Financial Performance - The company's 2024 annual revenue reached 143,700.99 million yuan, representing a 12.55% increase compared to the previous year [2] - The net profit attributable to the parent company was a loss of 3,886.12 million yuan, with the loss amount increasing by 17.92% year-on-year [2] Industry Context - The domestic electrolytic copper foil production capacity expansion has slowed, but competition remains intense, leading to historically low processing fees [2] - The copper foil industry is experiencing overall losses, with a significant slowdown in capacity expansion and an expected gradual improvement in supply-demand relationships [7] Strategic Development - The company is focusing on vertical integration by expanding copper foil production capacity and enhancing the output of ultra-thin and thick copper foils [3] - Plans to increase production capacity for high-frequency and high-speed copper foils, as well as lithium battery copper foils, are underway [3] - The company aims to improve the utilization rate of PCB production and enhance the diversity and innovation of PCB product structures [3] Future Growth Drivers - The demand for consumer electronics is recovering, driven by the AI technology revolution and the expansion of data centers, leading to increased PCB demand [4] - The penetration rate of new energy vehicles continues to rise, increasing the value of PCBs used in vehicles [4] - The company plans to optimize single-sided PCB product structures and improve profitability through customer expansion and application field development [4] R&D Focus - Key R&D areas include ultra-thin and low-peak copper foil development, as well as advanced aluminum-based PCB technologies [5] Profitability Strategies - The company will enhance product quality and yield, adjust product structures to increase the proportion of high-value-added products, and leverage its vertical integration advantages [6] Market Outlook - The global PCB market is projected to reach $94.661 billion by 2029, with a compound annual growth rate of 4.8% from 2025 to 2029 [7] - The Chinese PCB market is expected to reach $50.804 billion by 2029 [7]

前十大流通股东累计持有： 1399.77万股，累计占流通股比： 24.84%，较上期变化： 4.23万股。 | 名称 持有数量(万股) | | 占总股本比 | 增减情况 | | --- | --- | --- | --- | | | | 例(%) | (万股) | | 赣州发展投资基金管理有限公司-赣州逸源股权投资基金合 | | | | | 伙企业(有限合伙) | 1077.31 | 19.12 | 不变 | | 国信证券-招商银行-国信证券逸豪新材（301176）员工参与 | | | | | 战略配售集合资产管理计划 | 113.72 | 2.02 | 不变 | | MORGAN STANLEY & CO. INTERNATIONAL PLC. | 42.99 | 0.76 | 6.62 | | 张向智 | 29.97 | 0.53 | 新进 | | 喻红明 | 26.80 | 0.48 | 新进 | | 北京信弘天禾资产管理中心(有限合伙)-信弘征程18号私募证 | | | | | 券投资基金 | 23.13 | 0.41 | 新进 | | 章永程 | 23.00 | 0.41 | 新进 | | 深圳财和 ...

Revenue and Profitability - The company's revenue for Q1 2025 was ¥360,159,178.39, representing a 17.10% increase compared to ¥307,552,799.57 in the same period last year[5] - The net loss attributable to shareholders was ¥1,540,124.11, an improvement of 15.49% from a loss of ¥1,822,501.71 in the previous year[5] - Total operating revenue for the current period reached ¥360,159,178.39, an increase of 17.1% compared to ¥307,552,799.57 in the previous period[20] - Net loss for the current period was ¥1,540,124.11, an improvement from a net loss of ¥1,822,501.71 in the previous period, indicating a reduction in losses by approximately 15.5%[22] - Basic and diluted earnings per share were both reported at -0.0091, an improvement from -0.0108 in the previous period[22] Cash Flow and Liquidity - The net cash flow from operating activities decreased by 24.20%, amounting to -¥57,191,807.84, compared to -¥46,048,993.55 in Q1 2024[5] - Cash inflow from operating activities totaled ¥232,122,454.97, a decrease from ¥244,282,468.68 in the previous period, reflecting a decline of 5%[24] - The net cash flow from operating activities was -$57.19 million, compared to -$46.05 million in the previous period, indicating a decline in operational performance[25] - The ending cash and cash equivalents balance was $45.13 million, up from $164.65 million, indicating a substantial decrease in liquidity[25] - The company experienced a net increase in cash and cash equivalents of $15.10 million, contrasting with a decrease of $54.82 million in the prior period[25] Assets and Liabilities - The total assets at the end of Q1 2025 were ¥2,450,153,947.94, a 6.29% increase from ¥2,305,161,111.77 at the end of the previous year[5] - Current assets reached CNY 1,274,311,885.47, up from CNY 1,157,007,715.85, indicating an increase of about 10.1%[18] - Total liabilities rose to CNY 1,803,651,765.10 from CNY 1,698,407,293.05, reflecting an increase of about 6.2%[18] - The total liabilities increased to ¥915,218,007.69 from ¥764,081,007.63, marking a rise of 19.7%[19] - Total equity attributable to shareholders decreased slightly to ¥1,534,935,940.25 from ¥1,541,080,104.14, a decline of 0.4%[19] Research and Development - Research and development expenses increased by 71.50% to ¥11,643,897.72, up from ¥6,789,346.92 in the same quarter last year[10] - Research and development expenses increased to ¥11,643,897.72, compared to ¥6,789,346.92, representing a growth of 71.5%[21] Financing Activities - The net cash flow from financing activities increased by 91.02% to ¥126,298,253.90, compared to ¥66,119,029.57 in Q1 2024, mainly due to increased bank borrowings[11] - Cash inflow from financing activities increased to $153.85 million from $134.05 million, primarily due to an increase in borrowings which amounted to $149.97 million[25] - The net cash flow from financing activities was $126.30 million, significantly higher than $66.12 million in the previous period, showing improved financing conditions[25] Shareholder Information - The number of ordinary shareholders at the end of the reporting period was 14,474, with the largest shareholder holding 52.06% of the shares[12] - The company has a share repurchase account holding 3,569,642 shares, accounting for 2.1114% of the total share capital[16] Other Observations - The company reported a significant increase in other current assets by 449.43%, reaching ¥20,508,995.03, primarily due to increased deductible VAT input tax[9] - The company did not report any cash received from investment activities, highlighting a lack of investment recovery during the period[25] - The first quarter report was not audited, which may affect the reliability of the financial data presented[26]

Core Insights - Yihau New Materials (301176) reported an increase in revenue but a decrease in profit for the 2024 fiscal year, with total revenue reaching 1.437 billion yuan, up 12.55% year-on-year, while net profit was -38.86 million yuan, down 17.92% year-on-year [1][2] Financial Performance - Total revenue for 2024 was 1.437 billion yuan, a 12.55% increase from 1.277 billion yuan in 2023 [3] - Net profit for 2024 was -38.86 million yuan, compared to -32.96 million yuan in 2023, reflecting a 17.92% decline [3] - Gross margin decreased to 2.58%, down 10.93% year-on-year, while net margin was -2.7%, a decrease of 4.77% [3] - Total expenses (selling, administrative, and financial) amounted to 40.21 million yuan, accounting for 2.8% of revenue, an increase of 13.17% [3] Cash Flow and Debt - Cash and cash equivalents decreased by 62.59% to 104 million yuan, indicating potential liquidity issues [3] - Accounts receivable increased by 30.6% to 522 million yuan, suggesting a rise in credit sales [3] - Interest-bearing debt rose by 88.21% to 216 million yuan, indicating increased leverage [3] Business Model and Financing - The company has relied heavily on equity financing, with total financing of 1.009 billion yuan since its listing and only 18.6 million yuan in dividends paid, resulting in a dividend-to-financing ratio of 0.02 [4] - The business model primarily depends on stock financing, necessitating a thorough examination of the underlying drivers of this approach [4] Recommendations - Attention is advised on the company's cash flow situation, with a cash-to-current liabilities ratio of only 18.9% and a negative average operating cash flow over the past three years [5] - Monitoring of financial expenses is recommended, as the average net cash flow from operating activities has been negative for the past three years [5] - The status of accounts receivable should be closely observed, given the negative net profit reported [5]

2025年4月19日，逸豪新材(301176.SZ)发布2024年年度报告。截至2025年4月18日，共有16个机构投资 者披露持有逸豪新材A股股份，合计持股量达1.19亿股，占逸豪新材总股本的70.35%。其中，前十大机 构投资者包括赣州逸豪集团有限公司、香港逸源有限公司、赣州发展投资基金管理有限公司-赣州逸源 股权投资基金合伙企业(有限合伙)、国信证券-招商银行-国信证券逸豪新材员工参与战略配售集合资产 管理计划、MORGAN STANLEY & CO. INTERNATIONAL PLC.、BARCLAYS BANK PLC、深圳财和 商业保理有限公司、中国国际金融股份有限公司、招商中证500等权重指数增强A、金鹰稳健成长混 合，前十大机构投资者合计持股比例达70.35%。相较于上一季度，前十大机构持股比例合计下跌了2.32 个百分点。 公募基金方面，本期较上一季度新披露的公募基金共计8个，主要包括金鹰稳健成长混合、招商核心竞 争力混合A、招商中证500等权重指数增强A、金鹰远见优选混合A、兴银国证新能源车电池ETF等。本 期较上一季未再披露的公募基金共计1个，即建信中证500指数增强A。 外资态度来看 ...

1 内部控制审计报告 天职业字[2025]12014 号 赣州逸豪新材料股份有限公司全体股东: 赣州逸豪新材料股份有限公司 内部控制审计报告 天职业字[2025]12014 号 目 内部控制审计报告- 您可使用手机"扫一扣"或近入"注册会计师行业统一流管平台（http://acc.mo.f.gov.cn）"进行查询 您可使用手机"扫一扫"或近入"注册会计师行业统一流管平台（http://acc.mo.f.gov.cn）"进行查查 ： 【 按照《企业内部控制审计指引》及中国注册会计师执业准则的相关要求,我们审计了赣 州逸豪新材料股份有限公司(以下简称"逸豪新材")2024年 12 月 31 日的财务报告内部 控制的有效性。 一、企业对内部控制的责任 按照《企业内部控制基本规范》、《企业内部控制应用指引》、《企业内部控制评价指引》 的规定,建立健全和有效实施内部控制,并评价其有效性是逸豪新材董事会的责任。 二、注册会计师的责任 我们的责任是在实施审计工作的基础上,对财务报告内部控制的有效性发表审计意见, 并对注意到的非财务报告内部控制的重大缺陷进行披露。 三、内部控制的固有局限性 内部控制具有固有局限性,存在不能 ...

赣 州 逸 豪新 材 料股 份 有 限公 司 审计报告 天职业字[2025]12009 号 目 录 审计报告 1 2024 年度财务报表 6 2024 年度财务报表附注 18 审计报告 天职业字[2025]12009 号 赣州逸豪新材料股份有限公司全体股东： 一、审计意见 我们审计了赣州逸豪新材料股份有限公司（以下简称"逸豪新材"）财务报表，包括 2024 年 12 月 31 日的合并及母公司资产负债表，2024 年度的合并及母公司利润表、合并及母公司现 金流量表、合并及母公司股东权益变动表以及财务报表附注。 我们认为，后附的财务报表在所有重大方面按照企业会计准则的规定编制，公允反映了逸 豪新材 2024 年 12 月 31 日的合并及母公司财务状况以及 2024 年度的合并及母公司经营成果和 现金流量。 二、形成审计意见的基础 我们按照中国注册会计师审计准则的规定执行了审计工作。审计报告的"注册会计师对财 务报表审计的责任"部分进一步阐述了我们在这些准则下的责任。按照中国注册会计师职业道 德守则，我们独立于逸豪新材，并履行了职业道德方面的其他责任。我们相信，我们获取的审 计证据是充分、适当的，为发表审计意见 ...

赣州逸豪新材料股份有限公司 关于对赣州逸豪新材料股份有限公司 2024 年度营业收入 扣除情况的专项核查意见 天职业字[2025]12009-3 号 录 ll 关于对赣州逸豪新材料股份有限公司 2024年度营业收入扣除情况的专项核查意见- -1 您可使用手机"扫一扫"或遗入"注册会计师行业统一监管平台（http://acc.mof.gov.cn）"进行查报。 "社干部"扫"或近入"注册会计师行业统一监管平台（http://acc.mof.gov.cn）"进行查报。 关于对赣州逸豪新材料股份有限公司 2024 年度营业收入扣除情况的专项核查意见 我们接受赣州逸豪新材料股份有限公司(以下简称"逸豪新材")委托,在审计了逸豪 新材 2024年12月31日的合并及母公司资产负债表,2024年度的合并及母公司利润表、合 并及母公司现金流量表、合并及母公司股东权益变动表以及财务报表附注的基础上,对后附 的由逸豪新材管理层编制的《2024年度营业收入扣除情况表》(以下简称"扣除情况表") 进行了专项核查。 一、管理层的责任 根据《深圳证券交易所创业板股票上市规则》(以下简称"上市规则")的要求,逸豪 新材编制了上述扣除情况 ...

国信证券股份有限公司 关于赣州逸豪新材料股份有限公司 使用部分超募资金永久补充流动资金的核查意见 国信证券股份有限公司（以下简称"国信证券"或"保荐机构"）作为赣州 逸豪新材料股份有限公司（以下简称"逸豪新材"或"公司"）首次公开发行股 票并在创业板上市及持续督导的保荐机构，据《证券发行上市保荐业务管理办法》 《上市公司监管指引第 2 号——上市公司募集资金管理和使用的监管要求》《深 圳证券交易所上市公司自律监管指引第 2 号——创业板上市公司规范运作》和 《深圳证券交易所创业板股票上市规则》等有关法律法规的规定，对逸豪新材使 用部分超募资金永久补充流动资金事项进行了核查。核查的情况及核查意见如下： 一、募集资金基本情况 公司前次使用部分超募资金永久补充流动资金符合《上市公司监管指引第 2 号——上市公司募集资金管理和使用的监管要求（2022 年修订）》《深圳证券交 易所上市公司自律监管指引第 2 号——创业板上市公司规范运作》及公司《募集 资金管理制度》等相关规定，此举有助于满足公司流动资金需求，提高募集资金 的使用效率，不影响募集资金投资项目的正常实施，不存在变相改变募集资金用 途和损害股东利益特别是中小 ...

国信证券股份有限公司 关于赣州逸豪新材料股份有限公司 2024 年度跟踪报告 | 保荐人名称：国信证券股份有限公司 | 被保荐公司简称：逸豪新材 | | --- | --- | | 保荐代表人姓名：郭振国 | 联系电话：0755-82130833 | | 保荐代表人姓名：黄滨 | 联系电话：0755-82130833 | 一、保荐工作概述 1 | | 度电解铜箔项目"和"研发中心项目"达 到预定可使用状态的日期进行延期，分别 | | --- | --- | | | 延期至 年 月末完成，具 2025 年末、2025 6 | | | 体详见公司公告） | | 4.公司治理督导情况 | | | （1）列席公司股东大会次数 | 1 次 | | （2）列席公司董事会次数 | 1 次 | | 5.现场检查情况 | | | （1）现场检查次数 | 次 1 | | （2）现场检查报告是否按照本所规定报送 | 不适用 | | （3）现场检查发现的主要问题及整改情况 | 不适用 | | 6.发表专项意见情况 | | | （1）发表专项意见次数 | 次 7 | | （2）发表非同意意见所涉问题及结论意见 | 不适用 | | 7. ...