Core Insights - The company Zhongfu Shenying (688295) reported a significant increase in revenue and net profit for the third quarter of 2025, with revenue reaching 615 million yuan, a year-on-year growth of 59.23% [1] - For the first three quarters of 2025, the company achieved a total revenue of 1.537 billion yuan, reflecting a year-on-year increase of 37.39%, and a net profit of 62.9346 million yuan [1] - The growth in performance is attributed to increased sales volume, cost reduction through technology, expense management, and improved product quality, which enhanced profitability [1] Financial Performance - Third quarter revenue: 615 million yuan, up 59.23% year-on-year [1] - Net profit for the third quarter: 51.0048 million yuan [1] - Revenue for the first three quarters: 1.537 billion yuan, up 37.39% year-on-year [1] - Net profit for the first three quarters: 62.9346 million yuan [1] - Basic earnings per share: 0.07 yuan [1]

国泰海通证券股份有限公司 关于中复神鹰碳纤维股份有限公司 部分募投项目结项并将节余募集资金永久补充流动资金的 核查意见 根据《证券发行上市保荐业务管理办法》《上海证券交易所科创板股票上市 规则》《上市公司募集资金监管规则》《上海证券交易所科创板上市公司自律监管 指引第 1 号——规范运作》等有关规定，国泰海通证券股份有限公司（以下简称 "保荐机构"）作为中复神鹰碳纤维股份有限公司（以下简称"中复神鹰"或"公 司"）首次公开发行股票的持续督导保荐机构，就公司部分募投项目结项并将节 余募集资金永久补充流动资金进行了核查，具体情况如下： | 募集资金投资项目 | | | 利息及现金 | | 预计节余募 | | --- | --- | --- | --- | --- | --- | | | 拟使用募集资 | 实际投入募集 | 管理收益减 | 尚需支付的 | 集资金金额 | | | 金投资额(A) | 资金金额(B) | 手续费净额 | 款项(D) | (E)=A-B+C | | | | | (C) | | D | | 碳纤维航空应用研 发及制造项目 | 36,172.00 | 32,082.30 | 1,071.54 ...

Investment Rating - The investment rating for the company is "Add" [1] Core Insights - The company has turned a profit in Q2, indicating a turning point in both the industry and the company's operations [4] - The carbon fiber industry is expected to rebound, with increasing demand from sectors such as wind and solar energy [6] - The company is projected to benefit from a new cycle of growth in the carbon fiber market, with expected net profits of 1.07 billion, 1.78 billion, and 2.90 billion yuan for 2025-2027 [6] Financial Performance Summary - In H1 2025, the company achieved revenue of 922 million yuan, a year-on-year increase of 25.86%, but the net profit attributable to shareholders decreased by 52.23% [6] - Q2 2025 saw a significant improvement, with revenue of 520 million yuan, up 83.15% year-on-year, and a net profit of 57 million yuan, up 439.98% year-on-year [6] - The company’s carbon fiber production capacity stands at 29,000 tons per year, with an additional 31,000 tons under construction, positioning it among the world's leaders in capacity [6] Profit Forecast - Revenue is forecasted to be 1.557 billion yuan in 2024, growing to 3.030 billion yuan by 2027, with corresponding growth rates of -31.1%, 30.4%, 24.6%, and 19.8% [5] - Net profit is expected to recover from a loss of 124 million yuan in 2024 to a profit of 290 million yuan by 2027, with growth rates of -139.1%, 186.2%, 66.2%, and 62.7% [5] - Earnings per share (EPS) is projected to improve from -0.14 yuan in 2024 to 0.32 yuan in 2027 [5] Market Dynamics - The carbon fiber market has seen a decline in prices, with average prices in 2023, 2024, and H1 2025 at 118.33, 90.10, and 83.75 yuan/kg respectively, reflecting year-on-year decreases of -32.61%, -23.85%, and -11.26% [6] - The demand for carbon fiber is expected to increase, particularly in the wind energy sector, which has seen over 200% growth year-on-year [6]

证券代码：688295 证券简称：中复神鹰 公告编号：2025-040 中复神鹰碳纤维股份有限公司 关于召开 2025 年第三季度业绩说明会的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 投 资 者 可 于 2025 年 10 月 28 日 （ 星 期 二 ） 前 访 问 网 址 https://eseb.cn/1sl2d2opMze 或使用微信扫描下方小程序码进行会前提问，公 司将通过本次业绩说明会，在信息披露允许范围内就投资者普遍关注的问题进行 回答。 中复神鹰碳纤维股份有限公司（以下简称"公司"）将于 2025 年 10 月 23 日披露《2025 年第三季度报告》，为便于广大投资者更加全面深入地了解公司经 营业绩、发展战略等情况，公司定于 2025 年 10 月 28 日（星期二）14:00-15:00 在"价值在线"（www.ir-online.cn）举办中复神鹰碳纤维股份有限公司 2025 年第三季度业绩说明会，与投资者进行沟通和交流，广泛听取投资者的意见和建 议。 一、说明会类型 本次业绩 ...

证券之星消息，10月16日，中复神鹰（688295）融资买入557.24万元，融资偿还308.25万元，融资净买 入248.99万元，融资余额1.31亿元，近3个交易日已连续净买入累计1189.88万元，近20个交易日中有12 个交易日出现融资净买入。 | 交易日 | 融资净买入(元) | 融资余额(元) | 占流通市值比 | | --- | --- | --- | --- | | 2025-10-16 | 248.99万 | 1.31亿 | 0.55% | | 2025-10-15 | 99.15万 | 1.29亿 | 0.52% | | 2025-10-14 | 841.74万 | 1.28亿 | 0.52% | | 2025-10-13 | -1222.65万 | 1.19亿 | 0.46% | | 2025-10-10 | 351.89万 | 1.32亿 | 0.53% | 融券方面，当日融券卖出600.0股，融券偿还0.0股，融券净卖出600.0股，融券余量1.83万股。 小知识 融资融券：融资就是证券公司借钱给投资者买股票，到期将本金和利息一同还了就行，融券可以理解成 是投资者借股票来卖的意思，到 ...

Core Viewpoint - The project by Zhongfu Shenying in Xining, Qinghai, is the world's highest and largest single high-performance carbon fiber production base, achieving a clean energy usage rate exceeding 76% and setting industry benchmarks for carbon emissions per ton of product [1][5]. Group 1: Project Overview - Zhongfu Shenying's Qinghai Xining project has an annual production capacity of 25,000 tons of high-performance carbon fiber [1]. - The carbon fiber produced is recognized for its high carbon content of over 90% and is widely used in various sectors including aerospace, defense, transportation, energy, and sports [3]. Group 2: Environmental Impact - The project utilizes green electricity, which significantly reduces carbon emissions per ton of product compared to traditional fossil fuel energy sources [5]. - Key strategies for achieving a clean energy usage rate of over 76% include the replacement of fossil fuels with green electricity and optimization of production processes [5]. Group 3: Sustainable Practices - The project incorporates a high-efficiency energy and resource utilization system, including deep wastewater treatment, waste gas heat recovery, and solid waste resource disposal [5]. - The produced "low-carbon green" carbon fiber is intended for large-scale applications in new energy sectors such as wind power equipment and hydrogen storage and transportation [5].

Core Insights - Zhongfu Shenying's stock price increased by 3.33% on October 13, with a trading volume of 126 million yuan [1] - The company experienced a net financing outflow of 12.23 million yuan on the same day, indicating a lower demand for its shares [1][2] - As of June 30, the company reported a revenue of 922 million yuan for the first half of 2025, reflecting a year-on-year growth of 25.86% [2] Financing and Margin Trading - On October 13, Zhongfu Shenying had a financing buy-in amount of 7.13 million yuan, with a total financing balance of 1.19 billion yuan, which is 0.46% of its market capitalization [1] - The financing balance is below the 40th percentile of the past year, indicating a low level of leverage [1] - The company had a margin trading balance of 485,500 yuan, with a short selling volume of 3,100 shares on October 13 [1] Shareholder and Profitability Information - As of June 30, the number of shareholders increased to 12,000, with an average of 49,954 circulating shares per person, up 291.38% from the previous period [2] - The net profit attributable to shareholders decreased by 52.23% year-on-year, amounting to 11.93 million yuan for the first half of 2025 [2] - The company has distributed a total of 185 million yuan in dividends since its A-share listing [2]

Summary of Conference Call Notes Industry Overview - **Industry**: New Materials in China - **Key Focus Areas**: Lithium, Uranium, Rare Earths, Solar Glass Key Points and Arguments Lithium Market - **Demand**: Year-to-date lithium demand has exceeded market expectations, driven by strong demand from Energy Storage Systems (ESS) and ongoing electric vehicle (EV) trade-in programs [2] - **Supply Risks**: Yichun lepidolite mines are undergoing resource reclassification, which may lead to temporary shutdowns. These mines collectively produce approximately 150,000 tons of Lithium Carbonate Equivalent (LCE) annually [2] - **Cost Dynamics**: The cost curve for lepidolite mines is expected to rise due to increased royalties and fees, with cost support estimated at around RMB 70,000 per ton [2] Uranium Market - **Price Momentum**: Strong momentum in uranium prices is anticipated, supported by major investment vehicles like SPUT and Yellow Cake purchasing in the spot market. Long-term prices are expected to rise post-World Nuclear Symposium, with current spot prices around US$83 per pound [3] - **Supply Adjustments**: Production cuts from Kazatomprom and Cameco highlight ongoing supply risks, benefiting CGN Mining, which has increased its spot price exposure to 70% from 60% due to a renewed three-year contract [3] Rare Earths and Magnets - **Price Strength**: Rare earth prices are robust due to strong downstream demand and China's supply-side controls. Magnet producers are expected to pass price increases to customers, improving gross profit margins [4] - **Export Recovery**: Export volumes for magnet producers are normalizing, with anticipated improvements in shipment volumes and earnings in the second half of the year [4] Solar Glass Market - **Demand Decline**: Demand for solar glass has softened in October and is expected to weaken further into winter, leading to inventory build-up and downward pressure on prices [5] - **Earnings Impact**: The anticipated decline in solar glass prices could negatively affect company earnings if no supply-side controls are implemented [5] Additional Insights - **Equity Ratings**: Various companies within the new materials sector have been rated with "Overweight" or "Equal-weight" based on their market positions and expected performance [10][11] - **Price Target Adjustments**: Price targets for several companies have been adjusted based on updated earnings forecasts and market conditions, reflecting changes in commodity prices and company performance [19][20] - **Market Sentiment**: The overall sentiment in the new materials sector remains attractive, with potential upside from uranium recovery and stable demand in rare earths, despite challenges in lithium and solar glass markets [1][7] Conclusion The new materials sector in China is experiencing mixed dynamics, with strong demand in lithium and uranium markets, while facing challenges in solar glass. Companies are adjusting their strategies and forecasts in response to evolving market conditions, highlighting the importance of monitoring supply risks and price movements in this sector.

Core Viewpoint - On October 9, a total of 11 listed companies had their restricted shares unlocked, with a total market value of approximately 24.303 billion yuan [1] Summary by Category Restricted Share Unlocking - The companies involved in the unlocking of restricted shares include: - Guo Xin Health (000503) with 1.6798 million shares from equity incentive restrictions - Kang Yuan Pharmaceutical (600557) with 315,500 shares from equity incentive restrictions - Sen Te Co., Ltd. (603098) with 270,000 shares from equity incentive restrictions - San Ren Xing (605168) with 165,300 shares from equity incentive restrictions - Hai Liang Data (603138) with 5.6629 million shares from equity incentive restrictions - Tian Yi Medical (301097) with 40.6 million shares from extended lock-up period - Ming Li Da (301268) with 19 million shares from extended lock-up period - Heng Yu Xintong (300965) with 3.51045 million shares from extended lock-up period - Pu Yuan Jing Dian (688337) with 11.8 million shares unlocked - Zhong Fu Shen Ying (688295) with 29.8 million shares unlocked - Chang Guang Hua Xin (688048) with 7.007 million shares unlocked [1]

Group 1 - A total of 13 companies had their restricted shares unlocked on October 9, with a combined unlock volume of 826 million shares, valued at 28.72 billion yuan based on the latest closing prices [1] - Six companies had unlock volumes exceeding 10 million shares, with Zhongfu Shenying, Kangguan Technology, and Puyuan Precision Electronics leading the unlock volumes at 298 million shares, 254 million shares, and 118 million shares respectively [1] - In terms of unlock market value, six companies had unlock values exceeding 100 million yuan, with Zhongfu Shenying, Kangguan Technology, and Changguang Huaxin leading at 8.424 billion yuan, 5.908 billion yuan, and 5.308 billion yuan respectively [1] Group 2 - Six companies had unlock ratios exceeding 10% of their total share capital, with Puyuan Precision Electronics, Hengyu Xintong, and Changguang Huaxin having the highest unlock ratios at 61.0%, 58.51%, and 39.75% respectively [1]