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 ...

Core Viewpoint - Despite ongoing losses from two subsidiaries, the company has announced new investment plans totaling approximately 700 million yuan, raising questions about the rationale behind its capacity expansion and funding sources [2][3][5]. Group 1: Financial Performance and Investment Plans - The company’s subsidiaries, Weijiji (Xiamen) Technology Co., Ltd. and Anhui Sait New Materials Co., Ltd., are still in the investment and capacity ramp-up phases, leading to continuous losses [3][4]. - Anhui Sait has invested approximately 288 million yuan in the "Sait Vacuum Industry Manufacturing Base (Phase I)" project, with a funding progress of 66.38% [3]. - The Weijiji vacuum glass project faced delays due to infrastructure issues, with a total investment of 319 million yuan as of March this year [3][4]. Group 2: Funding and Financial Health - The company reported a total cash and trading financial assets balance of 268 million yuan against short-term and long-term borrowings of 233 million yuan as of Q1 2025, indicating a declining net cash flow from operating activities [6]. - The funding sources for the new projects are approximately 20% from self-owned funds and 80% from self-raised funds [7]. - The company maintains an asset-liability ratio below 44% and a current ratio above 2, with unused bank credit lines of 698 million yuan as of March 31, 2025, indicating a stable financial position [8]. Group 3: Strategic Rationale for Capacity Expansion - The company argues that maintaining a capacity utilization rate above 95% necessitates the updating of aging equipment and expansion of capacity to meet future demand in downstream applications [8]. - Future applications for vacuum insulation panels and vacuum glass are expected to extend into construction, transportation, and new energy sectors, enhancing the company's competitive edge [8].

Core Viewpoint - The financial report of Fujian Sait New Materials Co., Ltd. indicates a decline in gross profit margins across various product categories, with specific reasons outlined for the changes in sales prices, raw material costs, and market competition dynamics [1][2][3]. Financial Performance - The main business gross profit margin is reported at 29%, down 4 percentage points year-on-year. The gross profit margin for foreign sales is 35%, also down 4 percentage points, while the margin for intermediary sales has decreased by 15 percentage points to 21% [2][3]. - The company's main business revenue accounts for 99.76% of total revenue, indicating that the overall gross profit margin is primarily influenced by the main business gross profit margin [3]. Product Analysis - The gross profit margin for vacuum insulation panels is 29.34%, down from 33.30% the previous year. The sales price decreased by 1.48%, while unit costs increased by 4.36%, with direct material costs rising by 2.11% [3][4]. - The gross profit margin for thermal boxes is reported at 23.75%, down from 25.11%, attributed to rising unit costs exceeding the increase in sales prices [4][5]. Market Dynamics - The company experienced a 13.04% decline in overseas sales revenue, primarily due to a 12.09% drop in sales volume. This was influenced by saturated production capacity and shifts in procurement strategies by foreign clients [7][8]. - The gross profit margin for domestic sales is lower than that for foreign sales, with domestic sales revenue at 51,529.83 million yuan and a gross profit margin of 25.21%, compared to foreign sales revenue of 39,992.33 million yuan and a gross profit margin of 34.67% [8]. Supplier and Procurement Insights - The top five suppliers accounted for 44% of total procurement, with a 13 percentage point decrease year-on-year. Prepayment balances increased by 194% to 0.21 billion yuan, mainly due to prepayments for raw materials [14][15]. - The company has established stable relationships with key suppliers, focusing on local sourcing to enhance supply chain stability and cost efficiency [20][21].

兴业证券股份有限公司 关于福建赛特新材股份有限公司 2024 年年度报告的信息披露监管问询函的回复 上海证券交易所科创板公司监管部： 贵部于近日出具的《关于福建赛特新材股份有限公司 2024 年年度报告的信 息披露监管问询函》（以下简称"《问询函》"）已收悉。兴业证券股份有限公司（以 下简称"持续督导机构"或"兴业证券"）作为福建赛特新材股份有限公司（以 下简称"赛特新材"或"公司"）的持续督导机构，对《问询函》所列问题认真 进行了落实，现回复如下，请予审核。 本回复中若出现总计数尾数与所列数值总和尾数不符的情况，均为四舍五入 所致。如无特别说明，本回复中使用的简称或名词释义与《福建赛特新材股份有 限公司 2024 年年度报告》（以下简称"2024 年年度报告"）一致。 问题一、关于毛利率。 年报披露，主营业务毛利率为 29%，同比下滑 4 个百分点。其中，国外销售 毛利率为 35%，同比下滑 4 个百分点；中间商销售毛利率为 21%，同比下滑 15 个 百分点。请公司：（1）结合销售价格、原材料采购价格、制造费用、市场竞争格 局等因素，量化分析各类产品毛利率均同比下滑的原因，并进行同行业比较分析， 说明是否 ...

| 证券代码：688398 | 证券简称：赛特新材 | 公告编号：2025-046 | | --- | --- | --- | | 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 2024 年年度报告的信息披露监管问询函的 回复公告 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。 福建赛特新材股份有限公司（以下简称"公司"）于近期收到上海证券交易 所科创板公司管理部下发的《关于福建赛特新材股份有限公司 2024 年年度报告 的信息披露监管问询函》（上证科创公函【2025】0125 号，以下简称《问询函》）。 根据《问询函》的要求，公司与容诚会计师事务所（特殊普通合伙）（以下简称 "容诚会计师"或"年审会计师"）、兴业证券股份有限公司（以下简称"持续 督导机构"或"兴业证券"）对《问询函》所提及的事项进行了认真核查，现就 《问询函》所涉及问题回复如下： 本回复中若出现总计数尾数与所列数值总和尾数不符的情况，均为四舍五入 所致。如无特别说明，本回复中使用的简称或名词释义与《福建赛特新材股份有 ...

关于福建赛特新材股份有限公司 2024 年年度报告的信息披露监管问询函中有 关财务会计问题的专项说明 容诚专字[2025]361Z0397号 容诚会计师事务所(特殊普通合伙) 中国·北京 容诚会计师事务所（特殊普通合伙） 总所：北京市西城区阜成门外大街 22 号 1 幢 10 层 1001-1 至 1001-26 (100037) TEL:010-6600 1391 FAX:010-6600 1392 E-mail:bj@rsmchina.com.cn https://www.rsm.global/china/ 关于福建赛特新材股份有限公司 2024 年年度报告的信息披露监管问询函中有关财务会计问题的 专项说明 容诚专字[2025]361Z0397号 上海证券交易所： 根据贵所 2025 年 5 月 19 日出具的《关于福建赛特新材股份有限公司 2024 年年度报告的信息披露监管问询函》(上证科创公函【2025】0125 号)（以下简 称"问询函"）的要求，容诚会计师事务所（特殊普通合伙）（以下简称"我们"） 对问询函中提到的需要年审会计师说明或发表意见的问题进行了认真核查。现 做专项说明如下： （除特别注明 ...

Core Viewpoint - The credit rating report indicates that Fujian Sait New Materials Co., Ltd. (hereinafter referred to as "Sait New Materials") maintains a stable credit rating of A+ due to its technical and industrial chain advantages in the vacuum insulation board industry, despite facing challenges such as declining net profit and increased production costs in 2024 [3][5][6]. Financial Performance - As of March 2025, the total assets of the company are 20.87 billion, with a net profit of 0.10 billion, showing a decline from 0.77 billion in 2024 [3][4]. - The company's total debt stands at 6.75 billion, with a debt-to-equity ratio of 37.05% [4][5]. - The operating cash flow for 2024 is reported at 0.05 billion, down from 0.66 billion in 2023 [3][4]. Business Operations - The company is primarily engaged in the research, production, and sales of vacuum insulation boards, which are mainly used in refrigerators and freezers [9][18]. - In 2024, the company achieved a production volume of 1,058.81 million square meters of vacuum insulation boards, a 15.47% increase from the previous year [21]. - The sales revenue from vacuum insulation boards accounted for over 98% of the total revenue, with a sales increase of 11.39% in 2024 [16][18]. Market Environment - The demand for vacuum insulation boards is expected to grow due to the upgrade of energy efficiency standards in the home appliance sector and government policies promoting the replacement of old appliances [12][13]. - The company faces risks related to high customer concentration, with the top five customers accounting for over 65% of total sales [18][20]. - The international sales revenue constitutes 43.09% of the total, exposing the company to foreign exchange fluctuations and international trade tensions [6][7]. Future Outlook - The company is expected to expand its production capacity and improve its product structure with the completion of new manufacturing projects [5][22]. - The credit rating agency maintains a stable outlook for the company, anticipating continued business sustainability and revenue growth as new capacities come online [5][6]. - However, the company must navigate challenges related to production costs, market competition, and the successful implementation of new projects [24][25].