Group 1 - Meirui New Materials announced that it will accept a research visit from Zhongtai Securities on September 18, 2025, from 10:00 to 11:00 [1] - The company's Secretary of the Board and Chief Financial Officer, Du Yingtao, along with Securities Affairs Representative Wang Yue, will participate in the meeting and respond to investor inquiries [1] Group 2 - The article discusses the Federal Reserve's interest rate decisions, highlighting the debate over whether a 25 basis point cut is too small and a 50 basis point cut is too large [1] - The article mentions that a representative of Trump cast the only dissenting vote regarding the Federal Reserve's decisions [1]

Group 1: Company Overview - The company specializes in polyurethane new materials (TPU, PUR, PUD, PBS) and functional chemical raw materials (special isocyanates, special amines) used in various sectors including consumer electronics, automotive manufacturing, and green energy [2] - The new product HDI will target mainstream industries such as coatings and automotive paints, while also exploring emerging applications in polyurethane new materials [2] Group 2: Product Capacity and Market Potential - The company has an existing production capacity of 8,000 tons for foamed TPU, with plans to increase this by an additional 10,000 tons by June 2026 [3] - The foamed TPU product has shown strong profitability and rapid sales growth, particularly in the footwear sector [3] Group 3: Investment and Financial Strategy - The planned capital increase for Meirui Technology aims to enhance its financial strength and alleviate liquidity pressure, thereby improving overall competitiveness [4] - The investment is expected to capture growth opportunities and significantly enhance the company's profitability in the long term [4] Group 4: Competitive Landscape - The company's core competitive advantage lies in its ability to provide differentiated products at low costs, leveraging its supply chain advantages [5] - Continuous optimization of product costs and development of differentiated products are key strategies to address external market challenges [5]

Investment Rating - The investment rating for the company is "Buy" (maintained) [6] Core Views - The company's performance in the first half of 2025 met expectations, with total revenue of 801 million yuan, a year-on-year increase of 0.02%, and a net profit attributable to shareholders of 39 million yuan, a year-on-year increase of 25.25% [6] - The company is expected to see significant growth in profits due to the completion of its projects in Henan, with a projected compound annual growth rate of 56% from 2025 to 2027 [6] Financial Data and Profit Forecast - Total revenue forecast for 2025 is 1,803 million yuan, with a year-on-year growth rate of 8.7% [2] - Net profit attributable to shareholders for 2025 is projected to be 205 million yuan, reflecting a year-on-year increase of 164% [2] - Earnings per share for 2025 is estimated at 0.48 yuan [2] - Gross margin is expected to improve to 21.5% in 2025 [2] - Return on equity (ROE) is projected to reach 12% in 2025 [2] Market Data - As of September 12, 2025, the closing price of the stock is 16.79 yuan, with a market capitalization of 4,020 million yuan [3] - The stock has a price-to-earnings (PE) ratio of 35 for 2025 [2][3] - The company has a book value per share of 3.56 yuan and a debt-to-asset ratio of 58.65% [3] Project Updates - The company has successfully launched the first phase of its polyurethane industrial park in Henan, with some facilities already in stable operation and supplying products [6] - The company is developing high-performance polyurethane products, which are expected to enhance its market position and profitability [6]

Core Viewpoint - The PU sole industry in China is experiencing significant growth, with the market size expected to reach 1.38 trillion yuan in 2024, a 15% increase year-on-year, and projected to reach 1.8 trillion yuan by 2025 due to rising consumer demand for high-quality products and the rapid development of e-commerce [1][7]. Group 1: Industry Overview - The PU sole is made from polyurethane, offering advantages such as lightweight, durability, and improved performance compared to traditional rubber soles [3][5]. - The industry has evolved through three stages: initial development (1980-1990), rapid expansion (1990-2000), and maturity (2010-present), with China becoming the largest producer and consumer of PU soles globally [4][5]. Group 2: Market Dynamics - The PU sole market is characterized by intense competition, with both international giants like Lubrizol and domestic companies such as Huafeng Chemical and Anli Materials actively participating [9][10]. - The production process involves various methods, including low-pressure and high-pressure casting, which contribute to the quality and performance of the soles [4]. Group 3: Industry Trends - Technological innovation is driving product upgrades, with advancements in materials science leading to enhanced functionality, such as improved wear resistance and adaptability to environmental conditions [10][11]. - There is a growing demand for eco-friendly and sustainable PU sole materials, with companies increasingly focusing on the use of bio-based and recycled materials [11][12]. - The trend towards personalized products is rising, particularly among younger consumers, prompting companies to explore customization options and data-driven design solutions [12].

Core Viewpoint - Meirui New Materials (300848) announced that the company does not provide guarantees to entities outside the consolidated financial statements, nor does it have overdue debts related to guarantees, litigation guarantees, or guarantees resulting from adverse judgments [1] Group 1 - The company confirmed the absence of guarantees provided to off-balance sheet entities [1] - There are no overdue debts associated with guarantees [1] - The company does not have any litigation-related guarantees or guarantees that could lead to adverse judgments [1]

证券代码：300848 证券简称：美瑞新材 公告编号：2025-074 美瑞新材料股份有限公司 关于为子公司提供担保的进展公告 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。 特别风险提示： 本次担保的对象为美瑞新材料股份有限公司（以下简称"公司"）的控股子公司美瑞 科技（河南）有限公司（以下简称"美瑞科技"），美瑞科技的资产负债率超过 70%，敬请 广大投资者注意投资风险。 一、担保情况概述 1、已审批通过的担保额度 公司于 2022 年 3 月 12 日、2022 年 4 月 8 日分别召开了第三届董事会第四次会议、2021 年年度股东大会，审议通过了《关于为子公司提供担保的议案》，同意公司对美瑞科技提 供不超过 8 亿元的担保额度，上述额度适用范围包括但不限于美瑞科技申请及办理各类贷 款、信用证、保函、银行承兑汇票、融资租赁等业务，自公司 2021 年年度股东大会审议通 过之日起 7 年内有效，在额度内可循环使用。具体内容详见公司于 2022 年 3 月 15 日在巨 潮资讯网（www.cninfo.com.cn）披露的《关于为子公司提供担保的公告》。 ...

Financial Performance - The company achieved a net profit of 39.12 million yuan in the first half of 2025, representing a year-on-year growth of 25.25% [2] - The net cash flow from operating activities reached 157 million yuan, indicating a healthy cash flow position [2] - As of June 2025, the company reported a cash balance of approximately 400 million yuan and held financial products worth about 310 million yuan [2] Product Development and Competitive Advantage - The company has developed a lightweight and high-rebound TPU foam product, which is primarily used in sports shoe midsoles, showing promising market prospects [3] - The core raw material for the TPU foam is HDI, which will enhance the competitive advantage of the product once the Henan project is operational [3] Specialty Amines Production - The company produces specialty amines including PNA, PPDA, and CHDA, which are essential for various chemical applications [4] - The production process utilizes a continuous chemical method, significantly reducing production costs due to stable raw material supply [4] - The high-end application fields for these products show broad development prospects due to their superior performance [4] Investment Projects - The projected after-tax internal rate of return for the 10,000-ton expandable thermoplastic polyurethane elastomer project is 39.68%, with a payback period of approximately 4.01 years [4] - The 30,000-ton water-based polyurethane project has an expected after-tax internal rate of return of 38.05% and a payback period of about 4.21 years [4] - Both projects commenced construction in December 2024 and are expected to be completed by the end of June 2026 [4] Future Capital Expenditure Plans - The company will consider its strategic planning, market conditions, industry trends, and actual funding needs for future capital expenditure [5]

Group 1: Capital Increase and Strategic Plans - The company plans to increase capital in its subsidiary, Meirui Technology, by approximately 349,999,999.61 RMB, raising registered capital by 250,680,418.00 RMB and capital reserve by 99,319,581.61 RMB, which will increase the holding ratio from 55.00% to 70.03% [2][3] - The capital increase aims to enhance Meirui Technology's capital strength, optimize its financial structure, alleviate liquidity pressure, and improve overall competitiveness [2][3] - The investment is part of a strategic layout to capture growth opportunities in the polyurethane industry and enhance profitability for the parent company [3] Group 2: Product Applications and Market Focus - The company will collaborate with mainstream industries for HDI-related products, including coatings, automotive paints, and industrial paints, while also focusing on emerging applications in polyurethane new materials [4] - Meirui Technology's specialty amine products include PNA, PPDA, and CHDA, which are essential for various chemical applications, including dye synthesis and epoxy curing agents [5] Group 3: Project Progress and Performance - Two fundraising projects commenced construction at the end of December 2024, with an 18-month construction period; one project aims for an annual output of 10,000 tons of thermoplastic polyurethane elastomers, and the other for 30,000 tons of water-based polyurethane [6] - The company's third-quarter performance will be influenced by market demand, raw material prices, and operational factors, with specific results to be detailed in the quarterly report [7]

Core Viewpoint - Meirui New Materials announced the approval of several proposals, including the convening of the first extraordinary shareholders' meeting in 2025 by the eighth meeting of the fourth board of directors [2] Group 1 - The company held its eighth meeting of the fourth board of directors on September 8 [2] - The meeting approved the proposal to convene the first extraordinary shareholders' meeting in 2025 [2]

Group 1 - Meirui New Materials (SZ 300848) announced on September 8 that its fourth board meeting was held to discuss the proposal for capital increase in its controlling subsidiary and related transactions [1] - For the year 2024, the revenue composition of Meirui New Materials is 100.0% from the manufacturing of chemical raw materials and chemical products [1] - As of the report date, Meirui New Materials has a market capitalization of 7.1 billion yuan [1] Group 2 - The article highlights the significant growth of China's innovative pharmaceutical industry, noting a shift in trust from multinational pharmaceutical companies towards Chinese data [1]