瑞丰新材高管减持提前终止，公司基本面稳健

Group 1 - The recent share reduction by senior executives of Ruifeng New Materials (300910) involved 6 executives terminating their reduction plans early, resulting in a total reduction of 785,200 shares (0.265% of total share capital), falling short of the original target of 1.24 million shares [1] - The reduction plan was disclosed in November 2025, with the intended period from November 25, 2025, to February 24, 2026, but was terminated early on February 13, 2026. Key personnel involved included Deputy General Manager Shang Qingchun (reduced 292,500 shares) and Ma Zhenfang (reduced 159,800 shares), with average reduction prices ranging from 57.67 to 65.55 yuan per share [2] - During the reduction period (December 2025 to February 2026), the company's stock price fluctuated by 11.89%, closing at 57.02 yuan on February 13, 2026, which is a decline of approximately 5.74% from the initial reduction period [2] Group 2 - The company's fundamentals remain robust, with revenue of 2.551 billion yuan for the first three quarters of 2025 (up 10.87% year-on-year) and a net profit of 574 million yuan (up 14.85% year-on-year), maintaining a gross margin of 35.86%. Post-reduction, the total shareholding of executives dropped to 1.84%, but the core management team still holds a significant amount of shares, indicating no substantial impact on governance structure [3] - The lubricating oil additive industry has a favorable competitive landscape, with reports indicating that this sub-industry has outperformed expectations amid overall weakness in the basic chemical sector. Ruifeng New Materials, as a domestic leader, benefits from the trend of import substitution, and the reduction has not altered its industry position [4] - The current price-to-earnings ratio (TTM) stands at 21.18 times, below the industry average, with a consensus target price from institutions at 75.00 yuan, indicating an upside potential of 33.43%. The reduction event has not led to a significant deviation in valuation from intrinsic value [5]