市的人民币普通股（A 股），每股 面值人民币 1.00 元。 （二）发行数量 根据发行人及主承销商向上交所报送的《发行方案》，本次拟发行的股份数 量为不超过本次拟募集金额总额 67,149.88 万元/发行底价 73.24 元/股所计算的股 数 9,168,470 股与《募集说明书》中载明的"本次向特定对象发行股票的数量不 超过本次发行前公司总股本的 30%，即本次发行不超 27,300,0 ...

关于获得发明专利的自愿性披露公告 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"）于近 日收到了一项国家知识产权局颁发的授权发明专利证书，具体如下： 证券代码：688386 证券简称：泛亚微透 公告编号：2026-004 江苏泛亚微透科技股份有限公司 | 发明专利名称 | 专利号 | 专利申请日 | 授权公告日 | 专利 | 专利期限 | | --- | --- | --- | --- | --- | --- | | | | | | 权人 | | | 汽车车灯除雾 | | | | | | | 用石墨烯碳导 | | | | | | | | | | | | 20 年（自 | | 热片与可逆型 | | | | 泛亚 | | | | ZL202510196939.8 | 2025.02.21 | 2026.01.30 | | 申 请 日 起 | | 干燥剂膜片组 | | | | 微透 | | | | | | | | 算) | | 合的膜组件及 | | | | | | | ...