Summary of Key Points from the Conference Call Industry and Company Overview - The conference call primarily discusses **Jinbo Co., Ltd.**, focusing on its developments in the **carbon-ceramic brake systems**, **silicon-based anodes**, **lithium battery materials**, and **photovoltaic sectors** [2][6][28]. Core Insights and Arguments Carbon-Ceramic Brake Systems - **Target Clients**: The company is a designated supplier for major automotive manufacturers including **Aion**, **Xiaomi**, and **BYD** [2][7]. - **Sales Forecast**: Expected sales for 2024 are between **20,000 to 30,000 vehicles**, with a gross margin of **20%+** and a net margin of **5-8%** [2][9]. - **Pricing**: The price for short fiber is **999 RMB**, while long fiber is priced at **2000+ RMB**. Each vehicle requires **four units** [2][11]. - **Revenue Projection**: Anticipated revenue from brake systems in 2025 is **3 billion RMB** [2][15]. - **Weight Reduction**: The carbon-ceramic brake discs can reduce vehicle weight by **40-50 kg** [13]. - **Cost Reduction Potential**: If production scales to **one million vehicles**, costs could potentially decrease by **30-40%** [14]. Silicon-Based Anodes - **Ownership**: The company holds a **4% stake** in **Jinsilicon**, which is a major supplier for precursor materials [3][16]. - **Development Status**: The company is developing porous carbon materials and has completed initial samples using petroleum coke, with ongoing validations for asphalt-based and resin-based materials [3][18]. Lithium Battery Materials - **Graphite Processing**: The company plans to ship **30,000 tons** of processed graphite in the coming year, with a selling price of **8000 RMB per ton** [4][27]. - **Thermal Field Materials**: The company has begun bulk deliveries of thermal field materials, with a projected capacity of **20,000 to 40,000 tons** and a selling price of **10,000 RMB per ton** [4][25]. - **Market Potential**: The market for thermal field materials is estimated at **5 billion RMB** annually [26]. Photovoltaic Sector - **Profitability Concerns**: The photovoltaic segment is currently not very profitable, with an expected revenue contribution of **50%** in the coming year [5][30]. - **Operational Challenges**: The sector faces weak downstream demand and low operational rates, impacting profitability [28][29]. Other Important Insights - **Future Planning**: The company aims to optimize its customer structure without overly pursuing market share [32]. - **Profitability Outlook**: The company anticipates being profitable in the next year without considering subsidies, despite not receiving expected subsidies this year [5][31]. This summary encapsulates the key points discussed in the conference call, highlighting the company's strategic focus areas, financial projections, and market dynamics.

Group 1: Company Overview - The company is Hunan Jinbo Carbon Co., Ltd., with stock code 688598 and abbreviation Jinbo Shares [1] - The company focuses on carbon materials, particularly in the fields of lithium batteries and carbon-ceramic brake discs [3][5] Group 2: Key Projects and Developments - Jinbo's subsidiary, Jin Si Technology, specializes in high-performance lithium battery anode materials, including silicon-based products [3] - Jin Si Technology has achieved significant progress in silicon-oxygen and silicon-carbon projects, with products certified by major downstream customers [4] - The company is developing porous carbon materials to enhance the capacity and stability of silicon-carbon anodes [4][6] Group 3: Market Position and Collaborations - Jinbo has established partnerships with several well-known battery manufacturers and is actively engaging with multiple automotive companies for carbon-ceramic brake disc projects [5] - The company has received notices of designated supply from brands like BYD and GAC Aion, with mass deliveries already initiated [5] Group 4: Future Plans and Innovations - Jinbo aims to expand its application of carbon-based composite materials across various sectors, including photovoltaics, semiconductors, and hydrogen energy [6] - The company maintains a high R&D investment ratio to foster innovation and enhance product performance, quality, and added value [6] Group 5: Risk Management - The company emphasizes that discussions regarding external environment assessments and future plans do not constitute binding commitments to investors [7] - Investors are advised to refer to official announcements on the Shanghai Stock Exchange for accurate company information [7]

金博股份：参股公司金硅科技硅基负极系列产品已形成批量供货 财联社11月20日电，金博股份在投资 者关系活动记录表中披露，参股公司金硅科技的硅基负极系列产品，包括氧化亚硅、新型硅碳等，已通 过下游负极材料主流客户的认证，形成批量供货，并成为多家知名电池材料厂商的重要合作伙伴。 此外，公司已完成石油焦基多孔碳等系列产品的中试化开发，相关产品处于下游客户验证阶段，同时正 布局开发沥青基与树脂基多孔碳产品。 在碳陶制动盘业务方面，公司已获得比亚迪、广汽埃安等多家品牌车企的定点通知书，并已实现长纤碳 陶制动盘的批量交付。 未来，公司将继续加大研发投入，加快研发成果转换步伐，提升产品性能和品质。 查看公告原文 ...

Key Points Industry/Company Involved - **Company**: Jinbo Stock Co., Ltd. - **Industry**: Solid-state battery technology, carbon materials, and thermal field solutions for photovoltaic and lithium battery industries. Core Views and Arguments - **Silicon Carbon Silicon-based Products**: - Company has accumulated experience in silicon oxide and silicon carbon through its participation in Jin Si Technology. - Currently, the company is focusing on the development of porous carbon and silicon alkane, with pilot production and capacity expansion underway. - The company has invested in 3600 tons of porous carbon capacity and has预留 3600 tons for future expansion. - [2] - **Silicon Oxide**: - The company is one of the largest suppliers of silicon oxide precursors to Bettery. - The company's silicon oxide products have advantages in cost and performance compared to competitors. - The company plans to double its silicon oxide capacity next year. - [3] - **Silicon Carbon**: - The company is focusing on the development of porous carbon for silicon carbon, with three major systems: petroleum coke-based, asphalt-based, and resin-based. - The company has advantages in porous carbon compared to other manufacturers. - The company plans to disclose detailed plans for capacity and customers at a later stage. - [4] - **Porous Carbon**: - The company plans to balance the development of porous carbon in petroleum coke, asphalt, and resin, with a focus on asphalt-based due to its performance and cost advantages. - The company plans to increase its porous carbon capacity to 7000-7200 tons. - [5][8] - **Carbon Ceramic Brake Discs**: - The company's carbon ceramic brake disc business has attracted interest from many car manufacturers, including BYD, Xiaomi, Xpeng, and GAC Aion. - The company is also exploring the European and American markets. - [9] - **Traditional Business**: - The company's traditional photovoltaic thermal field business will account for less than 1/3 of the group's business in the future. - The lithium battery thermal field business and carbon ceramic brake disc business are expected to account for more than 1/3. - [10] - **Research and Development**: - The company is continuously investing in research and development, including high thermal conductivity carbon, high electrical conductivity carbon, and other research. - [11] - **Silicon-based Anode and Porous Carbon in Solid-state Batteries**: - The company believes that silicon carbon anodes will experience explosive growth when the cost is reduced to a certain degree. - The company expects the application of silicon carbon anodes in solid-state batteries to be realized in the next 1-2 years. - [15] Other Important Content - The company is actively seeking partnerships with battery manufacturers for testing and verification of its products. - The company is planning to expand its market share in the European and American markets. - The company is continuously improving its products and technologies to maintain its competitive advantage in the market. - [6][7][12][16][17]

Investment Rating - The report maintains a "Buy" rating for Jinbo Co Ltd (688598 SH) [3] Core Views - Jinbo Co Ltd reported a significant YoY decline in revenue and net profit for Q3 2024 and the first three quarters of 2024 [4] - The company's performance was pressured by reduced demand and price cuts for its thermal field system products due to low customer utilization rates [5] - Jinbo Co Ltd is optimizing its customer structure and reducing production costs through technological improvements and collaborative innovation [6] - The company's new carbon-based composite material products have passed customer verification and are expected to strengthen its leading position in the photovoltaic thermal field materials sector [6] - Jinbo Co Ltd's lithium battery thermal field series products have been successfully applied in its lithium battery anode integrated demonstration line and are being delivered to customers [6] Financial Performance - Q3 2024 revenue decreased by 64 10% YoY to 97 million yuan [4] - Q1-3 2024 revenue declined by 49 81% YoY to 440 million yuan [4] - Q3 2024 net profit attributable to the parent company was -43 million yuan, a 248 28% YoY decrease [4] - Q1-3 2024 net profit attributable to the parent company was -146 million yuan, a 146 79% YoY decline [4] - Q3 2024 gross margin was -30 12%, and Q1-3 2024 gross margin was -6 83% [5] - Q3 2024 net profit margin was -43 63%, and Q1-3 2024 net profit margin was -32 92% [5] Industry Outlook - The photovoltaic industry is expected to maintain high growth, with global new PV installations projected to reach 520GW in 2024, a 25%+ YoY increase [6] - Domestic PV installations in China are expected to reach 250GW in 2024, with non-European and American overseas markets growing at 50%+ [6] - The industry is expected to continue growing in 2025, with overseas markets benefiting from cost reductions and interest rate cuts, potentially achieving 30% growth [6] - The profitability of the main chain and auxiliary materials is at a clear bottom, with some companies considering price increases [6] Company Data - Current stock price: 27 29 yuan [7] - Total shares: 204 16 million [7] - Net asset value per share: 28 64 yuan [7] - 12-month high/low stock price: 91 28/14 64 yuan [7]

Investment Rating - The investment rating for the company is "Outperform the Market" [1] Core Views - The company continues to face pressure on profitability, with Q3 2024 revenue at 0.97 billion yuan, down 64% year-on-year and 31% quarter-on-quarter. The net profit attributable to the parent company was -0.43 billion yuan, a year-on-year decline of 248%, but a reduction in losses compared to the previous quarter [5] - The company is actively responding to industry changes in the photovoltaic sector, maintaining its leading position despite a decline in gross margin due to inventory adjustments and reduced operating rates among downstream customers. The company is implementing cost reduction measures and optimizing its customer base to adapt to market changes [5] - The company has successfully developed and mass-produced high-temperature thermal field products for lithium battery anode materials, achieving industry-leading performance levels. The products are currently being validated by several downstream customers [6] - The company is exploring the semiconductor field, providing domestic alternatives for thermal field and insulation materials, with some products already in small-scale delivery [6] Financial Summary - The company is expected to have net profits of 0.29 billion yuan, 1.86 billion yuan, and 2.86 billion yuan for 2024, 2025, and 2026 respectively, reflecting a year-on-year decline of 85.8% in 2024, followed by significant growth in subsequent years [7] - Revenue projections for 2024, 2025, and 2026 are 1.836 billion yuan, 2.295 billion yuan, and 2.937 billion yuan, respectively, indicating a recovery after a 26.1% decline in 2023 [8] - The company's gross margin is projected to be 3.8% in 2024, improving to 11.0% in 2025 and 12.0% in 2026 [10]

二、修订《公司章程》情况 证券代码：688598 证券简称：金博股份 公告编号：2024-055 湖南金博碳素股份有限公司 关于变更注册资本及修订《公司章程》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。 湖南金博碳素股份有限公司（以下简称"公司"）于 2024 年 10 月 29 日召 开第三届董事会第二十六次会议，审议通过了《关于变更注册资本及修订<公司 章程>的议案》，现将有关情况公告如下： 一、变更注册资本情况 基于公司注册资本及总股本的变更情况，根据《上市公司章程指引》《上 海证券交易所科创板股票上市规则》等法律、法规和规范性文件的相关规定， 公司董事会拟对《湖南金博碳素股份有限公司章程》（以下简称"《公司章 程》"）进行修订，具体修订内容如下： 《公司章程》修订对照表 公司于 2024 年 7 月 18 日、2024 年 8 月 6 日分别召开第三届董事会第二十 四次会议、2024 年第二次临时股东大会，审议通过了《关于以集中竞价交易方 式回购股份预案的议案》，同意公司以自有资金通过上海证券交易所交易系 ...

湖南金博碳素股份有限公司 章程 第一条 为维护湖南金博碳素股份有限公司（以下简称"公司"）、股东 和债权人的合法权益，规范公司的组织和行为，根据《中华人民共和国公司法》 （以下简称"《公司法》"）、《中华人民共和国证券法》（以下简称"《证 券法》"）和其他有关规定，制订本章程。 二零二四年十月 第二条 公司系依照《公司法》和其他有关规定成立的股份有限公司。公 司由湖南金博复合材料科技有限公司整体变更发起设立，在益阳市市场监督管 理局注册登记，取得营业执照，营业执照号为 91430900774485857L。 | 第一章 | | 总则 2 | | --- | --- | --- | | 第二章 | | 经营宗旨和范围 3 | | 第三章 | | 股份 3 | | 第一节 | | 股份发行 3 | | 第二节 | | 股份增减和回购 4 | | 第三节 | | 股份转让 6 | | 第四章 | | 股东和股东大会 7 | | 第一节 | 股东 | 7 | | 第二节 | | 股东大会的一般规定 10 | | 第三节 | | 股东大会的召集 14 | | 第四节 | | 股东大会的提案与通知 15 | | 第五节 ...

Financial Performance - Revenue for the third quarter was ¥97,326,976.95, a decrease of 64.10% compared to the same period last year[2] - Net profit attributable to shareholders was -¥42,751,563.60, representing a decline of 248.28% year-over-year[2] - The net profit attributable to shareholders after deducting non-recurring gains and losses was -¥54,662,793.35, a decrease of 6,427.84% compared to the previous year[2] - Total operating revenue for the first three quarters of 2024 was CNY 440,483,015.66, a decrease of 49.9% compared to CNY 877,664,514.67 in the same period of 2023[17] - The company's net loss for the first three quarters of 2024 was CNY -179,616,621.33, compared to a profit of CNY 322,774,000.85 in the same period of 2023[17] - The total profit for the first three quarters of 2024 is -181,974,451.97 RMB, a significant decline from 356,711,945.94 RMB in the same period of 2023, representing a decrease of approximately 151%[18] - The net profit attributable to shareholders of the parent company is -145,928,596.31 RMB, compared to 311,911,619.29 RMB in the previous year, marking a decline of about 146%[19] - The basic earnings per share for the first three quarters of 2024 is -0.71 RMB, down from 1.51 RMB in the same period of 2023[19] Assets and Liabilities - Total assets at the end of the reporting period were ¥6,719,215,201.89, down 6.17% from the end of the previous year[4] - Non-current assets totaled CNY 4,093,792,542.03 as of September 30, 2024, an increase of 9.5% from CNY 3,738,360,299.16 at the end of 2023[16] - Total liabilities decreased to CNY 865,806,527.24 from CNY 1,097,542,392.12, a reduction of 21.0%[16] - The company's total equity as of September 30, 2024, was CNY 5,853,408,674.65, down from CNY 6,063,601,573.01 at the end of 2023, reflecting a decrease of 3.5%[16] - Total assets as of September 30, 2024, were CNY 6,705,359,903.92, down from CNY 7,070,530,426.56 at the end of 2023, representing a decrease of 5.15%[23] - Total liabilities decreased to CNY 833,659,668.32 from CNY 997,918,817.15, a reduction of 16.43%[23] Cash Flow - Cash flow from operating activities for the year-to-date was -¥9,445,657.07, a decrease of 104.79% compared to the previous year[2] - Cash flow from operating activities shows a net outflow of -9,445,657.07 RMB, a stark contrast to a net inflow of 197,322,785.70 RMB in the previous year[20] - The net cash flow from financing activities is -144,912,259.49 RMB, a decline from a positive net cash flow of 106,733,877.12 RMB in the same period of 2023[21] - The total cash inflow from investment activities is 3,744,696,508.97 RMB, down from 4,512,199,398.42 RMB in the same period of 2023[20] - Cash inflow from investment activities decreased to 2,409,412,672.96 RMB in 2024 from 3,663,644,940.07 RMB in 2023, reflecting a decline of approximately 34.2%[28] - The cash and cash equivalents at the end of the period stand at 188,767,206.87 RMB, down from 239,877,551.02 RMB at the end of the same period in 2023[21] - The cash and cash equivalents at the end of the third quarter of 2024 stand at 132,645,280.48 RMB, down from 174,780,263.95 RMB at the end of the same period in 2023[29] Research and Development - R&D investment totaled ¥14,141,200.45 in the current period, a decrease of 58.40% year-over-year[4] - The proportion of R&D investment to revenue was 14.53%, an increase of 1.99 percentage points compared to the same period last year[4] - Research and development expenses for the first three quarters of 2024 amounted to CNY 78,363,239.28, a decrease of 30.9% from CNY 113,552,687.46 in 2023[17] - The company reported a significant increase in research and development expenses, totaling CNY 67,556,457.38 in 2024, compared to CNY 96,875,313.06 in 2023, indicating a focus on innovation despite financial losses[25] Shareholder Information - The total number of common shareholders at the end of the reporting period is 13,219[8] - The largest shareholder, Liao Jiqiao, holds 24,481,962 shares, accounting for 11.99% of the total shares[10] - The total number of shares held by the top ten shareholders includes significant stakes from various investment funds, with the top two shareholders holding a combined total of 31,181,969 shares[10] - The company has not reported any significant changes in shareholder relationships or actions regarding margin trading and securities lending[11] Operational Insights - There are no significant reminders or additional important information regarding the company's operational situation during the reporting period[13] - The company reported a decrease in sales revenue from 480,406,356.92 RMB to 391,174,593.64 RMB, reflecting a decline of approximately 18.6%[20] - The company reported a decrease in cash received from sales of goods and services, totaling 385,034,193.96 RMB in 2024, compared to 476,855,307.55 RMB in 2023, a decline of approximately 19.2%[28]

Group 1: Growth Drivers and Market Strategy - The company identifies five main growth drivers: photovoltaic, semiconductor, transportation, hydrogen energy, and lithium battery sectors, focusing on product replacement cycles [2][3] - The company aims to enhance its carbon material industrialization strategy, emphasizing quality improvement, cost reduction, and efficiency enhancement [3] - The replacement cycles for photovoltaic thermal field components vary, with crucibles and heaters needing replacement approximately every 6 months, while insulation and guide tubes require replacement every 18 months [3] Group 2: Product Development and Market Position - The company is developing new carbon-based composite materials for photovoltaic applications, which have passed customer verification and meet energy-saving requirements [3] - In the semiconductor sector, the company has begun small-scale deliveries of ultra-pure insulation materials, providing domestic alternatives to imported products [3][4] - The company has established partnerships with commercial vehicle manufacturers for the development of carbon/ceramic brake discs, aligning with lightweight trends [4] Group 3: Hydrogen and Lithium Battery Initiatives - The company is actively investing in hydrogen energy, focusing on hydrogen production, storage (70MPa IV type hydrogen storage bottles), and usage [4] - The company has successfully developed and mass-produced carbon/carbon crucibles and other materials for lithium battery production, achieving industry-leading performance metrics [5] - The company is currently supplying several domestic anode/cathode material manufacturers and is in the product verification stage with additional clients [5] Group 4: Financial Performance and Share Buyback - Since April 2022, the company has completed 6 share buybacks, acquiring a total of 3.960146 million shares for a total amount of 41.2365 million yuan, with 2.225184 million shares being canceled [5] - The company remains committed to timely information disclosure regarding any new buyback plans in accordance with legal regulations [5]