| 证券简称：志特新材 公告编号：2025-011 | 证券代码：300986 | | --- | --- | | 转债简称：志特转债 | 转债代码：123186 | 江西志特新材料股份有限公司 注：1、上表中发行总量为初始发行总量 6,140,330 张； 经深圳证券交易所同意，公司本次可转债于 2023 年 4 月 21 日在深圳证券交 易所挂牌交易，债券简称"志特转债"，债券代码"123186"。 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"） 通过原股东优先配售，认购"志特转债"2,776,336 张，占可转债发行总量的 45.21% 。 具 体 内 容 详 见 公 司 于 2023 年 4 月 18 日 在 巨 潮 资 讯 网 （www.cninfo.com.cn）披露的《江西志特新材料股份有限公司创业板向不特定对 象发行可转换公司债券上市公告书》（公告编号：2023-020）。 二、可转债持有比例变动情况 公司于近日收到控股股东通知，获悉其于 2025 年 1 月 23 日通过大宗交易的 方式累计减持"志特转债"650,000 张，占可转债发行总量的 10.59%。具体变动 情 ...

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 2.48-2.6 billion yuan in 2024, representing a year-on-year growth of 10.81%-16.17%, with a median estimate of 2.54 billion yuan, which is a 13.5% increase year-on-year. The net profit attributable to shareholders is projected to be 65-95 million yuan, with a median of 80 million yuan, indicating a turnaround from losses. The net profit after deducting non-recurring items is expected to be 43-63 million yuan, with a median of 53 million yuan [2][5]. Summary by Sections Revenue and Profit Forecast - The company anticipates steady revenue growth and a return to profitability in 2024, with revenue expected to be between 2.48-2.6 billion yuan, a year-on-year increase of 10.81%-16.17%. The median revenue estimate is 2.54 billion yuan, reflecting a 13.5% growth. The net profit attributable to shareholders is forecasted to be between 65-95 million yuan, with a median of 80 million yuan, indicating a recovery from previous losses [2][5]. Operational Improvements - The company is focusing on enhancing production and operational efficiency, as well as quality improvements. This is expected to lead to an improvement in gross margins and a positive shift in profitability [11]. Accounting Policy Changes - A modification in depreciation policy is expected to positively impact profits. The company plans to change the depreciation method for aluminum templates to better reflect their actual usage and financial status, which is anticipated to contribute positively to the profit margins [11]. International Expansion - The company is actively expanding its overseas business, with a focus on markets in regions such as Hong Kong, Southeast Asia, the Middle East, Africa, and South America. This international expansion is expected to contribute to incremental revenue growth [11]. Equity Incentives - The introduction of an equity incentive plan demonstrates the company's confidence in its growth prospects. The performance targets set for the incentive plan indicate a strong commitment to achieving significant revenue and profit growth in the coming years [11]. Valuation Metrics - The company is projected to achieve net profits of 80 million, 170 million, and 270 million yuan for the years 2024, 2025, and 2026, respectively. The current market valuation corresponds to price-to-earnings ratios of 38.6, 17.7, and 11.2 times for these years, suggesting significant upside potential if the company continues to grow its international business and stabilize its domestic operations [11].

Group 1: Company Strategy and Market Expansion - In 2024, the company continued to implement a "1+N" diversified product and service strategy, focusing on operational efficiency and quality improvement while expanding both domestic and international markets [2] - The company capitalized on the "Belt and Road" initiative, actively developing markets in regions such as Hong Kong, Macau, Southeast Asia, the Middle East, Africa, and South America, successfully establishing a dual domestic and international market structure [2] - The overall business scale achieved steady growth in 2024, with overseas business maintaining a high growth rate [3] Group 2: Competitive Advantages in Overseas Business - The company has been developing overseas markets since 2014, gaining rich operational experience and establishing itself as an early entrant in the domestic construction materials industry [4] - It offers a comprehensive product system for both civil and public construction, enhancing customer loyalty through localized development by setting up subsidiaries and production bases in key overseas markets [4] Group 3: Production and Cost Structure - Approximately 70% of products sold overseas are produced domestically, while most products sold and leased in Singapore and Malaysia are produced locally [5] - The cost difference between domestic and overseas production is minimal, with overseas production bases allowing for quicker customer response and easier site visits [5] Group 4: Financial Management and Cost Control - The company has seen a significant increase in financial expenses due to the issuance of convertible bonds in 2023, prompting measures to control these costs [7] - Strategies include improving accounts receivable management, enhancing cash flow, and optimizing debt structure to reduce financial expenses [8] Group 5: Impact of Market Conditions - The cancellation of export tax rebates on aluminum profiles and fluctuations in aluminum prices primarily affect aluminum profiles, while the company exports aluminum templates [8] - The company monitors aluminum price trends and adjusts product pricing accordingly to mitigate risks associated with price volatility [8]

江西志特新材料股份有限公司 关于债券持有人可转债持有比例变动达 10%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：2025-010 | | --- | --- | | 转债代码：123186 转债简称：志特转债 | | 公司于近日收到控股股东通知，获悉其于 2024 年 12 月 13 日至 2025 年 1 月 21 日期间通过大宗交易的方式累计减持"志特转债"817,200 张，占可转债发 行总量的 13.31%。具体变动情况如下： | 持有人 | 本次变动前 | | 本次变动情况 | | 本次变动后 | 占发行 | | --- | --- | --- | --- | --- | --- | --- | | | 数量（张） | 占发行总 量比例 | 减持数量 （张） | 占发行总 量比例 | 数量（张） | 总量比 | | | | | | | | 例 | | 珠海凯越 | 2,776,336 | 45.21% | 817,200 | 13.31% | 1,959,136 | 31.9 ...

Financial Performance - The company expects a net profit of approximately 65 million to 95 million CNY for the year 2024, compared to a loss of 45.3 million CNY in the previous year, indicating a turnaround in performance [4]. - Projected operating revenue for 2024 is estimated to be between 248 million and 260 million CNY, representing a year-on-year growth of 10.81% to 16.17% [4]. - The net profit attributable to shareholders, excluding non-recurring gains and losses, is expected to be between 43 million and 63 million CNY, compared to a loss of 81.9 million CNY in the previous year [4]. - The company has successfully reversed its loss situation, demonstrating resilience and vitality in its operations [7]. - The financial data presented is preliminary and will be detailed in the company's 2024 annual report, urging investors to make cautious decisions [8]. Business Strategy - The company is implementing a "1+N" diversified product and service strategy, focusing on enhancing production efficiency and quality improvement [6]. - The company is actively expanding into international markets, leveraging opportunities from the Belt and Road Initiative, with significant growth in overseas business [7]. - The sales volume of prefabricated building products has seen substantial growth, contributing to overall business scale and performance improvement [7]. - New high-value-added products and services are gradually forming a scale, providing strong growth momentum for the company's performance [7].

| 证券代码：300986 | 证券简称：志特新材 公告编号：2025-007 | | --- | --- | | 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（以下简称"公司"）第四届董事会第五次会 议通知于 2025 年 1 月 20 日以口头方式送达全体董事，会议于 2025 年 1 月 20 日 以现场结合通讯方式召开。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《关于向下修正"志特转债"转股价格的议案》 根据公司 2025 年第一次临时股东大会的授权，董事会决定将"志特转债" 的转股价格向下修正为 12.50 元/股，修正后的转股价格自 2025 年 1 月 21 日起 生效。 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 8 票，反对 0 票，弃权 0 票。 董事高渭泉先生对本议案回避表决。 江西志特新材料股份有限公司 第四届董 ...

北京市中伦（深圳）律师事务所 关于江西志特新材料股份有限公司 2025 年第一次临时股东大会的 法律意见书 $$\Xi{\cal O}\,{\underline{{{-\,}}}}\,\mathbb{H}\,\mathbb{H}{\cal-H}$$ 北京 • 上海 • 深圳 • 广州 • 武汉 • 成都 • 重庆 • 青岛 • 杭州 • 南京 • 海口 • 东京 • 香港 • 伦敦 • 纽约 • 洛杉矶 • 旧金山 • 阿拉木图 Beijing • Shanghai • Shenzhen • Guangzhou • Wuhan • Chengdu • Chongqing • Qingdao • Hangzhou • Nanjing • Haikou • Tokyo • Hong Kong • London • New York • Los Angeles • San Francisco • Almaty 北京市中伦（深圳）律师事务所 关于江西志特新材料股份有限公司 2025 年第一次临时股东大会的 法律意见书 致：江西志特新材料股份有限公司 北京市中伦（深圳）律师事务所（以下简称"本所"）接受江西志特新材料 ...

| 证券代码：300986 | 证券简称：志特新材 公告编号：2025-006 | | --- | --- | | 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 关于向下修正"志特转债"转股价格的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚 假记载、误导性陈述或重大遗漏。 特别提示： 1、债券代码：123186 债券简称：志特转债 2、修正前转股价格：18.00 元/股 3、修正后转股价格：12.50 元/股 4、修正后转股价格生效日期：2025 年 1 月 21 日 一、可转换公司债券基本情况 （一）可转换公司债券发行上市情况 经中国证券监督管理委员会《关于同意江西志特新材料股份有限公司向不特 定对象发行可转换公司债券注册的批复》（证监许可〔2023〕543 号）同意，公 司于 2023 年 3 月 31 日向不特定对象发行可转换公司债券（以下简称"可转债"） 614.033 万张，发行价格为每张面值 100 元人民币，按面值发行，募集资金共计 人民币 61,403.30 万元。经深圳证券交易所同意，公司本次可转债于 2023 年 4 月 21 日 ...

| 证券代码：300986 | 证券简称：志特新材 | 公告编号：2025-005 | | --- | --- | --- | | 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 2025 年第一次临时股东大会决议公告 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。 特别提示： 1、本次股东大会未出现否决议案的情形。 2、本次股东大会不涉及变更以往股东大会已通过的决议。 一、会议召开情况 1、会议召开时间： （1）现场会议召开时间：2025 年 1 月 20 日下午 15:00。 （2）网络投票时间：通过深圳证券交易所（以下简称"深交所"）交易系 统进行网络投票的具体时间为 2025 年 1 月 20 日上午 9:15-9:25，9:30-11:30，下 午 13:00-15:00；通过深交所互联网投票系统进行网络投票的具体时间为 2025 年 1 月 20 日 9:15 至 15:00 期间的任意时间。 2、现场会议召开地点：广东省中山市火炬开发区中山创意港 B 栋 4 楼公司 会议室。 3、会议召开方式：采取现场投票与网 ...

截至本公告披露日，公司本次回购方案已实施完毕。根据《上市公司股份回 购规则》《深圳证券交易所上市公司自律监管指引第 9 号——回购股份》等相关 法律法规的规定，现将公司股份回购实施结果公告如下： 关于股份回购实施结果暨股份变动的公告 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：2025-004 | | --- | --- | | 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（以下简称"公司"）于 2024 年 6 月 17 日召 开第三届董事会第二十二次会议审议通过了《关于回购公司股份方案的议案》， 同意使用自有资金以集中竞价交易方式回购公司已发行的人民币普通股（A 股） 股票，用于员工持股计划或股权激励。本次回购的资金总额不低于 2,000 万元且 不超过 4,000 万元（均含本数），回购价格不超过 12.03 元/股（含本数）。具体 内容详见公司在巨潮资讯网（www.cninfo.com.cn）披露的《回购报告书》（公 告编号：2024-046）等相关公告 ...