报告期内，得益于覆铜板行业的需求复苏，公司积极把握市场机遇，持续加强市场开拓力度，推动产品 销量实现增长。与此同时，公司通过优化营销策略、调整产品结构，提高了高毛利产品的销售占比。上 述举措共同带动公司整体效益得到有效改善。 格隆汇2月25日丨南亚新材(688519.SH)公布2025年度业绩快报，报告期内，公司实现营业收入52.28亿 元，同比增长55.52%；实现归属于母公司所有者的净利润2.41亿元，同比增长378.65%；实现归属于母 公司所有者的扣除非经常性损益的净利润2.19亿元，同比增长679.35%。 ...

证券代码：688519 证券简称：南亚新材 公告编号：2026-009 南亚新材料科技股份有限公司 关于签订募集资金专户存储四方监管协议的公告 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。 一、募集资金基本情况 根据中国证券监督管理委员会《关于同意南亚新材料科技股份有限公司首次 公开发行股票注册的批复》（证监许可【2020】1365 号），公司向社会公众公开 发行人民币普通股（A 股）5,860.00 万股，每股面值 1.00 元，每股发行价格为 32.60 元。本次公开发行募集资金总额为 191,036.00 万元，扣除总发行费用 12,428.06 万元（不含增值税），募集资金净额为 178,607.94 万元，超募资金总额 为 86,607.94 万元。上述募集资金到位情况已经天健会计师事务所（特殊普通合 伙）审验，并于 2020 年 8 月 12 日出具了"天健验【2020】309 号"《验资报告》。 为规范公司募集资金管理，保护投资者权益，公司设立了相关募集资金专项 账户，对募集资金实施专项存储，并与保荐机构、存放 ...

证券代码：688519 证券简称：南亚新材 公告编码：2026-008 南亚新材料科技股份有限公司 2025 年度业绩快报公告 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、准确性和完整性依法承担法律责任。 本公告所载2025年度主要财务数据为初步核算数据，未经会计师事务所审计， 具体数据以南亚新材料科技股份有限公司（以下简称"公司"）2025年年度报告 为准，提请投资者注意投资风险。 一、2025 年度主要财务数据和指标 单位：人民币 万元 | 项目 | 本报告期 | 上年同期 | 增减变动幅度 | | --- | --- | --- | --- | | | | | （％） | | 营业总收入 | 522,782.88 | 336,154.10 | 55.52 | | 营业利润 | 26,129.35 | 4,995.19 | 423.09 | | 利润总额 | 25,993.33 | 4,969.58 | 423.05 | | 归属于母公司所有者的净利润 | 24,085.93 | 5,032.02 | 378.65 | | 归属于母公司所有者的扣除 ...

南亚新材公告称，2025年度公司实现营业收入52.28亿元，同比增长55.52%；归属于母公司所有者的净 利润2.41亿元，同比增长378.65%；扣非净利润2.19亿元，同比增长679.35%。报告期末，总资产60.12亿 元，较期初增长31.50%；归母所有者权益28.77亿元，较期初增长18.44%。业绩增长得益于覆铜板行业 需求复苏，公司把握机遇开拓市场，优化营销与产品结构，提高高毛利产品销售占比。数据未经审计， 以2025年年度报告为准。 ...

Core Viewpoint - The high-frequency and high-speed copper-clad laminate market is experiencing robust growth driven by the large-scale construction of 5G base stations, rapid bandwidth demand in data centers, and the proliferation of electric vehicles and intelligent driving technologies. The market is projected to grow from 4.8 billion yuan in 2016 to 37.06 billion yuan by 2025, with a compound annual growth rate (CAGR) of 25% [1][7]. Industry Overview - High-frequency and high-speed copper-clad laminates are essential materials for the electronic information industry, primarily used in 5G communication devices, high-speed data centers, automotive electronics, satellite communications, and artificial intelligence hardware [1][6]. - These laminates exhibit significant advantages over traditional copper-clad laminates in terms of dielectric constant, dielectric loss, and signal transmission speed, making them suitable for high-frequency and high-speed signal transmission [1][6]. Market Size and Growth - The market size of China's high-frequency and high-speed copper-clad laminate industry is expected to grow from 4.8 billion yuan in 2016 to 37.06 billion yuan by 2025, reflecting a CAGR of 25% [1][7]. - By 2025, the demand for high-frequency and high-speed copper-clad laminates is projected to reach 13,168.8 million square meters, a year-on-year increase of 28% [5][6]. Industry Development History - The development of China's high-frequency and high-speed copper-clad laminate industry can be divided into several stages: initial stage, technology introduction and development, independent innovation and growth, vigorous industry development, and technological upgrades with international competition [3]. Industry Supply Chain - The supply chain for high-frequency and high-speed copper-clad laminates includes upstream raw materials such as copper foil, glass fiber cloth, resin materials, fillers, and processing equipment. The midstream involves the production and manufacturing of the laminates, while the downstream applications span communication equipment, consumer electronics, automotive electronics, and more [4]. Competitive Landscape - The industry has a clear tiered competitive structure, with the first tier dominated by Taiwanese, Japanese, and Korean companies, including well-known firms like Taiyo Yuden and Nanya Technology. The second tier consists of leading domestic manufacturers such as Shengyi Technology and Jin'an Guoji, while the third tier comprises smaller companies competing in niche markets [8]. Key Companies - Shengyi Technology Co., Ltd. is a major player in the industry, focusing on high-quality copper-clad laminates and achieving a global market share of 13.7% by 2024. The company emphasizes innovation and has filed numerous patents to enhance its competitive edge [8]. - Nanya New Material Technology Co., Ltd. specializes in copper-clad laminates and has reported a revenue increase of 41.83% in the first half of 2025, highlighting its strong market position [9][10]. Industry Trends - The industry is expected to focus on low-loss materials with low dielectric loss (Df) and low dielectric constant (Dk) through innovative resin systems and advanced manufacturing techniques [11]. - There is a trend towards higher integration in electronic products, with developments in high-density interconnect (HDI) and system-in-package (SiP) technologies to meet the demands for compact and multifunctional devices [12]. - The industry is also moving towards sustainable practices, promoting the use of green materials and clean production processes to reduce environmental impact [12].

Group 1 - The top-performing companies on the Sci-Tech Innovation Board from February 1 to February 18 include HeXin Instruments with a 49.59% increase, followed by OuLai New Materials and JuGuang Technology, both exceeding 40% [1][2] - Eight out of the top ten companies achieved historical highs in stock prices during this period, including OuLai New Materials, JuGuang Technology, WeiDao Nano, and others [2] Group 2 - The stock price increases are attributed to favorable fundamentals, upstream price increases, and new business developments [3] - OuLai New Materials has initiated a project for high-purity semiconductor materials with an investment of approximately 1.08 billion yuan, expected to be completed by Q4 2026, which will enhance its supply chain security and profitability [3][4] - The global prices for key semiconductor materials are expected to rise by 20%-30% in Q1 2026, impacting various materials including aluminum and copper [4] Group 3 - The demand for AI infrastructure is driving growth in the semiconductor sector, with WeiDao Nano reporting a 97% year-on-year increase in new semiconductor orders [5] - NanYa New Materials is recognized as the first domestic high-end CCL manufacturer to pass Huawei certification, with significant growth in both supply and demand for its products [5] Group 4 - JuGuang Technology anticipates a reduction in losses for 2025, with a projected revenue growth of approximately 40% and an increase in high-margin products [6] - JiePuTe has launched new products and reported a 41.02% year-on-year revenue increase for the first three quarters of 2025, with a significant rise in net profit [6] Group 5 - SiKan Technology, a leading domestic 3D scanner company, has announced a collaboration with TuoZhu Technology to develop consumer-grade 3D scanners, capitalizing on the growing 3D printing market [7]

Summary of Key Points from the Conference Call Industry Overview - The AI video production industry is transitioning from high-cost, long-cycle, and high-threshold production to low-cost, efficient, and democratized industrial production, reshaping supply and demand dynamics and creating investment opportunities. However, there are concerns about the potential impact of large model capabilities on applications [2][3]. Core Insights and Arguments - The announcement of price increases by cloud service providers like Amazon AWS indicates the growing scarcity of AI cloud infrastructure, confirming the high demand for global AI computing power. The market is expected to replicate the post-Chinese New Year rally seen in 2025 [2][3]. - The release of models such as CloudOps 4.6 and Zhizhu GLM 5 marks a shift in AI from chatbots to customized team collaboration executors, which is anticipated to drive exponential growth in the industry by 2026 and change digital work patterns for businesses and individuals [2][5]. - Investment opportunities in domestic computing power related to AI applications are promising, with recommendations for GPU companies like Cambricon and self-developed ASIC chips from internet firms. Attention is also drawn to the expected price increases in target materials, with companies like Jiangfeng Electronics, OLAI New Materials, and Ashi Chuang being highlighted [2][6]. Investment Opportunities - The price increase of CCL (copper foil substrate) is expected to manifest in Q1 2026, with a projected overall positive performance for 2026-2027. Beneficiary companies include Nanya New Materials, Shengyi Technology, and Huazheng New Materials [2][8]. - In the AI hardware sector, there are significant investment opportunities related to domestic computing power, particularly due to the high power consumption of various AI applications, especially video-related ones [6][7]. Military Applications of AI - AI is primarily applied in military fields for situational awareness and unmanned operations, with Palantir's $4.3 billion large order demonstrating the substantial commercial potential of AI in military situational awareness [4][10][11]. - The development of unmanned operations is expected to accelerate significantly, with a focus on increasing the proportion of unmanned equipment in military operations [12][13]. Communication Chain Opportunities - Opportunities in the AI industry chain within the communication sector are identified in three main areas: AIS cloud services, network endpoints, and computing endpoints. Price increases in related components are anticipated due to the growth of AI applications and model upgrades [14]. Media and Entertainment Sector - The media and internet industry shows significant investment opportunities in AI applications, particularly with ByteDance's CDS 2.0 model, which enhances video production capabilities and efficiency. Companies with strong IP and distribution capabilities are recommended for investment [15]. Gaming Industry Impact - AI technology is expected to significantly enhance game development efficiency and user experience. Companies like Perfect World and KAEYING Network are highlighted as key investment targets due to their innovative projects [16][17]. Pharmaceutical Industry Potential - AI has substantial potential in the pharmaceutical industry, particularly in drug development, where it can shorten development cycles and improve efficiency. Companies like Hongbo Pharmaceutical and others are noted for their advancements in utilizing AI for drug development [18]. Multimodal Model Development - The development of multimodal models is rapidly advancing, with significant improvements in capabilities and usability. Companies like ByteDance and others are leading in this space, indicating a competitive landscape similar to the early stages of text models [19][20][21][22]. Recommended Companies for Investment - In the multimodal direction, companies such as Wanjing Technology, Haitai Ruisheng, and others are recommended for their strong positions in AI creative tools and applications [26]. This summary encapsulates the key insights and investment opportunities discussed in the conference call, providing a comprehensive overview of the current landscape in the AI industry and its various applications across sectors.

Summary of Conference Call Records Industry Overview - The focus is on the electronic materials industry, specifically on companies involved in the production of Copper Clad Laminate (CCL) and related high-tech materials for AI servers and other applications. Key Companies Discussed 1. **生益科技 (Siying Technology)** - Full product category coverage with over 70% high-end product ratio - Strong financial stability compared to competitors 南亚新材 (Nanya Technology) and 华正新材 (Huazheng Technology) - Expected net profit for 2026 is projected to be between 45-50 million, with a price-to-earnings ratio (PE) of 20-25x, corresponding to a market value of approximately 1600 billion [1][2] 2. **南亚新材 (Nanya Technology)** - The only domestic company certified by Huawei for M9, entering the NVIDIA M9 supply chain - Expected revenue for 2025 is projected to be between 48-50 million, with a net profit of 5.5-6.0 million; for 2026, revenue is expected to be between 70-75 million, with a net profit of 9-10 million - Normal valuation PE is estimated at 30-35x, corresponding to a market value of 270-350 billion; optimistic valuation targets a market value of 600-800 billion, which is one-third of 生益科技 [1][2] 3. **华正新材 (Huazheng Technology)** - Leading market share in aluminum-based CCL, entering the ABF substrate and M7N supply chain for昇腾 (Ascend) - Expected revenue for 2025 is projected to be between 44-46 million, with a net profit of 2.6-3.1 million; for 2026, revenue is expected to be between 60-65 million, with a net profit of 4.5-5.0 million - Normal valuation PE is estimated at 35-40x, corresponding to a market value of 158-200 billion; optimistic valuation targets a market value of 500 billion, which is one-third of 生益科技 [1][2] Core Insights and Arguments - CCL is identified as a leading segment with significant barriers to entry due to scale, technology, and customer relationships, with a net profit margin of 18-20% [1] - The focus on high-end CCL for AI servers (M9/M10) is seen as a strong growth driver, with a clear path to profitability as product structures improve [1][2] - Financial pressures are noted for 南亚新材 and 华正新材, with high debt ratios and the need for product volume increases to achieve profitability [1] Additional Important Points - The optimistic outlook for 南亚新材 and 华正新材 is heavily reliant on their ability to scale high-end production and improve profit margins [1][2] - The competitive landscape is characterized by a significant gap in customer share and scale between 生益科技 and its competitors, indicating potential risks for the latter [2] - The overall market sentiment is positive, with expectations for high-end product demand driven by AI and domestic substitution trends [2]

Group 1 - The core point of the article is that Nanya Technology has announced a 2026 employee stock ownership plan, proposing to acquire repurchased shares at a price of 47.47 yuan per share, which represents a discount of approximately 51.06% compared to the closing price before the announcement [1] - The plan includes 117 key personnel, including Chairman Bao Xiuyin, as incentive targets [1] - The unlocking conditions for the plan are set at a minimum revenue of 5.2 billion yuan and a net profit of at least 288 million yuan by 2026 [1] Group 2 - Following the announcement on February 10, the company's stock price surged by 12.63%, reaching a historical high, which analysts attribute to expectations of a recovery in PCB demand driven by AI [2] - From February 5 to February 12, the stock price showed significant activity, with a total increase of 21.71% during this period, and trading volume notably increased [2] - The stock closed at 97.00 yuan on February 10, continued to rise by 9.05% to 105.78 yuan on February 11, and slightly decreased by 0.88% to 104.85 yuan on February 12 [2]

Group 1 - International Composite Materials (301526) is a core supplier of electronic-grade glass fiber and products in China, focusing on high-performance glass fiber material research and production, with a full industry chain layout advantage in electronic cloth [1][21] - The company’s main business includes electronic-grade glass fiber yarn, electronic cloth, and composite material products, widely used in copper-clad laminates (CCL) and printed circuit board (PCB) manufacturing, featuring electrical insulation and fire resistance [1][21] - The company is focusing on high-end products such as low-dielectric electronic cloth, suitable for high-speed PCB scenarios like AI servers and data centers, with production capacity and technical strength among the industry leaders [1][21] Group 2 - Honghe Technology (603256) is a leading enterprise in the global mid-to-high-end electronic-grade glass cloth segment, breaking international monopolies in ultra-thin and extremely thin electronic cloth [2][22] - The company’s main business focuses on the research, production, and sales of electronic-grade glass fiber yarns and fabrics, with applications covering various electronic devices including mobile phones, computers, and AI servers [2][22] - As a core supplier to global top copper-clad board manufacturers, the company has a significant competitive advantage in high-end PCB manufacturing, especially in AI computing-related high-speed PCB fields [2][22] Group 3 - China National Materials (002080) is a comprehensive leader in the new materials sector, leveraging state-owned enterprise resources to maintain industry leadership in glass fiber and wind power blades [3][23] - The company’s main business includes glass fiber and products, wind power blades, and lithium battery separators, with glass fiber being a core segment [3][23] - The company’s subsidiary, Taishan Glass Fiber, developed the first generation of low-dielectric fine yarn and electronic cloth, which won a global leading ICT manufacturer’s "Technology Breakthrough Award" [3][23] Group 4 - China Jushi (600176) is the absolute leader in the global glass fiber industry, with production capacity and technical strength at the forefront globally [4][24] - The company has built a full industry chain advantage from glass fiber yarn to electronic cloth, with products widely used in construction, electronics, and automotive sectors [4][24] - The company’s electronic cloth production capacity ranks among the top globally, with significant cost advantages in self-developed low-dielectric glass fiber (TLD-glass) [4][24] Group 5 - Jinan Guojin (002636) is a key player in the copper-clad board industry, with a complete electronic materials industry chain layout [5][25] - The company focuses on the research and production of copper-clad boards and related materials, maintaining a stable market share in East China [5][25] - The company’s electronic-grade glass fiber cloth is a core raw material for copper-clad boards, enabling effective cost reduction through in-house production [5][25] Group 6 - Hongchang Electronics (603002) is an important enterprise in the domestic electronic-grade epoxy resin and copper-clad board sector, covering core upstream and downstream segments of electronic cloth [6][26] - The company has established long-term partnerships with major domestic PCB manufacturers, focusing on the production and sales of electronic-grade epoxy resin, copper-clad boards, and semi-cured sheets [6][26] - The company benefits indirectly from the development of the electronic cloth industry through its copper-clad board business [6][26] Group 7 - Filihua (300395) is a leading enterprise in the global quartz glass materials sector, being the only company in China to achieve mass production of high-end quartz electronic cloth (Q cloth) [7][27] - The company’s main business focuses on the research, production, and sales of quartz glass and products, with applications in high-end fields such as semiconductors and optical communications [7][27] - The company’s third-generation quartz cloth has a dielectric constant as low as 2.3, making it a core enhancement material for M9 copper-clad boards [7][27] Group 8 - Changhai Co., Ltd. (300196) is an important enterprise in the domestic glass fiber and composite materials industry, focusing on high-end electronic cloth business through its subsidiaries [8][28] - The company’s main business includes glass fiber yarn, glass fiber products, and composite materials, with a stable production capacity layout in East China [8][28] - The company’s subsidiary, Guangyuan New Materials, focuses on producing low-dielectric electronic cloth and electronic yarn, entering the high-end PCB materials market [8][28] Group 9 - Jiuding New Materials (002201) is one of the leading enterprises in the domestic electronic cloth industry, with deep accumulation in glass fiber and composite materials [9][30] - The company’s main business includes glass fiber products, composite materials, and wind power blades, with electronic cloth being a core segment [9][30] - The company is continuously advancing the research and development of special glass fibers and electronic cloth, with significant revenue growth expected in the second quarter of 2025 [9][30] Group 10 - Shandong Glass Fiber (605006) is an important enterprise in the domestic glass fiber industry, with electronic cloth being a key focus area [10][31] - The company leverages the glass fiber industry cluster advantage in Shandong, steadily expanding its production capacity [10][31] - The company is focusing on mid-to-high-end electronic cloth products, adapting to the upgrading needs of the PCB industry [10][31]