{
  "url_hash": "4d1b727fec4e96b6",
  "source_id": "cls",
  "title": "又一个募投项目终止！中旗新材转型高纯石英砂战略“黄了”？",
  "text": "标题:又一个募投项目终止！中旗新材转型高纯石英砂战略“黄了”？\n[sentiment=negative importance=4 event_type=其他 公司=中旗新材 行业=人造石材,高纯石英砂 代码=001212.SZ]\n摘要:中旗新材终止高纯石英砂研发中心募投项目，近一年三次砍掉石英砂项目，涉及超4亿元募集资金转补流，主业亏损，前大股东高位减持套现约3.15亿元。\n正文:财联社6月16日讯（记者 王碧微）\n中旗新材（001212.SZ）IPO时向投资者描绘的高纯石英砂蓝图，正在一步步“缩水”。\n公司6月15日晚间发布公告，董事会审议通过终止首发募投项目“高纯石英砂研发中心及信息化建设项目”。该项目原计划总投资4785.46万元，其中拟使用募集资金4330万元，主要建设内容为高纯石英砂新产品和新工艺研发中心，以及集团管理信息系统等信息化建设。截至公告日，项目累计投入仅202.04万元，投入比例不到5%。公司拟将剩余募集资金4383.29万元永久补充流动资金，该议案尚需提交股东会审议。\n这已经是中旗新材近一年内第三次砍掉石英砂及新材料方向的资本开支。\n2025年8月，公司暂缓了拟投入约2.15亿元的“年产1万吨半导体级、光伏坩埚用高纯砂项目”，该项目至今未投入募集资金开工建设；今年3月，可转债募投项目“罗城硅晶新材料研发开发制造一体化项目（一期）”终止，约1.69亿元转为补流。\n三次调整合计涉及募集资金超过4亿元，其中两个IPO高纯砂募投项目实际投入合计仅202万元。\n中旗新材2021年8月上市，IPO募资净额6.29亿元。\n上市时，公司提出从人造石英石主业向上游高纯石英砂领域延伸，多个募投项目围绕这一方向展开。上市近五年，公司主业持续承压，2025年首次年度亏损，这些被寄予厚望的新方向项目则接连搁浅。公司控制权变更后，前大股东在股价高位大规模减持，创投股东清仓离场。\n高纯石英砂半年才卖了37万元\n中旗新材主营人造石英石板材及台面，产品用于橱柜台面、洗手台等室内装饰场景，2021年上市时被称为“人造石材第一股”。\n近年来受房地产行业低迷及消费结构变化影响，主营业务持续承压，公司由此提出向上游高纯石英砂领域延伸，并在IPO募投项目中为这一战略方向配置了大量资金。\nIPO共规划六个募投项目，与主业扩产直接相关的三个项目基本按计划推进。其中，“高明二厂二期扩建项目”投入约7000万元，2022年10月结项；“研发中心及信息化建设项目”投入约1892万元，已完成；“中旗（湖北）新材料一期建设项目”投入约2.85亿元，已达到可使用状态。\n涉及高纯石英砂和新材料延伸方向的三个项目，均未正常推进。\n“中旗（湖北）新材料二期建设项目”原计划投入1.6亿元，仅投入4万元；“年产1万吨半导体级、光伏坩埚用高纯砂项目”拟投约2.15亿元，去年8月暂缓，零投入零开工；本次终止的“高纯石英砂研发中心及信息化建设项目”拟投4330万元，仅投入202万元。三个项目合计规划投入超过4亿元，实际合计投入约206万元。\n公司财报中的数据则反映出业务的实际进展，2025年半年报显示，高纯石英砂去年上半年收入为37.16万元，占同期营收的0.19%，毛利率为-97.17%；而2025年报中，公司没有再单独提及高纯石英砂的业务收入。\n高纯石英砂是光伏硅片拉晶所用石英坩埚的核心原材料，也用于半导体石英制品的制造，产品对纯度要求极高。中旗新材称已具备生产4N8级（纯度99.998%）产品的能力。\n但这一领域客户验证周期长，从研发到形成规模收入通常需要数年。\n6月8日，中旗新材在深交所互动平台回复投资者时表示，高纯石英砂产品“处于起步阶段，销售规模尚有限”；硅微粉及TFT石英粉产品“销售规模较小，尚未形成规模效益”；硅微粉产品“尚未在印制电路板（PCB）领域应用”。\n从公司的表述来看，IPO时规划的上游延伸业务，目前仍停留在起步阶段。对应的募投项目则在加速退出：加上今年3月终止的“罗城硅晶新材料一期”，公司近三个月已将超过2.1亿元的募集资金从项目建设转为补充流动资金。\n前大股东高位套现 创投股东清仓离场\n近年来，中旗新材经营业绩持续恶化。其中，营收已连续三年下滑：2023年6.90亿元，2024年5.32亿元，2025年进一步降至4.18亿元；2025年归母净利润为-3179万元，上市以来首次年度亏损。\n当年公司计提资产减值准备1975万元，其中存货跌价准备1410万元、应收账款坏账准备411万元、投资性房地产减值准备349万元，减值是全年亏损的主要拖累之一。公司主业人造石英石与房地产装修市场高度绑定，在房地产持续低迷的环境下，营收下滑和存货跌价形成了双重压力。\n2026年一季度出现好转迹象。公司营收8717万元，同比增长7.65%，归母净利润377万元，同比扭亏为盈。但扣非净利润仅92万元，盈利基础仍然薄弱。\n公司在一季报中解释，扭亏主要因为2025年减值已充分计提不再拖累当期、可转债已摘牌不再产生利息费用，以及外销占比提升带动毛利增加。公司在5月18日的业绩说明会上表示将“努力实现全年扭亏为盈”，同时提示“全年经营业绩存在一定不确定性”。\n在公司业绩承压、募投项目收缩的同时，前股东完成了大规模减持。\n2025年3月，中旗新材启动控制权变更，同年6月，前实控人周军的一致行动人海南羽明华签署表决权放弃协议，广东星空科技装备有限公司成为控股股东，贺荣明接任实控人。控制权变更完成后不久，周军及海南羽明华于2026年1月24日披露减持计划，拟在2月24日至5月23日期间减持不超过剔除回购后公司总股本3%的股份。5月20日，减持完成。\n根据公司5月22日公告，周军通过集中竞价减持178.78万股，均价56.91元/股；海南羽明华通过大宗交易减持397.37万股，均价51.00元/股，通过集中竞价减持18.99万股，均价55.32元/股。二者合计减持595.14万股，占总股本2.96%，减持计划顶格完成。海南羽明华减持后不再持有任何股份，彻底退出股东名单；周军持股从12.85%降至11.96%。减持股份均为首次公开发行前持有的老股。\n这轮减持的时间和价格也格外值得关注。\n2025年3月至5月，中旗新材股价从16.79元涨至57.53元，区间涨幅242.68%，远超同期板块1.57%的涨幅。周军和海南羽明华的减持价格区间为49.91元至59.96元，处于这轮上涨的高位区间，以公告披露的均价和数量计算，二者合计套现约3.15亿元。公司IPO发行价为31.67元/股。\n值得注意的是，中旗新材目前并不缺钱。截至一季度末，公司交易性金融资产余额6.19亿元（主要为理财产品），货币资金3.52亿元，合计近9.7亿元，同期没有短期借款。4月，公司提请股东会批准不超过11亿元的闲置资金现金管理额度。\n同样在4月，公司还提请股东会授权董事会筹划不超过3亿元且不超过最近一年末净资产20%的小额快速定增。\n终止募投项目将募资转补流、账上大量资金用于理财、同时筹划新一轮股权融资，三件事在同一阶段发生。2025年度，公司不派发现金红利、不送红股、不以公积金转增股本。\n同期，机构资金也在撤离：2026年一季度，机构合计持股比例较上季度下降2.39个百分点，共有11只公募基金退出前十大流通股东名单。\n截至6月15日收盘，中旗新材报50.09元/股，总市值约101亿元。\n值得一提的是，中旗新材目前仍有一个拟投约2.15亿元的“年产1万吨半导体级、光伏坩埚用高纯砂项目”处于暂缓状态，该项目后续是继续推进还是步其他石英砂项目的后尘被终止，财联社记者将持续关注。",
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}