1. 审议通过了《关于<2025 年第一季度报告>的议案》 公司《2025 年第一季度报告》的编制和审核程序符合法律、行政法规等相关规 定，报告内容真实、准确、完整地反映了公司 2025 年第一季度的实际经营情况，不 存在虚假记载、误导性陈述或者重大遗漏。 证券代码：301489 证券简称：思泉新材 公告编号：2025-028 广东思泉新材料股份有限公司 第三届监事会第十七次会议决议公告 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。 一、监事会会议召开情况 广东思泉新材料股份有限公司（以下简称"公司"）第三届监事会第十七次 会议通知于 2025 年 4 月 22 日以专人送达、邮件和电话等方式发出。会议于 2025 年 4 月 25 日在公司会议室以通讯会议的方式召开。本次会议应出席会议监事 3 人，实际参加监事 3 人，会议由监事会主席袁碧主持。本次会议的召集、召开和 表决程序符合有关法律、法规和《公司章程》的规定，会议形成的决议合法有效。 二、监事会会议审议情况 具体内容详见公司在巨潮资讯网(www.cninfo.com.cn)上披露的《2025 年第一 ...

证券代码：301489 证券简称：思泉新材 公告编号：2025-027 第三届董事会第二十二次会议决议公告 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 广东思泉新材料股份有限公司（以下简称"公司"）第三届董事会第二十二 次会议通知于 2025 年 4 月 22 日以专人送达、邮件和电话等方式发出。会议于 2025 年 4 月 25 日在公司会议室以通讯会议的方式召开。本次会议应出席会议董 事 7 人，实际参加董事 7 人，会议由董事长任泽明主持，公司监事、高级管理人 员列席了会议。本次会议的召集、召开和表决程序符合有关法律、法规和《公司 章程》的规定，会议形成的决议合法有效。 二、董事会会议审议情况 1. 审议通过了《关于<2025 年第一季度报告>的议案》 公司《2025 年第一季度报告》的内容真实、准确、完整地反映了公司 2025 年第一季度经营情况，不存在虚假记载、误导性陈述或重大遗漏。 公司董事会审计委员会审议通过了此议案。 具体内容详见公司在巨潮资讯网(www.cninfo.com.cn)上披露的《2025 年第一 季度报 ...

Financial Performance - The company's revenue for Q1 2025 reached ¥183,326,988.12, representing a 93.59% increase compared to ¥94,696,664.84 in the same period last year[4] - Net profit attributable to shareholders was ¥17,721,977.75, up 79.57% from ¥9,869,197.22 year-on-year[4] - Basic and diluted earnings per share increased by 82.35% to ¥0.31, up from ¥0.17 in the same period last year[4] - Net profit for the current period was ¥16,415,457.28, compared to ¥9,337,484.15 in the previous period, reflecting a growth of approximately 75.5%[16] - Total comprehensive income for the current period was ¥16,184,672.28, compared to ¥9,337,461.83 in the previous period, reflecting an increase of approximately 73.5%[17] Cash Flow - The net cash flow from operating activities surged by 357.71% to ¥66,416,815.10, compared to ¥14,510,547.20 in the previous year[4] - The net cash flow from operating activities increased by 357.71% to ¥66,416,815.10, primarily due to an increase in collections during the period[9] - The net cash flow from investing activities decreased by 240.67% to -¥140,884,486.79, mainly due to an increase in the purchase of financial products[9] - The net cash flow from financing activities increased by 467.87% to ¥53,289,386.00, attributed to an increase in bank loans and a reduction in the payment of note guarantees[9] - Cash inflow from financing activities amounted to $70,667,664.62, up from $27,477,622.13, marking an increase of about 157.5%[19] Assets and Liabilities - Total assets at the end of Q1 2025 were ¥1,561,327,850.73, a 2.68% increase from ¥1,520,592,679.96 at the end of the previous year[4] - Total liabilities rose to ¥502,975,153.73 from ¥481,402,036.21, representing an increase of approximately 4.0%[14] - Non-current assets totaled ¥688,181,635.53, up from ¥674,335,219.46, indicating a growth of about 2.0%[14] Operating Costs and Expenses - The total operating costs increased by 89.63% to ¥136,147,031.65, reflecting the company's market expansion efforts[8] - Total operating costs amounted to ¥166,842,234.70, up from ¥83,108,270.75, indicating an increase of about 100.7%[15] - The company reported a significant increase in research and development expenses, which rose by 76.19% to ¥11,254,645.32, compared to ¥6,387,638.97 in Q1 2024[8] - The company reported a significant increase in research and development expenses, which reached ¥11,254,645.32, compared to ¥6,387,638.97 in the previous period, reflecting a growth of approximately 76.5%[15] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 10,713[10] - The largest shareholder, Ren Zeming, holds 18.17% of the shares, totaling 10,482,440 shares[10] Inventory and Receivables - The accounts receivable decreased from ¥302,792,042.08 to ¥235,220,948.90, a reduction of approximately 22.3%[12] - The inventory increased from ¥181,157,172.10 to ¥194,333,957.61, an increase of about 7.2%[12] Other Financial Metrics - The company's cash and cash equivalents decreased from ¥273,383,532.60 to ¥232,320,713.61, a decline of approximately 15.06%[12] - The total current assets increased to ¥873,146,215.20 from ¥846,257,460.50, reflecting a growth of about 3.4%[12] - The company’s investment income was reported at ¥93,789.82, down from ¥336,607.86, indicating a decrease of about 72.1%[16] Audit Information - The company did not undergo an audit for the first quarter report[20]

Investment Rating - The report maintains a rating of "Accumulate" for the company [2][4][6] Core Views - The company experienced a revenue growth of over 50% year-on-year in 2024, driven by demand from North American major clients, although profits did not increase due to losses from subsidiaries and impairment provisions [4][9] - For 2025, growth is expected to diversify with significant contributions from the liquid cooling segment, automotive business, and thermal management products benefiting from capacity expansion in Vietnam [4][6] Summary by Relevant Sections Financial Performance - The company’s revenue for 2024 reached RMB 656 million, a 51.1% increase year-on-year, while net profit was RMB 52 million, a decrease of 3.9% [9] - The projected net profits for 2025, 2026, and 2027 are RMB 87 million, RMB 117 million, and RMB 150 million respectively, with corresponding P/E ratios of 38.9, 28.7, and 22.5 [6][8] Business Development - The company is expanding its business areas, including new projects in cooling fans, liquid silicone, electronic adhesives, and liquid cooling, which have led to significant growth in the automotive sector [9] - The investment in the Vietnam cooling product project has been increased from USD 35 million to USD 65 million, which is expected to enhance market share and profitability [9] Market Position - The company has successfully established partnerships with well-known clients in various sectors, including smart home, drones, and energy storage, and is working on certifications for key clients in AI servers and optical modules [9]

Core Viewpoint - The company, Siquan New Materials, has demonstrated significant growth in its 2024 financial performance, with a focus on expanding its emerging business sectors and enhancing its research and development capabilities [1][2][3] Group 1: Financial Performance - In 2024, Siquan New Materials achieved a revenue of 656 million yuan, representing a substantial year-on-year increase of 51.10% [1] - The net profit attributable to shareholders reached 52.45 million yuan [1] Group 2: Business Expansion and Strategic Partnerships - The company has expanded its business into high-growth sectors such as smart home, drones, and energy storage, leveraging its thermal management materials technology [2] - Strategic partnerships have been established with leading companies in related fields to enhance market presence [2] Group 3: Management and Operational Efficiency - Siquan New Materials is implementing a "management + system + digitalization" strategy to improve the operational capabilities of its subsidiaries [2] - The company has introduced a unified financial management system and ERP digital systems to ensure data integration across the entire industry chain [2] Group 4: Research and Development - The company has increased its R&D investment by 13.06 million yuan, a significant rise of 56.42%, to support future revenue growth [3] - Key projects include the expansion of graphite film production, liquid cooling products, and high-performance thermal conductive materials [3] - Siquan New Materials is transitioning towards becoming a platform technology solution provider, aiming for a spiral growth in market share and profitability through technological advancements [3]

Group 1: Company Overview - The company focuses on the research, production, and sales of electronic and electrical functional materials, primarily divided into thermal management and environmental adaptation product modules [1][2] - The product range includes graphite heat dissipation films, heat sinks, cooling fans, and liquid cooling plates, providing systematic thermal solutions for various electronic products [2] Group 2: Application Fields - Products are widely used in consumer electronics such as smartphones, laptops, and smart wearable devices, as well as in high-end fields like new energy vehicles, energy storage, and medical equipment [3] Group 3: Major Clients - Key clients include major North American customers and leading domestic technology companies such as Xiaomi, Vivo, and Samsung [4] Group 4: Financial Performance - In 2024, the company achieved a revenue of 656 million yuan, a year-on-year increase of 51.10%, driven by rapid market demand and increased orders from North American clients [5] - The net profit attributable to shareholders was 52.46 million yuan, a slight decrease of 3.88% year-on-year, attributed to increased expenses from newly consolidated subsidiaries and higher sales and R&D costs [6] Group 5: Future Outlook - The company aims to enhance its core competitiveness and is optimistic about revenue growth in 2025, focusing on market expansion and continuous innovation [8] - Key projects for 2025 include the expansion of graphite film production, liquid cooling product projects, and the development of high-performance thermal products [9]

长城证券股份有限公司 关于广东思泉新材料股份有限公司 2024 年度持续督导期间的跟踪报告 | 保荐机构名称：长城证券股份有限公司 | 被保荐公司简称：思泉新材 | | --- | --- | | 保荐代表人姓名：王广红 | 联系电话：0755-23934001 | | 保荐代表人姓名：姜南雪 | 联系电话：0755-23934001 | | 至 1,240.47 | 万元，同比 | | --- | --- | | 增长 | 518.29%。 | 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 | 0 | | 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 | | | 括但不仅限于防止关联方占用公司资源的 制度、募集资金管理制度、内控制度、内 | 是 | | 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） ...

证券代码：301489 证券简称：思泉新材 公告编号：2025-026 广东思泉新材料股份有限公司 关于举行 2024 年度网上业绩说明会的公告 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。 为充分尊重投资者、提升交流的针对性，现就公司 2024 年度业绩说明会提 前向投资者公开征集问题，广泛听取投资者的意见和建议，投资者可于 2025 年 5 月 5 日（星期一）17:00 前，访问https://ir.p5w.net/zj/，或扫描下方二维码，进 入问题征集专题页面，公司将在本次业绩说明会上在信息披露允许的范围内对投 资者普遍关注的问题进行回答。 欢迎广大投资者积极参与！ 特此公告。 广东思泉新材料股份有限公司董事会 2025 年 4 月 22 日 广东思泉新材料股份有限公司（以下简称"公司"）于 2025 年 4 月 16 日在 巨潮资讯网(www.cninfo.com.cn)披露了 2024 年年度报告及摘要。为使广大投资 者更全面、深入地了解公司情况，公司定于 2025 年 5 月 6 日（星期二）15:30-16:30 在全景网举行 2024 年 ...

长城证券股份有限公司 关于广东思泉新材料股份有限公司 （二）内部控制 现场检查手段： （1）查阅内部审计部门资料，包括内部审计部门任职人员资料、内部审计制度、内部 审计部门出具的历次内部审计报告及专项审计报告； （2）查阅审计委员会资料，包括审计委员会工作细则、人员构成、会议记录等； （3）查阅公司内部控制评价报告、对外投资管理制度以及投资决策相关的董事会决议、 公司对外投资交易记录； （4）查阅募集资金专户的银行对账单、明细表； 2024 年度定期现场检查报告 | 保荐机构名称：长城证券股份有限公司 | 被保荐公司简称：思泉新材 | | --- | --- | | 保荐代表人姓名：王广红 | 联系电话：0755-83516222 | | 保荐代表人姓名：姜南雪 | 联系电话：0755-83516222 | | 现场检查人员姓名：姜南雪、李伟 | | | 现场检查对应期间：2024 年度 | | | 现场检查时间：2025 年 4 月 8 日-2025 年 4 月 11 日 | | | 一、现场检查事项 | 现场检查意见 | | (一)公司治理 | 是 否 不适用 | | 现场检查手段： | | | （1）查 ...

Investment Rating - The report maintains an "Accumulate-A" rating for the company [1] Core Views - The company achieved a revenue of 656 million yuan in 2024, representing a year-on-year increase of 51.1%, driven by rising demand from major North American clients [5] - The company is actively expanding its product and customer base, with new business initiatives in thermal management materials, magnetic materials, and nano-protective materials [5] - The forecasted growth rates for the company's net profit from 2025 to 2027 are 40.9%, 47.7%, and 38.8%, respectively, due to industry expansion and entry into the North American supply chain [5] Financial Performance - In 2024, the company reported a net profit of 52 million yuan, a decrease of 3.88% year-on-year, primarily due to losses from certain subsidiaries [5] - The company's revenue growth in 2024 was notable, with thermal management materials generating 609 million yuan (up 49.62%), magnetic materials 3 million yuan (up 56.62%), and nano-protective materials 10 million yuan (up 65.47%) [5] - The company's diluted earnings per share (EPS) for 2024 is projected at 0.91 yuan, with a forecasted EPS of 1.28 yuan for 2025 [4][6] Market Data - As of April 17, 2025, the company's closing price was 57.20 yuan, with a market capitalization of 32.99 billion yuan [3] - The company's circulating A-shares account for 34% of the total share capital, with a circulating A-share market value of 19.45 billion yuan [3] Valuation Metrics - The company's price-to-earnings (P/E) ratio is projected to decrease from 62.9 in 2024 to 21.8 by 2027, indicating an improving valuation as earnings grow [4][6] - The projected return on equity (ROE) is expected to rise from 4.7% in 2024 to 11.1% in 2027, reflecting enhanced profitability [4][6]