Core Viewpoint - The announcement details the first vesting results of the 2024 restricted stock incentive plan for Xi'an Ruilian New Materials Co., Ltd, including the number of shares to be listed and the procedures followed for the plan's implementation [1][2][4]. Group 1: Incentive Plan Details - The total number of shares for this incentive plan is 1,468,247 shares, which will be listed for trading on June 27, 2025 [1][11]. - The plan was approved by the board of directors and the supervisory board through a series of meetings held in May 2024, with independent opinions provided [2][4][5]. - The plan includes a total of 116 eligible participants, with 1,737,380 shares meeting the vesting conditions, although 269,133 shares for one participant will be delayed due to a legal dispute [5][6]. Group 2: Shareholder and Stock Changes - After the vesting, the total share capital of the company will increase from 172,107,058 shares to 173,575,305 shares [11]. - The increase in share capital does not result in any changes to the control of major shareholders or their percentage of ownership [11]. - The shares are sourced from the company's issuance of A-share common stock to the incentive participants [8]. Group 3: Financial Impact - The company reported a net profit attributable to shareholders of 45,631,603.32 yuan for the first quarter of 2025, with earnings per share remaining at 0.26 yuan after the share increase [12].

证券代码：688550 证券简称：瑞联新材 公告编号：2025-058 西安瑞联新材料股份有限公司 关于 2024 年限制性股票激励计划首次授予部分 第一个归属期归属结果暨股份上市的公告 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： 本次股票上市类型为股权激励股份；股票认购方式为网下，上市股数为 1,468,247股。 本次股票上市流通总数为1,468,247股。 本次股票上市流通日期为2025 年 6 月 27 日。 同日，公司召开第三届监事会 2024 年第二次临时会议，审议通过了《关于< 西安瑞联新材料股份有限公司 2024 年限制性股票激励计划（草案）>及其摘要的 议案》《关于<西安瑞联新材料股份有限公司 2024 年限制性股票激励计划实施考核 管理办法>的议案》以及《关于核实<西安瑞联新材料股份有限公司 2024 年限制性 股票激励计划激励对象名单>的议案》等议案，公司监事会对本次激励计划的相关 事项进行核实并出具了相关核查意见。 （二）2024 年 5 月 11 日，公司于上海证券交易所网站（ ...

Core Viewpoint - The new materials industry is experiencing rapid growth, with significant opportunities arising from technological advancements, policy support, and the need for domestic production capabilities in response to international trade tensions [2][9][13]. Group 1: Industry Overview - The global new materials industry reached a value of $2.8 trillion in 2019, with a competitive landscape divided into three tiers: developed countries in the first tier, rapidly developing countries like China in the second tier, and emerging economies in the third tier [8][12]. - China's new materials industry generated a total output value of 6.4 trillion yuan in 2021, with an average annual growth rate of 23.1% from 2010 to 2021, and is projected to reach 7.5 trillion yuan in 2022 [9][10]. Group 2: Semiconductor Sector - The global semiconductor market was valued at $595 billion in 2021, with expectations to grow to $790 billion by 2026, driven by advancements in 5G and automotive electronics [3][16]. - The semiconductor materials market in China reached $11.9 billion in 2021, growing by 22.2% year-on-year, indicating a significant increase in domestic demand [31][32]. Group 3: Display Materials - The global OLED materials market is expected to grow from approximately $900 million in 2019 to about $2.6 billion by 2024, with a compound annual growth rate (CAGR) of 23.6% [4]. - Domestic companies like Wanrun and Ruile New Materials are leading suppliers in the liquid crystal and OLED material sectors, with significant market shares [4][15]. Group 4: New Energy Materials - The new energy sector is rapidly evolving, with key materials such as composite copper foil, conductive carbon black, and sodium battery materials expected to see substantial market growth [5][15]. - The market for photovoltaic materials is projected to reach 20 billion yuan by 2025, driven by increasing demand for solar energy solutions [15]. Group 5: Environmental Materials - Traditional chemical applications are witnessing upgrades, with domestic companies like Zhongchumai and Jianlong Weina capitalizing on opportunities in molecular sieves and lubricating oil additives [6][15]. - Aerogels, known for their exceptional insulation properties, are gaining traction in construction and electric vehicle markets, with companies like Chenguang New Materials entering this space [6][15].

Group 1: Policy Financial Tools - Historical policy financial tools were introduced as counter-cyclical measures to stabilize the economy and enhance local investment capabilities, characterized by low costs, quick deployment, and market-oriented operations [1][20][21] - New policy financial tools are expected to focus more on technology innovation, consumption, and foreign trade, with significant attention on their scale, leverage effects, and issuance rhythm [1][22] Group 2: Banking Sector - The loan interest rate is expected to decline significantly slower in 2025, with the LPR reform leading to a rapid decline in loan rates during certain periods, but a slowdown is anticipated moving forward [3][31][32] - The banking sector is likely to see a stabilization in performance due to reduced pressure on interest margins, with a recommendation to focus on high-quality regional small banks and stable state-owned banks [3][32] Group 3: Non-Banking Sector - Guoyin Financial Leasing - Guoyin Financial Leasing is projected to achieve total revenue of 28.56 billion yuan in 2024, with a year-on-year growth of 7.2%, and a net profit of 4.5 billion yuan, up 8.5% [3] - The company has seen rapid growth in its ship leasing segment, with revenue reaching 7.7 billion yuan, a year-on-year increase of 32.4% [3] Group 4: Non-Banking Sector - Blue Sky Technology - Blue Sky Technology reported a revenue of 2.554 billion yuan in 2024, a year-on-year increase of 2.6%, with a net profit of 787 million yuan, up 9.8% [24] - The company’s adsorption materials business has shown strong growth, while the lithium extraction project has seen a significant decline in revenue [24][25] Group 5: Non-Banking Sector - Ruile New Materials - Ruile New Materials achieved a revenue of 1.459 billion yuan in 2024, with a year-on-year growth of 20.7%, and a net profit of 252 million yuan, up 87.6% [27] - The display materials segment has become the largest business area for the company, driven by the increasing penetration of OLED panels [27][28][29]

| | □控股股东/实际控制人及其一致行动人 ☑其他 5%以上大股东及其一致行动人 | | --- | --- | | 投资者及其一致行动人的身份 | □合并口径第一大股东及其一致行动人（仅适用 | | | 于无控股股东、实际控制人） | | | □其他______________（请注明） | 证券代码：688550 证券简称：瑞联新材 公告编号：2025-057 西安瑞联新材料股份有限公司 关于持股 5%以上股东之一致行动人权益变动触及 1%刻度的提示性公告 刘晓春及其一致行动人西安鑫宙新材料有限责任公司、王小伟、王银彬保证向本 公司提供的信息真实、准确、完整，没有虚假记载、误导性陈述或重大遗漏。 本公司董事会及全体董事保证公告内容与信息披露义务人提供的信息一致。 重要内容提示： | 权益变动方向 | 比例增加☑ | | 比例减少□ | | --- | --- | --- | --- | | 权益变动前合计比例 | 15.00% | | | | 权益变动后合计比例 | 16.82% | | | | 本次变动是否违反已作出的承 | 是□ | 否☑ | | | 诺、意向、计划 | | | | | 是否触发强制 ...

Investment Rating - The report maintains a "Buy" rating for the company, with an expected relative return of over 20% within the next six months [6][18]. Core Insights - The company achieved a revenue of 1.459 billion yuan in 2024, representing a year-on-year increase of 20.7%, and a net profit attributable to the parent company of 252 million yuan, up 87.6% year-on-year [1][2]. - The display materials segment has become the largest business area for the company, driven by the increasing penetration of OLED panels in medium and large-sized screens [2][3]. - The pharmaceutical segment is focusing on stable supply and new product development amidst a competitive market, with a total of 271 drug pipelines by the end of 2024, an increase of 64 from the previous year [2][3]. - The electronic materials segment faced challenges due to technological substitutions and cautious customer procurement strategies, leading to a decline in sales, although the number of products sold increased by 72% year-on-year [3]. - The overall gross margin for 2024 was 44.20%, an increase of 9.02 percentage points from 2023, attributed to product mix optimization and effective cost control measures [3]. Financial Summary - The company forecasts net profits of 313 million yuan, 367 million yuan, and 400 million yuan for 2025, 2026, and 2027 respectively, reflecting an upward revision from previous estimates [3]. - The projected revenue growth rates for the next few years are 36.93% for 2025, 20.53% for 2026, and 6.90% for 2027 [5][12]. - The earnings per share (EPS) are expected to increase from 1.46 yuan in 2024 to 2.32 yuan in 2027 [5][12].

证券代码：688550 证券简称：瑞联新材 公告编号：2025-057 西安瑞联新材料股份有限公司 关于持股 5%以上股东之一致行动人权益变动触及 刘晓春及其一致行动人西安鑫宙新材料有限责任公司、王小伟、王银彬保证向本 公司提供的信息真实、准确、完整，没有虚假记载、误导性陈述或重大遗漏。 本公司董事会及全体董事保证公告内容与信息披露义务人提供的信息一致。 重要内容提示： 权益变动方向 比例增加? 比例减少□ 权益变动前合计比例 15.00% 权益变动后合计比例 16.82% 本次变动是否违反已作出的承 是□ 否? 诺、意向、计划 是否触发强制要约收购义务 是□ 否? 一、 信息披露义务人及其一致行动人的基本信息 □控股股东/实际控制人及其一致行动人 ?其他 5%以上大股东及其一致行动人 投资者及其一致行动人的身份 □合并口径第一大股东及其一致行动人（仅适用 于无控股股东、实际控制人） □其他______________（请注明） 信息披露义务人名称 投资者身份 统一社会信用代码 □ 控股股东/实控人 西安鑫宙新材料有限 □ 控股股东/实控人的一致 ?91610131MAE7M7G0XP 责任公司 行动人 □ ...

证券代码：688550 证券简称：瑞联新材 公告编号：2025-056 驳回开投集团关于二审诉讼费用由刘晓春承担的请求；2、驳回上诉人刘晓春"撤 销原判，依法将本案发回重审或改判驳回开投集团的全部诉讼请求"的请求，驳回 刘晓春关于本案一、二审的诉讼费用由开投集团承担的请求。 ? 对上市公司的影响：本次诉讼系公司持股 5%以上股东开投集团和刘晓春之 间的股权转让纠纷，本次诉讼不会对公司生产经营产生重大影响。本次判决为终审 判决，自上诉人收到判决书之日起生效，双方是否继续进行申诉及后续执行情况 尚存在不确定性。 西安瑞联新材料股份有限公司 关于持股 5%以上股东股权转让纠纷 二审判决结果的公告 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： ? 案件所处的诉讼阶段：二审已判决，为终审判决 ? 诉讼当事人：上诉人（原审原告）持股 5%以上股东青岛开发区投资建设集 团有限公司（下称"开投集团" ）、上诉人（原审被告）持股 5%以上股东刘晓春 ? 二审判决结果主要内容：1、驳回上诉人开投集团"撤销原判第四项，改判 刘 ...

证券代码：688550 证券简称：瑞联新材 公告编号：2025-056 西安瑞联新材料股份有限公司 关于持股 5%以上股东股权转让纠纷 二审判决结果的公告 重要内容提示： 案件所处的诉讼阶段：二审已判决，为终审判决 诉讼当事人：上诉人（原审原告）持股 5%以上股东青岛开发区投资建设集 团有限公司（下称"开投集团"）、上诉人（原审被告）持股 5%以上股东刘晓春 二审判决结果主要内容：1、驳回上诉人开投集团"撤销原判第四项，改判 刘晓春于判决生效后十日内支付开投集团已承担全部律师费527,340.24元"的请求； 驳回开投集团关于二审诉讼费用由刘晓春承担的请求；2、驳回上诉人刘晓春"撤 销原判，依法将本案发回重审或改判驳回开投集团的全部诉讼请求"的请求，驳回 刘晓春关于本案一、二审的诉讼费用由开投集团承担的请求。 对上市公司的影响：本次诉讼系公司持股 5%以上股东开投集团和刘晓春之 间的股权转让纠纷，本次诉讼不会对公司生产经营产生重大影响。本次判决为终审 判决，自上诉人收到判决书之日起生效，双方是否继续进行申诉及后续执行情况 尚存在不确定性。 西安瑞联新材料股份有限公司（下称"瑞联新材"或"公司"）于近日收到持 ...

Group 1 - The A-share photoresist concept has experienced significant upward movement, with Xingye Co., Ltd. hitting the daily limit [1] - Other companies such as Aisikai, Jiuri New Materials, Ruilian New Materials, Baotong Technology, Huamao Technology, and Guolin Technology also saw increases in their stock prices [1]