华泰联合证券有限责任公司 关于包头市英思特稀磁新材料股份有限公司 2025 年上半年持续督导跟踪报告 | 保荐人名称：华泰联合证券有限责任公司 | 被保荐公司简称：英思特 | | --- | --- | | 保荐代表人姓名：周子宜 | 联系电话：0755-8190 2000 | | 保荐代表人姓名：易桂涛 | 联系电话：0755-8190 2000 | 一、保荐工作概述 | 项目 | 工作内容 | | --- | --- | | 1.公司信息披露审阅情况 | | | | 是，已对英思特从 年 月 日至 月 2025 1 1 6 30 | | （1）是否及时审阅公司信息披露文件 | 日披露的定期报告和临时报告等各类信息披 | | | 露文件及时进行了审阅 | | （2）未及时审阅公司信息披露文件的次数 | 0 次 | | 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 | 是，已督导公司建立健全防止关联方资金占用 | | 但不限于防止关联方占用公司资源的制度、 | 的制度、募集资金管理制度、关联交易管理制 | | 募集资金管理制度、内控制度、内部审计制 | 度 ...

Group 1 - The core stock price of YS Technology as of August 21, 2025, is 90.25 CNY, reflecting a decrease of 1.70 CNY or 1.85% from the previous trading day [1] - The stock opened at 91.74 CNY, reached a high of 93.81 CNY, and a low of 89.75 CNY, with a trading volume of 46,107 lots and a total transaction amount of 421 million CNY [1] - YS Technology specializes in the research, production, and sales of rare earth permanent magnet materials and related products, with applications in new energy and energy-saving environmental protection sectors [1] Group 2 - As a high-tech enterprise in Inner Mongolia, YS Technology has a certain level of technological accumulation and market advantage in the field of rare earth permanent magnet materials [1] - On August 21, 2025, the net outflow of main funds for YS Technology was 55.56 million CNY, with a cumulative net outflow of 84.83 million CNY over the past five trading days [1] - Notably, around 9:35 AM on the same day, YS Technology's stock price experienced a rapid rebound, increasing by over 2% within five minutes, reaching a peak of 93 CNY [1]

Company Overview - Full Name: Baotou Yinstar Rare Magnetic New Materials Co., Ltd [1] - Abbreviation: Yinstar [1] - Stock Code: 301622.SZ [1] - IPO Application Date: September 20, 2022 [1] - Listing Date: December 4, 2024 [1] - Listing Board: Shenzhen ChiNext [1] - Industry: Manufacturing of Computers, Communications, and Other Electronic Devices [1] - IPO Sponsor: Huatai United Securities [1] - Lead Underwriters: Huatai United Securities [1] - Legal Advisor: Guohao Law Firm (Beijing) [1] - Audit Firm: Rongcheng Accounting Firm (Special General Partnership) [1] Performance Evaluation - Disclosure Situation: Required to analyze the authenticity and completeness of waste material revenue recognition; required to enhance risk warnings regarding significant fluctuations in raw material prices in the prospectus [1] - Regulatory Penalties: No deductions [2] - Public Supervision: No deductions [2] - Listing Cycle: Yinstar's listing cycle is 806 days, longer than the average of 629.45 days for A-share companies listed in 2024 [2] - Multiple Applications: Not applicable, no deductions [2] Financial Metrics - Issuance Costs and Rate: Underwriting and sponsorship fees amount to 51.8447 million yuan, with a commission rate of 8.00%, higher than the average of 7.71% [3] - Initial Listing Performance: Stock price increased by 347.23% on the first day of listing [4] - Three-Month Performance: Stock price increased by 258.65% within three months post-listing [5] - Issuance Price-Earnings Ratio: Yinstar's issuance P/E ratio is 21.63 times, which is 52.67% of the industry average of 41.07 times [6] - Actual Fundraising Ratio: Expected fundraising of 683 million yuan, with actual fundraising of 648 million yuan, a decrease of 5.16% [7] Short-Term Performance Post-Listing - Revenue Growth: Company revenue increased by 24.54% year-on-year [8] - Net Profit Growth: Net profit attributable to shareholders increased by 28.15% year-on-year [8] - Non-recurring Net Profit Growth: Non-recurring net profit attributable to shareholders increased by 30.29% year-on-year [8] - Abandonment Rate: Abandonment rate is 0.26% [8] Overall Score - Total Score: Yinstar's IPO project scored 86.5 points, classified as Grade B [8] - Negative Factors: Disclosure quality needs improvement, lengthy listing cycle, high issuance cost rate, reduced actual fundraising amount, and abandonment rate of 0.26% [8]

Group 1 - The core stock price of Yingst (301622) closed at 91.28 yuan, with an increase of 0.8% and a turnover rate of 21.44% as of August 19, 2025 [1] - The company's total revenue for Q1 2025 was 263 million yuan, representing a year-on-year growth of 11.42%, while the net profit attributable to shareholders was 40.99 million yuan, up 109.05% year-on-year [1] - Yingst has a current ratio of 2.763, a quick ratio of 2.202, and a debt-to-asset ratio of 27.71% [1] Group 2 - Yingst has made investments in 6 companies and participated in 317 bidding projects [2] - The company holds 26 trademark registrations and 458 patents, along with 50 administrative licenses [2]

Group 1 - The company, Instech (301622), responded to investor inquiries on August 15, indicating that some collaborations with clients involve commercial confidentiality agreements [1] - The company emphasizes its strict adherence to the "Management Measures for Information Disclosure of Listed Companies" and exchange regulations [1] - The company insists on fulfilling its information disclosure obligations under compliance while addressing investor concerns regarding collaboration matters [1]

Core Viewpoint - The stock price of YS Tech has decreased by 3.00 CNY to 84.60 CNY, indicating a downward trend in the market [1] Company Overview - YS Tech operates in the electronic components industry, focusing on the research, production, and sales of rare earth permanent magnet materials [1] - The company is located in Inner Mongolia and is a significant producer of rare earth permanent magnet materials in the western region of China [1] Recent Developments - On August 14, YS Tech announced on its investor interaction platform that its developed MIM NdFeB preparation technology can overcome traditional process limitations regarding product shapes, enabling mass production of complex-shaped metal parts [1] - The technology has received invention patent authorization, and the company is actively developing other core technologies for mass production [1] Market Activity - On August 14, the net outflow of main funds was 61.99 million CNY, accounting for 2.53% of the circulating market value [1] - Over the past five trading days, the cumulative net outflow reached 160.96 million CNY, representing 6.56% of the circulating market value [1]

Core Viewpoint - The company has developed a patented MIM injection molding process for neodymium iron boron magnets, which addresses limitations of traditional metal powder molding techniques and enhances production efficiency and material utilization [2]. Group 1: Technology and Innovation - The MIM technology allows for the mass production of complex-shaped metal parts, significantly improving material utilization and achieving high precision and consistency in products [2]. - The invention aims to reduce carbon content in MIM neodymium iron boron magnets, addressing issues related to low magnetic performance, low yield rates, and production efficiency [2]. - The company is actively developing and reserving other core technologies to achieve mass production of MIM neodymium iron boron magnetic devices [2].

Core Viewpoint - The company has developed a new MIM (Metal Injection Molding) technology for NdFeB (Neodymium Iron Boron) magnets that overcomes traditional limitations in product shape and enhances production efficiency and material utilization [1] Group 1 - The MIM technology allows for the mass production of complex-shaped metal parts, significantly improving material utilization and achieving high precision and consistency in products [1] - The invention aims to reduce carbon content in MIM NdFeB magnets, addressing issues related to low magnetic performance, low yield rates, and low production efficiency [1] - The company is actively developing and reserving other core technologies to enable mass production of MIM NdFeB magnetic devices [1]

Core Viewpoint - The company has developed a new MIM (Metal Injection Molding) technology for producing neodymium-iron-boron magnets, which overcomes traditional limitations in metal powder molding processes, allowing for high-efficiency production of complex-shaped metal parts and significantly improving material utilization [1] Summary by Relevant Categories Technology Development - The new MIM technology enables the production of complex-shaped neodymium-iron-boron magnets, enhancing precision and consistency in the final products [1] - The invention aims to reduce carbon content in MIM neodymium-iron-boron magnets, addressing issues related to low magnetic performance, low yield rates, and production efficiency [1] Production Capacity - The company is actively developing and reserving additional core technologies to achieve mass production of MIM neodymium-iron-boron magnetic devices [1]

专利摘要显示，本发明涉及一种混动新能源汽车排气管切割装置，涉及排气管生产技术领域。其包括架 体，所述架体内设置有承载板，所述承载板的顶壁上设置有定位装置，所述定位装置包括承载导轨及固 定压板，所述承载板的顶壁上开设有导轨槽，所述承载导轨设置于导轨槽内，所述承载导轨的一端设置 有用于放置排气长管的固定套，所述固定压板设置于架体上，所述固定压板与排气长管的侧壁贴合设 置，所述架体上滑动连接有滑座，所述滑座上设置有切割刀及用于驱动切割刀转动的切割电机，所述切 割刀位于承载板上方，所述切割刀用于对排气长管进行切割。 天眼查资料显示，苏州市英思特汽车科技有限公司，成立于2018年，位于苏州市，是一家以从事汽车制 造业为主的企业。企业注册资本2000万人民币。通过天眼查大数据分析，苏州市英思特汽车科技有限公 司参与招投标项目4次，专利信息32条，此外企业还拥有行政许可4个。 金融界2025年8月13日消息，国家知识产权局信息显示，苏州市英思特汽车科技有限公司申请一项名 为"一种混动新能源汽车排气管切割装置"的专利，公开号CN120461518A，申请日期为2025年06月。 ...