Group 1 - The article discusses the investment potential in the fiberglass sector, highlighting companies like Jushi, Honghe, and Fucai as easier to hold based on TR holding lines [1] - China National Materials (中材) is noted for its slow growth and has breached holding lines twice, making it challenging to maintain positions, although there are reasons to hold based on sector linkage and fundamentals [3] - The article suggests that when a stock breaches its holding line, investors might consider switching to stronger stocks like Jushi and Honghe, emphasizing the importance of sector performance and fundamental logic [4] Group 2 - The article mentions other companies in the copper-clad laminate sector, such as Shengyi Technology, Nanya New Materials, Huazheng New Materials, and Jin'an Guoji, indicating that despite Shengyi being a leading player, it has underperformed recently [4] - The performance metrics of Nanya New Materials and Huazheng New Materials are highlighted, with specific percentage changes noted, indicating their market positions [5] - The article concludes with a note on the unpredictability of future performance, suggesting that current conditions are the only controllable factors [7]

Summary of Conference Call Notes Industry Overview - The focus is on the CCL (Copper Clad Laminate) sector, which is experiencing significant price elasticity and is expected to benefit from the growth of AI applications, leading to new highs in the market [1][1]. Key Points Price Increase Logic - The current CCL cycle is characterized by strong and sustained demand growth from the market [1]. - Leading CCL manufacturers are operating at high capacity utilization rates of over 85% [1]. - For the period from Q1 2023 to Q4 2025, CCL prices are projected to increase by 25-30%, with a corresponding gross margin improvement of approximately 2 percentage points [1]. - It is anticipated that in 2026, CCL prices will continue to rise, with the potential for multiple price increases due to stable raw material prices [1]. - Historical cycles suggest that there is still potential for gross margin improvements of over 10 percentage points [1]. AI Market Potential - The AI CCL market is projected to exceed 50 billion by 2027, with domestic manufacturers positioned in the global top tier for material validation and electrical performance testing for major clients [2]. - Domestic manufacturers benefit from an engineering talent advantage and cost-effectiveness, which may lead to further market share gains [2]. Performance Outlook - This year is noted as a significant year for domestic computing power expansion, which is expected to have a substantial positive impact on the materials segment [3]. - There is a positive outlook on the performance elasticity of leading CCL manufacturers, with specific recommendations for companies such as Shengyi Technology, Kingboard Laminates, and Nanya Technology [3].

Group 1 - The core point of the article is the approval of the 2026 Employee Stock Ownership Plan (ESOP) by the board of directors of Nanya New Materials Technology Co., Ltd. to enhance employee engagement and company governance [5][75]. - The board meeting was held on February 10, 2026, with all 9 directors present, confirming the legality and validity of the meeting [2][4]. - The board approved the establishment of a special account for raising funds and authorized the chairman to handle related matters [3][4]. Group 2 - The ESOP aims to improve the sharing mechanism between employees and shareholders, enhance governance, and promote long-term sustainable development [22][75]. - The plan includes principles such as compliance with laws, voluntary participation, long-term incentives, and risk-bearing by participants [22][25]. - The expected participants in the ESOP include approximately 117 individuals, with a total subscription amount of about 65.96 million yuan, representing 0.59% of the company's total share capital [28][35]. Group 3 - The purchase price for the shares under the ESOP is set at 47.47 yuan per share, determined based on the higher of two pricing methods [32][33]. - The plan's duration is set for 24 months, with a minimum holding period of 12 months [37]. - The ESOP will be managed by a management committee elected by the participants, responsible for daily management and exercising shareholder rights [41][54]. Group 4 - The board will seek shareholder approval for the ESOP, and the plan will be implemented only after this approval [8][75]. - The company will ensure that the ESOP assets are independent from its own assets, preventing any misuse [60]. - The management committee will oversee the execution of the ESOP, including the handling of stock transfers and distributions [54][68].

Core Viewpoint - The A-share PCB sector experienced a significant rally, with Nanya New Materials leading the surge following the announcement of its 2026 employee stock ownership plan, which includes substantial performance targets for revenue and net profit [2][3][9]. Company Summary - Nanya New Materials' stock price reached a historical high of 97.00 yuan, reflecting a 12.63% increase on the day of the announcement, with a trading volume of 1.256 billion yuan [8]. - The employee stock ownership plan involves approximately 138,950 shares, representing 0.59% of the company's total share capital, with a total funding of about 65.96 million yuan sourced from employee contributions [5][6]. - The plan's participants include 117 core personnel, including the chairman and other senior executives, with 28.13% of the shares allocated to management and 71.87% to technical and business staff [5][7]. Performance Targets - The employee stock ownership plan sets ambitious targets, requiring the company to achieve a minimum revenue of 5.2 billion yuan and a net profit of at least 288 million yuan by 2026, marking a significant increase from the 3.362 billion yuan revenue in 2024 [2][9]. - The company anticipates a substantial growth in net profit for 2025, projecting a range of 220 million to 260 million yuan, which represents a year-on-year increase of 337% to 417% [9]. - Historical revenue figures indicate steady growth, with revenues of 2.983 billion yuan in 2023 and 3.362 billion yuan in 2024, highlighting the ambitious nature of the 2026 revenue target [9]. Industry Context - The PCB industry is witnessing a recovery in demand, particularly driven by AI applications, with Nanya New Materials benefiting from this trend as it expands its product offerings [10]. - Other companies in the PCB sector, such as Shenyin Electronics, are also forecasting significant profit growth, indicating a robust overall industry outlook [10].

Core Viewpoint - The PCB sector in A-shares experienced a significant surge, with Nanya New Materials leading the gains, driven by a recovery in demand due to AI advancements [2][7]. Company Summary - Nanya New Materials announced a 2026 employee stock ownership plan (ESOP) at a price of 47.47 yuan per share, representing a discount of approximately 51.06% compared to the market price of 97 yuan on the same day [1][4]. - The ESOP involves around 1.3895 million shares, accounting for 0.59% of the company's total share capital, with a total funding of approximately 65.96 million yuan sourced from employee contributions [4][6]. - The plan includes 117 core personnel, including the chairman and other executives, with 28.13% of the shares allocated to senior management [4][6]. Performance Metrics - The company set ambitious targets for the ESOP, requiring a minimum revenue of 5.2 billion yuan and a net profit of at least 288 million yuan by 2026, indicating a substantial increase from the 2024 revenue of 3.362 billion yuan [1][7]. - Nanya's projected net profit for 2025 is between 220 million and 260 million yuan, reflecting a year-on-year growth of 337% to 417%, with the ESOP's profit target slightly above the upper limit of this forecast [7]. - Historical revenue growth shows steady increases, with 2023 and 2024 revenues at 2.983 billion yuan and 3.362 billion yuan, respectively, while the 2026 target represents a significant growth of nearly 18.4 billion yuan [7]. Industry Context - The overall PCB industry is witnessing a robust growth trend, with companies like Shennan Circuits also forecasting substantial profit increases, driven by the demand for high-end PCBs used in AI servers [8]. - Nanya's growth is attributed to the recovery in demand for copper-clad laminates and an increase in the proportion of high-margin products [8].

Group 1 - The core point of the article is that Nanya New Materials (688519.SH) has disclosed a draft employee stock ownership plan for 2026, involving approximately 117 participants, including 9 directors and senior management [1] - The total number of shares involved in the stock ownership plan is about 1.3895 million shares, which represents 0.59% of the company's total equity at the time of the announcement [1] - The funding for the stock ownership plan is approximately 65.959565 million yuan, sourced from the employees participating in the plan [1] Group 2 - The shares for the ownership plan will be purchased at a price of 47.47 yuan per share, with the shares being repurchased from the secondary market [1]

Core Viewpoint - Nanya New Materials (688519.SH) has disclosed a draft employee stock ownership plan for 2026, involving approximately 117 participants, including 9 directors and senior management [1] Group 1: Employee Stock Ownership Plan - The total number of participants in the employee stock ownership plan is expected to be around 117, with 9 being directors and senior management [1] - The stock involved in the plan amounts to approximately 1.3895 million shares, representing 0.59% of the company's total share capital at the time of the announcement [1] - The funding for the stock ownership plan is approximately 65.96 million yuan, sourced from the employees participating in the plan [1] Group 2: Stock Purchase Details - The shares for the ownership plan will be purchased at a price of 47.47 yuan per share, sourced from the company's repurchased A-share common stock in the secondary market [1]

南亚新材料科技股份有限公司 2026 年员工持股计划管理办法 第一章 总则 第一条 为规范南亚新材料科技股份有限公司（以下简称"南亚新材"或"公 司"）2026 年员工持股计划（以下简称"本持股计划"）的实施，根据《中华人民 共和国公司法》（以下简称"《公司法》"）、《中华人民共和国证券法》（以下简称 《" 证券法》"）、《关于上市公司实施员工持股计划试点的指导意见》（以下简称"《指 导意见》"）《上海证券交易所科创板上市公司自律监管指引第 1 号——规范运作》 （以下简称"《自律监管指引第 1 号》"）等相关法律、行政法规、规范性文件和 《公司章程》《南亚新材料科技股份有限公司 2026 年员工持股计划（草案）》之 规定，特制定《南亚新材料科技股份有限公司 2026 年员工持股计划管理办法》 （以下简称"本管理办法"）。 第二章 本持股计划的制定 第二条 本持股计划的目的 公司依据《公司法》《证券法》《指导意见》《自律监管指引第 1 号》等有 关法律、行政法规、规章、规范性文件和《公司章程》的规定，制定了本持股计 划。公司员工自愿、合法、合规地参与本持股计划，持有公司股票的目的在于建 立和完善员工、股东的利 ...

证券代码：688519 证券简称：南亚新材 公告编号：2026-006 南亚新材料科技股份有限公司 2026 年员工持股计划草案摘要公告 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： | 预计参与员工持股计划 | 预计参与对象范围：董事（不含独立董事）、高级管理 | | --- | --- | | 对象范围及人数 | 人员、核心技术人员及其他管理、技术或业务骨干 | | | 预计参与人数：117 人 | | 董事、高管参与认购情 况 | 是否有董事、高管参与认购 ☑是 □否 | | | 董高参与认购人数：9 人，认购份额占比：28.13% | | | □员工薪酬 | | 员工持股计划资金来源 及规模 | ☑自筹资金 | | | □其他： | | | ☑公司回购股票 | | 员工持股计划股份来源 | □二级市场购买 | | 及预计规模 | □认购向特定对象发行股票 | | | □股东自愿赠与 | | | □其他方式 | | 员工持股计划受让价格 | 47.47 元/股 确定方式：取下列（1）和（2）价格的较高者 ...

第五届第三次职工代表大会决议公告 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法律责任。 南亚新材料科技股份有限公司（以下简称"公司"）于 2026年 2月10日召开第五 届第三次职工代表大会会议，就公司拟实施的2026年员工持股计划征求公司职工代表 意见。本次会议的召开及表决程序符合相关法律、法规的规定，经与会职工代表讨论， 决议通过如下事项： 一、审议通过《关于公司 2026 年员工持股计划（草案）及其摘要的议案》 证券代码：688519 证券简称：南亚新材 公告编号：2026-007 南亚新材料科技股份有限公司 经与会职工代表讨论，认为上述计划遵循依法合规、自愿参与、风险自担的基本 原则，在实施员工持股计划前充分征求了公司员工意见，不存在损害公司及全体股东 利益的情形，亦不存在摊派、强行分配等方式强制员工参与员工持股计划的情形。 本议案需经股东会审议通过后方可生效。 特此公告。 南亚新材料科技股份有限公司董事会 2026 年 2 月 11 日 为建立和完善员工、股东的利益共享机制，改善公司治理水平，提高职工的凝聚 力和公司竞争力 ...