Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company achieved significant improvement in profitability in Q2 2025, marking its first profit in a year, with a revenue of 5.2 billion yuan, a year-on-year increase of 83% [2][3] - The carbon fiber market prices have stabilized at the bottom, contributing to the company's cost reduction efforts and improved profitability [2] - The company has seen a substantial increase in sales volume, particularly in the wind power sector, which grew over 200% year-on-year [3] Summary by Sections Financial Performance - In H1 2025, the company reported revenues of 9.2 billion yuan, a 26% increase year-on-year, while net profit was 0.12 billion yuan, down 52% year-on-year [1] - In Q2 2025, the company achieved a gross margin of 24.5%, up 4.2 percentage points year-on-year, and 21.1 percentage points quarter-on-quarter, reaching a new high since Q2 2024 [2] Cost Management - The company successfully reduced production costs by 4.55% year-on-year and management expenses by 44.93% in H1 2025 through various cost-saving initiatives [2] Sales Growth - The sales volume of 3K silk and other small filament products increased by 77% year-on-year, while high-strength and high-modulus series products saw a 53% increase [3] - The company has made significant breakthroughs in aerospace and other sectors, with core products like T800 grade carbon fiber showing steady growth [3] Investment Forecast - The profit forecast for the company has been adjusted upwards for 2025 and 2026, with expected net profits of 1.25 billion yuan and 1.57 billion yuan respectively, and a new forecast for 2027 at 2.15 billion yuan [3]

证券代码：688295 证券简称：中复神鹰 公告编号：2025-037 中复神鹰碳纤维股份有限公司 首次公开发行部分限售股上市流通公告 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、准确性和完整性依法承担法律责任。 重要内容提示： 本次股票上市类型为首发限售股份；股票认购方式为网下，上市股数为 298,399,282股。 本次股票上市流通总数为298,399,282股。限售期为自公司股票上市之日起 42 个月。 本次股票上市流通日期为2025 年 10 月 9 日。（因 2025 年 10 月 6 日为非 交易日，故顺延至下一交易日） 一、本次上市流通的限售股类型 根据中国证券监督管理委员会于 2022 年 2 月 22 日出具的《关于同意中复神 鹰碳纤维股份有限公司首次公开发行股票注册的批复》（证监许可[2022]337 号）， 中复神鹰碳纤维股份有限公司（以下简称"公司"或"中复神鹰"）获准向社会 公众公开发行人民币普通股（A 股）100,000,000 股，并于 2022 年 4 月 6 日在上 海证券交易所科创板上市。公司首次公开发行股票完成后， ...

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 首次公开发行部分限售股上市流通的核查意见 国泰海通证券股份有限公司（以下简称"国泰海通"或"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 行股票并在科创板上市及持续督导的保荐机构，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》等法律法规的相关规定，对中复神鹰首次 公开发行部分限售股上市流通事项进行了核查，核查情况及核查意见如下: 一、本次上市流通的限售股类型 根据中国证券监督管理委员会于 2022 年 2 月 22 日出具的《关于同意中复 神鹰碳纤维股份有限公司首次公开发行股票注册的批复》（证监许可[2022]337 号），中复神鹰获准向社会公众公开发行人民币普通股（A 股）100,000,000 股， 并于 2022 年 4 月 6 日在上海证券交易所科创板上市。公司首次公开发行股票完 成后，总股本为 900,000,000 股，其中有限售条件流通股 831,155,943 股，无限 售条件流通股 68,844, ...

Core Viewpoint - The company is actively progressing its production capacity expansion and optimizing its financial structure while enhancing its market competitiveness through strategic pricing and product development in the carbon fiber industry [1][2][3][5][10]. Group 1: Production Capacity and Financial Management - The company is advancing its 30,000-ton production capacity project in Lianyungang, with some production lines expected to be operational by the end of the year [2]. - The current asset-liability ratio is around 50%, with interest-bearing debt exceeding 2.2 billion. The company has been optimizing its debt structure and reducing short-term debt through improved operational cash flow [3]. - The company aims to maintain cost advantages by focusing on production efficiency and cost control, achieving a 5% year-on-year reduction in unit production costs [4]. Group 2: Market Position and Product Strategy - The carbon fiber market is currently experiencing a price recovery, driven by supply-demand dynamics and enhanced product performance recognition [5]. - The company has implemented price adjustments for high-end carbon fiber products, resulting in a 77% year-on-year increase in sales volume for its 3K small tow products and a 53% increase for its high-strength and high-modulus series [5]. - The company is committed to a "12345" strategic framework aimed at becoming a world-class enterprise, balancing domestic and international markets while focusing on green, high-end, and large-scale development [7]. Group 3: International Expansion - The company is actively developing overseas markets, leveraging local warehousing and service capabilities, and collaborating with global industry leaders to expand its footprint in aerospace, new energy, and automotive sectors [9]. - The company is focusing on emerging markets in South Korea and Southeast Asia to build a resilient global business network [9]. Group 4: Financial Performance - For the first half of 2025, the company reported a main revenue of 922 million, a year-on-year increase of 25.86%, while net profit attributable to shareholders decreased by 52.23% to approximately 11.93 million [10]. - The second quarter of 2025 saw a significant revenue increase of 83.15% year-on-year, with net profit rising by 439.98% to approximately 57.16 million [10].

Core Viewpoint - The article highlights the rapid development of the high-performance carbon fiber industry in China, emphasizing the establishment of large-scale production projects and the increasing capacity of various companies in this sector [4][5][6]. Group 1: Industry Developments - The Shenshan Special Cooperation Zone has approved a high-performance carbon fiber project with a planned annual production capacity of 10,000 tons, divided into two phases, with construction expected to start in October 2025 and full production by December 2029 [4]. - The carbon fiber industry in China is experiencing accelerated industrialization, with multiple projects being established, leading to a cluster development model centered around leading enterprises [4]. - Zhongfu Shenying has built a production base with an annual capacity exceeding 20,000 tons, including various grades of carbon fiber, some of which have entered the aerospace sector [4]. Group 2: Company Highlights - Zhongjian Technology has established a production capacity of several thousand tons of T700-grade carbon fiber, with applications in aerospace and sports leisure [5]. - Sinopec Shanghai Petrochemical has built the first domestic 1,000-ton T800 carbon fiber production line, with a current capacity of 24,000 tons/year for precursor fibers and 12,000 tons/year for carbon fibers [5]. - Guangwei Composites is one of the earliest companies to achieve carbon fiber localization, with a current production capacity at the level of 10,000 tons [6]. Group 3: Industry Challenges - The high-performance carbon fiber industry faces several bottlenecks, including technological barriers in precursor fiber preparation, which is a long-standing shortcoming in China [7]. - The equipment level for production processes such as spinning and carbonization needs improvement, as the stability and consistency of domestic equipment are still lacking [7]. - The market structure for high-performance carbon fiber is concentrated in wind power and sports leisure, with limited demand from aerospace and high-end equipment sectors, hindering the development of high-end products [7].

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 2025 年度持续督导半年度跟踪报告 | 保荐机构名称：国泰海通证券股份有限公司 | 被保荐公司简称：中复神鹰 | | --- | --- | | 保荐代表人姓名：冉洲舟、刘怡平 | 被保荐公司代码：688295.SH | 重大事项提示 2025 年 1-6 月，公司实现营业收入 92,161.79 万元，同比增长 25.86%； 归 属于上市公司股东的净利润 1,192.98 万元，同比下降 52.23%；归属于上市公司 股东的扣除非经常性损益的净利润 182.34 万元，同比扭亏为盈。主要系本期公 司销量增长带来的收入增加，未能抵消销售结构变化等原因带来的价格下浮影响 所致。 当前碳纤维行业已处周期底部，根据百川盈孚数据，2025 年 7 月国内碳纤 维均价为 83.75 元/kg，较 2025 年 1 月份下降幅度约为 0.3%，反映出当前国内碳 纤维价格下跌已逐步筑底企稳，进一步下探空间有限，上市公司不存在重大风险。 经中国证券监督管理委员会《关于同意中复神鹰碳纤维股份有限公司首次公 开发行股票注册的批复》（证监许可[2022]337 号），中 ...

证券日报网讯 中复神鹰9月12日在互动平台回答投资者提问时表示，在碳纤维热塑领域应用的布局上， 公司已率先开展一系列针对性研究工作，并成功自主开发出适用于热塑PEEK（聚醚醚酮）的产品。目 前已完成市场验证并形成一定销量，实现了技术成果向实际产能的转化。在此基础上，公司正进一步推 广产品应用。 （编辑 姚尧） ...

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 | 6 | | 议案一：取消监事会并修订《公司章程》的议案 | | 6 | | 议案二：修订公司部分治理制度的议案 | | 7 | | 议案三 | | ：公司与中国建材集团财务有限公司签署《金融服务协议》暨关联交易的议案 | | | 16 | | 中复神鹰碳纤维股份有限公司 2025 年第二次临时股东大会 会议资料 2025 年 9 月 22 日 2 中复神鹰碳纤维股份有限公司（股票代码：688295） 2025 年第二次临时股东大会会议资料 中复神鹰碳纤维股份有限公司 2025 年第二次临时股东大会会议须知 为维护广大投资者的合法权益，确保中复神鹰碳纤维股份有限公司（以下简 称"公司"）2025 年第二次临时股东大会的正常秩序和议事效率，保障股东在本 次股东大会期间依法行使权利，根据《公司法》《上市公司股东会规则》和《中 复神鹰碳纤维股份有限公司股东会议事规则》等有关规定，特制定 2025 年第 ...

Core Viewpoint - Zhongfu Shenying (688295.SH) has made significant advancements in the thermoplastic carbon fiber sector, successfully developing products suitable for thermoplastic PEEK (polyether ether ketone) and achieving market validation with initial sales [1] Group 1 - The company has initiated targeted research in the thermoplastic carbon fiber field [1] - Successful independent development of thermoplastic PEEK products has been achieved [1] - The company has completed market validation and has generated a certain level of sales, indicating a successful conversion of technological achievements into actual production capacity [1] Group 2 - The company is actively promoting the application of its products based on the initial success [1]

Core Viewpoint - The article highlights the advancements made by Kalle Technology in the hydrogen storage and new energy sectors, particularly through the launch of the Coleitec HyPVessel™ hydrogen storage bottle and the Coleitec SafePack™ battery casing, showcasing significant improvements in efficiency and safety [4][6][7]. Group 1: Hydrogen Storage Innovations - Kalle Technology has launched the Coleitec HyPVessel™ dry-wound carbon fiber hydrogen storage bottle, which is the first of its kind in China using domestic carbon fiber and resin [4]. - The HyPVessel™ reduces carbon fiber usage by 20% compared to wet winding methods and achieves a winding speed of 6 m/s, significantly enhancing production efficiency [4]. - The storage bottle has a maximum volume exceeding 400 L, catering to various applications including hydrogen-powered vehicles and drones [4]. - The collaboration with Zhongfu Shenying ensures the reliability and lifespan of the hydrogen storage bottles under harsh conditions, marking a breakthrough for domestic carbon fiber in high-pressure hydrogen storage [4][6]. Group 2: Battery Technology Developments - Kalle Technology has also made strides in the electric vehicle battery sector with the introduction of the Coleitec SafePack™, designed to meet new national safety standards for electric vehicle batteries [6]. - The SafePack™ features a "sandwich structure" that enhances structural safety, thermal safety, and electrical protection, reducing the number of components by 50% and overall weight by over 20% compared to traditional metal casings [7]. - This product is expected to meet the demands of various market segments, including hybrid, extended-range, and pure electric vehicles, with potential applications extending to electric buses and heavy trucks [7]. Group 3: Aerospace and Composite Materials - Kalle Technology is integrating its lightweight materials technology into the low-altitude economy, covering sectors such as civil aviation, vertical take-off and landing vehicles, and drones [9]. - The company has signed a strategic cooperation agreement with institutions in Germany and France to further develop lightweight composite materials for various industries, including new energy and hydrogen storage [9][10]. - Kalle Technology has achieved dual certification in automotive (IATF16949) and aerospace (AS9100D) quality management systems, positioning itself as a leader in the composite materials sector [10].