资料显示，江苏泛亚微透科技股份有限公司位于江苏省常州市武进区礼嘉镇前漕路8号，成立日期1995 年11月8日，上市日期2020年10月16日，公司主营业务涉及膨体聚四氟乙烯膜(ePTFE)等微观多孔材料及 其改性衍生产品、密封件、挡水膜的研发、生产及销售。主营业务收入构成为：ePTFE微透产品 35.76%，CMD14.94%，密封件13.74%，气凝胶11.07%，气体管理产品9.18%，吸隔声产品6.63%，挡水 膜5.01%，线束2.98%，其他0.69%。 1月8日，泛亚微透涨5.44%，截至发稿，报94.45元/股，成交2.19亿元，换手率2.66%，总市值85.95亿 元。 截至发稿，金烨累计任职时间4年6天，现任基金资产总规模7107.08万元，任职期间最佳基金回报 82.23%， 任职期间最差基金回报-1.51%。 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 议。 责任编辑：小浪快报 从基金十大重仓股角度 数据显示，银河基金旗下1只基金重仓泛亚微透。银河新材 ...

11月26日，泛亚微透涨5.09%，截至发稿，报73.71元/股，成交7660.83万元，换手率1.17%，总市值 67.08亿元。 资料显示，江苏泛亚微透科技股份有限公司位于江苏省常州市武进区礼嘉镇前漕路8号，成立日期1995 年11月8日，上市日期2020年10月16日，公司主营业务涉及膨体聚四氟乙烯膜(ePTFE)等微观多孔材料及 其改性衍生产品、密封件、挡水膜的研发、生产及销售。主营业务收入构成为：ePTFE微透产品 35.76%，CMD14.94%，密封件13.74%，气凝胶11.07%，气体管理产品9.18%，吸隔声产品6.63%，挡水 膜5.01%，线束2.98%，其他0.69%。 数据显示，汇添富基金旗下1只基金重仓泛亚微透。汇添富成长焦点混合（519068）三季度增持11.77万 股，持有股数132.73万股，占基金净值比例为3.07%，位居第七大重仓股。根据测算，今日浮盈赚取约 473.86万元。 汇添富成长焦点混合（519068）成立日期2007年3月12日，最新规模34.93亿。今年以来收益14.53%，同 类排名4689/8134；近一年收益13.77%，同类排名5061/8056； ...

Core Viewpoint - Jiangsu Panya Micro透 Technology Co., Ltd. (referred to as "the company") held its ninth meeting of the fourth board of directors on September 25, 2025, where several resolutions regarding the issuance of A-shares to specific targets and changes in fundraising project names were approved, ensuring no harm to shareholder interests [1][2][5]. Group 1: Meeting and Resolutions - The meeting was convened with all nine directors present, and the resolutions passed were deemed legal and effective [1][3]. - The board approved the change of names for certain fundraising projects, which will not affect the implementation progress or the content of the projects [2][4]. - The resolutions regarding the issuance of A-shares and related documents were reviewed and approved by the independent directors in a prior meeting [5][7]. Group 2: Fundraising and Project Adjustments - The company plans to adjust the names of certain fundraising projects to align with actual project filings, with no changes to the project content or implementation methods [2][22]. - The revised plan for the issuance of A-shares and the feasibility analysis report were also approved, confirming that the changes do not harm shareholder interests [5][12][14]. Group 3: Financial Impact and Measures - The company conducted an analysis of the potential dilution of immediate returns due to the issuance of new shares and proposed measures to mitigate this impact [28][41]. - The company emphasized the importance of managing the raised funds effectively and ensuring compliance with relevant regulations to protect shareholder interests [41][44]. Group 4: Governance and Management - The company has made governance adjustments, including the resignation of a non-independent director and the election of a staff representative director, to enhance its governance structure [46][48]. - The new governance structure is expected to maintain the board's operational efficiency and not adversely affect the company's daily operations [48][49].

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]

Investment Rating - The report maintains a "Buy" rating for the company, with a projected net profit of 1.52 billion, 2.18 billion, and 3.04 billion for the years 2025 to 2027, corresponding to PE ratios of 40, 28, and 20 respectively [3][5]. Core Insights - The company reported a revenue of 284 million in H1 2025, representing a year-on-year growth of 25.65%, and a net profit attributable to shareholders of 54.43 million, up 27.57% year-on-year [1]. - The automotive sector showed strong performance, with the company's core products such as ePTFE micro-permeable products, CMD, and gas management products driving steady growth. The domestic automotive production and sales reached 15.62 million and 15.65 million units respectively in H1 2025, marking increases of 12.5% and 11.4% year-on-year [2]. - The company has enhanced its high-end cable layout by increasing its stake in Lingtianda to 51%, focusing on high-end cables for aerospace and high-energy physics applications, which are expected to establish a long-term growth foundation [2]. Financial Summary - The company forecasts revenue growth rates of 25.39%, 27.16%, 26.36%, and 27.03% for the years 2024 to 2027, with net profit growth rates of 176.08%, 14.58%, 53.75%, and 43.25% respectively [4][10]. - The projected earnings per share for 2025, 2026, and 2027 are 1.68, 2.40, and 3.34 yuan, with corresponding price-to-earnings ratios of 40.35, 28.17, and 20.23 [4][10].

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].

Group 1 - The company, Pan-Asia Micro Porous (688386.SH), has indicated that its aerogel products, certain ePTFE micro-porous products, and its subsidiary's cables are utilized in the military sector [1]

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].

Core Insights - The company achieved a total revenue of 515 million yuan in 2024, representing a year-on-year increase of 25.39% [1] - The net profit attributable to shareholders for 2024 was 99 million yuan, up 14.58% year-on-year [1] - The company is focusing on import substitution, with significant growth in core technology product revenues [2] Financial Performance - In Q4 2024, the company reported total revenue of 162 million yuan, a year-on-year increase of 33.18% and a quarter-on-quarter increase of 28.62% [1] - The net profit attributable to shareholders in Q4 2024 was 33 million yuan, reflecting a year-on-year increase of 17.47% and a quarter-on-quarter increase of 35.90% [1] - In Q1 2025, total revenue was 131 million yuan, up 26.60% year-on-year but down 19.19% quarter-on-quarter [1] Product Development and Market Strategy - The company is advancing import substitution, with ePTFE micro-permeable products and CMD and gas management products showing sales growth of 15.8%, 97.4%, and 49.8% respectively in 2024 [2] - The company established an automotive wiring harness division in 2024, leveraging customer resource advantages to launch high-performance automotive wiring harness products [2] - The company is committed to a "market niche, product diversification" strategy, continuously developing new products and applications in various fields, including automotive and aerospace [3] Future Outlook - The company is expected to see rapid growth in new business areas, with projected net profits for 2025-2027 being 141 million, 180 million, and 226 million yuan respectively, with year-on-year growth rates of 42.04%, 27.56%, and 25.99% [3]