2025 年 08 月 27 日 标签材料拉动营收增长，柔性传感器多维突破 —福莱新材（605488.SH）公司事件点评报告 买入(维持) 事件 | 分析师：张伟保 | S1050523110001 | | --- | --- | | zhangwb@cfsc.com.cn | | | 联系人：高铭谦 | S1050124080006 | | gaomq@cfsc.com.cn | | | 基本数据 | 2025-08-26 | | --- | --- | | 当前股价（元） | 33.84 | | 总市值（亿元） | 95 | | 总股本（百万股） | 280 | | 流通股本（百万股） | 278 | | 52 周价格范围（元） | 10.8-62.5 | | 日均成交额（百万元） | 309.92 | 市场表现 -100 0 100 200 300 400 500 (%) 福莱新材 沪深300 资料来源：Wind，华鑫证券研究 相关研究 1、《福莱新材（605488）：二代产 品携手兆威，股权激励绑定核心研 发团队》2025-07-17 2、《福莱新材（605488）：产业一 体化充实业绩，真柔性构筑成 ...

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]

登录新浪财经APP 搜索【信披】查看更多考评等级 公司代码：605488 公司简称：福莱新材 转债代码：111012 转债简称：福新转债 第一节 重要提示 1.1本半年度报告摘要来自半年度报告全文，为全面了解本公司的经营成果、财务状况及未来发展规 划，投资者应当到www.sse.com.cn网站仔细阅读半年度报告全文。 1.2本公司董事会及董事、高级管理人员保证半年度报告内容的真实性、准确性、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。 1.3公司全体董事出席董事会会议。 1.4本半年度报告未经审计。 单位：元 币种：人民币 ■ 2.3前10名股东持股情况表 单位: 股 1.5董事会决议通过的本报告期利润分配预案或公积金转增股本预案 无 第二节 公司基本情况 2.1公司简介 ■ 2.2主要财务数据 ■ 2.4截至报告期末的优先股股东总数、前10名优先股股东情况表 □适用 √不适用 2.5控股股东或实际控制人变更情况 □适用 √不适用 2.6在半年度报告批准报出日存续的债券情况 □适用 √不适用 第三节 重要事项 公司应当根据重要性原则，说明报告期内公司经营情况的重大变化，以及报 ...

证券代码：605488 证券简称：福莱新材 公告编号：临 2025-110 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 2023 年限制性股票激励计划首次授予部分第二个 解除限售期解除限售暨上市的公告 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、准确性和完整性依法承担法律责任。 重要内容提示： ? 本次股票上市类型为股权激励股份；股票认购方式为网下，上 市股数为982,800股。 本次股票上市流通总数为982,800股。 ? 本次股票上市流通日期为2025 年 8 月 28 日。 一、公司 2023 年限制性股票激励计划（以下简称"本激励计划"、 激励计划实施考核管理办法>的议案》 《关于核查公司<2023 年限制性股票激励计划 首次授予部分激励对象名单>的议案》。公司监事就本次激励计划是否有利于公司 的持续发展、是否存在损害公司及全体股东利益发表了明确意见。 及职务在公司内部进行了公示。截至公示期满，公司监事会未收到任何对本次拟 首次授予激励对象提出的异议。2023 年 7 月 6 日，公司监事会发表了《浙江福莱 新 ...

（文章来源：证券日报） 证券日报网讯 8月22日晚间，福莱新材发布公告称，公司第三届董事会第十六次会议审议通过了《关于 公司2025年半年度报告及摘要的议案》等。 ...

Group 1 - The company reported a revenue of 1,334,369,016.92 yuan for the first half of 2025, representing a year-on-year growth of 15.40% [2] - The net profit attributable to shareholders of the listed company was 50,934,823.58 yuan, showing a year-on-year decline of 19.58% [2]