证券代码：688519 证券简称：南亚新材 公告编号：2025-076 南亚新材料科技股份有限公司 第三届监事会第十六次会议决议公告 本公司监事会及全体监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。 一、监事会会议召开情况 南亚新材料科技股份有限公司（以下简称"公司"）第三届监事会第十六次会 议（以下简称"会议"）于 2025 年 10 月 10 日以通讯会议表决方式召开，会议由 金建中先生主持，会议应到监事 3 名，实到监事 3 名。本次会议的召集、召开符 合《中华人民共和国公司法》等法律、法规和《公司章程》的有关规定，会议合 法有效。 二、监事会会议审议情况 经与会监事认真审议，以通讯表决方式一致通过以下议案： （一）审议通过《关于取消监事会并修订<公司章程>及相关议事规则的议案》 本事项符合《中华人民共和国公司法》《上市公司章程指引》等相关法律法 规、规范性文件的规定，同意不再设置监事会，原监事会的职权由董事会审计委 员会承接行使；同时，废止《南亚新材料科技股份有限公司监事会议事规则》， 并同步修订《公司章程》及相关议事规则。 投票结 ...

证券代码：688519 证券简称：南亚新材 公告编号：2025-075 南亚新材料科技股份有限公司 第三届董事会第二十二次会议决议公告 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、准确性和完整性依法承担法律责任。 一、董事会会议召开情况 南亚新材料科技股份有限公司（以下简称"公司"）第三届董事会第二十二 次会议（以下简称"会议"）于 2025 年 10 月 10 日以现场会议与通讯会议相结 合的方式召开。本次会议由包秀银先生主持，监事、高级管理人员列席，会议应 到董事 9 名，实到董事 9 名，会议的召集、召开符合《中华人民共和国公司法》 等法律、法规和《公司章程》的有关规定，会议合法有效。 二、董事会会议审议情况 经与会董事认真审议，会议形成如下决议： （一）审议通过《关于取消监事会并修订<公司章程>及相关议事规则的议案》 根据《中华人民共和国公司法》《上市公司章程指引》等相关法律法规、规 范性文件的规定，结合公司实际情况，公司不再设置监事会，原监事会的职权由 董事会审计委员会承接行使，同时，废止《南亚新材料科技股份有限公司监事会 议事规则》，并同步 ...

证券代码：688519 证券简称：南亚新材 公告编号：2025-074 南亚新材料科技股份有限公司 关于回购股份集中竞价减持股份进展公告 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： 回购股份的基本情况 南亚新材料科技股份有限公司（以下简称"公司"）于 2024 年 2 月 21 日至 2024 年 4 月 16 日期间累计回购公司股份 7,866,401 股。前述股份将于回购完成 公告披露十二个月后采用集中竞价交易方式出售，并在回购完成公告披露后三年 内完成出售，若公司未能在上述期限内完成出售，未实施出售部分股份将履行相 关程序予以注销。 减持计划的进展情况 2025 年 7 月 14 日，公司在上海证券交易所网站（www.sse.com.cn）披露了 《关于回购股份集中竞价减持计划的公告》，公司计划自本公告之日起 15 个交 易日后的三个月内，通过集中竞价交易方式，按市场价格减持不超过 2,347,710 股的已回购股份，占公司总股本不超过 1%。若此期间公司有送股、资本公积金 转增股本等 ...

Core Viewpoint - Nanya New Materials (688519.SH) announced the sale of repurchased shares, indicating a strategic move in capital management and shareholder value enhancement [1] Summary by Categories Share Repurchase and Sale - The company sold 127,600 shares on August 11, 2025, at an average price of 45.272 CNY per share, representing 0.05% of the total share capital [1] - As of the announcement date, the company has reduced its holdings by 2,315,500 shares through centralized bidding, with an average selling price of 51.14 CNY per share, accounting for 0.99% of the total share capital [1]

Core Viewpoint - Nanya New Materials (688519.SH) announced the sale of repurchased shares, indicating a strategic move in capital management and shareholder value enhancement [1] Summary by Sections Share Repurchase and Sale - The company sold 127,600 shares on August 11, 2025, at an average price of 45.272 CNY per share, representing 0.05% of the total share capital [1] - As of the announcement date, the company has reduced its holdings by 2,315,500 shares through centralized bidding, with an average selling price of 51.14 CNY per share, accounting for 0.99% of the total share capital [1]

格隆汇9月30日｜南亚新材料科技股份有限公司公告回购股份集中竞价减持进展。公司于2024年2 - 4月 累计回购7,866,401股，计划自2025年7月14日起15个交易日后三个月内，减持不超2,347,710股。截至公 告披露日，已通过集中竞价减持2,315,470股，减持均价51.14元/股，占总股本0.99%，减持总金额 118,412,176.71元。本次减持收回资金将计入资本公积，不影响公司经营等。但因规则要求及市场因 素，可能无法按计划完成减持，公司将依规披露信息。 ...

Core Insights - The company reported a revenue of 2.305 billion yuan for the first half of 2025, representing a year-on-year growth of 43.06% [1] - The net profit attributable to shareholders was 87 million yuan, showing a year-on-year increase of 57.69% [1] Industry Position - The company holds a leading position in the domestic copper-clad laminate industry, with a diverse range of products including high-frequency and high-speed products that are gradually increasing in volume [2] - The company has achieved import substitution, particularly in high-end high-speed products, which have been certified by globally recognized AI server manufacturers [2] Technology and Product Development - The company is continuously updating its technology system to align with industry advancements, focusing on core technologies for high-frequency, HDI, and IC packaging products [2] - In the HDI materials sector, the company has developed a series of products with excellent electrical performance and stability, which have gained recognition from end customers and are entering mass production in certain areas [2] Market Expansion - The company is on the path to achieving domestic self-sufficiency in IC substrate materials, with successful development of products that have excellent electrical performance and low expansion coefficients [3] - The company has received certification for its products from major global smartphone manufacturers, with expectations to achieve mass production by 2025 [3] Financial Forecast - Revenue projections for the company are 4.814 billion yuan in 2025, 6.215 billion yuan in 2026, and 7.675 billion yuan in 2027, with corresponding EPS of 1.05, 2.20, and 3.48 yuan [4] - The current stock price corresponds to a PE ratio of 69.0, 32.7, and 20.7 for the years 2025, 2026, and 2027 respectively [4]

Investment Rating - The report maintains a "Buy" investment rating for the company [2][9]. Core Insights - The company is positioned to lead in the domestic copper-clad laminate (CCL) industry, with a focus on high-frequency and high-speed products that are gradually increasing in volume, indicating promising future growth [6]. - The company has developed core technologies in HDI (High-Density Interconnect) materials, achieving domestic leadership in performance levels and gaining recognition from terminal customers [7]. - The company is on the path to achieving domestic self-sufficiency in IC substrate materials, with successful product development and certifications from major global clients [8]. - Revenue forecasts for 2025-2027 are projected at 48.14 billion, 62.15 billion, and 76.75 billion yuan, respectively, with corresponding EPS of 1.05, 2.20, and 3.48 yuan, indicating significant growth potential [9][11]. Summary by Sections Market Performance - The company reported a revenue of 2.305 billion yuan for the first half of 2025, a year-on-year increase of 43.06%, and a net profit of 87 million yuan, up 57.69% year-on-year [5]. Investment Highlights - The company offers a wide range of products categorized by resin types, including ordinary FR-4, lead-free FR-4, halogen-free FR-4, high-frequency and high-speed products, automotive boards, energy boards, HDI, and IC packaging substrates [6]. - The company has achieved import substitution, particularly in high-end high-speed products, which have received certification from globally recognized AI server manufacturers [6]. Financial Forecast - The company is expected to see substantial revenue growth, with a projected increase of 43.2% in 2025, followed by 29.1% in 2026 and 23.5% in 2027 [11]. - The net profit is forecasted to grow significantly, with an expected increase of 388.3% in 2025 and 110.6% in 2026 [11].

Core Viewpoint - The implementation of equity incentives has significantly boosted the performance of many companies in the A-share market, with an average increase of over 64% in the equity incentive sector, outperforming major indices like the Shanghai Composite Index and the ChiNext Index [1][2]. Group 1: Performance of Companies - The equity incentive sector has seen 27 stocks more than double in value this year, with New Yisheng leading at a 354.85% increase [1]. - Companies like Nanya New Materials and Zhongji Xuchuang have also shown impressive growth, with revenue increases of over 43% and net profit increases of nearly 58% [1]. - The majority of companies that implemented equity incentives have experienced significant performance improvements, with 88% reporting revenue growth and 76.88% reporting net profit growth [2]. Group 2: Impact of Equity Incentives - Equity incentives align the interests of employees with those of the company, enhancing motivation and innovation, which in turn drives company performance in various areas [2]. - The market perceives companies that implement equity incentives as more confident in their future growth, leading to higher stock valuations [2]. Group 3: Future Growth Potential - Recent data indicates that 63 stocks have implemented equity incentives since September, with many expected to achieve high growth rates in net profit, exceeding 15% in the coming years [3]. - Shaoneng Co., with a low price-to-book ratio of 1.32, is highlighted as a company with significant growth potential in the clean energy sector [3]. - The company has set ambitious performance targets for its equity incentive plan, aiming for a net profit growth rate of at least 30% in 2025 and 97% by 2027 [4][5]. Group 4: Market Trends - The slow bull market in A-shares is creating favorable conditions for investment in the equity incentive sector, with expectations of more quality companies emerging [6]. - The increasing recognition of the importance of equity incentives among companies is likely to lead to more opportunities for investors [6].

Core Insights - Material innovation is a key driver of modern technological development, with China's new materials industry showing diverse and specialized growth under policy guidance and support [1][2] - The industry is experiencing intensified competition, with companies focusing on differentiated strategies to break through the "involution" phenomenon, emphasizing R&D and high-end breakthroughs as critical approaches [11][12] Industry Development - The new materials sector is characterized by interdisciplinary collaboration, involving materials science, physics, chemistry, and biology, with companies like Nanya New Materials, Huaqin Technology, Lianrui New Materials, and Kaisa Bio focusing on national strategic needs and core technology breakthroughs [2][3] - Nanya New Materials has been a key player in the copper-clad laminate market for 25 years, with products essential for electronic manufacturing, particularly in communications, AI, and automotive sectors [2][3] - Huaqin Technology specializes in aerospace materials and has expanded its offerings to include high-performance composite materials and advanced ceramics, with over 90% of its revenue derived from materials [2][3] Company Strategies - Huaqin Technology has established partnerships with various research institutions to enhance its R&D capabilities and fill domestic technology gaps, achieving significant progress in self-sufficiency [3][6] - Lianrui New Materials focuses on silicon and aluminum-based materials, optimizing product performance through intelligent transformation and entering international supply chains [3][12] - Kaisa Bio has developed bio-based materials, including bio-based nylon, and aims to replace traditional materials in various industries, highlighting its long-standing expertise in the field [4][5] Policy Support - The past five years have seen significant policy support for the copper-clad laminate industry, leading to a reduction in reliance on overseas supply chains and advancements in domestic production capabilities [5][6] - Policies promoting innovation and technology transfer have facilitated the growth of companies like Huaqin Technology, enabling them to expand their product offerings and market reach [6][7] Market Trends - The rise of AI and advancements in bio-manufacturing are accelerating the domestic production of electronic materials and bio-based products, with expectations for the domestic electronic materials market to surpass North America and Europe [8][9] - By 2025, Nanya New Materials anticipates significant growth in output and revenue driven by domestic demand for AI computing power [9][10] - Kaisa Bio is positioned as a global leader in bio-manufacturing, with plans to increase production capacity for long-chain dicarboxylic acids significantly by 2025 [10][11] Competitive Landscape - The new materials industry is witnessing heightened competition, with companies adopting differentiated strategies focused on R&D and high-end product development to maintain market positions [11][12] - Huaqin Technology and Lianrui New Materials are both investing heavily in R&D to secure technological advantages and expand into high-end markets [11][12] - Kaisa Bio emphasizes the importance of balancing technological uniqueness with market demand to achieve stable profitability in the competitive landscape of synthetic biology [13]