Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook on its stock performance [6]. Core Views - The company has shown a continuous improvement in profit margins, with functional materials maintaining high growth rates. The revenue for the first half of 2025 reached 1.67 billion yuan, a year-on-year increase of 7.0%, and the net profit attributable to shareholders was 63 million yuan, up 18.7% year-on-year [1][4]. - The company is a leader in the water-reducing agent industry, with strong technical capabilities and high customer recognition. It is involved in numerous key engineering projects, which supports its revenue growth [4]. Summary by Sections Financial Performance - In Q2 2025, the company achieved revenue of 990 million yuan, a slight increase of 0.7% year-on-year, and a net profit of 390 million yuan, up 20.9% year-on-year [1]. - The gross margin for the first half of 2025 was 34.7%, a slight decline of 0.1 percentage points year-on-year, while the net profit margin was 5.9%, down 0.5 percentage points year-on-year [3]. - The company’s revenue from high-performance water-reducing agents was 870 million yuan in the first half of 2025, a year-on-year increase of 6.3%, with a gross margin of 30.1% [2]. Revenue Breakdown - Functional materials generated revenue of 350 million yuan in the first half of 2025, reflecting a robust growth of 25.2% year-on-year, with a gross margin of 33.8% [2]. - Technical services revenue decreased by 7.6% year-on-year to 340 million yuan, with a gross margin of 53.9% [2]. Future Projections - The company is expected to achieve revenues of 3.8 billion yuan, 4.26 billion yuan, and 4.67 billion yuan for the years 2025, 2026, and 2027, respectively, with a projected net profit of 159 million yuan, 204 million yuan, and 245 million yuan for the same years [4][5]. - The anticipated growth rate for net profit over the next three years is 24.1%, with corresponding P/E ratios of 30X, 23X, and 19X [4].

Core Insights - The company reported a revenue of 1.673 billion yuan for the first half of 2025, representing a year-on-year growth of 7.03%, and a net profit attributable to shareholders of 63 million yuan, up 18.68% year-on-year [1] - In Q2, the company achieved a revenue of 991 million yuan, with a year-on-year increase of 0.7%, and a net profit attributable to shareholders of 39 million yuan, reflecting a growth of 20.86% year-on-year [2] Operational Analysis - The recovery in infrastructure projects has significantly boosted the company's production and sales volumes, leveraging its long-cycle experience in infrastructure projects and maintaining a leading position in product layout and technology [3] - The company has intensified efforts in major projects in the western region, expanding in hydropower, nuclear power, and railways, with participation in significant projects such as the Sichuan-Tibet Railway and the Yangtze River Tunnel [3] - Sales of the company's third-generation water-reducing agents and functional materials increased by 2% and 31% year-on-year, respectively, marking a continuous recovery over two consecutive quarters [3] - The company has improved its equipment utilization efficiency and slightly reduced raw material costs, leading to a modest increase in profitability [4] Financial Performance - In Q2, the price of the main raw material, ethylene oxide, saw a slight decrease, while the prices of high-performance water-reducing agents remained relatively stable, contributing to a gross margin of approximately 35.51%, an increase of nearly 2 percentage points from Q1 [4] - The company slightly increased its sales expenses in Q2 and revised its 2025 profit forecast down by 19%, projecting revenues of 3.625 billion, 4.014 billion, and 4.378 billion yuan for 2025-2027, with net profits of 154 million, 200 million, and 262 million yuan respectively [5] - The current stock price corresponds to a PE valuation of 31, 24, and 18 times for the years 2025, 2026, and 2027, respectively, maintaining a "buy" rating [5]

Core Viewpoint - Suobote (603916) reported a revenue increase of 7.03% year-on-year for the first half of 2025, with a net profit growth of 18.68% [1] Financial Performance - Total revenue for the first half of 2025 reached 1.673 billion yuan, compared to 1.563 billion yuan in the same period of 2024, marking a 7.03% increase [1] - Net profit attributable to shareholders was 63.2454 million yuan, up 18.68% from 53.2885 million yuan in 2024 [1] - The second quarter revenue was 999.1 million yuan, a 0.7% increase year-on-year, while net profit for the quarter was 38.9171 million yuan, reflecting a 20.86% increase [1] - Gross margin stood at 34.75%, a slight decrease of 0.34% year-on-year, while net margin decreased by 7.79% to 5.88% [1] - Total expenses (selling, administrative, and financial) amounted to 375 million yuan, accounting for 22.4% of revenue, down 3.38% year-on-year [1] - Earnings per share increased by 25% to 0.15 yuan, while operating cash flow per share was -0.08 yuan, a significant decrease of 147.54% [1] Debt and Receivables - The company has a significant amount of accounts receivable, with the ratio of accounts receivable to net profit reaching 2805.59% [1][2] - Interest-bearing liabilities increased by 24.68% to 2.493 billion yuan, with a debt-to-asset ratio of 29.78% [2] Business Model and Cash Flow - The company's performance is primarily driven by research and marketing efforts, necessitating a closer examination of the underlying factors [2] - Cash flow metrics indicate that cash and cash equivalents to current liabilities ratio is 74.58%, and the average operating cash flow over the past three years to current liabilities ratio is 17.45% [2] Market Position - The company is held by a prominent fund manager, Yang Gu from Nuoan Fund, who has recently increased his stake, indicating confidence in the company's potential [3]

Core Viewpoint - Jiangsu Subote New Materials Co., Ltd. has released a valuation enhancement plan aimed at improving company quality and shareholder returns, reporting significant growth in revenue and net profit for the first half of 2025 [1] Group 1: Business Performance - The company focused on its main business of additives, achieving a revenue growth of 7.03% year-on-year and a net profit growth of 18.68% in the first half of 2025 [1] - The company has increased efforts in major projects in the western region, achieving significant results in sectors such as hydropower, nuclear power, and railways, with a growth in engineering orders and profit levels [2] - Functional products such as crack-resistant materials and rapid-setting agents have shown significant growth, reflecting the market potential of the company's innovative products [2] Group 2: Technological Innovation - The company has intensified R&D efforts focusing on "green and low-carbon" technologies, developing energy-saving and environmentally friendly products to enhance its technological barriers [2] - The company aims to support major infrastructure projects with customized green materials and technologies, continuously developing high-value-added products [2][3] Group 3: Shareholder Returns - The company has implemented a cash dividend policy, distributing 43,261,411.9 yuan, which accounts for 45.12% of the annual net profit attributable to shareholders, ensuring good shareholder returns [3] Group 4: Investor Relations Management - The company has established an investor relations management plan, enhancing communication with investors through various activities to foster positive corporate value recognition [3] Group 5: Governance and Disclosure - The company is committed to improving its governance mechanisms and enhancing the quality of information disclosure, ensuring timely and accurate reporting of financial and operational results [4][5]

Group 1 - The company disclosed its 2025 semi-annual operating data, including production, sales, and revenue figures for its main products [1][2] - The production and sales volumes for high-performance water reducers were 510,300 tons and 508,500 tons, respectively, generating revenue of 867.07 million yuan [1] - The production and sales volumes for efficient water reducers were 8,000 tons and 7,900 tons, respectively, generating revenue of 19.27 million yuan [1] - The production and sales volumes for functional materials were 173,900 tons and 172,400 tons, respectively, generating revenue of 346.92 million yuan [1] Group 2 - The average selling price of high-performance water reducers decreased by 4.40% compared to the same period last year [2] - The average selling price of efficient water reducers decreased by 10.11% compared to the same period last year [2] - The average selling price of functional products decreased by 7.05% compared to the same period last year [2] Group 3 - The average procurement price of ethylene oxide decreased by 0.79% compared to the same period last year [2] - The average procurement price of acrylic acid increased by 14.59% compared to the same period last year [2] - There were no other significant events affecting the company's production and operations during the reporting period [2]

证券代码：603916 证券简称：苏博特 公告编号：2025-044 转债代码：113650 转债简称：博 22 转债 江苏苏博特新材料股份有限公司 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。 根据中国证券监督管理委员会《上市公司监管指引第 2 号——上市公司募 集资金管理和使用的监管要求》（证监会公告[2012]44 号）、上海证券交易所 发布的《上海证券交易所上市公司募集资金管理办法》及相关格式指引规定， 本公司将截止 2025 年 6 月 30 日募集资金存放与使用情况专项报告如下： 一、 募集资金基本情况 经中国证券监督管理委员会（以下简称"中国证监会"）证监许可[2022]1141 号文核准，公司于 2022 年 7 月 2 日公开发行了 800.00 万张可转换公司债券， 每张面值 100 元，发行总额 80,000 万元。经上海证券交易所自律监管决定书 [2022]196 号文同意，公司发行的 80,000.00 万元可转换公司债券于 2022 年 7 月 28 日在上海证券交易所挂牌交易。上述募集资金 ...

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。 证券代码：603916 证券简称：苏博特 公告编号：2025-042 转债代码：113650 转债简称：博 22 转债 江苏苏博特新材料股份有限公司 二、监事会会议审议情况 票赞成，0 票反对，0 票弃权。 结果：3 票赞成，0 票反对，0 票弃权。 反对，0 票弃权。 江苏苏博特新材料股份有限公司监事会 一、监事会会议召开情况 江苏苏博特新材料股份有限公司（以下简称"公司"）于 2025 年 8 月 28 日 以现场方式召开了第七届监事会第八次会议。本次会议应到监事 3 人，实到监事 议的召开符合《中华人民共和国公司法》和《公司章程》的有关规定，会议合法 有效。 特此公告。 ...

Core Viewpoint - Jiangsu Sobute New Materials Co., Ltd. reported a significant improvement in its financial performance for the first half of 2025, with a 7.03% increase in revenue and an 18.68% increase in net profit attributable to shareholders compared to the same period last year [4][9]. Company Overview and Financial Indicators - The company achieved operating revenue of approximately 1.67 billion yuan, up from 1.56 billion yuan in the previous year [2][9]. - The total profit for the period was approximately 117.23 million yuan, a 2.17% increase from 114.75 million yuan [2][9]. - The net profit attributable to shareholders was approximately 63.25 million yuan, compared to 53.29 million yuan in the same period last year, marking an 18.68% increase [2][9]. - The company's total assets increased by 6.16% to approximately 8.37 billion yuan [2][9]. Industry and Main Business Situation - The concrete admixture industry in China is characterized by a large number of enterprises with low concentration, primarily dominated by domestic companies [4][5]. - The company is a leading supplier of new civil engineering materials, consistently ranking first in the comprehensive evaluation of concrete admixture enterprises from 2014 to 2024 [4][5]. - The main products include high-performance water reducers and functional materials, which are essential for improving concrete performance and construction efficiency [4][5]. Business Development and Market Expansion - The company has focused on expanding its market presence in major engineering projects, particularly in the western regions of China, achieving significant results in sectors such as hydropower and nuclear power [4][5]. - Functional materials have shown a growth rate of around 25%, indicating strong market potential for these products [4][5]. - The company has also expanded its overseas business, establishing subsidiaries in the Philippines, Singapore, and Thailand, and developing special formulas tailored to international customer needs [4][5]. Research and Development - The company has increased its R&D efforts, focusing on developing energy-saving and environmentally friendly products to enhance its technological barriers [5][6]. - It holds 1,068 national patents and 42 international invention patents, demonstrating its commitment to innovation and industry standards [6][7]. - The company has established several research centers and laboratories, providing a strong foundation for technological innovation and product development [6][7]. Competitive Advantages - The company is recognized as a national high-tech enterprise and has received various honors, including being listed as a "manufacturing single champion demonstration enterprise" [6][7]. - It has a well-structured R&D team with over 200 professionals, including two academicians from the Chinese Academy of Engineering [7][8]. - The company’s products have been successfully applied in major projects such as the Hong Kong-Zhuhai-Macao Bridge and the Sichuan-Lhasa Railway, showcasing its reliability and market trust [8][9].

Company Overview - Jiangsu Sobute New Materials Co., Ltd. is listed on the Shanghai Stock Exchange with the stock code 603916 and the stock name "Sobute" [1] - The company reported total assets of approximately 8.37 billion RMB, an increase of 6.16% compared to the previous year [1] Financial Performance - The company's operating revenue for the reporting period was approximately 1.67 billion RMB, reflecting a year-on-year increase of 7.03% [1] - Total profit for the period was approximately 117.23 million RMB, which is a 2.17% increase compared to the same period last year [1] - The net profit attributable to shareholders of the listed company was approximately 52.96 million RMB, showing a significant increase of 16.24% compared to the previous year [1] - The net cash flow from operating activities was negative at approximately -34.43 million RMB, a decrease of 147.51% compared to the previous year [1] Shareholder Information - The top shareholder, Jiangsu Bot New Materials Co., Ltd., holds 37.72% of the shares, amounting to 163.2 million shares [2][3] - Other significant shareholders include individuals such as Miao Changwen (5.11%), Liu Jiaping (3.80%), and Zhang Jianxiong (2.11%) [2][3] - The total number of shareholders as of the reporting period was 19,274 [1]

证券代码：603916 证券简称：苏博特 公告编号：2025-041 转债代码：113650 转债简称：博 22 转债 江苏苏博特新材料股份有限公司 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。 本议案经第七届董事会审计委员会第六次会议审议通过后提交董事会，审计 委员会认为：报告的编制程序符合法律法规、规范性文件和《公司章程》的要求， 内容真实、准确、完整地反映了对应报告期内经营管理和财务等各方面的实际情 况，不存在任何虚假记载、误导性陈述或者重大遗漏。 一、董事会会议召开情况 江苏苏博特新材料股份有限公司（以下简称"公司"）于 2025 年 8 月 28 日 以现场方式结合通讯方式召开了第七届董事会第十次会议。本次会议应到董事 7 人，实到董事 7 人。会议由毛良喜先生主持，公司监事、董事会秘书列席会议。 会议的召开符合《中华人民共和国公司法》和《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 表决结果：同意 7 票，反对 0 票，弃权 0 票，一致通过该项议案。 详见刊登在上海证券交易所（www.s ...