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 ...

股票代码：002735 股票简称：王子新材 公告编号：2025-054 深圳王子新材料股份有限公司 关于股票交易异常波动暨风险提示的公告 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。 重要提示： 1、深圳王子新材料股份有限公司（以下简称"公司"，证券简称：王子新 材，证券代码：002735）股票收盘价格涨跌幅偏离值累计异常，连续 3 个交易 日（2025 年 5 月 30 日、2025 年 6 月 3 日、2025 年 6 月 4 日）收盘价跌幅偏离 值累计超过 20%。根据《深圳证券交易所交易规则》的有关规定，属于股票交易 异常波动的情况。 2、公司关注到部分媒体将公司列入可控核聚变概念。公司控股子公司宁波 新容电器科技有限公司（以下简称"宁波新容"）仅为可控核聚变中的磁体电 源项目提供电容产品，是核聚变磁体电源装置中一个组成部件，非全套装置， 产品单价和在装置中的价值占比较低，该业务收入占公司主营业务收入比例很 小，对公司短期业绩影响有限。当前离可控核聚变商业应用还有很长的距离， 公司控股子公司宁波新容参与到该类项目获得订单的可持续性存在重大不确定 性。 ...

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 3、本次实施的分配方案与公司 2024 年度股东大会审议通过的分配方案一致。 4、本次实施分配方案距离公司 2024 年度股东大会审议通过的时间未超过两个 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 资基金每 10 股派 0.117000 元；持有首发后限售股、股权激励限售股及无限售流通 股的个人股息红利税实行差别化税率征收，本公司暂不扣缴个人所得税，待个人转 让股票时，根据其持股期限计算应纳税额【注】；持有首发后限售股、股权激励限 1/3 2024 年度权益分派实施公告 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。 一、股东会审议通过利润分配方案情况 1、深圳王子新材料股份有限公司（以下简称"公司"或"本 ...

截至6月3日收盘，无线充电概念下跌0.39%，位居概念板块跌幅榜前列，板块内，王子新材跌停，万安 科技、华阳集团、顺络电子等跌幅居前，股价上涨的有21只，涨幅居前的有复旦微电、显盈科技、英思 特等，分别上涨4.41%、3.16%、1.92%。 无线充电概念资金流出榜 | 代码 | 简称 | 今日涨跌幅（%） | 今日换手率（%） | 主力资金流量（万元） | | --- | --- | --- | --- | --- | | 002735 | 王子新材 | -10.02 | 42.39 | -26640.29 | | 601127 | 赛力斯 | -1.04 | 1.19 | -9222.24 | | 600690 | 海尔智家 | -1.24 | 0.68 | -7901.88 | | 688385 | 复旦微电 | 4.41 | 2.11 | -4494.81 | | 600699 | 均胜电子 | -0.84 | 1.75 | -3782.58 | | 002590 | 万安科技 | -4.29 | 10.97 | -3701.82 | | 002600 | 领益智造 | 0.12 | 1.46 | - ...

暗盘资金一眼洞悉庄家意图>> 高位股延续调整，王子新材（002735）跌停，云内动力（000903）、启迪环境（000826）、融发核电 （002366）、丽人丽妆（605136）、尚纬股份（603333）等集体走低。 ...