Core Insights - The company achieved a revenue of 1.334 billion yuan in the first half of 2025, representing a year-on-year increase of 15.40%, while the net profit attributable to shareholders decreased by 19.58% to 51 million yuan, resulting in an EPS of 0.18 yuan [1] - The company is a leader in domestic inkjet printing composite materials, being the first to integrate base films, adhesives, and coating [1] - The traditional business faces transformation pressure, with significant net profit decline despite revenue growth, primarily due to intensified market competition [1] Financial Performance - In Q2 2025, the company reported a revenue of 731 million yuan, a year-on-year increase of 22.4%, but the net profit attributable to shareholders fell by 52.5% to 16 million yuan [1] - The advertising inkjet printing materials segment generated 623 million yuan (+3.27%) with a gross margin of 14.23% (-2.14 percentage points), while the label printing materials segment saw revenue of 419 million yuan (+28.42%) with a gross margin of 20.58% (+1.32 percentage points) [1] - The electronic-grade functional materials segment achieved revenue of 53 million yuan (+28.02%) but faced a gross margin decline to 14.57% (-2.57 percentage points) [1] Business Segments - The company’s revenue from functional base film materials reached 93 million yuan (+19.87%) with a gross margin of 5.49% (+2.79 percentage points) [1] - Other business segments experienced rapid growth, attributed to increased internal transactions [1] - Overall, while the business scale remains stable, the comprehensive gross margin has declined compared to the same period last year due to market competition [1] Strategic Developments - The company is actively investing in the robotics skin and tactile sensor market, with successful progress in developing flexible tactile sensors [1] - A new round of equity incentive plans was launched, involving 103 core team members, aimed at binding talent and enhancing future growth prospects [1] - The company is building a multi-layered barrier in the electronic skin technology sector, focusing on material formulation, structural design, and algorithm perception [1] Future Outlook - The company is expected to achieve revenues of 2.921 billion yuan, 3.304 billion yuan, and 3.740 billion yuan from 2025 to 2027, with respective year-on-year growth rates of 14.96%, 13.12%, and 13.19% [1] - The net profit attributable to shareholders is projected to be 121 million yuan, 161 million yuan, and 195 million yuan for the same period, with growth rates of -13.34%, 33.76%, and 20.91% [1] - The company is positioned to benefit from the maturation of the robotics industry, potentially creating a second growth curve [1]

| 证券代码：605488 | 证券简称：福莱新材 | 公告编号：临 2025-113 | | --- | --- | --- | | 债券代码：111012 | 债券简称：福新转债 | | 浙江福莱新材料股份有限公司 关于部分闲置募集资金购买理财产品到期赎回的公告 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。 重要内容提示： 一、使用闲置募集资金进行现金管理的审议情况 浙江福莱新材料股份有限公司（以下简称"公司"）分别于 2024 年 12 月 31 日召开第三届董事会第七次会议、第三届监事会第六次会议，于 2025 年 1 月 16 日召开 2025 年第一次临时股东大会，审议通过了《关于使用部分闲置募集资金 进行现金管理的议案》，同意使用不超过人民币 1 亿元暂时闲置募集资金进行现 金管理，使用期限为自公司股东大会审议通过之日起一年内有效，在该额度内可 循环滚动使用。具体内容详见公司分别于 2025 年 1 月 1 日、1 月 17 日在上海证 券交易所网站（www.sse.com.cn）披露的《福莱新材关于使用部分闲 ...

Core Viewpoint - The company Folei New Materials (605488) is set to unlock 982,800 restricted shares on August 28, representing 0.35% of its total share capital, following a recent trend of share unlocks over the past year [1][2]. Group 1: Share Unlock Details - A total of 772,000 shares have been unlocked in the past year, accounting for 0.28% of the total share capital [1]. - After the upcoming unlock, there will still be 1,878,800 restricted shares remaining, which is 0.67% of the total share capital [1]. - The breakdown of the unlocking involves various shareholders, including 189,000 shares from Kong Li Bang and 541,800 shares from middle management and core team members [2]. Group 2: Financial Performance - For the first half of 2025, the company reported a main revenue of 1.334 billion yuan, an increase of 15.4% year-on-year [3]. - The net profit attributable to shareholders decreased by 19.58% to 50.9348 million yuan, while the net profit excluding non-recurring items fell by 20.53% to 45.4288 million yuan [3]. - In Q2 2025, the company achieved a quarterly revenue of 731 million yuan, up 22.42% year-on-year, but the net profit attributable to shareholders dropped by 52.51% to 16.053 million yuan [3]. Group 3: Business Overview - Folei New Materials specializes in the research, development, production, and sales of industrial consumer products and high-end intelligent equipment, including advertising inkjet printing materials, label printing materials, electronic-grade functional materials, functional base film materials, and adhesive materials [3].

Investment Rating - The report maintains a "Buy" investment rating for the company [9] Core Insights - The company achieved total operating revenue of 1.334 billion yuan in the first half of 2025, representing a year-on-year increase of 15.40%. However, the net profit attributable to shareholders decreased by 19.58% to 51 million yuan [5] - The label materials segment continues to be a growth driver, with revenue of 419 million yuan, up 28.42% year-on-year, benefiting from overseas market expansion and product optimization [5] - The flexible sensor segment has made significant progress, with the establishment of a pilot production line and the launch of first and second-generation tactile sensor products [6] - Strategic partnerships with Tom Cat and Fenda Technology aim to develop AI companion robots, tapping into a growing market driven by demographic changes [8] Summary by Sections Financial Performance - In Q2 2025, the company reported operating revenue of 731 million yuan, a year-on-year increase of 22.42% and a quarter-on-quarter increase of 21.28%. The net profit for the same quarter was 16 million yuan, down 52.51% year-on-year and 53.98% quarter-on-quarter [4][5] Business Strategy - The company is advancing its "industrial integration and application diversification" strategy, which has led to reduced product costs and improved delivery stability [5] - The traditional advertising inkjet printing materials segment generated revenue of 623 million yuan, a year-on-year increase of 3.27%, although it faced margin pressure due to increased competition [5] Growth Opportunities - The flexible sensor business is expanding into high-growth application areas such as robotics and industrial inspection, with a focus on developing flexible electronic skin technology [6] - The emotional robot market is poised for growth, with government subsidies potentially lowering prices and increasing accessibility [8] Profit Forecast - The company is projected to achieve net profits of 123 million yuan, 156 million yuan, and 219 million yuan for 2025, 2026, and 2027 respectively, with corresponding P/E ratios of 76.8, 60.7, and 43.3 [9][11]

Group 1 - The company reported a total revenue of 1.334 billion yuan in the first half of 2025, marking a year-on-year increase of 15.4%, achieving the highest revenue in the same period historically [3] - The net profit attributable to the parent company was 51 million yuan, a decrease of 19.58% year-on-year, primarily due to intensified competition in the advertising inkjet printing materials market and the ramp-up of new projects [3] - The revenue from label printing materials reached 419 million yuan, a year-on-year increase of 28.42%, accounting for 31% of total revenue, with a gross margin increase of 1.3 percentage points to 20.6%, becoming the largest profit contributor [2] Group 2 - The company achieved a revenue of 93 million yuan from functional base film materials, reflecting a year-on-year growth of 19.87%, with a gross margin increase of 2.79 percentage points to 5.49% [2] - The company has made significant technological breakthroughs and commercial progress in the flexible sensor field, establishing the first pilot production line and launching the first and second generation of flexible tactile sensor products [4][6] - The company invested 54 million yuan in R&D in the first half of 2025, representing 4.1% of revenue, which is the highest R&D expenditure for the same period since its listing [4] Group 3 - The company added 6 new patents during the reporting period, including 4 invention patents, bringing the total authorized patents to 118, with 73 being invention patents [6] - The company is transitioning its product line from traditional adhesive tapes and release films to higher value-added areas such as optical protective films, and has successfully developed UV release adhesive for mass production [6]

Financial Performance - The company reported a total revenue of 1.334 billion yuan for the first half of 2025, an increase of 15.4% year-on-year [1] - The net profit attributable to shareholders was 50.9348 million yuan, a decrease of 19.58% year-on-year [1] - In Q2 2025, total revenue reached 731 million yuan, up 22.42% year-on-year, while net profit dropped by 52.51% to 16.053 million yuan [1] - The gross margin was 14.66%, down 10.84% year-on-year, and the net margin was 3.87%, down 29.63% year-on-year [1] - The company's accounts receivable increased by 30.53% year-on-year [1] Financial Metrics - The total of selling, administrative, and financial expenses was 95.6669 million yuan, accounting for 7.17% of revenue, a decrease of 1.56% year-on-year [1] - Earnings per share (EPS) was 0.18 yuan, down 28.0% year-on-year [1] - The net asset value per share was 5.41 yuan, a decrease of 18.23% year-on-year [1] - Operating cash flow per share was 0.2 yuan, an increase of 138.92% year-on-year [1] Changes in Financial Items - Other receivables decreased by 77.83% due to the recovery of demolition compensation [2] - Other equity instruments increased by 151.52% due to capital increase in associated companies [3] - Deferred tax assets increased by 565.57% due to the increase in deductible temporary differences [3] - Contract liabilities decreased by 76.33% due to reduced prepayments for equipment renovation [3] - The company's cash flow from operating activities increased by 157.46% due to increased bill discounting [4] Business Model and Market Position - The company's return on invested capital (ROIC) was 5.69%, indicating average capital returns [5] - The net profit margin was 4.8%, suggesting low added value for products or services [5] - The company relies heavily on capital expenditures, necessitating careful evaluation of capital projects [5] Product Development - The company launched a second-generation flexible tactile sensor with three core technological breakthroughs: true flexibility, full-surface tactile perception, and three-dimensional force detection [7] - Applications for the new sensor include precision manufacturing, medical rehabilitation robotics, service robots, and industrial automation [8]

Group 1 - The core viewpoint of the news is that Zhejiang Fulai New Materials Co., Ltd. reported a mixed performance in its 2025 semi-annual report, with revenue growth but a decline in net profit [1] - The company achieved operating revenue of 1.334 billion yuan, a year-on-year increase of 15.40%, while net profit attributable to shareholders was 50.9348 million yuan, a year-on-year decrease of 19.58% [1] - The main revenue source, advertising inkjet printing materials, generated 623 million yuan, up 3.27% year-on-year, while label printing materials saw the fastest growth with revenue of 419 million yuan, a 28.42% increase [1] Group 2 - The company made significant technological advancements in the flexible sensor field, establishing its first pilot production line and launching the first and second generation of flexible tactile sensor products [1] - Fulai New Materials is collaborating with Zhejiang Tsinghua Flexible Electronics Technology Research Institute to build a joint laboratory focused on flexible electronic skin and ultra-wide pressure sensors [2] - The company accelerated its international expansion, achieving overseas revenue of 221 million yuan, a year-on-year increase of 17.11%, with a gross margin improvement of 2.25 percentage points to 31.32% [2]

Core Viewpoint - Fule New Materials (605488.SH) reported a decline in institutional ownership in its half-year report for 2025, with a total of 30.21 million shares held by six institutional investors, representing 10.71% of the total share capital, down by 1.08 percentage points from the previous quarter [1] Institutional Investors - As of August 22, 2025, six institutional investors disclosed holdings in Fule New Materials, totaling 30.21 million shares, which is 10.71% of the company's total share capital [1] - The institutional investors include Jiaxing Jinqi Enterprise Management Partnership, Jiangsu Yinchuan Capital Management, Zheshang Bank, Tongtai Competitive Advantage Mixed A, Nanhua Fengchun Mixed A, and Dacheng Value Pioneer Flexible Allocation A [1] - The institutional ownership percentage decreased by 1.08 percentage points compared to the previous quarter [1] Public Funds - Two new public funds disclosed their holdings this period, namely Qianhai Kaiyuan Jiaxin Mixed A and Nanhua Fengchun Mixed A [1] - Five public funds that were previously disclosed have not reported this period, including Penghua Carbon Neutral Theme Mixed A, Allianz China Selected Mixed A, Fortune Rongfu Jin Mixed A, Zheshang Dingying Event-Driven Mixed (LOF), and Huaxia Stable Gain One-Year Holding Mixed A [1] Foreign Investment - The report indicates that the foreign institution Morgan Stanley & Co. International PLC has not disclosed its holdings this period, which was previously reported in the last quarter [1]

Group 1 - The core point of the article highlights that Fulei New Materials (SH 605488) held its 16th meeting of the third board of directors on August 21, 2025, to review the special report on the use of raised funds for the first half of 2025 [1] - For the first half of 2025, the revenue composition of Fulei New Materials shows that functional coating composite materials accounted for 98.14%, while other businesses made up 1.86% [1]

Core Viewpoint - The report outlines the fundraising activities and financial management of Zhejiang Fulai New Materials Co., Ltd., detailing the usage and status of raised funds from both the initial public offering (IPO) and convertible bonds issued in 2023 [3][5][30]. Section Summaries Company Overview - Zhejiang Fulai New Materials Co., Ltd. is engaged in the production and development of new materials, with a focus on functional coating composite materials [2]. Financial Data - The company raised a total of RMB 612.90 million from its IPO in 2021, with a net amount of RMB 530.63 million after deducting issuance costs [5]. - As of June 30, 2025, the company has utilized RMB 504.07 million from the IPO funds and RMB 312.26 million from the convertible bonds issued in 2023 [4][6]. Fundraising Activities - The company issued 30 million shares at RMB 20.43 per share in 2021, and in 2023, it issued 4.29 million convertible bonds at a face value of RMB 100 each, raising a total of RMB 429.02 million [5][6]. - The total balance of the funds raised as of June 30, 2025, is RMB 1.67 million in the IPO account and RMB 17.47 million in the convertible bond account [11][12]. Fund Management - The company has established a fundraising management system to ensure the proper use of raised funds, adhering to regulatory requirements [8]. - As of June 30, 2025, the company has temporarily used RMB 10 million of idle funds to supplement working capital, which has been fully returned to the special account [15][16]. Project Updates - The company has reallocated RMB 200 million from the "Functional Coating Composite Material Production Base and R&D Center" project to the "New Material Project" at its Yantai subsidiary [20]. - The completion date for the new environmental pre-coating functional materials project has been extended to January 31, 2026 [22]. Compliance and Reporting - The company has complied with all relevant regulations regarding the management and disclosure of raised funds, ensuring that all information is accurate and complete [25].