Financial Performance - The company achieved total operating revenue of CNY 1,457,538,279.53, representing a year-on-year increase of 20.64%[4] - Net profit attributable to shareholders of the parent company reached CNY 250,294,985.12, up 86.53% compared to the previous year[4] - The net profit attributable to shareholders of the parent company after deducting non-recurring gains and losses was CNY 234,919,648.99, reflecting a growth of 101.33% year-on-year[4] - Basic earnings per share increased to CNY 1.44, a rise of 46.94% from the previous year[4] - The company reported a significant increase in operating profit of CNY 290,489,654.66, which is a 95.13% increase year-on-year[4] Assets and Equity - Total assets at the end of the reporting period were CNY 3,418,880,521.03, an increase of 2.86% from the beginning of the period[4] - Shareholders' equity attributable to the parent company was CNY 3,026,904,400.23, up 2.93% from the start of the period[4] - The company's net asset value per share decreased by 18.81% to CNY 17.32 compared to the beginning of the period[5] Operational Efficiency - The growth in revenue was driven by a recovery in demand for consumer electronics, particularly in the OLED display materials segment[10] - The company focused on improving operational efficiency and reducing costs, which contributed to a significant increase in profitability[10]

（一）信息披露义务人基本情况 1、持股 5%以上股东及其一致行动人的基本情况 证券代码：688550 证券简称：瑞联新材 公告编号：2025-011 西安瑞联新材料股份有限公司 关于持股 5%以上股东及其一致行动人增持股份 比例触及 1%的提示性公告 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： 公司于近日收到持股 5%以上股东刘晓春先生及其一致行动人鑫宙新材发来 的《关于权益变动触及 1%的告知函》，现将有关权益变动情况公告如下： 一、本次权益变动情况 | | 其中：无限 | 13,580,373 | 7.77 | 14,241,251 | | | --- | --- | --- | --- | --- | --- | | 合计 | 持有股份 售条件股份 | 13,580,373 | 7.77 | 14,241,251 | 8.15 8.15 | 1 本次权益变动为西安瑞联新材料股份有限公司（以下简称"瑞联新材"或"公 司"）股东增持股份，不触及要约收购。 本次权益变动前，公司持股 5%以上股东刘晓春先 ...

Investment Rating - The report rates the chemical industry as "Outperform the Market" [1] Core Views - The report suggests focusing on companies in rapidly developing downstream industries, particularly in electronic materials and new energy materials [1] - It emphasizes the importance of high-quality development and shareholder returns, recommending large energy state-owned enterprises and related oil service companies [1] - The report highlights the high prosperity of leading companies in the refrigerant and vitamin industries [1] - It notes an overall improvement in macroeconomic expectations, suggesting attention to undervalued leading companies and those in the light hydrocracking sub-industry [1] Summary by Sections Industry Dynamics - During the week of February 10-16, 2025, among 101 tracked chemical products, 43 saw price increases, 26 saw declines, and 32 remained stable [7] - The average price of WTI crude oil was $70.74 per barrel, with a weekly increase of 0.18%, while Brent crude oil was $74.74 per barrel, with a weekly increase of 0.11% [31] - The report indicates a tightening supply of potassium chloride due to reduced production and limited import availability, with prices rising to 2797 CNY/ton, up 4.19% week-on-week [32] Investment Recommendations - The report recommends focusing on companies in the rapidly developing electronic materials and new energy materials sectors [8] - It suggests that the oil and gas extraction sector will continue to see high prosperity, with energy state-owned enterprises improving quality and efficiency [8] - The report identifies specific companies to recommend, including China Petroleum, China National Offshore Oil Corporation, and several others in the new materials and chemical sectors [8] Price Changes - The average price of DMF increased to 4300 CNY/ton, up 4.24% week-on-week, despite a year-on-year decrease of 12.65% [33] - The report notes that the overall market for chemical products is experiencing a mixed trend, with some products seeing significant price increases while others decline [30]

证券代码：688550 证券简称：瑞联新材 公告编号：2025-010 西安瑞联新材料股份有限公司 关于持股 5%以上股东及其一致行动人增持股份 比例触及 1%的提示性公告 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、本次权益变动情况 （一）信息披露义务人基本情况 重要内容提示： 公司于近日收到持股 5%以上股东刘晓春先生及其一致行动人鑫宙新材发来 的《关于权益变动触及 1%的告知函》，现将有关权益变动情况公告如下： 2 | 刘晓春 | 持有股份 | 11,665,216 | 6.68 | 11,698,016 | 6.69 | | --- | --- | --- | --- | --- | --- | | | 其中：无限 售条件股份 | 11,665,216 | 6.68 | 11,698,016 | 6.69 | | 鑫宙新材 | 持有股份 | 0 | 0.00 | 1,882,357 | 1.08 | | | 其中：无限 售条件股份 | 0 | 0.00 | 1,882,357 | 1.08 | | 合计 | ...

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。 证券代码：688550 证券简称：瑞联新材 公告编号：2025-009 西安瑞联新材料股份有限公司 关于股份回购进展公告 2025 年 1 月，本次回购计划公司通过集中竞价交易方式回购股份 658,431 股， 占公司总股本的比例为 0.38%，购买的最高价为 30.10 元/股，最低价为 28.16 元/ 股，支付的金额为人民币 19,323,128.94 元（不含交易佣金等交易费用）。截至 2025 年 1 月 31 日，本次回购计划公司通过上海证券交易所交易系统以集中竞价交易方 式累计回购公司股份 2,624,262 股，占公司总股本 174,731,320 股的比例为 1.50%， 回购成交的最高价为 37.74 元/股，最低价为 18.94 元/股，支付的资金总额为人民 币 86,499,376.30 元（不含交易佣金等交易费用）。 重要内容提示： | 回购方案首次披露日 | 2024/2/27，由董事长刘晓春先生提议 | | --- | --- | | 回购方案实施期 ...

Investment Rating - The report maintains an "Outperform" rating for the company [1]. Core Insights - The company's Q4 performance met expectations, showcasing a multi-segment resonance in materials, pharmaceutical CDMO, and electronic new materials, indicating a positive outlook for sustained performance [1]. - The company anticipates significant revenue growth in 2024, with projected revenue of approximately 1.458 billion yuan, representing a year-on-year increase of about 20.6% [6]. - The OLED materials segment is experiencing robust growth, driven by increased demand in the consumer electronics market, particularly for OLED display materials [6]. - The pharmaceutical CDMO segment is expected to recover as major product orders gradually increase, contributing to overall revenue growth [6]. Financial Data and Profit Forecast - Total revenue is projected to grow from 1.208 billion yuan in 2023 to 1.812 billion yuan in 2025, with a compound annual growth rate (CAGR) of approximately 24.3% [5]. - The net profit attributable to the parent company is forecasted to rise from 134 million yuan in 2023 to 329 million yuan in 2025, reflecting a significant increase of 31.6% in 2025 [5]. - The company's earnings per share (EPS) is expected to increase from 0.98 yuan in 2023 to 1.88 yuan in 2025 [5]. - The projected price-to-earnings (PE) ratios for 2024, 2025, and 2026 are 22, 17, and 13, respectively, indicating a favorable valuation trend [5].

Financial Projections - The company expects to achieve an operating revenue of 1,457.54 million yuan in 2024, an increase of 249.38 million yuan, representing a year-on-year growth of 20.64%[4] - The projected net profit attributable to the parent company for 2024 is 250.30 million yuan, an increase of 116.11 million yuan, reflecting a year-on-year growth of 86.53%[4] - Excluding the impact of share-based payment expenses, the expected net profit attributable to the parent company is 268.84 million yuan, an increase of 135.60 million yuan, indicating a year-on-year growth of 101.77%[4] - The net profit attributable to the parent company after deducting non-recurring gains and losses is projected to be 234.92 million yuan, an increase of 118.24 million yuan, showing a year-on-year growth of 101.33%[4] 2023 Financial Performance - The company reported a total profit of 147.86 million yuan for 2023, with a net profit attributable to the parent company of 134.18 million yuan[7] Revenue Drivers - The significant increase in revenue is attributed to the recovery in demand for consumer electronics, particularly in the OLED display materials segment, and growth in the pharmaceutical sector[8] Operational Focus - The company is focused on improving operational efficiency and reducing costs through process optimization and better management systems[8] Financial Reporting and Risks - The financial data provided in the performance forecast has not been audited by an accounting firm and is based on preliminary calculations by the company's finance department[9] - There are currently no major uncertainties that could affect the accuracy of the performance forecast[9] - The official financial data will be disclosed in the company's formal 2024 annual report, and investors are advised to be aware of investment risks[9]

关于西安瑞联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 地址：上海市浦东新区杨高南路 729 号陆家嘴世纪金融广场 1 号楼 4002-4003 室 Address: Suite 4002-4003, Tower 1, Lujiazui Century Financial Plaza, No.729 South Yanggao Road, Pudong New District, Shanghai 200127, P.R.C. 电话(Tel): (86 21) 61060889/传真(Fax): (86 21) 61600890 网址 Web: www.junzejun.com 北京市君泽君(上海)律师事务所 关于西安瑞联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：西安瑞联新材料股份有限公司 西安瑞联新材料股份有限公司(下称"公司")2025 年第一次临时股东大会(下称"本 次股东大会")于 2025 年 1 月 22 日召开，本次股东大会采取现场投票与网络投票相结 合的表决方式。北京市君泽君(上海)律师事务所(下称"本所")接受公司的委托，指派 施潇勇律师、林达 ...

证券代码：688550 证券简称：瑞联新材 公告编号：2025-007 西安瑞联新材料股份有限公司 （四） 表决方式是否符合《公司法》及公司章程的规定，大会主持情况等。 本次会议由董事长刘晓春先生主持，会议的召集、召开及表决方式符合《公 （一） 股东大会召开的时间：2025 年 1 月 22 日 （二） 股东大会召开的地点：陕西省西安市高新区锦业二路副 71 号 2025 年第一次临时股东大会决议公告 本公司董事会及全体董事保证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： 本次会议是否有被否决议案：无 一、 会议召开和出席情况 （三） 出席会议的普通股股东、特别表决权股东、恢复表决权的优先股股东及 其持有表决权数量的情况： | 1、出席会议的股东和代理人人数 | 91 | | --- | --- | | 普通股股东人数 | 91 | | 2、出席会议的股东所持有的表决权数量 | 57,417,805 | | 普通股股东所持有表决权数量 | 57,417,805 | | 3、出席会议的股东所持有表决权数量占公司表决权数量的 | 33. ...

Investment Rating - The report initiates coverage with a rating of "Buy" for the company [2][9]. Core Views - The company leverages its strong chemical synthesis and process scaling capabilities to create a diversified platform for customized new materials, expanding its business from liquid crystal displays to OLED materials, pharmaceuticals, photoresists, and polyimide [6][8][20]. - The expected net profits for 2024-2026 are projected to be CNY 242 million, CNY 329 million, and CNY 412 million respectively, with corresponding P/E ratios of 23, 17, and 13 [6][9]. - The company is positioned to benefit from the recovery in the display materials sector, particularly in OLED materials, which are expected to see significant growth due to increasing penetration rates and demand from the consumer electronics market [10][46]. Summary by Sections 1. Strong Chemical Synthesis and Process Scaling - The company started with liquid crystal materials and has diversified into various sectors, including OLED materials and pharmaceuticals, utilizing its core organic synthesis and purification technologies [20][21]. - It has established itself as a strategic supplier for major international companies in the liquid crystal and OLED sectors, with a robust product pipeline [22][30]. 2. Display Industry Recovery - The display materials segment is expected to recover steadily, with OLED materials showing rapid growth due to increased market demand and technological advancements [46][48]. - The company is well-positioned to capitalize on the domestic LCD market's growth, which has seen a significant shift towards local suppliers [50][54]. 3. Pharmaceutical CDMO Business - The company is expanding its CDMO business by integrating intermediate and active pharmaceutical ingredients, with a strong pipeline of over 200 products [22][30]. - Collaborations with international pharmaceutical companies enhance its market presence and growth potential in the pharmaceutical sector [22][30]. 4. Platform Development in Electronic Materials - The company has been developing semiconductor photoresists and other electronic materials since 2015, with new products expected to enter the market and drive growth [11][20]. - The platform approach is anticipated to yield significant growth opportunities as new products gain traction in the market [11][20]. 5. Financial Projections and Valuation - The company is projected to achieve total revenues of CNY 1.49 billion, CNY 1.82 billion, and CNY 2.14 billion for 2024, 2025, and 2026 respectively, with corresponding growth rates of 23.3%, 22.3%, and 17.6% [7][9]. - The average P/E ratio of comparable companies is estimated at 22X for 2025, while the company is expected to have a P/E of 17X in 2024, indicating a favorable valuation [6][9].