Investment Rating - The report maintains a positive outlook on the mid-term market performance of the Beijing Stock Exchange, indicating a "structural opportunity" in the market [3][4]. Core Insights - The market showed resilience with a trading volume of 37.96 billion yuan on September 4, 2025, an increase of 5.94 billion yuan from the previous trading day. The North Exchange 50 Index closed at 1538.98, down 0.80%, with a PE_TTM of 75.35 times [1][7]. - Among the 274 companies listed on the North Exchange, 191 saw an increase in stock prices, while 82 experienced declines. The top five gainers included Hongyu Packaging, Tianhong Lithium, Lijia Technology, Runpu Food, and Hongzhi Technology, each rising by 30% or more [1][16]. - The report highlights the strong performance of specialized and innovative companies in the new energy materials sector, as well as the resilience of consumer service companies [3]. Summary by Sections Market Review - On September 4, 2025, the North Exchange A-share trading volume reached 37.96 billion yuan, up 5.94 billion yuan from the previous day. The North Exchange 50 Index closed at 1538.98, down 0.80%, with a PE_TTM of 75.35 times. The specialized and innovative index closed at 2666.79, down 1.16% [1][7]. Important News - The Ministry of Industry and Information Technology and the State Administration for Market Regulation announced an action plan to boost the electronic information manufacturing industry, aiming for a revenue growth rate exceeding 5% by 2026 and a server industry scale exceeding 400 billion yuan [2][19]. - The State Council aims for the sports industry to exceed 7 trillion yuan by 2030, fostering world-class sports enterprises and events [2][20]. Key Company Announcements - Haomiao Technology announced the acquisition of a patent for a high-flow multifunctional smoke exhaust device, enhancing its competitive edge [2][21]. - Biyang Technology announced the lifting of restrictions on 45,000 shares, accounting for 0.0261% of its total share capital [2][22]. - Boshun Biological reported using 16 million yuan of idle funds to purchase structured deposit products with an expected annual yield of 1.64% [2][23].

国联民生证券承销保荐有限公司 关于无锡海达尔精密滑轨股份有限公司 2025 年半年度持续督导跟踪报告 根据《证券发行上市保荐业务管理办法》《北京证券交易所股票上市规则》 等有关法律法规、规范性文件等的规定,国联民生证券承销保荐有限公司(以下 简称"保荐机构""国联民生保荐") 作为无锡海达尔精密滑轨股份有限公司（以 下简称"海达尔"或"公司"）的保荐机构,负责无锡海达尔精密滑轨股份有限 公司的持续督导工作,并出具 2025 年半年度持续督导跟踪报告。 一、持续督导工作概述 (一) 审阅公司信息披露文件情况 保荐机构对海达尔报告期内的信息披露文件及时进行了审阅,公司向交易所 提交的信息披露文件不存在虚假记载、误导性陈述或重大遗漏。 (二) 督导公司建立健全并有效执行规则制度情况 保荐机构已督导海达尔建立健全规章制度(包括但不限于重大信息内部报告 制度、募集资金管理制度、舆情管理制度、关联交易管理制度）。报告期内,公 司相关规章制度有效执行。 (三) 募集资金使用监督情况 保荐机构每月一次对海达尔募集资金专户进行查询,核查公司募集资金是否 存在违规使用情况。2025年半年度,海达尔募集资金项目进展与信息披露文件 ...

证券代码：836699 证券简称：海达尔 公告编号：2025-093 无锡海达尔精密滑轨股份有限公司 投资者关系活动记录表 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、 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个别及连 带法律责任。 一、 投资者关系活动类别 √特定对象调研 □业绩说明会 □媒体采访 □现场参观 □新闻发布会 □分析师会议 □路演活动 □其他 （投资者线上交流会） 二、 投资者关系活动情况 活动时间：2025 年 9 月 3 日 活动地点：上海浦东丽晶酒店 参会单位及人员：上海合远私募基金管理有限公司、上海岙夏投资管理有限 公司、乾惕投资、国海证券股份有限公司、浦银安盛、中泰证券股份有限公司、 兴业证券股份有限公司、国元证券股份有限公司、首创证券股份有限公司、国投 证券、上海滦海投资管理有限公司、华鑫证券有限责任公司、悦溪投资、红塔证 券股份有限公司、江海证券、利幄基金。（排名不分先后） 上市公司接待人员：董事会秘书朱丽娜女士 三、 投资者关系活动主要内容 问题 1：公司的产品主要应用场景有哪些？ 回答：现阶段，公司滑轨产品的应用场景已覆盖家电、服 ...

证券代码：836699 证券简称：海达尔 公告编号：2025-092 无锡海达尔精密滑轨股份有限公司 投资者关系活动记录表 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、 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个别及连 带法律责任。 一、 投资者关系活动类别 √特定对象调研 □业绩说明会 □媒体采访 □现场参观 □新闻发布会 □分析师会议 □路演活动 √其他 （投资者线上交流会） 二、 投资者关系活动情况 活动时间：2025 年 8 月 27 日至 2025 年 8 月 28 日 活动地点：线上会议 参会单位及人员：国泰海通证券投资部、西部证券股份有限公司、民生证券 股份有限公司、联储证券股份有限公司、平安证券股份有限公司、开源证券股份 有限公司、第一创业证券股份有限公司、渤海证券股份有限公司、浙商证券股份 有限公司、北信瑞丰基金管理有限公司、九泰基金管理有限公司、光大保德信基 金管理有限公司、中天汇富基金管理有限公司、朝景投资管理有限公司、泰石投 资管理有限公司、尚诚资产管理有限责任公司、国晖投资有限公司、冰剑投资管 理有限公司、胤胜资产管理有限公司、颐歌资产管 ...

Investment Rating - The investment rating for the company is "Outperform" (maintained) [3] Core Views - The company is focusing on the rapidly growing liquid cooling server market and has introduced new high-value server rail products, which are expected to drive growth [5][6] - The company's revenue for the first half of 2025 was 182 million yuan, a decrease of 0.75% year-on-year, while the net profit attributable to the parent company was 33.05 million yuan, an increase of 3.79% year-on-year [5] - The company maintains its profit forecast for 2025-2027, expecting net profits of 94 million, 108 million, and 124 million yuan respectively, with corresponding EPS of 2.05, 2.36, and 2.71 yuan per share [5] Financial Summary - The total market value of the company is 2.58 billion yuan, with a circulating market value of 1.18 billion yuan [3] - The company's gross profit margin for the first half of 2025 was 28.64%, an increase of 2.05 percentage points year-on-year [5] - The company is projected to achieve a compound annual growth rate (CAGR) of 46.8% in the liquid cooling server market from 2024 to 2029, with the market size expected to reach 16.2 billion USD by 2029 [6] Product Development and Market Position - The company is actively developing new products in the liquid cooling and heavy-duty server rail segments, with five main types of rail products currently available [6] - The automated production base and R&D center are expected to be completed by April 2026, enhancing the company's production capabilities [7] - The company has received three patent authorizations in the first half of 2025, indicating a commitment to innovation [7]

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [5] Core Views - The company is actively expanding its customer base for server slide rails, and the initiation of fundraising projects is expected to secure future production capacity [5] - The company has shown resilience in its main business of slide rail revenue, with a year-on-year growth of 1.3% and an increase in gross margin to 28.6% [8] - The company is diversifying its product development in server slide rails, home appliance hinges, and automotive products, with a focus on collaborative research and development [8] Financial Summary - Revenue projections for 2023 to 2027 are as follows: - 2023: 289 million RMB - 2024: 417 million RMB (growth of 44.09%) - 2025E: 467 million RMB (growth of 11.89%) - 2026E: 546 million RMB (growth of 16.96%) - 2027E: 639 million RMB (growth of 17.15%) [7] - Net profit projections for the same period are: - 2023: 39 million RMB - 2024: 81 million RMB (growth of 107.34%) - 2025E: 92 million RMB (growth of 12.56%) - 2026E: 108 million RMB (growth of 18.07%) - 2027E: 127 million RMB (growth of 17.21%) [7] - Earnings per share (EPS) are projected to increase from 0.86 RMB in 2023 to 2.78 RMB in 2027 [7] Market Performance - The company's closing price is 57.32 RMB, with a total market capitalization of 2,615.24 million RMB and a circulating market value of 1,196.57 million RMB [3]

Core Viewpoint - Despite a complex external environment, the company achieved a revenue of 182 million yuan and a net profit of 33.06 million yuan in the first half of 2025, reflecting strong profitability and operational efficiency [1] Financial Performance - The company reported a revenue of 182 million yuan and a net profit of 33.06 million yuan, with a year-on-year growth of 3.79% in net profit and a 20.19% increase in non-recurring net profit [1] - Gross margin improved from 26.59% to 28.64%, an increase of 2.05 percentage points, due to product structure optimization and cost control [2] - The cash flow from operating activities was 33.58 million yuan, maintaining a healthy level, while monetary funds increased by 103.72% compared to the beginning of the period [2] - The asset-liability ratio decreased from 42.24% to 37.49%, indicating an improved financial structure [2] R&D and Market Expansion - The company added 3 new patent authorizations, bringing the total to 122, including 60 invention patents, which strengthens its technological barriers [3] - A 5-year technical service contract was signed with Jiangnan University to enhance the performance of sliding rail products and expand into new categories [3] - The server sliding rail products have entered the supply chains of several leading domestic manufacturers, while the traditional home appliance sliding rail market remains stable [3] - Revenue from overseas markets declined by 16.49%, but gross margin increased by 7.83 percentage points to 38.45%, indicating the competitiveness of high-value-added products [3] Capacity and Production Efficiency - The company is advancing the construction of an "automated production base and R&D center," expected to be completed by April 2026, with an investment of 28.34 million yuan during the reporting period [4] - The amount of construction in progress increased by 62,749.63% compared to the beginning of the period, reflecting a significant increase in capital investment [4] - The company received recognition as a "Green Factory in Jiangsu Province" and obtained ISO14001 environmental management system certification, emphasizing its commitment to low-carbon production and energy efficiency [4] - The workforce expanded to 233 employees, with an emphasis on talent and sustainable development [4] - Management indicated that the second half of the year will focus on the "precision sliding rail + diversified extension" strategy, enhancing cooperation with universities and accelerating the implementation of fundraising projects [4]

2025 年半年度募集资金存放、管理与实际使用情况的 专项报告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、 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个别及连 带法律责任。 一、募集资金基本情况 证券代码：836699 证券简称：海达尔 公告编号：2025-088 无锡海达尔精密滑轨股份有限公司 （一）募集资金金额及资金到位情况 公司于 2023 年 4 月 14 日收到中国证监会下发的《关于同意无锡海达尔精密 滑轨股份有限公司向不特定合格投资者公开发行股票注册的批复》（证监许可 [2023]787 号），公司股票于 2023 年 5 月 9 日在北京证券交易所上市，向不特定 合格投资者公开发行 11,000,000 股，价格为 10.25 元/股，募集资金总额为人民 币 112,750,000.00 元，扣除各项发行费用人民币 18,170,849.06 元，实际募集 资金净额为人民币 94,579,150.94 元；2023 年 6 月，公司行使超额配售选择权， 新增发行股票数量 1,625,300 股，募集资金总额为人民币 16,659,325.00 元,扣 ...

证券代码：836699 证券简称：海达尔 公告编号：2025-089 无锡海达尔精密滑轨股份有限公司 2025 年第一次临时股东会决议公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、 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个别及连 带法律责任。 一、会议召开和出席情况 （一）会议召开情况 1.会议召开时间：2025 年 8 月 25 日 2.会议召开地点：公司会议室 6.召开情况合法合规的说明： 3.会议召开方式：本次会议采用现场投票和网络投票相结合的方式召开 4.会议召集人：董事会 5.会议主持人：董事长朱光达先生 本次会议符合《公司法》、《公司章程》及有关法律法规的规定。 （二）会议出席情况 出席和授权出席本次股东会的股东共 3 人，持有表决权的股份总数 33,000,000 股，占公司有表决权股份总数的 72.3283%。 其中通过网络投票参与本次股东会的股东共 0 人，持有表决权的股份总数 0 股，占公司有表决权股份总数的 0.0000%。 （三）公司董事、监事、高级管理人员出席或列席股东会情况 1.公司在任董事 5 人，出席 5 人； 2.公司在任监 ...

国浩律师（上海）事务所 关 于 无锡海达尔精密滑轨股份有限公司 2025 年第一次临时股东会 之 法律意见书 上海市静安区山西北路 99 号苏河湾中心 25-28 楼 邮编：200085 25-28th Floor, Suhe Centre, No.99 West Shanxi Road, Shanghai 200085, China 电话/Tel:+86 21 5234 1668 传真/Fax:+86 21 5243 3320 网址/Website: http://www.grandall.com.cn 2025 年 8 月 国浩律师（上海）事务所 法律意见书 国浩律师（上海）事务所 关于无锡海达尔精密滑轨股份有限公司 2025 年第一次临时股东会之法律意见书 致：无锡海达尔精密滑轨股份有限公司 无锡海达尔精密滑轨股份有限公司（以下简称"公司"）2025 年第一次临时 股东会（以下简称"本次股东会"）于 2025 年 8 月 25 日召开。国浩律师（上海） 事务所（以下简称"本所"）经公司聘请，委派律师对本次股东会进行见证，并 根据《中华人民共和国公司法》《中华人民共和国证券法》（以下简称"《证券 法》"） ...