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]

Investment Rating - The investment rating for the company is "Outperform the Market" [2][7] Core Views - The company has achieved stable growth in operating revenue and net profit attributable to the parent company, with operating revenue of 3.157 billion yuan, a year-on-year increase of 12.14%, and a net profit of 720 million yuan, a year-on-year increase of 19.13% [7] - The company plans to distribute a cash dividend of 12 yuan for every 10 shares to all shareholders, amounting to an expected total of 343 million yuan [7] - The company is expanding its production capacity for lubricant additives, with a total designed capacity of 315,000 tons and ongoing projects expected to be operational by December 31, 2025 [7] - The company has increased its R&D investment and has developed various formulations for diesel and gasoline engine oils, achieving multiple OEM certifications [7] - The estimated net profit for 2025-2027 is projected to be 868 million, 1.076 billion, and 1.308 billion yuan respectively, with corresponding EPS of 2.97, 3.69, and 4.48 yuan [7] Financial Performance Summary - The company’s operating revenue and net profit are forecasted to grow significantly, with operating revenue expected to reach 3.989 billion yuan in 2025, a 26.3% increase year-on-year [6][10] - The gross profit margin is projected to remain stable around 35.9% from 2025 onwards [6][10] - The net asset return rate is expected to increase from 21.6% in 2024 to 23.9% in 2027 [6][10] - The company’s total assets are projected to grow from 4.302 billion yuan in 2024 to 6.940 billion yuan in 2027 [10] Market Performance - The company’s stock price has shown a strong performance, with a 52-week price range of 35.00 to 58.37 yuan [2] - The absolute increase in stock price over the last three months is 19.6% [4]

Financial Performance - The company achieved a revenue of 3,157.47 million yuan in 2024, a year-on-year increase of 12.14% [1] - Revenue from lubricant additive products was 3,072.77 million yuan, up 12.64% year-on-year, while revenue from carbonless paper color developers decreased by 16.69% to 40.43 million yuan [1] - Net profit attributable to ordinary shareholders was 722.49 million yuan, reflecting a growth of 19.13% [1] - The net cash flow from operating activities was 435.70 million yuan, down 31.89% year-on-year [1] - The net assets attributable to the parent company increased by 6.78% to 3,344.60 million yuan [1] Strategic Initiatives - The company is focusing on global expansion and transitioning its customer base from small to large international clients [1][2] - Establishment of overseas warehouses in Singapore, Dubai, and Belgium to enhance customer supply chain efficiency [1] - Formation of a technical committee to guide technological advancements and a sales committee to implement international strategies [3] Product Development and Market Position - Continuous improvement in product offerings with lower dosage, energy-saving, and higher standard test reports from third-party testing agencies [2] - The company aims to enhance its core competitiveness through ongoing product innovation and meeting customized demands of key clients [2] - The sales strategy for 2025 includes strengthening the foundation and increasing sales to international top-tier clients [7] Financial Management and Shareholder Returns - Cash dividends for 2024 amounted to 340 million yuan, a decrease from previous years, attributed to share buybacks totaling approximately 228 million yuan [5] - The company has maintained a cash dividend payout ratio of about 60% of net profit since its listing [5] - Future dividends will depend on the absence of major investment plans or cash expenditures [5] Challenges and Responses - Increase in accounts receivable due to new customer acquisition and delayed payments from clients amid international instability [4] - The company is implementing measures to optimize customer structure and improve accounts receivable turnover [4] - Raw material costs are influenced by supply-demand dynamics rather than solely by crude oil price fluctuations [6] Future Outlook - The company plans to enhance its technological innovation and sustainable development capabilities, focusing on environmentally friendly and high-performance products [8] - Aiming to achieve a production capacity of over 700,000 tons in the lubricant additive sector, with a strategy to build a global sales system [7][8]

Investment Rating - The report maintains a "Buy" rating for the company [8] Core Insights - The company achieved an annual revenue of 3.16 billion yuan, a year-on-year increase of 12.1%, and a net profit attributable to shareholders of 720 million yuan, up 19.1% year-on-year [5][11] - In Q4 alone, the company reported a revenue of 860 million yuan, representing a year-on-year growth of 29.2% and a quarter-on-quarter increase of 7.1% [5][11] - The company is a leading domestic supplier of lubricant additives, with a comprehensive range of single agent types and key raw material R&D and production capabilities [11] Financial Performance - The company’s gross profit margin for the year was 35.8%, an increase of 0.8 percentage points year-on-year [11] - The company’s operating expenses ratio was 10.6%, a decrease of 0.4 percentage points year-on-year [11] - The basic earnings per share for 2024 is projected at 2.5 yuan, with a proposed cash dividend of 12 yuan per 10 shares (tax included) [5] Production Capacity and Market Position - As of the end of 2024, the company has a designed annual production capacity of 315,000 tons for lubricant additives, an increase of 115,000 tons from 2023 [11] - The company is actively expanding its production capacity and transitioning towards higher value-added compound products, which is expected to drive significant revenue and profit growth [11] Strategic Development - The company is steadily promoting its compound products and has made breakthroughs in core customer access, with compound product revenue exceeding 60% [11] - The company’s product line includes a complete range of mainstream additive single agents, which serves as a solid foundation for entering mainstream markets [11] Future Profit Projections - The company is expected to achieve net profits attributable to shareholders of 950 million yuan, 1.2 billion yuan, and 1.5 billion yuan for the years 2025, 2026, and 2027 respectively [11]

复合剂认证持续突破，远期有望实现量价齐升。API 认证既是润滑油添加剂企业技术高低的提现方式， 也是进入下游大客户供应链的前提条件，同时更高级别的复合剂拥有更高的产品附加值。公司目前已自 主掌握了 CF-4 级、CH-4 级、CI-4 级、CK-4 级柴油机油复合剂配方工艺，SL 级、SM 级、SN级、SP 级汽油机油复合剂配方工艺，其中 CI-4、CK-4、SN、SP 级别复合剂已通过国外权威的第三方台架测 试，已取得多个产品的 OEM 认证。用事实证明了公司产品的性能与品质等级，为公司加快进入主流市 场奠定了坚实的基础。未来公司将持续扩充产品品类，不断满足核心客户的定制化产品需求，进一步提 升公司的核心竞争力。未来随着公司复合剂产品持续突破以及公司产能快速扩张，公司润滑油添加剂产 品有望实现量价齐升。 投资建议：公司是国内润滑油添加剂头部企业，目前产品已通过最高级别的API 认证，公司产品已进入 下游润滑油领先企业壳牌、美孚、道达尔、中石化、中石油供应链，未来随着公司下游客户覆盖率提升 以及产品结构升级，有望实现量价齐升。预计公司2025-2027 年分别实现归母净利润8.5、10.4、12.7 亿 元， ...

证券代码：300910 证券简称：瑞丰新材 公告编号：2025-011 新乡市瑞丰新材料股份有限公司 关于2024年度募集资金存放与使用情况的专项报告 截至2024年12月31日止，结余募集资金(含利息收入扣除银行手续费的净额) 余额为43,966.66万元。 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《上市公司监管指引第2号——上市公司募集资金管理和使用的监管要 求》《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》和《深圳证券交易所创业板上市公司第21号——上市公司募集资金年度存 放与使用情况的专项报告格式》的规定，新乡市瑞丰新材料股份有限公司（以 下简称"本公司"或"公司"）编制的截至2024年12月31日的募集资金年度存放与 使用情况的专项报告如下： 一、募集资金基本情况 （一）实际募集资金金额、资金到账时间 本公司经中国证券监督管理委员会证监发行字[2020]2396号文核准，由主承 销商东兴证券股份有限公司通过贵所系统采用公开发行方式，向社会公开发行了 人民币普通股(A股)股票3,750.00万股，发行价为每股人民币 ...

经核查，公司陈其锁先生、成先平先生、刘双红先生、赵虎林先生、李建波 先生、李培功先生均能够胜任独立董事的职责要求，其未在公司担任除独立董事 以外的任何职务，也未在公司主要股东公司担任任何职务，与公司以及主要股东 之间不存在利害关系或其他可能妨碍其进行独立客观判断的关系，不存在影响独 立董事独立性的情况。因此，符合《上市公司独立董事管理办法》《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》等法律、法规、 规范性文件及《公司章程》中关于独立董事的任职资格及独立性的相关要求。 新乡市瑞丰新材料股份有限公司 董事会 2025 年 3 月 29 日 新乡市瑞丰新材料股份有限公司 关于独立董事 2024 年度保持独立性情况的专项意见 新乡市瑞丰新材料股份有限公司（以下简称"公司"）董事会根据《上市公 司独立董事管理办法》《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》等要求，并结合独立董事出具的《2024 年度独立董事关 于独立性自查情况的报告》，就原独立董事陈其锁先生、成先平先生、刘双红先 生（均于 2024 年 7 月 4 日离任）及在任独立董事赵虎林先生、李建 ...

一、2024年年审会计师事务所基本情况 （一）会计师事务所基本情况 名称：中汇会计师事务所（特殊普通合伙）（以下简称"中汇所"） 董事会审计委员会关于对会计师事务所2024年度履职情况评估 及履行监督职责情况的报告 新乡市瑞丰新材料股份有限公司（以下简称"公司"）董事会审计委员会根据 《中华人民共和国公司法》《中华人民共和国证券法》《上市公司治理准则》《 国有企业、上市公司选聘会计师事务所管理办法》《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》等法律法规、规范性文件以及 《公司章程》《董事会专门委员会工作制度》等规定和要求，本着勤勉尽责的原 则，恪尽职守，认真履职。现将董事会审计委员会对会计师事务所2024年度履职 评估及履行监督职责的情况汇报如下： 成立日期：2013年12月19日 组织形式：特殊普通合伙企业 注册地址：杭州市江干区新业路8号华联时代大厦A幢601室 首席合伙人：高峰 新乡市瑞丰新材料股份有限公司 2024年末合伙人数量：116人 2024年末注册会计师人数：694人 2024年末签署过证券服务业务审计报告的注册会计师人数：289人 2023年度经审计的收入总额：1 ...