证券代码：688102 证券简称：斯瑞新材 公告编号：2025-062 陕西斯瑞新材料股份有限公司 关于变更公司注册资本、修改《公司章程》 成立日期：1995年7月11日 住所：陕西省西安市高新区丈八七路12号 并办理完成工商变更登记换发营业执照的公告 本公司董事会及全体董事保证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、准确性和完整性依法承担法律责任。 陕西斯瑞新材料股份有限公司（以下简称"公司"）于2025年11月14日召开2025年第二次临时股东会，审 议通过了《关于变更公司注册资本、修订〈公司章程〉及办理工商变更登记的议案》，同意公司管理层 或其授权代表办理工商变更登记、章程备案等相关事宜。具体内容详见公司分别于2025年10月30日、 2025年11月15日在上海证券交易所网站（www.sse.com.cn）披露的《关于变更公司注册资本、修订〈公 司章程〉及办理工商变更登记的公告》（公告编号：2025-058）以及《2025年第二次临时股东会决议公 告》（公告编号：2025-061）。 近日，公司已完成上述事项的工商变更登记及备案手续，并取得了西安市市场监督管理局换发的 ...

Core Points - The 18th round of Free Trade Agreement (FTA) negotiations between Vietnam and the European Free Trade Association (EFTA) took place in Da Nang, Vietnam from November 25 to 28 [1] - The goal of both parties is to make every effort to complete consultations in this round and to adopt necessary flexible measures to ensure a balanced agreement beneficial to both sides [1] - The negotiations are progressing smoothly, with efforts to narrow remaining differences highlighted by the Vietnamese delegation [1] Trade Relations - As of the end of 2024, trade between Vietnam and EFTA is expected to exceed $3.5 billion, maintaining stable growth over the years [1] - Major exports from Vietnam to EFTA member countries include footwear, textiles and garments, machinery and equipment, mobile phones and components, as well as agricultural products like coffee and cashews [1] - In return, Vietnam primarily imports high-tech and high-value-added products from EFTA member countries, such as pharmaceuticals, precision machinery, medical devices, and chemical products [1]

Investment Rating - The report maintains a "Buy" rating for the company, with a market price of RMB 28.85 and a sector rating of "Outperform" [2][5][7]. Core Insights - The company reported a total revenue of RMB 1.986 billion for the first three quarters of 2025, representing a year-on-year growth of 4.40%. However, the net profit attributable to shareholders decreased by 32.55% to RMB 414.87 million [5][11]. - The energy new materials segment is expected to grow rapidly, and the company has a comprehensive layout in the carbon fiber industry chain, which supports the positive outlook [5][10]. - The report highlights the company's increased R&D investment, with a research expense ratio of 8.90%, up 3.88 percentage points year-on-year, indicating strong innovation momentum [10][11]. Financial Performance Summary - For the first three quarters of 2025, the company achieved a gross margin of 41.18%, down 5.58 percentage points year-on-year. The third quarter gross margin was 39.17%, a decrease of 10.88 percentage points year-on-year but an increase of 1.14 percentage points quarter-on-quarter [10][11]. - The revenue breakdown shows that the energy new materials segment grew by 58.95% year-on-year to RMB 652 million, while the expansion fiber segment saw a decline of 12.54% to RMB 1.003 billion [10][11]. - The report projects EPS for 2025-2027 to be RMB 0.75, 1.10, and 1.36, respectively, with corresponding P/E ratios of 38.6, 26.3, and 21.2 [7][9].

Group 1: General Automation Business Performance - The general automation business has seen positive order growth across over 40 downstream industries, indicating a recovery trend in manufacturing [2][3] - The company’s market share in the domestic market continues to rise, primarily by replacing foreign brands, especially in the automotive and semiconductor sectors [2][3] - The lithium battery industry has contributed to the growth of the general automation business, alongside successful penetration in semiconductor, 3C equipment, machine tools, and automotive sectors [3][4] Group 2: Profitability and Competition - The core profit margin of the general automation business has been on the rise, despite some price pressure on products [3][4] - The company has maintained stable overall gross margins through rapid growth in high-margin products and optimization of product structure [3][4] - Inventory levels among downstream distributors are normal, with no signs of stockpiling [3] Group 3: International Expansion and Strategy - The company has invested over 700 personnel in overseas operations, focusing on developing safety products that meet European and North American standards [4][5] - The overseas business has grown nearly 50% from January to September 2025, outpacing domestic growth [5] - The company faces challenges in brand recognition and product requirements in the European and American markets, which it aims to address through international branding efforts and product development [4][5] Group 4: Robotics and AI Development - The company is focusing on developing humanoid robots by first establishing a competitive advantage in core components and then targeting industrial applications [6][7] - The integration of AI and vision technology into industrial robots is a key development area, enhancing the company's competitive edge [6][7] - The company plans to leverage open-source models in AI applications, emphasizing the importance of industrial context in AI deployment [9][10] Group 5: Financial Outlook and Cost Management - The company expects to maintain stable gross margins in the general automation business through product structure optimization and cost control [10][11] - R&D expenses are projected to continue rising, supporting long-term growth, while sales and management expenses are expected to decrease due to scale effects [11] - The target is to keep the overall expense ratio around 17% [11]

Core Points - The China-Nordic Economic and Trade Cooperation Forum is the first and only long-term mechanism for economic and trade cooperation specifically targeting Nordic countries, having successfully held six sessions since 2018 [1][3] - The upcoming forum will take place from October 14 to 16 in Wuhan, Hubei, with the theme "Hubei as a Pivot, Smart Chain Globally," featuring an opening ceremony, five major events, and twelve thematic activities [1][3] Group 1 - The forum will highlight international participation and expand open cooperation, with Denmark as the guest country, bringing dozens of enterprises and institutions to participate [3][4] - The event will focus on technological innovation to empower industrial cooperation, emphasizing the application of artificial intelligence [3][4] - The forum aims to enhance market connectivity and expand trade cooperation, showcasing Hubei's geographical advantages and facilitating cross-border trade [3][4] Group 2 - Activities will include dialogues between Chinese and European entrepreneurs, as well as industry matching events in sectors like new energy vehicles and green energy [4] - The forum will also feature cultural experiences, such as a night of Danish and Chinese cuisine and a museum night, to promote cultural exchange [4] - Services will be enhanced for international guests, including foreign currency exchange and tax refund services [4] Group 3 - Trade between China and the five Nordic countries reached $53.17 billion in 2024, growing by 8.5%, with a year-on-year increase of 7.1% in the first eight months of this year [5][6] - Cumulative direct investment from the Nordic countries to China exceeds $15 billion, with Sweden and Denmark each investing over $5 billion [5][6] - Nordic companies view China as a key market for production, sales, and R&D, integrating deeply into local supply chains [6]

Core Points - China and Nordic countries have maintained a strong economic and trade cooperation, with trade volume steadily expanding and bilateral investment remaining active [1] - In 2024, trade volume between China and the five Nordic countries is projected to reach $53.17 billion, representing a year-on-year growth of 8.5% [1] - From January to August 2023, trade volume reached $37.96 billion, with a year-on-year increase of 7.1%, more than double the growth rate of trade between China and Europe during the same period [1] - The structure of bilateral trade is continuously optimizing, with pharmaceuticals and precision machinery being the main exports from Nordic countries to China [1] - Nordic companies have invested over $15 billion in China, with Sweden and Denmark each contributing more than $5 billion, positioning them among the top European investors [1] - The electric vehicle and battery industries have emerged as new hotspots for cooperation, with Nordic regions becoming crucial markets for Chinese electric vehicle and battery companies [1] Event Summary - The 7th China-Nordic Economic and Trade Cooperation Forum is scheduled to be held from October 14 to 16 in Wuhan, Hubei, focusing on high-quality development of economic relations [2] - The forum will feature a main guest country, Denmark, which will organize numerous enterprises and institutions to participate [2] - The event is the first and only long-term mechanism for economic cooperation specifically targeting Nordic countries, co-hosted by the Ministry of Commerce and the Hubei Provincial Government [2]

Core Points - The China-Nordic Economic and Trade Cooperation Forum will be held from October 14 to 16 in Wuhan, Hubei Province, marking the first dedicated platform for economic cooperation between China and Nordic countries [1] - Denmark has been invited as the guest country for this year's forum, highlighting the importance of bilateral relations [1] - The forum aims to enhance economic exchanges between Hubei Province and Nordic countries, promoting trade and investment opportunities [1] Trade and Investment - Bilateral trade between China and the five Nordic countries is projected to reach $53.17 billion in 2024, reflecting an 8.5% increase [2] - From January to August this year, trade volume reached $37.96 billion, a year-on-year growth of 7.1%, more than double the growth rate of trade between China and Europe [2] - Nordic countries have invested over $15 billion in China, with Sweden and Denmark each contributing more than $5 billion, positioning them among the top European investors [3] Emerging Sectors - The electric vehicle and battery industries are emerging as new hotspots for cooperation, with Chinese companies like BYD and NIO successfully entering Nordic markets [3] - Nordic countries are recognized as leaders in green transformation, and there is a growing interest from Chinese battery manufacturers in establishing a presence in the region [3] Key Themes in Cooperation - **Green**: The cooperation emphasizes green development, with both sides committed to sustainable practices and climate change initiatives [4] - **Innovation**: The forum will facilitate collaboration in high-tech sectors such as digital economy, AI, and biomedicine, leveraging Nordic countries' strengths in innovation [4] - **Quality**: There is a shift in Chinese consumer demand towards high-quality and diverse products, which aligns with the offerings from Nordic countries [4] Future Engagement - The forum aims to enhance understanding of Nordic products in China, promoting items like Swedish blueberries and Norwegian salmon [5] - Continued participation of Nordic enterprises in major trade exhibitions in China is encouraged to meet the growing demand for quality goods [5]

Core Viewpoint - The trade dispute between the Trump administration and the European Union (EU) is escalating into a significant international economic confrontation, with the intensity surpassing expectations [1] Group 1: U.S. Tariff Policies - The Trump administration issued a stern ultimatum to the EU, threatening a 15% tariff on EU goods starting August 1 if an agreeable tariff deal was not reached [3] - Previous tariffs included a 50% tariff on EU steel and aluminum products, a 25% tariff on automobiles, and a 10% base tariff on nearly all other EU goods [3] - U.S. negotiators aimed to set a minimum tariff threshold of 15% to 20%, significantly higher than the previously agreed 10% [3] Group 2: Germany's Response - Germany, as the EU's economic engine, reacted strongly to U.S. tariff pressures, initially favoring negotiation but shifting to a hardline stance after U.S. demands escalated [5] - German officials indicated that if the U.S. continued to undermine Germany's core interests, a complete economic decoupling might be considered [5] - The German economy, heavily reliant on exports to the U.S., has already seen a notable decline in exports, with a 7.7% decrease reported in May 2025, marking a three-year low [5][15] Group 3: Economic Implications - The ongoing trade friction is exacerbating Germany's economic challenges, with forecasts predicting two consecutive years of negative growth [7] - Research indicates that a potential 30% punitive tariff could significantly impact Germany's economic performance, potentially lowering growth rates by 0.5% to 0.6% [7] - The German government is preparing substantial countermeasures, including retaliatory tariffs and taxes on U.S. tech giants [9] Group 4: EU's Collective Stance - The EU is considering activating a coercive mechanism to impose trade and investment restrictions on the U.S. if negotiations fail [10] - The EU is prepared to retaliate against U.S. goods valued at nearly €100 billion if high tariffs are implemented [12] - The shift in Germany's position is reshaping the EU's internal dynamics, moving towards a more unified and assertive response against U.S. pressures [10] Group 5: Negotiation Dynamics - Despite the hardening stance, the door for negotiations remains open, with U.S. officials expressing optimism about reaching an agreement [14] - The EU's current strategy combines both conciliatory and confrontational approaches, aiming for a balanced resolution while preparing for potential backlash [14]

Group 1 - The global tariff war initiated by the Trump administration has significantly impacted the economic landscape, affecting both developed and developing countries, leading to widespread negotiations with the U.S. [1] - The U.S. announced a 30% punitive tariff on EU imports, marking the third round of tariff escalations, following previous tariffs of 50% on steel and aluminum and 25% on automobiles and parts [3] - Germany's industrial output fell by 3.6% year-on-year, with a 2.1% decrease in employment in the industrial sector, equating to 114,000 jobs lost, indicating a deteriorating industrial environment [6] Group 2 - German officials have expressed strong opposition to U.S. trade policies, with the Vice Chancellor stating that the EU will take reciprocal measures to protect European jobs and businesses if negotiations fail [8] - The EU is considering implementing a "tool against economic coercion," allowing it to impose trade and investment restrictions on countries that engage in economic coercion [8] - The EU's new digital regulations will significantly impact U.S. tech giants, enforcing strict limitations on monopolistic practices and aiming to create a fair competitive environment for smaller businesses [12] Group 3 - The ongoing trade tensions are expected to lead to negative economic growth for Germany in 2023-2024, with forecasts for 2025 being adjusted to zero growth due to U.S. trade policies [15] - Germany's response strategy has shifted to a combination of hard and soft measures, maintaining a strong stance in emerging areas like digital taxes while leaving room for negotiation in traditional trade [18] - The EU is actively pursuing trade agreements with other markets, such as the Southern Common Market and India, to reduce reliance on the U.S., indicating a potential reshaping of global trade dynamics [21]

Group 1: Tariff Impact on Switzerland - The U.S. has imposed a 39% tariff on Swiss goods, the highest among developed countries, leading to significant shock and confusion in Switzerland [1][3] - The trade deficit between the U.S. and Switzerland exceeded $38 billion last year and approached $48 billion in the first half of this year, prompting U.S. dissatisfaction with Switzerland's trade balance [3] - Swiss exports to the U.S. are heavily reliant on gold, which accounted for two-thirds of exports recently, alongside strong performances in pharmaceuticals, precision machinery, watches, chocolate, and cheese [3] Group 2: Economic Consequences - Economists estimate that the U.S. tariffs could result in the loss of 7,500 to 15,000 jobs in Switzerland and potentially decrease the country's GDP by up to 1% [6] - The high tariffs, combined with the strong Swiss franc, are expected to severely impact Swiss exporters, particularly in the machinery and electrical engineering sectors [7] Group 3: Industry Responses - Swiss companies are preparing for the tariff impact by increasing exports to the U.S. before the tariffs take full effect, but the long-term effects will become apparent as inventories deplete [9] - The luxury watch industry may see prices rise by 65% in the U.S. due to tariffs, while chocolate prices could increase by nearly 55%, risking market share loss [9] Group 4: Negotiation Challenges - Swiss authorities are in ongoing discussions with the U.S. to lower tariffs, but the negotiation leverage appears limited due to Switzerland's already high level of trade liberalization with the U.S. [10] - The potential for Swiss companies to relocate production to Germany is being considered, but this process is complex and time-consuming [10] Group 5: Broader Trade Dynamics - The current trade negotiations between Switzerland and the U.S. are characterized by pressure and threats rather than traditional cooperative discussions, complicating the resolution process [11]