Investment Rating - The report maintains a "Recommend" rating for the company [1][4]. Core Insights - The company achieved a revenue of 5.228 billion yuan in 2025, representing a year-on-year increase of 55.52%, with a net profit of 240 million yuan, up 377.6% year-on-year [4][8]. - The growth is attributed to the significant increase in high-end product sales, particularly in the high-speed copper-clad laminate (CCL) segment, which saw a revenue increase of 55.8% to 4.05 billion yuan [8]. - The company is positioned as a leading player in the high-end segment, having successfully passed core terminal certifications for its high-speed CCL products [9]. Financial Performance Summary - Revenue projections for 2026-2028 are as follows: 7.379 billion yuan in 2026, 9.921 billion yuan in 2027, and 12.998 billion yuan in 2028, with respective year-on-year growth rates of 41.1%, 34.5%, and 31.0% [7][11]. - Net profit forecasts for the same period are 525 million yuan in 2026, 855 million yuan in 2027, and 1.301 billion yuan in 2028, with year-on-year growth rates of 118.3%, 62.9%, and 52.3% [7][11]. - The gross margin is expected to improve from 11.8% in 2025 to 17.9% by 2028, while the net margin is projected to increase from 4.6% to 10.0% over the same period [11]. Market Position and Strategy - The company is focusing on high-growth areas such as communication, AI servers, and data centers, and is expanding its global footprint [9]. - The company has successfully delivered M6-M7 grade materials to major clients and is developing relationships with leading ODMs and end customers in North America and South Korea [9]. - The company is also advancing its production capacity with the N6 factory fully operational and the N8 factory expected to begin trial production in Q4 2026 [9]. Valuation Metrics - The price-to-earnings (P/E) ratio is projected to decrease from 135.7 in 2025 to 25.1 by 2028, indicating an improving valuation as earnings grow [11]. - The price-to-book (P/B) ratio is expected to decline from 11.3 in 2025 to 6.8 in 2028, reflecting a strengthening financial position [11].

Market Overview - Major indices showed positive performance with ChiNext Index up by 2.01%, Shenzhen Component Index by 1.95%, and Shanghai Composite Index by 1.30% [1] - TMT sector led the market with significant gains in SW Communication Cable and Accessories (+7.51%), SW Communication Application Value-Added Services (+5.95%), and SW Consumer Electronics Components and Assembly (+4.79%) [1] Domestic News - A report from Fuji Economic indicated that Tianyue Advanced has significantly increased its market share in the global conductive silicon carbide substrate market, projected to rise from 12% in 2023 to 27.6% by 2025, becoming the global leader [2] - Baiwei Storage signed a procurement contract with a storage manufacturer, committing to purchase a specific type of storage wafer for a total of $1.5 billion over 24 months [2] - Global semiconductor packaging leader ASE Technology acquired a plant from Innolux for approximately 6.325 billion NTD, enhancing its advanced packaging capacity [2] - Kuaishou announced plans for a capital expenditure of approximately 26 billion yuan by 2026, focusing on AI model support and data center construction [2] Overseas News - Broadcom acknowledged supply chain constraints in the optical communication sector, expecting resolution by 2027 as partners expand capacity [3] - Samsung SDI signed a long-term procurement agreement worth approximately $1.06 billion with L&F for lithium iron phosphate battery materials from 2027 to 2029 [3] - Samsung's 2nm process yield has improved from about 20% to over 60%, now comparable to TSMC's yield levels [3] - SK Hynix disclosed plans to acquire EUV lithography equipment from ASML for approximately 11.95 trillion KRW (about 635 billion RMB) to support new storage product production [3] AI News - OpenAI plans to discontinue its Sora video generation service to streamline its AI product line, marking the end of its collaboration with Disney [4] - HiDream launched its first native AI agent product, HiDreamClaw, which supports multimodal creation and is now available to overseas users [4] - Meta acquired AI startup Dreamer to enhance its capabilities in creating AI agents [4] - Anthropic introduced a new feature for Claude that allows it to automate tasks on computers, currently available for Pro and Max users on macOS [4] Industry Tracking - In the aerospace sector, multiple procurement projects for rocket engine components were announced, with significant orders awarded to domestic manufacturers, showcasing strong competitiveness in commercial space [5] - Google Quantum AI expanded its research to neutral atom quantum computing, accelerating the development of practical quantum computers [5] - X Square Robot launched ManipArena, an open-source evaluation platform for embodied AI, featuring real-world tasks and extensive validation data [5] - Group14 Technologies commenced mass production of its silicon-based battery materials in South Korea for electric vehicles [5] Financial Reports - Nanya Technology reported a total revenue of 5.228 billion yuan for 2025, a year-on-year increase of 55.52%, with a net profit of 240 million yuan, up 377.6% [6] - Yuanjie Technology achieved a revenue of 601.43 million yuan, a 138.50% increase year-on-year, turning a profit with a net income of 190.92 million yuan [6] - Kingsoft Office reported a revenue of 5.929 billion yuan, a 15.78% increase, with a net profit of 1.836 billion yuan, up 11.63% [6] - Huagong Technology's revenue reached 14.355 billion yuan, a 22.59% increase, with a net profit of 1.471 billion yuan, up 20.48% [6]

Group 1 - Robotech signed a significant contract worth approximately 600 million yuan for mass production coupling equipment and services applicable to pluggable silicon photonics technology, which is expected to positively impact the company's performance in 2026 [2] - China Eastern Airlines plans to purchase 101 Airbus A320NEO series aircraft at a catalog price totaling about 158.02 million USD, equivalent to approximately 108.93 billion yuan, with deliveries scheduled between 2028 and 2032 [2] - Huagong Technology projected a 20% year-on-year increase in net profit for 2025, with a proposed cash dividend of 2.5 yuan per 10 shares [18] Group 2 - Huadian Technology signed a 740 million yuan EPC contract for an offshore wind power project, with the company responsible for 693 million yuan of the contract amount [3] - Yahua Group signed a five-year lithium spodumene concentrate procurement agreement, ensuring a stable supply of resources for lithium salt product production [4] - China Life Insurance plans to invest 2.8 billion yuan in the Xinxin Technology Innovation Fund, focusing on private equity secondary markets and technology innovation sectors [6] Group 3 - Ruineng Technology is planning to acquire control of Botai Intelligent through a combination of issuing A-shares and cash payments, with stock suspension starting March 26 [8] - Debon Holdings will terminate its listing on the Shanghai Stock Exchange on March 31, 2026, after receiving approval for voluntary withdrawal [9] - New Yellow River announced the resignation of Chairman Zhao Zhengrong due to personal health reasons, with no adverse impact on the company's operations [10] Group 4 - Jiahua Food intends to invest approximately 1 billion yuan in a smart manufacturing project for super plant-based milk [11] - Xiamen Tungsten plans to acquire a stake in Jiangxi Jutong to enhance its tungsten resource self-sufficiency [12] - Energy Wind Power announced the resignation of its director and general manager Yang Zhongxu, with a smooth transition of responsibilities [13] Group 5 - Zhongtai Engineering reported a new contract amount of 18.964 billion yuan for January-February 2026, reflecting a year-on-year growth of 0.54% [26] - Jinli Permanent Magnet reported a 142.44% year-on-year increase in net profit for 2025, with a proposed cash dividend of 2.2 yuan per 10 shares [27] - Noya New Materials reported a 337.6% year-on-year increase in net profit for 2025, with a proposed cash dividend of 3.2 yuan per 10 shares [23]

Group 1 - China Eastern Airlines plans to purchase 101 A320NEO aircraft from Airbus, with a total list price of approximately 158.02 billion USD, equivalent to about 108.93 billion RMB based on the exchange rate at the time of the agreement [1] Group 2 - China Life intends to invest 2.8 billion RMB to establish a venture capital fund in collaboration with the Fujian government and others, focusing on strategic emerging industries such as new generation information technology and biomedicine [2] Group 3 - Debon Logistics will voluntarily delist its shares from the Shanghai Stock Exchange, with the delisting effective on March 31, 2026 [3] Group 4 - Hangzhou Dianzi plans to reduce its shareholding by up to 0.89%, with specific reductions planned by major shareholders and executives [4] Group 5 - Ruineng Technology is planning to acquire up to 75% of Botai Intelligent Equipment to gain control, with the stock expected to be suspended for trading starting March 26, 2026 [5] Group 6 - Hengtong Group's subsidiary plans to invest up to 500 million RMB in a composite foil project, aiming for an annual production capacity of 45 million square meters of high-end copper-aluminum composite foil [6] Group 7 - Jinli Permanent Magnet reported a net profit of 706 million RMB for 2025, a year-on-year increase of 142% [7] - China Life reported a net profit of 154.08 billion RMB for 2025, a year-on-year increase of 44% [11] - China General Nuclear Power reported a net profit of 9.765 billion RMB for 2025, a year-on-year decrease of 9.9% [11]

目 录 | 一、审计报告……………………………………………………… 第 1—6 | | 页 | | --- | --- | --- | | 二、财务报表……………………………………………………… 第 7—14 | | 页 | | （一）合并资产负债表…………………………………………… | 第 | 7 页 | | （二）母公司资产负债表………………………………………… | 第 | 8 页 | | （三）合并利润表………………………………………………… | 第 | 9 页 | | （四）母公司利润表………………………………………………第 | 10 | 页 | | （五）合并现金流量表……………………………………………第 | 11 | 页 | | （六）母公司现金流量表…………………………………………第 | 12 | 页 | | （七）合并所有者权益变动表……………………………………第 | 13 | 页 | | （八）母公司所有者权益变动表…………………………………第 | 14 | 页 | | | | 审 计 报 告 天健审〔2026〕908 号 南亚新材料科技股份有限公司全体股东： 一、审计意见 我们审计了南亚新 ...

光大证券股份有限公司 关于南亚新材料科技股份有限公司及其下属企业 预计 2026 年度日常关联交易的核查意见 光大证券股份有限公司（以下简称"光大证券"或"保荐人"）作为南亚 新材料科技股份有限公司（以下简称"南亚新材"或"公司"）2022 年度向特 定对象发行股票并在科创板上市项目的保荐人，根据《证券发行上市保荐业务 管理办法》《上海证券交易所科创板股票上市规则》等相关规定履行持续督导 职责，对南亚新材及其下属企业本次预计 2026 年度日常关联交易事项进行了审 慎核查，具体情况如下： 一、关联交易概述 2026 年 3 月 25 日，南亚新材召开第三届董事会 2026 年第一次独立董事专 门会议、第三届董事会第二十九次会议审议通过了《关于预计 2026 年度公司及 下属企业与关联方日常关联交易的议案》。预计 2026 年公司及下属子公司与上 海南亚科技集团有限公司、上海耀南企业管理有限公司、江苏兴南创芯材料技 术有限公司、江西云鹰电子材料有限公司和上海宝临电气集团有限公司等关联 方发生日常关联交易的总金额（不含税）不超过 2,264.37 万元。 二、2026 年日常关联交易预计金额和类别 | | | | ...

南亚新材料科技股份有限公司全体股东： 按照《企业内部控制审计指引》及中国注册会计师执业准则的相关要求，我 们审计了南亚新材料科技股份有限公司（以下简称南亚新材公司）2025 年 12 月 31 日的财务报告内部控制的有效性。 一、企业对内部控制的责任 按照《企业内部控制基本规范》《企业内部控制应用指引》以及《企业内部 控制评价指引》的规定，建立健全和有效实施内部控制，并评价其有效性是南亚 新材公司董事会的责任。 二、注册会计师的责任 目 录 一、内部控制审计报告…………………………………………第 1—2 页 内部控制审计报告 天健审〔2026〕909 号 我们的责任是在实施审计工作的基础上，对财务报告内部控制的有效性发表 审计意见，并对注意到的非财务报告内部控制的重大缺陷进行披露。 范》和相关规定在所有重大方面保持了有效的财务报告内部控制。 天健会计师事务所（特殊普通合伙） 中国注册会计师： 中国·杭州 中国注册会计师： 二〇二六年三月二十五日 第 2 页 共 2 页 三、内部控制的固有局限性 内部控制具有固有局限性，存在不能防止和发现错报的可能性。此外，由于 情况的变化可能导致内部控制变得不恰当，或对控制政 ...

南亚新材料科技股份有限公司 2025 年度独立董事述职报告 （一）个人工作履历、专业背景以及兼职情况 王旭，男，1982 年 11 月出生，中国国籍，无境外永久居留权，本科学历。 2012 年至 2013 年任上海中申律师事务所律师；2013 年至今任上海市汇业律师事 务所合伙人律师。现任公司独立董事。 （二）独立性说明 作为公司的独立董事，本人未在公司担任除独立董事以外的任何职务，也未 在公司主要股东担任任何职务，与公司以及公司主要股东之间不存在妨碍本人进 行独立客观判断的关系，不存在影响独立董事独立性的情况。 二、独立董事年度履职概况 （一）出席会议情况 作为南亚新材料科技股份有限公司（以下简称"公司"）的独立董事，根据 《公司法》《证券法》《上海证券交易所科创板股票上市规则》等法律法规、规 范性文件及《公司章程》的有关规定，本着对公司及全体股东负责的态度，以关 注和维护全体股东特别是中小股东利益为宗旨，本人勤勉、尽责地履行独立董事 的职责，积极参与公司决策，较好地发挥了独立董事的职能，切实维护公司和中 小股东的合法权益。现将履职情况汇报如下： 一、独立董事的基本情况 2025 年度，本人认真审核了公司董 ...

南亚新材料科技股份有限公司 2025 年度独立董事述职报告 作为南亚新材料科技股份有限公司（以下简称"公司"）的独立董事，根据 《公司法》《证券法》《上海证券交易所科创板股票上市规则》等法律法规、规 范性文件及《公司章程》的有关规定，本着对公司及全体股东负责的态度，以关 注和维护全体股东特别是中小股东利益为宗旨，本人勤勉、尽责地履行独立董事 的职责，积极参与公司决策，较好地发挥了独立董事的职能，切实维护公司和中 小股东的合法权益。现将履职情况汇报如下： 一、独立董事的基本情况 （一）个人工作履历、专业背景以及兼职情况 唐艳玲，女，1964 年 7 月出生，中国国籍，无境外永久居留权，硕士研究 生学历。1989 年 12 月至 2013 年 10 月，历任天津普林电路股份有限公司实验室 主管、技术经理、副总经理、总经理、董事；2013 年 10 月至 2014 年 4 月，任 中国电子电路行业协会执行秘书长；2014 年 6 月至 2016 年 5 月，任常州安泰诺 特种印制板有限公司顾问；2014 年 4 月至 2016 年 10 月，任南京协辰电子科技 有限公司顾问；2016 年 10 月至 2020 年 ...

证券代码：688519 证券简称：南亚新材 公告编号：2026-019 南亚新材料科技股份有限公司 关于公司 2025 年度募集资金存放、管理与实际使用 情况的专项报告 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。 根据《上市公司募集资金监管规则》（证监会公告〔2025〕10 号）和《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（2025 年 5 月修 订）》（上证发〔2025〕69 号）的规定，南亚新材料科技股份有限公司（以下简 称"公司"或"本公司"）将公司 2025 年度募集资金存放、管理与实际使用情况 专项说明如下。 一、募集资金基本情况 (一) 实际募集资金金额和资金到账时间 根据中国证券监督管理委员会《关于同意南亚新材料科技股份有限公司首次 公开发行股票注册的批复》（证监许可〔2020〕1365 号），本公司由主承销商光 大证券股份有限公司采用询价方式，向社会公众公开发行人民币普通股（A 股） 股票 5,860 万股，发行价为每股人民币 32.60 元，共计募集资金 191,036.00 万 ...