登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：688386 证券简称：泛亚微透 公告编号：2025-058 江苏泛亚微透科技股份有限公司 第四届董事会第九次会议决议公告 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个别及连带责任。 江苏泛亚微透科技股份有限公司（以下简称"公司"或"泛亚微透"）第四届董事会第九次会议（以下简 称"会议"）于2025年9月21日以直接送达、微信等方式发出通知，并通过电话进行确认，会议于2025年9 月25日以现场结合视频会议方式召开。会议应出席董事9名，实际出席董事9名，会议由董事长张云先生 主持，本次会议的召集、召开和表决程序符合有关法律、法规和《公司章程》的规定，会议形成的决议 合法有效。 经与会董事认真审议，以记名投票表决方式审议通过了如下议案： 一、审议通过了《关于部分募投项目变更名称的议案》 根据公司本次向特定对象发行A股股票募集资金拟投资项目实际情况并结合有关主管部门的审核建议， 经常州市武进区政务服务管理办公室审核同意，公司本次向特定对象发行A股股票募集资金部分拟投资 项目名称 ...

Core Viewpoint - Pan-Asia Micro-Porous Materials (泛亚微透) is accelerating its capacity expansion and plans to raise up to 699 million yuan through a private placement to enhance production capacity, R&D, and working capital [1][2][3] Group 1: Fundraising and Investment Plans - The company plans to issue up to 27.3 million shares to no more than 35 qualified investors, with a total fundraising amount not exceeding 699 million yuan [2] - The net proceeds will be allocated to four projects: CMD intelligent manufacturing upgrade (1.19 billion yuan), 6G low dielectric loss FCCL flexible copper clad laminate industrialization (2.16 billion yuan), R&D center construction (1.54 billion yuan), and working capital (2.09 billion yuan) [2][3] - The CMD product sales have shown rapid growth, with a compound annual growth rate of 101% from 2022 to 2024, increasing its share in the main business revenue from 5.69% in 2022 to 16.13% in 2024 [2][3] Group 2: Financial Performance - From 2020 to 2024, the company's revenue grew from 278 million yuan to 515 million yuan, an increase of 85.25%, while net profit rose from 55.27 million yuan to 99.16 million yuan, a growth of 79.41% [4][5] - In the first half of 2025, the company achieved revenue of 284 million yuan and net profit of 54.43 million yuan, representing year-on-year growth of 25.65% and 27.57%, respectively [4][5] Group 3: R&D and Innovation - The company has maintained high R&D investment, with a total of 115 million yuan from 2020 to the first half of 2025, and has received 250 authorized patents, including 53 invention patents and 185 utility model patents [6] - In the first half of 2025, R&D investment reached 11.43 million yuan, accounting for 4.02% of total revenue, reflecting the company's commitment to technological upgrades and new product development [6]

Core Insights - The company reported a significant increase in revenue and net profit for the first half of 2025, with total revenue reaching 284 million yuan, up 25.65% year-on-year, and net profit attributable to shareholders at 54 million yuan, up 27.57% year-on-year [1] - The growth in performance is attributed to the company's efforts in market expansion, product structure optimization, and continuous promotion of import substitution [1] Financial Performance - In Q2 2025, the company achieved total revenue of 153 million yuan, reflecting a year-on-year increase of 24.84%, and a net profit of 30 million yuan, up 17.39% year-on-year [1] - The company's ePTFE micro-porous products generated revenue of 102 million yuan, a 41.70% increase year-on-year, while CMD and gas management products brought in 69 million yuan, up 9.66% [1] Strategic Initiatives - The company adheres to a "market niche, product diversification" strategy, actively developing new products and applications, particularly in the automotive sector, addressing customer technical needs and industry pain points [2] - The establishment of a wholly-owned subsidiary in the medical field indicates the company's commitment to expanding its product offerings and promoting domestic alternatives [2] Growth Potential - The company increased its stake in Lingtianda to 51% through capital injection, which is expected to create new growth opportunities [2] - The investment aligns with the trend observed in the U.S. market, where cable products have become a significant segment for ePTFE membranes and their derivatives [3] Market Positioning - The company aims to transition from a cable membrane supplier to a comprehensive supplier of cables and cable components, enhancing its business layout and positioning itself to compete with established players like Gore [3] - The high-end application market for cable materials presents substantial pricing advantages, with external materials potentially costing several times more than internal conductor cores, indicating a lucrative opportunity for the company [3]

Core Viewpoint - Jiangsu Panya Micropermeable Technology Co., Ltd. announced a plan to issue shares to specific investors, addressing the potential dilution of immediate returns and outlining measures to compensate for this dilution [1][2][4]. Financial Impact Analysis - The company provided a financial impact analysis based on three scenarios for the net profit attributable to shareholders in 2025 compared to 2024: 1. A 10% increase in net profit 2. No change in net profit 3. A 10% decrease in net profit [2][3]. - Under these scenarios, the projected basic earnings per share (EPS) would be as follows: - Scenario 1: 1.42 yuan/share - Scenario 2: 1.09 yuan/share - Scenario 3: 0.98 yuan/share [2][3]. Necessity and Reasonableness of the Issuance - The issuance is deemed necessary to enhance the company's existing business, particularly in high-performance composite materials, including ePTFE micro-permeable membranes and aerogels [4][5]. - The company aims to leverage market trends and its strategic development to further improve and expand its core business [5][6]. Investment Projects and Business Relations - The funds raised will be invested in projects that align with the company's current operations, focusing on CMD product expansion and the development of low-dielectric loss FCCL flexible copper-clad laminates for 6G communications [6][7]. - CMD products have shown a compound annual growth rate of 101% from 2022 to 2024, indicating strong market demand [6]. Research and Development Capabilities - The company has established a robust R&D system, holding numerous patents related to CMD products and FCCL materials, which positions it favorably in the market [8][9]. - The R&D team has extensive experience in the polymer materials sector, contributing to the company's competitive edge [9][10]. Measures to Mitigate Dilution of Immediate Returns - The company plans to implement several measures to enhance competitiveness and mitigate the dilution of immediate returns, including: 1. Strict management of raised funds to ensure compliance and effective use [11]. 2. Active implementation of investment projects to boost business development [11]. 3. Continuous improvement of corporate governance and internal controls [12]. 4. Optimization of profit distribution policies to enhance investor returns [12][13]. Commitments from Stakeholders - The company's controlling shareholders and management have committed to ensuring the effective execution of measures to compensate for the dilution of immediate returns, thereby protecting the interests of minority investors [13][14].

Group 1: Brand Popularity Rankings - Anta, Jordan, and Li Ning ranked as the top three brands with comprehensive popularity scores of 1.85, 1.83, and 1.81 respectively [1][2] - Skechers and Adidas entered the top five with scores of 1.67 and 1.64, showing an upward trend in their rankings [2] - Nike experienced a decline, dropping five places to a score of 1.55 [2] Group 2: Cultural and Emotional Branding - Brands like Adidas and Nike leverage cultural symbols to enhance emotional connections with consumers, with Adidas collaborating with Tsinghua University for a commemorative series [3] - Nike's strategy includes reviving classic models and offering personalized services to cater to the Z generation's demand for individuality [3] - The rise in search volume for topics related to "college collaborations" and "sneaker styling" indicates a shift towards emotional consumption among younger consumers [3] Group 3: Technological Innovation in Domestic Brands - Domestic brands such as Anta, Li Ning, and others are significantly enhancing their products through technology, with Anta utilizing aerogel and smart temperature control [4] - Li Ning's use of "Aero" technology and other brands focusing on specific technical features align with consumer interest in product performance [4] - The trend shows a growing demand for both professional and everyday use in outdoor gear, with brands adapting to meet these needs [4] Group 4: Market Trends and Consumer Behavior - Brands like Yonex and Noke are democratizing professional sports technology, making it accessible to amateur markets [4] - The integration of lightweight materials and eco-friendly designs in products reflects a response to consumer preferences for convenience and sustainability [4] - The shift towards "professional accessibility" and "refined experiences" is driving growth in niche outdoor markets [4] Group 5: Index Report Overview - The report is part of the "Consumer Index Compass" series, which includes various consumption indices aimed at tracking market trends [5] - The indices cover multiple industries, including sports and outdoor, providing insights for brands to enhance their competitive edge [5]

Group 1 - The company, Pan-Asia Micro Porous (688386.SH), has indicated that its aerogel products, certain ePTFE micro-porous products, and its subsidiary's cables are utilized in the military sector [1]

Core Insights - The third China International Supply Chain Promotion Expo showcased over 30 companies and institutions demonstrating key technologies and products in the automotive industry, highlighting collaborative innovation and development within the supply chain [1][2]. Group 1: Company Innovations - Baosteel presented its latest fifth-generation platformized and integrated pure electric vehicle body, aiming to transition from a raw material supplier to a solution provider [1]. - The company emphasized early-stage collaboration with automotive manufacturers to optimize materials based on cost, weight, and carbon emission targets during vehicle design [1]. - Hunan Shibite Robot Co., Ltd. showcased its self-developed automotive paint defect detection technology, reflecting advancements in quality assurance within the automotive supply chain [2][6]. Group 2: Supply Chain Collaboration - The expo highlighted the importance of open cooperation and collaborative development in the automotive industry, with companies like Rio Tinto and Baosteel demonstrating integrated supply chain solutions from raw materials to vehicle bodies [2]. - The introduction of the "factory within a factory" model by Seres Group allows for localized production and supply, significantly enhancing production efficiency [4]. - Tesla's local supply chain achievements were showcased, with over 95% localization of components and a vehicle rolling off the Shanghai factory every 30 seconds [4]. Group 3: Technological Advancements - Tesla also displayed a humanoid robot that utilizes electric vehicle technology, indicating the potential for expanded applications of EV technology [5]. - Black Sesame Intelligent Technology Co., Ltd. presented various chips focused on advanced driving assistance and cross-domain computing, which can also be applied in humanoid robots [5]. - Aibiai and New Materials Co., Ltd. introduced aerogel products for automotive battery thermal protection, which currently account for 80% of their revenue, while also exploring broader applications in construction and industry [7].

Core Viewpoint - The shareholders of Pan-Asia Micro-Pore (688386.SH) plan significant share reductions, citing personal funding needs and long-term investment recovery as reasons for the divestment [1][2]. Shareholder Reduction Plan - Shareholders Changzhou Sequoia High-tech Venture Capital Center and Jiangsu Southern Precision Engineering hold 8.36% and 7.34% of the company, respectively, and plan to reduce their holdings by up to 280,000 shares and 210,000 shares, representing 4% and 3% of the total share capital [1]. - The reduction will occur within three months after the announcement, through centralized bidding and block trading [1]. Stock Performance - Since the beginning of the year, the stock price of Pan-Asia Micro-Pore has increased from approximately 28 CNY per share to a peak of 59.49 CNY per share, more than doubling [2]. - As of May 7, the closing price was 54.04 CNY per share, and if the maximum reduction occurs, the shareholders could realize approximately 265 million CNY [2]. Financial Performance - In 2020, the company reported revenues of 278 million CNY and a net profit of 55.27 million CNY, marking year-on-year growth of 13.23% and 26.37% [3]. - In 2021, revenue continued to grow, but net profit decreased by 52.79% in 2022 to 31.34 million CNY despite revenue growth to 364 million CNY [3]. - In 2023, the company reversed its fortunes with revenues of 411 million CNY and a net profit of 86.54 million CNY, reflecting year-on-year growth of 12.64% and 176.08% [3]. - Projections for 2024 indicate further growth, with expected revenues of 515 million CNY and a net profit of 99.16 million CNY, representing increases of 25.39% and 14.58% [3]. Cash Flow and Operational Insights - In Q1 2023, the company reported a negative operating cash flow of -2.83 million CNY, a decline of 118.60% year-on-year [4]. - The increase in net profit is attributed to higher sales of core technology products, including ePTFE micro-pore products and aerogel products, while cash flow issues stem from reduced receivables and increased payroll expenses [4].