美瑞新材料股份有限公司 投资者关系活动记录表 编号：2025-020 投资者关系活 动类别 特定对象调研 □分析师会议 媒体采访 业绩说明会 □新闻发布会 □路演活动 □现场参观 □一对一沟通 □ 其他： 参与单位名称 及人员姓名 国投证券：王华炳 博时基金：许少波 时间 2025 年 11 月 24 日 10:00-11:00 地点 公司办公楼会议室 上市公司接待 人员姓名 董事会秘书兼财务总监：都英涛 证券事务代表：王越 投资者关系活 动主要内容介 绍 1、美瑞科技的特种异氰酸酯 HDI 主要应用哪些市场? 答：您好！一方面，公司将进入 HDI 现有市场的主流行业，如涂料、 汽车漆、木器漆以及工业漆等传统领域。另一方面，聚氨酯新材料作为 HDI 具有潜力的新兴应用方向，也是我们关注的重点。目前，公司在不断探索 持续进行将特种异氰酸酯应用于聚氨酯新材料的技术创新，并将其视为未 来发展的关键市场之一。 2、介绍一下公司的 PPDI 产品及应用场景？ 答：PPDI 分子结构对称，由其制成的弹性体物理机械性能优异、回弹 性出色，在高温条件下压缩永久变形低。此外，PPDI 在耐磨性、抗疲劳性、 耐湿热性和耐溶剂性方 ...

Group 1: Report Overview - Report Date: August 26, 2025 [1] - Research Industry: Chemical Products [2] - Research Object: Meirui New Materials [16] Group 2: Research Institutions - Participating Institutions: CITIC Securities Co., Ltd., Shanghai Shenyin Wanguo Securities Research Institute, Guojin Securities, Huafu Securities Research Institute, etc. [2] - Detailed Institutions and Representatives: Including various securities companies, research institutes, asset management companies, etc., with specific representatives such as Tian Xiancheng, Ren Dan, etc. [17][18] Group 3: Main Content Operating Performance - In H1 2025, the company made progress in functional chemical raw materials, with some production devices in the first - phase project of Meirui Technology's polyurethane industrial park in trial operation and some achieving stable operation and small - batch supply. In the polyurethane new materials segment, it maintained stable sales. [23] - The company achieved operating income of 800.7003 million yuan, basically the same as the previous year, and net profit attributable to the parent company of 39.1221 million yuan, a year - on - year increase of 25.25%. [23] Q&A - **Henan Project**: The first - phase project of the polyurethane new materials in the Henan subsidiary is in trial operation, with some devices stably operating and supplying products in small batches. The sales team has received positive market feedback. [23] - **Self - use of Products**: The company has started using the subsidiary's self - produced products, replacing some raw materials for special new materials production and developing new products with synergistic effects. [23] - **Capital Increase**: The company plans to increase capital in the Henan subsidiary to enhance its capital strength and competitiveness. It is expected not to have a significant impact on the parent company's cash flow. The specific implementation is pending audit and evaluation. [24][25] - **TPU Application in Robots**: TPU can be used for robot skin, but the company's products have no relevant applications yet and will continue to explore opportunities. [26] - **Two Fund - Raising Projects**: Both projects started construction at the end of 2024. The 10,000 - ton expanded thermoplastic polyurethane elastomer project and the 30,000 - ton water - based polyurethane project are in the equipment pipeline installation and electrical instrument construction stage, expected to be completed by the end of June 2026. [27]

Group 1: Financial Performance - The company achieved operating revenue of 800.70 million yuan, remaining stable compared to the previous year [3] - The net profit attributable to shareholders reached 39.12 million yuan, reflecting a year-on-year growth of 25.25% [3] - As of June 30, 2025, the company reported a net cash flow from operating activities of 157 million yuan and a cash balance of approximately 400 million yuan [6] Group 2: Project Developments - The polyurethane industrial park project has commenced trial production, with some production units achieving stable operation and small-scale external supply [4] - The company has begun using self-produced isocyanate products from its Henan subsidiary, reducing reliance on external suppliers and controlling supply chain risks [5] - Two fundraising projects initiated in 2024 are currently under construction, with completion expected by June 2026 [8] Group 3: Strategic Initiatives - The company plans to increase capital investment in its Henan subsidiary to enhance its capital strength and alleviate liquidity pressure [5] - The investment aims to improve the overall competitiveness of the subsidiary and leverage synergies with the parent company's existing business [5] - The company is exploring new market opportunities in the robotics sector for its TPU products [7]