Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected investment return that exceeds the market benchmark by over 20% in the next 6-12 months [5][10]. Core Insights - The company reported a revenue of 562 million yuan for H1 2025, a year-on-year decrease of 7.35%, and a net profit attributable to shareholders of 45 million yuan, down 28.45% year-on-year [1][5]. - The company has a strong market position in sponge zircon, with a market share exceeding 50%, and is actively exploring new application scenarios for its products [2]. - The company is developing solid-state electrolyte projects and has initiated the industrialization of zirconium-hafnium separation technology, which is expected to contribute significantly to future earnings [3]. Financial Performance Summary - For H1 2025, the company achieved a gross profit margin of 23.10%, down 4.47 percentage points year-on-year, and a net profit margin of 8.04%, down 3.44 percentage points year-on-year [1]. - The company’s revenue for Q2 2025 was 331 million yuan, showing a quarter-on-quarter decrease of 5.59% but an increase of 43.51% year-on-year [1]. - The projected net profits for 2025, 2026, and 2027 are 140 million yuan, 300 million yuan, and 425 million yuan, respectively, reflecting growth rates of 84.3%, 115.0%, and 41.6% [3][4].

Core Viewpoint - The financial performance of Sanxiang New Materials (三祥新材) for the first half of 2025 shows a decline in revenue and profit, with significant increases in accounts receivable, indicating potential liquidity issues and operational challenges [1][4]. Financial Performance Summary - Total revenue for the first half of 2025 was 562 million yuan, a decrease of 7.35% year-on-year [1] - Net profit attributable to shareholders was 44.91 million yuan, down 28.45% year-on-year [1] - Gross margin decreased to 23.1%, a decline of 16.22% year-on-year [1] - Net margin fell to 8.04%, down 29.95% year-on-year [1] - Accounts receivable increased by 54.2%, reaching 330 million yuan [1] - Total expenses (selling, administrative, and financial) amounted to 49.78 million yuan, accounting for 8.86% of revenue, an increase of 8.51% year-on-year [1] Cash Flow and Asset Management - Cash flow per share improved to 0.01 yuan, a significant increase of 114.57% year-on-year [1] - The company’s cash and cash equivalents decreased by 31.97% to 51.77 million yuan [1] - The ratio of cash to current liabilities is only 14.52%, indicating potential liquidity concerns [4] Investment and Market Position - The company's return on invested capital (ROIC) was 4.63%, indicating weak capital returns compared to historical averages [4] - Analysts project a revenue of 194 million yuan for 2025, with an expected earnings per share of 0.46 yuan [4] Fund Holdings - The largest fund holding Sanxiang New Materials is the Zhonghang New Start Flexible Allocation Mixed A fund, which has increased its position [5] - The fund's recent performance shows a net value increase of 1.91% on August 22, with a 73.79% increase over the past year [5]

Core Viewpoint - Sanxiang Advanced Materials Co., Ltd. reported a decline in revenue and net profit for the first half of 2025, attributed to lower prices and sales of zirconium products, while maintaining a focus on expanding its product range and strategic partnerships in the new materials industry [2][5][6]. Company Overview and Financial Indicators - The company achieved operating revenue of approximately 562 million yuan, a decrease of 7.35% compared to the same period last year [2]. - Total profit for the period was approximately 54 million yuan, down 32.43% year-on-year [2]. - Net profit attributable to shareholders was approximately 44.9 million yuan, a decline of 28.45% compared to the previous year [2]. - The company's net assets increased by 5.02% to approximately 1.36 billion yuan [2]. Industry and Main Business Situation - The company operates in the new materials industry, focusing on zirconium products, which are essential in various sectors such as nuclear power, aerospace, and metallurgy [3][4]. - The demand for zirconium products is expected to grow due to the increasing applications in emerging markets like solid-state batteries and fuel cells [3][4]. - The company has established three main business segments: zirconium series, magnesium series, and advanced ceramics, with over 160 product varieties [3][4]. Business Performance and Strategic Developments - The company has successfully implemented a chain development strategy in the zirconium sector, expanding into areas such as sponge zirconium and zirconium-aluminum alloys [4]. - Strategic partnerships with companies like CATL and Wan Shun Group have led to the successful launch of lightweight magnesium-aluminum alloy projects [4]. - The company is actively pursuing technological advancements in zirconium separation and purification, enhancing its competitive edge in the market [4][6]. Product Performance - Sales of sponge zirconium reached nearly 1,400 tons in the first half of 2025, with a market share exceeding 50% [8]. - The company has seen a significant increase in sales volume for its zirconium products in high-end applications, despite challenges in traditional markets [6][8]. - The market for zirconium oxychloride is expanding, driven by demand in various industries, including aerospace and electronics [9][10]. Research and Development - The company has invested in R&D for solid-state electrolyte materials and low-cost battery-grade zirconium, achieving successful industrialization of these technologies [13][14]. - Ongoing projects include the development of zirconium-hafnium separation technology, which aims to enhance production efficiency and reduce costs [14][15]. - The company has received numerous patents and recognitions for its innovative technologies, reinforcing its position as a leader in the zirconium materials sector [20][21].

| 三祥新材股份有限公司2025 | 年半年度报告摘要 | | | | | --- | --- | --- | --- | --- | | 公司代码：603663 | 公司简称：三祥新材 | | | | | 三祥新材股份有限公司 | | | | | | 三祥新材股份有限公司2025 | 年半年度报告摘要 | | | | | 第一节 | 重要提示 | | | | | 展规划，投资者应当到 | www.sse.com.cn 网站仔细阅读半年度报告全文。 | | | | | 完整性，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 | | | | | | 无 | | | | | | 第二节 | 公司基本情况 | | | | | 公司股票简况 | | | | | | 股票种类 | 股票上市交易所 股票简称 | 股票代码 | | 变更前股票 | | 简称 | | | | | | A股 | 603663 上海证券交易所 三祥新材 | | | | | 联系人和联系方式 | 董事会秘书 | | 证券事务代表 | | | 姓名 | 郑雄 叶芳 | | | | | 电话 | 0593-5518572 0593- ...

二、监事会会议审议情况 经与会监事认真审议，形成如下决议： 证券代码：603663 证券简称：三祥新材 公告编号：2025-050 三祥新材股份有限公司 第五届监事会第九次会议决议公告 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法律责任。 一、监事会会议召开情况 三祥新材股份有限公司（以下简称"公司"）第五届监事会第九次会议于 于 2025 年 8 月 10 日以现场送达和邮件等方式送达各位监事，本次会议应到监事 序符合《中华人民共和国公司法》和《三祥新材股份有限公司章程》（以下简称 "《公司章程》"）的有关规定，会议合法、有效。 监事会对《关于公司 2025 年半年度报告及其摘要的议案》进行了审议，认 为： （1）公司 2025 年半年度报告及其摘要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。 （2）公司 2025 年半年度报告及其摘要的内容和格式符合中国证券监督管理 委员会和上海证券交易所的各项规定，所包含的信息能全面、真实地反映出公司 本年度的经营管理和财务状况等事项。 （3）公司监事会在提出审 ...

证券代码：603663 证券简称：三祥新材 公告编号：2025-049 三祥新材股份有限公司 第五届董事会第十次会议决议公告 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法律责任。 一、董事会会议召开情况 合通讯表决方式召开了第五届董事会第十次会议。有关会议召开的通知，公司已 于 2025 年 8 月 10 日以现场送达和邮件等方式送达各位董事。本次会议由公司董 事长夏鹏先生主持，会议应出席董事 9 人，实际出席董事 9 人，其中 4 名董事以 现场方式书面表决，5 名董事以通讯方式表决，公司监事和高级管理人员列席了 本次会议。本次会议的召集、召开和表决程序符合《中华人民共和国公司法》和 《三祥新材股份有限公司章程》的有关规定，会议合法、有效。 二、董事会会议审议情况 为进一步提升规范运作水平，完善公司治理结构，结合公司实际情况及《公 司章程》的相关规定，现对公司部分治理制度进行修订。本次修订的公司治理制 度明细如下： 本议案已经公司第五届董事会审计委员会审议通过。 表决结果：本议案以 9 票同意、0 票反对、0 票弃权获得通过。 项 ...

（以下简称"《证券 三祥新材股份有限公司监事会 关于调整 2025 年股票期权与限制性股票激励计划股票期权 行权价格的核查意见 三祥新材股份有限公司（以下简称"公司"）监事会依据《中华人民共和国 公司法》 （以下简称"《公司法》"）、 《中华人民共和国证券法》 三祥新材股份有限公司监事会 法》"）、 《上市公司股权激励管理办法》 （以下简称"《管理办法》"）和《三祥新材 股份有限公司章程》 （以下简称"《公司章程》"）等有关规定，发表核查意见如下： 监事会对公司 2025 年激励计划本次调整事项进行了认真核查，本次调整是 根据公司《2025 年激励计划》及公司 2024 年年度权益分派具体实施情况进行的 调整，符合《管理办法》及公司《2025 年激励计划》的相关规定，不存在损害 公司股东利益的情形。监事会同意本次对公司 2025 年激励计划股票期权行权价 格调整。 ...

证券代码：603663 证券简称：三祥新材 公告编号：2025-056 三祥新材股份有限公司 关于召开2025年第二次临时股东大会的通知 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法律责任。 重要内容提示： 召开的日期时间：2025 年 9 月 17 日 14 点 30 分 召开地点：福建省宁德市寿宁县三祥新材股份有限公司南阳科技园区会议室 (五)网络投票的系统、起止日期和投票时间。 网络投票系统：上海证券交易所股东大会网络投票系统 网络投票起止时间：自2025 年 9 月 17 日 至2025 年 9 月 17 日 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间为股 东大会召开当日的交易时间段，即 9:15-9:25,9:30-11:30，13:00-15:00；通过 互联网投票平台的投票时间为股东大会召开当日的 9:15-15:00。 (六)融资融券、转融通、约定购回业务账户和沪股通投资者的投票程序 涉及融资融券、转融通业务、约定购回业务相关账户以及沪股通投资者 的投票，应按照《上海证券交易所上市公司自律监管指引 ...

Core Viewpoint - The announcement provides a detailed report on the fundraising activities of Sanxiang New Materials Co., Ltd. for the first half of 2025, including the amount raised, its usage, and management practices, ensuring compliance with regulatory requirements [1][2][3]. Fundraising Basic Situation - The company raised a total of RMB 220 million by issuing 11.0664 million shares at RMB 19.88 per share, with a net amount of RMB 216.0763 million after deducting issuance costs of RMB 3.9236 million [1]. - As of December 31, 2024, the cumulative amount directly invested from the raised funds was RMB 155.2413 million, leaving a balance of RMB 63.1313 million, which includes RMB 60.8351 million in raised funds and interest income of RMB 0.22962 million [2]. Fundraising Management Situation - The company has established a fundraising management system to ensure the proper use and storage of raised funds, protecting investor interests [2][3]. - Funds are stored in dedicated accounts with three banks, and a tripartite supervision agreement has been signed to ensure strict approval processes for fund usage [3]. Actual Use of Fundraising - The actual use of the raised funds in the first half of 2025 amounted to RMB 6.0175 million, with no prior investments or replacements reported [7]. - The company has temporarily used RMB 56.6207 million of idle funds to supplement working capital, with a board resolution allowing for the use of up to RMB 75 million for this purpose [7][8]. - No idle funds have been used for cash management or investment in financial products as of June 30, 2025 [8]. Changes in Fundraising Investment Projects - There have been no changes in the use of funds for investment projects as of June 30, 2025 [8]. Issues in Fundraising Usage and Disclosure - The company has complied with regulations regarding the timely and accurate disclosure of the storage and usage of raised funds [8].

董事、高级管理人员离职管理制度 第一章 总则 第一条 为规范三祥新材股份有限公司（以下简称"公司"）董事、高级管理 人员离职程序，确保公司治理结构的稳定性和连续性，维护公司及股东的合法权 益，公司根据《中华人民共和国公司法》（以下简称"《公司法》"）、《中华人民共 和国证券法》（以下简称"《证券法》"）、《上市公司治理准则》、《上海证券交易所 股票上市规则》、《上市公司董事和高级管理人员所持本公司股份及其变动管理 规则》等法律法规、规范性文件、证券交易所业务规则及《三祥新材股份有限公 司章程》（以下简称"《公司章程》"）的有关规定，结合公司实际情况，制定本制 度。 第二条 本制度适用于公司董事（含独立董事）、高级管理人员因任期届满、 辞职、被解除职务或其他原因离职的情形。 三祥新材股份有限公司 第三条 公司董事、高级管理人员离职管理应遵循以下原则： （一）合法合规原则：严格遵守国家法律法规、监管规定及《公司章程》的 要求； （二）公开透明原则：及时、准确、完整地披露董事离职相关信息； （三）平稳过渡原则：确保董事离职不影响公司正常经营和治理结构的稳定 性； （四）保护股东权益原则：维护公司及全体股东的合法权益 ...