光大证券现根据《证券发行上市保荐业务管理办法》《上海证券交易所科 创板股票上市规则》《上海证券交易所上市公司自律监管指引第 11 号——持 续督导》等相关规定，出具本保荐总结报告书： 一、保荐人及保荐代表人承诺 1、保荐总结报告书和证明文件及其相关资料的内容不存在虚假记载、误 导性陈述或重大遗漏，保荐人及保荐代表人对其真实性、准确性、完整性承担 法律责任。 2、本机构及保荐代表人自愿接受中国证券监督管理委员会（以下简称"中 国证监会"）、上海证券交易所对保荐总结报告书相关事项进行的任何质询和 调查。 3、本机构及保荐代表人自愿接受中国证监会按照《证券发行上市保荐业 务管理办法》的有关规定采取的监管措施。 光大证券股份有限公司 关于江西悦安新材料股份有限公司 首次公开发行股票并在科创板上市之持续督导保荐总结报告书 光大证券股份有限公司（以下简称"光大证券"、"保荐人"或"本机构"） 为江西悦安新材料股份有限公司（以下简称"悦安新材"、"公司"、"上市 公司"或"发行人"）首次公开发行股票并在科创板上市的持续督导保荐人。 截至 2024 年 12 月 31 日，悦安新材首次公开发行股票并在科创板上市的持续 督导期 ...

Investment Rating - The investment rating for the company is "Buy" with a target price not specified [6][17]. Core Views - The company achieved a revenue of 418 million yuan in 2024, representing a year-over-year increase of 13.4%, while the net profit attributable to the parent company was 70.29 million yuan, down 12% year-over-year [1][5]. - The company is currently in a capacity ramp-up phase for its IPO-funded carbonyl iron powder project, which is expected to double its production capacity from 5,500 tons to 11,500 tons, contributing to future revenue growth [4][5]. - The company is focusing on optimizing its product structure towards high-end products, which is anticipated to enhance profitability as scale effects become evident [4][5]. Financial Performance Summary - In 2024, the company reported revenues of 418 million yuan, with a growth rate of 13.38% expected for 2025 [5][12]. - The gross profit margin for carbonyl iron powder was 44.76%, while the overall gross margin was 35.22%, reflecting a decline of 3.85 percentage points year-over-year [3][5]. - The net profit margin for 2024 was 16.23%, down 5.15 percentage points year-over-year, primarily due to increased operating costs from the ramp-up of new projects [3][5]. Capacity and Production Insights - The company’s carbonyl iron powder project reached its intended usable state by the end of Q3 2023 and is currently ramping up production based on market demand [4]. - The company plans to release additional capacity for high-performance powders, including 2,000 tons of soft magnetic powder, which is expected to further enhance its market position [4]. Future Profitability Projections - The projected net profits for the company are estimated to be 110.52 million yuan in 2025, 135.08 million yuan in 2026, and 169.26 million yuan in 2027, reflecting a significant growth trajectory [5][12]. - The company’s price-to-earnings ratio is projected to decrease from 26 times in 2025 to 17 times in 2027, indicating an improving valuation as profitability increases [5][12].

Summary of Key Points Core Viewpoint - On April 29, a total of 10 stocks listed on the STAR Market experienced block trading, with a cumulative transaction amount of 2.09 billion yuan and a total trading volume of 611.49 million shares [1]. Block Trading Overview - The stock with the highest transaction amount was Pioneering Technology, with a block trading volume of 3.0563 million shares and a transaction amount of 122.25 million yuan [1]. - Other notable stocks included Guobo Electronics and Yuenan New Materials, with transaction amounts of 33.11 million yuan and 14.05 million yuan, respectively [1]. - The average transaction prices and their respective premiums or discounts relative to the closing prices varied across the stocks, with Pioneering Technology priced at 40.00 yuan per share, reflecting a discount of 1.60% [1].

登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：688786 证券简称：悦安新材 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 公司董事会、监事会及董事、监事、高级管理人员保证季度报告内容的真实、准确、完整，不存在虚假 记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 公司负责人、主管会计工作负责人及会计机构负责人（会计主管人员）保证季度报告中财务信息的真 实、准确、完整。 第一季度财务报表是否经审计 □是 √否 主要会计数据和财务指标 单位：元 币种：人民币 注：根据相关规定，公司股本因资本公积金转增股本发生变化且不影响股东权益金额的，应当按照最新 股本调整并列报基本每股收益和稀释每股收益。故公司实施完成2023年度权益分派方案后，按照调整后 的股数重新计算2024年同期每股收益。 非经常性损益项目和金额 √适用 □不适用 单位:元 币种:人民币 对公司将《公开发行证券的公司信息披露解释性公告第1号——非经常性损益》未列举的项目认定为非 经常性损益项目且金额重大的，以及将《公开发行证券 ...

Financial Performance - The company's operating revenue for Q1 2025 was ¥96,217,522.71, representing a 9.19% increase compared to ¥88,121,091.97 in the same period last year[3] - The net profit attributable to shareholders was ¥16,834,531.59, showing a slight increase of 0.31% from ¥16,782,908.05 year-on-year[3] - The net cash flow from operating activities surged by 331.30%, reaching ¥31,011,035.18, compared to ¥7,190,208.45 in the previous year[3] - Total operating revenue for Q1 2025 was CNY 96,217,522.71, an increase of 9.5% compared to CNY 88,121,091.97 in Q1 2024[15] - Net profit for Q1 2025 reached CNY 16,720,385.24, slightly up from CNY 16,495,580.46 in Q1 2024, reflecting a growth of 1.4%[16] - Operating profit for Q1 2025 was CNY 19,569,302.77, compared to CNY 19,494,132.99 in the same period last year, indicating a marginal increase[16] - Total operating costs for Q1 2025 were CNY 77,444,657.95, up from CNY 71,598,562.89 in Q1 2024, representing an increase of 8.2%[15] Assets and Liabilities - Total assets at the end of the reporting period were ¥944,752,181.36, reflecting a 4.08% increase from ¥907,714,052.38 at the end of the previous year[4] - As of March 31, 2025, the total current assets amounted to CNY 391,961,766.20, an increase of 7.5% from CNY 364,177,061.42 on December 31, 2024[12] - Total assets reached CNY 944,752,181.36, compared to CNY 907,714,052.38 at the end of 2024, marking a growth of 4.1%[13] - Total liabilities increased to CNY 210,906,011.17 from CNY 191,008,441.45, representing a rise of 10.0%[14] Shareholder Information - The equity attributable to shareholders increased by 2.43%, amounting to ¥727,996,188.22 compared to ¥710,741,482.61 at the end of the last year[4] - The company’s equity attributable to shareholders rose to CNY 727,996,188.22, up from CNY 710,741,482.61, reflecting a growth of 2.9%[14] - The total number of ordinary shareholders at the end of the reporting period was 3,980[10] Cash and Cash Equivalents - Cash and cash equivalents increased to CNY 111,520,574.11 from CNY 91,190,381.15, reflecting a growth of 22.2%[12] - Cash and cash equivalents at the end of Q1 2025 totaled CNY 105,183,985.11, compared to CNY 155,581,363.85 at the end of Q1 2024[19] Research and Development - Research and development (R&D) expenses totaled ¥4,459,760.31, a decrease of 3.92% from ¥4,641,503.28, with R&D expenses accounting for 4.64% of operating revenue[3] - Research and development expenses for Q1 2025 were CNY 4,459,760.31, slightly down from CNY 4,641,503.28 in Q1 2024[15] Other Financial Metrics - The basic and diluted earnings per share remained unchanged at ¥0.14[3] - The company’s basic and diluted earnings per share remained stable at CNY 0.14 for both Q1 2025 and Q1 2024[16] - The weighted average return on equity decreased slightly to 2.34%, down by 0.02 percentage points from 2.36%[3] - The company reported non-recurring gains of ¥1,214,691.48 for the period, after accounting for tax and minority interests[7] - Other comprehensive income after tax for Q1 2025 was CNY 119,513.28, a recovery from a loss of CNY -70,445.24 in Q1 2024[16] Inventory and Accounts - Inventory levels increased to CNY 106,691,967.11 from CNY 103,567,536.28, showing a growth of 3.2%[12] - Accounts receivable rose to CNY 84,479,462.12, up from CNY 76,709,822.11, indicating a 10.3% increase[12] - The company reported a significant increase in accounts payable, which rose to CNY 58,092,919.47 from CNY 43,343,920.15, a growth of 34.0%[14] Investment Activities - The company reported a net cash outflow from investing activities of CNY -21,250,054.70 in Q1 2025, compared to CNY -30,209,169.22 in Q1 2024[19] Shareholder Changes - The company has not reported any changes in major shareholders or significant events affecting the business during the reporting period[11]

一、主要会计数据和财务指标 | 报告期指标 | 2025年一季报 | 2024年一季报 | 本年比上年增减(%) | 2023年一季报 | | --- | --- | --- | --- | --- | | 基本每股收益（元） | 0.1400 | 0.1400 | 0 | 0.1900 | | 每股净资产（元） | 0 | 8.39 | -100 | 7.93 | | 每股公积金(元) | 2.69 | 4.28 | -37.15 | 4.14 | | 每股未分配利润(元) | 2.03 | 2.71 | -25.09 | 2.47 | | 每股经营现金流(元) | - | - | - | - | | 营业收入(亿元) | 0.96 | 0.88 | 9.09 | 0.79 | | 净利润(亿元) | 0.17 | 0.17 | 0 | 0.16 | | 净资产收益率(%) | 2.34 | 2.36 | -0.85 | 2.46 | 数据四舍五入，查看更多财务数据>> 前十大流通股东累计持有： 6970.37万股，累计占流通股比： 58.15% ，较上期变化：-121.08万股 。 | 名称 持有数量(万 ...

Group 1 - The company, Jiangxi Yuenan New Materials Co., Ltd., has approved the 2025 Restricted Stock Incentive Plan and the list of initial incentive recipients during its board and supervisory meetings held on March 22, 2025 [1][2] - The supervisory board conducted a verification of the proposed incentive recipients, confirming their qualifications and the authenticity of their information [3][4] - The incentive plan excludes independent directors and supervisors, ensuring compliance with relevant laws and regulations [5][6] Group 2 - The company specializes in the field of micro-nano metal powder new materials, focusing on the research, production, and sales of carbonyl iron powder, atomized alloy powder, and related deep-processing products [14][16] - The company has established a strong customer base across various high-end application fields, including partnerships with leading global companies in electronics and automotive sectors [15][16] - The main products include carbonyl iron powder, atomized alloy powder, soft magnetic powder, metal injection molding feedstock, and absorbing materials, which are widely used in electronics, automotive parts, and 3D printing [16][18] Group 3 - The global market for absorbing materials reached USD 2.87 billion in 2023, with the aerospace sector accounting for 45%, and is expected to exceed USD 6.5 billion by 2030, growing at a CAGR of 12.4% [81] - The company has a comprehensive and efficient innovation mechanism, focusing on R&D, production, and service integration to meet customer demands [82][83] - The micro-nano metal powder industry is characterized by high technical barriers, with diverse preparation processes and complex production control requirements [90][96]

2025年4月23日，江西悦安新材料股份有限公司（以下简称"悦安新材"或"公司"）发布2024年年度报 告。报告期内，公司实现营业收入417,777,272.61元，同比增长13.38%；归属于上市公司股东的净利润 为70,293,741.40元，同比减少12.00%。本文将围绕公司财务数据，深入解读其经营状况、财务表现及潜 在风险。 营收稳健增长，下游需求成主因 营收情况 报告期内，悦安新材实现营业收入417,777,272.61元，较上年同期的368,479,861.99元增长13.38%。从季 度数据来看，第一季度至第四季度营业收入分别为88,121,091.97元、116,840,543.33元、105,979,725.33 元、106,835,911.98元，呈现出较为稳定的增长态势。 增长原因 公司表示，营业收入增长主要源于下游应用端的需求增长。在精密零部件类下游应用端，金属注射成型 技术凭借成本、效率、环保性等优势，在消费电子、汽车、五金、电动工具等领域替代部分传统工艺， 带动公司相关粉体材料产品收入增长。在电子元器件类下游应用端，随着产品智能化及计算能力提升， 用于消费电子领域的一体式成型电感 ...

证券代码：688786 证券简称：悦安新材 公告编号：2025-023 江西悦安新材料股份有限公司 持股 5%以上股东、董事减持股份计划公告 本公司董事会、全体董事及相关股东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： 股东、董事持股的基本情况 截至本公告披露日，江西悦安新材料股份有限公司（以下简称"公司"或 "发行人"）持股 5%以上股东、董事于缘宝先生持有公司股份 11,459,000 股，占 公司总股本的 9.5624%。上述股份来源为：公司首次公开发行前取得 7,677,000 股，并已于 2022 年 8 月 26 日起上市流通；通过集中竞价取得股份数量为 508,000 股；通过资本公积转增股本取得的股份数量为 3,274,000 股。 减持计划的主要内容 因自身资金需求，公司持股 5%以上股东、董事于缘宝先生拟通过集中竞价 和大宗交易方式减持其持有的公司股份，减持股份数量合计不超过 2,300,000 股， 占公司总股本的比例不超过 1.9193%。其中，若通过集中竞价交易方式减持股份 的，自本次减持股份计划公 ...

证券代码：688786 证券简称：悦安新材 公告编号：2025-022 江西悦安新材料股份有限公司监事会 关于公司 2025 年限制性股票激励计划首次授予 对本次激励计划拟激励对象名单提出的异议。 2、公司监事会对拟激励对象的核查方式 公司监事会核查了本次拟激励对象的名单、身份证件信息、拟激励对象与公 司（含子公司）签订的劳动或劳务合同、拟激励对象在公司担任的职务等。 激励对象名单的核查意见及公示情况说明 本公司监事会及全体监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。 江西悦安新材料股份有限公司（以下简称"公司"）于 2025 年 3 月 22 日召 开第二届董事会第二十四次会议、第二届监事会第二十次会议，审议通过了《关 于公司<2025 年限制性股票激励计划（草案）>及其摘要的议案》等相关议案。 根据《上市公司股权激励管理办法》（以下简称"《管理办法》"）的相关规定， 公司对 2025 年限制性股票激励计划（以下简称"本次激励计划"）首次授予激 励对象名单进行了公示。公司监事会结合公示情况对激励对象进行了核查，相关 公示情况及核查方式 ...