青岛云路先进材料技术股份有限公司2025 年半年度报告 公司代码：688190 公司简称：云路股份 青岛云路先进材料技术股份有限公司 2025 年半年度报告 1/177 青岛云路先进材料技术股份有限公司2025 年半年度报告 重要提示 一、 本公司董事会、监事会及董事（董事长李晓雨先生因被留置调查，无法正常履职）、监事、 高级管理人员保证半年度报告内容的真实性、准确性、完整性，不存在虚假记载、误导性陈述或 重大遗漏，并承担个别和连带的法律责任。 二、 重大风险提示 公司已在本报告中描述公司面临的风险，敬请查阅本报告第三节管理层讨论与分析四风险因 素相关内容，请投资者予以关注。 三、 未出席董事情况 | 未出席董事职务 | 未出席董事姓名 | 未出席董事的原因说明 | 被委托人姓名 | | --- | --- | --- | --- | | 董事长 | 李晓雨 | 因被留置无法出席 | 无 | 四、 本半年度报告未经审计。 五、 公司负责人庞靖、主管会计工作负责人石岩及会计机构负责人（会计主管人员）张乐声明： 保证半年度报告中财务报告的真实、准确、完整。 六、 董事会决议通过的本报告期利润分配预案或公积金转增股 ...

Group 1 - The core viewpoint of the news is that Yunlu Co., Ltd. has experienced fluctuations in its stock performance and financing activities, indicating a mixed market sentiment towards the company [1][2]. - As of August 27, Yunlu's stock price decreased by 0.36%, with a trading volume of 138 million yuan. The net financing buy was negative at 536.78 thousand yuan, indicating more selling than buying in the financing market [1]. - The total financing and securities balance for Yunlu reached 99.69 million yuan, with the financing balance accounting for 0.78% of the circulating market value, which is above the 60th percentile of the past year [1]. Group 2 - For the first quarter of 2025, Yunlu reported an operating income of 421 million yuan, a year-on-year decrease of 4.87%, while the net profit attributable to shareholders increased by 4.34% to 78.91 million yuan [2]. - The number of shareholders increased to 5,591, a rise of 28.71%, while the average circulating shares per person decreased by 22.30% to 21,463 shares [2]. - Since its A-share listing, Yunlu has distributed a total of 322 million yuan in dividends, with 282 million yuan distributed in the last three years [3].

Group 1 - The core viewpoint of the news is that Yunlu Co., Ltd. has shown significant trading activity and financial performance, with a notable increase in financing and shareholder numbers [1][2][3] - On August 25, Yunlu Co., Ltd. experienced a stock price increase of 1.38%, with a trading volume of 126 million yuan and a net financing purchase of 10.32 million yuan [1] - As of August 25, the total balance of margin trading for Yunlu Co., Ltd. reached 108 million yuan, indicating a high level of financing activity compared to the past year [1] Group 2 - For the first quarter of 2025, Yunlu Co., Ltd. reported a revenue of 421 million yuan, a year-on-year decrease of 4.87%, while the net profit attributable to shareholders increased by 4.34% to 78.91 million yuan [2] - The company has distributed a total of 322 million yuan in dividends since its A-share listing, with 282 million yuan distributed in the last three years [3] - As of March 31, 2025, the number of shareholders increased by 28.71% to 5,591, while the average circulating shares per person decreased by 22.30% to 21,463 shares [2][3]

简历显示：沈楠先生:基金经理。复旦大学硕士。2009年6月至2011年3月在长江证券担任高级分析 师,2011年加入交银施罗德基金管理有限公司,曾任行业分析师、基金经理助理。自2015年5月5日起担任 交银施罗德主题优选灵活配置混合型证券投资基金基金经理至今,自2015年6月10日起担任交银施罗德国 企改革灵活配置混合型证券投资基金基金经理至今。2020年2月21日起担任交银施罗德瑞思三年封闭运 作混合型证券投资基金的基金经理。 来源：金融界 金融界2025年8月22日消息，交银国企改革灵活配置混合A(519756) 最新净值1.9213元，增长0.84%。该 基金近1个月收益率2.05%，同类排名1800|2327；近6个月收益率12.46%，同类排名982|2295；今年来收 益率12.73%，同类排名1308|2284。 交银国企改革灵活配置混合A股票持仓前十占比合计44.29%，分别为：顺丰控股（9.31%）、航发动力 （8.63%）、XD中国化（5.50%）、航发科技（3.22%）、华电国际（3.11%）、云路股份（3.11%）、 伊利股份（3.07%）、龙源电力（2.85%）、XD东方电（2.77 ...

Investment Rating - The report suggests a positive investment outlook for the SST (Solid State Transformer) solution, highlighting its comprehensive advantages in the data center sector [4][70]. Core Insights - The global AI market is projected to grow from 1,187.9 billion RMB in 2023 to 11,455.4 billion RMB by 2030, with a CAGR exceeding 35% [5][14]. - The SST solution is particularly suitable for microgrid DC power scenarios, enabling direct conversion from grid power to 800V DC supply, addressing various challenges in data center power supply [5][47]. - The report emphasizes the importance of high-frequency transformers and power electronic devices in the SST solution, recommending key companies in these sectors for investment [5][70]. Summary by Sections 1. Industry Status and Challenges - The demand for full DC systems is increasing due to the rising proportion of DC devices in data centers, necessitating a compatible full DC power supply architecture [21]. - Traditional 54V power supply systems are reaching their limits, prompting the need for higher voltage levels, such as the 800V HVDC architecture proposed by leading companies [28]. - The area occupied by power distribution systems is increasing as power density in data centers rises, with projections indicating that power distribution systems may occupy equal space to IT equipment in high-density setups [30] [31]. 2. Advantages of SST Solution - The SST solution offers modularity and high efficiency, with the ability to directly convert high voltage AC to low voltage DC, significantly reducing space requirements and improving energy efficiency [44][63]. - SST technology utilizes advanced semiconductor devices and high-frequency transformers, allowing for active control of power quality and rapid fault detection [55][57]. - The SST solution has already been implemented in benchmark data center projects, demonstrating its potential for widespread adoption in the industry [65]. 3. Investment Recommendations - The report recommends focusing on companies involved in high-frequency transformers, power electronic devices, and advanced magnetic materials, as they are expected to benefit from the growth of the SST market [70].

Group 1 - The core viewpoint of the news is the performance and holdings of the Jiao Yin State-Owned Enterprise Reform Flexible Allocation Mixed A Fund, which has shown a recent net value increase of 1.04% [1] - The fund's recent one-month return is -0.06%, ranking 71 out of 73 in its category, while its six-month return is 8.76%, ranking 19 out of 72 [1] - Year-to-date, the fund has achieved a return of 6.18%, ranking 26 out of 72 in its category [1] Group 2 - The top ten stock holdings of the fund account for a total of 50.78%, with significant positions in SF Express (9.90%), China Chemical (6.04%), and ShouLve Hotel (5.44%) [1] - The fund was established on June 10, 2015, and as of March 31, 2025, it has a total scale of 1.802 billion yuan [1] - The fund manager is Shen Nan, who has been in this role since the fund's inception [2]

Core Viewpoint - A total of 14 listed companies announced share buybacks or increases in shareholdings this week, with significant involvement of loans for these activities [1][2]. Group 1: Companies Announcing Buybacks or Increases - Kailong High-Tech plans to repurchase shares worth between 25 million to 50 million yuan, with a loan of 25 million yuan [2]. - Hunan Haili intends to repurchase between 8.38 million to 16.76 million shares, supported by a loan of 200 million yuan [2]. - Guangda Special Materials aims to repurchase shares worth between 200 million to 400 million yuan, with a loan not exceeding 360 million yuan [2]. - Dahao Technology's controlling shareholder plans to increase shareholdings by 50 million to 100 million yuan [2]. - Qianhong Pharmaceutical's actual controller intends to continue increasing holdings by no less than 12.4 million shares [2]. - Bluetian Gas's controlling shareholder plans to increase holdings by 100 million to 150 million yuan, with a loan not exceeding 135 million yuan [2]. - Aikedi plans to repurchase shares worth between 100 million to 200 million yuan [2]. - Sichuan Changhong intends to repurchase shares worth between 250 million to 500 million yuan, with a loan not exceeding 450 million yuan [2]. - Qizhong Technology plans to repurchase shares worth between 75 million to 150 million yuan [2]. - Oriental Bio's chairman proposed a repurchase of shares not exceeding 50 million yuan [2]. - Yunlu Co. plans for directors and senior management to collectively increase holdings by 4 million to 12 million yuan [2]. - Hongli Zhihui's controlling shareholder plans to increase holdings by 25 million to 50 million yuan, with a loan not exceeding 45 million yuan [2]. - Dongfang Shenghong's controlling shareholder intends to increase holdings by 500 million to 1 billion yuan, with a loan not exceeding 900 million yuan [2]. - Midea Group plans to repurchase shares worth between 5 billion to 10 billion yuan, with a loan not exceeding 9 billion yuan [2].

Core Viewpoint - The company, Qingdao Yunlu Advanced Materials Technology Co., Ltd., announced a share buyback plan by its executives, reflecting confidence in the company's future development and long-term investment value [3][5][6]. Group 1: Shareholding Information - Executive Pang Jing plans to indirectly hold 810,000 shares, representing 0.68% of the total share capital [2]. - Executive Zeng Yuanhua plans to indirectly hold 342,000 shares, representing 0.29% of the total share capital [2]. - Executive Li Qinghua plans to indirectly hold 612,000 shares, representing 0.51% of the total share capital [4]. - Executive Shi Yan does not hold any shares directly [4]. Group 2: Buyback Plan Details - The total planned investment for the buyback is between RMB 4 million and RMB 9 million, with each executive intending to invest between RMB 1 million and RMB 3 million [3][5][6]. - The buyback will occur from June 18, 2025, to December 17, 2025, using personal or self-raised funds [5][6]. - The buyback will be conducted through methods permitted by the Shanghai Stock Exchange, including centralized bidding and block trading [5][6]. Group 3: Purpose and Commitment - The buyback aims to enhance investor confidence, protect the interests of all shareholders, and promote the company's sustainable and healthy development [5][6]. - The executives commit to not reducing their shareholdings during the buyback period and will comply with relevant regulations from the China Securities Regulatory Commission and the Shanghai Stock Exchange [5][6][7].

Group 1: Liquidity and Performance of Rare Earth ETF - The liquidity of the Rare Earth ETF managed by Jiashi has a turnover rate of 2.74%, with a transaction volume of 66.81 million yuan [2] - Over the past week, the average daily transaction volume of the Rare Earth ETF reached 122 million yuan, ranking first among comparable funds [2] - In the last two weeks, the Rare Earth ETF's scale increased by 568 million yuan, achieving significant growth and ranking first in new scale among comparable funds [2] - The ETF's shares increased by 39.5 million in the past week, indicating substantial growth [2] - In the last five trading days, there were net inflows on three days, totaling 115 million yuan [2] - As of June 18, the net value of the Rare Earth ETF has risen by 30.55% over the past year, ranking 376 out of 2857 in the index stock fund category, placing it in the top 13.16% [2] - Since its inception, the ETF has recorded a highest monthly return of 41.25%, with the longest consecutive monthly gains being four months and a maximum cumulative increase of 83.89% [2] Group 2: Key Holdings and Market Dynamics - As of May 30, the top ten weighted stocks in the China Rare Earth Industry Index account for 57.28% of the index, including Northern Rare Earth, China Rare Earth, Wolong Electric Drive, and others [2] - The Ministry of Commerce announced on June 19 that it will expedite the review of rare earth export license applications, emphasizing the importance of maintaining global supply chain stability [4] - Recent reports suggest that domestic export licenses are being gradually issued, and rising prices abroad are expected to be transmitted to the domestic market [5] - The domestic rare earth prices are currently at a cyclical low, with expectations for a continued upward adjustment in price levels [5] - Investors can consider the Rare Earth ETF Jiashi linked fund (011036) to capitalize on investment opportunities in the rare earth sector [5]

Core Viewpoint - The chairman and general manager of Qingdao Yunlu Advanced Materials Technology Co., Ltd. has been detained, causing a significant drop in the company's stock price, although the company claims this incident is unrelated to its operations [2][3]. Company Operations - The company reported that its operations remain normal and it has not been asked to assist in any investigations related to the chairman's detention [3]. - Yunlu specializes in advanced magnetic metal materials, with products used in power distribution and extending into sectors like new energy vehicles and 5G infrastructure [5]. - The company is the largest supplier of amorphous alloy thin strips in the industry, with an annual design capacity of 105,000 tons [5]. Financial Performance - In 2024, the company achieved a revenue of 1.9 billion yuan, a year-on-year increase of 7.24%, and a net profit of 361 million yuan, up 8.73% [5]. - However, in Q1 2024, the company reported a revenue of 421 million yuan, a decline of 4.87%, and a net profit of approximately 78.91 million yuan, an increase of 4.34% [6]. - The net cash flow from operating activities was -117 million yuan, a significant decrease of 969.12% year-on-year, attributed to increased cash outflows for strategic inventory [6]. Management Actions - Following the chairman's detention, the company announced that its directors and senior management would increase their shareholdings, indicating confidence in the company's future [8]. - Despite the announcement of share buybacks, the stock price continued to decline, closing at 84.26 yuan per share, down 2.56% [8].