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。 山东南山智尚科技股份有限公司（以下简称"公司"）向特定对象发行A 股股票（以下简称"本次发行"）的发行承销总结及相关文件已在深圳证券交 易所备案通过，公司将依据相关规定尽快办理本次发行新增股份的登记托管事 宜。 《山东南山智尚科技股份有限公司向特定对象发行A股股票发行情况报告 书》及相关文件于2025年5月21日刊登在中国证监会指定创业板信息披露网站巨 潮资讯网（http://www.cninfo.com.cn），敬请投资者注意查阅。 特此公告。 山东南山智尚科技股份有限公司董事会 2025年5月21日 证券代码：300918 证券简称：南山智尚 公告编号：2025-065 山东南山智尚科技股份有限公司 关于向特定对象发行 A 股股票发行情况报告书披露 的提示性公告 ...

Group 1: Company Overview and Market Position - The company is one of the few integrated companies in the wool textile industry, possessing a complete industrial chain from wool to finished garments, demonstrating strong market competitiveness and risk resistance [2] - The wool textile business is stable, with a solid market share and consistent revenue, providing a strong foundation for overall business performance [2] Group 2: Future Growth Areas - New materials are expected to become the company's second growth curve, with a focus on lightweight materials for the robotics sector [3][5] - The ultra-high molecular weight polyethylene (UHMWPE) fiber production capacity is 3,600 tons, with 12 production lines operating at a balanced production and sales state [3] Group 3: Robotics Market Development - The robotics market is still in its early development stage, with significant uncertainties in downstream market demand, highlighting investment risks [3][5] - The company is actively collaborating with domestic robot manufacturers to adapt product performance parameters and technical standards, aiming for deeper cooperation and potential order conversions [4][7] Group 4: Product Applications and Innovations - UHMWPE fiber is suitable for various applications, including special protection, marine industries, safety protection, functional textiles, and robotics [5][9] - The company is focusing on developing applications for nylon 66 and nylon 6 in robotics, leveraging their high strength and lightweight characteristics [6][8] Group 5: Strategic Partnerships and Collaborations - The company has signed patent cooperation and strategic agreements with Wuhan University and Shouzhihua Innovation, enhancing its research and development capabilities in the robotics field [4][7] - Ongoing projects are in the product verification and technical optimization stages, with plans for further collaboration to accelerate product industrialization [5][9] Group 6: Financial and Investment Updates - The company is progressing steadily with its private placement matters, with updates to be provided in future announcements [3][9]

本次活动将采用网络远程的方式举行，投资者可登录"全景路演"网站（ http://rs.p5w.net）；或关注微信公众号（名称：全景财经）；或下载全景 路演APP,参与本次互动交流。活动时间为2025年5月15日（周四）15:00-16:30。 届时公司董事、副总经理兼董事会秘书赵厚杰先生；财务总监徐晓青女士将在 线就公司2024年度业绩、公司治理、发展战略、经营状况、融资计划、股权激 励和可持续发展等投资者关心的问题，与投资者进行沟通与交流，欢迎广大投 资者踊跃参与。 特此公告。 山东南山智尚科技股份有限公司董事会 2025年5月13日 山东南山智尚科技股份有限公司 关于参加 2025 年山东辖区上市公司投资者网上集体 接待日活动的公告 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。 为进一步加强与投资者的互动交流，山东南山智尚科技股份有限公司（以 下简称"公司"）将参加由山东证监局、山东上市公司协会与深圳市全景网络 有限公司联合举办的"2025年山东辖区上市公司投资者网上集体接待日活动"， 现将相关事项公告如下： 证券代码：300918 证券简称：南山智尚 ...

Summary of Nanshan Zhishang Conference Call Company and Industry Overview - **Company**: Nanshan Zhishang - **Industry**: New Materials, specifically focusing on high-performance polymers for robotics and other applications Key Points and Arguments - Nanshan Zhishang has established a unique competitive advantage by connecting with Tesla through Nanshan Aluminum, enabling potential collaboration in material research and new material introduction [2][4] - The Jian Sheng technology route is favored due to its application of bionics and high-performance polyethylene materials, which, despite high processing difficulty, hold significant value comparable to key components like motors [2][5] - Despite deflation risks, companies in the new energy materials sector, including Jian Sheng, are performing well in the A-share market, indicating a stable market structure [2][6] - High-performance polyethylene must meet military-grade standards, creating technical barriers that only a few companies, such as Nanshan Zhishang and Tongyi, can meet [2][7] - Nanshan Zhishang's new materials platform includes not only high-performance polyethylene but also aramid and nylon, which are widely used in humanoid robotics and offer cost advantages [2][12] Additional Important Insights - Nanshan Zhishang is actively expanding its new materials research and customer base, aiming for high-level orders and addressing common issues in robotics with proprietary anti-creep and flame-retardant spinning solutions [3][23] - The company plans to raise 1 billion yuan to advance research and new material development, which is expected to enhance profitability and valuation [2][14] - The market for humanoid robotics may follow a growth pattern similar to that of the photovoltaic or lithium battery industries, with potential risks in the later stages [8][9] - The company has established connections with leading robotics firms and has secured five major orders, indicating strong market demand [12][24] - Nanshan Group's resources, including Nanshan Aluminum, provide significant advantages for Nanshan Zhishang in accessing top-tier clients like Tesla [2][13] - The company’s stock price has faced downward adjustments due to external pressures, but these have largely subsided, positioning the company for potential growth [30] Financial Projections and Market Position - Nanshan Zhishang's current market value is approximately 10 billion yuan, with projected profits of 260 million yuan this year and potential growth to 400 million yuan next year [14][26] - The company’s traditional textile business is expected to contribute around 190 million yuan in profit, while new materials are projected to add approximately 40 million yuan [26][27] - The anticipated market opportunities in robotics could lead to significant revenue, with estimates suggesting a combined valuation exceeding 15 billion yuan across various sectors [28] Future Catalysts - Key catalysts for future growth include progress in sample submissions to Tesla, large order placements expected in the second quarter, and new product launches [29] This summary encapsulates the essential insights from the conference call, highlighting Nanshan Zhishang's strategic positioning, market dynamics, and future growth potential in the new materials sector.

与此同时，近期遭券商下调评级的股票数量也创下年内小高峰，包括煤炭、旅游酒店等板块的多只股票被下调 评级。 AI及机器人板块多股评级被上调 随着上市公司2024年年报及2025年一季报披露完毕，券商分析师也马不停蹄地跟踪最新数据并撰写研报。 东方财富Choice数据显示，过去一周（4月27日至5月3日），券商上调19只股票评级，其中科技股数量众多， 主要集中在AI及机器人等相关板块。 整体来看，券商近期上调评级的公司主要集中在业绩显著增长，行业景气度上升或困境反转的领域。值得注意 的是，科技板块受到不少分析师青睐，多只AI及机器人相关个股被分析师调高评级。 例如，天风证券近期上调铂科新材评级至"买入"。从业绩来看，铂科新材2024年归母净利润为3.76亿元，同比 上升46.9%。对于上调评级理由，天风证券称，铂科新材作为国内合金软磁粉芯龙头，站稳AI、光储新能源高 景气赛道，芯片电感打开第二成长极。 旅游及酒店板块也有多只个股评级被分析师下调。例如，国金证券近日下调锦江酒店评级为"增持"，主要原因 是该公司短期经营数据仍有压力。锦江酒店一季报显示，该公司今年一季度净利为0.36亿元，同比下降81%。 东吴证券下 ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price not specified [7][6]. Core Views - The company demonstrated revenue resilience with Q1 2025 revenue of 362 million, a year-on-year increase of 0.72%, and a net profit of 37 million, up 0.86% year-on-year [1]. - The gross margin stands at 32%, a slight decrease of 0.36 percentage points year-on-year, while the gross margin for ultra-high molecular weight polyethylene fiber increased by 17 percentage points to 28% [2]. - The company has established a vertically integrated business model, controlling the entire supply chain from raw wool processing to retail, with an annual production capacity of 16 million meters of high-end wool fabric and 750,000 suits [3]. Financial Performance - The company reported a net cash flow from operating activities of -80 million, a significant decline of 4417% year-on-year, primarily due to increased material purchases for new projects [2]. - The financing activities generated a net cash flow of 110 million, a year-on-year increase of 6543%, mainly from increased borrowings [2]. - The company expects revenues of 2 billion, 2.6 billion, and 3.3 billion for 2025, 2026, and 2027 respectively, with net profits projected at 260 million, 340 million, and 450 million for the same years [6][11]. Product Development - The company has successfully launched an 8,000-ton nylon filament project, marking a significant breakthrough in high-performance differentiated nylon, with applications in various industries including sportswear and aerospace [5]. - The ultra-high molecular weight polyethylene fiber project has achieved full operational capacity, with a strength range of 26cN/dtex to 42cN/dtex, placing it among the top tier in China and close to international leaders [4].

Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative return of over 20% within the next six months [7][18]. Core Views - The company demonstrated revenue resilience with Q1 2025 revenue of 362 million, a year-on-year increase of 0.72%, and a net profit of 37 million, up 0.86% year-on-year [1]. - The gross margin stands at 32%, slightly down by 0.36 percentage points year-on-year, while the gross margin for ultra-high molecular weight polyethylene fiber increased by 17 percentage points year-on-year to 28% [2]. - The company has established a vertically integrated business model, controlling the entire supply chain from raw wool processing to retail, with an annual production capacity of 16 million meters of fine woolen fabric and 750,000 suits [3]. Financial Performance - The company reported a net cash flow from operating activities of -80 million, a significant decline of 4417% year-on-year, primarily due to increased material purchases for new projects [2]. - The company forecasts revenues of 2 billion, 2.6 billion, and 3.3 billion for 2025, 2026, and 2027 respectively, with net profits projected at 260 million, 340 million, and 450 million for the same years [6][11]. Product Development - The company has successfully launched a project producing 3,600 tons of ultra-high molecular weight polyethylene fiber, achieving breakthroughs in key fiber preparation technologies [4]. - An 80,000-ton nylon filament project has commenced trial production, marking a significant advancement in high-performance differentiated nylon materials [5]. Market Position - The company is recognized as a core supplier of high-end suit fabrics globally, with a strong focus on innovation and technology, holding multiple patents and achieving an 80% penetration rate of intelligent equipment [3][4].

Core Viewpoint - The company demonstrates resilience in its operations, with a positive outlook on revenue and profit growth in the new materials sector, maintaining a "Buy" rating. Group 1: Financial Performance - In Q1 2025, the company achieved revenue of 362 million yuan, a year-on-year increase of 0.7%, and a net profit attributable to shareholders of 37 million yuan, up 0.9% year-on-year [1] - The company's gross profit margin for Q1 2025 was 32.5%, a decrease of 0.4 percentage points year-on-year, while the net profit margin was 10.3%, an increase of 0.01 percentage points year-on-year [3] - The company expects net profits for 2025-2027 to be 273 million, 336 million, and 409 million yuan, respectively, with corresponding EPS of 0.66, 0.81, and 0.99 yuan [1] Group 2: Business Segments - The fine woolen fabric and apparel segments generated revenues of 175 million and 131 million yuan, respectively, with the fine woolen fabric segment down 7% and the apparel segment up 19% year-on-year [2] - The UHMWPE segment achieved a net profit of over 7 million yuan in Q1 2025, significantly up from about 1 million yuan in Q1 2024, driven by higher export revenues due to better price-performance ratios compared to overseas products [2] - The company has made technological breakthroughs in UHMWPE, making it an ideal material for robotic tendons, and is collaborating with several well-known robotics companies for various applications [2] Group 3: Production Capacity and Outlook - The company’s nylon production lines began operations in Q1 2025, with sales exceeding 500 tons, and expects to reach a production capacity of approximately 5,000 tons for nylon 66 and 20,000 tons for nylon 6 by mid-2025 [2] - The company anticipates that increasing capacity utilization of the new nylon production lines will dilute costs and enhance overall profitability [3] - Inventory at the end of Q1 2025 was 708 million yuan, a year-on-year increase of 9.3%, with inventory turnover days at 257.4 days, up 9 days year-on-year [3]

纺织服饰/纺织制造 2025Q1 传统主业显韧性，期待新材料业务利润拐点 2025 年 04 月 29 日 投资评级：买入（维持） | 日期 | 2025/4/29 | | --- | --- | | 当前股价(元) | 20.70 | | 一年最高最低(元) | 23.13/6.97 | | 总市值(亿元) | 89.98 | | 流通市值(亿元) | 89.98 | | 总股本(亿股) | 4.35 | | 流通股本(亿股) | 4.35 | | 近 3 个月换手率(%) | 423.47 | 信 息 更 新 报 告 股价走势图 -40% 0% 40% 80% 120% 160% 2024-04 2024-08 2024-12 2025-04 南山智尚 沪深300 数据来源：聚源 相关研究报告 《2024 年业绩展现韧性，期待 2025 年超高及锦纶发力—公司信息更新报 告》-2025.3.14 《2024Q3 主业及超高承压，静待超高 回暖、锦纶投产—公司信息更新报告》 -2024.10.30 《2024Q2 业绩稳健，UHMWPE 纤维 预计逐步回暖—公司信息更新报告》 -2024.8.28 | —— ...

证券代码：300918 证券简称：南山智尚 山东南山智尚科技股份有限公司 投资者关系活动记录表 编号：2025-004 | 投资 |  业绩解读会 | □分析师会议 | | --- | --- | --- | | 者关 | □媒体采访 | □业绩说明会 | | 系活 | □新闻发布会 | □路演活动 | | 动类 | 现场参观 | □特定对象调研 | | 别 | 其他（电话会议） | | | | 俞腾 | 中信证券股份有限公司 | | | 曾尚 | 湖南源乘私募基金管理有限公司 | | | 彭浩帆 | 上海胤胜资产管理有限公司 | | | 李勇 | 陆家嘴国际信托有限公司 | | | 李湧 | 嘉泽（厦门）私募基金管理有限公司 | | | 龚理 | 东海证券股份有限公司 | | | 张小东 | 浙江壁虎投资管理有限公司 | | | 高鑫 | 天风证券股份有限公司 | | 参与 | 苏浩洋 | 东北证券股份有限公司 | | | 曾庆怡 | 上海证券报社 | | 单位 | 蓝东 | 深圳宏鼎财富管理有限公司 | | | 程少普 | 广深联合控股有限公司 | | 名称 | 张媛 | 英大基金管理有限公司 | ...