| 证券代码：688398 | 证券简称：赛特新材 | 公告编号：2026-010 | | --- | --- | --- | | 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 可转债转股结果暨股份变动公告 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： 累计转股情况：福建赛特新材股份有限公司（以下简称"公司"）向不 特定对象发行可转换公司债券"赛特转债"自2024年3月15日开始转股，截至2026 年3月31日，"赛特转债"累计转股金额为27,000元，累计转股数量为977股，占 "赛特转债"转股前公司已发行股份总额116,000,000股（2024年3月15日前股份 数，下同）的0.00084%。 未转股可转债情况：截至2026年3月31日，尚未转股的"赛特转债"金额 为441,973,000元，占"赛特转债"发行总量的99.99389%。 本季度转股情况：自2026年1月1日至2026年3月31日期间，"赛特转债" 转股金额为2,000元，转股数量为104股，占"赛特转 ...

| 证券代码：688398 | 证券简称：赛特新材 | 公告编号：2026-009 | | --- | --- | --- | | 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"赛特转债"预计满足赎回条件的提示性公告 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。 一、可转债发行上市概况 根据中国证券监督管理委员会出具的《关于福建赛特新材股份有限公司向不 特定对象发行可转债注册的批复》（证监许可[2022]2722 号），福建赛特新材股 份有限公司（以下简称"公司"）于 2023 年 9 月 11 日向不特定对象发行可转换 公司债券 4,420,000 张，每张面值为 100.00 元，发行总额 44,200.00 万元，期限 六年。 经上海证券交易所自律监管决定书（[2023]227 号）同意，公司本次发行的 可转换公司债券于 2023 年 10 月 12 日起在上海证券交易所挂牌交易，债券简称 "赛特转债"、债券代码"118044"。 根据有关规定和《福建赛特新材股份有限公司向不特 ...

Investment Rating - The report upgrades the investment rating of the company to "Buy" [4] Core Viewpoints - The company specializes in vacuum insulation materials and has a significant opportunity in the VIP industry due to the new energy consumption standards for refrigerators and the reduction of national subsidies [2][3] - The implementation of the new national energy consumption standards in 2026 will significantly enhance the energy efficiency requirements for refrigerators, with a projected 40% reduction in comprehensive energy consumption for first-level energy-efficient refrigerators [3] - The company is well-positioned to benefit from the increasing penetration of VIP in the refrigerator market, with expected net profits of 0.3 billion, 1.5 billion, and 3.0 billion yuan from 2025 to 2027 [4] Company Overview - The company has been focused on vacuum insulation materials for over 20 years and was established in 2007, with its headquarters in Longyan, Fujian [2][15] - It was listed on the Sci-Tech Innovation Board in 2020 and offers a range of products including VIP, ultra-fine glass wool core materials, vacuum insulation glass, barrier films, and adsorbents, serving the global refrigerator manufacturing industry [2][15] Product Analysis - VIP is identified as the ideal upgrade direction for home refrigerator insulation materials, significantly improving insulation performance and volume efficiency compared to traditional polyurethane foam materials [2][22] - The company’s VIP products have a thermal conductivity that is significantly lower than traditional insulation materials, making them suitable for high-end energy-saving products [58][60] Industry Trends - The new energy consumption standards for refrigerators and the contraction of national subsidies are expected to catalyze the VIP industry [3][4] - The annual retail volume of refrigerators in China is approximately 40 million units, with a notable increase in market prices driven by national subsidy policies [3] Competitive Advantages - The company possesses integrated production chain advantages, allowing for rapid market response and leading performance in product quality and cost control [3][4] - It has established stable partnerships with well-known companies such as Samsung, LG, Haier, and Midea, enhancing its market position [3][31] Financial Summary - The company’s revenue is projected to grow from 840 million yuan in 2023 to 2.307 billion yuan in 2027, reflecting a compound annual growth rate (CAGR) of 18% from 2019 to 2024 [5][37] - The net profit attributable to the parent company is expected to decline in 2025 due to increased competition and rising material costs, but is forecasted to recover significantly in subsequent years [4][37]

| 证券代码：688398 | 证券简称：赛特新材 | 公告编号：2026-008 | | --- | --- | --- | | 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 关于持股 5%以上股东权益变动触及 1%刻度的 提示性公告 控股股东、实际控制人汪坤明及其一致行动人汪美兰、汪洋保证向本公司提供 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。 | 汪美兰 | □  | 控股股东/实控人 控股股东/实控人的一致行动人 | □ | _____________ | | --- | --- | --- | --- | --- | | | | | 不适用 | | | | □ | 其他直接持股股东 | | | | 汪洋 | □  | 控股股东/实控人 控股股东/实控人的一致行动人 | □ | _____________ | | | | | 不适用 | | | | □ | 其他直接持股股东 | | | 二、 权益变动触及 1%刻度的基本情况 重要内容提示： | 权益变动方向 | 比例增加□ ...

Group 1 - The company reported a total operating revenue of 994,910,766.47 yuan for the year 2025, representing a year-on-year increase of 6.57% [2] - The net profit attributable to the parent company's owners was 24,952,966.35 yuan, showing a year-on-year decrease of 67.66% [2]

Core Viewpoint - Set New Materials (688398.SH) reported a revenue of 994.91 million yuan for the year 2025, representing a year-on-year increase of 6.57%, while the net profit attributable to shareholders decreased by 67.66% to 24.95 million yuan [1] Financial Performance - The company achieved total operating revenue of 994.91 million yuan, an increase of 6.57% compared to the same period last year [1] - The net profit attributable to the parent company was 24.95 million yuan, a decrease of 67.66% year-on-year [1] - The net profit attributable to the parent company after deducting non-recurring gains and losses was 21.59 million yuan, down 69.54% year-on-year [1] Market and Product Insights - The decline in gross margin for vacuum insulation panels was attributed to a decrease in average sales price and changes in domestic and international sales structure [1] - The subsidiary, Weijie, is currently in the investment phase, leading to an increase in fixed asset depreciation expenses year-on-year [1] Financial Costs - The company experienced an increase in financial expenses due to higher interest expenses from convertible bonds and bank loans compared to the previous year [1] Future Outlook - The company aims to enhance the penetration rate of its main product, vacuum insulation panels, in 2026, supported by the implementation of new refrigerator energy efficiency standards and the continuation of the old-for-new policy [1] - The company plans to optimize its business layout, respond actively to downstream customer demands, accelerate the launch of new products, and expand into new application areas [1] - There is a focus on strengthening daily operational management and deepening cost reduction and efficiency enhancement to improve overall profitability [1]

Core Viewpoint - The company reported a total operating revenue of 994.91 million yuan for the year 2025, representing a year-on-year increase of 6.57%. However, the net profit attributable to the parent company decreased by 67.66% to 24.95 million yuan, and the net profit after deducting non-recurring gains and losses fell by 69.54% to 21.59 million yuan, indicating significant financial challenges despite revenue growth [1][1][1]. Group 1: Financial Performance - The total operating revenue for 2025 was 994.91 million yuan, an increase of 6.57% compared to the previous year [1]. - The net profit attributable to the parent company was 24.95 million yuan, a decrease of 67.66% year-on-year [1]. - The net profit after deducting non-recurring gains and losses was 21.59 million yuan, down 69.54% from the previous year [1]. Group 2: Market and Operational Challenges - The decline in gross margin for the main product, vacuum insulation panels, was attributed to a decrease in sales price and changes in domestic and foreign sales structure [1]. - Increased fixed asset depreciation expenses from the subsidiary Wei Ai Ji, which is in the investment phase, contributed to the financial strain [1]. - Rising financial expenses due to interest on convertible bonds and bank loans also impacted profitability [1]. Group 3: Future Outlook and Strategy - The company aims to leverage market-oriented strategies to enhance the sales volume and penetration of vacuum insulation panels, especially with the implementation of new refrigerator energy efficiency standards and continued trade-in policies in 2026 [1]. - The company plans to optimize its business layout, respond actively to downstream customer demands, accelerate new product launches, and expand into new application areas [1]. - There is a focus on strengthening daily operational management and deepening cost reduction and efficiency enhancement to improve overall profitability [1].

Financial Performance - Total operating revenue for 2025 reached RMB 994.91 million, an increase of 6.57% compared to the previous year[5] - Net profit attributable to shareholders of the parent company was RMB 24.95 million, a decrease of 67.66% year-on-year[5] - Basic earnings per share decreased to RMB 0.15, down 67.39% from the previous year[5] - The weighted average return on net assets fell to 2.18%, a decrease of 4.57 percentage points compared to the previous year[5] Assets and Profitability - The company's total assets at the end of the reporting period were RMB 2,114.03 million, reflecting a year-on-year growth of 5.81%[7] - The gross profit margin for the main product, vacuum insulation panels, declined due to changes in sales prices and sales structure[7] - Financial expenses increased due to higher interest costs from convertible bonds and bank loans[7] - The company aims to improve overall profitability through operational management and cost reduction strategies[8] Future Plans - The company plans to enhance its business layout and accelerate new product launches in response to market opportunities in 2026[8] Investment Risks - The financial data presented is preliminary and subject to final audit, highlighting the need for investors to be aware of investment risks[11]

Group 1 - The stock price of Sait New Materials has shown volatility over the past week, with a range increase of 16.67% and an amplitude of 25.91%, indicating active market trading [1] - On February 12, the stock price decreased by 2.64%, closing at 23.59 yuan, with a net outflow of main funds amounting to 4.3765 million yuan [1] Group 2 - Recently, the company announced the departure of core technical personnel, Yu Xiyou, due to personal reasons, and he will no longer hold any position [2] - The company stated that the work handover has been completed, and the ownership of related patents belongs to the company, which will not have a substantial impact on technological research and core competitiveness [2]

Core Viewpoint - The company announced the resignation of its core technical personnel, Yu Xiyou, due to personal reasons, and he will no longer hold any position within the company [2]. Group 1 - Yu Xiyou has completed the resignation process and will not assume any roles within the company post-resignation [2]. - The company has confirmed that Yu Xiyou's departure does not affect its intellectual property integrity, as all patents he applied for during his tenure belong to the company [2]. - There are no disputes or potential disputes related to job results or intellectual property concerning Yu Xiyou's resignation [2].