Group 1 - The stock of Ruian New Materials (688550) has a comprehensive score of 54.34, indicating a strong performance [1] - The main cost analysis shows the following prices: current main cost at 42.58 CNY, 5-day main cost at 42.51 CNY, 20-day main cost at 42.40 CNY, and 60-day main cost at 39.47 CNY [1] - There have been no instances of the stock hitting the upper or lower limits in the past year [1] Group 2 - The short-term pressure level is at 43.01 CNY, while the short-term support level is at 42.00 CNY [2] - The mid-term pressure level is at 44.35 CNY, and the mid-term support level is at 41.14 CNY [2] - The current short-term and mid-term trends are unclear, awaiting direction from main funds [2][3] Group 3 - On July 1, 2025, the net outflow of main funds was 13.41 million CNY, accounting for 13% of the total transaction amount [2] - Large orders saw a net outflow of 12.97 million CNY, while retail investors experienced a net inflow of 259,600 CNY [2] - The stock is associated with sectors such as electronic chemicals (1.91%), photolithography (1.59%), new materials (0.79%), and OLED (0.68%) [2] Group 4 - The latest financial data shows earnings per share at 0.26 CNY and operating profit at 51 million CNY [2] - The sales gross margin is reported at 42.481%, with a net profit of approximately 45.63 million CNY [2][3]

Core Viewpoint - Xi'an Ruilian New Materials Co., Ltd. has shown significant growth in overseas sales and gross profit margins, driven by favorable market conditions in the display materials, pharmaceutical CDMO, and electronic materials industries [1][4][5]. Group 1: Revenue and Gross Margin - In 2024, the company's overseas sales revenue reached 914 million yuan, a year-on-year increase of 13.70%, accounting for 62.68% of total revenue, while domestic sales revenue was 544 million yuan [1][2]. - The gross profit margins for overseas and domestic sales were 49.10% and 35.95%, respectively, indicating a substantial increase in overall profitability [1][8]. - The increase in gross profit margin is attributed to a higher proportion of high-value products sold in the display materials segment and a decrease in unit costs due to optimized production processes [8][7]. Group 2: Industry Development and Market Demand - The display industry is experiencing a recovery in demand, with global display panel shipments expected to grow by 6% in 2024, reaching a market size of approximately 133.8 billion USD [4]. - The pharmaceutical CDMO industry is expanding rapidly, driven by increasing healthcare demands and an aging population, with China's market share projected to grow significantly [5]. - The electronic materials sector is also rebounding, with the global semiconductor market expected to reach 620.2 billion USD in 2024, reflecting a year-on-year growth of about 17% [5]. Group 3: Customer Relationships and Sales Performance - The company has established stable relationships with major customers in both domestic and overseas markets, contributing to the significant increase in sales revenue [6][8]. - The top five domestic customers accounted for 82.67% of domestic sales, while the top five overseas customers accounted for 61.59% of overseas sales, indicating a concentrated customer base [2][6]. - The increase in sales to key overseas customers is attributed to the company's strong market position and strategic partnerships within the display materials sector [6][8]. Group 4: Investment and Future Prospects - The company has made a strategic investment of 76.3984 million yuan in a joint venture with DuPont Electronic Materials, focusing on OLED materials, which is expected to enhance its market position [10][12]. - The joint venture is anticipated to benefit from the growing demand for OLED materials in the display industry, aligning with the company's core business strategy [12][15]. - The investment is supported by thorough due diligence and valuation assessments, ensuring that the pricing is fair and aligns with market conditions [15][19].

Core Viewpoint - Xi'an Ruilian New Materials Co., Ltd. received an inquiry letter from the Shanghai Stock Exchange regarding its 2024 annual report, prompting the company to provide detailed responses about its financial performance and customer relationships [1]. Financial Performance - The company's total revenue for 2024 reached 145.87 million yuan, representing a year-on-year increase of 13.70%, with domestic sales accounting for 54.44 million yuan [2][3]. - The gross profit margins for overseas and domestic sales were 49.10% and 35.95%, respectively, both showing year-on-year increases [2][3]. Customer Analysis - The top five domestic customers contributed significantly to the revenue, with a total of 45.00 million yuan in sales, marking a 44.83% increase from the previous year [2]. - The overseas sales revenue saw a substantial increase, attributed to the recovery in the display materials market and rising downstream demand [3][4]. Industry Trends - The display industry is experiencing a rebound, with a projected global display panel shipment area of approximately 263 million square meters in 2024, a 6% year-on-year increase, and a market size of about 133.8 billion USD, up 13% [4][5]. - The pharmaceutical CDMO industry is expanding rapidly, driven by increasing healthcare demands and an aging population, with expectations for China's CDMO market share to grow significantly by 2025 [6]. Product and Cost Analysis - The company reported a significant increase in gross profit margins due to improved product mix and cost reductions, particularly in the display materials segment, which saw a gross margin increase of 9.02 percentage points [8][11]. - The unit cost of display materials decreased by 7.97%, contributing to the overall improvement in gross margins [10][12]. Investment and Partnership Developments - The company is involved in a joint venture with the Japanese company Idemitsu, focusing on OLED materials, with significant progress reported in customer transfers and patent licensing [15][16]. - The financial performance of the joint venture, Idemitsu Electronic Materials (China), showed a substantial increase in revenue and net profit in the first quarter of 2025 compared to the previous year [17].

国泰海通证券股份有限公司 关于西安瑞联新材料股份有限公司 2024年年报问询函回复的核查意见 西安瑞联新材料股份有限公司（以下简称"瑞联新材"或"公司"）于 2025 年 6 月 4 日收到上海证券交易所下发的《关于西安瑞联新材料股份有限公司 2024 年年度报告的信息披露监管问询函》（上证科创公函【2025】0225 号）（以下简 称"《年报问询函》"）。国泰海通证券股份有限公司（以下简称"国泰海通"或"保 荐机构"）作为瑞联新材的持续督导机构，现对《年报问询函》提及的相关问题 出具专项意见如下： 7.关于募投项目。根据年报和相关公告，公司终止"高端液晶显示材料生产 项目"和"科研检测中心项目"，剩余募集资金合计 21,865.15 万元仍存放于原募集 资金专用账户，未来公司将尽快寻找新项目，合理使用剩余募集资金。募投项目 "原料药项目"累计投入进度 47.59%，预定可使用状态日期为 2025 年上半年。请 公司：（1）说明原项目终止后新项目的选定情况，预计立项时点等；（2）补充截 至目前，"原料药项目"最新的进展状态，是否符合募集资金使用计划和募集资金 使用制度的相关规定。请持续督导机构对问题 7 发表 ...

关于西安瑞联新材料股份有限公司 2024 年年度报告的信息披露监管问询函 的专项说明 贵所于 2025 年 6 月 4 日出具的《关于西安瑞联新材料股份有限公司 2024 年年度报告的信息披露监管问询函》（上证科创公函【2025】0225 号）（以下简 称"年报监管函"）已收悉。致同会计师事务所（特殊普通合伙）（以下简称 "致 同""我们"）对西安瑞联新材料股份有限公司（以下简称"瑞联新材"、"公司"） 相关资料进行了核查，现做专项说明如下： 1 致同会计师事务所（特殊普通合伙） 致同会计师事务所（特殊普通合伙） 中国北京朝阳区建国门外大街 22 号 赛特广场 5 层邮编 100004 电话 +86 10 8566 5588 传真 +86 10 8566 5120 www.grantthornton.cn 致同会计师事务所（特殊普通合伙） 中国北京朝阳区建国门外大街 22 号 赛特广场 5 层邮编 100004 电话 +86 10 8566 5588 传真 +86 10 8566 5120 www.grantthornton.cn 关于西安瑞联新材料股份有限公司 2024年年度报告的信息披露监管问询函的专项说 ...

证券代码：688550 证券简称：瑞联新材 公告编号：2025-059 西安瑞联新材料股份有限公司 关于 2024 年年度报告的信息披露监管问询函 的回复公告 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。 西安瑞联新材料股份有限公司（以下简称"瑞联新材"或"公司"）于近日 收到上海证券交易所下发的《关于西安瑞联新材料股份有限公司的定期报告信息 披露监管问询函》（上证科创公函【2025】0225 号）（以下简称《年报问询函》）。 按照《年报问询函》的要求，公司与致同会计师事务所（特殊普通合伙）和国泰 海通证券股份有限公司对《年报问询函》所列事项进行了逐项落实，现就《年报 问询函》所涉及问题回复如下： 本回复中若出现总计数尾数与所列数值总和尾数不符的情况，均为四舍五入 所致；如无特别说明，本回复中使用的简称或名词的释义与公司《2024 年年度 报告》一致。同时，根据《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》《信息披露暂缓与豁免事务管理制度》等有关规定，基于商业 秘密保护的需求，公司对本回复中的客户信息 ...

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 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。 根据中国证券监督管理委员会、上海证券交易所、中国证券登记结算有限责 任公司上海分公司（以下简称"中国结算上海分公司"）相关业务规定，西安瑞 联新材料股份有限公司（以下简称"公司"）收到中国结算上海分公司于 2025 年 （以下简称"本次激励计划"）首次授予部分第一个归属期的股份登记工作。现 将有关情况公告如下： 一、本次激励计划已履行的决策程序和信息披露情况 （一）2024 年 5 月 10 日，公司召开第三届董事会 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 ensp=" ...

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]