证券代码：300910 证券简称：瑞丰新材 公告编号：2025-026 新乡市瑞丰新材料股份有限公司 关于持股5%以上股东减持股份预披露公告 持股5%以上股东中国石化集团资本有限公司保证向本公司提供的信息内 容真实、准确、完整，没有虚假记载、误导性陈述或重大遗漏。 一、计划减持股东的基本情况 持有新乡市瑞丰新材料股份有限公司（以下简称"公司"、"瑞丰新材"）股份 39,000,200股（占公司总股本比例13.37%，占剔除回购专用账户股份数量后公司 股份总数的13.63%）的股东中国石化集团资本有限公司（以下简称"中石化资本"） 计划以集中竞价交易方式拟减持公司股份不超过2,917,899股，减持比例不超过公 司总股本的1%（如遇派息、送股、转增股本、配股等除权除息事项，上述拟减 持股份数量将相应进行调整）。 通过集中竞价交易方式进行减持的，将于本减持计划公告之日起15个交易日 后的3个月内进行（即2025年6月3日至2025年9月2日）。 二、本次减持计划的主要内容 公司近日收到公司持股5%以上股东中石化资本出具的《关于股份减持计划 的告知函》，现将有关情况公告如下： 1、 减持原因：自身资金安排； | 股 ...

Investment Rating - The report maintains an "Outperform" rating for the company [2][7]. Core Insights - The company reported Q1 2025 revenue of 849 million yuan, a year-over-year increase of 18.91%, and a net profit of 195 million yuan, up 27.59% year-over-year, indicating performance in line with expectations [6]. - The company is experiencing strong export demand, with Q1 2025 lubricant additive exports reaching approximately 27,500 tons, accounting for 42.9% of the domestic total, reflecting a year-over-year increase of 27.9% [6]. - The company is expanding its overseas presence and has achieved multiple product certifications, positioning itself to become a competitive player in the global lubricant additive market [6]. Financial Data and Profit Forecast - The company forecasts total revenue of 4,362 million yuan for 2025, with a year-over-year growth rate of 38.2% [5]. - The projected net profit for 2025 is 890 million yuan, representing a year-over-year increase of 23.2% [5]. - The company’s gross margin is expected to be 34.6% for 2025, with a return on equity (ROE) of 21.0% [5].

Group 1 - The overall market view indicates that the impact of overseas tariffs is weakening, and the A-share market is expected to experience fluctuations upward, with a focus on growth rebounds [3][11][15] - The banking sector's quarterly reports fell short of expectations, raising concerns about the sustainability of dividends, leading to a rapid disbanding of bank stock groups [3][15] - The report highlights the active performance of technology growth themes, particularly in sectors like AI, robotics, and autonomous driving, while emphasizing the importance of self-controllable industries such as semiconductors and military technology [3][15] Group 2 - The report lists the top ten stocks for May, including companies from various sectors such as electronics, AI, media, and automotive, with no specific ranking [4][10] - The electronic sector includes Zhishang Technology and Xingchen Technology, both showing significant revenue growth driven by market demand and technological advancements [17][20] - The computer & AI & internet sector features Mai Xinlin, which has seen rapid revenue growth due to its comprehensive computing services and strategic partnerships in the AI field [24][27] Group 3 - The media and new consumption sector includes Yaoji Technology, which is focusing on revitalizing its core businesses and leveraging AI to enhance its gaming and marketing services [34][36] - The small and mid-cap sector features Weike Technology, which reported robust revenue growth and is expanding its overseas production capacity [38][39] - The automotive sector highlights Rongtai Co., which is solidifying its position as a leader in steering systems and expanding into the humanoid robotics market [42][45] Group 4 - The electric power equipment sector includes Landai Technology, which has turned profitable with significant growth in its new energy transmission business [47][50] - The pharmaceutical sector features Yipin Hong, which is facing challenges with declining revenues and profits, indicating a need for strategic adjustments [51]

Market Overview - The global lubricating oil additives market reached a size of $16 billion in 2023, with approximately 70% of these additives used in the automotive sector [1][2] - The market sales for lubricating oil additives in 2023 amounted to $15.99 billion, and it is projected to grow to $18.21 billion by 2030, reflecting a compound annual growth rate (CAGR) of 1.9% from 2024 to 2030 [1][2] - In China, the apparent demand for lubricating oil additives was 950,100 tons in 2021, with a CAGR of 2.99% from 2013 to 2021 [1][2] Demand Side Analysis - In the transportation lubricants segment, despite the increasing penetration of electric vehicles leading to a decline in traditional fuel vehicle growth, the sales of plug-in hybrid vehicles are expected to continue rising [2] - The overall automotive sales in China are anticipated to maintain stable growth due to continued government efforts to stimulate consumption, which will support the demand for transportation lubricants and their additives in the short to medium term [2] - In the industrial lubricants segment, the demand is expected to steadily increase due to equipment renewal policies and the rapid expansion of new special bond scales, which will support the growth of engineering machinery ownership [2] Supply Side Analysis - The lubricating oil additives industry has high barriers to entry in terms of technology, capital, and customer access, leading to a highly concentrated supply globally, dominated by four major international companies that hold about 85% of the market share [3] - China’s imports of lubricating oil additives have fluctuated around 300,000 tons from 2020 to 2024, with an expected import volume of 243,200 tons in 2024, representing a year-on-year increase of 7.74% [3] - In the context of trade tensions, there is a growing emphasis on supply chain security, prompting lubricant customers to shift their focus towards domestic enterprises, which may enhance the market share of local companies and improve the self-sufficiency of China's lubricating oil additives industry [3][4] Investment Recommendations - The demand for lubricating oil additives in both transportation and industrial sectors is expected to grow in line with the sales and ownership of end-use vehicles and engineering machinery, with growth rates anticipated to remain relatively stable as these markets have entered a mature phase [4] - Currently, China still needs to import 200,000 to 300,000 tons of lubricating oil additives annually, with some imports coming from the U.S., highlighting the importance of supply chain security and the potential acceleration of domestic substitution processes [4] - Companies such as Ruifeng New Materials (300910) and Lianlong (300596) are recommended for attention in this sector [4]

Investment Rating - The report suggests a focus on domestic companies such as Ruifeng New Material (300910) and Lianlong (300596) as potential investment opportunities in the lubricant additive sector [6]. Core Viewpoints - The global lubricant additive market reached a size of approximately $15.99 billion in 2023, with expectations to grow to $18.21 billion by 2030, reflecting a compound annual growth rate (CAGR) of 1.9% from 2024 to 2030 [6][23]. - In China, the apparent demand for lubricant additives was 950,100 tons in 2021, with a CAGR of 2.99% from 2013 to 2021 [6][23]. - The demand for lubricant additives is expected to remain stable in the short to medium term, driven by the growth in automotive and industrial machinery sales [6][61]. Summary by Sections 1. Introduction to Lubricant Additives - Lubricant additives constitute 2% to 30% of the total lubricant volume, enhancing performance and extending the lifespan of lubricants [13][15]. - The main application areas include automotive engine oils, industrial lubricants, and marine engine oils [13][15]. 2. Demand Side: Stable Growth Expected - The demand for lubricant additives is projected to remain stable, with significant contributions from automotive and industrial sectors [6][23]. - Approximately 70% of global lubricant additives are used in the automotive sector, with a notable increase in the penetration of plug-in hybrid vehicles [28][38]. - In China, the total lubricant demand is expected to be 6.39 million tons in 2024, with transportation lubricants accounting for 3.41 million tons [34][44]. 3. Supply Side: High Market Concentration and Domestic Replacement Potential - The lubricant additive market is highly concentrated, with four major international companies (Lubrizol, Infineum, Chevron Oronite, and Afton) controlling about 85% of the market [6][65]. - Domestic companies are expected to gain market share due to increasing focus on supply chain security amid trade tensions [6][72]. - China's lubricant additive production capacity is approximately 1 million tons, with domestic companies gradually increasing their market presence [72][73].

Investment Rating - The report maintains a "Buy" rating for the company [8] Core Insights - The company reported Q1 2025 revenue of 850 million yuan, representing a year-on-year increase of 18.9% but a quarter-on-quarter decrease of 0.9%. The net profit attributable to shareholders was 190 million yuan, up 27.6% year-on-year but down 12.4% quarter-on-quarter. The net profit after deducting non-recurring items was 180 million yuan, reflecting a year-on-year increase of 25.1% and a quarter-on-quarter decrease of 11.1% [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. Since 2013, it has been advancing into the higher value-added composite agent business, with nationally leading product technology and continuous growth in composite agents driving revenue [5][11] Summary by Sections Q1 Performance - In Q1, the company's revenue and profit increased by 18.9% and 27.6% year-on-year, respectively, primarily due to the growth in lubricant additive sales. The quarter-on-quarter decline is attributed to the traditional off-season for the company. The gross margin for Q1 was 35.4%, with a slight year-on-year decrease of 0.1 percentage points and a quarter-on-quarter increase of 0.3 percentage points, mainly due to a decrease in raw material prices [11][11] Production Capacity - 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. Current projects under construction have an annual capacity of 435,000 tons. The progress of the 460,000-ton lubricant additive series product project has reached 17.1%, while the 150,000-ton project has reached 87.5%, both expected to be operational by the end of 2025 [11] Product Line and Market Strategy - The company has a complete product line covering various series of single agents, which is a solid foundation for entering mainstream markets. The company has independently mastered the formulation processes for multiple grades of diesel and gasoline engine oil composite agents, with some already passing third-party testing [11] - The transition to composite agents is progressing steadily, with over 60% of revenue coming from composite agents. The company is actively developing core customer relationships and accelerating the certification process for composite products [11] Financial Forecast - The company is expected to see significant growth as production capacity continues to be released. The projected net profits attributable to shareholders for 2025, 2026, and 2027 are 910 million yuan, 1.135 billion yuan, and 1.396 billion yuan, respectively [11]

Core Viewpoint - The report indicates a cautious optimism regarding the recovery of the economy, despite ongoing uncertainties due to trade wars, with a focus on specific investment opportunities in quality growth and dividend value styles [1] Group 1: Fund Performance and Holdings - The fund managed by Zhu Shaoxing increased its positions in BYD (002594), Ningbo Bank (002142), and Ruifeng New Materials (300910) during the first quarter, while Kweichow Moutai (600519) remains the largest holding [1] - The report highlights that the fund is adapting its strategy in response to market conditions, particularly in the context of real estate and consumer sectors [1] Group 2: Economic Outlook - Micro-research feedback suggests a slowdown in the decline of the real estate sector and signs of investment recovery, although consumer spending remains low without further deterioration in inventory levels [1] - Zhu Shaoxing expresses that the entity economy should be on a gradual recovery path, but the significant uncertainties from the trade war may lead to increased market volatility and greater difficulty in stock selection in the future [1] Group 3: Investment Strategy - Zhu Shaoxing believes that under the current valuation, there are good investment opportunities in dividend value styles, while quality growth styles also present numerous investment prospects [1]

Group 1 - The company reported a total revenue of 849 million yuan for Q1 2025, representing a year-on-year increase of 18.91% and a quarter-on-quarter decrease of 0.92% [1] - The net profit attributable to shareholders reached 195 million yuan, up 27.59% year-on-year but down 12.35% quarter-on-quarter [1] - The growth in revenue and profit is primarily driven by an increase in lubricant additive sales, with a total export volume of 63,300 tons in Q1 2025, a year-on-year increase of 19.6% [1] Group 2 - The global lubricant additive market is highly concentrated, with four major companies holding approximately 85% of the market share [2] - The company is positioned to accelerate domestic substitution as safety supply concerns rise, especially with increased import costs due to tariffs on U.S. products [2] - The company is expanding its overseas marketing channels and has established warehouses in Singapore, Dubai, and Belgium to meet regional customer demands [2] Group 3 - The company has made significant progress in composite agent certification, which is crucial for entering the supply chains of major downstream clients [3] - The company has independently mastered multiple levels of diesel and gasoline engine oil composite formulations, achieving OEM certification for several products [3] - Future product expansion and capacity growth are expected to lead to simultaneous increases in volume and price for lubricant additives [3] Group 4 - The company is recognized as a leading domestic lubricant additive enterprise, with products already integrated into the supply chains of major companies like Shell, Mobil, and Sinopec [3] - Projections indicate that the company will achieve net profits of 850 million, 1.04 billion, and 1.27 billion yuan for the years 2025 to 2027, with corresponding P/E ratios of 22X, 18X, and 15X [3]

证券代码：300910 证券简称：瑞丰新材 公告编号：2025-022 新乡市瑞丰新材料股份有限公司 第四届监事会第七次会议决议公告 本公司及监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。 一、监事会会议召开情况 新乡市瑞丰新材料股份有限公司（以下简称"公司"）第四届监事会第七次会议 通知于2025年4月15日以电子邮件方式向各位监事发出，会议于2025年4月21日以 现场会议结合通讯形式在公司会议室召开。本次会议由公司监事会主席张勇先生召 集并主持，应出席会议的监事3人，实际出席会议的监事3人。 本次会议的召集、召开及表决符合《中华人民共和国公司法》及《新乡市瑞丰新 材料股份有限公司章程》（以下简称《公司章程》）的有关规定，会议合法有效。 二、监事会会议审议情况 1、审议通过《关于公司2025年第一季度报告的议案》 经审议，监事会认为：公司董事会编制和审核的公司《2025年第一季度报告》 的程序符合法律、行政法规和中国证监会的相关规定，报告内容真实、准确、完 整地反映了公司经营情况，不存在任何虚假记载、误导性陈述或者重大遗漏。 表决结果：同意3票，反对0票，弃权0票 ...

证券代码：300910 证券简称：瑞丰新材 公告编号：2025-021 新乡市瑞丰新材料股份有限公司 第四届董事会第八次会议决议公告 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。 一、董事会会议召开情况 新乡市瑞丰新材料股份有限公司（以下简称"公司"）第四届董事会第八次会 议通知于2025年4月15日以电子邮件方式向各位董事发出，会议于2025年4月21 日以现场会议结合通讯形式在公司会议室召开。本次会议由公司董事长郭春萱先 生召集并主持，应出席会议的董事9人，实际出席会议的董事9人，公司监事、高 级管理人员列席了会议。 二、董事会会议审议情况 1、审议通过《关于公司2025年第一季度报告的议案》 经审议，董事会认为：公司《2025 年第一季度报告》的程序符合法律、行 政法规、中国证监会和深圳证券交易所的相关规定，报告内容真实、准确，完整 地反映了公司经营情况，不存在任何虚假记载、误导性陈述或者重大遗漏。 公司《2025 年第一季度报告》详见公司 2025 年 4 月 22 日披露于巨潮资讯 网（http://www.cninfo.com.cn）的相关公告。 ...