联瑞新材拟募6.95亿加码主业 技术引领获141项知识产权

Core Viewpoint - Lianrui New Materials (688300.SH) has received approval from the CSRC for its convertible bond issuance, aiming to raise 695 million yuan for high-performance materials projects and working capital, which will strengthen its market position in the industry [1][2][3] Fundraising and Investment Projects - The company plans to invest the raised 695 million yuan primarily in two high-end material projects: ultra-pure spherical powder materials for high-performance substrates and high-thermal-conductivity spherical powder materials [2] - The ultra-pure spherical powder project will have an adjusted total investment of 423 million yuan, with 255 million yuan from the raised funds, aiming for an annual production capacity of 3,600 tons [2] - The high-thermal-conductivity spherical powder project will utilize 240 million yuan of the raised funds, expected to add an annual production capacity of 16,000 tons of high-thermal-conductivity aluminum oxide [2] Financial Performance - For the first three quarters of 2025, the company reported revenue of 824 million yuan and a net profit of 220 million yuan, both showing a year-on-year increase of approximately 19% [1][5] - The company has maintained a stable and high gross margin, with figures of 39.20%, 39.26%, 40.38%, and 41.41% from 2022 to the first three quarters of 2025 [6] Research and Development - The company has invested a total of 249 million yuan in R&D over the past six years, emphasizing the importance of technology development for sustainable operations [4][6] - As of mid-2025, the company has obtained 141 intellectual property rights, including 68 invention patents [6] Historical Context and Market Position - Founded in 1984, the company transitioned from a local enterprise to a publicly listed entity in 2019, becoming the first listed company in the high-end silicon micro-powder industry in China [4] - The company has evolved from ordinary silicon micro-powder production to focusing on functional inorganic non-metallic powder materials, establishing itself as a key player in the global market [4]