Core Viewpoint - The polyimide industry is characterized by high technical barriers, stringent market entry requirements, and significant capital investment, indicating a high level of technological attributes within the industry [1] Industry Characteristics - The polyimide industry has high technical barriers [1] - There are stringent market entry requirements in the polyimide sector [1] - The industry requires substantial capital investment [1] - The technological attributes of the industry are notably high [1]

Core Viewpoint - Ruifeng Tai emphasizes the importance of market value management and is committed to enhancing its core business in high-performance polyimide film materials to maximize company and shareholder value [1] Company Focus - The company has consistently prioritized market value management [1] - Ruifeng Tai is dedicated to its main business of high-performance polyimide film materials [1]

| 证券代码：688323 | 证券简称：瑞华泰 | 公告编号：2025-045 | | --- | --- | --- | | 转债代码：118018 | 转债简称：瑞科转债 | | 深圳瑞华泰薄膜科技股份有限公司 关于为全资子公司提供担保的公告 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。 重要内容提示： 担保对象 被担保人名称 嘉兴瑞华泰薄膜技术有限公司 本次担保金额 60,000.00 万元 实际为其提供的担保余额 61,017.51 万元 是否在前期预计额度内 □是 否 □不适用：_________ 本次担保是否有反担保 □是 否 □不适用：_________ 担保对象及基本情况 累计担保情况 | 对外担保逾期的累计金额（万元） | 0.00 | | --- | --- | | 截至本公告日上市公司及其控股 | 61,017.51 | | 子公司对外担保总额（万元） | | | 对外担保总额占上市公司最近一 期经审计净资产的比例（%） | 64.70 | | 特别风险提示（如有请勾选） | 对外担保总额（含本次） ...

| 证券代码：688323 | 证券简称：瑞华泰 | 公告编号：2025-046 | | --- | --- | --- | | | 转债简称：瑞科转债 | | | 转债代码：118018 | | | 深圳瑞华泰薄膜科技股份有限公司 关于召开2025年第二次临时股东会的通知 本公司董事会及全体董事保证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、准确性和完整性依法承担法律责任。 重要内容提示： 一、 召开会议的基本情况 （一） 股东会类型和届次 2025年第二次临时股东会 至2025 年 11 月 17 日 股东会召开日期：2025年11月17日 本次股东会采用的网络投票系统：上海证券交易所股东会网络投票系统 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间为股 东会召开当日的交易时间段，即 9:15-9:25，9:30-11:30，13:00-15:00；通过 互联网投票平台的投票时间为股东会召开当日的 9:15-15:00。 （六） 融资融券、转融通、约定购回业务账户和沪股通投资者的投票程序 （二） 股东会召集人：董事会 （三） 投票方式：本次股东会所采用的表决方 ...

Financial Performance - The company's operating revenue for the third quarter was ¥100,684,281.73, a decrease of 6.05% compared to the same period last year[3] - The total profit for the quarter was -¥29,238,371.02, with a year-to-date total profit of -¥67,927,282.45[3] - The net profit attributable to shareholders was -¥28,985,082.83 for the quarter, and -¥62,719,319.40 year-to-date[3] - The basic and diluted earnings per share for the quarter were both -¥0.16, compared to -¥0.35 in the same period last year[4] - Total operating revenue for the first three quarters of 2025 reached ¥282,615,584.06, an increase of 18.1% compared to ¥239,139,268.85 in the same period of 2024[21] - Net loss for the first three quarters of 2025 was ¥62,719,319.40, compared to a net loss of ¥48,670,684.74 in the same period of 2024, representing a decline of 29%[22] - Operating profit for the first three quarters of 2025 was reported at -¥66,580,349.73, worsening from -¥49,767,277.94 in 2024[22] Research and Development - Research and development expenses totaled ¥10,703,547.22 for the quarter, representing 10.63% of operating revenue, an increase of 2.02 percentage points year-on-year[4] - Research and development expenses for the first three quarters of 2025 were ¥27,819,215.64, compared to ¥26,080,351.34 in 2024, indicating a growth of 6.7%[22] Assets and Liabilities - The company's total assets at the end of the quarter were ¥2,546,283,438.05, a decrease of 0.69% from the end of the previous year[4] - Total liabilities amounted to ¥1,665,881,612.53, compared to ¥1,620,826,006.25 in the previous year, marking an increase of 2.9%[19] - Total assets decreased slightly to ¥2,546,283,438.05 from ¥2,563,947,151.17, a decline of 0.7%[19] Cash Flow - The net cash flow from operating activities for the year-to-date was ¥108,103,946.75, an increase of 158.34% compared to the same period last year[3] - Cash flow from operating activities was ¥213,107,770.42, a slight increase from ¥203,573,038.14 in the previous year[25] - Cash and cash equivalents at the end of the period amounted to ¥154,286,302.28, up from ¥91,329,369.03 at the beginning of the period[27] - Cash received from interest, fees, and commissions totaled ¥62,328,772.19, compared to ¥10,483,229.49 previously, indicating a strong increase in operational cash inflows[26] - Cash outflow for purchasing goods and services was ¥61,700,203.82, down from ¥105,012,872.05, showing improved cost management[26] - Cash flow from investment activities was negative at -¥47,647,438.54, reflecting higher capital expenditures compared to the previous period[26] Shareholder Information - Total number of common shareholders at the end of the reporting period is 6,542[12] - The largest shareholder, Hangke New Century Technology Development (Shenzhen) Co., Ltd., holds 42,083,059 shares, accounting for 23.38% of total shares[12] - The second largest shareholder, Guotou High-tech Investment Co., Ltd., holds 18,750,082 shares, representing 10.42% of total shares[12] Financial Management - Financial expenses rose to ¥39,992,490.21, up from ¥26,255,026.69, reflecting a significant increase of 52.5%[22] - Deferred income tax assets increased to ¥22,962,208.60 from ¥12,921,831.50, showing a growth of 77.6%[18] - The company received government subsidies amounting to ¥1,102,065.33 year-to-date, which positively impacted the financial results[6] Other Information - The company has no reported changes in the participation of major shareholders in margin trading and securities lending[14] - There are no significant reminders regarding the company's operational status during the reporting period[14] - The company plans to implement new accounting standards starting in 2025, which may affect future financial reporting[28]

Core Viewpoint - The stock of Shenzhen Ruihuatai Film Technology Co., Ltd. has experienced fluctuations, with a current price of 15.25 CNY per share, reflecting a year-to-date increase of 24.08% and a recent decline over the past 20 and 60 days [1][2]. Financial Performance - For the first half of 2025, the company achieved a revenue of 182 million CNY, representing a year-on-year growth of 37.86%. However, it reported a net loss attributable to shareholders of 33.73 million CNY, which is an increase of 6.64% compared to the previous period [2]. - Cumulative cash dividends since the company's A-share listing amount to 25.2 million CNY, with 12.6 million CNY distributed over the last three years [3]. Shareholder Information - As of June 30, 2025, the number of shareholders decreased by 4.35% to 5,294, while the average number of circulating shares per person increased by 4.55% to 34,000 shares [2]. - Among the top ten circulating shareholders, Guangfa Stable Return Mixed A (009951) holds 3.3676 million shares, with no change in the number of shares held compared to the previous period [3]. Market Activity - On October 29, the stock price decreased by 2.06% during trading, with a trading volume of 21.96 million CNY and a turnover rate of 0.79%. The total market capitalization stands at 2.745 billion CNY [1]. - The net inflow of main funds was 117,700 CNY, with large orders accounting for 6.67% of purchases and 6.14% of sales [1]. Business Overview - The company, established on December 17, 2004, specializes in the research, production, and sales of high-performance polyimide (PI) films, with 96.62% of its revenue derived from this segment [1]. - The company operates within the basic chemical industry, specifically in the plastic and film materials sector, and is associated with concepts such as foldable screens and flexible electronics [1].

Core Viewpoint - Ruihua Tai stated that the stock price in the secondary market is influenced by various factors including macroeconomic environment, industry policies, and market sentiment, while the company's production and operations are normal and there is no undisclosed information [1] Group 1 - The company's stock price is affected by macroeconomic conditions, industry policies, and market sentiment [1] - The company confirmed that its production and operations are currently normal [1] - There is no undisclosed information that the company is required to disclose [1]

Core Points - The stock price of Ruihua Tai increased by 2.26% on October 24, reaching 15.40 CNY per share, with a total market capitalization of 2.772 billion CNY [1] - Ruihua Tai's stock has risen by 25.31% year-to-date, with an 8.30% increase over the last five trading days [2] Company Overview - Ruihua Tai, established on December 17, 2004, and listed on April 28, 2021, is located in Shenzhen, Guangdong Province, specializing in the research, production, and sales of high-performance PI films [2] - The company's main revenue sources are high-performance PI films (96.62%), other PI films and processing (1.90%), and other sources (1.48%) [2] - Ruihua Tai operates within the basic chemicals sector, specifically in plastic and film materials, and is associated with concepts such as foldable screens, 5G, and flexible electronics [2] Financial Performance - For the first half of 2025, Ruihua Tai reported a revenue of 182 million CNY, representing a year-on-year growth of 37.86%, while the net profit attributable to shareholders was -33.73 million CNY, a 6.64% increase [2] - The company has distributed a total of 25.2 million CNY in dividends since its A-share listing, with 12.6 million CNY distributed over the past three years [3] Shareholder Information - As of June 30, 2025, Ruihua Tai had 5,294 shareholders, a decrease of 4.35% from the previous period, with an average of 34,000 circulating shares per shareholder, an increase of 4.55% [2] - Among the top ten circulating shareholders, Guangfa Stable Return Mixed A (009951) holds 3.3676 million shares, unchanged from the previous period [3]

Core Insights - CPI film, or transparent polyimide film, is a new type of functional film with excellent properties such as chemical stability, heat resistance, flame retardancy, and good ductility, making it suitable for applications in flexible displays, aerospace, and other industries [1][2][5] Industry Overview - The CPI film market in China is experiencing steady growth, with demand expected to reach nearly 4 million square meters by 2024, driven by rapid developments in downstream industries like electronics and aerospace [5][8] - The production of CPI films involves a complex supply chain, including upstream raw materials, midstream processing, and downstream applications [8] Market Dynamics - The CPI film market is characterized by high technical barriers, with few manufacturers primarily located in Japan and South Korea, such as KOLON and Sumitomo Chemical [5][8] - Chinese manufacturers, including Ruihua Tai and Changyang Technology, are relatively new entrants but have significant potential for domestic market replacement [5][8] Application Areas - The primary application of CPI films is in foldable smartphones, where the shift from LCD to OLED displays is driving demand for flexible display technologies [8][9] - In the solar energy sector, CPI films are used as substrate materials for solar cells, benefiting from their excellent heat and weather resistance [10] Industry Trends - Performance enhancement through molecular structure design and hybrid modifications is a key focus for future CPI film development [11] - Cost reduction strategies, including optimizing production processes and increasing local sourcing of raw materials, are essential for the industry's growth [11] - Expansion into new application areas such as 5G communication, IoT devices, and medical technology is anticipated, highlighting the versatility of CPI films [12]

Core Viewpoint - The company is actively collaborating with downstream commercial aerospace enterprises for research and space validation of low-orbit satellite CPI films [1] Group 1 - The company has a designed production capacity of 1,600 tons at its Jiaxing base [1] - The company is continuously ramping up production capacity at the Jiaxing facility while systematically adjusting its product structure [1] - The company is actively exploring new product markets [1]