证券日报网讯 凌玮科技11月26日在互动平台回答投资者提问时表示，公司通过长期的产品研发、生产 技术工艺的不断优化，形成了独特的生产技术工艺，研发出了具有自主知识产权的消光剂、吸附剂、开 口剂、二氧化硅防锈颜料、水性环氧乳液与固化剂和硅溶胶等，从最初的单一产品，到如今实现多品类 产业布局。未来，公司将通过持续的研发投入，开发更多具有高附加值、更强竞争力的新产品，使公司 核心产品进入更多二氧化硅中高端应用领域，帮助公司的主营业务业绩提升。 （编辑 袁冠琳） ...

Group 1 - The 8th China International Import Expo (CIIE) is being held from November 5 to 10, attracting participation from 155 countries and regions, with 4,108 overseas companies exhibiting [1] - Johnson & Johnson has been investing in Suzhou for 20 years, establishing a comprehensive medical technology industrial base, showcasing a 7mm ultrasonic knife at the expo, highlighting its commitment to the Chinese market [1] - DuPont has deepened its localization strategy through the CIIE, evolving from a single production base to a comprehensive industrial cluster in Suzhou, reflecting the favorable business environment [2] Group 2 - Dow Chemical's Zhangjiagang base is its largest production facility in the Asia-Pacific region, with new projects signed at the expo, including an organic silicon expansion to meet market demands [2] - Honeywell has established an integrated production base and R&D center in Zhangjiagang, showcasing a catalyst technology for converting waste cooking oil into sustainable aviation fuel, indicating strong future investment plans [3] - The CIIE serves as a platform for foreign companies to embrace opportunities in China, with Suzhou being a strategic location for investment and growth [3]

Core Viewpoint - The company, Jiuwu High-Tech, has confirmed its leading position in lithium extraction technology in China, specifically the "adsorption + membrane" method, which is currently the mainstream technology for lithium extraction from salt lakes [2] Group 1: Technology and Expertise - The "adsorption + membrane" lithium extraction technology is recognized as the primary method for lithium extraction from salt lakes in China [2] - The company is one of the few in China that fully masters this technology, along with the production techniques for key materials such as adsorbents and membrane materials [2] Group 2: Custom Solutions - The company designs and implements comprehensive solutions for clients based on feasibility analysis and small-scale experiments, addressing differentiated application needs and process requirements [2]

Core Viewpoint - The company Jiuwu High-Tech announced a supply contract for adsorbents with Salt Lake Co., with a total contract value of 195.6 million yuan, set to be executed in November 2024 [2] Group 1 - The contract amount for the adsorbent supply is 195.6 million yuan [2] - The contract is scheduled to be signed in November 2024 [2] - The details of the contract can be found in the company's official announcement [2]

Core Viewpoint - The company held an earnings briefing on September 19, highlighting its market demand, product applications, and ongoing projects, while addressing investor concerns regarding sales and market strategies [1] Product Market Demand and Application Areas - The global market for precipitated silica exceeds $5 billion and 4 million tons, with the high-end silica market around 1.5 million tons per year - In 2024, demand in sectors like new energy vehicles is expected to drive rapid growth in related application areas - China continues to lead as the largest market, with emerging markets in South Asia and Southeast Asia growing at an annual rate of 4.9%, while Europe and North America are projected to grow at approximately 3% to 3.5% per year - The company's products are widely applicable in electronic packaging materials, coatings, inks, and photovoltaic sectors, with a focus on high-end applications of nano-silica in the future [2] Overseas Business and Sales Data - In the first half of 2025, the company's overseas sales revenue was 40.2966 million yuan, showing a decline in proportion - Investors are advised to monitor official media for updates on third-quarter overseas sales revenue [3] Fundraising Project Progress and Benefits - The company's fundraising projects, including the "Annual Production of 20,000 Tons of Ultra-fine Silica Series Products Project" and "Annual Increase of 20,000 Tons of Silica Aerogel Series Products Project," have been completed and put into production - In the first half of 2025, these projects generated a combined economic benefit of 40.1985 million yuan, with specific contributions of 9.0153 million yuan and 31.1832 million yuan from each project respectively - The company plans to adjust production capacity based on market demand and will disclose future capacity data through official media [4] Market Value Management and Stock Price Issues - The company is considering share buybacks, equity incentives, and mergers and acquisitions for market value management - Recent executive share reductions are attributed to personal financial planning and do not reflect a lack of confidence in the company's future - The company emphasizes stable operations, healthy financial status, and genuine performance data, aiming to enhance shareholder returns and convey company value [5] Product Diversification Planning - The company's main business includes the R&D, production, and sales of nano-silica new materials, with products such as matting agents and adsorbents - Over the next three years, the focus will be on improving the utilization rate of fundraising project capacities, expanding downstream applications in high-end emerging sectors like medical and food industries, and enhancing international competitiveness [6]

Group 1: Market Demand and Growth Projections - The global market for precipitated silica exceeds $5 billion and 4 million tons, with high-end silica market demand projected at 1.5 million tons annually by 2024, driven by sectors like new energy vehicles and new materials [1] - South Asia and Southeast Asia are expected to see a demand growth rate of 4.9%, making it the fastest-growing regional cluster globally [2] - The company anticipates a 4% annual growth rate in the silica market until 2028, with China remaining the largest production and consumption market [2] Group 2: Financial Performance and Sales - In the first half of 2025, the company achieved overseas sales revenue of 40.2966 million yuan, a decline compared to the previous year [2] - The company reported a net profit of 65 million yuan in the first half of 2025, with 25 million yuan attributed to non-investment project profits [4] - The company’s investment projects generated economic benefits of 40.1985 million yuan in the first half of 2025, with specific contributions of 9.0153 million yuan from one project and 31.1832 million yuan from another [7][14] Group 3: Product Applications and Market Expansion - The company’s products are widely used in various industries, including coatings, inks, electronics, and photovoltaics, with a focus on expanding into high-end applications [3][9] - The company is actively participating in the wind and solar energy sectors, providing environmentally friendly and efficient new material solutions [8] - The revenue from the company's matting agents currently accounts for approximately 50% of total sales, with a gradual decline expected as product diversification continues [9] Group 4: Corporate Governance and Investor Relations - The company emphasizes the importance of maintaining effective communication with investors and regularly organizes meetings with various stakeholders [12] - The management is committed to enhancing shareholder returns through dividends and potential share buybacks, while also considering market conditions and company performance [4][13] - The company’s financial data is reported in compliance with disclosure regulations, ensuring transparency and accuracy in its operations [12]

Core Viewpoint - The company is navigating a differentiated path of "real estate bottoming out + new energy transformation" amidst a deep adjustment in the real estate industry and slow recovery in sales demand [1] Financial Performance - In the first half of 2025, the company achieved an operating income of 214 million yuan and a net profit of 6.48 million yuan, with total assets of 7.582 billion yuan and net assets of 5.056 billion yuan [1] - The company maintains a low debt advantage, with a debt-to-asset ratio significantly lower than the industry average, providing a solid financial cushion for its "cross-cycle" strategy [1] Real Estate Development - The "Yupin Luanshan" project in Shenzhen, with a planned construction area of approximately 79,600 square meters, is expected to generate a saleable value exceeding 3 billion yuan, covering the company's total operating income over the past three years [2][3] - The project is anticipated to become a core performance contributor to the company's real estate development business over the next 2-3 years [4] - The company has a stable cash flow from 227,200 square meters of self-owned properties and 4,715 parking spaces, with rental income from properties in Shenzhen, Shanghai, and Hangzhou totaling 213 million yuan, a year-on-year increase of 10.36% [4] Urban Renewal and Policy Adaptation - The company views the latest "guaranteed rental housing" policy in Shenzhen as a potential cash flow "ballast" for future projects, rather than a traditional quick turnover profit source [5] - The urban renewal projects have shifted from "high premium" to "long cycle, low leverage," making self-owned cash flow essential for survival in the current market [6] New Energy Strategy - The company has invested 430 million yuan through the Zhongbao Qingyuan Huihai Industrial Fund, holding 24% and 36% stakes in Shenzhen Juneng and Zhuhai Juneng, respectively, while also entering carbon management and zero-carbon agriculture [7] - The focus on lithium extraction from salt lakes is positioned as a "growth option," with the company emphasizing the high technical barriers and long verification cycles associated with the adsorption agent segment [7] - The company has maintained financial flexibility by adopting a "fund + direct investment" approach, allowing it to avoid heavy asset investments while retaining options for future capital increases [8] Market Response and Future Outlook - The company's stock price has risen over 10% since the completion of share buybacks on July 26, outperforming the industry index despite a significant decline in real estate development profits [8] - The demand for lithium is expected to grow at a compound annual growth rate of over 20% in the next five years, with the company positioned to benefit from the commercialization of low-cost lithium extraction technologies [8]

Group 1: Financial Performance - The company achieved a revenue of 479 million yuan in 2024, with overseas sales contributing 117 million yuan, accounting for 24.42% of total revenue [5] - The sales of anti-rust pigments and opening agents are expected to see double-digit growth in 2024 compared to the previous year [6] Group 2: Market and Product Development - The company has established partnerships with over 3,000 enterprises globally, with a focus on Southeast Asia and Europe, minimizing the impact of U.S. tariff policies on overseas sales [2] - The company is expanding its product applications into high-temperature resistant materials, industrial anti-corrosion, and medical films, among others [4] Group 3: Production and Technology - The company is in the production phase of its 20,000-ton ultra-fine silica project at the Ma'anshan base, utilizing photovoltaic energy to reduce carbon emissions [3] - The production process has been fully automated and digitized, enhancing efficiency and precision through the integration of DCS and MES systems [4] Group 4: Research and Development - The company invests heavily in R&D, with 12 core technologies and 32 authorized patents, focusing on the development of nano-silica materials [4] - Future R&D efforts will target high-end applications and involve collaboration with universities and complementary enterprises to strengthen innovation capabilities [4] Group 5: Competitive Advantages - The company has developed unique production technologies that have broken the monopoly of foreign firms in the domestic mid-to-high-end market [7] - The production of nano-silica involves complex processes requiring precise control, creating significant entry barriers for competitors [7] Group 6: Strategic Outlook - The company plans to enhance its market presence and brand recognition globally while expanding its sales network and deepening relationships with existing customers [5] - Future mergers or expansions into upstream and downstream sectors will be considered based on market conditions and company performance [6]

Core Viewpoint - The management of Sait New Materials has voluntarily decided to forgo or reduce their salaries for the year 2025 to demonstrate confidence in the company's future and to optimize cost structure, aiming to enhance competitiveness and operational efficiency [3][5]. Group 1: Management Salary Adjustments - The chairman, Wang Kunming, will forgo his basic salary from April to December 2025, while other senior management members will reduce their salaries by 20% during the same period [3][5]. - The total annual salaries for key executives in the previous year were reported as follows: Wang Kunming (721,400 CNY), Yan Langji (771,300 CNY), Qiu Jue (837,100 CNY), Shi Fanglu (476,600 CNY), and Xiao Yuanbin (547,100 CNY) [3][4]. Group 2: Company Performance - Sait New Materials reported a total revenue of 934 million CNY for 2024, reflecting an increase of 11.16% year-on-year, while the net profit attributable to shareholders decreased by 27.27% to 77.16 million CNY [5][6]. - The company's performance has been declining, with the net profit and non-recurring net profit for Q1 2025 showing a significant drop of over 65% compared to the previous year [7]. - The overall gross margin has decreased due to lower sales prices and increased raw material costs, alongside rising operational expenses from its wholly-owned subsidiary, Wei Ai Ji [7]. Group 3: Market Position and Future Plans - Sait New Materials specializes in vacuum insulation solutions and has been expanding its applications beyond the refrigerator manufacturing industry into cold chain and construction sectors [5]. - The company plans to enhance operational efficiency and market competitiveness through continuous cost control, market development, product research, and automation improvements [3][5].

Core Viewpoint - Recent rumors suggest that Chinese lithium extraction technology suppliers may suspend the export of adsorbents, potentially impacting the lithium salt supply chain in response to the Ministry of Commerce's new export restrictions [1][2]. Group 1: Export Restrictions and Impact - The Ministry of Commerce has added "direct lithium extraction technology from brine" to the export restriction list, which includes adsorbent material synthesis technologies and related equipment [1]. - Analysts believe that China's lithium extraction technology, particularly from salt lakes, is more advanced compared to spodumene extraction, with Argentina being a key target for development [1]. - Argentina currently has over 60 lithium projects, with more than 20 in advanced development stages, making it the most densely populated region for lithium brine projects globally [1]. Group 2: Export Trends and Market Response - Despite the potential restrictions, data shows that China's aluminum salt adsorbent exports to Argentina have been declining, with a projected export volume of only 0.54 million tons in 2024, down 3.06% year-on-year [2]. - The application of aluminum salt adsorbents in Argentina is limited due to environmental assessments, with most projects using sedimentation methods rather than adsorption techniques [4]. - Some Argentine lithium companies believe that the recent legislative proposals may face disputes and are unlikely to be implemented immediately, indicating that Chinese suppliers will not completely abandon overseas markets [4].