Core Viewpoint - The report highlights the financial performance and operational strategies of Guangdong Sitong Group Co., Ltd. for the first half of 2025, indicating a significant increase in revenue but continued losses, alongside a focus on expanding into new materials and optimizing operational efficiency [1][2]. Company Overview and Financial Indicators - The company reported a revenue of approximately 173.73 million yuan, a 75.88% increase compared to the same period last year [2]. - The total profit for the period was a loss of approximately 16.02 million yuan, worsening from a loss of 8.96 million yuan in the previous year [2]. - The net profit attributable to shareholders was approximately -16.20 million yuan, compared to -9.08 million yuan in the previous year [2]. - The net cash flow from operating activities was -62.66 million yuan, a significant decline from a positive cash flow of 2.00 million yuan in the previous year [2]. Business Operations and Market Analysis - The company operates as a comprehensive supplier of home ceramic products, including daily-use ceramics, sanitary ceramics, and artistic ceramics, and has expanded into zirconium-titanium mineral refining as a new growth area [3][6]. - The domestic market for ceramics is recovering, with increasing demand for high-quality products, particularly in the mid-to-high-end segments [3][4]. - The company emphasizes a customer-centric approach, enhancing customer satisfaction and loyalty through personalized services and quality assurance [7][8]. Financial Management and Cost Control - The company has implemented a lean management model to control and reduce unnecessary expenses, aiming to optimize operational costs and improve efficiency [6]. - The management has focused on reducing production costs through technological upgrades and resource recycling [6][12]. Competitive Landscape and Industry Trends - The ceramic industry is characterized by intense competition and a low concentration of market players, with a significant push towards green transformation in response to national carbon neutrality goals [3][4]. - The company is positioned to leverage its technological capabilities and brand strength to enhance its market competitiveness and adapt to evolving consumer preferences [9][10]. Innovation and Product Development - The company has invested in research and development, resulting in numerous patents and awards for innovative ceramic products that blend traditional craftsmanship with modern aesthetics [10][11]. - The focus on product differentiation through design and material innovation is aimed at meeting the growing demand for personalized and high-quality ceramic products [10][11].

Group 1 - The meeting of the fifth supervisory board of Guangdong Sitong Group Co., Ltd. was held on July 21, 2025, with all three supervisors present, confirming the legality and validity of the meeting resolutions [1][2] - The supervisory board reviewed the company's 2025 semi-annual report and its summary, concluding that the preparation and review procedures complied with relevant laws, regulations, and internal management systems [1][2] - The content and format of the 2025 semi-annual report were found to meet the requirements of the China Securities Regulatory Commission and the Shanghai Stock Exchange, accurately reflecting the company's operational management and financial status [2] Group 2 - The supervisory board confirmed that no violations of confidentiality regulations were found among the personnel involved in the preparation and review of the semi-annual report [2] - The board agreed to the provision for asset impairment based on the principle of prudence, stating that the decision-making process was legal and compliant, and that it would fairly reflect the company's asset status [2]

Group 1 - Jiangte Electric plans to change its control rights, with stock suspension starting from July 22, expected to last no more than 2 trading days. Additionally, its subsidiary Yichun Yinli will suspend operations for equipment maintenance for approximately 26 days, which is not expected to significantly impact annual performance [3] - Core Technology intends to sell 100% equity of its subsidiary Zhongshan Core Automation Technology for 156 million yuan and transfer related assets for a total of approximately 82 million yuan. The company aims to optimize its business structure by consolidating resources [4] - Fengmao Co. plans to invest no more than 1.5 billion yuan to establish an intelligent chassis thermal control system production base in Yuyao, while terminating the project for a parts production base in Jiaxing, which had not yet commenced [5] - Haopeng Technology's controlling shareholder voluntarily extends the lock-up period for pre-IPO restricted shares by 12 months, reflecting confidence in the company's future development [6] - Good Products has been involved in a share transfer dispute, with the court accepting the case involving 996 million yuan. The outcome may introduce uncertainties regarding the control transfer of its major shareholder [7] Group 2 - Haitan Ruisheng expects a net profit increase of 607.01% to 960.52% for the first half of 2025, driven by rapid growth in AI technology and its applications [9] - GeKao Micro anticipates a revenue growth of 22.27% to 36.51% for the first half of 2025, supported by the recognition of its high-pixel chip integration technology [10] - Jinghe Integration forecasts a net profit increase of 39.04% to 108.55% for the first half of 2025, benefiting from improved industry conditions and increased product sales [11] - Best Beauty expects a net profit increase of 100.07% to 168.38% for the first half of 2025, attributed to significant profit growth in trade products [12] - Juzan Optoelectronics reports a net profit growth of 3.43% for the first half of 2025, with a proposed stock dividend of 4.5 shares for every 10 shares held [13] - Changshu Bank reports a net profit of 1.969 billion yuan for the first half of 2025, a year-on-year increase of 13.55% [14] - Keda Li anticipates a net profit increase of 15.73% to 26.53% for the first half of 2025, driven by the growth in new energy vehicle sales [15] - *ST Sitong reports a net loss of 16.201 million yuan for the first half of 2025, despite a revenue increase of 75.88% [16] Group 3 - Gaode Infrared has signed contracts totaling 685 million yuan for overseas market orders, representing 25.59% of its projected 2024 revenue [18] - Dajin Heavy Industry has signed a contract worth approximately 430 million yuan for offshore wind farm foundation supplies, accounting for 11.38% of its projected 2024 revenue [20] - Dongfang Precision has established a strategic partnership with Leju Robotics, focusing on embodied intelligent robots [21] - Chuling Information's subsidiary has signed a framework contract with China Mobile for a total amount of 421 million yuan, involving intelligent network integration products [22] - Hongxin Technology has entered into contracts with a leading domestic flying car company for component development and procurement [23] Group 4 - Dongcai Technology's chairman plans to reduce his stake by up to 0.43% due to personal financial needs [25] - Tianchuang Fashion's shareholder Visions plans to reduce its stake by up to 1% through centralized bidding [26]

广东四通集团股份有限公司 关于计提资产减值准备的公告 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。 为真实、准确和公允地反映广东四通集团股份有限公司（以下简称"公司"） 2025年半年度的财务状况和资产价值，根据《企业会计准则》和公司会计政策的 相关规定，公司对2025年半年度报告合并报表范围内的各项资产进行了全面清查, 并于2025年7月21日召开第五届董事会第十次会议和第五届监事会第八次会议， 审议通过了《关于计提资产减值准备的议案》。现将有关情况公告如下： 一、计提资产减值准备情况概述 基于谨慎性原则，公司对截至 2025 年 6 月 30 日合并报表范围内的各类资产 进行了全面清查，对可能发生资产减值损失的相关资产进行了减值测试，并计提 资产减值准备 2,421,185.91 元，具体情况如下： 证券代码：603838 证券简称：*ST 四通 公告编号：2025-033 公司本次计提资产减值准备已经公司第五届董事会第十次会议审议，符合 《企业会计准则》和公司相关制度的规定，公允地反映了公司的资产状况和经营 成果，公司 ...

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 广东四通集团股份有限公司（以下简称"本公司"或"公司"）第五届监事会第 八次会议通知和材料已于 2025 年 7 月 11 日以专人送达、电子邮件等方式通知了 全体监事，会议于 2025 年 7 月 21 日以现场表决方式召开。会议由监事会主席伍 武先生主持，本次会议应出席监事 3 人，实际出席监事 3 人。本次会议的召开程 序符合《中华人民共和国公司法》和《广东四通集团股份有限公司公司章程》（以 下简称"《公司章程》"）的有关规定，会议形成的决议合法有效。 二、监事会会议审议情况 1、审议通过《关于<公司2025年半年度报告及其摘要>的议案》 证券代码：603838 证券简称：*ST 四通 公告编号：2025-032 广东四通集团股份有限公司 第五届监事会第八次会议决议公告 2、审议通过《关于计提资产减值准备的议案》 公司本次计提资产减值准备，基于谨慎性原则考虑，符合《企业会计准则》 和公司相关制度的规定和公司资产实际情况，该事项的决策程序合法合规，本次 ...

广东四通集团股份有限公司 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。 证券代码：603838 证券简称：*ST 四通 公告编号：2025-031 一、董事会会议召开情况 广东四通集团股份有限公司（以下简称"本公司"或"公司"）第五届董事会第 十次会议通知和材料已于 2025 年 7 月 11 日以专人送达、电子邮件等方式通知了 全体董事，会议于 2025 年 7 月 21 日以现场和通讯表决方式召开。会议由董事长 邓建华先生主持，本次会议应出席董事 7 人，实际出席董事 7 人，公司全体监事 及高级管理人员列席了会议。本次会议的召开程序符合《中华人民共和国公司法》 和《广东四通集团股份有限公司公司章程》（以下简称"《公司章程》"）的有关 规定，会议形成的决议合法有效。 广东四通集团股份有限公司董事会 2025 年 7 月 21 日 公司董事会同意对外报出《公司 2025 年半年度报告及其摘要》，具体内容详 见上海证券交易所网站（www.sse.com.cn）。 本议案已经公司董事会审计委员会 ...

[Company Profile and Key Financial Indicators](index=4&type=section&id=公司简介和主要财务指标) This section provides an overview of the company's basic information and presents its key accounting data and financial performance indicators for the reporting period [Company Basic Information](index=4&type=section&id=二、%20公司信息) During the reporting period, the company's basic information remained largely unchanged, with its stock abbreviation changing to *ST Sitong due to 2024 financial performance - The company's legal representative is Deng Jianhua[13](index=13&type=chunk) - The company's stock abbreviation changed from "Sitong Shares" to "**ST Sitong**"[18](index=18&type=chunk) [Key Accounting Data and Financial Indicators](index=5&type=section&id=七、%20公司主要会计数据和财务指标) In the first half of 2025, the company's operating revenue increased by 75.88% due to the consolidation of Dalian Yiwei New Material Co., Ltd., while net profit attributable to shareholders expanded to a loss of **RMB 16.20 million**, and net cash flow from operating activities significantly decreased to **RMB -62.66 million** Key Accounting Data | Item | Current Period (Jan-Jun) | Prior Period | YoY Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 173,729,613.67 RMB | 98,776,497.04 RMB | 75.88 | | Net Profit Attributable to Listed Company Shareholders | -16,200,587.94 RMB | -9,084,720.46 RMB | - | | Net Profit Attributable to Listed Company Shareholders (Excluding Non-Recurring Items) | -21,326,688.99 RMB | -16,974,184.53 RMB | - | | Net Cash Flow from Operating Activities | -62,657,859.07 RMB | 2,002,935.84 RMB | -3,228.30 | | **Balance Sheet Indicators** | **End of Current Period** | **End of Prior Year** | **Change from Prior Year-End (%)** | | Net Assets Attributable to Listed Company Shareholders | 955,598,620.77 RMB | 986,182,871.12 RMB | -3.10 | | Total Assets | 1,033,745,734.29 RMB | 1,044,406,686.85 RMB | -1.02 | Key Financial Indicators | Item | Current Period (Jan-Jun) | Prior Period | YoY Change (%) | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (RMB/share) | -0.0506 | -0.0284 | - | | Weighted Average Return on Net Assets (%) | -1.6811 | -0.9170 | - | - The increase in operating revenue is primarily due to the consolidation of the newly acquired controlling subsidiary, Dalian Yiwei New Material Co., Ltd[20](index=20&type=chunk) - Total non-recurring gains and losses for the reporting period amounted to **RMB 5.13 million**, mainly from government subsidies and fair value changes in financial assets[22](index=22&type=chunk)[23](index=23&type=chunk) [Management Discussion and Analysis](index=7&type=section&id=第三节%20管理层讨论与分析) This section provides a detailed discussion and analysis of the company's industry, business operations, core competencies, and key financial performance during the reporting period [Industry and Main Business](index=7&type=section&id=一、报告期内公司所属行业及主营业务情况说明) The company's main business is ceramic product development, production, and sales, with recent expansion into zirconium-titanium ore refining, facing industry green transformation and intense competition - The company is a new type of home ceramic supplier integrating R&D, design, production, and sales, with products covering daily-use, sanitary, and artistic ceramics[24](index=24&type=chunk) - During the reporting period, the company expanded into zirconium-titanium ore product refining, establishing a new growth driver[24](index=24&type=chunk) - The ceramic industry faces green transformation pressure under "carbon peaking and carbon neutrality" goals, with a clear trend towards industry consolidation and competition shifting to brand, quality, and technological innovation[26](index=26&type=chunk) [Discussion and Analysis of Operations](index=8&type=section&id=二、经营情况的讨论与分析) In the first half of 2025, the company achieved **RMB 174 million** in operating revenue, a 75.88% increase, but reported a net loss attributable to shareholders of **RMB 16.20 million**, focusing on market expansion, cost reduction, and investor relations - The company adopted a diversified business strategy, entering the new materials sector, with the zirconium-titanium ore refining business of its controlling subsidiary, Yiwei New Material, contributing stable performance growth[29](index=29&type=chunk) - The company strengthened lean management, optimizing processes across production, operations, and management to control non-essential expenses, reduce costs, and improve efficiency[29](index=29&type=chunk) [Analysis of Core Competencies](index=9&type=section&id=三、报告期内核心竞争力分析) The company's core competencies include its high-tech enterprise status with 55 patents, comprehensive product lines, significant energy-saving achievements, and successful expansion into upstream new materials - The company is a National High-Tech Enterprise, holding **55 authorized patents** and participating in the formulation and revision of **23 national and local technical standards**[32](index=32&type=chunk) - The company is one of the few domestic enterprises capable of large-scale production across daily-use, artistic, and sanitary home ceramics, offering customers one-stop procurement services[33](index=33&type=chunk) - The company achieved significant energy-saving results, with unit comprehensive energy consumption for daily-use ceramics and sanitary ceramics being only **53.35%** and **70.86%** of national advanced standards, respectively[36](index=36&type=chunk) - Through its controlling subsidiary, Dalian Yiwei New Material Co., Ltd., the company expanded into zirconium-titanium ore product refining, with products like titanium concentrate and zircon sand having broad market prospects[37](index=37&type=chunk) [Analysis of Key Operating Performance](index=10&type=section&id=四、报告期内主要经营情况) During the reporting period, the company experienced revenue growth without profit, with operating revenue increasing by 75.88% driven by domestic market expansion and new zirconium-titanium ore business, but operating costs rose faster, impacting profitability and cash flow Key Income Statement Items | Item | Current Period (RMB) | Prior Period (RMB) | Change (%) | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 173,729,613.67 | 98,776,497.04 | 75.88 | Domestic order growth and new zirconium-titanium ore business | | Operating Cost | 170,018,378.45 | 88,811,282.89 | 91.44 | Increased in line with product sales revenue | | Administrative Expenses | 11,860,894.70 | 16,611,864.25 | -28.60 | Decrease in expense amortization | | Net Cash Flow from Operating Activities | -62,657,859.07 | 2,002,935.84 | -3,228.30 | Increase in payments for raw materials and employee salaries | Key Balance Sheet Items | Item | End of Current Period (RMB) | End of Prior Year (RMB) | Change (%) | Explanation | | :--- | :--- | :--- | :--- | :--- | | Monetary Funds | 91,476,334.71 | 23,276,611.47 | 293.00 | Increase due to redemption of wealth management products in current period | | Inventory | 207,994,227.08 | 144,196,049.25 | 44.24 | Increase in raw materials for subsidiary Yiwei New Material | | Contract Liabilities | 15,696,024.91 | 9,283,922.75 | 69.07 | Increase in advance receipts in current period | - The company established Dalian Yiwei New Material Co., Ltd. in September 2024 as a joint venture with Yihe Mining Development Co., Ltd., holding an **80% controlling stake** and consolidating it into its financial statements[46](index=46&type=chunk) Subsidiary Performance | Company Name | Business Type | Operating Revenue (RMB 10k) | Net Profit (RMB 10k) | | :--- | :--- | :--- | :--- | | Chaozhou Lvhuan Ceramic Resource Comprehensive Utilization Co., Ltd. | Waste Ceramic Recycling | 401.06 | -82.42 | | Guangdong Sitong Ceramic Co., Ltd. | Ceramic Manufacturing and Sales | - | -18.27 | | Dalian Yiwei New Material Co., Ltd. | Ore Dressing, Ore Sales | 6,779.48 | -617.24 | [Risk Warnings](index=15&type=section&id=(一)%20可能面对的风险) The company faces significant risks including foreign exchange fluctuations, inventory impairment, project implementation delays, and a major delisting risk warning due to its 2024 financial performance - **Exchange Rate Risk**: Export business is primarily settled in USD, and exchange rate fluctuations may impact revenue and competitiveness[50](index=50&type=chunk) - **Inventory Impairment Risk**: A large inventory scale across diverse products may lead to significant impairment if sales fall short of expectations[50](index=50&type=chunk) - **Project Implementation Risk**: The "SMC Composite Material Lightweight Civil Air Defense Door Project" has not yet commenced due to the downturn in the real estate market and policy reforms[51](index=51&type=chunk) - **Delisting Risk**: The company's stock trading has been subject to delisting risk warning because its audited net profit for 2024 was negative and operating revenue was below **RMB 300 million**[51](index=51&type=chunk) [Corporate Governance](index=16&type=section&id=第四节%20公司治理、环境和社会) This section details changes in the company's senior management and its proposed profit distribution plan for the reporting period [Executive Changes and Profit Distribution](index=16&type=section&id=一、公司董事、监事、高级管理人员变动情况) During the reporting period, three Vice General Managers resigned for personal reasons, and the company proposed no profit distribution or capital reserve conversion for the half-year - Company Vice General Managers Cai Zhenmao, Cai Zhenpeng, and Cai Zhenfeng resigned from all their positions in the company and its subsidiaries on June 5, 2025, due to personal reasons[54](index=54&type=chunk) - The company's proposed half-year profit distribution plan is to make no distribution and no capital reserve conversion[55](index=55&type=chunk) [Significant Matters](index=17&type=section&id=第五节%20重要事项) This section covers the company's fulfillment of commitments and the share increase plan initiated by the controlling shareholder to boost market confidence [Commitment Fulfillment and Share Increase by Shareholders](index=17&type=section&id=一、承诺事项履行情况) The company and related parties strictly fulfilled all commitments, while the controlling shareholder initiated a share increase plan, having already increased holdings by **1,124,100 shares** to boost market confidence - All commitments made by the company's actual controller, shareholders, directors, supervisors, and senior management, whether during or continuing into the reporting period, were strictly and timely fulfilled[58](index=58&type=chunk)[59](index=59&type=chunk)[60](index=60&type=chunk) - Controlling shareholder and actual controller Huang Jianping and his concerted parties plan to increase their holdings in the company's shares, with a total amount of no less than **RMB 10 million** and no more than **RMB 20 million**. As of the end of the reporting period, Mr. Huang Jianping had increased his holdings by **1,124,100 shares**, accounting for **0.35%** of the total share capital[52](index=52&type=chunk) [Share Changes and Shareholder Information](index=24&type=section&id=第六节%20股份变动及股东情况) This section provides an overview of the company's shareholder structure, including the total number of shareholders and the holdings of its top ten shareholders [Shareholder Structure](index=24&type=section&id=二、股东情况) As of the reporting period end, the company's total shares and capital structure remained unchanged, with **8,325 common shareholders**, and controlling shareholder Huang Jianping's stake increasing to **28.02%** - As of the end of the reporting period, the company had a total of **8,325 common shareholders**[69](index=69&type=chunk) Top Ten Shareholders | Shareholder Name | Shares Held at Period-End (shares) | Percentage (%) | | :--- | :--- | :--- | | Huang Jianping | 89,658,132 | 28.02 | | Cai Zhencheng | 14,476,995 | 4.52 | | Cai Zhenhuang | 14,437,101 | 4.51 | | Cai Zhenfeng | 14,436,351 | 4.51 | | Cai Zhenmao | 14,436,351 | 4.51 | | Li Weixiang | 14,436,351 | 4.51 | | Cai Zhentong | 14,436,351 | 4.51 | | Xie Yuezen | 13,334,000 | 4.17 | | Deng Jianhua | 13,334,000 | 4.17 | | Ma Yan Jun | 4,533,500 | 1.42 | - Explanation of shareholder relationships: Huang Jianping, Xie Yuezen, and Deng Jianhua are concerted parties; Cai Zhencheng, Cai Zhenmao, Cai Zhenfeng, Cai Zhentong, Cai Zhenhuang, and Li Weixiang's spouse Cai Zhenpeng are siblings and also concerted parties[72](index=72&type=chunk) [Financial Report](index=28&type=section&id=第八节%20财务报告) This section presents the company's unaudited consolidated financial statements, including key figures from the balance sheet, income statement, and cash flow statement, along with selected notes [Financial Statement Summary](index=28&type=section&id=二、财务报表) This half-year financial report is unaudited, showing total assets of **RMB 1.034 billion**, owner's equity attributable to parent company of **RMB 955.60 million**, operating revenue of **RMB 173.73 million**, net loss attributable to parent company of **RMB 16.20 million**, and net cash outflow from operating activities of **RMB 62.66 million**, indicating financial challenges - This half-year report is unaudited[5](index=5&type=chunk)[78](index=78&type=chunk) Consolidated Financial Statement Summary | Consolidated Statement Summary | June 30, 2025 / Jan-Jun 2025 (RMB) | | :--- | :--- | | **Balance Sheet** | | | Total Assets | 1,033,745,734.29 | | Total Liabilities | 78,424,008.00 | | Owner's Equity Attributable to Parent Company | 955,598,620.77 | | **Income Statement** | | | Total Operating Revenue | 173,729,613.67 | | Total Operating Costs | 193,394,665.53 | | Net Profit Attributable to Parent Company Shareholders | -16,200,587.94 | | **Cash Flow Statement** | | | Net Cash Flow from Operating Activities | -62,657,859.07 | [Notes to Consolidated Financial Statements (Selected)](index=66&type=section&id=七、合并财务报表项目注释) Financial notes reveal operating details, with revenue growth from zirconium industry and daily-use ceramics, significant inventory increase due to new materials, and the newly consolidated Dalian Yiwei New Material Co., Ltd. reporting a loss Operating Revenue Breakdown (by Product Type) | Product Type | Revenue (RMB) | Cost (RMB) | | :--- | :--- | :--- | | Daily-Use Ceramics | 65,046,532.17 | 61,572,677.50 | | Sanitary Ceramics | 27,148,106.44 | 26,235,830.69 | | Artistic Ceramics | 11,719,594.66 | 10,817,896.63 | | Zirconium Industry | 67,794,819.09 | 69,847,857.34 | | **Total** | **173,729,613.67** | **170,018,378.45** | Inventory Classification | Inventory Category | Book Value at Period-End (RMB) | Book Value at Period-Start (RMB) | | :--- | :--- | :--- | | Raw Materials | 42,167,216.20 | 39,719,409.11 | | Inventory Goods | 150,208,775.91 | 99,898,025.73 | | **Total** | **207,994,227.08** | **144,196,049.25** | - The company established a new controlling subsidiary, "Dalian Yiwei New Material Co., Ltd.", primarily engaged in non-ferrous metal mining and dressing, with the company directly holding an **80% stake**[327](index=327&type=chunk) - Dalian Yiwei New Material Co., Ltd., a significant non-wholly owned subsidiary, has a **20% minority interest**, and the loss attributable to minority shareholders for this period was **RMB -1.23 million**[329](index=329&type=chunk)

Core Viewpoint - The company aims to achieve a revenue target of 35,000 million yuan for 2025, with a strong focus on operational efficiency and market expansion in both domestic and international markets [1][2]. Group 1: Financial Performance and Goals - As of the first half of 2025, the company expects to achieve revenue between 16,500 million and 19,500 million yuan, indicating that it is on track to meet its annual goals [1]. - The overall market demand is expected to recover in 2025, with ceramic products maintaining stable development trends due to their essential nature in daily life [1]. Group 2: Business Strategy and Market Expansion - The company plans to actively expand into the high-end market for household ceramics by optimizing product structure and enhancing customer service systems [2]. - There will be a focus on upgrading the production capacity and technological innovation of zircon-titanium mineral refining products to create new growth points for performance [2]. - The company is committed to improving financial management and operational efficiency through supply chain optimization and production process improvements [2].

Group 1: General Information - The research object is Sitong Co., Ltd., belonging to the decoration and building materials industry, and the reception time was on July 7, 2025. The listed company's reception staff included the board secretary, CFO Zhang Ping, and the securities affairs representative Chen Chuan [17] - The research was participated by securities companies such as CITIC Securities, GF Securities, and China Merchants Securities [18] Group 2: Core Views - The company aims to achieve an operating income of 350 million - 420 million yuan in 2025. As of H1 2025, it expects to achieve an operating income of 165 million - 195 million yuan, nearly half of the target. It will strive to complete the annual operating target in H2 [21] - The zirconium - titanium ore refining business supports the company's performance steadily with the progress of process technology, increased production capacity, and accumulated customer resources [21] - In H2 2025, the company will expand the high - end market of household porcelain, optimize product structure and customer service, and promote the production capacity upgrade and technological innovation of zirconium - titanium ore products to create new growth points [21] - The company will strengthen financial management, implement cost - reduction and efficiency - improvement measures, and improve operating efficiency to eliminate the delisting risk warning [22] - In H1 2025, the company expanded the domestic market while consolidating overseas customers. Its business is expected to maintain good growth in H2 [23]

证券代码：603838 证券简称：四通股份 广东四通集团股份有限公司 投资者关系活动记录表 投资者关系活动类 别 ☑特定对象调研 □分析师会议 □媒体采访 □业绩说明会 □新闻发布会 □路演活动 □现场参观 □其他（电话会议） 参与人员 中信证券、广发证券、招商证券 会议时间 2025 年 7 月 7 日 会议地点及形式 线上 上市公司接待人员 董事会秘书、财务总监：张平 证券事务代表：陈钏 投资者关系活动 主要内容介绍 主要交流问题： 1、2025 年经营目标完成进展如何？ 答：根据公司 2025 年经营目标，预计 2025 年实现营业收入 35,000- 42,000 万元，将围绕全年经营目标的实现在生产流程、销售业务、品牌建 设、公司治理等方面持续发力。 截至 2025 年上半年，公司预计实现营业收入 16,500-19,500 万元，已 完成目标任务近半，下半年将继续按照全年经营目标全力以赴，力争完成 年度经营目标。 2、公司上半年的新业务锆钛矿精炼业务开展情况怎么样？ 答：随着工艺技术不断进步和产能提升，客户资源的不断积累，公司 持续加大这块业务的拓展力度，对公司业绩形成稳定的支撑作用。 3、下半年 ...