Summary of Zhite New Materials Conference Call Company Overview - **Company**: Zhite New Materials - **Industry**: Aluminum formwork and related construction materials Key Points Financial Performance - In Q1 2025, Zhite New Materials reported a revenue increase of 30% year-on-year, with operating cash inflow reaching 116 million yuan, a 200% increase compared to the previous year [2][4] - Gross margin improved to 28%, up from 21% in the same period last year [4] - The company achieved a net profit of 24 million yuan, recovering from a loss of 18 million yuan in the previous year [4] Drivers of Growth - The primary driver for growth was the rapid expansion of overseas business, with overseas order signing volume doubling year-on-year [2][5] - Effective management of accounts receivable led to improved cash flow, with accelerated collection efforts during the Spring Festival and policy impacts [5] Market Dynamics - Domestic demand for aluminum formwork has not fully recovered, but the order situation remains positive [2] - The customer base is shifting towards private enterprises with strong payment capabilities, focusing on infrastructure and public construction projects [2][8] Competitive Landscape - Nanshan Aluminum's growth has slowed due to previous expansion efforts, with a stable pricing environment observed [9][10] - Nanshan's customer structure consists of approximately 60% state-owned enterprises and 30-40% private clients, with public construction projects accounting for 10-15% of total capacity [11] Overseas Market Strategy - Zhite's overseas market is primarily in Southeast Asia (40-45%), Hong Kong and Taiwan (30%), and the Middle East (25-30%) [2][12] - The company emphasizes localization strategies by establishing joint ventures with local partners to mitigate policy risks [2][12] Profitability Insights - Profit margins vary by region, with higher profitability in Taiwan and the Middle East compared to more competitive markets like Malaysia [13][14] - Overall, even in lower-margin countries, the profitability remains higher than domestic levels [13] Accounting Adjustments - In Q4 2024, the company adjusted its depreciation method for aluminum formwork to better reflect operational realities, which will gradually diminish in impact by 2026 [16][17] - The adjustment included changing the residual value rate from 35% to 50%, affecting depreciation costs and overall financial data [16] Future Investments - The company is actively exploring AI and quantum computing sectors, collaborating with institutions like Micro Era to develop applications in AI for science [3][19] - Future investment opportunities will be assessed based on project progress and market demand, aiming for diversified growth [20][21] Additional Insights - The company is cautious about increasing capital demands for overseas localization, preferring to share investment risks with local partners [15] - The investment in real estate for operational purposes has seen a notable change, reflecting a strategic shift in managing receivables [18]

Investment Rating - The report maintains a "Positive" investment rating for the construction and engineering sector [12]. Core Viewpoints - The Central Political Bureau meeting on April 25 emphasized the need for proactive macroeconomic policies to stabilize growth and address risks in key areas, signaling positive stability for the real estate chain [2][9]. - The meeting highlighted the importance of high-quality development to respond to external uncertainties, particularly in the context of international trade tensions, such as the escalating US-China tariff situation [8][9]. - Infrastructure investment is expected to receive policy support as a key driver for economic growth, with a focus on enhancing funding and implementing new policies [10][11]. Summary by Sections Macroeconomic Policies - The report outlines the need for consistent policy orientation, utilizing more proactive fiscal policies and moderately loose monetary policies, including the issuance of special bonds and maintaining liquidity to support the real economy [9][10]. Real Estate Market - The report indicates that real estate development investment in March 2025 was CNY 0.9 trillion, a decrease of 10.0% year-on-year, with sales and new construction areas also showing declines [62][63]. Infrastructure Investment - In March 2025, narrow infrastructure investment reached CNY 1.9 trillion, up 5.9% year-on-year, while broad infrastructure investment was CNY 2.6 trillion, reflecting a 10.7% increase [54][55]. Sector Performance - The construction sector is advised to focus on the dual themes of stabilizing growth and the "Belt and Road" initiative, with recommendations for companies with high overseas exposure to benefit from increasing international orders [11][12].

事件：公司公布2025 年一季报。2025Q1 公司实现收入5.56 亿元，同比+23.65%，归母净利润0.25 亿 元，同比+236.44%。 国内企稳+海外增长，Q1 收入增速达近两年最高：Q1 公司收入同比+23.65%，是2023Q1（疫情管控放 开，需求释放）后近两年的最快单季度收入增速，我们判断主要原因是：1）公司海外业务持续拓展， 2）2024Q4 化债力度加大后地产需求逐渐筑底，公司进一步优化客户结构，国内核心盘渐企稳回升。 毛利率提升，费用率改善：2025Q1 公司毛利率28.08%，同比上升6.36个百分点，判断主要因为毛利较 高的海外业务增速较快，且低毛利的爬架等业务减亏。2025Q1，公司销售/管理/研发/财务费用率分别 为6.65%/7.07%/4.08%/3.97%，同比分别-1.67/+0.37/-1.18/-1.77，期间费用率合计下降4.25 个百分点，主 要因为公司收入规模上升后费用率被有效摊薄，利润率进一步改善。 现金流改善显著：2025Q1 公司经营净现金流1.16 亿元，同比+207.69%，经营现金流改善显著，判断主 要因为公司加强回款管理。 看好全年主业复苏及A ...

江西志特新材料股份有限公司（以下简称"公司"）第四届监事会第四次会 议通知已于 2025 年 4 月 24 日通过书面方式送达。会议于 2025 年 4 月 27 日以 通讯的方式召开。本次会议由公司监事会主席张嘉文先生主持，应出席会议监事 3 名，实际出席会议的监事 3 名。本次会议的召集、召开及表决程序符合《中华 人民共和国公司法》及《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、审议通过了《2025 年第一季度报告》 经审核，监事会认为：董事会编制和审核公司《2025 年第一季度报告》的程 序符合法律、法规和中国证监会、深圳证券交易所的有关规定，报告内容真实、 准确、完整地反映了公司的实际情况，不存在任何虚假记载、误导性陈述或者重 大遗漏。 具体内容详见同日披露于巨潮资讯网（www.cninfo.com.cn）上的相关公告。 表决结果：同意 3 票，反对 0 票，弃权 0 票。 | 证券代码：300986 | 证券简称：志特新材 公告编号：2025-058 | | --- | --- | | 转债代码：123186 | 转债简称：志特转债 | 江西志特新材料股份有限公司 第四届监事会 ...

一、董事会会议召开情况 证券代码：300986 证券简称：志特新材 公告编号：2025-057 转债代码：123186 转债简称：志特转债 江西志特新材料股份有限公司 第四届董事会第十一次会议决议公告 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。 本议案已经公司董事会审计委员会审议通过。 三、备查文件 1、第四届董事会第十一次会议决议； 2、董事会审计委员会决议。 特此公告。 江西志特新材料股份有限公司（以下简称"公司"）第四届董事会第十一次 会议通知已于 2025 年 4 月 24 日通过书面方式送达，会议于 2025 年 4 月 27 日以 现场结合通讯的方式召开。本次会议应出席董事 9 名，实际出席董事 9 名。会议 由董事长高渭泉先生召集并主持。本次会议的召开符合有关法律、行政法规、部 门规章、规范性文件和《公司章程》的有关规定，会议合法、有效。 二、董事会会议审议情况 1、审议通过了《2025 年第一季度报告》 公司《2025 年第一季度报告》的编制程序符合法律、法规和中国证监会、 深圳证券交易所的有关规定，报告内容真实、准确、完整地反映了公司的实 ...

Financial Performance - The company's revenue for Q1 2025 reached ¥556,067,766.99, representing a 23.65% increase compared to ¥449,697,827.65 in the same period last year[6] - Net profit attributable to shareholders was ¥24,610,317.80, a significant turnaround from a loss of ¥18,037,966.61 in the previous year, marking a 236.44% increase[6] - The net cash flow from operating activities improved to ¥116,467,714.60, compared to a negative cash flow of ¥108,154,969.18 in Q1 2024, reflecting a 207.69% increase[6] - Total operating revenue for the current period reached ¥556,067,766.99, an increase of 23.6% compared to ¥449,697,827.65 in the previous period[28] - The company reported a net profit of ¥25,447,428.85, a significant recovery from a net loss of ¥20,771,564.51 in the previous period, marking a turnaround of over 200%[29] - Operating profit reached ¥26,550,922.32, compared to an operating loss of ¥8,279,998.23 in the prior year, indicating a substantial improvement[29] - The company achieved a basic and diluted earnings per share of ¥0.0998, recovering from a loss per share of ¥0.0732 in the previous period[30] - The company reported a total comprehensive income of ¥25,540,086.99, recovering from a comprehensive loss of ¥21,284,420.77 in the previous period[29] Assets and Liabilities - The company's total assets at the end of the reporting period were ¥5,486,299,630.10, a slight increase of 0.56% from ¥5,455,821,386.35 at the end of the previous year[6] - Total current assets slightly increased to ¥2,707,408,218.61 from ¥2,706,457,555.60, showing a marginal growth of 0.04%[25] - Total non-current assets rose to ¥2,778,891,411.49 from ¥2,749,363,830.75, indicating an increase of 1.1%[25] - Total liabilities decreased to ¥3,620,939,788.79 from ¥3,779,681,994.86, a reduction of 4.2%[26] - Total equity attributable to shareholders increased to ¥1,710,068,661.08 from ¥1,522,914,752.29, reflecting a growth of 12.3%[26] Cash Flow - Cash and cash equivalents increased to ¥553,382,344.96 from ¥486,386,902.74, representing a growth of 13.8%[24] - Cash flow from operating activities showed a net inflow of ¥116,467,714.60, a significant improvement from a net outflow of ¥108,154,969.18 in the prior year[31] - Investment activities resulted in a net cash outflow of ¥22,707,019.91, an improvement from a larger outflow of ¥267,022,080.97 in the previous period[32] - Financing activities led to a net cash outflow of ¥26,039,295.07, contrasting with a net inflow of ¥187,650,908.41 in the prior year, indicating a shift in financing strategy[32] - The cash and cash equivalents at the end of the period increased to ¥418,032,292.08, up from ¥247,043,426.62, reflecting improved liquidity[32] Shareholder Information - The total number of common shareholders at the end of the reporting period was 13,790[18] - The largest shareholder, Zhuhai Kaiyue High-tech Industry Investment Co., Ltd., holds 37.65% of shares, totaling 98,718,937 shares[18] - The top ten shareholders hold a significant portion of shares, with the top three shareholders alone accounting for over 46% of the total[18] - The total number of shares held by the top ten unrestricted shareholders is 98,718,937 shares[19] - The company completed a share repurchase plan, acquiring 5,027,700 shares, which is 2.04% of the total share capital, with a total transaction amount of approximately RMB 39.998 million[21] - The company plans to use self-owned funds to repurchase shares for employee stock ownership plans or equity incentives, with a total repurchase amount between RMB 20 million and RMB 40 million[21] - The company’s share repurchase price ranged from a maximum of RMB 11.99 to a minimum of RMB 6.40 per share[21] Strategic Initiatives - A strategic cooperation agreement was signed with Quantum Technology Yangtze River Delta Industrial Innovation Center to develop "Quantum + AI" materials[22] - The newly established joint venture, Shanghai Zhite Jiyuan New Materials Technology Co., Ltd., has a registered capital of RMB 30 million, with Zhuhai Hengqin Zhite contributing RMB 15.3 million[22] - The company’s strategic partnerships aim to enhance high-quality development in new material production capabilities[22] Cost Management - Total operating costs amounted to ¥526,532,429.01, up from ¥474,077,751.42, reflecting a growth of 11.1%[28] - The company reported a significant reduction in income tax expenses, which fell by 88.12% to ¥1,261,136.24 from ¥10,620,064.30 in the previous year[14] - The company reported a net profit margin improvement due to better cost management strategies[28] Future Outlook - Future outlook includes plans for market expansion and potential new product launches to drive revenue growth[28]

Group 1 - The Shanghai Composite Index closed at 3302.19 points, above the five-day moving average, with a slight increase of 0.15% [1] - The total trading volume of A-shares reached 733.14 billion yuan [1] - A total of 837 A-shares have prices that surpassed the five-day moving average, with notable stocks including Jiuzhou Group, Nanguo Real Estate, and Proya, showing significant deviation rates of 11.67%, 7.92%, and 7.86% respectively [1] Group 2 - The top stocks with the highest deviation rates from the five-day moving average include: - Jiuzhou Group (16.74% increase, 34.11% turnover rate, latest price 7.60 yuan, deviation rate 11.67%) [1] - Nanguo Real Estate (10.32% increase, 3.16% turnover rate, latest price 1.39 yuan, deviation rate 7.92%) [1] - Proya (10.00% increase, 2.50% turnover rate, latest price 84.71 yuan, deviation rate 7.86%) [1] - Other notable stocks with significant increases include: - Fangda Group (9.95% increase, 6.42% turnover rate, latest price 4.31 yuan, deviation rate 7.53%) [1] - Luolai Life (9.68% increase, 1.71% turnover rate, latest price 9.18 yuan, deviation rate 7.24%) [1]

Investment Rating - The investment rating for the company is "Buy" and is maintained [7]. Core Views - The company is expected to achieve a revenue of 2.48 to 2.6 billion yuan in 2024, representing a year-on-year growth of 10.81% to 16.17%, with a median estimate of 2.54 billion yuan, reflecting a 13.5% increase. The net profit attributable to shareholders is forecasted to be between 65 to 95 million yuan, with a median of 80 million yuan, indicating a turnaround from losses [2][4]. Summary by Sections Revenue and Profitability - The company achieved a total revenue of 2.526 billion yuan in 2024, marking a year-on-year increase of 12.88%. The net profit attributable to shareholders was 74 million yuan, also indicating a return to profitability. The net profit after deducting non-recurring items was 43 million yuan, showing a positive shift [4][10]. Business Performance - The company’s revenue growth was driven by a significant increase in overseas income, which grew by 41.85% to reach 520 million yuan, accounting for 16.38% of total revenue. The aluminum formwork products benefited from technological advantages and capacity upgrades, while the prefabricated PC components business capitalized on the green building trend [10]. Margin and Cost Management - The overall gross margin for the year was 25.38%, an increase of 3.89 percentage points year-on-year. The company managed to reduce its expense ratio to 18.35%, down by 1.81 percentage points, which contributed to improved profitability [10]. Future Outlook - The company is positioned for growth with a focus on overseas markets and new technological collaborations, including partnerships in AI and quantum technology for new material development. The introduction of an equity incentive plan aims to drive performance targets for net profit and overseas revenue in the coming years [10].

Investment Rating - The report maintains an "Outperform" rating for the company [1] Core Views - The company has turned losses into profits, with strong momentum in overseas business development [1] - The 2024 net profit attributable to the parent company is expected to increase by 262.69%, in line with expectations, while the operating revenue is projected to grow by 12.88% [6] - The company is exploring new growth avenues in emerging sectors, indicating a positive outlook for future development [6] Financial Data and Profit Forecast - Total operating revenue is projected to reach 2,238 million in 2023, increasing to 3,156 million by 2025, reflecting a growth rate of 24.9% [5][8] - The net profit attributable to the parent company is expected to recover from a loss of 45 million in 2023 to a profit of 185 million in 2025, with a year-on-year growth of 150.7% [5][8] - The gross profit margin is expected to improve from 21.5% in 2023 to 25.5% in 2025 [5][8] - The company’s return on equity (ROE) is projected to rise from -3.0% in 2023 to 12.1% in 2025 [5][8] Business Segments Performance - The aluminum formwork segment is expected to achieve operating revenue of 1,480 million in 2024, with a gross margin of 30.1% [6] - The overseas revenue is projected to grow by 41.9% in 2024, indicating strong international market performance [6] - The company is actively investing in new materials and quantum technology applications, which may contribute to future revenue streams [6]

Summary of Zhite New Materials Conference Call Company Overview - **Company**: Zhite New Materials - **Year**: 2024 - **Revenue**: 25.43 billion CNY, up 26.2% YoY - **Net Profit**: 0.97 billion CNY, up 262% YoY - **Net Profit (Excluding Non-recurring Items)**: 0.74 billion CNY, up 152% YoY - **Operating Cash Flow**: Turned positive Key Financial Performance - **Aluminum Formwork Business**: Revenue accounted for 58% of total revenue, with a 7% YoY increase [3] - **PC Business**: Revenue accounted for 17% of total revenue, with a growth of over 10% YoY [3] - **Overseas Business**: Revenue reached 5.19 billion CNY, up 41% YoY, accounting for approximately 20% of total revenue [3] - **Profit Target for 2025**: 2 billion CNY, with overseas revenue target of 10 billion CNY, requiring a 130% YoY increase [4] Business Segments and Strategies - **Aluminum Formwork Margin Improvement**: Driven by increased overseas business share and accounting policy adjustments, with expectations for continued good margins due to market expansion and production efficiency [5] - **Scaffolding Business**: Expected to turn profitable in 2025 after controlling scale and improving margins due to regulatory impacts [6] - **PC Components**: Low margins but expected growth in Hong Kong, Macau, and Taiwan markets due to rising demand for prefabricated components [6] Market Dynamics - **Real Estate Sector Downturn**: Led to pressure on aluminum formwork demand, but also resulted in market consolidation, benefiting Zhite New Materials [7] - **Industry Concentration**: Significant reduction in the number of companies in the aluminum formwork industry, from over 1,200 in 2019 to less than 200 by the end of 2024, with expectations for further concentration [8] Cash Flow and Risk Management - **Cash Flow Improvement**: Achieved through a "payment before delivery" policy for overseas business and adjustments in domestic marketing strategies [9] - **Accounts Receivable Risk**: Remains stable with measures taken to address long-standing issues [10][11] Future Outlook - **Overseas Market Focus**: Key regions include Southeast Asia (40-45%), Hong Kong and Taiwan (30-35%), and the Middle East (20-25%), with plans for local partnerships and production bases [16] - **New Business Ventures**: Collaboration with Micro-Nano Technology to enter the AI quantum materials sector, with expected business developments in Q2 [15] - **Digital Management and AI**: Progress in digital management recognized with certification, and ongoing exploration in AI for material optimization [14] Challenges and Considerations - **Aluminum Price Fluctuations**: Minimal impact on costs due to the nature of the business model, which allows for the reuse of aluminum formwork [25] - **Domestic Market Conditions**: Cautious optimism for recovery in the domestic construction industry, with a focus on maintaining profitability [22][31] Investment Opportunities - **Growth Potential**: Strong outlook for overseas business expansion and advancements in new materials and quantum computing, presenting favorable investment opportunities [35]