Group 1 - The core viewpoint of the articles highlights the strong performance of Siquan New Materials in Q1 2025, with a revenue of 183 million yuan, representing a 93.59% year-on-year increase, and a net profit of 18 million yuan, reflecting a 79.57% growth compared to the same period last year [1][2] - Siquan New Materials is a leading provider of thermal management solutions, producing graphite heat dissipation sheets, thermal pads, and other thermal interface materials, with applications in consumer electronics, automotive electronics, and photovoltaic energy storage [1] - The company has established partnerships with major clients in the technology and consumer electronics sectors, including North American clients, Xiaomi, Vivo, and Samsung, providing comprehensive thermal management solutions [1] Group 2 - Siquan New Materials is focused on increasing market share and optimizing product structure while promoting collaborative development across various business sectors, including electric vehicles, energy storage, servers, and smart home markets [2] - The company aims to leverage existing customer resources, technological accumulation, and R&D capabilities to deepen long-term strategic cooperation with clients, creating a new growth engine for rapid, high-quality, and sustainable development [2] - Since its listing, Siquan New Materials has actively pursued fundraising projects and is expanding its production capacity to meet the increasing orders from North American clients, indicating a promising outlook for revenue growth [2]

一、主要会计数据和财务指标 | 报告期指标 | 2025年一季报 | 2024年一季报 | 本年比上年增减(%) | 2023年一季报 | | --- | --- | --- | --- | --- | | 基本每股收益（元） | 0.3100 | 0.1700 | 82.35 | 0.3000 | | 每股净资产（元） | 18.23 | 17.46 | 4.41 | 9.75 | | 每股公积金(元) | 11.54 | 11.57 | -0.26 | 0 | | 每股未分配利润(元) | 5.03 | 4.37 | 15.1 | | | 每股经营现金流(元) | - | - | - | - | | 营业收入(亿元) | 1.83 | 0.95 | 92.63 | 0.99 | | 净利润(亿元) | 0.18 | 0.1 | 80 | 0.13 | | 净资产收益率(%) | 1.70 | 0.98 | 73.47 | 3.08 | | 名称 | 持有数量(万股) | 占总股本比 | 增减情况 | | --- | --- | --- | --- | | | | 例(%) | (万股) | | 深圳市富海 ...

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 ...