Core Viewpoint - Wangzi New Materials (002735) has established a comprehensive credit evaluation system and payment terms based on various factors such as customer business scale, credit status, and historical cooperation [1] Group 1 - The company emphasizes the importance of risk assessment in business cooperation and accounts receivable management to protect the interests of the company and its shareholders [1] - Wangzi New Materials is committed to ensuring the achievement of future operational goals through effective credit policies [1]

Investment Rating - The report maintains an investment rating of "Recommended" for the controllable nuclear fusion industry [2][3]. Core Insights - The controllable nuclear fusion industry is accelerating its industrialization process, transitioning from experimental validation to engineering demonstration, with a focus on key suppliers and core component manufacturers that have achieved domestic substitution [2]. - The overall domestic production rate of key nuclear fusion equipment exceeds 96%, with significant advancements in materials performance being a core bottleneck for the feasibility of the technology route [2]. - The industry is entering a new phase characterized by "multiple routes racing + capital resonance," with significant milestones expected, such as the BEST device demonstrating power generation by 2027 [2]. Industry Scale - The industry comprises 118 listed companies, with a total market capitalization of 2114.6 billion and a circulating market capitalization of 1755.9 billion [3]. Performance Metrics - The absolute performance over 1 month, 6 months, and 12 months is 3.2%, 27.0%, and 26.1% respectively, while the relative performance is -0.5%, 2.4%, and 6.9% [5]. Key Companies and Financial Indicators - Notable companies include: - Xibu Superconductor (688122.SH) with a market cap of 50.1 billion and a strong recommendation [7]. - Antai Technology (000969.SZ) also strongly recommended with a market cap of 22.3 billion [7]. - Jiu Li Special Materials (002318.SZ) with a market cap of 25.0 billion and a strong recommendation [7]. - Other companies such as Guoguang Electric (688776.SH), Hezhu Intelligent (603011.SH), and Lianchuang Optoelectronics (600363.SH) are also highlighted, though they do not have specific investment ratings [7]. Material Innovation - Material innovation is identified as the current core bottleneck and breakthrough point for industrialization, with extreme operational environments requiring materials with high melting points, radiation resistance, and thermal fatigue performance [6]. - Domestic companies like Antai Technology and West Superconductor have made breakthroughs in tungsten-copper filters and superconducting materials, overcoming foreign monopolies [6]. Market Opportunities - The industry chain is witnessing incremental market growth across multiple segments, with energy equipment leaders establishing significant layouts and core component manufacturers benefiting from clear development paths [6]. - Companies such as Guoguang Electric, Hezhu Intelligent, and Lianchuang Optoelectronics are positioned to benefit significantly from local support [6].

Core Insights - The packaging and printing sector experienced a rise of 0.98% on October 31, with Huayuan Holdings leading the gains [1] - The Shanghai Composite Index closed at 3954.79, down 0.81%, while the Shenzhen Component Index closed at 13378.21, down 1.14% [1] Stock Performance - Huaman Holdings (002787) closed at 11.36, up 9.97% with a trading volume of 212,100 shares [1] - Zhongrui Shares (002374) closed at 3.34, up 9.87% with a trading volume of 1,923,500 shares [1] - New Hongze (002836) closed at 12.80, up 8.38% with a trading volume of 355,100 shares [1] - Other notable performers include Zhongzheng Shares (603091) up 2.85% and Shanghai Ailing (301062) up 2.84% [1] Capital Flow - The packaging and printing sector saw a net inflow of 28.884 million yuan from institutional investors, while retail investors contributed a net inflow of 35.477 million yuan [2] - However, speculative funds experienced a net outflow of 64.3608 million yuan [2] Individual Stock Capital Flow - Zhongrui Shares (002374) had a net inflow of 11.8 million yuan from institutional investors, representing 19.47% of the total [3] - Huayuan Holdings (002787) saw a net inflow of 41.8073 million yuan, accounting for 17.77% [3] - New Hongze (002836) had a net inflow of 39.8068 million yuan, making up 9.11% [3]

Market Overview - The packaging and printing sector experienced a decline of 0.53% on October 30, with Hongyu Packaging leading the drop [1] - The Shanghai Composite Index closed at 3986.9, down 0.73%, while the Shenzhen Component Index closed at 13532.13, down 1.16% [1] Stock Performance - Notable gainers in the packaging and printing sector included: - Jiahe Technology (Code: 920392) with a closing price of 41.99, up 13.09% [1] - Zhongrui Co., Ltd. (Code: 002374) with a closing price of 3.04, up 10.14% [1] - Xinhongze (Code: 002836) with a closing price of 11.81, up 9.96% [1] - Major decliners included: - Hongyu Packaging (Code: 920274) with a closing price of 32.87, down 6.17% [2] - Jiyou Co., Ltd. (Code: 603429) with a closing price of 9.43, down 3.78% [2] - Wangzi New Materials (Code: 002735) with a closing price of 15.97, down 2.74% [2] Capital Flow - The packaging and printing sector saw a net outflow of 154 million yuan from institutional investors, while retail investors experienced a net inflow of 196 million yuan [2] - The capital flow for specific stocks showed: - Hongbo Co., Ltd. (Code: 002229) had a net inflow of 52.61 million yuan from institutional investors [3] - Zhongrui Co., Ltd. (Code: 002374) had a net inflow of 36.34 million yuan from institutional investors [3] - Xinhongze (Code: 002836) had a net inflow of 24.41 million yuan from institutional investors [3]

Core Viewpoint - Wangzi New Materials is a leading domestic supplier of plastic packaging materials, established in 1997 and listed on the Shenzhen Stock Exchange in 2014, with a comprehensive industry chain advantage and products widely used across various sectors [1] Financial Performance - In Q3 2025, Wangzi New Materials reported revenue of 1.566 billion yuan, ranking third among eight companies in the industry, with the industry leader, Zijiang Enterprise, generating 7.822 billion yuan [2] - The company's net profit for the same period was 22.177 million yuan, placing it fourth in the industry, while Zijiang Enterprise's net profit was 1 billion yuan [2] Financial Ratios - As of Q3 2025, Wangzi New Materials had a debt-to-asset ratio of 42.52%, higher than the previous year's 33.83% and above the industry average of 42.37% [3] - The gross profit margin for the same period was 15.34%, down from 17.12% year-on-year and below the industry average of 19.88% [3] Executive Compensation - The chairman and president, Wang Jinjun, received a salary of 628,600 yuan in 2024, unchanged from 2023 [4] Shareholder Information - As of September 30, 2025, the number of A-share shareholders decreased by 5.64% to 64,300, while the average number of circulating A-shares held per shareholder increased by 5.98% to 4,364.38 [5] - Notable new shareholders include Xin'ao Cycle Power Mixed A, with 1.5202 million shares, and Zhaoshang Anben Growth Bond C, with 1.4268 million shares [5] Business Highlights - In H1 2025, the company achieved revenue of 999 million yuan, a year-on-year increase of 18.45%, and a net profit of 15.7004 million yuan, up 33.59% [5] - Key business improvements include growth in traditional plastic packaging and rapid revenue increase from film capacitors, with ongoing investment in the Ningbo new film capacitor expansion project at 55.41% completion [5]

Core Insights - The company reported a revenue of 566,805,607.47 yuan for the third quarter of 2025, representing a year-on-year growth of 20.98% [1] - The net profit attributable to shareholders of the listed company was 1,995,807.19 yuan, showing a significant year-on-year increase of 76.58% [1] Financial Performance - Revenue for Q3 2025: 566.81 million yuan, up 20.98% year-on-year [1] - Net profit for Q3 2025: 1.996 million yuan, up 76.58% year-on-year [1]

Group 1 - The company Wangzi New Materials (SZ 002735) announced the convening of its sixth board meeting on October 29, 2025, to discuss the proposal for the second extraordinary general meeting of shareholders in 2025 [1] - As of the announcement, Wangzi New Materials has a market capitalization of 6.3 billion yuan [1] Group 2 - The A-share market has surpassed 4,000 points, marking a significant resurgence after a decade of stagnation, with technology leading the market's transformation [1] - A new "slow bull" market pattern is emerging, indicating a shift in market dynamics [1]

关于召开 2025 年第二次临时股东会的通知 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。 一、召开会议的基本情况 1、股东会届次：2025 年第二次临时股东会 2、股东会的召集人：董事会 3、本次会议的召集、召开符合《中华人民共和国公司法》《深圳证券交易所股票上市 规则》《深圳证券交易所上市公司自律监管指引第 1 号——主板上市公司规范运作》等法 律、行政法规、部门规章、规范性文件及《公司章程》的有关规定。 4、会议时间： （1）现场会议时间：2025 年 11 月 18 日 14:00 证券代码：002735 证券简称：王子新材 公告编号：2025-066 深圳王子新材料股份有限公司 （2）网络投票时间：通过深圳证券交易所系统进行网络投票的具体时间为 2025 年 11 月 18 日 9:15-9:25，9:30-11:30，13:00-15:00；通过深圳证券交易所互联网投票系统投 票的具体时间为 2025 年 11 月 18 日 9:15 至 15:00 的任意时间。 5、会议的召开方式：现场表决与网络投票相结合。 6、会议的股权登记日：2025 年 ...

证券代码：002735 证券简称：王子新材 公告编号：2025-064 深圳王子新材料股份有限公司 第六届董事会第三次会议决议公告 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。 深圳王子新材料股份有限公司（以下简称"公司"）董事会 2025 年 10 月 22 日以书面、电子邮件和电话方式发出召开公司第六届董事会第三次会议通知。 会议于 2025 年 10 月 29 日上午 9:30 时在深圳市龙华区龙华街道奋进路 4 号王子 工业园深圳王子新材料股份有限公司一楼大会议室以现场及通讯表决方式召开， 应参加表决 7 人，实际参加表决 7 人，分别为王进军、王武军、程刚、任兰洞、 孔祥云、曹跃云、孙蓟沙。其中，王进军、王武军、程刚、任兰洞、孔祥云现场 出席本次会议，其他董事以通讯方式参加会议。会议由公司董事长兼总裁王进军 先生主持，公司高级管理人员列席了会议。 特此公告。 二、审议通过关于提请召开公司 2025 年第二次临时股东会的议案 经公司全体董事审议，同意于 2025 年 11 月 18 日 14 时召开公司 2025 年第 二次临时股东会，本次股东会将采 ...

Financial Performance - The company's operating revenue for Q3 2025 reached ¥566,805,607.47, representing a year-on-year increase of 20.98%[5] - The net profit attributable to shareholders was ¥1,995,807.19, a significant increase of 76.58% compared to the same period last year[5] - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥2,067,502.37, up 40.49% year-on-year[5] - The basic earnings per share for the period was ¥0.01, marking a 100% increase compared to the previous year[5] - Total operating revenue for the current period reached ¥1,566,234,796.20, an increase of 19.4% compared to ¥1,312,299,541.81 in the previous period[16] - Net profit for the current period was ¥22,177,339.41, representing a 55.5% increase from ¥14,282,141.13 in the previous period[17] - Total comprehensive income for the period reached ¥26,769,801.20, an increase from ¥19,390,694.46 in the previous period, representing a growth of approximately 38.8%[18] - Basic and diluted earnings per share increased to ¥0.05 from ¥0.03, reflecting a growth of 66.7%[18] Assets and Liabilities - Total assets at the end of the reporting period amounted to ¥3,295,517,414.19, reflecting a 3.29% increase from the end of the previous year[5] - The company's total assets increased to ¥3,295,517,414.19, compared to ¥3,190,551,051.68 in the previous period[15] - Current liabilities totaled ¥1,228,275,350.37, a slight decrease from ¥1,258,757,668.56 in the prior period[15] - Non-current liabilities rose to ¥172,976,952.33, compared to ¥47,168,306.00 in the previous period[15] - The company's total equity increased to ¥1,894,265,111.49 from ¥1,884,625,077.12 in the previous period[15] Cash Flow - The company reported a net cash flow from operating activities of -¥36,227,818.39, a decline of 303.13% compared to the previous year[8] - Net cash flow from operating activities was negative at -¥36,227,818.39, compared to a positive ¥17,834,528.05 in the previous period[20] - Cash inflow from investment activities totaled ¥762,148,781.87, significantly up from ¥373,764,220.10, marking an increase of approximately 103.5%[20] - Cash flow from financing activities resulted in a net outflow of -¥50,795,238.45, an improvement from -¥182,949,680.15 in the previous period[20] - The company reported cash and cash equivalents at the end of the period of ¥223,826,255.85, down from ¥243,414,896.06[20] - The company received cash from the recovery of investments amounting to ¥742,000,000.00, compared to ¥360,000,000.00 in the previous period, indicating a growth of 106.1%[20] - Total cash outflow from investment activities was ¥755,389,242.79, down from ¥990,681,417.27, showing a decrease of approximately 23.7%[20] Investments and Projects - The long-term equity investments increased by 62.47% to ¥18,514,284.76, attributed to new long-term equity investments made during the period[8] - The company experienced a 538.36% increase in construction in progress, totaling ¥118,050,602.57, due to increased investments in equipment and factory construction[8] - The company approved an additional investment of ¥66 million for the Ningbo new capacitor project[11] - The company plans to construct an additional 36,425.46 square meters of factory space for the Ningbo project[11] - The company adjusted the internal investment structure for the Ningbo project without changing the overall investment purpose[11] Shareholder Information - Total number of common shareholders at the end of the reporting period is 64,262[10] - The largest shareholder, Wang Jinjun, holds 26.48% of shares, with 101,147,799 shares pledged[10] - The company has not disclosed any related party transactions among shareholders[10] Other Financial Metrics - Financial expenses decreased by 30.13% to ¥4,273,186.58, primarily due to fluctuations in foreign exchange rates[8] - The company received government subsidies amounting to ¥2,319,642.20 during the reporting period, contributing to an increase in other income by 98.10%[8] - Research and development expenses for the current period were ¥39,773,663.16, up from ¥35,846,933.78 in the previous period[17] - The company reported an operating profit of ¥34,342,126.65, compared to ¥18,095,194.06 in the previous period[17] - The company reported a significant decrease in trading financial assets from ¥281,854,032.94 to ¥100,234,246.57[13] - The company's cash and cash equivalents decreased to ¥224,527,587.35 from ¥301,463,730.62[13] - Total accounts receivable increased to ¥1,044,413,571.22 from ¥989,386,251.31[13] - Inventory increased to ¥426,389,684.01 from ¥349,586,099.79[13] - The company reported a tax refund of ¥8,420,231.42, slightly down from ¥8,658,477.01 in the previous period[19] - The company’s total revenue from sales of goods and services was ¥1,165,729,054.26, an increase from ¥1,079,684,025.06, reflecting a growth of approximately 8.0%[19]