Regulatory Developments - The China Securities Association is seeking opinions on guidelines aimed at preventing securities practitioners from engaging in illegal trading activities, including insider trading and market manipulation [1] - The guidelines are intended to strengthen the management of industry personnel and promote a culture of compliance within the financial sector [1] Macro News - The Chinese Foreign Ministry confirmed that there have been no recent communications between the leaders of China and the United States, contradicting claims made by former President Trump [2] Industry Dynamics - The Ministry of Industry and Information Technology released key points for automotive standardization work for 2025, focusing on advanced technology standards and new areas such as artificial intelligence and solid-state batteries [3] - The National Medical Products Administration issued quality management regulations for online sales of medical devices, effective from October 1, 2025, to enhance industry accountability [5] Company News - Zhengzhou Coal Machine Company plans to change its name to "Zhongchuang Zhiling (Zhengzhou) Industrial Technology Group Co., Ltd." to better reflect its strategic direction [6] - Seres plans to go public in Hong Kong with a projected revenue of 145.1 billion yuan for 2024, a year-on-year increase of 305.5%, and aims to become a leading luxury electric vehicle brand [6] - Unigroup plans to issue H-shares and list on the Hong Kong Stock Exchange, considering the interests of existing shareholders [6] - Saitex New Materials announced that its chairman will voluntarily forgo salary, and several executives will reduce their salaries by 20% for the remainder of 2025 [7] - Jiayuan Technology's chairman is under investigation, and the company has arranged for the vice chairman to assume responsibilities during this period [7] - Lifan Technology is under investigation by the China Securities Regulatory Commission for suspected information disclosure violations [8] - Baidu's stock will be suspended for one day and will be renamed "*ST Baidu" due to negative net profit for 2024 [9] - Nanchuan Co. will also change its stock name to "ST Nanchuan" following a negative audit report [10] - Weitai will change its stock name to "*ST Weitai" and suspend trading for one day due to risk warnings [11] - ST Xinchao expects to miss the deadline for its annual report, which may lead to trading suspension [12] - XCMG plans to repurchase shares worth between 300 million and 600 million yuan [14] - SF Holding intends to repurchase shares worth between 500 million and 1 billion yuan [15] - Midea Group received a commitment from China Bank for a stock repurchase loan of up to 1 billion yuan [15] - Yitu Co. plans to repurchase up to 10% of its H-shares [16] - Beiqi Blue Valley reported a net loss of 953 million yuan in Q1 2025, despite a 150.75% increase in revenue [17] - Zhonggang Luoyang reported a 117% increase in net profit in Q1 2025, driven by revenue growth [18] - Yanghe Distillery's Q1 2025 net profit decreased by 39.93% due to market conditions [19] - CICC reported a 65% increase in net profit in Q1 2025, attributed to increased investment income [20] - WuXi AppTec's Q1 2025 net profit increased by 89.06% [21] - Lao Fengxiang's Q1 2025 net profit decreased by 24% due to declining sales [22]

Core Viewpoint - The company, Sait New Materials, announced voluntary salary reductions for its chairman and five senior executives to enhance operational efficiency and competitiveness amid declining profits [2][5]. Group 1: Salary Reductions - Chairman Wang Kunming voluntarily waived his basic salary for the period from April to December 2025 [2]. - Five senior executives, including General Manager Yan Langji and CFO Xiao Yuanbin, proposed a 20% salary reduction for the same period [2]. - The company aims to improve operational efficiency and market competitiveness through these measures [2]. Group 2: Financial Performance - In 2024, the company reported total revenue of 934 million yuan, an increase of 11.16% year-on-year, but net profit decreased by 27.27% to 77.16 million yuan [5]. - For Q1 2025, revenue was approximately 246 million yuan, a year-on-year increase of 10.06%, while net profit dropped by 66% to about 9.76 million yuan [6]. Group 3: Shareholding Structure - As of the end of Q1 2025, Wang Kunming directly held 66.69 million shares, representing 39.74% of the company [4]. - His associates, Wang Meilan and Wang Yang, held 6.24% and 3.26% of the shares, respectively [4].

Core Viewpoint - Set New Materials announced that its chairman and senior management voluntarily decided to forgo and reduce their salaries for 2025 to demonstrate confidence in the company's future development and to optimize cost structure, thereby enhancing competitiveness [2][4]. Group 1: Management Salary Adjustments - Chairman Wang Kunming voluntarily waived his basic salary from April to December 2025 [3]. - Senior management, including directors and vice presidents, will reduce their salaries by 20% for the same period [4]. - Wang Kunming, the controlling shareholder, holds 39.74% of the company's shares and has been the chairman since 2007 [3]. Group 2: Financial Performance - In 2024, Set New Materials reported revenue of approximately 900 million yuan, a year-on-year increase of 11.16%, but the net profit attributable to shareholders decreased by 27.27% to about 80 million yuan [6]. - The decline in profit was attributed to losses from subsidiaries and rising raw material costs [7]. - The company’s subsidiaries, Weijiji and Anhui Set New Materials, reported significant losses during the investment and ramp-up phases [7]. Group 3: Operational Developments - The production and sales of vacuum insulation panels reached historical highs in 2024, with production at approximately 10.59 million square meters and sales at about 9.97 million square meters [7]. - The company plans to enhance operational efficiency through market expansion, product development, and cost control [5]. - There are delays in the completion of fundraising projects, specifically the "Set Vacuum Industry Manufacturing Base (Phase I)," which is now expected to be operational by May next year [8].

Financial Performance Summary - WuXi AppTec reported a net profit of 3.672 billion yuan for Q1 2025, a year-on-year increase of 89.06% [5] - CICC announced a net profit of 2.042 billion yuan for Q1 2025, reflecting a year-on-year growth of 64.85% [9] - Jiangxi Copper achieved a net profit of 1.952 billion yuan for Q1 2025, up 13.85% year-on-year [3] - China Petroleum & Chemical Corporation (Sinopec) reported a net profit of 13.264 billion yuan for Q1 2025, a decrease of 27.6% year-on-year [13] - Shanghai Pharmaceuticals posted a net profit of 1.333 billion yuan for Q1 2025, down 13.56% year-on-year [8] - Transsion Holdings recorded a net profit of 490 million yuan for Q1 2025, a significant decline of 69.87% year-on-year [2] - Zhejiang Energy Power reported a net profit of 1.074 billion yuan for Q1 2025, down 40.81% year-on-year [2] - Shandong Gold achieved a net profit of 1.026 billion yuan for Q1 2025, an increase of 46.62% year-on-year [14] - New Hope Liuhe reported a net profit of 1.88 billion yuan for Q1 2025, a year-on-year increase of 116.18% [16] - Yunnan Baiyao posted a net profit of 1.935 billion yuan for Q1 2025, up 13.67% year-on-year [16] - Haitai Flavor reported a net profit of 2.202 billion yuan for Q1 2025, a year-on-year increase of 14.77% [11] - China Merchants Bank reported a net profit of 2.308 billion yuan for Q1 2025, reflecting a year-on-year growth of 6.97% [8] Corporate Actions - Saitex New Materials' chairman voluntarily waived his salary, and senior management agreed to a 20% salary reduction from April to December 2025 to optimize cost structure and enhance competitiveness [4] - Foton Motor plans to invest up to 2.5 billion yuan in subscribing to new shares of BAIC Blue Valley [12] - Jinwei Co. announced that some directors and senior management plan to increase their holdings in the company with an investment between 6 million to 7.7 million yuan [7] - China Merchants Life Science intends to increase its stake in Renfu Pharmaceutical by 0.5% to 1% within six months [10]

| 证券代码：688398 | 证券简称：赛特新材 | 公告编号：2025-039 | | --- | --- | --- | | 债券代码：118044 | 债券简称：赛特转债 | | 除上述措施外，公司还将持续加大开源节流力度，重点做好市场开拓、产品 研发、自动化提升和生产成本控制等工作，全方位提升公司的运营效率与市场竞 争力，最终实现经营业绩与盈利能力的显著提升。公司管理层将秉持初心，恪尽 职守、勤勉尽责，积极维护公司及全体股东的利益，推动公司持续、稳定、健康 的发展。 1、董事长汪坤明先生自愿放弃领取 2025 年度 4 月至 12 月的基本薪酬。 2、高级管理人员自愿降薪情况 （1）降薪人员：公司董事、总经理严浪基先生，副总经理邱珏女士，副总 经理石芳录先生，财务总监肖远斌先生，副总经理、董事会秘书林宇先生。 （2）降薪幅度：公司董事会核定的各高级管理人员基本薪酬的 20%。 （3）降薪期限：2025 年 4 月至 12 月。 福建赛特新材股份有限公司 关于董事长自愿放弃领薪、高级管理人员自愿降薪的 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 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's revenue growth is recovering, driven primarily by its main business of vacuum insulation panels, which achieved a revenue of 915 million yuan in 2024, reflecting a year-on-year increase of 11.4% [8] - The gross profit margin is under pressure due to a decrease in export sales and rising costs, with the overall gross margin for 2024 at 29.1%, down 3.9 percentage points year-on-year [8] - The company is actively expanding production capacity and optimizing product processes, with significant investments in fixed and intangible assets [8] Financial Performance Summary - Total revenue for 2024 is projected at 933.54 million yuan, with a year-on-year growth of 11.16% [1] - The net profit attributable to shareholders for 2024 is expected to be 77.16 million yuan, a decrease of 27.27% year-on-year [1] - Earnings per share (EPS) for 2024 is estimated at 0.46 yuan, with a price-to-earnings (P/E) ratio of 31.43 [1] Revenue and Profit Forecast - Revenue is expected to grow to 1,138.94 million yuan by 2025, with a year-on-year increase of 22% [1] - The net profit attributable to shareholders is forecasted to recover to 97.92 million yuan in 2025, representing a growth of 26.90% [1] - The projected EPS for 2025 is 0.58 yuan, with a P/E ratio of 24.76 [1] Market Data - The closing price of the stock is 14.45 yuan, with a market capitalization of approximately 2,424.91 million yuan [5] - The stock has a price-to-book (P/B) ratio of 2.35 [5] Operational Insights - The company is focusing on new application development, particularly in the field of battery insulation, which is expected to drive future growth [8] - The company is also working on the installation and debugging of new production equipment, aiming for trial production in the first half of 2025 [8]

| 证券代码：688398 | 证券简称：赛特新材 | 公告编号：2025-037 | | --- | --- | --- | | 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 第五届董事会第二十一次会议决议公告 一、会议召开情况 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。 一、会议召开情况 福建赛特新材股份有限公司（以下简称"公司"）第五届董事会第二十一次 会议于 2025 年 4 月 25 日下午以通讯表决的形式召开。本次会议于 2025 年 4 月 25 日以电子邮件的方式向所有董事送达了会议通知和会议文件。所有董事均出 具了《福建赛特新材股份有限公司第五届董事会第二十一次会议通知期限豁免 函》，同意豁免本次董事会会议提前三日通知的要求。本次会议应到董事 7 人， 实际参与表决董事 7 人。会议的召集、召开符合《中华人民共和国公司法》和《福 建赛特新材股份有限公司章程》的有关规定，会议决议合法有效。 二、会议审议情况 本次会议由董事长汪坤明先生召集。全体董事经认真审议并表决， ...

| 证券代码：688398 | 证券简称：赛特新材 | 公告编号：2025-038 | | --- | --- | --- | | 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 关于不向下修正"赛特转债"转股价格的公告 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、准确性和完整性依法承担法律责任。 重要内容提示： ●截至 2025 年 4 月 25 日，福建赛特新材股份有限公司（以下简称"公司"） 股价已触发"赛特转债"转股价格向下修正条件。 ●经公司第五届董事会第二十一次会议审议，公司董事会决定本次不向下修 正"赛特转债"转股价格，同时在未来六个月内（即自 2025 年 4 月 26 日起至 2025 年 10 月 25 日），如再次触发"赛特转债"转股价格向下修正条件，亦不 提出向下修正方案。 一、可转换公司债券基本情况 （一）可转换公司债券发行上市情况 经中国证券监督管理委员会《关于同意福建赛特新材股份有限公司向不特定 对象发行可转换公司债券注册的批复》（证监许可[2022]2722 号）同意注册，公 司于 20 ...

Summary of the Conference Call for Saitex New Materials Company Overview - **Company**: Saitex New Materials - **Industry**: Vacuum Insulation Panels (VIP) and related materials Key Points and Arguments Financial Performance - **Q1 2025 Revenue**: 246 million CNY, a 10% year-on-year increase [2][3] - **Net Profit**: 9.75 million CNY, a 65% year-on-year decrease, attributed to investment periods of subsidiaries, capacity ramp-up, rising raw material costs, and product price declines [2][3] - **2024 Revenue Projection**: Expected to reach 934 million CNY, an 11% increase, with a net profit of 77 million CNY, down 27% [3] Market Demand and Orders - **April 2025 Orders**: Estimated between 80 million to 100 million CNY [2][4] - **Sales Growth Drivers**: Global refrigerator energy efficiency upgrades and domestic policy support are expected to sustain VIP sales growth [2][4] - **Geographical Revenue Composition**: Major revenue sources include Asia, Europe, North America, and South America, with Asia holding the largest share [24] Production and Capacity - **Current Production Capacity**: 1,100 to 1,300 units for VIP products, with an additional 300 to 370 units expected from personnel thermal management projects [3][11] - **Production Challenges**: New factory installations are progressing slowly, but small batch shipments have begun [2][5] Raw Material Costs - **Glass Fiber Price Increase**: Prices rose from 3,000-4,000 CNY per ton to over 5,000 CNY, with some reaching 6,000 CNY, representing a 50%-90% increase [7][8] - **Cost Management Strategies**: Investment in self-produced glass fiber and exploration of alternative materials to mitigate rising costs [9][8] Profitability and Margins - **Gross Margin Pressure**: Experienced significant pressure due to raw material price increases, with unit costs rising by 9% [7][8] - **Future Margin Outlook**: Despite price pressures, the company aims to maintain growth through technological advancements and cost optimization measures [7][17] New Business Ventures - **Expansion into New Fields**: Actively exploring opportunities in construction and renewable energy sectors, with ongoing projects in thermal management [5][4] - **Metal VIP Products**: Expected to see increased orders due to new safety standards for electric vehicle batteries [5] Competitive Landscape - **Market Position**: As a leading player, Saitex benefits from strong customer relationships and a focus on high-end market segments [12][25] - **Impact of Economic Conditions**: While smaller manufacturers may struggle, major players continue to see stable order volumes [22] Future Outlook - **2025 Expectations**: Anticipated growth in European orders driven by energy efficiency upgrades, with a focus on innovative product offerings [25][31] - **Capital Expenditure Plans**: Significant investments planned for projects including convertible bonds and new equipment installations [28] Management and Operational Efficiency - **Increased Management Expenses**: Notable rise in management expenses due to investments in new projects [10] - **Production Efficiency Goals**: Aiming for a production capacity utilization rate of 70%-80%, with potential for higher output as new projects come online [20] R&D and Innovation - **Focus on R&D**: Continuous investment in research and development to enhance product offerings and maintain competitive advantage [31][32] - **New Product Development**: Plans to introduce new VIP products for various applications, including construction and energy sectors [31][32] Response to Market Uncertainties - **Adaptation Strategies**: Enhancing R&D capabilities and diversifying applications to navigate macroeconomic and industry uncertainties [33] This summary encapsulates the key insights and developments discussed during the conference call, highlighting Saitex New Materials' current performance, market strategies, and future outlook.

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative return of over 20% within the next six months [5][21]. Core Views - The company is experiencing short-term profit pressure due to investment phases in its subsidiaries, but it is expected to benefit from long-term growth driven by new project layouts and market opportunities [1][4]. - The company achieved a revenue of 934 million yuan and a net profit attributable to the parent company of 77.16 million yuan in 2024, reflecting a year-on-year growth of 11.16% in revenue but a decline of 27.27% in net profit [1][4]. Summary by Sections Financial Performance - In 2024, the company reported a total revenue of 934 million yuan, with a net profit of 77.16 million yuan, showing a year-on-year increase of 11.16% in revenue but a decrease of 27.27% in net profit. The adjusted net profit was 71 million yuan, down 33.86% year-on-year [1]. - The fourth quarter of 2024 saw a revenue of 265 million yuan and a net profit of 12 million yuan, with a year-on-year increase in revenue of 6.93% but a significant decline in net profit by 55.32% [1]. - The first quarter of 2025 recorded a revenue of 246 million yuan and a net profit of 10 million yuan, marking a 10.06% increase in revenue but a 65.96% decrease in net profit year-on-year [1]. Product Performance - The company's vacuum insulated panels (VIP) revenue grew by 11.39% to 915 million yuan in 2024, driven by increased sales volume, which reached a historical high of 9.97 million square meters, up 13% year-on-year [2]. - The company has begun to receive orders for VIP products used in new applications, including automotive battery insulation, indicating successful market expansion [2]. Profitability and Costs - The overall gross margin for 2024 was 29.12%, a decrease of 3.92 percentage points year-on-year, with the fourth quarter gross margin dropping to 23.60% [3]. - The company’s operating cash flow for 2024 was 66 million yuan, a decrease of 10 million yuan year-on-year, but the cash collection ratio improved by 16.46% to 95.10% [3]. Market Position and Future Outlook - The company holds a leading position in the VIP market and is expected to benefit from the increasing penetration of VIP products in various applications, which will drive industry growth [4]. - The report projects a decrease in net profit for 2025 and 2026 to 144.24 million yuan and 177.65 million yuan, respectively, but anticipates a recovery to 236.30 million yuan by 2027 [4].