Core Viewpoint - The company has made significant progress in its share repurchase program, having repurchased a total of 2,062,238 shares, which represents 1.72% of its total share capital, with a total expenditure of approximately RMB 29.99 million [1][2]. Group 1: Share Repurchase Information - The company approved a share repurchase plan on June 6, 2024, allowing for the use of between RMB 20 million and RMB 40 million of its own funds for the repurchase within 12 months from the date of approval [1][2]. - As of March 31, 2025, the repurchase was executed at a maximum price of RMB 17.30 per share and a minimum price of RMB 13.06 per share [1][2]. - The total number of shares repurchased so far is 2,062,238, with a total payment amounting to RMB 29,989,791.76, excluding transaction fees [2]. Group 2: Compliance and Future Actions - The company will adhere to the relevant regulations and guidelines regarding share repurchase and will make decisions based on market conditions during the repurchase period [2]. - The company commits to timely information disclosure regarding the progress of the share repurchase to keep investors informed [2].

证券代码：688737 证券简称：中自科技 公告编号：2025-013 中自科技股份有限公司 关于以集中竞价交易方式回购公司股份的进展公告 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。 重要内容提示： 公司于 2024 年 6 月 6 日召开第三届董事会第二十四次临时会议，审议通过 了《关于以集中竞价交易方式回购公司股份方案的议案》，同意公司使用不低于 人民币 2,000.00 万元、不超过人民币 4,000.00 万元的自有资金，以不超过人民币 29.10 元/股的价格，通过集中竞价交易方式回购公司股份，回购期限自董事会审 议通过回购股份方案之日起 12 个月内。 具体内容详见公司于 2024 年 6 月7 日在上海证券交易所网站（www.sse.com） 披露的《中自科技股份有限公司关于以集中竞价交易方式回购公司股份方案的公 告》（公告编号：2024-031）。 二、回购股份的进展情况 根据《上市公司股份回购规则》《上海证券交易所上市公司自律监管指引第 7 号——回购股份》的相关规定，公司在回购期间，应当在每个月的前 ...

Core Viewpoint - The company, Zhongzi Technology, is focusing on transforming technological achievements into production capabilities, particularly in the fields of automotive exhaust catalysts, energy storage, and hydrogen energy, amidst a supportive policy environment for private enterprises in China [1][2][6]. Group 1: Company Development and Strategy - Zhongzi Technology has established a three-pronged business matrix consisting of environmental catalysts, energy storage, and high-performance composite materials, aiming for a tiered development strategy [1][2]. - The company has successfully transitioned from laboratory products to industrial products through collaboration with universities, particularly in mastering core technologies for automotive exhaust catalysts [2]. - The company emphasizes the importance of technological innovation as the primary productivity driver for private enterprises, especially during the current transformation phase of the Chinese economy [2][6]. Group 2: Market Opportunities and Growth - The rapid growth of new energy vehicles, particularly plug-in hybrid vehicles, is a significant driver for the company's sales, with expectations to sell over one million passenger car catalysts in 2024, nearly half of which will support new energy vehicles [3]. - The implementation of stringent emission standards, such as the National VIb and upcoming National VII standards, is expected to increase market demand for the company's catalyst products [3]. - Zhongzi Technology aims to achieve domestic production of volatile organic compound catalysts and has become a primary supplier for major projects, indicating a strong position in the industrial catalyst market [4]. Group 3: Emerging Business Segments - The company is actively developing its energy storage business, targeting both residential and commercial markets, with a projected revenue growth of nearly four times in 2024 compared to 2023 [5]. - High-performance composite materials are under capacity construction, with applications expected in aerospace, rail transportation, and humanoid robotics [5]. - The hydrogen energy sector is a strategic focus, with the company participating in national key research projects and aiming to become a leading supplier of hydrogen fuel cell catalysts [5][6].

Core Viewpoint - The company has announced its external guarantee plan for 2024, providing guarantees to its wholly-owned subsidiaries to support their project financing needs [1][3]. Group 1: Guarantee Details - The company has provided a guarantee of 24 million yuan for its subsidiary, Sichuan Zhongzi Future Energy Co., Ltd., and a guarantee of 200 million yuan for Sichuan Zhongzi Composite Materials Co., Ltd., with both amounts included in the total guarantee balance [1][3]. - The guarantees are aimed at supporting the construction funding needs of the subsidiaries, specifically for replacing shareholder loans related to energy storage projects and for the establishment of a manufacturing base for complex high-performance composite materials [3][4]. Group 2: Internal Decision-Making Process - The guarantees were approved in the company's third board meeting and the third extraordinary shareholders' meeting, allowing for a total external guarantee limit of up to 1.05 billion yuan for 2024 [4][5]. - The approved guarantee limits for the subsidiaries are 200 million yuan for Zhongzi Future and 250 million yuan for Zhongzi Composite, effective until the next annual shareholders' meeting [4][5]. Group 3: Financial Overview - As of the announcement date, the total external guarantee amount provided by the company is 224 million yuan, which accounts for 11.90% of the company's audited net assets for 2023, with no overdue guarantees reported [6].

证券代码：688737 证券简称：中自科技 公告编号：2025-011 中自科技股份有限公司 关于 2024 年度对外担保计划的进展公告 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。 重要内容提示： 被担保人均系中自科技股份有限公司（以下简称"公司"或"中自科技"） 合并报表范围内子公司，四川中自未来能源有限公司（以下简称"中自未来"）、 四川中自复合材料有限公司（以下简称"中自复材"）均系公司的全资子公司， 不属于关联担保。 本次担保金额及已实际为其提供的担保余额：公司本次为中自未来提供 的担保金额为 2,400 万元，截至本公告披露日，公司已实际为中自未来提供的担 保余额为 2,400 万元（含本次担保）；公司本次为中自复材提供的担保金额为 20,000 万元，截至公告披露日，公司已实际为中自复材提供的担保余额为 20,000 万元（含本次担保）。 本次担保已经公司第三届董事会第二十八次临时会议、2024 年第三次临 时股东会审议通过。 一、担保情况概述 为满足子公司中自未来项目建设资金需求，近日公司与中国民生银行股 ...

Group 1: Industrial Gas Industry - The industrial gas industry in China is rapidly developing, with a continuously expanding market size, and the company is optimistic about industrial gas enterprises with stable cash flow and certain revenue scale [3] - The domestic substitution wave in electronic specialty gases is ongoing, and the company is closely monitoring the product development and capacity expansion of industrial gas companies entering this field [3] - Key recommended companies include Huate Gas, Wuhua Technology, China Shipbuilding Gas, Jinhong Gas, and Yakeke [3] Group 2: Gold Market - Historical analysis shows that gold bull markets occur during periods of global economic imbalance and international order changes, with the current period being the third round of value reassessment for gold since 2008 [5] - The trend of "de-dollarization" is accelerating due to disruptions in international order, and gold is expected to maintain long-term allocation value as a super-sovereign currency [5] Group 3: WuXi AppTec - WuXi AppTec reported a revenue of 39.241 billion yuan for 2024, with a year-on-year growth of 5.2% after excluding COVID-19 commercialization projects, and a net profit of 9.45 billion yuan, meeting expectations [7] - The company’s TIDES-related performance and capacity are rapidly growing, with projected net profits for 2025-2027 being 10.98 billion, 12.52 billion, and corresponding PE ratios of 18, 16, and 14 times [7] Group 4: Hong Kong Pharmaceutical Sector - The valuation of the Hong Kong pharmaceutical sector has been shrinking for several years, with some quality companies' PE valuations nearing historical lows [10] - The company suggests actively increasing allocation in the sector, focusing on high-quality companies with limited downside risk and long-term investment value [10] Group 5: CNOOC Engineering - CNOOC Engineering achieved a total revenue of 29.954 billion yuan in 2024, a decrease of 2.59% year-on-year, while net profit increased by 33.38% to 2.161 billion yuan [12] - Projected net profits for 2025-2027 are 2.442 billion, 2.817 billion, and 3.012 billion yuan, with corresponding EPS of 0.55, 0.64, and 0.68 yuan per share [12] Group 6: Zhongzi Technology - Zhongzi Technology reported a decline in performance due to weakened downstream demand and increased investment in new business expansion [15] - The company anticipates production capacity for composite material structural components to be operational by the end of the year, which may drive growth in the humanoid robot sector [15] Group 7: Li Auto - Li Auto's 2024 performance showed a slight decline in gross margin, with a new strategy focusing on smart, pure electric, and overseas expansion for 2025 [18] - The company has adjusted its projected non-GAAP net profits for 2025-2026 to 11.1 billion and 18.6 billion yuan, with an estimated 20.2 billion yuan for 2027 [18] Group 8: Tin Industry - The suspension of mining operations at the Bisie tin mine by Alphamin Resources is expected to reduce global tin output by 5.3%, contributing to ongoing supply tightness [23] - The demand for tin remains strong due to the semiconductor and photovoltaic sectors, with current inventory levels being low since 2024 [23]

Core Viewpoint - The company reported a decline in performance for 2024, with a revenue of 1.562 billion and a net loss of 26.86 million, indicating challenges in the core business and increased investment in new ventures [2][3]. Group 1: Financial Performance - The company's revenue for 2024 was 1.562 billion, representing a year-on-year increase of 1.18% [2]. - The net profit attributable to shareholders was -26.86 million, with a basic earnings per share of -0.22 [2]. - The overall gross margin for the first three quarters of 2024 was 9.54%, a decrease of 1.64 percentage points compared to the same period last year [3]. Group 2: Business Challenges - The demand in the downstream market for the company's main business, tail gas treatment catalysts, has weakened due to reduced investment and low freight rates, leading to insufficient replacement demand in the commercial vehicle sector [3]. - The company has resorted to price reductions for some products, contributing to the decline in gross margin [3]. - Increased research and development (R&D) investment and market development efforts in new business areas have led to a significant rise in operating expenses for 2024 [3]. Group 3: New Business Developments - The company is actively expanding into two new business areas: energy storage and composite materials, with R&D investment reaching 72 million, a year-on-year increase of 30.91% [3]. - The high-end composite materials business is expected to achieve production by the end of 2025, with applications in aerospace, rail transportation, new energy vehicles, and humanoid robots [4]. - The company received a notification for the development of fuel cell engines, marking a significant step in its hydrogen energy market expansion [5].

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company's revenue for 2024 is projected at 1.562 billion yuan, a slight increase of 1.18% year-on-year, while the net profit attributable to shareholders is expected to be -26.86 million yuan, resulting in a basic earnings per share of -0.22 yuan [1] - The decline in performance is attributed to weakened downstream demand in the main business and increased investment in new business development, particularly in the exhaust treatment catalyst sector [1][2] - The company is actively expanding into new areas such as energy storage and composite materials, with significant increases in R&D investment, which rose by 30.91% year-on-year to 72 million yuan in the first three quarters of 2024 [1][2] Summary by Sections Financial Performance - The company reported a gross margin of 9.54% for the first three quarters of 2024, a decrease of 1.64 percentage points compared to the same period last year [1] - The revenue forecast for 2025 is 2.033 billion yuan, with a growth rate of 30.16%, and for 2026, it is projected to reach 3.143 billion yuan, reflecting a growth rate of 54.64% [4] Business Development - The high-end composite materials business is expected to start production by the end of 2025, with a capacity of 500,000 square meters per year for prepreg and 30 tons per year for aerospace composite components [2] - The company has received a development notification for fuel cell engines, which is expected to accelerate its expansion into the hydrogen energy market [2] Profitability and Valuation - The net profit forecasts for 2024 to 2026 have been adjusted to -27 million yuan, 57 million yuan, and 238 million yuan respectively, reflecting a downward revision due to increased investment in new business areas [3] - The report indicates that the company has made breakthroughs in the market for internal combustion engine exhaust catalysts and is expanding into hydrogen energy, power batteries, and energy storage [3]

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company's revenue for 2024 is projected at 1.562 billion yuan, a slight increase of 1.18% year-on-year, while the net profit attributable to shareholders is expected to be -26.86 million yuan, resulting in a basic earnings per share of -0.22 yuan [1] - The decline in performance is attributed to weakened downstream demand in the main business and increased investment in new business development, particularly in the exhaust treatment catalyst sector [1][2] - The company is actively expanding into new areas such as energy storage and composite materials, with significant increases in R&D investment, which rose by 30.91% year-on-year to 72 million yuan in the first three quarters of 2024 [1][2] Summary by Sections Financial Performance - The company reported a gross margin of 9.54% for the first three quarters of 2024, a decrease of 1.64 percentage points compared to the same period last year [1] - The revenue forecast for 2025 is 2.033 billion yuan, with a growth rate of 30.16%, and for 2026, it is projected to reach 3.143 billion yuan, reflecting a growth rate of 54.64% [4] Business Development - The high-end composite materials business is expected to start production by the end of 2025, with a capacity of 500,000 square meters per year for prepreg and 30 tons per year for aerospace composite components [2] - The company has received a development notification for fuel cell engines, which is expected to accelerate its expansion into the hydrogen energy market [2] Profitability and Valuation - The net profit forecasts for 2024 to 2026 have been adjusted to -27 million yuan, 57 million yuan, and 238 million yuan respectively, reflecting a downward revision due to increased investment in new business areas [3] - The report indicates that the company has made breakthroughs in the market for internal combustion engine exhaust catalysts and is expanding into hydrogen energy, power batteries, and energy storage [3]

根据中国证券监督管理委员会（以下简称"中国证监会"）于 2021 年 8 月 24 日 出具的《关于同意中自环保科技股份有限公司首次公开发行股票注册的批复》（证监 许可〔2021〕2761 号），公司首次公开发行人民币普通股（A 股）2,150.8744 万股， 发行价格为 70.90 元/股，募集资金总额为人民币 1,524,969,949.60 元，扣除发行费用 后实际募集资金净额为人民币 1,407,189,683.51 元。信永中和会计师事务所（特殊普 通合伙）对公司本次公开发行新股的资金到位情况进行了审验，并于 2021 年 10 月 18 日出具了《验资报告》（XYZH/2021CDAA70685）。募集资金到账后，公司对募 集资金进行了专户存储，并与保荐机构、存放募集资金的银行签署了募集资金专户存 储监管协议。 二、募集资金投资项目情况 截至 2025 年 2 月 28 日，公司首次公开发行股票募投项目及募集资金使用情况如 下： 申万宏源证券承销保荐有限责任公司 关于中自科技股份有限公司部分首次公开发行股票 募投项目延期的核查意见 单位：人民币/万元 | 序 项目名称 | 募集资金承诺 | 调整 ...