Core Viewpoint - Company plans to issue H-shares and list on the Hong Kong Stock Exchange to enhance international strategy and financing capabilities [1][2] Group 1: Company Actions - Company held board meetings on June 20, 2025, to approve the issuance of H-shares and related proposals [1] - Company has appointed Ernst & Young as the auditing firm for the H-share issuance [1] - Company is in discussions with intermediaries regarding the issuance, with specific details yet to be finalized [1] Group 2: Regulatory Requirements - The issuance requires approval from the shareholders' meeting and regulatory bodies including the China Securities Regulatory Commission and the Hong Kong Stock Exchange [2] - There is significant uncertainty regarding the approval and implementation of the issuance [2] Group 3: Previous Listing Information - Company was listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board on July 22, 2019, with 112.98 million shares issued at a price of 24.80 yuan per share [2] - The total funds raised from the previous listing amounted to 280.19 million yuan, with a net amount of 274.66 million yuan after expenses [3] - The funds were intended for projects including next-generation memory interface chip development and AI chip research [3]

Core Viewpoint - The collaboration between the company and EGA marks a significant milestone in the company's internationalization strategy and injects new momentum into the global aluminum industry chain [1][2]. Group 1: Joint Venture and Production Capacity - The company and EGA have signed a Joint Development Agreement to establish a joint venture in the UAE, with an initial production capacity of 300,000 tons per year and a potential second phase of an additional 300,000 tons per year [1][2]. - The joint venture will prioritize supplying anodes to EGA, which will procure anodes from the joint venture to meet the needs of its future smelting plant expansion projects [2]. Group 2: Technological Advantages - EGA is one of the largest high-quality aluminum producers globally and has significant technological advantages in aluminum smelting, with its proprietary DX and DX+ electrolytic cell technologies leading the industry [2]. - EGA plans to launch a pilot project for its next-generation EX electrolytic cell technology in 2025, promoting smart upgrades in line with Industry 4.0 [2]. Group 3: Research and Development Focus - The company emphasizes R&D investment and has accumulated significant advantages in prebaked anode production processes, enhancing product value through technological innovation [3]. - In 2024, the company aims to focus on carbon reduction and efficiency enhancement across the industry chain, successfully developing new product categories such as low-zinc anodes for high-purity aluminum [3]. Group 4: International Expansion Opportunities - The company is the largest commercial prebaked anode producer globally and is poised to seize international opportunities as the downstream electrolytic aluminum industry is at a historical profit peak [4]. - With domestic supply constraints and growing global demand, many electrolytic aluminum enterprises are seeking overseas projects and partnerships with upstream prebaked anode producers to lower production costs [4]. Group 5: Competitive Position and Market Recognition - EGA's choice to partner with the company reflects a deep recognition of its strength and the global validation of Chinese enterprises' innovation capabilities [5]. - In 2024, the company exported 900,100 tons of prebaked anodes, a year-on-year increase of 34.3%, accounting for 37% of the national export total, maintaining its position as the largest exporter [5]. Group 6: Smart Manufacturing and ESG Practices - Smart manufacturing has become a core engine for the company's high-quality development, with significant improvements in operational efficiency through digital transformation initiatives [6]. - The company is increasing its investment in low-carbon technology R&D and deepening its ESG practices to align with global investment trends [7]. Group 7: Market Outlook - The company is optimistic about the future of the prebaked anode market, driven by strong demand from downstream electrolytic aluminum customers and a new construction cycle for overseas electrolytic aluminum projects [7].

中证报中证网讯（王珞）近日，万凯新材发布关于控股股东增持计划实施完成的公告，公司控股股 东浙江正凯集团有限公司截至5月10日已实施完毕公司2025年3月19日披露的控股股东取得金融机构增持 贷款承诺函暨增持股份计划。此外，万凯新材于4月21日公告，公司于2025年4月18日董事会会议，审议 通过了《关于对外投资建设海外生产基地的议案》，拟投资20.2亿元在印尼建设75万吨/年聚酯瓶片生 产基地。 万凯新材在控股股东完成股份增持的公告中表示，公司控股股东正凯集团于2025年3月初启动的增 持计划是基于对公司未来发展前景的信心和长期价值的认可，是积极稳定公司股价，保障投资者的合法 权益。该计划为期6个月，以集中竞价交易或大宗交易等合法方式进行增持，计划增持总金额不少于人 民币1亿元，不超过人民币2亿元。截至2025年5月10日实施完毕，正凯集团的增持股份均采取集中竞价 交易的方式，累计增持股份10116750股，累计增持比例占公司当前总股本的1.96%，累计增持金额 13997.97万元（不含交易费用）。随着该增持计划的实施完成，正凯集团及其一致行动人持有万凯新材 A股股份共计超2.35亿股，占公司当前总股本的4 ...

Group 1 - The company, Changzhou Guangyang Bearing Co., Ltd., has approved the establishment of a wholly-owned subsidiary in Vietnam to expand its overseas market and enhance its competitive advantage in the PCB industry [2][3] - The initial investment amount was set at $600,000, which was later increased to $1,200,000 due to local government investment permit regulations [2] - The newly established subsidiary in Vietnam is named NRBFLEX VIETNAM CO., LTD, with a total investment of $1,200,000 and is focused on producing electronic circuit printed circuit boards [3] Group 2 - The subsidiary is fully owned by Guangyang (Hong Kong) Trading Co., Ltd., which holds 100% of the shares [3] - The company is located in the Yongfu Province, Bình Chánh District, Vietnam, specifically in the Long Industrial Zone [3] - The establishment of this subsidiary aligns with the company's international strategic layout and aims to meet the business needs of PCB customers [2]

Group 1: Financial Performance - In Q1 2025, the company achieved operating revenue of 2.407 billion yuan, a year-on-year increase of 29.85%, but a quarter-on-quarter decrease of 14.12% [1] - The net profit attributable to shareholders was 483 million yuan, representing a year-on-year growth of 141.10% and a quarter-on-quarter decline of 26.66% [1] - The company's gold production was 3.34 tons, a year-on-year decrease of 6.89%, while sales volume was 3.33 tons, down 7.04% year-on-year [1] Group 2: Cost and Margin Analysis - The sales price of gold was 658.44 yuan per gram, reflecting a year-on-year increase of 40.25% [1] - The gross profit margin for Q1 2025 was 46.42%, up 12.96 percentage points year-on-year, but down 1.59 percentage points quarter-on-quarter [1] - The company's sales cost for gold was 355.09 yuan per gram, an increase of 11.51% year-on-year, while the all-in sustaining cost was 349.09 yuan per gram, up 28.09% year-on-year [2] Group 3: Strategic Developments - The company successfully listed on the Hong Kong Stock Exchange on March 10, 2025, raising approximately 2.676 billion HKD in net funds [3] - This listing marks a significant step in the company's internationalization strategy and enhances its core competitiveness [3] Group 4: Future Outlook - The company forecasts net profits attributable to shareholders for 2025-2027 to be 2.592 billion, 2.984 billion, and 3.364 billion yuan, representing year-on-year growth rates of 46.89%, 15.14%, and 12.73% respectively [4] - The expected EPS for the same period is projected to be 1.36, 1.57, and 1.77 yuan per share, with corresponding P/E ratios of 19.9, 17.3, and 15.3 times [4]