因原保荐代表人李鹏飞先生工作调动，不再负责公司的持续督导工作。为保 证持续督导工作的有序进行，中信建投现委派任云涛先生（简历附后）接替李鹏 飞先生的工作，继续履行公司向不特定对象发行可转换公司债券项目的持续督导 工作。 本次变更后，公司向不特定对象发行可转换公司债券持续督导保荐代表人为 沈谦先生和任云涛先生，持续督导期至中国证券监督管理委员会和上海证券交易 所规定的持续督导义务结束为止。公司董事会对李鹏飞先生在公司向不特定对象 发行可转换公司债券及持续督导期间所做的工作表示衷心的感谢！ 特此公告。 证券代码:688680 证券简称:海优新材 公告编号：2025-064 转债代码:118008 转债简称:海优转债 上海海优威新材料股份有限公司 关于变更持续督导保荐代表人的公告 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。 上海海优威新材料股份有限公司（以下简称"公司"）于近日收到中信建投证 券股份有限公司（以下简称"中信建投"）出具的《关于变更上海海优威新材料股 份有限公司向不特定对象发行可转换公司债券持续督导保荐代表人的 ...

Group 1 - The core point of the news is that Haiyou New Materials has seen a stock price increase of 5.09%, reaching 46.70 yuan per share, with a total market capitalization of 3.924 billion yuan [1] - The company, Shanghai Haiyouwei New Materials Co., Ltd., specializes in the research, production, and sales of special polymer films, with 86.75% of its main business revenue coming from the photovoltaic packaging materials sector [1] - The company is located in the China (Shanghai) Pilot Free Trade Zone and was established on September 22, 2005, with its listing date on January 22, 2021 [1] Group 2 - Dongcai Fund has a significant holding in Haiyou New Materials, with the Dongcai Value Qihang Mixed Initiation A Fund (018096) holding 12,000 shares, representing 4.32% of the fund's net value, making it the eighth largest holding [2] - The Dongcai Value Qihang Mixed Initiation A Fund was established on March 30, 2023, and has a current scale of 9.0399 million yuan, with a year-to-date loss of 4.9% [2] - The fund manager, Luo Shen, has been in position for 275 days, with the fund's total asset size at 41.6642 million yuan, achieving a best return of 5.48% and a worst return of -5.59% during his tenure [3]

Group 1 - The stock price of Haiyou New Materials (688680.SH) fell by 4.27% to 44.44 yuan, currently in a state of breaking issue [1] - Haiyou New Materials was listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board on January 22, 2021, with an issuance of 21.01 million shares at a price of 69.94 yuan per share [1] - The total amount raised from the initial public offering (IPO) was 1.469 billion yuan, with a net amount of 1.347 billion yuan after deducting issuance costs [1] Group 2 - In 2022, Haiyou New Materials was approved to issue 6.94 million convertible bonds at a face value of 100 yuan each, raising a total of 694 million yuan [2] - After deducting related issuance costs of 2.6028 million yuan, the actual net amount raised was 691.3972 million yuan, which has been fully received [2] - The total funds raised from the IPO and the convertible bond issuance amounted to 2.163 billion yuan [3]

Core Insights - The POE film concept has seen a rise of 1.76%, ranking 6th among concept sectors, with 22 stocks increasing in value, including notable gainers such as Tuori New Energy and *ST Green Health, which hit the daily limit, and others like Fulei Ant and Fengguang Co., which rose by 6.99%, 5.05%, and 4.04% respectively [1][2] Market Performance - The top-performing concept sectors today include Cultivated Diamonds with a rise of 6.08%, Perovskite Batteries at 2.98%, and Dairy Industry at 2.37%, while sectors like Chinese AI 50 and Internet Insurance saw declines of -1.76% and -1.43% respectively [2] - The POE film concept attracted a net inflow of 0.84 billion yuan from major funds, with 11 stocks receiving net inflows, and 5 stocks exceeding 10 million yuan in net inflow. The leading stock in net inflow was Baofeng Energy, with 1.19 billion yuan, followed by Tuori New Energy and Wanhua Chemical with 1.08 billion yuan and 344.73 million yuan respectively [2][3] Fund Flow Analysis - The stocks with the highest net inflow ratios include Tuori New Energy at 50.39%, *ST Green Health at 48.08%, and Dingjide at 12.66% [3] - The detailed fund flow for the POE film concept shows Baofeng Energy with a 2.01% increase and a net inflow of 118.52 million yuan, while Tuori New Energy had a significant increase of 10.13% with a net inflow of 108.44 million yuan [3][4]

Core Insights - The photovoltaic industry has shown significant improvement in Q3 2025, with many companies turning losses into profits, indicating a positive trend that is expected to continue [1][22] - The future evolution of the photovoltaic industry is determined by "storage capacity" for mid-term valuation and the integration of AI in data centers for long-term success [1][23] Industry Overview 1. Silicon Material - GCL-Poly's Q3 profit from photovoltaic materials reached approximately 960 million yuan, a significant recovery from a loss of 1.81 billion yuan in the same period last year [2] - Tongwei and Daqo New Energy also reported substantial improvements, with Daqo achieving a profit of 73 million yuan in Q3 [2] - The silicon material sector has seen a price surge, with futures prices rising from 30,000 yuan/ton in Q2 to 58,000 yuan/ton in Q3, indicating a strong recovery [2][4] 2. Silicon Wafer - Second-tier silicon wafer companies like Hongyuan Green Energy and Shuangliang Energy have turned profitable, with Hongyuan reporting a profit of 500 million yuan in Q3 [7] - Longi Green Energy has also shown a notable reduction in losses, approaching breakeven [8] 3. Battery Components - Battery component manufacturers, including Longi, Jinko, Trina, and Tongwei, have reported improvements, except for JA Solar, which saw a decline in Q3 performance [10] 4. Inverters - Most inverter companies have experienced profit growth, driven by the expanding energy storage market, with Sungrow reporting a net profit of 11.8 billion yuan [14] - However, companies like Hemai and YN Energy faced losses due to weak demand in the European residential market [12][14] 5. Auxiliary Materials - The auxiliary materials sector, particularly the film industry, faced a challenging period in Q3, but prices have started to recover, indicating a potential turnaround [15][16] - Foster's overseas market share has increased significantly, contributing to its revenue growth [16] 6. Photovoltaic Equipment - Overall profits in the photovoltaic equipment sector are declining, but many companies still maintain good profitability [18] - Companies like Jiejia Weichuang and Maiwei are actively expanding into overseas markets, which is becoming a new growth point [19] Key Recognitions from Q3 Reports - The darkest period for the photovoltaic industry appears to be over, with most companies showing improved performance [22] - The demand for energy storage has exceeded expectations, with significant growth projected for the global storage market [23][25] - The residential market is showing signs of weakness, prompting companies to shift focus towards commercial markets [26][27] - Leading companies are beginning to demonstrate robust operational performance, indicating a shift towards a more competitive landscape [28][29] - New technologies that align with the AI era are expected to gain traction, enhancing the commercial value of photovoltaic products [31]

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The company's Q3 2025 revenue decreased by 25% quarter-on-quarter, primarily due to a slowdown in demand from component manufacturers and a conservative strategy to control film shipments [8] - The company is experiencing a breakthrough in its automotive materials business, which is expected to become a new growth driver [8] - The company has adjusted its profit forecasts for 2025 due to intense competition in the film sector, while maintaining the profit forecasts for 2026 and increasing those for 2027 [8] Financial Performance Summary - For Q1-Q3 2025, the company achieved total revenue of 870 million yuan, a year-on-year decrease of 57.62%, with a net profit attributable to the parent company of -208 million yuan, an increase of 16.43% year-on-year [8] - In Q3 2025, the company reported a single-quarter revenue of 237 million yuan, down 58.03% year-on-year and 25.44% quarter-on-quarter [8] - The gross profit margin for Q3 2025 was -6.67%, a decrease of 3.60 percentage points year-on-year [8] Business Development Summary - The company is actively expanding its dimming film business, achieving new breakthroughs with projects for the Yangwang U8L and Mercedes V260 [8] - As of the end of October, the company's dimming film production capacity reached 200,000 square meters, with plans for a first phase of 1 million square meters by 2026 [8] Profit Forecast Summary - The company expects net profits attributable to the parent company to be -240 million yuan in 2025, 50 million yuan in 2026, and 190 million yuan in 2027, reflecting year-on-year growth rates of 57%, 120%, and 291% respectively [8]

Group 1 - The company, Haiyou New Materials (688680.SH), reported a total operating revenue of 870 million yuan for the first three quarters of 2025, representing a year-on-year decrease of 57.62% [1] - The net profit attributable to shareholders of the parent company was -208 million yuan, which is a reduction in losses by 40.84 million yuan compared to the same period last year [1] - The basic earnings per share stood at -2.51 yuan [1]

Core Insights - Haiyou New Materials reported a significant decline in revenue for the first three quarters of 2025, with total revenue at 870 million yuan, a year-on-year decrease of 57.62% [1] - The company experienced a net loss attributable to shareholders of 208 million yuan, which is a 16.43% increase compared to the previous year [1] - The basic earnings per share for the period was -2.51 yuan [2] Financial Performance - The gross margin for the first three quarters of 2025 was -2.85%, down 2.63 percentage points year-on-year, while the net margin was -23.88%, a decrease of 11.77 percentage points from the same period last year [2] - In Q3 2025, the gross margin further declined to -6.67%, a year-on-year drop of 3.60 percentage points, and a quarter-on-quarter decrease of 4.88 percentage points [2] - The net margin for Q3 2025 was -31.49%, down 11.93 percentage points year-on-year and 7.65 percentage points from the previous quarter [2] Expense Analysis - Total operating expenses for the period were 160 million yuan, a reduction of 35.5863 million yuan compared to the same period last year [2] - The expense ratio increased to 18.39%, up 8.86 percentage points year-on-year [2] - Sales expenses decreased by 0.14%, while management expenses rose by 13.71%, R&D expenses fell by 35.71%, and financial expenses decreased by 20.32% [2] Shareholder Information - As of the end of Q3 2025, the total number of shareholders was 8,122, an increase of 811 from the end of the previous half-year, representing an 11.09% growth [3] - The average market value per shareholder increased from 508,000 yuan to 532,400 yuan, a growth of 4.80% [3] Company Overview - Haiyou New Materials, established on September 22, 2005, is located in the China (Shanghai) Pilot Free Trade Zone [3] - The company specializes in the research, production, and sales of specialty polymer films, with 86.75% of its revenue coming from the photovoltaic packaging materials sector [3] - The company is categorized under the power equipment industry, specifically in photovoltaic equipment and auxiliary materials [3]

| 证券代码：688680 | 证券简称：海优新材 | 公告编号：2025-063 | | --- | --- | --- | | 转债代码：118008 | 转债简称：海优转债 | | 上海海优威新材料股份有限公司 关于调整闲置自有资金进行现金管理额度的公告 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： 基本情况 已履行的审议程序 上海海优威新材料股份有限公司（以下简称"公司"）于 2025 年 10 月 30 日召开第四届董事会第三十次会议，审议通过了《关于调整闲置自有资金进 行现金管理额度的议案》，同意公司结合实际情况，在确保不影响主营业务的 前提下，将闲置自有资金现金管理额度由原来不超过人民币 2 亿元调整为不 超过人民币 4 亿元，自董事会审议通过之日起 12 个月内有效。在上述额度内， 公司及子公司可循环滚动使用。 特别风险提示 为了提高暂时闲置自有资金的使用效率，合理利用自有资金，增加现金资产 收益，为公司及股东获取更多的投资回报，在确保不影响公司主营业务正常开展、 保证运营资金需求和风险可 ...

Financial Performance - The company's operating revenue for Q3 2025 was ¥236,812,002.18, a decrease of 58.03% compared to the same period last year[2]. - The total profit for the period was -¥72,708,714.90, with a year-to-date total profit of -¥195,817,912.62, both figures not applicable for year-over-year comparison[2]. - The net profit attributable to shareholders was -¥74,582,402.95 for the quarter, and -¥207,742,367.49 year-to-date, with no applicable year-over-year comparison[2]. - Total operating revenue for the first three quarters of 2025 was CNY 869,944,128.89, a decrease from CNY 2,052,825,094.42 in the same period of 2024[19]. - Total operating costs for the first three quarters of 2025 amounted to CNY 1,060,234,147.63, down from CNY 2,257,998,894.92 year-over-year[20]. - The net loss for the first three quarters of 2025 was CNY 207,742,367.49, compared to a net loss of CNY 248,584,184.33 in the same period of 2024[21]. - The company reported a gross profit margin of approximately -21.5% for the first three quarters of 2025, compared to -13.6% in the same period of 2024[20]. - Basic earnings per share for the first three quarters of 2025 were CNY -2.51, compared to CNY -3.00 in the same period of 2024[21]. Cash Flow - The company reported a cash flow from operating activities of ¥274,976,796.35 year-to-date, representing a 144.69% increase compared to the previous year[2]. - In the first three quarters of 2025, the net cash flow from operating activities was CNY 274,976,796.35, a significant increase from CNY 112,379,650.93 in the same period of 2024, representing a growth of approximately 144.5%[23]. - Total cash inflow from operating activities decreased to CNY 1,201,105,863.46 in 2025 from CNY 2,072,044,916.81 in 2024, reflecting a decline of about 42%[23]. - Cash outflow from operating activities also decreased to CNY 926,129,067.11 in 2025 from CNY 1,959,665,265.88 in 2024, a reduction of approximately 53.3%[23]. - The net cash flow from investing activities was negative at CNY -115,489,182.79 in 2025, compared to a positive CNY 12,002,726.93 in 2024, indicating a decline in investment performance[24]. - Cash inflow from investing activities increased to CNY 844,081,503.75 in 2025 from CNY 468,248,509.12 in 2024, marking an increase of about 80.4%[24]. - Cash outflow from investing activities rose to CNY 959,570,686.54 in 2025, up from CNY 456,245,782.19 in 2024, which is an increase of approximately 110.7%[24]. - The net cash flow from financing activities improved to CNY -8,728,020.49 in 2025 from CNY -319,514,164.25 in 2024, showing a positive trend in financing[24]. - Cash inflow from financing activities decreased to CNY 409,113,367.52 in 2025 from CNY 1,041,655,089.72 in 2024, a decline of about 60.7%[24]. - The ending cash and cash equivalents balance increased to CNY 501,380,438.40 in 2025 from CNY 246,816,660.94 in 2024, reflecting a growth of approximately 102.5%[24]. Assets and Liabilities - Total assets decreased by 10.26% from the previous year, amounting to ¥2,893,930,082.15[3]. - As of September 30, 2025, the company's total current assets amounted to ¥1,731,219,293.89, a decrease from ¥2,045,665,438.94 as of December 31, 2024, representing a decline of approximately 15.3%[14]. - The company's cash and cash equivalents increased to ¥502,780,793.54 from ¥351,891,310.33, reflecting a growth of about 42.8%[14]. - Accounts receivable decreased to ¥524,647,742.96 from ¥786,060,758.61, indicating a reduction of approximately 33.3%[14]. - The total assets of the company were reported at ¥2,893,930,082.15, down from ¥3,224,646,284.11, which is a decrease of around 10.3%[15]. - The company's fixed assets increased to ¥691,029,130.93 from ¥621,550,210.19, showing an increase of about 11.2%[15]. - Short-term borrowings rose to ¥427,968,781.70 from ¥321,339,254.93, marking an increase of approximately 33.2%[15]. - The total liabilities decreased to ¥693,411,922.06 from ¥867,930,767.64, reflecting a decline of about 20.1%[15]. - The company's total liabilities decreased to CNY 1,478,987,492.47 from CNY 1,617,611,278.56 year-over-year[16]. - The total equity attributable to shareholders decreased to CNY 1,414,942,589.68 from CNY 1,607,035,005.55 year-over-year[16]. - The total non-current liabilities increased to CNY 785,575,570.41 from CNY 749,680,510.92 year-over-year[16]. Research and Development - Research and development expenses totaled ¥21,644,496.96 for the quarter, a decrease of 17.94% year-over-year, and accounted for 9.14% of operating revenue[3]. - Research and development expenses for the first three quarters of 2025 were CNY 57,864,409.81, down from CNY 90,010,524.87 in the same period of 2024[20]. Shareholder Information - The company reported a total of 8,122 common shareholders at the end of the reporting period[10]. - The top shareholder, Li Min, holds 20,020,120 shares, representing 23.83% of the total shares[11]. - The company has not reported any significant changes in the participation of major shareholders in securities lending or borrowing activities[12]. Management and Strategy - The company implemented a cautious sales policy due to a significant drop in the price of key raw materials, leading to a decrease in sales volume of its photovoltaic film products[7]. - The company experienced a reduction in losses due to improved management of raw materials and inventory, resulting in a decrease in impairment provisions[7]. - The company continues to invest in new business areas, which has negatively impacted short-term profitability[7]. Accounting Practices - The company has not adopted new accounting standards for the year 2025, indicating continuity in financial reporting practices[25].