| 证券代码：688398 | 证券简称：赛特新材 | 公告编号：2025-052 | | --- | --- | --- | | 债券代码：118044 | 债券简称：赛特转债 | | 福建赛特新材股份有限公司 股东、监事减持股份结果公告 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、监事持股的基本情况 本次减持计划实施前，福建赛特新材股份有限公司（以下简称"公司"或"赛 特新材"）监事罗雪滨女士通过新余市泰斗企业管理中心（有限合伙）（以简称"新 余泰斗"）间接持有公司股份 31,538 股，占公司总股本的 0.019%；监事罗雪滨的 配偶陈锋声先生通过新余泰斗间接持有公司股份 47,306 股，占公司总股本的 0.028%；监事江钦先生通过新余泰斗间接持有公司股份 26,100 股，占公司总股 本的 0.016%。 上述股份均为无限售流通股且来源均为公司首次公开发行股票并上市前取 得的股份。 减持计划的实施结果情况 公司于 2025 年 7 月 7 日披露了《福建赛特新材股份有限公司 ...

证券研究报告·行业跟踪周报·建筑材料 建筑材料行业跟踪周报 PMI 走弱，需求侧等待新政策 2025 年 08 月 04 日 增持（维持） [Table_Tag] [Table_Summary] 投资要点 证券分析师 黄诗涛 执业证书：S0600521120004 huangshitao@dwzq.com.cn 证券分析师 房大磊 执业证书：S0600522100001 fangdl@dwzq.com.cn 证券分析师 石峰源 执业证书：S0600521120001 shify@dwzq.com.cn 行业走势 -10% -6% -2% 2% 6% 10% 14% 18% 22% 26% 30% 34% 2024/8/5 2024/12/3 2025/4/2 2025/7/31 建筑材料 沪深300 相关研究 《 反内卷措施陆续落地，顺周期有望 继续上行》 2025-07-28 《 稳经济措施加码，重大水电项目落 地》 2025-07-21 东吴证券研究所 1 / 23 请务必阅读正文之后的免责声明部分 ◼ 本周（2025.7.25–2025.8.1，下同）：本周建筑材料板块（SW）涨跌幅- 2.31%，同期 ...

Group 1 - The article highlights that on July 31, several listed companies received target price upgrades from brokerages, with notable increases for Ningde Times, Su Shi Testing, and Yonghui Supermarket, showing target price increases of 66.28%, 48.13%, and 47.99% respectively [1][3] - Ningde Times received a "Buy" rating from Dongwu Securities with a target price of 440.00 yuan, indicating a significant potential upside [3] - Su Shi Testing was rated "Strong Buy" by Huachuang Securities with a target price of 24.22 yuan, reflecting a robust growth outlook [3] Group 2 - A total of 26 listed companies were recommended by brokerages on July 31, with Hisense Home Appliances receiving the most recommendations at four, followed by Su Shi Testing with three, and Yonghui Supermarket with two [4][5] - Hisense Home Appliances closed at 25.69 yuan and was recommended by four brokerages, indicating strong market interest in the white goods sector [5] - The article also mentions that Hunan Haili received its first coverage with a "Buy" rating from Great Wall Securities, indicating a positive outlook for the agricultural chemical products industry [7]

Investment Rating - The industry investment rating is "Overweight" [5] Core Viewpoints - The 2025 version of the refrigerator national standard promotes the industry's transition towards high efficiency, large space, and smart technology [5] - The new national standard significantly raises energy consumption limits and efficiency levels for refrigerators, which will lead to a substantial increase in the demand for VIP boards [2][5] Summary by Sections Industry Overview - The new national standard for household refrigerators will be implemented on June 1, 2026, tightening the first-level energy efficiency threshold from a comprehensive energy efficiency index of ≤50% to ≤20% [1] - The introduction of a comprehensive energy consumption evaluation system and a volume utilization rate correction factor will enhance the effective volume of refrigerators [1] Market Potential - The current penetration rate of VIP boards in China's refrigerator market is only 3%, indicating significant room for growth [3] - Assuming a 50% penetration rate of VIP boards by 2028, the potential market for VIP boards in China could reach 14.753 billion yuan, with a CAGR of 19.42% from 2018 to 2028 [3] Key Companies - Saitex New Materials is identified as a leading company in the VIP board sector, holding over 30% market share in the domestic cold chain sales field [4] - Zaiseng Technology is one of the first companies to produce VIP board core materials, with a production capacity of 10,700 tons as of June 2022 [4]

Core Viewpoint - The company announces an adjustment to the conversion price of its convertible bonds due to the implementation of the 2024 annual equity distribution, with the new conversion price set at 18.90 CNY per share, effective from July 14, 2025 [1][5]. Summary by Sections Securities Suspension and Resumption - The company's convertible bonds will be suspended from conversion from July 7, 2025, until the equity distribution record date of July 11, 2025, and will resume conversion on July 14, 2025 [1]. Conversion Price Adjustment Basis - The adjustment of the conversion price is based on the total share capital after deducting shares held in the company's repurchase account, with a cash dividend of 1.00 CNY per 10 shares distributed to all shareholders [1][2]. Conversion Price Adjustment Method - The conversion price adjustment follows specific formulas outlined in the prospectus, considering factors such as stock dividends, capital increases, and cash dividends [2][3]. Conversion Price Adjustment Results - The previous conversion price was 19.00 CNY per share, and after calculating the cash dividend of approximately 0.0995 CNY per share, the new conversion price is set at 18.90 CNY per share [4][5]. Additional Information - Investors seeking more details about the convertible bonds can refer to the company's prospectus published on September 7, 2023, on the Shanghai Stock Exchange website [5].

Core Viewpoint - The company has announced a differentiated dividend distribution plan, proposing a cash dividend of RMB 1.00 per 10 shares, with a total cash dividend distribution amounting to approximately RMB 16.70 million after excluding shares in the repurchase account [1][2][3] Dividend Distribution Plan - The dividend distribution plan was approved at the 2024 annual general meeting held on May 15, 2025 [1] - The total share capital of the company is 167,813,997 shares, with 860,000 shares in the repurchase account excluded from the distribution, resulting in 166,953,997 shares participating in the dividend distribution [2][3] - The cash dividend per share is calculated as approximately RMB 0.0995 [3] Relevant Dates - The key dates for the dividend distribution are the equity registration date, ex-dividend date, and cash dividend payment date [3] Implementation of Distribution - The cash dividends will be distributed through the China Securities Depository and Clearing Corporation Limited Shanghai Branch for shareholders holding unrestricted circulating shares [4] - Shareholders in the repurchase account will not participate in the profit distribution [4] Taxation on Dividends - For individual shareholders holding shares for over one year, the dividend income is exempt from personal income tax, while those holding for one year or less will have tax withheld upon stock transfer [5][6] - For qualified foreign institutional investors (QFII), a 10% corporate income tax will be withheld, resulting in a net cash dividend of RMB 0.09 per share [5][6] - Other corporate shareholders are responsible for their own tax declarations, with a pre-tax cash dividend of RMB 0.10 per share [6]

Investment Rating - The report maintains a "Buy" rating for the stocks of the companies involved in the vacuum insulation panel (VIP) industry, specifically for Saitex New Materials and Rising Technology [6]. Core Insights - The introduction of the new energy efficiency standard for household refrigerators is expected to significantly boost the demand for vacuum insulation panels, as the new standards require higher energy efficiency and better insulation materials [2][9]. - The report predicts that the market penetration of new level 1 refrigerators will increase substantially, leading to a corresponding rise in the demand for VIPs [17][20]. Summary by Sections Event Overview - The new energy efficiency standard for household refrigerators was officially released on May 30, 2025, and will be implemented on June 1, 2026. This marks the fifth revision since the first standard was established in 1989 [9][12]. - The new standard significantly raises the energy efficiency requirements compared to the old standard, with level 1 refrigerators under the old standard likely corresponding to level 4 under the new standard [12][13]. Market Opportunities - The new energy efficiency standards present a major opportunity for the VIP industry, as traditional insulation materials will struggle to meet the new requirements [2][14]. - The report estimates that as the penetration of new level 1 refrigerators increases, the demand for VIPs will grow substantially, with potential demand reaching up to 7,543 million square meters if penetration reaches 80% [20][21]. Investment Recommendations - The report highlights two key companies: - **Saitex New Materials**: A leading player in the VIP market with an estimated global market share of 35%. The company has strong partnerships with major refrigerator manufacturers, which positions it well to benefit from the new standards [22][28]. - **Rising Technology**: Engaged in the production of key raw materials for VIPs and has established partnerships that enhance its market position [31]. Demand Elasticity - The report provides a detailed analysis of the demand elasticity for VIPs based on the penetration rates of new level 1 refrigerators, indicating significant growth potential as the market adapts to the new standards [17][20]. Financial Projections - For Saitex New Materials, the report projects profit elasticity based on varying market share scenarios, indicating substantial profit growth as the penetration of new energy-efficient refrigerators increases [28][30]. Industry Trends - The report notes that the shift towards VIPs is driven by the need for better insulation materials that can meet the stringent new energy efficiency standards, highlighting a trend towards innovation in insulation technology [14][16].

兴业证券股份有限公司 关于福建赛特新材股份有限公司 差异化权益分派事项的核查意见 兴业证券股份有限公司(以下简称"兴业证券"或"保荐人")作为福建赛 特新材股份有限公司(以下简称"赛特新材"或"公司")的持续督导机构,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》")、《上市公司股份回购规则》及《上海证券交易所上市 公司自律监管指引第7号 -- 回购股份》等相关法律法规和规范性文件的有关规 定,对赛特新材 2024年度利润分配所涉及的差异化权益分派(以下简称"本次 差异化权益分派")进行了审慎核查,具体情况如下: 一、本次差异化权益分派的原因 2024年2月20日,赛特新材第五届董事会第七次会议审议通过《关于以集 中竞价交易方式回购公司股份方案的议案》,同意公司以集中竞价交易方式回购 公司股份,回购资金总额不低于人民币 2,500.00万元(含),不超过人民币 5,000.00 万元(含),回购价格不超过人民币 40元/股(含),回购期限自公司董事会审议 通过回购方案之日起 12个月内。 截至 2025年2月19日,公司本次股份回购计划已实施完毕。已 ...

| 证券代码：688398 | 证券简称：赛特新材 | 公告编号：2025-051 | | --- | --- | --- | | 债券代码：118044 | 债券简称：赛特转债 | | 福建赛特新材股份有限公司 关于实施 2024 年年度权益分派调整"赛特转债"转股 价格暨转股复牌的公告 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： 证券停复牌情况：适用 因实施 2024 年年度权益分派,本公司的相关证券停复牌情况如下：权益分派 公告前一交易日（2025 年 7 月 7 日）至权益分派股权登记日（2025 年 7 月 11 日） 期间，本公司可转债停止转股，2025 年 7 月 14 日起恢复转股。 | 证券代码 | 证券简称 | 停复牌类型 | 停牌起 | 停牌 | 停牌终止日 | 复牌日 | | --- | --- | --- | --- | --- | --- | --- | | | | | 始日 | 期间 | | | | 118044 | 赛特转债 | 可转债转股复牌 | | | 2025/7/11 ...

2024年年度权益分派实施公告 | 证券代码：688398 | 证券简称：赛特新材 | 公告编号：2025-050 | | --- | --- | --- | | 债券代码：118044 | 债券简称：赛特转债 | | 福建赛特新材股份有限公司 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： | 股权登记日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | | 2025/7/11 | 2025/7/14 | 2025/7/14 | 一、 通过分配方案的股东大会届次和日期 本次利润分配方案经公司2025 年 5 月 15 日的2024年年度股东大会审议通过。 二、 分配方案 1. 发放年度：2024年年度 2. 分派对象： 截至股权登记日下午上海证券交易所收市后，在中国证券登记结算有限责任 公司上海分公司（以下简称"中国结算上海分公司"）登记在册的本公司全体股东 （公司回购专用证券账户除外）。 根据《上市公司股份回购规则》《上海证券交易所上市公司自律监管指引第 7 号——回购股份 ...