证券代码：920106 证券简称：林泰新材 公告编号：2025-077 江苏林泰新材科技股份有限公司承诺管理制度 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连 带法律责任。 一、 审议及表决情况 江苏林泰新材科技股份有限公司于 2025 年 9 月 8 日召开第二届董事会第十 四次会议，审议通过《关于制定及修订公司部分内部管理制度的议案》之子议案 2.6《关于修订<承诺管理制度>的议案》，表决结果：同意 7 票；反对 0 票；弃权 0 票。 该议案尚需提交股东会审议。 二、 分章节列示制度主要内容： 江苏林泰新材科技股份有限公司 承诺管理制度 第一章 总则 第一条 为加强对江苏林泰新材科技股份有限公司（以下简称"公司"）控股 股东、实际控制人、关联方、收购人以及公司的承诺及履行承诺行为的规范，切 实保护中小投资者合法权益，根据《中华人民共和国公司法》《中华人民共和国 证券法》、《上市公司监管指引第 4 号——上市公司及其相关方承诺（2025 修订）》、 《北京证券交易所股票上市规则》等法律法规和其他规范性文件以及《 ...

Group 1: Overall Performance - In the first half of 2025, companies listed on the Beijing Stock Exchange demonstrated resilience and growth potential, with total operating revenue reaching 92.064 billion yuan, an increase of 6.01% year-on-year [1] - The net profit attributable to shareholders was 5.909 billion yuan, with an average net profit of 21.5646 million yuan per company, reflecting a year-on-year decline of 10.59%, but the decline has narrowed compared to previous years [1] - Over 60% of companies reported revenue growth, with 225 companies profitable, resulting in a profitability rate of 82.12% [1] Group 2: Sector Highlights - The consumer sector showed policy-driven growth, particularly in the automotive industry, where companies like Kaitie achieved approximately 40% growth in both revenue and net profit [2] - The beauty and textile industries also thrived, with companies like Taihu Snow reporting a net profit increase of 69.77% [2] - Equipment manufacturing maintained rapid growth, exemplified by Wantong Hydraulic's net profit growth of 40.33% [2] Group 3: Innovation and Investment - Companies increased R&D investment, totaling 4.139 billion yuan, a year-on-year increase of 2.59%, with leading sectors being information technology and biomedicine [3] - Twelve companies completed public financing totaling 3.856 billion yuan, and five companies planned to issue a total of 704 million yuan in targeted convertible bonds [3] - Eleven companies disclosed cash acquisitions totaling 2.650 billion yuan, indicating active mergers and acquisitions for industry integration and transformation [3]

证 券 研 究 报 告 科技制造引领，寻找景气成长 ——北交所25年二季报总结 2025.09.02 证券分析师：刘靖 A0230512070005 研究支持： 吕靖华 A0230124070002 主要内容 2 ◼ 北证二季报盈利压力再现。截至25Q2，北证单季营收增速+4.9%、环比-0.4pct，单季归母净利润增速-16.6%、环比 -8.8pct，ROEttm达+6.0%、环比-0.1pct；拆分ROE来看，25Q2，北证资产周转率TTM达62.6%、环比+0.5pct， 北证销售净利率TTM达5.5%、环比-0.2pct。其中，盈利压力主要源于两方面，1）Q2海外扰动影响显现，我国对美 出口增速大幅下滑，25Q2，北证出口50%以上企业单季扣非净利润增速转负、达-4.4%，环比-21.0pct。2）供给压 力、北证固定资产增速达历史高位，25Q2，北证固定资产增速达+30.2%、环比+2.0pct，处于历史高位，对北证盈 利能力形成压力，25Q2北证毛利率TTM达22.4%、环比-0.3pct，下滑幅度高于其他板块。展望后续，固定资产增速 的拐点有望在下半年出现，关注北证供给优化后的盈利弹性，截至2 ...

Group 1 - The overall revenue and profit growth of state-owned banks improved in 1H25, mainly driven by a significant increase in other non-interest income and cost release. Additionally, market interest rates and deposit rates declined, stabilizing the interest margin, leading to a marginal increase in net interest income growth [2][3]. - The asset quality of state-owned banks is relatively strong, with non-performing loan (NPL) ratios and attention rates remaining low and either stable or decreasing. The provision coverage ratio increased, enhancing the safety margin, and the capital adequacy ratio also improved, strengthening the risk resistance capability of these banks [2][4]. - Investment recommendations suggest a shift in the operating model and investment logic of bank stocks from "pro-cyclical" to "weak cycle." During periods of economic stagnation, high dividend yields from bank stocks will remain attractive, and the report continues to favor the stability and sustainability of bank stocks [2][5]. Group 2 - In terms of revenue, the year-on-year growth for 1H25 was +1.5%, with a turnaround from negative to positive growth compared to 1Q25. The net profit saw a slight decline of -0.1% year-on-year, but the decline narrowed compared to the previous quarter. The increase in revenue was largely attributed to the growth in non-interest income, particularly from the stock market [3][7]. - The asset quality analysis indicates that the overall NPL ratio remained stable at 1.27% in 1H25, with a slight decrease in the attention loan ratio. The overdue loan ratio increased slightly but remains low, and the provision coverage ratio rose to 237.50%, further enhancing the safety margin [4][9]. - The report highlights that the cost-to-income ratio for 1H25 was 29.3%, showing a year-on-year decrease, while the core Tier 1 capital adequacy ratio improved to 12.67%, maintaining a high level of capital strength [4][10].

Group 1: Automotive Sector Performance - In H1 2025, five companies in the automotive sector reported revenue and net profit growth exceeding 30%, including Lin Tai New Materials and Kai Te Co., with Lin Tai benefiting from advancements in the new energy vehicle sector[3] - The median year-on-year revenue growth for precision component companies in H1 2025 was 13.53%, while the median net profit growth was 13.12%[21] - Ten companies, including Lin Tai New Materials and Wan Cheng Technology, saw both gross and net profit margins increase in H1 2025, despite overall industry pressure[17] Group 2: Market Trends and Valuations - The median price-to-earnings (P/E) ratio for the automotive industry increased by 3.01% to 35.6X in H1 2025, with the total market capitalization decreasing from 598.8 billion to 590.2 billion yuan[34][54] - The median P/E ratio for the electronic equipment sector decreased from 61.0X to 60.8X, with total market capitalization dropping from 1563.1 billion to 1536.1 billion yuan[34][37] - The overall median price change for the North Exchange technology growth stocks was -2.88% from August 25 to August 29, 2025, with 40 companies (27% of the total) experiencing an increase[28][33] Group 3: Company Announcements - Chuangyuan Xinke signed a strategic cooperation agreement with the East China branch of the China Academy of Information and Communications Technology, focusing on 6G and AI technologies[63][66] - Kai Te Co. plans to issue convertible bonds totaling no more than 200 million yuan to fund smart fan projects and working capital[63]

25家公司的营收及归母净利润在今年二季度均实现了单季度同比和环比正增长，如卓兆点胶、贝特瑞、 建邦科技等。同时21家公司宣布半年度分红计划，股东回报日益获得关注。 展望下半年，北交所公司整体业绩表现或将进一步延续增速回升趋势，北交所已经涌现了一批具备高壁 垒的稀缺性标的，凭借其竞争优势不断提升赛道份额、加快业务开拓。 四年来北交所市场规模稳步提升，市场运行保持稳中向好 8月份北交所北证50指数创出年内新高，显示市场情绪正在逐步修复。成交额较前期有所回升，新股上 市依旧延续高弹性特征，首日涨幅亮眼，凸显稀缺供给对资金的吸引力。市场在中报验证、政策预期和 资金回暖的共振下，已显现出活跃度提升的迹象。 截至8月31日，274家北交所上市公司全部完成半年报披露，平均实现营业收入3.36亿元，同比增长 6.01%。从业绩情况看，225家公司实现盈利，盈利面82.12%，168家公司（占比61.31%）营业收入同比 增长，137家公司（占比50 %）净利润同比增长。 华源证券北交所首席赵昊告诉新京报贝壳财经记者，整体来看，北交所上市公司上半年收入、盈利增速 均较2023—2024年有所回升，整体业绩表现有转暖迹象。 北交 ...

Group 1 - The Shanghai Stock Exchange and China Securities Index Co. announced adjustments to the sample stocks of the Sci-Tech 50 and Sci-Tech 100 indices, effective after market close on September 12, 2023 [1][2] - Shengyi Electronics will be added to the Sci-Tech 50 index, while five securities including Aofeite and Zhongke Lanyun will be added to the Sci-Tech 100 index [2] - The total market capitalization of the Sci-Tech 50 index will reach 3.1 trillion yuan, covering 38.9% of the market, while the Sci-Tech 100 index will have a total market capitalization of 1.9 trillion yuan, covering 24.4% [2] Group 2 - The total market capitalization coverage of the Sci-Tech 50, Sci-Tech 100, and Sci-Tech 200 indices combined will be 84.6%, indicating a strong representation of the Sci-Tech board's performance [2] - The top five constituent stocks of the Sci-Tech 50 and Sci-Tech 100 indices remain largely unchanged, reflecting a stable market capitalization structure in the Sci-Tech board [2] - The Sci-Tech board index system now consists of 32 indices, with the total scale of Sci-Tech index products exceeding 320 billion yuan, and the Sci-Tech 50 product scale surpassing 190 billion yuan [3] Group 3 - The performance of the Sci-Tech indices has been strong this year, with the Sci-Tech Composite Index, Sci-Tech 50, Sci-Tech 100, and Sci-Tech 200 indices rising by 43.3%, 35.6%, 46.8%, and 54.9% respectively as of August 29 [3] - The trend of index-based investment is accelerating, with the total scale of ETF products in the A-share market surpassing 5 trillion yuan [4] - Future directions for index-based investment include comprehensive indices, differentiated strategy indices, and innovative strategy products that combine derivatives [4]

东吴证券股份有限公司 关于江苏林泰新材科技股份有限公司 2025 年半年度持续督导跟踪报告 根据《证券发行上市保荐业务管理办法》《北京证券交易所股票上市规则》 等有关法律法规、规范性文件等的规定,东吴证券股份有限公司(以下简称"东 吴证券"或"保荐机构")作为江苏林泰新材科技股份有限公司(以下简称"公 司"或"林泰新材"）的保荐机构,负责林泰新材的持续督导工作,并出具 2025 年半年度持续督导跟踪报告。 一、持续督导工作概述 公司向不特定对象公开发行股票并在北交所上市后,保荐机构针对公司的具 体情况,确定了持续督导的内容、重点和计划,保荐机构在持续督导阶段的主要 工作包括: | 事项 | 工作内容 | | --- | --- | | 1、审阅公司信息披露文件 | 保荐机构及时审阅公司信息披露文件 | | 2、督导公司建立健全并有效 执行规则制度 | 保荐机构督导公司建立健全规则制度,并有效执行规则制度 | | 3、监督募集资金的存放与使 | 保荐机构查阅公司募集资金使用台账、募集资金账户对账单 了解募投项目实施进度并实地查看募投项目进展情况、及时 | | 用情况 | 审阅募集资金信息披露相关文件等 | | ...

Industry Overview - The automotive automatic transmission friction plate is a key component that directly affects the overall performance of automatic transmissions. The technology level in this field in China started late, leading to a lack of competitive domestic brands against international giants who dominate the market [1][17] - In recent years, domestic companies like Lintai New Materials have made significant technological breakthroughs, effectively breaking the market monopoly held by foreign enterprises and enhancing the competitiveness of domestic friction plates [1][19] - The market size for China's automotive automatic transmission friction plates has grown from 5.364 billion yuan in 2021 to 6.347 billion yuan in 2024, achieving a compound annual growth rate (CAGR) of 5.77%. It is expected to reach 6.574 billion yuan by 2025 [1][17] Industry Policies - The Chinese government has implemented various regulations and policies to foster the development of the automotive automatic transmission friction plate industry, promoting technological innovation and market cultivation [9][10] - Key policies include the promotion of remanufacturing in traditional equipment and the encouragement of enterprises to accelerate the development of remanufacturing technologies for high-value components [9][10] Industry Chain - The industry chain for automotive automatic transmission friction plates consists of a complete upstream and downstream collaboration system, including raw materials like steel, resin, and special additives, manufacturing processes, and downstream applications in vehicle manufacturing and aftermarket services [11][12] Market Demand and Trends - The automotive industry is a crucial pillar of the national economy, with a significant recovery in market demand since 2021. The production of automobiles in China is projected to reach 31.282 million units in 2024, with a notable increase in new energy vehicles [14] - The friction plate industry is expected to benefit from the growing automotive market, particularly with the rise of electric vehicles and smart driving technologies, which demand higher performance and lower noise levels [25][26] Competitive Landscape - The global market for automotive automatic transmission friction plates is highly concentrated, dominated by international giants such as BorgWarner, Denso, and Aisin. However, domestic companies are making strides in technology and market share [19][21] - Companies like Lintai New Materials and Jin Qilin are emerging as key players, with Lintai reporting a revenue of 251 million yuan in 2024, reflecting a growth of 58.86% [21][23] Future Development - The industry is expected to see advancements in technology and materials, focusing on high performance, longevity, and low noise. Domestic enterprises will invest in new technologies to enhance product competitiveness [25] - The trend towards local supply chain strengthening and accelerated domestic substitution is anticipated, with an increasing preference for cost-effective domestic products in the automotive sector [26] - The diversification of market demand will drive the development of specialized products tailored to different vehicle types, enhancing competitive strategies within the industry [27]

江苏林泰新材科技股份有限公司 证券代码：920106 证券简称：林泰新材 公告编号：2025-065 自有资金委托理财进展的公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连 带法律责任。 一、 授权委托理财情况 （一）审议情况 公司于 2025 年 4 月 16 日召开第二届董事会第十二次会议、2025 年 5 月 9 日召开 2024 年年度股东会，审议通过了《关于使用闲置自有资金购买银行理财 产品的议案》，同意公司使用不超过人民币 10,000.00 万元的闲置自有资金购买 安全性高、流动性好的银行理财产品，在前述额度内，单笔投资期限不超过 12 个月，资金可以循环滚动使用，任意时点进行委托理财的金额不超过 10,000.00 万元。具体内容详见公司在北京证券交易所信息披露平台（www.bse.cn）披露的 《江苏林泰新材科技股份有限公司关于使用闲置自有资金购买银行理财产品的 公告》（公告编号：2025-041）。 （二）披露标准 根据《北京证券交易所股票上市规则》中相关规定，交易的成交金额占上市 公司最近一 ...