Lin Tai New Materials (920106) Uses 13.5 Million Yuan of Own Funds to Purchase Financial Products to Improve Efficiency of Own Funds Utilization

On March 12, Jiangsu Lintai New Material Technology Co., Ltd. announced that the company had used 13.5 million yuan of idle funds to purchase financial products. As of now, the company’s remaining balance of idle funds invested in financial products that have not yet matured is 1.49 billion yuan.

Lintai New Material stated in the announcement that the company held the 12th meeting of the second board of directors, the 11th meeting of the second board of supervisors, and other meetings, during which they approved the proposal on using idle funds to purchase bank financial products. The company agreed to use no more than 150 million yuan of idle funds to buy safe, highly liquid bank financial products.

According to Bibu Finance, the company is a specialized and innovative enterprise focused on the research, development, production, and sales of automatic transmission friction plates. Its main products are wet paper-based friction plates and clutch plates for automatic transmissions, used in mainstream automatic transmissions including hydraulic automatic transmissions (AT), continuously variable transmissions (CVT), dual-clutch transmissions (DCT), hybrid transmissions (DHT), and dedicated electric vehicle transmissions (DET). The wet paper-based friction plates and clutch plates are primarily used in hydraulic-driven wet clutches and brakes to transfer torque. They are suitable for various industries such as vehicles, engineering machinery, high-end agricultural machinery, special vehicles, low-altitude aircraft, and ships, with broad market prospects. Currently, the most widely used application is in passenger car automatic transmissions, which are one of the core components of automatic transmissions.

Automatic transmissions are the core components of a vehicle’s powertrain and among the most technologically complex and high-value automotive parts. Their technological level determines the overall vehicle technology, and they have long been a major technical shortcoming and obstacle for China’s independent automotive brands and the development of China’s automotive industry. As key components that enable automatic transmission operation, friction plates are crucial to the development of automatic transmission technology. Therefore, the自主 controllability of automatic transmission friction plates and friction materials is not only a key task for China to become a manufacturing powerhouse but also an important national development plan. China has included automatic transmission friction materials in the “Green Paper on Technological Innovation in Key Fields of China’s Manufacturing Industry—Technology Roadmap (2023)”: “By 2025, the clutch assembly will break foreign monopolies and achieve partial localization of components; by 2030, friction materials will be domestically produced, with 80% of the assembly being domestically made.”

The company is a national high-tech enterprise and a Jiangsu Province specialized and innovative enterprise, with a Jiangsu Province Engineering Technology Research Center. In 2021, it received the Jiangsu Science and Technology Award and the Chinese Composite Materials Society Science and Technology Award. The company has mastered the core technology for manufacturing wet paper-based friction plates. Its自主研发的湿式纸基摩擦片产品打破了国外公司在乘用车自动变速器摩擦片领域的垄断，在国内整车厂和变速器厂商中实现了对外资品牌部件的替代和国内原创技术的产业化，是国内唯一为乘用车批量配套提供湿式纸基摩擦片的国产品牌企业。公司核心产品湿式纸基摩擦片提前完成了国家战略规划（《中国制造业重点领域技术创新绿皮书–技术路线图(2023)》）提出的摩擦材料战略任务，促进了我国国产自动变速器行业的发展，提升了自主品牌汽车的整体竞争力。

凭借公司优异的产品性能和客户服务，在汽车核心零部件自主可控的大趋势下，公司已与多家国内主要的自动变速器厂商或整车厂建立了稳固的供货关系，包括比亚迪、吉利汽车、万里扬、东安汽车、上汽变速器、南京邦奇、盛瑞传动、蓝黛变速器、蜂巢传动、奇瑞汽车等。公司也已进入全球知名的汽车零部件供应商麦格纳的供应链体系，并获得了自动变速器摩擦片的量产批准。公司自动变速器摩擦片产品已得到市场和主要自主品牌变速器厂商及整车厂的认可。经过多年的发展，公司已初步成长为具有较强市场竞争力的汽车关键核心零部件制造商，并致力于成为全球领先的自动变速器摩擦片供应商。

公司的主要产品为自动变速器摩擦片，具体细分为自动变速器湿式纸基摩擦片和对偶片。公司也根据下游自动变速器厂商的需求，提供离合器总成产品。目前，只有美国、日本等少数国家具备独立生产乘用车自动变速器湿式纸基摩擦片的能力，且在技术上受到封锁。在国内，该行业起步较晚，关注度较低，国外企业长期垄断市场。公司是目前国内唯一能在该领域与国外大型企业抗衡的国产品牌。通过自主研发创新，公司掌握了湿式纸基摩擦片的核心技术。公司自动变速器摩擦片的核心技术指标和使用寿命与国外企业相比没有实质差异，且同等产品的性价比更高，具有明显的竞争优势。

在业绩方面，2023年前三季度，公司实现营业收入3.26亿元，同比增长68.92%；归属于上市公司股东的净利润为1.07亿元，同比增长131.19%。