Core Insights - Graphene composite fibers, made from graphene or its derivatives combined with various materials, are emerging as a promising new material due to their superior properties such as electrical conductivity, thermal conductivity, and high strength compared to traditional fibers [1][3] - The Chinese graphene industry is rapidly expanding, with production capacity expected to reach 5,200 tons in 2024 and 6,000 tons in 2025, while the market size is projected to grow from 13,284 million yuan in 2024 to 18,265 million yuan in 2025 [1][4] Industry Definition and Characteristics - Graphene composite fibers exhibit significant advantages over conventional fibers in mechanical strength, thermal and electrical conductivity, flame resistance, antibacterial properties, infrared emission, UV protection, and corrosion resistance [3] - The performance of graphene composite fibers is influenced by the type of graphene used, the method of polymer composite, the amount of graphene added, and the spinning and post-processing techniques [3] Industry Classification - Graphene composite fibers can be categorized into three main types: graphene/inorganic metal composite fibers, graphene/inorganic non-metal composite fibers, and graphene/polymer composite fibers, with the latter further divided into graphene/organic small molecule composite fibers and graphene/polymer composite fibers [3] Industry Development History - The global graphene composite fiber market is in its early development stage, with leading companies in the U.S., South Korea, and Japan dominating technology research and industrialization, posing significant competition for domestic companies in China [3] Supply and Demand Scale - In 2024, China's graphene composite fiber production capacity is expected to be 5,200 tons, with an industry output of 98.5 tons and a low capacity utilization rate of less than 2%. By 2025, production is projected to increase to 140.8 tons [4] - The demand for graphene composite fibers in China is anticipated to reach 98.4 tons in 2024 and 140.5 tons in 2025, with market sizes of 13,284 million yuan and 18,265 million yuan, respectively [4] Market Segmentation - The demand for graphene composite fibers is primarily concentrated in the textile and apparel sector, which is expected to account for 83.8% of the total market in 2024, with a projected demand of 11,132 million yuan [5] - Other industrial applications, including supercapacitors and electromagnetic shielding, are expected to represent 16.2% of the market, with a demand of 2,152 million yuan in 2024 [5] Competitive Landscape - The domestic graphene composite fiber industry is becoming increasingly competitive, with key players including Nantong Qiangsheng Graphene Technology, Hangzhou Gaoxin Technology, and others. Nantong Qiangsheng is the largest producer with a capacity of 5,000 tons [5] Market Trends - As the application fields of graphene composite fibers expand beyond traditional textiles into emerging sectors, consumer awareness and acceptance of fibers with antibacterial, conductive, and high-strength properties are expected to drive market growth [5]

Core Viewpoint - The announcement of export controls on lithium batteries and artificial graphite anode materials by the Ministry of Commerce and the General Administration of Customs has led to a significant increase in the stock price of China Graphite, reflecting market optimism about the company's position in the industry [1] Industry Summary - On October 9, the Chinese government announced export controls on lithium batteries and related materials, effective from November 8, 2025, targeting rechargeable lithium-ion batteries with an energy density of 300Wh/kg or greater, as well as equipment for manufacturing these batteries [1] - China is the world's largest producer (80% of global output), processor (75% of anode material production), and consumer of graphite, indicating a strong position in the global supply chain with a complete industry chain from mining to application [1] Company Summary - China Graphite (02237) specializes in the sale of flake graphite concentrate and spherical graphite, focusing on processing raw graphite into these products [1] - The company's stock rose over 15% in early trading, reflecting positive market sentiment following the government's announcement [1]

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年9月30日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 中国石墨集团有限公司 呈交日期: 2025年10月3日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 02237 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 2,000,000,000 | HKD | | 0.001 | HKD | | 2,000,000 | | 增加 / 減少 (-) | | | | | | | HKD | | | | 本月底結存 | | | 2,000,000,000 | HKD | | 0.001 | HKD | | 2,000,000 | 本月底法定/註冊股 ...

Core Viewpoint - Graphene composite fibers are emerging as a potential growth area in the new materials sector due to their superior properties such as electrical conductivity, thermal conductivity, and high strength, combined with the flexibility and processability of traditional fibers. The demand for these materials is expected to continue expanding, supported by national policies and significant investment in research and development [1][4]. Industry Overview - Graphene composite fibers are defined as fiber materials made by combining graphene or its derivatives with one or more materials. They exhibit significant advantages over conventional fibers in mechanical strength, thermal and electrical conductivity, flame resistance, antibacterial properties, far-infrared emission, UV resistance, and corrosion resistance [2][3]. - The production methods for graphene composite fibers can be categorized into three main types: surface treatment, in-situ polymerization, and physical blending, each with its own advantages and disadvantages [2][3]. Market Size and Growth - In 2024, China's graphene composite fiber production capacity is projected to reach 5,200 tons, with an industry output of 98.5 tons and a demand of 98.4 tons, resulting in a market size of 13,284 million yuan. The capacity utilization rate is currently low, at less than 2%. By 2025, production capacity is expected to increase to 6,000 tons, with output and demand reaching 140.8 tons and 140.5 tons, respectively, leading to a market size of 18,265 million yuan [5][6]. - The global graphene composite fiber market was valued at 61.96 million USD in 2023, expected to decrease to 52.88 million USD in 2024, and projected to grow to approximately 6.933 billion USD by 2025. Asia dominates the market, accounting for 58.79% of the global market share in 2024 [4][5]. Application Areas - The demand for graphene composite fibers is primarily concentrated in the textile and apparel sector, which is expected to account for 83.8% of the total domestic market size in 2024, with a demand scale of 11,132 million yuan. Other industrial applications, including supercapacitors and electromagnetic shielding, are projected to account for 16.2% of the market [7][8]. - In the textile and apparel sector, the unique properties of graphene composite fibers will be increasingly utilized, leading to a wider variety of products, including sportswear, underwear, and outdoor clothing. Companies are expected to enhance R&D efforts to improve product comfort and durability [15][16]. Competitive Landscape - The graphene composite fiber industry in China has a well-established industrial chain, from raw material supply to production and application. Major companies include Nantong Qiangsheng Graphene Technology Co., Ltd., Hangzhou Gaoxing Technology Co., Ltd., and others, with Nantong Qiangsheng being the largest producer with a capacity of 5,000 tons [12][13]. - As technology advances and market competition intensifies, companies are expected to focus on product quality and brand development, leading to a proliferation of high-quality graphene composite fiber products [12][14]. Future Trends - The market for graphene composite fibers is anticipated to grow significantly, with projections indicating that by 2031, the market size in China could reach 237,936 million yuan. The textile and apparel sector is expected to dominate, with a projected size of 198,438.6 million yuan, while other industrial applications could reach 39,497.4 million yuan [16].

Core Viewpoint - The demand for graphite thermal paper in China has been continuously growing due to the explosive growth of e-commerce and logistics, the upgrade in demand for high-precision thermal paper in sectors like healthcare and finance, and the shift towards environmentally friendly products driven by regulatory policies [1][10]. Industry Overview - Graphite thermal paper is a specialized type of thermal paper made from graphite powder and thermal materials, which exhibits specific color changes when heated. It is widely used in labels, receipts, medical applications, logistics, and electronic communications [4][5]. - The production of graphite thermal paper involves a supply chain that includes raw materials such as graphite, thermal resins, color developers, and base paper, which are processed into high-quality products through advanced manufacturing techniques [5][6]. Market Demand and Growth - The production volume of graphite thermal paper in China is projected to reach 172,000 tons in 2024, representing a year-on-year increase of 10.6% [1][11]. - The rapid growth of the logistics sector, particularly in e-commerce, has significantly increased the demand for thermal paper labels, with the express delivery volume expected to reach 95.64 billion pieces in the first half of 2025, a year-on-year growth of 19.3% [9][10]. Competitive Landscape - The Chinese graphite thermal paper industry features numerous participants, including large international companies and many regional small and medium-sized enterprises. Major companies include Guangdong Crown High-tech Co., Ltd., Shandong Chenming Paper Group Co., Ltd., and Xianhe Co., Ltd. [12][13]. - Guangdong Crown High-tech Co., Ltd. reported a revenue of 1.905 billion yuan from thermal paper and sublimation paper in 2024, reflecting a year-on-year increase of 12.18% [13]. Development Trends - Technological innovation is expected to drive product upgrades, with the application of nanotechnology enhancing the heat resistance, stability, and durability of graphite thermal paper [14]. - Environmental regulations are prompting companies to adopt greener production methods, which may lead to the elimination of non-compliant firms and an overall improvement in the industry's environmental standards [15]. - The demand for graphite thermal paper is diversifying, with stable growth anticipated in the financial sector and increasing needs in logistics, healthcare, and retail, driven by advancements in smart manufacturing and Industry 4.0 [16].

（於開曼群島註冊成立的有限公司） 股份代號 INTERIM REPORT 2025 中期報告 CHINA GRAPHITE GROUP LIMITED 中国石墨集团有限公司 INTERIM REPORT 2025 中期報告 中国石墨集团有限公司 2025年中期報告 目 錄 | 公司資料 | 2 | | --- | --- | | 釋義 | 3 | | 二零二五年中期業績主席報告 | 7 | | 管理層討論及分析 | 12 | | 中期簡明綜合全面收益表 | 30 | | 中期簡明綜合財務狀況表 | 31 | | 中期簡明綜合權益變動表 | 33 | | 中期簡明綜合現金流量表 | 34 | | 中期簡明綜合財務資料附註 | 35 | 中国石墨集团有限公司 2025年中期報告 公司資料 執行董事 趙亮先生 （主席兼行政總裁） 李偉海先生 獨立非執行董事 申士富先生 劉澤政先生 趙婧冉女士 何凱棟先生 審核委員會 何凱棟先生 （主席） 申士富先生 劉澤政先生 趙婧冉女士 提名委員會 趙亮先生 （主席） 申士富先生 劉澤政先生 趙婧冉女士 薪酬委員會 劉澤政先生 （主席） 趙亮先生 申士富先生 趙婧冉女士 合規委員 ...

中国石墨集团有限公司 (incorporated in the Cayman Islands with limited liability) China Graphite Group Limited （於開曼群島註冊成立的有限公司） (Stock Code 股份代號：2237) NOTIFICATION LETTER 通知信函 12 September 2025 Dear Registered Shareholders, China Graphite Group Limited (the "Company") — Notice of publication of Interim Report (the "Current Corporate Communication") on website The English and Chinese versions of the Current Corporate Communication are now available on the Company's website at http://www.chinagraphite.com.hk and the web ...

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年8月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 中国石墨集团有限公司 呈交日期: 2025年9月3日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 02237 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 2,000,000,000 | HKD | | 0.001 | HKD | | 2,000,000 | | 增加 / 減少 (-) | | | | | | | HKD | | | | 本月底結存 | | | 2,000,000,000 | HKD | | 0.001 | HKD | | 2,000,000 | 本月底法定/註冊股本 ...

Core Viewpoint - China Graphite (02237.HK) reported a total revenue of approximately RMB 39.8 million for the first half of 2025, reflecting a year-on-year increase of 9.3% [1] Revenue Breakdown - Revenue from the sale of spherical graphite and by-products was approximately RMB 4.8 million, showing a year-on-year decline of 52.9% [1] - Revenue from the sale of flake graphite concentrate reached approximately RMB 30.3 million, marking a year-on-year increase of 20.7% [1] - Sales of unprocessed marble contributed approximately RMB 4.6 million to the total revenue for the first half of 2025 [1] Profitability Metrics - The group achieved a gross profit of approximately RMB 6 million, representing a year-on-year increase of 106.9% [1] - The gross margin stood at 15.0%, which is an increase of 7.0 percentage points year-on-year [1] - The company recorded a net loss of approximately RMB 11.9 million, an improvement compared to a net loss of approximately RMB 16.2 million in the same period last year [1]

Core Insights - China Graphite (02237) reported a mid-year performance for 2025, with revenue of 39.795 million RMB, representing a year-on-year increase of 9.22% [1] - The company recorded a loss attributable to shareholders of 11.89 million RMB, which is a reduction of 26.69% compared to the previous year [1] - Basic loss per share was reported at 0.74 cents [1]