Investment Rating - The report initiates coverage with a "Buy" rating for the company [3][5]. Core Insights - The company, Yunlu Co., is the largest supplier of amorphous alloy strips in the industry, focusing on the design, research and development, production, and sales of advanced magnetic metal materials [2]. - In the first half of 2025, the company achieved operating revenue of 986 million yuan, an increase of 8.28% year-on-year, and a net profit attributable to shareholders of 169 million yuan, up 1.51% year-on-year [1][2]. - The production capacity of amorphous strip materials is expected to reach 125,000 tons in 2025, maintaining a global leading position [2]. - The efficiency of amorphous motors can reach up to 98.5%, significantly enhancing performance while reducing energy loss [2]. Financial Summary - The projected operating revenues for 2025, 2026, and 2027 are 2.28 billion yuan, 3.08 billion yuan, and 4.31 billion yuan, respectively, with net profits of 430 million yuan, 597 million yuan, and 836 million yuan [3][4]. - The company has seen a reduction in sales and management expenses, with sales expenses at 18.02 million yuan (1.83% of revenue) and management expenses at 20.67 million yuan [3]. - The earnings per share (EPS) for 2025 is projected at 3.58 yuan, with a price-to-earnings (P/E) ratio of 30.26 [4].

Core Insights - Yunlu Co., Ltd. (688190) reported a total revenue of 986 million yuan for the first half of 2025, representing an 8.28% year-on-year increase, while the net profit attributable to shareholders was 169 million yuan, up 1.51% year-on-year [1] - The second quarter of 2025 saw a total revenue of 565 million yuan, marking a 20.72% increase year-on-year, but the net profit for the same period decreased by 0.83% to 90.58 million yuan [1] - The company's accounts receivable increased significantly, with a year-on-year growth of 43.64%, reaching 740 million yuan [1] Financial Performance - Gross margin for the first half of 2025 was 29.33%, down 3.05% from the previous year, while the net margin decreased by 6.25% to 17.19% [1] - Total operating expenses (sales, management, and financial expenses) amounted to 37.19 million yuan, which is 3.77% of revenue, reflecting an 11.16% decrease year-on-year [1] - Earnings per share (EPS) increased by 1.44% to 1.41 yuan, while operating cash flow per share turned negative at -0.29 yuan, a significant decline of 121.17% year-on-year [1] Investment Metrics - The company's return on invested capital (ROIC) was 14.85% last year, indicating strong capital returns, with a historical median ROIC of 15.17% since its listing [3] - The cash flow situation is a point of concern, with cash and cash equivalents covering only 79.94% of current liabilities [3] - Accounts receivable have reached 205.01% of profit, suggesting potential liquidity issues [3] Fund Holdings - The largest fund holding Yunlu Co., Ltd. is the Invesco Great Wall New Energy Industry Stock A, which has recently increased its position [4] - Other funds that have newly entered the top ten holdings include Huaxia Core Growth Mixed A and Huaxia Energy Saving and Environmental Protection Stock A [4] - The fund managed by Yang Ruiwen, who has a strong track record in stock selection, has a total scale of 23.7 billion yuan and has seen a significant increase in value over the past year [4]

Core Viewpoint - Yunlu Co., Ltd. (688190.SH) reported a revenue of 986 million yuan for the first half of 2025, reflecting a year-on-year growth of 8.28% [1] - The net profit attributable to shareholders of the listed company was 169 million yuan, showing a year-on-year increase of 1.51% [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 166 million yuan, which represents a year-on-year growth of 5.31% [1] - The basic earnings per share stood at 1.41 yuan [1]

Core Viewpoint - The company, Qingdao Yunlu Advanced Materials Technology Co., Ltd., has announced a profit distribution plan for the first half of 2025, proposing a cash dividend of 3.00 RMB per 10 shares, which represents 21.24% of the net profit for the period [1][2]. Profit Distribution Plan - As of June 30, 2025, the company's net profit for the first half of the year is 169,494,115.50 RMB [1]. - The proposed cash dividend totals 36 million RMB, based on a total share capital of 12 million shares as of August 29, 2025 [1]. - The distribution plan is subject to approval at the upcoming shareholders' meeting [2]. Decision-Making Process - The third meeting of the third board of directors was held on August 29, 2025, where the profit distribution proposal was approved [1]. - The proposal has been reviewed and approved by the supervisory board, which deemed it compliant with relevant laws and regulations [2]. Considerations for Distribution - The profit distribution plan takes into account the company's operational needs and sustainable development [2]. - The company will adjust the per-share distribution amount if there are changes in total share capital before the record date for the dividend [1][2].

Core Viewpoint - The company held its fifth board meeting of the third session on August 29, 2025, where several key resolutions were passed regarding the 2025 semi-annual report, fundraising, profit distribution, decision-making mechanisms, and future shareholder meetings [1][2][3][4][5] Group 1: Financial Reporting - The board approved the 2025 semi-annual report, confirming that it accurately reflects the company's financial status and operational results [1] - The report was prepared in compliance with relevant laws and internal regulations, ensuring its authenticity and completeness [1] Group 2: Fundraising and Usage - The board approved the special report on the storage and usage of fundraising for the first half of 2025, confirming compliance with regulatory requirements and proper management of funds [2] - The company has ensured that fundraising is stored in dedicated accounts and used for specified purposes without harming shareholder interests [2] Group 3: Profit Distribution - The board approved the profit distribution plan for the first half of 2025, which aligns with legal requirements and aims to protect the interests of shareholders, particularly minority shareholders [3] Group 4: Decision-Making Mechanisms - The board approved revisions to the "Major Decision-Making Mechanism Responsibility List" to enhance decision-making efficiency and transparency [4] - The board also approved updates to the "Three Major One Large" decision-making system to strengthen institutional foundations for stable development [4] Group 5: Future Plans - The board approved the semi-annual evaluation report of the "Quality Improvement and Efficiency Enhancement Return Action Plan" for 2025, indicating positive outcomes in innovation, governance, and investor rights protection [4] - The company plans to hold the second extraordinary general meeting of shareholders on September 19, 2025, utilizing both in-person and online voting methods [5]

证券代码：688190 证券简称：云路股份 公告编号：2025-037 青岛云路先进材料技术股份有限公司 本公司及监事会全体成员保证公告内容不存在虚假记载、误导性陈述或者重 大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 青岛云路先进材料技术股份有限公司（以下简称"公司"）第三届监事会第 四次会议于 2025 年 8 月 29 日上午 11 点在公司会议室以现场方式结合通讯方式 召开。本次会议应到监事 3 名，实到监事 3 名。会议由监事会主席张强主持。本 次会议的召集和召开符合《中华人民共和国公司法》（以下简称"《公司法》"） 及《青岛云路先进材料技术股份有限公司章程》（以下简称"《公司章程》"） 的有关规定。 一、审议通过《关于公司 2025 年半年度报告及摘要的议案》 监事会认为：公司 2025 年半年度报告的编制和审议程序符合法律、法规及 《公司章程》等内部规章制度的规定，公允地反映了公司 2025 年上半年的财务 状况和经营成果等事项，监事会全体成员保证公司 2025 年半年度报告披露的信 息真实、准确、完整，不存在任何虚假记载、误导性陈述或重大遗漏。 表决结果：3 票同意，0 票反 ...

Group 1 - The company, Qingdao Yunlu Advanced Materials Technology Co., Ltd., is holding a shareholder meeting on September 19, 2025, with both on-site and online voting options available [1][2][6] - The online voting system will be through the Shanghai Stock Exchange's shareholder meeting network voting system, with voting times specified [1][2] - Shareholders must register to attend the meeting, either in person or by appointing a proxy, with specific documentation required for different types of shareholders [5][6] Group 2 - The meeting will review non-cumulative voting proposals, and A-share shareholders are eligible to vote [2][7] - The company has outlined the procedures for proxy voting, including the need for identity verification and the submission of necessary documents [5][9] - The meeting is expected to last half a day, with attendees responsible for their own travel and accommodation expenses [6]

证券代码：688190 证券简称：云路股份 公告编号：2025-035 青岛云路先进材料技术股份有限公司 关于变更募集资金专项账户并重新签订募集资金专 户存储监管协议的公告 本公司及除李晓雨先生外的其他董事会全体成员保证公告内容不存在虚假 记载、误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个 别及连带责任。 一、募集资金基本情况 根据中国证券监督管理委员会于 2021 年 10 月 19 日出具的《关于同意青岛 云路先进材料技术股份有限公司首次公开发行股票注册的批复》（证监许可〔2021〕 3302 号），青岛云路先进材料技术股份有限公司（以下简称"公司"、"云路 股份"）首次公开发行人民币普通股（A）股 3,000.00 万股，每股发行价格为 46.63 元，募集资金总额为人民币 139,890.00 万元；扣除发行费用后实际募集资金净额 为人民币 129,158.46 万元。上述募集资金已于 2021 年 11 月 22 日全部到账，并 经致同会计师事务所（特殊普通合伙）对公司首次公开发行股票的资金到位情况 进行了审验，并于 2021 年 11 月 22 日出具了《验资报告》（致同验字（ ...

青岛云路先进材料技术股份有限公司 2025年度"提质增效重回报"行动方案 半年度评估报告 本公司及除李晓雨先生外的其他董事会全体成员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。 为践行"以投资者为本"的上市公司发展理念，维护青岛云路先进材料技术 股份有限公司(以下简称"公司"或"云路股份")全体股东利益，基于对公司未 来发展前景的信心，对公司价值的认可和切实履行社会责任，公司于 2025 年 3 月 30 日在上海证券交易所网站披露了《2025 年度"提质增效重回报"行动方案》 （以下简称"行动方案"），自行动方案发布以来，公司在提升公司经营效率，强 化市场竞争力，保障投资者权益，稳定股价，树立良好的资本市场形象等方面取 得了成效，现将 2025 年半年度评估情况报告如下： 强化企业根基，深度挖掘降本提质，公司三大业务板块稳中有进，销量均实现同 比提升，实现营业收入同比增长 8.3%，归母净利润同比增长 1.5%。 公司非晶产品通过绿色材料+绿色成套工业方案协同推广，不断完善全球化 销售渠道布局，已远销 40 余个国家，成为全球高效节能配电 ...

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。 二、说明会召开的时间、地点 证券代码：688190 证券简称：云路股份 公告编号：2025-039 青岛云路先进材料技术股份有限公司 关于召开 2025 年半年度业绩说明会的公告 本公司及除李晓雨先生外的其他董事会全体成员保证公告内容不存在虚假 记载、误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个 别及连带责任。 重要内容提示： 青岛云路先进材料技术股份有限公司（以下简称"公司"）已于2025年8月 30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09日下午13:00-14:00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 五、联系人及咨询办法 （一）会议召开时间：2025年09月09日下午13:00-14:00 会议召开时间：2025年09月09日(星期二)下午13:00-14:00 会 议 ...