证券代码：300848 证券简称：美瑞新材 公告编号：2025-048 美瑞新材料股份有限公司 关于使用部分闲置募集资金进行现金管理的进展公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导 性陈述或重大遗漏。 美瑞新材料股份有限公司（以下简称"公司"）于2025年3月15日召开第四届董事会第 四次会议、第四届监事会第四次会议，审议通过了《关于使用部分闲置募集资金进行现金管 理的议案》，同意公司在确保不影响募集资金投资项目建设和募集资金安全的情况下，使用 合计不超过1.95亿元（含本数）的闲置募集资金进行现金管理，上述额度有效期自董事会审 议通过之日起一年内有效，在前述额度和期限范围内可循环滚动使用。闲置募集资金现金管 理到期后将及时归还至募集资金专户。并授权董事长或董事长授权的其他人士行使该项投资 决策权及签署相关合同文件，并由财务部负责具体购买事宜。具体内容详见公司披露于巨潮 资讯网（www.cninfo.com.cn）的《关于使用部分闲置募集资金进行现金管理的公告》（公 告编号：2025-012）。 近日，公司使用部分闲置募集资金购买了现金管理产品，现就相关事宜公告如下： ...

证券代码：300848 证券简称：美瑞新材 美瑞新材料股份有限公司 投资者关系活动记录表 编号：2025-009 投资者关系活 动类别 特定对象调研 □分析师会议 媒体采访 业绩说明会 □新闻发布会 □路演活动 □现场参观 □一对一沟通 □ 其他： 参与单位名称 及人员姓名 场次一： 华安证券 王强峰；汇丰晋信 叶繁 场次二： 通过全景网参与业绩说明会的广大投资者 时间 场次一：14:00-15:00 场次二：15:00-17:00 地点 场次一：线上会议平台 场次二：全景网"投资者关系互动平台"（https://ir.p5w.net） 上市公司接待 人员姓名 场次一： 董事会秘书兼财务总监：都英涛 证券事务代表：王越 场次二： 董事长：王仁鸿 董事、总经理：张生 独立董事：唐云 董事会秘书、财务总监：都英涛 保荐代表人：杨皓然 投资者关系活 动主要内容介 绍 1、公司的主营业务是什么？简单介绍一下 答：尊敬的投资者，您好！公司是国内知名的聚氨酯新材料（TPU、 PUR、PUD、PBS）及功能化工品原料（特种异氰酸酯、特种胺）生产企业， 产品广泛应用于消费电子、汽车制造、运动休闲、高端装备、绿色能源、家 居生 ...

证券代码：300848 证券简称：美瑞新材 公告编号：2025-047 美瑞新材料股份有限公司 关于河南子公司聚氨酯产业园一期项目 成功打通生产工艺全流程的公告 美瑞新材料股份有限公司的子公司美瑞科技（河南）有限公司投资建设的聚氨酯产业园 一期项目的设计产能为年产 12 万吨特种异氰酸酯，包括 10 万吨 HDI（六亚甲基二异氰酸酯）、 1.5 万吨 CHDI（1,4-环己烷二异氰酸酯）和 0.5 万吨 PPDI（对苯二异氰酸酯）。此外，PNA （对硝基苯胺）、PPDA（对苯二胺）和 CHDA（1,4-环己烷二胺）是 CHDI 和 PPDI 产线的中间 产品，预留有外售产能。 二、本次进展情况 近日，聚氨酯产业园一期项目已成功打通生产工艺全流程，六种产品均已实现合格产品 产出，产品性能指标达到预定目标。目前正在进一步优化各项工艺指标，持续提升运行质量， 力争达产达效。 三、对公司的影响 聚氨酯产业园一期项目各产品的成功产出，是公司向上游产业链布局的重要里程碑。通 过向上游产业链延伸，公司实现了聚氨酯新材料部分核心原材料的自供，可有效降低生产成 本，同时拓展了业务范围，为公司带来新的利润增长点。 四、风险提示 ...

Group 1: Project Updates - The HDI, PPDI, and PNA units at the Henan project have successfully completed trial runs and produced standard-compliant products. The sales team is actively engaging with target customers, and market feedback is positive. The company aims to expedite the trial production of remaining units for full-scale production [2]. - The new TPU and water-based PUD projects commenced construction in Q4 2024, with an 18-month construction period. The TPU project has an expected after-tax internal rate of return (IRR) of 39.68% and a payback period of 4.01 years, while the water-based PUD project has an IRR of 38.05% and a payback period of 4.21 years [3]. Group 2: Financial Performance - In Q1 2025, the company achieved a revenue of CNY 388 million, remaining stable compared to the previous year. The net profit attributable to shareholders was CNY 18.14 million, a year-on-year increase of 47.12%, while the net profit excluding non-recurring items was CNY 18.05 million, up 75.04% [2]. Group 3: Competitive Advantages - The company possesses significant competitive advantages in the HDI project, including a skilled team with extensive industry experience and a strong upstream-downstream collaboration in the polyurethane materials sector. This strategic positioning enhances customer loyalty and market reach while ensuring stable supply and reducing production costs [4]. Group 4: Specialty Amines Products - The company produces three specialty amines: PNA, PPDA, and CHDA. PNA is a key chemical raw material used in dye synthesis, while PPDA is essential for aramid and polyimide production. CHDA is widely used in polyamide and polyurethane applications. The production process utilizes stable raw material supplies, significantly lowering production costs compared to competitors [5][6].

Group 1: Financial Performance - The company's Q1 2025 revenue remained stable compared to the same period last year, while net profit saw significant growth due to optimized sales structure of polyurethane new materials, with a higher proportion of specialty products contributing to revenue [2] - The gross margin of specialty products is higher than that of general products, benefiting from structural optimization in the supply chain that reduced raw material procurement costs [2] - The Q2 performance is expected to be influenced by market demand, raw material prices, and company operations, with specific details to be disclosed in the semi-annual report [3] Group 2: Product Development and Applications - The PPDI product, known for its excellent physical and mechanical properties, is primarily used in high-end elastomer materials for military aerospace, high-end automotive shock absorbers, and oil drilling equipment seals [4] - The company is focusing on traditional industries such as coatings and automotive paints for HDI-related products, while also exploring new applications in polyurethane new materials [5] - The company has 8,000 tons of production capacity for foamed TPU, with plans to increase capacity by an additional 10,000 tons by the end of 2025 through ongoing projects [6] Group 3: Future Strategy - The company aims to leverage the synergy between upstream and downstream industries to promote the development of functional chemical raw materials and polyurethane new materials [7] - There is a plan to accelerate the industrialization of successfully developed specialty isocyanate-based polyurethane new materials and enhance market promotion efforts [8]

Investment Rating - The investment rating for the company is upgraded to "Accumulate" [2][10] Core Views - The company's performance met expectations, with the polyurethane integration project gradually ramping up production [2][8] - In 2024, the company achieved operating revenue of 1.658 billion yuan, a year-on-year increase of 12.42%, while the net profit attributable to the parent company was 78 million yuan, a year-on-year decrease of 11.70% [5][12] - The TPU market demand remained stable in 2024, with a notable increase in production and sales of polyurethane new materials, achieving a production volume of 100,500 tons and sales volume of 97,200 tons, representing year-on-year increases of 23.20% and 22.23% respectively [7][8] Financial Performance - The company reported a gross profit margin of 12.91% in 2024, a decrease of 1.13 percentage points year-on-year, and a net profit margin of 4.25%, down 1.72 percentage points year-on-year [5][12] - The projected net profit for 2025-2027 is estimated at 115 million, 204 million, and 274 million yuan respectively, with corresponding P/E ratios of 62.96X, 35.48X, and 26.38X [10][12] Production Capacity Expansion - The company has successfully launched new production capacities for TPU and other polyurethane materials, with significant projects in Henan expected to enhance growth potential [8][9] - The new production lines for water-based polyurethane and expanded thermoplastic polyurethane are set to begin construction in Q4 2024, which will improve production efficiency and profitability [9][10]

Investment Rating - The investment rating for the company is upgraded to "Accumulate" [2] Core Views - The company's performance met expectations, with the polyurethane integration project gradually ramping up production [2] - In 2024, the company achieved operating revenue of 1.658 billion yuan, a year-on-year increase of 12.42%, while the net profit attributable to the parent company was 78 million yuan, a year-on-year decrease of 11.70% [5] - The TPU market demand remained stable in 2024, with a notable increase in production and sales of polyurethane new materials, achieving a production volume of 100,500 tons and sales volume of 97,200 tons, representing year-on-year increases of 23.20% and 22.23% respectively [7][8] Financial Performance - The company reported a gross profit margin of 12.91% in 2024, a decrease of 1.13 percentage points year-on-year, and a net profit margin of 4.25%, down 1.72 percentage points year-on-year [5] - The projected net profit for 2025-2027 is estimated at 115 million, 204 million, and 274 million yuan respectively, with corresponding P/E ratios of 62.96X, 35.48X, and 26.38X [10][12] - The company's total assets are projected to grow from 3.85 billion yuan in 2024 to 8.63 billion yuan in 2027 [13] Production Capacity Expansion - The company has successfully launched its 100,000-ton TPU new capacity and the first phase of the polyurethane industrial park, which includes the production of key specialty monomers [8][9] - The expansion projects are expected to enhance the company's production capacity and improve the proportion of high-end TPU products, thereby strengthening its product layout [9]

Group 1: Financial Performance - In 2024, the company achieved a revenue of CNY 1.658 billion, a year-on-year increase of 12.42% [3] - The net profit attributable to shareholders for 2024 was CNY 77.5885 million, a year-on-year decrease of 11.70% [3] - In Q1 2025, the company reported a revenue of CNY 388 million, remaining stable compared to the same period last year [3] - The net profit attributable to shareholders in Q1 2025 was CNY 18.1368 million, a year-on-year increase of 47.12% [3] - The net profit excluding non-recurring items for Q1 2025 was CNY 18.048 million, a year-on-year increase of 75.04% [3] Group 2: Product Development and Market Strategy - The company has developed and promoted high-performance polyurethane new materials, resulting in a sales volume increase of 24.72% in 2024 [3] - The company is focusing on optimizing the sales structure of its polyurethane products, with a higher proportion of specialty products contributing to improved profit margins [4] - The company plans to quickly enter markets for short verification cycle fields such as adhesives and coatings, while preparing for longer verification cycles with larger manufacturers [5] - The company is advancing the construction of two projects: a TPU project with an annual capacity of 10,000 tons and a water-based polyurethane project with an annual capacity of 30,000 tons, both expected to be completed by late 2025 or early 2026 [6][7] Group 3: Supply Chain and Cost Management - The company has optimized its supply chain structure, leading to reduced raw material procurement costs and improved product profitability [4] - The company’s export business to the U.S. accounts for less than 1% of total revenue, indicating limited direct impact from U.S. tariff policies [5] Group 4: Future Outlook and Strategic Initiatives - The company aims to enhance its competitive advantage through R&D innovation, focusing on functional chemical raw materials and polyurethane new materials [8] - The company is committed to expanding emerging application scenarios and improving service capabilities to mitigate risks from market fluctuations [9] - The company plans to utilize a simplified procedure for issuing stocks, with a maximum fundraising limit of CNY 300 million, not exceeding 20% of the net assets at the end of the previous year [9]

证券代码：300848 证券简称：美瑞新材 公告编号：2025-030 美瑞新材料股份有限公司 关于确认 2024 年度日常关联交易的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导 性陈述或重大遗漏。 2、2024 年度上述日常关联交易实际发生情况 单位：万元 | 关联交易 | 关联 | 关联交易 | 实际发生 | | 实际发生额 | 实际发生额 | | | --- | --- | --- | --- | --- | --- | --- | --- | | | | | 披露日期及索引 | 预计金额 | 占同类业务 | 与预计金额 | | | 类别 | 方 | 内容 | 金额 | | 比例（％） | 差异（%） | | | | | | 2024 年 4 月 | | | | 23 | | | | | | | | | 日，巨潮资讯网： | | 向关联方 | 玖点 | 模压托盘 | 671.49 《关于 2024 | 1012.30 | 100% | -33.67% | 年度 | | 采购商品 | 物流 | | | | | | 日常关联交易预计 | | | | | 的公告》 | | ...

证券代码：300848 证券简称：美瑞新材 公告编号：2025-023 美瑞新材料股份有限公司 2024 年年度报告披露提示性公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导 性陈述或重大遗漏。 美瑞新材料股份有限公司（以下简称"公司"）于 2025 年 4 月 19 日召开了第四届董事 会第五次会议，审议通过了《2024 年年度报告全文及摘要》。 为使投资者全面了解公司的财务状况和经营成果，公司《2024 年年度报告》及《2024 年 年度报告摘要》于 2025 年 4 月 22 日在中国证监会指定的创业板信息披露网站巨潮资讯网 (www.cninfo.com.cn)上披露，敬请广大投资者注意查阅。 特此公告。 美瑞新材料股份有限公司 董事会 2025 年 4 月 22 日 美瑞新材料股份有限公司 | 地址：烟台市开发区长沙大街 35 号 | 电话：+86-535-3979898 | 网址： www.miracll.com 第 1 页 共 1 页 ...