Core Viewpoint - The company plans to adjust its product structure and focus on high value-added products in its traditional segments, such as copper and tin, to enhance profitability and performance [1] Group 1: Traditional Segments - The copper segment will focus on developing high-margin products like heat dissipation copper powder, composite copper powder, and low-density copper powder [1] - The tin segment aims to produce high-end tin powder and fine powder as part of its strategy to increase product gross margins [1] Group 2: New Growth Areas - The additive manufacturing segment is expected to be a major growth driver, with capacity ramp-up linked to the establishment of a 3D printing powder material production base [1] - The electronic slurry segment is currently in the customer sample verification phase, focusing on the development of new products such as ultrafine nickel powder, ultrafine copper powder, ultrafine silver powder, and silver-coated copper powder to meet the needs of leading downstream customers [1]

Core Viewpoint - The 3D printing market remains highly active with significant potential for future development [1] Company Summary - Youyan Powder Materials has reported that its current production capacity is saturated and it has a sufficient order backlog [1] - The construction of the additive manufacturing base in Shandong is progressing smoothly, with completion of civil works expected by October 2026 and equipment debugging to start in November 2026 [1] - The benefits from the new base are anticipated to gradually materialize starting in 2027 [1]

Core Viewpoint - The company has developed CuCrZr powder materials primarily used in the defense and military sectors, highlighting its competitive advantages such as low oxygen content and stable performance [1]. Group 1 - The CuCrZr powder product is characterized by low oxygen content and stable performance [1]. - The primary applications of the CuCrZr powder are in the defense and military fields [1]. - The company has confirmed that the product is undergoing customer mass production certification [1].

长江证券承销保荐有限公司 关于有研粉末新材料股份有限公司 募投项目结项并将节余募集资金永久补充流动资金的核查 意见 长江证券承销保荐有限公司（以下简称"长江保荐"或"保荐机构"）作为 有研粉末新材料股份有限公司（以下简称"有研粉材"或"公司"）首次公开发 行股票并在科创板上市的保荐机构，根据《中华人民共和国公司法》《中华人民 共和国证券法》《上海证券交易所科创板股票上市规则》《上海证券交易所科创板 上市公司自律监管指引第 1 号——规范运作》《上市公司募集资金监管规则》《科 创板上市公司持续监管办法》等法律、行政法规、部门规章及业务规则，就有研 粉材募投项目结项并将节余募集资金永久补充流动资金事项进行了审慎核查，并 出具核查意见如下： 一、募集资金基本情况 根据中国证券监督管理委员会（以下简称"中国证监会"）出具的《关于同 意有研粉末新材料股份有限公司首次公开发行股票注册的批复》（证监许可〔2021〕 251 号），公司获准向社会公开发行人民币普通股 3,000 万股，每股面值人民币 1.00 元，每股发行价为人民币 10.62 元，合计募集资金人民币 318,600,000 元， 扣除发行费用人民币 34, ...

Core Viewpoint - The company has developed a self-researched copper-chromium-zirconium (CuCrZr) powder, which is claimed to be the largest additive manufacturing product of its kind in China, measuring 600mm in diameter and 850mm in height, and does not involve any monopoly issues [1] Group 1 - The company’s CuCrZr powder is a self-researched product [1] - The product is reported to be the largest overall additive manufacturing CuCrZr body product publicly documented [1] - The company asserts that its CuCrZr material is the only one of its kind in China [1]

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、准确性和完整性依法承担法律责任。 有研粉末新材料股份有限公司（以下简称公司）于 2025 年 12 月 31 日召开 了公司第三届董事会第十次临时会议，审议通过了《关于募投项目结项并将节余 募集资金永久补充流动资金的议案》，同意公司募投项目"有研粉末科技创新中 心建设项目"结项并将节余募集资金用于永久补充流动资金。保荐机构长江证券 承销保荐有限公司（以下简称保荐机构）对该事项出具了无异议的核查意见。该 事项无需提交股东会审议。现将有关事项公告如下： 一、募集资金基本情况 根据中国证券监督管理委员会（以下简称中国证监会）出具的《关于同意有 研粉末新材料股份有限公司首次公开发行股票注册的批复》（证监许可〔2021〕 251 号），公司获准向社会公开发行人民币普通股 3,000 万股，每股面值人民币 1.00 元，每股发行价为人民币 10.62 元，合计募集资金人民币 318,600,000 元， 扣除发行费用人民币 34,664,220.14 元（不含税），募集资金净额为人民币 283,935,779.86 元。 ...

Core Viewpoint - The company has approved the completion of the fundraising project and plans to permanently supplement its working capital with the remaining funds [1] Group 1: Project Completion - The company held the 10th temporary meeting of the third board on December 31, 2025, to review the completion of the fundraising project [1] - The project "Research and Development Center for Powder Materials" has reached the predetermined usable status [1] Group 2: Financial Details - A total of 58.76 million yuan has been invested in the fundraising project as of December 18, 2025 [1] - The expected remaining funds amount to 38.02 million yuan, including interest income [1] Group 3: Fund Utilization - The company intends to use the remaining funds for daily production and operational activities [1] - After transferring the remaining funds, the company will cancel the related fundraising account [1]

Core Insights - Chinese satellite companies, including China Satellite, Xinke Mobile, and Youyan Powder Materials, reached new highs during trading sessions [1] - Zhongchao Holdings achieved three consecutive trading limit increases, while Leike Defense and Hongying Intelligent secured two consecutive increases [1] - Other companies such as Aerospace Development, Xinwei Communication, Tianyin Electromechanical, and Ruichuang Micro-Nano also experienced upward trends [1]

Group 1 - The A-share commercial aerospace concept stocks continue to show strong performance, with several companies hitting the daily limit, including Leike Defense, Hualing Cable, and Zhongchao Holdings [1] - By the end of November 2025, China's commercial aerospace industry is projected to reach a scale of 2.5 to 2.8 trillion yuan, with an annual compound growth rate exceeding 20% [2] - The number of commercial aerospace companies in China has surpassed 600, indicating a significant expansion in the industry [2] Group 2 - The frequency of commercial rocket launches in China is increasing, with major satellite constellations like Qianfan and GW accelerating their network formation [2] - The Long March 12 and Long March 8 rockets have successfully launched, marking a new era of high-frequency launches and systematic breakthroughs in China's commercial aerospace sector [1] - As of November 2025, China has conducted 87 launches (84 successful), with 23 of these being executed by private commercial rocket companies, resulting in 324 satellites being placed into orbit [1]

Group 1 - The A-share commercial aerospace concept stocks continue to show strong performance, with several companies experiencing significant price increases, including LeiKe Defense, Hualing Cable, and Zhongchao Holdings, among others [1] - Notable stock performances include LeiKe Defense with a 10.03% increase and a market capitalization of 15 billion, and China Satellite with a 7.44% increase and a market capitalization of 111.8 billion [2] - The commercial aerospace sector is witnessing a surge in stock prices, with multiple companies achieving consecutive trading limits, indicating strong investor interest and confidence in the sector [1][2] Group 2 - The Chinese commercial aerospace industry is entering a new phase characterized by high-frequency launches and systematic breakthroughs, as evidenced by the successful launches of the Long March 12 and Long March 8 rockets [1] - According to the "China Commercial Aerospace Industry Development Report (2025)," the global average monthly launches have exceeded 26, with China conducting 87 launches (84 successful) in 2025, showcasing a significant increase in launch frequency [3] - The commercial aerospace industry in China has reached a scale of 2.5 to 2.8 trillion, with an annual compound growth rate exceeding 20%, and the number of commercial aerospace companies surpassing 600 [3]