Group 1 - The core point of the article is that Zhite New Materials (SZ 300986) announced the completion of a share reduction plan by its shareholders, resulting in a total reduction of approximately 4.11 million shares, accounting for 0.9987% of the company's total share capital [1] - The share reduction took place between October 14, 2025, and November 28, 2025, through centralized bidding [1] - As of the announcement date, the company's revenue composition for the first half of 2025 was as follows: 64.16% from construction formwork, 20.15% from other sources, and 15.69% from prefabricated buildings [1] Group 2 - The current market capitalization of Zhite New Materials is 4.5 billion yuan [2]

证券代码：300986 证券简称：志特新材 公告编号：2025-145 江西志特新材料股份有限公司 关于实际控制人之一致行动人减持股份计划实施完成的公告 舟山志壹企业管理合伙企业（有限合伙）、珠海志同股权投资企业（有限合 伙）、珠海志成投资企业（有限合伙）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。 本公司及董事会全体成员保证公告内容与信息披露义务人提供的信息一致。 江西志特新材料股份有限公司（以下简称"公司"）于 2025 年 9 月 10 日披 露了《关于实际控制人之一致行动人、董事减持股份预披露公告》（公告编号： 2025-123），公司控股股东珠海凯越高科技产业投资有限公司（以下简称"珠海 凯越"）与实际控制人高渭泉先生的一致行动人舟山志壹企业管理合伙企业（有 限合伙）（以下简称"舟山志壹"）、珠海志同股权投资企业（有限合伙）（以 下简称"珠海志同"）、珠海志成投资企业（有限合伙）（以下简称"珠海志成"） 计划自该公告披露之日起 15 个交易日后的 3 个月内以集中竞价和/或大宗交易方 式合计减持公司股份不超过 4,119,739 股（占公司总股本比例为 1.00 ...

江西志特新材料股份有限公司 关于为全资子公司提供担保的进展公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 证券代码：300986 证券简称：志特新材 公告编号：2025-144 一、担保情况概述 江西志特新材料股份有限公司（以下简称"公司"）于 2025 年 4 月 19 日召 开第四届董事会第十次会议、2025 年 5 月 13 日召开 2024 年年度股东大会，审 议通过了《关于 2025 年度担保额度预计的议案》，同意公司及其控股子公司在 2025 年度为公司控股子公司提供不超过 331,470 万元的预计担保额度（含前期已 审尚未失效的担保额度），其中为资产负债率大于等于 70%的子公司提供担保额 度不超过人民币 224,770 万元，为资产负债率小于 70%的子公司提供担保额度不 超过人民币 106,700 万元。前述担保额度范围包括存量担保、新增担保及存量担 保的展期，有效期限自公司 2024 年年度股东大会审议通过之日起至 2025 年年度 股东大会止，可在有效期限内循环使用，无需公司另行出具决议。担保方式包括 但不限于保证、抵押、质押等， ...

Core Insights - On November 21, Zhite New Materials experienced a decline of 6.34% with a trading volume of 106 million yuan [1] - The company reported a financing buy-in of 10.43 million yuan and a financing repayment of 11.12 million yuan, resulting in a net financing outflow of 0.69 million yuan [1] - As of November 21, the total margin balance for Zhite New Materials was 252 million yuan, representing 6.00% of its circulating market value, indicating a high level of financing [1] Financing and Margin Data - On the same day, Zhite New Materials had a financing buy-in of 10.43 million yuan, with a current financing balance of 252 million yuan, which is above the 60th percentile of the past year [1] - There were no shares sold or repaid in the securities lending market, with a lending balance of 0.00 yuan, indicating a high level of lending activity [1] Company Overview - Zhite New Materials, established on December 8, 2011, and listed on April 30, 2021, is located in Zhongshan City, Guangdong Province [1] - The company specializes in providing comprehensive services related to the research, design, production, sales, leasing, and technical guidance of building aluminum formwork systems [1] - The revenue composition of the company includes aluminum formwork at 55.53%, other services at 29.77%, and prefabricated PC series products at 14.70% [1] Financial Performance - As of September 30, the number of shareholders for Zhite New Materials increased by 41.48% to 20,500, while the average circulating shares per person decreased by 22.48% to 20,123 shares [2] - For the period from January to September 2025, the company achieved a revenue of 2.023 billion yuan, reflecting a year-on-year growth of 12.09%, and a net profit attributable to shareholders of 118 million yuan, which is a significant increase of 98.65% year-on-year [2] Dividend and Shareholding - Since its A-share listing, Zhite New Materials has distributed a total of 101 million yuan in dividends, with 83.134 million yuan distributed over the past three years [3] - As of September 30, 2025, among the top ten circulating shareholders, Guotai Asset Advantage Mixed A (020015) is the ninth largest shareholder with 1.3783 million shares, while Guoshou Anbao Growth Preferred Stock A (001521) has exited the top ten list [3]

Investment Rating - The report maintains an investment rating of "Outperform" for the construction and decoration industry [3]. Core Viewpoints - The report highlights a continued decline in fixed asset investment in October, with a focus on the positive impact of moderately loose monetary policy and the acceleration of strategic project implementation [14][20]. - It emphasizes the increase in net financing of special bonds and rapid deployment of special government bonds, indicating a supportive funding environment for infrastructure projects [21][19]. Summary by Sections Industry Perspective and Investment Recommendations - The construction and decoration index rose by 0.35%, outperforming the overall A-share index by 0.53 percentage points, with notable performances in landscaping engineering and decoration sectors [13][30]. - Fixed asset investment from January to October 2025 reached CNY 408,914 billion, down 1.7% year-on-year, with infrastructure investment at CNY 203,809 billion, growing by 1.5% [14][16]. Key Company Dynamics - China Construction reported a new contract total of CNY 33,194 billion from January to October 2025, up 2.0% year-on-year [37]. - China Metallurgical Group announced a new contract amount of CNY 8,451 billion, down 11.8% year-on-year [37]. Valuation Status - As of November 14, 2025, the price-to-earnings (PE) ratios for various construction sub-sectors were as follows: housing construction at 6.64x, decoration at -24.37x, and municipal engineering at 8.14x [40].

Investment Rating - The industry investment rating is "Overweight" indicating a positive outlook for the sector [2][28]. Core Insights - Fixed asset investment growth has further declined, with a cumulative year-on-year decrease of 1.7% for January to October 2025, a drop of 1.2 percentage points compared to the previous period [4][5]. - Traditional infrastructure investment growth has turned negative, with infrastructure investment (excluding electricity) showing a year-on-year decrease of 0.1% [5]. - Real estate investment remains low, with a year-on-year decline of 14.7% for January to October 2025, indicating a weak recovery trajectory [11]. Summary by Sections Fixed Asset Investment - The cumulative year-on-year growth rate for fixed asset investment is -1.7%, with manufacturing investment at +2.7% [4]. - Infrastructure investment (all-inclusive) shows a year-on-year increase of 1.5%, but infrastructure investment excluding electricity is down by 0.1% [5]. Infrastructure Investment - Transportation, water conservancy, and public utility investments are under pressure, with transportation and postal services showing a slight increase of 0.1% year-on-year, while water and environmental management investments are down by 4.1% [5]. - Regional investment varies, with the eastern region down by 5.4% and the northeastern region down by 11.7% [5]. Real Estate Investment - Real estate investment has decreased by 14.7% year-on-year, with construction starts down by 19.8% and completions down by 16.9% [11]. - The report anticipates a slow recovery in real estate investment due to challenges in supply and inventory replenishment [11]. Investment Recommendations - The report suggests that in 2026, industry investment will stabilize, with emerging sectors expected to benefit from national strategic implementations [18]. - Specific companies to watch include Sichuan Road and Bridge, China Chemical, and others in the new infrastructure and overseas markets [18].

Core Viewpoint - The company is currently in the research and market expansion phase for its thin phase change high-temperature thermal insulation and flame-retardant materials [2] Group 1 - The company emphasizes the importance of the project's progress and is committed to adhering to relevant laws and regulations regarding information disclosure [2]

Core Viewpoint - The company, Zhite New Materials, confirmed its normal operations in Hubei province, focusing on the design, production, sales, and leasing of aluminum formwork systems [2] Group 1 - Zhite New Materials established a subsidiary, Hubei Zhite New Materials Technology Co., Ltd., in Xianning City in 2018 [2] - The subsidiary specializes in aluminum formwork systems [2] - The company is currently operating normally [2]

Core Viewpoint - The company Zhite New Materials (300986.SZ) is currently in the research and market expansion phase for its thin-phase high-temperature thermal insulation and flame-retardant materials [1] Company Summary - Zhite New Materials is actively developing innovative materials aimed at enhancing thermal insulation and flame resistance [1] - The company is focusing on both research and market development to bring its products to market [1]

Group 1 - The company is currently in the research and market expansion phase for its thin phase change high-temperature thermal insulation and flame-retardant materials [2] - The company emphasizes the importance of the project's progress and commits to timely information disclosure in accordance with relevant laws and regulations [2]