Group 1 - The defense and military industry sector has shown renewed activity after two consecutive days of decline, with the defense military ETF (512810) experiencing significant buying interest, accumulating over 140 million yuan in the past five trading days [1] - Commercial aerospace concept stocks have performed well, with notable increases such as Platinum Tech rising over 10% and Zhongshen Power increasing over 8% [1][3] - The recent construction of the satellite super factory project in Wenchang, Hainan, has attracted 26 companies, indicating a strong industrial clustering effect [2] Group 2 - Short-term factors driving the commercial aerospace sector include satellite constellation construction and launches, with high sensitivity to event stimuli expected to persist [3] - Historical data shows that July has a high success rate for sectors like defense and military, new energy manufacturing, and resource products such as steel and chemicals [3][4] - The defense military ETF (512810) has undergone a share split, reducing the trading threshold from approximately 120 yuan to around 60 yuan, making it more accessible for investors [5]

Group 1 - The report presents the "Shenwan Hongyuan Top Ten Gold Stocks" as a monthly updated selection reflecting market trends and investment strategies [1][10] - The previous gold stock combination achieved a return of 10.81% from June 1 to June 30, 2025, outperforming the Shanghai Composite Index and CSI 300 Index by 11.85 and 12.25 percentage points respectively [4][5] - Since the first release on March 28, 2017, the gold stock combination has cumulatively increased by 302.29%, with the A-share combination rising by 239.35% [5][4] Group 2 - The current strategy maintains a judgment of a high central oscillation market, with expectations for a bull market core period emerging in 2026-27 [13] - The report suggests focusing on growth sectors such as national defense, innovative pharmaceuticals, and robotics, while strategically favoring Hong Kong stocks as a leading market in a potential bull market [13] - The top recommended stocks include "Iron Triangle" stocks: Plater, Haier Smart Home, and China Life (Hong Kong), along with other selected stocks like Yiwei Lithium Energy and Alibaba-W (Hong Kong) [16][17] Group 3 - The report highlights the performance and rationale for each of the top ten gold stocks, emphasizing their growth potential and market positioning [19][21] - For instance, Yiwei Lithium Energy is expected to benefit from the electric heavy truck market, while Haier Smart Home is positioned to leverage high-end market trends and digital upgrades [17][19] - The report also provides valuation and profit forecasts for these stocks, indicating expected growth rates and earnings per share (EPS) for the coming years [21][22]

Fundraising Overview - The company, Xi'an Plater Technology Co., Ltd., has received approval from the China Securities Regulatory Commission to issue 32,048,107 shares at a price of 94.50 yuan per share, raising a total of approximately 3.03 billion yuan [1][2] - The company has signed a tripartite supervision agreement for the temporary supplementary account for the raised funds with the sponsor and the commercial bank [1][2] Temporary Fund Supplementation - The company has approved the use of 350 million yuan of idle raised funds to temporarily supplement working capital, with a usage period of 12 months from the board's approval date [1][2] - The company has established a temporary supplementary fund account at Shanghai Pudong Development Bank [2] Tripartite Supervision Agreement - The tripartite supervision agreement involves the company (Party A), the bank (Party B), and the sponsor, CITIC Securities (Party C), to ensure proper management of the raised funds and protect investor rights [2][4] - The agreement stipulates that funds in the special account can only be used for business-related operations and not for other purposes [2][4] Compliance and Reporting - The sponsor is responsible for supervising the use of the raised funds and must conduct at least one on-site investigation every six months [4][6] - The bank is required to provide monthly account statements to the company and the sponsor [4][6] Fund Transfer and Usage Restrictions - The company must return the temporarily supplemented funds to the original raised funds account before the expiration of the temporary usage period [5][6] - If the company withdraws more than 50 million yuan or 20% of the net raised funds, it must notify the sponsor promptly [6]

证券代码：688333 证券简称：铂力特 公告编号：2025-031 公司于近日收到非独立董事杨东辉先生提交的书面辞职报告，因工作调整原 因，申请辞去公司第三届董事会非独立董事职务。辞职后，杨东辉先生仍担任公 司副总经理一职。杨东辉先生辞职不会导致公司董事会成员低于法定最低人数， 不会影响公司董事会的正常运行，亦不会对公司正常的经营发展产生影响。在公 司职工代表大会选举产生新任职工代表董事前，杨东辉先生将继续履行其作为董 事的相关职责。 西安铂力特增材技术股份有限公司 关于董事辞任暨选举职工代表董事的公告 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、准确性和完整性依法承担法律责任。 西安铂力特增材技术股份有限公司（以下简称"公司"）于 2025 年 6 月 9 日 召开了 2024 年年度股东大会，审议通过了《关于变更公司经营范围、取消监事 会、修订 <公司章程> 并办理工商变更登记的议案》，根据修订后的《西安铂力 特增材技术股份有限公司》（以下简称"《公司章程》"），公司不再设监事会， 同时，公司董事会设一名职工代表董事，该职工代表董事由公司职工民主 ...

证券代码：688333 证券简称：铂力特 公告编号：2025-029 西安铂力特增材技术股份有限公司 关于开立募集资金现金管理专用结算账户的公告 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、准确性和完整性依法承担法律责任。 西安铂力特增材技术股份有限公司（以下简称"公司"）于 2024 年 12 月 27 日召开第三届董事会第十六次会议及第三届监事会第十二次会议，审议通过了 《关于增加使用部分闲置募集资金进行现金管理的议案》，同意公司在确保不影 响募集资金投资项目建设和募集资金使用以及公司正常业务开展的情况下，使用 最高额不超过人民币 90,000.00 万元（包含本数）的部分闲置 2022 年度向特定对 象发行 A 股股票募集资金进行现金管理。在上述额度内，资金可以滚动使用， 使用期限为本次董事会审议通过之日起 12 个月内。上述现金管理额度的使用期 限将于 2025 年 12 月 26 日到期。 | 开户机构 | 开户名称 | 资金账号 | | --- | --- | --- | | 西安铂力特增材技术股 | 广发银行西安高新技术产 | 95508 ...

证券代码：688333 证券简称：铂力特 公告编号：2025-030 西安铂力特增材技术股份有限公司 关于开立募集资金临时补流专项账户并签署募集资 金临时补流专户存储三方监管协议的公告 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、准确性和完整性依法承担法律责任。 一、募集资金基本情况 本次募集资金专户的开立情况如下： 根据中国证券监督管理委员会出具的《关于同意西安铂力特增材技术股份有限 公司向特定对象发行股票注册的批复》（证监许可[2023]1444 号），同意公司向特 定对象发行股票的注册申请。本次发行股票 32,048,107 股，每股发行价格 94.50 元， 募集资金总额为 3,028,546,111.50 元，扣除各项发行费用（不含增值税）共计 21,150,195.56 元，公司实际募集资金净额为 3,007,395,915.94 元。上述募集资金已 全部到位，信永中和会计师事务所（特殊普通合伙）已于 2023 年 12 月 6 日出具《西 安铂力特增材技术股份有限公司向特定对象发行 A 股股票募集资金验资报告》 | 序 号 | 开户主体 ...

证券代码：688333 证券简称：铂力特 公告编号：2025-031 西安铂力特增材技术股份有限公司 杨东辉先生符合《公司法》《上市公司章程指引》等法律法规和《公司章程》 规定的任职条件。公司第三届董事会中兼任公司高级管理人员以及由职工代表担 任的董事人数总计未超过公司董事总数的二分之一，符合相关法律法规要求。 特此公告。 根据《中华人民共和国公司法》《上市公司章程指引》等法律法规、规范性 文件及《公司章程》的相关规定，公司于 2025 年 6 月 26 日召开职工代表大会， 选举杨东辉先生（简历详见附件）为职工代表董事，与公司第三届董事会现任成 员折生阳、薛蕾、赵晓明、贾鑫、孙晓梅、徐亚东、孙栋、王锋革共同组成公司 第三届董事会。现将相关情况公告如下： 一、关于非独立董事辞职的情况说明 公司于近日收到非独立董事杨东辉先生提交的书面辞职报告，因工作调整原 因，申请辞去公司第三届董事会非独立董事职务。辞职后，杨东辉先生仍担任公 司副总经理一职。杨东辉先生辞职不会导致公司董事会成员低于法定最低人数， 不会影响公司董事会的正常运行，亦不会对公司正常的经营发展产生影响。在公 司职工代表大会选举产生新任职工代表董事前， ...

此外，新增的第五大客户（贸易商D）引发监管对交易实质的追问。铂力特辩称客户E因自身原因通过 贸易商采购，且交易符合EXW条款，但未充分说明终端客户绕道采购的商业合理性。结合公司2024年 会计差错更正涉及收入、成本等多达五项定期报告的事实，其收入确认的内部控制有效性存疑，财务透 明度面临严峻考验。 应收账款与存货双高：经营质量隐忧浮现 在收入增长的表象下，铂力特的资产质量暗藏风险。2024年末应收账款余额达10.4亿元，同比增长 22.8%，1年以上账龄应收账款占比攀升至23.4%。尽管公司解释称客户多为国有大中型企业且"回款周 期具有行业特性"，但历史数据显示其应收账款周转率长期低于行业平均水平。2016-2018年应收账款周 转率仅为1.95次/年，显著低于同行3D Systems（5.36次）等企业，2024年周转率进一步降至1.52次，反 映出销售回款效率持续恶化。 此前因财务乱象吃了监管警示的铂力特（688333），最近又被监管盯上了。这家号称科创板"3D打印第 一股"，近日因收入变动合理性、收入确认合规性等问题收到监管问询函。 收入确认合规性遭监管深度质疑 作为科创板"3D打印第一股"，铂力特近年 ...

Financial Performance - The company's operating revenue for Q1 2025 was ¥227,008,450.71, representing a 7.30% increase compared to ¥205,699,216.36 in the same period last year[3]. - The net profit attributable to shareholders was -¥14,950,153.56, a significant decline from ¥1,343,549.40 in the previous year, primarily due to increased R&D expenses and employee compensation[3][7]. - The basic earnings per share were -¥0.22, compared to ¥0.01 in the same period last year[4]. - The net profit for Q1 2025 was a loss of ¥14,950,153.56, compared to a profit of ¥957,500.30 in Q1 2024[16]. - The total comprehensive income for Q1 2025 was a loss of ¥14,761,090.69, contrasting with a gain of ¥670,375.30 in Q1 2024[17]. Research and Development - R&D investment totaled ¥77,657,100.14, marking a 42.74% increase from ¥54,405,526.23 in the previous year, and accounting for 34.21% of operating revenue[4][7]. - R&D expenses increased significantly to ¥77,657,100.14 in Q1 2025, a rise of 42.7% from ¥54,405,526.23 in Q1 2024[15]. Cash Flow and Liquidity - The net cash flow from operating activities improved by ¥64,736,697.78 compared to the previous year, attributed to increased sales collections and reduced tax payments[7]. - Cash inflow from operating activities in Q1 2025 was ¥215,719,398.44, slightly up from ¥206,668,749.67 in Q1 2024[17]. - Cash outflow from operating activities totaled ¥347,686,096.22 in Q1 2025, down from ¥403,372,403.30 in Q1 2024[17]. - The net cash flow from operating activities was -$131.97 million, an improvement from -$196.70 million in the previous period[18]. - The company experienced a net decrease in cash and cash equivalents of -$735.40 million, compared to -$1.98 billion previously[18]. - Cash and cash equivalents decreased significantly from ¥1,185,787,049.35 on December 31, 2024, to ¥450,944,219.57 on March 31, 2025, a decline of about 62%[12]. Assets and Liabilities - Total assets at the end of the reporting period were ¥7,687,086,221.79, reflecting a 5.51% increase from ¥7,285,685,073.58 at the end of the previous year[4]. - Total current assets as of March 31, 2025, amounted to ¥4,504,891,136.92, an increase from ¥4,272,956,422.00 as of December 31, 2024, representing a growth of approximately 5.4%[12]. - Total liabilities rose from ¥2,467,752,234.53 to ¥2,917,359,097.31, indicating an increase of around 18.2%[14]. - Short-term borrowings increased from ¥504,157,087.93 to ¥636,867,244.61, which is an increase of approximately 26.2%[14]. - The company's long-term equity investments rose from ¥33,255,751.02 to ¥59,140,538.89, reflecting an increase of approximately 77.9%[13]. Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 10,292[9]. - The top ten shareholders held a combined 45.57% of the company's shares, with the largest shareholder owning 16.57%[9]. - The equity attributable to shareholders decreased by 1.00% to ¥4,769,727,124.48 from ¥4,817,932,839.05 at the end of the previous year[4]. Government Support - The company received government subsidies amounting to ¥8,961,768.72, which positively impacted its financial performance[5].

Financial Performance - The company achieved a net profit attributable to shareholders of RMB 104,435,058.04 for the year ending December 31, 2024[5]. - The company's operating revenue for 2023 reached CNY 1,325,570,668.71, representing a year-on-year increase of 15.02%[21]. - The net profit attributable to shareholders for 2023 was CNY 141,593,578.57, compared to CNY 79,498,800.11 in the previous year[21]. - The company's net profit attributable to shareholders was CNY 104.44 million, a decrease of 5.26% compared to the same period last year[25]. - The total net profit after deducting non-recurring gains and losses for 2024 was CNY 0.1314 per share, a decrease of 71.71% from CNY 0.4646 in 2023[24]. - The basic earnings per share for 2024 decreased to CNY 0.3848, down 44.19% from CNY 0.6895 in 2023[24]. - The company's operating revenue of CNY 1,325.57 million in 2024, an increase of 15.02% year-on-year[34]. - The gross profit margin in the aerospace sector decreased by 11.06 percentage points to 39.97%[128]. Dividends and Share Capital - The proposed cash dividend is RMB 1.12 per 10 shares, totaling RMB 30,181,344.14 (including tax) for the participating shares[5]. - The cash dividend represents 28.90% of the net profit attributable to shareholders in the consolidated financial statements for the year[6]. - The total share capital as of the announcement date is 271,768,196 shares, with 2,291,909 shares in the repurchase account excluded from the distribution[5]. - The company does not plan to issue bonus shares or convert capital reserves into share capital for the 2024 fiscal year[6]. Audit and Compliance - The company has received a standard unqualified audit report from the accounting firm Xin Yong Zhong He[5]. - The board of directors has confirmed the authenticity, accuracy, and completeness of the annual report[3]. - There are no non-operational fund occupations by controlling shareholders or related parties reported[8]. - The company has not violated decision-making procedures for external guarantees[8]. Research and Development - The company's R&D expenditure accounted for 15.94% of operating revenue, slightly increasing from 15.92% in the previous year[24]. - The company maintained a high level of R&D investment, totaling CNY 211.30 million in 2024, reflecting a 15.17% increase from the previous year[34]. - Research and development expenses accounted for 15.94% of the company's revenue, showing a slight increase of 0.02 percentage points from the previous year[93]. - The company achieved a total R&D investment of ¥211,296,259.19 in the current year, representing a 15.17% increase compared to ¥183,471,469.39 in the previous year[92]. Market and Industry Position - The company specializes in industrial-grade metal additive manufacturing (3D printing) and provides a complete set of solutions, including R&D and production of metal 3D printing equipment, customized product manufacturing, and material development[35]. - The company has established partnerships with over 3,100 entities and has become a leading player in the domestic and international metal additive manufacturing industry, covering the entire supply chain from powder materials to customized products and technical services[57]. - The company holds a significant market share in the domestic aerospace metal additive manufacturing parts market, having developed a close collaboration with Airbus for the A350 aircraft's large precision parts[58]. - The company is focusing on expanding its market presence in aerospace, automotive, and medical sectors through innovative product development and strategic partnerships[98]. Technological Advancements - The company has developed various metal 3D printing equipment, including selective laser melting, laser stereolithography, and arc additive manufacturing technologies[36][39][40]. - The selective laser melting equipment utilizes PBF-LB/M technology, allowing for precise manufacturing of small to medium-sized complex components[37][38]. - The company has developed high-quality spherical titanium alloy powders and high-temperature alloy powders, achieving industry-leading levels in powder sphericity, hollow powder rate, impurity content, and special element content[62]. - The company has achieved breakthroughs in the manufacturing of large, thin-walled, complex titanium alloy components for aerospace applications, improving cost efficiency and quality control[76]. Employee and Management - The total number of employees in the company and its main subsidiaries is 2,738, with 1,727 in production, 247 in sales, 646 in technology, 16 in finance, and 102 in administration[199]. - The company has a total of 453 employees with a postgraduate degree, 749 with a bachelor's degree, and 1,536 with a college degree or below[199]. - The total remuneration for all directors, supervisors, and senior management personnel at the end of the reporting period amounted to 794.22 million RMB[185]. - The total remuneration for core technical personnel at the end of the reporting period was 201.37 million RMB[186]. Strategic Initiatives - The company is focusing on innovation and R&D to enhance its core competitiveness in the 3D printing industry[163]. - The company plans to enhance its production efficiency and product quality through equipment updates and technological advancements[161]. - The company aims to establish an intelligent and lean long-term mechanism by integrating automation technology and intelligent control systems to improve production efficiency and reduce costs[166]. - The company is committed to increasing production scale and enhancing the batch production capacity of customized metal 3D printing products and equipment to meet growing application demands[169]. Regulatory and Governance - The company has been actively engaging in discussions to ensure compliance with relevant laws and regulations following the regulatory measures[187]. - The company has been transparent in disclosing the remuneration details in accordance with its articles of association and regulatory requirements[185]. - The company approved the 2023 annual financial settlement report during the board meeting[189]. - The company plans to increase the use of temporarily idle raised funds for cash management[189].