证券代码：300910 证券简称：瑞丰新材 投资者关系活动 类别 □特定对象调研 □ 分析师会议 □ 媒体采访 ☑ 业绩说明会 ☐ 新闻发布会 □ 路演活动 □ 现场参观 ☐ 其他 参与单位名称及 人员姓名 投资者网上提问 时间 2025 年 4 月 15 日(周二) 下午 15:00~17:00 地点 公司通过全景网"投资者关系互动平台"（https://ir.p5w.net） 采用网络远程的方式召开业绩说明会 上市公司接待人 员姓名 1、董事长、总经理郭春萱 2、董事、副总经理、财务总监、董事会秘书尚庆春 3、独立董事李培功 投资者关系活动 主要内容介绍 投资者提出的问题及公司回复情况 公司就投资者在本次说明会中提出的问题进行了回复： 1、请管理层详细分析一下当前中美超过 100%的关税情形 下，对公司接下来经营层面的影响？从国内和国际市场，产品价 格，产能方面说明。 答：近期中美互相加征关税。由于公司对美国直接销售占比 较小，对公司的整体出口影响不大，但进一步制约了对美市场的 开拓进程。中国对美国生产产品加征关税，大趋势有利于国产添 加剂的发展，但由于国际友商全球布局早，大多在中国有生产基 地，或有委托 ...

Group 1 - The core viewpoint of the article highlights the significant presence of large private equity firms in the A-share market, with 21 private equity firms holding shares in 51 A-share companies, totaling a market value of 20.2 billion yuan as of April 14 [2] - In the fourth quarter, 16 new stocks were added by private equity firms, 7 stocks were increased, 17 stocks remained unchanged, and 11 stocks were reduced [2] - The distribution of heavy holdings by private equity firms shows that the basic chemical industry had the highest number of stocks at 10, followed by the electronics industry with 9, and both machinery equipment and pharmaceutical biology industries with 6 each [2] Group 2 - Gao Yi Asset held 11 stocks in the fourth quarter, with a total market value of 10.194 billion yuan, including a new investment in Yangnong Chemical of 3.932 million shares valued at 2.275 billion yuan [2] - Gao Yi Asset increased its holdings in Tong Ren Tang, Zhongju High-tech, Zijin Mining, and Ruifeng New Materials, with respective increases of 8.5 million shares, 7.7 million shares, 7.2151 million shares, and 1 million shares, valued at 954 million yuan, 694 million yuan, 5.169 billion yuan, and 619 million yuan [2] - Gao Yi Asset maintained its holdings in Shengyi Technology and Tiandi Technology, with market values of 1.203 billion yuan and 104 million yuan respectively, while reducing its holdings in Yuntianhua, Angel Yeast, Dongcheng Pharmaceutical, and Health元 by 942,400 shares, 10 million shares, 1 million shares, and 1,854,640 shares respectively [3]

Macroeconomic Insights - China will impose a 34% tariff on all imports from the United States starting April 10, 2025, which is expected to significantly reduce agricultural imports from the U.S. [3] - In 2024, China imported agricultural products worth $24.9 billion from the U.S., with major imports including soybeans (22.1 million tons), sorghum (5.7 million tons), corn (2.1 million tons), and wheat (1.9 million tons) [3]. Agricultural Sector - The increase in tariffs is likely to enhance domestic grain prices and benefit the planting industry chain, emphasizing the need for self-sufficiency in grain production [3]. - The report highlights the importance of technological advancements in agriculture, particularly in genetically modified and gene-edited crops, which are expected to accelerate, benefiting seed companies with leading technology reserves [3]. - The report recommends focusing on companies that are actively expanding their domestic brands in the pet food sector, such as Guibao Pet and Zhongchong Co., which primarily generate revenue from domestic sales [4]. Livestock Industry - The report indicates that the pig farming sector is expected to see a significant improvement in profitability for the 2024 annual report and the first quarter of 2025, driven by favorable pig prices and reduced costs [5]. - The analysis of March's supply and demand dynamics in the pig farming industry shows a balanced market, but a potential downward trend in prices is anticipated if there is no support from state reserves [4][5]. Investment Recommendations - Recommended stocks in the poultry sector include Shengnong Development, Yisheng Shares, and Lihua Shares; for the post-cycle sector, recommended stocks are KQ Bio, Haida Group; in the pig farming sector, recommended stocks include Muyuan Foods, Wens Foodstuff Group, Tiankang Bio, and Shennong Group [7]. - In the seed industry, recommended stocks include Fengle Seed Industry, Quanyin High-Tech, Longping High-Tech, and Dabeinong [7]. - In the pet sector, recommended stocks are Guibao Pet, Zhongchong Co., and Ruipu Bio [7]. Chemical Industry - The report suggests that the imposition of a 34% tariff on U.S. imports will accelerate the domestic substitution process for chemical products, particularly in high-end markets [17]. - Beneficiary products include lubricant additives, nucleating agents, adsorption separation resins, and nano-silica, with specific companies recommended for investment [19]. Rare Earth Industry - The report maintains an "overweight" rating on the rare earth sector, anticipating that the recent tariffs will enhance China's strategic advantages in rare earth production and lead to price increases due to supply-demand mismatches [22]. - The export control measures on heavy rare earths are expected to stimulate overseas stockpiling, further driving up prices [23]. Insurance Sector - The insurance sector is projected to see stable growth in 2025, with a focus on improving asset-liability matching strategies [25]. - The report recommends increasing holdings in companies like China Pacific Insurance and New China Life Insurance, which are expected to benefit from improved investment returns and stable business strategies [40].

Summary of Key Points from Conference Call Records Industry Overview - The conference call primarily discusses the impact of the 34% tariffs imposed by China on imports from the U.S. on the domestic chemical new materials industry [2][20]. Core Insights and Arguments - **Impact on Amino Acids**: The tariffs are expected to benefit amino acids as a substitute for soybean meal, leading to an increase in soybean and soybean meal prices. Companies like Meihua, Shufeng, and Xinghu are projected to see valuation increases due to their low valuations and supportive dividend yields [2][20]. - **Limited Long-term Impact**: Historical data from 2018 indicates that tariff events have limited long-term effects on overall price levels, with domestic soybean prices stabilizing over time. The expected strong harvests in Brazil and Argentina may further reduce reliance on U.S. imports [2]. - **Capital Market Performance**: Capital World Financial Holdings is expected to report a stable Q1 profit of 800-900 million, with an annual dividend and buyback target of 2 billion, resulting in a nearly 7% dividend yield. The current valuation is considered low, indicating solid investment potential [3]. - **Domestic Substitution Acceleration**: Tariff adjustments are likely to accelerate the domestic substitution of electronic chemicals, benefiting companies like Lixiao Technology and China Steel Corporation, which are seeing significant demand growth in biomedicine, industrial water treatment, and new energy sectors [2][4]. - **Lubricant Additives Market**: The lubricant additives industry is significantly impacted by tariffs, favoring domestic leaders like Ruifeng New Materials, which can leverage cost advantages to capture more market share [5][8]. - **Precision Ceramics Growth**: The precision ceramics industry is experiencing accelerated domestic substitution, with increased production costs for U.S. companies like Corning due to tariffs, providing growth opportunities for domestic firms like Guoj ceramics [10]. - **Semiconductor Materials**: Companies such as Shanghai Xinyang, Aisen Co., Daosen Co., and Feikai Materials are expected to benefit from accelerated domestic substitution in the semiconductor materials sector, with significant growth potential noted for Dinglong Co. in the polishing liquid market [11][15]. - **Fluoropolymers and Fine Chemicals**: The fluoropolymer and fine chemical sectors are anticipated to benefit from U.S. tariffs and DuPont sanctions, with domestic companies like Industrial Group and Dongyue Hydrogen Energy expected to make breakthroughs in high-end electronic technology [17][18]. Additional Important Insights - **Propane Industry Impact**: The propane industry is significantly affected by the trade war, with over half of the propane imported from the U.S. facing a 30% tariff, leading to increased costs for domestic PDH companies [6]. - **Tire Industry Challenges**: The tire industry faces challenges from new trade barriers, with high tariffs on U.S. auto parts impacting profit margins and local prices [7]. - **Chemical Industry Capacity Cycle**: The chemical industry is expected to see a capacity cycle turning point in 2025, with a projected decline of 25-30% in the industry cycle, influenced by decreasing raw material costs [22]. - **OPEC Production Decisions**: OPEC's decision to increase production amidst uncertain global demand reflects deeper pressures, including those from the U.S. government [23]. This summary encapsulates the key points discussed in the conference call, highlighting the implications of tariffs on various sectors within the chemical and materials industries, as well as broader market dynamics.

Core Viewpoint - The company, Ruifeng New Materials, has shown a significant increase in stock price and market capitalization, indicating positive market sentiment and potential growth opportunities in the chemical products sector [1] Group 1: Stock Performance - As of March 28, 2025, Ruifeng New Materials' stock closed at 55.02 yuan, up 3.42% from the previous week [1] - The stock reached a nearly one-year high of 58.37 yuan on March 27, 2025, with a weekly low of 53.01 yuan [1] - The company's current total market capitalization is 15.701 billion yuan, ranking 13th out of 166 in the chemical products sector and 990th out of 5140 in the A-share market [1] Group 2: Institutional Research Highlights - The company plans to optimize its customer structure and improve accounts receivable turnover speed [2] - For the fiscal year 2024, the total amount for cash dividends and share repurchases will account for 79.11% of net profit [2] - The sales volume of compound agents accounts for over 60%, with expectations for increased sales to international major clients in 2025 [2] Group 3: Production and Financial Strategy - The company has completed the first phase of its lubricating oil additive project with an annual production capacity of 460,000 tons, aiming for over 700,000 tons in total capacity [2] - The increase in accounts receivable is attributed to new and existing customer sales growth, necessitating working capital accumulation [2] - The company has implemented measures to limit shipments to clients who exceed their credit limits and cannot make timely payments [2] Group 4: Market Position and Product Strategy - The company is focusing on enhancing its product mix and customer base, transitioning from small to core clients, which is expected to improve product gross margins [2] - The overall trend in international oil prices is downward, but the impact on raw material procurement costs is limited [2] - The company aims to build a global sales system and enhance its market coverage capabilities while ensuring supply chain security and product quality for international clients [2]

Group 1 - Galaxy Fund recently conducted research on 10 listed companies, including Baile Tianheng, Maiwei Bio, and Zhonghang Heavy Machinery [1][2][3] - Baile Tianheng achieved revenue of 582.27 million yuan in 2024, a year-on-year increase of 936.31%, and net profit of 370.75 million yuan, turning a profit [1] - Maiwei Bio made progress in ADC and TCE platforms, collaborating with Insilico Medicine to enhance ADC development efficiency using AI technology [2] - Zhonghang Heavy Machinery's 2025 revenue target is 11.5 billion yuan, with a profit target of 1.3 billion yuan, and expects stable demand in Q1 2024 [3] Group 2 - Olin Bio is advancing its recombinant pneumococcal vaccine phase III clinical trial, with over 5,600 cases enrolled [3] - Haizheng Pharmaceutical anticipates growth in raw materials, formulations, and e-commerce by 2025, with a focus on reducing costs and enhancing product competitiveness [4] - Semir Apparel reported total revenue of 14.63 billion yuan in 2024, a 7.06% increase, with children's apparel accounting for 70.21% of revenue [5] Group 3 - Huayang Group's automotive electronics business is optimizing customer structure, with an increase in major clients and new projects [6] - Huafeng Chemical's gross margin declined due to lower margins in basic chemical products, but it is optimistic about future demand for spandex [7] - Ruifeng New Materials is addressing increased accounts receivable due to new and existing customer sales, while planning to enhance its global market share through innovation [8] Group 4 - Weixing Co. achieved significant growth in its button and zipper business, with zipper revenue increasing by 16% and button revenue by 22% in 2024 [9] - The company aims for a revenue target of 5 billion yuan in 2025, focusing on becoming a global and innovative fashion accessory leader [9] - The company is also expanding its production capacity and enhancing its competitive advantages through product diversity and innovation [9]

调研纪要：2024年，安彩高科实现营业收入43.39亿元，同比下降16.52%，归母净利润-3.54亿元，同比 减少3.34亿元。光伏玻璃销售均价同比下降约30%，虽销量略有增加，但营收、利润受价格影响较大。 公司对合并报表范围内各公司所属资产进行了减值测试，并对存在减值迹象的资产计提了减值准备。 2024年公司共计提各项减值准备20,929万元。2025年，公司将继续立足"一核四极"的发展战略，以高端 玻璃制造为核心，做大光伏产业、做强光热产业、做精燃气产业、培育新型显示产业。光伏板块，公司 将不断提升光伏玻璃生产制造水平；通过延伸产业链价值，降低公司原材料采购成本。浮法板块，依托 高质量超白玻璃核心产品，瞄准建筑消费领域开展差异化竞争，密切关注光热电站政策动向，打造光热 产业技术综合体。药用玻璃板块，实现差异化产品布局，通过内部资源整合，实现市场销售突破。天然 气板块，立足中石油、中石化天然气为主，山西煤层气等气源为辅的多气源供应格局，充分发挥豫北支 线和榆济线对接线的区域优势，保障自供的同时，深度挖掘区域市场，培育长期稳定的利润增长点。 3）安泰科技 （正圆投资参与公司特定对象调研） 根据市场公开信息及 ...

Group 1: Market Strategy and Trends - The overall trading activity in the market is declining, with a weakening profit effect, particularly in the TMT sector, where trading congestion is easing [1][2] - Recent IPO activities are steadily progressing, indicating a clear sign of recovery in the market [1][3] - The market has seen a significant outflow of financing funds and foreign capital, with public and private fund positions also decreasing [1][3] Group 2: Industry Insights - The "Deep Sea Technology" sector is highlighted as a key growth driver, with the marine economy's total output exceeding 10 trillion yuan, growing by 5.9% year-on-year [8][9] - The core segment of "Deep Sea Technology" is the midstream deep-sea equipment manufacturing, which is expected to benefit significantly from domestic substitution logic [9][10] - The government has emphasized the importance of "Deep Sea Technology" in its work report, expanding its scope to include resource development and communication technologies [7][8] Group 3: Company-Specific Research - Huadian International Power's Q4 2024 performance met expectations, with a projected recovery trend in its coal power business for 2025, highlighting its dividend value [19][20] - The company reported a revenue of 112.4 billion yuan for 2024, a decrease of 3.4% year-on-year, but a net profit increase of 23.2% to 5.67 billion yuan in Q4 2024 [19][20] - Dongpeng Beverage's new product "Fruit Tea" has rapidly gained market traction, with sales expected to exceed 70 million yuan in March, indicating a strong growth trajectory [25][26]

复合剂认证持续突破，远期有望实现量价齐升。API 认证既是润滑油添加剂企业技术高低的提现方式， 也是进入下游大客户供应链的前提条件，同时更高级别的复合剂拥有更高的产品附加值。公司目前已自 主掌握了 CF-4 级、CH-4 级、CI-4 级、CK-4 级柴油机油复合剂配方工艺，SL 级、SM 级、SN级、SP 级汽油机油复合剂配方工艺，其中 CI-4、CK-4、SN、SP 级别复合剂已通过国外权威的第三方台架测 试，已取得多个产品的 OEM 认证。用事实证明了公司产品的性能与品质等级，为公司加快进入主流市 场奠定了坚实的基础。未来公司将持续扩充产品品类，不断满足核心客户的定制化产品需求，进一步提 升公司的核心竞争力。未来随着公司复合剂产品持续突破以及公司产能快速扩张，公司润滑油添加剂产 品有望实现量价齐升。 投资建议：公司是国内润滑油添加剂头部企业，目前产品已通过最高级别的API 认证，公司产品已进入 下游润滑油领先企业壳牌、美孚、道达尔、中石化、中石油供应链，未来随着公司下游客户覆盖率提升 以及产品结构升级，有望实现量价齐升。预计公司2025-2027 年分别实现归母净利润8.5、10.4、12.7 亿 元， ...

一、主要会计数据和财务指标 前十大流通股东累计持有： 11268.07万股，累计占流通股比： 55.16%，较上期变化： -377.41万股。 | | | 占总股 | 增减情 | | --- | --- | --- | --- | | 名称 | 持有数量(万股) | 本比例 | 况(万 | | | | (%) | 股) | | 中国石化集团资本有限公司 | 3960.76 | 19.39 | -31.52 | | 郭春萱 | 2683.42 | 13.14 | 不变 | | 上海高毅资产管理合伙企业(有限合伙)-高毅邻山1号远望基金 | 1300.00 | 6.36 | 100.00 | | 富国天惠成长混合(LOF) | 1250.00 | 6.12 | -140.94 | | 交银新成长混合 | 492.72 | 2.41 | -84.01 | | 交银施罗德基金-中国人寿（601628）保险股份有限公司-传统险 交银施罗德国寿股份均衡股票传统可供出售单一资产管理计划 | 385.47 | 1.89 | 不变 | | 交银施罗德基金-中国人寿保险股份有限公司-分红险-交银施罗德 | | | 不变 | | ...