第三届董事会第一次会议决议公告 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。 一、董事会会议召开情况 证券代码：688722 股票简称：同益中 公告编号：2025-010 北京同益中新材料科技股份有限公司 北京同益中新材料科技股份有限公司（以下简称"公司"）第三届董事会 第一次会议（以下简称"本次会议"）于2025年3月17日以现场结合通讯会议方 式召开。本次会议通知于同日召开2025年第一次临时股东大会后送达公司全体 董事，全体董事一致同意豁免本次会议的通知时限要求，与会董事均已知悉与 所议事项相关的必要信息。经全体董事共同推举，本次会议由董事黄兴良主持, 本次会议应出席的董事9人，实际出席的董事9人。本次会议的召集、召开和表 决情况符合《中华人民共和国公司法》（以下简称"《公司法》"）以及《北 京同益中新材料科技股份有限公司章程》（以下简称"《公司章程》"）的相 关规定。 二、董事会会议审议情况 （一）审议通过《关于选举第三届董事会董事长的议案》。 公司董事会同意选举黄兴良担任公司第三届董事会董事长，任期自公司第 三 ...

Investment Rating - The report maintains an "Overweight" rating for the defense materials industry [3] Core Insights - The defense materials sector is expected to see a recovery in demand in 2025, driven by the release of pent-up demand and significant orders in high-certainty areas like aerospace and defense [11][12] - The report highlights the importance of advanced materials such as ceramic matrix composites and titanium alloys, which are crucial for enhancing the performance of military equipment [30][31] - The application of 3D printing technology is expanding in both military and civilian sectors, leading to innovations in product design and manufacturing efficiency [6][34] Summary by Sections Industry Analysis - The report discusses the establishment of a ceramic matrix composite technology innovation center in Sichuan, which aims to accelerate the development of advanced materials for aerospace applications [2][30] - The demand for ceramic matrix composites is projected to increase due to their superior high-temperature resistance and lightweight properties, which can reduce component weight by 30% to 50% compared to high-temperature alloys [31] Market Performance - In February, the Zhonghang Securities defense materials index increased by 4.72%, outperforming the Shenwan defense index by 1.05 percentage points [8][37] - The report notes that 2024 is expected to be a challenging year for defense materials companies, with 10 out of 23 companies reporting profit growth while 13 experienced declines [9] Investment Logic - The report emphasizes the potential for recovery in the defense materials sector in 2025, as the industry is expected to benefit from increased military spending and the release of accumulated orders [11][12] - It suggests that companies focusing on high-temperature alloys, titanium alloys, and composite materials should be closely monitored for investment opportunities [20][48] Recommendations - The report recommends focusing on companies such as Guangwei Composite, Zhongfu Shenying, and Jialiqi in the carbon fiber composite sector; Fushun Special Steel and Gangyan High-tech in high-temperature alloys; and Xibu Superconductor and Baotai in titanium alloys [20][48]

Investment Rating - The report assigns a "Buy" rating for the company, indicating an expected relative increase of over 15% compared to the CSI 300 index in the next six months [4][16]. Core Views - The company's performance is driven by capacity release and structural optimization, leading to a recovery in earnings, with Q4 2024 net profit showing a significant year-on-year increase of 130.5% [5][7]. - The company achieved a revenue of 649 million yuan in 2024, a year-on-year growth of 1.4%, while the net profit for the same year was 136 million yuan, reflecting a decline of 15.3% [4][5]. - The acquisition of Chaomeisi for 240 million yuan is expected to enhance the company's capabilities in emerging fields such as low-altitude economy and humanoid robotics [6][7]. Financial Summary - The company’s annual production capacity for UHMWPE fibers reached 8,560 tons by the end of 2024, with a utilization rate of 111.43%, while composite material capacity increased to 2,175 tons with a utilization rate of 78.27% [5]. - Revenue projections for 2024-2026 are 649 million yuan, 984 million yuan, and 1,250 million yuan, respectively, with corresponding net profits of 136 million yuan, 195 million yuan, and 224 million yuan [9][12]. - The expected EPS for 2024, 2025, and 2026 are 0.60 yuan, 0.87 yuan, and 1.00 yuan, respectively, with a projected PE ratio decreasing from 27.41 in 2024 to 16.61 in 2026 [9][12].

Investment Rating - The report maintains a "Buy" rating for the company [1][4][7] Core Views - The company's performance recovery is driven by capacity release and structural optimization, with Q4 2024 earnings exceeding expectations [5][6] - The company achieved a revenue of 649 million yuan in 2024, a year-on-year increase of 1.4%, while the net profit attributable to shareholders was 136 million yuan, a decline of 15.3% [4][5] - In Q4 2024, the company reported a net profit of 49 million yuan, a significant year-on-year growth of 130.5% [4][5] Summary by Sections Company Performance - By the end of 2024, the company's UHMWPE fiber annual production capacity reached 8,560 tons, with a utilization rate of 111.43%, and composite material capacity increased to 2,175 tons, with a utilization rate of 78.27% [5] - The company effectively mitigated the downward pressure on fiber prices by exiting high-cost old production capacity and improving production efficiency, maintaining stable gross margins in its main business [5] Mergers and Acquisitions - The acquisition of Chaomeisi for 240 million yuan for a 75.8% stake is expected to help the company expand into low-altitude economy and humanoid robotics sectors [6] - Chaomeisi has an annual production capacity of 5,000 tons of aramid fiber and 2,000 tons of aramid paper, serving major clients such as Airbus and AVIC [6] Financial Forecast - The company is projected to have earnings per share (EPS) of 0.60 yuan, 0.87 yuan, and 1.00 yuan for the years 2024, 2025, and 2026 respectively [7][9] - Revenue is expected to grow significantly, with projections of 984 million yuan in 2025 and 1,250 million yuan in 2026, reflecting growth rates of 51.49% and 27.07% respectively [9][12]

Investment Rating - The investment rating for the company is "Outperform the Market" [5][19]. Core Views - The company reported a 130% year-on-year increase in net profit attributable to shareholders in the fourth quarter, exceeding expectations for 2024 [1][7]. - The company is benefiting from new production capacity and cost reduction efforts, which are expected to drive revenue growth despite industry challenges [2][8]. - The acquisition of a leading aramid fiber company, ChaoMeiSi, aims to enhance the company's high-performance fiber industry system and improve product value [3][9]. Financial Performance Summary - For 2024, the company expects total revenue of 649 million yuan, a 1.4% increase year-on-year, and a net profit of 130 million yuan, a 15.5% decrease year-on-year [4][10]. - The fourth quarter revenue reached 220 million yuan, representing an 82.5% year-on-year increase, while net profit for the quarter was 50 million yuan, up 130.5% year-on-year [1][7]. - The company anticipates a recovery in industry demand and profitability in the second half of 2024, driven by new capacity and improved market conditions [2][8]. Production Capacity and Growth - The company has a current production capacity of 7,960 tons/year for ultra-high molecular weight polyethylene fibers and 2,800 tons/year for non-woven fabrics [2][8]. - New production capacity of 2,640 tons/year for ultra-high molecular weight polyethylene fibers and 1,250 tons/year for non-woven fabrics is expected to come online in 2024 [2][8]. - The company aims to achieve record sales volumes for both fibers and non-woven fabrics in 2024 [2][8]. Acquisition and Strategic Development - The company completed the acquisition of ChaoMeiSi for 240 million yuan, which will enhance its capabilities in the aramid fiber market [3][9]. - The integration of ChaoMeiSi is expected to create synergies in production technology and downstream applications, strengthening the company's overall solution offerings in protective materials [3][9]. Earnings Forecast - The company forecasts net profits of 130 million yuan in 2024, 190 million yuan in 2025, and 219 million yuan in 2026, with corresponding growth rates of -15.5%, 46.4%, and 15.5% respectively [4][10][12]. - The expected diluted EPS for the same period is projected to be 0.58 yuan, 0.85 yuan, and 0.98 yuan, with PE ratios of 27.1, 18.5, and 16.0 [4][10][12].

Investment Rating - The investment rating for the company is "Outperform the Market" [5][19]. Core Views - The company reported a 130% year-on-year increase in net profit attributable to shareholders in the fourth quarter, exceeding expectations for 2024 [1][7]. - The company is benefiting from new production capacity and cost reduction efforts, which are expected to drive revenue growth despite industry challenges [2][8]. - The acquisition of a leading aramid fiber company, ChaoMeiSi, aims to enhance the company's high-performance fiber industry system and improve product value [3][9]. Financial Performance - In 2024, the company achieved total revenue of 650 million yuan, a year-on-year increase of 1.4%, while net profit attributable to shareholders was 130 million yuan, a decrease of 15.3% [1][7]. - The fourth quarter alone saw revenue of 220 million yuan, up 82.5% year-on-year, and net profit of 50 million yuan, up 130.5% year-on-year [1][7]. - The company expects net profits for 2024-2026 to be 130 million, 190 million, and 220 million yuan, respectively, with corresponding growth rates of -15.5%, 46.4%, and 15.5% [3][10]. Production Capacity and Cost Efficiency - The company has a total production capacity of 7,960 tons/year for ultra-high molecular weight polyethylene fibers and 2,800 tons/year for non-woven fabrics and related bulletproof products [2][8]. - In 2024, the company plans to add 2,640 tons/year of ultra-high molecular weight polyethylene fiber capacity and 1,250 tons/year of non-woven fabric capacity [2][8]. - The company is actively phasing out high-cost old production capacity while benefiting from the release of new capacity, which is expected to lead to record sales volumes in 2024 [2][8]. Strategic Acquisition - The company announced the acquisition of 75.8% of ChaoMeiSi for 240 million yuan, which was completed by the end of January 2025 [3][9]. - ChaoMeiSi is a leader in the meta-aramid fiber industry with a production capacity of 5,000 tons/year, which will complement the company's existing product offerings [3][9]. - This acquisition is expected to enhance the company's overall solution capabilities in the protective field and improve cost efficiency [3][9].

Investment Rating - The report maintains a "Buy-A" rating for the company [1][7]. Core Views - The company achieved record high production and sales of fibers and non-woven fabrics in 2024Q4, leading to a significant improvement in profitability [4]. - The company’s total revenue for 2024 reached 649 million yuan, a year-on-year increase of 1.41%, while net profit attributable to shareholders was 130 million yuan, down 15.25% year-on-year [3]. - The company’s gross profit margin remains high, with a notable increase in profitability in the fourth quarter of 2024 due to enhanced core competitiveness and cost reductions [4]. Financial Performance Summary - In 2024Q4, the company reported total revenue of 222 million yuan, with a quarter-on-quarter increase of 82.46% and a year-on-year increase of 28.04% [3]. - The net profit margin for 2024Q4 was approximately 21.96%, reflecting a year-on-year increase of 4.59 percentage points [4]. - The company’s EPS for 2024 is projected to be 0.58 yuan, with expected EPS of 0.88 yuan and 1.19 yuan for 2025 and 2026, respectively [6][7]. Market and Production Capacity - The company’s production capacity for UHMWPE fibers and non-woven fabrics reached 5320 tons and 1550 tons, respectively, with a total capacity increase of 2640 tons compared to the beginning of the year [5]. - The global high-performance fiber market is projected to grow from 1319.17 billion yuan in 2023 to 2389.83 billion yuan by 2029, with a CAGR of 10.41% [5]. Future Outlook - The company is expected to benefit from the release of new production capacity and a rebound in high-margin composite orders, leading to anticipated revenue growth [7]. - The projected P/E ratios for 2024-2026 are 27, 18, and 13 times, respectively, indicating a favorable valuation outlook as the company’s performance improves [6][7].

Investment Rating - The report maintains a "Buy-A" rating for the company [1][7]. Core Views - The company achieved record high production and sales of fiber and non-woven fabrics, leading to a significant increase in profitability in Q4 2024 [3][4]. - The company reported total revenue of 649 million yuan for 2024, a year-on-year increase of 1.41%, while net profit attributable to shareholders was 130 million yuan, down 15.25% year-on-year [3][4]. - The company’s Q4 2024 revenue reached 222 million yuan, with a quarter-on-quarter increase of 82.46% and a year-on-year increase of 28.04% [3][4]. Financial Performance - The company’s gross profit margin remained high, with a slight year-on-year increase in the main business gross profit [4]. - The estimated net profit margin for Q4 2024 was approximately 21.96%, reflecting a significant improvement [4]. - The company’s EPS for 2024-2026 is projected to be 0.58, 0.88, and 1.19 yuan, respectively, with corresponding P/E ratios of 27, 18, and 13 times [6][7]. Market Position and Growth Potential - The company has increased its production capacity, with UHMWPE fiber and non-woven fabric capacities reaching 5,320 tons and 1,550 tons, respectively, by the end of 2023 [5]. - The global high-performance fiber market is expected to grow from 131.9 billion yuan in 2023 to 238.9 billion yuan by 2029, with a CAGR of 10.41% [5]. - The company is actively engaging in the robotics sector, aiming to leverage its high-performance fiber products in emerging applications [5].

北京同益中新材料科技股份有限公司（以下简称"公司"）根据《中华人 民共和国公司法》《上海证券交易所科创板股票上市规则》《北京同益中新材 料科技股份有限公司章程》（以下简称"《公司章程》"）等有关规定，公司 于 2025 年 2 月 28 日召开职工代表大会，经出席会议的职工代表民主讨论、表 决，选举蔡颖女士担任公司第三届监事会职工代表监事，蔡颖女士简历详见附 件。 根据《公司章程》的规定，公司监事会由三名监事组成。本次职工代表大 会选举产生的职工代表监事，将与公司 2025 年第一次临时股东大会选举产生的 非职工代表监事共同组成公司第三届监事会，任期与第三届监事会任期一致。 股东大会选举产生新一届监事会之前，公司第二届监事会继续履行职责。 特此公告。 北京同益中新材料科技股份有限公司监事会 2025 年 3 月 1 日 附件：职工代表监事简历 蔡颖，女，1978 年 10 月生，中国国籍，无境外永久居留权，本科学历，经 济师。历任北京同益中特种纤维技术开发有限公司财务部出纳、会计；北京同 益中特种纤维技术开发有限公司综合部副经理、综合部副经理兼保密办主任； 北京同益中新材料科技股份有限公司综合部副经理兼保密办 ...

独立董事候选人声明与承诺 本人梁爽，已充分了解并同意由北京同益中新材料科技 股份有限公司董事会提名为北京同益中新材料科技股份有 限公司第三届董事会独立董事候选人。本人公开声明，本人 具备独立董事任职资格，保证不存在任何影响本人担任北京 同益中新材料科技股份有限公司独立董事独立性的关系，具 体声明并承诺如下： 一、本人具备上市公司运作的基本知识，熟悉相关法律、 行政法规、部门规章及其他规范性文件，具有五年以上法律、 经济会计、财务、管理等履行独立董事职责所必需的工作经 验。 二、本人任职资格符合下列法律、行政法规和部门规章 以及公司规章的要求： （一）《中华人民共和国公司法》等关于董事任职资格的 规定； （二）《中华人民共和国公务员法》关于公务员兼任职务 的规定（如适用）； 北京同益中新材料科技股份有限公司 （七）中国人民银行《股份制商业银行独立董事和外部 监事制度指引》等的相关规定（如适用）； （八）中国证监会《证券基金经营机构董事、监事、高 级管理人员及从业人员监督管理办法》等的相关规定（如适 用）； （九）《银行业金融机构董事（理事）和高级管理人员任 职资格管理办法》《保险公司董事、监事和高级管理人员任职 ...