证券代码：688295 证券简称：中复神鹰 公告编号：2025-043 本公司董事会、全体董事及相关股东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。 重要内容提示： 减持计划的实施结果情况 2025 年 7 月 16 日，公司披露了《中复神鹰碳纤维股份有限公司关于股东减 持股份计划的公告》（公告编号：2025-029），连工投拟通过集中竞价交易方式减 持公司股份合计不超过 9,000,000 股，即不超过公司总股本 1%。减持期间自公 告披露之日起 15 个交易日后的 3 个月内（2025 年 8 月 7 日至 2025 年 11 月 6 日）。 2025 年 9 月 24 日，公司披露了《中复神鹰碳纤维股份有限公司关于股东减 持股份暨权益变动触及 5%的提示性公告》（公告编号：2025-039），连工投于 2025 年 8 月 29 日至 2025 年 9 月 23 日期间，通过集中竞价交易方式减持公司股份 1,889,718 股，占公司总股本 0.21%。该次权益变动后，连工投持有公司 42,760,840 股股份，占公司总股本 4.7 ...

Group 1 - The core point of the article is that Zhongfu Shenying has completed a share reduction plan, with a total of approximately 1.89 million shares reduced, accounting for 0.21% of the company's total share capital [1] - As of the announcement, Zhongfu Shenying's market capitalization is 23.4 billion yuan [1] - The revenue composition for Zhongfu Shenying in 2024 is reported to be 99.1% from new materials and 0.9% from other businesses [1]

Core Viewpoint - Zhongfu Shenying (688295.SH) has completed its share reduction plan, with a total of 1.8897 million shares sold, representing 0.21% of the company's total share capital [1] Summary by Sections - Share Reduction Details - The company received a notification from Liangong Investment regarding the share reduction results [1] - As of November 6, 2025, the share reduction plan has been fully implemented [1] - The shares were sold through centralized bidding transactions [1]

Core Viewpoint - Zhongfu Shenying (688295.SH) has completed a share reduction plan, with a total of 1.8897 million shares sold, representing 0.21% of the company's total equity [1] Group 1 - The company received a notification letter regarding the share reduction results from Liangong Investment [1] - The share reduction plan was executed through centralized bidding transactions [1] - The reduction plan was completed as of November 6, 2025 [1]

Group 1 - The chemical fiber sector experienced a rise in the afternoon, with Xin Fengming hitting the daily limit up [1] - Tongkun Co., Ltd. increased by over 6%, indicating strong market performance [1] - Other companies such as Zhongfu Shenying, Nanjing Chemical Fiber, and Huafeng Chemical also saw gains [1]

Group 1: Jilin Chemical Fiber - The company achieved total operating revenue of 4.019 billion yuan in the first three quarters, a year-on-year increase of 43.62% [2] - The net profit attributable to shareholders was 32.6475 million yuan, a year-on-year decrease of 47.41% [2] - The net cash flow from operating activities was 103 million yuan, an increase of 58.47% year-on-year [2] Group 2: Jilin Carbon Valley - The company reported total operating revenue of 1.875 billion yuan, a year-on-year increase of 63.98% [3] - The net profit attributable to shareholders was 130 million yuan, a year-on-year increase of 61.39% [3] - The net cash flow from operating activities was -338 million yuan, an improvement from -422 million yuan in the same period last year [3] Group 3: Zhongfu Shenying - The company achieved total operating revenue of 1.537 billion yuan, a year-on-year increase of 37.39% [4] - The net profit attributable to shareholders turned positive at 62.9346 million yuan [4] - The net cash flow from operating activities was 33.9031 million yuan, a year-on-year decrease of 85.26% [4] Group 4: Zhongjian Technology - The company reported total operating revenue of 684 million yuan, a year-on-year increase of 28.46% [5] - The net profit attributable to shareholders was 290 million yuan, a year-on-year increase of 25.45% [5] - The net cash flow from operating activities was 356 million yuan, a significant increase of 240.36% year-on-year [5] Group 5: Jinggong Technology - The company achieved total operating revenue of 1.343 billion yuan, a year-on-year increase of 13.70% [6] - The net profit attributable to shareholders was 145 million yuan, a year-on-year increase of 98.18% [6] - The net cash flow from operating activities was -69.454 million yuan, compared to 60.4412 million yuan in the same period last year [6] Group 6: Guangwei Composites - The company reported total operating revenue of 1.986 billion yuan, a year-on-year increase of 4.40% [7] - The net profit attributable to shareholders was 415 million yuan, a year-on-year decrease of 32.55% [7] - The net cash flow from operating activities was 288 million yuan, an increase of 179.27% year-on-year [7] Group 7: Montai High-tech - The company achieved total operating revenue of 380 million yuan, a year-on-year increase of 10.93% [8] - The net profit attributable to shareholders was a loss of 51.1349 million yuan, worsening from a loss of 29.5147 million yuan in the same period last year [8] - The net cash flow from operating activities was 13.653 million yuan, an improvement from -50.6267 million yuan in the previous year [8] Group 8: Donghua Energy - The company reported total operating revenue of 23.307 billion yuan, a year-on-year decrease of 1.79% [9] - The net profit attributable to shareholders was 75.2882 million yuan, a year-on-year decrease of 42.64% [9] - The net cash flow from operating activities was 713 million yuan, a year-on-year decrease of 53.31% [9] Group 9: Heshun Technology - The company achieved total operating revenue of 452 million yuan, a year-on-year increase of 23.53% [10] - The net profit attributable to shareholders was a loss of 22.9551 million yuan, slightly worsening from a loss of 22.446 million yuan in the previous year [10] - The net cash flow from operating activities was 13.0025 million yuan, an improvement from -43.4998 million yuan in the same period last year [10] Group 10: Huayang Co., Ltd. - The company reported total operating revenue of 16.956 billion yuan, a year-on-year decrease of 8.85% [11] - The net profit attributable to shareholders was 1.124 billion yuan, a year-on-year decrease of 38.20% [11] - The net cash flow from operating activities was 715 million yuan, a year-on-year decrease of 61.62% [11] Group 11: Shanghai Petrochemical - The company achieved total operating revenue of 58.886 billion yuan, a year-on-year decrease of 10.77% [12] - The net profit attributable to shareholders was a loss of 432 million yuan, compared to a profit of 34.539 million yuan in the same period last year [12] - The net cash flow from operating activities was 2.667 billion yuan, a year-on-year decrease of 74.42% [12] Group 12: AVIC High-Tech - The company reported total operating revenue of 3.761 billion yuan, a year-on-year decrease of 1.56% [13] - The net profit attributable to shareholders was 806 million yuan, a year-on-year decrease of 11.59% [13] - The net cash flow from operating activities was 1.021 billion yuan, a year-on-year increase of 621.17% [13]

Core Insights - The functional carbon-based materials industry in China is experiencing significant growth due to increasing applications across various sectors and expanding downstream market demand. The market size is projected to grow from 7.992 billion yuan in 2019 to 23.952 billion yuan by 2024, with a compound annual growth rate (CAGR) of 24.55% [1][8]. Industry Overview - Carbon-based materials, primarily composed of carbon elements, exhibit unique physical and chemical properties, making them suitable for high-tech applications. Key types include carbon quantum dots, fullerenes, carbon fibers, carbon nanotubes, carbon nanowires, and graphene, which are essential for upgrading the new materials industry [4][8]. Market Applications - Functional carbon-based materials are widely used in high-end fields such as aerospace (rocket engine nozzles, space shuttle components), automotive (brake discs), medicine, electronics, and photovoltaic power generation. These applications are characterized by high growth rates and strong drivers for market expansion [1][8]. Industry Policies - The functional carbon-based materials industry in China is still in its early stages of industrialization, facing international trade and technological barriers. Recent government policies aim to guide and support the industry's healthy development, including the inclusion of carbon-based materials in encouraged projects [6][7]. Industry Chain - The industry chain consists of upstream raw materials (coal, oil, methane, etc.), midstream production processes, and downstream applications across various sectors such as photovoltaics, wind power, semiconductors, and aerospace [7][8]. Competitive Landscape - The global market for functional carbon-based materials is characterized by both international and domestic competition. International giants like SGL Group and Morgan Advanced Materials dominate the high-end market, while domestic companies such as Chujiang New Materials and Guangwei Composite Materials are rapidly emerging through innovation and market expansion [9][10]. Development Trends - The industry is shifting focus from scale to performance breakthroughs, emphasizing the design and synthesis of precursor structures to develop materials with superior properties. Future trends include precision applications tailored to specific markets, such as renewable energy and biomedical fields, and a transition towards green manufacturing and recycling practices [11][12][13].

Investment Rating - The report gives a "First Recommendation" for investment in the carbon fiber industry [7] Core Viewpoints - The carbon fiber industry is entering a trillion-dollar blue ocean market, with domestic production rates expected to reach 90% by 2026. The demand for carbon fiber in China is projected to reach 84,062 tons in 2024, with a growth rate of 21.7% [2][36] - The demand for carbon fiber is expected to surge due to the growth in low-altitude economy, wind power, and robotics, with significant contributions from eVTOL and UAVs [3][55] - The full-chain ecosystem for carbon fiber is taking shape, supported by policies and technological advancements, with a focus on high-performance materials [4][48] Summary by Sections 1. Carbon Fiber Materials: The "Black Gold" with Extreme Performance - Carbon fiber is a high-performance material with a carbon content exceeding 90%, known for its high strength and lightweight properties, making it suitable for various applications [13][19] 2. China Leading the Global Competitive Landscape - In 2024, global carbon fiber demand is expected to reach 156,100 tons, a 35.7% increase from 2023, while supply capacity will grow to 309,000 tons, a 6.5% increase [25][30] - China's carbon fiber market is experiencing rapid growth, with domestic supply reaching 67,640 tons, accounting for 80.1% of total demand [36][46] 3. Multi-domain Resonance, Carbon Fiber Blue Ocean - The aerospace sector is recovering strongly, with significant demand for carbon fiber in aircraft manufacturing, contributing to high sales value [50][52] - The low-altitude economy is projected to exceed one trillion yuan by 2026, driven by the growth of UAVs and eVTOLs, with a CAGR of approximately 29.6% [55][56] 4. Investment Recommendations - The report suggests focusing on companies with comprehensive industry chain layouts and strong technological reserves, such as Guangwei Composite Materials, Jingwei Technology, and Zhongfu Shenying [5]

Market Overview - The chemical fiber sector experienced a decline of 0.36% on October 31, with Zhongfu Shenying leading the drop [1] - The Shanghai Composite Index closed at 3954.79, down 0.81%, while the Shenzhen Component Index closed at 13378.21, down 1.14% [1] Stock Performance - Notable gainers in the chemical fiber sector included: - Shenma Co., Ltd. (600810) with a closing price of 9.93, up 3.33% and a trading volume of 362,000 shares, totaling 356 million yuan [1] - Xinxiang Chemical Fiber (000949) at 4.37, up 3.31% with a volume of 646,300 shares, totaling 285 million yuan [1] - Hengshen New Materials (000782) at 5.62, up 3.31% with a volume of 309,800 shares, totaling 174 million yuan [1] - Conversely, Zhongfu Shenying (688295) saw a significant decline of 4.98%, closing at 25.78 with a trading volume of 60,700 shares, totaling 160 million yuan [2] Capital Flow - The chemical fiber sector experienced a net outflow of 64.4 million yuan from institutional investors and 55.6 million yuan from speculative funds, while retail investors saw a net inflow of 120 million yuan [2] - Key stocks with notable capital flow included: - Shenma Co., Ltd. (600810) had a net inflow of 42.56 million yuan from institutional investors, while it faced outflows from speculative and retail investors [3] - Huafeng Chemical (002064) saw a net inflow of 16.53 million yuan from institutional investors, with outflows from speculative and retail investors [3]

Group 1 - The core point of the news is the decline in the stock price of Zhongfu Shenying, which fell by 5.09% to 25.75 CNY per share, with a trading volume of 137 million CNY and a turnover rate of 0.58%, resulting in a total market capitalization of 23.175 billion CNY [1] - Zhongfu Shenying Carbon Fiber Co., Ltd. is located in Lianyungang Economic and Technological Development Zone, Jiangsu Province, established on March 2, 2006, and listed on April 6, 2022. The company's main business involves the research, production, and sales of carbon fiber, with 98.45% of its revenue coming from carbon fiber and 1.55% from other sources [1] Group 2 - Among the top ten circulating shareholders of Zhongfu Shenying, a fund under China Europe Fund ranks as a new entrant, holding 2.4493 million shares, which accounts for 0.41% of the circulating shares. The estimated floating loss today is approximately 3.38 million CNY [2] - The China Europe Prosperity Selected Mixed A Fund (020876), managed by Zhang Xueming, has a total asset scale of 1.052 billion CNY and has achieved a return of 52.9% this year, ranking 1012 out of 8154 in its category. Over the past year, it has returned 58.85%, ranking 657 out of 8046 [2]