证券代码：300910 证券简称：瑞丰新材 公告编号：2025-020 新乡市瑞丰新材料股份有限公司 2024年年度股东大会决议公告 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。 特别提示： 1. 本次股东大会不存在否决议案的情形。 2. 本次股东大会不涉及变更以往股东大会已通过的决议。 一、会议召开和出席情况 2. 网络投票时间：2025年4月18日（星期五） 其中：通过深圳证券交易所交易系统进行网络投票的时间为2025年4月18日 的交易时间，即9:15-9:25，9:30-11:30和13:00-15:00；通过深圳证券交易所互联 网投票系统（http://wltp.cninfo.com.cn）投票的具体时间为：2025年4月18日 9:15-15:00期间的任意时间。 （二）会议召开地点：新乡县大召营镇（新获路北）公司会议室。 （三）会议召开方式：采取现场投票与网络投票相结合的方式。 （四）会议召集人：公司董事会。 （五）会议主持人：公司董事长郭春萱先生。 （一）会议召开时间： 1. 现场会议召开时间：2025年4月18日（星期五）下午14:00 2 ...

江苏世纪同仁律师事务所 关于新乡市瑞丰新材料股份有限公司 2024 年年度股东大会的法律意见书 新乡市瑞丰新材料股份有限公司： 根据《中华人民共和国公司法》（以下简称"《公司法》"）《中华人民共 和国证券法》《上市公司股东会规则》和《深圳证券交易所上市公司股东会网络 投票实施细则》等法律、法规和规范性文件以及《公司章程》的规定，本所受公 司董事会委托，指派本所律师出席公司 2024 年年度股东大会，并就本次股东大 会的召集、召开程序、出席会议人员资格、召集人资格、表决程序以及表决结果 的合法有效性等事项出具法律意见。 为出具本法律意见书，本律师对本次股东大会所涉及的有关事项进行了审查， 查阅了相关会议文件，并对有关问题进行了必要的核查和验证。 本律师同意将本法律意见书随公司本次股东大会决议一并公告，并依法对本 法律意见书承担相应的责任。 本律师根据相关法律、法规和规范性文件的要求，按照律师行业公认的业务 标准、道德规范和勤勉尽责精神，出具法律意见如下： 一、关于本次股东大会的召集和召开 1、本次股东大会由公司董事会召集 2025 年 3 月 28 日，公司召开了第四届董事会第七次会议，决定于 2025 年 4 ...

Summary of the Conference Call on the Lubricant Additives Industry Industry Overview - The conference call discusses the lubricant additives industry in China, particularly in the context of the US-China trade tensions and the impact of tariffs and the pandemic on the market dynamics [1][2][3]. Key Points and Arguments Market Dynamics - Domestic lubricant blending plants are accelerating the localization of raw materials to reduce costs due to tariff and pandemic pressures [1]. - Tariff increases have significantly raised the costs of high-end lubricants that use imported additives, prompting blending plants to consider domestic alternatives [1][2]. - The Chinese lubricant additives market is substantial, with foreign brands holding a significant market share, but there is a clear trend towards domestic substitution [1][2][22]. Market Segmentation - The domestic lubricant blending plants are categorized into four main types: foreign-funded, state-owned, private, and emerging enterprises. Foreign brands account for approximately 17%-18% of the market, while state-owned brands hold about 30% [1][8]. - Major players like Sinopec and PetroChina have substantial annual demands for lubricant additives but remain highly dependent on four major suppliers [1][21]. Price Changes and Cost Pressures - The price of key additives like detergents has surged due to tariff impacts, with prices rising from approximately 17,000-18,000 RMB per ton to 27,000-28,000 RMB, reflecting a significant increase of 10,000 RMB per ton [2]. - Despite rising costs for single additives, the prices of domestic compound additives have not seen widespread increases due to their high profit margins [2][4]. Strategic Responses - Companies are focusing on enhancing supply chain management and optimizing procurement channels to cope with international supply chain uncertainties [4]. - The industry is witnessing a shift from producing single components to focusing on compound additives, with companies like Ruifeng New Materials successfully transitioning [2][3][4]. Regulatory and Certification Importance - API certification is crucial for lubricant companies, as it enhances product quality and market competitiveness, although it also incurs high costs [1][47]. Future Trends - The market is expected to see continued growth in domestic production capabilities, with companies like Ruifeng and Wuxi Southern leading the way in innovation and market share expansion [44][51]. - The ongoing trade tensions and tariff adjustments are likely to accelerate the domestic substitution process, particularly for state-owned enterprises [23][24]. Additional Important Insights - The lubricant additives market in China is estimated to have a capacity of around 800,000 to 900,000 tons, with foreign brands, especially the top four, holding about 65% of the market share [22]. - The impact of tariffs on the cost structure of lubricant products is significant, with potential increases in production costs leading to higher retail prices [30][32]. - The competitive landscape is evolving, with domestic companies increasingly challenging established foreign brands through cost-effective and high-quality products [44][45][57]. This summary encapsulates the critical insights and developments within the lubricant additives industry as discussed in the conference call, highlighting the challenges and strategic responses of key players in the market.

证券代码：300910 证券简称：瑞丰新材 投资者关系活动 类别 □特定对象调研 □ 分析师会议 □ 媒体采访 ☑ 业绩说明会 ☐ 新闻发布会 □ 路演活动 □ 现场参观 ☐ 其他 参与单位名称及 人员姓名 投资者网上提问 时间 2025 年 4 月 15 日(周二) 下午 15:00~17:00 地点 公司通过全景网"投资者关系互动平台"（https://ir.p5w.net） 采用网络远程的方式召开业绩说明会 上市公司接待人 员姓名 1、董事长、总经理郭春萱 2、董事、副总经理、财务总监、董事会秘书尚庆春 3、独立董事李培功 投资者关系活动 主要内容介绍 投资者提出的问题及公司回复情况 公司就投资者在本次说明会中提出的问题进行了回复： 1、请管理层详细分析一下当前中美超过 100%的关税情形 下，对公司接下来经营层面的影响？从国内和国际市场，产品价 格，产能方面说明。 答：近期中美互相加征关税。由于公司对美国直接销售占比 较小，对公司的整体出口影响不大，但进一步制约了对美市场的 开拓进程。中国对美国生产产品加征关税，大趋势有利于国产添 加剂的发展，但由于国际友商全球布局早，大多在中国有生产基 地，或有委托 ...

Group 1 - The core viewpoint of the article highlights the significant presence of large private equity firms in the A-share market, with 21 private equity firms holding shares in 51 A-share companies, totaling a market value of 20.2 billion yuan as of April 14 [2] - In the fourth quarter, 16 new stocks were added by private equity firms, 7 stocks were increased, 17 stocks remained unchanged, and 11 stocks were reduced [2] - The distribution of heavy holdings by private equity firms shows that the basic chemical industry had the highest number of stocks at 10, followed by the electronics industry with 9, and both machinery equipment and pharmaceutical biology industries with 6 each [2] Group 2 - Gao Yi Asset held 11 stocks in the fourth quarter, with a total market value of 10.194 billion yuan, including a new investment in Yangnong Chemical of 3.932 million shares valued at 2.275 billion yuan [2] - Gao Yi Asset increased its holdings in Tong Ren Tang, Zhongju High-tech, Zijin Mining, and Ruifeng New Materials, with respective increases of 8.5 million shares, 7.7 million shares, 7.2151 million shares, and 1 million shares, valued at 954 million yuan, 694 million yuan, 5.169 billion yuan, and 619 million yuan [2] - Gao Yi Asset maintained its holdings in Shengyi Technology and Tiandi Technology, with market values of 1.203 billion yuan and 104 million yuan respectively, while reducing its holdings in Yuntianhua, Angel Yeast, Dongcheng Pharmaceutical, and Health元 by 942,400 shares, 10 million shares, 1 million shares, and 1,854,640 shares respectively [3]

证券代码：300910 证券简称：瑞丰新材 公告编号：2025-019 新乡市瑞丰新材料股份有限公司 关于举行2024年度网上业绩说明会的公告 董事会 欢迎广大投资者积极参与本次网上业绩说明会。 特此公告。 新乡市瑞丰新材料股份有限公司 出席本次说明会的人员有：公司董事长、总经理郭春萱先生，董事会秘书、 副总经理、财务总监尚庆春先生，独立董事李培功先生。 为充分尊重投资者、提升交流的针对性，现就公司 2024 年度业绩说明会提 前向投资者公开征集问题，广泛听取投资者的意见和建议。投资者可于 2025 年 4 月 14 日（周一）下午 17:00 前访问全景网（http://ir.p5w.net/zj/）或扫描下方二 维码，进入问题征集专题页面。敬请广大投资者通过全景网系统提交您所关注的 问题，便于公司在业绩说明会上对投资者普遍关注的问题进行回答，提升此次业 绩说明会的针对性。此次活动交流期间，投资者仍可登陆活动界面进行互动提问。 （问题征集专题页面二维码） 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚 假记载、误导性陈述或重大遗漏。 新乡市瑞丰新材料股份有限公司（以下简称"公司"）定于 2 ...

Investment Rating - The report assigns a "Buy" rating for the company, marking it as the first recommendation [1][9]. Core Insights - The company, Ruifeng New Materials, is transitioning from single agents to composite agents in its lubricant additive business, with over 60% of its products now being composite agents. This strategic shift has proven effective, with composite agent revenue reaching 3.073 billion yuan, accounting for 97.32% of total revenue, and growing by 12.64% year-on-year [5]. - The company is focusing on global expansion by establishing overseas warehouses in locations such as Singapore, Dubai, and Belgium, enhancing its international brand presence and customer base. Domestic and foreign sales reached 932 million yuan and 2.226 billion yuan, respectively, with year-on-year growth of 22.82% and 8.20% [5]. - The company has increased its R&D investment to drive the advancement of composite agents, achieving significant progress in high-end formulations that have passed international testing and received multiple OEM certifications [7][8]. - The financial forecast predicts net profits of 866 million yuan, 1.069 billion yuan, and 1.289 billion yuan for 2025, 2026, and 2027, respectively, with corresponding price-to-earnings ratios of 18.8, 15.2, and 12.6 [9][11]. Summary by Sections Market Performance - The company reported a total revenue of 3.157 billion yuan for 2024, a year-on-year increase of 12.14%, and a net profit of 722 million yuan, up 19.13% [4]. Financial Data - The current stock price is 55.73 yuan, with a total market capitalization of 16.3 billion yuan and a total share count of 292 million [1]. - The company’s cash flow from operating activities decreased by 31.89% year-on-year to 436 million yuan due to increased payment for goods and higher inventory levels [6]. Profit Forecast - The projected revenue growth rates for 2025, 2026, and 2027 are 22.4%, 23.9%, and 20.7%, respectively, with net profit growth rates of 19.9%, 23.4%, and 20.5% [11].

Macroeconomic Insights - China will impose a 34% tariff on all imports from the United States starting April 10, 2025, which is expected to significantly reduce agricultural imports from the U.S. [3] - In 2024, China imported agricultural products worth $24.9 billion from the U.S., with major imports including soybeans (22.1 million tons), sorghum (5.7 million tons), corn (2.1 million tons), and wheat (1.9 million tons) [3]. Agricultural Sector - The increase in tariffs is likely to enhance domestic grain prices and benefit the planting industry chain, emphasizing the need for self-sufficiency in grain production [3]. - The report highlights the importance of technological advancements in agriculture, particularly in genetically modified and gene-edited crops, which are expected to accelerate, benefiting seed companies with leading technology reserves [3]. - The report recommends focusing on companies that are actively expanding their domestic brands in the pet food sector, such as Guibao Pet and Zhongchong Co., which primarily generate revenue from domestic sales [4]. Livestock Industry - The report indicates that the pig farming sector is expected to see a significant improvement in profitability for the 2024 annual report and the first quarter of 2025, driven by favorable pig prices and reduced costs [5]. - The analysis of March's supply and demand dynamics in the pig farming industry shows a balanced market, but a potential downward trend in prices is anticipated if there is no support from state reserves [4][5]. Investment Recommendations - Recommended stocks in the poultry sector include Shengnong Development, Yisheng Shares, and Lihua Shares; for the post-cycle sector, recommended stocks are KQ Bio, Haida Group; in the pig farming sector, recommended stocks include Muyuan Foods, Wens Foodstuff Group, Tiankang Bio, and Shennong Group [7]. - In the seed industry, recommended stocks include Fengle Seed Industry, Quanyin High-Tech, Longping High-Tech, and Dabeinong [7]. - In the pet sector, recommended stocks are Guibao Pet, Zhongchong Co., and Ruipu Bio [7]. Chemical Industry - The report suggests that the imposition of a 34% tariff on U.S. imports will accelerate the domestic substitution process for chemical products, particularly in high-end markets [17]. - Beneficiary products include lubricant additives, nucleating agents, adsorption separation resins, and nano-silica, with specific companies recommended for investment [19]. Rare Earth Industry - The report maintains an "overweight" rating on the rare earth sector, anticipating that the recent tariffs will enhance China's strategic advantages in rare earth production and lead to price increases due to supply-demand mismatches [22]. - The export control measures on heavy rare earths are expected to stimulate overseas stockpiling, further driving up prices [23]. Insurance Sector - The insurance sector is projected to see stable growth in 2025, with a focus on improving asset-liability matching strategies [25]. - The report recommends increasing holdings in companies like China Pacific Insurance and New China Life Insurance, which are expected to benefit from improved investment returns and stable business strategies [40].

Core Viewpoint - The company, Ruifeng New Materials, has shown a significant increase in stock price and market capitalization, indicating positive market sentiment and potential growth opportunities in the chemical products sector [1] Group 1: Stock Performance - As of March 28, 2025, Ruifeng New Materials' stock closed at 55.02 yuan, up 3.42% from the previous week [1] - The stock reached a nearly one-year high of 58.37 yuan on March 27, 2025, with a weekly low of 53.01 yuan [1] - The company's current total market capitalization is 15.701 billion yuan, ranking 13th out of 166 in the chemical products sector and 990th out of 5140 in the A-share market [1] Group 2: Institutional Research Highlights - The company plans to optimize its customer structure and improve accounts receivable turnover speed [2] - For the fiscal year 2024, the total amount for cash dividends and share repurchases will account for 79.11% of net profit [2] - The sales volume of compound agents accounts for over 60%, with expectations for increased sales to international major clients in 2025 [2] Group 3: Production and Financial Strategy - The company has completed the first phase of its lubricating oil additive project with an annual production capacity of 460,000 tons, aiming for over 700,000 tons in total capacity [2] - The increase in accounts receivable is attributed to new and existing customer sales growth, necessitating working capital accumulation [2] - The company has implemented measures to limit shipments to clients who exceed their credit limits and cannot make timely payments [2] Group 4: Market Position and Product Strategy - The company is focusing on enhancing its product mix and customer base, transitioning from small to core clients, which is expected to improve product gross margins [2] - The overall trend in international oil prices is downward, but the impact on raw material procurement costs is limited [2] - The company aims to build a global sales system and enhance its market coverage capabilities while ensuring supply chain security and product quality for international clients [2]

Investment Rating - The report maintains an "Outperform" rating for the company [2] Core Insights - The company reported a revenue of 3.157 billion yuan for 2024, a year-on-year increase of 12.14%, and a net profit of 722 million yuan, up 19.13% year-on-year. The Q4 performance exceeded market expectations with a revenue of 857 million yuan, reflecting a year-on-year growth of 29.18% and a quarter-on-quarter increase of 7.05% [7] - The company is experiencing stable growth in shipments, with a total sales volume of 158,900 tons for lubricating oil additives in 2024, representing a 16.5% increase year-on-year. The demand in overseas markets is strong, particularly in Q4, where exports reached 28,100 tons, a 52% increase year-on-year [7] - The company is expanding its overseas presence and has achieved significant scale advantages, with a designed production capacity of 315,000 tons for lubricating oil additives and an additional 435,000 tons under construction. The company has also secured multiple OEM certifications for its products [7] - The profit forecast for 2025 has been adjusted downwards due to uncertainties in overseas trade, with expected net profits of 890 million yuan, and for 2026, 1.094 billion yuan. The PE ratios are projected at 18X for 2025 and 15X for 2026, indicating potential upside compared to the historical average [7] Financial Summary - The total revenue is projected to grow from 2.816 billion yuan in 2023 to 6.254 billion yuan by 2027, with a compound annual growth rate (CAGR) of approximately 20.9% [6] - The net profit is expected to increase from 606 million yuan in 2023 to 1.319 billion yuan by 2027, with a CAGR of around 20.5% [6] - The gross margin is forecasted to remain stable around 34.6% to 35.8% over the next few years, indicating strong profitability [6]