Core Viewpoint - The polyurethane sealant industry in China is facing significant challenges due to the high technical barriers and monopolization of the high-performance market by foreign companies, with over 90% of the high-end market dominated by international products. However, advancements in domestic technology and innovation are emerging, particularly from research institutions like Zhengzhou University, which have made breakthroughs in developing competitive products [1][7][8]. Group 1: Industry Definition and Characteristics - Polyurethane sealants are classified as high-grade elastic sealants, known for their excellent wear resistance, low-temperature flexibility, and good adhesion properties. They have a lifespan of 15-20 years and are suitable for dynamic joints, although they have limitations such as poor heat resistance and water resistance [2][7]. - Low-modulus polyurethane sealants are characterized by being single-component, non-flowing, solvent-free, and environmentally friendly, making them suitable for high-movement joints in construction applications [4][5]. Group 2: Current Industry Status - The demand for polyurethane sealants is increasing due to rapid urbanization and growth in the construction and automotive sectors. However, the technology for high-performance polyurethane sealants remains largely monopolized by foreign companies, limiting domestic development [7][8]. - From 2016 to 2024, China has filed a total of 589 patents related to polyurethane sealants, with a peak of 91 patents in 2019, indicating a shift from imitation to original innovation in the industry [8]. Group 3: Industry Chain - The polyurethane sealant industry chain includes upstream materials such as isocyanates and polyols, midstream production of sealants, and downstream applications in construction, transportation, and electronics [10]. - In the construction sector, polyurethane sealants are primarily used for waterproofing, sealing, insulation, and soundproofing, with increasing market demand driven by the industry's growth and environmental requirements [12]. Group 4: Competitive Landscape - Major companies in the polyurethane sealant industry include Chengdu Silica Technology Co., Ltd., Beijing Gaomeng New Materials Co., Ltd., and Hubei Huitian New Materials Co., Ltd., among others. These companies are focusing on research and development to enhance their product offerings and market presence [14][17]. - Beijing Gaomeng New Materials has a strong market position with a diverse product range and advanced production capabilities, including 37 production bases and a focus on high-performance adhesive materials [20][21]. Group 5: Industry Development Trends - The future of the polyurethane sealant industry in China is expected to focus on technological innovation, expansion of application scenarios, and environmentally friendly practices. The demand for high-precision sealing materials in electronics and aerospace is also anticipated to grow [24].

2024 年定期受托管理事务报告 证券简称：回天新材 股票代码：300041 债券简称：回天转债 债券代码：123165 湖北回天新材料股份有限公司 创业板向不特定对象发行可转换公司债券 发行人 湖北回天新材料股份有限公司 （湖北省襄阳市国家高新技术开发区关羽路 1 号） 债券受托管理人 （四川省成都市东城根上街 95 号） 2025 年 6 月 1 重要声明 根据《可转换公司债券管理办法》（以下简称"管理办法"）、《湖北回天新 材料股份有限公司向不特定对象发行可转债之受托管理协议》、《湖北回天新材 料股份有限公司向不特定对象发行可转换公司债券募集说明书》等相关规定和约 定，国金证券股份有限公司（以下简称"国金证券"）作为受托管理人，以公开信 息披露文件、发行人出具的相关说明文件以及第三方中介机构出具的专业意见等 为信息来源编制本定期受托管理事务报告。 本报告不构成对投资者进行或不进行某项行为的推荐意见，投资者应对相关 事宜做出独立判断，而不应将本报告中的任何内容据以作为国金证券所作的承诺 或声明。未经国金证券书面许可，不得将本报告用作其他任何用途。 在本报告中，除非文义另有所指，下列词语具有如下含义： | ...

Core Viewpoint - The company, Hubei Huitian New Materials Co., Ltd., is a leading player in the domestic engineering adhesive industry, with strong R&D capabilities and a promising outlook for downstream industries, which supports future business growth [2][5]. Financial Performance - The company's total assets as of March 2025 are 65.86 billion, with equity attributable to shareholders at 28.94 billion [2]. - The company's total debt has increased, leading to weaker debt repayment indicators, indicating rising repayment pressure [6]. - Revenue for 2024 is reported at 39.89 billion, a slight increase from 39.02 billion in 2023, while net profit decreased from 2.98 billion in 2023 to 1.04 billion in 2024 [4][16]. Market Position and Growth - The company has maintained a high production and sales rate, with significant growth in the sales volume of its main products, particularly in the electronic and automotive sectors, which saw increases of 45.56% and 41.23% respectively [2][5]. - The company is focusing on expanding its market share in the renewable energy sector, particularly in photovoltaic silicone and solar cell back membranes, despite facing a 58.34% decline in sales in this segment due to increased competition and market saturation [18][19]. Risks and Challenges - The company faces risks related to changes in control, as the actual controller's shareholding is relatively low, which could impact governance [5][6]. - The profitability is sensitive to fluctuations in the downstream industry, with pressures from declining raw material prices and increased competition affecting profit margins [5][11]. - The company has a high proportion of receivables, which could strain working capital and increase the risk of bad debts, particularly in the photovoltaic sector where payment cycles are longer [6][18]. Industry Outlook - The adhesive industry in China is expected to grow, driven by demand from emerging sectors such as new energy vehicles and lithium batteries, although sales growth has not met expectations due to various challenges [11][12]. - The industry is projected to have an average annual growth rate of 4.2% in production and 4.3% in sales during the 14th Five-Year Plan period [12]. - The company is well-positioned to benefit from the ongoing transition to clean energy and the increasing demand for high-performance adhesives in various applications [14][15].

2022 年湖北回天新材料股份有限 公司向不特定对象发行可转换公 司债券 2025 年跟踪评级报告 中鹏信评【2025】跟踪第【336】号 01 信用评级报告声明 除因本次评级事项本评级机构与评级对象构成委托关系外，本评级机构及评级从业人员与评级对象不存 在任何足以影响评级行为独立、客观、公正的关联关系。 本评级机构与评级从业人员已履行尽职调查义务，有充分理由保证所出具的评级报告遵循了真实、客观、 公正原则，但不对评级对象及其相关方提供或已正式对外公布信息的合法性、真实性、准确性和完整性 作任何保证。 本评级机构依据内部信用评级标准和工作程序对评级结果作出独立判断，不受任何组织或个人的影响。 本评级报告观点仅为本评级机构对评级对象信用状况的个体意见，不作为购买、出售、持有任何证券的 建议。本评级机构不对任何机构或个人因使用本评级报告及评级结果而导致的任何损失负责。 评级结果 | | 本次评级 | 上次评级 | | --- | --- | --- | | 主体信用等级 | AA- | AA | | 评级展望 | 稳定 | 稳定 | | 回天转债 | AA- | AA | 评级观点 本次评级结果是考虑到：湖北回天 ...

上海市松江区人民法院将于2025年7月18日10时起至2025年7月21日10时止（延时除外）在"淘宝 网"（www.taobao.com）上进行公开网络司法拍卖，现公告如下： 拍卖标的：被执行人章锋持有的股票13,985,851股（证券名称：回天新材，证券代码：300041，证券类别：无限售 流通股） 起拍价：9396.254136万元；保证金：1000万元；加价幅度：30000元； 起拍价说明：起拍价以起拍日2025年7月18日前20个交易日收盘价均价的80%乘以总股数13,985,851股为起拍价。 本次上网挂拍至开拍前对外公示价格是以2025年4月22日前二十个交易日收盘均价8,398元的80%乘以拍卖股数 13,985,851股，该价格仅为展示价格，非实际价格（因股票变动影响较大，实际起拍价将在起拍日2025年7月18日 前进行相应数据调整，该调整后的价格即为本次拍卖的实际起拍价）。 请竞买人在拍卖竞价前务必仔细阅读网拍平台上的拍卖公告及本次拍卖发布的竞买须知、拍卖标的调查情况表等 资料。 拍卖辅助机构：上海迈逊拍卖有限公司 联系地址：上海市浦东新区五莲路1717号 举报监督电话：021-37657 ...

注：本次股东所持公司股份被司法拍卖详细信息，可通过"阿里拍卖·司法"网络平台 （https://sf.taobao.com）进行查询了解。 | 证券代码：300041 | 证券简称：回天新材 | 公告编号：2025-39 | | --- | --- | --- | | 债券代码：123165 | 债券简称：回天转债 | | 二、股东股份累计被拍卖情况 湖北回天新材料股份有限公司 截至本公告披露日，公司控股股东及其一致行动人所持股份累计被拍卖情况 如下： 关于公司控股股东之一致行动人部分股份 | 股东名称 | 持股数量（股） | 持股比例 | 累计被拍卖股份 | 占其所持 | 占公司总 | | --- | --- | --- | --- | --- | --- | | | | | 数量（股） | 股份比例 | 股本比例 | | 章力 | 10,515,180 | 1.88% | 0 | 0 | 0 | | 章锋 | 41,885,301 | 7.49% | 13,985,851 | 33.39 % | 2.50% | 将被司法拍卖的提示性公告 股东 名称 是否为控股 股东或第一 大股东及其 一致行动人 本次拍卖 ...

Report Summary 1. Reported Industry Investment Rating No information provided. 2. Core Viewpoints of the Report - The company faced a loss in Q4 2024 due to the involution in the photovoltaic industry, price declines in the industrial chain, and the impact of foreign trade on the photovoltaic business's gross profit margin, along with an impairment provision of about 39.92 million yuan for photovoltaic backsheet assets [24]. - The company is working on improving its market - value management, including promoting its business highlights and investment value, interacting with institutional investors, and optimizing its internal control system [25]. - The company is seeking new performance breakthroughs by stabilizing and increasing market share in major business areas and exploring new products in high - growth tracks such as automotive electronics, lithium - battery negative electrode glue, and consumer electronics [27]. 3. Summary by Relevant Catalogs 3.1. Research Basic Situation - Research object: Huitian New Materials [17]. - Industry: Chemical products [17]. - Reception time: June 12, 2025 [17]. - Company reception staff: Board Secretary Zhang Hongjian, Financial Controller Shi Changyin, and Securities Affairs Representative Zhang Yan [17]. 3.2. Detailed Research Institutions - Reception object type: Investor online questions and others [20]. 3.3. Research Institution Proportion No information provided. 3.4. Main Content Data - **Financial and Stock - related Questions** - The company clarified that the description of annual Q4 losses was inaccurate, and the 2024 Q4 loss was due to the photovoltaic industry situation [24]. - The company emphasized that it values the capital - market performance and is taking measures to improve market - value management [25]. - Stock price fluctuations are affected by multiple external factors, and the company is working to reflect its enterprise value through compliance means [26]. - **Business Goal and Performance Questions** - The company stated that its business goals and performance should be based on official announcements [26]. - The company is aiming to break through in performance by expanding market share in major fields and exploring new products in high - growth tracks [27]. - **New Business and Product Questions** - The company is making new product layouts in automotive electronics, lithium - battery negative electrode glue, consumer electronics, and photovoltaic fields [27]. - In emerging technology fields like low - altitude economy and AI, the company's products are in the initial layout stage and have not achieved stable mass supply [28]. - **Other Questions** - Regarding the fifth - phase equity incentive, the company asked investors to follow its information disclosure [29]. - The company's photovoltaic business maintained growth during the industry involution, with measures to enhance product competitiveness [29]. - For the 2025 semi - annual report performance, the company asked investors to follow the subsequent disclosure [29]. - The Jun'an Huitian Fund has completed filing and is promoting relevant projects related to the Huitian industry [29].

Financial Performance - The company reported a loss in Q4 2024 primarily due to price declines in the photovoltaic industry and a provision for asset impairment amounting to approximately 39.92 million yuan [2][3] - The company's stock price has declined for four consecutive years, raising concerns about its market performance [3][5] Market Management - The company acknowledges the need for improvement in market value management and is exploring effective methods, including enhancing communication with institutional investors and promoting operational highlights [3][6] - Various measures have been implemented for market value management, such as media promotion, performance briefings, and potential stock buybacks [6] Business Strategy - The company is focusing on stabilizing its market share in key business areas while exploring new product opportunities in high-growth sectors like automotive electronics and lithium battery materials [4][6] - The company is actively developing new products in the photovoltaic sector, aiming to enhance competitiveness through innovation and cost reduction [4][6] Future Outlook - The company is optimistic about its performance in the first half of 2025, with expectations for positive growth compared to the previous year [7] - The establishment of a fund investment company is underway, with projects related to the company's industry being pursued [7]

| 证券代码：300041 债券代码：123165 | | | --- | --- | | 证券简称：回天新材 债券简称：回天转债 | 公告编号：2025-38 | 湖北回天新材料股份有限公司 关于参加湖北辖区上市公司 2025 年投资者 特此公告。 湖北回天新材料股份有限公司 董 事 会 2025 年 6 月 9 日 网上集体接待日活动的公告 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。 为进一步加强与投资者的互动交流，湖北回天新材料股份有限公司（以下简 称"公司"）将参加由湖北证监局、湖北省上市公司协会与深圳市全景网络有限 公司联合举办的"2025年湖北辖区上市公司投资者集体接待日活动"，现将相关 事项公告如下： 本次活动将采用网络远程的方式举行，投资者可登录"全景路演"网站 （https://rs.p5w.net），或关注微信公众号：全景财经，或下载全景路演APP，参 与本次互动交流，活动时间为2025年6月12日（周四）14:00-16:40。届时公司高管 将在线就公司2024年度业绩、公司治理、发展战略、经营状况和可持续发展等投 资者关心的问题，与 ...

Group 1 - The company completed the 2024 profit distribution plan, distributing a cash dividend of 1.50 yuan per 10 shares, totaling 83.91 million yuan, with a payout ratio of 82.39% [1] - The total amount for cash dividends and share buybacks in 2024 reached 175 million yuan, exceeding the net profit for the year by 172.17% [1] - The company emphasizes sustainable development and shareholder rights, maintaining a consistent profit distribution policy since its listing [1] Group 2 - The company is accelerating its transformation towards emerging industries, establishing a 200 million yuan investment fund focused on new materials, renewable energy, semiconductors, and other high-tech sectors [2] - The company aims to enhance its R&D capabilities and production capacity in fields such as electronic intelligence, low-altitude economy, new energy vehicles, aerospace, and military support [2]