项目全面投产后，公司将新增年产3000吨羰基铁粉与7500吨人造金红石的产能规模，既为集团规模化发 展筑牢根基，也将为高端电子、精密制造等产业提供稳定可靠的关键材料支持。 悦安新材表示，此次宁夏悦安示范线试产获批，是羰化技术多场景延伸进程中的关键阶段性成果。展望 未来，公司将持续聚焦技术升级与成果转化，深耕新材料赛道，以宁夏悦安的实践经验为基础，稳步释 放羰化工艺的技术价值，依托子公司及其他产业平台，稳步探索该技术在稀贵金属粉体、高端催化剂载 体等前沿领域的应用可能，持续打磨"核心技术+多场景延伸"的产业布局，在新材料产业的发展道路上 踏实前行。 本报讯(记者曹琦)12月31日，宁夏悦安新材料科技有限公司(以下简称"宁夏悦安")金属软磁微纳粉体生 产示范线项目正式获得试生产批复，即将迈入生产运行新阶段。这一里程碑式进展，标志着江西悦安新 材料股份有限公司(以下简称"悦安新材")在新材料领域的技术转化与产业布局迈出关键一步。 该项目作为江西悦安新材料股份有限公司深耕金属粉体领域的重要成果，依托核心技术以钛铁矿为原 料，高效协同生产羰基铁粉和人造金红石，为行业探索出一条兼具高效与绿色属性的全新发展路径。 ...

Core Viewpoint - The company Yu'an New Materials (688786.SH) is in the process of applying for trial production permits for its Ningxia Yu'an Metal Soft Magnetic Micro-Nano Powder Production Demonstration Line project, with all necessary raw materials and equipment already in place [1] Group 1 - The project team is actively advancing the relevant work for the trial production [1] - The company is awaiting approval for the trial production permit to commence operations [1]

Core Viewpoint - The company, Yuenan New Materials, plans to focus on the micro-nano metal powder sector over the next 5-10 years, emphasizing innovation and collaboration in technology development [1] Group 1: Strategic Focus - The company will concentrate on three main areas: the development of new alloy powders, comprehensive utilization of rare and strategic metals from waste, and expansion into diverse application scenarios [1] - The company aims to strengthen its emerging technology layout based on carbonyl chemical processes [1] Group 2: Innovation and Collaboration - Technological innovation will be centered on independent research and development [1] - The company plans to enhance collaboration through "industry-university-research" partnerships and customized research with downstream clients to accelerate the industrialization of cutting-edge technologies [1] Group 3: Information Disclosure - Currently, the company has no undisclosed information regarding external technology cooperation or acquisition plans [1] - The company adheres to relevant regulations and fulfills its information disclosure obligations in a timely manner [1]

Core Viewpoint - Zuxing New Materials has submitted its IPO application and aims to raise 258 million yuan for expansion projects, marking its emergence as a significant player in the high-end metal materials sector [1] Group 1: Technical Barriers and Competitive Advantage - Zuxing New Materials has established a comprehensive product line in the metal-based composite materials sector, with a market share of high-purity aluminum powder below 5 microns leading the industry for three consecutive years [2] - The company has developed proprietary technologies, including multi-stage atomization and vacuum passivation processes, resulting in 46 invention patents, including 3 PCT international patents [2] - R&D investment consistently exceeds 2% of revenue, surpassing the industry average, particularly in high-temperature alloy powders for aerospace applications [2] Group 2: Revenue and Market Position - The company reported revenues of 620 million yuan, 680 million yuan, and 700 million yuan over the past three years, benefiting from strategic positioning in the new energy, electronic information, and defense sectors [3] - Key products include copper-aluminum composite materials for lithium batteries, which enhance energy density by over 15%, and ultra-pure silver powder for photovoltaic applications, which has seen a revenue increase of 42% [3] Group 3: Capacity Constraints and Strategic Decisions - The company faces capacity constraints, with utilization rates exceeding 120% for three consecutive years, prompting a strategic decision to expand production in anticipation of surging downstream demand [4] Group 4: Challenges and Regulatory Issues - The company has faced administrative penalties related to safety and environmental regulations, highlighting potential operational risks [4] - Talent acquisition is becoming increasingly competitive, with the company experiencing pressure from industry peers and cross-sector firms [5] Group 5: Market Valuation and Investment Perspective - Zuxing New Materials is expected to achieve a market valuation exceeding 1 billion yuan if the IPO is successful, driven by its entry into the new energy sector [6] - The company’s ability to maintain a technological edge is critical for sustaining its valuation, given the 5-7 year technology iteration cycle in the metal powder industry [6] Group 6: Future Growth and Strategic Expansion - The company is exploring downstream manufacturing opportunities, including metal 3D printing materials and potential applications in medical implants [6] - Zuxing New Materials is also developing platinum-based catalysts for hydrogen energy applications, which have received national support despite not yet generating revenue [6] Group 7: Industry Context and Future Outlook - Zuxing New Materials is positioned at a pivotal moment in China's manufacturing sector, transitioning from a follower to a leader in specialized materials [7] - The management faces the challenge of balancing capacity expansion with sustained profitability and R&D investment amid global supply chain restructuring [7]