Core Viewpoint - The controlling shareholder of Shenzhen Wangzi New Materials Co., Ltd., Wang Jinjun, has reduced his shareholding by 1.10% during the specified period, which does not affect the company's control or governance structure [2][4][6]. Summary by Relevant Sections Shareholding Reduction - Wang Jinjun plans to reduce his shareholding by a total of up to 11,460,196 shares, which is approximately 3.00% of the company's total share capital, through various trading methods [2][4]. - From May 21, 2025, to June 26, 2025, Wang Jinjun has reduced his holdings by 4,201,316 shares, representing 1.10% of the total share capital [2][4]. Compliance with Disclosure Requirements - The reduction in shareholding has been disclosed in accordance with relevant regulations, and the number of shares reduced is within the limits set in the pre-disclosure announcement [4][6]. - The company confirms that the reduction will not lead to a change in control or significantly impact the governance structure or ongoing operations of the company [2][6]. Shareholding Structure Post-Reduction - After the reduction, Wang Jinjun's total shareholding will decrease from 26,818,893 shares (7.02%) to 22,617,577 shares (5.92%) [2][4]. - The total shares held by Wang Jinjun and other shareholders are detailed, showing the distribution of shares before and after the reduction [3][4].

公司于近日收到控股股东、实际控制人王进军先生出具的《关于减持公司股 份达到 1%的告知函》，自 2025 年 5 月 21 日至 2025 年 6 月 26 日期间，王进军 先生通过集中竞价交易和大宗交易方式累计减持公司股份 4,201,316 股，占公司 总股本比例的 1.10%，权益变动达到 1%。现将有关情况公告如下： | 1．基本情况 | | | | --- | --- | --- | | 信息披露义务人 | 王进军 | | | 住所 | 广东省深圳市福田区 | | | 权益变动时间 | 2025年5月21日-2025年6月26日 | | | 权益变动过程 | 因个人资金需求，公司控股股东、实际控制人王进军先生于2025 年5月21日-2025年6月26日期间通过集中竞价交易和大宗交易方式共 减持股份4,201,316股，占公司截至本公告披露日总股本的1.10%，本 次减持股份的数量未超出预披露公告中载明的减持股份数量上限。 本次减持不会导致公司控制权发生变更，不会对公司的治理结 | | | | 构、持续性经营产生影响，公司基本面未发生重大变化。 | | | 股票简称 | 王子新材 股票代码 0027 ...

Core Viewpoint - The military electronics industry is experiencing significant development opportunities due to the acceleration of national defense modernization and the emphasis on self-controllable capabilities, with companies like Wangzi New Materials (002735) positioning themselves for long-term growth in this sector [1] Group 1: Company Strategy and Positioning - Wangzi New Materials is enhancing its layout in military electronics through its subsidiaries, Zhongdian Huari and Chengdu Gauss, focusing on a technology-driven industrial collaboration system [1] - Zhongdian Huari specializes in naval electronic information systems, providing customized solutions for military clients, and has established strong customer loyalty through its operational model of "sales-driven production" and "full-process tracking" [2] - Chengdu Gauss complements Zhongdian Huari by focusing on wireless communication and AI integration, with extensive experience in anti-jamming communication and RF power amplifiers, thus enriching the technical support and solution reserves for military electronics system integration [3] Group 2: Industry Trends and Growth Potential - The military electronics industry is transitioning from component-based systems to integrated platforms, with a clear trend towards intelligent collaboration, driven by the need for self-controllable and intelligent capabilities [4] - The military industry is expected to see a turning point in orders by 2025, as new technologies aimed at enhancing equipment performance and reducing costs emerge, alongside new market directions from military trade and technology transfer [4] - The recent white paper on national security emphasizes the modernization of the national security system, providing institutional support and policy expectations for the long-term development of military enterprises [5] Group 3: Future Outlook - Wangzi New Materials is strategically integrating internal resources and collaborating externally to solidify its technical foundation and expand its business boundaries in military electronics [5] - With ongoing technological upgrades and a gradually improving industrial chain, the company is expected to enhance its influence and market voice in the military electronics sector [5]

Group 1: Company Overview - The company was established in 1997 and has developed its business across plastic packaging, military electronics, and film capacitor industries over more than 20 years [1] - Initially focused on electronic manufacturing packaging, the company quickly became a leading supplier serving major international manufacturers like Foxconn [1] - The plastic packaging business has shown steady growth, achieving revenue of 1.16 billion yuan with a year-on-year increase of 7.1% [1] Group 2: Marine Equipment Industry - The marine equipment sector is entering a high growth phase, with significant defense spending increases, including the U.S. Navy's plan to purchase 293 combat ships over the next 30 years [2] - China's government has highlighted "deep-sea technology" in its work report, indicating a commitment to deep-sea equipment development [2] - The subsidiary, China Electronics Huazhong, focuses on ship electronic information, covering research, production, sales, and technical services [2] Group 3: Film Capacitor Business - The film capacitor business is accelerating, with products designed for high voltage, long life, and self-healing properties, making them suitable for applications in new energy vehicles, photovoltaics, and military [3] - The company's film capacitors are core components in electromagnetic launch energy storage systems and have entered the controllable nuclear fusion industry [3] Group 4: Electromagnetic Equipment Industry - The emphasis on new strategic capabilities during the Two Sessions indicates a potential acceleration in the industrialization of electromagnetic equipment [4] - The company’s film capacitors are positioned as optimal solutions for instantaneous discharge in electromagnetic launch systems [4] - The company is expanding production to meet industry demand, with a multi-dimensional layout centered around China Electronics Huazhong [4] Group 5: Financial Projections - The company is expected to achieve net profits of 148 million yuan, 251 million yuan, and 361 million yuan in 2025, 2026, and 2027, respectively, with corresponding P/E ratios of 44.5, 26.3, and 18.3 [4]

Investment Rating - The report does not explicitly state an investment rating for the company Core Viewpoints - The recent surge in the stock price of Wangzi New Materials (002735.SZ) was driven by speculative trading and announcements related to the controllable nuclear fusion project, with the stock price increasing by 131.46% in one month before experiencing a significant drop [3][4][6] - The actual contribution of the controllable nuclear fusion orders to the company's revenue is minimal, accounting for less than 3% of the total revenue for 2024, raising questions about the sustainability of the stock price increase [29][30][31] - The company's main business, plastic packaging, still constitutes about 60% of its revenue, but it has faced declining profit margins due to rising raw material costs and competitive pressures [41][58] Summary by Sections Stock Performance - Wangzi New Materials' stock price reached a high of 21.85 CNY per share, with a trading volume that saw a turnover rate of 572.1% [3][4] - Following the peak, the stock experienced a decline of 24.85% by June 6 [3] Speculative Trading - The stock's price increase was significantly influenced by speculative trading from various institutional investors, who made substantial profits before exiting the market [8][11][19] - Retail investors entered the market at high prices, leading to significant losses as the stock price fell [19][21] Company Announcements - The company announced a procurement contract related to the controllable nuclear fusion project, which was initially perceived as a major opportunity [4][6] - Subsequent clarifications revealed that the actual revenue impact from this project would be minimal, contradicting earlier statements that suggested a more significant role [29][30][31] Financial Performance - The company has faced declining profitability, with a reported loss of 69 million CNY in 2024, marking its first loss since going public [47][48] - The main business of plastic packaging has seen a decline in gross margin, dropping to 16.64% in 2024, down from previous years [58] Cash Flow Issues - The company reported negative free cash flow of -268 million CNY in 2024, indicating significant financial strain [63]

Core Viewpoint - The article discusses the recent surge in the A-share market related to controlled nuclear fusion, highlighting the rapid rise and subsequent fall of the stock price of Wangzi New Materials, which is linked to this sector. The narrative suggests a potential manipulation of stock prices driven by speculative trading and the actions of major investors, leading to significant losses for retail investors. Group 1: Industry Developments - Controlled nuclear fusion, referred to as "artificial sun," is being actively pursued globally, with significant milestones achieved, such as the completion of the world's largest superconducting magnet system [2] - The U.S. government has initiated new nuclear reactor testing and deployment plans by 2029, while China has accelerated its controlled nuclear fusion projects, including the BEST project [2] Group 2: Stock Performance - Wangzi New Materials' stock price skyrocketed by 131.46% within a month, reaching a peak of 21.85 CNY per share, with an astonishing turnover rate of 572.1% [3] - However, the stock faced a sharp decline, dropping 24.85% from its peak by June 6 [4] Group 3: Speculative Trading and Investor Behavior - The surge in Wangzi New Materials' stock was catalyzed by a research report revealing a contract with the Hefei controlled nuclear fusion project, which excited retail investors and led to a significant price increase [6][8] - Major speculative investors, such as "Huli Avenue," entered the market on May 15, net buying 77.99 million CNY worth of shares, and later sold off their positions for substantial profits [9][11] Group 4: Company Financials and Operations - Wangzi New Materials has been involved in various acquisitions, including the controlled nuclear fusion segment, but its core business remains in plastic packaging, which constitutes about 60% of its revenue [41][46] - Despite revenue growth, the company has faced declining profit margins, with a reported loss of 69 million CNY in 2024, marking its first loss since going public [47][50] Group 5: Management Actions - The company's actual controller, Wang Jinjun, executed a significant sell-off of shares during the stock price surge, cashing out approximately 37.25 million CNY over two days [25][27] - The company later clarified that the nuclear fusion contracts represented a small portion of its overall revenue, with the contract amount not exceeding 3% of the projected revenue for 2024 [34][36]

Group 1 - The concept stocks related to controllable nuclear fusion have declined, with companies such as Baili Electric (600468) and Haheng Huaton (301137) dropping over 7% [1] - Other companies like Wangzi New Materials (002735), Xue Ren Shares (002639), Zhongzhou Special Materials (300963), and Rongfa Nuclear Power (002366) also experienced a decline [1] - There is a notable influx of dark pool funds into these stocks, indicating potential interest from institutional investors [1]

Group 1 - The A-share controllable nuclear fusion sector experienced a short-term surge, with significant gains in related stocks [1] - Silver and non-ferrous metals stocks, including Baili Electric, hit the daily limit up, indicating strong market interest [1] - Other companies such as Zhongzhou Special Materials, Xue Ren Co., Changfu Co., Wangzi New Materials, and Shun Na Co. also saw increases in their stock prices, reflecting a broader trend in the sector [1]

Mergers and Acquisitions - Huamao Technology plans to acquire 57.84% stake in Fuchuang Youyue through direct and indirect means, and will issue shares to raise matching funds from its controlling shareholder Dongyang Huasheng [1] - Milkway intends to acquire 30% stake in Tianjin Wuze for 142 million yuan to enhance logistics services for hazardous cargo in Tianjin and surrounding areas [2] - Suqian Agricultural Development plans to invest 178 million yuan to acquire 28.75% of Jintaiyang Grain and Oil, resulting in an 80% ownership post-transaction [3] Share Buybacks and Reductions - Yong'an Futures plans to repurchase shares worth between 50 million to 100 million yuan, with a maximum repurchase price of 18.63 yuan per share, aimed at reducing registered capital [4] - Lian Ce Technology's vice chairman Yu Xuanxuan intends to reduce holdings by up to 54,000 shares, representing 0.84% of total shares, while another shareholder plans to reduce by 10,000 shares, or 0.16% [5] - Bixing Wulian's shareholder Ningbo Fengtu Huizheng plans to reduce holdings by up to 235,560 shares, which is 3% of the total share capital [6] Risk Matters - *ST Sailong warns of potential market overheating risk due to significant recent stock price increases, which deviate from reasonable valuations and fundamentals [7] - Lehui International reports that its draft beer business is relatively small and currently operating at a loss, cautioning investors about associated risks [8] - Wangzi New Materials clarifies that its controllable nuclear fusion business contributes minimally to overall revenue, emphasizing limited short-term impact on performance [9][10]

股票代码：002735 股票简称：王子新材 公告编号：2025-053 深圳王子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、股东会审议通过利润分配方案情况 权益分派方案已获 2025 年 4 月 21 日召开的 2024 年度股东大会审议通过，具体方 案为：以公司 2024 年度利润分配方案未来实施时股权登记日的股本总额为基数，实 施现金股利每 10 股派发人民币 0.13 元（含税），本次预计共需派发现金股利 增股本，不派送红股。 本次现金分红不会对公司正常运营资金产生影响，本次利润分配方案公告后至 实施前，如因股权激励行权、可转债转股、股份回购、再融资新增股份上市等原因 而发生变化的，将按照分配总额不变的原则对分配比例进行调整。 月。 二、本次实施的利润分配方案 本公司 2024 年度权益分派方案为：以公司现有总股本剔除已回购股份 0 股后 的 382,006,553 股为基数，向全体股东每 10 股派 0.130000 元人民币现金（含税； 扣税后，通过境外机构（含 QFII、RQFII）以及持有首发前限售股的个人和证券投 资 ...