登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：688386 证券简称：泛亚微透 公告编号：2025-058 江苏泛亚微透科技股份有限公司 第四届董事会第九次会议决议公告 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个别及连带责任。 江苏泛亚微透科技股份有限公司（以下简称"公司"或"泛亚微透"）第四届董事会第九次会议（以下简 称"会议"）于2025年9月21日以直接送达、微信等方式发出通知，并通过电话进行确认，会议于2025年9 月25日以现场结合视频会议方式召开。会议应出席董事9名，实际出席董事9名，会议由董事长张云先生 主持，本次会议的召集、召开和表决程序符合有关法律、法规和《公司章程》的规定，会议形成的决议 合法有效。 经与会董事认真审议，以记名投票表决方式审议通过了如下议案： 一、审议通过了《关于部分募投项目变更名称的议案》 根据公司本次向特定对象发行A股股票募集资金拟投资项目实际情况并结合有关主管部门的审核建议， 经常州市武进区政务服务管理办公室审核同意，公司本次向特定对象发行A股股票募集资金部分拟投资 项目名称 ...

Core Viewpoint - Pan-Asia Micro-Porous Materials (泛亚微透) is accelerating its capacity expansion and plans to raise up to 699 million yuan through a private placement to enhance production capacity, R&D, and working capital [1][2][3] Group 1: Fundraising and Investment Plans - The company plans to issue up to 27.3 million shares to no more than 35 qualified investors, with a total fundraising amount not exceeding 699 million yuan [2] - The net proceeds will be allocated to four projects: CMD intelligent manufacturing upgrade (1.19 billion yuan), 6G low dielectric loss FCCL flexible copper clad laminate industrialization (2.16 billion yuan), R&D center construction (1.54 billion yuan), and working capital (2.09 billion yuan) [2][3] - The CMD product sales have shown rapid growth, with a compound annual growth rate of 101% from 2022 to 2024, increasing its share in the main business revenue from 5.69% in 2022 to 16.13% in 2024 [2][3] Group 2: Financial Performance - From 2020 to 2024, the company's revenue grew from 278 million yuan to 515 million yuan, an increase of 85.25%, while net profit rose from 55.27 million yuan to 99.16 million yuan, a growth of 79.41% [4][5] - In the first half of 2025, the company achieved revenue of 284 million yuan and net profit of 54.43 million yuan, representing year-on-year growth of 25.65% and 27.57%, respectively [4][5] Group 3: R&D and Innovation - The company has maintained high R&D investment, with a total of 115 million yuan from 2020 to the first half of 2025, and has received 250 authorized patents, including 53 invention patents and 185 utility model patents [6] - In the first half of 2025, R&D investment reached 11.43 million yuan, accounting for 4.02% of total revenue, reflecting the company's commitment to technological upgrades and new product development [6]

Core Insights - The company reported a significant increase in revenue and net profit for the first half of 2025, with total revenue reaching 284 million yuan, up 25.65% year-on-year, and net profit attributable to shareholders at 54 million yuan, up 27.57% year-on-year [1] - The growth in performance is attributed to the company's efforts in market expansion, product structure optimization, and continuous promotion of import substitution [1] Financial Performance - In Q2 2025, the company achieved total revenue of 153 million yuan, reflecting a year-on-year increase of 24.84%, and a net profit of 30 million yuan, up 17.39% year-on-year [1] - The company's ePTFE micro-porous products generated revenue of 102 million yuan, a 41.70% increase year-on-year, while CMD and gas management products brought in 69 million yuan, up 9.66% [1] Strategic Initiatives - The company adheres to a "market niche, product diversification" strategy, actively developing new products and applications, particularly in the automotive sector, addressing customer technical needs and industry pain points [2] - The establishment of a wholly-owned subsidiary in the medical field indicates the company's commitment to expanding its product offerings and promoting domestic alternatives [2] Growth Potential - The company increased its stake in Lingtianda to 51% through capital injection, which is expected to create new growth opportunities [2] - The investment aligns with the trend observed in the U.S. market, where cable products have become a significant segment for ePTFE membranes and their derivatives [3] Market Positioning - The company aims to transition from a cable membrane supplier to a comprehensive supplier of cables and cable components, enhancing its business layout and positioning itself to compete with established players like Gore [3] - The high-end application market for cable materials presents substantial pricing advantages, with external materials potentially costing several times more than internal conductor cores, indicating a lucrative opportunity for the company [3]

Core Viewpoint - Jiangsu Panya Micropermeable Technology Co., Ltd. announced a plan to issue shares to specific investors, addressing the potential dilution of immediate returns and outlining measures to compensate for this dilution [1][2][4]. Financial Impact Analysis - The company provided a financial impact analysis based on three scenarios for the net profit attributable to shareholders in 2025 compared to 2024: 1. A 10% increase in net profit 2. No change in net profit 3. A 10% decrease in net profit [2][3]. - Under these scenarios, the projected basic earnings per share (EPS) would be as follows: - Scenario 1: 1.42 yuan/share - Scenario 2: 1.09 yuan/share - Scenario 3: 0.98 yuan/share [2][3]. Necessity and Reasonableness of the Issuance - The issuance is deemed necessary to enhance the company's existing business, particularly in high-performance composite materials, including ePTFE micro-permeable membranes and aerogels [4][5]. - The company aims to leverage market trends and its strategic development to further improve and expand its core business [5][6]. Investment Projects and Business Relations - The funds raised will be invested in projects that align with the company's current operations, focusing on CMD product expansion and the development of low-dielectric loss FCCL flexible copper-clad laminates for 6G communications [6][7]. - CMD products have shown a compound annual growth rate of 101% from 2022 to 2024, indicating strong market demand [6]. Research and Development Capabilities - The company has established a robust R&D system, holding numerous patents related to CMD products and FCCL materials, which positions it favorably in the market [8][9]. - The R&D team has extensive experience in the polymer materials sector, contributing to the company's competitive edge [9][10]. Measures to Mitigate Dilution of Immediate Returns - The company plans to implement several measures to enhance competitiveness and mitigate the dilution of immediate returns, including: 1. Strict management of raised funds to ensure compliance and effective use [11]. 2. Active implementation of investment projects to boost business development [11]. 3. Continuous improvement of corporate governance and internal controls [12]. 4. Optimization of profit distribution policies to enhance investor returns [12][13]. Commitments from Stakeholders - The company's controlling shareholders and management have committed to ensuring the effective execution of measures to compensate for the dilution of immediate returns, thereby protecting the interests of minority investors [13][14].

Investment Rating - The report assigns an "Accumulate" rating for the company, marking its first coverage [1]. Core Insights - The company focuses on the new materials industry with a diversified layout, including four core product lines: ePTFE micro-permeable products, CMD and gas management products, SiO2 aerogel products, and high-performance wiring products, primarily serving the automotive, military, and aerospace sectors [4]. - The company operates in a high-barrier technology sector with excellent product profitability, maintaining a gross margin above 45% and a net margin around 20% over the past two years [4]. - The company's revenue growth remains robust, with a 25% year-on-year increase in 2024, reaching 515 million yuan, and a 43% year-on-year increase in net profit for Q1 2025 [5]. Company Overview - Latest closing price: 50.50 yuan - Total shares: 0.91 billion, Market capitalization: 4.6 billion yuan - Debt-to-asset ratio: 28.9%, PE ratio: 35.56 [3]. Business Segment Performance - **ePTFE Micro-permeable Materials**: Generated 162 million yuan in revenue in 2024, a 34% increase, accounting for approximately 32% of total revenue [6]. - **CMD and Gas Management Products**: Achieved 142 million yuan in revenue, a 45% increase, representing about 28% of total revenue [7]. - **SiO2 Aerogel Products**: Revenue reached 65 million yuan, growing by 47%, making up about 13% of total revenue [8]. - **High-performance Wiring Products**: The company expanded into high-performance cables and connectors, establishing an automotive wiring division in 2024 [9]. Financial Forecast and Valuation - Revenue projections for 2025-2027 are 678 million, 890 million, and 1.102 billion yuan, with year-on-year growth rates of 31.72%, 31.28%, and 23.78% respectively [10]. - Expected net profits for the same period are 145 million, 192 million, and 241 million yuan, with growth rates of 46.42%, 32.13%, and 25.60% respectively [10]. - Corresponding PE ratios are projected to be 31.65, 23.95, and 19.07 [10].

Investment Rating - The report does not explicitly state the investment rating for Pan Asian Microvent Tech (Jiangsu) [1]. Core Viewpoints - Pan Asian Microvent Tech is a leading enterprise in ePTFE materials in China, having achieved localized substitution of TRT film and focusing on R&D, production, and sales across various niche markets including automotive, new energy, consumer electronics, and aerospace [2][3]. - The company has seen continuous revenue and profit growth, with projected revenues of 364 million, 411 million, and 515 million yuan for 2022, 2023, and 2024 respectively, reflecting year-on-year growth rates of +15.11%, +12.64%, and +25.39% [4]. - The rise in revenue and profits is attributed to product diversification, ongoing R&D of core technologies, optimization of customer structure, and advancements in intelligent manufacturing and cost reduction measures [4][5]. Summary by Relevant Sections Company Overview - Founded in November 1995 and listed on the Science and Technology Board in July 2021, the company specializes in ePTFE micro-permeable products, CMD and gas management products, SiO₂ aerogel products, and high-performance wiring harness products [2][3]. - The main products account for 31.57% of the company's revenue in 2024, with CMD and gas management products forming the second growth curve, and aerogel products gradually building the third growth curve [2][3]. Financial Performance - The company's revenue for 2022-2024 is projected at 364 million, 411 million, and 515 million yuan, with net profits of 31 million, 87 million, and 99 million yuan respectively, showing significant growth in 2023 [4]. - The profit growth in 2023 is particularly notable at +176.08% year-on-year, following a decline in 2022 [4]. Market Position and Strategy - The company benefits from the trend of domestic substitution and the expansion of niche markets for high-performance composite materials, particularly in sectors like new energy vehicles and aerospace [5]. - The strategy includes a focus on product diversification and market niches, alongside the promotion of intelligent manufacturing and automation to enhance production capacity and consistency [5].