中材科技股份有限公司 关于公司与特定对象签订附条件生效的股份认购协议暨关联交易的公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、 误导性陈述或者重大遗漏。 证券代码：002080 证券简称：中材科技 公告编号：2025-048 特别提示： 中材科技股份有限公司（以下简称"中材科技"、"公司"）本次向特定对 象发行A股股票（以下简称"本次发行"）事项尚须经国有资产监督管理部门或 其授权单位批准、公司股东会审议通过、深圳证券交易所（以下简称"深交所"） 审核通过并经中国证券监督管理委员会（以下简称"中国证监会"）同意注册后 方可实施。本次发行能否获得相关监管部门批准以及获得相关批准的时间存在不 确定性。 一、关联交易概述 （一）关联交易概况 公司拟向特定对象发行 A 股股票数量不超过本次发行前公司总股本的 30%， 即不超过 503,437,075 股（含本数），拟募集资金总额不超过人民币 448,114.92 万元（含本数），最终发行数量以中国证监会同意注册的批复文件为准。 发行对象包括公司实际控制人中国建材集团有限公司（以下简称"中国建材 集团"）全资子公司中建材联合投资有限公司（以 ...

中材科技股份有限公司 未来三年（2025-2027 年）股东分红回报规划 为完善和健全股东回报机制，增加利润分配政策的透明度和可操作性，切实 加强投资者合理回报，根据《中华人民共和国公司法》《中华人民共和国证券法》 《上市公司监管指引第 3 号——上市公司现金分红》以及《深圳证券交易所股票 上市规则》等相关规定，结合《中材科技股份有限公司章程》（以下简称"《公司 章程》"），中材科技股份有限公司（以下简称"公司"）制定了《未来三年（2025-2027 年）股东分红回报规划》（以下简称"股东回报规划"）。 一、股东回报规划制定的考虑因素 公司着眼于长远和可持续发展，综合考虑公司发展战略、经营发展阶段、自 身盈利水平、债务偿还能力、是否有重大资金支出安排等因素，建立对投资者持 续、稳定、科学的回报规划与实施机制，对利润分配做出明确的制度性安排，以 保证利润分配政策的连续性和稳定性。 二、股东回报规划的制定原则 公司重视对投资者的合理投资回报，并兼顾公司的实际经营情况和可持续发 展。公司优先采用现金分红的利润分配方式，充分听取和考虑股东特别是中小股 东的意见与建议，建立持续、稳定、科学的分红回报规划。 三、2025 ...

证券简称：中材科技 证券代码：002080 中材科技股份有限公司 2025 年度向特定对象发行 A 股股票 募集资金使用可行性分析报告 二〇二五年九月 中材科技股份有限公司 2025 年度向特定对象发行 A 股股票募集资金使用可行性分析报告 中材科技股份有限公司（以下简称"中材科技"、"上市公司"或"公司"） 拟向特定对象发行 A 股股票，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》"）《上市公司证券发行 注册管理办法》（以下简称"《注册管理办法》"）等有关法律、法规和规范性文件 的规定，公司编制了向特定对象发行 A 股股票募集资金使用可行性分析报告。 本报告中如无特别说明，相关用语具有与《中材科技股份有限公司 2025 年 度向特定对象发行 A 股股票预案》中相同的含义。 一、本次向特定对象发行募集资金使用计划 公司本次向特定对象发行股票募集资金总额预计不超过 448,114.92 万元（含 本数），扣除发行费用后的募集资金净额拟投向以下项目： 中材科技股份有限公司 2025 年度向特定对象发行 A 股股票募集资金使用可行性分析报告 本项目由泰山玻纤 ...

Core Viewpoint - The company Zhongcai Technology has successfully completed certification and bulk supply of its ultra-low loss low dielectric fiber cloth to major clients, indicating a positive development in its product offerings and market position [1] Group 1 - The ultra-low loss low dielectric fiber cloth has been certified by leading customers, which is a significant milestone for the company [1] - The direct downstream market for this product includes high-frequency and high-speed copper-clad board enterprises, suggesting a strong demand in the electronics sector [1] - New production capacity will be gradually released as projects are completed, indicating potential for future growth and revenue increase [1]

Market Overview - The glass and fiberglass sector increased by 1.24% on September 29, with Qibin Group leading the gains [1] - The Shanghai Composite Index closed at 3862.53, up 0.9%, while the Shenzhen Component Index closed at 13479.43, up 2.05% [1] Stock Performance - Qibin Group (601636) closed at 7.04, up 3.23% with a trading volume of 592,100 shares and a turnover of 414 million yuan [1] - Changhai Co., Ltd. (300196) closed at 15.11, up 2.51% with a trading volume of 72,700 shares and a turnover of 109 million yuan [1] - China Jushi (600176) closed at 17.04, up 1.43% with a trading volume of 725,800 shares and a turnover of 1.224 billion yuan [1] - Other notable stocks include Zhongcailiao Technology (002080) at 34.27, up 1.90%, and Jinjing Technology (600586) at 4.99, up 1.01% [1] Capital Flow - The glass and fiberglass sector experienced a net outflow of 145 million yuan from institutional investors, while retail investors saw a net inflow of 232 million yuan [2] - The overall capital flow indicates a mixed sentiment, with institutional investors withdrawing funds while retail investors are increasing their positions [2] Individual Stock Capital Flow - Zhongcailiao Technology (002080) had a net outflow of 37.61 million yuan from institutional investors, while retail investors contributed a net inflow of 1.24 million yuan [3] - Jinjing Technology (600586) saw a net inflow of 11.07 million yuan from institutional investors, but retail investors had a net outflow of 0.45 million yuan [3] - North Glass Co., Ltd. (002613) experienced a net outflow of 3.61 million yuan from institutional investors, with retail investors contributing a net inflow of 2.36 million yuan [3]

Core Viewpoint - Zhongcai Technology's stock has shown significant volatility, with a year-to-date increase of 166.90% but a recent decline of 5.48% over the past five trading days, indicating potential market fluctuations and investor sentiment shifts [1] Financial Performance - For the first half of 2025, Zhongcai Technology reported a revenue of 13.33 billion yuan, representing a year-on-year growth of 26.48%, and a net profit attributable to shareholders of 999 million yuan, which is a substantial increase of 114.92% [2] - The company has distributed a total of 5.71 billion yuan in dividends since its A-share listing, with 2.43 billion yuan distributed over the past three years [3] Stock Market Activity - As of September 29, Zhongcai Technology's stock price was 34.31 yuan per share, with a market capitalization of 57.58 billion yuan and a trading volume of 406 million yuan [1] - The stock has appeared on the "Dragon and Tiger List" four times this year, with the most recent instance on August 29, where it recorded a net buy of -206 million yuan [1] Shareholder Structure - As of June 30, 2025, Zhongcai Technology had 64,700 shareholders, a decrease of 18.00% from the previous period, with an average of 25,940 circulating shares per shareholder, which increased by 21.95% [2] - Major shareholders include Hong Kong Central Clearing Limited and several mutual funds, with notable changes in their holdings [3]

Investment Rating - Industry Rating: Outperforming the market (maintained rating) [4] Core Viewpoints - The construction materials sector (CITIC) declined by 1.73% this week, underperforming the CSI 300 index, which rose by 1.07%, resulting in a 2.8 percentage point lag [2][10] - On September 24, the Ministry of Industry and Information Technology and five other departments jointly released the "Construction Materials Industry Stabilization Growth Work Plan (2025-2026)", addressing weak market demand and structural issues in the industry. The plan emphasizes strict capacity control for cement and glass, promotes technological innovation, and encourages digital transformation and green low-carbon upgrades [2][17] - The new plan focuses more on resolving structural issues rather than emphasizing growth targets, with clear measures for capacity control in overcapacity sectors like cement and glass. It also highlights the need for continuous improvement in transformation and upgrading, particularly in high-end materials [2][17] Summary by Sections Market Review - The CSI 300 index increased by 1.07% while the construction materials sector (CITIC) fell by 1.73%, with glass fiber and glass sub-sectors experiencing smaller declines. Notable stock performances included Xidamen (+9.8%), Shangfeng Cement (+8.1%), and China Jushi (+7.5%) [1][10] Key Recommendations - Recommended stocks include: 1. Cement: Huaxin Cement, Conch Cement, Shangfeng Cement 2. Glass: Qibin Group, Fuyao Glass, Yamaton 3. Consumer Building Materials: Dongfang Yuhong, Sankeshu, Beixin Building Materials 4. Glass Fiber: China Jushi, Shandong Fiberglass, Changhai Co. [2][19] Focused Investment Opportunities - The report suggests focusing on high-demand sectors such as high-end electronic fabrics and overseas markets, recommending companies like China National Materials, Honghe Technology, and West Cement [2][19]

Group 1: Metal Sector - Zijin Mining's net profit forecast for 2025 is 475 million CNY, with a PE ratio of 15.46[12] - Luoyang Molybdenum's net profit forecast for 2025 is 168.65 million CNY, with a PE ratio of 17.35[12] - The copper production of Zijin Mining is expected to increase by 7% to 115,000 tons in 2025[20] Group 2: Chemical Sector - Wanhua Chemical's net profit forecast for 2025 is 141.75 million CNY, with a PE ratio of 0.00[12] - Longbai Group's net profit forecast for 2025 is 23.01 million CNY, with a PE ratio of 19.75[12] - The MDI market is expected to improve as supply and demand conditions stabilize[48] Group 3: Transportation Sector - China Merchants Highway's net profit forecast for 2025 is 55.01 million CNY, with a PE ratio of 12.10[12] - Haitong Development's net profit forecast for 2025 is 4.43 million CNY, with a PE ratio of 18.87[12] Group 4: Construction Sector - Sichuan Road and Bridge's net profit forecast for 2025 is 82.86 million CNY, with a PE ratio of 8.79[12] - Honglu Steel Structure's net profit forecast for 2025 is 7.96 million CNY, with a PE ratio of 15.35[12]

Market Overview - The glass and fiberglass sector experienced a decline of 2.43% on September 26, with Honghe Technology leading the drop [1] - The Shanghai Composite Index closed at 3828.11, down 0.65%, while the Shenzhen Component Index closed at 13209.0, down 1.76% [1] Stock Performance - Notable stock performances in the glass and fiberglass sector included: - Jiuding New Materials (002201) closed at 7.78, up 1.70% with a trading volume of 220,500 shares and a turnover of 173 million yuan [1] - Qibin Group (601636) closed at 6.82, up 0.15% with a trading volume of 368,700 shares and a turnover of 253 million yuan [1] - Honghe Technology (603256) closed at 35.00, down 4.50% with a trading volume of 141,500 shares and a turnover of 502 million yuan [2] Capital Flow - The glass and fiberglass sector saw a net outflow of 448 million yuan from institutional investors, while retail investors had a net inflow of 453 million yuan [2] - The capital flow for specific stocks showed: - Jiuding New Materials had a net inflow of 26.42 million yuan from institutional investors [3] - Yao Pi Glass (600819) had a net inflow of 21.22 million yuan from institutional investors [3] - Jinjing Technology (600586) experienced a significant net outflow of 17.34 million yuan from institutional investors [3]

Summary of Key Points from Conference Call Industry Overview - The conference call primarily discusses the **wind power industry** and its dynamics, along with insights into the **automobile** and **luxury car dealership** sectors. [1][2] Core Insights and Arguments Wind Power Industry - The wind power industry is expected to benefit from a surge in demand and industry consolidation, with installation volumes projected to exceed **100 GW** by **2025**. [1] - The trend towards larger wind turbines is causing component supply constraints, leading to a rebound in industry gross margins starting from the first half of **2025**. [1] - Wind power has a power density advantage over solar power, with mechanism electricity prices in Shandong province reaching **0.32 CNY/kWh**, compared to **0.2 CNY/kWh** for solar. [1][4] - The anticipated new installation volume for wind power in the coming years is expected to remain between **100-120 GW**, with offshore wind accounting for **15-20 GW**. [5] - The competition landscape in the component sector is more favorable than in complete machine manufacturing, indicating promising profit prospects. [5][6] Key Companies - **Zhongtian Technology** is highlighted as a low-valuation player with a projected **P/E ratio of 13.5** by **2026**. The company is expected to benefit from increased revenue in its optical communication segment, with revenues projected to rise from **1-2 billion CNY** in **2024** to over **10 billion CNY** in **2026**. [7] - **China National Materials Technology** is the largest blade supplier in China, holding about **40%** market share. Its gross margin is expected to recover to **17-18%** in the first half of **2025**. [8] - **Goldwind Technology** maintains a hold rating due to valuation considerations, with its current market-to-book ratio at **1.1** and facing competitive pressures in both onshore and offshore wind markets. [9] Market Dynamics - The wind power sector is experiencing a significant turnaround after a downturn from **2022 to 2024**, with installation volumes increasing from **38 GW** in **2021-2022** to an expected **100 GW** in **2025**. [2] - The **136 Document** has not significantly impacted the wind power sector, as demand remains strong despite new market pricing policies. [16] - The pricing of onshore wind turbines has remained stable, while offshore wind prices are influenced by regional demand and bidding volumes. [16][17] Luxury Car Dealership Industry - The luxury car dealership sector is nearing a bottom and is expected to rebound in **2026** after a period of store closures and declining margins. [10][11] - The overall profitability of new car sales is under pressure, but strong new car release cycles and stable accident repair services are expected to support core profitability. [11] Other Important Insights - The wind power industry is expected to see a continued increase in installation volumes and profitability due to improved utilization rates and product structure enhancements. [5] - The consolidation in the wind power sector has led to a more favorable competitive environment for component suppliers compared to complete machine manufacturers. [6] - The luxury car market is facing challenges, including declining margins and store closures, but new vehicle launches are anticipated to improve profitability. [11] This summary encapsulates the key points discussed in the conference call, focusing on the wind power industry and its competitive landscape, as well as insights into the luxury car dealership sector.