证券代码：300848 证券简称：美瑞新材 公告编号：2025-071 美瑞新材料股份有限公司 第四届董事会第八次会议决议公告 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。 一、董事会会议召开情况 美瑞新材料股份有限公司（以下简称"公司"）第四届董事会第八次会议于 2025 年 9 月 8 日在公司会议室以现场结合通讯的方式召开。会议通知已于 2025 年 9 月 4 日通过邮件 的方式送达全体董事。本次会议应出席董事 7 人，实际出席董事 7 人。 会议由董事长王仁鸿先生召集并主持，公司高级管理人员列席。本次会议的召开和表 决程序符合相关法律、法规、规范性文件和《公司章程》的有关规定，会议合法、有效。 二、董事会会议审议情况 经各位董事认真审议，形成决议如下： 1、审议通过《关于拟对控股子公司增资暨关联交易进展的议案》 经审核，董事会认为：本次向美瑞科技增资是为增强其资金实力，缓解其流动资金压 力，提高其资本实力和竞争力，以推进其生产经营活动持续开展，符合公司战略发展规划。 本次增资公司按照《美瑞新材料股份有限公司拟增资所涉及的美瑞科技（河南）有限公司 股 ...

关于美瑞新材料股份有限公司 2025 年半年度持续督导跟踪报告 中德证券有限责任公司 | 保荐机构名称：中德证券有限责任公司 | 被保荐公司简称：美瑞新材 | | --- | --- | | 保荐代表人姓名：杨皓然 | 联系电话：021-61638858 | | 保荐代表人姓名：王颖 | 联系电话：021-61638858 | 一、保荐工作概述 | 项目 | 工作内容 | | --- | --- | | 1、公司信息披露审阅情况 | | | （1）是否及时审阅公司信息披露文件 | 是 | | （2）未及时审阅公司信息披露文件的次数 | 无 | | 2、督导公司建立健全并有效执行规章制度 | | | 的情况 | | | （1）是否督导公司建立健全规章制度（包 | | | 括但不限于防止关联方占用公司资源的制 | 是 | | 度、募集资金管理制度、内控制度、内部审 | | | 计制度、关联交易制度） | | | （2）公司是否有效执行相关规章制度 | 是 | | 3、募集资金监督情况 | | | （1）查询公司募集资金专户次数 | 1 次，保荐代表人定期获取并核查 | | | 募集资金专户的银行对账单 | | （ ...

证券代码：300848 证券简称：美瑞新材 公告编号：2025-069 美瑞新材料股份有限公司 关于使用部分闲置募集资金进行现金管理的进展公告 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。 公司购买现金管理产品情况： | 序 | | | 金额 | | | | 预计年化 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 号 | 受托方 | 产品名称 | （万元） | 产品起息日 | 产品到期日 | 产品类型 | 收益率 | 购买主体 | | | 招商银行股 | 招商银行智汇系列进取型 | | | | | | 美瑞新材料股 | | 1 | | | 4,900 | 2025/8/1 | 2025/10/31 | 结构性存款 | 1%-1.8% | | | | 份有限公司 | 区间累积91天结构性存款 | | | | | | 份有限公司 | 二、审批程序 公司于2025年3月15日召开第四届董事会第四次会议、第四届监事会第四次会议，审议通 过了《关于使用部分闲置募集资金进行现金管理的议案》，保 ...

美瑞新材料股份有限公司 答：您好！本次增资计划短期内不会对公司经营及财务状况产生重大 影响。 投资者关系活动记录表 编号：2025-015 | | 特定对象调研 □分析师会议 | | --- | --- | | 投资者关系活 | 媒体采访 业绩说明会 | | | □新闻发布会 □路演活动 | | 动类别 | □现场参观 □一对一沟通 | | | □ 其他： | | | 华安证券：王强峰 潘宁馨 | | 参与单位名称 | 东证融汇：王笑宇 | | 及人员姓名 | 鹏华基金：杨浩 蔡春根 戴钢 陈金伟 | | | 创金合信基金：黄超 | | | 2025 年 8 月 27 日 10:00-11:00 | | 时间 | 年 月 日 2025 8 27 13:30-14:30 | | | 2025 年 8 月 27 日 15:00-16:00 | | 地点 | 线上会议平台 | | 上市公司接待 | 董事会秘书兼财务总监：都英涛 | | 人员姓名 | 证券事务代表：王越 | | | 1、请介绍一下公司本年上半年的经营业绩情况 答：您好！2025 年上半年，公司在功能化工品原料板块取得重要进展， | | 投资者关 ...

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The company reported a revenue of 800 million yuan for the first half of 2025, a year-on-year increase of 0.02%, and a net profit attributable to shareholders of 39 million yuan, up 25.25% year-on-year [4] - The second quarter saw a revenue of 413 million yuan, with a year-on-year decrease of 0.43% but a quarter-on-quarter increase of 6.47% [4] - The company is experiencing pressure in the TPU market, with average prices for TPU (shoe materials) and TPU (phone cases) decreasing by 6.33% and 5.97% respectively in Q2 2025 [5] - The company has made significant progress in its polyurethane projects, with some facilities achieving stable operation and small batch supply [6][7] Financial Performance - The company achieved a gross margin of 13.77% in the first half of 2025, an increase of 1.56 percentage points year-on-year, and a net profit margin of 4.48%, up 0.70 percentage points year-on-year [4] - The projected net profits for 2025-2027 are 101 million, 208 million, and 281 million yuan respectively, with corresponding P/E ratios of 72.73X, 35.23X, and 26.13X [9] - The company expects a revenue growth of 50.4% in 2025, followed by 75.5% in 2026 and 30.2% in 2027 [11] Project Developments - The company is expanding its production capacity in the TPU sector, with a new project in Yantai expected to enhance its production capabilities and improve the proportion of high-end TPU products [7][8] - The company is also advancing its water-based polyurethane project, which will transition to a more automated production line, enhancing production efficiency [8]

Core Viewpoint - Meirui New Materials reported a net profit growth of 25.25% year-on-year in the first half of the year, indicating strong financial performance and growth potential in the polyurethane industry [1] Company Overview - Meirui New Materials is a leading domestic producer of polyurethane new materials and specialty chemical raw materials, with main products including thermoplastic polyurethane elastomers and water-based polyurethanes [1] - The company is currently the only publicly listed company in China primarily focused on TPU business [1] Financial Performance - As of August 26, the company's stock price was 17.15 yuan, down 1.15% from the previous trading day, with a total market capitalization of 7.338 billion yuan [1] - The trading volume on August 26 was 111 million yuan, with a turnover rate of 2.69% [1] Recent Developments - On August 26, the company hosted a research meeting with 10 institutions, including Beijing Yutian Capital, to discuss the progress of its polyurethane industrial park project and new product development [1] - The company announced plans to increase capital to its subsidiary by no more than 350 million yuan to support project construction [1] Capital Flow - On August 26, the main capital outflow was 30.0673 million yuan, with a cumulative net outflow of 11.2519 million yuan over the past five days [1]

Group 1: Report Overview - Report Date: August 26, 2025 [1] - Research Industry: Chemical Products [2] - Research Object: Meirui New Materials [16] Group 2: Research Institutions - Participating Institutions: CITIC Securities Co., Ltd., Shanghai Shenyin Wanguo Securities Research Institute, Guojin Securities, Huafu Securities Research Institute, etc. [2] - Detailed Institutions and Representatives: Including various securities companies, research institutes, asset management companies, etc., with specific representatives such as Tian Xiancheng, Ren Dan, etc. [17][18] Group 3: Main Content Operating Performance - In H1 2025, the company made progress in functional chemical raw materials, with some production devices in the first - phase project of Meirui Technology's polyurethane industrial park in trial operation and some achieving stable operation and small - batch supply. In the polyurethane new materials segment, it maintained stable sales. [23] - The company achieved operating income of 800.7003 million yuan, basically the same as the previous year, and net profit attributable to the parent company of 39.1221 million yuan, a year - on - year increase of 25.25%. [23] Q&A - **Henan Project**: The first - phase project of the polyurethane new materials in the Henan subsidiary is in trial operation, with some devices stably operating and supplying products in small batches. The sales team has received positive market feedback. [23] - **Self - use of Products**: The company has started using the subsidiary's self - produced products, replacing some raw materials for special new materials production and developing new products with synergistic effects. [23] - **Capital Increase**: The company plans to increase capital in the Henan subsidiary to enhance its capital strength and competitiveness. It is expected not to have a significant impact on the parent company's cash flow. The specific implementation is pending audit and evaluation. [24][25] - **TPU Application in Robots**: TPU can be used for robot skin, but the company's products have no relevant applications yet and will continue to explore opportunities. [26] - **Two Fund - Raising Projects**: Both projects started construction at the end of 2024. The 10,000 - ton expanded thermoplastic polyurethane elastomer project and the 30,000 - ton water - based polyurethane project are in the equipment pipeline installation and electrical instrument construction stage, expected to be completed by the end of June 2026. [27]

每经头条（nbdtoutiao）——能给主人"打电话"的宠物智能手机也来了！宠物产业3000亿元市场大爆 发，行业上市公司"涨"声一片 （记者 王晓波） 每经AI快讯，美瑞新材（SZ 300848，收盘价：17.15元）发布公告称，2025年8月26日，美瑞新材接受 国海证券股份有限公司等投资者调研，公司董事会秘书兼财务总监都英涛等人回答了投资者提出的问 题。 2024年1至12月份，美瑞新材的营业收入构成为：化学原料和化学制品制造业占比100.0%。 截至发稿，美瑞新材市值为73亿元。 ...

2025年上半年，美瑞新材在功能化工品原料板块取得重要进展，子公司美瑞科技聚氨酯产业园一期项目 各生产装置均已投产试运行，部分装置已实现稳定运行且小批量对外供应产品。在聚氨酯新材料板块， 公司充分发挥自身优势，实现营业收入同比增长25.25%。 问答环节透露关键信息河南项目进展与推广：河南子公司聚氨酯新材料一期项目各生产装置已投产试运 行，部分装置稳定运行并小批量供货。美瑞科技销售团队积极推进市场推广，已获得积极市场反馈。产 品自用情况：公司已开始应用子公司自产产品。一方面，用河南公司自产的异氰酸酯产品替代部分外购 原料，用于膨胀型TPU等特种新材料产品生产，降低对外部供应商依赖，控制供应链风险并降低成本； 另一方面，依托河南公司项目产业链优势，利用特种异氰酸酯原料开发多种产品，推动业务多元化，增 强核心竞争力。河南子公司增资考量：公司拟对河南子公司美瑞科技增资，一是增强其资本实力，缓解 流动资金压力，提升竞争力，保障生产经营稳定推进；二是增资完成后公司对美瑞科技持股比例将提 高。此次增资预计不会对母公司现金流产生重大影响，因公司盈利能力良好，资金储备充裕。截至2025 年6月末，母公司货币资金余额约4亿元， ...

Group 1: Financial Performance - The company achieved operating revenue of 800.70 million yuan, remaining stable compared to the previous year [3] - The net profit attributable to shareholders reached 39.12 million yuan, reflecting a year-on-year growth of 25.25% [3] - As of June 30, 2025, the company reported a net cash flow from operating activities of 157 million yuan and a cash balance of approximately 400 million yuan [6] Group 2: Project Developments - The polyurethane industrial park project has commenced trial production, with some production units achieving stable operation and small-scale external supply [4] - The company has begun using self-produced isocyanate products from its Henan subsidiary, reducing reliance on external suppliers and controlling supply chain risks [5] - Two fundraising projects initiated in 2024 are currently under construction, with completion expected by June 2026 [8] Group 3: Strategic Initiatives - The company plans to increase capital investment in its Henan subsidiary to enhance its capital strength and alleviate liquidity pressure [5] - The investment aims to improve the overall competitiveness of the subsidiary and leverage synergies with the parent company's existing business [5] - The company is exploring new market opportunities in the robotics sector for its TPU products [7]