Investment Rating - The report maintains a "Buy" rating for the company [8] Core Insights - The company reported Q1 2025 revenue of 850 million yuan, representing a year-on-year increase of 18.9% but a quarter-on-quarter decrease of 0.9%. The net profit attributable to shareholders was 190 million yuan, up 27.6% year-on-year but down 12.4% quarter-on-quarter. The net profit after deducting non-recurring items was 180 million yuan, reflecting a year-on-year increase of 25.1% and a quarter-on-quarter decrease of 11.1% [5][11] - The company is a leading domestic supplier of lubricant additives, with a comprehensive range of single agent types and key raw material R&D and production capabilities. Since 2013, it has been advancing into the higher value-added composite agent business, with nationally leading product technology and continuous growth in composite agents driving revenue [5][11] Summary by Sections Q1 Performance - In Q1, the company's revenue and profit increased by 18.9% and 27.6% year-on-year, respectively, primarily due to the growth in lubricant additive sales. The quarter-on-quarter decline is attributed to the traditional off-season for the company. The gross margin for Q1 was 35.4%, with a slight year-on-year decrease of 0.1 percentage points and a quarter-on-quarter increase of 0.3 percentage points, mainly due to a decrease in raw material prices [11][11] Production Capacity - As of the end of 2024, the company has a designed annual production capacity of 315,000 tons for lubricant additives, an increase of 115,000 tons from 2023. Current projects under construction have an annual capacity of 435,000 tons. The progress of the 460,000-ton lubricant additive series product project has reached 17.1%, while the 150,000-ton project has reached 87.5%, both expected to be operational by the end of 2025 [11] Product Line and Market Strategy - The company has a complete product line covering various series of single agents, which is a solid foundation for entering mainstream markets. The company has independently mastered the formulation processes for multiple grades of diesel and gasoline engine oil composite agents, with some already passing third-party testing [11] - The transition to composite agents is progressing steadily, with over 60% of revenue coming from composite agents. The company is actively developing core customer relationships and accelerating the certification process for composite products [11] Financial Forecast - The company is expected to see significant growth as production capacity continues to be released. The projected net profits attributable to shareholders for 2025, 2026, and 2027 are 910 million yuan, 1.135 billion yuan, and 1.396 billion yuan, respectively [11]

Group 1 - The company reported a total revenue of 849 million yuan for Q1 2025, representing a year-on-year increase of 18.91% and a quarter-on-quarter decrease of 0.92% [1] - The net profit attributable to shareholders reached 195 million yuan, up 27.59% year-on-year but down 12.35% quarter-on-quarter [1] - The growth in revenue and profit is primarily driven by an increase in lubricant additive sales, with a total export volume of 63,300 tons in Q1 2025, a year-on-year increase of 19.6% [1] Group 2 - The global lubricant additive market is highly concentrated, with four major companies holding approximately 85% of the market share [2] - The company is positioned to accelerate domestic substitution as safety supply concerns rise, especially with increased import costs due to tariffs on U.S. products [2] - The company is expanding its overseas marketing channels and has established warehouses in Singapore, Dubai, and Belgium to meet regional customer demands [2] Group 3 - The company has made significant progress in composite agent certification, which is crucial for entering the supply chains of major downstream clients [3] - The company has independently mastered multiple levels of diesel and gasoline engine oil composite formulations, achieving OEM certification for several products [3] - Future product expansion and capacity growth are expected to lead to simultaneous increases in volume and price for lubricant additives [3] Group 4 - The company is recognized as a leading domestic lubricant additive enterprise, with products already integrated into the supply chains of major companies like Shell, Mobil, and Sinopec [3] - Projections indicate that the company will achieve net profits of 850 million, 1.04 billion, and 1.27 billion yuan for the years 2025 to 2027, with corresponding P/E ratios of 22X, 18X, and 15X [3]

证券代码：300910 证券简称：瑞丰新材 公告编号：2025-022 新乡市瑞丰新材料股份有限公司 第四届监事会第七次会议决议公告 本公司及监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。 一、监事会会议召开情况 新乡市瑞丰新材料股份有限公司（以下简称"公司"）第四届监事会第七次会议 通知于2025年4月15日以电子邮件方式向各位监事发出，会议于2025年4月21日以 现场会议结合通讯形式在公司会议室召开。本次会议由公司监事会主席张勇先生召 集并主持，应出席会议的监事3人，实际出席会议的监事3人。 本次会议的召集、召开及表决符合《中华人民共和国公司法》及《新乡市瑞丰新 材料股份有限公司章程》（以下简称《公司章程》）的有关规定，会议合法有效。 二、监事会会议审议情况 1、审议通过《关于公司2025年第一季度报告的议案》 经审议，监事会认为：公司董事会编制和审核的公司《2025年第一季度报告》 的程序符合法律、行政法规和中国证监会的相关规定，报告内容真实、准确、完 整地反映了公司经营情况，不存在任何虚假记载、误导性陈述或者重大遗漏。 表决结果：同意3票，反对0票，弃权0票 ...

证券代码：300910 证券简称：瑞丰新材 公告编号：2025-021 新乡市瑞丰新材料股份有限公司 第四届董事会第八次会议决议公告 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。 一、董事会会议召开情况 新乡市瑞丰新材料股份有限公司（以下简称"公司"）第四届董事会第八次会 议通知于2025年4月15日以电子邮件方式向各位董事发出，会议于2025年4月21 日以现场会议结合通讯形式在公司会议室召开。本次会议由公司董事长郭春萱先 生召集并主持，应出席会议的董事9人，实际出席会议的董事9人，公司监事、高 级管理人员列席了会议。 二、董事会会议审议情况 1、审议通过《关于公司2025年第一季度报告的议案》 经审议，董事会认为：公司《2025 年第一季度报告》的程序符合法律、行 政法规、中国证监会和深圳证券交易所的相关规定，报告内容真实、准确，完整 地反映了公司经营情况，不存在任何虚假记载、误导性陈述或者重大遗漏。 公司《2025 年第一季度报告》详见公司 2025 年 4 月 22 日披露于巨潮资讯 网（http://www.cninfo.com.cn）的相关公告。 ...

监事会关于2021年限制性股票激励计划 新乡市瑞丰新材料股份有限公司监事会 首次授予部分第三个归属期及预留授予部分第二个归属期 2025年4月21日 归属激励对象名单的核查意见 新乡市瑞丰新材料股份有限公司（以下简称"公司"）监事会根据《中华人民 共和国公司法》（以下简称"《公司法》"）、《上市公司股权激励管理办法》（以 下简称"《管理办法》"）等有关法律、行政法规、规范性文件及《公司章程》和 《2021年限制性股票激励计划（草案）》的有关规定，对公司2021年限制性股票 激励计划（以下简称"本次激励计划"）首次授予部分第三个归属期及预留授予部 分第二个归属期归属激励对象名单进行了审核，发表核查意见如下： 新乡市瑞丰新材料股份有限公司 本次拟归属的156名激励对象不存在最近12个月内被证券交易所认定为不适 当人选的情形；不存在最近12个月内被中国证监会及其派出机构认定为不适当人 选的情形；不存在最近12个月内因重大违法违规行为被中国证监会及其派出机构 行政处罚或者采取市场禁入措施的情形；不存在具有法律法规规定不得参与上市 公司股权激励的情形，符合《上市公司股权激励管理办法》等法律、法规和规范 性文件规定的激励 ...

证券代码：300910 证券简称：瑞丰新材 公告编号：2025-025 新乡市瑞丰新材料股份有限公司 关于2021年限制性股票激励计划首次授予部分第三个归属期及 预留授予部分第二个归属期归属条件成就的公告 本公司及董事会全体成员保证信息披露内容的真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 重要内容提示： 本次符合归属条件的激励对象共156人，其中首次授予部分激励对象145 人，预留授予部分13人（2名激励对象同时参与了首次授予及预留授予）。 本次第二类限制性股票首次授予部分拟归属数量：3,925,396股，占目前 公司总股本的1.3453%；预留授予部分拟归属数量：219,947股，占目前公司总股 本的0.0754% 归属价格：19.10元/股（调整后） 归属股票来源：公司向激励对象定向发行的本公司人民币A股普通股股 票 本次归属的限制性股票在相关手续办理完成后、上市流通前，公司将发 布相关提示性公告，敬请投资者注意。 新乡市瑞丰新材料股份有限公司（以下简称"公司"）于2025年4月21日召开 第四届董事会第八次会议、第四届监事会第七次会议审议通过了《关于2021年限 制性股票激励计划首次授予部 ...

江 苏 世 纪 同 仁 律 师 事 务 所 关于新乡市瑞丰新材料股份有限公司 2021 年限制性股票激励计划 首 次 授 予 部 分 第 三 个 归 属 期 及 预 留 授 予 部 分 第 二 个 归 属 期 归 属 条 件 成 就 的 法 律 意 见 书 苏同律证字2025第[67]号 南京市建邺区贤坤路江岛智立方 C 座 4 层 邮编： 2 10019 电话： + 8 6 2 5 - 83304480 传真： + 8 6 2 5 - 83329335 江苏世纪同仁律师事务所 关于新乡市瑞丰新材料股份有限公司 2021年限制性股票激励计划 首次授予部分第三个归属期及预留授予部分 第二个归属期归属条件成就的 法 律 意 见 书 苏同律证字 2025 第[67]号 致：新乡市瑞丰新材料股份有限公司 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》"）、《深圳证券交易所创业板股票上市规 则》（以下简称"《上市规则》"）、《上市公司股权激励管理办法》（以下简称"《管 理办法》"）《深圳证券交易所创业板上市公司自律监管指南第 1 号——业务办 理》（以下简称"《 ...

Financial Performance - The company's revenue for Q1 2025 reached ¥848,971,535.91, representing an increase of 18.91% compared to ¥713,949,627.07 in the same period last year[5] - Net profit attributable to shareholders was ¥194,927,905.01, up 27.59% from ¥152,780,260.81 year-on-year[5] - Basic earnings per share increased to ¥0.67, reflecting a growth of 26.42% compared to ¥0.53 in the same period last year[5] - The net profit for the current period is 196,447,510.69, an increase of 28% compared to 153,513,800.96 in the previous period[26] - The total comprehensive income for the current period is 196,317,526.17, compared to 153,604,222.32 in the previous period, indicating a growth of 28%[26] - The operating profit for the current period is 227,658,763.47, an increase from 180,155,968.81 in the previous period[26] Cash Flow - The net cash flow from operating activities improved significantly to ¥27,750,831.03, a 349.79% increase from a negative cash flow of ¥11,109,754.42 in the previous year[5] - The net cash flow from operating activities increased to ¥27,750,831.03, a significant rise of 349.79% compared to the previous year, primarily due to increased sales collections[14] - The net cash flow from investing activities improved to -¥52,673,798.26, reflecting a 75.54% increase in net inflows from investment products compared to the previous year[14] - The net cash flow from financing activities reached ¥50,220,319.30, marking a 124.39% increase, mainly due to cash used for share repurchases in the previous period[14] - The net cash flow from financing activities improved to 50,220,319.30 from a negative cash flow of -205,919,388.61 in the previous period[30] - The net increase in cash and cash equivalents was ¥29,001,776.25, a 106.75% improvement from the previous year, driven by the increases in operating, investing, and financing cash flows[14] Assets and Liabilities - Total assets at the end of the reporting period were ¥4,490,614,184.42, a 4.39% increase from ¥4,301,793,372.49 at the end of the previous year[5] - The company's total assets increased to ¥4,490,614,184.42 from ¥4,301,793,372.49, marking a growth of 4.4%[24] - Current assets totaled ¥2,729,811,658.53, up from ¥2,622,728,531.85, representing an increase of 4.1%[22] - The company's total liabilities decreased to ¥915,652,553.85 from ¥935,777,537.76, a reduction of 2.2%[24] - The long-term borrowings decreased to ¥137,075,647.78 from ¥163,329,802.94, a decline of 16.1%[23] Shareholder Information - The total number of common shareholders at the end of the reporting period was 9,281, with no preferred shareholders having restored voting rights[16] - The largest shareholder, Guo Chunxuan, holds 36.79% of shares, totaling 107,336,953 shares, with 80,502,715 shares under lock-up[16] - China Petroleum & Chemical Corporation holds 13.37% of shares, amounting to 39,000,200 shares[16] - The top ten shareholders collectively hold significant stakes, with the largest being Guo Chunxuan and China Petroleum & Chemical Corporation[16] - There were no changes in the number of restricted shares during the reporting period, with a total of 86,751,002 shares under lock-up[19] Government Subsidies and Other Income - The company received government subsidies amounting to ¥5,000,000.00 related to a VOCs deep governance project, contributing to its financial performance[6] - Investment income surged to ¥2,170,931.72, a 437.26% increase compared to a loss of ¥643,692.32 in the same period last year[11] - The company reported a financial income of ¥6,629,863.39, significantly up from ¥1,711,736.82, reflecting a growth of 287.5%[25] Taxation - The company experienced a 39.35% increase in taxes and surcharges, totaling ¥6,048,295.59, due to higher sales volume compared to the previous year[11] - The company reported a tax expense of 31,420,351.70, compared to 26,743,936.11 in the previous period, reflecting an increase of 17%[26] Operating Costs - The total operating costs amounted to ¥635,103,716.31, up from ¥537,764,226.66, reflecting a rise of 18.1%[25] - The inventory level was ¥556,650,313.70, slightly up from ¥550,263,024.40, indicating a marginal increase of 1.4%[22]

证券代码：300910 证券简称：瑞丰新材 公告编号：2025-024 新乡市瑞丰新材料股份有限公司 关于2025年第一季度证券投资与衍生品交易情况的专项说明 本公司及董事会全体成员保证信息披露内容的真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 根据《深圳证券交易所上市公司自律监管指引第2号——创业板上市公司规 范运作》《深圳证券交易所创业板上市公司自律监管指南第1号——业务办理》 等有关规定的要求，公司董事会对公司2025年第一季度证券投资与衍生品交易情 况进行了核查，现将相关情况说明如下： 一、证券投资与衍生品交易审议批准情况 公司于2024年10月22日召开的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《关于开展证券投资及衍生品交易的议案》，同意公司及子公 司在充分保障日常经营性资金需求并有效控制风险的前提下，使用自有资金不超 过人民币5亿元（或等值外币）进行证券投资及衍生品交易，在该额度内可由公 司及子公司在各投资产品间自由分配，共同循环使用，投资取得的收益可以进行 再投资，再投资的金额包含在本次预计投资额度范围内。公司开展证券投资的业 务范围为外部评级较高且公开发行、风险可 ...

证券代码：300910 证券简称：瑞丰新材 公告编号：2025-020 新乡市瑞丰新材料股份有限公司 2024年年度股东大会决议公告 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。 特别提示： 1. 本次股东大会不存在否决议案的情形。 2. 本次股东大会不涉及变更以往股东大会已通过的决议。 一、会议召开和出席情况 2. 网络投票时间：2025年4月18日（星期五） 其中：通过深圳证券交易所交易系统进行网络投票的时间为2025年4月18日 的交易时间，即9:15-9:25，9:30-11:30和13:00-15:00；通过深圳证券交易所互联 网投票系统（http://wltp.cninfo.com.cn）投票的具体时间为：2025年4月18日 9:15-15:00期间的任意时间。 （二）会议召开地点：新乡县大召营镇（新获路北）公司会议室。 （三）会议召开方式：采取现场投票与网络投票相结合的方式。 （四）会议召集人：公司董事会。 （五）会议主持人：公司董事长郭春萱先生。 （一）会议召开时间： 1. 现场会议召开时间：2025年4月18日（星期五）下午14:00 2 ...