格隆汇2月27日丨赛特新材(688398.SH)公布2025年年度业绩快报，报告期内，公司实现营业总收入 99,491.08万元，较上年同期相比增加6.57%；实现归属于母公司所有者的净利润2,495.30万元，较上年 同期相比减少67.66%；归属于母公司所有者的扣除非经常性损益的净利润2,159.42万元，较上年同期相 比减少69.54%。 报告期内，公司坚持以市场为导向，主营产品真空绝热板产销量延续良好的增长态势。2026年，随着新 版冰箱能效标准实施及以旧换新政策延续，将为公司主营产品渗透率的持续提升创造有利条件。公司将 积极应对机遇和挑战，优化业务布局，积极响应下游客户需求，并加快新产品落地、拓展新应用领域； 同时，强化日常运营管理，深化降本增效，以提升公司整体盈利能力。 受宏观环境和市场竞争影响，报告期主营产品真空绝热板销售均价同比下降及内外销结构变化导致真空 绝热板毛利率同比下降；报告期子公司维爱吉处于投资期，相应的固定资产折旧费用同比增加；公司发 行可转换公司债券计提利息费用以及银行贷款利息费用同比增加，导致公司财务费用同比上升。 ...

智通财经APP讯，赛特新材(688398.SH)发布2025年年度业绩预减公告，预计2025年年度实现归属于母 公司所有者的净利润与上年同期(法定披露数据)相比，将减少4,467万元到5,550万元，同比减少57.89% 到71.93%。 本期业绩预减的主要原因：1受宏观环境和市场竞争影响，报告期主营产品真空绝热板销售均价同比下 降及内外销结构变化导致真空绝热板毛利率同比下降;报告期子公司维爱吉处于投资期，相应的固定资 产折旧费用同比增加;公司发行可转换公司债券计提利息费用以及银行贷款利息费用同比增加，导致公 司财务费用同比上升。报告期内，公司坚持以市场为导向，主营产品真空绝热板产销量延续良好的增长 态势。2026年，随着新版冰箱能效标准实施及以旧换新政策延续，将为公司主营产品渗透率的持续提升 创造有利条件。公司将积极应对机遇和挑战，优化业务布局，积极响应下游客户需求，并加快新产品落 地、拓展新应用领域;同时，强化日常运营管理，深化降本增效，以提升公司整体盈利能力。 ...

Core Viewpoint - The company, Sait New Materials (688398.SH), has announced a significant decrease in its expected net profit for the year 2025, projecting a reduction of 44.67 million to 55.50 million yuan, which translates to a year-on-year decline of 57.89% to 71.93% [1] Group 1: Reasons for Profit Decrease - The primary reasons for the profit decrease include a decline in the average selling price of the main product, vacuum insulation panels, due to macroeconomic conditions and market competition, leading to a decrease in gross margin [1] - The subsidiary, Weijiji, is currently in an investment phase, resulting in increased fixed asset depreciation expenses compared to the previous year [1] - The company has incurred higher financial expenses due to interest costs from convertible bonds and bank loans, contributing to the overall increase in financial costs [1] Group 2: Business Outlook and Strategies - Despite the profit decrease, the company reports a continued growth trend in the production and sales volume of vacuum insulation panels, driven by market demand [1] - The implementation of new refrigerator energy efficiency standards and the continuation of the old-for-new policy in 2026 are expected to create favorable conditions for the sustained increase in the penetration rate of the company's main products [1] - The company plans to actively respond to opportunities and challenges by optimizing its business layout, responding to downstream customer needs, accelerating the launch of new products, and expanding into new application areas [1] - There is a focus on enhancing daily operational management and deepening cost reduction and efficiency improvement efforts to boost overall profitability [1]

Core Viewpoint - The new national energy efficiency standard for refrigerators will be implemented in June 2026, which is expected to boost the market penetration of VIP in the domestic refrigerator sector, driven by ongoing appliance subsidy policies and the new efficiency standards [2]. Company Communication and Investor Relations - The company emphasizes the importance of communication with investors and has established a comprehensive, multi-channel interaction platform to maintain good engagement with investors [2]. - Regular communication methods include performance briefings, investor exchange meetings, and online platforms, which help convey the company's value concepts and business development dynamics [2]. Business Strategy and Performance Enhancement - The management is committed to optimizing operational efficiency, enhancing product research and development, and expanding market reach to improve the company's performance and intrinsic value [2]. - The company aims to increase market value through improved transparency and strengthened investor relations management [2].

Investment Rating - The report maintains a "Buy" rating for the stocks of the companies involved in the vacuum insulation panel (VIP) industry, specifically for Saitex New Materials and Rising Technology [6]. Core Insights - The introduction of the new energy efficiency standard for household refrigerators is expected to significantly boost the demand for vacuum insulation panels, as the new standards require higher energy efficiency and better insulation materials [2][9]. - The report predicts that the market penetration of new level 1 refrigerators will increase substantially, leading to a corresponding rise in the demand for VIPs [17][20]. Summary by Sections Event Overview - The new energy efficiency standard for household refrigerators was officially released on May 30, 2025, and will be implemented on June 1, 2026. This marks the fifth revision since the first standard was established in 1989 [9][12]. - The new standard significantly raises the energy efficiency requirements compared to the old standard, with level 1 refrigerators under the old standard likely corresponding to level 4 under the new standard [12][13]. Market Opportunities - The new energy efficiency standards present a major opportunity for the VIP industry, as traditional insulation materials will struggle to meet the new requirements [2][14]. - The report estimates that as the penetration of new level 1 refrigerators increases, the demand for VIPs will grow substantially, with potential demand reaching up to 7,543 million square meters if penetration reaches 80% [20][21]. Investment Recommendations - The report highlights two key companies: - **Saitex New Materials**: A leading player in the VIP market with an estimated global market share of 35%. The company has strong partnerships with major refrigerator manufacturers, which positions it well to benefit from the new standards [22][28]. - **Rising Technology**: Engaged in the production of key raw materials for VIPs and has established partnerships that enhance its market position [31]. Demand Elasticity - The report provides a detailed analysis of the demand elasticity for VIPs based on the penetration rates of new level 1 refrigerators, indicating significant growth potential as the market adapts to the new standards [17][20]. Financial Projections - For Saitex New Materials, the report projects profit elasticity based on varying market share scenarios, indicating substantial profit growth as the penetration of new energy-efficient refrigerators increases [28][30]. Industry Trends - The report notes that the shift towards VIPs is driven by the need for better insulation materials that can meet the stringent new energy efficiency standards, highlighting a trend towards innovation in insulation technology [14][16].