证券代码：688398 证券简称：赛特新材 公告编号：2025-052 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 股东、监事减持股份结果公告 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。 重要内容提示： ? 股东、监事持股的基本情况 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。 ? 减持计划的实施结果情况 公司于 2025 年 7 月 7 日披露了《福建赛特新材股份有限公司股东、监事减 持股份计划公告》，罗雪滨女士因个人资金需求，拟通过集中竞价方式减持其间 接持有的公司股份不超过 7,884 股，不超过公司总股本比例 0.0047%；陈锋声先 生因个人资金需求，拟通过集中竞价方式减持其间接持有的公司股份不超过 集中竞价方式减持其间接持有的公司股份不超过 6,525 股，不超过公司总股本比 例 0.0039%。 公司于 2025 年 8 月 7 日收到罗雪滨女士、陈锋声先生、江钦先生出具的《股 份减持情况告知函》，罗雪滨女士于 2025 年 8 月 5 ...

| 证券代码：688398 | 证券简称：赛特新材 | 公告编号：2025-052 | | --- | --- | --- | | 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 股东、监事减持股份结果公告 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。 重要内容提示： 股东、监事持股的基本情况 本次减持计划实施前，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。 减持计划的实施结果情况 公司于 2025 年 7 月 7 日披露了《福建赛特新材股份有限公司 ...

格隆汇8月7日丨赛特新材(688398.SH)公布，公司于2025年8月7日收到罗雪滨女士、陈锋声先生、江钦 先生出具的《股份减持情况告知函》，罗雪滨女士于2025年8月5日通过集中竞价方式减持公司股份 7,884股，占公司总股本的0.0047%；陈锋声先生于2025年8月5日通过集中竞价方式减持公司股份11,826 股，占公司总股本的0.0070%；江钦先生于2025年8月7日通过集中竞价方式减持公司股份6,525股，占公 司总股本的0.0039%。本次减持计划已实施完毕。 ...

Investment Rating - The report maintains an "Accumulate" rating for the construction materials industry [1] Core Views - The construction materials sector is experiencing weak demand, with the PMI showing a decline. The market is awaiting new policies to stimulate demand [4] - The report highlights that the cement market is facing challenges due to adverse weather conditions, leading to a low average shipment rate of less than 45% in key regions. However, the overall price decline has slowed down, indicating potential stabilization in the near term [11][18] - The report suggests that the supply-side consensus on self-discipline within the industry is strengthening, which may lead to better profitability compared to the previous year [11] - The report recommends focusing on cyclical industries that may benefit from policy support, particularly in cement and glass sectors, and highlights specific companies such as Huaxin Cement, Conch Cement, and others as potential investment opportunities [4][11] Summary by Sections 1. Industry Trends - The construction materials sector has seen a decline of 2.31% in the past week, underperforming against the Shanghai Composite Index [4] - The report notes that the cement price is currently at 339.7 RMB/ton, down 1.0 RMB/ton from the previous week and down 42.5 RMB/ton year-on-year [19][20] 2. Bulk Construction Materials Fundamentals and High-Frequency Data 2.1 Cement - The average cement shipment rate is reported at 44.7%, with a slight increase of 1.7 percentage points from the previous week, but a decrease of 2.0 percentage points year-on-year [26] - The report anticipates that cement prices will stabilize in the short term, despite current weak demand [11][18] 2.2 Glass - The average price of float glass is reported at 1295.3 RMB/ton, which is an increase of 56.7 RMB/ton from the previous week but a decrease of 175.7 RMB/ton year-on-year [4] - The report indicates that the glass industry is expected to see a supply-side contraction, which may improve the supply-demand balance in the short to medium term [14] 2.3 Fiberglass - The report highlights that the market for electronic fiberglass products is evolving, with a clear trend towards high-end products, which are expected to see increased penetration and value growth [12] - The profitability of ordinary fiberglass remains resilient, with ongoing demand in sectors like wind power and thermoplastics [12] 3. Industry Dynamics Tracking - The report discusses the impact of government policies aimed at stimulating domestic demand, particularly in the housing market, which is expected to improve the outlook for construction materials [15] - The report emphasizes the importance of companies that are exploring new business models and enhancing their supply chain efficiency [15]

Group 1 - The article highlights that on July 31, several listed companies received target price upgrades from brokerages, with notable increases for Ningde Times, Su Shi Testing, and Yonghui Supermarket, showing target price increases of 66.28%, 48.13%, and 47.99% respectively [1][3] - Ningde Times received a "Buy" rating from Dongwu Securities with a target price of 440.00 yuan, indicating a significant potential upside [3] - Su Shi Testing was rated "Strong Buy" by Huachuang Securities with a target price of 24.22 yuan, reflecting a robust growth outlook [3] Group 2 - A total of 26 listed companies were recommended by brokerages on July 31, with Hisense Home Appliances receiving the most recommendations at four, followed by Su Shi Testing with three, and Yonghui Supermarket with two [4][5] - Hisense Home Appliances closed at 25.69 yuan and was recommended by four brokerages, indicating strong market interest in the white goods sector [5] - The article also mentions that Hunan Haili received its first coverage with a "Buy" rating from Great Wall Securities, indicating a positive outlook for the agricultural chemical products industry [7]

Group 1 - The core viewpoint of the article highlights the target price increases for several listed companies, with significant growth potential identified for Ningde Times, Su Shi Testing, and Yonghui Supermarket, showing target price increases of 66.28%, 48.13%, and 47.99% respectively [1][3] - Ningde Times is rated as "Buy" by Dongwu Securities with a high target price of 440.00 yuan, indicating a strong bullish sentiment in the battery industry [3] - Su Shi Testing received a "Strong Buy" rating from Huachuang Securities with a target price of 24.22 yuan, reflecting optimism in the professional services sector [3] Group 2 - Yonghui Supermarket is rated to "Outperform Industry" by China International Capital Corporation with a target price of 7.00 yuan, showcasing positive expectations in the general retail sector [3] - Haier Smart Home received four recommendations from different brokerages, indicating strong interest in the white goods industry, while Su Shi Testing and Yonghui Supermarket received three and two recommendations respectively [4][5] - On July 31, a total of 26 listed companies received brokerage recommendations, with the highest number of recommendations going to Haier Smart Home [4][5] Group 3 - The article mentions that on July 31, there was one instance of initial coverage, where Hunan Haili was given a "Buy" rating by Great Wall Securities, indicating potential interest in the agricultural chemical products sector [7]

Investment Rating - The industry investment rating is "Overweight" [5] Core Viewpoints - The 2025 version of the refrigerator national standard promotes the industry's transition towards high efficiency, large space, and smart technology [5] - The new national standard significantly raises energy consumption limits and efficiency levels for refrigerators, which will lead to a substantial increase in the demand for VIP boards [2][5] Summary by Sections Industry Overview - The new national standard for household refrigerators will be implemented on June 1, 2026, tightening the first-level energy efficiency threshold from a comprehensive energy efficiency index of ≤50% to ≤20% [1] - The introduction of a comprehensive energy consumption evaluation system and a volume utilization rate correction factor will enhance the effective volume of refrigerators [1] Market Potential - The current penetration rate of VIP boards in China's refrigerator market is only 3%, indicating significant room for growth [3] - Assuming a 50% penetration rate of VIP boards by 2028, the potential market for VIP boards in China could reach 14.753 billion yuan, with a CAGR of 19.42% from 2018 to 2028 [3] Key Companies - Saitex New Materials is identified as a leading company in the VIP board sector, holding over 30% market share in the domestic cold chain sales field [4] - Zaiseng Technology is one of the first companies to produce VIP board core materials, with a production capacity of 10,700 tons as of June 2022 [4]

Core Viewpoint - The company announces an adjustment to the conversion price of its convertible bonds due to the implementation of the 2024 annual equity distribution, with the new conversion price set at 18.90 CNY per share, effective from July 14, 2025 [1][5]. Summary by Sections Securities Suspension and Resumption - The company's convertible bonds will be suspended from conversion from July 7, 2025, until the equity distribution record date of July 11, 2025, and will resume conversion on July 14, 2025 [1]. Conversion Price Adjustment Basis - The adjustment of the conversion price is based on the total share capital after deducting shares held in the company's repurchase account, with a cash dividend of 1.00 CNY per 10 shares distributed to all shareholders [1][2]. Conversion Price Adjustment Method - The conversion price adjustment follows specific formulas outlined in the prospectus, considering factors such as stock dividends, capital increases, and cash dividends [2][3]. Conversion Price Adjustment Results - The previous conversion price was 19.00 CNY per share, and after calculating the cash dividend of approximately 0.0995 CNY per share, the new conversion price is set at 18.90 CNY per share [4][5]. Additional Information - Investors seeking more details about the convertible bonds can refer to the company's prospectus published on September 7, 2023, on the Shanghai Stock Exchange website [5].

Core Viewpoint - The company has announced a differentiated dividend distribution plan, proposing a cash dividend of RMB 1.00 per 10 shares, with a total cash dividend distribution amounting to approximately RMB 16.70 million after excluding shares in the repurchase account [1][2][3] Dividend Distribution Plan - The dividend distribution plan was approved at the 2024 annual general meeting held on May 15, 2025 [1] - The total share capital of the company is 167,813,997 shares, with 860,000 shares in the repurchase account excluded from the distribution, resulting in 166,953,997 shares participating in the dividend distribution [2][3] - The cash dividend per share is calculated as approximately RMB 0.0995 [3] Relevant Dates - The key dates for the dividend distribution are the equity registration date, ex-dividend date, and cash dividend payment date [3] Implementation of Distribution - The cash dividends will be distributed through the China Securities Depository and Clearing Corporation Limited Shanghai Branch for shareholders holding unrestricted circulating shares [4] - Shareholders in the repurchase account will not participate in the profit distribution [4] Taxation on Dividends - For individual shareholders holding shares for over one year, the dividend income is exempt from personal income tax, while those holding for one year or less will have tax withheld upon stock transfer [5][6] - For qualified foreign institutional investors (QFII), a 10% corporate income tax will be withheld, resulting in a net cash dividend of RMB 0.09 per share [5][6] - Other corporate shareholders are responsible for their own tax declarations, with a pre-tax cash dividend of RMB 0.10 per share [6]

Investment Rating - The report maintains a "Buy" rating for the stocks of the companies involved in the vacuum insulation panel (VIP) industry, specifically for Saitex New Materials and Rising Technology [6]. Core Insights - The introduction of the new energy efficiency standard for household refrigerators is expected to significantly boost the demand for vacuum insulation panels, as the new standards require higher energy efficiency and better insulation materials [2][9]. - The report predicts that the market penetration of new level 1 refrigerators will increase substantially, leading to a corresponding rise in the demand for VIPs [17][20]. Summary by Sections Event Overview - The new energy efficiency standard for household refrigerators was officially released on May 30, 2025, and will be implemented on June 1, 2026. This marks the fifth revision since the first standard was established in 1989 [9][12]. - The new standard significantly raises the energy efficiency requirements compared to the old standard, with level 1 refrigerators under the old standard likely corresponding to level 4 under the new standard [12][13]. Market Opportunities - The new energy efficiency standards present a major opportunity for the VIP industry, as traditional insulation materials will struggle to meet the new requirements [2][14]. - The report estimates that as the penetration of new level 1 refrigerators increases, the demand for VIPs will grow substantially, with potential demand reaching up to 7,543 million square meters if penetration reaches 80% [20][21]. Investment Recommendations - The report highlights two key companies: - **Saitex New Materials**: A leading player in the VIP market with an estimated global market share of 35%. The company has strong partnerships with major refrigerator manufacturers, which positions it well to benefit from the new standards [22][28]. - **Rising Technology**: Engaged in the production of key raw materials for VIPs and has established partnerships that enhance its market position [31]. Demand Elasticity - The report provides a detailed analysis of the demand elasticity for VIPs based on the penetration rates of new level 1 refrigerators, indicating significant growth potential as the market adapts to the new standards [17][20]. Financial Projections - For Saitex New Materials, the report projects profit elasticity based on varying market share scenarios, indicating substantial profit growth as the penetration of new energy-efficient refrigerators increases [28][30]. Industry Trends - The report notes that the shift towards VIPs is driven by the need for better insulation materials that can meet the stringent new energy efficiency standards, highlighting a trend towards innovation in insulation technology [14][16].