登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：688550 证券简称：瑞联新材公告编号：2025-081 西安瑞联新材料股份有限公司 关于持股5%以上股东权益变动触及1%刻度的提示性公告 股东宁波国富永钰创业投资合伙企业（有限合伙）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： ■ ■ 三、其他说明 1、本次权益变动为股东履行此前已披露的减持计划，具体内容详见公司于2025年6月4日在上海证券交 易所网站（www.sse.com.cn）披露的《持股5%以上股东减持股份计划公告》（公告编号：2025-055）。 截至本公告披露日，国富永钰累计减持股份4,128,900股，累计减持比例为2.38%，减持区间内前次减持 情况详见公司于2025年8月28日、2025年9月6日在上海证券交易所网站（www.sse.com.cn）披露的《关 于持股5%以上股东权益变动触及1%刻度的提示性公告》（公告编号：2025-079）、《关于持股5%以上 股东权益变动触及1%刻度的提示性公告》（公告编号： ...

证券代码：688550 证券简称：瑞联新材 公告编号：2025-081 西安瑞联新材料股份有限公司 关于持股 5%以上股东权益变动触及 1%刻度的 提示性公告 股东宁波国富永钰创业投资合伙企业（有限合伙）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 | 6.81% | | | | 权益变动后合计比例 | 5.87% | | | | 本次变动是否违反已作出的承 诺、意向、计划 | 是□ | 否☑ | | | 是否触发强制要约收购义务 | 是□ | 否☑ | | 3、一致行动人信息 上述减持主体无一致行动人。 二、 权益变动触及 1%刻度的基本情况 2025 年 9 月 16 日，西安瑞联新材料股份有限公司（下称"公司"）收到 公司持股 5%以上股东宁波国富永钰创业投资合伙企业（有限合伙）（下称"国 富永钰"）出具的关于权益变动情况的告知函，2025 年 9 月 8 ...

格隆汇9月16日丨瑞联新材(688550.SH)公布，2025年9月8日至2025年9月16日，国富永钰通过集中竞价 交易方式减持公司股份163.69万股，占公司总股本的比例为0.94%，国富永钰持有公司股份数量从 11,817,565股减少至10,180,665股，占公司总股本的比例从6.81%减少至5.87%，权益变动触及1%刻度。 ...

Investment Rating - The report maintains a "Positive" rating for the chemical industry [6][12]. 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 to remain at 2.8%, with stable oil demand, although the growth rate may slow due to tariff policies [6][7]. - The expectation of a Federal Reserve interest rate cut is likely to boost demand during the peak season of September and October. Additionally, the leakage incident of GFL R32 in India may enhance China's export opportunities [6][12]. - The report highlights the ongoing investigation into anti-dumping practices against imported semiconductor chips from the U.S., which may benefit domestic semiconductor materials [6][12]. Summary by Sections Macroeconomic Analysis - Oil supply is expected to increase significantly, driven by non-OPEC production, while demand remains stable despite potential slowdowns due to tariffs. Geopolitical factors, including U.S.-China tariff relief and the Russia-Ukraine situation, are influencing oil prices [6][7]. - Coal prices are anticipated to stabilize at a low level, and natural gas export facilities in the U.S. may accelerate, leading to lower import costs [6][7]. Chemical Sector Configuration - The report suggests a strategic focus on four areas: textile and apparel chain, agricultural chemicals, export chain, and sectors benefiting from "de-involution" policies. Specific companies are recommended for investment based on their market positions and growth potential [6][12]. Key Material Focus - Emphasis is placed on the importance of self-sufficiency in key materials, particularly in semiconductor and panel materials, with specific companies highlighted for their potential in these sectors [6][12]. Price Trends - Recent data indicates fluctuations in various chemical prices, with PTA prices down by 0.3% and MEG down by 2.0%. The report notes that the overall industrial product PPI has shown a year-on-year decline of 2.9% [12][13][16]. Company Valuations - A detailed valuation table is provided, showcasing various companies in the agricultural chemicals and chemical sectors, with ratings ranging from "Buy" to "Increase" based on their market performance and projected earnings [20].

Core Viewpoint - The domestic photoresist industry is experiencing a critical period of accelerated development, with leading companies showing impressive performance in revenue, profit, and technological advancements [4][5][6]. Group 1: Company Performance - Nanda Optoelectronics achieved a revenue of 1,228.87 million yuan in the first half of 2025, a year-on-year increase of 9.48%, and a net profit of 207.81 million yuan, up 16.30% [5][6]. - Tongcheng New Materials reported a revenue of 165.47 million yuan, a growth of 4.97%, with its semiconductor photoresist business growing over 50% for two consecutive years [6][8]. - Jingrui Electric Materials saw a revenue of 767.94 million yuan, a 10.68% increase, and a net profit of 69.75 million yuan, a significant increase of 1,501.66% [9][10]. - Shanghai Xinyang achieved a revenue of 896.65 million yuan, a growth of 35.67%, and a net profit of 133.31 million yuan, up 126.31% [11][12]. - Yongda Photosensitive reported a revenue of 506.30 million yuan, a 14.10% increase, but a net profit decline of 4.31% [13][14]. - Yake Technology's revenue reached approximately 4.29 billion yuan, a growth of 31.82%, with a net profit of 52.28 million yuan, up 0.63% [15][16]. - Dinglong Co., Ltd. reported a revenue of 1.73 billion yuan, a 14.00% increase, and a net profit of 311.04 million yuan, up 42.78% [17][18]. - Feikai Materials achieved a revenue of 146.23 million yuan, a 3.80% increase, and a net profit of 21.68 million yuan, up 80.45% [19][20]. - Bayi Shikong's revenue was 41.54 million yuan, a 10.63% increase, but net profit decreased by 37.90% [21][22]. - Ruilian New Materials reported a revenue of approximately 80.62 million yuan, a growth of 16%, and a net profit of about 16.61 million yuan, up 74% [23][24]. - Guangxin Materials achieved a revenue of 23.35 million yuan, a decrease of 10.38%, with a net profit decline of 51.38% [25][26]. - Huamao Technology reported a revenue of 1.11 billion yuan, a growth of 14.42%, and a net profit of 136.58 million yuan, up 3.21% [27][28]. - Jiuri New Materials saw a revenue of 71.35 million yuan, a decrease of 7.11%, with a net loss of 9.06 million yuan [29][30]. Group 2: Industry Trends - The photoresist industry is witnessing significant technological advancements, with many companies achieving breakthroughs in product development and production capacity [4][6][19]. - The domestic market is increasingly competitive, with companies focusing on R&D and expanding their product lines to meet the growing demand in semiconductor manufacturing [6][17][19]. - Companies are investing heavily in R&D, with some allocating over 13% of their revenue to develop advanced materials for integrated circuits and other applications [11][27].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company achieved a significant increase in revenue, with a total operating income of 806 million yuan in the first half of 2025, representing a year-on-year growth of 16.27% [4] - The pharmaceutical intermediate segment saw a remarkable revenue increase of 548.49% year-on-year, reaching 150 million yuan, with a gross margin of 70.63% [4] - The electronic materials business also experienced substantial growth, with a revenue increase of 431.76% year-on-year, amounting to 27 million yuan [4] - The company's net profit attributable to shareholders for the first half of 2025 was 166 million yuan, reflecting a year-on-year growth of 74.22% [5] Financial Performance - In Q2 2025, the company reported an operating income of 462 million yuan, which is a year-on-year increase of 26.54% and a quarter-on-quarter increase of 34.39% [6] - The net profit for Q2 2025 was 120 million yuan, showing a year-on-year increase of 97.48% and a quarter-on-quarter increase of 163.95% [6] - The company maintained a sales expense ratio of 2.26% in Q2 2025, down 1.13 percentage points year-on-year [6] Market Position and Growth Potential - The company has established itself as a strategic supplier in the global supply chain for major panel manufacturers, including Dupont, Merck, and LG Chem [7] - The semiconductor materials segment is expected to continue growing, with the global market for photolithography materials projected to reach 5.06 billion USD in 2025, a year-on-year growth of approximately 7% [8] - The company has submitted multiple applications for drug registration, indicating a strong pipeline in the pharmaceutical sector [8] Earnings Forecast - The company is projected to achieve operating revenues of 1.724 billion yuan, 2.068 billion yuan, and 2.516 billion yuan for the years 2025, 2026, and 2027, respectively [10] - The net profit attributable to shareholders is expected to be 339 million yuan, 403 million yuan, and 494 million yuan for the same years [10] - The price-to-earnings ratio (P/E) is forecasted to be 23, 20, and 16 for the years 2025, 2026, and 2027, respectively [10]

证券代码：688550 证券简称：瑞联新材 公告编号：2025-080 西安瑞联新材料股份有限公司 关于持股 5%以上股东权益变动触及 1%刻度的 提示性公告 股东宁波国富永钰创业投资合伙企业（有限合伙）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 | 7.81% | | | | 权益变动后合计比例 | 6.81% | | | | 本次变动是否违反已作出的承 诺、意向、计划 | 是□ | 否☑ | | | 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 1、身份类别 | | □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） ...

Core Viewpoint - Ruian New Materials (688550.SH) announced a significant equity change involving a major shareholder, Ningbo Guofu Yongyu Venture Capital Partnership, which reduced its stake in the company [1] Group 1 - The shareholder, Guofu Yongyu, sold 1,744,400 shares from August 28, 2025, to September 5, 2025, representing 1.00% of the total share capital [1] - Following the sale, Guofu Yongyu's total shareholding decreased from 13,561,965 shares to 11,817,565 shares, reducing its ownership percentage from 7.81% to 6.81% [1] - The equity change triggered a threshold of 1% [1]

Group 1 - The core viewpoint of the news is the performance and financial metrics of Xi'an Ruilian New Materials Co., Ltd., which saw a stock price increase of 5.1% to 46.15 CNY per share, with a total market capitalization of 8.011 billion CNY [1] - The company was established on April 15, 1999, and went public on September 2, 2020, focusing on the research, production, and sales of specialized organic new materials [1] - The main revenue composition of the company includes display materials at 77.97%, pharmaceutical intermediates at 18.63%, and other products at 3.41% [1] Group 2 - From the perspective of fund holdings, the Hongyi Yuanfang Fund has a significant position in Ruilian New Materials, with its mixed fund reducing its holdings by 6,500 shares, now holding 16,000 shares, which represents 1.82% of the fund's net value [2] - The fund, established on October 31, 2018, has a current scale of 31.9877 million CNY and has achieved a year-to-date return of 19.82%, ranking 3,123 out of 8,178 in its category [2] - Over the past year, the fund has seen a return of 43.79%, ranking 2,640 out of 7,978, and since its inception, it has achieved a return of 62.64% [2]

Core Insights - The report emphasizes that the chemical industry is entering a new phase of capital expenditure, with a focus on the rebalancing of supply and demand following the release of production capacity during the 14th Five-Year Plan period [2][6] - The report indicates that the bottom of the cycle is becoming clearer, with potential price increases for chemical products driven by demand recovery and supply stability in the second half of the year [2][6] Industry Overview - The current cycle has reached its tail end, with a total of 12 quarters of decline since Q3 2022, following a 7-quarter expansion from Q4 2020 to Q2 2022 [10][12] - The report outlines that the chemical industry has experienced three significant price fluctuation cycles since 2010, with the latest cycle characterized by a demand-driven recovery followed by a supply-side pressure [8][10] Investment Recommendations - The report suggests focusing on sectors with relatively low valuations, such as sucralose (recommended: Jinhe Industrial), pesticides (recommended: Yangnong Chemical, Runfeng Shares), and MDI (recommended: Wanhua Chemical) [3][4] - It highlights the importance of domestic demand in countering tariff impacts, recommending companies in refrigerants and fertilizers [3][4] - The report identifies investment opportunities in sectors with upcoming capacity releases, such as organic silicon (recommended: Xin'an Chemical) and spandex [3][4] Price and Profitability Trends - The report notes that many sub-industry product prices remain at historical lows, with specific prices for spandex, PA6, and other fibers at 0%, 4%, and 5% of historical levels respectively [28] - It mentions that the chemical industry has seen a slight recovery in profitability in Q1 2025, although the overall performance remains under pressure [27][25] Supply and Demand Dynamics - The report indicates that the global chemical capital expenditure is on a downward trend, with domestic companies experiencing a slowdown in investment while still facing significant pressure to convert projects into fixed assets [22][32] - It also states that both domestic and international markets are entering a replenishment phase in 2025, which may influence inventory levels and pricing strategies [35][36]