长江商报消息●长江商报记者 徐阳 国内热缩材料行业龙头沃尔核材（002130.SZ）积极提升市场竞争力。 9月23日晚间，沃尔核材公告，控股子公司拟投资不超过10亿元建设科特（苏州）新材料项目，提升重点产品产能 规模。 长江商报记者注意到，沃尔核材以"电子通信+新能源电力"为主业发展方向。近年来，公司通过自研+并购的方 式，积极进行产业布局，不断拓宽业务规模和提升盈利能力。 2019年至2025年上半年，六年半时间，沃尔核材的归母净利润持续增长。其中，2025年上半年，公司的业绩创同 期新高。 拟投不超10亿扩产 沃尔核材稳步推进产能扩张。 根据公告，沃尔核材控股子公司上海科特新材料股份有限公司（以下简称"上海科特"）拟在江苏省吴江经济技术 开发区内投资建设科特（苏州）新材料项目，建成动力电池热失控防护制品、耐火材料制品及电子元器件等高性 能产品的研发、生产与销售基地。 科特（苏州）新材料项目投资规模不超过10亿元，本次项目投资资金来源为上海科特自筹资金。项目投资资金分 别用于基建（包含土地竞拍价款）、设备和流动资金这三个方面，对应金额分别约3.6亿元、2.4亿元和4亿元。 作为项目实施主体，上海科特为新三板 ...

Group 1 - The company approved an investment of up to RMB 100 million for the construction of the Kote (Suzhou) New Materials Project by its subsidiary Shanghai Kote New Materials Co., Ltd in Wujiang Economic and Technological Development Zone [5][7][9] - The project aims to develop and produce high-performance products such as thermal runaway protection products for power batteries, refractory materials, and electronic components [7][9][10] - The investment will be funded through self-raised capital, with a breakdown of approximately RMB 360 million for infrastructure, RMB 240 million for equipment, and RMB 400 million for working capital [7][8][16] Group 2 - The company plans to provide a guarantee of up to RMB 25 million for its subsidiary Shenzhen Wal New Energy Electric Technology Co., Ltd to secure a bank credit line [24][26] - This guarantee is intended to enhance the subsidiary's business development and improve its economic efficiency and profitability [26][29] - The total amount of external guarantees approved by the company, including this new guarantee, will be RMB 111.74 million, which represents 20.19% of the company's latest audited net assets [28][29]

Core Viewpoint - The company announced an investment of up to 1 billion yuan in a new materials project in Suzhou, aimed at enhancing its production capabilities and market competitiveness [1][2]. Group 1: Investment Details - The total investment of up to 1 billion yuan will be allocated to infrastructure (360 million yuan), equipment (240 million yuan), and working capital (400 million yuan) [1]. - The project will focus on the research, production, and sales of high-performance products, including thermal runaway protection products for power batteries, refractory materials, and electronic components [2]. Group 2: Strategic Rationale - The location in Wujiang Economic and Technological Development Zone was chosen due to its proximity to the headquarters of the subsidiary, Shanghai Keter, facilitating better collaboration among R&D, manufacturing, and sales departments [2]. - The new production base is necessary to meet future market growth demands and to avoid potential business order losses due to capacity constraints at the current leased facilities [3]. Group 3: Market Reaction - Following the announcement, the company's stock reached a historical high, with a trading volume of 8.042 billion yuan and a turnover rate of 23.2% [4].

Core Viewpoint - The company plans to invest up to 1 billion yuan in a new materials project in Wujiang, Jiangsu, focusing on high-performance products for the electric vehicle and electronics industries [2][3]. Investment Details - The project will involve the construction of a research, production, and sales base for thermal runaway protection products, refractory materials, and electronic components [2]. - The total investment includes approximately 360 million yuan for infrastructure, 240 million yuan for equipment, and 400 million yuan for working capital, funded by self-raised capital from Shanghai Kete [2]. - The project will utilize about 74 acres of industrial land, with a land use right obtained through public bidding, and a land tenure of 30 years [2]. Strategic Rationale - The products align with national strategies and industry planning, benefiting from the growth in the electric vehicle sector, which is expected to increase demand for related protective products [2]. - The project's location near the headquarters of Shanghai Kete will enhance collaboration in research, manufacturing, and sales, improving resource integration efficiency [2]. - The new project aims to alleviate capacity shortages and reduce the risk of order loss due to the saturation of existing facilities [2][3]. Financial Overview - Shanghai Kete, the project implementer, is a New Third Board innovation layer company, with Walden Materials holding 78.76% of its shares [3]. - As of June 30, 2025, Shanghai Kete reported total assets of 732 million yuan and net assets of 373 million yuan, with a revenue of 222 million yuan and a net profit of 22 million yuan for the first half of 2025 [3]. - The investment is expected to enhance production capacity, improve overall profitability, and strengthen market competitiveness, laying a solid foundation for sustainable development [3]. Approval Process - The investment does not require approval from the company's shareholders and does not constitute a related party transaction or a major asset restructuring [4].

Group 1 - The company,沃尔核材, announced that its subsidiary, 上海科特新材料股份有限公司, will invest up to 1 billion yuan in the construction of the 科特(苏州)新材料 project in Wujiang Economic and Technological Development Zone [1] - The project will focus on the research, production, and sales of high-performance products such as thermal runaway protection products for power batteries, refractory materials, and electronic components [1] - The total investment includes approximately 360 million yuan for infrastructure (including land auction costs), 240 million yuan for equipment, and 400 million yuan for working capital [1] Group 2 - The Wujiang Economic and Technological Development Zone will provide around 74 acres of land for the implementation of the project [1] - The announcement highlights the benefits of the rapid development of the new energy vehicle industry, which is driving the continuous growth of the market for thermal runaway protection products for power batteries [1]

Group 1 - The company,沃尔核材, announced that its subsidiary, 上海科特新材料股份有限公司, will invest up to 1 billion yuan in the construction of the 科特(苏州)新材料 project in Wujiang Economic and Technological Development Zone [1] - The project will focus on the research, production, and sales of high-performance products such as thermal runaway protection products for power batteries, refractory materials, and electronic components [1] - The total investment includes approximately 360 million yuan for infrastructure (including land auction costs), 240 million yuan for equipment, and 400 million yuan for working capital [1] Group 2 - The Wujiang Economic and Technological Development Zone will provide around 74 acres of land for the implementation of the project [1] - The announcement highlights the benefits of the rapid development of the new energy vehicle industry, which is driving the continuous expansion of power battery shipments and the market size for thermal runaway protection products [1]

Core Viewpoint - The company plans to invest up to 1 billion RMB in the construction of a new materials project in Jiangsu Province, focusing on high-performance products for battery thermal runaway protection, refractory materials, and electronic components [1] Investment Details - The investment will be allocated as follows: approximately 360 million RMB for infrastructure (including land auction costs), around 240 million RMB for equipment, and about 400 million RMB for working capital [1]

Core Viewpoint - The company announced an investment of up to RMB 1 billion in the construction of the Kote (Suzhou) New Materials Project, focusing on high-performance products for battery thermal runaway protection, refractory materials, and electronic components [1] Investment Details - The investment will be made by the company's subsidiary, Shanghai Kote New Materials Co., Ltd. [1] - The project is located in the Wujiang Economic and Technological Development Zone in Jiangsu Province [1] - An investment agreement was signed between Shanghai Kote and the Wujiang Economic and Technological Development Zone Management Committee [1] Project Focus - The Kote (Suzhou) New Materials Project aims to establish a research, production, and sales base for high-performance products [1] - Key product areas include thermal runaway protection products for power batteries, refractory materials, and electronic components [1]

Core Viewpoint - The company reported a revenue of 3.457 billion yuan for H1 2025, reflecting an 8.22% year-over-year increase, while the net profit attributable to shareholders was 218 million yuan, up 0.18% year-over-year [1] Group 1: Financial Performance - In Q2 2025, the company achieved a revenue of 1.787 billion yuan, representing a 6.15% year-over-year increase and a 7.08% quarter-over-quarter increase [1] - The gross profit margin for H1 2025 was 16.98%, a slight increase of 0.05 percentage points year-over-year [2] - The company experienced a significant decline in net profit for Q2 2025, which was 91.184 million yuan, down 31.22% year-over-year and 27.90% quarter-over-quarter [1] Group 2: Cost and Investment - R&D expenses increased, contributing to a rise in the expense ratio to 12.35% for H1 2025, up 1.85 percentage points year-over-year [3] - The company invested a total of 314 million yuan during the reporting period, marking a 51.42% increase compared to the previous year [3] - The company has entered the chip design sector and deepened its layout in the refractory materials business through strategic investments [3] Group 3: Profit Forecast and Valuation - The company has adjusted its net profit forecasts for 2025-2027 downwards by 8.46%, 8.40%, and 10.06% respectively, estimating net profits of 360 million, 411 million, and 447 million yuan [4] - The target price has been raised to 8.76 yuan, reflecting a 29 times PE valuation for 2025, based on improved asset quality and management's focus on emerging businesses [4]