9月26日，明新旭腾跌5.12%，截至发稿，报30.93元/股，成交9821.29万元，换手率1.92%，总市值50.15 亿元。 资料显示，明新旭腾新材料股份有限公司位于浙江省嘉兴市南湖区大桥镇明新路188号，成立日期2005 年12月7日，上市日期2020年11月23日，公司主营业务涉及汽车内饰新材料研发、清洁生产和销售。 从基金十大重仓股角度 数据显示，汇添富基金旗下1只基金重仓明新旭腾。汇添富民营新动力股票（001541）二季度减持23.68 万股，持有股数49.82万股，占基金净值比例为2.39%，位居第八大重仓股。根据测算，今日浮亏损失约 83.2万元。 汇添富民营新动力股票（001541）成立日期2015年8月7日，最新规模3.74亿。今年以来收益44.72%，同 类排名1047/4220；近一年收益80.9%，同类排名888/3824；成立以来收益108.4%。 汇添富民营新动力股票（001541）基金经理为卞正。 截至发稿，卞正累计任职时间3年219天，现任基金资产总规模5.98亿元，任职期间最佳基金回报 56.32%， 任职期间最差基金回报6.14%。 风险提示：市场有风险，投资需谨慎。本 ...

9月22日，明新旭腾跌5.05%，截至发稿，报33.11元/股，成交1.06亿元，换手率1.94%，总市值53.68亿 元。 资料显示，明新旭腾新材料股份有限公司位于浙江省嘉兴市南湖区大桥镇明新路188号，成立日期2005 年12月7日，上市日期2020年11月23日，公司主营业务涉及汽车内饰新材料研发、清洁生产和销售。 从基金十大重仓股角度 数据显示，汇添富基金旗下1只基金重仓明新旭腾。汇添富民营新动力股票（001541）二季度减持23.68 万股，持有股数49.82万股，占基金净值比例为2.39%，位居第八大重仓股。根据测算，今日浮亏损失约 87.68万元。 汇添富民营新动力股票（001541）成立日期2015年8月7日，最新规模3.74亿。今年以来收益38.96%，同 类排名1023/4222；近一年收益79.3%，同类排名971/3813；成立以来收益100.1%。 汇添富民营新动力股票（001541）基金经理为卞正。 截至发稿，卞正累计任职时间3年215天，现任基金资产总规模5.98亿元，任职期间最佳基金回报 56.42%， 任职期间最差基金回报4.03%。 风险提示：市场有风险，投资需谨慎。本文为 ...

Group 1 - Mingxin Xuteng New Materials Co., Ltd. experienced a stock price increase of 5.85%, reaching 25.35 CNY per share, with a trading volume of 53.43 million CNY and a turnover rate of 1.36%, resulting in a total market capitalization of 4.11 billion CNY [1] - The company, established on December 7, 2005, and listed on November 23, 2020, focuses on the research, development, and sales of new materials for automotive interiors [1] Group 2 - According to data, one fund under Huatai-PineBridge holds a significant position in Mingxin Xuteng, with the Huatai-PineBridge Private New Power Stock Fund (001541) reducing its holdings by 236,800 shares in the second quarter, now holding 498,200 shares, which represents 2.39% of the fund's net value, ranking as the eighth largest holding [2] - The Huatai-PineBridge Private New Power Stock Fund (001541) was established on August 7, 2015, with a current size of 374 million CNY, achieving a year-to-date return of 32.64% and a one-year return of 68.73%, ranking 1049 out of 4222 and 1026 out of 3783 in its category, respectively [2]

Core Insights - Mingxin Xuteng New Materials Co., Ltd. reported a revenue of 603 million yuan for the first half of 2025, representing a year-on-year growth of 29.26% [2] - The company has deepened partnerships with major automotive manufacturers, including FAW-Volkswagen, SAIC-GM, BYD, NIO, and others, enhancing its supply relationships [2] - Mingxin Xuteng has established a "dual-drive" business expansion strategy focusing on high-end interior materials and innovative products to capture trends in new energy, lightweight, and smart technologies [2][3] Business Development - The company has set up a wholly-owned subsidiary, Mingxin Zhiyuan (Zhejiang) New Materials Technology Co., Ltd., to support the development of intelligent responsive materials for various applications [3] - Mingxin Xuteng has made significant investments in R&D, participating in the formulation of 34 national and industry standards and holding 289 valid patents as of June 2025 [3] - The company achieved successful upgrades in water-based PU leather technology, which has received infant-grade certification and is now in mass production for certain new energy vehicle models [3] Sustainability and ESG - Mingxin Xuteng has integrated ESG principles into its development strategy, achieving an upgrade in its Wind ESG Rating from A to AA, with a score of 8.2, reflecting its commitment to sustainable development [4] - The company is implementing "lighthouse factory" standards, utilizing technologies like cloud computing and industrial IoT to enhance production efficiency and reduce costs [4] - To foster a shared vision for growth, Mingxin Xuteng has introduced an employee stock ownership plan and reported a share increase by its controlling shareholder, demonstrating confidence in the company's future [4]

Core Viewpoint - Mingxin New Material Co., Ltd. reported a significant decline in net profit and total profit for the first half of 2025, attributed to decreased gross margins and increased depreciation costs, despite a rise in revenue from automotive interior materials [3][10]. Financial Performance - Revenue for the first half of 2025 reached approximately 602.83 million RMB, a 29.26% increase compared to 466.37 million RMB in the same period last year [3]. - Total profit decreased by 644.92%, resulting in a loss of approximately 34.22 million RMB, compared to a profit of 6.28 million RMB in the previous year [3]. - Net profit attributable to shareholders was approximately -29.39 million RMB, a decline of 393.49% from 10.01 million RMB [3]. - The company's net assets decreased by 1.14% to approximately 1.65 billion RMB, while total assets increased by 2.43% to approximately 3.62 billion RMB [3]. Business Overview - The company specializes in the research, development, and sales of new materials for automotive interiors, focusing on environmentally friendly production techniques [9]. - Products include genuine leather, suede-like microfiber, PU, and PVC materials, primarily used in various automotive interior applications [9][10]. - The company operates 13 subsidiaries and one branch, enhancing its responsiveness to customer needs through proximity to OEMs [9]. Industry Trends - The automotive market in China showed positive growth in the first half of 2025, with production and sales increasing by 12.5% and 11.4%, respectively [8]. - The demand for new energy vehicles continues to rise, contributing to industry transformation and growth [8]. - The company is positioned to benefit from ongoing policies supporting automotive consumption and the transition to new energy vehicles [8]. Strategic Initiatives - The company is expanding its product offerings to include innovative materials such as water-based PU leather and environmentally friendly PVC, aiming to cover a full range of product categories [10][11]. - A new subsidiary, Mingxin Zhiyuan, has been established to focus on the development of bionic electronic skin, leveraging the company's expertise in automotive functional materials [11]. - The company emphasizes sustainable development and has improved its ESG rating from A to AA, reflecting its commitment to environmental responsibility [12][17].

Core Viewpoint - Suzhou Ruigao New Materials Co., Ltd. has completed a multi-hundred million RMB Pre-IPO financing, marking a significant step towards its upcoming IPO and highlighting its strong position in the eco-friendly automotive interior materials market [1][6]. Company Overview - Founded on October 11, 2012, and headquartered in Taicang, Suzhou, Ruigao New Materials specializes in the design, research and development, production, and sales of eco-friendly composite materials for automotive interiors [1]. - The company's core product, TPO (thermoplastic olefin), has a market share of nearly 70% in the new energy vehicle sector [1]. Founder Background - Founder Gao Jingang has a long-standing career in new materials, starting as an engineer in 1985 and later developing China's first flame-retardant synthetic leather for railway seats in 1991 [3]. - Under his leadership, the company developed TPO interior leather in 2015, breaking the technological monopoly of foreign giants like BASF and Dow, and significantly reducing costs from 200 RMB per square meter for imported materials [4]. Company Achievements - Ruigao New Materials is recognized as the first national-level manufacturing champion enterprise in Taicang, a national-level "little giant" enterprise, and a green factory in Jiangsu Province [6]. - The company has completed four rounds of financing, with the latest being Pre-IPO financing, further solidifying its foundation for an upcoming IPO [6]. Market Position - According to QYResearch, Ruigao ranks among the top ten automotive synthetic leather companies globally and is the only Chinese company on the list [7]. - The company's product range includes PU (polyurethane), TPO, and PVC (polyvinyl chloride), which are widely used in various automotive interior applications and extend to high-speed train seats and sports product exteriors [7].

| 证券代码：605068 证券简称：明新旭腾 | | | 公告编号：2025-063 | | | | --- | --- | --- | --- | --- | --- | | 转债代码：111004 转债简称：明新转债 | | | | | | | 明新旭腾新材料股份有限公司 | | | | | | | 关于使用部分闲置募集资金进行现金管理 | | | | | | | 的进展公告 | | | | | | | 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。 | | | | | | | 明新旭腾新材料股份有限公司（以下简称"公司"）于 2024 年 10 月 | | | 30 | 日 | | | 3,000 使用部分闲置募集资金 万元人民币购买了宁波银行股份有限公司结构性存 | | | | | | | 款，该笔理财于 2025 年 5 月 8 日到期，公司于当日收回上述理财的本金 | | | | 3,000 | | | 万元。详见公司于 2025 年 5 月 10 日披露的《明新旭腾关于使用部分闲置募 ...

Core Insights - The article highlights the introduction of Hurongo® water-based synthetic leather by Mingxin Xuteng at the 21st Shanghai International Auto Show, showcasing a technological innovation in automotive interior materials [1] Group 1: Product Innovation - Hurongo® utilizes an eco-friendly water-based polyurethane coating technology, eliminating the use of harmful chemicals such as benzene, aldehydes, and DMF, thus simplifying the solvent recovery process [3] - The material has a VOC emission level that is only 1/5 of the general standard and is the first automotive-grade water-based PU product to receive OEKO-TEX STANDARD 100 Level 1 certification [3] Group 2: Performance and Application - The synthetic leather maintains over 30,000 folding endurance cycles at -20℃ and 100,000 cycles at room temperature, meeting automotive-grade standards for durability and aging resistance [5] - The technology has entered mass production, providing a new technical pathway for upgrading environmental standards in automotive interiors, aligning with the growing global demand for sustainable materials [5] Group 3: Industry Impact - The commercialization of water-based synthetic leather technology is expected to influence the future supply chain dynamics of automotive interior materials, as the industry shifts towards low-emission and solvent-free solutions [5]

Core Insights - The 21st Shanghai International Automobile Industry Exhibition has showcased Mingxin Xuteng's new generation of sustainable materials, emphasizing "tangible comfort, perceptible safety, and resonant art" to enhance the sensory and value experience of future mobility [1] Group 1: Environmental Impact - Traditional PU synthetic leather manufacturing relies heavily on solvent-based polyurethane processes, involving harmful substances like DMF, which pose environmental and worker safety risks [1] - Mingxin Xuteng has developed a comprehensive water-based ecological system, utilizing eco-friendly water-based polyurethane coatings that eliminate harmful substances, significantly reducing water consumption and ensuring worker safety [1] Group 2: Product Features - The Hurongo material offers a comfortable and breathable driving experience, with VOC emissions significantly lower than the industry average, at only 1/5 of the general standard, creating a "worry-free" interior environment for vehicle owners and passengers [3] - Hurongo is the world's first automotive-grade water-based PU to pass the OEKO-TEX STANDARD 100 Level 1 certification, free from heavy metals, formaldehyde, and carcinogenic dyes, ensuring a safe and controllable process from raw materials to finished products [3] Group 3: Company Philosophy - Mingxin Xuteng adheres to a core philosophy of "value innovation," having introduced biodegradable products and established a green benchmark within the industry [3] - The company is committed to creating a healthier, more natural, and warmer travel space, focusing on the safety of materials, sustainability of processes, and artistic sensory design [3]

Core Viewpoint - Mingxin Xuteng achieved significant revenue growth in 2024, driven by product innovation and market expansion in the automotive materials sector [1][2][3] Financial Performance - The company reported a revenue of 1.179 billion yuan in 2024, marking a year-on-year increase of 30.21% [1] - Quarterly revenues showed a consistent upward trend, with Q4 reaching a record high of 402 million yuan [1] - For Q1 2025, the company continued its growth trajectory with a revenue of 282 million yuan, up 25.60% year-on-year [3] Product Development and Innovation - Mingxin Xuteng made breakthroughs in product capacity and process upgrades, including the first mass production of water-based PU leather for automotive applications [1] - The company introduced low-carbon and eco-friendly tanning processes in the leather materials sector, maintaining quality while reducing carbon emissions and heavy metal residues [1] - The introduction of high-end Nappa leather for steering wheels significantly improved durability and market share in the domestic market [2] Market Strategy and Expansion - The company is actively expanding its customer base among new energy vehicle manufacturers, focusing on lightweight and low VOC emission products [2] - 2024 marked a key year for the company's globalization strategy, with new factories in Jiangsu and the operational launch of a facility in Mexico [2] Research and Development - Research and development investment reached 103 million yuan in 2024, a 16.5% increase, representing 8.72% of total revenue [3] - The company has established 33 national and industry standards and holds 285 valid patents, including 16 invention patents [3] Future Outlook - 2025 is designated as a "market expansion year," with plans to transition from an automotive materials expert to a provider of intelligent surface system solutions [3]