美瑞新材料股份有限公司 投资者关系活动记录表 编号：2025-020 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 □一对一沟通 □ 其他： 参与单位名称 及人员姓名 国投证券：王华炳 博时基金：许少波 时间 2025 年 11 月 24 日 10:00-11:00 地点 公司办公楼会议室 上市公司接待 人员姓名 董事会秘书兼财务总监：都英涛 证券事务代表：王越 投资者关系活 动主要内容介 绍 1、美瑞科技的特种异氰酸酯 HDI 主要应用哪些市场? 答：您好！一方面，公司将进入 HDI 现有市场的主流行业，如涂料、 汽车漆、木器漆以及工业漆等传统领域。另一方面，聚氨酯新材料作为 HDI 具有潜力的新兴应用方向，也是我们关注的重点。目前，公司在不断探索 持续进行将特种异氰酸酯应用于聚氨酯新材料的技术创新，并将其视为未 来发展的关键市场之一。 2、介绍一下公司的 PPDI 产品及应用场景？ 答：PPDI 分子结构对称，由其制成的弹性体物理机械性能优异、回弹 性出色，在高温条件下压缩永久变形低。此外，PPDI 在耐磨性、抗疲劳性、 耐湿热性和耐溶剂性方 ...

Core Viewpoint - Meirui New Materials reported a net profit growth of 25.25% year-on-year in the first half of the year, indicating strong financial performance and growth potential in the polyurethane industry [1] Company Overview - Meirui New Materials is a leading domestic producer of polyurethane new materials and specialty chemical raw materials, with main products including thermoplastic polyurethane elastomers and water-based polyurethanes [1] - The company is currently the only publicly listed company in China primarily focused on TPU business [1] Financial Performance - As of August 26, the company's stock price was 17.15 yuan, down 1.15% from the previous trading day, with a total market capitalization of 7.338 billion yuan [1] - The trading volume on August 26 was 111 million yuan, with a turnover rate of 2.69% [1] Recent Developments - On August 26, the company hosted a research meeting with 10 institutions, including Beijing Yutian Capital, to discuss the progress of its polyurethane industrial park project and new product development [1] - The company announced plans to increase capital to its subsidiary by no more than 350 million yuan to support project construction [1] Capital Flow - On August 26, the main capital outflow was 30.0673 million yuan, with a cumulative net outflow of 11.2519 million yuan over the past five days [1]

Core Viewpoint - Meirui New Materials Co., Ltd. reported a slight increase in revenue and a significant rise in net profit for the first half of 2025, indicating stable performance amidst market challenges [1]. Financial Performance - The company achieved an operating income of 801 million yuan, a year-on-year increase of 0.02% [1]. - The net profit attributable to shareholders was 39.12 million yuan, reflecting a year-on-year growth of 25.25% [1]. Business Development - Meirui New Materials is a leading producer of polyurethane new materials and functional chemical raw materials in China, with a focus on thermoplastic polyurethane (TPU) [1]. - The company has made significant progress in its functional chemical raw materials segment, with its subsidiary, Meirui Technology (Henan) Co., Ltd., successfully launching production at its polyurethane industrial park [1]. - The company has maintained stable sales of high-performance polyurethane new materials despite a complex market environment [1]. Product Innovation - The company is leveraging its supply chain advantages to develop products like water-based polyurethane dispersions (PUD) for diverse applications, including high-end coatings and adhesives [2]. - Breakthroughs include the successful application of PUR (moisture-curing polyurethane adhesive) in food packaging and the development of moisture-permeable adhesive materials that enhance the performance of high-end apparel [2]. Project Development - Two major projects, including a 10,000-ton expandable thermoplastic polyurethane project and a 30,000-ton water-based polyurethane project, are set to commence construction in the fourth quarter of 2024 [2]. - These projects will utilize special isocyanate raw materials from Meirui Technology, enhancing cost efficiency through supply chain synergy [2]. Capital Investment - The company plans to invest up to 350 million yuan in its subsidiary, Meirui Technology, to strengthen its financial position and alleviate liquidity pressure [2].

Core Viewpoint - Shanghai Huide Science & Technology Co., Ltd. is seeking to issue A-shares to specific investors, with the underwriting by Dongfang Securities Co., Ltd. The company has met the necessary legal and regulatory requirements for this issuance [1][8]. Group 1: Company Overview - Shanghai Huide Science & Technology Co., Ltd. was established on June 25, 2007, and is headquartered in Jinshan District, Shanghai. The company specializes in the research, production, and sales of polyurethane materials [2][3]. - The registered capital of the company is approximately 141.13 million yuan [2]. - The main products include polyurethane resin, polyurethane elastomers, and polyester polyols, which are used in various industries such as automotive manufacturing and new energy [3][18]. Group 2: Financial Data - As of March 31, 2025, the total assets of the company amounted to 2.25 billion yuan, while total liabilities were approximately 675 million yuan [4]. - The company reported a net profit of approximately 19.34 million yuan for the first quarter of 2025, with a year-on-year increase compared to previous years [4]. - The average annual net profit attributable to shareholders over the last three years was approximately 83.45 million yuan, with total cash dividends amounting to about 98.69 million yuan during the same period [3][4]. Group 3: Issuance Details - The company plans to raise up to 580 million yuan through this issuance, with the funds primarily allocated to a project for producing 305,000 tons of polyurethane new materials annually [17][18]. - The issuance will be directed towards no more than 35 specific investors, including qualified institutional investors and natural persons [17][12]. - The issuance price will not be lower than 80% of the average trading price over the 20 trading days prior to the pricing date [12][13]. Group 4: Regulatory Compliance - The underwriting institution, Dongfang Securities, has conducted thorough due diligence and confirmed that the company meets all necessary conditions for the issuance as per the Company Law and Securities Law [8][9]. - The company has adhered to all relevant regulations and has not engaged in any activities that would disqualify it from issuing shares [10][11]. - The company is not listed as a dishonest entity under the relevant memorandums regarding joint punishment for dishonest enterprises [19].

Group 1: Product Development and Applications - The company is entering mainstream industries for HDI products, including coatings, automotive paints, and industrial paints, while also focusing on polyurethane new materials as a key market for future development [2] - The company's self-developed foaming TPU is lightweight and highly elastic, primarily used in sports shoe midsoles, showing strong profitability and rapid sales growth [3] - The special amine products include PNA, PPDA, and CHDA, with applications in dye synthesis, aramid and polyimide production, and as epoxy curing agents in various fields [3] Group 2: Project Progress and Market Response - Two small-scale rapid fundraising projects commenced construction in Q4 2024, with an 18-month construction period; one project aims for an annual output of 10,000 tons of expandable thermoplastic polyurethane elastomer, and the other for 30,000 tons of water-based polyurethane [4] - The sales team has been actively promoting the Henan project through exhibitions and client visits, resulting in positive market feedback and ongoing engagement with target customers [2] Group 3: Financial Performance - The company's second-quarter performance was influenced by market demand, raw material prices, and operational factors, with specific results to be detailed in the upcoming semi-annual report [4]