Group 1: Metal and Mining Sector - Zijin Mining's copper production is expected to increase by 7% to 115,000 tons in 2025, with gold production rising by 16% to 85 tons[15] - The company's projected net profit for 2024 is 32.05 billion CNY, increasing to 42.06 billion CNY in 2025, and 49.36 billion CNY in 2026, with a PE ratio decreasing from 14.39 to 9.34[13] Group 2: Construction Materials Sector - China National Materials Technology's net profit is forecasted to grow from 0.89 billion CNY in 2024 to 2.10 billion CNY in 2026, with a significant increase in high-end product capacity[20] - Keda Manufacturing's overseas revenue is projected to rise from 20 billion CNY in 2017 to 80 billion CNY in 2024, with overseas revenue share increasing from 36% to 64%[30] Group 3: Chemical Sector - Yara International's net profit is expected to reach 0.2 billion CNY in 2024, 3.0 billion CNY in 2025, and 7.2 billion CNY in 2026, driven by the expansion of special glass fiber production[25] - Ba Tian Co. is projected to maintain a strong profit margin due to its diverse fertilizer product offerings, with a production capacity of 200,000 tons of phosphate rock annually[79] Group 4: Aviation Sector - Juneyao Airlines is expected to achieve a net profit of 1.05 billion CNY in 2024, increasing to 2.0 billion CNY in 2025, with a PE ratio of 27.2 in 2024 and dropping to 11.4 in 2026[70] - The airline's operational efficiency is highlighted by its leading cost control, with a significant reduction in financial expenses anticipated in the coming years[70]

Investment Rating - The report initiates coverage with a "Buy" rating for the company [3][10]. Core Viewpoints - The company is a leading domestic player in the lubricant additive industry, with a strong focus on fine chemical materials, including lubricant additives and carbonless paper color developers. It has developed into a global leader in lubricant additives, with a production capacity of 315,000 tons for single additives and 100,000 tons for carbonless paper color developers by the end of 2024 [1][16]. - The global lubricant additive market is characterized by an oligopolistic structure, with a market size of approximately 15.99 billion USD in 2023, projected to reach 18.21 billion USD by 2030, reflecting a CAGR of 1.9%. The domestic market is also expected to see steady growth due to the increasing number of motor vehicles and industrialization [2][60]. - The company is transitioning from single additives to composite additives, aiming for over 60% of revenue from composite additives and over 70% from overseas markets by 2024, thereby capturing a larger share of the global market [3][35]. Summary by Sections Company Overview - The company has been deeply involved in fine chemical materials since its establishment in 1996, becoming a major supplier of carbonless paper color developers and lubricant additives. It has a strong technical and product advantage, leading to significant growth in both domestic and international markets [1][16][27]. Market Analysis - The global lubricant additive market is maturing, with a total consumption of 5.43 million tons in 2023. The domestic market's apparent consumption reached 970,800 tons, with a CAGR of 2.2% from 2015 to 2023. The domestic self-sufficiency rate for lubricant additives has significantly improved, with imports declining by approximately 38% from their peak in 2021 [2][71][72]. Product Development and Strategy - The company has obtained 47 domestic and 2 foreign invention patents, showcasing its strong R&D capabilities. It is actively pursuing high-end certifications and transitioning to composite additives, which are expected to account for a significant portion of its revenue in the coming years [3][44][45]. - The company’s revenue from lubricant additives is projected to reach 3.073 billion CNY in 2024, with a year-on-year growth of 13%, while revenue from carbonless paper color developers has declined [30][32]. Financial Performance - The company has shown consistent revenue growth, with a compound annual growth rate (CAGR) of 45.73% from 2016 to 2022. The net profit attributable to the parent company increased from 34 million CNY in 2016 to 588 million CNY in 2022, reflecting a CAGR of 60.82% [30][31]. - The company’s operating cash flow has also improved significantly, increasing from 39 million CNY in 2016 to 436 million CNY in 2024, indicating strong cash generation capabilities [50][52]. Future Outlook - The company is expected to continue its growth trajectory, with projected net profits of 886 million CNY, 1.057 billion CNY, and 1.25 billion CNY for 2025, 2026, and 2027, respectively, corresponding to price-earnings ratios of 19X, 16X, and 14X [3][10].

Core Viewpoint - The company has announced a profit distribution plan for the year 2024, proposing a cash dividend of 12 RMB per 10 shares to all shareholders, based on a reduced share count after accounting for repurchased shares [1][2][3] Group 1: Profit Distribution Plan - The profit distribution plan was approved at the annual shareholders' meeting, with a base of 290,356,665 shares for the cash dividend distribution after deducting 5,578,613 repurchased shares [2][3] - The total cash dividend to be distributed amounts to 348,427,998 RMB (including tax) [1][2] - The cash dividend per share is calculated as 348,427,998 RMB divided by 295,935,278 shares, resulting in approximately 11.77 RMB per 10 shares [1][5] Group 2: Shareholder Eligibility and Taxation - The distribution is applicable to all shareholders registered with the China Securities Depository and Clearing Corporation Limited Shenzhen Branch as of May 21, 2025 [3][4] - Different tax rates will apply for dividends received by Hong Kong market investors and domestic investors, with the company not withholding individual income tax at the time of distribution [3][4] Group 3: Adjustments and Legal Responsibilities - The company will adjust the total cash dividend distribution if there are changes in total share capital due to stock options, new shares, or share repurchases before the distribution date [2][3] - The company assumes all legal responsibilities for any issues arising from insufficient cash dividends due to a decrease in shareholders' account shares during the distribution application period [4][5]

证券代码：300910 证券简称：瑞丰新材 公告编号：2025-028 一、股东大会通过权益分派方案的情况 1．公司于2025年4月18日召开的2024年年度股东大会审议通过了《关于<公 司2024年度利润分配预案>的议案》，同意公司以2024年度权益分派股权登记日 新乡市瑞丰新材料股份有限公司 2024年度权益分派实施公告 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、新乡市瑞丰新材料股份有限公司（以下简称"公司"或"本公司"）2024年 年度股东大会审议通过的2024年度利润分配预案为：以2024年度权益分派股权登 记日股份数量扣减公司回购专户持有的股份数量5,578,613股后为基数，向全体股 东每10股派发现金股利12元（含税），不送红股，不以资本公积转增股本。 截至本公告日，公司总股本为295,935,278股，剔除公司回购专用证券账户中 已回购股份5,578,613股后的股本290,356,665为基数，向全体股东以每10股派发现 金股利人民币12元（含税），合计派发现金股利348,427,998.00元（含税）。 2、本次权益分 ...

Group 1 - Vanke A's largest shareholder, Shenzhen Metro Group, plans to provide a loan of up to 1.55 billion yuan to repay the company's bonds [1] - Yidelong reported a net profit of 41.77 million yuan for Q1 2025, a year-on-year increase of 34.19% [1] - Overseas Chinese Town A achieved a contract sales amount of 1.78 billion yuan in April, a year-on-year increase of 10% [1][2] Group 2 - Dajin Heavy Industry's subsidiary signed a contract worth approximately 1 billion yuan for an offshore wind power project with a European energy company [4] - Liao Port Co. announced the resignation of Chairman Wang Zhixian due to reaching retirement age [4] - China Energy Construction's application for a specific stock issuance has been approved by the Shanghai Stock Exchange [6] Group 3 - Xinhua Insurance reported a 27% year-on-year increase in premium income from January to April, totaling 85.38 billion yuan [11] - 吉祥航空's passenger turnover increased by 6.34% in April, with a seat occupancy rate of 86.16% [13] - New City Holdings reported a contract sales amount of approximately 1.76 billion yuan in April, a year-on-year decrease of 52.46% [28] Group 4 - Three Yuan Bio announced a preliminary ruling of a 3.49% countervailing duty on its products in the U.S. [23] - Shanghai Pharmaceutical's product, Wengjing Decoction Granules, has been approved for production [20] - A strategic cooperation agreement was signed between *ST Dali and Zhuhai Yunzhou Intelligent Technology Co., Ltd. to promote the development of intelligent unmanned equipment [22] Group 5 - The construction of the automotive lightweight forging precision processing project by Sanlian Forging has been completed [25] - The company Tianma Technology reported an output of approximately 1,480.16 tons of eel in April [18][19] - The company Victory Technology plans to invest up to 3 billion yuan for share repurchase [42]

证券代码：300910 证券简称：瑞丰新材 公告编号：2025-029 新乡市瑞丰新材料股份有限公司 关于公司董事、副总经理辞职的公告 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。 新乡市瑞丰新材料股份有限公司（以下简称"公司"）董事会于近日收到公 司董事、副总经理陈立功先生递交的书面辞职报告。陈立功先生因个人原因辞去 公司董事、副总经理职务。陈立功先生担任公司董事、副总经理的原定任期至第 四届董事会届满之日（2027年7月4日）为止。根据《公司法》《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》《公司章程》等相 关规定，陈立功先生的辞职申请自送达董事会之日起生效。陈立功先生辞职后不 担任公司其他职务。 陈立功先生的工作已进行妥善交接，其辞去第四届董事会董事职务不会导致 公司董事会人数低于法定最低人数，不影响公司董事会的正常运行，不会对公司 日常生产经营活动产生不利影响。 截至本公告披露日，陈立功先生持有公司股份570,724股，占公司总股本的 0.19%。陈立功先生不存在应当履行而未履行的承诺事项。辞职后，陈立功先生 仍将继续遵守《 ...

证券代码：300910 证券简称：瑞丰新材 公告编号：2025-027 新乡市瑞丰新材料股份有限公司 关于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结果暨股份上市的公告 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。 重要内容提示： ? 本次归属的限制性股票上市流通日：2025年5月14日 ? 本次符合归属条件的激励对象共156人，其中首次授予部分激励对象145 人，预留授予部分13人（2名激励对象同时参与了首次授予及预留授予） ? 本次第二类限制性股票首次授予部分拟归属数量：3,925,396股，占目前 公司总股本的1.3453%；预留授予部分拟归属数量：219,947股，占目前公司总股 本的0.0754% ? 归属价格：19.10元/股（调整后） ? 归属股票来源：公司向激励对象定向发行的本公司人民币A股普通股股 票 新乡市瑞丰新材料股份有限公司（以下简称"公司"）于2025年4月21日召开 第四届董事会第八次会议、第四届监事会第七次会议审议通过了《关于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 ...

证券代码：300910 证券简称：瑞丰新材 公告编号：2025-027 新乡市瑞丰新材料股份有限公司 关于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结果暨股份上市的公告 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。 归属股票来源：公司向激励对象定向发行的本公司人民币A股普通股股 票 新乡市瑞丰新材料股份有限公司（以下简称"公司"）于2025年4月21日召开 第四届董事会第八次会议、第四届监事会第七次会议审议通过了《关于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 属条件成就的议案》。近日，公司办理了2021年限制性股票激励计划（以下简称 "本次激励计划"或"本激励计划"）首次授予部分第三个归属期及预留授予部分第 二个归属期归属股份的登记工作，现将相关事项公告如下： 一、公司2021年限制性股票激励计划已履行的审批程序和信息披露情况 （一）本次激励计划简述 重要内容提示： 本次归属的限制性股票上市流通日：2025年5月14日 本次符合归属条件的激励对象共156人，其中首次授予部分激 ...

Investment Rating - The report maintains a positive outlook on the chemical industry, particularly highlighting undervalued and high-growth opportunities [1]. Core Insights - The anti-dumping duties on chlorpyrifos are expected to benefit domestic companies, with a recommendation to focus on Yangnong Chemical [3][4]. - The report emphasizes the importance of orderly exports of nitrogen fertilizers, suggesting that leading domestic companies should adopt a proactive pricing strategy to avoid excessive competition [3]. - The chemical sector is experiencing a gradual recovery in PPI, with a focus on investment opportunities in cyclical products due to low inventory levels [3][4]. Summary by Sections Industry Dynamics - Current macroeconomic conditions indicate a mixed outlook for oil, coal, and natural gas prices, with oil prices supported by shale oil production costs [3][4]. - The report notes a significant price increase in PTA and MEG, driven by supply constraints and optimistic market sentiment [9][10]. Fertilizer and Pesticide Market - Domestic urea prices have risen by 2.8% to 1830 CNY/ton, influenced by export policy expectations [11]. - The report highlights the stable pricing of various pesticides, with specific price points for glyphosate and other herbicides remaining unchanged [11]. Chemical Products Pricing - The report provides detailed pricing trends for various chemical products, including a 1.6% decrease in PVC prices and stable pricing for other chemicals like DMC and silicone [12][13]. - The report indicates a cautious market sentiment in the dye industry, with prices remaining stable despite cost support from raw materials [15]. Key Company Valuations - The report includes a valuation table for key companies, with recommendations for stocks such as Yangnong Chemical (buy) and Hualu Chemical (increase) based on their projected earnings and market performance [17][18].

Group 1 - The core point of the announcement is that Sinopec Capital, a shareholder holding more than 5% of the shares, plans to reduce its stake in Ruifeng New Materials (300910) through centralized bidding, with a maximum reduction of 2.9179 million shares, accounting for no more than 1% of the company's total share capital [1] Group 2 - The reduction period is set from June 3, 2025, to September 2, 2025 [1]