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 ...

Group 1: Company Performance - In the first half of 2025, the company achieved operating revenue of approximately 80,070.03 million yuan, remaining stable compared to the previous year [2] - The net profit attributable to shareholders reached 3,912.21 million yuan, reflecting a year-on-year growth of 25.25% [2][3] - The net cash flow from operating activities was 157 million yuan, indicating healthy cash flow [3] Group 2: New Projects and Profitability - The projected after-tax internal rate of return for the 10,000-ton expandable thermoplastic polyurethane (TPU) project is 39.68%, with a payback period of 4.01 years [3] - 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 4.21 years, indicating good economic benefits [3] Group 3: Investment and Financial Health - The recent capital increase in Henan will not significantly impact the company's operating and financial status in the short term [3] - As of June 2025, the company reported a cash balance of approximately 400 million yuan and held financial products worth about 310 million yuan, demonstrating strong financial reserves [3] Group 4: Product Development and Market Potential - The newly developed foamed TPU is lightweight and highly resilient, suitable for sports shoe midsoles, with promising market prospects [4] - The core raw material for foamed TPU is HDI, which will enhance the competitive advantage of the product as the Henan project produces HDI for internal use [4] Group 5: Special Amines Products - The company's special amines include PNA, PPDA, and CHDA, which are essential for various applications in dyes, fibers, and epoxy curing agents [5]

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。 ...

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 ...