证券代码：301323 证券简称：新莱福 公告编号：2025-048 广州新莱福新材料股份有限公司 广州新莱福新材料股份有限公司 董事会 2025 年 9 月 15 日 为进一步加强与投资者的互动交流，广州新莱福新材料股份有限公司（以下 简称"公司"）将参加由广东证监局、广东上市公司协会联合举办的"向新提质， 价值领航--2025 年广东辖区投资者集体接待日暨辖区上市公司中报业绩说明会"， 现将相关事项公告如下： 本次投资者网上集体接待日活动将采用网络远程的方式举行，投资者可登录 "全景路演"网站（https://rs.p5w.net）参与本次互动交流，活动时间为 2025 年 9 月 19 日（周五）15:30-17:00。 届时公司高管将在线就公司 2025 年半年度业绩、公司治理、发展战略、经 营状况等投资者关心的问题，与投资者进行沟通与交流，欢迎广大投资者踊跃参 与！ 特此公告！ 关于参加 2025 年广东辖区上市公司投资者 网上集体接待日活动的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 ...

证券代码：301323 证券简称：新莱福 公告编号：2025-046 1、现场会议召开时间：2025年9月11日（星期四）14:30 广州新莱福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的内容真实、准确、完整，没有虚假记 载、误导性陈述或者重大遗漏。 特别提示: 1、本次股东大会无变更、否决提案的情形； 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 2、网络投票时间： 通过深圳证券交易所交易系统进行网络投票的具体时间为：2025年9月11日（星 期四）上午 9:15—9:25，9:30—11:30,13:00—15:00； 通过深圳证券交易所互联网投票系统投票的具体时间为：2025年9月11日（星期 四）9:15—15:00。 3、会议召开地点：广东省广州市黄埔区沧海四路4号公司四楼会议室 7、本次股东大会的召集和召开符合《中华人民共和国公司法》《上市公司股东大 会规则》及《公司章程》的规定，会议的表决程序和表决结果合法有效。 二、会议出席情况 1.股东出席的总体情况： 通过现场和网络投票的股东67人，代表股份58,449,027股， ...

一、本次股东大会的召集、召开程序 （一）本次股东大会的召集 中国 深圳 福田区 益田路6001号太平金融大厦11、12层 邮政编码：518038 电话(Tel.)：（86755）88265288 传真(Fax.)：（86755）88265537 网址（Website）：http://www.sundiallawfirm.com/ 关于广州新莱福新材料股份有限公司 2025 年第一次临时股东大会的见证法律意见书 信达会字(2025)第 281 号 致：广州新莱福新材料股份有限公司 广东信达律师事务所（以下简称"本所"或"信达"）受广州新莱福新材料 股份有限公司（以下简称"公司"）委托，指派梁清越律师、严郢雪律师出席公 司召开的 2025 年第一次临时股东大会（以下简称"本次股东大会"），并进行 了必要的验证工作。现根据《中华人民共和国公司法》《中华人民共和国证券法》 《上市公司股东大会规则》及其他相关法律、法规、规章及规范性文件以及《广 州新莱福新材料股份有限公司章程》（以下称"《公司章程》"）的规定，按照 律师业公认的业务标准、道德规范和勤勉尽责精神，对本次股东大会的召集和召 开程序、出席会议人员和召集人的资 ...

中信证券股份有限公司 关于广州新莱福新材料股份有限公司 2025年半年度跟踪报告 | 保荐人名称：中信证券股份有限公司 | 被保荐公司简称：新莱福 | | --- | --- | | 保荐代表人姓名：李锐 | 联系电话：010-60837250 | | 保荐代表人姓名：吴曦 | 联系电话：010-60837250 | 一、保荐工作概述 | 项目 | 工作内容 | | --- | --- | | 1.公司信息披露审阅情况 | | | （1）是否及时审阅公司信息披露文件 | 是 | | （2）未及时审阅公司信息披露文件的次数 | 无 | | 2．督导公司建立健全并有效执行规章制度的情况 | | | （1）是否督导公司建立健全规章制度（包括但不 限于防止关联方占用公司资源的制度、募集资金 | 是 | | 管理制度、内控制度、内部审计制度、关联交易 | | | 制度） | | | （2）公司是否有效执行相关规章制度 | 是 | | 3.募集资金监督情况 | | | （1）查询公司募集资金专户次数 | 6次 | | （2）公司募集资金项目进展是否与信息披露文件 | 是 | | 一致 | | | 4.公司治理督导情况 | ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][24]. Core Views - The company has shown significant growth in protective materials, with a doubling of revenue from radiation protection materials and continuous growth in MIM products [4][5]. - The company achieved a revenue of 451 million yuan in H1 2025, representing a year-on-year increase of 8.3%, while the net profit attributable to shareholders decreased by 8.9% [4][5]. - The company is making progress in new material projects, particularly in transparent radiation protection materials, which fill a domestic technology gap [7][8]. Financial Performance - In Q2 2025, the company reported a revenue of 244 million yuan, up 8.0% year-on-year and 18.3% quarter-on-quarter, with a net profit of 37 million yuan, down 2.1% year-on-year but up 20.6% quarter-on-quarter [6][21]. - The gross profit margin for H1 2025 was 36.00%, a decrease of 2.6 percentage points year-on-year, while the net profit margin was 14.70%, down 3.14 percentage points year-on-year [4][14]. - The company’s revenue projections for 2025, 2026, and 2027 are 1.018 billion, 1.283 billion, and 1.664 billion yuan, respectively, with corresponding net profits of 155 million, 192 million, and 244 million yuan [9][10]. Segment Performance - The adsorption functional materials segment generated revenue of 278 million yuan in H1 2025, down 2.4% year-on-year, while the electronic ceramic components segment saw a revenue increase of 5.4% year-on-year to 78 million yuan [5][12]. - The high-energy radiation protection materials segment achieved a remarkable revenue growth of 108% year-on-year, reaching 65 million yuan, with a gross margin of 59.5% [5][12]. Strategic Initiatives - The company is advancing its acquisition of Guangzhou Jinnan Magnetic Materials Co., aiming for a comprehensive layout in magnetic materials [9]. - The company plans to enhance its market presence in Europe and the United States while expanding into Southeast Asia and the Middle East, focusing on customized, lead-free, and lightweight product solutions [8][9].

Macroeconomic Insights - The average import tax rate in the U.S. increased by 6.6 percentage points compared to the end of 2024, which is lower than market expectations[5] - If the average import tax rate rises by 10% this year, it could push the PCE year-on-year growth rate to 3.1% and the core PCE to 3.4% under stable demand conditions[7] Consumer and Business Impact - As of June, U.S. businesses bore approximately 63% of the tariff costs, while consumers accounted for less than 40%[6] - The consumer price sensitivity may lead businesses to absorb a significant portion of tariff costs, affecting pricing strategies[6] Durable Goods and Construction Sector - Domestic demand for construction remains weak, with steel and glass prices declining, while cement prices have rebounded due to enhanced production management[9] - Retail sales of passenger vehicles increased, with a year-on-year growth of 8% in daily sales from August 11 to August 17[10] Insurance Sector Performance - The insurance industry reported a total premium income of CNY 420.85 billion from January to July 2025, reflecting a year-on-year growth of 6.8%[14] - Life insurance premiums reached CNY 258.61 billion in July, marking a significant year-on-year increase of 33.5%[15] Steel Industry Outlook - China's crude steel production from January to July 2025 was 594 million tons, a decrease of 3.1% year-on-year, indicating a contraction in production capacity[25] - The steel industry is expected to stabilize in 2025 due to a combination of demand recovery and supply-side reductions[27]

Group 1: Investment Banking and Brokerage Industry - As of August 25, 2025, the Wind All A index has increased by 16% and the Sci-Tech Innovation 50 index has risen by 28% since Q3 2025, indicating significant market activity[5] - The self-operated equity business is a key source of performance elasticity for brokerages, with a focus on self-operated business complemented by investment banking and private equity investments[6] - From 2015 to 2024, the scale of fixed income self-operated assets increased from CNY 908.1 billion to CNY 4.5 trillion, while equity self-operated assets decreased from CNY 449.7 billion to CNY 399.2 billion, indicating a shift in focus[6] Group 2: Solid-State Battery Investment Opportunities - Solid-state batteries are expected to become a key development direction due to their advantages in safety and energy density, with significant market potential in consumer batteries and electric vehicles[8] - The core materials for solid-state electrolytes include oxides, polymers, halides, and sulfides, with sulfides being a promising choice for future all-solid-state batteries[9] - The industrialization of semi-solid-state batteries has progressed rapidly, with several automakers achieving mass production since 2022, while all-solid-state batteries are expected to achieve mass production around 2027[10] Group 3: Solar Energy Industry - The solar energy sector is currently at a bottoming phase, with a recent meeting involving six departments aimed at regulating competition and promoting fair practices in the industry[17] - The average price of various solar components, including N-type silicon wafers and TOPCon batteries, has remained stable, indicating a steady market environment[18] - The solar sector's valuation as of August 22, 2025, is at 20.93 times TTM, which is relatively low compared to other sectors, suggesting potential investment opportunities[20]

Summary of Conference Call Records Company and Industry Overview - The company is a leading player in the compressor casting segment, focusing on components for compressors and engineering machinery. The company is expected to experience a turnaround in performance after a short-term fluctuation, with a trend towards restoring profitability to historical highs [2][5]. Key Points and Arguments 1. **Financial Performance**: - For the first half of the year, the company reported revenue of 587 million yuan and net profit of 109 million yuan, representing year-on-year increases of 1.5% and 11.7% respectively. This indicates a potential recovery from previous challenges [2][5]. 2. **Manufacturing Capabilities**: - Unlike traditional casting companies, the company possesses a full-chain manufacturing capability from casting to precision machining, primarily focusing on machined finished products. This results in a higher average selling price (ASP), with the average price of engineering machinery components from 2017 to 2019 being 26.53 yuan per kilogram, significantly higher than peers [2][5]. - The company operates 13 CNC machining workshops and 159 large machining centers, utilizing top global brands such as DMG Mori and Okuma, showcasing its strong machining capabilities [2][5]. 3. **Client Relationships**: - The company has established deep ties with major global clients such as Johnson Controls and Caterpillar, with partnerships lasting over ten years. In 2024, the revenue contribution from the top five clients is expected to be 67.9% [2][5]. - The historical gross margin of the company has consistently been between 35-40%, indicating a clear competitive advantage in the casting sector [2][5]. 4. **New Business Opportunities**: - The company is actively expanding into new business areas, including agricultural machinery and energy equipment (covering wind power, oil and gas, large-capacity diesel generators, and gas turbine components). It has already achieved mass production of internal combustion engine components, and gas turbine components are expected to be rapidly supplied in bulk, which will help meet increasing demand and enhance growth potential [3][5]. Additional Important Information - The company is positioned to benefit from the global data center construction boom, which may further drive demand for its products [1]. - The report emphasizes the importance of the company's strategic partnerships and its ability to innovate within its manufacturing processes to maintain a competitive edge in the market [2][3]. This summary encapsulates the critical insights from the conference call records, highlighting the company's strengths, financial performance, and growth prospects in the compressor casting industry.

Core Insights - The company reported a total revenue of 451 million yuan for the first half of 2025, an increase of 8.27% year-on-year, while the net profit attributable to shareholders decreased by 8.94% to 67.2 million yuan [1] - The second quarter revenue was 244 million yuan, reflecting an 8.0% year-on-year growth, but the net profit for the same period fell by 2.07% to 36.7 million yuan [1] - The company's accounts receivable reached 198 million yuan, which is 136.15% of the net profit, indicating a significant amount of receivables relative to earnings [1][3] Financial Performance - Gross margin decreased to 36.0%, down 6.73% year-on-year, while net margin fell to 14.7%, a decline of 17.59% [1] - Total expenses (selling, administrative, and financial) amounted to 49.57 million yuan, representing 10.99% of revenue, an increase of 21.07% compared to the previous year [1] - Earnings per share (EPS) dropped to 0.65 yuan, down 8.45% year-on-year, and operating cash flow per share significantly decreased by 62.31% to 0.12 yuan [1] Investment Metrics - The company's return on invested capital (ROIC) for the previous year was 5.75%, indicating average capital returns, with a historical median ROIC of 16.33% since its listing [1] - The company has a healthy cash asset position, which supports its debt repayment capability [2] - Analysts project the company's performance for 2025 to reach 165 million yuan, with an average EPS estimate of 1.57 yuan [3] Fund Holdings - The largest fund holding in the company is the Zhongyou Small and Medium Cap Flexible Allocation Mixed A fund, which holds 76,200 shares and has not changed its position [4] - Another fund, Zhongyou Core Technology Innovation Flexible Allocation Mixed, has newly entered the top ten holdings with 30,000 shares [4] - The Zhongyou Small and Medium Cap fund has a current scale of 213 million yuan and has seen a 74.2% increase over the past year [4]

Core Viewpoint - The metal new materials sector experienced a decline of 1.53% on August 26, with New Lai Fu leading the drop [1] Group 1: Market Performance - The Shanghai Composite Index closed at 3868.38, down 0.39% [1] - The Shenzhen Component Index closed at 12473.17, up 0.26% [1] Group 2: Individual Stock Performance - Notable gainers included: - Jinli Permanent Magnet (300748) with a closing price of 37.40, up 2.86% [1] - Fuda Alloy (603045) with a closing price of 19.79, up 2.27% [1] - Longda Co., Ltd. (688231) with a closing price of 22.33, up 2.15% [1] - Notable losers included: - New Lai Fu (301323) with a closing price of 55.27, down 6.48% [2] - Zhongke Magnetic V (301141) with a closing price of 73.86, down 5.50% [2] - Zhenghai Magnetic Materials (300224) with a closing price of 18.49, down 5.33% [2] Group 3: Capital Flow - The metal new materials sector saw a net outflow of 2.149 billion yuan from main funds, while retail investors contributed a net inflow of 1.851 billion yuan [2]