公司掌握非晶带材核心技术，实现规模化连续生产，将进一步提升公司非晶合金变压器产品的核心竞争 力。同时，保障公司非晶合金变压器产品的原材料稳定供应，降低产品单位成本，提升产品毛利率和市 场竞争力。 智通财经APP讯，金盘科技(688676.SH)发布公告，近日，公司于2025年12月向不特定对象发行可转换 公司债券募集资金投资项目"高效节能液浸式变压器及非晶合金铁芯智能制造项目"之"非晶合金铁芯数 字化工厂项目"的新产品非晶带材部分产线一次投产成功。经检测，该项目生产的非晶带材产品性能及 技术指标参数全部符合国家标准相关要求。 ...

格隆汇1月12日丨金盘科技(688676.SH)公布，公司于2025年12月向不特定对象发行可转换公司债券募集 资金投资项目"高效节能液浸式变压器及非晶合金铁芯智能制造项目"之"非晶合金铁芯数字化工厂项 目"的新产品非晶带材部分产线一次投产成功。经检测，该项目生产的非晶带材产品性能及技术指标参 数全部符合国家标准相关要求。 ...

格隆汇1月12日丨金盘科技(688676.SH)公布，公司于2025年12月向不特定对象发行可转换公司债券募集 资金投资项目"高效节能液浸式变压器及非晶合金铁芯智能制造项目"之"非晶合金铁芯数字化工厂项 目"的新产品非晶带材部分产线一次投产成功。经检测，该项目生产的非晶带材产品性能及技术指标参 数全部符合国家标准相关要求。 ...

证券代码：000969 证券简称：安泰科技 安泰科技股份有限公司投资者关系活动记录表 编号：2026-001 | | 特定对象调研 分析师会议 | | --- | --- | | 投资者关系 | 媒体采访 业绩说明会 | | 活动类别 | 新闻发布会 路演活动 | | | 现场参观 其他 | | 参与单位名称 | 华福证券-吴旖婕、骆奕诚；工银瑞信-余鸣洋；招商证券-张伟鑫；外 | | | 贸信托-张扬；长盛基金-钱文礼；中银证券-顾真；中信资管-刘琦、刘 | | 及人员姓名 | 佳黎；民生国联-李挺 | | 接待时间 2026 | 年 1 月 9 日 | | 接待地点 | 公司总部 会议室 102 | | 上市公司接待 | 赵晨-证券事务代表 李媛-证券事务经理 | | 人员姓名 | | | | 1、公司稀土永磁产业当前面临行业竞争如何？在人形机器人等新 | | | 兴领域的进展如何？ | | | 2025 年上半年，公司稀土永磁产业受原材料价格波动、关税政策 | | | 和市场竞争影响，业绩有所承压，同比有所下降，但新签合同额实现 | | | 9.9%的增长。下半年整体有所增长。公司目前磁 ...

Group 1 - The core viewpoint of the article is that Antai Technology (000969) has confirmed the applicability of its amorphous strip materials in the production of amorphous transformers for supercritical generator sets, although it has not yet established direct business cooperation with related enterprises in this field [1] Group 2 - Antai Technology responded to investor inquiries on November 13, indicating the potential use of its products in supercritical power generation [1]

Group 1 - The company confirmed that its amorphous materials can be used in transformers for supercritical generator sets [2] - Currently, the company has not established direct business cooperation with enterprises related to supercritical generator sets [2]

Core Viewpoint - Antai Technology (000969.SZ) has indicated that its amorphous strip materials can be used to manufacture amorphous transformers for supercritical generator sets, although the company has not yet engaged in any cooperative business with enterprises related to supercritical generator sets [1] Group 1 - Antai Technology produces amorphous strip materials [1] - The amorphous transformers made from these materials are applicable in supercritical generator sets [1] - Currently, Antai Technology has not established direct cooperation with companies in the supercritical generator set sector [1]

Group 1: Company Overview and Business Segments - Antai Technology focuses on advanced powder metallurgy, rapid solidification, additive manufacturing, and other core material preparation technologies, establishing a complete industrial platform from materials to products [1] - The company operates in four main business segments: high-end powder metallurgy materials, advanced functional materials, high-speed tool steel, and energy-saving environmental protection materials [1] - Key applications include aerospace, nuclear power, high-end medical devices, third-generation semiconductors, new energy vehicles, and consumer electronics [1] Group 2: Financial Performance - In Q1 2025, the company reported revenue of CNY 1.782 billion, a year-on-year decrease of 5.76% [2] - Net profit attributable to shareholders was CNY 82.55 million, an increase of 4.95% year-on-year [2] - The company’s total sales, management, and financial expenses amounted to CNY 110 million, accounting for 6.17% of revenue, a decrease of 13.3% year-on-year [2] - Cash and cash equivalents reached CNY 2.552 billion, a 10.90% increase compared to the previous year [2] Group 3: Controlled Nuclear Fusion Sector - Antai Zhongke is the first company in China capable of producing tungsten-copper filters for controlled nuclear fusion, with a complete set of technologies from raw materials to component delivery [3] - The company has successfully applied its products in major projects like EAST, CRAFT, and ITER, contributing to significant milestones in nuclear fusion research [4] - Since 2008, the company has provided over 5,000 tungsten-copper components for various fusion projects, enhancing China's influence in the international nuclear fusion field [4] Group 4: Amorphous Materials and Future Directions - The company has over 20 years of experience in the amorphous materials sector, establishing a competitive advantage through continuous innovation [5] - It is focusing on high-potential applications in power distribution and amorphous motors, with plans to start a new project for producing 10,000 tons of amorphous strip material by 2024 [5] - The amorphous motor market is expected to grow, and the company is working on overcoming industry challenges and establishing standards [6][7] Group 5: Stock Incentive Plan and Performance Goals - The stock incentive plan for 2023-2025 includes performance targets based on net profit growth and return on equity, with a compound annual growth rate of at least 19% for 2023 and 2024, and 25% for 2025 [8] - The company has successfully met its performance targets for 2023 and 2024, aiming to achieve all goals for 2025 to create long-term value for shareholders [8] Group 6: Investor Relations and Compliance - The company conducted investor communications in compliance with information disclosure regulations, ensuring the accuracy and completeness of disclosed information [9]

Core Viewpoint - The A-share rare earth sector has shown strong performance, driven by positive industry news and significant profit growth from leading companies like Northern Rare Earth [1] Group 1: Industry Performance - On July 11, the A-share rare earth sector led the market with multiple stocks hitting the daily limit up [1] - Northern Rare Earth announced a projected net profit increase of 1882.54% year-on-year for the first half of 2025, reaching approximately 2.015 billion [1] - The company also reported a staggering 5538.33% increase in net profit after excluding non-recurring gains, expected to be between 5.923 billion and 5.922 billion [1] Group 2: Price Adjustments - On July 10, Northern Rare Earth and Baotou Steel announced a price increase for rare earth concentrate transactions for the fourth consecutive quarter since Q3 2024 [1] Group 3: Investor Inquiries and Company Responses - Antai Technology confirmed the completion of a 5000-ton high-end rare earth permanent magnet project and ongoing construction of a 2000-ton high-end special powder project [1] - Zhenghai Magnetic Materials reported that it is one of the first companies to obtain export licenses following new export control measures, maintaining stable cash flow and good financial health [2] - China Rare Earth stated that its R&D team remains stable and will pursue legal action against misinformation that disrupts market order [3] - Jinli Permanent Magnet emphasized its long-term strategic partnerships with major suppliers, with 63% of its annual procurement coming from Northern Rare Earth and China Rare Earth [4] - Huahong Technology reported a total production capacity of 15,000 tons per year for rare earth permanent magnet materials, with ongoing projects to expand capacity [6] - Xiamen Tungsten indicated that it has obtained export licenses for products subject to rare earth export controls [8] - Greenme's recycling initiatives focus on recovering various critical minerals, including rare earths, to enhance resource sustainability [9]

Investment Rating - The report assigns an "Accumulate" rating for the company, indicating a positive outlook for its future performance [6][12][13]. Core Insights - The company is positioned to benefit from stable growth in traditional businesses while also capitalizing on three key growth areas: special powders, amorphous materials, and controlled nuclear fusion [6][9][15]. - The company has shown continuous improvement in operational efficiency, with a notable decrease in the proportion of expenses relative to revenue, indicating effective cost management [7][40]. - The company has a comprehensive product portfolio, structured under a "2+3+4" business model, which includes two core industries, three key industries, and four incubating industries, allowing for diversified growth opportunities [9][27]. Summary by Sections 1. Business Structure and Market Position - The company operates as a core platform for metal new materials under China Steel Research, focusing on high-end applications in various strategic industries such as AI, new energy, and aerospace [21][24]. - The "2+3+4" structure includes two core industries (refractory tungsten and molybdenum, rare earth permanent magnets), three key industries (amorphous/nanocrystalline materials, high-alloy high-speed steel, superhard materials), and four incubating industries (special powders, injection molding, welding materials, controlled nuclear fusion) [27][28]. 2. Historical Performance and Financial Health - The company has experienced steady revenue and net profit growth from 2021 to 2023, with a two-year compound annual growth rate (CAGR) of 14.26% and 20.53%, respectively [32][35]. - In Q1 2025, the company reported a revenue of 1.782 billion yuan, a year-on-year decrease of 5.76%, while net profit increased by 4.95% to 83 million yuan, indicating resilience despite challenges [7][32]. 3. Growth Drivers - The special powders segment is expected to see sustained high growth due to increasing demand in the electric vehicle and AI sectors, with a projected compound annual growth rate of 10.5% in the global injection molding market from 2023 to 2030 [15][48]. - The amorphous materials segment is entering a high-growth cycle, with significant applications in energy-efficient transformers and electric motors, which are gaining traction in the market [61][74]. - The controlled nuclear fusion segment is accelerating towards commercialization, with the company positioned to benefit from advancements in this field [75]. 4. Profitability Forecast and Valuation - The company is projected to achieve net profits of 330 million yuan, 422 million yuan, and 545 million yuan for the years 2025, 2026, and 2027, respectively, with earnings per share (EPS) expected to be 0.31, 0.40, and 0.52 yuan [11][13]. - The report suggests a valuation premium for the company due to its multiple business segments entering growth phases, with a price-to-earnings (P/E) ratio forecasted at 40.38 for 2025 [12][13].