Core Viewpoint - Shenzhen Xinzhou Bang Technology Co., Ltd. has announced the implementation of its 2024 profit distribution plan, which includes a total unchanged distribution amount principle for its convertible bonds during the equity distribution period [1][2]. Group 1: Convertible Bonds Information - The convertible bond code is 123158, and the bond name is "Zhou Bang Convertible Bond" [1]. - The conversion period for the bonds is from March 30, 2023, to September 25, 2028, with a suspension of conversion starting from May 14, 2025, until the equity registration date for the 2024 profit distribution [1][2]. - The company will announce the implementation of the 2024 profit distribution shortly, adhering to the principle of unchanged total distribution [1]. Group 2: Profit Distribution Plan - The profit distribution plan was approved during the 2024 annual shareholders' meeting held on April 15, 2025 [1]. - If there are changes in the total share capital entitled to profit distribution before the equity distribution implementation announcement, the distribution ratio will be adjusted while keeping the total distribution amount unchanged [1]. Group 3: Adjustment of Conversion Price - The adjustment of the conversion price will occur in the event of stock dividends, capital increases, new share issuances, and cash dividends, following specific formulas [2][3]. - The formulas for adjusting the conversion price include various scenarios such as stock dividends, capital increases, and cash dividends, ensuring that the conversion price reflects the changes in equity [2][3]. - The company will announce any adjustments to the conversion price in accordance with relevant laws and regulations, ensuring the protection of convertible bondholders' rights [4].

Q1 公司实现销售毛利率24.6%（同比-2.7pct，环比-0.4pct），实现销售净利率11.6%（同比+0.8pct，环 比+0.3pct）。预计收入以及利润率下滑主要是由于电解液放量且电解液景气承压的影响。 有机氟化学品持续高增长，成长可期。受海外个别氟化工企业退出市场的影响，全球电子氟化液市场处 于供应切换窗口，公司氟化液迎来了增长空间。公司有机氟化学品事业部的含氟医药中间体、含氟溶剂 清洗剂、含氟冷却液、氟聚合物改性共聚单体等产品的需求稳定，进而带动了相关产品的业绩增长。公 司按照"生产一代+研发一代+储备一代"的经营策略不断完善产品种类，目前公司一代产品市场份额稳 定，二代产品市场需求旺盛，销售高速增长，三代产品市场推广初见成效。 事件描述 公司发布2025 年一季报，2025Q1 实现收入20.0 亿元，同比变动+32.1%，环比变动-8.1%，归属净利润 2.3 亿元，同比变动+39.3%，环比变动-4.5%，归属扣非净利润2.2 亿元，同比变动+20.8%，环比变 动-9.0%。 事件评论 电解液承压，公司加快海外建设。公司拟以全资孙公司NovolyteTechnologySdn.Bhd. ...

| 证券代码：300037 | 证券简称：新宙邦 | 公告编号：2025-050 | | --- | --- | --- | | 债券代码：123158 | 债券简称：宙邦转债 | | 深圳新宙邦科技股份有限公司 关于宙邦转债暂停转股的提示性公告 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： 债券代码：123158 债券简称：宙邦转债 转股时间：2023 年 3 月 30 日至 2028 年 9 月 25 日 暂停转股时间：2025 年 5 月 14 日起至 2024 年年度权益分派股权登记日 恢复转股时间：公司 2024 年度权益分派股权登记日后的第一个交易日 深圳新宙邦科技股份有限公司（以下简称"公司"）于 2025 年 4 月 15 日召 开了 2024 年年度股东大会，审议通过了《关于公司 2024 年度利润分配预案的议 案》。根据利润分配预案，因公司董事会审议上述议案后至权益分派实施公告确 定的股权登记日前公司享有利润分配权的总股本（含已回购的股份 8,644,179 股） 发生变动的，将按照分配总额不变的原则对分配比例进行调整。公司将 ...

丨证券研究报告丨 马太 邬博华 叶之楠 SAC：S0490516100002 SAC：S0490514040001 SAC：S0490520090003 SFC：BUT911 SFC：BQK482 联合研究丨公司点评丨新宙邦（300037.SZ） [Table_Title] Q1 同比增长明显，有机氟未来可期 报告要点 [Table_Summary] 公司发布 2025 年一季报，2025Q1 实现收入 20.0 亿元，同比变动+32.1%，环比变动-8.1%， 归属净利润 2.3 亿元，同比变动+39.3%，环比变动-4.5%，归属扣非净利润 2.2 亿元，同比变 动+20.8%，环比变动-9.0%。 分析师及联系人 [Table_Author] 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 新宙邦（300037.SZ） cjzqdt11111 [Table_Title2] Q1 同比增长明显，有机氟未来可期 公司发布 2025 年一季报，2025Q1 实现收入 20.0 亿元，同比变动+32.1%，环比变动-8.1%， 归属净利润 2.3 亿元，同比变动+ ...

2024 年 5 月 15 日，公司首次通过股份回购专用证券账户以集中竞价交易方 式回购公司股份 150,000 股，占截至公司 2024 年 5 月 14 日总股本的 0.0199%， 最高成交价为 32.43 元/股，最低成交价为 32.30 元/股，成交金额为 485.10 万元 （不含交易费用）。具体内容详见公司于 2024 年 5 月 16 日披露的《关于首次回 购公司股份的公告》（公告编号：2024-041）。 回购期间，公司每月披露截至上月末公司的回购进展情况，具体内容详见公 司分别于 2024 年 6 月 4 日、2024 年 7 月 2 日、2024 年 8 月 2 日、2024 年 9 月 3 日、2024 年 10 月 9 日、2024 年 11 月 2 日、2024 年 12 月 3 日、2025 年 1 月 3 1 日、2025 年 2 月 6 日、2025 年 3 月 4 日、2025 年 4 月 2 日《关于回购股份进展 情况的公告》（公告编号：2024-047、2024-054、2024-059、2024-069、2024-073、 2024-080、2024-086、2025 ...

Group 1: Financial Performance - In Q1 2025, the company achieved revenue of CNY 2.002 billion, a year-on-year increase of 32.14% [2] - The net profit attributable to shareholders was CNY 0.39 billion, up 39.30% year-on-year [2] - The non-recurring net profit attributable to shareholders was CNY 0.22 billion, reflecting a growth of 20.80% [2] Group 2: Product Performance - The shipment volume of battery chemicals significantly increased, driven by a competitive market for lithium battery materials [2] - The electrolyte business saw a nearly 80% year-on-year increase in shipment volume, although prices experienced a decline [5] - The overseas sales of electrolytes accounted for nearly 20% of total sales in Q1 2025 [6] Group 3: Market Outlook - The demand for fluorinated liquids is expected to grow, particularly due to the increasing installation of wafer fabs [3] - The company anticipates stable growth in the fluorinated liquid market, supported by its unique technological advantages [3] - The emerging industries such as new energy and data centers are expected to drive demand for related fluorine materials [2] Group 4: Project Updates - The Haidefu project showed improved sales performance and reduced losses in Q1 2025, with expectations for better performance than in 2024 [4] - The Malaysian electrolyte project is in the early approval and planning stages, with completion expected within two years [7] - The acquisition of Jiangxi Shilei has resulted in good operational performance, with full production capacity achieved [8] Group 5: Strategic Initiatives - The company plans to increase R&D investment to expand its product line and enhance market share [3] - The 2023 stock incentive plan is expected to incur expenses of approximately CNY 60-70 million, to be recognized quarterly [8]

Summary of the Conference Call for Xinjubang Company Overview - **Company**: Xinjubang - **Industry**: Lithium battery materials, fluorochemical products, capacitor chemicals Key Points and Arguments 1. Sales and Revenue Performance - In Q1 2025, Xinjubang achieved revenue of 2.002 billion yuan, a year-on-year increase of 32.14% [3] - Net profit attributable to shareholders was 230 million yuan, up 39.3% year-on-year [3] - Lithium battery business saw a significant sales increase of approximately 70-80% year-on-year, although overall revenue was pressured by price declines [2][5] 2. Growth Drivers - The main growth drivers were fluorochemical products and capacitor chemicals, both achieving double-digit growth in sales and profit contributions [2][6] - The semiconductor and cosmetics sectors performed well, albeit from a smaller base [2][6] 3. International Sales and Market Strategy - Overseas sales accounted for approximately 20-30% of electrolyte sales, with significant contributions from fluorochemical and capacitor chemicals [10][12] - The company exports primarily through its European factory in Poland, mitigating short-term tariff impacts [5][10] - The Malaysian factory is in the planning stage, with a construction period of about two years, and will adjust its pace based on market demand [10] 4. Product Development and Market Position - Following 3M's exit from the market, there may be inventory accumulation among downstream customers for organic fluorine products [7] - The company is expanding its product range, including cooling and cleaning products, to drive business growth [7][8] 5. Price Stability and Market Outlook - Current prices for fluorinated liquids are stable, with short-term price declines unlikely due to the slowdown in wafer factory growth [12] - Long-term trends suggest gradual price decreases as production increases [12] 6. Future Performance Expectations - The company aims for a profit target of 1.1 billion yuan for 2025, with expectations for better performance in the second half of the year [4][15] - The company maintains an optimistic outlook for the fluorochemical sector, which is less affected by tariff policies [4][15] 7. Challenges and Risks - The potential impact of U.S. tariffs on electrolyte exports remains uncertain, although currently manageable [13][20] - The company is closely monitoring the evolving market conditions and regulatory environment, particularly regarding environmental regulations affecting competitors like 3M [11][16] 8. Strategic Collaborations and Innovations - The capacitor chemicals business is expected to remain a core growth pillar, supported by leading technology and stable quality [3][21] - Ongoing R&D collaborations, such as with Jianghai for MLCC conductive polymer materials, are still in the development phase [21] 9. Stock Incentive Plans - The company confirmed stock incentive expenses for 2023 and plans to allocate approximately 60 million yuan for the new incentive plan starting in May 2025 [19] 10. Overall Market Position - Xinjubang's performance shows resilience compared to peers, with stable growth in fluorochemical and capacitor businesses despite challenges in electrolyte profitability [22] This summary encapsulates the key insights from the conference call, highlighting the company's performance, growth strategies, market dynamics, and future outlook.

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company's Q1 2025 performance met market expectations, with revenue of 2 billion yuan, a year-on-year increase of 32.1% and a quarter-on-quarter decrease of 8.1%. The net profit attributable to shareholders was 230 million yuan, reflecting a year-on-year increase of 39.3% and a quarter-on-quarter decrease of 4.5% [8] - The report anticipates a turning point in fluorochemical and electrolyte segments in 2025, driven by high growth in electrolyte shipments and increasing overseas orders [8] - The company has acquired a 42% stake in Shilei, which is expected to enable self-supply of hexafluoropropylene, meeting 40-50% of its electrolyte demand [8] Financial Forecasts - Total revenue is projected to grow from 7,484 million yuan in 2023 to 16,678 million yuan in 2027, with a compound annual growth rate (CAGR) of approximately 27.95% [1] - Net profit attributable to shareholders is expected to increase from 1,011.07 million yuan in 2023 to 2,005.03 million yuan in 2027, reflecting a CAGR of about 23.97% [1] - The report forecasts earnings per share (EPS) to rise from 1.34 yuan in 2023 to 2.66 yuan in 2027, with a corresponding price-to-earnings (P/E) ratio of 25x for 2025 [1][8]

Investment Rating - The investment rating for the company is "Buy" [4] Core Views - The company reported a revenue of 2.002 billion yuan in Q1 2025, representing a year-on-year increase of 32.14% and a quarter-on-quarter decrease of 8.13%. The net profit attributable to the parent company was 230 million yuan, up 39.3% year-on-year but down 4.45% quarter-on-quarter [1] - The growth in organic fluorine and the increase in electrolyte volume, despite a price drop, have contributed to the company's resilient performance [2] - The company is deepening its international market presence and expects accelerated growth in organic fluorine products, particularly following the exit of 3M from the fluorinated liquid production [3] Summary by Sections Financial Performance - In Q1 2025, the company achieved a revenue of 2.002 billion yuan, a 32% increase year-on-year, driven by the growth in capacitor chemicals, electrolytes, and organic fluorine sales [2] - The average price of electrolytes in Q1 2025 was 19,400 yuan per ton, a decrease of 7.7% year-on-year, while the gross profit margin was 24.55%, down 2.7 percentage points year-on-year [2] Market Position and Strategy - The company has invested in key raw materials such as lithium hexafluorophosphate and is expanding its global footprint with a new electrolyte base in Malaysia, enhancing its ability to respond to international customer demands [3] - The company anticipates significant growth in its fluorinated liquid products due to the closure of 3M's production capacity [3] Profit Forecast and Valuation - The projected net profit attributable to the parent company for 2025-2027 is 1.198 billion, 1.541 billion, and 1.949 billion yuan, respectively, with corresponding P/E ratios of 19.1, 14.8, and 11.7 [4]

| 证券代码：300037 | 证券简称：新宙邦 | 公告编号：2025-043 | | --- | --- | --- | | 债券代码：123158 | 债券简称：宙邦转债 | | 深圳新宙邦科技股份有限公司 关于控股子公司向银行申请项目贷款并由公司提供担保的公告 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。 深圳新宙邦科技股份有限公司（以下简称"公司"）于 2025 年 4 月 28 日召 开第六届董事会第二十二次会议、第六届监事会第二十次会议，审议通过了《关 于控股子公司向银行申请项目贷款并由公司提供担保的议案》，具体情况如下： 一、担保情况概述 公司于2024年12月26日召开第六届董事会第十八次会议、第六届监事会第十 七次会议，审议通过了《关于控股子公司投资建设海德福年产5000吨高性能氟材 料（1.5期）项目的议案》，为满足公司控股子公司福建海德福新材料有限公司（以 下简称"海德福"）"海德福年产5000吨高性能氟材料（1.5期）"项目建设发展 资金需要，顺利推进海德福年产5000吨高性能氟材料（1.5期）项目的实施，海德 福拟向银行申请项目贷 ...