证券代码：688550 证券简称：瑞联新材 公告编号：2025-076 西安瑞联新材料股份有限公司 关于召开 2025 年半年度业绩说明会的公告 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。 重要内容提示： 投资者可于 2025 年 8 月 20 日（星期三）至 8 月 26 日（星期二）16:00 前登录上证路演中心网站首页点击"提问预征集"栏目提问或将有关问题通 过电子邮件的形式发送至公司投资者关系邮箱 securities@xarlm.com 进行提 问，公司将在说明会上对投资者普遍关注的问题进行回答。 西安瑞联新材料股份有限公司（以下简称"公司"）将于 2025 年 8 月 22 日 披露公司《2025 年半年度报告》，为便于广大投资者更全面深入地了解公司 2025 年半年度的经营成果和财务状况，公司计划于 2025 年 8 月 27 日（星期三）下午 16:00-17:00 举行 2025 年半年度业绩说明会，就投资者关心的问题进行交流。 本次投资者说明会以网络互动形式召开，公司将针对 2025 年半年度的经营 ...

Investment Rating - The report maintains a "Buy" rating for key companies in the chemical industry, specifically recommending Shengquan Group, Hailide, Zhuoyue New Energy, and Ruile New Materials [4][5]. Core Insights - The report emphasizes the importance of identifying companies with strong performance in the first half of 2025, particularly those benefiting from AI capital investments and macroeconomic stability [1]. - The phosphate fertilizer export window is expected to open, with high demand anticipated to continue, suggesting a focus on large phosphate chemical companies like Yuntianhua [2]. - Safety incidents in the chemical industry are prompting increased scrutiny, which may lead to a rise in the agricultural chemicals sector as non-compliant capacities are phased out [3]. Summary by Sections Key Companies and Performance - Shengquan Group is highlighted as a major supplier of electronic resins for AI servers, with expected performance improvements due to rising server shipments, projecting an EPS of 1.53 in 2025 [4]. - Hailide, a leader in industrial polyester yarn, is also recommended, with an EPS forecast of 0.37 for 2025 [4]. - Zhuoyue New Energy is noted for its capacity growth and new product launches, with an EPS of 3.16 expected in 2025 [4]. - Ruile New Materials anticipates a 69.93% increase in net profit for the first half of 2025, driven by growth in its pharmaceutical segment [1][4]. Market Trends - The chemical industry index rose by 2.46% this week, outperforming the Shanghai Composite Index [11]. - Key chemical products such as liquid chlorine, lithium carbonate, and lithium hydroxide saw significant price increases, with liquid chlorine prices rising by 92% [20][18]. Sub-industry Analysis - The polyester filament market is experiencing price fluctuations, with an average price of 6,735 CNY/ton for POY and 7,050 CNY/ton for FDY [22]. - The tire industry shows a slight increase in operating rates, with full steel tire rates at 60.06% and semi-steel tire rates at 69.11% [31]. - The refrigerant market remains stable, with R22 prices holding firm between 39,500 and 40,500 CNY/ton [40].

Group 1: Deep Kangjia - Deep Kangjia has officially become a business unit under China Resources Group, following a share transfer agreement with its previous major shareholder [2] - China Resources Group now holds 21.76% of Deep Kangjia's shares, making it the controlling shareholder [2] - In 2024, Deep Kangjia reported a revenue of 11.115 billion yuan, a year-on-year decrease of 37.73%, and a net loss of 3.296 billion yuan [2] - In Q1 2025, the company achieved a revenue of 2.544 billion yuan, a year-on-year increase of 3.32%, and a net profit of 94.81 million yuan, marking a turnaround [2] Group 2: China Resources Group - China Resources Group is fully controlled by the State-owned Assets Supervision and Administration Commission and operates in six major sectors, including consumer goods and technology [4] - As of June 2025, China Resources Group's total assets reached 2.8 trillion yuan [4] Group 3: Rui Lian New Materials - Rui Lian New Materials has confirmed Qingdao Development Zone Investment Construction Group as its controlling shareholder, marking its transition to a state-owned enterprise [5][6] - The new controlling shareholder holds 25% of the shares, allowing it to dominate the board of directors [6] - Rui Lian's main business includes the research, production, and sales of specialized organic new materials, with OLED materials being its largest segment [6][8] - For the first half of 2025, Rui Lian expects a revenue of 806 million yuan, a year-on-year increase of 16.27%, and a net profit of 162 million yuan, a year-on-year increase of 69.93% [6]

Investment Rating - The report maintains a positive outlook on the chemical industry, particularly focusing on heat dissipation materials and helium gas from Russia, as well as incidents affecting Zhongkun Chemical [3][4]. Core Insights - The macroeconomic judgment indicates that non-OPEC countries are expected to lead an increase in oil production, with a significant overall supply growth anticipated. Global GDP growth is projected at 2.8%, with stable oil demand despite some slowdown due to tariffs [3][4]. - The trend towards liquid cooling in AI servers is highlighted, with significant power requirements leading to increased demand for specialized cooling materials. The report suggests monitoring companies like Bayi Shikong, New Era, Dongyangguang, Yonghe Co., and Juhua Co. [3][4]. - Recent incidents affecting helium supply in Russia and a fire at Zhongkun Biotech are expected to positively impact the helium supply-demand balance, with recommendations to focus on companies like Guanggang Gas, Huate Gas, and Jinhong Gas [3][4]. Summary by Sections Industry Dynamics - Oil supply is expected to increase significantly, with non-OPEC countries leading the way. Global oil demand remains stable, but growth may slow due to tariff impacts. Coal prices are expected to stabilize at low levels, while natural gas export facilities in the U.S. may reduce import costs [4][5]. Chemical Sector Configuration - The report notes a decrease in oil prices and an increase in coal prices, with industrial product PPI showing a year-on-year decline of 3.6%. Manufacturing PMI recorded at 49.3%, indicating a slight contraction in manufacturing activity [3][5]. Investment Analysis - Traditional cyclical investments should focus on leading companies in their respective sectors, including Wanhu Chemical, Hualu Hengsheng, and Baofeng Energy. Growth sectors include semiconductor materials and OLED panel materials, with specific companies highlighted for their potential [3][4][17].

Core Viewpoint - The control issue of Xi'an Ruilian New Materials Co., Ltd. has been resolved, with Qingdao Development Zone Investment Construction Group Co., Ltd. recognized as the controlling shareholder, marking a significant shift in corporate governance and ownership structure [3][4][11]. Shareholder and Governance Structure - As of August 13, 2025, Qingdao Development Zone Investment Construction Group holds 25% of the voting rights, allowing it to dominate the board elections [3][4]. - The new board consists of 5 non-independent directors, 3 independent directors, and 1 employee representative, with Liu Xiaochun appointed as chairman and Ji Kaishi as vice chairman [4][11]. - The shareholding structure shows Qingdao Development Zone Investment Construction Group with 22,227,464 shares (12.81%), followed by Ningbo Zhuoshihengli Investment Partnership with 21,166,362 shares (12.19%) [9]. Business Performance and Growth Potential - Ruilian New Materials expects a revenue of 806 million yuan for the first half of 2025, a year-on-year increase of 16.27%, and a net profit of 162 million yuan, reflecting a 69.93% growth [11]. - The company specializes in OLED materials and semiconductor photoresists, playing a crucial role in the display materials industry, aligning with Qingdao's "strong chip and expand screen" strategy [11][14]. Strategic Synergies and Resource Injection - The controlling shareholder, Qingdao Development Zone Investment Construction Group, can leverage its resources to enhance Ruilian's development, particularly in the OLED and pharmaceutical sectors [14][15]. - The collaboration with over 30 companies in the chip and screen industry can create a closed-loop supply chain, improving sales channels and supply chain positioning for Ruilian [14][15]. - Qingdao Development Zone Investment Construction Group plans to inject up to 815 million yuan into Ruilian for operational and project development needs [14][15]. Management and Policy Support - The new governance structure is expected to introduce advanced management practices from the state-owned enterprise sector, optimizing Ruilian's operational efficiency and cost structure [15]. - Close ties with the government will facilitate better communication for securing favorable industrial policies, such as tax incentives and land support, enhancing profitability [15][16].

Core Viewpoint - Qingdao State-owned Assets has successfully acquired control of RuiLian New Materials (688550.SH) after more than a year of competition, enhancing the stability of the company's shareholding structure [2][8]. Group 1: Control Change - On August 13, RuiLian New Materials announced that its board of directors completed a re-election, with Qingdao Development Zone Investment Construction Group (Kaitou Group) controlling 25% of the voting rights, thus becoming the controlling shareholder [2][5]. - The actual controller of RuiLian New Materials is the Qingdao West Coast New Area State-owned Assets Management Bureau [2][5]. - The control structure changed from being jointly controlled by individuals to being under the control of a state-owned entity [3][4]. Group 2: Financial Performance - In 2024, RuiLian New Materials achieved operating revenue of 1.459 billion yuan, a year-on-year increase of 20.74%, and a net profit of 252 million yuan, up 87.6% [9]. - The company expects to achieve operating revenue of 806 million yuan in the first half of 2025, representing a year-on-year growth of 16.27%, and a net profit of 162 million yuan, up 69.93% [10]. - The overall gross margin for RuiLian New Materials in 2024 was 44.20%, an increase of 9.02 percentage points compared to the previous year [9]. Group 3: Business Segments - RuiLian New Materials operates in three main sectors: display materials, pharmaceutical CDMO, and electronic materials [2]. - The display materials segment generated sales revenue of 1.276 billion yuan, a year-on-year increase of 23.69%, while the pharmaceutical CDMO segment achieved 154 million yuan, up 13.59% [9]. - The electronic materials segment, however, saw a decline in sales revenue of 28.68 million yuan, down 29.90% year-on-year [9].

Core Viewpoint - The company held its third extraordinary general meeting on August 13, 2025, where several key resolutions were passed, including the termination of certain fundraising projects and the revision of the company's articles of association [2][4][11]. Group 1: Meeting Details - The extraordinary general meeting was convened in Xi'an, Shaanxi Province, and was attended by all directors and supervisors [2][3]. - The meeting was conducted in accordance with the Company Law and the company's articles of association, utilizing both on-site and online voting methods [2][3]. Group 2: Resolutions Passed - The following resolutions were approved: - Termination of certain fundraising investment projects [4]. - Revision of the company's articles of association and registration with the industrial and commercial authorities [4]. - Revision of certain internal systems [5]. - Cancellation of the supervisory board [5]. - All resolutions were passed with the required majority votes, with special resolutions requiring two-thirds approval [5][6]. Group 3: Board Elections - The company elected its fourth board of directors, consisting of 5 non-independent directors, 3 independent directors, and 1 employee representative director [11][43]. - The board elections were conducted using a cumulative voting system, and the new board's term will last for three years [43][44]. Group 4: Management Appointments - The first meeting of the fourth board of directors was held on August 13, 2025, where key management appointments were made: - Liu Xiaochun was elected as the chairman of the board [21][45]. - Wang Xiaowei was appointed as the general manager [33][48]. - Other senior management positions were filled, including vice general managers and the chief financial officer [36][48]. Group 5: Shareholder and Control Structure - The company identified its controlling shareholder as Qingdao Development Investment Group Co., Ltd., which holds 25% of the voting rights [67]. - The actual controller is identified as the State-owned Assets Supervision and Administration Commission of Qingdao West Coast New Area [67].

（文章来源：证券日报） 证券日报网讯 8月13日晚间，瑞联新材发布公告称，公司于2025年8月13日召开职工代表大会，经会议 民主讨论、表决，选举王小伟先生为公司第四届董事会职工代表董事。 ...

（文章来源：证券日报） 证券日报网讯 8月13日晚间，瑞联新材发布公告称，公司2025年第三次临时股东大会于2025年8月13日 召开，审议通过了《关于终止部分募集资金投资项目的议案》等多项议案。 ...

证券日报网讯 8月13日晚间，瑞联新材发布公告称，公司第四届董事会第一次会议审议通过了《关于豁 免本次董事会会议通知的议案》等多项议案。 （文章来源：证券日报） ...