Core Points - The company announced the interest payment schedule for its convertible bonds, "赛特转债," which will begin on September 11, 2025 [1][3] - The total issuance of the convertible bonds is 4,420,000 units, with a face value of 100 yuan each, amounting to a total of 442 million yuan [2][3] - The coupon rates for the bonds are set to increase over the years, starting from 0.20% in the first year to 2.50% in the sixth year [1][2] Summary by Sections Convertible Bond Issuance Overview - The company issued 4,420,000 convertible bonds on September 11, 2023, with a total issuance amount of 442 million yuan [2] - The bonds have a face value of 100 yuan each, and the coupon rates are structured to increase annually [1][2] Interest Payment Details - The interest payment for the second year will cover the period from September 11, 2024, to September 10, 2025, with a coupon rate of 0.40% [3][4] - The interest amount payable for each bond (100 yuan face value) is 0.40 yuan (including tax) [3][6] Payment Schedule - The bondholders will have their interest payment rights registered on September 10, 2025, with the interest payment date set for September 11, 2025 [3][4] - The company will pay the interest within five trading days after the interest payment date [4] Tax Implications - Individual investors are subject to a 20% tax on the interest income, resulting in a net payment of 0.32 yuan per bond after tax [5][6] - Non-resident enterprises are exempt from corporate income tax on the interest income from these bonds [6]

关于"赛特转债"2025 年付息的公告 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： 转债代码：118044 转债简称：赛特转债 福建赛特新材股份有限公司 福建赛特新材股份有限公司(以下简称"公司")于 2023 年 9 月 11 日发行的 可转换公司债券将于 2025 年 9 月 11 日开始支付自 2024 年 9 月 11 日至 2025 年 9 月 10 日期间的利息。根据《福建赛特新材股份有限公司向不特定对象发行可转 换公司债券募集说明书》（以下简称"《募集说明书》"）有关条款的规定，现 将有关事项公告如下： 一、可转债发行上市概况 （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[2022]2722 号文批复，公司于 2023 年 9 月 11 日 向不特定对象发行了 4,420,000 张可转换公司债券，每张面值 100 元，发行总额 44,200.00 万元，期限为自发行之日起六年，即自 2023 年 9 月 11 日至 2029 年 9 月 10 日。票面利率设定为：第 ...

Core Points - The company is holding its first extraordinary general meeting of shareholders in 2025 to discuss significant changes including the cancellation of the supervisory board and amendments to the company's articles of association [1][6] - The company aims to enhance its governance structure and internal management systems through the proposed resolutions [7] Meeting Details - The meeting is scheduled for September 9, 2025, at 14:00 in Xiamen, with both on-site and online voting options available [4] - Shareholders must arrive 30 minutes prior to the meeting for registration, and the voting process will include a combination of physical and online methods [3][4] Agenda Items - The first resolution involves the cancellation of the supervisory board, changes to registered capital, total share capital, and amendments to the articles of association [5][6] - The second resolution focuses on revising and establishing internal governance systems that require shareholder approval [7] Capital Changes - As of March 31, 2025, the company's total share capital was 167,813,892 shares, which increased to 167,813,997 shares by June 30, 2025, due to the conversion of bonds [6] - The company plans to update its articles of association to reflect these changes in share capital [6] Governance Improvements - The company is revising its internal governance systems to align with updated regulations and improve operational efficiency [7] - Specific governance documents, such as the remuneration management system for directors and senior management, are being proposed for revision [7]

福建赛特新材股份有限公司 2025 年第一次临时股东大会会议资料 福建赛特新材股份有限公司 2025 年第一次临时股东大会 会议资料 福建·厦门 二〇二五年九月 福建赛特新材股份有限公司 2025 年第一次临时股东大会会议资料 福建赛特新材股份有限公司 2025 年第一次临时股东大会会议资料目录 | 2025 | 年第一次临时股东大会会议须知 | 2 | | --- | --- | --- | | 2025 | 年第一次临时股东大会会议议程 | 4 | | 2025 | 年第一次临时度股东大会会议议案 | 6 | | | 议案一、关于取消监事会、变更公司注册资本、总股本并修订《公司章程》的 | | | | 议案 6 | | | | 议案二、关于修订、制定公司部分需经股东大会审议的治理制度的议案 8 | | 公司代码：688398 公司简称：赛特新材 债券代码：118044 债券简称：赛特转债 1 福建赛特新材股份有限公司 2025 年第一次临时股东大会会议资料 福建赛特新材股份有限公司 2025 年第一次临时股东大会会议须知 为了维护全体股东的合法权益，确保股东大会的正常秩序和议事效率，保证 大会的顺利进行， ...

Group 1 - The core viewpoint of the news is the performance and characteristics of the convertible bond issued by Sait New Materials, which has seen a decline in its market price and a notable conversion premium rate [1] - The convertible bond has a credit rating of "A+" and a maturity period of 6 years, with a coupon rate that increases over the years, starting from 0.20% in the first year to 2.50% in the sixth year [1] - The conversion price for the bond is set at 18.9 yuan, with the conversion period beginning on March 15, 2024 [1] Group 2 - Sait New Materials is a national high-tech enterprise established in 2007, specializing in vacuum insulation energy-saving solutions and listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board in February 2020 [2] - The company has invested in five subsidiaries and its main products include vacuum insulation panels, ultra-fine glass wool core materials, vacuum insulation glass, barrier films, adsorbents, and vacuum packaging product performance testing [2] - For the first half of 2025, Sait New Materials reported a revenue of 468.9 million yuan, a year-on-year increase of 3.7%, while net profit attributable to shareholders fell by 77.66% to 12.1 million yuan [2] - As of June 2025, the concentration of shareholding in Sait New Materials is high, with the top ten shareholders holding a combined 59.08% of shares [2]

Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - The company reported a revenue of 469 million yuan for the first half of 2025, representing a year-on-year growth of 3.7%, while the net profit attributable to shareholders was 12 million yuan, a decline of 78% year-on-year [2][4]. - The expected performance for 2025-2026 is projected to be 60 million and 140 million yuan, corresponding to price-to-earnings (PE) ratios of 58 and 28 times, respectively [4]. Summary by Sections Financial Performance - In the first half of 2025, the company experienced a stable overall demand in the downstream market, with resilient export performance despite challenges. The cumulative main business income of China's home appliance industry grew by 6.0% year-on-year from January to May 2025 [9]. - The company's revenue for Q2 2025 was 223 million yuan, a decrease of 2.5% year-on-year and a 9% decline quarter-on-quarter, attributed to high base effects from Q1 [9]. - The gross margin for the VIP business decreased by approximately 10 percentage points year-on-year, influenced by rising costs and the impact of new capacity coming online [9]. Market Trends - The new national energy efficiency standard for refrigerators was released on May 30, 2025, and will be implemented on June 1, 2026. This is expected to drive demand for larger capacity and higher efficiency refrigerators, positively impacting the VIP market [9]. - The company is also focusing on the vacuum glass sector, which is anticipated to achieve industrial breakthroughs, leveraging its existing customer base in the home appliance industry [9]. Product Development - The company has successfully applied VIP boards as insulation materials for electric vehicle battery packs, which may replace foam materials and enhance energy efficiency in low-temperature environments [9].

Investment Rating - The report maintains a "Buy" rating for the company [4][6]. Core Views - The company is experiencing pressure on pricing and profitability in the domestic market, but the new national standards are expected to bring significant order increases [1][4]. - The company is a leader in the vacuum insulation panel industry, benefiting from its scale, cost advantages, and customer base, with a positive outlook for the coming years despite current price competition [4]. Financial Performance Summary - In the first half of 2025, the company achieved revenue of 469 million yuan, a year-on-year increase of 3.7%, but the net profit attributable to shareholders fell by 77.66% to 12.1 million yuan [1]. - The company's vacuum insulation panel revenue was 452 million yuan, accounting for 96.47% of total revenue, with a year-on-year growth of 1.78% [2]. - The gross margin for the first half of 2025 was 23.9%, a decrease of 9.57 percentage points year-on-year, primarily due to price declines and increased raw material costs [3]. - The company’s domestic revenue reached 285 million yuan, a year-on-year increase of 26.34%, while export revenue was 184 million yuan, a decline of 18.79% [2]. Profit Forecast and Investment Recommendations - The profit forecast for the company has been adjusted downwards due to intense price competition, with expected net profits for 2025, 2026, and 2027 at 60 million, 120 million, and 170 million yuan respectively [4]. - The report projects a price-to-earnings ratio (PE) of 59X for 2025, 32X for 2026, and 22X for 2027 [4].

Group 1: Central-Local Fiscal Relations - The report discusses the historical, current, and future analysis of central-local fiscal relations, indicating that reforms may focus on cultivating local tax sources, moderately centralizing fiscal responsibilities, and promoting fiscal system reforms below the provincial level [5]. - It highlights that the macro tax burden is decreasing and land finance is waning, making it essential to cultivate new tax sources for local governments, with a projected increase in local revenue of approximately 209.3 billion yuan from consumption tax reforms [5]. - The report suggests that the central government may take on more fiscal responsibilities in areas with broader impacts, such as higher education, public health, and social security, to alleviate local fiscal pressures [5]. Group 2: Computer Industry - Cambrian Technology - Cambrian Technology reported a significant revenue increase of 4,348% year-on-year for H1 2025, reaching 28.81 billion yuan, with a net profit of 1.038 billion yuan, reflecting a 296% increase [9][10]. - The company maintained a gross margin of 55.88% in Q2 2025, indicating stable profitability despite rapid revenue growth, with expectations for strong cash flow and inventory recovery in Q3 [10][11]. - The report anticipates that the AI wave will significantly boost demand for computing power, with Cambrian positioned to benefit from increased domestic market share in the face of geopolitical challenges [11][12]. Group 3: Food and Beverage Industry - Nongfu Spring - Nongfu Spring reported a revenue of 25.622 billion yuan for H1 2025, a year-on-year increase of 15.6%, with a net profit of 7.622 billion yuan, up 22.1% [20]. - The company is expected to continue recovering market share in packaged water and is focused on innovation in beverage products, projecting net profits of 14.6 billion yuan by 2027 [20]. Group 4: Environmental Sector - Huahong Technology - Huahong Technology experienced significant profit growth in H1 2025, driven by improved cost control and the recovery of rare earth prices, with expectations for rapid growth as new capacities come online [21]. - The report maintains a "buy" rating, emphasizing the company's strong position in the recycling of rare earths and the anticipated demand from the automotive sector [21]. Group 5: Real Estate Sector - China Overseas Property - China Overseas Property reported a revenue increase of 3.7% in H1 2025, with a net profit of 7.69 billion yuan, reflecting a 4.3% growth [24]. - The company is focusing on optimizing its service structure and expanding its management area, with expectations for continued growth in the property management sector [25].

制作：产品中心 《策略|"十五五"前瞻初探——"十五五"研究系列》 1、"十五五"规划展望。自 1953 年开始制定第一个"五年计划"以来， 我国已发布十四个"五年规划"。完善统一大市场：推进统一大市场建设 重点在于打破地方保护和市场分割，促进资源的高效配置流动，激发各类 市场主体活力与创造力。2、促进民生消费："十五五"规划可能在以下几 方面进一步对消费进行支持：1.财政支出从投资进一步转向民生；2.大力 支持消费结构升级。3、深化国有企业改革：整体来看，预计"十五五" 中，国有企业改革整体思路或依旧延续精细化区分、"一企一策"的思路， 同时要积极探索尝试有利于创新的国有企业经营机制和公司治理模式。4、 健全资本市场稳定机制："十五五"期间资本市场改革思路或转向"构建 内在稳定、韧性强的现代化资本市场生态系统"。整体来看，"十五五"期 间的资本市场稳定机制建设将是一个系统性的工程，完成从"政策驱动" 到"制度驱动"、从"单一维度"到"生态系统"的转型，推动资本市场 高质量发展,助力加快建设金融强国。 证券研究报告 | 2025 年 08 月 27 日 $$\overline{{{\prod_{\mathrm ...

Core Viewpoint - The company reported steady revenue growth in the first half of the year, but profit performance was poor, with a significant decline in net profit and non-recurring net profit compared to the previous year [1][3]. Group 1: Financial Performance - In the first half of the year, the company achieved revenue of 469 million and net profit attributable to shareholders of 12 million, representing a year-on-year change of +3.7% and -77.66% respectively [1]. - The second quarter saw revenue of 223 million and net profit of 2 million, with year-on-year changes of -2.51% and -90.81% respectively [1]. - The company's gross profit margin decreased to 23.9%, down 9.57 percentage points year-on-year, with the second quarter gross profit margin at 22.55%, down 9.86 percentage points [3]. - The net profit margin for the first half of the year was 2.58%, a decrease of 9.4 percentage points year-on-year [3]. Group 2: Cost and Expense Analysis - The decline in profitability was attributed to several factors, including a decrease in the selling price of vacuum insulation panels, an increase in direct material costs due to rising raw material prices, and higher management expenses due to increased salaries and depreciation [1][3]. - The company’s operating cash flow net amount was 31 million, a decrease of 28 million year-on-year, primarily due to reduced tax refunds and increased cash payments to employees [3]. Group 3: Product and Market Development - The company achieved record high sales volume for its core product, vacuum insulation panels, generating revenue of 452 million, a year-on-year increase of 1.78% [2]. - The company is actively expanding into new applications for vacuum insulation panels in sectors such as new energy battery storage and high-temperature equipment insulation, with ongoing research and development efforts [2]. Group 4: Market Outlook and Ratings - The company maintains a "buy" rating, supported by government initiatives to promote consumer goods replacement and new energy efficiency standards expected to boost market demand [4]. - The company has adjusted its profit forecasts for 2025-2027, lowering the expected net profit attributable to shareholders to 70 million, 120 million, and 180 million respectively, from previous estimates of 140 million, 180 million, and 240 million [4].