证券代码：601011 证券简称：宝泰隆 编号：临 2025-031 号 宝泰隆新材料股份有限公司关于控股 开采矿种：晶质石墨 开采方式：露天/地下开采 子公司收到《中华人民共和国采矿许可证》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。 近日，宝泰隆新材料股份有限公司（以下简称"公司"）控股子公 司七台河市东润矿业投资有限公司（以下简称"东润矿业公司"）收到 自 然 资 源 部 下 发 的 《 中 华 人 民 共 和 国 采 矿 许 可 证 》（ 证 号 ： C1000002025047218000752） ，具体内容如下： 采矿权人：七台河市东润矿业投资有限公司 地 址：黑龙江省七台河市桃山区桃南街（新富家园 1 单元） 矿山名称：七台河市东润矿业投资有限公司密林石墨二矿 经济类型：有限责任公司 有效期限：叁拾年 自 2025 年 3 月 27 日至 2055 年 3 月 27 日 生产规模：200 万吨/年 矿区面积：1.3324 平方公里 东润矿业公司取得石墨矿采矿许可证，可以为公司石墨烯产品提 供稳定的资源 ...

Core Viewpoint - The company plans to invest 6 million RMB to establish Sichuan Xiangzhan New Materials Technology Co., Ltd., acquiring a 60% stake, which will be consolidated into the company's financial statements [1] Group 1: Investment Details - The registered capital of Sichuan Xiangzhan is 10 million RMB, focusing on deep processing of graphite and its products [1] - The partner, Zhang Changzhen, will contribute intangible assets for a 40% stake in the new company [1] Group 2: Financial Implications - This investment does not constitute a related party transaction or a major asset restructuring [1]

Core Viewpoint - The special graphite industry is experiencing significant growth driven by increasing demand in various sectors such as photovoltaics, semiconductors, and new energy batteries, supported by government policies and technological advancements [1][13]. Industry Overview - Special graphite, characterized by a carbon content greater than 99.99%, is essential in strategic emerging industries due to its high strength, density, and purity [3]. - The demand for special graphite in China is projected to grow from 115,000 tons in 2019 to 250,000 tons by 2024, with a compound annual growth rate (CAGR) of 16.80% [1][13]. Market Demand and Supply - The production of special graphite in China increased from 60,000 tons in 2019 to 134,100 tons in 2023, with a slight decline expected in 2024 to 121,300 tons, reflecting a 9.5% decrease from the previous year [11]. - The market for isotropic graphite is dominated by fine structure graphite, which accounted for 111,616 tons in 2024, despite a 9.33% decline from 2023 [11]. Technological Characteristics - Special graphite materials possess key physical and chemical properties, including high volume density, compressive strength, and low resistivity, which are critical for various applications [5][6]. Policy Support - The Chinese government has implemented several policies to promote the development of the special graphite industry, including the inclusion of high-performance graphite in encouraged categories for investment [7][9]. Competitive Landscape - The special graphite industry in China is characterized by a relatively low concentration of large-scale enterprises, with key players including Wuxing New Materials, Chengdu Carbon Materials, and Ningxin New Materials [17][19]. - The industry is witnessing a shift towards domestic production of high-end graphite products, reducing reliance on imports [15][23]. Future Trends - The demand for high-end special graphite products is expected to increase, particularly in sectors like photovoltaics and lithium batteries, with annual growth rates projected to exceed 20% [26]. - Environmental policies are pushing the industry towards greener and more sustainable practices, emphasizing energy efficiency and resource recycling [24].

Company Overview - Guorui New Materials Co., Ltd. (referred to as "Guorui New Materials") successfully completed a new round of financing amounting to several hundred million yuan, with participation from multiple institutions including Dehong Capital, Shenzhen Capital Group, and Guotai Junan Innovation Investment [1] - Established in 2008, Guorui New Materials is a national high-tech enterprise specializing in the production of special graphite, providing supporting products for high-temperature gas-cooled reactor nuclear fuel [3] - The company’s main products include isostatic graphite and nuclear-grade graphite, primarily applied in the photovoltaic, semiconductor, and high-temperature gas-cooled reactor sectors [3] Product and Technology Development - Guorui New Materials has achieved a breakthrough in the "one baking, one chemical" technology for isostatic graphite, reducing the production cycle by 2-3 months compared to mainstream domestic processes, significantly lowering production costs [3] - The company has sold products to over a hundred photovoltaic clients, with its products being used directly or indirectly by leading domestic photovoltaic companies such as Longi, Zhonghuan, Jinko, and Xiexin [3] - In the nuclear-grade graphite sector, Guorui New Materials collaborates with Tsinghua University on a national key technology project, achieving breakthroughs in critical material technology [5] - As a core supplier for China National Nuclear Corporation, Guorui New Materials has established a complete production capability for nuclear graphite products, anticipating a market expansion phase as high-temperature gas-cooled reactors commercialize [5] Market Applications - In the semiconductor field, high-end isostatic graphite plays a crucial role in ion etching, powder synthesis, and substrate epitaxy, facing stringent performance requirements [5] - The domestic production rate of isostatic graphite for semiconductor applications is currently low, but Guorui New Materials' third-generation silicon carbide graphite products have entered the bulk order phase after successful trials with key clients [5]

Core Insights - Guorui New Materials has successfully completed a multi-billion B-round financing to expand production capacity and enhance R&D efforts to meet growing market demand [1][4] - The company specializes in producing special graphite and has been recognized as a national-level high-tech enterprise and a key "little giant" enterprise in 2024 [1][2] Industry and Company Overview - Guorui New Materials was established in 2008 and focuses on producing isotropic graphite and nuclear-grade graphite, which are widely used in photovoltaic, semiconductor, and high-temperature gas-cooled reactor fields [1][2] - The company's isotropic graphite products are crucial materials for leading photovoltaic companies, showcasing high strength, purity, and thermal conductivity [1][2] Technological Advancements - The company has made significant breakthroughs in the "one bake, one carbonization" core process for isotropic graphite, which has reduced production cycles and costs [1][4] - In the nuclear energy sector, Guorui has collaborated with Tsinghua University to develop graphite powder production technology for high-temperature gas-cooled reactor fuel elements, becoming a qualified supplier for China National Nuclear Corporation [2][4] Market Expansion and Future Plans - Guorui plans to expand its production capacity to approximately 15,000 tons by 2027, focusing on direct engagement with end-users in nuclear energy, semiconductors, and photovoltaics [4] - The company is also targeting the semiconductor market, particularly in the context of AI technology, and has developed isotropic graphite products for various semiconductor manufacturing processes [2][4] Investment Outlook - Investment institutions have expressed high confidence in Guorui's growth prospects, highlighting the broad market application potential of special graphite as a strategic material [4] - The breakthroughs in production efficiency and quality have positioned Guorui to challenge foreign technology monopolies in the isotropic graphite market [4]

Core Viewpoint - Guorui New Materials has completed a multi-billion B-round financing to expand production capacity and enhance R&D efforts, focusing on special graphite production for high-temperature gas-cooled reactor nuclear fuel and other applications [1][10]. Group 1: Company Overview - Guorui New Materials, established in 2008, specializes in producing special graphite, particularly isostatic graphite and nuclear-grade graphite, with applications in photovoltaic, semiconductor, and high-temperature gas-cooled reactor fields [1][6]. - The company has achieved significant milestones, including becoming a core supplier for China National Nuclear Corporation and entering the mass contract order phase for silicon carbide graphite products [1][6]. Group 2: Technological Advancements - The company has independently developed the "one bake, one carbonization" process, which significantly reduces production time and costs while enhancing product quality compared to traditional methods [5][6]. - The yield rate of isostatic graphite has improved from nearly 0% in 2016 to over 90% currently, showcasing the effectiveness of the company's technological advancements [3][5]. Group 3: Market Applications and Growth - The demand for nuclear-grade graphite is expected to grow as the commercialization of high-temperature gas-cooled reactors progresses, with Guorui New Materials positioned to meet these needs [6][9]. - The company has established a strong customer base in the photovoltaic sector, supplying over a hundred clients, including leading firms like Longi and Jinko [5][6]. Group 4: Investment and Future Plans - The company has outlined a capacity expansion plan to increase production to approximately 15,000 tons by 2027, focusing on direct engagement with end-users in nuclear, semiconductor, and photovoltaic sectors [9][10]. - Investors express confidence in Guorui New Materials' potential to capture market share in the special graphite sector, driven by its technological, cost, and performance advantages [10][11].

Group 1: Investor Relations Activities - The company conducted an investor relations activity on May 21, 2025, from 15:30 to 17:00 via the "Panorama Roadshow" interactive platform [3] - Participants included investors engaging in the "2025 Jiangxi Listed Companies Online Collective Reception Day" [3] - Company representatives included Chairwoman Deng Daqin, CFO Deng Congxiu, and Vice General Manager and Board Secretary Tian Jiali [3] Group 2: Key Questions and Responses - The company is involved in the development of solid-state battery materials, specifically special graphite materials, which are essential for solid electrolyte research and production [5] - The solid-state battery sector is considered a potential direction for the company's future development, although the industry is not yet fully industrialized and involves confidentiality agreements with clients [5] - The company is open to the possibility of introducing strategic investors or asset restructuring, with any such arrangements to be disclosed in accordance with regulations [5]

Core Viewpoint - The company announced a delay in the investment project for producing high-end special graphite materials due to changes in the macroeconomic environment and a slowdown in customer demand, extending the project timeline to March 31, 2026 [2] Group 1: Company Performance and Financials - In Q1 2025, the company reported a main revenue of 65.51 million yuan, a year-on-year decrease of 36.07% [6] - The net profit attributable to shareholders was -18.10 million yuan, a year-on-year decline of 214.73% [6] - The net profit after deducting non-recurring items was -19.12 million yuan, down 222.91% year-on-year [6] - The company's debt ratio stood at 45.94%, with financial expenses amounting to 2.59 million yuan and a gross profit margin of 9.67% [6] Group 2: Strategic Initiatives and Future Growth - The company plans to enhance its production quality, accelerate inventory turnover, improve new product development, and reduce costs to navigate challenges in 2025 [4] - Future profit growth points include the steady advancement of a project to produce 30,000 tons of high-end special graphite materials, improving production efficiency through a comprehensive R&D system, and expanding both domestic and international markets [5] Group 3: Talent and Management Strategy - The company acknowledges the importance of talent strategy for sustainable development and plans to consider optimizing the compensation structure for core team members in the future [2] - The current compensation levels are based on industry cycles, company profitability, and individual performance assessments [2] Group 4: Product Development and Market Position - The company does not currently have plans to develop graphene or carbon fiber products but focuses on high-end graphite materials applicable in various industries such as photovoltaics, semiconductors, and aerospace [3] - The company maintains a high inventory level due to industry characteristics and production cycles, ensuring that inventory valuation aligns with market conditions [3]

Group 1: Investor Relations Activity Overview - The company held its 2024 annual performance briefing on May 16, 2025, via an online platform [3] - Key attendees included the Chairman, General Manager, Financial Officer, Board Secretary, and the sponsor representative [3] Group 2: Performance and Challenges - The company plans to extend the construction period of the "annual production of 18,000 tons of high-end special graphite material project" to March 31, 2026, due to changes in market demand and macroeconomic conditions [5] - In 2024, the company faced a significant decline in sales prices of key products due to reduced demand in downstream industries, leading to a substantial drop in gross profit margin [8] Group 3: Talent and Compensation Strategy - The management is considering optimizing the compensation structure for core team members to enhance competitiveness, with potential adjustments to bonuses and long-term equity incentives in the future [5] Group 4: Inventory and Financial Management - The company maintains high inventory levels due to industry characteristics and production cycles, ensuring that inventory impairment tests consider various factors to align book values with actual conditions [7] - The company has recognized impairment provisions for existing inventory due to lower sales prices compared to costs, contributing to financial losses [8] Group 5: Future Growth Opportunities - Future profit growth is expected from the steady advancement of the 30,000 tons special high-end graphite material project, enhancing product quality consistency [9] - The company aims to improve production efficiency and reduce costs through a comprehensive R&D system [9] - Expansion into domestic and international markets is a key strategy to increase sales scale and profitability [9]

Group 1: Financial Performance and Challenges - The company reported a loss in 2024 primarily due to oversupply in downstream lithium battery and photovoltaic sectors, leading to a decline in both shipment volume and average prices [5] - Inventory impairment provisions amounted to approximately CNY 136 million due to price declines [5] - Credit impairment provisions increased significantly, totaling CNY 42 million, as customer payment speeds slowed [5] - Asset impairment provisions were recorded at around CNY 50 million following cautious assessments of related assets [5] Group 2: Investor Relations and Communication - The company has established various channels for investor interaction, including an investor relations section on its website, a dedicated phone line, and an email address for inquiries [6] - The company encourages investors to engage through multiple communication methods and welcomes on-site visits for further discussions [6] Group 3: Product Applications and Innovations - Special graphite materials are widely used in lithium batteries, photovoltaics, artificial diamonds, metallurgy, chemicals, machinery, and electronics [8] - The company has optimized its production process for special graphite, reducing the roasting steps from three to one, which significantly shortens production cycles [5] - High-purity graphite is utilized in sodium batteries and solid-state batteries, with notable clients in the sodium battery sector [7] Group 4: Market Strategy and Future Outlook - The company plans to optimize product structure and reduce reliance on lithium battery and photovoltaic products, while increasing the proportion of high-value-added products [9] - Measures to enhance cash flow and manage costs are being implemented to navigate the current industry downturn [9] - The company is committed to improving its market value through enhanced operational performance, governance structure optimization, and better investor communication [10] Group 5: Regulatory and Strategic Positioning - Special graphite is classified as a dual-use item subject to export controls, with recent adjustments allowing for the export of low-sensitivity graphite products while maintaining controls on high-purity materials [11] - The company is focused on research and development for high-end applications of special graphite materials, particularly in nuclear-grade sealing materials [12]