无锡金杨新材料股份有限公司（简称"金杨股份"）近日发布《审核问询函回复报告》，就深圳证券交易 所关于公司向不特定对象发行可转换公司债券的问询事项进行了详细说明。报告显示，公司2022年至 2025年1-9月营业收入波动增长，但扣非归母净利润持续下滑，电池精密结构件毛利率呈下降趋势。公 司对此解释称，主要受消费电池行业景气度波动、产品价格下降及原材料价格波动等因素影响。 收入与利润变动趋势不一致 毛利率持续下滑 报告期内，金杨股份营业收入分别为12.29亿元、11.10亿元、13.65亿元及11.95亿元，呈现波动增长态 势；扣非归母净利润则从2022年的8789.07万元持续下滑至2025年1-9月的2689.61万元，期间费用增加及 股份支付费用计提是重要原因。2025年1-9月，公司管理费用同比增加74.20%，主要系管理人员薪酬增 加及计提股份支付费用1691.18万元所致。 电池精密结构件毛利率从2022年的21.89%降至2024年的9.80%，2025年1-9月略有回升至11.00%。公司 表示，毛利率下滑主要受产品销售价格下降、方形壳体等新产品市场开拓初期毛利率较低以及原材料价 格波动影响。分产 ...

Core Viewpoint - The company plans to acquire 40% of its subsidiary Dongwu Machinery for 139 million yuan, resulting in 100% ownership post-transaction, which aims to enhance operational efficiency and market adaptability [1] Group 1: Transaction Details - The company will use its own funds of 139 million yuan to acquire the 40% stake in Dongwu Machinery [1] - After the acquisition, the company will hold 100% ownership of Dongwu Machinery [1] Group 2: Strategic Implications - The governance structure of Dongwu Machinery will be optimized, improving decision-making efficiency to better meet market changes and customer needs [1] - The acquisition is expected to enhance the synergy between the company and Dongwu Machinery, allowing for a more comprehensive industrial valve solution [1] - This move is anticipated to strengthen the company's overall competitiveness and brand influence in the global market [1]

Core Viewpoint - The company plans to acquire 40% equity of its subsidiary Dongwu Machinery for 139 million yuan, resulting in 100% ownership post-transaction [1] Group 1: Transaction Details - The acquisition will be funded by the company's own capital amounting to 139 million yuan [1] - After the transaction, the company will fully own Dongwu Machinery, which is a key subsidiary [1] Group 2: Strategic Implications - The governance structure of Dongwu Machinery will be optimized, enhancing operational decision-making efficiency [1] - The acquisition is expected to strengthen the synergy between the company and Dongwu Machinery, allowing for a more comprehensive industrial valve solution [1] - This move aims to enhance the company's competitiveness and brand influence in the global market [1]

Group 1: Research and Development Investment - The company invested CNY 44.55 million in R&D in 2023, with planned investments of CNY 51.22 million in 2024 and CNY 25.10 million in the first half of 2025 [2][4] - The company aims to continuously increase R&D investments in new products and technologies [2][4] Group 2: Investor Relations and Market Recognition - The company emphasizes communication with investors through various activities, including strategy meetings and performance briefings [2][3] - The management is focused on improving company performance and governance to attract more institutional investors [2][3] Group 3: Technology and Product Development - The company is committed to maintaining its technological leadership in the rapidly evolving materials industry, particularly in lithium battery technology [4][6] - New products include precision components for lithium batteries, with ongoing efforts to understand customer R&D projects and participate in joint development [6][8] Group 4: Raw Material Procurement Strategies - The company employs diversified procurement strategies to mitigate risks from raw material price fluctuations, including long-term agreements and flexible inventory management [5][6] Group 5: Robotics Business Development - In March 2025, the company strategically invested in Guohua Intelligent Equipment, enhancing its capabilities in robotics and precision components [7][8] - The company is expanding its investment in the humanoid robotics sector, leveraging its expertise in precision manufacturing for battery components [8]

Group 1 - The company reported a revenue of 5.6 billion yuan for the first three quarters of 2025, representing a year-on-year growth of 25.8% [1] - The net profit attributable to shareholders for the same period was 1.11 billion yuan, with a year-on-year increase of 34.5% [1] - In Q3 alone, the company achieved a revenue of 2.2 billion yuan, showing a year-on-year growth of 36.0% and a quarter-on-quarter increase of 19.0% [1] Group 2 - The company's gross margin for the first three quarters of 2025 was 36.9%, up 0.2 percentage points year-on-year, while the net profit margin was 20.1%, up 1.4 percentage points year-on-year [1] - As of Q3 2025, the company had a gross margin of 38.7%, which is a decrease of 0.2 percentage points year-on-year but an increase of 2.6 percentage points quarter-on-quarter [1] - The company’s contract liabilities reached 650 million yuan, reflecting an increase of 84.3% compared to the beginning of the year [1] Group 3 - The global valve market is expected to exceed 92.3 billion USD by 2025, driven by energy transition and smart infrastructure demand [2] - The company provides high-performance products across various sectors, including oil and gas, chemicals, marine engineering, power energy, hydrogen, energy storage, carbon capture, and new energy [2] - The expansion of the company's factory in Vietnam and the new factory in Saudi Arabia are expected to be completed by 2026, enhancing the company's global strategy and market competitiveness [2] Group 4 - The forecasted net profits attributable to shareholders for 2025, 2026, and 2027 are 1.56 billion yuan, 1.96 billion yuan, and 2.29 billion yuan, respectively, indicating a compound annual growth rate of 26% over the next three years [2] - The company maintains a "buy" rating due to strong order backlog and anticipated growth from overseas business expansion and new capacity release [2]

Group 1 - The Aerospace Science and Technology Corporation's Sixth Academy has supplied 576 products including air heaters, material heaters, steam ejectors, high-speed pumps, reactors, special valves, plunger valves, breathing valves, flame arresters, and safety valves to support the commissioning of the world's largest integrated olefin production base located in Fujian Province by Zhongjing Petrochemical [1][3] - Zhongjing Petrochemical's integrated olefin production base consists of three propane dehydrogenation units and four polypropylene units, achieving an annual production capacity of 2.8 million tons of propylene and 3.8 million tons of polypropylene, with a domestic production rate of 99.5%, significantly contributing to the independent innovation of China's high-end petrochemical industry [3] - The products provided by the Aerospace Science and Technology Corporation play a crucial role in ensuring the safe, stable, and efficient operation of the entire facility by serving as key equipment for heating materials and regenerating air, providing high vacuum environments, transporting and controlling process media, balancing tank pressure, preventing flame propagation in case of accidents, and avoiding equipment overpressure [3]

Group 1 - The core viewpoint of the news is that Nuwai Co., Ltd. has seen a recent increase in stock price, but its price-to-earnings (PE) ratio is significantly lower than the industry average, indicating potential undervaluation [1] - As of May 9, Nuwai's stock closed at 27.81 yuan, up 1.50%, with a rolling PE ratio of 17.50, marking a new low in 24 days and a total market capitalization of 21.374 billion yuan [1] - The average PE ratio for the general equipment industry is 78.78, with a median of 40.37, placing Nuwai at the 60th position in the industry ranking [1] Group 2 - Nuwai Co., Ltd. specializes in the research, manufacturing, and sales of industrial valves, with key products including gate valves, globe valves, check valves, ball valves, butterfly valves, forged steel valves, oil and gas extraction equipment, safety valves, and castings [1] - The company received a "Five-Star Equipment Supplier" performance evaluation certificate from China General Nuclear Power Group for 2024, reflecting high recognition of its product quality and service in the nuclear power industry [1] - In the first quarter of 2025, Nuwai reported revenue of 1.556 billion yuan, a year-on-year increase of 14.44%, and a net profit of 263 million yuan, up 33.52%, with a gross profit margin of 35.38% [1]

股票简称：金杨股份 股票代码：301210 无锡市金杨新材料股份有限公司 （无锡市锡山区鹅湖镇甘露锡甘路 1 号） 首次公开发行股票并在创业板上市 之 上市公告书 保荐人（主承销商） （深圳市福田区福田街道福华一路 119 号安信金融大厦） 二零二三年六月 无锡市金杨新材料股份有限公司 上市公告书 特别提示 无锡市金杨新材料股份有限公司（以下简称"金杨股份"、"本公司"、"公 司"或"发行人"）股票将于2023年6月30日在深圳证券交易所创业板市场上市。 创业板公司具有业绩不稳定、经营风险高、退市风险大等特点，投资者面临 较大的市场风险。投资者应充分了解创业板市场的投资风险及本公司所披露的风 险因素，审慎做出投资决定。 本公司提醒投资者应充分了解股票市场风险及本公司披露的风险因素，在新 股上市初期切忌盲目跟风"炒新"，应当审慎决策、理性投资。 除非文中另有所指，本上市公告书中所使用的词语含义与《无锡市金杨新材 料股份有限公司首次公开发行股票并在创业板上市招股说明书》（以下简称"招 股说明书"）一致。 本上市公告书中若出现总计数与所列数值总和不符的情形，均为四舍五入所 致。 1 无锡市金杨新材料股份有限公司 上 ...

无锡市金杨新材料股份有限公司 招股说明书 创业板投资风险提示 fax 本次发行股票拟在创业板上市，创业板公司具有创新投入大、新旧产业融合存在 不确定性、尚处于成长期、经营风险高、业绩不稳定、退市风险高等特点，投资者面 临较大的市场风险。投资者应充分了解创业板的投资风险及本公司所披露的风险因素， 审慎作出投资决定。 无锡市金杨新材料股份有限公司 （无锡市锡山区鹅湖镇甘露锡甘路 1 号） 首次公开发行股票并在创业板上市 招股说明书 保荐人（主承销商） （深圳市福田区福田街道福华一路 119 号安信金融大厦） 1-1-1 中国证监会、交易所对本次发行所作的任何决定或意见，均不表明其对发行 人注册申请文件及所披露信息的真实性、准确性、完整性作出保证，也不表明其 对发行人的盈利能力、投资价值或者对投资者的收益作出实质性判断或保证。任 何与之相反的声明均属虚假不实陈述。 根据《证券法》规定，股票依法发行后，发行人经营与收益的变化，由发行 人自行负责；投资者自主判断发行人的投资价值，自主作出投资决策，自行承担 股票依法发行后因发行人经营与收益变化或者股票价格变动引致的投资风险。 1-1-2 无锡市金杨新材料股份有限公司 招 ...

无锡市金杨新材料股份有限公司 招股意向书 创业板投资风险提示 fax 本次发行股票拟在创业板上市，创业板公司具有创新投入大、新旧产业融合存在 不确定性、尚处于成长期、经营风险高、业绩不稳定、退市风险高等特点，投资者面 临较大的市场风险。投资者应充分了解创业板的投资风险及本公司所披露的风险因素， 审慎作出投资决定。 无锡市金杨新材料股份有限公司 （无锡市锡山区鹅湖镇甘露锡甘路 1 号） 首次公开发行股票并在创业板上市 保荐人（主承销商） 1-1-1 招股意向书 （深圳市福田区福田街道福华一路 119 号安信金融大厦） 无锡市金杨新材料股份有限公司 招股意向书 声明及承诺 中国证监会、交易所对本次发行所作的任何决定或意见，均不表明其对发行 人注册申请文件及所披露信息的真实性、准确性、完整性作出保证，也不表明其 对发行人的盈利能力、投资价值或者对投资者的收益作出实质性判断或保证。任 何与之相反的声明均属虚假不实陈述。 根据《证券法》规定，股票依法发行后，发行人经营与收益的变化，由发行 人自行负责；投资者自主判断发行人的投资价值，自主作出投资决策，自行承担 股票依法发行后因发行人经营与收益变化或者股票价格变动引致的投 ...