Core Viewpoint - The Chinese thermal conductive materials industry is experiencing rapid growth driven by the commercialization of 5G technology and the increasing demand for efficient heat dissipation in electronic devices and communication equipment [7][28]. Industry Overview - Thermal conductive materials are essential for solving heat dissipation issues in various sectors, including communication, consumer electronics, new energy vehicles, and data centers [7]. - The industry has seen a market size increase from 74.1 billion RMB in 2015 to 156.2 billion RMB in 2021, with projections to reach 186.3 billion RMB by 2024 [28][29]. Market Size - The market size of thermal conductive materials in China was 156.2 billion RMB in 2021, with a compound annual growth rate (CAGR) of 18.2% from 2015 to 2021 [28][29]. - The market is expected to grow significantly due to the 5G commercialization, with a forecasted size of 186.3 billion RMB by 2024 [28]. Industry Chain Analysis - The industry chain consists of upstream raw material suppliers, midstream thermal conductive material manufacturers, and downstream application sectors, primarily in communication and consumer electronics [12][13]. - Upstream materials include chemical raw materials like graphite, PI film, silicone rubber, and plastic particles, with a significant portion being imported for high-end products [12][14]. Upstream Analysis - The upstream supply of raw materials is stable, with silicone rubber and plastic particles being the primary materials. However, high-end products like PI film are heavily reliant on imports, with overseas suppliers controlling 90% of the market [17][21]. - China has abundant natural graphite resources, which are crucial for thermal conductive materials, and the supply is sufficient to meet domestic demand [17][20]. Midstream Analysis - Midstream manufacturers have strong bargaining power over upstream suppliers due to the availability of many raw materials, except for high-end products like PI film [22][23]. - The industry faces high competition, especially in the low-end market, while the high-end market is dominated by foreign companies [22][23]. Downstream Analysis - The primary applications of thermal conductive materials are in the communication and consumer electronics sectors, which together account for over 80% of the market [26]. - The demand for thermal conductive materials is expected to increase with the growth of 5G technology and the diversification of consumer electronic products [26][28]. Industry Trends - The industry is moving towards more diverse applications beyond communication and consumer electronics, including new energy vehicles and data centers [28]. - The rapid development of 5G technology is expected to drive innovation and increase the demand for advanced thermal management solutions [28].

Industry Overview - The thermal materials industry in China is experiencing rapid growth, with a market size projected to reach approximately 22.2 billion yuan in 2024, representing a year-on-year increase of 8.18% [1][11] - This growth is primarily driven by the fast development of downstream sectors such as consumer electronics, communications, and automotive industries, which have a growing demand for thermal materials [1][11] - New infrastructure sectors like data centers and energy storage devices are emerging as incremental markets for thermal materials, with high-end thermal materials showing promising application prospects [1][11] Industry Development History - The industry has gone through three main stages: the initial stage from the 1950s to 1980s, the development stage from the 1990s to 2010, and the rapid growth stage from 2010 to the present [4][5] - The initial stage saw the use of metals like aluminum and copper, while the development stage introduced new materials such as silicone and aluminum oxide [4] - The current rapid growth stage is characterized by the emergence of advanced materials like graphene and carbon nanotubes, driven by the demands of AI, 5G, and other emerging technologies [4][5] Industry Value Chain - The upstream of the thermal materials industry includes raw materials and production equipment, such as graphite, PI film, silicone rubber, and various metals [7] - The midstream involves the manufacturing of thermal materials, while the downstream applications span consumer electronics, new energy vehicles, communication devices, home appliances, and healthcare [7] Key Companies and Performance - The industry is characterized by a "three-legged" competitive structure involving international giants, domestic leaders, and emerging companies [13] - Notable companies include Zhongshi Technology, which has developed artificial synthetic graphite with a thermal conductivity of 1200 W/(m·K), and Feirongda, which has seen revenue growth driven by demand from major clients like Huawei and Ningde Times [13][17] - Zhongshi Technology reported a revenue of 1.49 billion yuan in 2024, with a year-on-year growth of 27.54% [13][17] Market Trends - The industry is entering a phase driven by technological innovation, with new materials like graphene and phase change materials gaining traction [19][21] - Key growth engines for thermal materials demand include 5G communications, new energy vehicles, and data centers, with increasing power requirements leading to higher demand for thermal management solutions [21][22] - Domestic companies are enhancing their global presence and competitive edge through technological breakthroughs and vertical integration of the supply chain [22]

证券代码：300602 证券简称：飞荣达 编号：2025-047 1、核查对象为本次激励计划的内幕信息知情人； 2、本次激励计划的内幕信息知情人均填报了《内幕信息知情人登记表》； 3、公司向中国证券登记结算有限责任公司深圳分公司就核查对象在自查期 间买卖公司股票情况进行了查询确认，并由中国证券登记结算有限责任公司深圳 分公司出具了查询证明。 二、核查对象买卖本公司股票的情况说明 根据中国证券登记结算有限责任公司深圳分公司出具的《信息披露义务人持 股及股份变更查询证明》《股东股份变更明细清单》，本次激励计划内幕信息知 情人在自查期间买卖公司股票的具体情况如下： 深圳市飞荣达科技股份有限公司 关于公司2025年限制性股票激励计划内幕信息知情人买卖公司 股票情况的自查报告 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。 深圳市飞荣达科技股份有限公司（以下简称"公司"）于2025年5月29日召 开第六届董事会第八次（临时）会议，审议通过了《关于<深圳市飞荣达科技股 份有限公司2025年限制性股票激励计划（草案）>及其摘要的议案》等议案，具 体内容详见公司于2025年5 ...

证券代码：300602 证券简称：飞荣达 公告编号：2025-046 深圳市飞荣达科技股份有限公司 董事会薪酬与考核委员会关于公司2025年限制性股票激励 计划激励对象名单的公示情况说明及核查意见 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。 深圳市飞荣达科技股份有限公司（以下简称"公司"）于2025年5月29日召 开第六届董事会第八次（临时）会议和第六届监事会第七次（临时）会议，审议 通过了《关于<深圳市飞荣达科技股份有限公司2025年限制性股票激励计划（草 案）>及其摘要的议案》等相关议案，具体内容详见公司于2025年5月30日在巨潮 资讯网（www.cninfo.com.cn）披露的相关公告。 根据《上市公司股权激励管理办法》（以下简称"《管理办法》"）、《深 圳证券交易所创业板股票上市规则》（以下简称"《上市规则》"）、《深圳证 券交易所创业板上市公司自律监管指南第1号——业务办理》（以下简称"《监 管指南第1号》"）等相关规定，公司对《深圳市飞荣达科技股份有限公司2025 年限制性股票激励计划（草案）》（以下简称"《激励计划》"、"本次激励计 划" ...

证券代码：300602 证券简称：飞荣达 编号：2025-044 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、本次符合解除限售的激励对象共 6 名，可解除限售的限制性股票共计 474,000 股，占公告日公司股本总额 58,000.6431 万股的 0.0817%。 2、本次解除限售股份可上市流通日 2025 年 6 月 10 日。 深圳市飞荣达科技股份有限公司（以下简称"公司"） 于 2025 年 5 月 21 日召开第六届董事会第七次（临时）会议和第六届监事会第六次（临时）会议， 分别审议通过《关于 2021 年限制性股票激励计划第一类限制性股票第三个解除 限售期解除限售条件成就的议案》。董事会认为公司本次激励计划第一类限制性 股票第三个限售期已届满，业绩指标等解除限售条件已达成，满足《深圳市飞荣 达科技股份有限公司 2021 年度限制性股票激励计划（草案）》（以下简称"《激 励计划》" 、"本次激励计划"）第三个解除限售期的解除限售条件，本次符 合解除限售资格的激励对象共6名，可解除限售的第一类限制性股票共计474,000 股，占公告 ...

Core Points - The company announced the results of the third vesting period for the second category of restricted stock under the 2021 stock incentive plan, with a total of 1,857,000 shares vesting [1][2][20] - The actual number of shares vested for the first grant in the third vesting period is 1,664,400 shares for 113 individuals, and 192,600 shares for 19 individuals in the reserved grant [1][2][20] - The total number of restricted shares granted under the second category is 6,977,000 shares, accounting for 9.35% of the total equity at the time of the plan announcement [2][3] Summary by Sections Incentive Plan Overview - The second category of restricted stock incentive plan was approved by the board and involves a total of 6,977,000 shares, representing 9.35% of the total equity at the time of the announcement [2][3] - The plan includes specific performance targets for revenue over three years, with targets set at 3.25 billion yuan for 2022, 3.7 billion yuan for 2023, and 4.2 billion yuan for 2024 [7][18] Vesting Conditions - The vesting conditions for the third period have been met, allowing for the distribution of shares to eligible participants [20][27] - The vesting schedule is structured in three phases, with specific performance metrics required for each phase [5][18] Share Distribution - The distribution of shares includes 1,664,400 shares for the first grant and 192,600 shares for the reserved grant, with the total number of shares vested being 1,857,000 [1][2][20] - The total number of shares after the vesting will increase the company's total equity from 580,006,431 shares to 581,863,431 shares [31][32] Financial Impact - The company expects that the vesting of these shares will not significantly impact its financial condition or operational results, nor will it alter the control of the company [32] - The funds raised from the vesting will be used to supplement the company's working capital [32]

证券代码：300602 证券简称：飞荣达 编号：2025-045 ● 预留授予第三个归属期实际归属的股份数量：192,600 股；预留授予第 三个归属期实际归属的激励对象人数：19 人； 深圳市飞荣达科技股份有限公司 关于2021年限制性股票激励计划第二类限制性股票首次授予第 三个归属期及预留授予第三个归属期归属结果 暨股份上市的公告 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： ● 本次股份归属日：2025 年 6 月 10 日 ● 首次授予第三个归属期实际归属的股份数量：1,664,400 股；首次授予 第三个归属期实际归属的激励对象人数：113 人； ● 股票来源：公司向激励对象定向发行本公司 A 股普通股股票。 本次第二类限制性股票首次授予第三个归属期及预留授予第三个归属期实 际归属数量合计为 1,857,000 股，占归属前公司股本总额 58,000.6431 万股的 0.3202%，涉及激励对象 130 人（2 名激励对象同时归属首次授予部分和预留授 予部分限制性股票）。 2、股票来源：公司向激励对象定向发行本公司 A 股普通股股票； ...

Core Viewpoint - Feirongda (300602.SZ) announced the progress of the share reduction plan by specific shareholders and some directors and senior management, indicating a completed reduction of shares [1][2]. Share Reduction Plan - The share reduction plan was initially disclosed on February 7, 2025, with specific shareholders planning to reduce up to 600,000 shares, representing 0.1034% of the total share capital of 58,000.6431 million shares [1]. - Directors Ma Jun and Wang Linna planned to reduce a total of 655,000 shares, accounting for 0.1129% of the total share capital [1]. Reduction Execution - From March 3, 2025, to May 30, 2025, a total of 763,700 shares were reduced, representing 0.1317% of the current total share capital, with a total reduction amounting to 17,192,058 yuan [2]. - In March 2025 alone, the total reduction amount was 15,031,941 yuan [3]. Current Shareholding Status - As of now, Feicheng Investment holds 11,958,386 shares, representing 2.0618% of the total share capital; Ma Jun holds 14,381,631 shares, accounting for 2.4796%; and Wang Linna holds 75,100 shares, which is 0.0129% [4]. - The shareholding structure shows that Ma Fei is the actual controller of Feirongda, with Ma Jun and Huang Zheng as associated persons [5].

证券代码：300602 证券简称：飞荣达 公告编号：2025-043 深圳市飞荣达科技股份有限公司 关于特定股东及部分董事、高级管理人员股份减持计划实施 进展暨期限届满的公告 一、股东的基本情况及已披露的减持计划 | 飞驰投资 | | 特定股东 | 12,558,386 | 2.1652 | 600,000 | 0.1034 | | --- | --- | --- | --- | --- | --- | --- | | 马 | 军 | 董事、副总经理 | 14,520,431 | 2.5035 | 630,000 | 0.1086 | | 王林娜 | | 财务总监 | 100,000 | 0.0172 | 25,000 | 0.0043 | | | 合计 | | 27,178,817 | 4.6860 | 1,255,000 | 0.2164 | 注：1、上述比例相加之和在尾数上如有差异，是由于四舍五入所造成； 2、公司原董事、副总经理邱焕文先生，原董事、副总经理、董事会秘书王燕女士，原副总经理刘毅先生， 原副总经理石为民先生已于2024年11月18日换届离任，上述董事及高级管理人员将严格按照相关法律、法规的 ...

证券简称：飞荣达 证券代码：300602 深圳市飞荣达科技股份有限公司 2025 年限制性股票激励计划 （草案） 深圳市飞荣达科技股份有限公司 二〇二五年五月 2025 年限制性股票激励计划（草案） 本公司及全体董事、监事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 本公司所有激励对象承诺，公司因信息披露文件中有虚假记载、误导性陈述 或者重大遗漏，导致不符合授予权益或权益归属安排的，激励对象应当自相关信 息披露文件被确认存在虚假记载、误导性陈述或者重大遗漏后，将由本激励计划 所获得的全部利益返还公司。 -2- 2025 年限制性股票激励计划（草案） 特别提示 一、本激励计划系依据《中华人民共和国公司法》《中华人民共和国证券法》 《上市公司股权激励管理办法》《深圳证券交易所创业板股票上市规则》《深圳 证券交易所创业板上市公司自律监管指南第 1 号——业务办理》等有关法律法 规、规范性文件，以及《公司章程》制订。 二、本激励计划采取的激励工具为第二类限制性股票。股票来源为深圳市飞 荣达科技股份有限公司（以下简称"公司"或"本公司"）向激励对象定向 ...