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。 ...

Core Insights - Meirui New Materials Co., Ltd. has made significant progress in its functional chemical raw materials segment, achieving a 25.25% year-on-year revenue growth in the polyurethane new materials sector [2] Group 1: Company Developments - The company conducted a roadshow on August 26, 2025, engaging with 20 institutions including Beijing Yutian Capital Management Co., Ltd. and Beijing Jiangyi Capital Management Co., Ltd. [1] - The first phase of the polyurethane industrial park project by Meirui Technology has commenced trial production, with some production units achieving stable operation and small-scale external product supply [2][3] - The company plans to increase its investment in its subsidiary Meirui Technology to enhance its capital strength and alleviate liquidity pressure, which is expected to have no significant impact on the parent company's cash flow due to its strong profitability and ample cash reserves [3] Group 2: Product and Market Strategy - The sales team of Meirui Technology is actively promoting market outreach, receiving positive feedback for its products [3] - The company is utilizing self-produced isocyanate products to replace some externally sourced raw materials, thereby reducing dependency on external suppliers and controlling supply chain risks [3] - The company is exploring the application of TPU materials in the robotics field, although its products are not currently used in this area [3] Group 3: Project Progress - The construction of two projects, a 10,000-ton expandable thermoplastic polyurethane elastomer project and a 30,000-ton water-based polyurethane project, is underway, with both expected to reach operational status by June 2026 [3]

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]

Core Viewpoint - Meirui New Materials Co., Ltd. reported a slight increase in revenue and a significant rise in net profit for the first half of 2025, indicating stable performance amidst market challenges [1]. Financial Performance - The company achieved an operating income of 801 million yuan, a year-on-year increase of 0.02% [1]. - The net profit attributable to shareholders was 39.12 million yuan, reflecting a year-on-year growth of 25.25% [1]. Business Development - Meirui New Materials is a leading producer of polyurethane new materials and functional chemical raw materials in China, with a focus on thermoplastic polyurethane (TPU) [1]. - The company has made significant progress in its functional chemical raw materials segment, with its subsidiary, Meirui Technology (Henan) Co., Ltd., successfully launching production at its polyurethane industrial park [1]. - The company has maintained stable sales of high-performance polyurethane new materials despite a complex market environment [1]. Product Innovation - The company is leveraging its supply chain advantages to develop products like water-based polyurethane dispersions (PUD) for diverse applications, including high-end coatings and adhesives [2]. - Breakthroughs include the successful application of PUR (moisture-curing polyurethane adhesive) in food packaging and the development of moisture-permeable adhesive materials that enhance the performance of high-end apparel [2]. Project Development - Two major projects, including a 10,000-ton expandable thermoplastic polyurethane project and a 30,000-ton water-based polyurethane project, are set to commence construction in the fourth quarter of 2024 [2]. - These projects will utilize special isocyanate raw materials from Meirui Technology, enhancing cost efficiency through supply chain synergy [2]. Capital Investment - The company plans to invest up to 350 million yuan in its subsidiary, Meirui Technology, to strengthen its financial position and alleviate liquidity pressure [2].

证券代码：300848 证券简称：美瑞新材 公告编号：2025-064 董事会决议通过的本报告期优先股利润分配预案 □适用 √不适用 二、公司基本情况 一、重要提示 本半年度报告摘要来自半年度报告全文，为全面了解本公司的经营成果、财务状况及未来发展规划，投 资者应当到证监会指定媒体仔细阅读半年度报告全文。 所有董事均已出席了审议本报告的董事会会议。 非标准审计意见提示 □适用 √不适用 董事会审议的报告期利润分配预案或公积金转增股本预案 □适用 √不适用 公司计划不派发现金红利，不送红股，不以公积金转增股本。 前10名股东及前10名无限售流通股股东因转融通出借/归还原因导致较上期发生变化 1、公司简介 ■ 2、主要会计数据和财务指标 公司是否需追溯调整或重述以前年度会计数据 □是 √否 ■ 3、公司股东数量及持股情况 单位：股 ■ 持股5%以上股东、前10名股东及前10名无限售流通股股东参与转融通业务出借股份情况 □适用 √不适用 □适用 √不适用 公司是否具有表决权差异安排 □是 √否 4、控股股东或实际控制人变更情况 控股股东报告期内变更 □适用 √不适用 公司报告期控股股东未发生变更。 实际控制人报告期 ...

Group 1 - The fourth meeting of the board of directors of Meirui New Materials Co., Ltd. was held on August 23, 2025, with all seven directors present, confirming the legality and validity of the meeting [2][3] - The board approved the proposal for capital increase to Meirui Technology to enhance its financial strength and alleviate liquidity pressure, aligning with the company's strategic development plan [4] - The capital increase will result in an increased shareholding ratio for the company in Meirui Technology, which remains a consolidated subsidiary, and will not significantly impact the company's operational and financial status [4]

Meeting Overview - The fourth special meeting of the independent directors of Miracll New Materials Co., Ltd. was held on August 23, 2025, in a combination of on-site and remote formats [1] - The meeting was convened and chaired by independent director Mr. Tang Yun, with all three independent directors present [1] Meeting Resolutions - The independent directors unanimously agreed that the proposed capital increase and related party transaction are in line with the operational development needs of the subsidiary Miracll Technology, promoting the development of new business and aligning with the company's development plan [1] - The pricing for the related party transaction is based on the net asset value per share of Miracll Technology as assessed by an asset appraisal agency as of June 30, 2025, ensuring no harm to the interests of the company and all shareholders, particularly minority investors [1] - The independent directors decided to submit the related party transaction matter to the board for review, with related directors required to abstain from voting [1]

证券代码：300848 证券简称：美瑞新材 公告编号：2025-063 美瑞新材料股份有限公司 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。 为使投资者全面了解公司的财务状况和经营成果，公司《2025 年半年度报告》及《2025 年半年度报告摘要》于 2025 年 8 月 26 日在中国证监会指定的创业板信息披露网站巨潮资 讯网(www.cninfo.com.cn)上披露，敬请广大投资者注意查阅。 特此公告。 美瑞新材料股份有限公司 董事会 美瑞新材料股份有限公司 | 地址：烟台市开发区长沙大街 35 号 | 电话：+86-535-3979898 | 网址： www.miracll.com 第 1 页 共 1 页 美瑞新材料股份有限公司（以下简称"公司"）于 2025 年 8 月 23 日召开了第四届董 事会第七次会议，审议通过了《2025 年半年度报告全文及摘要》。 ...

Fundraising Overview - The company successfully issued 13,698,824 shares at a price of RMB 14.38 per share, raising a total of RMB 196 million, with a net amount of RMB 195 million after deducting fees [1][2] - The funds were deposited in two dedicated accounts at Bank of Communications and Bank of China [1][2] Fund Utilization - During the reporting period, RMB 40.69 million was used for project expenditures, and RMB 1,050.13 was spent on fees, while RMB 4,494.53 was earned from interest [2] - The remaining balance in the fundraising accounts as of June 30, 2025, was RMB 6.72 million [2][7] Fund Management - The company established a fundraising management system in compliance with regulatory requirements, ensuring proper storage, management, and usage of the funds [3][4] - A tripartite supervision agreement was signed with the underwriter and banks to clarify rights and obligations regarding fund management [3] Compliance and Reporting - The company adhered to all regulatory guidelines and internal management protocols, ensuring no violations occurred in the use of the funds [4][7] - There were no changes in the feasibility of projects funded by the raised capital during the reporting period [6][8] Financial Management - The company utilized RMB 411 million of idle funds for cash management, with a balance of RMB 149 million in financial products [6][9] - As of June 30, 2025, no funds were used for temporary working capital or other unauthorized purposes [7][9]