Group 1: Business Performance - The company's overseas orders increased by 32% quarter-on-quarter in Q1 2025, indicating strong market demand [1] - In Q1 2025, the company's revenue was 639 million CNY, a decrease of 8.75% year-on-year, while net profit attributable to shareholders was 33.635 million CNY, down 2.84% year-on-year [3] - The company's overseas sales revenue increased by 20% in Q1 2025, contributing to improved profitability [14] Group 2: Product Development and Standards - The company has actively participated in the standardization of photovoltaic soldering ribbon products, contributing to national and industry standards [4] - The company is focusing on continuous R&D to optimize product structure and introduce new products, including reflective films and solder paste for the photovoltaic industry [6] Group 3: Financial Management and Risks - The company established a comprehensive risk management system to ensure transparent decision-making and protect shareholder interests [2] - In 2024, the company made a provision for bad debts amounting to 37.25 million CNY, which reduced net profit by the same amount [9] Group 4: Future Strategies and Market Outlook - The company plans to focus on the photovoltaic industry, enhancing profitability and risk control while balancing output and profit [6] - The global photovoltaic market is expected to continue growing, driven by increasing demand for clean energy and supportive policies [15] Group 5: Corporate Governance and Compliance - The company operates in compliance with legal regulations and has provided independent directors with necessary resources to fulfill their duties [5] - The company has a clear dividend policy, distributing a total of 46.8 million CNY in cash dividends from 2022 to 2023, with plans to distribute 10.99 million CNY in 2024 [14]

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。 一、监事会会议召开情况 苏州宇邦新型材料股份有限公司（以下简称"公司"）第四届监事会第十三次会 议于 2025 年 4 月 25 日在公司会议室以现场会议的方式召开。本次会议通知于 2025 年 4 月 18 日以电子邮件及专人送达的方式传达公司全体监事。本次会议由监事会主席朱 骄峰先生主持，会议应到监事 3 人，实到监事 3 人，董事会秘书列席了本次会议。本 次会议召开符合《中华人民共和国公司法》和《公司章程》的相关规定，合法有效。 二、监事会会议审议情况 （一）审议通过了《关于公司<2025 年第一季度报告>的议案》 证券代码：301266 证券简称：宇邦新材 公告编号：2025-028 债券代码：123224 债券简称：宇邦转债 苏州宇邦新型材料股份有限公司 第四届监事会第十三次会议决议公告 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、 行政法规、中国证监会和深圳证券交易所的规定，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。 ...

| 证券代码：301266 | 证券简称：宇邦新材 | 公告编号：2025-027 | | --- | --- | --- | | 债券代码：123224 | 债券简称：宇邦转债 | | 苏州宇邦新型材料股份有限公司 第四届董事会第十八次会议决议公告 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。 一、董事会会议召开情况 表决情况：7 票同意，0 票反对，0 票弃权。 三、备查文件 第四届董事会第十八次会议决议。 特此公告。 苏州宇邦新型材料股份有限公司（以下简称"公司"）第四届董事会第十八 次会议于 2025 年 4 月 25 日在公司会议室以现场表决方式召开。本次会议通知于 2025 年 4 月 14 日以电子邮件及专人送达的方式传达公司全体董事，并于 2025 年 4 月 25 日变更了会议届次（因公司股价于 2025 年 4 月 25 日触发"宇邦转债" 转股价格向下修正条款，公司按照监管规定于当日召开第四届董事会第十七次会 议审议《关于不向下修正"宇邦转债"转股价格的议案》，本次董事会届次顺延 为第四届董事会第十八次会议）及召开时间。 本次会议应出席 ...

Revenue and Profit - The company's revenue for Q1 2025 was ¥638,508,768.74, a decrease of 8.75% compared to ¥699,699,335.80 in the same period last year[4]. - Net profit attributable to shareholders was ¥33,635,021.75, down 2.84% from ¥34,618,032.24 year-on-year[4]. - The net profit excluding non-recurring gains and losses increased by 9.28% to ¥31,465,981.03 from ¥28,794,548.23 in the previous year[4]. - Net profit for the current period is ¥33,657,076.82, a slight decrease of 2.78% compared to ¥34,618,159.85 in the previous period[21]. - Basic and diluted earnings per share are both ¥0.31, down from ¥0.33 in the previous period[22]. Cash Flow - The net cash flow from operating activities improved by 39.34%, reaching -¥96,592,809.12 compared to -¥159,248,904.07 in the same period last year[12]. - Cash flow from operating activities shows a net outflow of ¥96,592,809.12, an improvement from a net outflow of ¥159,248,904.07 in the previous period[23]. - Cash flow from investing activities generated a net inflow of ¥347,429,494.26, compared to a net outflow of ¥272,194,627.01 in the previous period[24]. - The company received cash from borrowings amounting to ¥240,611,487.00, an increase from ¥159,787,342.45 in the previous period[24]. Assets and Liabilities - Total assets at the end of the reporting period were ¥3,340,216,027.93, a decrease of 3.03% from ¥3,444,457,513.68 at the end of the previous year[4]. - Total current assets decreased to ¥2,827,208,542.90 from ¥2,932,838,811.09, a reduction of approximately 3.6%[17]. - Total liabilities decreased to ¥1,485,057,543.92 from ¥1,623,950,403.98, a decrease of about 8.5%[18]. - The company's total assets decreased to ¥3,340,216,027.93 from ¥3,444,457,513.68, a decline of approximately 3.0%[19]. - The company's retained earnings increased to ¥519,227,073.26 from ¥485,592,051.51, an increase of about 6.9%[19]. - The total equity attributable to the parent company increased to ¥1,854,615,093.93 from ¥1,819,985,774.69, an increase of approximately 1.9%[19]. - Short-term borrowings increased to ¥596,184,058.48 from ¥573,212,052.92, an increase of about 4.0%[18]. Expenses and Income - The company's sales expenses rose by 150.57% to ¥1,880,932.85, mainly due to increased stock compensation expenses for sales personnel[10]. - Investment income decreased by 80.55% to ¥216,962.51, attributed to increased interest on discounted notes receivable[10]. - The company reported a significant increase in credit impairment losses by 178.10%, amounting to ¥8,857,406.84, due to improved collection of accounts receivable[10]. - Other income decreased to ¥8,061,835.57 from ¥10,032,656.63 in the previous period[20]. - The company reported a tax expense of ¥5,608,015.65, down from ¥6,184,979.67 in the previous period[21]. Inventory and Receivables - Accounts receivable decreased to ¥1,151,816,150.68 from ¥1,233,271,045.52, a decline of about 6.6%[17]. - The company reported a decrease in inventory to ¥209,590,803.39 from ¥216,136,634.51, a decline of approximately 3.0%[17]. Cash and Equivalents - The company's cash and cash equivalents increased by 78.65% to ¥611,253,351.12, primarily due to the redemption of financial products[8]. - Cash and cash equivalents at the end of the period increased to ¥611,253,351.12, up from ¥519,339,260.55 in the previous period[24].

Investment Rating - The report maintains a "Recommended" rating for the photovoltaic industry, indicating limited marginal impact from recent developments [1]. Core Insights - The final anti-dumping and countervailing duty rates announced by the U.S. Department of Commerce for solar cells imported from four Southeast Asian countries (Cambodia, Malaysia, Thailand, Vietnam) have generally increased, with some companies facing punitive rates exceeding 3000% due to non-compliance during investigations [1][11][12]. - Despite the increased duty rates, the marginal impact is expected to be limited as companies have already adjusted their export strategies to mitigate risks, and the U.S. remains reliant on imported solar cells due to insufficient domestic production capacity [2][12]. Industry Price Trends Main Material Segment - The average price of polysilicon dense material is reported at 40.0 CNY/kg, and granular material at 38.0 CNY/kg, remaining stable week-on-week [3][37]. - The average price for 182-183.75mm monocrystalline P-type silicon wafers is 1.15 CNY/piece, also stable, while N-type wafers have seen price decreases of up to 6.9% [3][38]. - The average price for 182-183.75mm monocrystalline PERC cells is 0.295 CNY/W, down 1.7% from the previous week [3][43]. Auxiliary Material Segment - The price of 3.2mm coated photovoltaic glass is stable at 22.25 CNY/m², and 2.0mm coated glass at 14.25 CNY/m² [4][53]. - Prices for transparent EVA film, white EVA film, and POE film remain unchanged at 6.14 CNY/m², 6.64 CNY/m², and 8.51 CNY/m² respectively [4][53]. Market Performance Overview Industry and Stock Performance - The overall industry index increased by 0.59%, with the electric equipment sector rising by 2.40% [14][15]. - The top-performing stocks in the electric equipment sector include Fangzheng Electric (+28.20%) and Saimo Intelligent (+19.18%), while Qingdao Zhongcheng saw a significant decline of -20.50% [20][22]. PE Valuation - As of April 25, the electric equipment sector has a PE (TTM) of 23x, with the photovoltaic equipment sector at 17x [25][29]. - The PE valuation percentile for the electric equipment sector is 17.5%, indicating its relative valuation compared to historical data [30][33].

证券代码：301266 证券简称：宇邦新材 公告编号：2025-026 债券代码：123224 债券简称：宇邦转债 苏州宇邦新型材料股份有限公司 关于不向下修正"宇邦转债"转股价格的公告 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有虚 假记载、误导性陈述或重大遗漏。 重要提示： 1、截至 2025 年 4 月 25 日，苏州宇邦新型材料股份有限公司（以下简称"公 司"）股票已出现连续 30 个交易日中至少有 15 个交易日的收盘价低于当期转股 价格的 85%的情形，触发"宇邦转债"转股价格的向下修正条件。 2、2025 年 4 月 25 日，经公司第四届董事会第十七次会议审议，公司董事 会决定本次不向下修正"宇邦转债"转股价格，同时在未来六个月内（即 2025 年 4 月 26 日至 2025 年 10 月 25 日），若再次触发"宇邦转债"的转股价格向下 修正条款，亦不提出向下修正方案。从 2025 年 10 月 26 日起的第一个交易日开 始重新起算，若再次触发，公司董事会将再次召开会议决定是否行使"宇邦转债" 的转股价格向下修正权利。 一、可转换公司债券基本情况 （一）发行上市的基本情 ...

| 证券代码：301266 | 证券简称：宇邦新材 | 公告编号：2025-025 | | --- | --- | --- | | 债券代码：123224 | 债券简称：宇邦转债 | | 苏州宇邦新型材料股份有限公司 第四届董事会第十七次会议决议公告 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。 一、董事会会议召开情况 苏州宇邦新型材料股份有限公司（以下简称"公司"）第四届董事会第十七 次会议于 2025 年 4 月 25 日在公司会议室以现场表决方式召开。本次会议通知于 2025 年 4 月 25 日以通讯方式（口头、微信）送达，全体董事同意豁免通知时限。 应出席本次董事会会议的董事 7 人，实际出席董事 7 人。本次会议由董事长肖锋 先生主持，公司监事会主席和高级管理人员列席了会议。本次会议召开符合《中 华人民共和国公司法》和《公司章程》的相关规定，合法有效。 二、董事会会议审议情况 （一）审议通过了《关于不向下修正"宇邦转债"转股价格的议案》 自 2025 年 4 月 7 日起至 2025 年 4 月 25 日下午收市，公司股票出现在任意 连续三十个交 ...

Core Viewpoint - Company reported steady growth in revenue and net profit for 2024, highlighting its focus on the photovoltaic market and commitment to high-quality development [1][2] Group 1: Financial Performance - Company achieved operating revenue of 3.276 billion yuan and a net profit attributable to shareholders of 39 million yuan in 2024 [1] - Company proposed a cash dividend of 1.00 yuan per 10 shares (including tax) to all shareholders [1] Group 2: Business Strategy - Company is dedicated to the research, production, and sales of photovoltaic soldering strips, with core products including interconnection and busbar soldering strips [1] - Company is advancing its 20,000-ton photovoltaic soldering strip capacity construction project in Anhui, utilizing convertible bonds to accelerate capacity implementation [1] - Company is increasing R&D investment to develop high-end soldering strip products compatible with evolving battery technologies such as TOPCon, HJT, and XBC [1][2] Group 3: ESG Initiatives - Company released its first ESG report, emphasizing the integration of ESG principles into decision-making and governance structures [2] - Company is committed to carbon reduction throughout the product lifecycle and has implemented rooftop photovoltaic projects to promote clean energy usage [2] - Company’s Suzhou factory was recognized as a green factory, and it is pioneering a circular economy model through packaging material recycling and hazardous waste management [2]

中信建投证券股份有限公司 关于苏州宇邦新型材料股份有限公司 2024 年度证券与衍生品投资情况的核查意见 中信建投证券股份有限公司（以下简称"中信建投证券"或"保荐机构"） 作为苏州宇邦新型材料股份有限公司（以下简称"宇邦新材"或"公司"）首次 公开发行股票并上市及向不特定对象发行可转换公司债券的持续督导机构，根据 《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》 《深圳证券交易所创业板上市公司自律监管指南第 1 号——业务办理》等相关规 定的要求，对宇邦新材 2024 年度证券与衍生品投资情况进行了核查，具体情况 如下： 一、证券与衍生品投资审议批准情况 公司于 2024 年 6 月 24 日召开第四届董事会第五次会议和第四届监事会第 三次会议，审议通过了《关于开展商品期权套期保值业务的议案》，同意公司及 子公司使用自有资金开展商品期权套期保值交易业务，任一时点投入的保证金最 高额度不超过 2,000 万元人民币（不含期权标的实物交割款项），上述额度自董 事会审议通过之日起 12 个月内有效。具体内容详见公司于 2024 年 6 月 25 日在 巨潮资讯网（www.cninfo.c ...

苏州宇邦新型材料股份有限公司 内控审计报告 2024 年 12 月 31 日 公证天业会计师事务所(特殊普通合伙) Gongzheng Tianye Certified Public Accountants. SGP 江苏 . 无锡 Wuxi . Jiangsu . China 86 (510) 68798988 Tel: 86 (510) 68798988 6 (510) 68567788 Fax: 86 (510) 68567788 内部控制审计报告 苏公W[2025]E1157号 苏州宇邦新型材料股份有限公司全体股东; 您可使用手机"扫一扫"或进入"注册会计师行业统一监管平台（http://ac.mof.gov.cn）"进行查 您可使用手机"扫一扫"或进入"注册会计师行业统一监管平台（http:///ac.mof.gov.cn）"进行查 " " " " " " 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 宇邦新材董事会的责任。 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 ...