关于 株洲时代新材料科技股份有限公司 国金证券股份有限公司 向特定对象发行股票 之 上市保荐书 保荐人（主承销商） （成都市青羊区东城根上街 95 号） 二〇二五年七月 株洲时代新材料科技股份有限公司向特定对象发行股票之上市保荐书 保荐人及保荐代表人声明 国金证券股份有限公司及本项目保荐代表人杨路、徐阳军已根据《中华人民共 和国公司法》、《中华人民共和国证券法》等法律法规和中国证券监督管理委员会及 上海证券交易所的有关规定，诚实守信，勤勉尽责，严格按照依法制定的业务规则 和行业自律规范出具上市保荐书，并保证所出具文件真实、准确、完整。 1 | | | | 保荐人及保荐代表人声明 | | 1 | | --- | --- | --- | | 目 | 录 | 2 | | 释 | 义 | 4 | | 第一节 | 发行人概况 | 6 | | 一、发行人基本情况 | | 6 | | 二、主营业务 | | 7 | | 三、主要经营和财务数据及指标 | | 7 | | 四、发行人存在的主要风险 | | 8 | | 第二节 | 本次发行情况 11 | | | 一、发行对象与发行人的关联关系、最近一年重大交易情况及未来交易安排. ...

Summary of China CRRC Conference Call Company Overview - **Company**: China CRRC - **Industry**: Railway and New Energy Equipment Key Points Performance Highlights - China CRRC's performance exceeded expectations primarily due to the railway market's bidding and delivery pace being better than anticipated, along with strong growth in urban rail and emerging industries such as wind power and IGBT [2][4] - In Q2 2025, the company's net profit attributable to shareholders increased by 15% to 41%, with a median growth rate of 28% [3] - The operating profit maintained a growth rate of around 20% from Q1 2024 to Q2 2025 [3] Market Dynamics - The railway market in Q2 2025 saw significant bidding activities, including 120 locomotives and 68 sets of high-speed trains, which accelerated the delivery pace [6] - The overall fixed asset investment in railways increased by 5.9%, and passenger volume grew by over 7%, setting historical highs [7] - The urban rail market experienced a decline in bidding numbers in 2024 but is expected to recover significantly in 2025, with an estimated vehicle volume of over 4,000 units [9] Emerging Industries - New industries such as wind power, electric drive, IGBT, and marine equipment showed high growth in orders, indicating a positive outlook for revenue and profit [10] - The semiconductor IGBT sector is currently ramping up production capacity, contributing to the overall growth in new industries [10] Future Outlook - For Q3 2025, it is anticipated that around 2,000 freight cars and several locomotives will be delivered, with strong demand for new vehicles and maintenance services [8] - The total railway operating mileage is expected to reach between 2,500 to 3,000 kilometers in the second half of the year, supporting continued demand for high-speed trains [7] Dividend and Investment Perspective - China CRRC maintains a stable dividend policy, with an A-share dividend yield of approximately 4% and a Hong Kong share yield of about 6%, indicating higher relative value in the Hong Kong market [4][13] - Other companies in the sector, such as Jinxi Axle and Siwei Control, are also showing high growth or recovery, suggesting attractive investment opportunities [4][13] Overall Industry Sentiment - The overall sentiment in the railway industry is positive, with improvements in various segments including high-speed trains, new vehicles, and maintenance services [14] - The expected annual profit release is around 15 billion, potentially exceeding expectations, reflecting a significant enhancement in profitability [12][14] Conclusion - China CRRC is positioned well within the railway and new energy equipment sectors, with strong performance indicators and a favorable market outlook, supported by strategic bidding and delivery improvements, alongside growth in emerging industries.

Core Viewpoint - The carbon fiber market in China is experiencing price stability, with expectations for future breakthroughs in production technology to enhance competitiveness [2][4]. Price Summary - As of July 11, 2025, the average price of carbon fiber in China is 83.75 yuan per kilogram, with specific prices for different grades: - Domestic T300 grade: 12K specifications priced between 80 to 90 yuan/kg, while 24/25K bundles range from 70 to 80 yuan/kg [1]. - Domestic T700 grade: 12K products priced between 90 to 120 yuan/kg, and 24K products range from 85 to 120 yuan/kg [1]. - Domestic T800 grade: 12K specifications priced between 180 to 240 yuan/kg [1]. Market Dynamics - T800 grade products command significantly higher prices due to their advanced technology and high-end applications, while smaller bundles (e.g., 12K) are priced higher than larger bundles (e.g., 48/50K) within the same grade due to complexity and performance advantages [2]. - The carbon fiber market is currently in a stagnant phase without major positive stimuli, but advancements in raw silk technology and production processes may lead to cost reductions and improved competitiveness in the future [2]. Technological Developments - A collaborative research project involving Jilin Chemical Fiber Group and several leading enterprises has successfully developed key technologies for the large-scale manufacturing of large bundle carbon fibers and composite materials, achieving stable production of high-performance 35K and above large bundle carbon fibers [3]. - The project has established a simulation model for the pultrusion process of large bundle carbon fibers and developed specialized high-efficiency pultrusion processes and equipment, enabling the stable mass production of high-performance pultruded plates [3]. Future Market Potential - The carbon fiber market is expected to benefit from applications in hydrogen storage and transportation, global wind turbine blade recovery, photovoltaic thermal carbon-carbon composites, low-altitude economy, and the domestic large aircraft supply chain [4].

2025 年 07 月 12 日 行业研究 评级：推荐(维持) 《电力设备行业周报：工信部召开光伏企业座谈 会，海风政策催化不断落地（推荐）*电力设备*李 航，邱迪，王刚，严语韬，李昂》——2025-07-06 《人形机器人行业周报：湖北省人形机器人产业投 资母基金设立，步科发布第四代无框力矩电机及中 空驱动器（推荐）*电力设备*李航，邱迪，李昂， 李铭全》——2025-07-05 《电力设备行业周报：抢装支撑风电 Q2 业绩，锂 电产业链持续推进固态电池布局（推荐）*电力设 备*李航，邱迪，王刚，李铭全，严语韬，李昂》 ——2025-06-28 《人形机器人行业周报：浙江荣泰拟参股金力传 动，银河通用完成 11 亿元融资（推荐）*电力设备 *李航，邱迪，李铭全，李昂》——2025-06-28 | 研究所： | | | --- | --- | | 证券分析师： | 李航 S0350521120006 | | | lih11@ghzq.com.cn | | 证券分析师： | 邱迪 S0350522010002 | | | qiud@ghzq.com.cn | | 证券分析师： | 王刚 S03505240200 ...

Investment Rating - The investment rating for the company is "Outperform the Market" [2][4][18] Core Viewpoints - The company has successfully established a new materials business unit, which is expected to create new profit growth points. The new materials include high-end polyurethane vibration damping products, silicone PACK functional materials, and HP-RTM PACK structural materials [3][5] - The company anticipates steady growth in its new materials business, with products such as polyurethane, silicone, and HP-RTM already achieving bulk supply, potentially enhancing profit margins [4] - The wind turbine blade orders are robust, with promising overseas market prospects. The wind power blade business is expected to see both volume and profit growth by 2025, with a factory in Vietnam projected to start production in early 2026 [4] - The rail transportation and industrial engineering businesses are expected to maintain stable revenue, with further growth anticipated post-2026 when production capacity is restored [4] - The automotive business is gradually shifting production capacity to lower-cost regions in Asia, with ongoing efforts to expand the customer base [4] Financial Projections - The company forecasts a net profit of 6.5 billion yuan for 2025, with slight upward adjustments for 2026 and 2027 to 8.4 billion yuan and 9.8 billion yuan, respectively, reflecting year-on-year growth rates of +46.7%, +28.8%, and +16.2% [4][18] - The projected revenue for 2025 is 22.75 billion yuan, with a year-on-year growth of +13.4%, and for 2026, it is expected to reach 25.43 billion yuan, with a growth of +11.8% [17][21] - The company's current price-to-earnings (PE) ratios are projected to be 16.7, 13.0, and 11.2 for 2025, 2026, and 2027, respectively [4][18]

Group 1 - The company, Zhuzhou Times New Material Technology Co., Ltd., has raised a net amount of RMB 1,289,370,062.47 through a specific stock issuance approved by the China Securities Regulatory Commission [1] - The company and its subsidiary, Bogo Rubber Plastic (Wuxi) Co., Ltd., have established special accounts for the raised funds, in compliance with relevant regulations [1][2] - The special account storage agreements were signed on July 9, 2025, with multiple banks and the sponsor institution, Guojin Securities Co., Ltd. [1][2] Group 2 - The total balance of the special accounts opened by Bogo Wuxi is currently 0, as all raised funds are still held in the parent company's account [3] - The three-party and four-party regulatory agreements stipulate that the raised funds must be used solely for designated projects, including innovation centers and clean energy equipment enhancement [4][6] - The agreements also outline the responsibilities of the parties involved in monitoring and managing the use of the raised funds, ensuring compliance with legal and regulatory requirements [5][7]

证券代码：600458 证券简称：时代新材 公告编号：临 2025-031 株洲时代新材料科技股份有限公司 关于签订募集资金专户存储三方及四方 监管协议的公告 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。 一、募集资金基本情况 根据中国证券监督管理委员会《关于同意株洲时代新材料科技股份有限公司 向特定对象发行股票注册的批复》（证监许可〔2025〕996 号），株洲时代新材料 科技股份有限公司（以下简称"公司"或"时代新材"）向特定对象发行股票 106,732,348 股，发行价格为人民币 12.18 元/股，共计募集资金人民币 1,299,999,998.64 元，扣除发行费用（不含税）人民币 10,629,936.17 元，实 际募集资金净额为人民币 1,289,370,062.47 元。上述募集资金到位情况已经毕 马威华振会计师事务所（特殊普通合伙）验证，并由其出具了《验资报告》（毕 马威华振验字第 2500464 号）。 截至本公告披露日，公司及子公司博戈无锡募集资金专户开立和存储情况如 下： | 单位:元 | | - ...

Group 1 - The first floating photovoltaic platform in deep sea, "Huang Hai No.1," has successfully completed its upgrade and debugging work, integrating vertical axis wind turbines with floating photovoltaic technology [1] - Domestic offshore wind power is expected to see a significant increase, with new installations projected to exceed 12GW by 2025, representing a year-on-year doubling [1] - The European offshore wind market is anticipated to enter a new growth cycle from 2025 to 2030, despite a 30% year-on-year decline in new installations in 2024 [1] Group 2 - The demand for subsea cables and wind turbine foundations is expected to rise significantly as offshore wind power moves towards deep sea and large-scale development [2] - By the end of 2024, China will have built five floating wind power demonstration projects with a total installed capacity of 40MW, accounting for 14.3% of the global total [2] - Investment recommendations include companies such as Dongfang Cable, Dajin Heavy Industry, Times New Material, and Goldwind Technology, which are positioned to benefit from the rising demand in the floating wind power sector [2]

Market Overview - The A-share market is experiencing a mixed performance with the Shanghai Composite Index slightly up by 0.02% while the Shenzhen Component Index and ChiNext Index are down by 0.70% and 1.21% respectively [2][7] - The overall market sentiment is cautious as investors await the upcoming mid-year earnings reports, leading to a divergence in index performances [9][10] Financial Data - As of July 2025, the total market capitalization of the Shanghai Composite Index is 6,743.38 billion yuan with a price-to-earnings (PE) ratio of 12.43 and a price-to-book (PB) ratio of 1.29 [3] - The ChiNext Index shows a significantly higher PE ratio of 27.91, indicating a higher valuation compared to the broader market [3] Industry Dynamics - The wind power equipment industry is highlighted as a sector with growth potential, particularly following the Central Financial Committee's focus on high-quality development of the marine economy [48][50] - The report indicates that the wind power sector is entering a new inventory replenishment cycle after a period of demand stagnation from 2022 to 2024, with expectations for improved performance in 2025 [52][53] Company Updates - Yanjing Beer (000729.SZ) is projected to see a net profit growth of 40-50% in the first half of 2025, driven by effective management and market strategies [36] - Zhaowei Electromechanical (003021.SZ) has launched a new generation of bionic dexterous hands, enhancing its product offerings in the robotics sector [38][40] - Anji Food (603345.SH/2648.HK) has successfully listed its H-shares on the Hong Kong Stock Exchange, raising approximately 2.302 billion HKD [41] Economic Indicators - As of June 2025, China's foreign exchange reserves reached 3,317.4 billion USD, reflecting a slight increase of 0.98% from the previous month [15][16] - The second quarter of 2025 saw China's shipping prosperity index rise to 120.81 points, indicating a recovery in the shipping sector [19][20]

Investment Rating - The investment rating for the electric equipment and new energy industry is "Outperform the Market" (maintained) [1] Core Insights - Goldwind Technology is rapidly expanding its overseas business, achieving a revenue of 7.19 billion yuan from January to May, representing a 96% year-on-year increase, and a net profit of 933 million yuan, up 182% year-on-year [1][6] - A joint venture has been established by Dayun Co., Dongfang Cable, and Zhejiang Energy Group to create the Zhejiang Offshore Wind Equipment Base [1] - The construction of the Yangjiang Sanshan Island offshore wind flexible DC transmission project has commenced, marking steady progress in the offshore wind cluster in Guangdong [1] Summary by Sections Wind Turbine Exports - Emerging markets in Asia, Africa, and Latin America are experiencing rapid growth in wind power demand, with seven domestic wind turbine companies securing international orders in 2024, including Goldwind with over 7.7 GW of orders [3][5] Offshore Wind Power - The Zhejiang deep-sea equipment industry chain is gradually taking shape, with Dayun Co. planning to invest 60 million yuan in a joint venture to establish the Zhejiang Ningbo Offshore Wind Mother Port Equipment Development Co., responsible for the construction of the offshore wind mother port project [7][8] - The Yangjiang Sanshan Island project includes a ±500 kV offshore converter station and aims to deliver 2 GW of green electricity to the Guangdong-Hong Kong-Macao Greater Bay Area [9][10]