湖南金博碳素股份有限公司 章程 第一章 总则 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、 职工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。 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。 第三条 公司于 2020 年 4 月 15 日经中国证券监督管理委员会同意，首次向 公众发行人民币普通股 2,000 万股，并于 2020 年 5 月 18 日在上海证券交易所（以 下简称"上交所"）科创板上市。 第四条 公司注册名称： 中文名称：湖南金博碳素股份有限公司 英文名称：KBC Corporation，Ltd. 二零二五年十月 | 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 ...

Core Viewpoint - Jinbo Co., Ltd. has completed the stock grant registration for its 2025 restricted stock incentive plan on October 17, 2025, indicating a strategic move to incentivize employees and align their interests with shareholders [1] Summary by Categories Stock Grant Details - The first category of restricted stock has a registration date of October 17, 2025 [1] - A total of 3.9975 million shares have been registered, with 582,300 shares sourced from the company's repurchase of its own A-shares in the secondary market and 3.4152 million shares issued to incentive targets [1]

证券代码：688598 证券简称：金博股份 公告编号：2025-066 湖南金博碳素股份有限公司 关于 2025 年限制性股票激励计划授予结果公告 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： 第一类限制性股票登记日：2025 年 10 月 17 日 第一类限制性股票登记数量：399.75 万股，其中 58.23 万股来源于湖 南金博碳素股份有限公司（以下简称"公司"或"本公司"）从二级市场回 购的本公司 A 股普通股股票，341.52 万股来源于公司向激励对象定向发行的 本公司 A 股普通股股票。 根据中国证券监督管理委员会《上市公司股权激励管理办法》、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"）的有关规定，公司已于 2025 年 10 月 17 日在中国结算上海分公 司办理完成公司 2025 年限制性股票激励计划（以下简称"本激励计划"）的 股票授予登记工作，现将相关事项公告如下： 一、限制性股票授予情况 （一）限制性股票的授予情况 2025 年 8 月 ...

证券代码：688598 证券简称：金博股份 公告编号：2025-065 本次授予 139 名激励对象共计 399.75 万股限制性股票，其中 58.23 万股 来源于公司从二级市场回购的本公司 A 股普通股股票，341.52 万股来源于公 司向激励对象定向发行的本公司 A 股普通股股票。经公司与上海证券交易所 和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"）确认，上述本激励计划已授予的来源于二级市场回购的本公司 A 股 普通股股票 58.23 万股，股份性质将由无限售条件流通股变更为有限售条件流 通股。公司股本结构变更情况如下： 关于股份性质变更暨 2025 年限制性股票激励计划股份授予 的进展公告 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"）2025 年限制性股票激 励计划（以下简称"本激励计划"）规定的限制性股票授予条件已经成就。 根据公司 2025 年第三次临时股东大会授权，公司于 2025 年 8 月 28 日分别召 开了第四届董事会薪酬与 ...

Core Viewpoint - The carbon fiber industry is experiencing a recovery phase, marked by significant revenue growth among leading companies and increased investment in production capacity and technology upgrades [4][8]. Industry Performance - The carbon fiber sector has shown a strong performance in 2025, with notable increases in stock prices and revenue for key players. For instance, Zhongjian Technology reported a revenue of 464 million yuan, up 59.46% year-on-year, while Jilin Chemical Fiber's carbon fiber revenue surged by 368.31% to 443 million yuan [4]. - The overall industry is witnessing a recovery in operational rates, with the current operating rate at 61.52%, an increase of 10.02 percentage points since the beginning of the year [5]. Market Dynamics - The demand for carbon fiber is expanding into new applications, particularly in low-altitude economy, automotive, and consumer electronics sectors. Companies like Xiaomi and eVTOL are exploring carbon fiber applications in their products [5]. - The average price of mainstream carbon fiber models in East China has remained stable, with T300-12K priced at 85 yuan/kg as of August [5]. Application Growth - In aerospace, carbon fiber is increasingly utilized, with Boeing 787 using 50% carbon fiber composite materials and the C919 aircraft using approximately 12% [6]. - The automotive sector is projected to see a demand of about 10,000 tons of carbon fiber in 2024, increasing to 14,400 tons by 2025, driven by the rise of new energy vehicles [6]. Wind Power Sector - The wind power industry is also contributing to carbon fiber demand, with an expected global requirement of 44,000 tons in 2024, increasing to 80,000 tons by 2025. China is anticipated to consume about half of this demand [7]. Future Outlook - The carbon fiber industry is transitioning from a recovery phase to a period of steady growth, supported by stable prices, increased operational rates, and a shift in applications towards emerging markets [8].

Investment Rating - The report assigns a "Buy" rating for Jinbo Co., Ltd. (688598) as its initial coverage [2][3]. Core Insights - The report highlights that the growth of high-end electric vehicles is driving the rapid expansion of the carbon-ceramic business for Jinbo Co., Ltd. [1]. - The company is expected to see significant revenue growth from its carbon-ceramic brake discs and lithium battery anode materials, which are not fully reflected in the current market valuation [3]. - The report anticipates that the penetration rate of carbon-ceramic brake discs will increase significantly, with projected revenue growth rates of 169% and 27% for 2026 and 2027, respectively [3]. - Jinbo Co., Ltd. is positioned as a leading supplier of carbon-ceramic brake discs in China, benefiting from its comprehensive R&D and production capabilities [3]. Financial Data and Profit Forecast - The projected total revenue for Jinbo Co., Ltd. is expected to reach 1,819 million yuan in 2026, with a year-on-year growth rate of 78.9% [4]. - The net profit attributable to the parent company is forecasted to be 219 million yuan in 2026, marking a significant recovery from previous losses [4]. - The report indicates a projected PE ratio of 31.7x for 2026 and 19.0x for 2027, reflecting the anticipated growth in profitability [3][4]. Market Dynamics - The report notes that the market perception of Jinbo Co., Ltd. has been overly focused on its photovoltaic materials, underestimating its potential in the transportation and lithium battery sectors [3]. - The company is expected to benefit from the optimization of the photovoltaic industry landscape, which may support stable business performance amid a phase of industry consolidation [3]. - The report emphasizes the importance of cost reduction and local production in driving the adoption of carbon-ceramic brake discs, which are projected to penetrate a broader range of vehicle price segments [3].

Group 1 - The core viewpoint of the article emphasizes the development trends of carbon-ceramic brake discs, highlighting the need for lightweight, high-temperature resistance, and high performance in the automotive industry, particularly in the context of the rapid growth of electric vehicles in China [3][7][9] - The article discusses the significant growth in China's automotive market, with a projected 2024 global vehicle sales of 95.31 million units, of which 31.44 million will be in China, accounting for 33% of the total [3][4] - The penetration of carbon-ceramic brake discs in high-end vehicles is expected to accelerate, with the market for these components in China's new energy vehicles projected to reach between 7.3 billion and 11.5 billion yuan by 2026 [48][54] Group 2 - The article outlines the carbon-ceramic brake disc industry chain, which consists of upstream raw material supply, midstream manufacturing, and downstream applications, indicating a trend of rising domestic suppliers and increasing applications in the automotive sector [29][30] - The cost structure of carbon-ceramic brake discs is heavily influenced by raw materials, with carbon fiber being the largest single cost component, accounting for 40-70% of total costs [32][33] - The article highlights the increasing domestic production capacity of carbon fiber, which is expected to reach approximately 150,130 tons in 2024, representing 48.6% of global capacity [36][38] Group 3 - The article notes that the market for carbon-ceramic brake discs is expected to expand significantly, with a projected market space of around 2 billion USD for global aircraft applications by 2030 [48] - The penetration rate of carbon-ceramic brake discs in the passenger vehicle market is currently low, at about 1%, but is expected to rise sharply as more models incorporate these components [49][53] - The article identifies key players in the carbon-ceramic brake disc market, including both international leaders and emerging domestic companies, indicating a competitive landscape with significant growth potential [45][46]

Investment Rating - The report rates the carbon-ceramic brake disc industry as "Outperform" [2] Core Insights - The carbon-ceramic brake disc market is expected to reach a scale of approximately 7.3 to 11.5 billion yuan by 2026, driven by the demand for lightweight, intelligent, and high-end automotive solutions [2][6] - The industry is currently dominated by overseas companies like Brembo, but domestic manufacturers are rapidly breaking through technical barriers and entering the market [2][28] - The demand for carbon-ceramic brake discs is driven by three main factors: vehicle lightweighting, instant braking response, and the downscaling of high-end configurations to the 300,000 yuan market [2][6] Summary by Sections 1. Industry Trends - The lightweighting transformation in new energy vehicles presents new opportunities for carbon-ceramic composite materials, with China's automotive sales leading globally [6] - The market for new energy passenger vehicles is projected to exceed 15.38 million units in 2025, with a growth rate of 26% [6] 2. Market Size and Growth - The estimated market size for carbon-ceramic brake discs in China is projected to be between 7.3 to 11.5 billion yuan by 2026, marking the industry's transition from 0 to 1 in terms of volume [2][27] - The global market for aircraft carbon-ceramic brake discs is expected to reach approximately 2 billion USD by 2030 [2] 3. Supply Chain Dynamics - The supply chain for carbon-ceramic brake discs consists of upstream raw material supply, midstream manufacturing, and downstream automotive applications [28] - The cost structure indicates that raw materials account for over 40% of total costs, with carbon fiber being the largest single expense [31] 4. Investment Recommendations - The report suggests focusing on companies that establish a first-mover advantage in capacity expansion and customer acquisition, such as Jinbo Co., Tianyi New Materials, and Jinqilin [2][44] 5. Company Profiles - Jinbo Co. has established a production line capable of 400,000 brake discs and is collaborating with major electric vehicle manufacturers [44] - Tianyi New Materials is targeting mass production projects with leading new energy vehicle companies and has a planned capacity of 600,000 brake discs [44] - Jinqilin is primarily serving the aftermarket in China while also providing original equipment to international clients [44]

Core Insights - The company is focusing on the development of porous carbon materials for silicon-carbon anodes, addressing issues such as volume expansion and battery cycle stability during charge and discharge processes [1][2] - The company has completed iterations of various pitch-based porous carbon products and developed low-cost modified resin-based porous carbon products, which are currently being evaluated by downstream customers [1][2] - The demand for high energy density and super-fast charging in lithium batteries, semi-solid, and solid-state batteries is rapidly increasing, indicating a potential for porous carbon to be scaled into diverse applications [1] - The company emphasizes technological innovation and has established multiple research and innovation platforms to enhance the industrialization of advanced carbon-based materials [1] Product Development and Market Strategy - The company has significantly improved the conductivity, compressive strength, and electrochemical performance of pitch-based porous carbon products, offering a cost-performance advantage over resin-based alternatives [2] - The company has established strong customer relationships with leading silicon-carbon enterprises, providing customized porous carbon product solutions [2] - In the transportation sector, the company is implementing a dual strategy of "domestic deep cultivation + overseas breakthroughs" to expand market coverage and influence, focusing on the global automotive industry's upgrade and upcoming Euro 7 emission standards [2] Financial Performance - In the first half of 2025, the company achieved a revenue of 411 million yuan, a year-on-year increase of 19.69%, with transportation and lithium battery sectors contributing significantly to this growth [3] - Revenue from the transportation sector reached 102 million yuan, while the lithium battery sector generated 199 million yuan, with combined revenue from these new businesses growing by 305.35% and accounting for over 70% of total revenue [3] - The company's photovoltaic segment has seen a decline in revenue contribution from 59.87% in 2024 to below 30%, focusing on high-quality customers and reducing bad debt risks [3] - The company plans to continue expanding the application of carbon-based materials in transportation and lithium battery sectors through ongoing product innovation and market expansion [3]

证券代码：688598 证券简称：金博股份 公告编号：2025-064 湖南金博碳素股份有限公司 2025年第四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 | 140 | | --- | --- | | 普通股股东人数 | 140 | | 2、出席会议的股东所持有的表决权数量（股） | 27,859,628 | | 普通股股东所持有表决权数量（股） | 27,859,628 | | 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比例（%） | 13.6851 | | 普通股股东所持有表决权数量占公司表决权数量的比例（%） | 13.6851 | （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。 本次股东大会由湖南金博碳素股份有限公司（以下简称"公司"）董事会召 集，董事 ...