常州聚和新材料股份有限公司 关于召开2024年度暨2025年一季度业绩说明会的公告 证券代码：688503 证券简称：聚和材料 公告编号：2025-012 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。 重要内容提示： 投资者可于2025年4月28日（星期一）09:00前将相关问题通过电子邮件 的形式发送至常州聚和新材料股份有限公司（以下简称"公司"）投资者关系邮 箱：ir@fusion-materials.com，也可访问网址：https://s.comein.cn/17h13i4r或者使 用微信扫描二维码在报名后进行会前提问，公司将通过本次业绩说明会，在信息 披露允许范围内就投资者普遍关注的问题进行回答。 一、说明会类型 公司已于2025年4月28日在上海证券交易所网站（http://www.sse.com.cn/）披 露公司《2024年年度报告》及其摘要、《2025年第一季度报告》。为加强上市公司 投资者关系管理，同时便于广大投资者更全面深入地了解公司2024年度及2025 年第一季度业绩和经营情况，公司将于2025 ...

Core Viewpoint - The Chinese precious metals materials industry is experiencing significant growth driven by various national and provincial policies aimed at promoting sustainable development, resource recycling, and the advancement of strategic emerging industries [1][3][11]. Policy Overview - Since the "14th Five-Year Plan," multiple policies have been implemented to enhance the development of strategic emerging industries, including precious metals materials, which are crucial for sectors like automotive, environmental protection, and biomedicine [3][11]. - The government emphasizes the importance of recycling precious metals, particularly in the context of green and low-carbon development, as outlined in the "Action Plan for Promoting Large-Scale Equipment Renewal and Consumer Goods Replacement" released in March 2024 [3][4]. National Policy Summary - A series of national policies have been introduced to support the precious metals materials industry, focusing on improving the supply chain for key materials and promoting the recycling of precious metals [3][4]. - Key policies include: - The "Standard Enhancement Action Plan" aims to optimize standards across various industries by 2027 [4]. - The "Guidance on Coordinating Energy Conservation, Carbon Reduction, and Recycling" targets a recycling volume of 450 million tons of major renewable resources by 2025 [4]. - The "14th Five-Year Plan for the Precious Metals Industry" outlines goals for increasing gold resource exploration and production [4][5]. Provincial Policy Highlights - Various provinces have established specific policies to promote the development of the precious metals materials industry: - Fujian focuses on high-purity rare metals and advanced materials [14]. - Gansu aims to leverage its platinum group metal resources to develop hydrogen energy-related materials [14]. - Guangdong and Henan have set ambitious targets for gold and silver resource development by 2025 [14][17]. - The policies across provinces emphasize the importance of recycling and resource utilization, with several regions targeting the establishment of recycling markets for precious metals [14][17]. Industry Development Goals - The precious metals materials industry is set to benefit from a robust policy framework that encourages innovation, recycling, and sustainable practices [11][17]. - By 2025, significant advancements are expected in the recycling and utilization of precious metals, with provinces like Yunnan targeting a production capacity of over 30 tons of platinum group metals [17].

Investment Logic - The article highlights investment opportunities in the photovoltaic sector, particularly focusing on new technologies. Three main lines of investment are suggested: 1) Leading TOPCon battery companies expected to achieve profit recovery; 2) New technology equipment manufacturers with growth potential; 3) Suppliers of low-silver or silver-free metallization paste solutions [2][3][4]. TOPCon Route - The profitability of battery components is continuously recovering, with leading companies expected to accelerate capacity upgrades. As demand improves, prices in the supply chain have risen, with silicon wafers, batteries, and components increasing by 7%, 13%, and 7% respectively since mid-February [2][6]. - By the end of 2025, the non-silicon cost of leading companies' TOPCon batteries is projected to drop below 0.13 yuan/W, enhancing competitive advantages among top firms [2][22]. XBC Route - The market interest in XBC technology has significantly increased, with an estimated production capacity nearing 50GW and construction capacity close to 45GW. Major companies like Longi and Aiko are leading this development [3][28]. - The price premium for BC components over TOPCon components remains around 0.05 yuan/W, indicating a competitive edge for BC technology [3][38]. HJT Route - The HJT technology is gaining market share, with a total planned capacity exceeding 100GW and actual capacity around 40-45GW. The efficiency of HJT components is expected to improve significantly, with projections of reaching 750W by early 2026 [4][47]. - HJT components are currently priced at a premium of approximately 0.05 yuan/W over TOPCon components, with cost differences narrowing as production scales up [4][55]. Metallization Process - The trend towards low-silver or silver-free solutions is becoming prominent, with silver paste prices rising significantly. The introduction of silver-copper paste is expected to reduce metallization costs by over 0.01 yuan/W [5][58]. - The industry is focusing on reducing silver consumption, with silver-copper paste already being applied in HJT batteries, indicating a shift towards more cost-effective solutions [5][63].

Core Viewpoint - 聚和材料's stock has experienced a decline, currently trading at 41.92 yuan, reflecting a drop of 4.58% since its IPO on December 9, 2022, where it was priced at 110.00 yuan per share [1] Fundraising and Financials - The company raised a total of 308 million yuan from its initial public offering (IPO), with a net amount of 292.01 million yuan after deducting issuance costs [2] - The actual net fundraising amount exceeded the initial target by 189.33 million yuan, with the original goal set at 102.69 million yuan for various projects including a 3,000-ton conductive silver paste production facility [3] - The total issuance costs (excluding tax) amounted to 15.99 million yuan, with the lead underwriter, Anxin Securities, receiving 12 million yuan in underwriting and sponsorship fees [3] Dividend Distribution - On May 19, 2023, the company announced a profit distribution plan based on a total share capital of 111,910,734 shares, distributing a cash dividend of 0.538 yuan per share and a capital reserve increase of 0.48 shares per share, totaling 60.21 million yuan in cash dividends and 53.72 million shares in capital increase [4] - The record date for the dividend was set for May 24, 2023, with the ex-dividend date on May 25, 2023, and the cash dividend payment also occurring on May 25, 2023 [5] Upcoming Dividend Plans - On June 3, 2024, the company announced a profit distribution plan for 2023, with a total share capital of 165,627,886 shares, adjusting the cash dividend to 1.13104 yuan per share, totaling 180.04 million yuan [6] - The company plans to increase capital reserves by 4.8 shares for every 10 shares held, with the record date set for June 7, 2024, and the ex-dividend date on June 11, 2024 [6]

证券代码：688503 证券简称：聚和材料 公告编号：2025-011 2025 年 3 月 11 日，公司收到持股 5%以上股东陈耀民先生发来的《关于股 份减持结果告知函》，在本次减持计划期间，陈耀民先生通过集中竞价交易方 式减持公司股份 2,420,336 股，通过大宗交易的方式减持公司股份 811,000 股，合计减持公司股份 3,231,336 股，合计减持股份占公司目前总股本的比例 为 1.34%。 常州聚和新材料股份有限公司关于持股 5%以上股 东减持计划期限届满暨减持股份结果公告 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： 大股东及董监高持有的基本情况 本次减持计划实施前，公司股东陈耀民先生持有常州聚和新材料股份有限公 司（以下简称"聚和材料"或"公司"）股份 21,805,701 股，占公司总股本的比 例为 9.01%。以上股份来源于公司首次公开发行前及公司上市后资本公积转增股 本取得的股份，已于 2023 年 12 月 11 日起上市流通；其中 11,848,551 股来源 ...

Investment Rating - The investment rating for the company is "Accumulate" (首次覆盖) [2] Core Views - The company reported a revenue of 12.514 billion yuan for 2024, representing a year-on-year increase of 21.61%, while the net profit attributable to shareholders decreased by 5.24% to 419 million yuan [3][5] - The company is a global leader in photovoltaic silver paste, with a market share of 34.40% in 2023, and plans to invest 1.2 billion yuan in a new high-end photovoltaic electronic materials base project in Changzhou, which will have an annual production capacity of 3,000 tons of electronic-grade silver powder [5] - The acceleration of silver-free photovoltaic technology and the introduction of copper paste are expected to create growth opportunities for the company, as it has successfully reduced the silver content and cost of its HJT silver-coated copper paste products [5] Financial Summary - The company’s revenue and profit forecasts for 2024-2026 are as follows: - 2024: Revenue of 12.514 billion yuan, net profit of 419 million yuan - 2025: Revenue of 14.831 billion yuan, net profit of 675 million yuan - 2026: Revenue of 16.730 billion yuan, net profit of 797 million yuan - The projected P/E ratios for 2024-2026 are 29.3, 18.2, and 15.4 respectively, indicating a reasonable valuation compared to comparable companies [6][5]

Investment Rating - The investment rating for the company is "Accumulate" (首次覆盖) [2] Core Views - The company reported a revenue of 12.514 billion yuan for 2024, representing a year-on-year increase of 21.61%, while the net profit attributable to shareholders decreased by 5.24% to 419 million yuan [3][5] - The company is a global leader in photovoltaic silver paste, with a market share of 34.40% in 2023, and is expanding its production capacity with a new investment project of 1.2 billion yuan to build a high-end photovoltaic electronic materials base in Changzhou, expected to produce 3,000 tons of electronic-grade silver powder annually [5] - The acceleration of silver-free photovoltaic technology and the introduction of copper paste are expected to create growth opportunities for the company, as it has successfully reduced the resistivity and silver content in its HJT silver-coated copper paste products [5] Financial Performance Summary - In 2024, the company achieved a revenue of 12.514 billion yuan, with a growth rate of 21.61% compared to the previous year [6] - The net profit attributable to shareholders for 2024 is projected to be 419 million yuan, with a decline of 5.24% year-on-year [6] - The earnings per share (EPS) for 2024 is estimated at 1.73 yuan, with a price-to-earnings (P/E) ratio of 29.3 [6] Profit Forecast - The forecasted net profits for the company from 2024 to 2026 are 419 million yuan, 675 million yuan, and 797 million yuan, respectively [5][6] - The corresponding P/E ratios for these years are projected to be 29.3, 18.2, and 15.4 [5][6] Comparable Company Valuation - The report compares the company with peers such as Dike Co., Ltd., BQ New Materials, Fulete, and Foster, with average P/E ratios for 2024-2026 being 40.8, 25.2, and 19.3, indicating that the company's current valuation is reasonable [5][7]

Financial Performance - The company achieved total operating revenue of RMB 12,514,055,490.42, representing a year-on-year increase of 21.61%[4] - The net profit attributable to shareholders decreased by 5.24% to RMB 418,913,784.91 compared to the previous year[4] - The net profit attributable to shareholders after deducting non-recurring gains and losses increased slightly by 0.24% to RMB 396,520,289.29[4] - The basic earnings per share decreased by 2.73% to RMB 1.78[4] - The weighted average return on net assets decreased by 0.45 percentage points to 8.87%[4] Assets and Equity - Total assets at the end of the reporting period amounted to RMB 8,040,902,502.87, an increase of 7.27% from the beginning of the period[4] - The company's equity attributable to shareholders decreased by 5.44% to RMB 4,652,175,305.99[4] - The company's share capital increased by 46.13% due to a stock dividend distribution of 0.48 shares per share in June 2024[7] Market Position and Risks - The company maintained its leading market share in the photovoltaic industry despite increased competition in the downstream solar cell segment[6] - The company prudently recognized bad debt losses due to anticipated collection risks, impacting overall profit[6]

上海市广发律师事务所 关于常州聚和新材料股份有限公司 2025 年第一次临时股东大会的法律意见书 致:常州聚和新材料股份有限公司 常州聚和新材料股份有限公司（以下简称"公司"）2025 年第一次临时股 东大会于 2025 年 2 月 13 日在常州市新北区浏阳河路 66 号公司会议室召开。上 海市广发律师事务所（以下简称"本所"）经公司聘请,委派成赞律师、藕渠律 师出席现场会议。根据《中华人民共和国公司法》（以下简称"《公司法》"）、 《上市公司股东大会规则》（以下简称"《股东大会规则》"）等法律法规、其 他规范性文件以及《常州聚和新材料股份有限公司章程》（以下简称"《公司章 程》"）的规定,就本次股东大会的召集和召开程序、召集人及出席会议人员的 资格、会议议案、表决方式和表决程序、表决结果和会议决议等出具本法律意见 书。 为出具本法律意见书,本所律师对本次股东大会所涉及的有关事项进行了审 查,查阅了相关会议文件,并对有关问题进行了必要的核查和验证。 公司已向本所保证和承诺,公司向本所律师所提供的文件和所作的陈述和说 明是完整的、真实的和有效的,有关原件及其上面的签字和印章是真实的,且一 切足以影响本法律意见 ...