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。 | 证券代码：688398 | 证券简称：赛特新材 | 公告编号：2025-049 | | --- | --- | --- | | 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 重要内容提示： 股东、监事减持股份计划公告 股东、监事持股的基本情况 截至本公告披露日，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。 减持计划的主要内容 上述股东、监事因个人资金需求，拟于本减持计划公告披露之日起 15 个交 易 ...

Group 1 - The company announced that shareholder Ms. Luo Xuebin plans to reduce her holdings by no more than 7,884 shares, accounting for 0.0047% of the total share capital [1] - Shareholder Mr. Chen Fengsheng intends to reduce his holdings by no more than 11,826 shares, representing 0.0070% of the total share capital [1] - Shareholder Mr. Jiang Qin plans to reduce his holdings by no more than 6,525 shares, which is 0.0039% of the total share capital [1] Group 2 - The reduction method will be through centralized bidding [1] - The reduction period is set from July 29, 2025, to October 28, 2025 [1]

Group 1 - The company will adjust the conversion price of its convertible bonds from 19.00 CNY/share to 18.90 CNY/share due to the implementation of the 2024 annual profit distribution plan [1][4] - The profit distribution plan involves distributing a cash dividend of 1.00 CNY per 10 shares to all shareholders, with no increase in share capital or bonus shares [1][2] - The adjustment of the conversion price will take effect on the first trading day after the equity registration date [1][4] Group 2 - The company will suspend the conversion of its convertible bonds from July 7, 2025, until the equity registration date, with resumption on the first trading day after the registration [2][3] - The total share capital as of June 30, 2025, is 167,813,997 shares, with 860,000 shares in the repurchase account, resulting in 166,953,997 shares participating in the profit distribution [3][4] - The cash dividend per share, calculated based on the adjusted total share capital, is approximately 0.0995 CNY/share [4]

本季度转股情况：自2025年4月1日至2025年6月30日期间，"赛特转债" 转股金额为2,000元，转股数量为105股，占"赛特转债"转股前公司已发行股份 总额的0.00009%。 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），公司向不特定对 象发行可转换公司债券 4,420,000 张，每张面值为 100.00 元，本次发行的募集资 金总额为 44,200.00 万元，募集资金净额为 43,388.80 万元。本次发行的可转换公 司债券的期限为发行之日起六年，即 2023 年 9 月 11 日至 2029 年 9 月 10 日。 经上海证券交易所自律监管决定书（[2023]227 号）同意，公司 44,200.00 万 元可转换公司债券于 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"。 | 证券代码：688398 | 证券简称：赛特新材 | 公告编号：2025-047 | | --- | --- | --- | | 债券代码：11 ...

| 证券代码：688398 | 证券简称：赛特新材 公告编号：2025-048 | | --- | --- | | 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 年年度权益分派时可转债转股价格调整 暨转股连续停牌的提示性公告 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。 重要内容提示： 本次权益分派方案实施后，公司将根据《福建赛特新材股份有限公司 2022 年 度向不特定对象发行可转换公司债券募集说明书》（以下简称"《募集说明书》"） 发行条款及相关规定对可转债当期转股价格进行调整。 二、本次权益分派方案实施时转股连续停牌的安排 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期间，本公司可转债 将停止转股。 | 证券代码 | 证券简称 | 停复牌类型 | 停牌起始日 | 停牌期间 | 停牌终止日 | 复牌日 | | --- | --- | --- | --- ...

Group 1 - The core point of the announcement is that the conversion price of the company's convertible bonds will be adjusted from 19 CNY per share to 18.9 CNY per share due to the implementation of the 2024 annual equity distribution [1] - The equity distribution plan includes a cash dividend of 1 CNY (before tax) for every 10 shares held, with the record date set for July 8, 2025, and the ex-dividend date on July 9, 2025 [1] - The company's convertible bonds will suspend conversion from July 7, 2025, until the record date for the equity distribution [1]

Summary of Conference Call on Saitex New Materials Industry Overview - The new refrigerator energy efficiency standards will be implemented on June 1, 2026, significantly raising efficiency level requirements. The previous national standard's first-level efficiency will only correspond to the fifth level under the new standards, prompting refrigerator manufacturers to adopt VIP (Vacuum Insulation Panels) to enhance volume efficiency and insulation performance. [2][4][11] Key Points and Arguments - The new standards introduce the concept of volume efficiency, directly impacting refrigerator energy consumption calculations and increasing the application of VIP panels, which are essential for high-efficiency refrigerators. Each refrigerator requires approximately 2-5 square meters of VIP material, depending on size and efficiency level. [2][6][7] - There is a significant difference in VIP panel penetration rates between domestic and international markets, with Japan and South Korea at 70%-80%, Europe and the US at 40%-50%, and China at only 20%-30%. The new standards are expected to gradually increase the average usage area of VIP panels in domestic refrigerators. [2][8] - Existing compressor and electronic control technologies have limited potential for improving energy efficiency. Saitex New Materials, as a VIP panel supplier, stands to benefit from the new energy efficiency standards, as its products can effectively support refrigerator manufacturers in meeting these standards. However, there has not yet been a large-scale production line commitment from refrigerator manufacturers to produce new models incorporating Saitex products. [2][3][17] Market Dynamics - Saitex New Materials holds a significant market share among leading refrigerator manufacturers, with some being sole suppliers, reflecting recognition of its product quality and scale advantages. However, the overall market share has not yet reached 50%. [3][18][19] - Sales and order conditions for VIP versions have remained strong in the first five months of the year, driven by energy efficiency improvements, an increase in innovative products, and national subsidy policies. [20] - The production capacity utilization rate for Saitex in the first five months of the year was nearly full, with the Anhui production base's utilization rate improving but not yet reaching headquarters levels. [21][22] Future Developments - Saitex currently operates three vacuum glass production lines, with an expected annual capacity of 500,000 pieces in the second half of the year, primarily focused on home appliances and construction materials. [23] - The company plans to expand into new areas over the next three to five years, including insulation for new energy vehicle batteries, industrial equipment, and construction materials, aiming for diversification in products and customers to promote revenue and profit growth. [24] Additional Insights - The new energy efficiency standards will not require major adjustments in refrigerator manufacturing processes, as Saitex's VIP panels are integrated into the internal structure of refrigerators, necessitating only minor procedural adjustments. [15] - The acceptance of VIP panels among mid-range refrigerator manufacturers remains low, with high-end models (priced above 5,000 yuan) being more likely to adopt VIP technology due to cost considerations. [15][16]

Core Viewpoint - The insulation and heat preservation materials industry is a crucial part of the national economy, aligning with the trends of green energy efficiency and low carbon development. The market size is expected to decline in 2024 but shows potential for recovery in 2025 due to industrialization and increased efficiency in construction processes [1][5][22]. Industry Definition and Classification - Insulation materials are defined as materials used to resist heat flow, including both insulation and cooling materials. They are applicable in various sectors such as thermal equipment, pipelines, and buildings [2][3]. Industry Development Status - The market size for new insulation materials in China grew from 752.1 billion yuan in 2016 to 1657.1 billion yuan in 2021, but is projected to decrease to 1270.7 billion yuan in 2024, with a slight recovery to approximately 1289.2 billion yuan in 2025 [6][7]. The urbanization rate in China has increased from 17.9% in 1978 to 67% in 2024, indicating further growth potential for the insulation materials market [5]. Industry Chain - The industry chain includes upstream raw materials such as basalt and polystyrene, midstream manufacturing of insulation materials, and downstream applications in building energy efficiency, industrial pipelines, and emerging sectors like cold chain logistics [9]. Competitive Landscape - The insulation materials industry in China is characterized by numerous small-scale manufacturers, with leading companies having a competitive edge due to their established technology and market presence. Major players include Hunan Wujian Light Chemical Group, Fujian Sait New Materials, and Shandong Luyang Energy-Saving Materials [15][16]. Key Enterprises - Key companies in the insulation materials sector include: - **Fujian Sait New Materials Co., Ltd.**: A leading manufacturer of vacuum insulation materials, with a revenue of 9.15 billion yuan from vacuum insulation boards in 2024 [18]. - **Shandong Luyang Energy-Saving Materials Co., Ltd.**: The largest producer of ceramic fiber products in China, with a production capacity of 590,000 tons annually [20]. Industry Development Trends - The insulation materials industry is expected to evolve towards industrialization, with advancements in technology and a focus on green and intelligent construction materials. The sector is crucial for energy conservation in buildings, with significant progress in related technologies [22].

Summary of the Conference Call for Saitex New Materials Industry Overview - Saitex New Materials is a leading company in the Vacuum Insulation Panel (VIP) industry, benefiting from the improvement of refrigerator energy efficiency standards and changes in domestic consumption structure, leading to high growth in sales and revenue in 2023 [2][8] - The new Chinese refrigerator energy efficiency standards will be implemented on June 1, 2026, which are stricter and expected to improve product quality and increase the penetration of VIP materials, replacing traditional polyurethane foam insulation materials [2][5] Core Insights and Arguments - In 2024, domestic VIP revenue is expected to grow significantly, but the increase in domestic revenue proportion will lead to a decline in gross margin, with the net profit margin decreasing by 4.37% year-on-year to approximately 8% [2][9] - The global VIP market sales are approximately $1.7 billion, with Europe accounting for about 40% and China and the US together accounting for about 45%, with the Chinese market size around 2.2 billion RMB [4] - The company has developed self-research technologies for core materials, barrier films, and adsorbents, launching innovative products such as ultra-thin VIPs and shell-type VIPs, entering the automotive battery insulation field [2][7] - The company has achieved self-sufficiency in adsorbent production, effectively reducing costs, having started research in 2008 and fully replacing imports by 2015 [2][12] Financial Performance - Saitex New Materials has shown stable revenue and profit growth, with a five-year compound annual growth rate (CAGR) of 45% and 75% from 2016 to 2021 [8] - In 2023, the company’s sales and revenue rebounded strongly due to the increase in demand for VIPs driven by energy efficiency standards [8] - The expected net profits for 2025 to 2027 are projected to be 105 million RMB, 143 million RMB, and 182 million RMB, maintaining a "buy" rating [23] Market Position and Customer Structure - Saitex New Materials is a leading player in the VIP industry, with 8 out of the top 10 global refrigerator manufacturers as clients, 6 of which consider Saitex as a major supplier [7][13] - The company has a high customer retention rate due to stringent certification processes, making it difficult for clients to switch suppliers [13] Product Innovation and Capacity Expansion - The company has launched ultra-thin VIPs and shell-type VIPs, leading the VIP 2.0 era, and has expanded production capacity significantly [7][21] - A subsidiary, Weiyaji, was established in 2022 to enter the vacuum glass market, with an investment of 854 million RMB to build a production capacity of 2 million square meters [4][21] Cost Structure and Cash Flow - The overall expense structure of the company is showing a downward trend, with stable sales expenses due to high customer concentration [10] - Cash flow has remained stable, maintaining over 40 million RMB since 2018 [10] Research and Development Progress - The company has shifted from aluminum films to more efficient non-aluminum films (EVOH composite materials) and has successfully developed superior performance nano-films [11] - The company’s R&D expenses have remained stable at around 5% from 2019 to the first quarter of 2025, indicating a strong commitment to innovation [12] Market Expansion and Future Prospects - The company is exploring new markets beyond refrigerators, including new energy vehicles, energy storage, high-temperature appliances, and LNG insulation [14][16] - The potential market size for insulation materials for new energy vehicle battery packs is estimated at approximately 480 million RMB if 50% of existing products are replaced [16] Conclusion - Saitex New Materials is well-positioned in the VIP industry with strong growth prospects driven by regulatory changes and innovative product development, despite facing challenges related to profit margins and market competition [2][9][23]

股票代码：688398 股票简称：赛特新材 债券代码：118044 债券简称：赛特转债 兴业证券股份有限公司 关于 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 受托管理事务报告 （2024 年度） 2025 年 6 月 重要声明 本报告依据《公司债券发行与交易管理办法》（以下简称"管理办法"）、《福 建赛特新材股份有限公司与兴业证券股份有限公司关于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之受托管理协议》（以下简称"受托管理 协议"）、《福建赛特新材股份有限公司 2022 年度向不特定对象发行可转换公司债 券募集说明书》（以下简称"募集说明书"）、《福建赛特新材股份有限公司 2024 年年度报告》等相关公开信息披露文件、第三方中介机构出具的专业意见等，由 本期债券受托管理人兴业证券股份有限公司（以下简称"兴业证券"）编制。兴 业证券对本报告中所包含的从上述文件中引述内容和信息未进行独立验证，也不 就该等引述内容和信息的真实性、准确性和完整性做出任何保证或承担任何责任。 本报告不构成对投资者进行或不进行某项行为的推荐意见，投资者应对相关 事宜做出独立判断，而不应将本报告中的任何内容据 ...