1、本次权益变动原因系山东瑞丰高分子材料股份有限公司（以下简称"公 司"）向不特定对象发行的可转换公司债券（以下简称"可转债"）转股导致公 司总股本增加，公司控股股东、实际控制人周仕斌先生及其一致行动人王健先生 合计持股比例被动稀释触及 1%的整数倍，不涉及持股数量发生变化。 | 证券代码：300243 | 证券简称：瑞丰高材 | 公告编号：2026-006 | | --- | --- | --- | | 债券代码：123126 | 债券简称：瑞丰转债 | | 山东瑞丰高分子材料股份有限公司 关于控股股东、实际控制人及其一致行动人持股比例 因可转债转股被动稀释触及 1%整数倍的公告 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。 特别提示： | 公司总股本增加至 | | 251,050,172 | | 股，公司控股股东、实际控 | | | --- | --- | --- | --- | --- | --- | | 制人周仕斌先生及其一致行动人王健先生持股比例被动稀 | | | | | | | 释，由公司上次披露上述股东权益变动时（公告编号： | | | | | ...

Investment Rating - The industry rating is "Outperform the Market," indicating that the overall return of the industry is expected to exceed the market benchmark index by more than 5% in the next 6 months [56]. Core Insights - In January 2026, global semiconductor sales reached $82.5 billion, marking a 46.1% increase compared to January 2025 and a 3.7% increase from December 2025 [4][31]. - The semiconductor price increase trend continues, with major foundries planning to raise prices by up to 10% starting in April 2026 due to rising production costs driven by various factors including supply chain disruptions and raw material price hikes [30]. - The domestic manufacturing upgrade is ongoing, with high standards and high-performance material demands expected to be released gradually, indicating a rapid development potential for the new materials industry [4]. Market Overview - The Wind New Materials Index closed at 5900.37 points, up 0.87% week-on-week. Among the six sub-industries, the semiconductor materials index fell by 2.79%, while the carbon fiber index rose by 26.05% [3][11]. - The top five gainers in the week included Ruifeng High Materials (25.52%), Lianrui New Materials (21.33%), and Huate Gas (15.49%) [26][27]. Recent Industry Highlights - The launch of the full-size humanoid robot PEEK by Huaxiang Qiyuan represents a breakthrough in lightweight, high-endurance, and durable applications, reducing the robot's weight by 5.3 kg [4][35]. - Feikai Materials announced plans to invest in a new production base in Anhui, with a total investment of approximately 1 billion yuan, aimed at expanding its semiconductor materials strategy [35][36].

| 证券代码：300243 | 证券简称：瑞丰高材 | 公告编号：2026-005 | | --- | --- | --- | | 债券代码：123126 | 债券简称：瑞丰转债 | | 山东瑞丰高分子材料股份有限公司 关于取得发明专利证书的公告 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。 山东瑞丰高分子材料股份有限公司（以下简称"公司"）申请的 1 项发明专 利获得国家知识产权局颁发的专利证书，具体情况如下： 1、专利名称：MBS 树脂及提高耐候性和抗冲性能的 MBS 树脂的制备方法 发明人：王璇；王厚福；翟立国；王智勇；王叶凡；杜道刚 专利权人：山东瑞丰高分子材料股份有限公司 专利号：ZL 2025 1 1999883.6 专利申请日：2025 年 12 月 29 日 授权公告日：2026 年 3 月 6 日 专利权期限：二十年，自申请日起算 本发明专利属于 MBS 树脂的制备技术领域，该项发明提供的提高耐候性和 抗冲性能的 MBS 树脂的制备方法，工艺简单可控、易于工业化生产，所制备的 MBS 树脂满足户外高温曝晒的要求，抗冲击性强。 山东瑞丰高分子 ...

Group 1: PVC Additives Business - PVC additives prices have increased due to rising raw material costs, with demand showing signs of recovery and sufficient orders on hand [2] - The company has established itself as a leading player in ACR and MBS, with advantages in R&D, scale, and product quality [2][3] - The PVC additives business is expected to maintain healthy and stable growth throughout the year [3] Group 2: Engineering Plastics Additives - The company’s engineering plastics additives include PC/ABS alloy toughening agents, ABS high rubber powder, and ASA rubber powder, primarily serving high-end applications in automotive and electronics [4] - Current production capacity for engineering plastics additives is 10,000 tons/year, operating at full capacity, with projected revenue of CNY 107 million in 2024, a 212.46% increase from 2023 [4] - A new project to expand capacity to 60,000 tons/year is underway, with the first phase of 20,000 tons expected to be operational by the end of 2026 [4][5] Group 3: Impact of Geopolitical Events - Recent geopolitical events in the Middle East have led to an increase in raw material prices, prompting the company to adjust product prices accordingly [6] - The company has maintained production during the holiday period, resulting in a favorable short-term impact from the price increase [6] Group 4: Epoxy Resin Toughening Agents - Epoxy resin toughening agents enhance the impact resistance and thermal shock performance of materials, with applications in automotive, wind energy, and PCB sectors [6] - The company is currently in the early stages of production, with limited revenue impact, but plans to scale up production following the completion of the engineering plastics additives project [6] Group 5: PBAT to PETG/PCTG Transition - The company is converting its existing PBAT production facility to produce high-end polyester materials PETG/PCTG, with a planned capacity of 30,000 tons/year expected to start mid-2026 [7] - Successful operation of this transition could enhance revenue and improve financial stability, but faces uncertainties related to technology and market demand [7] Group 6: Other Transformation Projects - The company is exploring low-cost production of black phosphorus and developing synthetic biological materials, with limited revenue generation expected in the short term [7] - Current projects are in various stages of development, with significant uncertainties affecting their future contributions to revenue [7][8]

Summary of Conference Call Records Company and Industry Overview - **Companies Involved**: - 瑞丰高材 (Ruifeng High Material) - 飞荣达 (Feirongda Technology) - 英诺激光 (Inno Laser Technology) - **Industries**: - Engineering plastics - Liquid cooling products - PCB laser technology Key Points and Arguments Ruifeng High Material - **Strong Order Backlog**: The company has a sufficient backlog of orders, with PVC additive demand showing signs of recovery due to rising raw material prices since 2026. The company has established itself as a leading player in ACR and MBS sectors, demonstrating advantages in R&D, scale, and product quality [1][2]. - **Production Capacity**: The engineering plastics additive capacity is currently at 10,000 tons/year, operating at full capacity. A new project to build an additional 60,000 tons/year is underway, with the first phase expected to be operational by the end of 2026 [2]. - **Product Development**: The company is focusing on differentiated competition strategies, developing products for non-real estate sectors such as sheets, card materials, packaging films, and pharmaceutical packaging [1]. Feirongda Technology - **Liquid Cooling Products**: The company’s liquid cooling products are widely used in servers and data centers, with a strong order backlog. The company has received certifications from over twenty clients for its robotic products [4][5]. - **Diverse Applications**: Products are utilized in various fields including consumer electronics, network communication, data centers, and new energy vehicles. The company has established a strong customer base including major clients like H Company, ZTE, and Microsoft [5][6]. - **Robotics Sector**: The company provides thermal management solutions for robotics, including AI chips and joint motors, with over twenty clients certified in this area [7]. Inno Laser Technology - **Rapid Growth in PCB Laser Business**: The PCB laser business has seen significant growth since 2025, with nearly 90 million yuan in orders for PCB forming equipment. The company has also received its first order for ultra-fast laser drilling equipment [8][9]. - **Advanced Technology**: The company has developed ultra-fast laser drilling technology, which is capable of producing finer holes (30-70 microns) at a higher efficiency (10,000 holes/second) and precision (<±10 microns). This technology is being applied in IC substrate and computing PCB fields [9][10]. - **Laser Business Leadership**: The laser business remains a core competitive advantage, with ongoing development of leading products in short pulse, continuous pulse, and high-power laser technologies [10]. Additional Important Information - **Market Trends**: The demand for PVC additives is recovering, and the company is adjusting its product structure to focus on high-demand areas [1][2]. - **Future Projects**: The PBAT modification project is expected to be operational by mid-2026, enhancing production capabilities for high-end polyester materials [4]. - **Client Engagement**: The companies are actively engaging with other significant clients in their respective industries to expand their market presence [6][7]. Conclusion The conference call records highlight the robust performance and strategic initiatives of the companies involved in engineering plastics, liquid cooling, and laser technology. The focus on innovation, capacity expansion, and customer engagement positions these companies favorably in their respective markets.

Summary of Key Points from Conference Call Records Industry or Company Involved 1. **PVC Industry**: The PVC market is experiencing a recovery, leading to increased demand for additives. Key companies include Jianbang Co., Ruifeng High Materials, Rike Chemical, and Xinhua Pharmaceutical [1][3][4][7][13]. 2. **Glyphosate Industry**: The glyphosate market is influenced by U.S. government policies, with key companies being Yangnong Chemical and Xingfa Group [2][14][21]. 3. **Satellite Manufacturing and SpaceX**: SpaceX is planning to launch satellites from the Moon, impacting the satellite manufacturing and rocket launch industries. Relevant companies include Zhenlei Technology and Plitec [6][22][25]. 4. **Coal Industry**: The coal sector is expected to perform well due to supply constraints and geopolitical factors. Key companies include China Shenhua, Yancoal, and Huayang Co. [2][26][34]. Core Points and Arguments PVC Industry 1. **Price Recovery**: PVC prices have risen from 4,547 RMB/ton at the beginning of 2026, marking a 6.8% increase [5]. The price of acetylacetone has increased from 13,000 RMB/ton to 20,000 RMB/ton, indicating a recovery trend in the additives market [1][10]. 2. **Demand Growth**: The recovery in PVC prices is expected to enhance the procurement of high-performance additives, benefiting the entire additives industry [3][7][12]. 3. **Supply Chain Dynamics**: The supply of acetylacetone is tightening due to the exit of less efficient producers, leading to a structural improvement in the supply-demand balance [9][12]. Glyphosate Industry 1. **U.S. Policy Impact**: The U.S. has classified glyphosate as a critical defense material, which may limit domestic supply and increase reliance on imports from China [14][17]. 2. **Current Pricing**: Domestic glyphosate prices are at a historical low of approximately 23,000 RMB/ton, putting the industry at the breakeven point [19]. SpaceX and Satellite Manufacturing 1. **Moon Launch Plans**: SpaceX's plan to launch satellites from the Moon using a giant electromagnetic catapult is expected to accelerate technological validation in the satellite manufacturing sector [22][23]. 2. **Market Expansion**: The initiative could lead to a significant expansion in the commercial space sector, with implications for satellite manufacturing and rocket launch capabilities [24][25]. Coal Industry 1. **Price Trends**: Coal prices are expected to rise due to supply constraints from Indonesia and geopolitical tensions affecting global energy prices [26][34]. 2. **Investment Opportunities**: The coal sector is viewed as a strong investment opportunity, particularly for companies with high dividends and low valuations, such as China Shenhua and Yancoal [2][35]. Other Important but Possibly Overlooked Content 1. **Market Sentiment**: The overall sentiment in the PVC and coal markets is positive, with expectations of continued price increases and demand recovery [4][34]. 2. **Technological Advancements**: The advancements in rocket technology and satellite manufacturing driven by SpaceX's initiatives may lead to new investment opportunities in related sectors [22][25]. 3. **Regulatory Environment**: The regulatory landscape for glyphosate and PVC additives is evolving, with potential implications for production and pricing strategies [14][19]. This summary encapsulates the key insights from the conference call records, highlighting the dynamics within the PVC, glyphosate, satellite manufacturing, and coal industries.

Group 1: PVC Additives - PVC additives prices have increased due to rising raw material costs, with demand showing signs of recovery and sufficient orders on hand [2][3] - The company has established itself as a leading player in ACR and MBS, with advantages in R&D, scale, and product quality [3] Group 2: Engineering Plastics Additives - The company’s engineering plastics additives include PC/ABS alloy toughening agents, ABS high rubber powder, and ASA rubber powder, with a current capacity of 10,000 tons/year [4] - Revenue from engineering plastics additives reached CNY 107 million in 2024, a 212.46% increase from 2023, and CNY 67.23 million in the first half of 2025, an 82.49% year-on-year growth [4] Group 3: Expansion Plans - A new project for engineering plastics additives with a capacity of 60,000 tons/year is underway, planned in two phases, with the first phase of 20,000 tons expected to be operational by the end of 2026 [4][5] - The project aims to enhance product variety and achieve domestic substitution for imported products, potentially improving profit margins [5] Group 4: Epoxy Resin Toughening Agents - Epoxy resin toughening agents are crucial for applications in automotive, wind power, and PCB boards, with high technical content and production difficulty [6] - The company is currently in small-scale production and aims to scale up following the completion of the engineering plastics additives project [6] Group 5: PBAT to PETG/PCTG Transition - The company is converting its existing PBAT project to produce high-end polyester materials PETG/PCTG, with a planned capacity of 30,000 tons/year expected to start mid-2026 [7] - Successful operation of this project could enhance revenue and mitigate fixed asset depreciation, although it faces uncertainties [7] Group 6: Black Phosphorus and Battery Adhesives - Black phosphorus is being developed for applications in batteries, flame retardants, and semiconductors, with a pilot production line expected to start in Q1 2026 [8] - The battery adhesive business is in the early stages, with plans to leverage existing MBS production lines for SBR synthesis, but currently lacks significant revenue impact [9] Group 7: Synthetic Biology Business - The synthetic biology segment focuses on developing materials like polylactic acid and has begun external sales of dextran, with plans to expand capacity by 2026 [9] - This segment is also in its early stages and is not expected to significantly impact revenue in the short term [9]

Investment Rating - The industry investment rating is "Outperform the Market - A" [4] Core Viewpoints - The PVC market has shown signs of recovery, with prices increasing to 4547 RMB/ton as of February 25, 2026, representing a 6.8% rise since the beginning of the year [2][8] - The recovery in PVC prices is expected to boost demand for additives, as the overall sentiment in the supply chain becomes more positive, leading to increased procurement of high-performance additives [2][9] - The industry is experiencing a structural improvement in supply and demand dynamics, driven by a combination of supply-side reductions and steady demand growth [8][9] Summary by Relevant Sections PVC Market Recovery - The PVC market is recovering due to various factors, including the deepening of "anti-involution" policies and the gradual implementation of differentiated electricity pricing [2] - The price of PVC has shown a steady upward trend, indicating a positive market sentiment [2] Additives Industry Outlook - Additives play a crucial role in enhancing the performance of PVC products and optimizing processing techniques [2] - The demand for high-performance additives is expected to increase as downstream manufacturers show a greater willingness to operate [2][9] Additive Types and Market Dynamics - The PVC additives market includes various key products such as acetylacetone salts, Saik, DBM/SBM, ACR, MBS, and MC [2][9] - The acetylacetone market is experiencing a dual drive of supply disruptions and steady demand growth, leading to price increases [8] - The industry is undergoing a phase of capacity clearance, which is expected to improve the supply-demand structure and lead to price recovery for other additive types [9] Key Companies in the Industry - Key companies in the PVC additives sector include: - Jianbang Co., Ltd. with capacities for acetylacetone salts and Saik [11] - Ruifeng High Materials, a leading enterprise with significant production capacity for ACR and MBS [11] - Rike Chemical with substantial production capacity for ACR and ACM series products [11] - Xinhua Pharmaceutical with acetylacetone salt production capacity [11] - Jiaxian Co., Ltd. with DBM/SBM production capacity [11]

Summary of Conference Call Records Company: 瑞丰高材 (Ruifeng High Material) Industry: Engineering Plastics Additives Key Points: - **Strong Demand for Engineering Plastics Additives**: The company is currently operating at full capacity with a production capacity of 10,000 tons/year. The revenue from engineering plastics additives is projected to reach 107 million yuan in 2024, representing a 212.46% increase from 2023. In the first half of 2025, revenue is expected to be 67.23 million yuan, showing an 82.49% year-on-year growth [2][5]. - **Capacity Expansion Plans**: The company is implementing a new project to build a 60,000 tons/year capacity for engineering plastics additives, planned in two phases. The first phase will establish a 20,000 tons/year capacity by the end of 2026, while the second phase of 40,000 tons/year will be initiated based on the utilization rate of the first phase [3]. - **Product Structure Adjustment**: The company is actively adjusting its PVC additive product structure due to slow overall growth in the PVC additive industry. It focuses on high-tech MBS products and aims to develop non-real estate sectors such as sheet materials, card materials, packaging films, and pharmaceutical packaging [1][5]. - **Epoxy Resin Toughening Agent Potential**: The company is working on epoxy resin toughening agents, which are currently heavily reliant on imports from Japan. The domestic market for these products is expected to grow, with the company currently conducting small batch shipments and aiming for large-scale supply post the completion of the new capacity project [4]. - **Impact of PVC Price Increase**: The rise in PVC prices is expected to positively influence the demand for additives, as customers may stock up on products. If raw material prices stabilize, a recovery in demand could lead to price increases for the company's products, thereby enhancing profit margins [5][6]. Company: 盛达资源 (Shengda Resources) Industry: Rare Metals Mining Key Points: - **Rich Rare Metal Resources**: The company has significant rare metal resources in its mines, including 32.01 tons of gallium, 43,276 kg of rhenium, and 156 tons of indium. These resources are expected to increase in the coming years [7][8]. - **Future Metal Production Growth**: The company anticipates an increase in metal production following the commencement of operations at the Honglin Mining's Caiyuanzi copper mine and the ongoing construction of the 250,000 tons/year mining project at the Dongsheng Mining's Bayan Ula polymetallic mine [8]. - **Capital Expenditure Plans**: Future capital expenditures will focus on the development and acquisition of mining projects, including the Bayan Bolege polymetallic mine and the 460 highland copper-molybdenum mine [9]. Company: 崇德科技 (Chongde Technology) Industry: Sliding Bearings Key Points: - **Full Capacity Operations**: The company is currently operating at full capacity, producing sliding bearings for major equipment such as gas turbines and wind power equipment. The optimization of production processes has led to improved capacity utilization [10]. - **International Partnerships**: The company has established long-term collaborations with leading international firms such as Siemens, GE, and ABB, with a growing share of international business revenue [11][12]. - **Successful Supply to Domestic Gas Turbine Enterprises**: The company has successfully supplied products to domestic gas turbine manufacturers, enhancing its market presence [12].

证券日报网2月24日讯 ，瑞丰高材在接受调研者提问时表示，公司子公司瑞丰生物主要从事合成生物材 料的开发，在聚乳酸、丁二酸、右旋糖酐等产品领域有一定的技术积累。其中，右旋糖酐已正常对外销 售，正进一步积极开拓市场，下游用于制备动物补铁剂右旋糖酐铁。2026年，公司将进一步扩大右旋糖 酐的产能，并进一步开拓销售市场，但短期对业绩无明显影响。未来规划方面，公司将通过自研与外部 技术合作的模式扩展产品品类，逐步进行规模化落地。 （文章来源：证券日报） ...