证券代码：600458 证券简称：时代新材 公告编号：临 2026-023 特此公告。 株洲时代新材料科技股份有限公司 2025 年年度主要经营数据公告 本公司董事会及全体董事保证本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、准确性和完整性承担法律责任。 根据上海证券交易所《上市公司行业信息披露指引第十三号—化工》第十五条、 《关于做好主板上市公司 2025 年年度报告披露工作的通知》要求，现将公司 2025 年度主要经营数据公告如下： 一、主要产品的产量、收入实现情况 单位：万元 | 主要产品 | 2025 年 10-12 产值 | 月 2025 | 年全年产值 | 2025 年 10-12 月 收入 | 2025 年全年收入 | | --- | --- | --- | --- | --- | --- | | 汽车零部件 | 175,097.70 | | 709,146.05 | 172,562.90 | 686,180.76 | | 轨道交通零部件 | 53,579.91 | | 210,291.68 | 60,186.11 | 208,468.68 | | 工业与工程零部件 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative performance increase of over 15% compared to the benchmark index within the next 6 to 12 months [24]. Core Insights - The company is projected to achieve significant revenue growth, with expected revenues of CNY 30.2 billion in 2025, representing a year-on-year increase of 25.9%. The net profit attributable to the parent company is forecasted to reach CNY 1.82 billion, a 103.8% increase year-on-year [3][15]. - The company is experiencing a recovery in its glass fiber business, with a revenue increase of 15% in 2025, and a notable improvement in profit margins due to a higher proportion of high-value products [6][7]. - The company is expanding its capacity in the special electronic fabric sector, with expectations for a dual explosion in capacity and output value in 2026 [6][7]. Financial Projections - Revenue and profit forecasts for the company are as follows: - Revenue (CNY million): 2024A: 23,984; 2025A: 30,195; 2026E: 35,392; 2027E: 41,229; 2028E: 46,104 [2]. - Net profit (CNY million): 2024A: 892; 2025A: 1,818; 2026E: 3,102; 2027E: 4,360; 2028E: 5,366 [2]. - Earnings per share (CNY): 2024A: 0.53; 2025A: 1.08; 2026E: 1.85; 2027E: 2.60; 2028E: 3.20 [2]. Business Segments Performance - The glass fiber segment achieved a revenue of CNY 8.9 billion in 2025, with a gross margin of 26.5%, reflecting an increase of 8.82 percentage points year-on-year [6]. - The wind power blade business generated CNY 12.59 billion in revenue, a 47% increase year-on-year, with a net profit of CNY 620 million, up 81% [6]. - The lithium battery separator business saw revenues of CNY 2.4 billion, a 63% increase, with a significant volume increase of 76% year-on-year [6]. Market Position and Strategy - The company has established a strong position in the high-end materials sector, with a focus on AI electronic fabrics and a robust global supply chain [6][7]. - The company is also expanding its international footprint, with new production lines in Brazil and a project in Uzbekistan, enhancing its global supply capabilities [6].

Financial Performance - In 2025, the company achieved a revenue of CNY 30.2 billion, a year-on-year increase of 26% [2] - Net profit attributable to shareholders reached CNY 1.82 billion, up 104% year-on-year [2] - Non-recurring net profit was CNY 1.28 billion, a significant increase of 234% [2] - Operating cash flow net amount was CNY 5.4 billion, growing by 50% [2] Product Performance - Glass fiber product prices increased year-on-year, with wind turbine blade sales also growing, leading to improved profitability across core metrics [2] - Total sales volume of special fiber products reached 19.17 million meters, laying a solid foundation for rapid industrialization [2] - In the glass fiber sector, sales volume of glass fiber yarn and products was 1.37 million tons, a slight increase year-on-year, with sales revenue of CNY 8.9 billion, up 15% [2] - The blade sector achieved sales of 36.2 GW, a 50% increase, with sales revenue of CNY 12.59 billion, up 47% [2] - Lithium membrane sales reached 3.3 billion square meters, a 75% increase year-on-year [3] Strategic Outlook - The company plans to focus on international expansion as part of its "second curve" strategy, particularly in special glass fiber and hydrogen bottle sectors [4] - The company aims to enhance its global competitiveness and explore applications of composite materials in various fields [4] - The company anticipates strong demand for AI special fiber cloth in 2026, with new production capacity expected to be released in the second half of the year [4] Market Conditions - The hydrogen bottle sector maintains a competitive edge, with a market share exceeding 30% [3] - The company is preparing for the release of hydrogen energy applications, including pipeline transport solutions [5] - The overall wind power industry is expected to remain stable, with global new installations in 2026 projected to be on par with the previous year [6]

Investment Rating - The report maintains a positive outlook on energy materials and energy engineering, particularly focusing on investment opportunities in energy materials [2]. Core Insights - The wind power blade market is expected to benefit from increased demand and product upgrades, with a projected annual installation of no less than 120GW during the "14th Five-Year Plan" period in China [2]. - The report highlights that domestic companies such as China National Materials and China Jushi are key players in the wind power fiber supply chain, with significant market shares and technological advancements [2][3]. - The wind power blade coating market is projected to grow to 3 billion and 2 billion yuan in global and China markets respectively by 2026, with a year-on-year growth of 16% and 10% [3][14]. - The report notes that the negative electrode materials for energy storage are experiencing a surge in demand, with a 300% year-on-year increase in sales for a specific company [3][14]. - The hydrogen storage cylinder market is also highlighted, with a leading company expected to sell 13,000 units by 2025, maintaining a dominant market position [4][15]. Summary by Sections Energy Materials - Wind power blades are primarily made from fiberglass, carbon fiber, and epoxy resin, with a high market concentration among manufacturers [2]. - The domestic supply of wind power fiber is dominated by three companies, which have high technical barriers and stable supplier relationships [2][3]. - The wind power blade coating market is characterized by high entry barriers, with significant growth expected in the coming years [3][14]. - The negative electrode materials for energy storage are seeing substantial growth, with one company reporting a production capacity of 150,000 tons per year [3][14]. - The hydrogen storage cylinder market is projected to see significant sales growth, with new product developments underway [4][15]. Market Performance - The report indicates fluctuations in the cement and glass markets, with specific price changes and inventory levels noted [5][16]. - The cement price averaged 339.33 yuan per ton, with a year-on-year decrease of 60 yuan and a month-on-month increase of 2.33 yuan [5][16]. - The average price of float glass increased to 1193.79 yuan per ton, reflecting a 1.39% increase from the previous week [5][16]. - The report emphasizes the need for cautious observation of the cement market due to ongoing low demand [17]. Important Developments - Key companies such as China Jushi and China National Materials are expected to report significant profit increases in their upcoming annual reports [6]. - The report notes ongoing developments in the AI materials sector, with price increases anticipated in various related products [15].

Summary of Conference Call for Zhongcai Technology Industry and Company Overview - **Company**: Zhongcai Technology - **Industry**: Lithium Membrane, Special Fabrics, Wind Power Blades, Hydrogen Energy Key Points and Arguments Lithium Membrane Business - The target for full production and sales in 2026 is set at 6-6.5 billion square meters, with a current monthly sales of over 100 million square meters for the 5μm high-end product, expected to account for over 30% of shipments in 2026 [2][4] - Significant price recovery for lithium membranes has been noted, with price increases of 5%-30% starting from Q4 2025; a second round of price adjustments is underway [2][4] - The company is in discussions with strategic customers to share the cost pressures from upstream materials [2][4] Special Fabrics and Electronic Fabrics - The demand for CTE special fabrics has surged due to AI, leading to a supply shortage; the production target for special fabrics is set at 36-38 million meters in 2026, with a significant increase to approximately 130 million meters by 2027 [2][4] - The supply of electronic fabrics remains tight, with profit margins for 7,628 fabrics ranging from 20%-30%; prices are expected to stabilize by Q3 2026, while prices for thinner fabrics (2,116 and below) are projected to rise throughout the year [2][4][9] Wind Power Blades - The company is accelerating its overseas expansion in wind power blades, with plans to establish a 1GW base in Central Asia by 2026; the target for overseas business share is to increase from 10% to over 30% during the "14th Five-Year Plan" [2][16] - The company is in discussions with partners regarding cost changes due to rising raw material prices, with a mature price transmission mechanism in place [12] Hydrogen Energy Business - The focus is on hydrogen storage and transportation, with a leading market share in vehicle gas cylinders; the target hydrogen price is expected to drop to 15-25 RMB/kg, indicating a potential economic turning point for the industry [2][10] - The company is exploring various hydrogen storage methods, including liquid and solid-state, although commercialization will take time [10][11] Strategic Growth and Future Outlook - The company aims to build a "second growth curve" focusing on special fibers, composite materials, and new energy materials, with plans to introduce organic polymer materials as a new development direction [3][4] - The company has restructured its advanced inorganic non-metallic materials laboratory and partnered with Harbin Institute of Technology to address industry challenges [4] Market Dynamics and Pricing Strategies - The company has successfully transmitted cost pressures to downstream customers, with price increases for various products since Q4 2025 [8][14] - The pricing strategy for electronic fabrics and rough yarns is closely monitored, with expectations of price stability for 7,628 fabrics by mid-2026, while thinner fabrics are expected to see continued price increases [15] International Expansion and Client Development - The company has seen a 67% year-on-year increase in international sales for its membrane business in 2025, with current international sales accounting for about 10% of total sales; plans are in place to increase this to over 30% during the "14th Five-Year Plan" [16] Additional Important Information - The company is not currently planning to purchase domestic weaving machines, relying solely on Toyota machines for its projects [7] - The supply of weaving machines is expected to remain tight due to increased demand from the AI industry, with delivery capabilities projected to improve by August 2026 [6]

Investment Rating - The report maintains a positive outlook on energy materials and energy engineering, particularly focusing on investment opportunities in energy materials [2]. Core Insights - The wind power blade market is expected to benefit from increased demand and product upgrades, with a projected annual installation of no less than 120GW during the "14th Five-Year Plan" period in China [2]. - The report highlights the strong market position of companies like Zhongcai Technology, which is expected to sell 36.2GW of wind power blades by 2025, marking a 51% year-on-year growth and maintaining the largest global market share [2]. - The wind power blade supply chain is dominated by a few key players, including China Jushi and Zhongcai Technology, which have high technical barriers and stable supplier relationships [2]. - The wind power blade coating market is projected to grow to 3 billion and 2 billion yuan in global and Chinese markets by 2026, respectively, with year-on-year growth rates of 16% and 10% [3]. - The report notes that Keda Manufacturing's anode materials for energy storage have seen a significant increase in sales, with a year-on-year growth of over 300% in 2025 [3]. - The hydrogen storage bottle market is also highlighted, with Zhongcai Technology expected to sell 13,000 hydrogen storage bottles by 2025, maintaining its leading market position [4]. Summary by Sections Energy Materials - Wind Power Blades: The main raw materials include fiberglass and carbon fiber, with a high market concentration among manufacturers. Zhongcai Technology is leading in sales and international expansion [2]. - Wind Power Coatings: The market for wind power blade coatings is expected to grow significantly, with key players like Maijia Xincai leading the market [3]. - Energy Storage Anode Materials: Keda Manufacturing has a strong presence in the energy storage sector, with substantial production capacity and sales growth [3]. - Hydrogen Storage Bottles: Zhongcai Technology is developing high-strength carbon fiber materials for hydrogen storage, with significant sales projections [4]. Market Performance - Cement prices have shown a slight increase, with a national average of 339.33 yuan per ton, reflecting a year-on-year decrease of 60 yuan [5]. - The average price of float glass has increased to 1193.79 yuan per ton, with a week-on-week increase of 1.39% [5]. - The report indicates a cautious outlook for the cement market due to low demand, while the float glass market is experiencing mixed price movements [17]. Important Changes - China Jushi reported a net profit of 3.29 billion yuan for 2025, a year-on-year increase of 34% [6]. - Zhongcai Technology's net profit for 2025 is projected at 1.82 billion yuan, reflecting a 104% year-on-year growth [6]. - The report notes that Honghe Technology is preparing to issue H shares for listing on the Hong Kong Stock Exchange [6].

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance relative to the market index [2][6]. Core Insights - The company has demonstrated robust growth across its three main business segments, with a notable advantage in the full range of specialty fiber fabrics, benefiting from an upturn in industry conditions [6]. - The company reported a revenue of 30.195 billion yuan for 2025, a year-on-year increase of 25.9%, and a net profit attributable to shareholders of 1.818 billion yuan, up 103.82% year-on-year [4][6]. - The glass fiber segment achieved a historical high in sales volume, with revenue reaching 8.9 billion yuan, a 15% increase year-on-year, and a net profit of 1.05 billion yuan, up 187% year-on-year [4][6]. - The wind power blade segment maintained its leading position, with revenue of 12.59 billion yuan, a 47% increase, and a net profit of 620 million yuan, up 81% year-on-year [4][6]. - The lithium battery separator sales grew significantly, with a total of 3.33 billion square meters sold, a 76% increase, and revenue of 2.4 billion yuan, up 63% year-on-year [4][6]. Financial Summary - The company’s total market capitalization is approximately 69.709 billion yuan, with a 52-week price range of 52.88 yuan to 13.02 yuan [4]. - The projected revenues for 2026, 2027, and 2028 are 33.087 billion yuan, 36.017 billion yuan, and 39.338 billion yuan, respectively, with corresponding net profits of 2.623 billion yuan, 3.144 billion yuan, and 3.568 billion yuan [7][15]. - The earnings per share (EPS) are expected to be 1.56 yuan for 2026, 1.87 yuan for 2027, and 2.13 yuan for 2028, reflecting a positive growth trajectory [6][7].

Core Viewpoint - China's foreign trade shows strong resilience and vitality, with a total import and export value of 7.73 trillion yuan in the first two months of 2026, reflecting an 18.3% year-on-year growth [2]. Group 1: Trade Performance - In the first two months of 2026, China's total import and export value reached 7.73 trillion yuan, marking an 18.3% increase year-on-year, indicating a robust foreign trade environment [2]. - The export of high-tech products in 2025 was 5.25 trillion yuan, growing by 13.2%, with the "new three items" (electric vehicles, photovoltaic products, lithium batteries) reaching nearly 1.3 trillion yuan, a 3.5-fold increase since 2020 [5]. - The export of green products such as wind turbines saw significant growth, with increases of 27.1% and 48.7% for "new three items" and wind turbine generators, respectively [5]. Group 2: Energy Products and Imports - In the first two months of 2026, crude oil imports increased by 15.8% to 96.93 million tons, while refined oil imports surged by 43.3% to 9.03 million tons, indicating a recovery in industrial production and logistics [7]. - The increase in energy product imports reflects a stable recovery in China's economy, supported by energy consumption from manufacturing and logistics [7]. Group 3: Export Growth Drivers - The export of new energy vehicles reached 28,200 units in February 2026, with a year-on-year increase of 110%, contributing to the overall export growth [8]. - The photovoltaic industry saw exports of 264.1 GW of modules and 107.81 GW of battery cells in 2025, driven by global demand for renewable energy and favorable export policies [8]. - China's manufacturing sector is experiencing a transformation, enhancing its international competitiveness and supporting sustained export growth [10]. Group 4: Future Outlook - The strong start in exports for the first two months of 2026 sets a high baseline for the year, with expectations of maintaining high resilience in exports, projected to grow by 5% year-on-year [10]. - The Belt and Road Initiative is expected to inject continuous momentum into exports to emerging markets, particularly in Africa, Latin America, and ASEAN, as these regions accelerate industrialization [11]. - The ongoing development of the "wind-solar-storage" industry chain is anticipated to enhance China's energy independence and further strengthen the competitive edge of the "new three items" in international markets [11].

Group 1 - The core point of the article highlights the recent decline in the stock price of China National Materials Technology, which fell by 5.03% to 50.22 CNY per share, with a trading volume of 1.201 billion CNY and a turnover rate of 1.40%, resulting in a total market capitalization of 84.275 billion CNY [1] - China National Materials Technology, established on December 28, 2001, and listed on November 20, 2006, focuses on three main industries: wind power blades, fiberglass and products, and lithium battery separators [1] - The revenue composition of the company's main business includes: wind power blades (39.01%), fiberglass and products (28.05%), lithium battery separators (6.96%), technology and equipment (6.44%), engineering composite materials (5.99%), high-pressure gas cylinders (4.77%), advanced composite materials (4.12%), membrane material products (3.29%), and others (1.39%) [1] Group 2 - From the perspective of major circulating shareholders, a fund under GF Fund ranks among the top shareholders of China National Materials Technology, specifically the GF National New Energy Vehicle Battery ETF, which entered the top ten shareholders in the third quarter with 7.6124 million shares, accounting for 0.45% of circulating shares [2] - The GF National New Energy Vehicle Battery ETF, established on June 15, 2021, has a latest scale of 14.086 billion CNY, with a year-to-date return of 2.51% and a one-year return of 49.4% [2] - The fund manager, Luo Guoqing, has a tenure of 10 years and 141 days, with a total fund asset scale of 116.678 billion CNY, achieving the best fund return of 103.92% and the worst return of -48.08% during his tenure [2]

Core Viewpoint - The article highlights the busy operations at the Nantong Port, emphasizing the significant increase in the export of wind power blades, which is crucial for green energy development, and the proactive measures taken by border inspection authorities to facilitate this growth [1][4]. Group 1: Port Operations - On February 13, the Nantong Port experienced a surge in activity, with ships arriving and departing, including the Antigua and Barbuda-flagged "Lier" vessel, which was set to load 30 wind power blades for export [1]. - In the past year, the Nantong border inspection station checked 79 vessels carrying wind power blades, totaling 1,509 blades with a volume of approximately 201 million cubic meters and a value exceeding $6.37 billion, marking a year-on-year increase of 34.25% [1]. Group 2: Border Inspection Measures - The Nantong border inspection station has implemented a "one ship, one policy" approach and established a "green channel" to ensure smooth operations for vessels, thereby enhancing efficiency in the export process [4]. - During a meeting on February 10, the border inspection station committed to supporting the integration and development of the Yangtze River Delta and the Yangtze River Economic Belt, aiming to contribute to higher quality development in the region [4]. Group 3: Daily Operations and Community Engagement - Daily operations at the port include routine inspections, with officers actively engaging with foreign crew members and providing safety reminders as the Lunar New Year approaches [6]. - The Nantong border inspection station conducts thorough checks in designated areas and maintains a 24/7 service commitment to ensure safety and efficiency in port operations [6].