重庆国际复合材料股份有限公司 2025 年公告 证券代码：301526 证券简称：国际复材 公告编号：2025-052 重庆国际复合材料股份有限公司 关于公司持股5%以上股东权益变动 触及5%整数倍及触及1%刻度的提示性公告 持股 5%以上股东上海信熹投资管理有限公司－云南云熹股权投资基金 合伙企业（有限合伙）保证向本公司提供的信息内容真实、准确、完整，没 有虚假记载、误导性陈述或重大遗漏。 本公司及董事会全体成员保证公告内容与信息披露义务人提供的一致。 特别提示： 1、本次权益变动后，上海信熹投资管理有限公司－云南云熹股权投资基金 合伙企业（有限合伙）（以下简称"云南云熹""信息披露义务人"）持有重庆 国际复合材料股份有限公司（以下简称"公司"）股票 377,087,893 股，占公司 总股本比例为 10.00%，云南云熹本次权益变动触及 5%整数倍及触及 1%刻度。 股，本次权益变动后云南云熹持股占公司总股本的比例为 10.00%，云南云熹本 次权益变动触及 5%整数倍及触及 1%刻度。现将相关情况公告如下： 一、权益变动情况 | 基本情况 | | | | | --- | --- | --- | --- ...

重庆国际复合材料股份有限公司简式权益变动报告书 重庆国际复合材料股份有限公司 简式权益变动报告书 上市公司名称：重庆国际复合材料股份有限公司 股票上市地点：深圳证券交易所 股票简称：国际复材 股票代码：301526 信息披露义务人：上海信熹投资管理有限公司－云南云熹股权投资基金合伙企 业（有限合伙） 住所：云南省滇中新区长水社区云水路 1 号 A2 栋 416-8 号 通讯地址：云南省滇中新区长水社区云水路 1 号 A2 栋 416-8 号 股份变动性质：减少（减持） 四、截至本报告书签署日，除本报告书披露的信息外，信息披露义务人没有 通过任何其他方式增加或减少其在重庆国际复合材料股份有限公司中拥有权益 的股份。 五、本次股东持股变动是根据本报告书所载明的资料进行的。除信息披露义 务人外，没有委托或者授权任何其他人提供未在本报告书中列载的信息和对本报 告书做出任何解释或者说明。 签署日期：2025 年 10 月 27 日 1 重庆国际复合材料股份有限公司简式权益变动报告书 信息披露义务人声明 一、本报告书系信息披露义务人根据《中华人民共和国证券法》、中国证券 监督管理委员会发布的《上市公司收购管理办法》和《公 ...

Market Overview - The glass and fiberglass sector increased by 1.58% compared to the previous trading day, with Honghe Technology leading the gains [1] - The Shanghai Composite Index closed at 3996.94, up 1.18%, while the Shenzhen Component Index closed at 13489.4, up 1.51% [1] Stock Performance - Honghe Technology (603256) closed at 34.98, up 4.08%, with a trading volume of 264,900 shares and a transaction value of 914 million [1] - Qibin Group (601636) closed at 7.10, up 3.35%, with a trading volume of 368,400 shares and a transaction value of 259 million [1] - Changhai Co., Ltd. (300196) closed at 15.05, up 2.80%, with a trading volume of 190,100 shares and a transaction value of 136 million [1] - International Composite Materials (301526) closed at 6.31, up 2.77%, with a trading volume of 199,150 shares and a transaction value of 626 million [1] - China Jushi (600176) closed at 16.05, up 1.78%, with a trading volume of 537,900 shares and a transaction value of 872 million [1] Capital Flow - The glass and fiberglass sector saw a net inflow of 206 million from main funds, while retail investors experienced a net outflow of 127 million [2] - The main funds' net inflow for Honghe Technology was 58 million, while retail investors had a net outflow of approximately 30 million [3] - The net inflow for Qibin Group from main funds was 6.76 million, with a significant net outflow from retail investors of about 2.96 million [3]

Group 1 - The core viewpoint of the article is that Southwest Securities has given a "buy" rating to International Composites (301526.SZ) with a target price of 7.20 yuan, citing a continuation of industry improvement trends and significant recovery in profitability [1] - The reasons for the rating include strong operational momentum and substantial earnings elasticity, indicating a robust performance outlook for the company [1] - Future growth paths are highlighted, emphasizing the strengthening of technological advantages to enhance operational momentum and continuously explore long-term growth potential [1] Group 2 - The report mentions potential risks, including the risk of a significant economic downturn, lower-than-expected downstream demand, and geopolitical risks [1]

Core Viewpoint - The industry is experiencing significant improvement in supply-demand structure, leading to enhanced profitability and market concentration, with the top three companies holding over 60% market share [1] Industry Summary - The industry benefits from effective capacity regulation and structural optimization, with demand steadily expanding, resulting in a significant improvement in supply-demand dynamics and product prices [1] - The industry is projected to see a substantial increase in demand driven by sectors such as wind power, new energy, and electronics, with a notable demand surge expected in the first half of 2025 [1] - The industry has seen a 13.5% year-on-year increase in main business revenue and a 142.5% increase in industrial profits in the first half of 2025 [1] Company Summary - The company is a leading player in the fiberglass industry, with strong technological capabilities, a rich product matrix, and a global marketing network, enhancing its competitive edge [2] - The company has achieved breakthroughs in various technical fields, maintaining a leading position in high-modulus wind power yarn and LDK electronic yarn [2] - The company focuses on high-end products across multiple sectors, including wind power, thermoplastics, thermosets, and electronics, with a comprehensive global sales system [2] - The company has a market share exceeding 25% in the wind blade sector and has developed advanced products in the electronic yarn field, addressing the long-term reliance on imports for key materials [2] - The company has established stable partnerships with industry leaders, enhancing its growth potential through technological innovation [2] Profit Forecast and Investment Recommendation - The company is expected to maintain steady sales growth, with significant growth potential in its advantageous products like LDK electronic yarn, and continuous improvement in product structure and cost management [3] - A target price of 7.20 yuan is set for 2026, based on a 30 times valuation, with a "buy" rating recommended [3]

Core Insights - International Composites (301526) closed at 6.14 yuan on October 24, 2025, with a rise of 2.68% and a trading volume of 681,000 hands, resulting in a transaction value of 415 million yuan [1] Fund Flow Analysis - On October 24, 2025, the net outflow of main funds was 2.8851 million yuan, accounting for 0.7% of the total transaction value, while retail investors saw a net inflow of 8.4881 million yuan, representing 2.05% of the total transaction value [1][2] - Over the past five days, the stock experienced fluctuations in fund flows, with significant net outflows from main and speculative funds on several days, while retail investors showed consistent net inflows [2] Company Performance Metrics - As of the latest report, International Composites has a total market value of 23.153 billion yuan, ranking 5th in the glass fiber industry [3] - The company reported a main revenue of 4.153 billion yuan for the first half of 2025, a year-on-year increase of 19.4%, and a net profit of 231 million yuan, up 341.55% year-on-year [3] - The second quarter of 2025 showed a single-quarter main revenue of 2.285 billion yuan, a 17.6% increase year-on-year, and a net profit of 179 million yuan, reflecting a significant year-on-year increase of 754.09% [3] Financial Ratios - The company has a price-to-earnings ratio (P/E) of 50.05 and a price-to-book ratio (P/B) of 2.82, with a gross margin of 17.38% and a net margin of 6.69% [3] - The return on equity (ROE) stands at 2.86%, indicating a competitive position within the industry [3]

Market Performance - The glass and fiberglass sector increased by 2.67% compared to the previous trading day, with Zhongcai Technology leading the gains [1] - The Shanghai Composite Index closed at 3950.31, up 0.71%, while the Shenzhen Component Index closed at 13289.18, up 2.02% [1] Individual Stock Performance - Zhongcai Technology (002080) closed at 32.23, up 5.67% with a trading volume of 435,400 shares and a transaction value of 1.384 billion [1] - Honghe Technology (603256) closed at 33.61, up 4.93% with a trading volume of 189,400 shares and a transaction value of 626 million [1] - China Jushi (600176) closed at 15.77, up 2.87% with a trading volume of 418,200 shares and a transaction value of 657 million [1] - International Composite Materials (301526) closed at 6.14, up 2.68% with a trading volume of 681,000 shares and a transaction value of 415 million [1] - Changhai Co., Ltd. (300196) closed at 14.64, up 1.31% with a trading volume of 40,200 shares and a transaction value of 58.57 million [1] Capital Flow Analysis - The glass and fiberglass sector saw a net inflow of 67.1971 million from main funds, while retail funds experienced a net outflow of 30.6972 million [2] - Main funds showed significant inflow into Honghe Technology (4.81012 million) and Zhongcai Technology (4.46558 million) [3] - Retail funds had notable outflows from China Jushi (-3.95663 million) and Changhai Co., Ltd. (-0.60402 million) [3]

Market Overview - The glass fiber sector experienced a slight increase of 0.09% on October 22, with Sanxia New Materials leading the gains [1] - The Shanghai Composite Index closed at 3913.76, down 0.07%, while the Shenzhen Component Index closed at 12996.61, down 0.62% [1] Stock Performance - Sanxia New Materials (600293) saw a significant rise of 10.00%, closing at 3.74 with a trading volume of 1.1355 million shares and a turnover of 411 million yuan [1] - Other notable performers included: - China National Materials (002080) up 2.56% to 32.45 with a turnover of 2.393 billion yuan [1] - Reascend Technology (603601) up 1.23% to 4.93 with a turnover of 140 million yuan [1] - International Composite Materials (301526) up 0.99% to 6.10 with a turnover of 632 million yuan [1] Capital Flow - The glass fiber sector saw a net inflow of 227 million yuan from institutional investors, while retail investors experienced a net outflow of 304 million yuan [2] - The capital flow for key stocks included: - China National Materials with a net inflow of 141 million yuan from institutional investors [3] - Sanxia New Materials with a net inflow of approximately 60.82 million yuan from institutional investors [3] - International Composite Materials with a net inflow of 52.68 million yuan from institutional investors [3]

Core Viewpoint - The company, Chongqing International Composite Materials Co., Ltd., has shown significant growth in revenue and profit, driven by advancements in technology and production capabilities in the glass fiber sector, particularly for applications in 5G and high-end electronics [8]. Company Overview - Chongqing International Composite Materials Co., Ltd. was established on August 27, 1991, and is located in the Jiankiao Industrial Park B area of Dadu River District, Chongqing. The company was listed on December 26, 2023, and primarily engages in the research, production, and sales of glass fiber and its products, with 97.51% of its revenue coming from this segment [7]. Financial Performance - For the first half of 2025, the company achieved a revenue of 4.153 billion yuan, representing a year-on-year growth of 19.40%. The net profit attributable to shareholders reached 231 million yuan, marking a substantial increase of 341.55% compared to the previous year [8]. Product Development and Technology - The company has successfully developed key technologies in the electronic field, including low-bubble fine yarn and ultra-fine yarn with a fiber diameter of 3.7μm, addressing the long-standing reliance on imported materials for high-end PCB [2][3]. - The company has independently developed low-dielectric glass fiber for 5G applications, which has entered mass production and is being utilized in Huawei's flagship smartphones and critical communication products [2][3][5]. Market Position and Strategy - The company emphasizes the accumulation and innovation of core glass fiber technologies, mastering the entire production process from pool kiln design to surface treatment. It adopts a differentiated and high-end product strategy, focusing on market demand in various specialized fields such as wind power and automotive lightweight components [3][5]. Shareholder and Market Activity - As of September 30, the number of shareholders stood at 76,300, a decrease of 9.54% from the previous period, while the average circulating shares per person increased by 10.54% to 18,417 shares [8]. - The company has distributed a total of 113 million yuan in dividends since its A-share listing [9].

Market Overview - The glass and fiberglass sector experienced a decline of 3.2% on October 17, with Yaopi Glass leading the drop [1] - The Shanghai Composite Index closed at 3839.76, down 1.95%, while the Shenzhen Component Index closed at 12688.94, down 3.04% [1] Stock Performance - Yaopi Glass (600819) closed at 8.03, down 8.96% with a trading volume of 572,600 shares and a transaction value of 470 million yuan [1] - Other notable declines include: - China National Materials (002080) down 3.78% to 29.25 [1] - Honghe Technology (603256) down 3.68% to 31.69 [1] - China Jushi (600176) down 3.54% to 15.27 [1] - The overall trading volume and transaction values for other companies in the sector also reflected negative trends [1] Capital Flow - The glass and fiberglass sector saw a net outflow of 398 million yuan from institutional investors, while retail investors had a net inflow of 462 million yuan [1] - Detailed capital flow for specific stocks indicates: - Jiuding New Materials (002201) had a net inflow of over 3.05 million yuan from retail investors [2] - Significant outflows were noted for companies like North Glass (002613) with a net outflow of 12.58 million yuan from institutional investors [2] - Other companies such as Jinjing Technology (600586) and Qibin Group (601636) also experienced substantial net outflows from institutional investors [2]