Group 1: Company Announcements - China Pacific Insurance (China Life) expects a net profit increase of 30% to 50% for Q1 2025, projecting a profit range of 11.652 billion to 13.445 billion yuan [2] - New Lai Fu plans to acquire 100% equity of Guangzhou Jin Nan Magnetic Materials, with trading suspension starting from April 14, 2025, due to significant asset restructuring [3] - Jiangling Motors intends to repurchase A-shares with a total fund of no less than 1.5 billion and no more than 2 billion yuan, at a price not exceeding 22.00 yuan per share [4] - Guanghua Technology anticipates a net profit increase of 479.25% to 637.23% for Q1 2025, estimating a profit range of 22 million to 28 million yuan [7] - Starhua New Materials reported a net profit of 148 million yuan for 2024, with a year-on-year increase of 51.93%, and plans to distribute a cash dividend of 8 yuan per 10 shares [10] Group 2: Clinical Trial Approvals - Heng Rui Pharmaceutical received approval for clinical trials of HRS-9190, a new drug for anesthesia, and SHR-3792, an innovative anti-tumor candidate, with no similar drugs approved in the market [1]

Group 1: Company Performance - Guanghua Technology expects a net profit growth of 479% to 637% year-on-year for Q1 2025, with an estimated profit of 22 million to 28 million yuan, driven by business expansion in specialized chemicals and cost reduction measures [1] - China Pacific Insurance anticipates a net profit increase of 30% to 50% year-on-year for Q1 2025, projecting a profit of 11.652 billion to 13.445 billion yuan, attributed to improved business quality and significant investment performance [2] - Zhenyu Technology forecasts a net profit growth of 31.54% to 42.97% year-on-year for Q1 2025, estimating a profit of 69 million to 75 million yuan, supported by increased sales orders and enhanced production automation [7] - Chuangjiang New Materials expects a net profit increase of 26.74% to 46.24% year-on-year for Q1 2025, with an estimated profit of 130 million to 150 million yuan, driven by stable growth in production and sales [8] Group 2: Corporate Actions - Xinlaifu plans to acquire 100% equity of Guangzhou Jinnan Magnetic Materials, leading to a significant asset restructuring, with trading suspended from April 14, 2025 [2] - Jiangling Motors intends to repurchase A-shares worth 150 million to 200 million yuan for employee stock ownership plans or equity incentives [5] - Yingfeite plans to repurchase shares worth 50 million to 100 million yuan for employee stock ownership or equity incentive plans [6] - Guanghua Technology's major shareholder is undergoing a change in its upper equity structure, but the actual controller remains the Zhuhai State-owned Assets Supervision and Administration Commission [4] Group 3: Regulatory Approvals - Hengrui Medicine received approval for clinical trials of its new drug HRS-9190, which is intended for use during anesthesia induction and maintenance [9]

Financial Performance - The estimated net profit attributable to shareholders for Q1 2025 is expected to be between 13,000 and 15,000 thousand yuan, representing a year-on-year growth of 26.74% to 46.24% compared to 10,256.99 thousand yuan in the same period last year [2]. - The estimated net profit after deducting non-recurring gains and losses is expected to be between 12,500 and 14,500 thousand yuan, reflecting a year-on-year increase of 68.70% to 95.70% compared to 7,409.44 thousand yuan last year [2]. - The basic earnings per share is projected to be between 0.0879 and 0.1014 yuan per share, compared to 0.0769 yuan per share in the same period last year [2]. Operational Performance - The company maintains stable growth in production and sales volume, as well as operating revenue [4]. - The company is enhancing operational quality management and advancing product structure adjustments, leading to increased processing fees [4].

| | | 本公司及董事会全体成员保证信息披露的内容真实、准确、完整， 没有虚假记载、误导性陈述或重大遗漏。 特别提示： 1、本次股东大会无增加、变更、否决提案的情况。 2、本次股东大会不涉及变更前次股东大会决议的情况。 3、本次股东大会审议的议案对中小投资者的表决单独计票。 一、会议召开情况 1、会议召开时间： （1）现场会议时间：2025 年 4 月 11 日 15:30 安徽楚江科技新材料股份有限公司 2024 年年度股东大会决议公告 （2）网络投票时间：2025 年 4 月 11 日 通过深圳证券交易所交易系统进行网络投票的具体时间为 2025 年 4 月 11 日上午 9:15—9:25,9:30—11:30，下午 13:00－15:00。 通过深圳证券交易所互联网投票的具体时间为 2025 年 4 月 11 日 上午 9:15 至下午 15:00 期间的任意时间。 2、现场会议地点：楚江新材导体科技园办公楼会议室（安徽省 芜湖市无为市泥汊镇工业区 1 号）。 3、会议召开方式：采取现场投票和网络投票相结合的方式 4、会议召集人：公司董事会 5、会议主持人：公司董事长姜纯先生 1 本次会议的召集和召 ...

二○二四年度股东大会 之法律意见书 安徽天禾律师事务所 ANHUI TIANHE LAW OFFICE 股东大会法律意见书 安徽天禾律师事务所 关于安徽楚江科技新材料股份有限公司 地址：合肥市濉溪路 278 号财富广场 B 座东楼 16 层 电话：（0551）62642792 传真：（0551）62620450 股东大会法律意见书 安徽天禾律师事务所 关于安徽楚江科技新材料股份有限公司 本所律师按照律师行业公认的业务标准、道德规范和勤勉尽责精神，参与了 本次股东大会并对公司提供的有关文件和事实进行了核查，现出具法律意见如 下： 一、本次股东大会的召集程序 经核查，本次股东大会由公司董事会召集。公司董事会于 2025 年 03 月 18 日在《证券时报》、巨潮资讯网和公司指定的信息披露网站刊登了《安徽楚江科 技新材料股份有限公司关于召开2024年年度股东大会的通知》。 本所律师认为，公司本次股东大会的召集程序符合法律、法规、规范性文件 和《公司章程》的规定。 二、本次股东大会的召开程序 1、本次股东大会现场会议于 2025 年 04 月 11 日下午 15:30 如期召开， 会议由董事长姜纯先生主持。会议召开的 ...

| 证券代码：002171 | 证券简称：楚江新材 | 公告编号：2025-031 | | --- | --- | --- | | 债券代码：128109 | 债券简称：楚江转债 | | 安徽楚江科技新材料股份有限公司 关于为子公司向银行申请授信额度提供担保的进展公告 3、公司为本次被担保方全资子公司安徽楚江高新电材有限公司 （以下简称"楚江电材"）向商业银行申请授信额度提供合计不超过 180,000 万元连带责任担保。 4、公司为本次被担保方全资子公司芜湖楚江合金铜材有限公司 （以下简称"楚江合金"）向商业银行申请授信额度提供合计不超过 1 65,000 万元连带责任担保。 本公司及董事会全体成员保证信息披露内容的真实、准确、完整， 没有虚假记载、误导性陈述或重大遗漏。 一、担保情况概述 安徽楚江科技新材料股份有限公司（以下简称"公司"或"楚江 新材"）分别于 2024 年 4 月 24 日和 2024 年 5 月 23 日召开的第六届 董事会第二十次会议和 2023 年年度股东大会，审议通过了《关于为子 公司及孙公司申请银行授信额度提供担保的议案》，同意公司为子公 司及孙公司向商业银行申请授信额度提供合计 ...

Core Viewpoint - Chujiang New Materials Co., Ltd. experienced a significant stock drop, reaching the daily limit down on April 7, 2025, indicating potential investor concerns about the company's performance and market conditions [1]. Company Overview - Chujiang New Materials was founded in 1999 and is headquartered in Wuhu, Anhui Province. The company was listed on the Shenzhen Stock Exchange in September 2007 [1]. Shareholder Activity - Two funds managed by E Fund Management entered the top ten shareholders of Chujiang New Materials in the first quarter of 2025, acquiring a combined holding of 1.8% [1]. - The two funds are E Fund Quality Momentum Three-Year Holding Mixed A and E Fund National Defense and Military Industry Mixed A [1]. Fund Performance - E Fund Quality Momentum Three-Year Holding Mixed A reported a year-to-date return of -4.57%, ranking 1458 out of 4303 in its category [1]. - E Fund National Defense and Military Industry Mixed A had a year-to-date return of -5.03%, ranking 1634 out of 4303 [1]. Fund Management - The fund managers for the aforementioned E Fund products are Chen Hao and He Chongkai, both holding master's degrees in management [3][4]. - Chen Hao has over 12 years of experience in fund management and currently serves as the General Manager of the Investment Department at E Fund Management [4].

Investment Rating - The report initiates coverage with a "Buy" rating for the company [3] Core Viewpoints - The company is positioned as a core player in military carbon fiber prepregs, copper-based materials, and special thermal equipment, with expectations of significant growth over the next three years [1][3] - The subsidiary Jiangsu Tianniao is the leading domestic supplier of carbon fiber prepregs, expected to benefit from the rapid delivery of missile orders and new military equipment in the upcoming years [1][3] - The copper-based materials segment is projected to maintain stable revenue growth, with the company actively exploring applications in emerging fields such as robotics and AI computing [2][3] - The special thermal equipment segment is also expected to grow, with the subsidiary Dingli Technology planning to go public on the Beijing Stock Exchange [2][3] Summary by Sections Military Carbon Materials - Jiangsu Tianniao, a subsidiary, is the leading domestic player in carbon fiber prepregs, supplying nearly all carbon fiber prepregs for aircraft brake systems and solid rocket engine throat liners [1] - Revenue for Jiangsu Tianniao is projected to be CNY 621 million in 2024, a year-on-year decrease of 16.87%, with a net profit of CNY 94 million, down 47.19% [1] Copper-Based Materials - The company is a leading domestic copper-based materials enterprise, with revenue expected to grow from CNY 36.43 billion in 2021 to CNY 52.48 billion in 2024 [2] - The copper processing industry is projected to grow steadily, with the company benefiting from applications in new fields [2] Special Thermal Equipment - Dingli Technology, another subsidiary, is a leading player in the special thermal equipment sector, with expected revenue of CNY 65.3 million in 2024, a year-on-year increase of 1.6%, and a net profit of CNY 11.5 million, down 9.49% [2] - The company is well-positioned to benefit from the growth of emerging industries such as aerospace and semiconductors [2] Financial Projections - The company’s projected net profits for 2025, 2026, and 2027 are CNY 711 million, CNY 895 million, and CNY 1.057 billion, respectively, with corresponding P/E ratios of 19X, 15X, and 13X [3] - Revenue is expected to grow from CNY 46.31 billion in 2023 to CNY 65.60 billion in 2027, with a compound annual growth rate of approximately 14.1% [5][11]

证券研究报告 | 首次覆盖报告 gszqdatemark 2025 04 01 年 月 日 楚江新材（002171.SZ） 军工碳纤维预制体核心卡位企业，未来 3 年有望迎来高增长 公司具备军工碳材料、铜基材料、特种热工装备三大主业。未来 3 年军工 碳材料有望充分受益于导弹等武器装备放量列装，铜基材料主业有望贡献 可观利润，特种热工装备发展势头良好并将在北交所上市。 1、军工碳材料：碳纤维预制体经 CVD 工艺复合制成的碳/碳复合材料具 有质轻、比强度和比弹性模量高、热膨胀系数小、抗热冲击性好、耐烧蚀 性好和耐摩擦磨损等优异物理性能，被广泛应用在固体火箭发动机喷管及 头锥、飞机刹车盘、航天飞行器结构部件等方面。子公司江苏天鸟（（至 2024 年底上市公司持股 90%）是国内碳纤维预制体龙头，承担国内所有 飞机碳刹车碳纤维预制体、几乎全系列航天固体火箭发动机喷管喉衬纤维 预制体供应，卡位非常核心，2024 年实现收入 6.21 亿元，同比-16.87%， 净利润 0.94 亿元，同比-47.19%，未来 3 年有望充分受益于导弹在"十四 五"积压订单快速交付和"十五五"放量建设。 2、铜基材料：根据中国有色金 ...

证券代码：002171 证券简称：楚江新材 公告编号：2025-028 债券代码：128109 债券简称：楚江转债 安徽楚江科技新材料股份有限公司 本公司及董事会全体成员保证信息披露内容的真实、准确、完整， 没有虚假记载、误导性陈述或重大遗漏。 一、董事会会议召开情况 该议案的内容详见 2025 年 4 月 2 日刊登在《证券时报》和巨潮资 讯网(http://www.cninfo.com.cn)上的《关于不提前赎回"楚江转债" 的公告》。 三、备查文件 特此公告。 经与会董事认真审议，经投票表决，会议形成如下决议： （一）审议通过了《关于不提前赎回"楚江转债"的议案》 表决结果：同意 7 票、弃权 0 票、反对 0 票。 自2025年3月12日至2025年4月1日，公司股票价格已有15个交易日 的收盘价不低于"楚江转债"当期转股价格（即6.10元/股）的130%（即 可转换公司债券募集说明书》的约定，已触发"楚江转债"有条件赎 回条款。 基于当前市场情况及公司实际综合考虑，为保护投资者利益，董 事会决定本次不行使"楚江转债"的提前赎回权利。同时根据中国证 -1- 券监督管理委员会《可转换公司债券管理办法》及 ...