Investment Rating - The investment rating for the company is "Buy" and is maintained [5][6]. Core Viewpoints - The company is expected to achieve a revenue of 934 million yuan in 2024, representing a year-on-year growth of 11.16%. However, the net profit attributable to shareholders is projected to be 77.16 million yuan, a decline of 27.27% year-on-year [2][4]. - In Q1 2025, the company reported a revenue of 246 million yuan, with a year-on-year increase of 10%, but the net profit decreased by 65.96% to 9.758 million yuan [2][4]. - The revenue performance is relatively stable, but profit performance is poor, mainly due to losses from certain subsidiaries. The company's VIP revenue for the year is expected to be 920 million yuan, with a 13% increase in sales volume [4][11]. - The company anticipates that new business segments will provide incremental growth by 2025, particularly in the ultra-thin VIP market for battery insulation in electric vehicles [11]. Summary by Sections Financial Performance - The company expects total revenue of 934 million yuan for 2024, with a gross profit margin of approximately 29% [4][15]. - The projected net profit for 2025 and 2026 is 132 million yuan and 173 million yuan, respectively, corresponding to PE ratios of 18 and 14 [5][15]. Market Dynamics - Domestic sales are expected to reach 530 million yuan in 2024, a 41% increase, while international sales are projected to decline by 13% to 400 million yuan due to geopolitical tensions affecting logistics and shipping costs [4][11]. - The company is seeing improved order signals driven by the "old-for-new" policy in China, particularly in the refrigerator segment [11]. Product Development - The company has successfully applied its VIP boards in the battery insulation sector for electric vehicles, with recognition from major automotive and battery manufacturers [11].

| 证券代码：688398 | 证券简称：赛特新材 | 公告编号：2025-040 | | --- | --- | --- | | 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 关于召开 2024 年度暨 2025 年第一季度业绩说明会的 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： 会议召开时间：2025 年 05 月 12 日 （星期一） 15:00-16:00 会议召开方式：上证路演中心网络互动 投资者可于 2025 年 04 月 30 日（星期三）至 05 月 09 日（星期五）16:00 前登录上证路演中心网站首页点击"提问预征集"栏目或通过公司邮箱 zqb@supertech-vip.com 进行提问。福建赛特新材股份有限公司（以下简称"公 司"）将在说明会上对投资者普遍关注的问题进行回答。 公司已于 2025 年 04 月 24 日发布公司 2024 年年度报告、2025 年第一季度 报告，为便于广大投资者更全面深入地了解公司 2024 年度及 2025 ...

Group 1: Cloudy Technology's Financial Performance - Cloudy Technology has been hired by over 30,000 hotels in China, holding a market share of 9% globally and 12.2% in China as of 2023, ranking first in both categories [3] - Despite generating over 500 million yuan in revenue, Cloudy Technology has accumulated a net loss exceeding 800 million yuan over the past three years [3] Group 2: Mingming Hen Mang's Market Position - Mingming Hen Mang has submitted a listing application to the Hong Kong Stock Exchange, reporting a retail revenue of 55.5 billion yuan for 2024 and over 1.6 billion transactions [20] - The company operates 14,394 stores across 28 provinces in China, with approximately 58% located in county and town areas [21] - From 2022 to 2024, Mingming Hen Mang's revenue grew from 4.286 billion yuan to 39.344 billion yuan, with adjusted net profits increasing from 81 million yuan to 913 million yuan [21] Group 3: Gree Electric's Executive Compensation - Gree Electric's chairman and president, Dong Mingzhu, received a salary of 14.372 million yuan, while the total pre-tax compensation for executives amounted to 45.0518 million yuan [18][19] Group 4: Shangri-La Group's Leadership Change - Shangri-La Group appointed former Alibaba CMO Dong Benhong as the new CMO and CEO for China, bringing extensive experience from his previous roles [29][31] Group 5: AI Investment Insights - Industry expert Zhu Xiaohu advises entrepreneurs to avoid wasting funds on training foundational AI models and instead leverage existing models to address real business challenges [32]

Core Viewpoint - The company reported a revenue increase in 2024 and Q1 2025, driven by the vacuum insulation board business, but faced a significant decline in net profit due to rising costs and decreased gross margin [1][2]. Revenue Performance - The company achieved a revenue of 934 million yuan in 2024 and 246 million yuan in Q1 2025, representing year-on-year growth of 11.2% and 10.1% respectively [1]. - The revenue growth in 2024 was primarily driven by the vacuum insulation board segment, which generated 915 million yuan in revenue with a sales volume of 9.97 million square meters, reflecting year-on-year increases of 11.4% and 13.1% respectively [1]. - Quarterly revenue for Q4 2024 and Q1 2025 was 265 million yuan and 246 million yuan, showing year-on-year growth of 6.9% and 10.1%, attributed to increased demand in downstream home appliance sectors [1]. Profitability and Cost Analysis - The overall gross margin for 2024 was 29.1%, a decrease of 3.9 percentage points year-on-year, influenced by a decline in high-margin export sales and rising raw material costs [2]. - The gross margin for Q1 2025 was 25.1%, down 9.4 percentage points year-on-year, but improved by 1.5 percentage points from Q4 2024, likely due to efficiency gains at a subsidiary [2]. - The operating expense ratio for 2024 was 18.0%, up 2.3 percentage points year-on-year, driven by increased management and financial expenses [2]. - The net profit margin for 2024 and Q1 2025 was 8.3% and 4.0%, reflecting declines of 4.4 and 8.9 percentage points year-on-year [2]. Cash Flow and Investment - The net cash flow from operating activities for 2024 was 65.65 million yuan, down 12.7% year-on-year, primarily due to lower profitability [3]. - In Q1 2025, the net cash flow from operating activities was 5.11 million yuan, a significant decline of 82.3% year-on-year, mainly due to reduced tax refunds [3]. - The company invested 324 million yuan and 58 million yuan in fixed and intangible assets in 2024 and Q1 2025, representing year-on-year increases of 22.4% and a decrease of 35.2% respectively, indicating ongoing expansion projects [3]. Future Outlook - The company is a leading provider of systematic solutions in the vacuum insulation energy-saving sector, with ongoing advancements in product and process iterations, and new application developments [3]. - Profit forecasts for 2025-2027 are set at 98 million yuan, 137 million yuan, and 183 million yuan, with corresponding P/E ratios of 25, 18, and 13 times, reflecting a cautious outlook due to margin pressures [3].

Group 1 - The Ministry of Foreign Affairs stated that there have been no recent negotiations or discussions between China and the US regarding tariffs [2] - The Ministry of Foreign Affairs welcomed more foreign visitors to China, highlighting a 173% year-on-year increase in inbound travel orders for the upcoming holiday [2] - The Ministry of Industry and Information Technology (MIIT) released key points for automotive standardization work for 2025, focusing on accelerating the development of automotive chip standards [3][4] Group 2 - The Shanghai State-owned Assets Supervision and Administration Commission held a meeting to discuss the collaborative development between state-owned and private enterprises [5] - Chengdu introduced 20 policies to enhance its electricity supply capacity, aiming to build a modern first-class power grid [6] - The National Medical Products Administration emphasized the importance of smart regulation in the pharmaceutical sector during a recent conference [7] Group 3 - The China Securities Regulatory Commission is seeking opinions on guidelines for managing the investment behavior of securities practitioners [8] - The Ministry of Industry and Information Technology initiated a recommendation process for energy-saving and carbon-reduction technologies in key industries for 2025 [9] - The National Data Bureau called for the acceleration of public data development and utilization policies to enhance economic and social development [11] Group 4 - The Henan Provincial Government issued a development plan for the electric vehicle industry cluster, aiming to enhance the local economy [12] - Companies such as Zhaosheng Microelectronics and Huayang Group reported significant growth in their respective product lines and production capabilities [14] - Securities firms are focusing on industries less affected by external demand and those benefiting from macroeconomic policies, such as essential consumption and urban renewal projects [15][16]

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 ...