Group 1 - The company, Ruifeng High Materials (300243), reported that as of August 29, 2025, the total number of shareholders is 17,807 [1]

Core Viewpoint - Ruifeng High Materials (300243) is currently in the ton-level pilot test stage for its subsidiary Ruifeng Yueneng's black phosphorus product development, which will not significantly impact this year's performance [1] Group 1 - The company is focused on the research and low-cost industrialization of black phosphorus products [1] - The current stage of development is at the ton-level pilot testing phase [1] - The performance impact for the current year is expected to be minimal [1]

Group 1 - The core viewpoint of the article is that Ruifeng High Materials (300243) is advancing its black phosphorus pilot production facility, which is expected to be operational by the end of September [1] - The pilot facility's technology and core equipment are independently designed by the company, utilizing proprietary non-patented technology [1] - The company's battery binder SBR products are currently undergoing testing with some downstream customers, aiming to enhance product quality and performance indicators [1] Group 2 - The new business initiatives are still in the early stages of industrialization, which may face uncertainties related to construction, research and development progress, and market promotion [1]

Group 1 - The company is currently in the ton-level pilot testing stage for its black phosphorus products, which will not significantly impact this year's performance [2] - The company's subsidiary, Ruifeng Yuanneng, is primarily engaged in the research and development of black phosphorus products and related low-cost industrialization [2]

Group 1 - The company has confirmed that its subsidiary, Ruifeng Yuanneng, has entered the equipment installation phase for its ton-level black phosphorus pilot plant, which is expected to be completed by the end of this month [1] - The core technology and equipment for the black phosphorus production line are independently designed by the company, utilizing proprietary non-patented technology [1] - The battery binder SBR product is currently in the testing phase with some downstream customers, focusing on improving quality and performance indicators [1] Group 2 - The new business initiatives are still in the early stages of industrialization, which may face uncertainties related to construction, research and development progress, and market promotion [1]

| 证券代码：300243 | 证券简称：瑞丰高材 | 公告编号：2025-041 | | --- | --- | --- | | 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 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： 1、"瑞丰转债"（债券代码：123126）将于 2025 年 9 月 10 日按面值支付第 四年利息，每 10 张"瑞丰转债"（面值 1,000.00 元）利息为 30.00 元（含税）。 2、债权登记日：2025 年 9 月 9 日（星期二） 3、本次付息期间及票面利率：计息期间为 2024 年 9 月 10 日至 2025 年 9 月 9 日，票面利率为 3.00%。 4、付息日：2025 年 9 月 10 日（星期三） 5、除息日：2025 年 9 月 10 日（星期三） 6、"瑞丰转债"本次付息的债权登记日为 2025 年 9 月 9 日，截至 2025 年 9 月 9 日下午深圳证券交易所收市后，在中国证券登记结算有限责任公司深圳分公 司（以下简称"中国结算深圳分公司"）登记 ...

Group 1 - Black phosphorus is an excellent layered material with significant application potential in battery materials, flame retardants, catalysis, medicine, and electronics [1] - The theoretical capacity of black phosphorus reaches 2596 mAh/g, which is much higher than that of graphite and other carbon-based materials, indicating a strong potential for enhancing battery energy density [2] - Black phosphorus has a high lithium intercalation potential and lithium diffusion coefficient, which reduces the risk of lithium dendrite formation and effectively improves fast charging safety [2] Group 2 - The industrialization process for black phosphorus preparation in domestic companies is making significant breakthroughs, with companies like Xingfa Group advancing steadily in their black phosphorus projects [3] - Xingfa Group has established a 100 kg-level black phosphorus pilot test facility, achieving stable production of black phosphorus crystals at a scale of 100 kg per batch, while continuously reducing production costs [3] - Ruifeng High Materials is working on a ton-level pilot production line, aiming to complete normal operation of a 100 kg facility by 2024, further promoting the low-cost industrialization of black phosphorus [3]

Financial Performance - The company reported a total revenue of 1.006 billion yuan for the first half of 2025, an increase of 2.62% year-on-year [1] - The net profit attributable to shareholders was 10.8048 million yuan, a decrease of 52.57% year-on-year [1] - The gross profit margin was 14.05%, down 2.03% year-on-year, while the net profit margin was 1.04%, down 55.19% year-on-year [1] - The total of selling, administrative, and financial expenses reached 115 million yuan, accounting for 11.42% of revenue, an increase of 7.19% year-on-year [1] - The company's cash flow from operating activities per share was 0.14 yuan, an increase of 134.5% year-on-year [1] Balance Sheet Highlights - Accounts receivable increased by 32.61% year-on-year, reaching 457 million yuan [1] - Monetary funds increased by 128.33% year-on-year, totaling 348 million yuan [1] - Interest-bearing liabilities rose by 29.85% year-on-year, amounting to 997.1 million yuan [1] Business Segments - The company operates in four main business segments: plastic additives, polyester materials, new energy materials, and synthetic biological materials [4] - The plastic additives segment includes PVC additives and engineering plastic additives, with revenue from PVC additives reaching 1.888 billion yuan, a 9% increase year-on-year [4] - The polyester materials segment includes biodegradable materials and specialty polyesters, with ongoing projects to enhance production capabilities [5] - The new energy materials segment focuses on black phosphorus materials and battery binders, with production lines under development [5] - The synthetic biological materials segment has achieved market recognition for certain products, with plans to increase production capacity [5] Cash Flow Analysis - The net cash flow from operating activities increased by 134.5% due to a reduction in inventory and cash payments for goods and services [2] - The net cash flow from investing activities decreased significantly by 462.93% due to increased cash payments for investments in fixed and intangible assets [3] - The net cash flow from financing activities increased by 371.97%, reflecting a rise in cash received from borrowings [3] Financial Ratios and Metrics - The company's return on invested capital (ROIC) was reported at 3%, indicating weak capital returns [3] - The average cash flow from operations over the past three years relative to current liabilities is only 3.48%, raising concerns about liquidity [4] - The interest-bearing debt ratio has reached 42.87%, indicating a significant level of leverage [4]

Group 1 - The company, Ruifeng High Materials, announced the convening of its sixth board meeting on August 25, 2025, to review the agenda including the "2025 Semi-Annual Report" and its summary [1] - For the year 2024, the revenue composition of Ruifeng High Materials is as follows: PVC additives account for 94.35%, engineering plastic additives account for 5.33%, and others account for 0.31% [1]

单位：人民币元 山东瑞丰高分子材料股份有限公司 2025 年半年度非经营性资金占用及其他关联资金往来情况汇总表 | 非经营性资金占用 | 资金占用方名称 | 占用方与上 市公司的关 | 上市公司核算 | 2025 年期初占 | 2025 年半年度占 用累计发生金额 | 2025 年半年 度占用资金 | 2025 年半年度 偿还累计发生金 | 2025 年半年度 期末占用资金 | 占用形 | 占用性质 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 联关系 | 的会计科目 | 用资金余额 | （不含利息） | 的利息(如 | 额 | 余额 | 成原因 | | | | | | | | | 有) | | | | | | 控股股东、实际控制人及 | | | | | | | | | | | | 其附属企业 | | | | | | | | | | | | 小计 | | | | | | | | | | | | 前控股股东、实际控制人 | | | | | | | | | | | | 及其附属企业 | | | | | | | ...