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 2021 年限制性股票激励计划 首 次 授 予 部 分 第 三 个 归 属 期 及 预 留 授 予 部 分 第 二 个 归 属 期 归 属 条 件 成 就 的 法 律 意 见 书 苏同律证字2025第[67]号 南京市建邺区贤坤路江岛智立方 C 座 4 层 邮编： 2 10019 电话： + 8 6 2 5 - 83304480 传真： + 8 6 2 5 - 83329335 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 2021年限制性股票激励计划 首次授予部分第三个归属期及预留授予部分 第二个归属期归属条件成就的 法 律 意 见 书 苏同律证字 2025 第[67]号 致：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》（以下简称"《证券法》"）、《深圳证券交易所创业板股票上市规 则》（以下简称"《上市规则》"）、《上市公司股权激励管理办法》（以下简称"《管 理办法》"）《深圳证券交易所创业板上市公司自律监管指南第 1 号——业务办 理》（以下简称"《 ...

Financial Performance - The company's revenue for Q1 2025 reached ¥848,971,535.91, representing an increase of 18.91% compared to ¥713,949,627.07 in the same period last year[5] - Net profit attributable to shareholders was ¥194,927,905.01, up 27.59% from ¥152,780,260.81 year-on-year[5] - Basic earnings per share increased to ¥0.67, reflecting a growth of 26.42% compared to ¥0.53 in the same period last year[5] - The net profit for the current period is 196,447,510.69, an increase of 28% compared to 153,513,800.96 in the previous period[26] - The total comprehensive income for the current period is 196,317,526.17, compared to 153,604,222.32 in the previous period, indicating a growth of 28%[26] - The operating profit for the current period is 227,658,763.47, an increase from 180,155,968.81 in the previous period[26] Cash Flow - The net cash flow from operating activities improved significantly to ¥27,750,831.03, a 349.79% increase from a negative cash flow of ¥11,109,754.42 in the previous year[5] - The net cash flow from operating activities increased to ¥27,750,831.03, a significant rise of 349.79% compared to the previous year, primarily due to increased sales collections[14] - The net cash flow from investing activities improved to -¥52,673,798.26, reflecting a 75.54% increase in net inflows from investment products compared to the previous year[14] - The net cash flow from financing activities reached ¥50,220,319.30, marking a 124.39% increase, mainly due to cash used for share repurchases in the previous period[14] - The net cash flow from financing activities improved to 50,220,319.30 from a negative cash flow of -205,919,388.61 in the previous period[30] - The net increase in cash and cash equivalents was ¥29,001,776.25, a 106.75% improvement from the previous year, driven by the increases in operating, investing, and financing cash flows[14] Assets and Liabilities - Total assets at the end of the reporting period were ¥4,490,614,184.42, a 4.39% increase from ¥4,301,793,372.49 at the end of the previous year[5] - The company's total assets increased to ¥4,490,614,184.42 from ¥4,301,793,372.49, marking a growth of 4.4%[24] - Current assets totaled ¥2,729,811,658.53, up from ¥2,622,728,531.85, representing an increase of 4.1%[22] - The company's total liabilities decreased to ¥915,652,553.85 from ¥935,777,537.76, a reduction of 2.2%[24] - The long-term borrowings decreased to ¥137,075,647.78 from ¥163,329,802.94, a decline of 16.1%[23] Shareholder Information - The total number of common shareholders at the end of the reporting period was 9,281, with no preferred shareholders having restored voting rights[16] - The largest shareholder, Guo Chunxuan, holds 36.79% of shares, totaling 107,336,953 shares, with 80,502,715 shares under lock-up[16] - China Petroleum & Chemical Corporation holds 13.37% of shares, amounting to 39,000,200 shares[16] - The top ten shareholders collectively hold significant stakes, with the largest being Guo Chunxuan and China Petroleum & Chemical Corporation[16] - There were no changes in the number of restricted shares during the reporting period, with a total of 86,751,002 shares under lock-up[19] Government Subsidies and Other Income - The company received government subsidies amounting to ¥5,000,000.00 related to a VOCs deep governance project, contributing to its financial performance[6] - Investment income surged to ¥2,170,931.72, a 437.26% increase compared to a loss of ¥643,692.32 in the same period last year[11] - The company reported a financial income of ¥6,629,863.39, significantly up from ¥1,711,736.82, reflecting a growth of 287.5%[25] Taxation - The company experienced a 39.35% increase in taxes and surcharges, totaling ¥6,048,295.59, due to higher sales volume compared to the previous year[11] - The company reported a tax expense of 31,420,351.70, compared to 26,743,936.11 in the previous period, reflecting an increase of 17%[26] Operating Costs - The total operating costs amounted to ¥635,103,716.31, up from ¥537,764,226.66, reflecting a rise of 18.1%[25] - The inventory level was ¥556,650,313.70, slightly up from ¥550,263,024.40, indicating a marginal increase of 1.4%[22]

证券代码：300910 证券简称：瑞丰新材 公告编号：2025-024 新乡市瑞丰新材料股份有限公司 关于2025年第一季度证券投资与衍生品交易情况的专项说明 本公司及董事会全体成员保证信息披露内容的真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 根据《深圳证券交易所上市公司自律监管指引第2号——创业板上市公司规 范运作》《深圳证券交易所创业板上市公司自律监管指南第1号——业务办理》 等有关规定的要求，公司董事会对公司2025年第一季度证券投资与衍生品交易情 况进行了核查，现将相关情况说明如下： 一、证券投资与衍生品交易审议批准情况 公司于2024年10月22日召开的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《关于开展证券投资及衍生品交易的议案》，同意公司及子公 司在充分保障日常经营性资金需求并有效控制风险的前提下，使用自有资金不超 过人民币5亿元（或等值外币）进行证券投资及衍生品交易，在该额度内可由公 司及子公司在各投资产品间自由分配，共同循环使用，投资取得的收益可以进行 再投资，再投资的金额包含在本次预计投资额度范围内。公司开展证券投资的业 务范围为外部评级较高且公开发行、风险可 ...

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].