北京沃尔德金刚石工具股份有限公司 北京沃尔德金刚石工具股份有限公司（以下简称"公司"）为贯彻中央经 济工作会议、中央金融工作会议精神，落实以投资者为本的理念，推动上市公 司持续优化经营、规范治理和积极回报投资者，大力提高上市公司质量，助力 信心提振、资本市场稳定和经济高质量发展。公司于 2025 年 4 月 22 日在上海 证券交易所网站（www.sse.com.cn）披露了《2024 年度"提质增效重回报"行 动方案的评估报告暨 2025 年度"提质增效重回报"行动方案》，为公司 2025 年度提质增效重回报行动制定出明确的工作方向。公司根据行动方案内容，积 极开展和落实各项工作，现将 2025 年上半年的主要工作成效汇总如下： 一、聚焦经营主业 损益的净利润 3,987.67 万元，较上年同期下降 18.64%。 公司刀具业务保持稳定增长。在持续巩固下游汽车、消费电子行业的同时， 重点发展新能源装备、航空航天、半导体工具等行业，聚焦人形机器人等新兴 产业。PCD 锪窝钻形成标准化系列，具备高耐磨性、高精度导向能力及高效复 合加工等优势，正在有序增加产能；金刚石微钻产品实现营业收入 488.97 万元， 同 ...

Group 1 - The core viewpoint of the article highlights the financial performance of World (SH 688028), which reported a revenue increase but a decline in net profit for the first half of 2025 [1] - The company's revenue for the first half of 2025 is approximately 335 million yuan, representing a year-on-year increase of 6.09% [1] - The net profit attributable to shareholders for the same period is approximately 43.62 million yuan, showing a year-on-year decrease of 19.57% [1] - The basic earnings per share for the company is 0.2885 yuan, which is a decrease of 19.14% compared to the previous year [1] Group 2 - As of the report, the market capitalization of World is 3.9 billion yuan [2]

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： 投资者可于 2025 年 08 月 26 日（星期二）至 09 月 01 日（星期一）16:00 前登录上证路演中心网站首页点击"提问预征集"栏目或通过公司邮箱 688028@worldiatools.com 进行提问。公司将在说明会上对投资者普遍关注的问 题进行回答。 北京沃尔德金刚石工具股份有限公司（以下简称"公司"）将于 2025 年 8 月 26 日发布公司 2025 年半年度报告，为便于广大投资者更全面深入地了解公司 2025 年半年度经营成果、财务状况，公司计划于 2025 年 09 月 02 日（星期二） 10:00-11:00 举行 2025 年半年度业绩说明会，就投资者关心的问题进行交流。 一、说明会类型 本次投资者说明会以网络互动形式召开，公司将针对 2025 年半年度的经营 成果及财务指标的具体情况与投资者进行互动交流和沟通，在信息披露允许的范 围内就投资者普遍关注的问题进行回答。 证券代码：688028 证券简称：沃尔德 公告编号：20 ...

北京沃尔德金刚石工具股份有限公司 2025 年度"提质增效重回报"行动方案的半年度评估报告 北京沃尔德金刚石工具股份有限公司（以下简称"公司"）为贯彻中央经 济工作会议、中央金融工作会议精神，落实以投资者为本的理念，推动上市公 司持续优化经营、规范治理和积极回报投资者，大力提高上市公司质量，助力 信心提振、资本市场稳定和经济高质量发展。公司于 2025 年 4 月 22 日在上海 证券交易所网站（www.sse.com.cn）披露了《2024 年度"提质增效重回报"行 动方案的评估报告暨 2025 年度"提质增效重回报"行动方案》，为公司 2025 年度提质增效重回报行动制定出明确的工作方向。公司根据行动方案内容，积 极开展和落实各项工作，现将 2025 年上半年的主要工作成效汇总如下： 技术创新与研发是公司保持行业竞争优势的关键。报告期内，公司研发费 用 2,685.81 万元，同比增长 14.11%，获得国内外专利 25 项，其中发明专利 16 项；依据公司《创新评选管理办法》，评选出优秀创新实践特等奖 1 名、优秀 创新实践一等奖 3 名、优秀创新实践二等奖 18 名、优秀创新实践三等奖 27 名。 P ...

证券代码：688028 证券简称：沃尔德 公告编号：2025-034 北京沃尔德金刚石工具股份有限公司 第四届监事会第十一次会议决议公告 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、准确性和完整性依法承担法律责任。 一、监事会会议召开情况 北京沃尔德金刚石工具股份有限公司（以下简称"公司"）第四届监事会第 十一次会议于2025年8月22日在嘉兴沃尔德金刚石工具有限公司四楼会议室以现场 方式召开。工作人员将本次会议相关的资料（包括会议通知、会议议题资料等） 于2025年8月12日以电子邮件、电话等方式送达至全体监事。应出席监事3名，实 际出席监事3名，会议的召集、召开符合《公司章程》《监事会议事规则》等文件 的相关规定。 二、监事会会议审议情况 会议由公司监事会主席何敏先生主持，以记名投票方式表决，审议并通过了 以下议案： （一）审议通过《关于 2025 年半年度报告及其摘要的议案》 经审核，监事会认为： 1、公司 2025 年半年度报告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 年半年度报告的内容与 ...

[Important Notice](index=2&type=section&id=%E9%87%8D%E8%A6%81%E6%8F%90%E7%A4%BA) [Board Statement and Risk Warning](index=2&type=section&id=%E8%91%A3%E4%BA%8B%E4%BC%9A%E5%A3%B0%E6%98%8E%E4%B8%8E%E9%A3%8E%E9%99%A9%E6%8F%90%E7%A4%BA) The company's board, supervisory board, and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report and advise investors to pay attention to the operational risks - The company's board of directors, supervisory board, and senior management declare that the report content is true, accurate, and complete, with no false records, misleading statements, or major omissions[6](index=6&type=chunk) - The company has elaborated on potential operational risks in the report, advising investors to review "Section III Management Discussion and Analysis/IV. Risk Factors" and be aware of investment risks[6](index=6&type=chunk) [Profit Distribution Plan](index=2&type=section&id=%E5%88%A9%E6%B6%A6%E5%88%86%E9%85%8D%E9%A2%84%E6%A1%88) The board approved a 2025 semi-annual profit distribution plan to pay a cash dividend of 1.2 yuan (tax inclusive) per 10 shares, totaling 18.11 million yuan, representing 41.52% of net profit attributable to shareholders 2025 Semi-Annual Profit Distribution Plan | Indicator | Amount/Ratio | | :--- | :--- | | Cash dividend per 10 shares (tax inclusive) | 1.2 yuan | | Estimated total cash dividend | 18,113,880.00 yuan | | Percentage of net profit attributable to listed company shareholders | 41.52% | | Amount of shares repurchased | 9,169,350.46 yuan | | Total cash dividend and repurchase as percentage of net profit | 62.54% | | Capital reserve conversion to share capital | No | | Bonus shares | No | - This profit distribution plan was approved by the company's Fourth Board of Directors' Twelfth Meeting and, based on authorization from the 2024 Annual General Meeting, does not require shareholder approval[8](index=8&type=chunk) [Definitions](index=5&type=section&id=%E7%AC%AC%E4%B8%80%E8%8A%82%20%E9%87%8A%E4%B9%89) [Definitions of Common Terms](index=5&type=section&id=%E5%B8%B8%E7%94%A8%E8%AF%8D%E8%AF%AD%E9%87%8A%E4%B9%89) This section defines common terms used in the report, including company and subsidiary names, industry terms, and display technology terms, to aid reader comprehension - The report lists definitions for common institutional and company abbreviations, including "Worldia," "CSRC," and "SSE"[15](index=15&type=chunk) - Detailed explanations are provided for professional terms related to core businesses such as "tools," "cutting processing," "superhard materials," "diamond," "cemented carbide," and "coating"[15](index=15&type=chunk) - Elaboration on superhard materials and their preparation technologies like "PCD," "CBN," "PCBN," "CVD," "BDD," and terms related to product application areas such as "LCD," "OLED," and "diamond cutting wheel" are included[15](index=15&type=chunk)[16](index=16&type=chunk) [Company Profile and Key Financial Indicators](index=6&type=section&id=%E7%AC%AC%E4%BA%8C%E8%8A%82%20%E5%85%AC%E5%8F%B8%E7%AE%80%E4%BB%8B%E5%92%8C%E4%B8%BB%E8%A6%81%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87) [Company Basic Information](index=6&type=section&id=%E5%85%AC%E5%8F%B8%E5%9F%BA%E6%9C%AC%E6%83%85%E5%86%B5) This section outlines the company's basic information, including its Chinese abbreviation, foreign name, legal representative, registered and office addresses, company website, and email address - The company's Chinese abbreviation is "沃尔德" (Worldia), its foreign name is "Beijing Worldia Diamond Tools Co.,Ltd.", and its legal representative is Chen Jifeng[19](index=19&type=chunk) - The company's registered address is in Chaoyang District, Beijing, and its office address is in Dachang Chaobai River Industrial Park, Langfang City, Hebei Province[19](index=19&type=chunk) [Contact Person and Information](index=7&type=section&id=%E8%81%94%E7%B3%BB%E4%BA%BA%E5%92%8C%E8%81%94%E7%B3%BB%E6%96%B9%E5%BC%8F) This section provides contact details for the company's Board Secretary (domestic representative for information disclosure) and Securities Affairs Representative, including names, addresses, phone numbers, fax, and email - The Board Secretary is Chen Huanchao, and the Securities Affairs Representative is Shen Lisi, with both contact addresses at No. 1136, Bazi Road, Gaozhao Street, Xiuzhou District, Jiaxing City[20](index=20&type=chunk) [Information Disclosure and Document Custody Location Changes](index=7&type=section&id=%E4%BF%A1%E6%81%AF%E6%8A%AB%E9%9C%B2%E5%8F%8A%E5%A4%87%E7%BD%AE%E5%9C%B0%E7%82%B9%E5%8F%98%E6%9B%B4%E6%83%85%E5%86%B5%E7%AE%80%E4%BB%8B) This section details the company's designated newspapers for information disclosure, the website address for the semi-annual report, and the location where the report is available for inspection - The company's selected newspapers for information disclosure are "China Securities Journal," "Shanghai Securities News," "Securities Daily," and "Securities Times"[21](index=21&type=chunk) - The semi-annual report is published on www.sse.com.cn, and the report is available for inspection at the company's Board of Directors Office[21](index=21&type=chunk) [Company Stock/Depositary Receipt Overview](index=7&type=section&id=%E5%85%AC%E5%8F%B8%E8%82%A1%E7%A5%A8%2F%E5%AD%98%E6%89%98%E5%87%AD%E8%AF%81%E7%AE%80%E5%86%B5) This section introduces the company's stock listing exchange and board, stock abbreviation, and code, and clarifies that the company has no depositary receipts - The company's stock type is A-shares, listed on the STAR Market of the Shanghai Stock Exchange, with stock abbreviation "Worldia" and stock code "688028"[22](index=22&type=chunk) - The company has no depositary receipts[23](index=23&type=chunk) [Company's Key Accounting Data and Financial Indicators](index=7&type=section&id=%E5%85%AC%E5%8F%B8%E4%B8%BB%E8%A6%81%E4%BC%9A%E8%AE%A1%E6%95%B0%E6%8D%AE%E5%92%8C%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87) In H1 2025, the company's operating revenue grew by 6.09% to 335.05 million yuan, but total profit, net profit attributable to parent, and non-recurring net profit all decreased by over 18% 2025 Semi-Annual Key Accounting Data | Key Accounting Data (Unit: yuan) | Current Period (Jan-Jun) | Prior Year Period | Current Period vs. Prior Year Period Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 335,054,644.74 | 315,816,091.89 | 6.09 | | Total Profit | 48,722,622.56 | 63,478,790.14 | -23.25 | | Net Profit Attributable to Listed Company Shareholders | 43,622,679.03 | 54,237,319.22 | -19.57 | | Net Profit Attributable to Listed Company Shareholders Excluding Non-Recurring Gains/Losses | 39,876,689.54 | 49,015,049.07 | -18.64 | | Net Cash Flow from Operating Activities | 61,496,663.71 | 79,456,182.10 | -22.60 | | Net Assets Attributable to Listed Company Shareholders (Period-end) | 1,951,601,107.57 | 1,950,215,070.89 | 0.07 | | Total Assets (Period-end) | 2,226,058,834.43 | 2,267,532,997.15 | -1.83 | 2025 Semi-Annual Key Financial Indicators | Key Financial Indicators | Current Period (Jan-Jun) | Prior Year Period | Current Period vs. Prior Year Period Change (%) | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (yuan/share) | 0.2885 | 0.3568 | -19.14 | | Diluted Earnings Per Share (yuan/share) | 0.2885 | 0.3568 | -19.14 | | Basic Earnings Per Share Excluding Non-Recurring Gains/Losses (yuan/share) | 0.2637 | 0.3225 | -18.23 | | Weighted Average Return on Net Assets (%) | 2.22 | 2.79 | Decreased by 0.57 percentage points | | Weighted Average Return on Net Assets Excluding Non-Recurring Gains/Losses (%) | 2.03 | 2.52 | Decreased by 0.49 percentage points | | R&D Investment as Percentage of Operating Revenue (%) | 8.02 | 7.45 | Increased by 0.57 percentage points | [Non-Recurring Gains and Losses Items and Amounts](index=8&type=section&id=%E9%9D%9E%E5%B8%B8%E8%A7%84%E6%80%A7%E6%8D%9F%E7%9B%8A%E9%A1%B9%E7%9B%AE%E5%92%8C%E9%87%91%E9%A2%9D) Non-recurring gains and losses totaled 3.75 million yuan in the reporting period, primarily from government grants, non-current asset disposal gains/losses, and other non-operating income/expenses 2025 Semi-Annual Non-Recurring Gains and Losses Items and Amounts | Non-Recurring Gains and Losses Item | Amount (yuan) | | :--- | :--- | | Gains/losses from disposal of non-current assets | -365,385.97 | | Government grants recognized in current profit/loss | 4,458,884.41 | | Reversal of impairment provisions for accounts receivable subject to separate impairment testing | 9,533.51 | | Gains from re-measurement of remaining equity at fair value after loss of control | 25,542.51 | | Other non-operating income and expenses apart from the above | 264,768.74 | | Less: Income tax impact | 642,826.60 | | Minority interest impact (after tax) | 4,527.11 | | **Total** | **3,745,989.49** | [Management Discussion and Analysis](index=10&type=section&id=%E7%AC%AC%E4%B8%89%E8%8A%82%20%E7%AE%A1%E7%90%86%E5%B1%82%E8%AE%A8%E8%AE%BA%E4%B8%8E%E5%88%86%E6%9E%90) [Explanation of the Company's Industry and Main Business During the Reporting Period](index=10&type=section&id=%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E5%85%AC%E5%8F%B8%E6%89%80%E5%B1%9E%E8%A1%8C%E4%B8%9A%E5%8F%8A%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1%E6%83%85%E5%86%B5%E8%AF%B4%E6%98%8E) The company's main business covers superhard and cemented carbide tools and diamond functional materials, targeting global high-end markets, with tool business leading in domestic solutions and diamond materials leveraging CVD technology - The company's tool business is positioned in the global high-end tool market, offering superhard and cemented carbide tool products[30](index=30&type=chunk) - The diamond functional materials business targets the global high-end new materials market, mastering CVD diamond growth technology, with products including diamond film acoustic devices, heat sink materials, optical windows, tool materials, boron-doped diamond film coated electrodes and products, and CVD lab-grown diamonds[30](index=30&type=chunk)[31](index=31&type=chunk) - The company operates in the manufacturing industry, specifically "C34 General Equipment Manufacturing" under "C342 Metal Processing Machinery Manufacturing," with main products involving "C3321 Cutting Tool Manufacturing," "C3529 Other Non-Metallic Processing Special Equipment Manufacturing," and "C3099 Other Non-Metallic Mineral Product Manufacturing" industries[35](index=35&type=chunk) [Main Business, Products, or Services](index=10&type=section&id=%E4%B8%BB%E8%A6%81%E4%B8%9A%E5%8A%A1%E3%80%81%E4%B8%BB%E8%A6%81%E4%BA%A7%E5%93%81%E6%88%96%E6%9C%8D%E5%8A%A1%E6%83%85%E5%86%B5) The company's main businesses include superhard and cemented carbide tools and diamond functional materials, with products like diamond cutting wheels, micro drills, and CVD diamond materials serving 3C, automotive, aerospace, and semiconductor sectors - Superhard tool products include diamond cutting wheels, diamond grinding wheels, micro drills/milling cutters, PCD/PCBN tools, and single-crystal diamond tools, applied in LCD panels, semiconductors, automotive, 3C, and aerospace fields[30](index=30&type=chunk)[31](index=31&type=chunk) - Cemented carbide tools and rods are primarily used for processing cast iron, non-ferrous metals, plastics, glass, stone, and various steels, widely applied in general machinery, automotive, and mold industries[31](index=31&type=chunk) - Diamond functional materials products include diamond film acoustic devices, heat sink materials, optical windows, tool materials, boron-doped diamond film coated electrodes and products, and CVD lab-grown diamonds, applied in electronics, optoelectronics, medical devices, environmental protection, and high-end audio[31](index=31&type=chunk) [Main Business Model](index=12&type=section&id=%E4%B8%BB%E8%A6%81%E7%BB%8F%E8%90%A5%E6%A8%A1%E5%BC%8F) The company's operating model encompasses procurement, production, sales and service, and R&D, featuring multi-supplier bidding, order-based production, direct and distribution sales, and continuous independent innovation - Procurement mode: Strictly implements quality management standards, establishes long-term cooperation with qualified suppliers, selects multiple suppliers for important materials through bidding, and signs annual framework agreements[32](index=32&type=chunk) - Production mode: Formulates production plans based on customer orders and sales forecasts, maintains reasonable inventory of self-produced semi-finished products, and strictly controls quality throughout the production process[32](index=32&type=chunk) - Sales and service mode: Adopts a combination of direct sales (including traditional direct sales and OEM/ODM) and distribution, utilizing distributor channels to expand market reach[33](index=33&type=chunk) - R&D mode: Establishes dedicated R&D departments and a comprehensive mechanism, driving technological and product innovation through four stages: decision-making, design, trial production and testing, finalization for production, and continuous improvement[33](index=33&type=chunk)[34](index=34&type=chunk) [Industry Overview](index=13&type=section&id=%E6%89%80%E5%A4%84%E8%A1%8C%E4%B8%9A%E6%83%85%E5%86%B5) The tool industry benefits from increasing machine tool CNC penetration and domestic substitution, while the superhard materials industry, particularly CVD diamond functional materials, is driven by national policy support and semiconductor development - Tools are the "teeth" of industry, holding an important position in modern mechanical manufacturing, with their quality and performance directly impacting product processing quality, precision, and efficiency[35](index=35&type=chunk) - China's machine tool CNC penetration rate has increased year by year, with tool consumption as a percentage of machine tool consumption rising from less than 20% before 2018 to approximately 29% in 2023, accelerating domestic substitution and reducing the market share of imported tools[36](index=36&type=chunk)[37](index=37&type=chunk) - Superhard materials (such as industrial diamond, cubic boron nitride) are widely used in photovoltaic, aerospace, electronics, automotive, and other fields; CVD diamond functional materials are considered the most promising materials for preparing next-generation high-power, high-frequency, high-temperature, and low-power-loss electronic devices due to their excellent properties[38](index=38&type=chunk) - The superhard materials industry is supported by national policies, listed as a "new functional materials industry" within strategic emerging industries, with the development of functional artificial diamond material production equipment technology encouraged, and MPCVD equipment and diamond window equipment included in export controls, highlighting its strategic nature[39](index=39&type=chunk)[40](index=40&type=chunk) [Discussion and Analysis of Operations](index=15&type=section&id=%E7%BB%8F%E8%90%A5%E6%83%85%E5%86%B5%E7%9A%84%E8%AE%A8%E8%AE%BA%E4%B8%8E%E5%88%86%E6%9E%90) In H1 2025, operating revenue grew by 6.09% to 335.05 million yuan, but total profit, net profit attributable to parent, and non-recurring net profit all decreased by over 18% due to intensified competition and increased depreciation 2025 Semi-Annual Key Operating Performance | Indicator | Amount (10,000 yuan) | Year-on-Year Change (%) | | :--- | :--- | :--- | | Operating Revenue | 33,505.46 | 6.09 | | Operating Profit | 4,863.05 | -23.50 | | Total Profit | 4,872.26 | -23.25 | | Net Profit Attributable to Parent Company Owners | 4,362.27 | -19.57 | | Net Profit Attributable to Parent Company Owners Excluding Non-Recurring Gains/Losses | 3,987.67 | -18.64 | - The tool business achieved operating revenue of **311.27 million yuan**, a **7.13% year-on-year increase**, but gross profit margin and net profit margin declined due to industry competition and increased depreciation[41](index=41&type=chunk) - The company focuses on emerging industries such as new energy equipment, aerospace, semiconductor tools, and humanoid robots; diamond micro drill product revenue increased by **110.82% year-on-year**, and orders for core components like ball screws and RV reducers increased by **240% year-on-year** in order value[42](index=42&type=chunk)[43](index=43&type=chunk) - The diamond functional materials industry has reached an inflection point of "technological breakthrough—industrial implementation—scaled application"; diamond film acoustic devices have been introduced to new customers and secured small-batch orders, while BDD electrodes and modules are being implemented in industrial wastewater treatment projects[43](index=43&type=chunk) - R&D expenses totaled **26.86 million yuan**, a **14.11% year-on-year increase**, resulting in 25 domestic and international patents, multiple industry innovation awards, and deepened university-enterprise cooperation[43](index=43&type=chunk) - The company is building a management model and organizational structure adapted for development, establishing an operations management department, and launching ERP systems for Shenzhen Xinjinquan and the Mexico company, achieving full-chain digital transformation of its business[44](index=44&type=chunk) - Global strategy is accelerating, with Worldia Europe's sales orders increasing by **52% year-on-year**, and the Mexico factory preparing smoothly, expected to commence production in the second half of the year[45](index=45&type=chunk) [Analysis of Core Competencies During the Reporting Period](index=17&type=section&id=%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E6%A0%B8%E5%BF%83%E7%AB%9E%E4%BA%89%E5%8A%9B%E5%88%86%E6%9E%90) The company's core competencies include a robust R&D system, extensive customer resources, optimized production base layout, effective talent development, and sound internal controls, all contributing to its market advantage - The company possesses a comprehensive R&D system, with rich experience and technological reserves in tool and CVD diamond preparation and application, being one of the few companies capable of mastering all CVD diamond growth technologies[46](index=46&type=chunk)[47](index=47&type=chunk) - The company has established a global customer resource system, primarily covering Asian, North American, and European markets, and has built stable cooperative relationships with globally renowned component manufacturers[47](index=47&type=chunk) - The company has strategically located production bases in the Beijing-Tianjin-Hebei, Yangtze River Delta, and Pearl River Delta regions, effectively enhancing its market influence, delivery speed, and customer service capabilities[48](index=48&type=chunk) - The company possesses multiple core technologies, including "superhard material laser micro-nano precision processing technology," "personalized advanced coating technology," and "CVD diamond functional material growth and application technology," and during the reporting period, it improved technologies and developed new products for difficult-to-process materials like ball screws, planetary roller screws, RV reducers, and carbon fiber, as well as for aerospace, semiconductor, and 3C structural components[51](index=51&type=chunk)[52](index=52&type=chunk)[53](index=53&type=chunk)[54](index=54&type=chunk)[55](index=55&type=chunk) - In the reporting period, the company's R&D expenses were **26.86 million yuan**, a **14.11% year-on-year increase**, obtaining 25 domestic and international patents (including 16 invention patents), with a cumulative total of 360 domestic and international patents[56](index=56&type=chunk)[59](index=59&type=chunk) - The company has 42 ongoing R&D projects, covering worm milling tools, planetary roller screw processing tools, hard and brittle material thread milling tools, PCD and single-crystal probes, with an estimated total investment of **66.97 million yuan**[61](index=61&type=chunk)[66](index=66&type=chunk) - The number of R&D personnel is **179**, accounting for **13.10%** of the company's total workforce, with total R&D personnel compensation of **18.85 million yuan**, and an average compensation of **105,300 yuan**[68](index=68&type=chunk) [Core Competency Analysis](index=17&type=section&id=%E6%A0%B8%E5%BF%83%E7%AB%9E%E4%BA%89%E5%8A%9B%E5%88%86%E6%9E%90) The company's core competencies primarily stem from its comprehensive R&D system, broad customer base, strategic production facility distribution, robust talent development, and effective internal controls - The company possesses a comprehensive R&D system, with deep technological accumulation and independent R&D platforms in both tool and CVD diamond preparation and application[46](index=46&type=chunk)[47](index=47&type=chunk) - The company has established a global customer resource system, covering markets in Asia, North America, and Europe, and has built long-term cooperative relationships with renowned component manufacturers[47](index=47&type=chunk) - The company has strategically located production bases in the three economically developed regions of Beijing-Tianjin-Hebei, Yangtze River Delta, and Pearl River Delta, enhancing market service capabilities and delivery speed[48](index=48&type=chunk) - The company has established a sound talent development mechanism through its R&D platforms and expert research laboratories, attracting and retaining various professional talents[49](index=49&type=chunk) - The company has established and continuously improved a rigorous internal control management system, ensuring the legality and compliance of its operations and the safety of its assets[49](index=49&type=chunk)[50](index=50&type=chunk) [Core Technologies and R&D Progress](index=18&type=section&id=%E6%A0%B8%E5%BF%83%E6%8A%80%E6%9C%AF%E4%B8%8E%E7%A0%94%E5%8F%91%E8%BF%9B%E5%B1%95) The company possesses multiple core technologies and made significant progress in H1 2025, particularly in processing difficult materials like ball screws, planetary roller screws, RV reducers, and carbon fiber, as well as in aerospace, semiconductor, and 3C structural components - The company possesses multiple core technologies, including "superhard material laser micro-nano precision processing technology," "personalized advanced coating technology," "ultra-thin diamond sheet and composite sheet precision grinding and mirror polishing technology," "automated equipment development technology," "ultra-high precision and high-precision superhard tool manufacturing and application technology," and "CVD diamond functional material growth and application technology"[51](index=51&type=chunk)[52](index=52&type=chunk) - In the reporting period, the company optimized tool structures and cutting edge designs for processing ball screws, planetary roller screws, and RV reducers, significantly improving processing stability, efficiency, and lifespan[53](index=53&type=chunk)[54](index=54&type=chunk) - For difficult-to-process materials such as carbon fiber, ceramics, and aluminum matrix silicon carbide, new series of PCD drills and milling cutters were developed; in the aerospace sector, composite diamond-coated pineapple milling cutters and titanium alloy composite stack drilling tools were developed[54](index=54&type=chunk)[55](index=55&type=chunk) - Total R&D investment was **26.86 million yuan**, a **14.11% year-on-year increase**, accounting for **8.02%** of operating revenue, an increase of **0.57 percentage points** compared to the prior year period[59](index=59&type=chunk) - In the reporting period, 25 domestic and international patents were obtained, including 16 invention patents, 5 utility model patents, and 4 design patents, bringing the cumulative total to 360 domestic and international patents[56](index=56&type=chunk)[57](index=57&type=chunk) - The company has **179 R&D personnel**, accounting for **13.10%** of the total workforce, with over **34%** holding bachelor's degrees or higher[68](index=68&type=chunk) [Risk Factors](index=28&type=section&id=%E9%A3%8E%E9%99%A9%E5%9B%A0%E7%B4%A0) The company faces multiple risks, including downstream industry fluctuations, macroeconomic and geopolitical conflicts, technology and product substitution, new product R&D failure, talent loss, operational complexity, lease risks, market competition, raw material price volatility, customer concentration, global operational compliance, exchange rate fluctuations, inventory impairment, accounts receivable bad debt, and goodwill impairment - The company's products are primarily used in 3C, automotive, wind power, rail transit, and other fields, with business development affected by the prosperity of downstream application markets and macroeconomic fluctuations[69](index=69&type=chunk) - There is a risk of technology and product substitution; if the company cannot timely develop new key technologies and products, it may be at a disadvantage in market competition[70](index=70&type=chunk) - New product R&D cycles are long and require significant investment, posing risks of R&D failure or poor market reception[70](index=70&type=chunk) - The technology-intensive industry faces risks of talent loss and leakage of core technologies[70](index=70&type=chunk) - As business and personnel scale expand, the company's organizational structure and management system become more complex, leading to operational management risks[71](index=71&type=chunk) - Subsidiary Xinjinquan's partial production and operation facilities are leased properties, posing risks of inability to continue normal use due to property rights issues or urban renewal plans[71](index=71&type=chunk) - The tool industry is highly competitive, and the company faces the risk of intensified market competition[71](index=71&type=chunk) - Fluctuations in raw material prices and restrictions on imported raw materials such as PCD composite sheets and PCBN composite sheets may affect profitability[72](index=72&type=chunk) - Subsidiary Xinjinquan has a high customer concentration, with sales to its top five customers accounting for **71.94%** of its operating revenue, posing a risk of customer loss[72](index=72&type=chunk) - Global operations face compliance risks related to geopolitics, legal systems, cultural differences, investment policies, trade policies, tax management, and other factors[72](index=72&type=chunk) - The development of international business leads to exchange rate fluctuation risks, which may adversely affect operating performance[73](index=73&type=chunk) - At the end of the reporting period, inventory book value was **307 million yuan**, accounting for **40.35%** of current assets, posing a risk of inventory impairment[73](index=73&type=chunk) - At the end of the reporting period, accounts receivable book value was **192 million yuan**, accounting for **25.28%** of current assets, posing a risk of bad debts[73](index=73&type=chunk) - Goodwill amounted to **392 million yuan**, accounting for **17.60%** of total assets and **20.07%** of net assets, posing a risk of goodwill impairment[73](index=73&type=chunk) - M&A integration involves uncertainties, potentially leading to unfulfilled synergy expectations and impacting the company's operations and development[74](index=74&type=chunk) [Key Operating Performance During the Reporting Period](index=31&type=section&id=%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E4%B8%BB%E8%A6%81%E7%BB%8F%E8%90%A5%E6%83%85%E5%86%B5) In the reporting period, operating revenue increased by 6.09%, but total profit, net profit attributable to parent, and non-recurring net profit all decreased by over 18%, influenced by revenue growth, cost increases, reduced exchange losses, and increased R&D investment 2025 Semi-Annual Key Operating Performance | Indicator | Amount (10,000 yuan) | Year-on-Year Change (%) | | :--- | :--- | :--- | | Operating Revenue | 33,505.46 | 6.09 | | Operating Profit | 4,863.05 | -23.50 | | Total Profit | 4,872.26 | -23.25 | | Net Profit Attributable to Parent Company Owners | 4,362.27 | -19.57 | | Net Profit Attributable to Parent Company Owners Excluding Non-Recurring Gains/Losses | 3,987.67 | -18.64 | [Main Business Analysis](index=31&type=section&id=%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1%E5%88%86%E6%9E%90) In the reporting period, operating revenue grew by 6.09%, driven by expansion into new energy equipment, aerospace, and semiconductor tools; operating costs increased by 12.59%, while financial expenses significantly decreased by 1,994.23% due to reduced exchange losses 2025 Semi-Annual Financial Statement Related Item Changes | Item | Current Period Amount (yuan) | Prior Year Period Amount (yuan) | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 335,054,644.74 | 315,816,091.89 | 6.09 | | Operating Cost | 187,789,789.19 | 166,784,691.21 | 12.59 | | Selling Expenses | 36,528,128.59 | 33,955,484.25 | 7.58 | | Administrative Expenses | 33,517,707.81 | 32,636,317.71 | 2.70 | | Financial Expenses | -588,904.12 | 31,089.30 | -1,994.23 | | R&D Expenses | 26,858,070.30 | 23,537,661.32 | 14.11 | | Net Cash Flow from Operating Activities | 61,496,663.71 | 79,456,182.10 | -22.60 | | Net Cash Flow from Investing Activities | -49,178,760.26 | -120,239,263.33 | 59.10 | | Net Cash Flow from Financing Activities | -74,968,057.02 | 72,412,129.86 | -203.53 | - Operating revenue growth was primarily due to continued consolidation in the automotive and consumer electronics industries, and focused development in emerging industries such as new energy equipment, aerospace, and semiconductor tools[77](index=77&type=chunk) - The significant decrease in financial expenses was mainly due to reduced exchange losses[77](index=77&type=chunk) - The decrease in net cash flow from operating activities was mainly due to increased employee compensation payments in the current period[79](index=79&type=chunk) - The increase in net cash flow from investing activities was mainly due to reduced payments for machinery and equipment and factory construction, as well as the recovery of time deposits in the current period[79](index=79&type=chunk) - The decrease in net cash flow from financing activities was mainly due to repayment of bank loans in the current period[79](index=79&type=chunk) [Analysis of Assets and Liabilities](index=32&type=section&id=%E8%B5%84%E4%BA%A7%E3%80%81%E8%B4%9F%E5%80%BA%E6%83%85%E5%86%B5%E5%88%86%E6%9E%90) At the end of the reporting period, total assets decreased by 1.83%, while net assets attributable to parent slightly increased by 0.07%; significant changes were observed in monetary funds, prepayments, short-term borrowings, and non-current liabilities due within one year 2025 Semi-Annual Asset and Liability Status Changes | Item Name | Current Period End Amount (yuan) | Current Period End as % of Total Assets | Prior Year End Amount (yuan) | Prior Year End as % of Total Assets | Current Period End vs. Prior Year End Change (%) | | :--- | :--- | :--- | :--- | :--- | :--- | | Monetary Funds | 180,856,623.59 | 8.12 | 264,734,658.20 | 11.68 | -31.68 | | Prepayments | 4,679,085.22 | 0.21 | 3,558,472.39 | 0.16 | 31.49 | | Right-of-Use Assets | 3,991,596.97 | 0.18 | 1,423,995.70 | 0.06 | 180.31 | | Long-Term Deferred Expenses | 9,639,002.58 | 0.43 | 6,124,192.29 | 0.27 | 57.39 | | Other Non-Current Assets | 8,213,296.24 | 0.37 | 6,082,628.11 | 0.27 | 35.03 | | Short-Term Borrowings | 60,024,166.72 | 2.70 | 40,474,515.28 | 1.78 | 48.30 | | Employee Benefits Payable | 23,935,663.09 | 1.08 | 36,610,130.18 | 1.61 | -34.62 | | Taxes Payable | 8,417,724.54 | 0.38 | 13,169,600.22 | 0.58 | -36.08 | | Other Payables | 6,651,146.54 | 0.30 | 515,044.07 | 0.02 | 1,191.37 | | Non-Current Liabilities Due Within One Year | 10,582,152.29 | 0.48 | 71,475,490.99 | 3.15 | -85.19 | | Long-Term Borrowings | 20,000,000.00 | 0.90 | 9,890,000.00 | 0.44 | 102.22 | | Lease Liabilities | 3,350,785.13 | 0.15 | 776,215.22 | 0.03 | 331.68 | | Long-Term Employee Benefits Payable | 0.00 | 0.00 | 8,928,208.95 | 0.39 | -100.00 | - At period-end, overseas assets amounted to **28.09 million yuan**, accounting for **1.26%** of total assets[82](index=82&type=chunk) 2025 Semi-Annual Major Restricted Assets | Item | Period-End Book Value (yuan) | Reason for Restriction | | :--- | :--- | :--- | | Monetary Funds | 1,212,500.00 | Margin deposits, ETC freeze | | Notes Receivable | 18,801,913.17 | Unrecognized notes receivable | | **Total** | **20,014,413.17** | - | [Investment Status Analysis](index=33&type=section&id=%E6%8A%95%E8%B5%84%E7%8A%B6%E5%86%B5%E5%88%86%E6%9E%90) In the reporting period, the company's total equity investment increased significantly by 534.06% to 93.37 million yuan compared to the previous year Overall Analysis of External Equity Investments | Indicator | Amount (10,000 yuan) | | :--- | :--- | | Investment amount in current period | 9,336.51 | | Investment amount in prior year period | 1,472.50 | | Change幅度 | 534.06% | [Analysis of Major Holding and Participating Companies](index=34&type=section&id=%E4%B8%BB%E8%90%A5%E6%8E%A7%E8%82%A1%E5%8F%82%E8%82%A1%E5%85%AC%E5%8F%B8%E5%88%86%E6%9E%90) Major subsidiaries Jiaxing Worldia Diamond Tools Co., Ltd. and Shenzhen Xinjinquan Precision Technology Co., Ltd. were profitable, while Worldia Semiconductor Technology (Jiaxing) Co., Ltd. remained in a loss-making investment phase 2025 Semi-Annual Major Subsidiary Financial Information | Company Name | Total Assets (10,000 yuan) | Net Assets (10,000 yuan) | Operating Revenue (10,000 yuan) | Operating Profit (10,000 yuan) | Net Profit (10,000 yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | | Jiaxing Worldia Diamond Tools Co., Ltd. | 69,152.90 | 59,393.66 | 11,574.00 | 2,317.73 | 2,078.18 | | Shenzhen Xinjinquan Precision Technology Co., Ltd. | 50,708.31 | 42,582.86 | 11,046.80 | 2,445.03 | 2,133.68 | | Worldia Semiconductor Technology (Jiaxing) Co., Ltd. | 12,520.83 | 10,680.49 | 311.87 | -612.29 | -441.81 | - In the reporting period, the company transferred equity in Worldia (Shenzhen) Diamond Tools Technology Co., Ltd., with an impact of **65,133.40 yuan** on overall production, operations, and performance[92](index=92&type=chunk) [Corporate Governance, Environment, and Society](index=35&type=section&id=%E7%AC%AC%E5%9B%9B%E8%8A%82%20%E5%85%AC%E5%8F%B8%E6%B2%BB%E7%90%86%E3%80%81%E7%8E%AF%E5%A2%83%E5%92%8C%E7%A4%BE%E4%BC%9A) [Changes in Directors, Supervisors, Senior Management, and Core Technical Personnel](index=35&type=section&id=%E5%85%AC%E5%8F%B8%E8%91%A3%E4%BA%8B%E3%80%81%E7%9B%91%E4%BA%8B%E3%80%81%E9%AB%98%E7%BA%A7%E7%AE%A1%E7%90%86%E4%BA%BA%E5%91%98%E5%92%8C%E6%A0%B8%E5%BF%83%E6%8A%80%E6%9C%AF%E4%BA%BA%E5%91%98%E5%8F%98%E5%8A%A8%E6%83%85%E5%86%B5) No changes occurred in the company's directors, supervisors, senior management, or core technical personnel during the reporting period [Profit Distribution or Capital Reserve Conversion Plan](index=35&type=section&id=%E5%88%A9%E6%B6%A6%E5%88%86%E9%85%8D%E6%88%96%E8%B5%84%E6%9C%AC%E5%85%AC%E7%A7%AF%E9%87%91%E8%BD%AC%E5%A2%9E%E9%A2%84%E6%A1%88) The company proposes a cash dividend of 1.2 yuan (tax inclusive) per 10 shares, totaling 18.11 million yuan, representing 41.52% of H1 2025 net profit attributable to shareholders, with no bonus shares or capital reserve conversion 2025 Semi-Annual Profit Distribution Plan | Indicator | Value | | :--- | :--- | | Dividend per 10 shares (tax inclusive) | 1.2 yuan | | Estimated total cash dividend | 18,113,880 yuan | | Percentage of 2025 H1 net profit attributable to listed company shareholders | 41.52% | | Bonus shares | No | | Capital reserve conversion to share capital | No | [Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures and Their Impact](index=35&type=section&id=%E5%85%AC%E5%8F%B8%E8%82%A1%E6%9D%83%E6%BF%80%E5%8A%B1%E8%AE%A1%E5%88%92%E3%80%81%E5%91%98%E5%B7%A5%E6%8C%81%E8%82%A1%E8%AE%A1%E5%88%92%E6%88%96%E5%85%B6%E4%BB%96%E5%91%98%E5%B7%A5%E6%BF%80%E5%8A%B1%E6%8E%AA%E6%96%BD%E7%9A%84%E6%83%85%E5%86%B5%E5%8F%8A%E5%85%B6%E5%BD%B1%E5%93%8D) The company had no undisclosed or ongoing equity incentive, employee stock ownership, or other employee incentive measures during the reporting period [Environmental Information of Listed Companies and Their Major Subsidiaries Included in the List of Enterprises Required to Disclose Environmental Information by Law](index=35&type=section&id=%E7%BA%B3%E5%85%A5%E7%8E%AF%E5%A2%83%E4%BF%A1%E6%81%AF%E4%BE%9D%E6%B3%95%E6%8A%AB%E9%9C%B2%E4%BC%81%E4%B8%9A%E5%90%8D%E5%8D%95%E7%9A%84%E4%B8%8A%E5%B8%82%E5%85%AC%E5%8F%B8%E5%8F%8A%E5%85%B6%E4%B8%BB%E8%A6%81%E5%AD%90%E5%85%AC%E5%8F%B8%E7%9A%84%E7%8E%AF%E5%A2%83%E4%BF%A1%E6%81%AF%E6%83%85%E5%86%B5) The company was not included in the list of enterprises required to disclose environmental information by law during the reporting period [Specifics of Consolidating and Expanding Poverty Alleviation Achievements, Rural Revitalization, and Other Work](index=35&type=section&id=%E5%B7%A9%E5%9B%BA%E6%8B%93%E5%B1%95%E8%84%B1%E8%B4%AB%E6%94%BB%E5%9D%9A%E6%88%90%E6%9E%9C%E3%80%81%E4%B9%A1%E6%9D%91%E6%8C%AF%E5%85%B4%E7%AD%89%E5%B7%A5%E4%BD%9C%E5%85%B7%E4%BD%93%E6%83%85%E5%86%B5) The company was not involved in work related to consolidating poverty alleviation achievements or rural revitalization during the reporting period [Significant Matters](index=36&type=section&id=%E7%AC%AC%E4%BA%94%E8%8A%82%20%E9%87%8D%E8%A6%81%E4%BA%8B%E9%A1%B9) [Fulfillment of Commitments](index=36&type=section&id=%E6%89%BF%E8%AF%BA%E4%BA%8B%E9%A1%B9%E5%B1%A5%E8%A1%8C%E6%83%85%E5%86%B5) The company's actual controllers, shareholders, related parties, and the company itself strictly fulfilled various commitments during or continuing into the reporting period, covering capital occupation, non-competition, related party transactions, independence, share lock-up, and profit distribution - Actual controllers Chen Jifeng and Yang Nuo committed to no illegal occupation or transfer of listed company funds and to strictly abide by relevant laws and regulations, not harming the interests of the listed company and other shareholders[101](index=101&type=chunk) - Actual controllers committed to avoiding horizontal competition and not engaging in businesses identical, similar, or competitive with Worldia, and to minimize or avoid related party transactions[102](index=102&type=chunk)[103](index=103&type=chunk) - Actual controllers committed to ensuring the listed company's independence in assets, personnel, finance, organization, and business[104](index=104&type=chunk)[105](index=105&type=chunk) - Commitment parties related to major asset restructuring (including Zhang Sulai, Zhong Shujin, etc.) strictly fulfilled commitments regarding resolving related party transactions, independence, share lock-up, profit forecasts, and compensation[99](index=99&type=chunk)[105](index=105&type=chunk)[106](index=106&type=chunk)[107](index=107&type=chunk)[108](index=108&type=chunk)[109](index=109&type=chunk)[110](index=110&type=chunk)[111](index=111&type=chunk)[112](index=112&type=chunk)[113](index=113&type=chunk)[114](index=114&type=chunk) - The company and relevant parties committed that the prospectus contains no false records, misleading statements, or major omissions, and will bear corresponding legal liabilities and compensation obligations[115](index=115&type=chunk)[116](index=116&type=chunk)[117](index=117&type=chunk) - The company committed that profit distribution should prioritize reasonable investor returns, primarily through cash dividends, and set conditions and ratios for cash dividends[118](index=118&type=chunk)[119](index=119&type=chunk)[120](index=120&type=chunk)[121](index=121&type=chunk) - The company and incentive recipients committed to the truthfulness of equity incentive plan disclosure documents, and will return any benefits obtained if false records are found[128](index=128&type=chunk) [Major Litigation and Arbitration Matters](index=51&type=section&id=%E9%87%8D%E5%A4%A7%E8%AF%89%E8%AE%BC%E3%80%81%E4%BB%B2%E8%A3%81%E4%BA%8B%E9%A1%B9) The company had no major litigation or arbitration matters during the reporting period [Major Related Party Transactions](index=51&type=section&id=%E9%87%8D%E5%A4%A7%E5%85%B3%E8%81%94%E4%BA%A4%E6%98%93) During the reporting period, the company engaged in daily operational related party transactions, including sales of goods and acceptance of services, with its associate companies Worldia (Guangzhou) Engineering Technology Co., Ltd., Worldia (Nanjing) Precision Cutting Technology Co., Ltd., and Worldia (Shenzhen) Diamond Tools Co., Ltd 2025 Semi-Annual Purchase and Sale of Goods/Provision of Services Related Party Transactions | Related Party | Related Transaction Content | Current Period Amount (yuan) | Prior Period Amount (yuan) | | :--- | :--- | :--- | :--- | | Worldia (Guangzhou) Engineering Technology Co., Ltd. | Sale of goods | 3,300.00 | 234,413.36 | | Worldia (Nanjing) Precision Cutting Technology Co., Ltd. | Sale of goods | 2,417,247.35 | 489,526.13 | | Worldia (Shenzhen) Diamond Tools Technology Co., Ltd. | Sale of goods | 97,865.45 | - | | Worldia (Guangzhou) Engineering Technology Co., Ltd. | Acceptance of services | 94,031.32 | 169,022.47 | [Major Contracts and Their Fulfillment](index=52&type=section&id=%E9%87%8D%E5%A4%A7%E5%90%88%E5%90%8C%E5%8F%8A%E5%85%B6%E5%B1%A5%E8%A1%8C%E6%83%85%E5%86%B5) During the reporting period, the company and its subsidiaries provided guarantees totaling 20 million yuan to subsidiaries, representing 1.02% of the company's net assets, specifically a joint liability guarantee from the parent company to Worldia (Jiaxing) Cemented Carbide CNC Tools Co., Ltd 2025 Semi-Annual Company and Its Subsidiaries' Guarantees to Subsidiaries | Guarantor | Guaranteed Party | Guarantee Amount (yuan) | Guarantee Start Date | Guarantee End Date | Guarantee Type | Is Guarantee Overdue | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Beijing Worldia Diamond Tools Co., Ltd. | Worldia (Jiaxing) Cemented Carbide CNC Tools Co., Ltd. | 20,000,000.00 | June 7, 2023 | September 15, 2026 | Joint liability guarantee | No | - Total guarantees to subsidiaries in the reporting period amounted to **20 million yuan**, with a period-end balance of **20 million yuan**[135](index=135&type=chunk) - The company's total guarantee amount (including guarantees to subsidiaries) is **20 million yuan**, accounting for **1.02%** of the company's net assets[135](index=135&type=chunk) [Share Changes and Shareholder Information](index=55&type=section&id=%E7%AC%AC%E5%85%AD%E8%8A%82%20%E8%82%A1%E4%BB%BD%E5%8F%98%E5%8A%A8%E5%8F%8A%E8%82%A1%E4%B8%9C%E6%83%85%E5%86%B5) [Share Capital Changes](index=55&type=section&id=%E8%82%A1%E6%9C%AC%E5%8F%98%E5%8A%A8%E6%83%85%E5%86%B5) In the reporting period, the company's total share capital remained unchanged, but restricted shares decreased by 7,576,728 shares due to the listing and circulation of restricted shares issued to specific targets 2025 Semi-Annual Share Change Status | Share Class | Quantity Before Change (shares) | Percentage Before Change (%) | Increase/Decrease in Current Change (shares) | Quantity After Change (shares) | Percentage After Change (%) | | :--- | :--- | :--- | :--- | :--- | :--- | | I. Restricted Shares | 8,805,124 | 5.79 | -7,576,728 | 1,228,396 | 0.81 | | Of which: Domestic Natural Person Holdings | 8,805,124 | 5.79 | -7,576,728 | 1,228,396 | 0.81 | | II. Unrestricted Tradable Shares | 143,192,704 | 94.21 | 7,576,728 | 150,769,432 | 99.19 | | Of which: RMB Ordinary Shares | 143,192,704 | 94.21 | 7,576,728 | 150,769,432 | 99.19 | | III. Total Shares | 151,997,828 | 100.00 | 0 | 151,997,828 | 100.00 | - On April 30, 2025, **7,576,728 restricted shares** issued to specific targets were listed and circulated[140](index=140&type=chunk) - After the reporting period, on August 12, 2025, the company completed its second share buyback and canceled **1,048,828 shares**, bringing the total share capital to **150,949,000 shares**[141](index=141&type=chunk) 2025 Semi-Annual Restricted Share Change Status | Shareholder Name | Restricted Shares at Period Start (shares) | Restricted Shares Released in Current Period (shares) | Restricted Shares Increased in Current Period (shares) | Restricted Shares at Period End (shares) | Reason for Restriction | | :--- | :--- | :--- | :--- | :--- | :--- | | Zhang Sulai | 3,788,364 | 3,788,364 | 0 | 0 | Private placement restriction | | Zhong Shujin | 3,788,364 | 3,788,364 | 0 | 0 | Private placement restriction | | **Total** | **7,576,728** | **7,576,728** | **0** | **0** | / | [Shareholder Information](index=56&type=section&id=%E8%82%A1%E4%B8%9C%E6%83%85%E5%86%B5) As of the end of the reporting period, the company had 9,193 common shareholders; Chen Jifeng held the largest stake at 34.14%, followed by Zhong Shujin and Zhang Sulai; the company's share buyback account held 1,048,828 shares - As of the end of the reporting period, the total number of common shareholders was **9,193**[144](index=144&type=chunk) 2025 Semi-Annual Top Ten Shareholders' Holdings | Shareholder Name | Period-End Shareholding (shares) | Percentage (%) | Restricted Shares Held (shares) | Shareholder Nature | | :--- | :--- | :--- | :--- | :--- | | Chen Jifeng | 51,892,611 | 34.14 | 0 | Domestic natural person | | Zhong Shujin | 9,320,906 | 6.13 | 0 | Domestic natural person | | Zhang Sulai | 7,852,924 | 5.17 | 0 | Domestic natural person | | Yang Nuo | 1,999,116 | 1.32 | 0 | Domestic natural person | | Dai Xiaohang | 1,887,290 | 1.24 | 0 | Domestic natural person | | Chen Tao | 880,000 | 0.58 | 0 | Domestic natural person | | Pang Hong | 807,408 | 0.53 | 0 | Domestic natural person | | Li Tingting | 750,000 | 0.49 | 0 | Domestic natural person | | Zhou Yukun | 722,160 | 0.48 | 0 | Domestic natural person | | Tang Wenlin | 647,388 | 0.43 | 0 | Domestic natural person | - Shareholder Zhang Sulai collectively held **7,852,924 shares**, of which **3,788,364 shares** were held through a regular securities account and **4,064,560 shares** through an investor credit securities account[145](index=145&type=chunk) - Among the company's top ten shareholders and top ten unrestricted shareholders, there is a buyback special securities account "Beijing Worldia Diamond Tools Co., Ltd. Buyback Special Securities Account," holding **1,048,828 common shares** at the end of the reporting period[147](index=147&type=chunk) 2025 Semi-Annual Top Ten Restricted Shareholders' Holdings | No. | Restricted Shareholder Name | Restricted Shares Held (shares) | Tradable Date | Restriction Condition | | :--- | :--- | :--- | :--- | :--- | | 1 | Yu Zhengxi | 227,483 | 2025/8/29 | Private placement restriction | | 2 | Wang Chaobing | 84,927 | 2025/8/29 | Private placement restriction | | 3 | Huang Guihua | 84,927 | 2025/8/29 | Private placement restriction | | 4 | Chen Pengyue | 84,927 | 2025/8/29 | Private placement restriction | | 5 | Li Huiqun | 63,694 | 2025/8/29 | Private placement restriction | | 6 | Cai Weiwei | 63,694 | 2025/8/29 | Private placement restriction | | 7 | Tian Suzhen | 60,662 | 2025/8/29 | Private placement restriction | | 8 | Zhong Qin | 60,662 | 2025/8/29 | Private placement restriction | | 9 | Le Xiaojuan | 60,662 | 2025/8/29 | Private placement restriction | | 10 | Hu Detian | 60,662 | 2025/8/29 | Private placement restriction | [Bond-Related Information](index=59&type=section&id=%E7%AC%AC%E4%B8%83%E8%8A%82%20%E5%80%BA%E5%88%B8%E7%9B%B8%E5%85%B3%E6%83%85%E5%86%B5) [Corporate Bonds (Including Enterprise Bonds) and Non-Financial Enterprise Debt Financing Instruments](index=59&type=section&id=%E5%85%AC%E5%8F%B8%E5%80%BA%E5%88%B8%EF%BC%88%E5%90%AB%E4%BC%81%E4%B8%9A%E5%80%BA%E5%88%B8%EF%BC%89%E5%92%8C%E9%9D%9E%E9%87%91%E8%9E%8D%E4%BC%81%E4%B8%9A%E5%80%BA%E5%8A%A1%E8%9E%8D%E8%B5%84%E5%B7%A5%E5%85%B7) The company had no corporate bonds (including enterprise bonds) or non-financial enterprise debt financing instruments during the reporting period [Convertible Corporate Bonds](index=59&type=section&id=%E5%8F%AF%E8%BD%AC%E6%8D%A2%E5%85%AC%E5%8F%B8%E5%80%BA%E5%86%B5) The company had no convertible corporate bonds during the reporting period [Financial Report](index=60&type=section&id=%E7%AC%AC%E5%85%AB%E8%8A%82%20%E8%B4%A2%E5%8A%A1%E6%8A%A5%E5%91%8A) [Audit Report](index=60&type=section&id=%E5%AE%A1%E8%AE%A1%E6%8A%A5%E5%91%8A) This semi-annual report has not been audited - This semi-annual report has not been audited[10](index=10&type=chunk) [Financial Statements](index=60&type=section&id=%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8) This section presents the company's consolidated and parent company balance sheets, income statements, and statements of changes in owners' equity for H1 2025, providing a comprehensive view of its financial position, operating results, and equity movements [Consolidated Balance Sheet](index=60&type=section&id=%E5%90%88%E5%B9%B6%E8%B5%84%E4%BA%A7%E8%B4%9F%E5%80%BA%E8%A1%A8) As of June 30, 2025, the company's consolidated total assets were 2.23 billion yuan, a 1.83% decrease from the beginning of the period, with total liabilities at 275 million yuan and total owners' equity at 1.95 billion yuan 2025 June 30 Consolidated Balance Sheet Key Data | Item | June 30, 2025 (yuan) | December 31, 2024 (yuan) | | :--- | :--- | :--- | | Total Assets | 2,226,058,834.43 | 2,267,532,997.15 | | Total Current Assets | 760,216,504.70 | 816,107,775.61 | | Total Non-Current Assets | 1,465,842,329.73 | 1,451,425,221.54 | | Total Liabilities | 274,889,138.55 | 317,035,383.57 | | Total Owners' Equity | 1,951,169,695.88 | 1,950,497,613.58 | | Total Owners' Equity Attributable to Parent Company | 1,951,601,107.57 | 1,950,215,070.89 | [Parent Company Balance Sheet](index=62&type=section&id=%E6%AF%8D%E5%85%AC%E5%8F%B8%E8%B5%84%E4%BA%A7%E8%B4%9F%E5%80%BA%E8%A1%A8) As of June 30, 2025, the parent company's total assets were 1.87 billion yuan, a 1.06% decrease from the beginning of the period, with total liabilities at 162 million yuan and total owners' equity at 1.71 billion yuan 2025 June 30 Parent Company Balance Sheet Key Data | Item | June 30, 2025 (yuan) | December 31, 2024 (yuan) | | :--- | :--- | :--- | | Total Assets | 1,867,630,001.19 | 1,887,676,199.70 | | Total Current Assets | 336,393,951.58 | 355,419,196.35 | | Total Non-Current Assets | 1,531,236,049.61 | 1,532,257,003.35 | | Total Liabilities | 161,673,434.76 | 158,408,491.46 | | Total Owners' Equity | 1,705,956,566.43 | 1,729,267,708.24 | [Consolidated Income Statement](index=64&type=section&id=%E5%90%88%E5%B9%B6%E5%88%A9%E6%B6%A6%E8%A1%A8) In H1 2025, the company's consolidated total operating revenue was 335.05 million yuan, a 6.09% increase, while net profit was 43.11 million yuan, a 19.80% decrease, and net profit attributable to parent shareholders was 43.62 million yuan, a 19.57% decrease 2025 Semi-Annual Consolidated Income Statement Key Data | Item | 2025 Semi-Annual (yuan) | 2024 Semi-Annual (yuan) | | :--- | :--- | :--- | | I. Total Operating Revenue | 335,054,644.74 | 315,816,091.89 | | II. Total Operating Costs | 287,194,437.69 | 259,594,751.95 | | III. Operating Profit | 48,630,455.47 | 63,568,136.47 | | IV. Total Profit | 48,722,622.56 | 63,478,790.14 | | V. Net Profit | 43,114,302.77 | 53,751,321.00 | | Net Profit Attributable to Parent Company Shareholders | 43,622,679.03 | 54,237,319.22 | | VI. Net Other Comprehensive Income After Tax | 142,244.85 | -74,286.96 | | VII. Total Comprehensive Income | 43,256,547.62 | 53,677,034.04 | | VIII. Earnings Per Share (Basic/Diluted) | 0.2885 | 0.3568 | [Parent Company Income Statement](index=66&type=section&id=%E6%AF%8D%E5%85%AC%E5%8F%B8%E5%88%A9%E6%B6%A6%E8%A1%A8) In H1 2025, the parent company's operating revenue was 137.84 million yuan, a 13.80% increase, while net profit was 19.10 million yuan, a 43.12% decrease 2025 Semi-Annual Parent Company Income Statement Key Data | Item | 2025 Semi-Annual (yuan) | 2024 Semi-Annual (yuan) | | :--- | :--- | :--- | | I. Operating Revenue | 137,837,840.62 | 121,124,033.33 | | II. Operating Profit | 21,243,751.96 | 35,872,789.38 | | III. Total Profit | 21,491,609.38 | 35,758,752.04 | | IV. Net Profit | 19,099,108.65 | 33,600,687.74 | | VI. Total Comprehensive Income | 19,099,108.65 | 33,600,687.74 | [Consolidated Statement of Changes in Owners' Equity](index=70&type=section&id=%E5%90%88%E5%B9%B6%E6%89%80%E6%9C%89%E8%80%85%E6%9D%83%E7%9B%8A%E5%8F%98%E5%8A%A8%E8%A1%A8) In H1 2025, the company's consolidated owners' equity increased by 672,082.30 yuan, primarily influenced by comprehensive income, treasury stock increases (share buybacks), and profit distribution 2025 Semi-Annual Consolidated Statement of Changes in Owners' Equity Key Data | Item | 2025 Beginning Balance (yuan) | Current Period Change Amount (yuan) | 2025 Period-End Balance (yuan) | | :--- | :--- | :--- | | Total Owners' Equity | 1,950,497,613.58 | 672,082.30 | 1,951,169,695.88 | | Total Owners' Equity Attributable to Parent Company | 1,950,215,070.89 | 1,386,036.68 | 1,951,601,107.57 | | Minority Interests | 282,542.69 | -713,954.38 | -431,411.69 | | Total Comprehensive Income | - | 43,082,332.76 | - | | Owners' Contribution and Reduction of Capital | - | -9,169,350.46 | - | | Profit Distribution | - | -33,240,900.00 | - | [Parent Company Statement of Changes in Owners' Equity](index=73&type=section&id=%E6%AF%8D%E5%85%AC%E5%8F%B8%E6%89%80%E6%9C%89%E8%80%85%E6%9D%83%E7%9B%8A%E5%8F%98%E5%8A%A8%E8%A1%A8) In H1 2025, the parent company's owners' equity decreased by 23.31 million yuan, primarily due to net profit, treasury stock increases (share buybacks), and profit distribution 2025 Semi-Annual Parent Company Statement of Changes in Owners' Equity Key Data | Item | 2025 Beginning Balance (yuan) | Current Period Change Amount (yuan) | 2025 Period-End Balance (yuan) | | :--- | :--- | :--- | | Total Owners' Equity | 1,729,267,708.24 | -23,311,141.81 | 1,705,956,566.43 | | Total Comprehensive Income | - | 19,099,108.65 | - | | Owners' Contribution and Reduction of Capital | - | -9,169,350.46 | - | | Profit Distribution | - | -33,240,900.00 | - | [Company Basic Information](index=77&type=section&id=%E5%85%AC%E5%8F%B8%E5%9F%BA%E6%9C%AC%E6%83%85%E5%86%B5) Beijing Worldia Diamond Tools Co., Ltd., established on August 31, 2006, with a registered capital of 151.9978 million yuan, listed on the Shanghai Stock Exchange on July 22, 2019, specializes in R&D, production, and sales of superhard tools, superhard materials, and cemented carbide tools - The company's registered capital is **151.9978 million yuan**, with a total of **151.9978 million shares**, and its stock was listed on the Shanghai Stock Exchange on July 22, 2019[187](index=187&type=chunk) - The company's main business involves the research, development, production, and sales of superhard tools, superhard materials, and cemented carbide tools[187](index=187&type=chunk) [Basis of Financial Statement Preparation](index=77&type=section&id=%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8%E7%9A%84%E7%BC%96%E5%88%B6%E5%9F%BA%E7%A1%80) The company's financial statements are prepared on a going concern basis, with no significant doubts about its ability to continue as a going concern for the next 12 months from the end of the reporting period - The company's financial statements are prepared on a going concern basis[188](index=188&type=chunk) - There are no matters or circumstances that would cause significant doubt about the company's ability to continue as a going concern for the 12 months from the end of the reporting period[189](index=189&type=chunk) [Significant Accounting Policies and Estimates](index=77&type=section&id=%E9%87%8D%E8%A6%81%E4%BC%9A%E8%AE%A1%E6%94%BF%E7%AD%96%E5%8F%8A%E4%BC%9A%E8%AE%A1%E4%BC%B0%E8%AE%A1) The company's financial statements adhere to enterprise accounting standards, with specific policies and estimates for financial instruments, inventory, fixed asset depreciation, construction in progress, intangible assets, and revenue recognition, reflecting its operational characteristics - The company's financial statements comply with enterprise accounting standards, accurately and completely reflecting its financial position[191](index=191&type=chunk) - The company's accounting year runs from January 1 to December 31, with a short operating cycle, and 12 months are used as the liquidity classification standard for assets and liabilities[192](index=192&type=chunk)[193](index=193&type=chunk) - Financial assets are classified into three categories: measured at amortized cost, measured at fair value with changes recognized in other comprehensive income, and measured at fair value with changes recognized in current profit or loss; financial liabilities are classified into four categories, with detailed rules for recognition, measurement, and derecognition[203](index=203&type=chunk)[204](index=204&type=chunk)[205](index=205&type=chunk)[206](index=206&type=chunk)[207](index=207&type=chunk) - The company accrues loss provisions for accounts receivable and contract assets based on expected credit losses, classifying them into different portfolios according to credit risk characteristics[209](index=209&type=chunk)[210](index=210&type=chunk)[212](index=212&type=chunk)[213](index=213&type=chunk)[214](index=214&type=chunk)[215](index=215&type=chunk)[216](index=216&type=chunk)[217](index=217&type=chunk)[218](index=218&type=chunk)[219](index=219&type=chunk)[220](index=220&type=chunk)[221](index=221&type=chunk)[222](index=222&type=chunk)[223](index=223&type=chunk)[224](index=224&type=chunk)[225](index=225&type=chunk)[226](index=226&type=chunk) - Inventory is measured at the lower of cost and net realizable value, and issued inventory is valued using the weighted average method at month-end[227](index=227&type=chunk)[228](index=228&type=chunk) - Fixed assets are depreciated using the straight-line method, with buildings and structures depreciated over 20-30 years, and specialized equipment over 5-10 years[236](index=236&type=chunk)[237](index=237&type=chunk) - Intangible assets include land use rights, patent rights, software, and trademarks, initially measured at cost, with finite-lived intangible assets amortized using the straight-line method[241](index=241&type=chunk)[242](index=242&type=chunk) - Revenue recognition principles involve identifying distinct performance obligations, determining whether they are satisfied over time or at a point in time, and measuring revenue based on the transaction price allocated to each performance obligation[258](index=258&type=chunk)[259](index=259&type=chunk)[260](index=260&type=chunk)[261](index=261&type=chunk) - Government grants are classified as asset-related or income-related, either reducing the book value of assets or recognized as deferred income, or directly recognized in current profit or loss[264](index=264&type=chunk)[265](index=265&type=chunk)[266](index=266&type=chunk) - In leasing activities, the company as lessee applies simplified treatment for short-term leases and leases of low-value assets, while other leases recognize right-of-use assets and lease liabilities[269](index=269&type=chunk)[270](index=270&type=chunk)[271](index=271&type=chunk) [Taxation](index=99&type=section&id=%E7%A8%8E%E9%A1%B9) The company's main taxes include VAT, consumption tax, urban maintenance and construction tax, corporate income tax, property tax, education surcharge, and local education surcharge, with some subsidiaries enjoying preferential corporate income tax rates and VAT export tax rebates Main Tax Types and Rates | Tax Type | Tax Base | Tax Rate | | :--- | :--- | :--- | | Value-Added Tax (VAT) | Sales of goods and taxable services income | 13%, 9%, 6%, 5% (overseas subsidiaries apply local rates) | | Consumption Tax | Taxable sales amount (volume) | 5% | | Urban Maintenance and Construction Tax | Actual amount of turnover tax paid | 5% or 7% | | Corporate Income Tax | Taxable income | 15%, 20%, 25% | | Property Tax | Original value of property or rental income | 1.2%, 12% | | Education Surcharge | Actual amount of turnover tax paid | 3% | | Local Education Surcharge | Actual amount of turnover tax paid | 2% | - The company, Jiaxing Worldia Diamond Tools Co., Ltd., Shenzhen Xinjinquan Precision Technology Co., Ltd., and Worldia (Jiaxing) Cemented Carbide CNC Tools Co., Ltd. enjoy a **15%** corporate income tax preferential rate as high-tech enterprises[278](index=278&type=chunk)[279](index=279&type=chunk) - Shanghai Worldia Diamond Co., Ltd. and Langfang Fite Superhard Materials Co., Ltd. qualify as small-profit micro-enterprises and enjoy a **20%** corporate income tax preferential rate[279](index=279&type=chunk) - The company's export goods are subject to a "exemption, offset, refund" tax policy, with the export tax rebate rate primarily at **13%**[277](index=277&type=chunk) - As an advanced manufacturing enterprise, the company enjoys a VAT additional deduction policy, with an additional deduction amount of **1,413,243.89 yuan** in the current period[277](index=277&type=chunk) [Notes to Consolidated Financial Statement Items](index=100&type=section&id=%E5%90%88%E5%B9%B6%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8%E9%A1%B9%E7%9B%AE%E6%B3%A8%E9%87%8A) This section details the period-end and period-start balances and changes for various consolidated financial statement items, including monetary funds, accounts receivable, inventory, fixed assets, goodwill, short-term borrowings, operating revenue, R&D expenses, financial expenses, and cash flow - Monetary funds at period-end were **181 million yuan**, a **31.68% decrease** from the beginning of the period, mainly due to repayment of bank loans and purchase of fixed assets[81](index=81&type=chunk)[280](index=280&type=chunk) - Accounts receivable at period-end were **192 million yuan**, a **6.56% increase** from the beginning of the period, with bad debt provision at **16.72 million yuan** at period-end[292](index=292&type=chunk)[297](index=297&type=chunk) - Inventory book value at period-end was **307 million yuan**, a **2.53% increase** from the beginning of the period, with inventory impairment provision at **32.76 million yuan** at period-end[329](index=329&type=chunk)[330](index=330&type=chunk) - Fixed assets book value at period-end was **836 million yuan**, a **1.40% decrease** from the beginning of the period, with depreciation of **52.64 million yuan** recognized in the current period[346](index=346&type=chunk) - Goodwill original book value was **394 million yuan**, with goodwill impairment provision at **2.13 million yuan** at period-end[358](index=358&type=chunk)[359](index=359&type=chunk) - Short-term borrowings at period-end were **60.02 million yuan**, a **48.30% increase** from the beginning of the period, mainly due to increased bank loans in the current period[81](index=81&type=chunk)[383](index=383&type=chunk) - Operating revenue was **335 million yuan**, and operating cost was **188 million yuan**, with the main source of revenue being superhard tools (**263 million yuan**)[32](index=32&type=chunk)[424](index=424&type=chunk) - R&D expenses were **26.86 million yuan**, a **14.11% year-on-year increase**, primarily for employee compensation, depreciation, and material costs[434](index=434&type=chunk) - Financial expenses were **-588,900 yuan**, a **1,994.23% decrease** from the prior year period, mainly due to reduced exchange losses[435](index=435&type=chunk) - Net cash flow from operating activities was **61.50 million yuan**, a **22.60% year-on-year decrease**[459](index=459&type=chunk) - Period-end foreign currency monetary items include USD, EUR, JPY, SGD, and MXN, with USD monetary funds having the highest balance[465](index=465&type=chunk)[466](index=466&type=chunk) [R&D Expenses](index=142&type=section&id=%E7%A0%94%E5%8F%91%E6%94%AF%E5%87%BA) In the reporting period, the company's expensed R&D investment was 26.86 million yuan, a 14.11% increase, primarily for employee compensation, depreciation, and material costs, with no capitalized R&D investment 2025 Semi-Annual R&D Expenses by Nature | Item | Current Period Amount (yuan) | Prior Period Amount (yuan) | | :--- | :--- | :--- | | Employee Compensation | 18,849,166.00 | 15,644,098.83 | | Depreciation | 3,357,232.69 | 3,282,865.92 | | Material Costs | 2,705,785.62 | 3,373,330.09 | | Other | 1,945,885.99 | 1,237,366.48 | | **Total** | **26,858,070.30** | **23,537,661.32** | | Of which: Expensed R&D Expenditure | 26,858,070.30 | 23,537,661.32 | | Capitalized R&D Expenditure | / | / | [Changes in Consolidation Scope](index=143&type=section&id=%E5%90%88%E5%B9%B6%E8%8C%83%E5%9B%B4%E7%9A%84%E5%8F%98%E6%9B%B4) In the reporting period, the company disposed of its equity in subsidiary Worldia (Shenzhen) Diamond Tools Co., Ltd., losing control, which impacted overall operations and performance - On March 31, 2025, Jiaxing Worldia Diamo

证券代码：688028 证券简称：沃尔德 公告编号：2025-035 北京沃尔德金刚石工具股份有限公司 关于 2025 年半年度利润分配方案的公告 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： 每股分配比例：每 10 股派发现金红利 1.2 元（含税），不进行资本公积 金转增股本，不送红股。 本次利润分配以实施权益分派股权登记日登记的总股本为基数，具体日 期将在权益分派实施公告中明确。 在实施权益分派的股权登记日前公司总股本发生变动的，拟维持每股分 配比例不变，相应调整分配总额，并将在相关公告中披露。 本次利润分配方案已经公司第四届董事会第十二次会议审议通过，根据 2024 年年度股东会的授权，本次利润分配方案无需提交股东会审议。 一、利润分配方案内容 根据公司 2025 年半年度财务报告（未经审计），截至 2025 年 6 月 30 日，合 并报表归属于母公司股东的净利润为人民币 43,622,679.03 元，期末母公司可供 分配利润为人民币 104,446,712.15 元。根据相关法律法规及《公司 ...

格隆汇8月25日丨沃尔德(688028.SH)公布半年度报告，报告期内，公司实现营业收入33,505.46万元，较 上年同期增长6.09%；实现营业利润4,863.05万元，较上年同期下降23.50%；实现利润总额4,872.26万 元，较上年同期下降23.25%；归属于母公司所有者的净利润4,362.27万元，较上年同期下降19.57%；归 属于母公司所有者的扣除非经常性损益的净利润3,987.67万元，较上年同期下降18.64%。公司拟向全体 股东每10股派发现金红利1.2元。 ...

Core Viewpoint - The new export control policy in 2024 marks a new stage of technological protection for the industry, shifting the policy focus from scale expansion to the construction of an innovation ecosystem through collaboration between industry, academia, and research [1]. Policy Evolution and Development Planning - The development of superhard materials in China can be divided into four stages: initiation, growth, accelerated development, and transformation breakthrough. The initiation phase began with the inclusion of superhard materials in the national strategic emerging industries during the "12th Five-Year Plan" in 2012. The growth phase was marked by the clear distinction of superhard materials in "Made in China 2025," which emphasized the need to overcome high-performance diamond and cubic boron nitride (CBN) preparation technologies. The accelerated development phase saw the emergence of "bottleneck" risk awareness from 2018 to 2020, leading to multiple regulations and guidelines that clarified the project's status and encouraged development. Since the "14th Five-Year Plan" in 2021, the industry has entered a transformation breakthrough phase, aiming to overcome high-end production technology challenges with the help of the existing upstream supply chain [2][3]. Differentiated Development Pattern Led by Henan - Henan Province has prioritized the development of the superhard materials industry, implementing policies such as "Six New Breakthroughs in Manufacturing" and "High-end Materials Cluster Construction Action Plan." The province focuses on high-end products like gem-grade and functional diamonds, supporting enterprises in increasing technological innovation and R&D investment. Comprehensive measures, including the establishment of national and provincial innovation platforms, collaboration among leading enterprises, and financial subsidies, are enhancing the overall industry chain cooperation level. Henan aims to transition from "quantity leading" to "quality leading" and "high-end application breakthroughs," solidifying its core position in the superhard materials industry both nationally and globally [5]. Industry Development Goals and Strategies - By 2025, the goal is to form a trillion-level industry chain and establish the world's largest superhard materials R&D and production base, cultivating a national-level industry cluster and striving for an internationally leading industry chain. The industry is expected to upgrade from traditional manufacturing to high-end, intelligent, and green production, promoting vertical extension (from raw materials to end products) and horizontal expansion (cross-industry integration with 5G, chips, medical, and biological fields) [6]. Innovation-Driven Strategy Upgrade - In recent years, Henan has emphasized technological innovation and high-end breakthroughs in the superhard materials industry, focusing on composite superhard materials, high-end diamond products, and polycrystalline diamond composites. The province is increasing policy and financial support, promoting technological breakthroughs and the transformation of results. Additionally, Henan is facilitating deep integration of superhard materials with high-value industries such as chip manufacturing, 5G communication, and biomedical fields, enhancing the innovation ecosystem and strengthening intellectual property protection and standard system construction [7]. Funding-Driven Market Ecosystem Integration - In response to rapid global technological advancements and the trend of high-quality industrial development, Henan's superhard materials industry policy will further deepen towards intelligent manufacturing, digital transformation, and green low-carbon directions. Future focus areas include intelligent equipment and automation production, cross-industry applications of superhard materials in new energy, semiconductors, and healthcare, as well as the promotion of green low-carbon processes. The policy is expected to strongly promote international cooperation and standardization, supporting leading enterprises in participating in international rule-making and integrating into the "Belt and Road" industrial network [9]. Policy Support Trends - The policy content is shifting from broad industry scale support to precise technological breakthroughs and support for high-end segments of the industry chain, emphasizing the construction of an industrial ecosystem. The government-led industry support is gradually integrating market mechanisms, encouraging social capital participation in the construction of the innovation ecosystem. Future policies will highlight the deep integration of intelligent manufacturing, digital transformation, and low-carbon green manufacturing with the superhard materials industry, promoting cross-industry innovation with cutting-edge technologies [10].

Summary of the Screw Rod Industry Conference Call Industry Overview - The screw rod industry is characterized by high technical barriers and significant profit potential due to complex manufacturing processes and customization needs for various applications such as humanoid robots, automotive, injection molding machines, and semiconductor equipment [1][12][13]. Key Points and Arguments - **Types of Screw Rods**: The industry primarily differentiates between sliding screw rods and ball screw rods, with the latter offering higher efficiency and precision through the use of steel balls as a transmission medium [3][4]. - **Planetary Roller Screw Rods**: These rods provide higher precision and load capacity but come with increased manufacturing costs due to the need for in-house production of small rollers [4][5]. - **Market Potential**: The screw rod market is expected to reach over 40 billion yuan by 2025, driven by sectors such as machine tools, automotive, robotics, semiconductors, and medical devices [2][26]. - **Profit Margins**: Companies in the screw rod industry can achieve high profit margins due to the limited number of players and the high barriers to entry [2][12]. - **Application in Robotics**: Screw rods are particularly advantageous in humanoid robots, providing high load capacity and energy efficiency by converting rotational motion into linear drive [6][29]. - **Automotive Applications**: The automotive sector is increasingly adopting electric drive systems, which enhance efficiency and align with the trends in smart driving technologies [30][31]. Additional Important Insights - **Manufacturing Challenges**: The manufacturing process for screw rods involves critical steps such as material selection, heat treatment, and precision design, which are essential for meeting high industry standards [12][14][21]. - **Testing and Quality Assurance**: Companies need to establish comprehensive testing and evaluation systems to ensure the longevity and performance stability of screw rods, focusing on factors like operational stability and precision maintenance [17][24]. - **Investment Opportunities**: There are significant investment opportunities in screw rod processing equipment, including heat treatment furnaces and specialized grinding machines, as demand for high-precision components increases [34][35]. - **Market Dynamics**: The high-end market is currently dominated by Japanese and Taiwanese manufacturers, indicating potential for domestic companies to capture market share through technological advancements [28][35]. Conclusion The screw rod industry presents a promising landscape for investment and growth, driven by technological advancements and increasing demand across various sectors. Companies that can navigate the complexities of manufacturing and maintain high standards of quality are likely to succeed in this competitive market.