Investment Rating - The investment rating for the company is "Accumulate" [1] Core Views - The company's profitability in the film segment is under pressure in 2024, but the automotive materials segment is expected to gradually ramp up and become a new growth engine in 2025 [1][8] - The company reported a significant decline in revenue and net profit for 2024, with total revenue of 2.591 billion yuan, down 46.81% year-on-year, and a net loss of 558.44 million yuan, a 144.31% decrease year-on-year [1][8] - The company is expected to see a recovery in demand and profitability in the second quarter of 2025, driven by strong downstream demand for film products [8] Financial Performance Summary - For 2024, the company achieved total revenue of 2.591 billion yuan, with a year-on-year decline of 46.81% [1][9] - The net profit attributable to shareholders for 2024 was a loss of 558.44 million yuan, representing a year-on-year decrease of 144.31% [1][9] - The earnings per share (EPS) for 2024 is projected at -6.65 yuan, with a forecasted recovery to 0.54 yuan in 2026 and 1.66 yuan in 2027 [1][9] - The company anticipates a gradual recovery in film sales, with an estimated total shipment of approximately 4 billion square meters in 2025 [8] Business Outlook - The automotive dimming film segment is expected to contribute significantly to growth, with the company having established a dedicated automotive team and achieved technological breakthroughs [8] - The company plans to increase its production capacity and expand its customer base in the automotive materials sector, with initial deliveries expected in the second quarter of 2025 [8] - The company has also implemented cost-reduction measures, which may lead to a further decrease in production costs by 50% in the long term [8]

Investment Rating - The investment rating for the company is "Accumulate" [1] Core Views - The company's profitability in the film segment is under pressure in 2024, but the automotive materials segment is expected to gradually ramp up and become a new growth engine in 2025 [1][8] - The company reported a significant decline in revenue and net profit for 2024, with total revenue expected to be 2.591 billion yuan, down 46.81% year-on-year, and a net loss of 558.44 million yuan, a 144.31% decline year-on-year [1][8] - The company is focusing on the automotive dimming film market, having established a dedicated team and achieved technological breakthroughs, with plans for further expansion in 2025 [1][8] Financial Performance Summary - For 2024, the company is projected to have total revenue of 2.591 billion yuan, a decrease of 46.81% year-on-year, and a net loss of 558.44 million yuan, a decline of 144.31% year-on-year [1][9] - The gross margin for 2024 is expected to be -0.44%, down 3.8 percentage points year-on-year [8] - The company anticipates a recovery in 2025, with a projected net profit of -94.83 million yuan, representing an 83.02% increase year-on-year [1][9] Market and Operational Insights - The company expects to ship approximately 4 billion square meters of film in 2024, with a significant drop in shipments in Q1 2025 due to market conditions [8] - The automotive dimming film segment is expected to contribute to revenue growth, with initial deliveries planned for Q2 2025 [1][8] - The company has reduced its inventory by 21% compared to the end of 2024, indicating improved operational efficiency [8][9]

Investment Rating - The report maintains a "Recommended" rating for the company [5] Core Views - The company's revenue for 2024 was 2.591 billion, a year-on-year decrease of 46.81%, with a net profit attributable to shareholders of -558 million, indicating an expanded loss [1] - The film business is experiencing temporary profitability pressure due to a decline in sales volume and revenue, with a significant drop in gross margin [2] - The automotive business is expected to ramp up, with new products and improved production capabilities leading to potential revenue growth [3] Summary by Sections Financial Performance - In Q4 2024, the company reported revenue of 539 million, down 41.63% year-on-year, and a net profit of -310 million [1] - For Q1 2025, revenue was 316 million, a 64.02% decrease year-on-year, with a continued net loss of -57 million [1] Business Segments - The film business saw a sales volume of 424 million square meters in 2024, a decline of 24.65%, with revenue of 2.504 billion, down 47.84% [2] - The automotive division, established in March 2024, is promoting innovative products and has received recognition from manufacturers, with expectations for mass supply in 2025 [3] Future Projections - Revenue projections for 2025-2027 are 2.170 billion, 2.954 billion, and 4.152 billion respectively, with net profits expected to improve from -100 million in 2025 to 248 million in 2027 [4] - The report anticipates a significant increase in profitability driven by the automotive business, with PE ratios projected at 32X for 2026 and 13X for 2027 [4]

深圳市福田区中心五路 18 号星河中心大厦 19 层 电话：0755-23993388 传真：0755-86186205 邮编：518048 北京国枫（深圳）律师事务所 关于上海海优威新材料股份有限公司 2025年第一次临时股东大会的 法律意见书 国枫律股字[2025]C0021 号 致：上海海优威新材料股份有限公司（贵公司） 北京国枫（深圳）律师事务所（以下简称"本所"）接受贵公司的委托，指派律师 出席并见证贵公司 2025 年第一次临时股东大会（以下简称"本次会议"）。 本所律师根据《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》"）、《上市公司股东会规则》（以下简称 "《股东会规则》"）、《律师事务所从事证券法律业务管理办法》（以下简称"《证券法律 业务管理办法》"）、《律师事务所证券法律业务执业规则（试行）》（以下简称"《证券法 律业务执业规则》"）等相关法律、行政法规、规章、规范性文件及《上海海优威新材料 股份有限公司章程》（以下简称"《公司章程》"）的规定，就本次会议的召集与召开程序、 召集人资格、出席会议人员资格、会议表决程序及表决结果等事宜， ...

| 证券代码：688680 | 证券简称：海优新材 公告编号：2025-027 | | --- | --- | | 转债代码：118008 | 证券简称：海优转债 | 上海海优威新材料股份有限公司 2025 年第一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 （五） 公司董事、监事和董事会秘书的出席情况 1、 公司在任董事 7 人，亲自出席 6 人，委托出席 1 人 2、 公司在任监事 3 人，亲自出席 3 人； 3、 董事会秘书出席会议； 一、 会议召开和出席情况 （一） 股东大会召开的时间：2025 年 4 月 21 日 （二） 股东大会召开的地点：中国（上海）自由贸易试验区龙东大道 3000 号 1 幢 A 楼 909 室 （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 | 116 | | --- | --- | | 普通股股东人数 | 116 | | 2、出席会 ...

| | | 重要内容提示： 证券停复牌情况：适用 因"海优转债"实施转股价格修正条款,本公司的相关证券停复牌情况如下： | 证券代 | 证券简称 | 停复牌类型 | 停牌起始 | 停牌 | 停牌终止 | 复牌日 | | --- | --- | --- | --- | --- | --- | --- | | 码 | | | 日 | 期间 | 日 | | | 118008 | 海优转债 | 可转债转股停牌 | 2025/4/22 | 全天 | 2025/4/22 | 2025/4/23 | 一、可转债发行上市概况 经中国证券监督管理委员会证监许可〔2022〕1014 号文同意注册，上海海优 威新材料股份有限公司（以下简称"公司"）于 2022 年 6 月 23 日向不特定对象发 行可转换公司债券。本次发行转债总额为人民币 69,400 万元，发行数量 694 万张， 每张面值为人民币 100 元。本次发行的可转换公司债券期限为六年，自 2022 年 6 月 23 日至 2028 年 6 月 22 日。 经上海证券交易所自律监管决定书〔2022〕181 号文同意，公司本次发行的可 转换公司债券于 2022 年 7 ...

Summary of Haiyou New Materials Conference Call Company Overview - **Company**: Haiyou New Materials - **Industry**: Photovoltaic and Automotive Materials Key Points Industry Impact and Financial Performance - The photovoltaic industry has experienced significant volatility, leading to a decline in film prices and a reduction in gross margins. The lowest price point for film was reached in Q4 2024, with a slight recovery expected in Q1 2025, but average prices remain low, impacting revenue and profitability [2][3][5] - The company adopted a conservative strategy by cleaning up assets and reducing shipment volumes to mitigate risks, while relocating some factories to Chengdu to align with core customers [2][4] Customer Relationships and Market Strategy - Haiyou New Materials maintains strong partnerships with top clients, with the top five customers contributing 50-60% of revenue. The company avoids blind expansion to minimize accounts receivable risks [2][5] - A new policy is expected to be implemented in June 2025, after which the company will reassess its sales strategy based on market conditions and capacity clearing [2][5] New Product Development in Automotive Sector - The company is actively developing new products in the automotive sector, such as the smart dimming canopy featured in the Zhiji L6 model, which marks a significant step in market penetration [2][6][8] - The dimming canopy is projected to become a standard feature in approximately 80 million vehicles globally, with 2025 being a pivotal year for PDLC products [2][11] Cost Reduction and Technological Advancements - Since 2020, the company has focused on developing dimming film technology, achieving a cost reduction of over 50% in 2024 through the PDLC CRC technology route. A second-generation dimming film is set to launch in 2025, with further cost reductions aimed at making the product accessible for vehicles priced in the tens of thousands [2][12][14] - The company aims to penetrate the market for vehicles priced below 200,000 yuan, with plans to launch the second-generation dimming film in the second half of 2025 [2][13] International Business and Market Challenges - The gross margin for overseas operations declined in 2024 due to challenges in the Vietnamese market, exacerbated by U.S. anti-dumping investigations. In 2025, the company plans to collaborate with U.S. partner Fule to establish a factory in the U.S. and provide technical services [2][19][20] - The traditional business faced significant challenges in overseas markets due to trade investigations, but the company is focusing on expanding its presence in Turkey and the U.S. to mitigate risks [2][20][23] Future Outlook and Strategic Goals - The company remains optimistic about the long-term prospects of the photovoltaic industry while maintaining a conservative short-term strategy to ensure sufficient capital for new business development [2][7] - The automotive sector's dimming film products are expected to maintain a gross margin of 20-30% once mass production is achieved, despite initial losses due to low production rates [2][17] - The company is exploring new applications for dimming film technology, including AI glasses, although these projects are still in the exploratory phase [2][18] Conclusion - Haiyou New Materials is navigating a challenging environment in the photovoltaic industry while strategically positioning itself for growth in the automotive sector through innovative product development and strong customer relationships. The focus on cost reduction and technological advancements is expected to enhance competitiveness and market penetration in the coming years [2][34][35]

2024年环境、社会及治理（ESG）报告 上海海优威新材料股份有限公司 ENVIRONMENTAL, SOCIAL AND GOVERMANCE REPORT Shanghai HIUV New Materials Co., Ltd. 电话：021-58964211 网址：www.hiuv.com 地址：中国(上海)自由贸易试验区龙东大道3000号1幢A楼909A室 2024可持续发展报告 目录 CONTENTS | 关于报告 | 1 | | --- | --- | | 董事长寄语 | 3 | | 走进海优威 | 5 | | 可持续发展亮点 | 9 | 可持续发展管理 | 可持续发展理念 | 11 | | --- | --- | | ESG治 理 | 1 2 | | 利益相关方沟通 | 13 | 公司治理 | 治理与运营 | 19 | | --- | --- | | 风险管控 | 21 | | 商业道德 | 22 | | GRI 指标索引 | 71 | | 科技引领 | 25 | | --- | --- | | 产品与解决方案 | 31 | | 产品责任 | 33 | 01 02 03 04 | ESG治 理 ...

RSM 容诚 内部控制审计报告 容诚审字[2025]350Z0024 号 内部控制审计报告 上海海优威新材料股份有限公司 容诚审字|2025|350Z0024 号 容诚会计师事务所(特殊普通合伙) 中国 · 北京 您可使用手机"扫一扫"或进入"注册会计师行业统一监管平台（http://acc.mcf.gov.cn）"进行查 " 我们认为,海优新材公司于 2024年 12月 31 日按照《企业内部控制基本规范》 和相关规定在所有重大方面保持了有效的财务报告内部控制。 上海海优威新材料股份有限公司全体股东: 按照《企业内部控制审计指引》及中国注册会计师执业准则的相关要求,我 们审计了上海海优威新材料股份有限公司(以下简称"海优新材公司")2024年12 月 31 日的财务报告内部控制的有效性。 一、企业对内部控制的责任 按照《企业内部控制基本规范》、《企业内部控制应用指引》、《企业内部 控制评价指引》的规定,建立健全和有效实施内部控制,并评价其有效性是海优 新材公司董事会的责任。 二、注册会计师的责任 我们的责任是在实施审计工作的基础上,对财务报告内部控制的有效性发表 审计意见,并对注意到的非财务报告内部控制的重 ...

中信建投证券股份有限公司 关于上海海优威新材料股份有限公司 2024 年度持续督导跟踪报告 | 保荐人名称： | 被保荐公司名称： | | --- | --- | | 保荐代表人姓名：沈谦、李鹏飞 | 上海海优威新材料股份有限公司 联系方式：021-68804278 联系地址：上海市浦东新区浦东南路 528 号证券大厦 北塔 | | 中信建投证券股份有限公司 | | | | 室 2206 | 根据中国证券监督管理委员会（以下简称"中国证监会"）于 2020 年 12 月 10 日出具的《关于同意上海海优威新材料股份有限公司首次公开发行股票注册 的批复》（证监许可〔2020〕3387 号），上海海优威新材料股份有限公司（以下 简称"公司"、"海优新材"）获准向社会首次公开发行人民币普通股 2,101 万股， 发行价格每股人民币 69.94 元，募集资金总额为人民币 146,943.94 万元，实际募 集资金净额为 134,690.64 万元。本次公开发行股票于 2021 年 1 月 22 日在上海证 券交易所上市。 根据中国证监会于 2022 年 5 月 17 日出具的《关于同意上海海优威新材料股 份有限公司向 ...