辽宁信德新材料科技（集团）股份有限公司（以下简称"公司"）第二届董事 会第十五次会议于2025年10月24日在公司会议室以现场表决和通讯表决相结合的方 式召开，会议通知已于2025年10月17日以书面或邮件方式送达全体董事。本次会议 应出席董事5人，实际出席董事5人，董事芮鹏、郭忠勇通过通讯方式出席会议。本 次会议由董事长尹洪涛先生召集和主持，公司高级管理人员列席了本次会议。本次 会议的召集、召开及表决程序符合《中华人民共和国公司法》及《公司章程》的有 关规定。 二、董事会会议审议情况 （一）审议通过《关于<2025年第三季度报告>的议案》 董事会认为：公司《2025年第三季度报告》全文的编制和审核程序符合法律、 行政法规和中国证监会的规定，报告内容真实、准确、完整的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。 具体内容详见公司同日在巨潮资讯网（http://www.cninfo.com.cn）披露的《20 25年第三季度报告》。 证券代码：301349 证券简称：信德新材 公告编号：2025-053 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 ...

Financial Performance - The company's revenue for Q3 2025 reached ¥332,306,038.87, representing a 62.40% increase compared to the same period last year[5] - Net profit attributable to shareholders for Q3 2025 was ¥20,908,404.73, a significant increase of 405.28% year-on-year[5] - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥14,659,057.92, up 204.62% from the previous year[5] - The company reported a basic earnings per share of ¥0.2072 for Q3 2025, which is a 405.15% increase compared to the same period last year[5] - Total operating revenue for the current period reached ¥842,213,216.53, a significant increase of 49% compared to ¥565,458,812.48 in the previous period[19] - Net profit for the current period was ¥37,884,028.79, compared to a net loss of ¥16,512,702.54 in the previous period, indicating a turnaround in profitability[20] - Earnings per share (EPS) for the current period was ¥0.3044, compared to a loss per share of ¥0.2077 in the previous period[21] Assets and Liabilities - The total assets at the end of Q3 2025 amounted to ¥3,317,495,324.13, reflecting a 9.60% increase from the end of the previous year[5] - Total current assets increased to CNY 2,399,813,352.33 from CNY 2,098,641,811.93, reflecting a growth of approximately 14.4%[15] - The total liabilities increased to ¥565,459,745.47 from ¥329,465,387.17, indicating a rise in financial obligations[17] - Total equity attributable to shareholders of the parent company rose to ¥2,726,795,424.28 from ¥2,685,760,914.02, reflecting a growth in shareholder value[17] Cash Flow - Cash flow from operating activities showed a net outflow of ¥196,449,829.97, a decrease of 368.52% compared to the previous year[9] - Cash inflows from operating activities totaled ¥853,580,117.52, an increase from ¥636,860,710.38 in the previous period[22] - The company reported a total cash outflow from operating activities of ¥1,050,029,947.49, compared to ¥678,790,882.18, indicating a rise of approximately 55%[23] - The net cash flow from financing activities was ¥223,699,007.76, an increase from ¥65,423,360.28, representing a growth of approximately 241.5%[23] Expenses - The company’s sales expenses surged by 290.47% to ¥9,949,709.00, primarily due to increased logistics and leasing costs[8] - Total operating costs amounted to ¥823,385,962.57, up from ¥608,015,943.41, reflecting a 35% increase[19] - Research and development expenses increased to ¥18,955,990.79 from ¥16,234,952.70, highlighting a focus on innovation[20] Shareholder Information - Total number of common stock shareholders at the end of the reporting period is 12,582[11] - The largest shareholder, Yin Hongtao, holds 27.92% of shares, totaling 28,481,390 shares[11] Future Outlook - The company anticipates continued growth in revenue and profitability in the upcoming quarters, driven by market expansion and new product development strategies[19]

Core Viewpoint - Xinde New Materials experienced a slight decline of 0.61% in stock price on October 13, with a trading volume of 97.69 million yuan, indicating a stable market presence despite fluctuations in stock performance [1]. Financing Summary - On October 13, Xinde New Materials had a financing buy-in amount of 10.10 million yuan, with a net financing buy of 0.58 million yuan after 9.53 million yuan in financing repayments [1]. - The total financing and securities balance reached 103 million yuan, accounting for 5.38% of the circulating market value, which is above the 90th percentile level over the past year, indicating a high financing level [1]. - The company had no short-selling activity on October 13, with a short-selling balance of 0 yuan, also reflecting a high percentile level over the past year [1]. Business Performance - As of June 30, Xinde New Materials reported a total of 15,300 shareholders, an increase of 77.97% from the previous period, while the average circulating shares per person decreased by 43.81% to 2,745 shares [2]. - For the first half of 2025, the company achieved a revenue of 510 million yuan, representing a year-on-year growth of 41.31%, and a net profit attributable to shareholders of 9.81 million yuan, which is a significant increase of 169.28% year-on-year [2]. Dividend and Shareholding - Since its A-share listing, Xinde New Materials has distributed a total of 98.31 million yuan in dividends [3]. - As of June 30, 2025, notable changes in institutional holdings were observed, with certain funds like招商产业精选股票A and 招商瑞利灵活配置混合(LOF)A exiting the top ten circulating shareholders list [3].

Core Viewpoint - Xinde New Materials experienced a decline of 1.52% in stock price on October 10, with a trading volume of 135 million yuan, indicating potential volatility in the market [1] Financing and Margin Trading - On October 10, Xinde New Materials had a financing buy-in amount of 16.79 million yuan and a financing repayment of 15.52 million yuan, resulting in a net financing buy of 1.28 million yuan [1] - The total margin trading balance for Xinde New Materials reached 103 million yuan, accounting for 5.32% of its circulating market value, which is above the 90th percentile level over the past year, indicating a high level of financing activity [1] - There were no shares sold or repaid in the securities lending market on October 10, with a total securities lending balance of 0, also reflecting a high percentile level over the past year [1] Company Overview - Xinde New Materials, established on November 7, 2000, and listed on September 9, 2022, is located in Dalian, Liaoning Province, and specializes in the research, production, and sales of anode coating materials [1] - The company's main revenue sources include anode coating materials (43.10%), naphthalene cracking fractions (34.33%), carbon black raw oil (21.75%), carbon fiber products (0.53%), resin (0.20%), and others (0.09%) [1] Financial Performance - As of June 30, the number of shareholders for Xinde New Materials increased to 15,300, a rise of 77.97%, while the average circulating shares per person decreased by 43.81% to 2,745 shares [2] - For the first half of 2025, Xinde New Materials reported a revenue of 510 million yuan, representing a year-on-year growth of 41.31%, and a net profit attributable to shareholders of 9.81 million yuan, which is a significant increase of 169.28% year-on-year [2] Dividend and Institutional Holdings - Since its A-share listing, Xinde New Materials has distributed a total of 98.31 million yuan in dividends [3] - As of June 30, 2025, notable changes in institutional holdings include the exit of two funds from the top ten circulating shareholders list [3]

Core Viewpoint - Xinde New Materials (信德新材) is currently facing a decline in stock price, with a recent closing price of 40.09 yuan, reflecting a drop of 3.40% from previous levels [1] Group 1: Company Overview - Xinde New Materials was listed on the Shenzhen Stock Exchange's ChiNext board on September 9, 2022, with an initial public offering (IPO) of 17 million shares at a price of 138.88 yuan per share [1] - The stock reached its highest price of 180 yuan on the first trading day but has since experienced a downward trend, currently trading below its IPO price [1] Group 2: Fundraising and Financials - The total amount raised from the IPO was 236.096 million yuan, with a net amount of 216.58238 million yuan after deducting issuance costs, exceeding the original fundraising target by 151.58238 million yuan [1] - The funds are intended for projects including the industrial upgrade of a 30,000-ton carbon materials production line, a research and development center, and to supplement working capital [1] Group 3: Dividend Distribution - In 2023, Xinde New Materials announced a dividend distribution plan, where shareholders would receive a cash dividend of 10.00 yuan per 10 shares, totaling 68 million yuan, along with a capital reserve conversion of 5 additional shares for every 10 shares held [2] - The record date for the dividend distribution was set for May 30, 2023, with the ex-dividend date on May 31, 2023 [2]

证券代码：301349 证券简称：信德新材 公告编号：2025-050 特此公告。 辽宁信德新材料科技（集团）股份有限公司董事会 2025年10月10日 附件：钟山先生简历 钟山先生，男，保荐代表人，中国注册会计师协会非执业会员，中国政法大 学经济学硕士，现任中信证券股份有限公司副总裁，曾负责或参与的项目包括: 杭州热电IPO、信德新材IPO、永兴股份IPO、三角轮胎IPO、拓斯达IPO、中核钛 白非公开发行、电投能源非公开发行等项目，并参与过多家企业的改制、辅导、 财务顾问等工作。 辽宁信德新材料科技（集团）股份有限公司（以下简称"公司"）近日收到 保荐机构中信证券股份有限公司（以下简称"中信证券"）出具的《关于更换持 续督导保荐代表人的函》，现将有关情况公告如下： 中信证券作为公司首次公开发行股票并在创业板上市项目的保荐机构，原委 派邓俊先生、李宁先生担任持续督导保荐代表人，负责公司持续督导工作，持续 督导期间截止至2025年12月31日。 现因工作安排原因，李宁先生不再负责公司首次公开发行股票并在创业板上 市项目的持续督导工作，为保证持续督导工作的有序进行，中信证券现委派钟山 先生（简历见附件）接替李宁 ...

Group 1 - The core viewpoint of the news is that Xinde New Materials has seen a significant stock price increase of 5.63%, reaching 40.88 CNY per share, with a total market capitalization of 4.17 billion CNY [1] - Xinde New Materials specializes in the research, production, and sales of negative electrode coating materials, with its main business revenue composition being: negative electrode coating materials 43.10%, pyrolytic naphthalene fractions 34.33%, carbon black raw oil 21.75%, carbon fiber products 0.53%, resin 0.20%, and others 0.09% [1] - The company was established on November 7, 2000, and was listed on September 9, 2022, indicating a relatively recent entry into the public market [1] Group 2 - According to data from the top ten heavy stocks of funds, Hongde Fund holds a significant position in Xinde New Materials, with its Hongde New Energy Industry Mixed Fund A (018029) holding 5,600 shares, accounting for 2.62% of the fund's net value [2] - The Hongde New Energy Industry Mixed Fund A has achieved a year-to-date return of 41.96%, ranking 1857 out of 8167 in its category, and a one-year return of 54.35%, ranking 1717 out of 8010 [2] - The fund manager, Sun Zeyu, has been in position for 1 year and 291 days, with the best fund return during his tenure being 51.38% [2]

Core Viewpoint - Major shareholders of Xinde New Materials (301349.SZ) have begun to reduce their holdings despite the company's seemingly strong performance in the first half of 2025, indicating underlying concerns about the sustainability of its business model and profitability [1][2]. Financial Performance - In the first half of 2025, Xinde New Materials reported revenue of 510 million yuan, a year-on-year increase of 41.31%, and a net profit attributable to shareholders of 9.81 million yuan, marking a significant turnaround from a loss of 14.16 million yuan in the same period of 2024, reflecting a growth rate of 169.28% [1][2]. - However, the company's net profit excluding non-recurring items was a loss of 3.78 million yuan, indicating that the core business has not yet achieved profitability [2]. Business Challenges - The company faces significant challenges with its core business profitability, as evidenced by a decline in revenue in 2024 to 810 million yuan, a year-on-year decrease of 15%, and a net loss of 33.04 million yuan, a decline of 180% [2]. - The financial structure is under pressure due to inventory buildup, high accounts receivable, and significant cash outflows, leading to liquidity challenges [2][3]. Inventory and Receivables - As of June 2025, Xinde New Materials had an inventory balance of 297 million yuan, a 41% increase from the end of 2024, and accounts receivable of 275 million yuan, a 65% year-on-year increase, indicating a mismatch with revenue growth [3][5]. - The increase in inventory may reflect overly optimistic market demand forecasts or slower customer pickup rates, leading to potential risks of inventory devaluation [5]. Cash Flow Issues - The company reported a negative operating cash flow of 166 million yuan in the first half of 2025, continuing a trend of cash outflows from operations in previous years, which raises concerns about its operational sustainability [7]. - The combination of inventory buildup and delayed receivables collection is straining the company's cash flow, which is critical for daily operations [7]. Profitability and Market Conditions - The gross margin of Xinde New Materials has been declining, dropping from 53% in 2020 to 11% in the first half of 2025, indicating a significant erosion of core profitability [7][9]. - The competitive landscape in the lithium battery materials sector has intensified, leading to downward pressure on prices and overall profitability, particularly affecting smaller firms like Xinde New Materials [9].

Core Viewpoint - Major shareholders of Xinde New Materials (301349.SZ) are planning to reduce their holdings, despite the company reporting a significant year-on-year increase in revenue and net profit for the first half of 2025, indicating underlying issues in its core business profitability [1][2]. Financial Performance - In the first half of 2025, Xinde New Materials reported revenue of 510 million yuan, a year-on-year increase of 41.31%, and a net profit attributable to shareholders of 9.81 million yuan, marking a 169.28% increase compared to a loss of 14.16 million yuan in the same period of 2024 [1]. - However, the company's net profit after deducting non-recurring gains and losses was a loss of 3.78 million yuan, indicating that the core business remains unprofitable [2]. Liquidity and Financial Structure - As of June 2025, Xinde New Materials had a high inventory balance of 297 million yuan, a 41% increase from the end of 2024, and accounts receivable of 275 million yuan, a 65% year-on-year increase, which significantly outpaced the revenue growth [2][3]. - The company faced a negative operating cash flow of 166 million yuan in the first half of 2025, indicating ongoing cash flow issues, with previous years also showing negative cash flows [6]. Profitability Challenges - The gross profit margin of Xinde New Materials has declined from 53% in 2020 to 11% in the first half of 2025, reflecting a significant reduction in core profitability [6][8]. - The competitive landscape in the lithium battery materials industry has intensified, leading to price adjustments and overall low profitability levels, which further impacts the company's margins [8]. Market Dynamics - The market for anode materials, particularly artificial graphite, has seen a significant increase in output, with 1-6 months of 2025 showing a 37% year-on-year increase in output, indicating a highly competitive environment [8]. - Xinde New Materials' focus on optimizing product structure and targeting high softening point products aims to stabilize prices, but the current gross margin remains low compared to historical levels [8].

Core Viewpoint - The company, Xinde New Materials (301349), indicated that specific operational conditions for the third quarter will be disclosed in its upcoming periodic report [1] Group 1 - The company responded to investor inquiries on September 25 regarding its third-quarter performance [1]