截至 2025 年 8 月 28 日收市后，距离 2025 年 9 月 2 日（"东材转债"最后 交易日）仅剩 3 个交易日，2025 年 9 月 2 日为"东材转债"最后一个交易日。 最后转股日：2025 年 9 月 5 日 | 证券代码：601208 | 证券简称：东材科技 | 公告编号：2025-081 | | --- | --- | --- | | 转债代码：113064 | 转债简称：东材转债 | | 四川东材科技集团股份有限公司 关于实施"东材转债"赎回暨摘牌的第十次提示性公告 本公司及董事会全体成员保证公告内容不存在虚假记载、误导性陈述或者 重大遗漏，并对其内容的真实、准确和完整承担个别及连带责任。 截至 2025 年 8 月 28 日收市后，距离 2025 年 9 月 5 日（"东材转债"最后 转股日）仅剩 6 个交易日，2025 年 9 月 5 日为"东材转债"最后一个转股日。 本次提前赎回完成后，东材转债将自 2025 年 9 月 8 日起在上海证券交 易所摘牌。 投资者所持可转债除在规定时限内通过二级市场继续交易或按照 11.53 元的转股价格进行转股外，仅能选择以 100 元/张的票面 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [10]. Core Views - The company reported a revenue of 2.43 billion yuan for the first half of 2025, representing a year-on-year increase of 14.6%. The net profit attributable to shareholders was 190 million yuan, up 19.1% year-on-year, and the net profit after deducting non-recurring gains and losses was 160 million yuan, reflecting a significant increase of 45.3% year-on-year [2][7]. - In Q2 2025, the company achieved a revenue of 1.3 billion yuan, which is a 7.9% increase year-on-year and a 14.3% increase quarter-on-quarter. The net profit attributable to shareholders was 100 million yuan, down 9.8% year-on-year but up 7.1% quarter-on-quarter [2][7]. Company Overview - The company focuses on new insulation materials and is developing a range of products including optical films, electronic materials, and environmentally friendly flame-retardant materials. These products are widely used in various sectors such as power generation, smart grids, new energy vehicles, and consumer electronics [12]. - The company has seen a reduction in losses in its photovoltaic PET and specialty epoxy resin businesses, while high-end optical films and high-frequency, high-speed resins have experienced rapid growth [12]. - The company is actively optimizing its product and order structure to enhance market share in emerging applications such as new generation servers and new energy vehicles [12]. Financial Performance - The company expects net profits attributable to shareholders to be 470 million yuan, 1.18 billion yuan, and 1.63 billion yuan for the years 2025, 2026, and 2027, respectively [12]. - The company has established stable supply relationships with major domestic manufacturers for its electrical insulation materials and composite materials for new energy drive motors [12]. - The company is expanding its market applications for electronic materials in artificial intelligence and low-orbit satellite communications [12].

Market Performance - The plastic sector increased by 1.55% compared to the previous trading day, with Shangwei New Materials leading the gains [1] - The Shanghai Composite Index closed at 3843.6, up 1.14%, while the Shenzhen Component Index closed at 12571.37, up 2.25% [1] Top Gainers in Plastic Sector - Shangwei New Materials (688585) closed at 87.61, up 10.79% with a trading volume of 206,700 shares and a transaction value of 1.732 billion [1] - Dongcai Technology (601208) closed at 19.40, up 9.98% with a trading volume of 1,260,700 shares and a transaction value of 2.374 billion [1] - Wankai New Materials (301216) closed at 17.32, up 5.61% with a trading volume of 261,900 shares and a transaction value of 444 million [1] Market Capital Flow - The plastic sector experienced a net outflow of 685 million from institutional investors, while retail investors saw a net inflow of 563 million [2] - The overall market showed a mixed trend with significant movements in individual stocks, indicating varied investor sentiment [2] Individual Stock Capital Flow - Dongcai Technology had a net inflow of 306 million from institutional investors, but a net outflow of 15.4 million from retail investors [3] - Shangwei New Materials saw a net inflow of 46.74 million from institutional investors, with retail investors experiencing a net outflow of 31.81 million [3] - Anli Co. (300218) had a net inflow of 11.4 million from institutional investors, while retail investors faced a net outflow of 81.15 million [3]

证券研究报告 东材科技 (601208 CH) H1 净利同比增加，电子材料放量顺利 | 华泰研究 | | | 中报点评 | 投资评级(维持): | 买入 | | --- | --- | --- | --- | --- | --- | | 2025 年 | 8 月 | 28 日│中国内地 | 化学制品 | 目标价(人民币): | 21.60 | 东材科技公布上半年业绩：2025 年 H1 实现营收 24.3 亿元（yoy+15%）， 归母净利 1.9 亿元（yoy+19%），扣非净利 1.6 亿元（yoy+45%）。其中 Q2 实现营收 13.0 亿元（yoy+8%，qoq+14%），归母净利 9845 万元 （yoy-10%，qoq+7%）。公司上半年归母净利符合我们业绩前瞻预期（1.9 亿元）。考虑到下游人工智能等领域发展，维持"买入"评级。 电子材料量价同比增长，聚丙烯薄膜等新能源材料放量顺利 电子材料方面，公司向多家全球知名覆铜板制造商供货，25H1 销量 yoy+18% 至 3.4 万吨，高附加值产品的销售占比提升，板块均价 yoy+9%至 2.0 万元/ 吨，板块营收 yoy+29%至 6.9 亿 ...

收量 | 指数 涨跌（％） | | --- | | 名称 | | ┣证指数 3800 -1.76 5.75 0.91 | | 深证综指 2394 -1.91 8.79 1.33 | | 风格指数 == (%) | 昨日 近１个月 近６个月 | | | --- | --- | --- | | 大盘指数 -1.49 | 6.7 | 11.1 | | 中盘指数 -1.49 | 9.23 | 11.99 | | 小盘指数 -1.59 | 9.17 - | 13.04 | | 涨幅居前 行业(%) | | 昨日 近１个月 近６个月 | | | --- | --- | --- | --- | | 通信设备 | 2.63 | 42.49 | 69.44 | | 小会属II | 1.78 | 14.22 | 64 | | 真他电源设 | 0.91 | 20.56 | 23.34 | | 金属新材料 | 0.68 | 16.89 | 36.78 | | 互联网电商 | 0.35 | 7.45 | 13.56 | | 跌幅居前 行业(%) | 昨日 | 近１个月 近６个月 | | | 化妆品 | -4.73 | 3.55 | 1 ...

基础化工/塑料 东材科技（601208.SH） 2025 年 08 月 28 日 Q2 业绩环比增长，聚丙烯薄膜、光学膜材料、高速 电子树脂有序放量 投资评级：买入（维持） 数据来源：聚源 -80% 0% 80% 160% 240% 2024-08 2024-12 2025-04 东材科技 沪深300 相关研究报告 《2024 年业绩承压，2025Q1 业绩改 善，看好高附加值产品放量—公司信 息更新报告》-2025.4.25 金益腾（分析师） 徐正凤（分析师） jinyiteng@kysec.cn 证书编号：S0790520020002 xuzhengfeng@kysec.cn 证书编号：S0790524070005 Q2 业绩环比改善、符合预期，聚丙烯薄膜、光学膜材料、电子材料有序放量 公司发布 2025 年中报，实现营收 24.31 亿元，同比+14.6%；归母净利润 1.9 亿 元，同比+19.1%；扣非净利润 1.59 亿元，同比+45.3%，非经常性损益主要是 3,622 万元计入当期损益的政府补助等。其中 Q2 实现营收 12.97 亿元，同比+7.9%、 环比+14.3%；归母净利润 0.98 ...

Group 1 - Longyang Electronics and Jin'an Guoji both hit the daily limit up in the afternoon trading session [1] - Jiangnan New Materials and Woge Optoelectronics previously reached the daily limit up [1] - Other companies such as Dongcai Technology, Fangbang Co., Jiyuan Technology, Tongguan Copper Foil, and Dongwei Technology also experienced gains [1]

Key Insights - The report highlights the updated monthly interest rate timing strategy, which includes enriched factor indicators and differentiated weight settings, leading to improved predictive accuracy [12][10][5] - The report emphasizes the strong performance of Atour (ATAT.O) with a 37.4% year-on-year revenue increase in Q2 2025, reaching 2.47 billion yuan, and a net profit growth of 39.8% to 425 million yuan, exceeding expectations [13][11] - Shenzhen International (00152.HK) reported a revenue of 6.67 billion yuan in H1 2025, a slight increase of 0.9%, but a net profit decline of 24.9% due to the absence of prior REIT gains [16][14] Group 1: Atour (ATAT.O) - The company achieved a RevPAR of 343 yuan, recovering to 95.7% of the same period last year, with an occupancy rate (OCC) of 97.4% and an average daily rate (ADR) of 98.2% [13] - Atour's retail business saw a GMV of 1.144 billion yuan in Q2, a significant year-on-year increase of 84.6%, with online sales maintaining a 90% share [15] - The company has adjusted its full-year retail revenue guidance to a 60% year-on-year increase based on current growth trends [15] Group 2: Shenzhen International (00152.HK) - The company confirmed a profit increase of approximately 290 million yuan from the sale of residential projects, contributing to overall performance despite a net profit decline [16] - The logistics park transformation project is expected to provide significant profit elasticity, with estimated tax-adjusted returns exceeding 156.58 billion yuan [16] - The company maintains a stable dividend policy, with projected net profits for 2025-2027 at 3.081 billion, 3.430 billion, and 3.925 billion Hong Kong dollars, respectively [16] Group 3: Steel Industry Insights - Baosteel (600019) reported a revenue of 151.372 billion yuan in H1 2025, with a net profit of 4.879 billion yuan, reflecting a 7.28% decline in revenue but a 7.36% increase in net profit [20] - The company achieved a steel production volume of 25.46 million tons, with a gross profit per ton increasing by 56.53% year-on-year [20] - The report indicates that the high-end product segment continues to grow, contributing to overall revenue stability in the steel sector [23]

Core Insights - Dongcai Technology reported a main revenue of 2.431 billion yuan for the first half of 2025, representing a year-on-year increase of 14.57% [1] - The net profit attributable to shareholders reached 190 million yuan, up 19.09% year-on-year [1] - The non-recurring net profit was 159 million yuan, showing a significant increase of 45.26% year-on-year [1] Financial Performance - In Q2 2025, the company achieved a single-quarter main revenue of 1.297 billion yuan, which is a 7.94% increase year-on-year [1] - The single-quarter net profit attributable to shareholders was 98.446 million yuan, reflecting a decline of 9.76% year-on-year [1] - The single-quarter non-recurring net profit was 82.621 million yuan, marking a year-on-year increase of 14.45% [1] Profitability Metrics - The company's debt ratio stands at 56.36% [1] - Investment income amounted to 8.8016 million yuan, while financial expenses were 54.2439 million yuan [1] - The gross profit margin is reported at 16.49%, which is an increase of 12.58% year-on-year [7] Earnings Per Share - Earnings per share (EPS) is reported at 0.21 yuan, reflecting a year-on-year increase of 16.66% [7] - The operating cash flow per share is -0.29 yuan, which is a decrease of 17.67% year-on-year [7] Shareholder Information - The largest shareholder is Gaojin Technology Industry Group Co., Ltd., holding 20.34% of shares [11] - Other significant shareholders include Gaojin Fuheng Group Co., Ltd. with 3.62% and Xiong Lingyao with 3.05% [11]

Core Insights - Dongcai Technology (601208.SH) reported a revenue of 2.431 billion yuan for the first half of 2025, representing a year-on-year growth of 14.57% [1] - The net profit attributable to shareholders was 190 million yuan, an increase of 19.09% year-on-year [1] - The net profit after deducting non-recurring gains and losses was 159 million yuan, showing a significant year-on-year growth of 45.26% [1] - Basic earnings per share stood at 0.21 yuan [1] Financial Performance - The company achieved a gross profit of 401 million yuan, reflecting a year-on-year increase of 28.99% [1] Market and Product Development - The growth was driven by high-quality developments in emerging fields such as ultra-high voltage power grids, new energy vehicles, artificial intelligence, and computing power upgrades, along with improved demand for consumer electronics [1] - The company has successfully expanded its market share with high-value-added products, including ultra-thin electronic polypropylene films for new energy vehicles and high-end optical polyester films, enhancing its competitive advantage and overall profitability [1]