Core Viewpoint - Xinghua New Materials (301077.SZ) forecasts a net profit attributable to shareholders of 75 million to 85 million yuan for the first half of 2025, representing a year-on-year growth of 12.37% to 27.36% [1] Financial Performance - The company expects a net profit of 73 million to 83 million yuan after deducting non-recurring gains and losses, reflecting a year-on-year increase of 11.27% to 26.51% [1] - The overall gross profit margin of the company's products increased by 4.07% year-on-year during the reporting period [1] Strategic Initiatives - The company adheres to a full-category strategy, covering the product market from low-end to high-end, which helps to solidify its market share [1] - Continuous improvement in product processes and optimization of product structure are key focuses, supported by refined and stable supply chain management [1] Non-recurring Gains - The impact of non-recurring gains and losses on the net profit attributable to shareholders is estimated to be approximately 737,400 yuan, primarily from government subsidies and investment income [1]

[Core Performance Forecast Data](index=1&type=section&id=I.%20Current%20Period%20Performance%20Forecast) The company forecasts a net profit attributable to shareholders of RMB 75-85 million for H1 2025, with a 12.37%-27.36% year-on-year growth, and a 11.27%-26.51% increase in non-recurring adjusted net profit Key Performance Forecast Data | Item | Current Reporting Period | Prior Year Period | | :--- | :--- | :--- | | **Net Profit Attributable to Shareholders** | Profit: RMB 75 million – RMB 85 million | Profit: RMB 66.7424 million | | | Year-on-year Growth: 12.37% to 27.36% | | | **Net Profit After Deducting Non-Recurring Gains/Losses** | Profit: RMB 73 million – RMB 83 million | Profit: RMB 65.6075 million | | | Year-on-year Growth: 11.27% to 26.51% | | - The performance forecast covers the period from **January 1, 2025, to June 30, 2025**[2](index=2&type=chunk) [Explanation of Audit Status](index=1&type=section&id=II.%20Communication%20with%20Accounting%20Firm) The performance forecast data represents preliminary estimates by the company's finance department and remains unaudited by an accounting firm - The performance forecast data is a **preliminary estimate** by the company's finance department and **has not been audited** by an accounting firm[4](index=4&type=chunk) [Analysis of Performance Change Reasons](index=1&type=section&id=III.%20Explanation%20of%20Performance%20Change%20Reasons) Performance growth is primarily driven by a **4.07% year-on-year increase** in overall product gross margin due to strategic optimization and refined supply chain management, supplemented by positive non-recurring gains - The company achieved a **4.07% year-on-year increase** in overall product gross margin, driving net profit growth, through a comprehensive product strategy, process improvement, product structure optimization, and refined supply chain management[6](index=6&type=chunk) - Non-recurring gains and losses, primarily from government subsidies and investment income, are estimated to have positively impacted net profit by approximately **RMB 0.7374 million** during the reporting period[6](index=6&type=chunk) [Risk Warning](index=2&type=section&id=IV.%20Other%20Relevant%20Information) The company reiterates that this performance forecast is a preliminary, unaudited estimate, with final financial data to be disclosed in the 2025 semi-annual report, urging investor caution - Investors are reminded that specific financial data will be subject to the **2025 semi-annual report**, urging **cautious decision-making** and **awareness of investment risks**[7](index=7&type=chunk)

Core Insights - The labor protection products market is experiencing steady growth due to increased national emphasis on safety and occupational health, with a projected market size of 109.93 billion yuan in 2024, reflecting a 1.5% year-on-year increase [1][9][19]. Market Overview - Labor protection products are essential for workers to prevent or mitigate injuries and occupational hazards, categorized into various types such as hand protection, body protection, foot protection, and more [2][4]. - The market is dominated by hand protection and body protection products, with projected market sizes of 39.14 billion yuan and 33.97 billion yuan respectively in 2024, accounting for 35.6% and 30.9% of the total market [11]. Application Areas - The application of labor protection products spans various high-risk industries, including oil and gas, metallurgy, automotive, machinery, and construction, with significant market shares in these sectors: oil, chemical, and natural gas at 14.0%, metallurgy and non-ferrous at 9.6%, automotive at 9.5%, and both machinery and construction at 8.5% [13][19]. Industry Structure - The labor protection products industry in China has developed a complete supply chain covering all categories, with a large number of manufacturers primarily located in Jiangsu, Shandong, and Zhejiang provinces. The industry is characterized by low concentration and a fragmented market structure [17]. - Domestic companies are increasing R&D investments and enhancing product offerings, gaining competitiveness in the mid-to-low-end market, while foreign companies like 3M, DuPont, and Honeywell maintain a strong presence in the high-end segment [17]. Trends and Innovations - The market is expected to grow steadily, with a projected compound annual growth rate (CAGR) of 2.1% from 2024 to 2031, reaching a market size of 127.28 billion yuan by 2031 [19]. - Innovations in materials science and the integration of smart technologies are anticipated to enhance product performance and functionality, with a focus on sustainability through the use of eco-friendly materials [20][21].

Core Viewpoint - The announcement details the completion of the third vesting period for the 2022 restricted stock incentive plan of Zhejiang Xinghua New Materials Group Co., Ltd, allowing the stocks to be listed and traded after vesting [1][2]. Summary by Sections 1. Overview of the Restricted Stock Incentive Plan - The plan was approved on May 16, 2022, with the first grant date set for June 23, 2022, at a price of 11.52 yuan per share [1][2]. - A total of 575,000 shares were granted, with 460,000 shares allocated to key personnel and 115,000 shares reserved [1][2]. 2. Vesting Arrangement - The vesting schedule is divided into three periods: - 33% after 12 months - 33% after 24 months - 34% after 36 months [3][4]. - Shares cannot be transferred or used as collateral before vesting [3]. 3. Performance Assessment Requirements - The performance assessment for the vesting periods is based on revenue or net profit growth rates: - 10% for the first period - 20% for the second period - 30% for the third period [4][5]. 4. Decision-Making Process and Approval - The plan underwent several meetings for approval, with independent directors and the supervisory board providing consent [5][6]. - Adjustments were made to the number of shares and the grant price due to changes in the list of grantees [9][10]. 5. Compliance with Vesting Conditions - The board confirmed that the conditions for the third vesting period were met, allowing for the vesting of 178,704 shares to 18 grantees [14][15]. - The company’s financial performance met the required growth metrics, confirming eligibility for the vesting [14]. 6. Listing and Trading Arrangements - The shares from the third vesting period will be available for trading starting July 24, 2025 [15][16]. - Restrictions on the transfer of shares by directors and senior management are outlined, including a limit of 25% on the total shares held [15]. 7. Impact on Company Structure - The total number of shares after the vesting will be 170,078,941, with a minor impact on the company's equity structure [17][18]. - The vesting will not significantly affect the company's financial status or operational results [18]. 8. Legal Opinions - Legal counsel confirmed that the vesting process complies with relevant laws and regulations, and necessary approvals have been obtained [18].

证券代码：301077 证券简称：星华新材 公告编号：2025-041 浙江星华新材料集团股份有限公司 关于 2023 年限制性股票激励计划首次授予部分第二个归属期 归属结果暨股份上市公告 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。 重要内容提示： 1、本次归属股票的上市流通日为 2025 年 7 月 24 日 2、本次归属的第二类限制性股票激励对象共计 22 人，激励数量为 211,992 股，占目前公司总股本的 0.12%； 3、本次归属的限制性股票除董事、高管限售股外无其他限售安排， 股票上市后即可流通。 浙江星华新材料集团股份有限公司（以下简称"公司"）2025 年 4 月 11 日召开了第四届董事会第五次会议、第四届监事会第四次会议，审 议通过了《关于 2023 年限制性股票激励计划首次授予部分第二个归属期 归属条件成就的议案》。近日公司办理了 2023 年限制性股票激励计划首 次授予部分第二个归属期股票的登记工作，现将有关事项说明如下： 一、2023 年限制性股票激励计划简述及首次授予情况 公司于 2023 年 5 月 5 日召开 2022 年 ...

证券代码：301077 证券简称：星华新材 公告编号：2025-040 浙江星华新材料集团股份有限公司 关于 2022 年限制性股票激励计划首次授予部分第三个归属期 归属结果暨股份上市公告 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。 重要内容提示： 1、本次归属股票的上市流通日为 2025 年 7 月 24 日 2、本次归属的第二类限制性股票激励对象共计 18 人，激励数量为 178,704 股，占目前公司总股本的 0.11%； 3、本次归属的限制性股票除董事、高管限售股外无其他限售安排， 股票上市后即可流通。 浙江星华新材料集团股份有限公司（以下简称"公司"或"星华新 材"）2025 年 4 月 11 日召开了第四届董事会第五次会议、第四届监事 会第四次会议，审议通过了《关于 2022 年限制性股票激励计划首次授予 部分第三个归属期归属条件成就的议案》。近日公司办理了 2022 年限制 性股票激励计划首次授予部分第三个归属期股票的登记工作，现将有关 事项说明如下： 一、2022 年限制性股票激励计划简述及首次授予情况 公司于 2022 年 5 月 16 ...

数量的公告 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：301077 证券简称：星华新材 公告编号：2025-039 浙江星华新材料集团股份有限公司 关于调整限制性股票激励计划授予价格和授予 浙江星华新材料集团股份有限公司（以下简称"公司"）于 2025 年7月2日召开第四届董事会第七次会议、第四届监事会第六次会议， 分别审议通过了《关于调整 2022 年限制性股票激励计划授予价格和 授予数量的议案》《关于调整 2023 年限制性股票激励计划授予价格和 授予数量的议案》。现将有关事项公告如下： 一、2022 年限制性股票激励计划已履行的审批程序和信息披露情 况 1、2022 年 4 月 22 日，公司召开第三届董事会第四次会议，会议 审议通过了《关于<2022 年限制性股票激励计划（草案）>及其摘要的 议案》《关于<2022 年限制性股票激励计划实施考核管理办法>的议案》 以及《关于提请股东大会授权董事会办理公司 2022 年限制性股票激 励计划相关事项的议案》等议案。公司独立董事就本激励计划相关议 案发表了同意的独立意见。 同日，公司召开第三届 ...

证券代码：301077 证券简称：星华新材 公告编号：2025-038 浙江星华新材料集团股份有限公司 第四届监事会第六次会议决议公告 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。 二、监事会会议审议情况 经与会监事投票表决，一致同意通过以下议案： 1. 审议通过《关于调整 2022 年限制性股票激励计划授予价格和 授予数量的议案》 经审核，监事会认为：公司本次对 2022 年限制性股票激励计划 授予价格、授予数量的调整符合《上市公司股权激励管理办法》《2022 年限制性股票激励计划（草案）》及相关法律法规的要求，调整程序 合法、合规，不存在损害上市公司及全体股东利益的情形。除上述调 整内容外，公司实施的 2022 年限制性股票激励计划其他内容与公司 2021 年度股东大会审议通过的内容一致。因此我们同意公司对 2022 年限制性股票激励计划授予价格、授予数量的调整。 具体内容详见公司同日披露于巨潮资讯网 （http://www.cninfo.com.cn，下同）的《关于调整限制性股票激励计 划授予价格和授予数量的公告》（公告编号：2025-039）。 表决 ...

法律意见书 国浩律师（杭州）事务所 之 法律意见书 致：浙江星华新材料集团股份有限公司 根据杭州星华反光材料股份有限公司（已于 2022 年 9 月更名为"浙江星华 新材料集团股份有限公司"，以下简称"星华新材""公司"）与国浩律师（杭 州）事务所（以下简称"本所"）签订的专项法律服务委托协议，本所接受星华 新材的委托，根据《中华人民共和国公司法》（以下简称"《公司法》"）、《中 华人民共和国证券法》（以下简称"《证券法》"）、《上市公司股权激励管理办 法》（以下简称"《管理办法》"）等有关法律、法规和规范性文件的规定，按 照律师行业公认的业务标准、道德规范和勤勉尽责精神，为星华新材 2022 年限 制性股票激励计划（以下简称"本次激励计划"）调整相关事项（以下简称"本 次调整事项"）出具本法律意见书。 1 法律意见书 国浩律师（杭州）事务所 国浩律师（杭州）事务所 关 于 浙江星华新材料集团股份有限公司 2022 年限制性股票激励计划调整相关事项 第一部分 引 言 本所及经办律师依据《证券法》《律师事务所从事证券法律业务管理办法》 和《律师事务所证券法律业务执业规则（试行）》等规定及本法律意见书出具日 以前 ...

法律意见书 国浩律师（杭州）事务所 国浩律师（杭州）事务所 法律意见书 国浩律师（杭州）事务所 关 于 浙江星华新材料集团股份有限公司 2023 年限制性股票激励计划调整相关事项 之 法律意见书 致：浙江星华新材料集团股份有限公司 根据浙江星华新材料集团股份有限公司（以下简称"星华新材""公司"） 与国浩律师（杭州）事务所（以下简称"本所"）签订的专项法律服务委托协议， 本所接受星华新材的委托，根据《中华人民共和国公司法》（以下简称"《公司 法》"）、《中华人民共和国证券法》（以下简称"《证券法》"）、《上市公司股 权激励管理办法》（以下简称"《管理办法》"）等有关法律、法规和规范性文 件的规定，按照律师行业公认的业务标准、道德规范和勤勉尽责精神，为星华新 材 2023 年限制性股票激励计划（以下简称"本次激励计划"）调整相关事项（以 下简称"本次调整事项"）出具本法律意见书。 1 第一部分 引 言 本所及经办律师依据《证券法》《律师事务所从事证券法律业务管理办法》 和《律师事务所证券法律业务执业规则（试行）》等规定及本法律意见书出具日 以前已经发生或者存在的事实，严格履行了法定职责，遵循了勤勉尽责和诚实信 ...