Core Viewpoint - Sanfu New Technology (688359) reported a decline in revenue for the first half of 2025, attributed to market changes, cyclical adjustments in the downstream copper foil industry, underperformance in new business development, and strategic adjustments [1][2] Group 1: Financial Performance - The company achieved a revenue of 227 million yuan in the first half of 2025, showing a decline compared to the same period last year [1] - The sales gross margin improved to 38.86%, indicating a focus on promoting high-value-added products [1] Group 2: Strategic Initiatives - The company is focusing on advanced materials in the new energy and electronics sectors, investing in projects for high-safety dry electrode battery materials and high-frequency electronic information composite materials [2] - Sanfu New Technology is actively developing 3D composite copper foil technology, with positive feedback from terminal testing, targeting high-end consumer electronics and advanced new energy vehicle applications [2] Group 3: Partnerships and Agreements - The company has established a strategic partnership with a European semi-solid battery manufacturer, with plans to sign a supply agreement for key materials once the production line is completed [2] - Intent to supply 10 million square meters of composite metal materials to a client over the next three years has been formalized, ensuring stable production needs [2]

Financial Performance - The company reported a revenue of 227.30 million yuan for the first half of the year, representing a decrease of 23.26% compared to the same period last year [1][3] - The net profit attributable to shareholders was -22.31 million yuan, indicating a significant increase in losses compared to the previous year [1][3] - The net profit after deducting non-recurring gains and losses was -24.40 million yuan, which also shows an increase in losses year-on-year [1][3] - The net cash flow from operating activities was 10.84 million yuan, a recovery from a negative cash flow of -29.38 million yuan in the previous year [1] Assets and Equity - The net assets attributable to shareholders at the end of the reporting period were 625.23 million yuan, reflecting a year-on-year increase of 22.96% [1] - Total assets amounted to 1.35 billion yuan, which is a 6.34% increase compared to the end of the previous year [1] Business Developments - The company is actively engaged in the research and development of 3D composite copper foil technology and has received positive feedback from terminal testing [2] - A strategic cooperation agreement has been reached with a European semi-solid battery manufacturer, with a supply agreement for key materials expected to be signed upon the completion of the partner's production line [2] - The company has signed an intention procurement agreement to supply 10 million square meters of composite metal materials over the next three years [2] - Efforts are being made to enhance customer service and resource integration in the PCB sector, focusing on high-value-added products to improve core competitiveness [2]

三孚新科(688359.SH)发布2025年半年度报告，该公司营业收入为2.27亿元，同比减少23.26%。归属于 上市公司股东的净亏损为2231.05万元，同比扩大。归属于上市公司股东的扣除非经常性损益的净亏损 为2439.83万元。基本每股亏损为0.23元。 报告期内公司亏损有所增加，主要原因系：上年同期公司转让子公司股权，确认投资收益;报告期内公 司设备构件收入大幅下降，设备类销售毛利大幅下降所致。 ...

格隆汇8月25日丨三孚新科(688359.SH)公布2025年半年度报告，报告期实现营业收入2.27亿元，同比下 降23.26%；归属于上市公司股东的净利润-2231.05万元；基本每股收益-0.23元。报告期内公司亏损有所 增加，主要原因系：①上年同期公司转让子公司股权，确认投资收益；②报告期内公司设备构件收入大 幅下降，设备类销售毛利大幅下降所致。 ...

广州三孚新材料科技股份有限公司 2025年度"提质增效重回报"行动方案的半年度评估报告 广州三孚新材料科技股份有限公司（以下简称"公司"）致力于提高公司质 量，增强投资者回报，提升投资者的获得感，实现管理层与股东利益的共担共享。 为践行以投资者为本的上市公司发展理念，推动公司持续优化经营、规范治理和 积极回报投资者，大力提高公司质量，助力信心提振、资本市场稳定和经济高质 量发展，公司于 2025 年 4 月发布了公司《2025 年度"提质增效重回报"行动方 案》。2025 年上半年，公司根据行动方案内容，积极开展和落实各项工作，现将 2025 年上半年的主要工作成果报告如下： 一、聚焦表面工程处理行业，提升公司竞争力 PCB 是电子产品的关键电子互连件，主要应用于通讯电子、计算机、AI 服务 器及消费电子等领域。而 PCB 电子化学品是 PCB 制造所需的关键原材料，PCB 的 线路图形、孔金属化、电镀、铜表面处理等核心制造环节均对 PCB 湿电子化学品 有大量的需求。 公司下游客户以 PCB 行业龙头企业为主，市场集中度高，头部企业占据国内 较大市场份额。近年来，随着 PCB 向高密度、小孔径方向发展，工艺 ...

证券代码：688359 证券简称：三孚新科 公告编号：2025-030 广州三孚新材料科技股份有限公司 关于召开 2025 年半年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、准确性和完整性依法承担法律责任。 重要内容提示： 广州三孚新材料科技股份有限公司（以下简称"公司"）已于 2025 年 8 月 26 日在上海证券交易所网站（www.sse.com.cn）披露公司《2025 年半年度报告》， 为便于广大投资者更全面深入地了解公司 2025 年半年度经营成果、财务状况， 公司计划于 2025 年 9 月 22 日（星期一）上午 9:00-10:00 举行 2025 年半年度业 绩说明会，就投资者关心的问题进行交流。 一、说明会类型 本次投资者说明会以网络互动形式召开，公司将针对 2025 年半年度的经营 成果及财务指标的具体情况与投资者进行互动交流和沟通，在信息披露允许的范 会议召开时间：2025 年 9 月 22 日（星期一）上午 9:00-10:00 会 议 召 开 地 点 ： 上 海 证 券 交 易 所 上 证 路 演 中 ...

证券代码：688359 证券简称：三孚新科 公告编号：2025-029 | | 单位：人民币 万元 | | --- | --- | | 项目 | 2025 年半年度计提金额 | | 资产减值损失（损失以"-"号填列） | -745.33 | | 存货跌价损失 | -746.39 | | 合同资产减值损失 | 1.06 | | 信用减值损失（损失以"-"号填列） | -238.60 | | 应收票据坏账损失 | -50.02 | | 应收账款坏账损失 | -204.10 | | 其他应收款坏账损失 | 15.52 | | 合计 | -983.93 | 二、计提资产减值准备事项的具体说明 广州三孚新材料科技股份有限公司 关于公司 2025 年半年度计提资产减值准备的公告 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、计提资产减值准备情况概述 广州三孚新材料科技股份有限公司（以下简称"公司"）根据《企业会计准则》及 相关会计政策的规定，为客观、公允地反映公司截至 2025 年 6 月 30 日的财务状况和经 营情况，公司本 ...

证券代码：688359 证券简称：三孚新科 公告编号：2025-028 广州三孚新材料科技股份有限公司 第四届监事会第十七次会议决议公告 本公司监事会及全体监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、监事会会议召开情况 广州三孚新材料科技股份有限公司（以下简称"公司"）于 2025 年 8 月 20 日以电子通讯等方式，向全体监事发出了关于召开公司第四届监事会第十七次会 议的通知。本次会议于 2025 年 8 月 25 日在公司会议室以现场方式召开。本次会 议应出席监事 3 名，实际出席监事 3 名，部分公司高级管理人员列席了本次会议。 本次会议由公司监事会主席邓正平先生主持，本次会议的召集和召开程序符合 《中华人民共和国公司法》等有关法律、法规和《广州三孚新材料科技股份有限 公司章程》《广州三孚新材料科技股份有限公司监事会议事规则》的有关规定， 会议决议合法、有效。 二、监事会会议审议情况 （一）审议通过《关于 2025 年半年度报告及其摘要的议案》 监事会认为公司 2025 年半年度报告及其摘要的编制和审核程序符合法律、 法规及 ...

[Definitions](index=4&type=section&id=Section%201.%20Definitions) This section provides definitions for common terms and professional terminology used in the report, covering company entities, investment platforms, and key technical concepts in surface engineering, PCB manufacturing, and new materials - "Sanfu New Materials" refers to Guangzhou Sanfu New Materials Technology Co., Ltd[12](index=12&type=chunk) - The report defines multiple employee stock ownership platforms and private equity funds, such as Dizhen Investment, Dilang Investment, Jingcheng No. 1, etc[12](index=12&type=chunk) - Professional technical terms such as copper foil production equipment, aluminum-for-copper continuous plating, PCB pulse plating, and mSAP are explained[12](index=12&type=chunk)[13](index=13&type=chunk) [Company Profile and Key Financial Indicators](index=6&type=section&id=Section%202.%20Company%20Profile%20and%20Key%20Financial%20Indicators) This section outlines the company's basic information, contact details, information disclosure, stock overview, and key accounting data and financial indicators for the first half of 2025, along with disclosure of non-recurring gains and losses [Company's Basic Information](index=6&type=section&id=I.%20Company's%20Basic%20Information) This part introduces the company's basic information, including its Chinese name, abbreviation, legal representative, registered address, office address, company website, and email address - The company's Chinese name is Guangzhou Sanfu New Materials Technology Co., Ltd., abbreviated as Sanfu New Materials[15](index=15&type=chunk) - The legal representative is Shangguan Wenlong[15](index=15&type=chunk) - The company's registered address is No. 57, Fenghuang Third Horizontal Road, Sino-Singapore Guangzhou Knowledge City, Guangzhou[15](index=15&type=chunk) [Contact Person and Information](index=6&type=section&id=II.%20Contact%20Person%20and%20Information) This part provides the names, contact addresses, telephone numbers, fax numbers, and email addresses of the company's Board Secretary and Securities Affairs Representative for investor inquiries and communication - The Board Secretary is Liu Huamin, and the Securities Affairs Representative is Su Yingqi[16](index=16&type=chunk) - The contact telephone number is 020-34134354, and the email address is sfxk@gzsanfu.com.cn[16](index=16&type=chunk) [Information Disclosure and Document Custody Location Changes](index=6&type=section&id=III.%20Information%20Disclosure%20and%20Document%20Custody%20Location%20Changes) This part lists the company's designated information disclosure newspapers, the website address for publishing semi-annual reports, and the location where the company's semi-annual reports are kept - The company's selected information disclosure newspapers are "Shanghai Securities News" and "Securities Times"[17](index=17&type=chunk) - The website address for publishing semi-annual reports is www.sse.com.cn[17](index=17&type=chunk) [Brief Introduction to Company Shares/Depositary Receipts](index=6&type=section&id=IV.%20Brief%20Introduction%20to%20Company%20Shares%2FDepositary%20Receipts) This part briefly introduces the listing exchange, board, stock abbreviation, and stock code of the company's A-shares - The company's stock type is A-shares, listed on the STAR Market of the Shanghai Stock Exchange[18](index=18&type=chunk) - The stock abbreviation is Sanfu New Materials, and the stock code is 688359[18](index=18&type=chunk) [Company's Key Accounting Data and Financial Indicators](index=7&type=section&id=VI.%20Company's%20Key%20Accounting%20Data%20and%20Financial%20Indicators) This section discloses the company's key accounting data and financial indicators for the first half of 2025, showing a 23.26% year-on-year decrease in operating revenue, an expanded net loss, but a positive net cash flow from operating activities. The proportion of R&D investment to operating revenue has increased Key Accounting Data for H1 2025 | 指标 | 2025年半年度 (Yuan) | 2024年半年度 (Yuan) | 变动 (%) | | :--- | :--- | :--- | :--- | | 营业收入 | 227,299,034.98 | 296,184,209.84 | -23.26 | | 利润总额 | -32,199,379.73 | -486,324.08 | 不适用 | | 归属于上市公司股东的净利润 | -22,310,520.99 | -5,871,023.24 | 不适用 | | 经营活动产生的现金流量净额 | 10,840,163.13 | -29,378,604.57 | 不适用 | | 归属于上市公司股东的净资产 (期末) | 625,234,179.92 | 508,469,683.28 | 22.96 | | 总资产 (期末) | 1,351,885,897.84 | 1,271,335,099.56 | 6.34 | Key Financial Indicators for H1 2025 | 主要财务指标 | 本报告期（1－6月） | 上年同期 | 本报告期比上年同期增减（%） | | :--- | :--- | :--- | :--- | | 基本每股收益（Yuan/share） | -0.23 | -0.06 | 不适用 | | 稀释每股收益（Yuan/share） | -0.23 | -0.06 | 不适用 | | 扣除非经常性损益后的基本每股收益（Yuan/share） | -0.26 | -0.22 | 不适用 | | 加权平均净资产收益率（%） | -4.01 | -1.21 | 减少2.80个百分点 | | 扣除非经常性损益后的加权平均净资产收益率（%） | -4.39 | -4.16 | 减少0.23个百分点 | | 研发投入占营业收入的比例（%） | 14.48 | 12.73 | 增加1.75个百分点 | - The increase in total profit loss, net profit attributable to shareholders of listed company, basic earnings per share, and diluted earnings per share is primarily due to investment income recognized from the transfer of subsidiary equity in the same period last year, and a significant decrease in the company's equipment component revenue and gross profit from equipment sales during the reporting period[21](index=21&type=chunk) - The net cash flow from operating activities turned positive, mainly due to the company's strengthened collection of accounts receivable, a decrease in operating revenue, and lower tax payments during the reporting period[22](index=22&type=chunk) [Non-Recurring Gains and Losses Items and Amounts](index=7&type=section&id=VIII.%20Non-Recurring%20Gains%20and%20Losses%20Items%20and%20Amounts) This section details the company's non-recurring gains and losses items and their amounts for the first half of 2025, totaling 2,087,803.57 Yuan - Government grants recognized in current profit and loss amounted to **4,882,120.28 Yuan**[24](index=24&type=chunk) - Losses from disposal of non-current assets amounted to **-184.40 Yuan**[24](index=24&type=chunk) - Total non-recurring gains and losses amounted to **2,087,803.57 Yuan**[26](index=26&type=chunk) [Management Discussion and Analysis](index=9&type=section&id=Section%203.%20Management%20Discussion%20and%20Analysis) This section provides an in-depth discussion of the company's industry development, main business, operating model, market position, and a detailed analysis of operating performance, core competitiveness, R&D progress, and risk factors during the reporting period. The company actively adjusted its strategy, focused on advantageous businesses, and increased R&D investment in a complex market environment, but faces performance fluctuations and multiple risks [Explanation of Industry and Main Business Operations During the Reporting Period](index=9&type=section&id=I.%20Explanation%20of%20Industry%20and%20Main%20Business%20Operations%20During%20the%20Reporting%20Period) This section elaborates on the development overview, industry chain, future development trends of the surface engineering industry to which the company belongs, as well as the company's main business and product situation. The industry benefits from trends such as import substitution, cost reduction and efficiency improvement, AI industry growth, PCB industry relocation, emerging business development, and new energy industry upgrades [Industry Development Overview](index=9&type=section&id=(I)%20Industry%20Development%20Overview) The company's industries include chemical raw materials and chemical products manufacturing, electronic components and special electronic materials manufacturing, and special equipment manufacturing. The surface engineering industry, as a strategic emerging industry, is widely applied and crucial. Future development trends include accelerated import substitution, demand for cost reduction and efficiency improvement, AI industry driven growth, PCB industry relocation to Southeast Asia, development of new business formats, upgrading of the new energy industry, rise of humanoid robot industry, synergy in electroplating parks, and green transformation - The company's industries are chemical raw materials and chemical products manufacturing (C26), electronic components and special electronic materials manufacturing (C3985), and special equipment manufacturing (C35)[29](index=29&type=chunk) - The surface engineering industry is a national strategic emerging industry and high-tech industry, with broad applications and strong supporting capabilities, playing a key role in manufacturing sectors such as aerospace, electronics, integrated circuits, and automobiles[30](index=30&type=chunk) - Industry development trends include: huge potential for import substitution and accelerated localization; rising commodity prices driving cost reduction and efficiency improvement (e.g., new "copper reduction, copper substitution" processes); AI industry growth driving demand for high-end PCB/semiconductor manufacturing; PCB industry shifting to Southeast Asia; new business formats such as low-altitude economy and wearable smart devices increasing demand for specialized chemicals and equipment; new energy industry upgrading and efficiency improvement driving technological iteration; emergence of humanoid robot industry; deep synergy between electroplating parks and industrial clusters; accelerated global green transformation, with environmental technology upgrades becoming a competitive barrier[37](index=37&type=chunk)[38](index=38&type=chunk)[39](index=39&type=chunk)[40](index=40&type=chunk) [Main Business Operations](index=12&type=section&id=(II)%20Main%20Business%20Operations) The company is a provider of specialized chemicals and equipment for surface engineering, primarily engaged in technology research, R&D, production, and sales of new environmentally friendly specialized chemicals and equipment for surface engineering, aiming to provide "one-stop" solutions to customers. Main products include electronic chemicals (for PCB, passive components, composite copper foil, etc.) and general electroplating chemicals (for hardware and sanitary ware, automotive, steel, etc.), as well as specialized equipment for new energy, PCB, and semiconductor fields - The company's main business is the R&D, production, and sales of specialized chemicals and equipment for surface engineering, providing "one-stop" solutions[41](index=41&type=chunk)[42](index=42&type=chunk) - Main products are divided into two major categories: specialized chemicals for surface engineering (electronic chemicals, general electroplating chemicals) and specialized equipment for surface engineering[43](index=43&type=chunk)[44](index=44&type=chunk) - Electronic chemicals are applied in PCB hole metallization, surface treatment, pulse copper plating, via filling plating, mSAP process, passive component tin plating, high corrosion-resistant electroless nickel, composite copper foil preparation, etc[44](index=44&type=chunk)[46](index=46&type=chunk) - Specialized equipment for surface engineering is applied in new energy (composite copper foil electroplating equipment), PCB/substrate (VCP electroplating equipment, roll-to-roll VCP electroplating equipment), semiconductor (PLP copper plating equipment), etc[51](index=51&type=chunk)[53](index=53&type=chunk)[54](index=54&type=chunk) [Main Business Model](index=18&type=section&id=(III)%20Main%20Business%20Model) The company adopts an R&D model combining independent research and development with industry-academia-research cooperation, a procurement model combining order-based purchasing and safety stock, a production model primarily based on "production-to-order," and a sales model primarily based on direct sales, providing customers with "one-stop" solutions and technical services - R&D Model: Adheres to independent R&D, and conducts industry-academia-research cooperation and collaborative R&D with universities, research institutes, and leading customer research institutions[55](index=55&type=chunk)[56](index=56&type=chunk)[57](index=57&type=chunk) - Procurement Model: Chemicals are planned based on production consumption and safety stock; equipment procurement combines customer order-based purchasing and reasonable safety stock[58](index=58&type=chunk) - Production Model: Specialized chemicals for surface engineering adopt a "production-to-order" compounding production model; specialized equipment for surface engineering primarily adopts an order-based production model[59](index=59&type=chunk) - Sales Model: Primarily adopts a direct sales model, providing product solutions, technical guidance, and after-sales service, with equipment sales being customized[60](index=60&type=chunk) [Market Position](index=19&type=section&id=(IV)%20Market%20Position) The company has strong influence in the domestic surface engineering chemicals and equipment industry, continuously deepening its technological layout in high-end PCB manufacturing, new energy lithium battery anode current collectors, and general electroplating, accelerating the process of domestic substitution, and actively expanding international markets. As one of the few service providers with synergistic R&D capabilities across chemical and equipment fields, the company has formed a localized leading edge - The company is one of the earliest enterprises in China engaged in the research of surface engineering chemicals, with products covering new energy, PCB manufacturing, mobile communications, hardware and sanitary ware and other business segments[61](index=61&type=chunk)[62](index=62&type=chunk) - In the field of electronic chemicals, the company continues to make breakthroughs in high-end PCB areas such as **AI servers** and smart car-specific HDI and multi-layer boards, accelerating domestic substitution for passive component electroplating technology[63](index=63&type=chunk) - In the field of new energy lithium battery anode current collectors, the company adopts a "chemicals + equipment" synergistic sales model, and its one-step all-wet composite copper foil electroplating equipment has been shipped[63](index=63&type=chunk) - In the field of general electroplating chemicals, high-speed tin plating technology has obtained national invention patent authorization, and a strategic cooperation has been reached with an Uzbek automotive parts surface treatment enterprise[64](index=64&type=chunk) - As one of the few surface engineering technology service providers in China with synergistic R&D capabilities across chemical and equipment fields, the company has formed a localized leading edge in core areas such as high-end PCB processes and new energy material manufacturing[65](index=65&type=chunk) [Discussion and Analysis of Operations](index=20&type=section&id=II.%20Discussion%20and%20Analysis%20of%20Operations) In the first half of 2025, the company's operating revenue decreased by 23.26% year-on-year, and net profit loss expanded, mainly due to market environment changes, cyclical adjustments in the downstream copper foil industry, new business expansion falling short of expectations, and operating strategy adjustments. The company is actively making strategic adjustments, deepening its advantageous PCB business, strategically adjusting its new energy business, expanding advanced materials manufacturing, and strengthening its scientific and technological talent team and R&D investment - In the first half of 2025, the company achieved operating revenue of **227,299,034.98 Yuan**, a year-on-year decrease of **23.26%**[66](index=66&type=chunk) - Net profit attributable to shareholders of the listed company was **-22,310,520.99 Yuan**, a certain decline compared to the same period last year[66](index=66&type=chunk) - Performance fluctuations were mainly due to market environment changes, cyclical adjustments in the downstream copper foil industry, new business expansion falling short of expectations, and operating strategy adjustments, leading to a decline in revenue from some chemicals and reduced recognition of revenue from copper foil equipment components[66](index=66&type=chunk) - The company is undergoing phased challenges brought by business transformation and upgrading, but remains confident in the future development prospects of the surface treatment industry and itself, and is actively promoting strategic adjustments[66](index=66&type=chunk) [Deepening PCB Core Business and Ensuring Quality](index=20&type=section&id=(I)%20Deepening%20PCB%20Core%20Business%20and%20Ensuring%20Quality) The company has built a relatively complete product matrix in high-end PCB manufacturing, serving over 50 PCB manufacturers, including industry leaders. In the AI application field, the company's products have been applied in the production of AI server boards. In the future, the company will concentrate more resources on the PCB business, focus on key customers, and prioritize the promotion of high-value-added high-end products to enhance core competitiveness - The company has built a relatively complete product matrix in high-end PCB manufacturing, covering specialized chemicals and supporting electroplating equipment for key processes such as horizontal copper plating, pulse plating, via filling plating, and electroless nickel/gold plating[68](index=68&type=chunk) - It has served over **50 PCB manufacturers**, most of whom are leading enterprises or listed companies in the PCB industry[68](index=68&type=chunk) - In the AI application field, the company's specialized PCB chemicals and copper foil production equipment have been applied in the manufacturing of **AI server boards**[68](index=68&type=chunk) - In the future, the company will concentrate more resources on the PCB business, focus on key customers, and prioritize the promotion of high-value-added high-end products to ensure stable supply and service quality[68](index=68&type=chunk) [Strategic Adjustment of New Energy Business, Adding Advanced Materials Manufacturing, Ensuring Delivery](index=21&type=section&id=(II)%20Strategic%20Adjustment%20of%20New%20Energy%20Business,%20Adding%20Advanced%20Materials%20Manufacturing,%20Ensuring%20Delivery) During the reporting period, the company's revenue from copper foil equipment components decreased, and the business expansion of composite copper foil equipment and supporting specialized chemicals has not yet achieved mass implementation. The company remains confident in the medium-to-long-term development of advanced materials in new energy and electronics, investing in the construction of a "High-Safety Dry Electrode Battery Key Materials and High-Frequency Electronic Information Composite Materials Industrialization Project," and has made good progress in 3D composite copper foil and composite metal materials - During the reporting period, the company's revenue recognition from copper foil equipment components decreased, and the business expansion of composite copper foil equipment and supporting specialized chemicals has not yet achieved mass implementation[69](index=69&type=chunk) - The company invested in the construction of a "High-Safety Dry Electrode Battery Key Materials and High-Frequency Electronic Information Composite Materials Industrialization Project," planning to build advanced material manufacturing production lines for **3D composite copper foil**, **composite metal materials**, and electromagnetic shielding materials[70](index=70&type=chunk) - In lithium battery materials, the company is conducting R&D, customer sampling, and certification testing for **3D composite copper foil technology**, and has reached a strategic cooperation with a European semi-solid-state battery manufacturer[70](index=70&type=chunk) - In composite metal materials, the company has signed an intent to purchase agreement with a customer, committing to supply **10 million square meters of composite metal materials** within the next three years[70](index=70&type=chunk) [Strengthening Scientific and Technological Talent Team Building, Emphasizing R&D Investment](index=21&type=section&id=(III)%20Strengthening%20Scientific%20and%20Technological%20Talent%20Team%20Building,%20Emphasizing%20R%26D%20Investment) The company regards R&D as its primary productive force, continuously consolidating the synergistic advantages of existing electronic chemicals and specialized equipment in PCB, passive components, and new energy fields. In the first half of 2025, the company's R&D investment reached 32.9037 million Yuan, with its proportion to operating revenue increasing to 14.48%. The company has made a series of advancements in cutting-edge technologies such as composite copper foil preparation, 3D composite copper foil preparation, and high-end PCB/substrate copper plating, and continues to strengthen the introduction of high-level talents and team building - The company regards R&D as its primary productive force, possesses a strong R&D team, and its research scope covers multiple industries including PCB, new energy, semiconductor applications, mobile communications, hardware and sanitary ware, automotive parts, infrastructure, and aerospace[71](index=71&type=chunk) - In the first half of 2025, the company's R&D investment reached **32.9037 million Yuan**, with its proportion to operating revenue increasing to **14.48%**, an increase of **1.75 percentage points** compared to the previous year[73](index=73&type=chunk) - As of June 30, 2025, the company holds **91 invention patents** and **97 utility model patents** domestically and internationally; the R&D team comprises **182 persons**, including **5 PhDs** and **18 Master's degree holders**[73](index=73&type=chunk) - The company has made a series of advancements in cutting-edge technologies such as composite copper foil preparation, 3D composite copper foil preparation, and high-end PCB/substrate copper plating, with related specialized chemicals and copper foil production equipment already applied in the manufacturing of **AI server boards**[72](index=72&type=chunk) [Analysis of Core Competitiveness During the Reporting Period](index=22&type=section&id=III.%20Analysis%20of%20Core%20Competitiveness%20During%20the%20Reporting%20Period) The company's core competitiveness lies in its R&D advantages, talent team advantages, customer advantages, and comprehensive product system. The company possesses multiple core technologies in surface engineering chemicals and specialized equipment, offering advantages in innovation efficiency, cost, and localized services compared to international giants. During the reporting period, the company continued to increase R&D investment, achieved multiple R&D results, and actively promoted ongoing projects [Core Competitiveness Analysis](index=22&type=section&id=(I)%20Core%20Competitiveness%20Analysis) The company's core competitiveness is mainly reflected in R&D advantages (multiple core technologies breaking international blockades), talent team advantages (a complete talent training and incentive mechanism), customer advantages (accumulating nearly 1,000 customers and establishing cooperation with high-quality enterprises in the industry), and a comprehensive product system (providing "one-stop" solutions). Compared with international competitors, the company has advantages in innovation efficiency, cost, and localized services - R&D Advantage: The company holds **91 invention patents** and **97 utility model patents** domestically and internationally, with multiple core technologies achieving large-scale application in PCB, new energy, and other fields, breaking the technological blockade of international giants[75](index=75&type=chunk)[76](index=76&type=chunk) - Talent Team Advantage: Established a comprehensive talent training and incentive mechanism, gathering a large number of excellent R&D backbones and management talents, and implementing the ABC talent strategy[78](index=78&type=chunk) - Customer Advantage: Accumulated nearly **1,000 customers**, establishing good and stable cooperative relationships with high-quality enterprises in segmented industries such as PCB, communication electronics, hardware and sanitary ware, and new energy[78](index=78&type=chunk)[79](index=79&type=chunk) - Comprehensive Product System: Products cover numerous business segments such as new energy, PCB manufacturing, mobile communications, and hardware and sanitary ware, capable of providing downstream customers with various types and series of specialized chemicals and equipment for surface engineering as "one-stop" solutions[79](index=79&type=chunk) - Compared to international competitors, the company has significant advantages in innovation efficiency (closer to customers and markets), cost advantage (lower domestic production factor costs), and localized service advantage (sales and service network covering major industrial clusters)[80](index=80&type=chunk) [Core Technologies and R&D Progress](index=23&type=section&id=(III)%20Core%20Technologies%20and%20R%26D%20Progress) The company possesses multiple core technologies in surface engineering chemicals and specialized equipment, including PCB horizontal copper plating, electroless nickel/gold plating, pulse copper plating, via filling plating, and composite copper foil electroplating production processes. During the reporting period, the company's R&D investment as a percentage of operating revenue increased to 14.48%, and it continued to advance multiple ongoing projects, covering cutting-edge fields such as high-stability green electroplating, composite copper foil electroplating additives, and AI high-computing power chip heat pipe treatment - The company possesses multiple core technologies in fields such as PCB horizontal copper plating, electroless nickel/gold plating, pulse copper plating, via filling plating, specialized equipment for composite copper foil electroplating production processes and supporting specialized chemical preparation technology, roll-to-roll VCP electroplating technology, and PLP copper plating technology[81](index=81&type=chunk)[82](index=82&type=chunk)[83](index=83&type=chunk) R&D Investment Status | 指标 | 本期数 (Yuan) | 上年同期数 (Yuan) | 变化幅度 (%) | | :--- | :--- | :--- | :--- | | 费用化研发投入 | 32,903,659.92 | 37,694,052.32 | -12.71 | | 研发投入合计 | 32,903,659.92 | 37,694,052.32 | -12.71 | | 研发投入总额占营业收入比例（%） | 14.48 | 12.73 | 增加1.75个百分点 | R&D Personnel Status | 指标 | 本期数 | 上年同期数 | | :--- | :--- | :--- | | 公司研发人员的数量（persons） | 182 | 163 | | 研发人员数量占公司总人数的比例（%） | 21.69 | 19.95 | | 研发人员薪酬合计 | 16,228,190.51 | 15,864,669.28 | | 研发人员平均薪酬 | 89,165.88 | 97,329.26 | - The company holds **91 invention patents** and **97 utility model patents** domestically and internationally[84](index=84&type=chunk) - Ongoing projects include design integration and process research for high-stability green electroplating complete sets of equipment, research on controllable online cyclic separation technology for metal impurity ions in plating solutions, development of ionic liquid electroplating technology for NdFeB devices, development and application of high mechanical performance composite copper foil electroplating additives, development of via filling additives for TGV glass substrates, and R&D of pulse high aspect ratio electroplating equipment[90](index=90&type=chunk)[91](index=91&type=chunk)[92](index=92&type=chunk)[93](index=93&type=chunk)[94](index=94&type=chunk)[95](index=95&type=chunk)[96](index=96&type=chunk)[97](index=97&type=chunk)[98](index=98&type=chunk)[99](index=99&type=chunk) [Risk Factors](index=37&type=section&id=IV.%20Risk%20Factors) The company faces multiple risks, including technological and scale gaps with international competitors, loss of core technology secrets, raw material price fluctuations, sub-optimal subsidiary integration, impact of PCB industry prosperity, market demand fluctuations, composite copper foil market falling short of expectations, R&D failure and commercialization, accounts receivable bad debts, and goodwill impairment, among other macro and operational risks - There is a significant gap with international competitors in terms of technology, scale, brand, and capital, facing market competition risks[102](index=102&type=chunk) - Core technologies (product formulations and process technologies) face the risk of being compromised due to mismanagement or personnel leaks[103](index=103&type=chunk) - Price fluctuations of major raw materials (such as palladium sulfate, nickel sulfate, sodium hypophosphite, etc.) may adversely affect the company's gross profit margin and total profit[104](index=104&type=chunk) - The company has established/merged a large number of subsidiaries, posing risks of integration not meeting expected progress or results[105](index=105&type=chunk) - The prosperity and demand of the PCB industry have a significant impact on the company's revenue and profitability[106](index=106&type=chunk) - The market conditions for composite copper foil and downstream customers' choices of different technical routes are uncertain, facing risks of the market falling short of expectations and new business market development[108](index=108&type=chunk) - As of the end of the reporting period, the book value of the company's accounts receivable was **313.6606 million Yuan**, accounting for **23.20%** of the total assets in the consolidated financial statements, posing a risk of bad debts[110](index=110&type=chunk) - As of the end of the reporting period, the book value of the company's goodwill was **104.0216 million Yuan**, accounting for **7.69%** of the total assets in the consolidated financial statements, posing a risk of impairment[111](index=111&type=chunk) [Key Operating Performance During the Reporting Period](index=38&type=section&id=V.%20Key%20Operating%20Performance%20During%20the%20Reporting%20Period) This section provides a detailed analysis of the company's financial statement item changes during the reporting period, including operating revenue, costs, expenses, and cash flow, as well as an analysis of asset and liability status, external equity investments, and major holding and participating companies. Both the company's operating revenue and total profit decreased, but operating cash flow turned positive [Main Business Analysis](index=38&type=section&id=(I)%20Main%20Business%20Analysis) During the reporting period, the company's operating revenue decreased by 23.26% year-on-year, and operating costs decreased by 22.20%. Sales expenses increased by 26.28%, administrative expenses decreased by 27.40%, and R&D expenses decreased by 12.71%. Net cash flow from operating activities turned positive, while net cash flow from investing activities and net cash flow from financing activities both showed significant changes Analysis Table of Financial Statement Item Changes | 科目 | 本期数 (Yuan) | 上年同期数 (Yuan) | 变动比例 (%) | | :--- | :--- | :--- | :--- | | 营业收入 | 227,299,034.98 | 296,184,209.84 | -23.26 | | 营业成本 | 138,961,111.54 | 178,603,688.53 | -22.20 | | 销售费用 | 30,754,746.56 | 24,353,632.75 | 26.28 | | 管理费用 | 42,499,701.68 | 58,537,491.51 | -27.40 | | 财务费用 | 5,890,014.40 | 6,060,489.75 | -2.81 | | 研发费用 | 32,903,659.92 | 37,694,052.32 | -12.71 | | 经营活动产生的现金流量净额 | 10,840,163.13 | -29,378,604.57 | 不适用 | | 投资活动产生的现金流量净额 | -54,903,919.35 | -28,957,141.55 | 不适用 | | 筹资活动产生的现金流量净额 | 65,612,781.90 | 48,166,579.21 | 36.22 | - Reasons for changes in net cash flow from operating activities: a decrease in operating revenue and lower tax payments[116](index=116&type=chunk) - Reasons for changes in net cash flow from investing activities: an increase in payments for external investments[117](index=117&type=chunk) - Reasons for changes in net cash flow from financing activities: an increase in funds received from equity incentive exercises[117](index=117&type=chunk) [Analysis of Assets and Liabilities](index=40&type=section&id=(III)%20Analysis%20of%20Assets%20and%20Liabilities) At the end of the reporting period, the company's total assets and net assets attributable to shareholders of the listed company both increased. Significant increases were observed in monetary funds, financial assets held for trading, other receivables, inventories, other non-current assets, long-term borrowings, and contract liabilities, while prepayments, short-term borrowings, other payables, and long-term payables decreased. Several assets are restricted Analysis of Asset and Liability Changes | 项目名称 | 本期期末数 (Yuan) | 上年期末数 (Yuan) | 变动比例 (%) | 情况说明 | | :--- | :--- | :--- | :--- | :--- | | 货币资金 | 64,871,438.26 | 43,354,089.88 | 49.63 | 收到股权激励行权资金增加 | | 交易性金融资产 | 28,126,456.72 | 17,126,456.72 | 64.23 | 银行理财增加 | | 预付款项 | 4,959,846.76 | 7,469,091.40 | -33.60 | 预付的材料款到货 | | 其他应收款 | 61,535,614.38 | 19,545,257.31 | 214.84 | 股权激励行权款及代扣代缴个税增加 | | 存货 | 139,384,637.33 | 106,495,217.47 | 30.88 | 购买的材料增加 | | 其他非流动资产 | 8,288,885.20 | 1,056,678.85 | 684.43 | 预付的设备款增加 | | 短期借款 | 134,261,620.57 | 251,236,006.89 | -46.56 | 本期归还银行借款增加 | | 合同负债 | 27,010,767.17 | 7,954,474.48 | 239.57 | 本期收到客户的设备进度款增加 | | 应交税费 | 46,087,253.15 | 16,649,674.90 | 176.81 | 本期应代扣代缴的股权激励行权个税增加 | | 其他应付款 | 7,354,858.97 | 11,444,154.12 | -35.73 | 支付合作方应付款及工程质保金减少 | | 长期借款 | 114,764,633.23 | 31,578,867.93 | 263.42 | 一年以上的银行借款增加 | | 长期应付款 | 6,006,365.57 | 35,279,381.97 | -82.97 | 一年内到期重分类至一年内到期的非流动负债科目 | - As of the end of the reporting period, major assets such as the company's monetary funds, notes receivable, fixed assets, and intangible assets are subject to restrictions such as pledge, mortgage, or freezing[121](index=121&type=chunk)[154](index=154&type=chunk) [Analysis of Investment Status](index=42&type=section&id=(IV)%20Analysis%20of%20Investment%20Status) During the reporting period, the company made multiple external equity investments, including establishing joint ventures Guangdong Tongjia New Materials Technology Co., Ltd., Jiangxi Bangyue New Materials Technology Co., Ltd., and Guangzhou Yisheng New Materials Co., Ltd., and acquiring equity in Shanghai Xunlong Yilian Technology Co., Ltd. Concurrently, the company liquidated and deregistered some subsidiaries. Additionally, the company invested in the construction of a "High-Safety Dry Electrode Battery Key Materials and High-Frequency Electronic Information Composite Materials Industrialization Project," with an estimated total investment of 620 million Yuan - Newly established joint ventures: Guangdong Tongjia New Materials Technology Co., Ltd. (holding **5%** equity), Jiangxi Bangyue New Materials Technology Co., Ltd. (holding **45%** equity and included in the consolidation scope), Guangzhou Yisheng New Materials Co., Ltd. (holding **51%** equity)[123](index=123&type=chunk) - Acquisition of equity: Acquired **34.89%** equity in Shanghai Xunlong Yilian Technology Co., Ltd. for **13 million Yuan**, and further acquired **24.74%** equity through an additional investment of **12.25 million Yuan**, holding a total of **51%** equity[123](index=123&type=chunk) - Liquidation and deregistration of subsidiaries: Chongqing Kangneng New Materials Technology Co., Ltd., Shenzhen Sanfu Beili New Materials Science Research Co., Ltd., Guangzhou Yuyang Intelligent Equipment Co., Ltd[123](index=123&type=chunk) - Significant non-equity investment: Investment in the construction of a "High-Safety Dry Electrode Battery Key Materials and High-Frequency Electronic Information Composite Materials Industrialization Project," with an estimated total investment of **620 million Yuan**[124](index=124&type=chunk)[125](index=125&type=chunk) - The fair value of financial assets measured at fair value at the end of the period was **28,126,456.72 Yuan**, mainly comprising bank wealth management products and performance compensation payments[127](index=127&type=chunk) [Analysis of Major Holding and Participating Companies](index=44&type=section&id=(VI)%20Analysis%20of%20Major%20Holding%20and%20Participating%20Companies) Disclosed the financial data of the company's major holding subsidiaries, including Haoyue New Materials, Jiangxi Boquan, Candisway, Mingyi Electronics, and Huizhou Yiling. Among them, Jiangxi Boquan and Candisway were profitable, while Mingyi Electronics and Huizhou Yiling incurred losses Financial Data of Major Holding Subsidiaries (unit: 10,000 Yuan) | 公司名称 | 总资产 | 净资产 | 营业收入 | 营业利润 | 净利润 | | :--- | :--- | :--- | :--- | :--- | :--- | | 皓悦新科 | 17,320.91 | 10,123.06 | 6,899.49 | 156.24 | 278.10 | | 江西博泉 | 18,034.08 | 15,390.90 | 4,641.52 | 1,925.27 | 1,712.24 | | 康迪斯威 | 7,941.42 | 5,131.51 | 1,831.99 | 529.99 | 460.77 | | 明毅电子 | 21,460.04 | 4,491.91 | 2,306.77 | -1,620.44 | -1,382.66 | | 惠州毅领 | 8,673.78 | 2,708.50 | 1,210.36 | -872.39 | -670.90 | - Newly established subsidiaries during the reporting period: Jiangxi Bangyue New Materials Technology Co., Ltd., Bangxiang (Jiangxi) New Materials Technology Co., Ltd., Guangzhou Yisheng New Materials Co., Ltd[130](index=130&type=chunk) [Corporate Governance, Environment, and Society](index=45&type=section&id=Section%204.%20Corporate%20Governance,%20Environment,%20and%20Society) This section discloses the company's semi-annual profit distribution plan, the progress of equity incentive plans, and the status of subsidiaries included in the list of enterprises required to disclose environmental information. The company has no

Core Viewpoint - Sanfu New Materials Technology Co., Ltd. has shown significant financing activity, with a net financing inflow of 15.03 million RMB last week, indicating investor interest despite recent outflows in principal funds [1] Group 1: Financing Activity - Last week, Sanfu New Materials had a total financing buy amount of 96.81 million RMB and repayment amount of 81.78 million RMB [1] - The company ranked 481st in the market for net financing inflow [1] Group 2: Fund Flow - Over the past 5 days, the main funds have flowed out 57.34 million RMB, with a decline of 5.86% [1] - Over the past 10 days, the main funds have flowed out 21.09 million RMB, with a decline of 1.29% [1] Group 3: Company Profile - Sanfu New Materials was established in 2009 and is located in Guangzhou, primarily engaged in the manufacturing of chemical raw materials and products [1] - The company has a registered capital of 92.99 million RMB and a paid-in capital of 50 million RMB [1] - The legal representative of the company is Shangguan Wenlong [1] Group 4: Investment and Intellectual Property - Sanfu New Materials has invested in 24 companies and participated in 13 bidding projects [1] - The company holds 37 trademark registrations and 146 patent registrations, along with 39 administrative licenses [1]