格隆汇8月27日丨斯瑞新材(688102.SH)公布半年度报告，营业收入7.72亿元，同比增长23.74%，归属于 上市公司股东的净利润7473.8万元，同比增长33.61%，归属于上市公司股东的扣除非经常性损益的净利 润6968万元，同比增长36.43%。 ...

[Important Notice](index=2&type=section&id=%E9%87%8D%E8%A6%81%E6%8F%90%E7%A4%BA) [Board of Directors and Senior Management Statement](index=2&type=section&id=%E4%B8%80%E3%80%81%20%E6%9C%AC%E5%85%AC%E5%8F%B8%E8%91%A3%E4%BA%8B%E4%BC%9A%E5%8F%8A%E8%91%A3%E4%BA%8B%E3%80%81%E9%AB%98%E7%BA%A7%E7%AE%A1%E7%90%86%E4%BA%BA%E5%91%98%E4%BF%9D%E8%AF%81%E5%8D%8A%E5%B9%B4%E5%BA%A6%E6%8A%A5%E5%91%8A%E5%86%85%E5%AE%B9%E7%9A%84%E7%9C%9F%E5%AE%9E%E6%80%A7%E3%80%81%E5%87%86%E7%A1%AE%E6%80%A7%E3%80%81%E5%AE%8C%E6%95%B4%E6%80%A7%EF%BC%8C%E4%B8%8D%E5%AD%98%E5%9C%A8%E8%99%9A%E5%81%87%E8%AE%B0%E8%BD%BD%E3%80%81%E8%AF%AF%E5%AF%BC%E6%80%A7%E9%99%88%E8%BF%B0%E6%88%96%E9%87%8D%E5%A4%A7%E9%81%97%E6%BC%8F%EF%BC%8C%E5%B9%B6%E6%89%BF%E6%8B%85%E4%B8%AA%E5%88%AB%E5%92%8C%E8%BF%9E%E5%B8%A6%E7%9A%84%E6%B3%95%E5%BE%8B%E8%B4%A3%E4%BB%BB%E3%80%82) The company's Board of Directors, directors, and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report, assuming individual and joint legal responsibility - The company's Board of Directors and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report, with no false statements, misleading representations, or major omissions, and assume individual and joint legal responsibility[4](index=4&type=chunk) - This semi-annual report has not been audited[5](index=5&type=chunk) - Company head Wang Wenbin, chief accountant Ren Lei, and head of accounting department Rong Shuyan declare that the financial report in the semi-annual report is true, accurate, and complete[5](index=5&type=chunk) [Significant Risk Warning](index=2&type=section&id=%E4%BA%8C%E3%80%81%20%E9%87%8D%E5%A4%A7%E9%A3%8E%E9%99%A9%E6%8F%90%E7%A4%BA) The company has detailed potential risks in the report, advising investors to review "Section III Management Discussion and Analysis" under "IV. Risk Factors" and be aware of investment risks - The company has described potential risks in this report; investors are advised to refer to "Section III Management Discussion and Analysis" under "IV. Risk Factors" and be aware of investment risks[4](index=4&type=chunk) [Forward-Looking Statements Risk Disclaimer](index=2&type=section&id=%E5%85%AB%E3%80%81%20%E5%89%8D%E7%9E%BB%E6%80%A7%E9%99%88%E8%BF%B0%E7%9A%84%E9%A3%8E%E9%99%A9%E5%A3%B0%E6%98%8E) Forward-looking statements regarding the company's business development in this report do not constitute a substantive commitment to investors, who are reminded to be aware of investment risks - Forward-looking statements regarding the company's business development in this report do not constitute a substantive commitment to investors; investors are reminded to be aware of investment risks[5](index=5&type=chunk) [Section I Definitions](index=4&type=section&id=%E7%AC%AC%E4%B8%80%E8%8A%82%20%E9%87%8A%E4%B9%89) [Definitions of Common Terms](index=4&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, major client groups (e.g., GE, Wabtec, Siemens, Alstom, Toshiba, CRRC, CRRC Electric), and specialized technical terms (e.g., high-strength, high-conductivity copper alloy materials, medium- and high-voltage electrical contact materials, CT, DR, liquid rocket engine thrust chamber inner wall, optical module chip base), ensuring accurate understanding of the report's content - In this report, unless otherwise specified, the following terms have the meanings set forth below: Company, Shareholding Company, the Company, Sirui New Material refer to Shaanxi Sirui Advanced Materials Co, Ltd[11](index=11&type=chunk) - Major client groups include GE Group, Wabtec Group, Siemens Group, Alstom Group, Toshiba, CRRC, CRRC Electric, Eaton, ENN Science & Technology, Star Ring Fusion, Energy Singularity, United Imaging Healthcare, Varex, Global Broadcasting, TFC, Finisar, Schneider, Dongfang Electric, Jinxi Industrial Group, Skoda, ABB, Taikai Group, Xuguang Electronics, Western Superconducting, Plansee, Kunshan Yiyuan, Memmert Vacuum, CETC Ruishi, Beijing Zhibeam, LandSpace, Jiuzhou Yunjian, Deep Blue Aerospace, etc[11](index=11&type=chunk)[12](index=12&type=chunk)[13](index=13&type=chunk) - Professional terms cover high-strength, high-conductivity copper alloy materials and products, medium- and high-voltage electrical contact materials and products, end rings, conductor bars, medical imaging equipment, CT, DR, X-ray tubes, liquid rocket engines, liquid rocket engine thrust chamber inner walls, optical modules, optical module chip bases, housings, nuclear magnetic resonance, medical electronic linear accelerators, dual carbon, CuCrZr, CuCr, CuW, CuFe, infiltration, casting, vacuum consumable, sintering, 3D printing, cleanroom, brazing, etc[14](index=14&type=chunk)[15](index=15&type=chunk) [Section II Company Profile and Key Financial Indicators](index=8&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=8&type=section&id=%E4%B8%80%E3%80%81%20%E5%85%AC%E5%8F%B8%E5%9F%BA%E6%9C%AC%E6%83%85%E5%86%B5) Shaanxi Sirui Advanced Materials Co, Ltd (Sirui New Material) is a listed company registered in Xi'an High-tech Zone, Shaanxi Province, with Wang Wenbin as its legal representative and its website at http://www.sxsr.com - The company's Chinese name is Shaanxi Sirui Advanced Materials Co, Ltd, abbreviated as Sirui New Material[17](index=17&type=chunk) - The legal representative is Wang Wenbin, and both the registered address and office address are located at No 12, Zhangba 7th Road, High-tech Zone, Xi'an, Shaanxi Province[17](index=17&type=chunk) - The company's website is http://www.sxsr.com, and its email address is sirui-advanced-materials@sirui.net.cn[17](index=17&type=chunk) [Contact Person and Contact Information](index=8&type=section&id=%E4%BA%8C%E3%80%81%20%E8%81%94%E7%B3%BB%E4%BA%BA%E5%92%8C%E8%81%94%E7%B3%BB%E6%96%B9%E5%BC%8F) The company's Board Secretary (domestic representative for information disclosure) is Wang Lei, and the Securities Affairs Representative is Du Yahhui; their contact address, phone, fax, and email have all been disclosed - The Board Secretary (domestic representative for information disclosure) is Wang Lei, and the Securities Affairs Representative is Du Yahhui[18](index=18&type=chunk) - The contact address for both is No 12, Zhangba 7th Road, High-tech Zone, Xi'an, Shaanxi Province; phone and fax are 029-81138188; email is sirui-advanced-materials@sirui.net.cn[18](index=18&type=chunk) [Information Disclosure and Document Custody Location Changes](index=9&type=section&id=%E4%B8%89%E3%80%81%20%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) The company's designated newspapers for information disclosure are "China Securities Journal," "Shanghai Securities News," and "Securities Daily"; the semi-annual report is published on the Shanghai Stock Exchange website, and the document custody location is the company's Board of Directors Office - The company's designated newspapers for information disclosure are "China Securities Journal," "Shanghai Securities News," and "Securities Daily"[19](index=19&type=chunk) - The website address for publishing the semi-annual report is http://www.sse.com.cn/[19](index=19&type=chunk) - The company's semi-annual report is kept at the company's Board of Directors Office[19](index=19&type=chunk) [Company Stock/Depositary Receipt Summary](index=9&type=section&id=%E5%9B%9B%E3%80%81%20%E5%85%AC%E5%8F%B8%E8%82%A1%E7%A5%A8/%E5%AD%98%E6%89%98%E5%87%AD%E8%AF%81%E7%AE%80%E5%86%B5) The company's stock is A-shares, listed on the STAR Market of the Shanghai Stock Exchange, with the stock abbreviation Sirui New Material and stock code 688102 - The company's stock type is A-shares, listed on the STAR Market of the Shanghai Stock Exchange[20](index=20&type=chunk) - The stock abbreviation is Sirui New Material, and the stock code is 688102[20](index=20&type=chunk) [Company's Key Accounting Data and Financial Indicators](index=9&type=section&id=%E5%85%AD%E3%80%81%20%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) During the reporting period, the company's operating revenue increased by **23.74%** to **772.15 million yuan**, with total profit and net profit attributable to shareholders increasing by **34.17%** and **33.61%** respectively; non-recurring net profit increased by **36.43%**, and basic earnings per share increased by **33.59%**, while net cash flow from operating activities decreased by **276.53%** due to increased working capital for business growth Major Accounting Data (January-June 2025 vs. Prior Year Period) | Indicator | Current Reporting Period (Jan-Jun) (yuan) | Prior Year Period (yuan) | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 772,153,433.60 | 624,014,920.33 | 23.74 | | Total Profit | 83,995,661.78 | 62,604,637.77 | 34.17 | | Net Profit Attributable to Shareholders of Listed Company | 74,738,259.19 | 55,935,723.84 | 33.61 | | Net Profit Attributable to Shareholders of Listed Company After Deducting Non-Recurring Gains and Losses | 69,684,699.13 | 51,078,378.43 | 36.43 | | Net Cash Flow from Operating Activities | -7,828,568.44 | 4,434,631.36 | -276.53 | | Net Assets Attributable to Shareholders of Listed Company (Period-end) | 1,210,942,467.21 | 1,113,026,770.71 | 8.80 | | Total Assets (Period-end) | 2,492,799,412.83 | 2,133,636,889.00 | 16.83 | Major Financial Indicators (January-June 2025 vs. Prior Year Period) | Indicator | Current Reporting Period (Jan-Jun) | Prior Year Period | Change (%) | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (yuan/share) | 0.1030 | 0.0771 | 33.59 | | Diluted Earnings Per Share (yuan/share) | 0.1027 | 0.0771 | 33.20 | | Basic Earnings Per Share After Deducting Non-Recurring Gains and Losses (yuan/share) | 0.0960 | 0.0704 | 36.36 | | Weighted Average Return on Net Assets (%) | 6.57 | 5.25 | Increased by 1.32 percentage points | | Weighted Average Return on Net Assets After Deducting Non-Recurring Gains and Losses (%) | 6.12 | 4.79 | Increased by 1.33 percentage points | | R&D Investment as Percentage of Operating Revenue (%) | 5.49 | 5.20 | Increased by 0.29 percentage points | - Total profit, net profit attributable to shareholders of the listed company, net profit after deducting non-recurring gains and losses, basic earnings per share, and diluted earnings per share all achieved significant growth, primarily due to business growth across all segments, optimized product sales structure, contributions from new industry directions, and a substantial increase in exchange gains from the appreciation of the Euro[25](index=25&type=chunk) - Net cash flow from operating activities decreased by **276.53%** compared to the same period last year, mainly due to increased working capital for business growth[25](index=25&type=chunk) [Non-Recurring Gains and Losses Items and Amounts](index=10&type=section&id=%E5%85%AB%E3%80%81%20%E9%9D%9E%E5%B8%B8%E8%BF%90%E6%80%A7%E6%8D%9F%E7%9B%8A%E9%A1%B9%E7%9B%AE%E5%92%8C%E9%87%91%E9%A2%9D) During the reporting period, the company's total non-recurring gains and losses amounted to **5.05 million yuan**, primarily comprising government grants of **9.49 million yuan**, disposal losses of non-current assets of **-0.52 million yuan**, and fair value changes in financial assets and liabilities of **-2.84 million yuan** Non-Recurring Gains and Losses Items and Amounts | Non-Recurring Gains and Losses Item | Amount (yuan) | | :--- | :--- | | Disposal gains and losses of non-current assets | -522,268.07 | | Government grants recognized in current profit or loss | 9,493,667.58 | | Gains and losses from changes in fair value of financial assets and liabilities, and disposal gains and losses of financial assets and liabilities, excluding effective hedge accounting related to normal business operations of non-financial enterprises | -2,835,860.83 | | Other non-operating income and expenses apart from the above | 64,002.71 | | Less: Income tax impact | 884,738.56 | | Minority interest impact (after tax) | 261,242.77 | | Total | 5,053,560.06 | [Net Profit After Deducting Share-Based Payment Impact](index=11&type=section&id=%E4%B9%9D%E3%80%81%20%E5%AD%98%E5%9C%A8%E8%82%A1%E6%9D%83%E6%BF%80%E5%8A%B1%E3%80%81%E5%91%98%E5%B7%A5%E6%8C%81%E8%82%A1%E8%AE%A1%E5%88%92%E7%9A%84%E5%85%AC%E5%8F%B8%E5%8F%AF%E9%80%89%E6%8B%A9%E6%8A%AB%E9%9C%B2%E6%89%A3%E9%99%A4%E8%82%A1%E4%BB%BD%E6%94%AF%E4%BB%98%E5%BD%B1%E5%93%8D%E5%90%8E%E7%9A%84%E5%87%80%E5%88%A9%E6%B6%A6) During the reporting period, the company's net profit after deducting the impact of share-based payments was **76.95 million yuan**, representing a **35.89%** increase compared to the same period last year Net Profit After Deducting Share-Based Payment Impact | Indicator | Current Reporting Period (Jan-Jun) (yuan) | Prior Year Period (yuan) | Change from Prior Year Period (%) | | :--- | :--- | :--- | :--- | | Net profit after deducting share-based payment impact | 76,947,934.75 | 56,625,877.87 | 35.89 | [Section III Management Discussion and Analysis](index=11&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=11&type=section&id=%E4%B8%80%E3%80%81%20%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) As an advanced materials R&D and manufacturing enterprise, the company's products are widely used in rail transit, aerospace, power electronics, medical imaging, and semiconductor sectors; during the reporting period, the company achieved record operating performance with **772 million yuan** in revenue (up **23.74%**) and **74.74 million yuan** in net profit attributable to shareholders (up **33.61%**), while strategically focusing on new productive forces such as commercial aerospace, medical imaging, AI data centers, semiconductors, and controllable nuclear fusion, optimizing industrial layout, increasing R&D investment, and initiating its 2026-2035 ten-year plan - The company is an advanced materials R&D and manufacturing enterprise, with products primarily serving rail transit, aerospace, power electronics, medical imaging, and semiconductor fields[32](index=32&type=chunk) - The company's strategic positioning is to become a leader in new materials across multiple niche areas globally, aiming for world-leading technology innovation and market share in each segment[32](index=32&type=chunk) - During the reporting period, the company achieved operating revenue of **772.15 million yuan**, net profit attributable to parent company shareholders of **74.74 million yuan**, and net profit attributable to listed company shareholders after deducting non-recurring gains and losses of **69.68 million yuan**, representing year-on-year increases of **23.74%**, **33.61%**, and **36.43%** respectively[33](index=33&type=chunk) - The company initiated its 2026-2035 ten-year plan, focusing on promoting the application and industrialization of advanced copper alloy materials in new productive force-related industries such as commercial aerospace, medical imaging equipment, artificial intelligence data centers, semiconductors, and controllable nuclear fusion[32](index=32&type=chunk)[33](index=33&type=chunk) [Explanation of Main Business/Products](index=12&type=section&id=%EF%BC%88%E4%B8%80%EF%BC%89%E4%B8%BB%E8%A6%81%E4%B8%9A%E5%8A%A1/%E4%BA%A7%E5%93%81%E6%83%85%E5%86%B5%E8%AF%B4%E6%98%8E) The company's main products include high-strength, high-conductivity copper alloy materials and products, medium- and high-voltage electrical contact materials and products, high-performance metal chromium powder, CT and DR X-ray tube components, optical module chip bases/housings, and liquid rocket engine thrust chamber inner walls, serving critical sectors like high-end connectors, rail transit, power equipment, medical imaging, AI data centers, and commercial aerospace, with some products aiming for domestic substitution and meeting stringent demands for high-performance materials in emerging industries - High-strength, high-conductivity copper alloy materials and products are primarily used in high-end connectors (new energy vehicles, 5G communication, consumer electronics), rail transit high-power traction motor end rings and conductor bars, liquid rocket engine thrust chamber inner walls, high-performance target backplates, controllable nuclear fusion components, and key materials for nuclear power generators, aiming to reduce reliance on imports[34](index=34&type=chunk) - Medium- and high-voltage electrical contact materials and products (copper-chromium contacts and copper-tungsten contacts) are applied in medium- and high-voltage switchgear, benefiting from global "dual carbon" goals and increased electricity demand, with continuous R&D to meet the trend of vacuum switches replacing SF6 switches[35](index=35&type=chunk) - High-performance metal chromium powder is supplied by the first domestic enterprise to mass-produce low-oxygen, low-nitrogen, low-sulfur, and low-acid insoluble high-performance metal chromium powder, widely used in medium- and high-voltage electrical contact materials, high-end superalloys, high-end targets, surface spraying, and the electronics industry[36](index=36&type=chunk) - CT and DR X-ray tube components are crucial parts of medical imaging equipment; the company integrates multiple technologies to provide high-standard products and expands into new application areas such as nuclear magnetic resonance, medical electronic linear accelerators, and semiconductor equipment[37](index=37&type=chunk) - Optical module chip base/housing products provide thermal management and mechanical stability for computing and data centers, meeting the demand for new low-expansion, high-thermal-conductivity materials for 400G, 800G, and 1.6T high-speed optical modules[38](index=38&type=chunk)[39](index=39&type=chunk) - Liquid rocket engine thrust chamber inner wall materials require high temperature resistance, low cycle fatigue, and high thermal conductivity; the company's developed high-temperature resistant copper alloy materials have passed verification and are used in actual rocket launches, benefiting from the rapid development of commercial aerospace[40](index=40&type=chunk) [Company's Main Business Industry and General Situation](index=13&type=section&id=%EF%BC%88%E4%BA%8C%EF%BC%89%E5%85%AC%E5%8F%B8%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1%E6%89%80%E5%B1%9E%E8%A1%8C%E4%B8%9A%E5%8F%8A%E5%9F%BA%E6%9C%AC%E6%83%85%E5%86%B5) The company's main business spans non-ferrous metal smelting and rolling processing and metal product manufacturing, with each sub-industry experiencing rapid development or accelerated domestic substitution, characterized by high technical barriers in material preparation, electrical performance, high-purity manufacturing, high-vacuum high-temperature service conditions, ultra-high thermal conductivity, low expansion materials, and complex precision machining; the company holds a leading position in multiple niche areas, with technical performance and market share reaching international first-class levels, serving globally renowned clients - The company's high-strength, high-conductivity copper alloy materials and products, medium- and high-voltage electrical contact materials and products, and optical module chip base/housing businesses belong to "C32 Non-ferrous Metal Smelting and Rolling Processing Industry," while high-performance metal chromium powder, CT, and DR X-ray tube components belong to "C33 Metal Product Industry"[41](index=41&type=chunk) - The market for high-strength, high-conductivity copper alloy materials and products has immense potential, with some high-end products relying on imports, indicating strong domestic substitution opportunities; technical barriers lie in material preparation processes and equipment, as well as high demands for material consistency and uniformity[42](index=42&type=chunk) - Medium- and high-voltage electrical contact materials and products benefit from global "dual carbon" goals and increased power investment, with high technical barriers requiring excellent breaking capacity, high voltage withstand capability, high arc erosion resistance, high electrical conductivity, and low cut-off current values simultaneously[43](index=43&type=chunk) - The application of high-performance metal chromium powder is moving towards high-end and refined uses, with technical barriers in advanced low-temperature powder preparation, acid-insoluble inclusion treatment, vacuum degassing purification, ultra-fine powder preparation, and other technologies[44](index=44&type=chunk)[45](index=45&type=chunk) - The CT and DR X-ray tube component industry is undergoing accelerated domestic substitution and technological upgrades, with technical barriers in materials needing to meet high-vacuum, high-temperature, high-speed, and high-heat capacity service conditions, as well as high-precision machining, vacuum brazing, and special surface treatment technologies[46](index=46&type=chunk) - Optical module chip bases/housings require significantly improved heat dissipation, necessitating new materials with low expansion and higher thermal conductivity; technical barriers include uniform dispersion of ultra-fine tungsten powder, high cleanliness, high density, and advanced processes such as 3D printed skeletons and vacuum infiltration directional solidification[47](index=47&type=chunk) - The liquid rocket engine thrust chamber inner wall industry is experiencing rapid development, with high technical barriers and critical process steps including high-strength, high-thermal-conductivity copper alloy material melting, precision machining, and assembly welding[48](index=48&type=chunk) - The company holds a leading position in multiple niche areas, including high-strength, high-conductivity copper alloy materials and products, medium- and high-voltage electrical contact materials and products, high-performance metal chromium powder, CT and DR X-ray tube components, optical module chip bases/housings, and liquid rocket engine thrust chamber inner walls, with product technical performance and quality stability reaching international first-class levels, demonstrating global competitiveness[50](index=50&type=chunk)[51](index=51&type=chunk)[52](index=52&type=chunk)[53](index=53&type=chunk)[54](index=54&type=chunk)[56](index=56&type=chunk) [Company's Main Business Model](index=16&type=section&id=%EF%BC%88%E4%B8%89%EF%BC%89%E5%85%AC%E5%8F%B8%E4%B8%BB%E8%A6%81%E7%BB%8F%E8%90%A5%E6%A8%A1%E5%BC%8F) The company employs a "market-oriented + frontier research" R&D model, innovating based on benchmark client needs and industry pain points, actively engaging in industry-university-research collaboration; its sales model is primarily direct sales, leading the market by providing non-standard customized products to benchmark clients; the manufacturing model leverages internationally leading material design and preparation technologies, with multiple high-end alloy material production lines and precision processing equipment to meet complex composite demands; the procurement model combines centralized, unified supply chain management with autonomous procurement by each business unit - R&D Model: Centered on copper-based alloy R&D and manufacturing, driven by "market-oriented + frontier research" demand to innovate, conducting R&D around benchmark clients and industry pain points, and undertaking multiple national projects through industry-university-research collaborative innovation[57](index=57&type=chunk)[58](index=58&type=chunk) - Sales Model: Conducting direct sales activities around benchmark clients such as GE, Wabtec, Alstom, Siemens, and ABB, providing non-standard customized products from material design to finished product precision machining[59](index=59&type=chunk) - Manufacturing Model: Possessing internationally leading material design and preparation technologies such as vacuum induction melting, vacuum consumable arc melting, vacuum sintering, and 3D printing, as well as precision processing equipment and component assembly capabilities, meeting the composite demands of extreme special material performance and precision manufacturing of parts[60](index=60&type=chunk)[61](index=61&type=chunk) - Procurement Model: Combining centralized, unified supply chain management with autonomous procurement and logistics management by each business unit to reduce costs, improve efficiency, and standardize supplier auditing, selection, evaluation, and assessment[62](index=62&type=chunk) [Discussion and Analysis of Operations](index=17&type=section&id=%E4%BA%8C%E3%80%81%20%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) During the reporting period, the company maintained steady operational growth, focusing on new productive forces-related industries, increasing investment and capacity building in key projects such as liquid rocket engine thrust chambers, medical imaging equipment, and optical module chip bases/housings; the company actively advanced its internationalization strategy, deepened global presence, and continuously increased R&D investment, with R&D expenses growing by **30.73%** year-on-year; simultaneously, the company enhanced operational efficiency through digital transformation, strengthened talent team building and brand quality management, laying a foundation for high-quality sustainable development - The company's operating performance maintained a steady growth trend, strategically positioned to become a leader in new materials across multiple niche areas, with the strategic goal of achieving world-leading technology innovation and market share in each segment[63](index=63&type=chunk) - During the reporting period, the company invested a total of **42.40 million yuan** in R&D expenses, a year-on-year increase of **30.73%**, primarily focusing on key R&D projects such as national and provincial-level key R&D programs, liquid rocket engine thrust chamber materials and products, electro-vacuum materials and components for medical imaging equipment, and optical module chip bases/housings[72](index=72&type=chunk) - The company accelerated its internationalization layout, deepening its global strategy with the Thailand manufacturing base as a pivot point, and began supplying customers in the US region, focusing on expanding into European, RCEP member, and Middle Eastern markets[70](index=70&type=chunk) - The company launched the construction of a smart financial platform, leveraging artificial intelligence and big data technologies to enhance operational efficiency, strengthen dynamic risk control, and support management decision-making[73](index=73&type=chunk) - The company strengthened its talent team building through a "nurture internally + attract externally" model, collaborating with universities to cultivate high-end R&D talent and international talent[74](index=74&type=chunk) [Key Project Investment and Capacity Building](index=17&type=section&id=%EF%BC%88%E4%B8%80%EF%BC%89%E5%85%B3%E9%94%AE%E9%A1%B9%E7%9B%AE%E6%8A%95%E8%B5%84%E4%B8%8E%E4%BA%A7%E8%83%BD%E6%89%93%E9%80%A0) During the reporting period, the company focused on investing in and developing three key projects: the industrialization project for liquid rocket engine thrust chamber materials, parts, and components, with a planned investment of **230 million yuan** and cumulative investment of **47.23 million yuan**, successfully developing hot isostatic pressing near-net shaping technology for copper-chromium-niobium large thrust liquid rocket engine thrust chamber inner walls; the R&D and industrialization project for 30,000 sets/year of electro-vacuum materials and components for medical imaging equipment, with a planned investment of **400 million yuan** and cumulative investment of **151 million yuan**, with new factory construction completed; and the establishment of a 20 million sets/year optical module chip base/housing production capacity, already supplying small to medium batches of high-strength, high-thermal-conductivity copper alloy housing products for 800G and 1.6T optical modules to major clients, and reserving copper-diamond material technology - The first phase of the industrialization project for liquid rocket engine thrust chamber materials, parts, and components is planned to invest **230 million yuan**, with a cumulative investment of **47.23 million yuan** as of the end of the reporting period[64](index=64&type=chunk) - This project successfully developed hot isostatic pressing near-net shaping technology for copper-chromium-niobium large thrust liquid rocket engine thrust chamber inner walls, significantly enhancing material strength and high-temperature resistance, improving material utilization, and reducing production costs[64](index=64&type=chunk)[65](index=65&type=chunk) - The R&D and industrialization project for 30,000 sets/year of electro-vacuum materials and components for medical imaging equipment is planned to invest **400 million yuan**, with a cumulative investment of **151 million yuan** as of the end of the reporting period; new factory construction is complete, and acceptance and relocation are proceeding in an orderly manner[67](index=67&type=chunk) - The project to build a production capacity of 20 million sets/year of optical module chip bases/housings has already supplied small to medium batches of high-strength, high-thermal-conductivity copper alloy housing products for 800G and 1.6T optical modules to major clients, and is developing copper-diamond materials to reserve technology for 1.6T and above optical module applications[68](index=68&type=chunk)[69](index=69&type=chunk) [Internationalization Strategy and Overseas Layout](index=18&type=section&id=%EF%BC%88%E4%BA%8C%EF%BC%89%E5%9B%BD%E9%99%85%E5%8C%96%E6%88%98%E7%95%A5%E4%B8%8E%E6%B5%B7%E5%A4%96%E5%B8%83%E5%B1%80) The company actively promotes its internationalization strategy, deepening its global presence through its Thailand manufacturing base, having started supplying customers in the US region, and planning to focus on expanding into European, RCEP member, and Middle Eastern markets; the company is committed to strengthening international operational capabilities, optimizing its sales team, enhancing localized services, and exploring overseas M&A opportunities to achieve a three-year doubling of international market business, while also strengthening foreign exchange management to mitigate exchange rate fluctuation risks - The company accelerated its internationalization layout, deepening its global strategic presence with the Thailand manufacturing base as a pivot point, actively responding to changes in the trade environment, and stabilizing its international market foundation[70](index=70&type=chunk) - During the reporting period, the company's Thai subsidiary began supplying customers in the US region[70](index=70&type=chunk) - The company focuses on expanding into European, RCEP member, and Middle Eastern markets, accelerating global market penetration, and plans to achieve a three-year doubling of international market business through overseas marketing network construction and resource integration[70](index=70&type=chunk)[71](index=71&type=chunk) - The company collaborates with professional institutions to strengthen foreign exchange management, effectively mitigating and preventing the impact of exchange rate fluctuations on operations[71](index=71&type=chunk) [R&D Innovation and Industrialization Capability](index=19&type=section&id=%EF%BC%88%E4%B8%89%EF%BC%89%E7%A0%94%E5%8F%91%E5%88%9B%E6%96%B0%E4%B8%8E%E4%BA%A7%E4%B8%9A%E5%8C%96%E8%83%BD%E5%8A%9B) The company continuously increased R&D investment, with a cumulative expenditure of **42.40 million yuan** during the reporting period, a **30.73%** year-on-year increase; significant breakthroughs were achieved in key technical areas such as liquid rocket thrust chamber inner walls, 3D printed copper alloy powder, optical module housing heat dissipation, high-voltage high-current copper-chromium contact materials, and controllable nuclear fusion copper alloys, substantially improving product performance, reducing costs, and enriching preparation technologies, thereby solidifying the company's technological leadership in copper-based advanced materials - During the reporting period, the company invested a cumulative **42.40 million yuan** in R&D expenses, a year-on-year increase of **30.73%**[72](index=72&type=chunk) - Developed hot isostatic pressing near-net shaping technology for copper-chromium-niobium liquid rocket thrust chamber inner walls, significantly enhancing product strength and high-temperature resistance, improving material utilization, and reducing costs[72](index=72&type=chunk) - Developed plasma gas atomization wire feeding powder preparation technology, solving the hollow powder problem for 3D printed copper and copper alloy powders, enhancing the company's industrialization capability in copper and copper alloy powder preparation[72](index=72&type=chunk) - Researched green laser 3D printing and hot isostatic pressing composite technology to meet upgraded heat dissipation requirements for optical module housings; developed laser surface remelting technology for high-voltage, high-current copper-chromium contact materials to enhance contact arc resistance and voltage withstand capability[72](index=72&type=chunk) - Comprehensively researched high-end copper-tungsten contact materials to meet the demand for environmentally friendly gas-insulated switchgear, and continuously developed high-temperature, high-thermal-conductivity, high-electrical-conductivity, and high-fatigue-resistance copper alloys for controllable nuclear fusion applications[72](index=72&type=chunk) [Efficiency Optimization and Benefit Improvement](index=19&type=section&id=%EF%BC%88%E5%9B%9B%EF%BC%89%E6%95%88%E7%8E%87%E4%BC%98%E5%8C%96%E4%B8%8E%E6%95%88%E7%9B%8A%E6%8F%90%E5%8D%87) The company is advancing various quality and efficiency improvement initiatives and increasing investment in digitalization, launching the construction of a smart financial platform to leverage artificial intelligence and big data technologies for enhanced operational efficiency, strengthened risk control, and improved business decision-making; additionally, the company optimizes process management through digitalization and automation, and reinforces system operation and product quality management - The company launched the construction of a smart financial platform, deeply integrating artificial intelligence and big data technologies to create an intelligent, automated, and visualized one-stop financial management system[73](index=73&type=chunk) - This aims to enhance operational efficiency, strengthen dynamic risk control, and support the business decision-making system, accelerating the realization of strategic goals[73](index=73&type=chunk) - Optimizing process management through digitalization and automation, increasing the application of new technologies and processes, and strengthening system operation and product quality management[73](index=73&type=chunk) [Talent Team Building and Industrial Development](index=19&type=section&id=%EF%BC%88%E4%BA%94%EF%BC%89%E4%BA%BA%E6%89%8D%E9%98%9F%E4%BC%8D%E5%BB%BA%E8%AE%BE%E4%B8%8E%E4%BA%A7%E4%B8%9A%E5%8F%91%E5%B1%95) The company prioritizes talent team building as a core strategy, employing a "nurture internally + attract externally" dual-driven model; for high-end R&D talent, it collaborates with domestic universities on joint master's and doctoral programs to enhance the R&D team's problem-solving capabilities; for international talent, it actively recruits foreign professionals with international market development experience and co-establishes "International Student Joint Training Bases" with universities to build a core talent pool for overseas business development - The company regards talent team building as a core strategy for achieving sustainable development, adopting a "nurture internally + attract externally" dual-driven model[74](index=74&type=chunk) - In cultivating high-end R&D talent, the company deeply collaborates with domestic higher education institutions, signing joint master's and doctoral training programs for materials science to systematically enhance the R&D team's cutting-edge technology problem-solving capabilities[74](index=74&type=chunk) - In international talent deployment, the company actively engages with foreign professional talent possessing international market development experience and co-establishes "International Student Joint Training Bases" with universities to build a core talent pool for overseas factory construction and global operations[74](index=74&type=chunk) [Brand Building and Quality Improvement](index=19&type=section&id=%EF%BC%88%E5%85%AD%EF%BC%89%E5%93%81%E7%89%8C%E5%BB%BA%E8%AE%BE%E4%B8%8E%E8%B4%A8%E9%87%8F%E6%8F%90%E5%8D%87) The company focuses on system building and quality improvement, comprehensively optimizing management processes, refining standardized systems, and strengthening all-employee quality awareness through internal audits and specialized training; concurrently, the company utilizes digital tools to expand investor relations management channels, combining industry exhibitions with online promotion to deepen its professional brand image within the industry, laying a solid foundation for market expansion in the second half of the year - The company focuses on system building and quality improvement, comprehensively optimizing management processes, refining standardized systems, and strengthening all-employee quality awareness through internal audits and specialized training, adhering to a "quality-first" production philosophy[75](index=75&type=chunk) - Leveraging digital tools to expand investor relations management channels for highlighting business operations and performance, combined with industry exhibitions and online promotion, to deepen its professional brand image within the industry, laying a solid foundation for market expansion in the second half of the year[75](index=75&type=chunk)[76](index=76&type=chunk) [Analysis of Core Competitiveness During the Reporting Period](index=20&type=section&id=%E4%B8%89%E3%80%81%20%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 competitiveness primarily lies in its technological R&D and innovation model; it boasts advanced technology and industrialization capabilities in high-strength, high-conductivity copper alloys, medium- and high-voltage electrical contact materials, high-performance metal chromium powder, CT and DR X-ray tube components, optical module chip bases, and liquid rocket engine thrust chamber inner walls, supported by numerous national awards and **290** authorized invention patents; the R&D innovation model adheres to "four orientations," guided by national and customer needs, continuously driving technological innovation and industrial upgrading through industry-university-research collaboration and digital management; during the reporting period, the company made significant progress in multiple ongoing R&D projects, with R&D investment increasing by **30.73%** year-on-year, and a continuous optimization of its R&D personnel structure - The company has received awards such as the Ministry of Industry and Information Technology's Manufacturing Single Champion Product, the National Science and Technology Progress Second Prize, the China Nonferrous Metals Industry Science and Technology First Prize, and the China Patent Excellence Award; as of the end of the reporting period, it had obtained **290** authorized invention patents[77](index=77&type=chunk) - The company's main R&D technologies have all achieved industrialization, including manufacturing technologies for traction motor rotor end rings and conductor bars, vacuum casting manufacturing technology, low-temperature liquid nitrogen grinding manufacturing technology, surface material treatment technology, optical module chip base manufacturing technology, and liquid rocket engine thrust chamber inner wall manufacturing technology[79](index=79&type=chunk)[80](index=80&type=chunk)[83](index=83&type=chunk)[84](index=84&type=chunk)[86](index=86&type=chunk)[87](index=87&type=chunk)[88](index=88&type=chunk)[89](index=89&type=chunk)[90](index=90&type=chunk)[92](index=92&type=chunk) - The R&D innovation model adheres to "four orientations," guided by national needs, customer needs, and internal improvement needs, conducting R&D innovation activities around the pain points, difficulties, and bottlenecks of the industrial chain and benchmark customers[80](index=80&type=chunk)[81](index=81&type=chunk) - During the reporting period, the company invested a cumulative **42.40 million yuan** in R&D expenses, a year-on-year increase of **30.73%**, primarily increasing investment in key independent R&D projects such as liquid rocket engine thrust chamber materials and products, optical module chip bases/housings, and components for semiconductor equipment[101](index=101&type=chunk)[102](index=102&type=chunk) - The company has **25** ongoing R&D projects, including high-performance copper alloy materials for liquid rocket engine thrust chamber inner walls, new copper and copper alloy materials for high-performance motors, and key process development for copper alloy thrust chamber inner walls for 200-ton class and above heavy rocket engines; many technologies have reached domestic or international leading levels[105](index=105&type=chunk)[106](index=106&type=chunk)[107](index=107&type=chunk)[108](index=108&type=chunk) - The number of R&D personnel is **94**, accounting for **7.83%** of the company's total workforce, and the average R&D personnel salary increased by **11.50%** year-on-year[110](index=110&type=chunk) [Core Competitiveness Analysis](index=20&type=section&id=%EF%BC%88%E4%B8%80%EF%BC%89%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 competitiveness primarily lies in its technological R&D and R&D innovation model; in technological R&D, the company possesses leading technology and industrialization capabilities in multiple niche areas (e.g., high-strength, high-conductivity copper alloys, medium- and high-voltage electrical contact materials, high-performance metal chromium powder, CT and DR X-ray tube components) supported by numerous national and provincial awards and **290** authorized invention patents; the R&D innovation model is guided by "four orientations," continuously enhancing innovation capabilities through market orientation, frontier research, industry-university-research collaboration, and digital management - The company has received awards such as the Ministry of Industry and Information Technology's Manufacturing Single Champion Product, the National Science and Technology Progress Second Prize, the China Nonferrous Metals Industry Science and Technology First Prize, and the China Patent Excellence Award; as of the end of the reporting period, it had obtained **290** authorized invention patents[77](index=77&type=chunk) - The company's main R&D technologies have all achieved industrialization, including manufacturing technologies for traction motor rotor end rings and conductor bars, vacuum casting manufacturing technology, low-temperature liquid nitrogen grinding manufacturing technology, surface material treatment technology, optical module chip base manufacturing technology, and liquid rocket engine thrust chamber inner wall manufacturing technology[79](index=79&type=chunk)[80](index=80&type=chunk) - The R&D innovation model adheres to "four orientations," guided by national needs, customer needs, and internal improvement needs, conducting R&D innovation activities around the pain points, difficulties, and bottlenecks of the industrial chain and benchmark customers[80](index=80&type=chunk) - The company has built a strong R&D innovation model by closely following technological and market trends, engaging in industry-university-research collaboration, enhancing R&D personnel capabilities, participating in major national projects, and promoting the digitalization of R&D management[81](index=81&type=chunk) [Core Technologies and R&D Progress](index=22&type=section&id=%EF%BC%88%E4%B8%89%EF%BC%89%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) During the reporting period, the company continued to advance core technology R&D, achieving significant progress in high-strength, high-conductivity copper alloys, medium- and high-voltage electrical contact materials, high-performance metal chromium powder, CT and DR X-ray tube components, new generation copper-iron alloy materials, optical module chip base materials, and liquid rocket engine thrust chamber inner walls; many technologies have achieved industrialization or small-batch supply, and have received national science and technology awards and "Single Champion" recognition; during the reporting period, the company's R&D investment increased by **30.73%**, with **25** ongoing R&D projects, many technologies reaching domestic or international leading levels, and a continuously optimized R&D personnel structure - The company continuously improved manufacturing technologies for traction motor end rings and conductor bars, non-vacuum continuous casting of flat ingots, and vacuum melting of ingots, enhancing material uniformity and consistency[83](index=83&type=chunk) - In the field of medium- and high-voltage electrical contact materials and products, the company enhanced vacuum casting and vacuum consumable arc melting technologies, achieved commercialization of 126kV-252kV high-voltage contacts, and developed 3D printing and laser surface remelting technologies[84](index=84&type=chunk)[85](index=85&type=chunk) - High-performance metal chromium powder technology is mature and industrialized, including low-temperature crushing powder preparation, vacuum thermal carbon reduction high-temperature purification, spherical chromium powder preparation, ultra-fine powder preparation, and vacuum gas atomization powder preparation technologies[86](index=86&type=chunk)[87](index=87&type=chunk) - CT and DR X-ray tube component technology continues to be optimized, including surface material treatment, rotary anode rotor brazing, metal tube housing materials and plastic deformation processing, and heterogeneous metal connection technology, and developed high-pulse power fixed anode targets for DR X-ray tubes[88](index=88&type=chunk) - Optical module chip base manufacturing technology optimizes 3DP printing processes, combined with pressure infiltration, to improve product yield and promote industrial application[90](index=90&type=chunk) - Liquid rocket engine thrust chamber inner wall technology achieved breakthrough progress in CuCrNb material 3D printing and hot isostatic pressing near-net shaping processes, and is advancing the development of inner and outer wall spinning technology[92](index=92&type=chunk) - During the reporting period, the company's total R&D investment was **42.40 million yuan**, a year-on-year increase of **30.73%**, accounting for **5.49%** of operating revenue, an increase of **0.29** percentage points[101](index=101&type=chunk) - The company has a total of **25** ongoing R&D projects, with an estimated total investment of **130.94 million yuan**, a current period investment of **23.71 million yuan**, and a cumulative investment of **63.71 million yuan**; many technologies have reached domestic or international leading levels[105](index=105&type=chunk)[106](index=106&type=chunk)[107](index=107&type=chunk)[108](index=108&type=chunk) - The number of R&D personnel is **94**, accounting for **7.83%** of the company's total workforce, and the average R&D personnel salary was **92,100 yuan**, a year-on-year increase of **11.50%**[110](index=110&type=chunk) [Risk Factors](index=34&type=section&id=%E5%9B%9B%E3%80%81%20%E9%A3%8E%E9%99%A9%E5%9B%A0%E7%B4%A0) The company faces multiple risks, including core competitiveness risks such as technological upgrades, R&D failure, technology transfer failure, and loss of technical talent; operational risks include the inability to absorb new capacity, uncertainty in new product market development, funding for new project construction, and raw material price fluctuations and hedging management risks; financial risks primarily involve the recovery of notes/accounts receivable, inventory impairment, debt repayment and interest, and changes in tax policies; additionally, macroeconomic factors such as trade policies and exchange rate fluctuations may also adversely affect the company's operations - Technology upgrade and iteration risk: The new materials industry experiences rapid technological innovation; if the company's R&D investment and progress lag, its competitive advantage may be affected[111](index=111&type=chunk) - R&D failure risk: New material R&D involves significant investment, long certification cycles, and high experimental verification risks, potentially leading to R&D failure and impacting operating performance[112](index=112&type=chunk)[113](index=113&type=chunk) - Technology transfer failure risk: If newly developed technologies fail to form products or cannot be mass-produced, initial R&D investments may not achieve expected benefits[114](index=114&type=chunk) - Risk of technical talent loss and termination of technical cooperation: The technology-intensive industry relies heavily on talent and cooperation; loss or termination could slow R&D progress or lead to core technology leakage[115](index=115&type=chunk) - Risk of inability to absorb new capacity: Refinancing projects and new project construction will lead to capacity expansion; if market demand, industrial policies, competitive environment change, or products fail to meet demand, capacity may not be absorbed[116](index=116&type=chunk) - Raw material price fluctuation and hedging management risk: Price fluctuations of raw materials such as copper significantly impact production costs; failure to effectively respond or ineffective hedging operations may lead to adverse effects[119](index=119&type=chunk)[120](index=120&type=chunk) - Risk of notes receivable acceptance and accounts receivable recovery: At period-end, notes receivable, accounts receivable, and accounts receivable financing combined account for **17.36%** of total assets; if credit management is inadequate or customers face operational difficulties, the company may experience tight working capital and bad debt losses[121](index=121&type=chunk) - Debt repayment and interest risk: The company's capital structure relies on debt financing; if production and operations are unfavorable or funds cannot be raised, the company may face debt repayment and interest risks[123](index=123&type=chunk) - Trade policy risk: The company exports products to regions such as Europe and the United States; if relevant countries introduce unfavorable trade policies, international business development will face uncertainties[125](index=125&type=chunk) - Exchange rate fluctuation risk: Exchange rate fluctuations may affect revenue, costs, and profits; the company mitigates this risk by strengthening foreign exchange management and hedging[126](index=126&type=chunk) [Main Operating Conditions During the Reporting Period](index=37&type=section&id=%E4%BA%94%E3%80%81%20%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) During the reporting period, the company achieved operating revenue of **772 million yuan**, a **23.74%** year-on-year increase, and net profit attributable to shareholders of **74.74 million yuan**, a **33.61%** year-on-year increase; financial expenses decreased by **65.97%** due to a substantial increase in exchange gains from the Euro's appreciation; R&D expenses increased by **30.73%** year-on-year, while net cash flow from operating activities decreased by **276.53%** primarily due to increased working capital for business growth; total assets increased by **16.83%** to **2.49 billion yuan**, with significant increases in accounts receivable and non-current liabilities due within one year; the company's overseas assets accounted for **4.84%** of total assets - From January to June 2025, the company achieved operating revenue of **772.15 million yuan**, net profit attributable to listed company shareholders of **74.74 million yuan**, and net profit attributable to listed company shareholders after deducting non-recurring gains and losses of **69.68 million yuan**, representing year-on-year increases of **23.74%**, **33.61%**, and **36.43%** respectively[127](index=127&type=chunk) Main Business Analysis | Item | Current Period Amount (yuan) | Prior Year Period Amount (yuan) | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 772,153,433.60 | 624,014,920.33 | 23.74 | | Operating Cost | 589,426,321.53 | 475,500,699.47 | 23.96 | | Selling Expenses | 12,944,221.94 | 10,505,117.57 | 23.22 | | Administrative Expenses | 36,345,221.72 | 33,112,049.27 | 9.76 | | Financial Expenses | 2,886,825.76 | 8,483,693.42 | -65.97 | | R&D Expenses | 42,403,168.00 | 32,435,695.92 | 30.73 | | Net Cash Flow from Operating Activities | -7,828,568.44 | 4,434,631.36 | -276.53 | | Net Cash Flow from Investing Activities | -175,760,993.26 | -138,937,011.40 | Not applicable | | Net Cash Flow from Financing Activities | 225,117,221.18 | 139,692,513.73 | 61.15 | - The change in financial expenses was mainly due to a substantial increase in exchange gains caused by the appreciation of the Euro, resulting in a **65.97%** decrease[129](index=129&type=chunk) - The change in R&D expenses was mainly due to the company's increased R&D efforts and investment during the current period[130](index=130&type=chunk) - The change in net cash flow from operating activities was mainly due to increased working capital for business growth[130](index=130&type=chunk) [Asset and Liability Analysis](index=37&type=section&id=%EF%BC%88%E4%B8%89%EF%BC%89%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) As of the end of the reporting period, the company's total assets reached **2.49 billion yuan**, a **16.83%** year-on-year increase; among current assets, accounts receivable and accounts receivable financing increased by **31.30%** and **108.80%** respectively, prepayments increased by **94.17%**, and other current assets increased by **37.24%**; among non-current assets, construction in progress increased by **21.32%**; regarding liabilities, derivative financial liabilities increased by **146.66%**, notes payable by **152.73%**, non-current liabilities due within one year by **107.92%**, and long-term borrowings by **37.55%**; the company's overseas assets accounted for **4.84%** of total assets, with restricted assets totaling **251.59 million yuan** Asset and Liability Status Changes (Period-end vs. Prior Year-end) | 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 | Change from Prior Year-end (%) | | :--- | :--- | :--- | :--- | :--- | :--- | | Cash and Cash Equivalents | 209,266,547.60 | 8.39 | 164,036,967.16 | 7.69 | 27.57 | | Derivative Financial Assets | 1,764,615.36 | 0.07 | - | - | Not applicable | | Accounts Receivable | 376,390,810.70 | 15.10 | 286,674,384.34 | 13.44 | 31.30 | | Accounts Receivable Financing | 17,803,041.72 | 0.71 | 8,526,404.06 | 0.40 | 108.80 | | Prepayments | 9,520,353.47 | 0.38 | 4,903,057.86 | 0.23 | 94.17 | | Other Receivables | 12,171,532.38 | 0.49 | 8,772,826.49 | 0.41 | 38.74 | | Inventories | 309,515,394.56 | 12.42 | 258,375,446.32 | 12.11 | 19.79 | | Other Current Assets | 58,498,097.17 | 2.35 | 42,624,134.50 | 2.00 | 37.24 | | Construction in Progress | 385,175,114.83 | 15.45 | 317,486,049.15 | 14.88 | 21.32 | | Derivative Financial Liabilities | 840,352.54 | 0.03 | 340,695.05 | 0.02 | 146.66 | | Notes Payable | 27,800,000.00 | 1.12 | 11,000,000.00 | 0.52 | 152.73 | | Non-current Liabilities Due Within One Year | 203,682,752.81 | 8.17 | 97,961,884.90 | 4.59 | 107.92 | | Long-term Borrowings | 534,942,671.75 | 21.46 | 388,911,163.03 | 18.23 | 37.55 | | Long-term Payables | 1,323,666.71 | 0.05 | - | - | Not applicable | - Total assets at period-end were **2.49 billion yuan**, an increase of **16.83%** compared to the end of the previous year[22](index=22&type=chunk) - Overseas assets amounted to **120.65 million yuan**, accounting for **4.84%** of total assets[134](index=134&type=chunk) - As of the end of the reporting period, the company's total restricted assets amounted to **251.59 million yuan**, including cash and cash equivalents, derivative financial assets, notes receivable, accounts receivable, fixed assets, construction in progress, and intangible assets[136](index=136&type=chunk) [Investment Status Analysis](index=41&type=section&id=%EF%BC%88%E5%9B%9B%EF%BC%89%E6%8A%95%E8%B5%84%E7%8A%B6%E5%86%B5%E5%88%86%E6%9E%90) The company did not disclose significant equity investments in its overall analysis of external equity investments during the reporting period; for major non-equity investments, the industrialization project for liquid rocket engine thrust chamber materials, parts, and components had a cumulative investment of **47.23 million yuan**, and the R&D and industrialization project for 30,000 sets/year of electro-vacuum materials and components for medical imaging equipment had a cumulative investment of **151.30 million yuan**; the company's financial assets measured at fair value totaled **100.63 million yuan** at period-end, including **81.07 million yuan** in other equity instrument investments; the book value of the company's derivative investments for hedging purposes was **54.85 million yuan** at period-end, accounting for **3.86%** of net assets, primarily used to mitigate foreign exchange fluctuation risks - The industrialization project for liquid rocket engine thrust chamber materials, parts, and components had a cumulative investment of **47.23 million yuan**, with cumulative project investment accounting for **9.26%** of the budget[138](index=138&type=chunk) - The R&D and industrialization project for 30,000 sets/year of electro-vacuum materials and components for medical imaging equipment had a cumulative investment of **151.30 million yuan**, with cumulative project investment accounting for **37.83%** of the budget[138](index=138&type=chunk) Financial Assets Measured at Fair Value (Period-end) | Asset Category | Period-end Amount (yuan) | | :--- | :--- | | Other - Accounts Receivable Financing | 17,803,041.72 | | Other - Other Equity Instrument Investments | 81,065,337.45 | | Financial Derivatives | 1,764,615.36 | | Total | 100,632,994.53 | - During the reporting period, the book value of derivative investments for hedging purposes at period-end was **54.85 million yuan**, accounting for **3.86%** of the company's net assets at the end of the reporting period, primarily used for forward foreign exchange settlement and sales, and foreign exchange option swap portfolios to mitigate and prevent foreign exchange rate fluctuation risks[144](index=144&type=chunk) - During the reporting period, the total amount of the aforementioned contracts recognized in current profit or loss was **-2.84 million yuan**[144](index=144&type=chunk) [Analysis of Major Holding and Participating Companies](index=44&type=section&id=%EF%BC%88%E5%85%AD%EF%BC%89%E4%B8%BB%E8%A6%81%E6%8E%A7%E8%82%A1%E5%8F%82%E8%82%A1%E5%85%AC%E5%8F%B8%E5%88%86%E6%9E%90) The company's main subsidiaries include Shaanxi Sirui Fufeng Advanced Copper Alloy Co, Ltd and Xi'an Sirui Advanced Copper Alloy Technology Co, Ltd; Shaanxi Sirui Fufeng Advanced Copper Alloy Co, Ltd primarily engages in R&D, production, and sales of high-strength, high-conductivity copper alloy materials and products and high-performance metal powders, with operating revenue of **482.36 million yuan** and net profit of **27.70 million yuan** during the reporting period; Xi'an Sirui Advanced Copper Alloy Technology Co, Ltd primarily engages in R&D, production, and sales of high-voltage electrical contact materials and products, with operating revenue of **96.85 million yuan** and net profit of **5.95 million yuan** during the reporting period Major Subsidiary Financial Data (January-June 2025) | Company Name | Company Type | Main Business | Registered Capital (ten thousand yuan) | Total Assets (ten thousand yuan) | Net Assets (ten thousand yuan) | Operating Revenue (ten thousand yuan) | Operating Profit (ten thousand yuan) | Net Profit (ten thousand yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Shaanxi Sirui Fufeng Advanced Copper Alloy Co, Ltd | Subsidiary | R&D, production, and sales of high-strength, high-conductivity copper alloy materials and products and high-performance metal powders | 40,000.00 | 76,013.20 | 46,312.49 | 48,235.83 | 2,962.94 | 2,769.72 | | Xi'an Sirui Advanced Copper Alloy Technology Co, Ltd | Subsidiary | R&D, production, and sales of high-voltage electrical contact materials and products | 16,000.00 | 43,273.67 | 20,549.38 | 9,685.31 | 673.90 | 595.28 | [Section IV Corporate Governance, Environment, and Society](index=46&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 Company Directors, Senior Management, and Core Technical Personnel](index=46&type=section&id=%E4%B8%80%E3%80%81%E5%85%AC%E5%8F%B8%E8%91%A3%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) During the reporting period, the company's Board of Directors and Supervisory Board completed their re-election, with the Supervisory Board being abolished; Zhang Hang and Liang Jiyu were elected as directors, and Wang Lei was appointed as Board Secretary, while directors, supervisors, and senior management including Li Gang, Wu Xuhong, Liang Jianbin, Xu Runsheng, Wang Wangang, Fan Min, Cong Xiabing, and Ma Guoqing resigned - During the reporting period, the company's third Board of Directors and third Supervisory Board completed their terms; the Supervisory Board has been abolished, and the company no longer has a Supervisory Board or supervisors[149](index=149&type=chunk) - Zhang Hang was elected as a director, Liang Jiyu was elected as an employee representative director, and Wang Lei was appointed as Board Secretary[149](index=149&type=chunk) - Li Gang, Wu Xuhong, Liang Jianbin, Xu Runsheng (former director, Board Secretary), Wang Wangang (former Chairman of the Supervisory Board), Fan Min, Cong Xiabing (former employee representative supervisor), and Ma Guoqing (former Deputy General Manager) resigned[149](index=149&type=chunk) [Profit Distribution or Capital Reserve Conversion Plan](index=46&type=section&id=%E4%BA%8C%E3%80%81%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's semi-annual report does not include a profit distribution or capital reserve conversion plan - Profit distribution plan or capital reserve conversion plan for this reporting period: Not applicable[150](index=150&type=chunk) [Company Equity Incentive Plan, Employee Stock Ownership Plan, or Other Employee Incentive Measures and Their Impact](index=47&type=section&id=%E4%B8%89%E3%80%81%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's 2023 stock option incentive plan's reserved grant registration has been completed, with **4.134 million** reserved options granted at an exercise price of **9.78 yuan/share**; the conditions for the first exercise period of the initial grant of stock options have been met, with **7.0408 million** options exercisable, and the actual exercise period is from May 21, 2025, to April 23, 2026; as of the end of the reporting period, **4.086 million** shares have been exercised and registered for transfer, accounting for **58.03%** of the exercisable amount for this period - T

证券代码：688102 证券简称：斯瑞新材 公告编号：2025-044 三、本批复自同意注册之日起 12 个月内有效。 四、自同意注册之日起至本次发行结束前，你公司如发生重大事项，应及时报告 上海证券交易所并按有关规定处理。" 公司董事会将按照上述批复文件和相关法律法规的要求以及公司股东会的授权， 在规定期限内办理本次向特定对象发行股票的相关事项，并及时履行信息披露义务， 敬请广大投资者注意投资风险。 公司（发行人）、保荐机构（主承销商）的联系方式如下： 陕西斯瑞新材料股份有限公司 关于 2024 年度向特定对象发行 A 股股票申请获得 中国证券监督管理委员会同意注册批复的公告 本公司董事会及全体董事保证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。 陕西斯瑞新材料股份有限公司（以下简称"公司"）于近日收到中国证券监督管 理委员会出具的《关于同意陕西斯瑞新材料股份有限公司向特定对象发行股票注册的 批复》（证监许可〔2025〕1782 号）（以下简称"批复文件"），批复文件内容如下： "一、同意你公司向特定对象发行股票的注册申请。 二、你公司本次发行应 ...

证券代码：688102 证券简称：斯瑞新材 公告编号：2025-044 陕西斯瑞新材料股份有限公司 关于 2024 年度向特定对象发行 A 股股票申请获得 中国证券监督管理委员会同意注册批复的公告 本公司董事会及全体董事保证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。 陕西斯瑞新材料股份有限公司（以下简称"公司"）于近日收到中国证券监督管 理委员会出具的《关于同意陕西斯瑞新材料股份有限公司向特定对象发行股票注册的 批复》（证监许可〔2025〕1782 号）（以下简称"批复文件"），批复文件内容如下： "一、同意你公司向特定对象发行股票的注册申请。 二、你公司本次发行应严格按照报送上海证券交易所的申报文件和发行方案实施。 三、本批复自同意注册之日起 12 个月内有效。 四、自同意注册之日起至本次发行结束前，你公司如发生重大事项，应及时报告 上海证券交易所并按有关规定处理。" 公司董事会将按照上述批复文件和相关法律法规的要求以及公司股东会的授权， 在规定期限内办理本次向特定对象发行股票的相关事项，并及时履行信息披露义务， 敬请广大投资者注意投资风险。 ...

Core Insights - The stock price of Srey New Materials closed at 16.24 yuan on August 20, 2025, with a slight decrease of 0.01 yuan, representing a decline of 0.06% [1] - The company specializes in the research, production, and sales of high-performance copper alloy materials and products, which are widely used in sectors such as power electronics, rail transportation, and aerospace [1] - On August 19, Guangdong Province announced policies to promote high-quality development in commercial aerospace, including subsidies and tax incentives for infrastructure, which supports companies like Srey New Materials involved in rocket launch-related activities [1] - Srey New Materials has been included in the watchlist of several institutions due to its position in the commercial aerospace industry [1] - The company experienced a net outflow of main funds amounting to 6.8363 million yuan on the same day, with a cumulative net outflow of 77.3488 million yuan over the past five days [1]

Group 1 - The Guangdong Provincial Government has issued policies to promote high-quality development in commercial aerospace from 2025 to 2028, focusing on encouraging enterprises to develop core technologies in reusable liquid rocket engines [1] - The provincial government will provide up to 50% matching funding support for national major science and technology projects that meet specific conditions, and will implement a 100% pre-tax deduction policy for corporate R&D expenditures [1] - Liquid fuel rockets are becoming the mainstream choice for the next generation of reusable rockets due to their adjustable thrust, strong restart capability, and high system adaptability [1] Group 2 - Guotai Junan Securities indicates that the current insufficient rocket capacity in China is a core bottleneck for low Earth orbit satellite networking, and developing reusable rockets and liquid fuel technologies is key to enhancing capacity [1] - It is estimated that by 2030, an average of 64 rockets per year will be needed to meet the planned networking requirements, with the rocket market expected to reach a scale of 100 billion by 2030 [1] - CITIC Securities points out that several large-capacity private liquid rockets, such as Zhuque-3 from Blue Arrow Aerospace and Tianlong-3 from Tianbing Technology, are set to make their maiden flights in the second half of 2025, marking a breakthrough in the commercialization of private liquid rockets [1] Group 3 - Srey New Materials has initiated the construction of a project for the industrialization of materials, parts, and components for liquid rocket engine thrust chambers [2] - Taisheng Wind Power's rocket storage tank is a key pressure vessel used for storing liquid rocket propellants, including fuel and oxidizers, and is one of the core components of launch vehicles [2]

每经AI快讯，有投资者在投资者互动平台提问：公司的高强铜合金材料除了可应用于生产光通讯光模 块，是否也可满足生产（铜缆）高速连接器呢？是否有计划"光互连"和"铜互连"连接材料双产线布局， 为AI算力基础产业贡献绵薄之力？ 斯瑞新材（688102.SH）8月15日在投资者互动平台表示，公司生产的高强高导铜合金材料主要通过下 游的板带制造企业用于高端连接器行业，涵盖了新能源汽车、5G 通信、消费电子和航空航天等领域。 （文章来源：每日经济新闻） ...

Market Overview - The metal new materials sector experienced a decline of 0.86% on August 12, with Srei New Materials leading the drop [1] - The Shanghai Composite Index closed at 3665.92, up 0.5%, while the Shenzhen Component Index closed at 11351.63, up 0.53% [1] Stock Performance - Notable gainers in the metal new materials sector included: - Bowei Taijin (601137) with a closing price of 22.18, up 10.02% and a trading volume of 1.0539 million shares, totaling 2.307 billion yuan [1] - Xinlaifu (301323) closed at 56.98, up 8.47% with a trading volume of 101,500 shares, totaling 578 million yuan [1] - Zhengke Materials (600255) closed at 4.19, up 4.23% with a trading volume of 2.9024 million shares, totaling 1.213 billion yuan [1] - Conversely, Srei New Materials (688102) saw a significant decline, closing at 16.19, down 5.32% with a trading volume of 308,100 shares, totaling 505 million yuan [2] - Other notable decliners included: - Ningbo Yunsheng (600366) down 4.60% to 14.31 with a trading volume of 2.0279 million shares, totaling 2.917 billion yuan [2] - Zhongke Sheng (301141) down 3.62% to 66.27 with a trading volume of 82,200 shares, totaling 545 million yuan [2] Capital Flow - The metal new materials sector saw a net outflow of 1.043 billion yuan from institutional investors, while retail investors contributed a net inflow of 934 million yuan [2] - The capital flow for specific stocks indicated: - Bowei Taijin had a net inflow of 107 million yuan from institutional investors, while retail investors had a net outflow of 15.72 million yuan [3] - Xinlaifu experienced a net inflow of 3.12 million yuan from retail investors, with a negligible net outflow from institutional investors [3]

Market Overview - On August 8, the metal new materials sector declined by 0.33% compared to the previous trading day, with Zhongke Magnetic leading the decline [1] - The Shanghai Composite Index closed at 3635.13, down 0.12%, while the Shenzhen Component Index closed at 11128.67, down 0.26% [1] Stock Performance - Notable gainers in the metal new materials sector included: - Ningbo Yunsheng (600366) with a closing price of 14.49, up 10.02% [1] - Sry New Materials (688102) at 16.55, up 8.31% [1] - Alloy Investment (000633) at 6.60, up 3.61% [1] - Major decliners included: - Zhongke Magnetic (301141) at 68.82, down 5.44% [2] - Chitong New Materials (300930) at 33.86, down 4.02% [2] - Platinum New Materials (300811) at 54.79, down 3.83% [2] Capital Flow - The metal new materials sector experienced a net outflow of 616 million yuan from institutional investors, while retail investors saw a net inflow of 732 million yuan [2][3] - Key stocks with significant capital flow included: - Ningbo Yunsheng (600366) with a net inflow of 229 million yuan from institutional investors [3] - Alloy Investment (000633) with a net inflow of 19.79 million yuan [3] - Sry New Materials (688102) with a net inflow of 11.07 million yuan [3]

Company Performance - Srei New Materials' stock price reached a historical high, increasing by 7.59% to 16.44 yuan, with a trading volume of 16.98 million shares and a transaction amount of 266 million yuan [2] - The company's latest A-share total market capitalization is 12.025 billion yuan, with the same amount for its circulating market capitalization [2] - The company reported a first-quarter revenue of 344 million yuan, representing a year-on-year growth of 19.79%, and a net profit of 32.33 million yuan, up 31.62% year-on-year, with basic earnings per share of 0.0446 yuan and a weighted average return on equity of 2.91% [2] Industry Overview - The non-ferrous metals industry, to which Srei New Materials belongs, has an overall increase of 1.32%, with 97 stocks rising, including notable performers like Ningbo Yunsheng and Hesheng Co., with increases of 10.02% and 7.24% respectively [2] - Among the 39 stocks that declined, Longda Co., Yitong New Materials, and Zhenghai Magnetic Materials saw the largest drops of 4.23%, 3.85%, and 2.74% respectively [2] Margin Trading Data - As of August 7, the margin trading balance for Srei New Materials was 290 million yuan, with a financing balance of the same amount, reflecting an increase of 16.74 million yuan over the past 10 days, a growth of 6.13% [2]