株洲旗滨集团股份有限公司 董事会战略及创新发展委员会实施细则 第一章 总则 第一条 为适应株洲旗滨集团股份有限公司（以下简称"公司"）战略发展需求， 保证公司规划和决策的科学性，激发自主创新能力，提升科技创新质量，培育新质生 产力，增强可持续发展能力，董事会下设董事会战略及创新发展委员会（以下简称"战 略委员会"），作为研究、制订、规划公司长期发展战略的专业机构。 第二条 为规范、高效地开展工作，董事会根据《中华人民共和国公司法》（以下 简称"《公司法》"） 《上市公司治理准则》《上市公司独立董事管理办法》《上海证券 交易所股票上市规则》《上海证券交易所上市公司自律监管指引第 14 号—可持续发展 报告（试行）》等有关法律、法规和规范性文件及《株洲旗滨集团股份有限公司章程》 （以下简称"《公司章程》"）的有关规定，制定本细则。 第三条 战略委员会是董事会下设的专门机构，主要负责对公司长期发展战略规划、 重大投融资、科技创新规划和 ESG 相关重大管理事宜进行可行性研究，向董事会报告 工作并对董事会负责。 第四条 战略委员会有权要求高级管理人员对战略委员会的工作提供充分的支持， 并对战略委员会提出的问题尽快做出 ...

Group 1 - The glass industry is currently undergoing a "adjustment period" as it faces market pressures, which are seen as catalysts for transformation and upgrading [1][3] - The recent price decline in the glass market, particularly in safety glass, signals a proactive adaptation to changing market conditions, prompting companies to reassess their strategies [1][2] - Inventory pressure is a significant challenge for glass companies, but it also drives industry consolidation and optimization, leading to innovative inventory management and supply chain upgrades [1][2] Group 2 - The shift in downstream procurement attitudes from engineering orders to home decoration orders has diversified consumption scenarios, despite causing order dispersion and profit compression [2] - Some companies are resuming previously halted production lines, which may lead to temporary price competition but also encourages increased investment in technology and product quality [2] - Glass companies are actively taking measures to reduce inventory, including price adjustments and utilizing futures markets for risk management, showcasing their proactive and innovative responses to challenges [2][3] Group 3 - The current challenges faced by the glass industry are seen as key drivers for transformation and upgrading, with companies focusing on product structure optimization, application expansion, and enhanced R&D efforts [3] - The gradual market adjustment and the ongoing effects of macro policies are expected to enable the glass industry to break through and enter a new phase of high-quality development [3]

Investment Rating - The investment rating for the company is "Buy" and is maintained [7]. Core Views - The company is expected to achieve revenue of 15.455 billion in 2024, a decrease of 15.1% year-on-year, with a net profit attributable to shareholders of 267 million, down 83.9% [4][10]. - The first quarter of 2025 is projected to have a revenue of 3.069 billion, a decline of 22.3%, and a net profit of 16 million, down 95.1% [4][10]. - The company is experiencing a downturn in profitability, with a significant drop in net profit margins and gross margins across various segments [10]. Financial Performance Summary - In 2024, the company achieved a total revenue of 15.455 billion, with a gross profit margin of 16.9%, down 5.4 percentage points year-on-year [10]. - The glass industry revenue was 13.76 billion, a decline of 6.3%, while the photovoltaic glass segment saw a growth of 25.77% [10]. - The company reported a net profit margin of 1.7% for the year, down 7.4 percentage points [10]. Segment Analysis - The photovoltaic glass production capacity is expanding, with the company operating nine production lines across various locations, leading to a daily melting capacity of approximately 9,000 tons [10]. - The company is positioned as one of the earliest entrants in the photovoltaic glass market, which is expected to enhance its cost competitiveness as production scales up [10]. Future Outlook - The company anticipates continued growth in photovoltaic glass production, with a projected net profit of 710 million for 2025, corresponding to a PE ratio of 21 times [10].

Investment Rating - The investment rating for the company is maintained as "Buy" with a target price of 17.72 RMB [8][9]. Core Views - The company reported a revenue of 289 million RMB and a net profit attributable to shareholders of -13 million RMB for 2024, reflecting a year-on-year decline of 20.3% and 2.1 million RMB respectively, which aligns with the midpoint of the earnings forecast [1]. - In Q1 2025, the company achieved a revenue of 56 million RMB and a net profit of 0.5 million RMB, showing a year-on-year decline of 36.8% and 58.3% respectively, although the gross margin improved compared to the previous quarter [1]. - The company is focusing on overseas capacity expansion, particularly in the photovoltaic glass sector, with a planned investment of 240 million USD in a production line in the UAE, which is expected to enhance its international competitiveness [4]. - The company has a differentiated competitive advantage in ultra-thin glass products, with sales of 1.6mm ultra-thin photovoltaic glass accounting for over 50% of its total sales in 2024 [4]. Summary by Sections Financial Performance - The company’s revenue from solar glass, solar modules, electricity sales, and electronic glass products for 2024 was 262 million RMB, 4 million RMB, 5 million RMB, and 16 million RMB respectively, with year-on-year changes of -20.2%, -76.8%, -6.1%, and +68.7% [2]. - The overall gross margin for the company improved from 2.3% in Q4 2024 to 7.2% in Q1 2025, with expectations for continued improvement in Q2 as photovoltaic glass prices stabilize [2]. Cost and Cash Flow - The company’s expense ratio for 2024 was 7.2%, an increase of 1.7 percentage points year-on-year, driven by a decline in revenue [3]. - Operating cash flow improved significantly, reaching 340 million RMB in 2024, a year-on-year increase of 187.7%, primarily due to reduced cash payments for goods and services [3]. Profitability Forecast - The company’s EPS is projected to be 0.18 RMB, 0.80 RMB, and 0.90 RMB for 2025-2027, with upward adjustments of 18% and 9% for 2025 and 2026 respectively [5]. - The target price of 17.72 RMB corresponds to a PB ratio of 1.2x for 2025, reflecting the unique characteristics and first-mover advantages of the ultra-thin glass segment [5]. Market Position - The company is leveraging its early technology experience in TCO glass and mature electronic display panel technology to develop ITO conductive glass, which meets the market demand for high-strength, low-thickness cover glass for large-size perovskite products [4].

Investment Rating - The investment rating for the company is "Accumulate" with a target price of 17.72 RMB [8][9]. Core Views - The company reported a revenue of 289 million RMB and a net profit attributable to the parent company of -13 million RMB for 2024, reflecting a year-on-year decline of 20.3% and 2.1 million RMB respectively. The performance aligns with the midpoint of the earnings forecast [1]. - In Q1 2025, the company achieved a revenue of 56 million RMB and a net profit of 0.5 million RMB, showing a year-on-year decline of 36.8% and 58.3% respectively. Despite the decline in revenue and profit, the gross margin improved compared to the previous quarter [1]. - The company is focusing on overseas capacity expansion, with a planned investment of 240 million USD in the UAE to build a production line for 500,000 tons of photovoltaic glass annually, enhancing its international competitiveness [4]. - The company maintains a differentiated competitive strategy, with over 50% of its sales in ultra-thin photovoltaic glass in 2024, and is developing innovative technologies for ITO conductive glass to meet future market demands [4]. Summary by Sections Financial Performance - In 2024, the company’s revenue from solar glass, solar modules, electricity sales, and electronic glass was 262 million RMB, 4 million RMB, 5 million RMB, and 16 million RMB respectively, with year-on-year changes of -20.2%, -76.8%, -6.1%, and +68.7%. The gross margins were 2.8%, -2.0%, 28.7%, and 11.7% respectively [2]. - The overall gross margin improved from 2.3% in Q4 2024 to 7.2% in Q1 2025, with expectations for continued improvement in Q2 as photovoltaic glass prices stabilize [2]. Cost and Cash Flow - The company’s expense ratio for 2024 was 7.2%, an increase of 1.7 percentage points year-on-year, driven by a decline in revenue. The operating cash flow improved significantly to 340 million RMB, a year-on-year increase of 187.7% [3]. Market Position and Strategy - The company is enhancing its competitive edge through overseas capacity expansion and a focus on differentiated products, particularly in the ultra-thin glass segment [4]. - The company’s unique technology and early experience in TCO glass production position it well for future market demands in high-strength, low-thickness glass for perovskite products [4]. Earnings Forecast and Valuation - The earnings per share (EPS) forecast for 2025-2027 is adjusted to 0.18 RMB, 0.80 RMB, and 0.90 RMB respectively, reflecting an 18% and 9% increase from previous estimates. The target price is set at 17.72 RMB, based on a price-to-book ratio of 1.2x for 2025 [5].

Core Insights - In 2024, the company faces significant challenges with a substantial decline in both operating revenue and net profit, with net profit decreasing by 83.89% year-on-year and non-recurring net profit dropping by 92.14% [1] Financial Performance Summary - The company's operating revenue for 2024 is 15,455,386,401 yuan, a decrease of 15.06% from 18,194,864,366 yuan in 2023. The glass industry revenue is 13,755,566,623 yuan (89% of total revenue), down 6.33%, while electronic glass and display revenue is 1,407,968,511 yuan (9.11% of total revenue), down 10.47%. Solar and other industries revenue is 592,199,240 yuan (3.83% of total revenue), down 73.66% [2] - The net profit for 2024 is 266,772,318 yuan, compared to 1,655,614,446 yuan in 2023, marking an 83.89% decline. Non-recurring net profit is 120,793,126 yuan, down 92.14% from 1,535,858,783 yuan in 2023. The decline is attributed to market changes leading to price drops, rising costs, and asset impairments [3] - Basic earnings per share for 2024 is 0.09 yuan, down 83.33% from 0.54 yuan in 2023, indicating a significant reduction in shareholder returns [4] Expense Analysis - Sales expenses decreased slightly to 289,402,862 yuan in 2024 from 308,908,806 yuan in 2023, a decline of 6.31%, suggesting adjustments in market promotion strategies [5] - Management expenses fell from 865,371,137 yuan in 2023 to 791,021,833 yuan in 2024, a decrease of 8.59%, indicating potential for improved internal management efficiency [6] - Financial expenses increased to 183,964,983 yuan in 2024 from 158,826,105 yuan in 2023, a rise of 15.83%, highlighting increased debt servicing pressure [7] - R&D expenses decreased from 739,301,765 yuan in 2023 to 611,497,261 yuan in 2024, a decline of 17.29%, which may impact future innovation capabilities [8] Cash Flow Analysis - Net cash flow from operating activities decreased by 36.34% to 1,756,923,649 yuan in 2024 from 2,759,788,894 yuan in 2023, indicating weakened cash generation ability [12] - Net cash flow from investing activities improved to -2,283,592,545 yuan in 2024 from -4,253,234,650 yuan in 2023, a reduction of 46.31%, suggesting better cash management in investments [13] - Net cash flow from financing activities turned positive at 834,412,074 yuan in 2024 compared to -56,073,109 yuan in 2023, indicating improved funding sources [14] R&D and Innovation - The number of R&D personnel decreased to 1,744 in 2024 from 1,879 in 2023, a reduction of 7.18%, which may affect the company's innovation capacity [10] - R&D investment in 2024 is 611,497,261 yuan, accounting for 3.96% of operating revenue, down from 4.15% in 2023, potentially impacting future product competitiveness [11]

Summary of Tianma New Materials Conference Call Company Overview - Tianma New Materials focuses on the research, production, and sales of fine aluminum oxide powder materials, covering seven categories including electronic ceramics, electronic glass, high thermal conductivity lithium battery separators, and high voltage electrical appliances [3][4] Key Financial Highlights - Revenue for 2024 is projected to grow by 35% to 250 million yuan, driven by a recovery in downstream consumer electronics demand and government subsidy policies [3][4] - The sales volume is expected to increase by 30%-40% to approximately 40,000 tons in 2024, aided by the new 50,000-ton electronic ceramics production line [3][7] - The average selling price of electronic ceramics powder is approximately 6,000 yuan per ton, reflecting price adjustments due to significant raw material cost increases [5][10] Raw Material Price Dynamics - Raw material prices fluctuated significantly in 2024, starting at 2,600 yuan per ton and rising to nearly 6,000 yuan by year-end, impacting the company's cost structure [6][10] - The company anticipates raw material prices to stabilize around 3,000 yuan per ton in 2025 [6] Product Performance and Market Trends - Electronic ceramics accounted for 55% of sales in 2024, with a notable increase in ceramic substrate powder sales, which grew by 92% year-on-year [8][9] - Major clients, Zhejiang Xinda and Jiuhau, reported over 50% growth in orders, indicating strong demand in the electronic ceramics sector [9] Margin and Cost Management - The gross margin declined due to mismatches in product cycles and the inability to fully pass on raw material cost increases to downstream customers, resulting in a 2% drop in gross margin [10] - The company is implementing strategies to manage costs, including stockpiling semi-finished products and expediting the sale of existing inventory [10][11] Production Capacity and Future Outlook - The company has completed the construction of a 50,000-ton electronic ceramics production line and is in the trial production phase for a 5,000-ton spherical aluminum production line, expected to be operational in 2025 [3][4][15] - In 2025, the company plans to focus on high-value-added products and expand into high-end spherical aluminum markets, with expectations of releasing over half of its production capacity for sales [25][26] Challenges and Strategic Adjustments - The company faces uncertainties related to equipment maintenance and repairs, which may affect production capacity in 2025 [16][26] - The strategy for 2025 includes adjusting the product mix towards high-value products and expanding customer reserves, particularly in the fields of aluminum hydroxide polishing and third-generation semiconductor packaging materials [25] Conclusion - Tianma New Materials is positioned for growth in 2024 and 2025, driven by strong demand in the electronic ceramics market and strategic adjustments to product offerings and production capacity. However, the company must navigate challenges related to raw material costs and production uncertainties.