证券日报网讯 9月17日晚间，云路股份发布公告称，截至2025年9月17日，本次增持计划时间已过半， 因受资金安排等因素影响，庞靖先生、曾远华先生、李庆华先生、石岩女士尚未增持公司股份。本次增 持计划尚未实施完毕，各增持主体将继续按照相关增持计划，在增持计划实施期间内增持公司股份。 （文章来源：证券日报） ...

证券代码：688190 证券简称：云路股份 公告编号：2025-040 青岛云路先进材料技术股份有限公司 关于董事、高级管理人员增持公司股份进展 暨增持时间过半的公告 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法 律责任。 重要内容提示： 基于对公司未来持续稳定发展的信心以及对公司股票长期投资价值的 认可，青岛云路先进材料技术股份有限公司（以下简称"公司"）董事 兼副总经理庞靖先生，副总经理曾远华先生，副总经理李庆华先生， 副总经理、财务总监兼董事会秘书石岩女士计划自 2025 年 6 月 18 日 起 6 个月内，使用其自有资金或自筹资金，通过上海证券交易所交易 系统允许的方式（包括但不限于集中竞价和大宗交易等）增持公司股 份。本次各增持主体拟增持金额不低于人民币 100 万元（含）且不超 过 300 万元（含），各主体合计拟增持金额不低于人民币 400 万元（含） 且不超过 1,200 万元（含）。本次增持计划的具体内容详见公司 2025 年 6 月 18 日披露于上海证券交易所网站（www.sse.com.cn） ...

Core Viewpoint - Yunlu Co., Ltd. has shown a mixed performance in terms of stock trading and financial results, with a slight increase in stock price but a net outflow in financing activities [1][2]. Financing Activities - On September 15, Yunlu Co., Ltd. experienced a stock price increase of 2.52%, with a trading volume of 140 million yuan [1]. - The financing buy-in amount for the day was 11.21 million yuan, while the financing repayment was 12.96 million yuan, resulting in a net financing outflow of 1.75 million yuan [1]. - As of September 15, the total financing and securities balance for Yunlu Co., Ltd. was 85.29 million yuan, with the financing balance at 83.45 million yuan, accounting for 0.59% of the circulating market value, which is below the 50th percentile level over the past year [1]. Securities Lending - On the same day, Yunlu Co., Ltd. had a securities lending repayment of 400 shares and a securities lending sell-out of 400 shares, with a sell-out amount of 47,100 yuan based on the closing price [1]. - The remaining securities lending volume was 15,600 shares, with a securities lending balance of 1.84 million yuan, which is above the 90th percentile level over the past year, indicating a high level of securities lending [1]. Company Overview - Yunlu Co., Ltd. is located in Jimo City, Qingdao, Shandong Province, and was established on December 21, 2015, with its listing date on November 26, 2021 [1]. - The company's main business involves the design, research and development, production, and sales of advanced magnetic metal materials [1]. - The revenue composition of the main business includes 74.71% from amorphous alloy thin strips and their products, 16.07% from nanocrystalline products, 7.45% from magnetic powders and their products, and 1.77% from other supplementary products [1]. Financial Performance - As of June 30, the number of shareholders for Yunlu Co., Ltd. was 4,883, a decrease of 12.66% from the previous period, while the average circulating shares per person increased by 14.50% to 24,575 shares [2]. - For the first half of 2025, Yunlu Co., Ltd. achieved an operating income of 986 million yuan, representing a year-on-year growth of 8.28%, and a net profit attributable to the parent company of 169 million yuan, with a year-on-year increase of 1.51% [2]. Dividend Distribution - Since its A-share listing, Yunlu Co., Ltd. has distributed a total of 322 million yuan in dividends, with 282 million yuan distributed over the past three years [3]. Institutional Holdings - As of June 30, 2025, among the top ten circulating shareholders of Yunlu Co., Ltd., Invesco Great Wall New Energy Industry Stock A (011328) ranked as the sixth largest shareholder, holding 2.3541 million shares, an increase of 442,300 shares from the previous period [3]. - Invesco Great Wall Long-term Growth Mixed A (011058) ranked as the tenth largest circulating shareholder, holding 878,300 shares, marking its entry as a new shareholder [3].

青岛云路先进材料技术股份有限公司 2025 年第二次临时股东大会会议资料 证券代码：688190 证券简称：云路股份 青岛云路先进材料技术股份有限公司 2025 年第二次临时股东大会 会议资料 二零二五年九月 1 青岛云路先进材料技术股份有限公司 2025 年第二次临时股东大会会议资料 青岛云路先进材料技术股份有限公司 2025 年第二次临时股东大会材料目录 | 2025 | 年第二次临时股东大会会议须知 | | 3 | | --- | --- | --- | --- | | 2025 | 年第二次临时股东大会会议议程 | | 5 | | 2025 | 年第二次临时股东大会会议议案 | | 7 | 2 三、会议按照会议通知上所列顺序审议、表决议案。 四、股东及股东代理人参加股东大会依法享有发言权、质询权、表决权等权 利。股东及股东代理人参加股东大会应认真履行其法定义务，不得侵犯公司和其 他股东及股东代理人的合法权益，不得扰乱股东大会的正常秩序。 五、要求发言的股东及股东代理人，应当按照会议的议程，经会议主持人许 可方可发言。有多名股东及股东代理人同时要求发言时，先举手者发言；不能确 定先后时，由主持人指定发言 ...

Group 1 - The core viewpoint of the news is that Yunlu Co., Ltd. has seen a stock price increase of 5.11%, reaching 116.66 CNY per share, with a total market capitalization of 13.999 billion CNY [1] - Yunlu Co., Ltd. specializes in the design, research and development, production, and sales of advanced magnetic metal materials, with its main business revenue composition being: 74.71% from amorphous alloy thin strips and products, 16.07% from nanocrystalline products, 7.45% from magnetic powders and products, and 1.77% from other sources [1] Group 2 - From the perspective of fund holdings, one fund under China Merchants Fund has a significant position in Yunlu Co., Ltd., specifically the China Merchants SSE STAR 50 ETF Linked A (023739), which held 80 shares as of the second quarter, making it the third-largest holding [2] - The China Merchants SSE STAR 50 ETF Linked A (023739) has a total scale of 211 million CNY and has achieved a return of 33.88% since its inception on April 8, 2025 [2]

Core Insights - The rare metals theme index (930632) has shown a strong increase of 1.92% as of September 12, 2025, with notable gains in constituent stocks such as Yunlu Co., Ltd. (688190) up 6.05% and Dongfang Tantalum Industry (000962) up 5.82% [1] - The rare metals ETF (561800) has seen a weekly increase of 6.45%, ranking first among comparable funds [1] - Over the past year, the rare metals ETF has achieved a net value increase of 85.48%, with a maximum single-month return of 24.02% since its inception [4] Industry Analysis - The supply increase of lithium spodumene is effectively compensating for the shortfall in lithium mica, leading to a marginal growth in domestic production and a return of lithium prices to fundamentals [4] - The cobalt sector is experiencing structural price increases, with a potential short-term benefit from improving demand as the peak demand season approaches [4] - The rare earth industry is undergoing significant supply-side reforms, with a notable increase in magnetic material exports, which rose by 75% month-on-month and 6% year-on-year [4] - The rare earth sector is expected to continue evolving with both valuation and performance improvements due to price increases, supply reforms, and strategic attributes of the sector [4] Key Stocks - As of August 29, 2025, the top ten weighted stocks in the rare metals theme index account for 57.58% of the index, including Northern Rare Earth (600111) and Luoyang Molybdenum (603993) [5] - The top stocks by weight include Salt Lake Co. (000792) at 8.52% and Northern Rare Earth (600111) at 8.49% [7] - The rare metals ETF (561800) serves as an effective investment tool for investors looking to gain exposure to the rare metals industry [7]

Investment Rating - The investment rating for the company is "Buy" and is maintained [5]. Core Views - The company reported a revenue of 990 million yuan for the first half of 2025, representing a year-on-year increase of 8.3%. The net profit attributable to the parent company was 170 million yuan, up 1.5% year-on-year, while the net profit excluding non-recurring items was also 170 million yuan, reflecting a 5.3% increase year-on-year. In Q2 2025, the revenue reached 560 million yuan, showing a significant year-on-year growth of 20.7%, although the net profit attributable to the parent company decreased by 0.8% to 90 million yuan [3][8]. Summary by Sections Financial Performance - For H1 2025, the company's gross profit margin was 29.33%, a decrease of 0.92 percentage points year-on-year. In Q2 2025, the gross profit margin was 28.85%, down 1.40 percentage points year-on-year and 1.12 percentage points quarter-on-quarter [8]. - The company's total fixed assets reached 540 million yuan by the end of Q2 2025, an increase of 50 million yuan from Q1 2025 and 170 million yuan from Q2 2024 [8]. - The company reported a negative operating cash flow of 35 million yuan for H1 2025, with Q2 2025 showing a positive cash flow of 82 million yuan, although this was a 45.2% decrease year-on-year [8]. Operational Insights - The company is experiencing continuous capacity expansion, with an increasing penetration rate of amorphous transformers in the distribution sector. It has also achieved mass production of 300mm wide amorphous strip materials, which supports applications in high-power distribution transformers and electric vehicle drive motors [8]. - The company expects a net profit attributable to the parent company of 420 million yuan for 2025, corresponding to a price-to-earnings ratio of approximately 31 times [8].

Financial Performance - For the first half of 2025, the company's operating revenue was approximately 985.82 million, an increase from 910.44 million in the same period last year, representing a growth of about 8.1% [2] - The total profit for the same period was approximately 195.32 million, up from 186.58 million year-on-year, indicating a growth of about 4.0% [2] - The net profit attributable to shareholders was approximately 169.49 million, slightly up from 166.97 million, showing a growth of about 1.0% [2] - The net profit after deducting non-recurring gains and losses was approximately 165.52 million, compared to 157.17 million in the previous year, reflecting a growth of about 5.3% [2] - The net cash flow from operating activities was negative at approximately -34.64 million, a significant decrease from 163.65 million in the same period last year [2] Asset and Liability Changes - As of the end of the first half of 2025, the company's net assets attributable to shareholders were approximately 2.60 billion, an increase from 2.51 billion at the end of the previous year [2] - Other non-current assets decreased by 69.81%, while other current assets increased by 451.91%, indicating a shift in asset composition [35] - The company's total liabilities saw an increase in other current liabilities by 71% and accounts payable by 11.19% [38] Cash Flow Analysis - The net cash flow from financing activities was approximately -81.08 million, an increase of 24.56 million compared to the previous year [22] - The net cash flow from investment activities was approximately 72.77 million, a significant improvement from -34.61 million in the same period last year [22] Shareholder Structure - The top ten shareholders as of the end of the first half of 2025 included new shareholder 景顺长城成长龙头一年持有期混合型证券投资基金, replacing 瑞众人寿保险有限责任公司-分红产品 [49] - The shareholding proportions of 景顺长城新能源产业股票型证券投资基金 and 全国社保基金一一四组合 increased, while several other shareholders saw a decrease in their holdings [49] Valuation Metrics - As of August 29, the company's price-to-earnings (P/E) ratio was approximately 35.81, the price-to-book (P/B) ratio was about 5.01, and the price-to-sales (P/S) ratio was around 6.59 [2]

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]