Group 1 - The core viewpoint of the article is that Youyan New Materials (SH 600206) held its 16th meeting of the 9th Board of Directors on August 29, 2025, to review its 2025 semi-annual report and summary [1] - For the year 2024, the revenue composition of Youyan New Materials is as follows: electronic new materials account for 74.79%, rare earth metal smelting accounts for 23.86%, medical device materials account for 0.87%, and other businesses account for 0.47% [1] - As of the time of reporting, Youyan New Materials has a market capitalization of 19.3 billion yuan [1]

本公司监事会及全体监事保证本公告内容不存在任何虚假记载、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责任。 一、监事会会议召开情况 有研新材料股份有限公司（以下简称"有研新材"或"公司"）第九届监事 会第九次会议通知和材料于 2025 年 8 月 19 日以书面方式发出。会议于 2025 年 8 月 29 日在公司会议室以通讯会议方式召开。会议应到监事 3 名，实到监事 3 名。会议由监事会主席刘慧舟先生主持。公司董事、高级管理人员列席本次会议。 本次会议符合《中华人民共和国公司法》及《有研新材料股份有限公司章程》的 规定，会议合法有效。 证券代码：600206 证券简称：有研新材 编号：2025-050 有研新材料股份有限公司 第九届监事会第九次会议决议公告 监事会认为：公司 2025 年半年度报告的编制和审议程序符合法律、法规、 公司章程和公司内部管理制度的各项规定，报告的内容和格式符合中国证监会和 上海证券交易所的相关规定，所披露的信息真实地反映了公司经营管理和财务状 况。编制 2025 年半年度报告期间，未发现参与报告编制和审议人员有违反内幕 信息管理规定的行为。 表决情 ...

证券代码：600206 证券简称：有研新材 公告编号：2025-049 有研新材料股份有限公司 第九届董事会第十六次会议决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、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责任。 一、董事会会议召开情况 有研新材料股份有限公司（以下简称"有研新材"或"公司"）第九届董事会第 十六次会议通知和材料于 2025 年 8 月 19 日以书面方式发出。会议于 2025 年 8 月 29 日在公司会议室以通讯会议方式召开。会议应到董事 7 名，实到董事 7 名。会议由 公司董事长艾磊先生主持。公司监事、高级管理人员列席本次会议。本次会议符合 《公司法》及《公司章程》的规定，会议合法有效。 二、董事会会议审议情况 1、审议通过《有研新材 2025 年半年度报告及摘要》 有研新材料股份有限公司 2025 年半年度报告及摘要的具体内容详见 2025 年 8 月 30 日的《上海证券报》、《证券日报》和上海证券交易所网站（www.sse.com.cn）。 4、审议通过《关于有研新材任期（2021-2024 年）组织绩效考核指标完成情况 的议 ...

Group 1 - The company, Yuyuan New Materials (600206.SH), reported a revenue of 4.096 billion yuan for the first half of the year, representing a year-on-year decrease of 9.76% [2] - The net profit attributable to shareholders of the listed company was 130 million yuan, showing a significant year-on-year increase of 218.47% [2]

智通财经APP讯，有研新材(600206.SH)发布2025年半年度报告，报告期内，公司实现营业收入40.96亿 元，同比下降9.76%。实现归属于上市公司股东的净利润1.3亿元，同比增长218.47%。实现归属于上市 公司股东的扣除非经常性损益的净利润1.22亿元，同比增长327.61%。基本每股收益0.154元。 ...

[Part I Important Notice](index=2&type=section&id=Part%20I%20Important%20Notice) This section provides the report's declaration, management's guarantee of accuracy, and confirms no semi-annual profit distribution plan [1.1 Report Statement and Profit Distribution Plan](index=2&type=section&id=1.1%20Report%20Statement%20and%20Profit%20Distribution%20Plan) This unaudited semi-annual report summary, guaranteed by management for accuracy, confirms no profit distribution or capital increase plan for the period - This semi-annual report summary is derived from the full semi-annual report; investors should read the full text for a comprehensive understanding of the company's operating results, financial position, and future development plans[3](index=3&type=chunk) - The company's Board of Directors, Supervisory Board, and senior management guarantee the truthfulness, accuracy, and completeness of the report's content and assume legal responsibility[4](index=4&type=chunk) - This semi-annual report is unaudited, and the company has no semi-annual profit distribution plan or capital reserve to share capital increase plan[6](index=6&type=chunk)[7](index=7&type=chunk) [Part II Company Profile](index=2&type=section&id=Part%20II%20Company%20Profile) This section details the company's basic information, key financial data, shareholder structure, and confirms no changes in control [2.1 Company Overview](index=2&type=section&id=2.1%20Company%20Overview) GRIAM Advanced Materials Co., Ltd. (600206) is listed on the Shanghai Stock Exchange, with key contacts for investor relations Company Stock Summary | Stock Type | Listing Exchange | Stock Abbreviation | Stock Code | Former Stock Abbreviation | | :--- | :--- | :--- | :--- | :--- | | A-share | Shanghai Stock Exchange | GRIAM Advanced Materials | 600206 | GRIAM Silicon | Contacts and Contact Information | Contact Person and Information | Board Secretary | Securities Affairs Representative | | :--- | :--- | :--- | | Name | Yang Yang | Yan Huan | | Phone | 010-62369559 | 010-62023601 | | Office Address | 18th Floor, D Block, GRIAM Technology Innovation Center, No. 2 Xinjiekouwai Street, Xicheng District, Beijing | 18th Floor, D Block, GRIAM Technology Innovation Center, No. 2 Xinjiekouwai Street, Xicheng District, Beijing | | Email | stock@griam.cn | yanhuan@griam.cn | [2.2 Key Financial Data](index=2&type=section&id=2.2%20Key%20Financial%20Data) Total assets and net assets grew, while operating revenue declined; however, net profit and total profit saw substantial increases Key Financial Data (Unit: RMB Yuan) | Indicator | End of Reporting Period/Current Period | End of Prior Year/Prior Period | Change (%) / Change | | :--- | :--- | :--- | :--- | | **Balance Sheet** | | | | | Total Assets | 6,794,013,479.93 | 6,503,356,155.69 | 4.47 | | Net Assets Attributable to Shareholders of Listed Company | 3,957,085,223.19 | 3,917,378,324.37 | 1.01 | | **Income Statement** | | | | | Operating Revenue | 4,095,602,630.65 | 4,538,734,120.27 | -9.76 | | Total Profit | 118,937,221.46 | 29,056,327.61 | 309.33 | | Net Profit Attributable to Shareholders of Listed Company | 130,127,397.51 | 40,860,473.12 | 218.47 | | Net Profit Attributable to Shareholders of Listed Company Excluding Non-recurring Gains and Losses | 122,499,739.45 | 28,647,300.70 | 327.61 | | **Cash Flow Statement** | | | | | Net Cash Flow from Operating Activities | -225,058,063.40 | -953,177,100.93 | Not Applicable | | **Other Indicators** | | | | | Weighted Average Return on Net Assets (%) | 3.27 | 1.08 | Increased by 2.19 percentage points | | Basic Earnings Per Share (RMB/share) | 0.154 | 0.048 | 220.83 | | Diluted Earnings Per Share (RMB/share) | 0.154 | 0.048 | 220.83 | [2.3 Top 10 Shareholders' Shareholding](index=3&type=section&id=2.3%20Top%2010%20Shareholders'%20Shareholding) The company has 163,533 shareholders, with China GRIAM Group as the largest, and institutional investors among the top ten - As of the end of the reporting period, the company had a total of **163,533 shareholders**, with no preferred shareholders whose voting rights have been restored[13](index=13&type=chunk) Top 10 Shareholders' Shareholding (Unit: Shares) | Shareholder Name | Shareholder Nature | Shareholding Ratio (%) | Number of Shares Held | Number of Restricted Shares Held | Number of Pledged, Marked, or Frozen Shares | | :--- | :--- | :--- | :--- | :--- | :--- | | China GRIAM Group Co., Ltd. | State-owned Legal Person | 33.09 | 280,098,368 | 0 | None | | Guangdong Yuecai Trust Co., Ltd. - Yuecai Trust · Yuezhong No. 3 Single Fund Trust Plan | Unknown | 1.74 | 14,709,059 | 0 | Unknown | | China Rare Earth Co., Ltd. | State-owned Legal Person | 1.58 | 13,340,000 | 0 | Unknown | | Guotai Junan Securities Co., Ltd. - Guolian An CSI All-Share Semiconductor Products and Equipment ETF | Unknown | 0.74 | 6,278,052 | 0 | Unknown | | Hong Kong Securities Clearing Company Limited | Unknown | 0.69 | 5,808,623 | 0 | Unknown | | China Merchants Bank Co., Ltd. - Southern CSI 1000 ETF | Unknown | 0.65 | 5,476,804 | 0 | Unknown | | Wang Bin | Unknown | 0.39 | 3,296,600 | 0 | Unknown | | China Merchants Bank Co., Ltd. - China Asset Management CSI 1000 ETF | Unknown | 0.38 | 3,224,143 | 0 | Unknown | | China Construction Bank Co., Ltd. - Harvest CSI Rare Earth Industry ETF | Unknown | 0.36 | 3,019,359 | 0 | Unknown | | GF Securities Co., Ltd. - Guotai CSI Semiconductor Materials and Equipment Theme ETF | Unknown | 0.32 | 2,707,500 | 0 | Unknown | - The company's largest shareholder, China GRIAM Group Co., Ltd., has no affiliated relationship with the other unrestricted shareholders listed above. The company is unaware of any affiliated relationships among other unrestricted shareholders or whether they are acting in concert[14](index=14&type=chunk) [2.4 Changes in Preferred Shareholders and Controlling Shareholder](index=4&type=section&id=2.4%20Changes%20in%20Preferred%20Shareholders%20and%20Controlling%20Shareholder) No preferred shareholders, no changes in controlling shareholder or actual controller, and no outstanding bonds during the reporting period - As of the end of the reporting period, the company had no preferred shareholders[15](index=15&type=chunk) - During the reporting period, there were no changes in the company's controlling shareholder or actual controller[15](index=15&type=chunk) - As of the approval date of the semi-annual report, the company had no outstanding bonds[15](index=15&type=chunk) [Part III Significant Events](index=4&type=section&id=Part%20III%20Significant%20Events) This section confirms no significant changes in operating performance or major impactful events during the reporting period [3.1 Major Changes and Impacts on Operating Performance During the Reporting Period](index=4&type=section&id=3.1%20Major%20Changes%20and%20Impacts%20on%20Operating%20Performance%20During%20the%20Reporting%20Period) No significant changes in operating performance or matters with major current or future impact occurred during the reporting period - During the reporting period, there were no significant changes in the company's operating performance[16](index=16&type=chunk) - During the reporting period, no matters with a significant impact or expected future significant impact on the company's operations occurred[16](index=16&type=chunk)

有研新材8月29日披露半年报，公司上半年实现营业收入40.96亿元，同比下降9.76%；归属于上市公司 股东的净利润1.3亿元，同比增长218.47%；基本每股收益0.154元/股。 ...

Core Insights - The A-share military industry stocks have shown strong performance, with notable increases in share prices for several companies [1] Group 1: Stock Performance - Aerospace Hongtu (航天宏图) increased by 17.97%, with a total market capitalization of 10.1 billion and a year-to-date increase of 89.85% [2] - Jiezhong Technology (捷众科技) rose by 15.01%, with a market cap of 2.307 billion and a year-to-date increase of 97.39% [2] - North Long Dragon (北方长龙) saw a 13.83% increase, with a market cap of 16.5 billion and a staggering year-to-date increase of 419.86% [2] - Tianwo Technology (天沃科技) increased by 10.06%, with a market cap of 7.893 billion and a year-to-date increase of 106.52% [2] - Jianghai Co., Ltd. (江海股份) rose by 10.01%, with a market cap of 28.3 billion and a year-to-date increase of 92.12% [2] - Other notable performers include Zhehai De Man (浙海德曼) and Xing Sen Technology (兴森科技), both showing increases of over 7% [1][2]

Core Viewpoint - The rare earth permanent magnet sector experienced a slight increase of 0.10% as of the market close on August 27, ranking fourth among concept sectors, with 26 stocks rising and notable gains from Beikong Technology, Dadi Bear, and Northern Rare Earth [1][2]. Group 1: Market Performance - The rare earth permanent magnet sector saw a total of 26 stocks increase, with Beikong Technology hitting the daily limit, and Dadi Bear and Northern Rare Earth rising by 10.36%, 8.86%, and 7.07% respectively [1]. - The sector faced a net outflow of 0.96 billion yuan from main funds, with 21 stocks receiving net inflows, and six stocks exceeding 0.1 billion yuan in net inflows [2]. - Northern Rare Earth led the net inflow with 3.268 billion yuan, followed by Shenghe Resources, Beikong Technology, and Yuyuan New Materials with net inflows of 0.391 billion yuan, 0.251 billion yuan, and 0.173 billion yuan respectively [2]. Group 2: Fund Flow Ratios - Beikong Technology, Northern Rare Earth, and Yuyuan New Materials had the highest net inflow ratios at 31.97%, 11.76%, and 7.48% respectively [3]. - The trading turnover rates for the top stocks in the rare earth permanent magnet sector were as follows: Northern Rare Earth at 14.71%, Shenghe Resources at 12.91%, and Beikong Technology at 15.27% [3][4]. Group 3: Stock Performance - The top performers in the rare earth permanent magnet sector included Beikong Technology with a 9.99% increase, Northern Rare Earth with an 8.86% increase, and Dadi Bear with a 10.36% increase [3][4]. - Conversely, stocks such as Kolon Co., Rui Chen Environmental Protection, and Jintian Co. experienced declines of 5.65%, 5.63%, and 5.05% respectively [1][5].

Core Viewpoint - The semiconductor sputtering target materials industry, often overlooked, is crucial for the semiconductor supply chain, with significant investment potential as domestic alternatives emerge to replace long-standing foreign monopolies [2][4]. Industry Overview: What are Sputtering Target Materials? - Sputtering target materials are essential for physical vapor deposition (PVD) processes, creating functional thin films on substrates like silicon wafers through magnetron sputtering technology [6][8]. - These materials are critical for manufacturing integrated circuits, specifically in metal interconnect layers, barrier layers, and contact layers, requiring ultra-high purity (typically above 99.9995%) and precise dimensions [8][12]. Classification of Targets - Targets are categorized by material type: metal targets (e.g., copper, aluminum), alloy targets (e.g., copper-manganese), and ceramic targets (e.g., indium tin oxide) [12][10]. - Each type serves specific functions in semiconductor applications, with increasing purity and structural uniformity requirements as technology advances [12][13]. Upstream Supply: High-Purity Metals and Equipment - The upstream supply involves high-purity metal and non-metal raw materials, with significant reliance on imports for high-purity materials [15][16]. - Key domestic producers include Xinjiang Zhonghe for aluminum and Jiangfeng Electronics for tungsten, while global leaders include Hydro for high-purity aluminum and Hitachi Metals for tungsten [16][15]. Midstream Manufacturing: Technically Intensive Core Segment - The midstream segment encompasses the manufacturing of sputtering targets, involving complex processes such as melting, forming, and binding, requiring significant R&D investment [18][17]. - Precision in temperature, time, and atmosphere during melting is crucial for ensuring material uniformity and purity [18]. Downstream Coating: Sputter Coating - The main coating processes include PVD and chemical vapor deposition (CVD), with PVD being the predominant method in semiconductor and display applications [19][21]. - The sputtering coating market is largely dominated by American and Japanese multinational corporations [21]. Terminal Applications: Core Demand from Semiconductor Industry - Downstream applications are primarily in semiconductor chip manufacturing, where sputtering target materials are vital for forming key chip structures [22][23]. - The demand for high-quality sputtering targets is driven by the increasing performance requirements of chips in high-performance computing, AI, and 5G communications [22][23]. Market Situation - The global sputtering target market has grown from 82.1 billion yuan in 2018 to 116.3 billion yuan in 2022, with a compound annual growth rate (CAGR) of 9.1% [47]. - The market is projected to reach 194.5 billion yuan by 2027, with a CAGR of 10.7% during the forecast period [47]. Competitive Landscape - The global sputtering target market is characterized by an oligopoly, with major players like JX Nippon Mining, Honeywell, and Tosoh dominating approximately 80% of the market [60][62]. - Domestic companies such as Jiangfeng Electronics and Yuyuan New Materials are making significant strides in technology and market penetration, particularly in the midstream segment [64]. Future Development Trends - The industry is expected to see increased demand for higher purity and quality sputtering targets as semiconductor processes advance to 3nm and below [68]. - Emerging applications in AI, IoT, and automotive sectors are anticipated to drive further growth in the sputtering target market [69]. Core Investment Logic - Investing in semiconductor sputtering targets is fundamentally about investing in certainty, as demand remains closely tied to capital expenditures in wafer manufacturing [74]. - The industry is protected by high technical barriers, long certification cycles, and strong customer loyalty, making it difficult for new entrants [75]. - The narrative of domestic substitution presents a significant investment opportunity, with domestic leaders poised to capture market share from established foreign players [76].