本公司董事会及全体董事保证本公告内容不存在任何虚假记载、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法律责任。 证券代码：688300 证券简称：联瑞新材 公告编号：2025-040 江苏联瑞新材料股份有限公司 关于召开 2025 年第三季度业绩说明会的公告 重要内容提示： 投资者可于 2025 年 11 月 13 日（星期四）至 11 月 19 日（星期三）16:00 前 登 录 上 证 路 演 中 心 网 站 首 页 点 击 " 提 问 预 征 集 " 栏 目 或 通 过 公 司 邮 箱 novoinfo@novoray.com 进行提问。公司将在说明会上对投资者普遍关注的问题进 行回答。 江苏联瑞新材料股份有限公司（以下简称"公司"）已于 2025 年 10 月 30 日 发布公司 2025 年第三季度报告，为便于广大投资者更全面深入地了解公司 2025 年第三季度经营成果、财务状况，公司计划于 2025 年 11 月 20 日（星期四）上午 10:00-11:00 举行 2025 年第三季度业绩说明会，就投资者关心的问题进行交流。 一、 说明会类型 本次投资者说明会以网络互动形式召 ...

Core Insights - The non-metal materials sector experienced a slight increase of 0.18% on November 11, with Lili Diamond leading the gains [1] - The Shanghai Composite Index closed at 4002.76, down 0.39%, while the Shenzhen Component Index closed at 13289.0, down 1.03% [1] Stock Performance - Lili Diamond (301071) saw a closing price of 45.53, with a significant increase of 10.30% and a trading volume of 325,100 shares, amounting to a transaction value of 1.453 billion [1] - Other notable performers included Dongfang Xiayuan (920175) with a 5.81% increase, Longgao Co. (605086) with a 4.17% increase, and Ningxin New Materials (920719) with a 4.09% increase [1] - Conversely, stocks like Lianrui New Materials (688300) and Suotong Development (603612) experienced declines of 3.11% and 2.20%, respectively [2] Capital Flow - The non-metal materials sector saw a net outflow of 165 million from institutional investors, while retail investors contributed a net inflow of 174 million [2] - The capital flow data indicates that Lili Diamond had a net inflow of 16.9342 million from institutional investors, despite a net outflow from retail and speculative investors [3] - Longgao Co. (605086) and Changjiang Materials (001296) also showed mixed capital flows, with institutional inflows but retail outflows [3]

Market Overview - The non-metal materials sector increased by 3.0% compared to the previous trading day, with Suotong Development leading the gains [1] - The Shanghai Composite Index closed at 4018.6, up 0.53%, while the Shenzhen Component Index closed at 13427.61, up 0.18% [1] Stock Performance - Suotong Development (603612) closed at 29.06, with an increase of 8.68% and a trading volume of 860,200 shares, resulting in a transaction value of 2.5 billion yuan [1] - Longgao Co., Ltd. (605086) closed at 26.12, up 7.71%, with a transaction value of 193 million yuan [1] - Lichong Diamond (301071) saw a 4.27% increase, closing at 41.28, with a transaction value of 1.005 billion yuan [1] - Other notable stocks include Kuncai Technology (603826) up 2.09%, and Quartz Co. (603688) up 0.87% [1] Capital Flow - The non-metal materials sector experienced a net inflow of 43.8958 million yuan from main funds, while retail funds saw a net outflow of 42.2865 million yuan [2][3] - The main funds' net inflow for Lianrui New Materials (688300) was 39.458 million yuan, while retail funds had a significant outflow of 78.3038 million yuan [3] - Quartz Co. (603688) had a net inflow of 31.3698 million yuan from main funds, with a retail outflow of 25.9977 million yuan [3]

Summary of HBM Industry Conference Call Industry Overview - The HBM (High Bandwidth Memory) market is currently dominated by three major players: Samsung, SK Hynix, and Micron, with SK Hynix holding approximately 50% market share [1][2][3] - The competitive landscape is expected to shift by mid-2026 as Samsung and Micron are anticipated to narrow the gap with SK Hynix [1][2] Key Insights and Arguments - **Market Dynamics**: - SK Hynix has a monthly production capacity of 150,000 wafers, Samsung at 140,000, and Micron at 36,000, totaling 326,000 wafers per month [2] - Micron's late entry into the HBM market and its focus on HBM3E and HBM4 technologies may allow it to surpass competitors in performance metrics [1][2] - The demand for GPU boards is projected to reach approximately 10 million units in 2025 and grow to 17-18 million units in 2026, driven by AI applications [1][5] - **Technological Developments**: - HBM technology is evolving towards Hybrid Bonding to meet increasing bandwidth and storage density requirements [1][8] - SK Hynix has already achieved certification for HM4 with NVIDIA, while Samsung is expected to complete certification by the end of 2025, and Micron is projected to finish by early 2026 due to yield issues [1][6] - **Pricing Trends**: - HBM prices have risen significantly, with HBM3 priced at approximately $560, up over 50% from $370, primarily due to increased material and process costs [14][15] - Future price increases are expected as new generations of HBM are introduced, with a projected 20-25% rise in material costs by 2026 [26] Additional Important Points - **Supply Chain and Material Requirements**: - HBM production requires higher performance materials and equipment, with about half of the global DRAM capacity being utilized for HBM production [3][11] - The transition from traditional DRAM to HBM has increased the demand for specific high-performance materials [11][12] - **Domestic Market Developments**: - Domestic companies like Changxin and Yangtze Memory are entering the HBM market, with Changxin already producing HBM2E and planning to increase capacity significantly [1][8] - The domestic supply chain is gradually integrating into international markets, although challenges remain due to existing technological gaps [19][22] - **Future Outlook**: - The overall supply of HBM is expected to stabilize as production capacities expand, mitigating potential supply shortages [16][32] - Cloud computing companies are also significant consumers of HBM, with demand levels comparable to that of NVIDIA [31] This summary encapsulates the key points discussed in the conference call regarding the HBM industry, highlighting the competitive landscape, technological advancements, pricing trends, and future market outlook.

Group 1 - The core viewpoint of the article highlights the growth in the non-metallic mineral products industry in China, with a slight increase in the number of enterprises from the previous year [1] - As of January to September 2025, the number of enterprises in the non-metallic mineral products industry reached 50,210, marking an increase of 111 enterprises year-on-year, which represents a growth rate of 0.22% [1] - The non-metallic mineral products industry accounts for 9.61% of the total industrial enterprises in China [1] Group 2 - The article references a market research report by Zhiyan Consulting, which analyzes the rare metal mining industry in China from 2026 to 2032, indicating a focus on future prospects [1] - Zhiyan Consulting is recognized as a leading industry consulting firm in China, providing comprehensive industry research reports, business plans, feasibility studies, and customized services [1] - The firm emphasizes its commitment to delivering quality services and market insights to empower investment decisions [1]

Core Insights - The report highlights the current state and future trends of the non-metallic mineral products industry in China from 2025 to 2031 [1] Industry Overview - As of January to September 2025, the number of enterprises in the non-metallic mineral mining and selection industry is 4,027, which is a decrease of 64 compared to the same period last year, representing a year-on-year decline of 1.56% [1] - The non-metallic mineral mining and selection industry accounts for 0.77% of the total industrial enterprises [1] Company Listings - The report mentions several listed companies in the non-metallic mineral sector, including Changjiang Materials (001296), Power Diamond (301071), Suotong Development (603612), and others [1]

Group 1 - The company currently maintains a high capacity utilization rate to meet the rapidly growing market demand [2] - The company is accelerating the construction of high-performance ultra-pure spherical powder materials for high-speed substrates [2] - The first phase of the project is expected to begin trial production in the first quarter of 2026 [2]

Core Viewpoint - The non-metal materials sector experienced a rise of 2.05% on November 7, with Suotong Development leading the gains, while the Shanghai Composite Index fell by 0.25% and the Shenzhen Component Index decreased by 0.36% [1] Sector Performance - The non-metal materials sector saw a net inflow of 218 million yuan from institutional investors, while retail investors experienced a net outflow of 182 million yuan [1] - The following companies showed significant price movements: - Suotong Development (603612) closed at 26.74, up 7.82% with a trading volume of 551,400 shares and a transaction value of 1.45 billion yuan - Power Diamond (301071) closed at 65.66, up 3.69% with a trading volume of 192,500 shares and a transaction value of 758 million yuan - Other notable companies include: - Dongfang Shuosu (920175) up 2.66% - Changjiang Materials (001296) up 1.60% - Quartz Shares (603688) up 1.46% [1] Individual Stock Analysis - The following companies experienced declines: - Qilu Huaxin (920832) down 0.73% - Longgao Shares (605086) down 0.74% - Lianrui New Materials (688300) down 1.01% [1]

Core Viewpoint - Jiangsu Province's Ministry of Industry and Information Technology announced the inclusion of Zhonglan Lianhai Design Research Institute Co., Ltd. in the seventh batch of national "specialized, refined, distinctive, and innovative" small giant enterprises, highlighting the region's growing recognition of specialized enterprises [1][2] Group 1: Company Overview - Zhonglan Lianhai, a key technology enterprise under China National Chemical Corporation, was established in January 1962 and has evolved from a chemical industry design institute to a benchmark enterprise in various fields including chemical mining engineering and environmental engineering [1] - The company focuses on research and development, design consulting, and surveying services, showcasing strong technical capabilities and comprehensive service abilities [1] Group 2: Regional Development and Support - The success of Zhonglan Lianhai reflects the ongoing efforts of the Haizhou District in cultivating a "specialized, refined, distinctive, and innovative" ecosystem, which includes a dynamic nurturing system from municipal to national levels [2] - The district has implemented a specialized service officer system to provide tailored guidance for small and medium-sized enterprises, encouraging them to deepen their focus on niche markets and strengthen their core competitiveness [2] Group 3: Economic Impact - In 2024, "specialized, refined, distinctive, and innovative" enterprises in Haizhou District are projected to account for 22% of the total output value of small and medium-sized enterprises, with 17 companies achieving main business revenues exceeding 100 million [2] - Notably, 70% of these specialized enterprises have a domestic market share exceeding 50%, with companies like Lianrui New Materials and Tianming Equipment leading their respective segments nationally [2] Group 4: Future Plans - Haizhou District plans to enhance its nurturing efforts and further refine its cultivation system to promote more small and medium-sized enterprises towards the "specialized, refined, distinctive, and innovative" direction, aiming to accelerate the formation of industrial clusters and improve overall regional competitiveness and innovation capabilities [2]

Market Overview - The non-metal materials sector increased by 1.74% on November 6, with Lianrui New Materials leading the gains [1] - The Shanghai Composite Index closed at 4007.76, up 0.97%, while the Shenzhen Component Index closed at 13452.42, up 1.73% [1] Stock Performance - Lianrui New Materials (688300) closed at 61.31, up 5.02% with a trading volume of 69,200 shares and a transaction value of 420 million [1] - Other notable performers include: - Bingyang Technology (920675) at 12.36, up 3.69% [1] - Suotong Development (603612) at 24.80, up 2.99% [1] - Quartz Shares (603688) at 39.61, up 1.56% [1] - Conversely, Tianma New Materials (920971) saw a decline of 5.44%, closing at 36.50 [2] Capital Flow - The non-metal materials sector experienced a net inflow of 27.41 million in main funds, while retail funds saw a net outflow of 19.45 million [2][3] - The main fund inflows for Lianrui New Materials amounted to 51.67 million, representing 12.30% of the total [3] - In contrast, the retail net outflow for Lianrui New Materials was 39.60 million, accounting for 9.43% [3]