Summary of Conference Call Records Companies and Industries Involved - **Ruijie Networks**: Focused on data center products and solutions for internet companies - **Liangxin Electric**: Concentrated on power distribution equipment in data centers - **China National Materials Technology**: Engaged in AI electronic fabrics and low-expansion products Key Points and Arguments Ruijie Networks 1. **Core Clientele**: Domestic internet companies are the core clients, with over 90% of data center product revenue coming from internet clients, primarily from major clients like Alibaba, ByteDance, and Tencent, which account for approximately 90% of revenue [1][2] 2. **Product Deployment**: The company's products supporting large-scale GPU clusters have been successfully deployed, with 400G products making up over 60% of data center switch revenue, amounting to approximately 2.4 billion [2] 3. **Collaboration with GPU Manufacturers**: The company is collaborating with several domestic GPU manufacturers to enhance their network capabilities, although commercial deployment will take time [3] Liangxin Electric 1. **Data Center Focus**: The company's data center strategy is concentrated on power distribution, with a market share primarily in HVDC and UPS systems [4] 2. **Overseas Market Advantage**: Liangxin has a competitive edge in the overseas market due to the demand for technical upgrades and the need for multiple suppliers due to existing capacity constraints of current suppliers [5] China National Materials Technology 1. **Complete Product Line**: The company has a comprehensive product line for AI electronic fabrics, with low-expansion products currently facing a supply-demand gap [8] 2. **Market Demand for Low-Expansion Products**: Low-expansion fabrics are widely used in large chip packaging and are expected to extend into consumer electronics and automotive sectors [9] 3. **Market Responsiveness**: The company plans to quickly respond to market demands and adjust pricing strategies based on market conditions and customer acceptance [10] Other Important Content - **Sector Diversification**: The renewable energy business unit includes solar, storage, and wind energy, with additional investments in nuclear and hydrogen sectors to mitigate cyclical volatility [7] - **Investment Caution**: The content includes a disclaimer emphasizing that the information provided is for reference only and does not constitute investment advice [11]

风险提示：股市有风险，投资需谨慎。 从资金流向来看，中材科技8月26日主力资金净流出7888.94万元，占流通市值的0.13%。但近五个交易 日整体呈现资金净流入状态，累计净流入金额达1.19亿元，占流通市值的0.19%。盘中数据显示，该股 在9点36分曾出现快速回调，五分钟内跌幅超过2%。 中材科技8月26日股价报收36.97元，较前一交易日下跌1.18元，跌幅3.09%。当日开盘价为38.13元，最 高触及38.68元，最低下探至36.82元，全天振幅达4.88%。该股当日成交量为41.15万手，成交金额15.43 亿元，换手率为2.45%。 中材科技主营业务涉及特种纤维复合材料及其制品的研发、设计、生产和销售。公司产品广泛应用于新 能源、节能环保、航空航天等领域。作为国内领先的新材料企业，公司拥有完整的产业链布局和技术创 新体系。 ...

Summary of Special Electronic Fabric Industry Conference Call Industry Overview - The special electronic fabric industry is experiencing strong demand growth, particularly in the PCB (Printed Circuit Board) segment, driven by new applications and technological advancements [1][7]. Demand Forecast - **First Generation Low Dielectric Electronic Fabric**: - Demand is projected to reach approximately 92.4 million square meters in 2025, increasing to 145 million square meters in 2026 [1][4]. - **Second Generation Electronic Fabric**: - Expected demand of around 13.2 million square meters in 2025, growing to 26 million square meters in 2026 [1][4]. - **Third Generation Electronic Fabric**: - Demand is contingent on the application of specific copper-clad laminates, with an estimated 10 million meters by 2026 if certain companies adopt the new technology [1][4]. Demand Validation - Monthly demand for first-generation electronic fabric is expected to rise from 5 million meters at the end of 2024 to 10 million meters by the end of 2025, aligning closely with the forecast of 93 million meters for the year [1][5]. Market Pricing and Scale - Current market prices are approximately: - First Generation: 30 RMB/meter - Second Generation: 120-130 RMB/meter - Third Generation: 260 RMB/meter (300-400 RMB/meter overseas) [1][6]. - The market size for special electronic fabric is projected to be around 4.4 billion RMB in 2025, increasing to 10 billion RMB in 2026 [1][6]. Demand Characteristics - The demand for special electronic fabric is characterized by steep growth due to emerging applications, such as NVIDIA's adoption of advanced fabric solutions, which may prompt other manufacturers to follow suit [1][7]. - There is a tendency for downstream manufacturers to overprepare capacity, leading to amplified demand for electronic fabric [1][7]. Supply Chain Insights - **First Generation Low Dielectric Glass Fiber Fabric**: - Supply is tight, with overseas suppliers accounting for 50%. Major domestic players include China National Materials and Linzhou Guangyuan, with plans for capacity expansion [2][9]. - **Second Generation Electronic Fabric**: - Despite many production plans, actual output remains limited due to low yield rates, maintaining a tight supply-demand balance through 2026 [2][11]. - **Third Generation Electronic Fabric**: - The market is expected to grow significantly, with existing players expanding production capabilities to meet high demand [10][12]. Procurement Trends - Downstream manufacturers are preemptively purchasing third-generation electronic fabric to mitigate future demand shocks, leading to current supply shortages [8][10]. Competitive Landscape - Key players in the special electronic fabric sector include China National Materials, Feilihua, and Honghe Technology, each with distinct advantages and growth potential [16]. Conclusion - The special electronic fabric industry is poised for significant growth driven by technological advancements and increasing demand across various applications, with supply constraints likely to persist in the near term.

Group 1: New Materials Industry Overview - The new materials sector is positioned as a foundational growth area within the chemical industry, expected to see significant policy, demand, and technological catalysts by August 2025, with a notable focus on electronic information, new energy, aerospace, biotechnology, and environmental protection [1] - The basic chemical sector has experienced a 48.1% increase over the past year, significantly outperforming the CSI 300 index, indicating rising market interest in high-growth new materials companies [1] Group 2: Electronic Information Sector - OpenAI's CEO Sam Altman highlighted that trillions of dollars will be invested in AI infrastructure, driving demand for semiconductors, storage materials, and high-performance components [2] - The global data center physical infrastructure market is projected to reach $63.1 billion by 2029, with a compound annual growth rate (CAGR) of 15% from 2024 to 2029, benefiting semiconductor and display materials companies [2] - Domestic companies such as Guocera Materials reported a revenue of 2.154 billion yuan in the first half of 2025, a year-on-year increase of 10.29%, while Dinglong Co. achieved 1.732 billion yuan in revenue, up 14% year-on-year, with a net profit growth of 42.78% [2] Group 3: Aerospace Materials Sector - The aerospace sector is witnessing a surge in rocket launches and production, with companies like Guangwei Composite achieving 1.201 billion yuan in revenue, a 3.87% increase year-on-year [3] - The U.S. companies Blue Origin and SpaceX are advancing technologies for Mars communication and reusable launch systems, benefiting domestic material and smart manufacturing companies [3] Group 4: New Energy Materials Sector - The Chinese government is taking steps to regulate the photovoltaic industry, emphasizing the importance of new energy materials as a core support element [3] - Zhongcai Technology reported a revenue of 13.33 billion yuan in the first half of 2025, a 26% increase year-on-year, while Tianci Materials achieved 7.029 billion yuan, up 28.97% year-on-year [3] Group 5: Biotechnology New Materials Sector - Companies like Kasei Bio and Blue Sky Technology are expanding their operations in synthetic biotechnology and lithium extraction projects, respectively, with Kasei Bio reporting a revenue of 1.671 billion yuan, a 15.68% increase year-on-year [4] - The sector is seeing rapid technological innovation and diverse applications, leading to improved profitability for chemical new materials companies [4] Group 6: Environmental Protection Materials Sector - New regulations in Xinjiang are aimed at controlling environmental risks associated with hazardous waste, promoting information-based supervision [4] - Jiaao Environmental reported a revenue of 1.298 billion yuan in the first half of 2025, a significant increase of 71%, although it faced an expanded net loss of 78 million yuan [4] Group 7: Industry Data and Performance - The new materials index has significantly outperformed the CSI 300 index over the past year, with sub-indices for semiconductor materials, OLEDs, liquid crystals, and carbon fibers showing strong performance [5] - Leading companies in the semiconductor materials sector, such as Guocera Materials and Dinglong Co., maintain "buy" or "hold" ratings, reflecting optimistic profit forecasts driven by accelerated downstream applications [5]

Investment Rating - The industry investment rating is "Positive" and maintained [11] Core Insights - The leading company in special electronic cloth reported excellent mid-year results, with a significant increase in sales volume [5][6] - The demand for Low CTE electronic cloth is accelerating, driven by AI computing chip packaging and high-end terminal devices [6] - Cement prices have increased month-on-month, while glass inventory growth has slowed [7] Summary by Sections Special Electronic Cloth - The leading company, Zhongcai Technology, achieved a revenue of 13.3 billion yuan in the first half of 2025, a year-on-year increase of 26%, with a net profit of 1 billion yuan, up 115% [5] - The sales volume of special electronic cloth reached 8.95 million meters, covering all categories of low dielectric fiber cloth [5] Low CTE Electronic Cloth - The investment value of Low CTE electronic cloth is underestimated, with demand accelerating due to AI server growth [6] - Major global suppliers include Nitto Denko, Zhongcai Technology, and Honghe Technology, with domestic leaders expected to capture market share [6] Cement Market - In August, the average shipment rate for cement companies in key regions was approximately 45.5%, a slight decrease from the previous month [7] - Some provinces have completed the first round of price increases, with companies aiming to push prices higher [7][22] Glass Market - The domestic float glass market saw a slight decrease in transaction prices, with inventory levels increasing [7][39] - The production capacity remained stable, with 283 float glass production lines in operation [7] Recommendations - The report recommends investing in leading companies such as Zhongcai Technology in the special cloth sector and Keda Manufacturing in the African chain market [8] - The report highlights the potential for growth in the stock of established companies due to increasing demand and structural optimization in the building materials sector [8]

Market Overview - The glass and fiberglass sector experienced a decline of 1.27% on August 26, with Honghe Technology leading the drop [1] - The Shanghai Composite Index closed at 3868.38, down 0.39%, while the Shenzhen Component Index closed at 12473.17, up 0.26% [1] Stock Performance - Key stocks in the glass and fiberglass sector showed varied performance: - International Composites (301526) closed at 6.85, up 2.54% with a trading volume of 2.49 million shares and a turnover of 1.781 billion yuan [1] - China Jushi (600176) closed at 13.77, up 1.40% with a trading volume of 815,100 shares and a turnover of 1.122 billion yuan [1] - Honghe Technology (603256) closed at 39.65, down 4.89% with a trading volume of 301,800 shares and a turnover of 1.213 billion yuan [2] Capital Flow - The glass and fiberglass sector saw a net outflow of 178 million yuan from institutional investors and 108 million yuan from retail investors, while retail investors had a net inflow of 286 million yuan [2] - Detailed capital flow for specific stocks indicates: - China Jushi had a net outflow of 45.45 million yuan from institutional investors [3] - North Glass (002613) experienced a net outflow of 4.02 million yuan from institutional investors but a net inflow of 7.02 million yuan from retail investors [3]

Industry Overview - The automotive automatic transmission friction plate is a key component that directly affects the overall performance of automatic transmissions. The technology level in this field in China started late, leading to a lack of competitive domestic brands against international giants who dominate the market [1][17] - In recent years, domestic companies like Lintai New Materials have made significant technological breakthroughs, effectively breaking the market monopoly held by foreign enterprises and enhancing the competitiveness of domestic friction plates [1][19] - The market size for China's automotive automatic transmission friction plates has grown from 5.364 billion yuan in 2021 to 6.347 billion yuan in 2024, achieving a compound annual growth rate (CAGR) of 5.77%. It is expected to reach 6.574 billion yuan by 2025 [1][17] Industry Policies - The Chinese government has implemented various regulations and policies to foster the development of the automotive automatic transmission friction plate industry, promoting technological innovation and market cultivation [9][10] - Key policies include the promotion of remanufacturing in traditional equipment and the encouragement of enterprises to accelerate the development of remanufacturing technologies for high-value components [9][10] Industry Chain - The industry chain for automotive automatic transmission friction plates consists of a complete upstream and downstream collaboration system, including raw materials like steel, resin, and special additives, manufacturing processes, and downstream applications in vehicle manufacturing and aftermarket services [11][12] Market Demand and Trends - The automotive industry is a crucial pillar of the national economy, with a significant recovery in market demand since 2021. The production of automobiles in China is projected to reach 31.282 million units in 2024, with a notable increase in new energy vehicles [14] - The friction plate industry is expected to benefit from the growing automotive market, particularly with the rise of electric vehicles and smart driving technologies, which demand higher performance and lower noise levels [25][26] Competitive Landscape - The global market for automotive automatic transmission friction plates is highly concentrated, dominated by international giants such as BorgWarner, Denso, and Aisin. However, domestic companies are making strides in technology and market share [19][21] - Companies like Lintai New Materials and Jin Qilin are emerging as key players, with Lintai reporting a revenue of 251 million yuan in 2024, reflecting a growth of 58.86% [21][23] Future Development - The industry is expected to see advancements in technology and materials, focusing on high performance, longevity, and low noise. Domestic enterprises will invest in new technologies to enhance product competitiveness [25] - The trend towards local supply chain strengthening and accelerated domestic substitution is anticipated, with an increasing preference for cost-effective domestic products in the automotive sector [26] - The diversification of market demand will drive the development of specialized products tailored to different vehicle types, enhancing competitive strategies within the industry [27]

通过天眼查大数据分析，中材科技股份有限公司共对外投资了15家企业，参与招投标项目579次，专利 信息306条，此外企业还拥有行政许可41个。 中材科技最新一期业绩显示，截至2025中报，公司营业总收入133.31亿元、同比增长26.48%，归属净利 润9.99亿元，同比增长114.92%，扣非净利润8.08亿元，同比增长245.14%，流动比率0.966、速动比率 0.756、资产负债率56.30%。 天眼查商业履历信息显示，中材科技股份有限公司，成立于2001年，位于南京市，是一家以从事化学原 料和化学制品制造业为主的企业。企业注册资本167812.3584万人民币，实缴资本11210万人民币。公司 法定代表人为黄再满。 金融界消息 截至2025年8月25日收盘，中材科技（002080）报收于38.15元，上涨8.1%，换手率4.18%， 成交量70.14万手，成交金额26.53亿元。 资金流向方面，今日主力资金净流出5139.86万元，占比成交额1.94%。其中，超大单净流入289.02万 元、占成交额0.11%，大单净流出5428.88万元、占成交额2.05%，中单净流出流出1621.07万元、占成交 ...

Financial Performance - In the first half of 2025, the company achieved operating revenue of 13.3 billion CNY, a year-on-year increase of 26% [2] - Net profit attributable to shareholders reached 1 billion CNY, up 115% year-on-year [2] - Non-recurring net profit was 800 million CNY, a significant increase of 245% [2] - Operating cash flow net amount was 2 billion CNY [2] Industry Insights - The price of fiberglass products increased year-on-year, significantly boosting sales of wind turbine blades [2] - Sales volume of fiberglass products was 673,000 tons, with revenue of 4.35 billion CNY, a 13% increase year-on-year [2] - The net profit for the fiberglass segment was 560 million CNY, up 262% year-on-year, with a gross margin increase of over 10 percentage points [2] Blade Industry Performance - Sales of wind turbine blades reached 15.3 GW, a 103% increase year-on-year, generating revenue of 5.2 billion CNY, an 84% increase [2] - Net profit from the blade segment was 370 million CNY, up 258% year-on-year [2] Lithium Membrane Sector - Sales of lithium battery separators reached 1.3 billion square meters, a 60% increase year-on-year [3] - Despite price pressures, the release of new production capacity is expected to enhance cost competitiveness [3] Future Business Development - The company plans to focus on special fibers, composite materials, and new energy materials [4] - The strategy includes enhancing the special fiber industry, expanding international markets, and driving composite materials through focused scenarios [4] Product Development and Market Outlook - The company has established a complete product line for low dielectric materials, achieving sales of 8.95 million meters in the first half of 2025 [4] - The demand for ultra-low loss low dielectric fiber cloth is expected to grow, particularly among top international clients [5] - The market for ultra-low loss products is still in the early stages, with most clients in small batch testing [5] Wind Power Market Trends - The domestic and overseas wind power market is experiencing significant growth, supported by favorable policies [6] - The company anticipates an increase in blade shipment volume for the year due to high demand [6]

Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - The company achieved a revenue of 13.3 billion yuan in the first half of 2025, representing a year-on-year growth of 26%. The net profit attributable to shareholders was 1 billion yuan, up 115%, while the net profit excluding non-recurring items was approximately 810 million yuan, reflecting a growth of 245% [2][4]. - In Q2, the company reported a revenue of 7.8 billion yuan, a 28% increase year-on-year, with a net profit of 640 million yuan, up 155%, and a net profit excluding non-recurring items of about 560 million yuan, marking a 342% increase [2][4]. - The company's revenue structure for the first half of the year was as follows: fiberglass accounted for 30%, blades 35%, separators 6%, and high-pressure cylinders 4%. The growth rates for these segments were 13%, 84%, 22%, and 18% respectively, with blade revenue showing the most significant increase [9]. Summary by Sections Financial Performance - The company reported a gross margin of approximately 20.1% in the first half of 2025, an increase of 1.6 percentage points year-on-year. The operating expense ratio was about 11.5%, down 2.8 percentage points, leading to a net profit margin of approximately 7.5%, up 3.1 percentage points [9]. - The special electronic fabric segment saw significant profit improvements, with sales reaching 8.95 million meters, covering a full range of products that have been certified by major domestic and international clients [9]. Market Outlook - The fiberglass industry is currently at a relative bottom in profitability, with the company’s fiberglass segment achieving a net profit margin of approximately 13% [9]. - The wind power sector is experiencing high growth, with the company’s wind blade installation sales reaching approximately 15.3 GW, a 103% increase year-on-year, and an estimated market share of about 30% in the domestic market [9]. Future Projections - The company is expected to achieve revenues of approximately 2.1 billion yuan, 3.3 billion yuan, and 5 billion yuan in 2025, 2026, and 2027 respectively, with corresponding valuations of 28, 18, and 12 times [9].