Core Viewpoint - Zhuzhou Times New Material Technology Co., Ltd. is planning to issue shares to specific investors to raise funds for investment in rail transit, wind power, and automotive components, amidst a complex economic environment that poses various risks to its operations and market performance [2][4]. Company Overview - The company, established on May 24, 1994, has a total share capital of 82,444.82 million RMB and is listed on the Shanghai Stock Exchange under the stock code 600458 [15][16]. - The main business includes manufacturing and selling high-speed rail equipment, key systems and components for rail transit, synthetic materials, and various engineering services [15][19]. Financial Performance - The company anticipates achieving an overall revenue of 20 billion RMB in 2024, with expectations for further growth following the completion of its fundraising projects [4]. - The company has a significant amount of accounts receivable, which may increase as the business scales, posing potential financial risks if economic conditions worsen [4]. Industry Characteristics - The new energy sector, particularly rail transit and wind power, is characterized by cyclical demand influenced by government policies and economic conditions [2][3]. - The rail transit industry is experiencing stable growth, supported by government initiatives and infrastructure investments, with China being a major player in the global market [26][27]. Risks and Challenges - The company faces operational risks associated with rapid expansion, including challenges in management, technology development, and market penetration [3][4]. - Financial risks are present due to potential increases in costs related to fixed asset investments and the possibility of bad debts from accounts receivable [4][5]. - Market demand fluctuations and competition in the high polymer composite materials sector could impact the company's market share and profitability [2][3].

Investment Rating - The report maintains a "B" rating for the new materials sector, indicating a positive outlook for the industry [2]. Core Insights - The new materials sector has shown an upward trend, with the new materials index increasing by 0.77%, although it underperformed compared to the ChiNext index, which rose by 0.56% [2]. - The report highlights the strong performance of specific sub-sectors, including synthetic biology (up 2.69%), semiconductor materials (up 0.90%), electronic chemicals (up 2.54%), biodegradable plastics (up 2.39%), industrial gases (up 1.77%), and battery chemicals (up 2.35%) over the past five trading days [2][18]. - The National Development and Reform Commission and the National Energy Administration have issued opinions supporting green development, which is expected to drive high demand for wind power installations, with projections of 105-115 GW of new wind power capacity in 2025 [5]. Summary by Sections 1. Market Performance - The new materials sector has experienced a positive market performance, with the new materials index increasing by 0.77% [2]. - The synthetic biology index has risen by 2.69%, while other sectors such as semiconductor materials and electronic chemicals have also shown gains [18]. 2. Price Tracking - Prices for various amino acids and biodegradable plastics have remained stable, with notable prices including valine at 13,600 CNY/ton (up 1.12%) and PLA (injection grade) at 17,500 CNY/ton [3]. 3. Industry News - The report discusses the implications of government policies aimed at promoting green electricity usage, which is expected to enhance the profitability of wind power companies as they recover from previous price declines [5]. 4. Investment Recommendations - The report suggests focusing on companies such as "Times New Materials" and "Meiga Xincai" as potential investment opportunities within the new materials sector [5].

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。 株洲时代新材料科技股份有限公司（以下简称"公司"）第十届董事会第三 次（临时）会议的通知于 2025 年 6 月 5 日以专人送达和邮件相结合的方式发出， 会议于 2025 年 6 月 10 日上午在公司全球总部园区 1010 会议室以现场结合通讯 的方式召开。会议由董事长彭华文先生主持。本次会议应到董事 9 人，实到董事 席会议并代为行使表决权。4 名监事和部分高级管理人员列席了本次会议。 本次会议的召集、召开及表决程序符合《公司法》等法律、法规、规范性文 件以及《公司章程》的有关规定。 经会议审议，通过了如下决议： 证券代码：600458 证券简称：时代新材 公告编号：临 2025-026 株洲时代新材料科技股份有限公司 内容详见同日披露于上海证券交易所网站的公司《募集资金管理办法》（第 十届董事会第三次（临时）会议修订）。 表决结果：9 票同意，0 票反对，0 票弃权。 本议案尚需提交公司股东大会审议 三、 审议通过了关于 2025 年薪酬总额预算的议案 该议案已经公司第十 ...

株洲时代新材料科技股份有限公司 募集资金管理办法 （2025年6月10日公司第十届董事会第三次（临时）会议 审议修订） 1 | | | 第一章 总则 第二条 本办法所指"募集资金"是指公司通过向不特定对象发行股票或者 其他具有股权性质的证券（包括首次公开发行股票、配股、增发、发行可转换公 司债券、发行分离交易的可转换公司债券等）以及向特定对象发行证券募集并用 于特定用途的资金，但不包括公司实施股权激励计划募集的资金。 本办法也适用于公司实际募集资金净额超出计划募集资金金额部分的资金 （以下简称"超募资金"）的使用与管理。 第三条 公司的董事和高级管理人员应当勤勉尽责，确保公司募集资金安全， 不得操控公司擅自或者变相改变募集资金用途。 第四条 公司的控股股东、实际控制人及其他关联人不得占用公司募集资金， 不得利用公司募集资金投资项目（以下简称"募投项目"）获取不正当利益。 公司发现控股股东、实际控制人及其他关联人占用募集资金的，应当及时要 求归还，并披露占用发生的原因、对公司的影响、清偿整改方案及整改进展情况。 第五条 募投项目通过本公司的子公司或本公司控制的其他企业实施的，公 司应当确保该子公司或者受控制的其 ...

株洲时代新材料科技股份有限公司（以下简称"公司"）第十届董事会第三 次（临时）会议的通知于 2025 年 6 月 5 日以专人送达和邮件相结合的方式发出， 会议于 2025 年 6 月 10 日上午在公司全球总部园区 1010 会议室以现场结合通讯 的方式召开。会议由董事长彭华文先生主持。本次会议应到董事 9 人，实到董事 8 人。董事张向阳先生因工作原因未亲自出席会议，书面委托董事彭华文先生出 席会议并代为行使表决权。4 名监事和部分高级管理人员列席了本次会议。 本次会议的召集、召开及表决程序符合《公司法》等法律、法规、规范性文 件以及《公司章程》的有关规定。 经会议审议，通过了如下决议： 一、审议通过了关于成立铁岭分公司的议案 证券代码：600458 证券简称：时代新材 公告编号：临 2025-026 株洲时代新材料科技股份有限公司 第十届董事会第三次（临时）会议决议公告 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。 表决结果：9 票同意，0 票反对，0 票弃权。 本议案尚需提交公司股东大会审议 三、审议通过了关于 20 ...

股票简称：时代新材 股票代码：600458 株洲时代新材料科技股份有限公司 二〇二五年五月 株洲时代新材料科技股份有限公司 向特定对象发行股票募集说明书（注册稿） 声 明 本公司及全体董事、监事、高级管理人员承诺募集说明书及其他信息披露资料不 存在任何虚假记载、误导性陈述或重大遗漏，并对其真实性、准确性及完整性承担相 应的法律责任。 公司负责人、主管会计工作负责人及会计机构负责人保证募集说明书中财务会计 资料真实、准确、完整。 向特定对象发行股票 募集说明书 （注册稿） 保荐人（主承销商） （注册地址：四川省成都市东城根上街 95 号） 中国证监会、交易所对本次发行所作的任何决定或意见，均不表明其对申请文件 及所披露信息的真实性、准确性、完整性作出保证，也不表明其对发行人的盈利能力、 投资价值或者对投资者的收益作出实质性判断或保证。任何与之相反的声明均属虚假 不实陈述。 根据《证券法》的规定，证券依法发行后，发行人经营与收益的变化，由发行人 自行负责。投资者自主判断发行人的投资价值，自主作出投资决策，自行承担证券依 法发行后因发行人经营与收益变化或者证券价格变动引致的投资风险。 1-1-1 株洲时代新材料科技 ...

Group 1: Solar Industry - The China Securities Photovoltaic Industry Index (931151) increased by 0.77% as of June 9, 2025, with notable gains from companies such as Aiko Solar (600732) up 4.03% and JinkoSolar (002459) up 2.46% [1] - A recent breakthrough in single-junction perovskite solar cells achieved a certified steady-state efficiency of 27.3% for 0.1 cm² cells and 26.9% for 1 cm² cells, setting new world records [2] - The photovoltaic industry is expected to see a demand growth of 5%-10% in new installations for 2025, with component demand projected to reach 650-700 GW [2] Group 2: New Energy Vehicles - The China Securities New Energy Vehicle Industry Index (930997) rose by 0.06% as of June 9, 2025, with significant increases from companies like Xiamen Tungsten (688778) up 5.93% and Leading Intelligent (300450) up 4.60% [1] - The New Energy Vehicle ETF (515700) has a recent scale of 2.213 billion yuan, ranking it in the top half of comparable funds [2] - The top ten weighted stocks in the New Energy Vehicle Index account for 58.76% of the index, including major players like BYD (002594) and CATL (300750) [12] Group 3: Automotive Parts - The China Securities Automotive Parts Theme Index (931230) experienced a slight decline of 0.02% as of June 9, 2025, with stocks like Times New Material (600458) gaining 4.33% [5] - The Automotive Parts ETF (159306) has shown a cumulative increase of 2.88% over the past six months [5] - The top ten weighted stocks in the Automotive Parts Index represent 43.86% of the index, featuring companies such as Huichuan Technology (300124) and Fuyao Glass (600660) [11] Group 4: New Materials - The China Securities New Materials Theme Index (H30597) increased by 0.30% as of June 9, 2025, with companies like Guangwei Composites (300699) rising by 2.91% [8] - The New Materials ETF Index Fund (516890) has a recent price of 0.49 yuan, reflecting a 0.61% increase [10] - The index includes 50 companies involved in advanced materials, with the top ten weighted stocks accounting for 52.54% of the index [10]

Investment Rating - The industry investment rating is "Recommended" [5][55]. Core Viewpoints - The report highlights a significant increase in wind power project bidding and winning bids, with a total of 40.2GW of wind turbine bids from January to May, representing a year-on-year increase of 14.5% [2][11]. - The winning bids for wind power from January to May reached 39.5GW, showing a year-on-year increase of 8.8% [3][19]. - The report emphasizes three main investment lines in the wind power sector: high domestic offshore wind project reserves, robust land wind bidding in 2024, and regional growth in overseas installations [40]. Summary by Sections Bidding Volume - From January to May, wind turbine bidding totaled 40.2GW, with offshore and onshore bids at 3.6GW and 36.6GW respectively, marking increases of 5.5% and 15.5% year-on-year [11][19]. - In May, offshore and onshore bids were 0.5GW and 7.4GW respectively, with total wind power bidding at 7.9GW, showing a slight decrease compared to previous months [11][19]. Winning Bids - The total winning bids for wind power from January to May were 39.5GW, with offshore and onshore winning bids at 4.3GW and 35.2GW respectively, indicating increases of 48.5% and 5.4% year-on-year [19][20]. - In May, the winning bids were 1GW for offshore and 7.2GW for onshore, with a total of 8.1GW, reflecting a significant decrease compared to previous months [19][20]. Winning Bid Prices - The average winning bid prices in May were 2568 yuan/kW for offshore and 1558 yuan/kW for onshore, with slight month-on-month decreases of 1.4% and 0.6% respectively [35][39]. - The report notes that most major manufacturers had winning bid prices exceeding 1500 yuan/kW for onshore projects [39]. Investment Recommendations - The report suggests focusing on three investment lines: high offshore wind project reserves, increased land wind bidding in 2024, and growth in overseas installations [40]. - Recommended companies include Mingyang Smart Energy, Oriental Cable, Zhongtian Technology, and others [40].

Group 1: Technology and Industry Innovation - The integration of technological innovation and industrial innovation is essential for developing new productive forces, requiring platforms and mechanisms to support enterprise-led innovation [1] - The research group emphasized the importance of enterprises as the main body of innovation, advocating for a seamless connection between the innovation chain and the industrial chain [1][8] Group 2: Case Studies of Innovation - The State Grid's NARI Group has successfully implemented China's first grid-side supercapacitor network SVG project, enhancing local power supply capacity by approximately 30,000 kW and new energy acceptance capacity by about 29,000 kW [2] - Zhuzhou Times New Material Technology Co., Ltd. has established a three-tier R&D system, achieving a technology conversion rate of over 75% annually, leading to significant industry advancements [3] Group 3: Challenges in Innovation - There are existing barriers to the deep integration of technological and industrial innovation, including insufficient attention from research institutions to industry-specific challenges and low participation from enterprises in innovation platforms [4][6] - Companies like Xidi Zhijia face challenges in talent cultivation and financial support for innovation, particularly as they enter uncharted territories of technology [5] Group 4: Policy and Support Mechanisms - Jiangsu Province aims to enhance its regional innovation capacity to the second highest in the country by 2024, focusing on strategic emerging industry clusters and supporting over 1,700 high-growth potential enterprises [2] - The research group noted the importance of creating a robust innovation ecosystem that encourages enterprise-led research and development, as well as attracting foreign investment for R&D centers [8]

统计范围： 上市企业：湖南发展（000722）、岳阳兴长（000819）、长高电新（002452）、天桥起重（002523）、 惠博普（002554）、领湃科技（300530）、时代新材（600458）、科力远（600478）、华银电力 （600744）、和顺石油（603353）、飞沃科技（301232） 相关报告：智研咨询发布的《2025-2031年中国能源行业市场研究分析及投资前景评估报告》 2025年3月，湖南省发电141.7亿千瓦时，同比增长5.9%。2025年1-3月，湖南省发电428.4亿千瓦时，同 比下滑1.7%。分品种看，2025年1-3月，湖南省火力发电量274.9亿千瓦时，占总发电量的64.2%，同比 增长0.3%；湖南省水力发电量81.8亿千瓦时，占总发电量的19.1%，同比下滑15.3%；湖南省核能发电量 0亿千瓦时，占总发电量的0%，同比下滑0%；湖南省风力发电量57.4亿千瓦时，占总发电量的13.4%， 同比增长3.8%；湖南省太阳能发电量14.23亿千瓦时占总发电量的3.3%，同比增长47.5%。 附注 报告中的产量数据统计口径均为规模以上工业，其统计范围为年主营业务收入2000 ...